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Page Directors Statement Independent Auditors Report CONSOLIDATED FINANCIAL STATEMENTS - As of December 31, 2006 and 2005 and for the years then ended Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements 3 5 6 7 8 1
PT JAPFA COMFEED INDONESIA Tbk AND ITS SUBSIDIARIES Consolidated Balance Sheets December 31, 2006 and 2005 Notes 2006 Rp '000,000 ASSETS CURRENT ASSETS Cash and cash equivalents Short-term investments Trade accounts receivable from third parties net of allowance for doubtful accounts of Rp 37,722 million in 2006 and Rp 33,827 million in 2005 Other accounts receivable Inventories - net of allowances for decline in value and inventory obsolescence of Rp 530 million in 2006 and Rp 1,260 million in 2005 Advances Prepaid taxes Prepaid expenses Total Current Assets NONCURRENT ASSETS Deferred tax assets Investment in an associated company Plantations - net Property, plant and equipment - net of accumulated depreciation of Rp 1,097,119 million in 2006 and Rp 973,268 million in 2005 Unused assets - net Real estate assets Goodwill - net Intangible assets - net Other assets Total Noncurrent Assets TOTAL ASSETS 2005 Rp '000,000
203,207 186,060
193,241 181,151
2h
506,540 36,501
404,841 32,390
2i,6,9,11,14 7 2j
2s,25 2g 2k,2o
50,448 3,286
2l,2o,8,9,11,14,16 2l,2o,8 2m 2b 2n
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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PT JAPFA COMFEED INDONESIA Tbk AND ITS SUBSIDIARIES Consolidated Balance Sheets December 31, 2006 and 2005 (Continued) Notes 2006 Rp '000,000 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term bank loans Trade accounts payable to third parties Other accounts payable to third parties Taxes payable Accrued expenses Advances received Unearned revenue Current maturities of long-term liabilities Long-term loans Liability for the purchase of property, plant and equipment Lease liabilities Restructured debts Total Current Liabilities NONCURRENT LIABILITIES Deferred tax liabilities Defined-benefit post-employment liability Long-term liabilities - net of current maturities Long-term loans Liability for the purchase of property, plant and equipment Lease liabilities Restructured debts Total Noncurrent Liabilities Total Liabilities MINORITY INTERESTS IN NET ASSETS OF SUBSIDIARIES EQUITY Capital stock - Rp 1,000 par value per share Authorized - 2,000,000,000 shares Issued and paid-up - 1,489,414,660 shares Additional paid-in capital Translation adjustment Difference arising from transactions resulting in changes in equity of a subsidiary Net unrealized loss on decline in value of securities Difference in value of restructuring transactions among entities under common control Deficit Total Equity TOTAL LIABILITIES AND EQUITY 2b,17 2s,25 2r,24 2c,14 2c,9 2c,10 11 2s,12 13 2c,14 39,875 1,893 356 72,160 1,147,622 19,569 158,157 186,799 772 1,088 1,379,295 1,745,680 2,893,302 132,348 291,542 395,353 65,955 55,394 172,431 52,663 215,264 267,161 59,839 33,354 135,421 20,668 2,413 33,283 1,938 125 61,437 830,903 26,105 126,597 209,728 2,401 513 1,672,373 2,037,717 2,868,620 96,062 2005 Rp '000,000
2l,15 2c,2p,16
2l,15 2c,2p,16
18 19 2c 2g 2g,4 2b
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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PT JAPFA COMFEED INDONESIA Tbk AND ITS SUBSIDIARIES Consolidated Statements of Income For the Years Ended December 31, 2006 and 2005 Notes 2006 Rp '000,000 NET SALES COST OF GOODS SOLD GROSS PROFIT OPERATING EXPENSES Selling General and administrative Total Operating Expenses INCOME FROM OPERATIONS OTHER INCOME (EXPENSES) Gain (loss) on foreign exchange - net Interest income Gain on sale of property, plant and equipment Impairment in value of unused assets Interest expense Others - net Other Income (Expenses) - Net INCOME BEFORE TAX TAX EXPENSE Current tax Deferred tax Tax expense INCOME BEFORE MINORITY INTERESTS IN NET INCOME OF SUBSIDIARIES MINORITY INTERESTS IN NET INCOME OF SUBSIDIARIES NET INCOME BASIC EARNINGS PER SHARE 2t 2s,25 97,839 4,100 101,939 7,167 24,910 32,077 2q,22 305,640 536,510 842,150 267,685 253,144 458,140 711,284 198,783 2q,20 2q,21 6,401,365 5,291,530 1,109,835 2005 Rp '000,000 5,340,116 4,430,049 910,067
268,166
45,227
2b,17
(4,423) 40,804 27
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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PT JAPFA COMFEED INDONESIA Tbk AND ITS SUBSIDIARIES Consolidated Statements of Changes in Equity For the Years Ended December 31, 2006 and 2005 Difference in Value of Restructuring Transactions Among Entities Under Common Control Rp '000,000 5,798 -
Notes
Difference Arising from Transactions Resulting in Changes in Equity of a Subsidiary Rp '000,000 1,381 -
Balance as of January 1, 2005 Translation adjustment Unrealized gain on increase in value of securities Net income for the year Balance as of December 31, 2005 Translation adjustment Unrealized gain on increase in value of securities Net income for the year Balance as of December 31, 2006 2c 2c
1,489,414 -
2g,4
1,489,414 -
172,919 -
62,949 (21,480)
1,381 -
1,758
(6,295) -
2g,4
1,489,414
172,919
41,469
1,381 -
5,975
(320)
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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PT JAPFA COMFEED INDONESIA Tbk AND ITS SUBSIDIARIES Consolidated Statements of Cash Flows For the Years Ended December 31, 2006 and 2005
2006 Rp '000,000 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and others Cash paid to employees Cash generated from operations Cash receipts from restitution of income taxes Income tax paid Interest paid Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Interest received Withdrawals of (placements in) temporary investments Investment in an associated company Proceeds from sale of property, plant and equipment Acquisitions of property, plant and equipment Increase in security deposits Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans - net of payments Payment of liability for purchase of property, plant and equipment Payments of lease liabilities Payments of restructured debts Proceeds from issuance of share to minority stockholders Net Cash Provided by Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR Effect of foreign exchange rate changes CASH AND CASH EQUIVALENTS AT END OF THE YEAR SUPPLEMENTAL DISCLOSURES Noncash investing and financing activities: Acquisition of property, plant and equipment through capital lease Acquisition of property, plant and equipment through liabilities for purchase of property, plant and equipment Reclassification from property, plant and equipment to unused assets Application of advances on acquisition of property, plant and equipment 6,324,347 (5,619,130) (316,203) 389,014 44,848 (68,157) (163,306) 202,399 16,624 (5,852) (3,617) 5,246 (216,487) (175) (204,261) 66,752 (2,058) (358) (57,216) 6,280 13,400 11,538 193,241 (1,572) 203,207
2005 Rp '000,000 5,213,792 (4,666,514) (281,741) 265,537 40,206 (43,760) (114,340) 147,643 11,406 10,000 41,669 (308,549) (724) (246,198) 100,586 (1,326) (135) (61,354) 35,553 73,324 (25,231) 217,753 719 193,241
1,147 421 -
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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