Adaro Energy Annual Report 2009 173 www.adaro.com
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 535
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 AND 2008
Expressed in million Rupiah, unless otherwise stated
16. TRADE PAYABLES continued 2009
2008
Related parties: PT Rahman Abdijaya
95,365 61,581
PT Pulau Seroja Jaya 29,592
21,882 PT Pulau Seroja Jaya Pratama
12,995 16,428
PT Anugerah Buminusantara Abadi 4,831
1,756 Orchard Maritime Logistics Pte Ltd
- 147,739
142,783 249,386
2,168,104 2,601,515
Details of trade payables based on currencies are as follows:
2009 2008
US Dollars 1,787,941
2,201,203 Rupiah
353,074 275,766
Euro 23,499
121,965 Singapore Dollars
1,302 1,383
Japanese Yen 1,244
824 Australian Dollars
859 314
Great Britain Pound Sterling 185
60 2,168,104
2,601,515 The aging analysis of trade payables is as follows:
2009 2008
Current and overdue by 1 - 30 days 2,157,837
2,475,690 Overdue by 31 - 60 days
1,340 84,333
Overdue by 61 - 90 days 542
28,787 Overdue by more than 90 days
8,385 12,705
2,168,104 2,601,515
Trade payables balances mainly arose from the purchase of fuel, spare parts, repair and maintenance services, coal transportation services and coal mining services.
Since 30 April 2009, OML has been consolidated to the Group’s consolidated financial statements, therefore the balances and transactions between OML and the Group were eliminated.
Refer to Note 35 for details of related party transactions and balances.
17. ACCRUED EXPENSES 2009
2008
Accrued interest 141,228
44,812 Freight cost
77,308 191,387
Others each below Rp 30,000 83,625
28,894 302,161
265,093 18. SHORT-TERM BANK LOANS
2009 2008
US Dollars Syndicated Short-term Loan
188,000 876,000
The interest rates on the short-term bank loans were as follows:
2009 2008
US Dollars 2.0 - 3.0
2.3 - 5.0
174 Adaro Energy Annual Report 2009
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ou
Running Adaro
Management Report
Owning Adaro
Governing Adaro
Financial Report
Contact Us Corporate Social
Responsibility Adaro in Summary
www.adaro.com
PT ADARO ENERGY Tbk AND SUBSIDIARIES Schedule 536
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2009 AND 2008
Expressed in million Rupiah, unless otherwise stated
18. SHORT-TERM BANK LOANS continued Syndicated Short-term Loan
On 29 February 2008, Adaro entered into a syndicated loan facility with several banks the “Lenders” which consisted of DBS Bank Ltd and United Overseas Bank Ltd the “WHT Lenders”, and PT ANZ Panin Bank and Standard Chartered Bank Jakarta
branch the “WHT Neutral Lenders” whereby DBS Bank Ltd acts as the facility agent. Under this agreement, the Lenders agreed to provide a revolving loan facility amounting to US80 million which expired on 28 February 2009. This facility is charged with
interest rates at the London Interbank Offered Rate “LIBOR” plus a certain percentage. On 24 February 2009, this loan was extended until 25 February 2010. In accordance with the terms of the agreement, Adaro is required to maintain certain financial
ratios, with which Adaro was in compliance as at 31 December 2009. As at 31 December 2009, the outstanding balance from this loan was US20,000,000 2008: US80,000,000.
This loan has the same significant terms and conditions as the long-term Syndicated Loan refer to Note 21a. Based on amended agreement dated 24 February 2009, IBT, Coaltrade and the Company are the guarantors of this facility.
In February 2010, this loan has been fully paid by Adaro.
19. ROYALTIES PAYABLE 2009
2008
Government royalties payable, net 738,044
576,500 Since 1 July 1999, Adaro has adopted a sales-based cash royalty method to satisfy the Government’s production entitlement refer
to Note 1c. Payments of the Government’s entitlement are based on Adaro’s calculation of the net sales price, which is subject to audit by the Directorate of Mineral and Coal Business Supervision, Ministry of Energy and Mineral Resources “MoEMR”. Part of
the settlement of the royalty is offset by Adaro with the VAT input refer to Note 34b.
20. FINANCE LEASE PAYABLES 2009
2008
PT Komatsu Astra Finance 741,987
899,235 PT Caterpillar Finance Indonesia
35,821 52,53 1
VFS International AB 31,563
62,445 Others each below Rp 30,000
2,187 4,250
811,558 1,018,461
Less: Portion due within one year
335,803 334,810
Non-current portion 475,755
683,651 The future minimum lease payments under the finance lease agreements are as follows:
2009 2008
Payable not later than 1 year 361,373
383,386 Payable later than 1 year and not later than 5 years
494,231 734,330
855,604 1,117,716
Less: Future financing charges
44,046 99,255
Present value of minimum finance lease payments 811,558
1,018,461 The significant general terms and conditions of the finance leases are as follows:
- the Group is restricted from selling, lending, leasing, or otherwise disposing of or ceasing to exercise direct control over the
leased assets; -
the Group is restricted from creating or allowing any encumbrance to all or any part of the leased assets; and -
all leased assets are pledged as collateral for the underlying finance lease payables.