PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Three Months ended March 31, 2005 and 2004 Expressed in rupiah, unless otherwise stated
17
4. TRADE RECEIVABLES continued
The movements of allowance for doubtful accounts are as follows:
2005 2004
Balance at beginning of period 13,822,091,743
13,332,091,743 Provision during the period
120,000,000 -
Balance at end of period 13,942,091,743
13,332,091,743
Based on the review of the status of the individual receivable accounts at the end of the year, management believes that the above allowance for doubtful accounts is sufficient to cover any possible
losses that may arise from uncollectible accounts.
Trade receivables are used as collateral for the long-term loans from banks and financial institutions see Note 11.
The aging of trade receivables based on their currency denominations as of March 31, 2005 and 2004 is as follows:
2005
Currency U.S. Dollar
Rupiah In Equivalent Rupiah
Total Current
329,585,032,384 23,054,712,326
352,639,744,710 Overdue:
1 - 30 days 32,993,437,079
- 32,993,437,079
31 - 60 days 10,315,211,631
- 10,315,211,631
61 - 90 days 6,781,410,743
- 6,781,410,743
Over 90 days 20,925,364,830
5,633,739,244 26,559,104,074
Total 400,600,456,667
28,688,451,570 429,288,908,237
2004
Currency U.S. Dollar
Rupiah In Equivalent Rupiah
Total Current
244,218,520,603 10,341,507,089
254,560,027,692 Overdue:
1 - 30 days 11,502,708,443
- 11,502,708,443
31 - 60 days 5,874,201,977
- 5,874,201,977
61 - 90 days 3,311,107,465
- 3,311,107,465
Over 90 days 25,909,782,606
5,083,899,244 30,993,681,850
Total 290,816,321,094
15,425,406,333 306,241,727,427
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Three Months ended March 31, 2005 and 2004 Expressed in rupiah, unless otherwise stated
18
5. OTHER RECEIVABLES
The details of other receivables are as follows:
2005 2004
PERTAMINA 18,991,408,836
- Claim to the Tax Office
5,502,658,681 5,502,658,681
Market value of option and forward exchange contracts see Note 22m
5,685,936,911 4,449,104,077
Others 4,381,854,235
12,188,521,731 Total
34,561,858,663 22,140,284,489
Allowance for doubtful accounts 7,373,045,808
1,389,089,659
Net 27,188,812,855
20,751,194,830
The movements of allowance for doubtful accounts are as follows:
2005 2004
Balance at beginning of period 8,503,980,725
1,389,089,659 Receivables written off during the period
1,130,934,917 -
Balance at end of period 7,373,045,808
1,389,089,659
Based on the review of the status of the individual receivable accounts at the end of the year, management believes that the above allowance for doubtful accounts is sufficient to cover any possible
losses that may arise from uncollectible accounts. 6. INVENTORIES
Inventories consist of:
2005 2004
Finished goods 42,050,258,083
57,108,536,748 Work in process
75,727,565,730 78,037,166,287
Raw materials 36,212,831,228
25,933,334,259 Fuel and lubricants
101,959,677,443 56,827,910,926
Spare parts 526,504,239,594
517,458,910,623 Materials in transit and others
134,338,359 134,338,359
Total 782,588,910,437
735,500,197,202 Allowance for inventory losses
44,075,191,481 40,063,072,423
Net 738,513,718,956
695,437,124,779
With the exception of inventories owned by Indomix and PBI amounting to Rp7.35 billion, all of the inventories are insured against fire and other risks under a combined insurance policy package see
Note 8.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Three Months ended March 31, 2005 and 2004 Expressed in rupiah, unless otherwise stated
19
6. INVENTORIES continued
