PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
22
8. ADVANCES FOR PLASMA PLANTATIONS – NET continued Mutiara Bunda Jaya
Mutiara Bunda Jaya is involved in developing 8,296 hectares of Plasma oil palm plantations for 4,273 farmers in the vicinity of the Inti plantation area. Following approval from PT Bank Rakyat Indonesia
Persero Tbk BRI, the Company has transferred Plasma loan facility to Plasma participants amounting to Rp5,517,088 for 560 hectares to 280 Plasma participants in 2005 and amounting to
Rp20,449,576 for 2,308 hectares to 1,154 Plasma participants in 2004. .
Telaga Hikmah Advances for Plasma plantations in which Telaga Hikmah represent expenditures related to the
development of Plasma oil palm plantations still in the development stage. Based on the restructuring agreement between the Telaga Hikmah and Bank Rakyat Indonesia Persero Tbk BRI No. R.479-
MENDPBAKH082000 dated August 21, 2000, Telaga Hikmah’s commitment to develop Plasma areas was reduced from 15,000 hectares to 5,000 hectares. As of September 30, 2007, Telaga
Hikmah had planted 3,684 hectares for 1,842 Plasma participants. Following approval from BRI, the Company has transferred Plasma loan facility to Plasma participants
amounting to Rp4,483,716 for 248 hectares to 124 Plasma participants in 2006 and amounting to Rp8,135,775 for 450 hectares to 225 Plasma participants in 2005.
Investment credit PT Bank Rakyat Indonesia Persero Tbk BRI
On November 1, 1989 and May 28, 1996, Mutiara Bunda Jaya and Telaga Hikmah obtained Plasma loans from BRI for the development of 8,238 hectares and 15,000 hectares of Plasma oil palm
plantations, respectively. The maximum Plasma loan facilities for Mutiara Bunda Jaya and Telaga Hikmah were Rp72,673,158 including interest during the four years grace period amounting to
Rp25,650,000 and Rp112,068,000 including interest during construction of Rp40,955,400, respectively. Mutiara Bunda Jaya’s Plasma loan is to be repaid through 2001 and the loan facility for
Telaga Hikmah is to be repaid within 16 years through December 31, 2012, including a grace period of seven years through March 31, 2003.
Mutiara Bunda Jaya
On January 29, 2003, BRI through Letter No. R.063-ADKDKR012003, approved a restructuring program for its Plasma loan to Mutiara Bunda Jaya. Under this restructuring program, the conversion of
Plasma areas of 8,238 hectares of Plasma oil palm plantations to 4,273 smallholders is due to be fully made by December 31, 2003. As of December 31, 2005, Mutiara Bunda Jaya has not converted
Plasma area of 310 hectares. In this regard, BRI asked MBJ to repay the corresponding Plasma loan amounting to Rp2,801,249 which was fully settled in March 2006.
As of September 30, 2007, Mutiara Bunda Jaya is still in the process of negotiation with Plasma participants to convert the area by using local government assistance as mediator.
In 2005 and 2004, Mutiara Bunda Jaya had transferred Plasma loan to Plasma participants amounting to Rp5,517,088 and Rp20,449,576, respectively. As of September 30, 2007, total Plasma loan had
been transferred to plasma participants amounting to Rp69,871,909.
The Plasma loan bears annual interest at the rate of 14 in 2006.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
23
8. ADVANCES FOR PLASMA PLANTATIONS – NET continued
