PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six months ended June 30, 2006 and 2005 Expressed in rupiah, unless otherwise stated
44
22. TRANSACTIONS AND ACCOUNTS WITH RELATED PARTIES continued
Nature of relationship and type of transaction with the above related parties are as follows: No.
Related Parties Nature of Relationship
Type of Transaction 1. HCT Services Asia Pte., Ltd.,
Under Common Control Sale of finished goods and purchase of Singapore
raw materials 2. HC Finance B.V., Netherlands
Under Common Control Long-term loan 3. HeidelbergCement Technology
Under Common Control Professional fee Center GmbH
4. PT Cibinong Center Industrial Estate Associated Company Rental of industrial estate and sale of
water and electricity 5. Stillwater Shipping Corporation
Associated Company Transportation
6. PT Pama Indo Mining Associated Company
Mining service 7. WestLB AG, Tokyo
Affiliated Company Long-term debt
8. WestLB Asia Pacific Ltd., Singapore Affiliated Company Long-term debt
9. Officers and employees Employees
Loan
Effective July 1, 2005, WestLB AG, Tokyo and WestLB Asia Pacific Ltd., Singapore were no longer related parties.
In the EGMS held on March 29, 2006, the independent shareholders have approved the proposals to add 1 one affiliated company to HeidelbergCement AG, which owns 100 of the shares in
HeidelbergCement South-East Asia GmbH, the company majority shareholder, namely Scancem Energy and Recovery AB SEAR, a company having its business in the consultancy services and
management, particularly on the alternative energy technology, as the new party in the recurring transactions. The transactions shall be conducted on an arm’s length basis and the total amount of the
transactions in any one financial year will not exceed 5 of the Company’s stockholder’s equity based on the latest audited consolidated financial statements.
In the EGMS held on February 23, 2005, the independent shareholders approved the proposals for recurring transactions mainly purchase of raw materials with HC Fuel Limited, HCT Services
Asia Pte. Ltd., and HeidelbergCement Technology Center GmbH, the Company’s related parties. Each of the transactions should be conducted on an arm’s length basis and the total amount of the
transactions in any one financial year will not exceed 5 of the Company’s stockholder’s equity based on the latest audited consolidated financial statements.
23. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES