PT TRIKOMSEL OKE Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009 and 2008 Expressed in Rupiah Unless Otherwise Stated
30
13. TAXATION continued
f. The deferred tax effects of the temporary differences between the commercial and the tax bases on the Company’s assets and liabilities as of December 31, 2009 and 2008 are as follows:
2009 2008
Deferred tax assets Estimated liabilities for employees’ benefits
1,966,504,531 1,459,956,178
Allowance for decline in value of inventories 816,483,472
305,363,159 Accrued salary expenses
781,000,000 720,205,059
Allowance for doubtful accounts 761,675,000
- Deferred tax liabilities
Fixed assets 2,235,390,633
1,744,352,378 Finance lease payables
- 26,560,389
Deferred tax assets - net 2,090,272,370
714,611,629 Deferred tax liabilities - Subsidiary
817,800 -
Management believes that the deferred tax assets can be fully recovered through future taxable income.
g. In September 2008, Law No. 7 Year 1983 regarding “Income Tax” has been revised for the fourth time with Law No. 36 Year 2008. The revised Law stipulates changes in corporate tax rate from
a progressive tax rate to a single rate of 28 for fiscal year 2009 and 25 for fiscal year 2010 onwards. The Company recorded deduction of tax benefit as the impact of the changes in tax
rates of Rp282,211,730 and Rp17,423,280 as part of “Corporate Income Tax Benefit Expense - Deferred” account in the consolidated statements of income for the years ended December 31,
2009 and 2008, respectively.
14. CONSUMER FINANCING LOAN In accordance with the Credit Agreement dated December 19, 2008 with PT BCA Finance, a third
party, the Company obtained a loan facility amounting to Rp600,000,000 for 24 months with effective annual interest rate of 17. This loan is secured by the Company’s vehicle with carrying amount of
Rp750,000,000. The Company is required to insure the related vehicle over the term of the loan Note 9.
As of December 31, 2009 and 2008, the future minimum payment of the consumer financing loan under the above agreement was as follows:
2009 2008
Up to one year 321,750,000
351,000,000 More than one year to five years
- 321,750,000
Total 321,750,000
672,750,000 Less amount applicable to interest expense
25,744,398 102,000,000
Present value of the consumer financing installment payments
296,005,602 570,750,000
Less current maturities 296,005,602
274,744,362
Long-term portion -
296,005,638
PT TRIKOMSEL OKE Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2009 and 2008 Expressed in Rupiah Unless Otherwise Stated
31
15. OTHER CURRENT LIABILITIES
This account consists of:
2009 2008
Related parties Note 23: PT SkyBee formerly PT Kreatip Komunikacitra
1,538,650 -
Mr. Sugiono Wiyono Sugialam -
51,023,715 Total related parties
1,538,650 51,023,715
Third parties Rupiah
10,422,613,909 4,478,835,123
US Dollar Glory Access Trading Ltd., Hong Kong
US505,000 -
5,529,750,000 Others SGD3,524 in 2009 and
SGD409 in 2008 23,603,870
3,074,103
Total third parties 10,446,217,779
10,011,659,226
Total other current liabilities 10,447,756,429
10,062,682,941
16.
ESTIMATED LIABILITIES FOR EMPLOYEES’ BENEFITS
The Company provides employees’ benefits in accordance with Labor Law No. 132003 dated March 25, 2003 for employees at the retirement age of 55 years old. The benefits are unfunded.
The estimated liabilities for employees’ benefits as of December 31, 2009 and 2008 were determined based on the actuarial valuations performed by PT Binaputera Jaya Hikmah, an independent actuary,
in its reports dated March 25, 2010 and April 1, 2009, respectively, using the Projected Unit Credit method. The principal assumptions used in the valuations are as follows:
2009 2008
Annual discount rate 10.70
12.00 Annual salary increase rate
10.00 10.00
Mortality rate TMI II-99
TMI II-99 Retirement age
55 years old 55 years old
The employees’ benefits expense recognized in the consolidated statements of income is as follows:
2009 2008
Current service cost 1,875,649,893
1,164,709,199 Interest expense
539,008,555 551,246,934
Amortization of actuarial loss 39,982,406
1,209,274
Employees’ benefits expense Note 21 2,374,676,042
1,717,165,407
