PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six months ended June 30, 2008 and 2007 Expressed in rupiah, unless otherwise stated
34
11. LONG-TERM LOANS FROM BANKS AND FINANCIAL INSTITUTIONS continued
The above Facility agreement the “agreement” covers certain matters, among others: i cross default between the Company and the Guarantor should the Company or the Guarantor not
be able to pay any of its financial indebtedness with an outstanding amount in excess of US25,000,000 on the due date
ii negative pledge whereby the Company shall not, among others: a. pledge, sell, transfer, dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by the Company b. sell, transfer, or otherwise dispose of any of its receivables or recourse them
c. items a and b do not apply for transactions in the ordinary course of business. On July 5, 2007, the agreement was amended concerning, among others, the minimum amount of the
outstanding financial indebtedness in which cross default may occur, which was increased from US25,000,000 to US50,000,000.
On December 14, 2007, the Company fully repaid its outstanding loan from the Facility totaling Rp441,049,280,051 consisting of US17,789,474, JP¥1,108,000,000 and Rp 179,894,736,840.
12. OBLIGATIONS UNDER CAPITAL LEASE
The future minimum lease payments required under the lease agreements as of June 30, 2008 and 2007 are as follows:
Years
______________________________
2008 2007
2007 -
1,867,455,534 2008
34,506,578,257 3,412,955,776
2009 52,104,552,756
3,208,944,509 2010
38,556,021,711 -
2011 852,153,594
- Total
126,019,306,318 8,489,355,819
Add residual value 2,469,925,000
50,000,000 Less amounts applicable to interest
13,152,496,183 1,150,041,590
Present value of minimum lease payments 115,336,735,135
7,389,314,229 Current
maturities 52,490,133,617
2,913,721,228
Long-term maturities 62,846,601,518
4,475,593,001 a. The
Company
In November 2006, the Company entered into finance lease transaction with PT ABN-AMRO Finance Indonesia AAFI covering certain transportation equipment units for a total amount of
Rp15,180,159,620. The lease period is for 36 months and the Company has an option to purchase the leased assets by payment of the residual value of Rp10 million for each equipment at the end of
the lease period.
In December 2006, the Company entered into a sale-and-leaseback transaction with AAFI for the sale-and-leaseback of transportation equipment units for a total leaseback value of
Rp3,650,660,000. The lease period is for 36 months and the Company has an option to purchase the leased assets by payment of the residual value of Rp10 million for each equipment at the end of
the lease period.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six months ended June 30, 2008 and 2007 Expressed in rupiah, unless otherwise stated
35
12. OBLIGATIONS UNDER CAPITAL LEASE Continued
