These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
39
13. CAPITAL STOCK continued b. Warrants A and Warrants C continued
The period of realization of Warrants A shall be from two 2 to four 4 years and nine 9 months after the effective date of the debt restructuring which was on December 29, 2000, while
Warrants C have a two-year exercise period starting from May 1, 2001 with an exercise price of Rp 1,200 per share for the first year and Rp 1,400 for the second year.
As of May 1, 2003 the last exercise date for Warrants C, 8,180 shares were subscribed by the holders of Warrants C at Rp 1,400 per share. A total of 698,836,302 Warrants C was forfeited.
All of the above warrants, which are issued at no cost, are naked warrants and listed on the Jakarta and Surabaya Stock Exchanges.
14. ADDITIONAL PAID-IN CAPITAL
This account represents the excess of the amounts received andor the carrying value of converted debentures and bonds over the par value of the shares issued after offsetting all the expenses related
to the issuance of equity securities.
15. OTHER PAID-IN CAPITAL
This account represents the foreign exchange differential arising from the difference between the agreed exchange rate for the conversion of the foreign currency debentures into equity and the
exchange rate at the date of the transaction. 16. RETAINED EARNINGS
In compliance with Corporation Law No. 1 of 1995 dated March 7, 1995, which requires companies to set aside, on a gradual basis, an amount equivalent to at least 20 of their subscribed capital as
general reserve, the shareholders approved the partial appropriations of the Company’s retained earnings as general reserve during their annual general meetings held on June 26, 2003, June 24,
1997 and June 25, 1996 in the amount of Rp 25 billion each.
17. SEGMENT INFORMATION BUSINESS
SEGMENTS The Company and Subsidiaries’ businesses are grouped into three major operating businesses:
cement, ready mix concrete and other businesses. These operating businesses are used as basis for reporting of business segment information.
The main activities of each operating business are as follows: Cement
: Produce and sell several types of cement Ready mix concrete
: Produce and sell ready mix concrete Other businesses
: Building rental services, hotel and investing activity
These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
40
17. SEGMENT INFORMATION continued
