July 25, 2007

The original report included herein is in Indonesian language.

Laporan Akuntan Independen

Independent Accountants’ Report

No. Laporan RPC-7636

Report No. RPC-7636

Pemegang Saham, Dewan Komisaris dan Direksi PT Asahimas Flat Glass Tbk

The Shareholders, Boards of Commissioners and Directors PT Asahimas Flat Glass Tbk

Kami telah melakukan review atas neraca PT Asahimas Flat Glass Tbk (“Perusahaan”) tanggal 30 Juni 2007 dan 2006, serta laporan laba rugi, laporan perubahan ekuitas, dan laporan arus kas untuk periode enam bulan yang berakhir pada tanggal-tanggal tersebut. Laporan keuangan tersebut merupakan tanggung jawab manajemen Perusahaan.

We have reviewed the accompanying balance sheets of PT Asahimas Flat Glass Tbk (“the Company”) as of June 30, 2007 and 2006, and the related statements of income, changes in shareholders’ equity, and cash flows for the six-month periods then ended. These financial statements are the responsibility of the Company’s management.

Kami melaksanakan review berdasarkan standar yang ditetapkan Ikatan Akuntan Indonesia. Review atas informasi keuangan interim terutama meliputi penerapan prosedur analitik terhadap data keuangan dan meminta keterangan kepada orang yang bertanggung jawab atas berbagai hal yang berkaitan dengan akuntansi dan keuangan. Lingkup review ini sangat sempit bila dibandingkan dengan lingkup audit berdasarkan standar auditing yang bertujuan untuk memberikan pendapat atas laporan keuangan secara keseluruhan. Oleh karena itu, kami tidak memberikan pendapat seperti itu.

We conducted our reviews in accordance with standards established by the Indonesian Institute of Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and making inquiries of the Company personnel responsible for financial and accounting matters. It is substantially less in scope than an audit in accordance with auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Berdasarkan review kami, kami tidak menemukan indikasi perlunya modifikasi material terhadap laporan keuangan yang kami sebutkan di atas agar sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia.

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying financial statements referred to above in order for them to be in conformity with generally accepted accounting principles in Indonesia.

Purwantono, Sarwoko & Sandjaja

Drs. Iman Sarwoko Izin Akuntan Publik No./Public Accountant License No. 98.1.0359 25 Juli 2007/July 25, 2007

The accompanying financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Indonesia. The standards, procedures and practices to review such financial statements are those generally accepted and applied in Indonesia.

The original financial statements included herein are in Indonesian language.

PT ASAHIMAS FLAT GLASS Tbk NERACA (Tidak diaudit) 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk BALANCE SHEETS (Unaudited) June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

2007

Catatan/ Notes

2006

AKTIVA

ASSETS

AKTIVA LANCAR Kas dan setara kas Piutang usaha: Pihak yang mempunyai hubungan istimewa Pihak ketiga Piutang lain-lain Persediaan Uang muka impor dan lainnya Pajak dibayar di muka Biaya dibayar di muka

62.812.690

2f,3

37.576.187

CURRENT ASSETS Cash and cash equivalents

94.231.114 77.320.624 12.619.215 405.628.139 15.335.794 73.723.075 8.652.282

4,24a 2g,4

101.739.678 56.380.699 16.509.545 478.030.188 5.688.112 55.912.703 8.813.185

Trade receivables: Related parties Third parties Other receivables Inventories Advances for imports and others Prepaid taxes Prepaid expenses

JUMLAH AKTIVA LANCAR

750.322.933

760.650.297

TOTAL CURRENT ASSETS

6.855.395 2.411.295

NON-CURRENT ASSETS Deferred tax assets Investment in associated companies Other long-term investments

AKTIVA TIDAK LANCAR Aktiva pajak tangguhan Investasi pada perusahaan asosiasi Investasi jangka panjang lainnya Aktiva tetap - setelah dikurangi akumulasi penyusutan Rp1.281.141.185 (2006: Rp1.148.906.518) Aktiva lain-lain - setelah dikurangi akumulasi amortisasi Rp7.302.304 (2006: Rp5.786.492) JUMLAH AKTIVA TIDAK LANCAR JUMLAH AKTIVA

2h,5 2n,6a

280.715 2n,6e 5.819.532 2i,7,24b 2.735.277 2i,8

7.469.391

Fixed assets - net of accumulated depreciation of Rp1,281,141,185 (2006: Rp1,148,906,518) Other assets - net of accumulated amortization of Rp7,302,304 (2006: Rp5,786,492)

870.528.327

863.473.685

TOTAL NON-CURRENT ASSETS

1.620.851.260

1.624.123.982

TOTAL ASSETS

855.935.071

5.757.732

2j,9

2k,10

846.737.604

Lihat Laporan Akuntan Independen

See Independent Accountants’ Report

Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.

The accompanying notes to the financial statements form an integral part of these financial statements.

2


PT ASAHIMAS FLAT GLASS Tbk NERACA (Tidak diaudit) (lanjutan) 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk BALANCE SHEETS (Unaudited) (continued) June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

2007

Catatan/ Notes

2006 LIABILITIES AND SHAREHOLDERS' EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Pinjaman bank jangka pendek Hutang usaha: Pihak yang mempunyai hubungan istimewa Pihak ketiga Hutang lain-lain Hutang pajak Uang muka diterima Biaya masih harus dibayar Uang jaminan pallet JUMLAH KEWAJIBAN LANCAR

135.810.000

11

167.400.000

CURRENT LIABILITIES Short-term bank borrowings

10.104.669 49.541.089 21.241.348 33.106.743 5.190.890 19.106.139 3.363.702

12,24c 12

26.469.399 28.546.232 14.808.512 12.930.902 3.989.060 17.933.219 3.590.026

Trade payables: Related parties Third parties Other payables Taxes payable Advances received Accrued expenses Guarantee deposits for pallets

275.667.350

TOTAL CURRENT LIABILITIES

2n,6b

277.464.580

KEWAJIBAN JANGKA PANJANG Hutang lain-lain pada pihak yang mempunyai hubungan istimewa Kewajiban pajak tangguhan Kewajiban imbalan kerja

LONG-TERM LIABILITIES 8.041.482 125.006.971

JUMLAH KEWAJIBAN JANGKA PANJANG JUMLAH KEWAJIBAN EKUITAS Modal saham Nilai nominal Rp500 (angka penuh) per saham. Modal dasar 600.000.000 saham. Modal ditempatkan dan disetor penuh 434.000.000 saham Tambahan modal disetor - bersih Selisih kurs penjabaran laporan keuangan Saldo laba yang telah ditentukan penggunaannya Saldo laba yang belum ditentukan penggunaannya

24d 2n,6e 2m,13

43.076.858 8.935.425 118.200.635

Other related party payables Deferred tax liabilities Employee benefits liability

133.048.453

170.212.918

TOTAL LONG-TERM LIABILITIES

410.513.033

445.880.268

TOTAL LIABILITIES

766.779.338

733.792.958

SHAREHOLDERS' EQUITY Share capital Nominal value Rp500 (full amount) per share. Authorized capital 600,000,000 shares. Issued and fully paid up 434,000,000 shares Additional paid-in capital - net Exchange rate differences due to financial statement translation Appropriated retained earnings Unappropriated retained earnings

JUMLAH EKUITAS

1.210.338.227

1.178.243.714

TOTAL SHAREHOLDERS' EQUITY

JUMLAH KEWAJIBAN DAN EKUITAS

1.620.851.260

1.624.123.982

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

217.000.000 165.082.799

14 15

217.000.000 165.082.799

7.226.090

2d,7

8.117.957

54.250.000

23

54.250.000





3


PT ASAHIMAS FLAT GLASS Tbk LAPORAN LABA RUGI (Tidak diaudit) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk STATEMENTS OF INCOME (Unaudited) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

Catatan/ Notes

2007 PENJUALAN BERSIH

909.937.471

BEBAN POKOK PENJUALAN

665.073.782

LABA KOTOR

244.863.689

BEBAN USAHA Penjualan Umum dan administrasi

81.844.258 51.744.142

2e,16, 24e 17,24f

18,24g 19

2006 740.787.793

NET SALES

593.359.006

COST OF GOODS SOLD

147.428.787

GROSS PROFIT

75.935.017 50.949.001

OPERATING EXPENSES Selling General and administrative

Jumlah beban usaha

133.588.400

126.884.018

Total operating expenses

LABA USAHA

111.275.289

20.544.769

OPERATING PROFIT

PENGHASILAN/(BEBAN) LAIN-LAIN Beban bunga Pendapatan bunga Laba/(rugi) selisih kurs - bersih Laba atas penjualan aktiva tetap Beban tetap selama cold repair Lainnya - bersih

(5.988.022) 555.329 669.810 235.378 (16.956.791) 3.379.223

OTHER INCOME/(EXPENSES) (3.486.218) Interest expense 315.269 Interest income (923.418) Gain/(loss)on foreign exchange - net 246.698 Gain on sale of fixed assets Fixed expenses during cold repair 652.659 Others - net

Beban lain-lain - bersih

(18.105.073)

BAGIAN LABA DARI PERUSAHAAN ASOSIASI LABA SEBELUM PAJAK PENGHASILAN BADAN PAJAK PENGHASILAN BADAN Pajak kini Pajak tangguhan

LABA BERSIH

-

9b 20

(3.195.010) 2i,7

93.170.216

(35.285.674) 2n,6c,6d 5.111.234 2n,6c,6e

Other expenses - net

2.141.642

SHARE IN PROFIT FROM ASSOCIATED COMPANIES

19.491.401

PROFIT BEFORE CORPORATE INCOME TAX

(13.365.828) 6.664.255

CORPORATE INCOME TAX Current tax Deferred tax

(30.174.440)

(6.701.573)

62.995.776

12.789.828

NET PROFIT

29

Basic earnings per share (in full rupiah)

Laba bersih per saham dasar (dalam rupiah penuh)

145

2o,21





4


PT ASAHIMAS FLAT GLASS Tbk LAPORAN PERUBAHAN EKUITAS (Tidak diaudit) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

Catatan/ Notes

Saldo per 31 Desember 2005 Selisih kurs penjabaran laporan keuangan Laba bersih untuk periode enam bulan Pembagian dividen Cadangan umum

2d,7

-

-

22 23

-

-

-

4.250.000

12.789.828 (34.720.000) (4.250.000)

217.000.000

165.082.799

8.117.957

54.250.000

733.792.958

-

-

-

-

-

-

-

-

217.000.000

165.082.799

7.936.394

54.250.000

703.783.562

-

-

-

-

-

-

-

-

62.995.776

62.995.776

Disposal of investment in associated companies Net profit for the six-month period

217.000.000

165.082.799

7.226.090

54.250.000

766.779.338

1.210.338.227

Balance as of June 30, 2007

Saldo per 31 Desember 2006

7

8.756.223

(638.266)

(181.563)

(710.304)

50.000.000

759.973.130

-

-

Jumlah ekuitas/Total shareholders’ equity

165.082.799

Selisih kurs penjabaran laporan keuangan Rugi bersih untuk periode enam bulan

Saldo per 30 Juni 2007

Selisih kurs penjabaran laporan keuangan/ Tambahan Exchange rate Saldo laba/Retained earnings modal disetor differences Telah Belum bersih/ due to financial ditentukan ditentukan Additional paidstatement penggunaannya/ penggunaannya/ in capital - net translation Appropriated Unappropriated

217.000.000

Saldo per 30 Juni 2006

Pelepasan investasi pada perusahaan asosiasi Laba bersih untuk periode enam bulan

Modal saham/ Share capital

PT ASAHIMAS FLAT GLASS Tbk STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

(30.009.396)

1.200.812.152

(638.266) 12.789.828 (34.720.000) 1.178.243.714

(181.563) (30.009.396) 1.148.052.755

(710.304)

Balance as of December 31, 2005 Exchange rate differences due to financial statement translation Net profit for the six-month period Dividends declared General reserve Balance as of June 30, 2006 Exchange rate differences due to financial statement translation Net loss for the six-month period Balance as of December 31, 2006





4


PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Tidak diaudit) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk NOTES TO THE FINANCIAL STATEMENTS (Unaudited) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

PT ASAHIMAS FLAT GLASS Tbk LAPORAN ARUS KAS (Tidak diaudit) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk STATEMENTS OF CASH FLOWS (Unaudited) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

Catatan/ Notes

2007 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok Pembayaran kepada karyawan Pembayaran untuk beban usaha Pembayaran untuk imbalan kerja Kas dihasilkan dari operasi

914.535.487 (476.761.830) (113.947.789) (134.844.094) (9.070.082)

13

179.911.692

Pembayaran pajak penghasilan badan Penerimaan bunga Pembayaran bunga Kas bersih diperoleh dari/(digunakan untuk) aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI Penerimaan dividen Penambahan investasi Hasil pelepasan investasi Pembelian aktiva tetap Hasil penjualan aktiva tetap Penerimaan/(penambahan) piutang jangka panjang Penambahan uang jaminan dan lain-lain Kas bersih digunakan untuk aktivitas investasi ARUS KAS DARI AKTIVITAS PENDANAAN Hasil dari pinjaman bank jangka pendek Pembayaran pinjaman bank jangka pendek Pembayaran angsuran pinjaman bank jangka panjang Kas bersih diperoleh dari/(digunakan untuk) aktivitas pendanaan

2006

750.105.030 (410.331.280) (113.869.370) (167.409.950) (6.411.866) 52.082.564

(9.242.917) 558.457 (6.116.379) 165.110.853

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers Payments to employees Payments for operating expenses Payments for employee benefits Cash generated from operations

(55.701.821) 312.140 (3.450.030)

Corporate income taxes paid Interest received Interest paid

(6.757.147)

Net cash provided by/(used in) operating activities

(200)

(1.402.178)

CASH FLOWS FROM INVESTING ACTIVITIES Dividends received Additional investments Proceeds from disposal of investments Purchase of fixed assets Proceeds from sale of fixed assets Collection from/(additions to) long-term receivables Additions to guarantee deposits and others

(76.152.375)

(67.020.343)

Net cash used in investing activities

(314.650) 1.182.769 (78.148.735) 1.006.183

7 7 9a 9b

122.258

5.196.555 (70.894.337) 267.814 (188.197)

122.276.750

360.964.500

(213.201.300)

(270.322.000)

-

(39.507.700)

(90.924.550)

51.134.800

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term bank borrowings Repayment of short-term bank borrowings Repayment of long-term bank borrowings Net cash provided by/(used in) financing activities

Lihat Laporan Akuntan Independen / See Independent Accountants’ Report

5


PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Tidak diaudit) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain) PT ASAHIMAS FLAT GLASS Tbk LAPORAN ARUS KAS (Tidak diaudit) (lanjutan) Periode enam bulan yang berakhir pada tanggal-tanggal 30 Juni 2007 dan 2006 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk STATEMENTS OF CASH FLOWS (Unaudited) (continued) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

Catatan/ Notes

2007 PENURUNAN BERSIH KAS DAN SETARA KAS Pengaruh nilai tukar atas kas dan setara kas

PT ASAHIMAS FLAT GLASS Tbk NOTES TO THE FINANCIAL STATEMENTS (Unaudited) Six-month periods ended June 30, 2007 and 2006 (Expressed in thousands of rupiah, unless otherwise stated)

(1.966.072)

543.676

Kas dan setara kas pada awal periode

64.235.086

KAS DAN SETARA KAS PADA AKHIR PERIODE

62.812.690

3

2006

(22.642.690)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(986.840)

Effect of exchange rate on cash and cash equivalents

61.205.717

Cash and cash equivalents at beginning of period

37.576.187

CASH AND CASH EQUIVALENTS AT END OF PERIOD

Informasi tambahan arus kas: Selisih kurs penjabaran laporan keuangan

Supplemental cash flow information:

-

2d,7

(638.266)

Exchange rate differences due to financial statement translation

Lihat Laporan Akuntan Independen / See Independent Accountants’ Report

6

July 25, 2007

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