190
Adaro Energy Annual Report 2008 www.adaro.com
Adaro in Summary From Us to You
Running Adaro Management Report
Owning Adaro
PT ADARO ENERGY Tbk Schedule 558
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
38. TRANSACTIONS AND BALANCES WITH RELATED PARTIES continued c.
Loans to related parties continued
The interest rates on loans to related parties are as follows:
2008 2007
Rupiah -
12 US Dollars
- 4.0-11.6
PT Viscaya Investments On 2 November 2007, Adaro provided an unsecured loan facility of US182,181,957 to Viscaya as amended on 8 December
2007. The loan bears an interest rate at LIBOR plus a certain percentage per annum or other interest rate agreed by both parties. If there is no repayment during the loan period, the accrued interest is capitalised and added to the loan principal.
Viscaya will repay all the loan principal and accrued interest on Adaro’s request or in the fifteenth year from the first time the facility was used. As at 31 December 2007, the outstanding loan was US182,941,428. On 22 September 2008, Viscaya and
Adaro entered into an amendment agreement to the effect that since 1 April 2008 there is no interest charged for this loan.
As at 31 December 2008, Viscaya has been consolidated into the Group, and therefore balances and transactions between Viscaya and Adaro have been eliminated.
Rachmalta Investments Ltd
An unsecured loan of US26,552,500 was granted by Adaro to Rachmalta on 22 June 2005 as amended on 30 September 2005. This loan was related to the LBO transactions. The loan will be repaid by Rachmalta on 21 June 2020. The loan bears a
fixed interest rate per annum and is payable quarterly commencing on 22 September 2005. As at 31 December 2007, the outstanding loan was US35,622,742. On 22 September 2008, Rachmalta and Adaro entered into an amendment agreement
to the effect that since 1 April 2008 there is no interest charged for this loan.
As at 31 December 2008, Rachmalta has been consolidated into the Group, and therefore balances and transactions between Rachmalta and Adaro have been eliminated.
Arindo Holdings Mauritius Ltd
An unsecured loan of US456,800,000 was granted by Adaro to Arindo Holdings on 8 December 2005 as amended on 25 July 2006. This loan was related to the LBO transactions. The loan is repayable by Arindo Holdings on 8 December 2010. The
loan bears a fixed interest rate per annum and is payable semi-annually commencing on 8 June 2006. Based on the amendment of the agreement, the interest rate changed commencing 25 July 2006. As at 31 December 2007, the outstanding
loan was US254,192,655. On 22 September 2008, Arindo Holdings and Adaro entered into an amendment agr eement to the effect that since 1 November 2008 there is no interest charged for this loan.
Since 31 December 2008, Arindo Holdings has been consolidated into the Group, and therefore balances and transactions between Arindo Holdings and Adaro have been eliminated.
PT Alhasanie “ALH”
Based on a loan agreement on 1 March 2005, the Company agreed to provide a loan facility to ALH amounting to Rp 25,000 which is used for working capital purposes.
As at 31 December 2007, the oustanding loan was Rp 4,033 and US4,362,092. On 30 January 2008, this loan was fully repaid.
d. Trade payables to related parties
2008 2007
Orchard Maritime Logistics Pte Ltd 147,739
108,023 PT Rahman Abdijaya
61,581 58,720
PT Pulau Seroja Jaya 21,882
- PT Pulau Seroja Jaya Pratama
16,428 -
PT Anugerah Buminusantara Abadi 1,756
6,290 PT Padangbara Sukses Makmur
- 6,749
PT Padang Sejahtera -
2,540 Total
249,386 182,322
As a percentage of total liabilities 1.27
1.52
Adaro Energy Annual Report 2008 www.adaro.com
191
Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 559
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
38. TRANSACTIONS AND BALANCES WITH RELATED PARTIES continued e.
Amounts due to related parties 2008
2007 Rupiah
PT Persada Capital Investama 432
- PT Saratoga Sentra Business
432 -
Others -
194 864
194
US Dollars PT Rachindo Investments
5,475 4,710
Arindo Global Netherlands B.V. -
3,861 5,475
8,571 Total
6,339 8,765
As a percentage of total liabilities 0.03
0.07 The amounts due to related parties represent the reimbursement of expenses incurred that were paid by Arindo Global and
Rachindo on behalf of the Group and the cost of acquisition of MSW that has not been paid to SSB and PCI.
f. Loans from related parties
2008 2007
Rupiah PT Padangbara Sukses Makmur
- 10,003
US Dollars PT Interex Sacra Raya
- 942
Total -
10,945 As a percentage of total liabilites
- 0.09
The interest rates on loans from related parties are as follow:
2008 2007
Rupiah -
5.0
PT Padangbara Sukses Makmur
On 29 October 2004, the Company entered into a loan agreement with PT Padangb ara Sukses Makmur “PSM”, for a loan facility amounting to Rp 50,000 and US5,000,000 which will be used for the Company’s operations. The loan term is two
years commencing on the date of the agreement. The total loan outstanding as at 31 December 2007 was Rp 10,003. In December 2008, the outstanding loan was fully paid by the Company.
PT Interex Sacra Raya
On 20 March 2006 and 12 May 2006, SIS received loans from PT Interex Sacra Raya “Interex” amounting to US5,000,000 and US2,000,000, respectively. During 2006 and 2007, SIS gradually repaid the loans in the amount of US6,500,000 and
US400,000, respectively. As at 31 December 2007, the outstanding balance of these loans was US100,000. In 2008, this loan was fully paid.
