RELATED PARTIES
8. INVESTASI PADA PERUSAHAAN ASOSIASI INVESTMENTS IN ASSOCIATED COMPANIES
Saldo awal periode 596.237 596.237 Balance at beginning of period
Pembukuan kembali selama
periode berjalan (91.600) - Reversal during the period
Saldo akhir periode 504.637 596.237 Balance at end of period
Manajemen Perusahaan dan Anak Perusahaan berkeyakinan bahwa penyisihan persediaan usang cukup untuk menutup kemungkinan kerugian dari persediaan usang.
The Company’s and Subsidiaries management is of the opinion that the allowance is adequate to cover possible losses from the obsolescence of inventories.
Persediaan senilai Rp4.377.277.025 (setara AS$483.463) dijaminkan sehubungan dengan pinjaman jangka pendek dari PT Bank Mandiri (Persero) Tbk (Catatan 11).
Certain inventories amounting to Rp4,377,277,025 (equivalent to US$483,463) are used as collateral for the short-term loan facility obtained from PT Bank Mandiri (Persero) Tbk (Note 11).
Persediaan diasuransikan terhadap risiko kerugian fisik atau kerusakan termasuk didalamnya risiko kebakaran dan kehilangan berdasarkan suatu paket polis pertanggungan dengan nilai pertanggungan sebesar AS$41.000.000. Manajemen Perusahaan dan Anak Perusahaan berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutup kemungkinan kerugian atas risiko tersebut.
Inventories are covered by insurance against physical losses or damage, including fire risk,
under blanket policies amounting to
US$41,000,000 which in the Company’ and Subsidiaries’ management opinion is adequate to cover possible losses from the said risks.
8. INVESTASI PADA PERUSAHAAN ASOSIASI 8. INVESTMENTS IN ASSOCIATED COMPANIES
Rincian investasi pada perusahaan asosiasi adalah
sebagai berikut: The details of investments in associated companies are as follows:
2007
Mutasi selama periode berjalan/Movement during the period
Bagian atas
Penambahan Laba Penerimaan Saldo
Persentase Saldo Awal (Pengurangan) Bersih Perusahaan Dividen Akhir
Pemilikan (%)/ Investasi/ Investasi/ Asosiasi - Bersih/ Kas/ investasi/
Percentage Beginning Addition Equity in Net Cash Ending
of Balance of (Deduction) Earnings Dividends Balance of
Ownership (%) Investment of Investment of Investees - Net Received Investment
PT H-Tech Oilfield PT H-Tech Oilfield
Equipment 45,65 11.389.061 - 1.644.021 (2.282.500 ) 10.750.582 Equipment
Citra Sumit Valind Citra Sumit Valind
Investment Pte., Ltd. Investment Pte., Ltd.
dan Anak Perusahaan 48,00 2.121.825 - 269.550 (403.200 ) 1.988.175 and Subsidiary
PT Dwi Sumber Arca Waja 30,00 1.687.440 - 281.833 - 1.969.273 PT Dwi Sumber Arca Waja
PT Citra Byard 41,00 - - - - - PT Citra Byard
Jumlah 15.198.326 - 2.195.404 (2.685.700 ) 14.708.030 Total
2006
Mutasi selama periode berjalan/Movement during the period
Bagian atas
Penambahan Laba Penerimaan Saldo
Persentase Saldo Awal (Pengurangan) Bersih Perusahaan Dividen Akhir
Pemilikan (%)/ Investasi/ Investasi/ Asosiasi - Bersih/ Kas/ investasi/
Percentage Beginning Addition Equity in Net Cash Ending
of Balance of (Deduction) Earnings Dividends Balance of
Ownership (%) Investment of Investment of Investees - Net Received Investment
PT H-Tech Oilfield PT H-Tech Oilfield
Equipment 23,07 2.464.250 - 1.193.802 - 3.658.052 Equipment
Citra Sumit Valind Citra Sumit Valind
Investment Pte., Ltd. Investment Pte., Ltd.
dan Anak Perusahaan 48,00 962.508 1.045.875 173.220 - 2.181.603 and Subsidiary
PT Dwi Sumber Arca Waja 30,00 1.607.043 - 23.178 - 1.630.221 PT Dwi Sumber Arca Waja
PT Sarana Citranusa Kabil
PT Sarana Citranusa Kabil (formerly PT Semblog
(dahulu PT Semblog Citranusa) 30,00 311.022 - 61.280 - 372.302 Citranusa)
UMW Citra Maju Sdn., Bhd. UMW Citra Maju Sdn., Bhd.
dan Anak Perusahaan 30,00 2.603.256 (2.603.256 ) - - - and Subsidiaies
PT Citra Byard 41,00 - - - - - PT Citra Byard
Jumlah 7.948.079 (1.557.381 ) 1.451.480 - 7.842.178 Total
PT H-Tech Oilfield Equipment (HOE) PT H-Tech Oilfield Equipment (HOE)
Pada tahun 1999, Perusahaan membeli 440.000 saham dengan nilai investasi sebesar Rp3.080.000.000 (setara AS$344.128), yang merupakan 7,10% kepemilikan di HOE, dari pemegang saham Perusahaan, PT Citra Agramasinti Nusantara. Pada tahun 2000, Perusahaan membeli tambahan 990.000 saham dengan nilai investasi sebesar Rp6.930.000.000 (setara AS$776.471) dari Nissho Iwai Corporation, sehingga meningkatkan kepemilikan menjadi 23,07%.
In 1999, the Company acquired 440,000 shares with investment value of Rp3,080,000,000 (equivalent to US$344,128), which represents 7.10% ownership interest in HOE, from the Company’s shareholder, PT Citra Agramasinti Nusantara. In 2000, the Company purchased additional 990,000 shares with investment value of Rp6,930,000,000 (equivalent to US$776,471) from Nissho Iwai Corporation, which increased its ownership interest to 23.07%.
Pada tanggal 27 Desember 2006, Perusahaan mengadakan perjanjian penjualan dan pembelian saham dengan Amalgamated Pipes Investment Limited, Guernsey (APIL), pihak ketiga, dimana Perusahaan membeli kepemilikan saham APIL di HOE, perusahaan asosiasi, sebesar 1.400.000 saham atau 22,58% kepemilikan saham senilai AS$7.644.000. Dengan adanya pembelian ini, kepemilikan saham Perusahaan di HOE meningkat menjadi 45,65%. HOE bergerak di bidang produksi pipa pengeboran dan jasa yang sesuai dengan Spesifikasi American Petroleum Institute. HOE telah mendeklarasikan dividen kas masing-masing sebesar AS$2.282.500 dan AS$Nihil untuk periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 untuk Perusahaan. Pada tanggal 30 Juni 2007, Perusahaan telah mencatat piutang dividen kas tersebut sebagai bagian dari akun ”Piutang Hubungan Istimewa” pada neraca konsolidasi 2007.
On December 27, 2006, the Company entered into share sale and purchase agreement with Amalgamated Pipes Investment Limited, Guernsey (APIL), a third party, whereby the Company purchased APIL’s share ownership in HOE, an associated company. A total of 1,400,000 shares was purchased, which represents 22.58% ownership interest. The purchase price amounted to US$7,644,000. With this acquisition, the Company’s share ownership in HOE increased to 45.65%. HOE is engaged in manufacturing of drill pipes and related services based on specifications of American Petroleum Institute. HOE has declared cash dividends amounting to US$2,282,500 and US$Nil for the six months ended June 30, 2007 and 2006, respectively for the Company. As of June 30, 2007, the Company has recorded the cash dividend receivable as part of ”Due from Related Parties” account in the 2007 consolidated balance sheet.
Citra Sumit Valind Investment Pte., Ltd. (CSV) dan
Anak Perusahaan Citra Sumit Valind Investment Pte., Ltd. (CSV) and Subsidiary
Pada tahun 1996, Perusahaan membeli 840.000 saham dengan nilai investasi sebesar Sin$840.000 (setara AS$597.143) yang merupakan 30% kepemilikan CSV, perusahaan yang didirikan di Singapura sebagai perusahaan induk kegiatan utama CSV adalah selain penyediaan dukungan teknis kepada Anak Perusahaannya yang bergerak dalam bidang penguliran pipa, perbaikan dan perawatan segala jenis pipa casing dan pipa pengeboran dan memproduksi sambungan pipa untuk aktivitas pengeboran minyak.
In 1996, the Company acquired 840,000 shares with investment value of Sin$840,000 (equivalent to US$597,143) which represents 30% ownership interest in CSV, which is incorporated in Singapore. Aside from being a holding company, CSV’s activities are mainly providing technical support services to its subsidiary. The Subsidiary is engaged in threading, repairing and restoring various kinds of casing and drill pipes, and producing connections for servicing petroleum exploration activities.
Pada tanggal 23 Februari 2006, Perusahaan memasuki perjanjian jual beli saham dengan UMW, dimana Perusahaan membeli kepemilikan saham UMW di CSV, perusahaan asosiasi. Jumlah saham yang dibeli adalah 504.000 saham, yang merupakan 18% kepemilikan. Nilai investasi sebesar Sin$1.692.000 (setara AS$1.045.875). Dengan pembelian ini, persentase kepemilikan saham Perusahaan di CSV meningkat menjadi 48%. Perusahaan menerima dividen kas dari CSV, masing-masing sebesar AS$403.200 dan AS$Nihil untuk periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006.
On February 23, 2006, the Company entered into share sale and purchase agreement with UMW, whereby the Company purchased UMW’s share ownership in CSV, an associated company. A total of 504,000 shares was purchased, which represents 18% ownership interest. The purchase price amounted to Sin$1,692,000 (equivalent to
US$1,045,875). With this acquisition, the
Company’s share ownership in CSV increased to 48%. The Company received cash dividends from CSV amounting to US$403,200 and US$Nil for the six months ended June 30, 2007 and 2006, respectively.
PT Dwi Sumber Arca Waja (DSAW) PT Dwi Sumber Arca Waja (DSAW)
Perusahaan mempunyai investasi 2.700.000 saham dengan nilai investasi sebesar AS$2.700.000 yang merupakan 30% kepemilikan di DSAW sejak tahun 1996. Pada tahun 2001, DSAW telah meningkatkan modal sahamnya melalui penerbitan saham baru. Perusahaan telah menambah jumlah sahamnya sesuai porsi kepemilikannya sebesar 1.800.000 saham. Pada tahun 2003, Perusahaan meningkatkan kepemilikannya sebesar 900.000 saham, sehingga persentase kepemilikannya tetap sebesar 30% dengan nilai investasi sebesar AS$5.400.000. DSAW bergerak dalam bidang penyediaan fasilitas untuk industri minyak, termasuk pengelasan pipa double-submerged arc-welding dan pembuatan aksesorisnya.
The Company has investment in 2,700,000 shares with value of US$2,700,000 which represents 30% ownership interest in DSAW since 1996. In 2001, DSAW increased its share capital through a rights issue. The Company has subscribed to the additional shares proportional to its ownership of 1,800,000 shares. In 2003, the Company increased its ownership by 900,000 shares, so that the ownership interest is maintained at 30% with investment value becoming US$5,400,000. DSAW is engaged in providing facilities for the oil industry, which include double-submerged arc-welding of pipes and manufacturing of accessories.
PT Sarana Citranusa Kabil (dahulu PT Semblog
Citranusa) (SC) PT Sarana Citranusa Kabil (formerly PT Semblog Citranusa) (SC) Pada tahun 2000, Perusahaan bersama dengan
Singapore Offshore Petroleum Service Pte., Ltd. mendirikan perusahaan baru, “SC”, yang sekarang bergerak dalam bidang gudang kontainer, pergudangan, jasa perbaikan dan perawatan peralatan berat dan persewaan peralatan berat. Perusahaan membeli 300.000 saham dengan nilai sebesar AS$300.000 yang merupakan 30% kepemilikan.
In 2000, the Company, together with Singapore Offshore Petroleum Service Pte., Ltd., established a new Company, “SC”, which is currently engaged in container warehouse, warehouses, heavy equipment repair and maintenance services and heavy equipment rental. The Company has investment of 300,000 shares with value of US$300,000 which represents 30% interest ownership.
Pada tanggal 14 Desember 2006, Perusahaan membeli tambahan saham sebesar 690.000 saham atau 69% kepemilikan saham senilai AS$690.000 di SC dari pihak ketiga. Pada tanggal yang sama, CPPI, Anak Perusahaan, membeli saham sebesar 10.000 saham atau 1% kepemilikan saham senilai AS$10.000 di SC. Akuisisi ini menyebabkan kepemilikan saham Perusahaan di SC meningkat menjadi 99,98% dari sebelumnya sebesar 30% (Catatan 1c), sehingga sejak tanggal tersebut laporan keuangan SC dikonsolidasi dengan laporan keuangan Perusahaan. Pada tanggal 31 Januari 2007, SC telah mengubah namanya menjadi PT Sarana Citranusa Kabil (SC) dan mengeluarkan 4.000.000 saham baru dengan nilai sebesar Rp35.800.000.000 yang seluruhnya disetor oleh Perusahaan sehingga kepemilikan Perusahaan berubah menjadi 99,99%.
On December 14, 2006, the Company acquired additional 690,000 shares or 69% ownership in SC from a third party with purchase price amounting to US$690,000. On the same date, CPPI, a Subsidiary, acquired 10,000 shares or 1% ownership in SC with purchase price amounting to US$10,000. The acquisitions have increased the Company’s ownership to 99.98% from the previous 30% (Note 1c) and, since then SC’s financial statements have been consolidated to the Company’s financial statements. On January 31, 2007, SC changed its name into PT Sarana Citranusa Kabil (SC) and issued 4,000,000 new shares with nominal value amounting to Rp35,800,000,000 which have been fully paid by the Company, hence the Company’s ownership has increased to 99.99%.
UMW Citra Maju Sdn., Bhd. (UMW) dan Anak
Perusahaan UMW Citra Maju Sdn., Bhd. (UMW) and Subsidiaries
Pada tahun 1989, Perusahaan membeli 1.275.000 saham dengan nilai investasi sebesar RM1.275.000 (setara AS$493.946) yang merupakan 30% kepemilikan di UMW, perusahaan yang didirikan di Malaysia. UMW bergerak dalam bidang penguliran pipa tubing dan pipa casing dan membuat coupling untuk keperluan industri minyak dan gas. Anak Perusahaan UMW bergerak dalam jasa penguliran, rekayasa serta perbaikan dan perawatan peralatan lapangan minyak dan gas.
In 1989, the Company acquired 1,275,000 shares with investment value of RM1,275,000 (equivalent to US$493,946), which represents 30% ownership interest in UMW, which is incorporated in Malaysia. UMW is engaged in production threading of tubing and casing and manufacturing of coupling for the oil and gas industry. The Subsidiaries of UMW are engaged in threading services, engineering and repair and maintenance of oil and gas field equipment.
UMW Citra Maju Sdn., Bhd. (UMW) dan Anak
Perusahaan (lanjutan) UMW Citra Maju Sdn., Bhd. (UMW) and Subsidiaries (continued) Pada tanggal 23 Februari 2006, Perusahaan
memasuki perjanjian jual beli saham dengan UMW Corporation Sdn., Bhd., Malaysia (UMW) dan Blackrock Corporation Sdn., Bhd., Malaysia (Blackrock), dimana Perusahaan menjual seluruh kepemilikan saham di UMW Citra Maju Sdn., Bhd., Malaysia, perusahaan asosiasi, kepada UMW dan Blackrock, secara proporsional, masing-masing senilai RM9.181.200 (setara AS$2.466.871) dan RM3.418.800 (setara AS$939.907). Laba penjualan investasi sebesar AS$803.552 dicatat sebagai bagian “Penghasilan (Beban) Lain-lain” pada laporan laba rugi konsolidasi untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2006.
On February 23, 2006, the Company entered into a share sale and purchase agreement with UMW Corporation Sdn., Bhd., Malaysia (UMW) and Blackrock Corporation Sdn., Bhd., Malaysia (Blackrock), whereby the Company sold all of its share ownership in UMW Citra Maju Sdn., Bhd., Malaysia, an associated company, to UMW and
Blackrock, proportionally, with value of
RM9,181,200 (equivalent to US$2,466,871) and RM3,418,800 (equivalent to US$939,907). The gain on sale of investment amounting to US$803,552 is presented under “Other Income (Charges)” in the consolidated statement of income for the six months ended June 30, 2006.
PT Citra Byard (CB) PT Citra Byard (CB)
Pada tahun 1999, Perusahaan melakukan penyertaan saham di CB dengan membeli 533.000 saham dengan nilai investasi sebesar AS$533.000, yang merupakan 41% kepemilikan. CB bergerak dalam bidang usaha produksi pengelasan pipa (welded pipes) dan aksesorisnya. Untuk enam bulan yang berakhir pada tanggal 30 Juni 2007 dan 2006, bagian Perusahaan atas akumulasi kerugian CB telah melebihi nilai tercatat investasi Perusahaan. Oleh karena itu, investasi di CB dilaporkan nihil.
In 1999, the Company invested in CB by acquiring 533,000 shares with investment value of US$533,000, which represents 41% ownership. CB is engaged in manufacturing welded pipes and accessories. For the six months ended June 30, 2007 and 2006, the Company’s share of losses has exceeded the carrying value of the Company’s investment. Accordingly, the investment in CB is reported at nil value.
Sesuai dengan risalah keputusan rapat umum luar biasa pemegang saham PT Citra Byard (CB), perusahaan asosiasi, yang diselenggarakan pada tanggal 18 Januari 2007 dan diaktakan oleh akta notaris Maria Anastasia Halim, S.H., No. 26 tanggal 18 Januari 2007, para pemegang saham menyetujui transfer kepemilikan Wilson Byard PLC di CB sebesar 390.000 saham kepada pemegang saham lainnya.
Based on minutes of the extraordinary general meeting of shareholders of PT Citra Byard (CB), an investee, held on January 18, 2007 which were notarized under deed No. 26 of Maria Anastasia Halim, S.H., dated January 18, 2007, the shareholders approved the transfer of 390,000 shares held by Wilson Byard PLC in CB to the other shareholders.
Perusahaan akan memperoleh transfer sebanyak 228.429 saham dari saham yang akan ditransfer dari Wilson Byard PLC yang akan menyebabkan meningkatnya kepemilikan Perusahaan di CB menjadi 58,57% dari sebelumnya 41,00%. Sampai dengan tanggal laporan review akuntan independen, transfer saham tersebut belum direalisasi.
The Company will obtain 228,429 shares from the shares to be transferred from Wilson Byard PLC which will increase the Company’s ownership interest in CB to 58.57% from the previous 41.00%. Up to the independent accountants’ review report date, the shares transfer has not been realized.
Bagian atas laba bersih perusahaan asosiasi untuk enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 terdiri dari:
Equity in net earnings of associated companies for the six months ended June 30, 2007 and 2006 consists of:
2007 2006
Bagian atas laba bersih Equity in net earnings
PT H-Tech Oilfield Equipment 1.718.857 1.182.614 PT H-Tech Oilfield Equipment
Citra Sumit Valind Citra Sumit Valind
Investment Pte., Ltd. Investment Pte., Ltd.
dan Anak Perusahaan 317.441 205.147 and Subsidiary
PT Dwi Sumber Arca Waja 281.833 23.178 PT Dwi Sumber Arca Waja
PT Sarana Citranusa Kabil PT Sarana Citranusa Kabil
(dahulu PT Semblog Citranusa) - 61.280 (formerly PT Semblog Citranusa)
Amortisasi goodwill Goodwill amortization
PT H-Tech Oilfield Equipment (74.836) 11.188 PT H-Tech Oilfield Equipment
Citra Sumit Valind Citra Sumit Valind
Investment Pte., Ltd. Investment Pte., Ltd.
dan Anak Perusahaan (47.891) (31.927) and Subsidiary
Bersih 2.195.404 1.451.480 Net