PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
36
15. LONG-TERM BANK LOANS continued PT Bank Mandiri Persero Tbk Mandiri
The Company, Aek Tarum and Gunung Tua Abadi On November 28, 2002, the Company, Aek Tarum and Gunung Tua Abadi entered into bank loan
restructuring agreements with Mandiri. Under these loan restructuring agreements, Mandiri agreed to reschedule the settlement of the outstanding bank loan facilities under the following conditions, among
others:
a Maximum loan facilities are revised from Rp337,126,938 to Rp292,214,288 with the investment credit facilities and interest during construction facilities reduced from Rp225,881,189 and
Rp111,245,749 to Rp205,911,715 and Rp86,302,573, respectively. b The loans should be repaid on a quarterly basis starting from the first quarter of 2003 through the
fourth quarter of 2008. c The interest rate for the loans granted to the Company and Aek Tarum is a floating rate of 19 per
annum and ranges from 16 to 19 per annum, respectively, and such rates are from time to time subject to adjustment by Mandiri to reflect the prevailing interest rates.
d The interest rate for the loan to Gunung Tua Abadi Inti Plantation II and IDC II, and Inti Plantation III and IDC III is a floating interest rate at 18 per annum.
e The penalty for late payments principal and interest is 2 above the commercial interest rate. The loans are secured by inventories, plantation assets, fixed assets consisting of palm oil mill,
vehicles and heavy equipment, guarantee deposits, a corporate guarantee from Aek Tarum for the Company’s loan, and also a guarantee from the Company and Aek Tarum for the Gunung Tua Abadi’s
Loan Notes 4, 7, 9 and 10. The loans from Mandiri bear interest at rates ranging from 13.8 to 14.4 per annum in 2006. In
2005, Aek Tarum has fully repaid the loan. Under the terms of the covering restructured loan agreements, the Company, Aek Tarum and Gunung
Tua Abadi are required to obtain prior written approval from Mandiri with respect to transactions that exceed certain thresholds agreed with Mandiri, such as, among others, mergers, acquisitions, change
in the Company’s status, article of association and Company’s management, sale or transfer of their fixed assets, investing in other companies, obtaining new long-term loans, payment of payables to
shareholders, granting of guarantees. The Company, Aek Tarum and Gunung Tua Abadi are also required to maintain cash flow and financial ratios as specified in the agreement.
Aek Tarum fully repaid its liabilities to Mandiri in 2005 while the Company and Gunung Tua Abadi fully repaid their liabilities in September 2006.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
37
16. PROVISION FOR EMPLOYEE SERVICE ENTITLEMENTS
