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
40
21. OPERATING EXPENSES
Consolidated operating expenses were as follows:
2 0 0 7 2 0 0 6
Salaries, wages and employees’ compensation 32,680,312
22,070,643 Professional fees
3,255,329 1,738,453
Licenses and permits 1,946,936
1,750,080 Travelling and depreciation
2,603,684 785,814
Marketing 4,217,343
3,807,550 Depreciation and amortization
2,624,994 1,055,349
Land claims 6,532,247
- Rental
992,695 250,792
Others 7,544,099
6,740,263
Total 62,397,639
38,198,944
22. INTEREST EXPENSES
Interest expenses were as follows: 2 0 0 7
2 0 0 6
Interest on bank loans: Inti
60,800,230 27,202,333
Plasma 89,843
1,028,904 Less portion capitalized to:
Advances for plasma plantations Note 8 89,843
1,028,904
Total 60,800,230
27,202,333
23. INTEREST INCOME Interest income were as follows:
2 0 0 7 2 0 0 6
Current accounts 2,225,644
2,389,729 Time deposits
8,263,021 830,279
Receivables 3,238,504
-
Total 13,727,169
3,220,008
24. ADDITIONAL PAID IN CAPITAL
Additional paid in capital are as follows:
2 0 0 7 2 0 0 6
Paid in capital 987,289,000
- Less : Initial public offering charges
55,706,362 -
Total 931,582,638
-
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
41 25. RELATED PARTY BALANCES AND TRANSACTIONS
a. Significant related parties intercompany balances are as follows:
2 0 0 7 2 0 0 6
Due to related parties: PT Selapan Permai Lestari
6,635,241 -
Others 73,096
-
Total 6,708,337
-
Percentage to consolidated Total liabilities
1.18 0.00
b. The Company lent US 17,505,000 or equivalent to Rp159,943,185 to Venture Max Resources Pte., Ltd., Singapore, its parent company, to refinance partially its acquisition of the Company’s
shares Note 16. This loan shall be due in one day after the receipt of repayment notice from the Company and bear interest at 3 month LIBOR + 2.5 per annum starting July 1, 2007 Note
16.This receivable was presented as part of “Other Receivables” in the consolidated balance sheet as of September 30, 2007 Note 6.
c. Palma Agro has outstanding exchangeable loan to PT Sampoerna Bio Energi “SBE”, a related party, which entitles Palma Agro to obtain all SBE’s shares, which represented 6.4 share
ownership in Sungai Rangit. This exchangeable loan was presented as part of “Other Receivables” in the 2007 consolidated balance sheet Note 6.
d. The Company and Sungai Rangit have rental commitment with PT Buana Sakti, a related party Note 27d.
The subject entities are considered related parties to the Company andor its Subsidiaries in view of common ownership andor management.
26. MINORITY INTERESTS
