PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY. PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN

Laporan Keuangan Konsolidasian Beserta Laporan Auditor Independen Periode Enam Bulan Yang Berakhir Pada Tanggal 30 Juni 2005 Dan 2004

PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN

Consolidated Financial Statements With Independent Auditors’ Report Six-Month Periods Ended June 30, 2005 And 2004

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY

The original financial statements included herein are in Indonesian language.

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS’ REPORT SIX-MONTH PERIODS ENDED JUNE 30, 2005 AND 2004

PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN LAPORAN KEUANGAN KONSOLIDASIAN BESERTA LAPORAN AUDITOR INDEPENDEN PERIODE ENAM BULAN YANG BERAKHIR PADA TANGGAL 30 JUNI 2005 DAN 2004

Table of Contents

Daftar Isi Halaman/ Page Laporan Auditor Independen Neraca Konsolidasian

Independent Auditors’ Report 1–3

Consolidated Balance Sheets

Laporan Laba Rugi Konsolidasian

4

Consolidated Statements of Income

Laporan Perubahan Ekuitas Konsolidasian

5

Consolidated Statements of Changes in Shareholders’ Equity

Laporan Arus Kas Konsolidasian

6–7

Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian

8 – 47

Notes to the Consolidated Financial Statements

******************************

The original report included herein is in Indonesian language.

Independent Auditors’ Report

Laporan Auditor Independen No. Laporan RPC-4486

Report No. RPC-4486 The Shareholders, Boards of Commissioners and Directors PT Asahimas Flat Glass Tbk

Pemegang Saham, Dewan Komisaris dan Direksi PT Asahimas Flat Glass Tbk Kami telah mengaudit neraca konsolidasian PT Asahimas Flat Glass Tbk (“Perusahaan”) dan Anak Perusahaan tanggal 30 Juni 2005 dan 2004, serta laporan laba rugi, laporan perubahan ekuitas, dan laporan arus kas konsolidasian untuk periode enam bulan yang berakhir pada tanggal-tanggal tersebut. Laporan keuangan adalah tanggung jawab manajemen Perusahaan. Tanggung jawab kami terletak pada pernyataan pendapat atas laporan keuangan berdasarkan audit kami.

We have audited the accompanying consolidated balance sheets of PT Asahimas Flat Glass Tbk (“the Company”) and Subsidiary as of June 30, 2005 and 2004, and the related consolidated 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. Our responsibility is to express an opinion on these financial statements based on our audits.

Kami melaksanakan audit berdasarkan standar auditing yang ditetapkan Ikatan Akuntan Indonesia. Standar tersebut mengharuskan kami merencanakan dan melaksanakan audit agar kami memperoleh keyakinan memadai bahwa laporan keuangan bebas dari salah saji material. Suatu audit meliputi pemeriksaan, atas dasar pengujian, bukti-bukti yang mendukung jumlahjumlah dan pengungkapan dalam laporan keuangan. Audit juga meliputi penilaian atas prinsip akuntansi yang digunakan dan estimasi signifikan yang dibuat oleh manajemen, serta penilaian terhadap penyajian laporan keuangan secara keseluruhan. Kami yakin bahwa audit kami memberikan dasar memadai untuk menyatakan pendapat.

We conducted our audits in accordance with auditing standards established by the Indonesian Institute of Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

Menurut pendapat kami, laporan keuangan konsolidasian yang kami sebut di atas menyajikan secara wajar, dalam semua hal yang material, posisi keuangan PT Asahimas Flat Glass Tbk dan Anak Perusahaan tanggal 30 Juni 2005 dan 2004, dan hasil usaha serta arus kas untuk periode enam bulan yang berakhir pada tanggal-tanggal tersebut sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of PT Asahimas Flat Glass Tbk and Subsidiary as of June 30, 2005 and 2004, and the results of their operations and their cash flows for the six-month periods then ended in conformity with generally accepted accounting principles in Indonesia.

Presetio, Sarwoko & Sandjaja

Drs. Ronny Wijata Dharma Izin Akuntan Publik No. / Public Accountant License No. 98.1.0141 28 Juli 2005

July 28, 2005 The accompanying consolidated financial statements are not intended to present the consolidated 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 audit such consolidated financial statements are those generally accepted and applied in Indonesia.


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

2005

Catatan/ Notes

2004

AKTIVA

ASSETS

AKTIVA LANCAR

CURRENT ASSETS

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

114.844.859

2f,3

70.492.344

Cash and cash equivalents

128.977.819 73.996.773 17.633.260 374.217.026 23.650.116 35.038 7.602.669

4,25a 2g,4

103.279.995 68.783.523 23.017.538 275.799.010 19.509.776 3.464.867 6.839.438

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

JUMLAH AKTIVA LANCAR

740.957.560

571.186.491

TOTAL CURRENT ASSETS

2h,5 2n,6a

AKTIVA TIDAK LANCAR Aktiva pajak tangguhan Investasi pada perusahaan asosiasi Investasi jangka panjang lainnya Aktiva tetap – setelah dikurangi akumulasi penyusutan Rp1.057.410.328 (2004: Rp932.832.779) Aktiva lain-lain – setelah dikurangi akumulasi amortisasi Rp1.189.429 (2004: Rp1.026.991) JUMLAH AKTIVA TIDAK LANCAR JUMLAH AKTIVA

NON-CURRENT ASSETS 16.775 2n,6e 10.860.441 2i,7,25b 1.030.398 2i,8

10.441.720 1.155.398

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

2j,9

925.556.886

2k,10

15.730.831

Fixed assets – net of accumulated depreciation of Rp1,057,410,328 (2004: Rp932,832,779) Other assets – net of accumulated amortization of Rp1,189,429 (2004: Rp1,026,991)

876.598.543

952.884.835

TOTAL NON-CURRENT ASSETS

1.617.556.103

1.524.071.326

TOTAL ASSETS

860.126.604 4.564.325

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian ini.

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

2


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN (lanjutan) 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (continued) June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

2005

Catatan/ Notes

2004 LIABILITIES AND SHAREHOLDERS' EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR

CURRENT LIABILITIES

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 Bagian kewajiban jangka panjang yang akan jatuh tempo dalam satu tahun Pinjaman bank jangka panjang Hutang swap tingkat bunga

106.843.000

11

133.810.000

4.279.176 30.788.670 19.852.175 34.801.761 7.456.695 19.224.713 4.712.304

12,25c 12

7.466.898 24.469.290 24.305.929 11.297.594 7.603.128 16.415.257 991.490

83.240.410 -

13

JUMLAH KEWAJIBAN LANCAR

311.198.904

2n,6b

134.483.860 210.918

Trade payables Related parties Third parties Other payables Taxes payable Advances received Accrued expenses Guarantee deposits for pallets Portion of long-term liabilities maturing within one year Long-term bank borrowings Interest rate swap payables

361.054.364

TOTAL CURRENT LIABILITIES

KEWAJIBAN JANGKA PANJANG

LONG-TERM LIABILITIES

Hutang lain-lain pada pihak yang mempunyai hubungan istimewa Kewajiban pajak tangguhan Pinjaman bank jangka panjang Kewajiban imbalan kerja

54.275.676 21.084.035 107.417.555

JUMLAH KEWAJIBAN JANGKA PANJANG JUMLAH KEWAJIBAN HAK MINORITAS ATAS AKTIVA BERSIH ANAK PERUSAHAAN

Short-term bank borrowings

46.543.274 29.204.817 80.686.550 107.965.966

Other related party payables Deferred tax liabilities Long-term bank borrowings Employee benefits liability

182.777.266

264.400.607

TOTAL LONG-TERM LIABILITIES

493.976.170

625.454.971

TOTAL LIABILITIES

50.854

MINORITY INTEREST IN SUBSIDIARY’S NET ASSETS

42.146

25d 2n,6e 13 2m,14

2b,15



3


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN (lanjutan) 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (continued) June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

2005

Catatan/ Notes

2004

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

SHAREHOLDERS' EQUITY

682.928.646

464.639.030

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

1.123.537.787

898.565.501

TOTAL SHAREHOLDERS' EQUITY

JUMLAH KEWAJIBAN DAN EKUITAS

1.617.556.103

1.524.071.326

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

217.000.000 165.082.799

16 17

217.000.000 165.082.799

8.526.342

2d,7

8.443.672

50.000.000

24

43.400.000



4


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASIAN Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

Catatan/ Notes

2005

PENJUALAN BERSIH BEBAN POKOK PENJUALAN

(526.219.768) 19,25f 320.141.286

BEBAN USAHA Penjualan Umum dan administrasi

(76.289.005) (45.651.528)

LABA USAHA

(464.472.747) 226.991.853

GROSS PROFIT

(121.940.533)

(113.573.601)

Total operating expenses

198.200.753

113.418.252

Jumlah beban lain-lain – bersih

(6.616.288) 2.423.531

20 21

2e 9b

2i,7

OTHER INCOME/(EXPENSES) Interest expense Interest income Loss on foreign exchange Gain on sale of fixed assets Others – net

(9.966.235)

Total other expenses – net

2.482.875

SHARE IN PROFIT FROM ASSOCIATED COMPANIES PROFIT BEFORE CORPORATE INCOME TAX

194.007.996

105.934.892

PAJAK PENGHASILAN BADAN Pajak kini Pajak tangguhan

(60.934.145) 2n,6c,6d 2.432.713 2n,6c,6e

(38.559.500) 6.634.664

(58.501.432)

(31.924.836)

Laba sebelum bagian hak minoritas

135.506.564

74.010.056

Hak minoritas atas (laba)/rugi bersih anak perusahaan

1.879

2b,15

135.508.443

312

2o,22


OPERATING PROFIT

(2.923.995) 849.157 (20.324.382) 20.327.407 (7.894.422)

LABA SEBELUM PAJAK PENGHASILAN BADAN

Laba bersih per saham dasar (dalam rupiah penuh)

COST OF GOODS SOLD

OPERATING EXPENSES Selling General and administrative

(4.104.666) 1.750.515 (1.097.506) 1.655.876 (4.820.507)

LABA BERSIH

NET SALES

(69.142.555) (44.431.046)

PENGHASILAN/(BEBAN) LAIN-LAIN Beban bunga Pendapatan bunga Rugi selisih kurs Laba atas penjualan aktiva tetap Lain-lain – bersih

BAGIAN LABA DARI PERUSAHAAN ASOSIASI

2004

846.361.054 2e,18,25e 691.464.600

LABA KOTOR

Jumlah beban usaha

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

(311)

CORPORATE INCOME TAX Current tax Deferred tax

Profit before minority interest Minority interest in subsidiary’s net (profit)/loss

74.009.745

NET PROFIT

171

Basic earnings per share (in full rupiah)


5

165.082.799

-

-

23 24 217.000.000

-

-

2d,7

165.082.799

-

217.000.000

-

-

165.082.799

-

-

23 24 217.000.000

-

-

165.082.799

2d,7

217.000.000

8.526.342

-

266.147

8.260.195

-

(183.477)

8.443.672

-

1.228.423

7.215.249


Saldo per 30 Juni 2005

Selisih kurs penjabaran laporan keuangan Laba bersih untuk periode enam bulan Pembagian dividen Cadangan umum

Saldo per 31 Desember 2004

Selisih kurs penjabaran laporan keuangan Laba bersih untuk periode enam bulan

Saldo per 30 Juni 2004

Saldo per 31 Desember 2003 Selisih kurs penjabaran laporan keuangan Laba bersih untuk periode enam bulan Pembagian dividen Cadangan umum

Catatan/ Notes

5

682.928.646

135.508.443 (43.400.000) (6.600.000)

-

597.420.203

132.781.173

-

464.639.030

74.009.745 (34.720.000) (24.546.000)

-

449.895.285

1.123.537.787

135.508.443 (43.400.000) -

266.147

1.031.163.197

132.781.173

(183.477)

898.565.501

74.009.745 (34.720.000) -

1.228.423

858.047.333

Balance as of June 30, 2005

Net profit for the six-month period Dividends declared General reserve

Exchange rate differences due to financial statement translation

Balance as of December 31, 2004

Net profit for the six-month period


Balance as of June 30, 2004

Net profit for the six-month period Dividends declared General reserve

Balance as of December 31, 2003 Exchange rate differences due to financial statement translation


50.000.000

6.600.000

-

43.400.000

-

-

43.400.000

24.546.000

-

18.854.000

Jumlah ekuitas/Total shareholders’ equity

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

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

PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)



PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

2005

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

Catatan/ Notes

2004

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

CASH FLOWS FROM OPERATING ACTIVITIES 841.074.300 (415.292.184) (103.503.088) (119.110.053) (13.226.019)

14

660.252.579 (274.162.896) (95.694.371) (89.071.953) (2.279.297)

Receipts from customers Payments to suppliers Payments to employees Payments for operating expenses Payments for employee benefits Cash generated from operations

Kas dihasilkan dari operasi

189.942.956

199.044.062

Pembayaran pajak penghasilan badan Penerimaan bunga Pembayaran bunga

(67.312.044) 1.750.515 (4.298.927)

(42.909.992) 849.157 (4.871.022)

Kas bersih diperoleh dari aktivitas operasi

120.082.500

152.112.205

ARUS KAS DARI AKTIVITAS INVESTASI Penerimaan dividen Penambahan aktiva tetap Hasil penjualan aktiva tetap Hasil penjualan investasi Penerimaan piutang jangka panjang Penambahan uang jaminan dan lain-lain Kas bersih digunakan untuk aktivitas investasi

Kas bersih digunakan untuk aktivitas pendanaan

Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES

715.234 (30.189.368) 2.069.993 642.500 9.705.907

7 9a 9b

3.307.885 (100.662.735) 22.575.949 1.989.000 102.975

(501.423)

(131.356)

Dividends received Purchase of fixed assets Proceeds from sale of fixed assets Proceeds from sale of investments Collection from long-term receivables Additions to guarantee deposits and others

(17.557.157)

(72.818.282)

Net cash used in investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN Pembayaran pinjaman bank jangka pendek Pembayaran angsuran pinjaman bank jangka panjang Penurunan hak minoritas

Corporate income taxes paid Interest received Interest paid

CASH FLOWS FROM FINANCING ACTIVITIES (20.520.000)

(8.661.000)

(67.141.895) -

(71.216.429) (1.718.358)

Repayment of short-term bank borrowings Repayment of long-term bank borrowings Decrease in minority interest

(87.661.895)

(81.595.787)

Net cash used in financing activities



6


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan) Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

2005 KENAIKAN/(PENURUNAN) BERSIH KAS DAN SETARA KAS Pengaruh nilai tukar atas kas dan setara kas Kas dan setara kas pada awal periode KAS DAN SETARA KAS PADA AKHIR PERIODE

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

Catatan/ Notes

2004

(2.301.864)

3.702.667

7.636.877

Effect of exchange rate on cash and cash equivalents

96.278.744

65.157.331

Cash and cash equivalents at beginning of period

70.492.344

CASH AND CASH EQUIVALENTS AT END OF PERIOD

114.844.859

3

Informasi tambahan arus kas: Selisih kurs penjabaran laporan keuangan

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

14.863.448

Supplemental cash flow information: 266.147

7


1.228.423



7


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain) 1.

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 1.

UMUM

GENERAL

a. PT Asahimas Flat Glass Tbk ("Perusahaan") – Induk perusahaan

a. PT Asahimas Flat Glass Tbk ("the Company") – The parent company

Perusahaan didirikan dalam rangka Undang-undang No. 1 tahun 1967 dan No. 11 tahun 1970 tentang Penanaman Modal Asing dan telah mendapat persetujuan dari Presiden Republik Indonesia dengan Surat Keputusan No. B-61/Pres/4/71 tanggal 29 April 1971. Perusahaan didirikan berdasarkan akta notaris No. 4 tanggal 7 Oktober 1971 dan No. 9 tanggal 6 Januari 1972 dari Koerniatini Karim, notaris di Jakarta, dan telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. J.A.5/5/19 tanggal 17 Januari 1972.

The Company was established within the framework of Laws No. 1, 1967 and No. 11, 1970 regarding Foreign Capital Investment, and approval from the President of the Republic of Indonesia was obtained through Approval Letter No. B-61/Pres/4/71 dated April 29, 1971. The Company was established by virtue of Notary Deed No. 4 dated October 7, 1971 and No. 9 dated January 6, 1972 of Koerniatini Karim, notary public in Jakarta, and was approved by the Minister of Justice of the Republic of Indonesia under Decree No. J.A.5/5/19 dated January 17, 1972.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan. Berdasarkan akta No. 73 tanggal 26 Juni 1998 dari Amrul Partomuan Pohan, S.H., LL.M, notaris di Jakarta, nama Perusahaan berubah dari PT Asahimas Flat Glass Co., Ltd. menjadi PT Asahimas Flat Glass Tbk. Akta perubahan ini telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. C2-12065 HT.01.04.Th.98 tanggal 25 Agustus 1998 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 94 tanggal 24 November 1998; Tambahan No. 6509/ 1998 untuk menyesuaikan dengan Undang-undang Perseroan Terbatas No. 1 tahun 1995 dan Tambahan No. 6510/1998 untuk perubahan nama Perusahaan. Anggaran dasar Perusahaan kemudian diubah melalui akta No. 54 tanggal 28 Mei 2003 dari Amrul Partomuan Pohan, S.H., LL.M dan telah disetujui oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. C-14423 HT.01.04.TH.2003 tanggal 24 Juni 2003 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 68 tanggal 26 Agustus 2003, Tambahan No. 7532/2003.

The Company's Articles of Association has been amended from time to time. Based on Notary Deed No. 73 dated June 26, 1998 of Amrul Partomuan Pohan, S.H., LL.M, notary public in Jakarta, the Company’s name was changed from PT Asahimas Flat Glass Co., Ltd. to PT Asahimas Flat Glass Tbk. This amendment deed was approved by the Minister of Justice of the Republic of Indonesia under Decree No. C2-12065 HT.01.04.Th.98 dated August 25, 1998 and was published in the State Gazette of the Republic of Indonesia No. 94 dated November 24, 1998; Supplement No. 6509/1998 to comply with the Corporate Law No. 1 of 1995 and No. 6510/1998 in relation to the change of the Company’s name. The Company's Articles of Association was subsequently amended by Notary Deed No. 54 dated May 28, 2003 of Amrul Partomuan Pohan, S.H., LL.M, which was approved by the Minister of Justice and Human Rights of the Republic of Indonesia under Decree No. C-14423 HT.01.04.TH.2003 dated June 24, 2003 and was published in the State Gazette of the Republic of Indonesia No. 68 dated August 26, 2003, Supplement No. 7532/2003.

Sesuai dengan pasal 3 dari anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha manufaktur, ekspor dan impor kaca lembaran dan kaca otomotif serta kegiatan lain yang berkaitan dengan usaha tersebut. Perusahaan berkantor pusat di Jl. Ancol IX/5, Jakarta Utara dengan tiga lokasi pabrik yaitu di Kawasan Industri Ancol, Jakarta Utara; di Bukit Indah Industrial Park, Cikampek; dan di Tanjung Sari, Sidoarjo, Jawa Timur. Produksi komersial Perusahaan dimulai pada bulan April 1973.

In accordance with Article 3 of its Articles of Association, the Company is engaged in the manufacture, export and import of flat glass, automotive glass, and other activities related to the aforementioned businesses. The Company's head office is located at Jl. Ancol IX/5, North Jakarta with three manufacturing facilities located at Ancol Industrial Estate, North Jakarta; Bukit Indah Industrial Park, Cikampek; and Tanjung Sari, Sidoarjo, East Java. The Company commenced commercial operations in April 1973.

Berdasarkan Surat Pernyataan Efektif dari Ketua Badan Pengawas Pasar Modal (“BAPEPAM”) No. S-1323/PM/1995 tanggal 18 Oktober 1995, Perusahaan telah menawarkan sejumlah 86.000.000 saham kepada masyarakat. Seluruh saham Perusahaan telah dicatatkan di Bursa Efek Jakarta sejak tanggal 18 Desember 2000.

Based on the Effective Confirmation Letter from the Head of the Capital Market Supervisory Agency (“BAPEPAM”) No. S-1323/PM/1995 dated October 18, 1995, the Company offered 86,000,000 shares to the public. Since December 18, 2000, all of the Company’s shares have been listed on the Jakarta Stock Exchange. 8




UMUM (lanjutan) Susunan Dewan Komisaris dan Direksi Perusahaan pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

GENERAL (continued)

The composition of the Company’s Board of Commissioners and Board of Directors as of June 30, 2005 and 2004 was as follows:

30 Juni 2005

June 30, 2005

Dewan Komisaris

Board of Commissioners

Presiden Komisaris : Tan Siong Kie Wakil Presiden Komisaris : Masahiro Kadomatsu Komisaris : Tan Pei Ling Keita Shikii Margono Djojosumarto Toshihiko Kobayashi Komisaris Independen : Benjamin Subrata Hanadi Rahardja Hideo Sakamoto

President Commissioner : Tan Siong Kie Vice President Commissioner : Masahiro Kadomatsu Commissioners : Tan Pei Ling Keita Shikii Margono Djojosumarto Toshihiko Kobayashi Independent Commissioners : Benjamin Subrata Hanadi Rahardja Hideo Sakamoto

Direksi

Board of Directors

Presiden Direktur Wakil Presiden Direktur Direktur

: Kenzo Moriyama : Andi Purnomo : Yasuyuki Kitayama Susanto Tjahjana Setiadhi Takashi Nomura Samuel Rumbajan Jun Donomae Sadayoshi Shinotsuka Sanae Takeda Kazuhiro Sako Bambang Susilo Prasetyo Aji

President Director Vice President Director Directors

: Kenzo Moriyama : Andi Purnomo : Yasuyuki Kitayama Susanto Tjahjana Setiadhi Takashi Nomura Samuel Rumbajan Jun Donomae Sadayoshi Shinotsuka Sanae Takeda Kazuhiro Sako Bambang Susilo Prasetyo Aji

June 30, 2004

30 Juni 2004 Dewan Komisaris

Board of Commissioners

Presiden Komisaris : Tan Siong Kie Wakil Presiden Komisaris : Masahiro Kadomatsu Komisaris : Tan Pei Ling Keita Shikii Margono Djojosumarto Kei Yonamoto Komisaris Independen : Benjamin Subrata Hanadi Rahardja Hideo Sakamoto

President Commissioner : Tan Siong Kie Vice President Commissioner : Masahiro Kadomatsu Commissioners : Tan Pei Ling Keita Shikii Margono Djojosumarto Kei Yonamoto Independent Commissioners : Benjamin Subrata Hanadi Rahardja Hideo Sakamoto

Direksi

Board of Directors

Presiden Direktur Wakil Presiden Direktur Direktur

: Kenzo Moriyama : Rudy Hernanto Budisusilo : Yasuyuki Kitayama Masato Oe Andi Purnomo Susanto Tjahjana Setiadhi Soleh Dagusthani Takashi Nomura Kiyotomo Takada Samuel Rumbajan Kazunobu Kawahara Kazuo Seno

President Director Vice President Director Directors

9

: Kenzo Moriyama : Rudy Hernanto Budisusilo : Yasuyuki Kitayama Masato Oe Andi Purnomo Susanto Tjahjana Setiadhi Soleh Dagusthani Takashi Nomura Kiyotomo Takada Samuel Rumbajan Kazunobu Kawahara Kazuo Seno


PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 (Disajikan dalam ribuan rupiah, kecuali dinyatakan lain)

1.

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated)

1.

UMUM (lanjutan)

GENERAL (continued)

Untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005, jumlah gaji dan imbalan yang diberikan kepada Dewan Komisaris dan Direksi masing-masing sebesar Rp1.147.732 dan Rp5.220.129 (2004: Rp1.352.042 dan Rp4.917.211).

For the six-month period ended June 30, 2005, total salaries and benefits granted to the Board of Commissioners and Board of Directors were Rp1,147,732 and Rp5,220,129, respectively (2004: Rp1,352,042 and Rp4,917,211, respectively).

Jumlah karyawan Perusahaan pada tanggal 30 Juni 2005 adalah 2.096 orang (2004: 2.171 orang).

As of June 30, 2005, the Company had 2,096 employees (2004: 2,171 employees). b. Subsidiary

b. Anak perusahaan Anak perusahaan yang dikonsolidasi serta persentase kepemilikan pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

Anak perusahaan/ Subsidiary PT Auto Glass Indonesia

Domisili/ Domicile Jakarta

The consolidated subsidiary and the percentage of equity held as of June 30, 2005 and 2004 were as follows: Tahun operasi/ Year of operation

Aktivitas utama/ Principal activity

Jasa perbaikan dan pemasangan kaca otomotif / Automotive glass repair and installation services

PT Auto Glass Indonesia (“AGI”)

97,5%

97,5%

Jumlah aktiva/ Total assets 2005 (2004) 2.077.008 (2.250.720)

PT Auto Glass Indonesia (“AGI”)

Pada tanggal 26 Februari 2001, Perusahaan mendirikan AGI dengan kepemilikan 90%. Pada tahun 2004 Perusahaan mengakuisisi tambahan 7,5% saham AGI berdasarkan metode pembelian dengan harga Rp150.000. AGI bergerak dalam bidang jasa perbaikan dan pemasangan kaca otomotif dengan lokasi di Jakarta dan mulai beroperasi komersil sejak April 2001.

2.

2001

% kepemilikan/ % of ownership 2005 2004

On February 26, 2001, the Company established AGI with an ownership interest of 90%. In 2004, the Company acquired an additional 7.5% of AGI’s shares for consideration of Rp150,000 that has been accounted for using the purchase method of accounting. AGI is involved in automotive glass repair and installation services in Jakarta and commenced its commercial operations in April 2001. 2.

IKHTISAR KEBIJAKAN AKUNTANSI PENTING Ikhtisar kebijakan akuntansi penting yang diterapkan secara konsisten dalam penyusunan laporan keuangan konsolidasian untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting principles that were applied consistently in the preparation of the consolidated financial statements for the six-month periods ended June 30, 2005 and 2004 are as follows: a. Basis of measurement and preparation of consolidated financial statements

a. Dasar pengukuran dan penyusunan laporan keuangan konsolidasian Laporan keuangan konsolidasian ini telah disajikan sesuai dengan prinsip dan praktik akuntansi yang berlaku umum di Indonesia, yaitu Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Peraturan dan Pedoman Penyajian Laporan Keuangan yang ditetapkan oleh BAPEPAM.

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices in Indonesia, namely Statement of Financial Accounting Standards (“PSAK”) and Regulations and Guidelines on Financial Statements Presentation set out by BAPEPAM.

10



2.


2.

IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Basis of measurement and preparation of consolidated financial statements (continued)

a. Dasar pengukuran dan penyusunan laporan keuangan konsolidasian (lanjutan) Laporan keuangan konsolidasian disusun berdasarkan basis akrual dengan menggunakan konsep nilai perolehan, kecuali untuk aktiva tetap yang dinilai kembali berdasarkan Peraturan Pemerintah No. 45/1986 tanggal 2 Oktober 1986 serta persediaan yang dinyatakan menurut nilai terendah antara nilai perolehan atau nilai realisasi bersih.

The consolidated financial statements have been prepared on the accrual basis using the historical cost concept, except for fixed assets which have been revalued based on the Government Regulation No. 45/1986 dated October 2, 1986, and inventories which are carried at the lower of cost or net realizable value.

Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung yang diklasifikasikan berdasarkan aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows have been prepared using the direct method by classifying cash flows for operating, investing, and financing activities.

Angka-angka dalam laporan keuangan konsolidasian disajikan dalam ribuan rupiah kecuali dinyatakan secara khusus.

The amounts in the consolidated financial statements are presented in thousands of rupiah unless otherwise stated. b. Principles of consolidation

b. Prinsip konsolidasian Laporan keuangan konsolidasian meliputi laporan keuangan Perusahaan dan anak perusahaan yang berada di bawah pengendalian Perusahaan. Suatu pengendalian dianggap ada bilamana Perusahaan menguasai lebih dari 50%, baik langsung maupun tidak langsung, hak suara di anak perusahaan; atau Perusahaan dapat menentukan kebijakan keuangan dan operasi dari anak perusahaan; atau mempunyai kemampuan untuk memberhentikan atau menunjuk mayoritas anggota direksi di anak perusahaan.

The consolidated financial statements include the Company’s financial statements and all subsidiaries' financial statements that are controlled by the Company. Control is presumed to exist where more than 50%, directly or indirectly of a subsidiary's voting power, is controlled by the Company; or where the Company is able to govern the financial and operating policies of a subsidiary; or control the removal or appointment of a majority of a subsidiary's board of directors.

Saldo dan transaksi antar perusahaan, termasuk keuntungan/kerugian yang belum direalisasi, dieliminasi untuk mencerminkan posisi keuangan dan hasil usaha Perusahaan dan Anak perusahaan sebagai satu kesatuan usaha.

Inter-company balances and transactions, including unrealized profit/loss, have been eliminated to present the financial position and results of operations of the Company and Subsidiaries as a single economic entity.

Hak minoritas atas laba/rugi bersih dan ekuitas anak perusahaan dinyatakan sebesar proporsi pemegang saham minoritas atas laba/rugi bersih dan ekuitas anak perusahaan tersebut.

Minority interest in net profit/loss and equity of the subsidiaries is presented on a proporsional basis with the rights of minority shareholders over net profit/loss and equity of the subsidiaries. c. Related parties

c. Pihak yang mempunyai hubungan istimewa Perusahaan dan Anak perusahaan melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa sebagaimana dimaksud dalam PSAK No. 7, “Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa”.

The Company and Subsidiary have transactions with parties which are regarded as having special relationships as defined under PSAK No. 7, “Related Party Disclosures”.

Seluruh transaksi dan saldo signifikan dengan pihakpihak yang mempunyai hubungan istimewa, baik yang dilakukan dengan atau tidak dengan persyaratan dan kondisi yang sama sebagaimana dengan pihak ketiga, diungkapkan dalam laporan keuangan konsolidasian.

All significant transactions and balances with related parties, whether or not performed on terms and conditions similar to those with third parties, are disclosed in the consolidated financial statements.

11



2.


2.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) d. Foreign currency translation

d. Penjabaran mata uang asing

Transactions and balances in foreign currencies

Transaksi dan saldo dalam mata uang asing Perusahaan dan Anak perusahaan menyelenggarakan pembukuannya dalam mata uang rupiah. Transaksi-transaksi dalam mata uang selain rupiah dicatat berdasarkan kurs yang berlaku pada tanggal transaksi.

The Company and Subsidiary maintain their accounting records in rupiah. Transactions in currencies other than rupiah are recorded at the prevailing rates of exchange in effect on the date of the transactions.

Pada tanggal neraca, seluruh aktiva dan kewajiban moneter dalam mata uang asing dijabarkan ke dalam rupiah dengan menggunakan kurs tengah yang ditetapkan Bank Indonesia pada tanggal tersebut. Laba atau rugi selisih kurs yang timbul diakui dalam laporan laba rugi konsolidasian periode berjalan.

As of the balance sheet dates, all foreign currency monetary assets and liabilities are translated at the middle exchange rates quoted by Bank Indonesia on those dates. The resulting net foreign exchange gains or losses are recognized in the current period’s consolidated statement of income. Translation of the financial statements of foreign associated companies

Penjabaran laporan keuangan perusahaan asosiasi di luar negeri Laporan keuangan perusahaan asosiasi di luar negeri dijabarkan ke dalam rupiah dengan cara sebagai berikut:

The financial statements of foreign associated companies are translated into rupiah as follows:

• Aktiva dan kewajiban dijabarkan dengan menggunakan kurs pada tanggal neraca. • Ekuitas dijabarkan dengan menggunakan kurs historis. • Penghasilan dan beban dijabarkan dengan menggunakan kurs rata-rata tertimbang dari kurs tengah bulanan yang berlaku sepanjang periode yang bersangkutan. • Dividen diukur dengan menggunakan kurs pada tanggal deklarasi dividen. • Selisih kurs yang timbul akibat penjabaran tersebut disajikan sebagai bagian dari ekuitas melalui akun "Selisih kurs penjabaran laporan keuangan".

• Assets and liabilities are translated at rates of exchange ruling at the balance sheet date. • Equity is translated using the historical rates of exchange. • Revenues and expenses are translated at monthly average middle rates of exchange ruling during the period. • A dividend is measured using the exchange rate on the date of the dividend declaration. • Foreign exchange differences resulting from translation are recorded directly against shareholders' equity, through the account of "Exchange rate differences due to financial statement translation".

Kurs yang digunakan pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut (dalam rupiah penuh):

Exchange rates used as of June 30, 2005 and 2004 were as follows (in full rupiah):

2005 Dolar Amerika Serikat (US$) 1 Dolar Singapura (SIN$) 1 Yen Jepang (¥) 1 Dolar Australia (AUD$) 1 Euro Eropa (EUR) 1

2004

9.713 5.764 88 7.416 11.733

12

9.415 5.485 87 6.480 11.384

U.S. dollar (US$) 1 Singapore dollar (SIN$) 1 Japanese yen (¥) 1 Australian dollar (AUD$) 1 European Euro (EUR) 1



2.


2.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) e. Revenue recognition

e. Pengakuan pendapatan Pendapatan diakui apabila besar kemungkinan manfaat ekonomi akan mengalir kepada Perusahaan dan Anak perusahaan dan pendapatan tersebut dapat diukur secara andal. Kriteria pengakuan berikut ini harus dipenuhi sebelum pengakuan pendapatan:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and Subsidiary and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Penjualan barang

Sale of goods

Pendapatan diakui pada saat risiko dan manfaat signifikan kepemilikan barang telah dipindahkan kepada pembeli.

Revenue is recognized when the significant risks and rewards of ownership of the goods have been passed to the buyer.

Penjualan jasa

Rendering of services

• Jika hasil penjualan jasa dapat diukur dengan andal, pendapatan diakui berdasarkan metode persentase penyelesaian. Tahap penyelesaian dihitung dengan acuan pada biaya kontrak yang telah terjadi terhadap estimasi jumlah biaya kontrak. • Jika hasil penjualan jasa tidak dapat diukur dengan andal, pendapatan yang diakui hanya yang berkaitan dengan beban yang telah diakui yang dapat diperoleh kembali.

• When the contract outcome can be reliably measured, revenue is recognized based on the percentage of completion method. The stage of completion is determined by reference to the contract costs incurred to date compared to the estimated total contract costs. • When the contract outcome cannot be reliably measured, revenue is recognized only to the extent of the expenses recognized which are recoverable.

Bunga

Interest

Pendapatan bunga diakui atas dasar proporsi waktu yang memperhitungkan hasil efektif aktiva tersebut kecuali kolektibilitasnya diragukan.

Revenue is recognized as the interest accrued (taking into account the effective yield on the asset) unless collectibility is in doubt. f. Cash and cash equivalents

f. Kas dan setara kas Saldo kas dan bank serta deposito jangka pendek untuk dimiliki hingga jatuh tempo dicatat sebesar nilai nominal.

Cash on hand and cash in bank and short-term deposits which are held to maturity are carried at nominal amount.

Kas dan setara kas didefinisikan sebagai saldo kas dan bank, deposito dan investasi jangka pendek yang sangat likuid dan dengan segera dapat dijadikan kas dalam jumlah yang telah diketahui tanpa menghadapi risiko perubahan nilai yang signifikan.

Cash and cash equivalents are defined as cash on hand and cash in bank, demand deposits and shortterm, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value.

Untuk tujuan laporan arus kas konsolidasian, kas dan setara kas terdiri dari saldo kas dan bank serta deposito jangka pendek yang jatuh tempo dalam waktu tiga bulan atau kurang.

For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash on hand and cash in bank and short-term deposits with maturities within three months or less. g. Trade receivables

g. Piutang usaha Piutang usaha diakui dan disajikan sebesar nilai faktur dikurangi penyisihan piutang ragu-ragu. Penyisihan piutang ragu-ragu ditentukan berdasarkan penelaahan terhadap piutang masingmasing pelanggan pada akhir periode.

Trade receivables are recognized and carried at original invoice amount less an allowance for doubtful accounts. Provision for doubtful accounts is made based on a review of the status of individual debtors at the end of the period.

13



2.


2.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) h. Inventories

h. Persediaan Persediaan dinyatakan sebesar nilai terendah antara nilai perolehan atau nilai realisasi bersih.

Inventories are stated at the lower of cost or net realizable value.

Nilai perolehan ditentukan berdasarkan metode ratarata yang meliputi biaya pembelian, biaya konversi dan biaya-biaya lain yang terjadi untuk membawa persediaan ke lokasi dan kondisi yang siap untuk dijual atau dipakai. Persediaan barang jadi dan barang dalam proses mencakup bahan baku, upah langsung dan alokasi yang layak atas biaya produksi tidak langsung tetap dan variabel.

Cost is determined using the average method and comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventory to its present location and condition. Finished goods and goods in process include an appropriate allocation of fixed and variable factory overheads in addition to direct materials and labor.

Nilai realisasi bersih adalah taksiran harga penjualan dalam kegiatan usaha normal setelah dikurangi taksiran biaya penyelesaian dan taksiran biaya yang diperlukan untuk melaksanakan penjualan.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated cost necessary to make the sale.

i.

i.

Investasi saham

Investment in shares

Investasi dalam bentuk saham dengan kepemilikan kurang dari 20% dicatat sebesar nilai perolehan kecuali terdapat penurunan signifikan atau permanen atas nilai investasi.

Investment in entities where the percentage of ownership is less than 20% is carried at cost, unless there has been a significant reduction or a permanent decline in the value of the investment.

Investasi pada perusahaan asosiasi dimana Perusahaan mempunyai pengaruh signifikan (umumnya 20% - 50% kepemilikan) dicatat dengan menggunakan metode ekuitas dan disajikan menurut nilai terendah antara jumlah perhitungan metode ekuitas dengan jumlah yang dapat diperoleh kembali, dan bagian laba/(rugi) dari perusahaan asosiasi diperhitungkan dalam laporan laba rugi konsolidasian. Dividen kas dicatat sebagai pengurang atas nilai tercatat investasi.

Investment in associates over which the Company has significant influence (typically those that are 20% - 50% owned) are accounted for under the equity method of accounting and are carried at the lower of the equity-accounted amount and the recoverable amount, and the Company’s pro-rata share of net profit/(loss) of associates is reflected in the consolidated statement of income. Cash dividends are recorded as a reduction of the carrying value of the investments.

j.

j.

Aktiva tetap

Aktiva tetap dinyatakan menurut nilai perolehan, kecuali untuk aktiva tetap yang dinilai kembali berdasarkan peraturan pemerintah, dikurangi akumulasi penyusutannya. Aktiva tetap disusutkan sejak bulan aktiva tersebut digunakan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat sebagai berikut: Hak atas tanah – Pabrik Hak atas tanah – Perumahan Perusahaan Bangunan dan sarana Tungku peleburan Mesin dan perlengkapan Perlengkapan dan inventaris kantor Kendaraan bermotor Pallet Roller untuk kaca berpola

15 30 30 13 12 8 5 3 3

Fixed assets

Fixed assets are stated at cost, except for certain fixed assets revalued in accordance with government regulations, less accumulated depreciation. Fixed assets are depreciated from the month the assets are placed in service using the straight-line method over their estimated useful lives as follows:

tahun/years tahun/years tahun/years tahun/years tahun/years tahun/years tahun/years tahun/years tahun/years

14

Land leasehold – Factory Land leasehold – the Company's houses Buildings and structures Furnaces Machinery and equipment Tools, furniture and fixtures Motor vehicles Pallets Figured glass rollers



2.


2.

IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) j.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) j.

Aktiva tetap (lanjutan)

Fixed assets (continued)

Beban perbaikan dan pemeliharaan dibebankan langsung ke laba rugi pada saat terjadinya; biayabiaya yang memperpanjang masa manfaat dan meningkatkan kapasitas produksi dikapitalisasi. Jika aktiva tetap tidak digunakan lagi atau dijual, nilai tercatat dan akumulasi penyusutannya dikeluarkan dari kelompok aktiva tetap dan laba atau rugi yang timbul diperhitungkan dalam laporan laba rugi konsolidasian periode berjalan.

The cost of repairs and maintenance is charged to income as incurred; significant renewals and betterments that extend the useful life and production capacity are capitalized. When assets are retired or otherwise disposed of, their carrying value and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the current period’s consolidated statement of income.

Biaya-biaya pinjaman yang berhubungan langsung dengan perolehan atau konstruksi aktiva tetap dikapitalisasi sebagai bagian dari nilai perolehan aktiva. Kapitalisasi biaya pinjaman dihentikan bilamana aktiva tersebut dianggap selesai dan siap untuk digunakan.

Borrowing costs directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of those assets. Capitalization of borrowing costs ceases when the qualifying assets are complete and ready for service.

Aktiva dalam konstruksi merupakan akumulasi biaya material dan biaya-biaya lain yang berkaitan langsung dengan pembangunan aktiva tetap sampai pekerjaan yang bersangkutan dianggap selesai dan siap digunakan. Biaya-biaya ini dipindahkan ke akun aktiva tetap bilamana aktiva tersebut siap untuk digunakan.

Construction in progress represents the accumulated cost of materials and other costs specifically related to financing the construction in progress up to the date when the asset is complete and ready for service. These costs are transferred to the relevant fixed asset account when the asset has been made ready for use. k. Deferred charges

k. Biaya ditangguhkan Biaya ditangguhkan merupakan kapitalisasi biaya lisensi untuk memproduksi kaca MNG serta biaya pendirian anak perusahaan. Biaya pendirian dan biaya lisensi diamortisasi berdasarkan metode persentase tetap masing-masing selama lima dan sepuluh tahun. l.

Deferred charges represent capitalization of license fees to produce MNG glass and costs related to incorporation of subsidiary companies. Incorporation costs and license fees are amortized using the straight-line method over five and ten years, respectively. l.

Penurunan nilai aktiva

Jumlah yang dapat diperoleh kembali dari suatu aktiva diestimasi apabila terdapat kejadian atau keadaan yang mengindikasikan bahwa nilai tercatat aktiva tidak sepenuhnya dapat diperoleh kembali. Penurunan nilai aktiva, jika ada, diakui sebagai kerugian dalam laporan laba rugi konsolidasian periode berjalan.

Impairment of assets

The recoverable amount of an asset is estimated whenever events or changes in circumstances indicate that its carrying amount may not be fully recoverable. Impairment in asset value, if any, is recognized as a loss in the current period’s consolidated statement of income. m. Employee benefits

m. Imbalan kerja Perusahaan dan Anak perusahaan mengakui kewajiban imbalan kerja karyawan yang tidak didanai berdasarkan Undang-Undang Tenaga Kerja No. 13/2003 tanggal 25 Maret 2003 (“UU No. 13”) dan Perjanjian Kerja Bersama, kecuali direktur dan staf Jepang. Sebelum 1 Januari 2004, kewajiban imbalan kerja karyawan ditentukan berdasarkan penilaian aktuaria dan biaya jasa lalu yang belum diakui diamortisasi selama lima tahun.

The Company and Subsidiary recognized an unfunded employee benefits liability in accordance with Labor Law No. 13/2003 dated March 25, 2003 (“LL No. 13”) and the Collective Labor Agreement, except for directors and Japanese staff. Prior to January 1, 2004, employee benefits liability was determined based on an actuarial valuation and unrecognized past service costs were amortized over a period of five years.

15





SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) m. Employee benefits (continued)

m. Imbalan kerja (lanjutan) Efektif sejak 1 Januari 2004, Perusahaan dan Anak perusahaan menerapkan PSAK No. 24 (Revisi 2004), “Imbalan Kerja”, secara retrospektif dan mengubah metode akuntansi yang terdahulu untuk imbalan kerja karyawan menjadi metode yang diharuskan oleh Standar ini.

Effective from January 1, 2004, the Company and Subsidiary adopted PSAK No. 24 (Revised 2004), “Employee Benefits”, on a retrospective basis and changed the previous accounting method for employee benefits to the method required under this Standard.

Menurut PSAK No. 24 (Revisi 2004), biaya imbalan kerja menurut UU No. 13 ditentukan dengan metode penilaian aktuarial “Unit Kredit Yang Diproyeksikan”. Keuntungan dan kerugian aktuarial diakui sebagai penghasilan atau beban apabila akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui pada akhir periode pelaporan sebelumnya melebihi jumlah yang lebih besar antara 10% dari nilai kini kewajiban imbalan pasti dan nilai wajar aktiva program pada tanggal tersebut. Bagian dari keuntungan dan kerugian diakui atas dasar garis lurus selama rata-rata sisa masa kerja yang diperkirakan dari para pekerja. Selanjutnya, biaya jasa lalu yang timbul dari pengenalan program imbalan pasti atau perubahan kewajiban imbalan pada program imbalan pasti yang ada diamortisasi selama periode sampai dengan imbalan tersebut menjadi hak pekerja.

Under PSAK No. 24 (Revised 2004), the cost of providing employee benefits under the Law is determined using the “Projected Unit Credit” actuarial valuation method. Actuarial gains and losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses for each individual plan at the end of the previous reporting year exceeded the greater of 10% of the present value of defined benefit obligation and the fair value of the plan assets at that date. These gains or losses are recognized using the straight-line basis over the expected average remaining working lives of the employees. Further, past service costs arising from the introduction of a defined benefit plan or changes in the benefit payable of an existing plan are required to be amortized over the period until the benefit concerned become vested.

Pengaruh yang ditimbulkan dari penerapan PSAK No. 24 (Revisi 2004) pada laporan keuangan periode sebelum tahun 2004 tidak material.

The effect resulting from the adoption of PSAK No. 24 (Revised 2004) on the previous financial statements before 2004 was considered immaterial. n. Corporate income tax

n. Pajak penghasilan badan Beban pajak kini ditetapkan berdasarkan taksiran laba kena pajak periode berjalan. Aktiva dan kewajiban pajak tangguhan diakui atas perbedaan temporer pada setiap tanggal laporan antara aktiva dan kewajiban untuk tujuan komersial dan aktiva dan kewajiban untuk tujuan perpajakan. Manfaat pajak masa yang akan datang, seperti rugi pajak yang dapat dikompensasi, juga diakui apabila besar kemungkinan manfaat tersebut dapat direalisasi.

Current tax expense is provided based on the estimated taxable profit for the period. Deferred tax assets and liabilities are recognized for temporary differences between the financial and the tax bases of assets and liabilities at each reporting date. Future tax benefits, such as the carry-forward of unused tax losses, are also recognized to the extent that realization of such benefits is probable.

Aktiva dan kewajiban pajak tangguhan diukur dengan menggunakan tarif pajak yang akan berlaku pada saat aktiva dipulihkan atau kewajiban dilunasi, yaitu dengan tarif pajak (dan peraturan pajak) yang telah berlaku atau yang telah secara substantif berlaku pada tanggal neraca.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Perubahan atas kewajiban perpajakan dicatat ketika ketetapan pajak diterima atau, jika keberatan diajukan oleh Perusahaan dan Anak perusahaan, ketika hasil dari keberatan tersebut telah ditentukan.

Amendments to tax obligations are recorded when an assessment is received or, if appealed against by the Company and Subsidiary, when the result of the appeal is determined.

16



2.


2.


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) n. Corporate income tax (continued)

n. Pajak penghasilan badan (lanjutan) Undang-undang dan peraturan perpajakan Indonesia tidak mengakui penerapan pajak konsolidasian. Saldo perpajakan yang dilaporkan dalam laporan keuangan konsolidasian merupakan gabungan saldo perpajakan Perusahaan dan Anak perusahaan.

Indonesian tax laws and regulations do not apply the concept of consolidated tax returns. The tax balances reported in the consolidated financial statements represent the Company’s and Subsidiary’s combined tax position. o. Basic earnings per share

o. Laba bersih per saham dasar Laba bersih per saham dasar dihitung dengan membagi laba bersih dengan jumlah tertimbang saham yang ditempatkan dan disetor penuh selama periode yang bersangkutan.

Basic earnings per share is computed by dividing net profit by the weighted number of common shares issued and fully paid-up during the period.

p. Segment information

p. Informasi segmen Informasi segmen Perusahaan dan Anak perusahaan disajikan menurut pengelompokan (segmen) usaha.

Information about the Company and Subsidiary’s segments is presented on the basis of business segments.

Segmen usaha adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa dan komponen tersebut memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an entity that is engaged in providing products or services and that is subject to risks and returns that are different from those of other business segments.

Pendapatan segmen, beban segmen, aktiva segmen dan kewajiban segmen ditentukan sebelum saldo dan transaksi dalam kelompok perusahaan dieliminasi sebagai bagian dari proses konsolidasian.

Segment revenue, segment expense, segment assets and segment liabilities are determined before intra-group balances and transactions are eliminated as part of the consolidation process.

q. Use of estimates

q. Pengunaan estimasi

The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect amounts reported herein. Due to the inherent uncertainty in making estimates, actual results reported in future periods may be based on amounts that differ from those estimates.

Penyusunan laporan keuangan konsolidasian berdasarkan prinsip akuntansi yang berlaku umum mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan. Karena adanya ketidakpastian yang melekat dalam penetapan estimasi, maka jumlah sesungguhnya yang akan dilaporkan di masa mendatang mungkin berbeda dari jumlah yang diestimasi tersebut 3.

3.

KAS DAN SETARA KAS 2005 Kas Kas di bank Deposito berjangka

CASH AND CASH EQUIVALENTS

2004

441.460 5.870.024 108.533.375

505.327 38.876.744 31.110.273

114.844.859

70.492.344

17

Cash on hand Cash in banks Time deposits



3.


3.

KAS DAN SETARA KAS (lanjutan) Rincian kas di bank dan deposito berjangka berdasarkan jenis mata uang:

CASH AND CASH EQUIVALENTS (continued)

Details of cash in banks and time deposits based on the currency:

2005

2004

Kas di bank

Cash in banks

Rekening rupiah: PT Bank UFJ Indonesia PT Bank Buana Indonesia PT Bank Mandiri (Persero) Tbk Deutsche Bank AG The Bank of Tokyo-Mitsubishi Ltd. Bank lain-lain

Rekening dolar A.S.: Deutsche Bank AG The Bank of Tokyo-Mitsubishi Ltd. PT Bank Mizuho Indonesia PT Bank Buana Indonesia Mizuho Corporate Bank Ltd. Bank lain-lain

Rekening yen Jepang: The Bank of Tokyo-Mitsubishi Ltd. Deutsche Bank AG

Rekening dolar Australia: Deutsche Bank AG Jumlah kas di bank

5.525.364 662.251 1.397.709 7.642.400 696.335

3.566.515

15.924.059

614.394 562.352 100.256 69.003 7.052

9.301.346 7.380.511 592.687 2.057.486 562.590 710.900

1.353.057

20.605.520

602.558 -

735.164 14.133

602.558

749.297

347.894

1.597.868

Australian dollar accounts: Deutsche Bank AG

5.870.024

38.876.744

Total cash in banks

Deposito berjangka – tiga bulan atau kurang

Deposito dolar A.S.: PT Bank Mizuho Indonesia The Bank of Tokyo-Mitsubishi Ltd. Deutsche Bank AG PT Bank UFJ Indonesia

Deposito yen Jepang Jumlah deposito berjangka

U.S. dollar accounts: Deutsche Bank AG The Bank of Tokyo-Mitsubishi Ltd. PT Bank Mizuho Indonesia PT Bank Buana Indonesia Mizuho Corporate Bank Ltd. Other banks

Japanese yen accounts: The Bank of Tokyo-Mitsubishi Ltd. Deutsche Bank AG

Time deposits – three months or less 2005

Deposito rupiah: The Bank of Tokyo-Mitsubishi Ltd. PT Bank UFJ Indonesia Deutsche Bank AG PT Bank Mandiri (Persero) Tbk

Rupiah accounts: PT Bank UFJ Indonesia PT Bank Buana Indonesia PT Bank Mandiri (Persero) Tbk Deutsche Bank AG The Bank of Tokyo-Mitsubishi Ltd. Other banks

1.461.261 980.918 344.800 253.292 526.244

2004 Rupiah deposits: The Bank of Tokyo-Mitsubishi Ltd. PT Bank UFJ Indonesia Deutsche Bank AG PT Bank Mandiri (Persero) Tbk

22.550.000 10.700.000 2.400.000 1.250.000

8.500.000 250.000 1.250.000

36.900.000

10.000.000

31.955.770 29.440.103 10.052.955 184.547

17.888.500 2.353.750 -

71.633.375

20.242.250

-

868.023

Japanese yen deposits

108.533.375

31.110.273

Total time deposits

18

U.S. dollar deposits: PT Bank Mizuho Indonesia The Bank of Tokyo-Mitsubishi Ltd. Deutsche Bank AG PT Bank UFJ Indonesia



3.


3.

KAS DAN SETARA KAS (lanjutan) 2005 Tingkat bunga per tahun: Deposito dalam rupiah Deposito dalam dolar A.S. Deposito dalam yen Jepang

4.

CASH AND CASH EQUIVALENTS (continued)

2004

3,0% - 7,2% 1,5% - 4,6% -

6,0% - 7,3% 0,7% - 0,9% 0,05%

4.

PIUTANG USAHA Pihak yang mempunyai hubungan istimewa (Catatan 25a) 2004

128.977.819 -

103.279.995 -

128.977.819

103.279.995

Rincian umur piutang usaha: Belum jatuh tempo 0 – 30 hari 31 – 60 hari 61 – 90 hari > 90 hari

TRADE RECEIVABLES Related parties (Note 25a)

2005 Piutang usaha Dikurangi: Penyisihan piutang ragu-ragu

Interest rates per annum: Deposits in rupiah Deposits in U.S. dollars Deposits in Japanese yen

Trade receivables Less: Allowance for doubtful accounts

Aging analysis of trade receivables: 128.680.980 296.839 -

71.391.415 19.396.431 11.596.535 35.529 860.085

128.977.819

103.279.995

Piutang usaha pada pihak ketiga

Not yet due 0 – 30 days 31 – 60 days 61 – 90 days > 90 days

Trade receivables from third parties

PT Toyota Astra Motors PT Indomobil Utama PT Honda Prospect Motor PT Astra Daihatsu Indonesia PT Panca Motor PT Krama Yudha T.B. Motor PT Nissan Motor PSC Company Ltd. Pelanggan lainnya (masing-masing di bawah Rp1.000.000)

11.975.109 9.563.055 7.928.159 7.201.022 3.828.213 3.659.716 2.201.504

4.499.341 2.791.810 6.449.698 6.932.788 1.477.379 2.687.839 1.713.948 8.664.154

27.639.995

33.566.566

PT Toyota Astra Motors PT Indomobil Utama PT Honda Prospect Motor PT Astra Daihatsu Indonesia PT Panca Motor PT Krama Yudha T.B. Motor PT Nissan Motor PSC Company Ltd. Other customers (less than Rp1,000,000 each)

Dikurangi: Penyisihan piutang ragu-ragu

73.996.773 -

68.783.523 -

Less: Allowance for doubtful accounts

73.996.773

68.783.523

Rincian umur piutang usaha: Belum jatuh tempo 0 – 30 hari 31 – 60 hari 61 – 90 hari

Aging analysis of trade receivables: 72.684.921 1.311.852 -

58.368.712 7.731.170 2.565.333 118.308

73.996.773

68.783.523

19

Not yet due 0 – 30 days 31 – 60 days 61 – 90 days



4.


4.

PIUTANG USAHA (lanjutan) Rincian piutang usaha berdasarkan mata uang:

Details of trade receivables based on the currency:

2005 Piutang usaha pada pihak yang mempunyai hubungan istimewa: Dalam rupiah Dalam mata uang asing

Piutang usaha pada pihak ketiga: Dalam rupiah Dalam mata uang asing

2004

22.802.829 106.174.990

20.143.481 83.136.514

128.977.819

103.279.995

50.480.147 23.516.626

30.050.073 38.733.450

73.996.773

68.783.523

Manajemen berkeyakinan bahwa penyisihan piutang ragu-ragu tidak diperlukan karena semua piutang dapat tertagih.

5.

INVENTORIES

2004

174.279.570 36.667.502 68.836.337 50,852,151 43,581,466

121.095.141 16.505.362 68.482.093 36.073.920 33.642.494

374.217.026

275.799.010

Persediaan pada tanggal 30 Juni 2005 telah diasuransikan dengan nilai pertanggungan sebesar US$28.670.000 atau setara dengan Rp278.471.710 (2004: US$28.670.000 atau setara dengan Rp269.928.050). Manajemen berpendapat bahwa asuransi tersebut cukup memadai untuk menutup kemungkinan kerugian yang timbul.

Finished goods Goods in process Raw materials Materials and supplies Stored goods and others

Inventories as of June 30, 2005 have been insured for a total coverage of US$28,670,000 or equivalent to Rp278,471,710 (2004: US$28,670,000 or equivalent to Rp269,928,050). Management believes that this insurance is adequate to cover the possibility of losses.

6.

PERPAJAKAN

TAXATION

a. Prepaid taxes

a. Pajak dibayar dimuka 2005 Pajak Pertambahan Nilai – masukan Pajak Penghasilan badan – periode 2004

Trade receivables from third parties: In rupiah In foreign currencies

5. 2005

6.

Trade receivables from related parties: In rupiah In foreign currencies

Management believes that an allowance for doubtful accounts is not necessary because all trade receivables are collectible.

PERSEDIAAN

Barang jadi Barang dalam proses Bahan baku Bahan pembantu Suku cadang dan lain-lain

TRADE RECEIVABLES (continued)

2004

35.038 -

2.442.230 1.022.637

35.038

3.464.867

20

Value Added Tax – input Corporate income tax – period of 2004




PERPAJAKAN (lanjutan)

b. Taxes payable

b. Hutang pajak 2005 Pajak Penghasilan badan – periode 2005 Pajak Penghasilan pasal 21 Pajak Penghasilan pasal 23/26 Pajak Penghasilan pasal 25 Pajak Pertambahan Nilai – keluaran

2004

16.453.659 5.976.149 3.319.407 7.352.281 1.700.265

5.359.885 193.748 5.713.465 30.496

34.801.761

11.297.594

Manfaat pajak tangguhan: Perusahaan Anak perusahaan

(60.934.145) -

(38.559.500) -

(60.934.145)

(38.559.500)

2.423.961 8.752

6.626.544 8.120

2.432.713

6.634.664

(58.501.432)

(31.924.836)

Rekonsiliasi antara laba sebelum pajak penghasilan badan dikalikan dengan tarif pajak maksimum dan beban pajak penghasilan badan adalah sebagai berikut:

Current tax expense: The Company Subsidiary

Deferred tax benefit: The Company Subsidiary

Reconciliation between profit before corporate income tax multiplied by the maximum marginal tax rate and corporate income tax expense is as follows:

2005 Laba konsolidasian sebelum pajak penghasilan badan Rugi anak perusahaan sebelum pajak penghasilan badan

Corporate income tax – period of 2005 Income tax article 21 Income tax articles 23/26 Income tax article 25 Value Added Tax – output

c. Corporate income tax

c. Pajak penghasilan badan Beban pajak kini: Perusahaan Anak perusahaan

TAXATION (continued)

2004

10.631

7.810

Consolidated profit before corporate income tax Loss of subsidiary before corporate income tax

Laba Perusahaan sebelum pajak penghasilan badan

194.018.627

105.942.702

The Company’s profit before corporate income tax

Dengan tarif pajak maksimum 30%

(58.205.588)

(31.782.810)

(322.096)

(167.646)

17.500

17.500

Perbedaan tetap bersih dengan tarif pajak maksimum Efek pajak penghasilan dengan tarif kurang dari 30% Beban pajak penghasilan Perusahaan Manfaat pajak penghasilan Anak perusahaan Jumlah beban pajak penghasilan badan

194.007.996

105.934.892

(58.510.184) 8.752 (58.501.432)

21

(31.932.956) 8.120 (31.924.836)

At maximum marginal tax rate 30% Net permanent differences at maximum marginal tax rate Effect of income taxed at statutory rates less than 30% The Company’s income tax expense Subsidiary’s income tax benefit Total corporate income tax expense





d. Current tax

d. Pajak kini Taksiran laba kena pajak Perusahaan untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

The Company’s estimated taxable profit for the sixmonth periods ended June 30, 2005 and 2004 is as follows:

2005 Laba Perusahaan sebelum pajak penghasilan badan Ditambah/(dikurangi) beda tetap: Kesejahteraan karyawan Pendapatan bunga yang dikenakan pajak final Lain-lain

2004

194.018.627

105.942.702

1.394.455

973.907

(1.499.418) 1.178.615

(610.470) 195.382

195.092.279 Ditambah/(dikurangi) beda temporer: Bagian laba dari perusahaan asosiasi dan laba pelepasan investasi dikurangi dividen yang diterima Penyusutan aktiva tetap Amortisasi biaya ditangguhkan Beban imbalan kerja dikurangi pembayaran imbalan kerja Realisasi rugi swap tingkat bunga Taksiran laba kena pajak

(1.635.014) 14.749.892 65.845 (5.100.851) 203.172.151

Perhitungan beban pajak kini dan hutang/(lebih bayar) pajak penghasilan badan adalah sebagai berikut:

The Company’s profit before corporate income tax Add/(less) permanent differences: Employee benefits in-kind Interest income subject to final tax Others

106.501.521 Add/(less) temporary differences: Share in profit from associates and gain on disposal of investment 1.229.710 less dividends received 16.464.523 Depreciation of fixed assets (22.047) Amortization of deferred charges Employee benefits expense less 5.737.679 payments for employee benefits (1.321.385) Realized loss from interest rate swap 128.590.001

Estimated taxable profit

Calculations of current tax expense and corporate income tax payable/(over payment) are as follows:

2005 Taksiran laba kena pajak: Perusahaan Anak perusahaan


2004 Estimated taxable profit: The Company Subsidiary

203.172.151 -

128.590.001 -

203.172.151

128.590.001

Beban pajak kini Perusahaan: 10% x Rp50.000 15% x Rp50.000 30% x Rp203.072.151 30% x Rp128.490.001

5.000 7.500 60.921.645 -

5.000 7.500 38.547.000

The Company’s current tax expense: 10% x Rp50,000 15% x Rp50,000 30% x Rp203,072,151 30% x Rp128,490,001

Beban pajak kini Anak perusahaan

60.934.145 -

38.559.500 -

Subsidiary’s current tax expense

Jumlah beban pajak kini

60.934.145

38.559.500

Total current tax expense

22





d. Current tax (continued)

d. Pajak kini (lanjutan) 2005 Pajak penghasilan dibayar dimuka Perusahaan: Pajak Penghasilan pasal 22 Pajak Penghasilan pasal 23 Pajak Penghasilan pasal 25 Anak perusahaan Jumlah pajak penghasilan dibayar dimuka Taksiran hutang/(lebih bayar) pajak penghasilan badan: Perusahaan Anak perusahaan

2004

(2.868.297) (27.854) (36.685.986)

(44.480.486) -

(39.582.137) -

(44.480.486)

(39.582.137)

Total prepayment of income taxes

16.453.659 -

(1.022.637) -

Estimated corporate income tax payable/(over payment): The Company Subsidiary

16.453.659

(1.022.637)

e. Deferred tax

Manfaat/(beban) pajak tangguhan:

Deferred tax benefit/(expense): 2005

2004

(490.504) 4.424.967 19.753 (1.530.255) -

The Company: 368.913 Investment in associated companies 4.939.357 Carrying amount of fixed assets (6.614) Carrying amount of deferred charges 1.721.304 Employee benefits liability (396.416) Interest rate swap payables

2.423.961 8.752

6.626.544 8.120

2.432.713

6.634.664

Pengaruh pajak atas perbedaan temporer antara aktiva dan kewajiban untuk tujuan komersial dan aktiva dan kewajiban untuk tujuan perpajakan adalah sebagai berikut:

Subsidiary

The tax effect of temporary differences between the financial and the tax bases of assets and liabilities are as follows:

2005

2004

Perusahaan Aktiva pajak tangguhan: Kewajiban imbalan kerja Hutang swap tingkat bunga

Subsidiary

The corporate income taxes of the Company have been audited by the Directorate General of Taxes up to 2000.

e. Pajak tangguhan

Anak perusahaan

Prepayment of income taxes The Company: Income tax article 22 Income tax article 23 Income tax article 25

(3.469.223) (27.773) (40.983.490)

Pajak penghasilan badan Perusahaan telah diaudit oleh Direktur Jenderal Pajak sampai dengan tahun 2000.

Perusahaan: Investasi pada perusahaan asosiasi Nilai tercatat aktiva tetap Nilai tercatat biaya ditangguhkan Kewajiban imbalan kerja Hutang swap tingkat bunga


The Company 32.211.594 -

32.380.072 63.275

32.211.594

32.443.347

23

Deferred tax assets: Employee benefits liability Interest rate swap payables





e. Deferred tax (continued)

e. Pajak tangguhan (lanjutan) 2005 Kewajiban pajak tangguhan: Investasi pada perusahaan asosiasi Nilai tercatat aktiva tetap Nilai tercatat biaya ditangguhkan

Kewajiban pajak tangguhan – bersih Perusahaan Anak perusahaan

2004

(441.213) (51.990.241) (864.175)

Deferred tax liabilities: (442.274) Investment in associated companies (60.325.876) Carrying amount of fixed assets (877.314) Carrying amount of deferred charges

(53.295.629)

(61.645.464)

(21.084.035) -

(29.202.117) (2.700)

(21.084.035)

(29.204.817)

Aktiva pajak tangguhan – bersih Anak perusahaan

7.

16.775

-

16.775

-

7.

INVESTASI PADA PERUSAHAAN ASOSIASI Jumlah tercatat dan perubahan investasi pada perusahaan asosiasi adalah sebagai berikut:

Saldo/Balance 1/1/2005

Deferred tax assets – net Subsidiary

INVESTMENT IN ASSOCIATED COMPANIES

Six-month period ended June 30, 2005

Bagian laba (rugi)/Share in profit (loss)

Selisih kurs penjabaran/ Exchange rate differences in translation

Penerimaan dividen/ Dividend received


7.319.745 1.566.252

2.482.459 (58.928)

12.778 253.369

(715.234)

9.814.982 1.045.459

8.885.997

2.423.531

266.147

(715.234)

10.860.441

Periode enam bulan yang berakhir 30 Juni 2004


Glavermas Pte. Ltd. Glavermas Mirror Pte. Ltd.

Deferred tax liabilities – net The Company Subsidiary

Carrying amounts and movements of investment in associated companies are as follows:

Periode enam bulan yang berakhir 30 Juni 2005




Bagian laba/ Share in profit

Selisih kurs penjabaran/ Exchange rate differences in translation

Penerimaan dividen/ Dividend received


8.451.771 1.586.536

2.458.222 24.653

1.048.629 179.794

(3.307.885) -

8.650.737 1.790.983

10.038.307

2.482.875

1.228.423

(3.307.885)

10.441.720

24




INVESTASI PADA PERUSAHAAN ASOSIASI (lanjutan)

INVESTMENT IN ASSOCIATED COMPANIES (continued)

Informasi mengenai perusahaan asosiasi adalah sebagai berikut:

Information regarding associated companies is as follows:

Perusahaan asosiasi/ Associated companies

Aktivitas utama/ Principal activity


Domisili/ Domicile Singapore Singapore

Agen penjualan/Sales agent Agen penjualan/Sales agent

Glavermas Pte. Ltd. (“GVM”) dan Glavermas Mirror Pte. Ltd. (“GVMM”)

8.

% kepemilikan/ % of ownership 2005 2004 49% 50%

49% 50%

Glavermas Pte. Ltd. (“GVM”) and Glavermas Mirror Pte. Ltd. (“GVMM”)

Perusahaan bekerjasama dengan Glaverbel SA, Belgia – perusahaan yang 100% dimiliki oleh Asahi Glass Co. Ltd., Jepang, mendirikan GVM di Singapura pada tanggal 11 April 1992 dan GVMM pada tanggal 24 Desember 1997 dengan kepemilikan masing-masing sebesar 49% dan 50%. GVM dan GVMM berfungsi sebagai agen penjualan kaca Stopsol (kaca reflektif) dan kaca cermin MNG untuk wilayah pemasaran di luar Indonesia.

The Company together with Glaverbel SA, Belgium – an entity 100% owned by Asahi Glass Co. Ltd., Japan, established GVM in Singapore on April 11, 1992 and subsequently established GVMM on December 24, 1997, in which the Company has a 49% and 50% ownership interest, respectively. GVM and GVMM act as sales agents for Stopsol (reflective glass) and MNG mirror products for marketing outside of Indonesia.

Berdasarkan akta notaris No. 6 tanggal 21 Februari 2005 dari Adiaty Hadi, S.H., notaris di Jakarta, dan keputusan Direksi GVMM tanggal 7 April 2005, telah diputuskan untuk menghentikan seluruh usaha dan operasi GVMM dan selanjutnya menempatkan GVMM dalam proses likuidasi.

Based on Notary Deed No. 6 dated February 21, 2005 of Adiaty Hadi, S.H., notary public in Jakarta, and resolution of GVMM’s Board of Directors dated April 7, 2005, it was agreed to cease all business and operations of GVMM and subsequently, to place GVMM under voluntary liquidation.

Perusahaan berkeyakinan bahwa hasil akhir dari proses likuidasi tersebut tidak akan berdampak material atas hasil operasi, posisi atau likuiditas keuangan Perusahaan dan oleh karena itu Perusahaan tidak melakukan penyisihan sehubungan dengan proses likuidasi tersebut dalam laporan keuangan konsolidasian ini.

The Company believes that the ultimate resolution of this voluntary liquidation is unlikely to have a material effect on the results of its operations, financial position or liquidity and, therefore, no provision for this matter has been made in these consolidated financial statements.

8.

INVESTASI JANGKA PANJANG LAINNYA Investasi dalam bentuk saham dengan kepemilikan di bawah 20% adalah sebagai berikut:

Investments in shares in which the Company owns less than 20% are as follows:

2005 PT Jagorawi Golf & Country Club PT Gunung Geulis Country Club PT Citraland Golf and Country Club PT Damai Indah Padang Golf PT Pondok Indah Padang Golf

OTHER LONG-TERM INVESTMENTS

2004

450.000 200.000 208.398 125.000 47.000

450.000 300.000 208.398 125.000 72.000

1.030.398

1.155.398

25

PT Jagorawi Golf & Country Club PT Gunung Geulis Country Club PT Citraland Golf and Country Club PT Damai Indah Padang Golf PT Pondok Indah Padang Golf




AKTIVA TETAP

a. Balance and movement

a. Saldo dan perubahan


Periode enam bulan yang berakhir 30 Juni 2005 Saldo/Balance Penambahan/ 1/1/2005 Additions

Pelepasan/ Pemindahan/ Disposals Transfers


Nilai tercatat

Carrying value

Pemilikan langsung: Hak atas tanah 58.037.301 Bangunan dan sarana 264.219.833 Mesin dan perlengkapan 1.076.002.255 Tungku peleburan 341.586.779 Pallet 54.804.177 Roller untuk kaca berpola 5.572.228 Kendaraan bermotor 40.079.126 Perlengkapan dan inventaris kantor 27.161.828 Aktiva dalam konstruksi

22.000 513.439 6.880.567 900.714 3.631.512

(507.699) (1.726.004)

51.264

-

6.193.838 3.885.071 10.750 -

58.059.301 269.905.972 1.080.400.765 341.586.779 61.695.494 6.472.942 41.984.634

-

27.213.092

Direct ownership: Land leasehold Buildings and structures Machinery and equipment Furnaces Pallets Figured glass rollers Motor vehicles Tools, furniture and fixtures Construction in progress

1.867.463.527 22.117.740

11.999.496 18.189.872

(2.233.703) 10.089.659 1.887.318.979 - (10.089.659) 30.217.953

1.889.581.267

30.189.368

(2.233.703)

-

1.917.536.932

Akumulasi penyusutan Pemilikan langsung: Hak atas tanah Bangunan dan sarana Mesin dan perlengkapan Tungku peleburan Pallet Roller untuk kaca berpola Kendaraan bermotor Perlengkapan dan inventaris kantor

Nilai buku bersih

Accumulated depreciation

28.594.744 86.952.586 631.424.331 160.245.669 38.361.383 4.045.837 28.553.162

1.631.239 4.442.447 35.803.139 11.097.212 5.338.890 530.190 2.768.415

(154.256) (1.665.330)

-

30.225.983 91.240.777 667.227.470 171.342.881 43.700.273 4.576.027 29.656.247

18.253.948

1.186.722

-

-

19.440.670

996.431.660

62.798.254

(1.819.586)

-

1.057.410.328

893.149.607

(32.608.886)

(414.117)

-

860.126.604

Periode enam bulan yang berakhir 30 Juni 2004 Saldo/Balance Penambahan/ 1/1/2004 Additions

Direct ownership: Land leasehold Buildings and structures Machinery and equipment Furnaces Pallets Figured glass rollers Motor vehicles Tools, furniture and fixtures

Net book value

Six-month period ended June 30, 2004 Pelepasan/ Pemindahan/ Disposals Transfers


Nilai tercatat

Carrying value

Pemilikan langsung: Hak atas tanah 53.867.233 Bangunan dan sarana 264.881.668 Mesin dan perlengkapan 1.009.922.079 Tungku peleburan 192.799.598 Pallet 42.695.210 Roller untuk kaca berpola 4.641.343 Kendaraan bermotor 39.212.519 Perlengkapan dan inventaris kantor 27.443.677 Aktiva dalam konstruksi

FIXED ASSETS

4.332.821 383.484 3.797.942 307.011 84.350 478.628

1.635.463.327 126.088.051

9.384.236 91.278.499

1.761.551.378

100.662.735

27.662.207


(3.824.448) 198.760.342 1.839.783.457 - (198.760.342) 18.606.208

Construction in progress

(458.036) (2.144.090) 1.340.417 (160.220) 52.800.833 - 144.619.092 (802.004) (260.098)

(3.824.448)

26

-

-

57.742.018 264.077.995 1.062.946.176 337.418.690 46.493.152 4.948.354 38.494.865

1.858.389.665




AKTIVA TETAP (lanjutan) Saldo/Balance Penambahan/ 1/1/2004 Additions

Pelepasan/ Pemindahan/ Disposals Transfers

FIXED ASSETS (continued)


Akumulasi penyusutan Pemilikan langsung: Hak atas tanah Bangunan dan sarana Mesin dan perlengkapan Tungku peleburan Pallet Roller untuk kaca berpola Kendaraan bermotor Perlengkapan dan inventaris kantor

Nilai buku bersih

Accumulated depreciation

25.559.353 79.067.941 554.534.630 139.801.258 30.804.263 3.076.059 24.438.689

1.575.902 4.392.549 38.119.449 8.489.742 3.348.790 475.416 2.837.098

(166.712) (584.281) (63.724) (627.051)

-

26.968.543 82.876.209 592.590.355 148.291.000 34.153.053 3.551.475 26.648.736

16.634.226

1.253.320

(134.138)

-

17.753.408

873.916.419

60.492.266

(1.575.906)

-

932.832.779

887.634.959

40.170.469

(2.248.542)

-

925.556.886


Net book value

b. Disposals of fixed assets

b. Pelepasan aktiva tetap 2005

2004

Nilai buku pelepasan aktiva tetap Harga jual

(414.117) 2.069.993

(2.248.542) 22.575.949

Laba atas penjualan aktiva tetap

1.655.876

20.327.407

Book value of fixed assets disposed Selling price Gain on sale of fixed assets

c. Allocation of depreciation expense

c. Alokasi beban penyusutan Beban produksi langsung Beban produksi tidak langsung Beban penjualan Beban umum dan administrasi Beban lain-lain

52.882.457 3.474.221 1.495.645 4.590.209 355.722

51.219.971 3.558.675 1.298.041 4.346.777 68.802

Direct production expenses Indirect production expenses Selling expenses General and administrative expenses Other expenses

Jumlah beban penyusutan

62.798.254

60.492.266

Total depreciation expense

d. Construction in progress

d. Aktiva tetap dalam konstruksi

Sistem ERP kaca otomotif/ ERP system of automotive glass Pembuatan pallet besi/ New steel pallets Perluasan pabrik kaca otomotif temper/Expansion of tempered automotive glass factory Peralatan pencetak kaca mobil/ Modular assy windows Proyek lain-lain/Other projects

Estimasi penyelesaian/

% penyelesaian/

Estimated date of completion

% of completion

Agustus/August 2005

95%

2.070.295

-

Agustus/August 2005

99%

3.372.084

-

Juni/June 2005

100%

-

3.720.607

Agustus/August 2004 Agustus/August 2005

100% 40% - 70%

24.775.574

3.587.434 11.298.167

30.217.953

18.606.208

27

Nilai tercatat/Carrying value

2005

2004




AKTIVA TETAP (lanjutan)

FIXED ASSETS (continued)

Hak atas tanah HGB seluas 808.519 meter persegi dan bangunan di atasnya dijaminkan kepada Asahi Glass Co. Ltd., Jepang (Catatan 26a).

Land leasehold covering an area of 808,519 square meters including buildings thereon are pledged to Asahi Glass Co. Ltd., Japan (Note 26a).

Aktiva tetap pada tanggal 30 Juni 2005, kecuali hak atas tanah, telah diasuransikan dengan nilai pertanggungan sebesar Rp11.462.400 dan US$336.770.000 atau berjumlah Rp3.282.509.410 (2004: Rp13.192.750 dan US$336.770.000 atau berjumlah Rp3.183.882.300). Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup memadai untuk menutup kemungkinan kerugian atas aktiva yang dipertanggungkan.

Fixed assets as of June 30, 2005, excluding land leasehold, have been insured for a total coverage amount of Rp11,462,400 and US$336,770,000 or totaling Rp3,282,509,410 (2004: Rp13,192,750 and US$336,770,000 or totaling Rp3,183,882,300). Management believes that the coverage amount is adequate to cover the possibility of any losses on the insured assets.

10. OTHER ASSETS

10. AKTIVA LAIN-LAIN

Biaya ditangguhkan: Biaya lisensi produksi MNG Biaya pendirian Dikurangi: Akumulasi amortisasi

Piutang jangka panjang: Piutang karyawan PT Multi Arthamas Glass Industry

Uang jaminan dan lainnya

2005

2004

1.316.910 160.233

1.316.910 157.733

1.477.143 (1.189.429)

1.474.643 (1.026.991)

287.714

447.652

1.566.442 -

1.658.813 11.298.000

1.566.442

12.956.813

2.710.169

2.326.366

4.564.325

15.730.831

Deferred charges: License fees of MNG production Incorporation costs Less: Accumulated amortization

Long-term receivables: Employee receivables PT Multi Arthamas Glass Industry

Guarantee deposits and others

Beban amortisasi atas biaya ditangguhkan untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp81.245 (2004: Rp81.989).

Amortization expense of deferred charges for the sixmonth period ended June 30, 2005 amounted to Rp81,245 (2004: Rp81,989).

Piutang lain-lain pada PT Multi Arthamas Glass Industry, Surabaya merupakan pinjaman yang diberikan Perusahaan sebesar US$2.200.000 dengan tingkat bunga SIBOR + 1,375% (2,71% 3,21%) per tahun (2004: 2,69% - 2,96% per tahun). Pembayaran kembali pinjaman dilakukan secara angsuran dan saldo pinjaman pada tanggal 30 Juni 2005 sebesar Rp Nihil (2004: US$1.200.000 atau setara dengan Rp11.298.000).

Other related party receivables from PT Multi Arthamas Glass Industry, Surabaya represent a loan given by the Company amounting to US$2,200,000 with an interest rate of SIBOR + 1.375% (2.71% 3.21%) per annum (2004: 2.69% - 2.96% per annum). Repayments of the loan are made in installments and the loan balance as of June 30, 2005 amounted to Rp Nil (2004: US$1,200,000 or equivalent to Rp11,298,000).

28



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 11. SHORT-TERM BANK BORROWINGS

11. PINJAMAN BANK JANGKA PENDEK 2005 a. The Bank of Tokyo-Mitsubishi Ltd., Singapura b. Mizuho Corporate Bank Ltd., Singapura c. The Bank of Tokyo-Mitsubishi Ltd., Jakarta

Tingkat bunga per tahun: Pinjaman dalam rupiah Pinjaman dalam dolar A.S.

2004

97.130.000

94.150.000

9.713.000

37.660.000

-

2.000.000

106.843.000

133.810.000

9,7% 2,1% - 3,4%

11,3% - 14,3% 1,5% - 1,9%

a. The Bank of Tokyo-Mitsubishi Ltd., Singapore b. Mizuho Corporate Bank Ltd., Singapore c. The Bank of Tokyo-Mitsubishi Ltd., Jakarta

Interest rates per annum: Borrowings in rupiah Borrowings in U.S. dollars

a. Berdasarkan perjanjian kredit tanggal 28 Februari 1997 yang diperbarui pada tanggal 30 September 2004, Perusahaan memperoleh fasilitas kredit jangka pendek dari The Bank of Tokyo-Mitsubishi Ltd., Singapura dengan jumlah maksimum US$10.000.000 atau jumlah yang setara dalam mata uang yen Jepang yang akan jatuh tempo tanggal 30 September 2005. Jumlah pinjaman pokok pada tanggal 30 Juni 2005 sebesar US$10.000.000 atau setara dengan Rp97.130.000 (2004: US$10.000.000 atau setara dengan Rp 94.150.000).

a. Based on the credit agreement dated February 28, 1997 as amended on September 30, 2004, the Company obtained a short-term loan facility from The Bank of Tokyo-Mitsubishi Ltd., Singapore for a maximum amount of US$10,000,000 or its equivalent amount in the Japanese yen currency which will be due on September 30, 2005. As of June 30, 2005 the outstanding principal amounted to US$10,000,000 or equivalent to Rp97,130,000 (2004: US$10,000,000 or equivalent to Rp94,150,000).

b. Berdasarkan perjanjian kredit tanggal 2 April 1996 yang diperbarui pada tanggal 30 September 2004, Perusahaan memperoleh fasilitas kredit modal kerja berulang dari Mizuho Corporate Bank Ltd., Singapura dengan jumlah maksimum US$5.000.000 atau jumlah yang setara dalam mata uang yen Jepang yang akan jatuh tempo tanggal 30 September 2005. Jumlah pinjaman pokok pada tanggal 30 Juni 2005 sebesar US$1.000.000 atau setara dengan Rp9.713.000 (2004: US$4.000.000 atau setara dengan Rp37.660.000).

b. Based on the credit agreement dated April 2, 1996 as amended on September 30, 2004, the Company obtained a revolving working capital loan facility from Mizuho Corporate Bank Ltd., Singapore for a maximum amount of US$5,000,000 or its equivalent amount in the Japanese yen currency which will be due on September 30, 2005. As of June 30, 2005, the outstanding principal amounted to US$1,000,000 or equivalent to Rp9,713,000 (2004: US$4,000,000 or equivalent to Rp37,660,000).

c. Berdasarkan perjanjian kredit tanggal 31 Desember 1996 yang diperbarui pada tanggal 30 September 2004, Perusahaan memperoleh fasilitas kredit modal kerja dari The Bank of Tokyo-Mitsubishi Ltd., Jakarta dengan jumlah maksimum Rp35.000.000 Pinjaman ini telah dilunasi pada tanggal 28 Februari 2005. Jumlah pinjaman pokok pada tanggal 30 Juni 2005 sebesar Rp Nihil (2004: Rp2.000.000).

c. Based on the credit agreement dated December 31, 1996 as amended on September 30, 2004, the Company obtained a working capital loan facility from The Bank of TokyoMitsubishi Ltd., Jakarta with a maximum facility of Rp35,000,000. The loan was fully repaid on February 28, 2005. As of June 30, 2005, the outstanding principal amounted to Rp Nil (2004: Rp2,000,000).

Pinjaman bank jangka pendek ini dijamin oleh Asahi Glass Co. Ltd., Jepang (Catatan 26a).

These short-term bank borrowings are guaranteed by Asahi Glass Co. Ltd., Japan (Note 26a).

29



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 12. TRADE PAYABLES

12. HUTANG USAHA Pihak yang mempunyai hubungan istimewa (Catatan 25c) Pihak ketiga: PT Perusahaan Gas Negara (Persero) Tbk PT Hosana Emanuel PT Inticita Unggul PT Samator PT Lautan Luas Tbk Pemasok luar negeri Pemasok lainnya

2005

2004

4.279.176

7.466.898

Related parties (Note 25c)

3.868.311 2.455.187 2.236.115 1.240.288 379.423 18.571.108 2.038.238

2.373.038 3.385.024 1.691.175 1.296.414 2.485.472 3.099.903 10.138.264

Third parties: PT Perusahaan Gas Negara (Persero) Tbk PT Hosana Emanuel PT Inticita Unggul PT Samator PT Lautan Luas Tbk Overseas suppliers Other suppliers

30.788.670

24.469.290

35.067.846

31.936.188

Rincian hutang usaha berdasarkan mata uang:

Hutang usaha pada pihak yang mempunyai hubungan istimewa: Dalam rupiah Dalam mata uang asing

Hutang usaha pada pihak ketiga: Dalam rupiah Dalam mata uang asing

Details of trade payables based on type of currency: 2005

2004

4.279.176

23.904 7.442.994

4.279.176

7.466.898

12.217.562 18.571.108

21.369.387 3.099.903

30.788.670

24.469.290

2005

2004

83.240.410

215.170.410

(83.240.410)

(134.483.860)

Japan Bank for International Cooperation Less: Portion maturing within one year

-

80.686.550

Long-term bank borrowings

2,9% - 3,9%

1,2% - 2,5%

Interest rates per annum: Borrowings in U.S. dollars

Pinjaman bank jangka panjang Tingkat bunga per tahun: Pinjaman dalam dolar A.S.

Trade payables to third parties: In rupiah In foreign currencies

13. LONG-TERM BANK BORROWINGS

13. PINJAMAN BANK JANGKA PANJANG

Japan Bank for International Cooperation Dikurangi: Bagian yang jatuh tempo dalam satu tahun

Trade payables to related parties: In rupiah In foreign currencies

Pada tanggal 23 April 1998, Perusahaan mengadakan perjanjian pinjaman jangka panjang dengan Japan Bank for International Cooperation untuk jumlah maksimum US$20.000.000. Pembayaran pinjaman, setelah tenggang waktu empat tahun sejak penarikan, dilakukan dalam tujuh kali angsuran setengah-tahunan dimana angsuran pertama sebesar US$2.858.000 dan enam kali angsuran masing-masing sebesar US$2.857.000 dengan angsuran terakhir telah dilunasi pada tanggal 20 Maret 2005.

On April 23, 1998, the Company entered into a longterm loan agreement with the Japan Bank for International Cooperation for a maximum amount of US$20,000,000. After a grace period of four years from the initial drawdown, the loan is repayable in seven semi-annual instalments, comprising a first instalment of US$2,858,000 and six instalments of US$2,857,000 each with the last instalment was paid on March 20, 2005.

30



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 13. LONG-TERM BANK BORROWINGS (continued)

13. PINJAMAN BANK JANGKA PANJANG (lanjutan) Pada tanggal 22 April 1999, Perusahaan memperoleh pinjaman jangka panjang untuk membiayai pembayaran kembali pinjaman jangka pendek dengan jumlah maksimum sebesar US$30.000.000. Pembayaran pinjaman, setelah tenggang wakltu empat tahun sejak penarikan, dilakukan dalam tujuh kali angsuran setengah-tahunan dimana angsuran pertama sebesar US$4.290.000 dan enam kali angsuran masing-masing sebesar US$4.285.000 dengan angsuran terakhir pada tanggal 20 Juni 2006.

On April 22, 1999, the Company obtained a longterm loan to finance the repayment of shortterm borrowings for a maximum amount of US$30,000,000. After a grace period of four years from the initial drawdown, the loan is repayable in seven semi-annual instalments, comprising a first instalment of US$4,290,000 and six instalments of US$4,285,000 each with the last instalment being due no later than June 20, 2006.

Jumlah pinjaman pokok pada tanggal 30 Juni 2005 sebesar US$8.570.000 atau setara dengan Rp83.240.410 (2004: US$22.854.000 atau setara dengan Rp215.170.410). Pinjaman ini dijamin oleh Asahi Glass Co. Ltd., Jepang (Catatan 26a).

As of June 30, 2005, the outstanding principal amounted to US$8,570,000 or equivalent to Rp83,240,410 (2004: US$22,854,000 or equivalent to Rp215,170,410). These loans are guaranteed by Asahi Glass Co. Ltd., Japan (Note 26a). 14. EMPLOYEE BENEFITS LIABILITY

14. KEWAJIBAN IMBALAN KERJA Perusahaan dan Anak perusahaan memberikan imbalan kerja kepada karyawan yang telah mencapai usia pensiun normal 56 tahun. Imbalan tersebut tidak didanai dan didasarkan atas Perjanjian Kerja Bersama dengan Perusahaan yang telah mengikuti ketentuan dalam UU No. 13/2003.

The Company and Subsidiary provide benefits for their employees who have reached the normal retirement age of 56. The benefits are unfunded and based on the Company’s Collective Labor Agreement that has been aligned with the provisions of LL No. 13/2003.

Unsur biaya imbalan kerja bersih yang diakui dalam laporan laba rugi konsolidasian dan jumlah kewajiban imbalan kerja yang diakui dalam neraca konsolidasian seperti ditentukan oleh aktuaria independen adalah sebagai berikut:

The components of net employee benefits expense recognized in the consolidated statement of income and amounts recognized in the consolidated balance sheets for the employee benefits liability as determined by an independent actuary are as follows: a. Net employee benefits expense

a. Beban imbalan kerja bersih

Biaya jasa kini Biaya bunga Amortisasi (laba)/rugi aktuaria yang belum diakui Amortisasi biaya jasa lalu yang belum menjadi hak

2005

2004

2.160.532 5.568.005

1.093.123 5.647.584

38.582

(61.956)

364.331

1.188.492

8.131.450

7.867.243 b. Employee benefits liability

b. Kewajiban imbalan kerja Nilai kini kewajiban imbalan kerja karyawan Biaya jasa lalu yang belum diakui – belum menjadi hak Laba aktuaria yang belum diakui

Current service cost Interest cost Amortization of unrecognized actuarial (gains)/losses Amortization of unvested past service cost

150.101.251

121.134.727

(31.392.683) (11.291.013)

(10.427.729) (2.741.032)

107.417.555

107.965.966

Perubahan kewajiban imbalan kerja untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

Present value of employee benefits liability Unrecognized past service cost – unvested Unrecognized actuarial gains

Movements in the employee benefits liability for the six-month period ended June 30, 2005 and 2004 are as follows: 31



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 14. EMPLOYEE BENEFITS LIABILITY (continued)

14. KEWAJIBAN IMBALAN KERJA (lanjutan) 2005

2004

Saldo pada awal periode Beban imbalan kerja bersih Pembayaran imbalan kerja

112.512.124 8.131.450 (13.226.019)

102.378.020 7.867.243 (2.279.297)

Saldo pada akhir periode

107.417.555

107.965.966

Asumsi-asumsi utama yang dipakai dalam menentukan kewajiban imbalan kerja pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut: a. b. c. d.

Balance at beginning of the period Net employee benefits expense Employee benefits paid Balance at end of the period

The principal assumptions used in determining employee benefits liability as of June 30, 2005 and 2004 are as follows:

Tingkat diskonto 11% per tahun/per annum a. Discount rate Tingkat kenaikan gaji 10% per tahun/per annum b. Salary increment rate Tabel mortalitas CSO 1980 c. Mortality table Usia pensiun (semua karyawan dianggap d. Retirement age (all employee are akan pensiun pada usia pensiun) 55 assumed to retire at their retirement age) 15. MINORITY INTEREST IN SUBSIDIARY’S NET ASSETS

15. HAK MINORITAS ATAS AKTIVA BERSIH ANAK PERUSAHAAN Akun ini merupakan hak minoritas atas aktiva bersih PT Auto Glass Indonesia sebagai berikut:

This account represents minority interest in net assets of PT Auto Glass Indonesia:

2005

2004

42.146

50.854

Hak minoritas atas rugi bersih anak perusahaan untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp1.879 (2004: laba bersih sebesar Rp311).

Minority interest in net loss of subsidiary for the sixmonth period ended June 30, 2005 amounted to Rp1,879 (2004: net profit amounted to Rp311).

16. SHARE CAPITAL

16. MODAL SAHAM Susunan pemegang saham Perusahaan adalah sebagai berikut:

The composition of the Company’s shareholders was as follows:

30 Juni 2005 Pemegang saham Asahi Glass Co. Ltd., Jepang PT Rodamas, Jakarta Koperasi Margono Djojosumarto (Komisaris) Lain-lain (masing-masing dengan pemilikan kurang dari 5%)

June 30, 2005 Jumlah saham/ % kepemilikan/ Number of shares % of ownership

Jumlah/Amount (Rupiah)

189.919.000 175.892.500 2.816.000

43,760% 40,528% 0,649%

94.959.500 87.946.250 1.408.000

100.000

0,023%

50.000

65.272.500

15,040%

32.636.250

434.000.000

100,000%

217.000.000

32

Shareholders Asahi Glass Co, Ltd., Japan PT Rodamas, Jakarta Cooperatives Margono Djojosumarto (Commissioner) Others (each with ownership of less than 5%)



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 16. SHARE CAPITAL (continued)

16. MODAL SAHAM (lanjutan)

June 30, 2004

30 Juni 2004 Pemegang saham

Jumlah saham/ % kepemilikan/ Number of shares % of ownership

Asahi Glass Co. Ltd., Jepang PT Rodamas, Jakarta Koperasi Margono Djojosumarto (Komisaris) Andi Purnomo (Direktur) Soleh Dagusthani (Direktur) Susanto (Direktur) Rudy Hernanto Budisusilo (Direktur) Lain-lain (masing-masing dengan pemilikan kurang dari 5%)

Jumlah/Amount (Rupiah)

189.719.000 175.378.500 3.480.000

43,714% 40,410% 0,802%

94.859.500 87.689.250 1.740.000

100.000 30.000 14.000 10.000 2.000

0,023% 0,007% 0,003% 0,002% 0,001%

50.000 15.000 7.000 5.000 1.000

65.266.500

15,038%

32.633.250

434.000.000

100,000%

217.000.000

Berdasarkan akta notaris No. 102 tanggal 27 Februari 1995 dari Amrul Partomuan Pohan, S.H., LL.M, modal dasar Perusahaan sebesar Rp300.000.000 yang terbagi atas 600.000.000 saham dengan nilai nominal Rp500 (angka penuh) per saham dan sejumlah 434.000.000 saham telah ditempatkan dan disetor penuh.

17. ADDITIONAL PAID-IN CAPITAL – NET

Akun ini merupakan agio saham dikurangi dengan nilai buku biaya emisi saham sebagai berikut:

This account represents premium on share capital less book value of share issuance costs as follows:

2005

2004

167.700.000 (2.617.201)

167.700.000 (2.617.201)

165.082.799

165.082.799

Agio saham berasal dari selisih antara hasil penerimaan dari penawaran perdana 86.000.000 saham kepada masyarakat pada tahun 1995 (dengan harga Rp2.450 – angka penuh, per saham) dengan nilai nominalnya (Rp500 – angka penuh, per saham).

Premium on share capital Book value of share issuance costs

Premium on share capital resulted from the difference between proceeds from the initial public offering of 86,000,000 shares in 1995 (at a price of Rp2,450 – full amount, per share) and the par value of the shares issued (Rp500 – full amount, per share). 18. NET SALES

18. PENJUALAN BERSIH 2005

2004

Kaca lembaran dan kaca otomotif Penjualan domestik: Pihak yang mempunyai hubungan istimewa (Catatan 25e) Pihak ketiga

Asahi Glass Co, Ltd., Japan PT Rodamas, Jakarta Cooperatives Margono Djojosumarto (Commissioner) Andi Purnomo (Director) Soleh Dagusthani (Director) Susanto (Director) Rudy Hernanto Budisusilo (Director) Others (each with ownership less than 5%)

Based on Notary Deed No. 102 dated February 27, 1995 of Amrul Partomuan Pohan, S.H. LL.M., the Company's authorized capital was Rp300,000,000 divided into 600,000,000 shares with a par value of Rp500 (full amount) per share with 434,000,000 shares issued and fully paid up.

17. TAMBAHAN MODAL DISETOR – BERSIH

Agio saham Nilai buku biaya emisi saham

Shareholders

Flat and automotive glass Domestic sales: 250.833.581 193.909.334

234.940.138 110.977.472

444.742.915

345.917.610

33

Related parties (Note 25e) Third parties



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 18. NET SALES (continued)

18. PENJUALAN BERSIH (lanjutan) 2005 Penjualan ekspor: Pihak yang mempunyai hubungan istimewa (Catatan 25e) Pihak ketiga

2004 Export sales:

354.700.660 46.094.503

280.566.105 64.276.527

400.795.163

344.842.632

Jumlah penjualan kaca lembaran dan kaca otomotif

845.538.078

690.760.242

Total sales of flat and automotive glass

Jasa perbaikan dan pemasangan kaca otomotif

822.976

704.358

Automotive glass repair and installation services

846.361.054

691.464.600

Total net sales

Jumlah penjualan bersih

19. COST OF GOODS SOLD

19. BEBAN POKOK PENJUALAN 2005

2004

Kaca lembaran dan kaca otomotif Persediaan bahan baku: Pada awal periode Pembelian Kerusakan, koreksi persediaan dan lain-lain Pada akhir periode

Related parties (Note 25e) Third parties

Flat and automotive glass Raw materials inventory: At beginning of the period Purchases Breakage, stock adjustments and others At end of the period

54.742.448 141.083.711

46.338.859 116.602.224

(250.369) (68.836.337)

(479.351) (68.482.093)

Pemakaian bahan baku

126.739.453

93.979.639

Raw materials consumed

Beban produksi langsung Beban produksi tidak langsung

377.504.746 25.540.952

272.201.042 23.771.640

Direct production expenses Indirect production expenses

Biaya produksi

529.785.151

389.952.321

Cost of manufacturing

Persediaan barang dalam proses: Pada awal periode Pada akhir periode

23.716.674 (36.667.502)

16.633.199 (16.505.362)

Goods in process inventory: At beginning of the period At end of the period

Beban pokok produksi

516.834.323

390.080.158

Cost of goods manufactured

161.238.203 8.772.150 (174.279.570)

178.783.978 11.515.605 (121.095.141)

Finished goods inventory: At beginning of the period Purchases At end of the period

(4.269.217)

69.204.442

Persediaan barang jadi: Pada awal periode Pembelian Pada akhir periode

Pemakaian bahan pembungkus Kerusakan barang jadi dan lain-lain

33.911.889

26.555.722

(20.642.126)

(21.625.684)

Beban pokok penjualan kaca lembaran dan kaca otomotif

525.834.869

464.214.638

Cost of goods sold of flat and automotive glass

Beban pokok jasa perbaikan dan pemasangan kaca otomotif

384.899

258.109

Cost of automotive glass repair and installation services

Jumlah beban pokok penjualan

526.219.768

464.472.747

Total cost of goods sold

34

Packing materials usage Breakage of finished goods and others



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 20. SELLING EXPENSES

20. BEBAN PENJUALAN 2005 Beban pengiriman dan pengangkutan Beban karyawan Beban royalti Kaca pecah/koreksi persediaan Insentif dan komisi penjualan Reparasi dan perlengkapan lain-lain Penyusutan aktiva tetap Listrik, air dan telepon Perjalanan dinas Iklan dan promosi Lain-lain

2004

28.381.050 14.352.404 13.911.886 8.046.360 4.379.768 2.621.043 1.495.645 924.767 410.453 104.527 1.661.102

27.224.868 13.713.098 13.092.899 3.971.585 4.969.826 2.225.981 1.298.041 554.652 488.585 287.399 1.315.621

76.289.005

69.142.555 21. GENERAL AND ADMINISTRATIVE EXPENSES

21. BEBAN UMUM DAN ADMINISTRASI 2005 Beban karyawan Penyusutan aktiva tetap Perjalanan dinas Reparasi dan perlengkapan lain-lain Listrik, air dan telepon Asuransi Pajak dan cukai Sewa Beban profesi dan penelitian Beban bank Lain-lain

Delivery and transportation Personnel expenses Royalties Breakage/stock adjustments Sales incentives and commissions Repairs and sundry supplies Depreciation of fixed assets Electricity, water and telephone Traveling expenses Promotion and advertising Others

2004

26.707.278 4.590.209 2.685.994 2.662.296 2.344.096 1.388.456 1.385.578 846.157 817.867 326.575 1.897.022

26.622.744 4.346.777 2.415.865 1.863.798 2.474.752 1.227.910 1.974.116 595.411 722.553 496.830 1.690.290

45.651.528

44.431.046

Personnel expenses Depreciation of fixed assets Traveling expenses Repairs and sundry supplies Electricity, water and telephone Insurance Taxes and duties Rent Professional and investigation Bank charges Others

22. BASIC EARNINGS PER SHARE

22. LABA BERSIH PER SAHAM DASAR Laba bersih yang digunakan dalam menghitung laba bersih per saham dasar untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 adalah Rp135.508.443 (2004: Rp74.009.745). Jumlah saham beredar yang digunakan sebagai denominator untuk menghitung laba bersih per saham dasar untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 dan 2004 adalah 434.000.000 saham (Catatan 16).

The net profit used in calculating the basic earnings per share for the six-month period ended June 30, 2005 was Rp135,508,443 (2004: Rp74,009,745). The total number of outstanding shares used as a denominator in computing the basic earnings per share for the six-month period ended June 30, 2005 and 2004 was 434,000,000 shares (Note 16).

23. DIVIDEND DISTRIBUTION

23. PEMBAGIAN DIVIDEN Berdasarkan keputusan Rapat Umum Tahunan Para Pemegang Saham (“RUPS”) tanggal 3 Juni 2005 telah diputuskan untuk membagikan dividen tahunan dari laba bersih tahun 2004 sebesar Rp100 (angka penuh) per saham atau Rp43.400.000 (laba bersih tahun 2003: Rp80 - angka penuh, per saham atau Rp34.720.000 berdasarkan RUPS tanggal 18 Juni 2004). Dividen tahunan sebesar Rp43.400.000 telah dibayar kepada pemegang saham pada tanggal 7 Juli 2005 (Catatan 30).

Pursuant to a resolution of the Annual General Meeting of Shareholders (“AGMS”) dated June 3, 2005, an annual dividend in respect to the 2004 net profit of Rp100 (full amount) per share or a total of Rp43,400,000 was declared and distributed (in respect to the 2003 net profit: Rp80 - full amount, per share or a total of Rp34,720,000 based on AGMS dated June 18, 2004). The annual dividend of Rp43,400,000 was paid to shareholders on July 7, 2005 (Note 30).

35




24. SALDO LABA YANG TELAH DITENTUKAN PENGGUNAANNYA

24. APPROPRIATED RETAINED EARNINGS

Sesuai ketentuan Undang-undang Perseroan Terbatas No. 1 tahun 1995 tanggal 7 Maret 1995, perusahaan diwajibkan untuk menyisihkan secara bertahap dana cadangan umum minimum sebesar 20% dari jumlah modal yang ditempatkan. Berdasarkan keputusan RUPS yang dinyatakan dalam akta No. 2 tanggal 3 Juni 2005 dari Amrul Partomuan Pohan, S.H. LL.M, Perusahaan telah menyisihkan dari laba bersih tahun 2004 sebagai dana cadangan umum sebesar Rp6.600.000 (laba bersih tahun 2003: Rp24.546.000 berdasarkan RUPS tanggal 18 Juni 2004).

In accordance with the Corporate Law No. 1 of 1995 dated March 7, 1995, a company is required to set aside on a gradual basis an amount equivalent to at least 20% of its issued capital as a general reserve. Based on a resolution of AGMS which was set forth in Notary Deed No. 2 dated June 3, 2005 of Amrul Partomuan Pohan, S.H., LL.M, the Company has appropriated to general reserve the amount of Rp6,600,000 out of the 2004 net profit (in respect to the 2003 net profit: Rp24,546,000 based on AGMS dated June 18, 2004).

25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

25. SALDO DAN TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA Bentuk hubungan istimewa antara Perusahaan dengan Rodamas Marketing Pte. Ltd., Singapura (“RDM-S”), AGC Flat Glass Asia Pacific Co. Ltd., Singapura (“AFAP”, dahulu Asahi Glass Co. Ltd. Cabang Singapura), Asahi Glass Singapore Chemicals Pte. Ltd., Singapura (“AGSC”), Asahi Glass Co. Ltd., Cabang Filipina (“AGF”), Asahi Glass Co. Ltd., Cabang Thailand (“AGT”), Auto Glass Co. Ltd., Jepang (“AMGC”), Glaverbel SA., Belgia (“GVB”) dan Asahi Glass Machinery Co. Ltd., Jepang (“AGMC”) adalah karena pemegang saham perusahaan-perusahaan ini sama dengan pemegang saham Perusahaan yaitu PT Rodamas (“RDM”) dan Asahi Glass Co. Ltd., Jepang (“AGC”). Perusahaan juga memiliki saham pada GVM dan GVMM (Catatan 7).

The nature of the relationships between the Company and Rodamas Marketing Pte. Ltd., Singapore (“RDM-S”), AGC Flat Glass Asia Pacific Co. Ltd., Singapore (“AFAP”, formerly Asahi Glass Co. Ltd., Singapore Branch), Asahi Glass Singapore Chemicals Pte. Ltd., Singapore (“AGSC”), Asahi Glass Co. Ltd., Philippines Branch (“AGF”), Asahi Glass Co. Ltd., Thailand Branch (“AGT”), Auto Glass Co. Ltd., Japan (“AMGC”), Glaverbel SA., Belgium (“GVB”) and Asahi Glass Machinery Co. Ltd., Japan (“AGMC”) is because the shareholders of these companies are also the shareholders of the Company, namely, PT Rodamas (“RDM”) and Asahi Glass Co. Ltd., Japan (“AGC”). The Company also owns shares in GVM and GVMM (Note 7).

Saldo signifikan dengan pihak-pihak yang mempunyai hubungan istimewa adalah sebagai berikut:

Significant balances with related parties were as follows: a. Trade receivables

a. Piutang usaha 2005 PT Rodamas AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glavermas Pte. Ltd., Sin. Auto Glass Co. Ltd., Jepang Asahi Glass Co. Ltd., Cabang Filipina Rodamas Marketing Pte. Ltd., Sin. Glavermas Mirror Pte. Ltd., Sin. Lain-lain Dikurangi: Penyisihan piutang ragu-ragu

Persentase terhadap jumlah aktiva konsolidasian

2004

22.802.829

20.143.481

65.433.238 17.198.922 10.381.047 6.865.960 3.712.236 2.583.587

58.383.827 12.043.300 4.148.956 3.793.797 4.602.222 164.412

PT Rodamas AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glavermas Pte. Ltd., Sin. Auto Glass Co. Ltd., Japan Asahi Glass Co. Ltd., Phil. Branch Rodamas Marketing Pte. Ltd., Sin. Glavermas Mirror Pte. Ltd., Sin. Others

128.977.819 -

103.279.995 -

Less: Allowance for doubtful accounts

128.977.819

103.279.995

7,97%

6,78%

36

Percentage to total consolidated assets



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (continued)

25. SALDO DAN TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (lanjutan)

b. Investment in associated companies

b. Investasi pada perusahaan asosiasi

Glavermas Pte. Ltd., Sin. Glavermas Mirror Pte. Ltd., Sin.

Persentase terhadap jumlah aktiva konsolidasian

2005

2004

9.814.982 1.045.459

8.650.737 1.790.983

10.860.441

10.441.720

0,67%

Percentage to total consolidated assets

0,69%

c. Trade payables

c. Hutang usaha Asahi Glass Co. Ltd., Cabang Thailand AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glaverbel SA., Belgia Asahi Glass Machinery Co. Ltd., Jepang Asahi Glass Co. Ltd., Jepang Lain-lain

Persentase terhadap jumlah kewajiban konsolidasian

3.240.241

-

866.380 112.754 59.801 -

734.351 6.658.367 50.276 23.904

4.279.176

7.466.898

0,87%

1,19%

2005

2004

d. Hutang lain-lain pada pihak yang mempunyai hubungan istimewa

PT Rodamas Glaverbel SA., Belgia Asahi Glass Co. Ltd., Jepang Rodamas Marketing Pte. Ltd., Sin. Hutang dividen

Persentase terhadap jumlah kewajiban konsolidasian

Glavermas Pte. Ltd., Sin. Glavermas Mirror Pte. Ltd., Sin.

Asahi Glass Co. Ltd., Thailand Branch AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glaverbel SA., Belgium Asahi Glass Machinery Co. Ltd., Japan Asahi Glass Co. Ltd., Japan Others

Percentage to total consolidated liabilities

d. Other related party payables

49.349 7.719.552 4.566.767 890.632 41.049.376

106.385 5.925.042 4.271.497 986.901 35.253.449

54.275.676

46.543.274

10,99%

7,44%

PT Rodamas Glaverbel SA., Belgium Asahi Glass Co. Ltd., Japan Rodamas Marketing Pte. Ltd., Sin. Dividend payable

Percentage to total consolidated liabilities

Sebagian besar penjualan domestik maupun ekspor Perusahaan dilakukan melalui RDM, RDM-S, AFAP, AGF, AMGC, GVM dan GVMM. Perusahaan juga melakukan pembelian sebagian bahan baku, bahan pembantu dan suku cadangnya dari AGC, AGS, AGSC, AGT, GVB, dan AGMC. Dengan demikian, transaksi penjualan Perusahaan akan tergantung secara ekonomi dari perusahaan-perusahaan tersebut.

The majority of domestic sales, as well as export sales of the Company were distributed through RDM, RDM-S, AGS, AFAP, AMGC, GVM and GVMM. The Company also purchased a portion of its raw materials, supplies and stored goods from AGC, AGS, AGSC, AGT, GVB, dan AGMC. Accordingly, the Company is economically dependent on these companies in respect to sales transactions.

Perusahaan membayar royalti, komisi penjualan dan jasa penjaminan kepada AGC, GVB dan RDM-S (Catatan 26).

The Company is committed to pay royalties, sales commission and guarantee fees to AGC, GVB and RDM-S (Note 26).

37




25. SALDO DAN TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (lanjutan) Transaksi signifikan dengan pihak-pihak yang mempunyai hubungan istimewa adalah sebagai berikut:

Significant transactions with related parties were as follows: e. Net sales

e. Penjualan bersih 2005 Penjualan domestik: PT Rodamas Penjualan ekspor: AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glavermas Pte. Ltd., Sin. Rodamas Marketing Pte. Ltd., Sin. Auto Glass Co. Ltd., Jepang Asahi Glass Co. Ltd., Cabang Filipina Asahi Glass Co. Ltd., Jepang Glavermas Mirror Pte. Ltd., Sin. Lain-lain

Persentase terhadap jumlah penjualan bersih konsolidasian

2004 234.940.138

Domestic sales: PT Rodamas

234.182.094 40.699.018 33.687.678 20.548.500 14.783.899 3.805.346 3.628.781 3.365.344

187.602.278 35.954.642 36.072.740 7.592.304 2.348.107 10.943.756 52.278

Export sales: AGC Flat Glass Asia Pacific Co. Ltd., Sin. Glavermas Pte. Ltd., Sin. Rodamas Marketing Pte. Ltd., Sin. Auto Glass Co. Ltd., Japan Asahi Glass Co. Ltd., Phil. Branch Asahi Glass Co. Ltd., Japan Glavermas Mirror Pte. Ltd., Sin. Others

354.700.660

280.566.105

605.534.241

515.506.243

250.833.581

71,55%

74,55%

f. Purchase of inventories

f. Pembelian persediaan Asahi Glass Singapore Chemicals Pte. Ltd., Singapura Asahi Glass Machinery Co. Ltd., Jepang Asahi Glass Co. Ltd., Jepang Asahi Glass Co. Ltd., Cabang Thailand Glaverbel SA., Belgia AGC Flat Glass Asia Pacific Co. Ltd., Sin. Lain-lain

Persentase terhadap jumlah beban pokok penjualan konsolidasian

13.185.221 13.017.934 2.773.779 7.552.716 2.344.114

13.230.663 26.515.029 3.409.282 814.471 4.886.647

2.633.576

2.133.180 1.042.815

41.507.340

52.032.087

7,89%

11,20%

Komisi penjualan (Catatan 26c): Rodamas Marketing Pte. Ltd., Sin.

Persentase terhadap jumlah beban penjualan konsolidasian

Asahi Glass Singapore Chemicals Pte. Ltd., Singapore Asahi Glass Machinery Co. Ltd., Japan Asahi Glass Co. Ltd., Japan Asahi Glass Co. Ltd., Thailand Branch Glaverbel SA., Belgium AGC Flat Glass Asia Pacific Co. Ltd., Sin. Others

Percentage to total consolidated cost of goods sold g. Royalties and sales commission

g. Royalti dan komisi penjualan Royalti (Catatan 26a dan 26b): Asahi Glass Co. Ltd., Jepang Glaverbel SA., Belgia

Percentage to total consolidated net sales

7.689.196 6.222.690

7.132.778 5.960.121

13.911.886

13.092.899

1.734.661

1.885.199

15.646.547

14.978.098

20,51%

21,66%

38

Royalties (Notes 26a and 26b): Asahi Glass Co. Ltd., Japan Glaverbel SA., Belgium Sales commission (Note 26c): Rodamas Marketing Pte. Ltd., Sin.

Percentage to total consolidated selling expenses




25. SALDO DAN TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (lanjutan)

h. Guarantee fees

h. Jasa penjaminan 2005 Jasa penjaminan – Asahi Glass Co. Ltd., Jepang (Catatan 26a) Persentase terhadap jumlah beban lain-lain konsolidasian

2004

(789.346)

11,93%

(1.083.007)

10,87%

Guarantee fees – Asahi Glass Co. Ltd., Japan (Note 26a) Percentage to total consolidated other expenses

26. LICENSES, ROYALTIES AND COMMITMENTS

26. LISENSI, ROYALTI DAN PERIKATAN a. Perusahaan mengadakan perjanjian lisensi dengan AGC untuk produksi kaca lembaran dan kaca otomotif dan berkewajiban membayar royalti sebesar 0,5% sampai dengan 3,0% dari hasil penjualan. Perjanjian ini berlaku sampai dengan tanggal 31 Desember 2005, dan secara otomatis diperpanjang untuk periode satu tahun berikutnya. Jumlah royalti untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp7.689.196 (2004: Rp7.132.778).

a. The Company entered into a license agreement with AGC to produce flat glass and automotive glass and committed to pay royalties amounting to 0.5% to 3.0% of total net sales. The agreement will be valid until December 31, 2005, and will be automatically extended for additional consecutive period of one year each. Total royalties incurred for the six-month period ended June 30, 2005 amounted to Rp7,689,196 (2004: Rp7,132,778).

Seperti dijelaskan pada Catatan 11 dan 13, pinjaman bank Perusahaan dijamin oleh AGC. Sebagai jaminan untuk AGC, Perusahaan menjaminkan hak atas tanah HGB yang terletak di Jakarta Utara seluas 154.436 meter persegi, di Cikampek seluas 189.285 meter persegi dan di Sidoarjo seluas 464.798 meter persegi, berikut bangunan di atasnya dengan nilai keseluruhan sebesar Rp478.053.200.

As described in Notes 11 and 13, the Company’s loans are guaranteed by AGC. As collateral for AGC, the Company pledged its HGB land leasehold located in North Jakarta of 154,436 square meters, in Cikampek of 189,285 square meters and in Sidoarjo of 464,798 square meters, including buildings thereon with a total value of Rp478,053,200.

Perusahaan juga terikat untuk membayar jasa penjaminan kepada AGC sebesar 0,5% sampai dengan 1,0% dari jumlah saldo pinjaman yang dijamin oleh AGC. Jumlah jasa penjaminan untuk periode enam bulan yang berakhir tanggal 30 Juni 2005 sebesar Rp789.346 (2004: Rp1.083.007).

The Company is also committed to pay guarantee fees to AGC at the rates of 0.5% to 1.0% of total outstanding bank borrowings secured by AGC. Total guarantee fees incurred for the six-month period ended June 30, 2005 amounted to Rp789,346 (2004: Rp1,083,007).

b. Perusahaan mengadakan perjanjian kerjasama dengan GVB untuk mendapatkan lisensi pemakaian produksi Solar Control Glazings (“SCG”). Perusahaan berkewajiban membayar royalti dengan rincian sebagai berikut:

b. The Company entered into a joint venture agreement with GVB to obtain a license to use the know-how for the manufacture of Solar Control Glazings (“SCG”). The Company is committed to pay royalties as follows:

• Jumlah tetap sebesar US$500.000 per tahun. • Tambahan US$0,75 per efektif meter persegi untuk penjualan produk SCG di atas 500.000 meter persegi. • Tambahan US$0,50 per efektif meter persegi untuk penjualan produk SCG di atas 1.000.000 meter persegi.

• A fixed sum of US$500,000 per year. • Additional US$0.75 per effective square meter on sales over 500,000 square meters of SCG products. • Additional US$0.50 per effective square meter on sales over 1,000,000 square meters of SCG products.

Perjanjian ini berlaku sampai dengan tanggal 1 Januari 2007. Jumlah royalti untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp5.228.054 (2004: Rp4.969.043).

This agreement is effective until January 1, 2007. Total royalties incurred for the six-month period ended June 30, 2005 amounted to Rp5,228,054 (2004: Rp4,969,043). 39



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 26. LICENSES, ROYALTIES AND COMMITMENTS (continued)

26. LISENSI, ROYALTI DAN PERIKATAN (lanjutan) Perusahaan juga mengadakan perjanjian kerjasama dengan GVB dan GVM untuk mendapatkan lisensi produksi dan pemasaran produk cermin yang disebut Mirror New Generation (“MNG”) dan berkewajiban membayar royalti sebagai berikut:

The Company also entered into a joint venture agreement with GVB and GVM to obtain a license to manufacture and sell a mirror product called Mirror New Generation (“MNG”) and committed to pay royalties as follows:

• 3% dari penjualan bersih tahunan sampai dengan jumlah US$10.000.000. • 2% dari penjualan bersih tahunan yang melebihi jumlah US$10.000.000.

• 3% of annual net sales up to the amount of US$10,000,000. • 2% of annual net sales exceeding the amount of US$10,000,000.

Perjanjian ini akan berakhir atas keputusan dari Direksi GVM. Jumlah royalti untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp994.636 (2004: Rp991.078).

This agreement will expire based on a decision of the Board of Directors of GVM. Total royalties incurred for the six-month period ended June 30, 2005 amounted to Rp994,636 (2004: Rp991,078).

c. Perusahaan mengadakan perjanjian pemasaran dengan RDM-S dan berkewajiban membayar komisi penjualan ekspor kepada RDM-S sebesar 5% dari nilai ekspor yang didistribusikan oleh RDM-S. Perjanjian ini berlaku untuk satu tahun dan diperbarui setiap tahun. Jumlah komisi penjualan untuk periode enam bulan yang berakhir pada tanggal 30 Juni 2005 sebesar Rp1.734.661 (2004: Rp1.885.199).

c. The Company entered into a marketing agreement with RDM-S and committed to pay export commission to RDM-S amounting to 5% of total exports distributed by RDM-S. This agreement is effective for one year and amended every year. Total commission fees incurred for the six-month period ended June 30, 2005 amounted to Rp1,734,661 (2004: Rp1,885,199).

d. Pada tanggal 30 Juni 2005, Perusahaan dan Anak perusahaan memiliki komitmen pembelian aktiva tetap pada masa yang akan datang sebesar Rp604.419 (2004: Rp3.327.670).

d. As of June 30, 2005, the Company and Subsidiary have purchase commitments for future capital expenditures of Rp604,419 (2004: Rp3,327,670).

27. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

27. AKTIVA DAN KEWAJIBAN DALAM MATA UANG ASING Aktiva dan kewajiban dalam mata uang asing pada tanggal 30 Juni 2005 dan 2004 adalah sebagai berikut:

Assets and liabilities in foreign currencies as of June 30, 2005 and 2004 were as follows:

2005

2004

Mata uang Setara dengan/ asing/Foreign Equivalent in currency rupiah (000)


AKTIVA Kas dan setara kas Piutang usaha: Pihak yang mempunyai hubungan istimewa Pihak ketiga Aktiva lancar lainnya Aktiva lain-lain Jumlah aktiva

ASSETS US$7.530.256 ¥6.870.219 AUD46.909

73.141.377 604.497 347.894

US$4.338.584 ¥18.632.179 AUD$246.588

40.847.770 1.617.320 1.597.868

Cash and cash equivalents Trade receivables:

US$10.817.429 ¥8.731.504 EUR28.726 US$876.162 AUD2.023.428 US$658.601 -

105.069.683 768.268 337.039 8.510.158 15.006.468 6.396.987 210.182.371

40

US$8.830.219 US$4.114.015 US$171.776 US$1.200.000

83.136.514 38.733.450 1.617.270 11.298.000

Related parties

Other current assets Other assets

178.848.192

Total assets

Third parties



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 27. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (continued)

27. AKTIVA DAN KEWAJIBAN DALAM MATA UANG ASING (lanjutan) 2005

2004



KEWAJIBAN Hutang usaha: Pihak yang mempunyai hubungan istimewa Pihak ketiga

LIABILITIES Trade payables: US$440.562 US$1.911.909 EUR63 US$115.508

Kewajiban lancar lainnya Hutang lain-lain pada pihak yang mempunyai hubungan istimewa US$580.174 Pinjaman bank US$19.570.000 Hutang swap tingkat bunga -

4.279.176 18.570.369 739 1.121.925

US$790.546 US$329.252 US$167.227

7.442.994 3.099.903 1.574.443

Other current liabilities

5.635.226 190.083.410 -

US$673.303 US$36.854.000 US$22.402

6.339.148 346.980.410 210.918

Other related party payables Bank borrowings Interest rate swap payables

Jumlah kewajiban

219.690.845

365.647.816

Total liabilities

9.508.474

186.799.624

TOTAL LIABILITIES – NET

JUMLAH KEWAJIBAN – BERSIH

Penjabaran ke dalam rupiah dilakukan dengan menggunakan kurs tengah Bank Indonesia yang berlaku pada tanggal neraca (Catatan 2d).

Related parties Third parties

Translation into rupiah is based on the middle rates of exchange quoted by Bank Indonesia at the balance sheet dates (Note 2d). 28. CONTINGENCIES

28. KONTINJENSI Perusahaan sedang menghadapi gugatan hukum yang terdaftar sebagai perkara perdata No. 481/Pdt. G/2002/PN.Jkt.Bar. Gugatan diajukan oleh Jason Surjana Tanuwidjaja dan Salim Tanzil yang dahulu adalah pemegang saham PT Abdi Rakyat Bakti (“ARB”), Medan.

The Company is defending itself against lawsuits with respect to a civil case registered at the District Court of West Jakarta under No. 481/Pdt.G/2002/PN. Jkt.Bar. The lawsuit has been filed by Jason Surjana Tanuwidjaja and Salim Tanzil, former shareholders of PT Abdi Rakyat Bakti (“ARB”), Medan.

Dalil yang menjadi dasar kedua gugatan adalah perbuatan melawan hukum yang dilakukan Perusahaan berkaitan dengan dibuatnya Akta Perjanjian Perdamaian dan Akta Perjanjian Bantuan Keuangan antara Perusahaan dengan ARB pada tahun 1995 dimana pihak penuntut tidak dilibatkan sehingga kepentingannya dirugikan.

The plaintiffs based the lawsuits on the allegation that the Company had committed an illegal act by entering into Amicable Settlement and Financial Aid Agreements signed between the Company and ARB in 1995 that excluded the involvement of the plaintiff. This alleged illegal act was claimed to have resulted in the plaintiffs suffering a loss.

Berdasarkan Penetapan Pengadilan Negeri Jakarta Barat tanggal 21 November 2002, yang dilaksanakan oleh juru sita dari Pengadilan Negeri Jakarta Utara, telah dilakukan Sita Jaminan atas tanah berikut bangunan Sertifikat HGB No. 121 milik Perusahaan yang terletak di Jl. Ancol Barat IX/5, Jakarta Utara.

Based on a Decision of the District Court of West Jakarta dated November 21, 2002, which was carried out by the court bailiff of the District Court of North Jakarta, the Confiscation Order was issued over the Company’s land, including buildings, under certificate HGB No. 121 located at Jl. Ancol Barat IX/5, North Jakarta.

Melalui kuasa hukumnya, Sani, Aminoeddin & Partners Law Firm, Perusahaan telah mengajukan sanggahan dan perlawanan terhadap gugatan dan Penetapan Sita Jaminan tersebut dan berkeyakinan bahwa materi gugatan yang dituduhkan tidak berdasar dan oleh karena itu meminta Pengadilan untuk menolak gugatan dan mencabut Penetapan Sita Jaminan tersebut.

Through its legal counsel, Sani, Aminoeddin & Partners Law Firm, the Company has submitted an objection against the lawsuit and the Confiscation Order. The Company believes that the plaintiff’s claims are groundless and therefore demanded that the Court deny the lawsuits and revoke the Confiscation Order.

41



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 28. CONTINGENCIES (continued)

28. KONTINJENSI (lanjutan) Berdasarkan keputusan tanggal 17 April 2003, Pengadilan Negeri Jakarta Barat menyatakan bahwa gugatan pihak penuntut tidak dapat diterima. Pihak penuntut kemudian mengajukan banding ke Pengadilan Tinggi DKI Jakarta. Berdasarkan keputusan tanggal 19 Januari 2004, Pengadilan Tinggi DKI Jakarta menguatkan keputusan yang telah diambil oleh Pengadilan Negeri Jakarta Barat. Atas keputusan ini, pihak penuntut mengajukan kasasi ke Mahkamah Agung Republik Indonesia.

On April 17, 2003, the District Court of West Jakarta delivered their judgments declaring that the lawsuit was not acceptable. However, the plaintiffs have filed an appeal with the High Court of DKI Jakarta against the judgment of the District Court of West Jakarta. On January 19, 2004, the High Court of DKI Jakarta judged the appeal by upholding the judgment of the District Court of West Jakarta. Against this judgment, the plaintiffs have filed cassation to the Supreme Court of the Republic of Indonesia.

Sampai dengan tanggal penyelesaian laporan keuangan konsolidasian ini, keputusan atas kasasi tersebut masih dalam proses.

Up to the completion date of these consolidated financial statements, the decision on that cassation is still in process.

Walaupun tidak ada jaminan, berdasarkan informasi dan bukti-bukti yang tersedia Perusahaan berkeyakinan bahwa hasil akhir dari gugatan hukum tersebut tidak akan berdampak material atas hasil operasi, posisi dan likuiditas keuangan Perusahaan dan karena jumlah ganti rugi yang dituntut tidak berdasarkan perhitungan dan bukti yang valid guna menjadi dasar dikabulkannya gugatan yang bersangkutan, Perusahaan tidak melakukan penyisihan sehubungan dengan gugatan hukum tersebut dalam laporan keuangan konsolidasian ini.

Although there can be no assurances, based on the information and evidence currently available, the Company believes that the ultimate resolution of these legal proceedings are unlikely to have a material adverse effect on the results of its operations, financial position or liquidity and, in any event, it is not practicable to estimate the amount of contingent liability. Therefore, no provision for this matter has been made in these consolidated financial statements.

29. SEGMENT INFORMATION

29. INFORMASI SEGMEN

Business segments

Segmen usaha Untuk tujuan manajemen, Perusahaan dikelola dan dikelompokkan dalam dua divisi usaha utama – produk kaca lembaran dan produk kaca otomotif, masing-masing dipimpin oleh seorang managing direktur. Divisi-divisi tersebut menjadi dasar pelaporan informasi segmen primer Perusahaan.

For management purposes, the Company is organized into two major operating divisions – flat glass products and automotive glass products, each headed by a managing director. These divisions are the basis on which the Company reports its primary segment information.

Segmen produk kaca lembaran memproduksi berbagai jenis kaca polos, kaca berpola, kaca reflektif dan kaca cermin, yang terutama digunakan sebagai partisi pembatas, kaca jendela dan kaca untuk konstruksi bangunan.

The flat glass products segment produces a broad range of clear and tinted glass, figured glass, reflective glass and mirror glass, which are used primarily for glass curtain walls, window glass and suspended glass in building construction.

Segmen produk kaca otomotif memproduksi dua jenis utama kaca otomotif yaitu kaca temper dan kaca laminasi yang terutama digunakan dalam industri otomotif untuk kaca depan dan jendela dan juga dipakai untuk aplikasi bangunan dan aplikasi pelanggan lainnya. Segmen produk kaca otomotif juga menangani perbaikan dan pemasangan kaca otomotif untuk kendaraan bermotor.

Tempered glass and laminated glass are the two main types of automotive glass produced by the automotive glass products segment which are primarily used in the automotive industry for windshields and windows and are also used for applications in buildings and for other consumer applications. The automotive glass products segment is also involved in the automotive glass repair and installation.

42



PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six-month periods ended June 30, 2005 and 2004 (Expressed in thousands of rupiah, unless otherwise stated) 29. SEGMENT INFORMATION (continued)

29. INFORMASI SEGMEN (lanjutan)

Geographical segments

Segmen geografis Operasi Perusahaan dan Anak perusahaan dilakukan di dua wilayah geografis utama.

The Company and Subsidiary operate in two principal geographical areas.

Di Jakarta, tempat kantor pusat berada, Perusahaan memproduksi dan menjual berbagai jenis produk kaca lembaran dan produk kaca otomotif. Untuk pasar domestik, produk kaca lembaran sebagian besar untuk kebutuhan pelanggan di Kawasan Barat Indonesia dan untuk pasar ekspor ditujukan ke negara-negara di benua Asia, Australia, Eropa, Amerika dan Afrika.

In Jakarta, where the head office is located, the Company produces and sells a broad range of flat glass products and automotive glass products. For the domestic market, most of the flat glass products are sold to customers in the Western Area of Indonesia and export sales are spread throughout countries in Asia, Australia, Europe, America and Africa.

Sebagian besar produk kaca otomotif dipasarkan di Indonesia dan untuk pasar ekspor ditujukan ke negara-negara di benua Asia, Eropa dan Amerika. Disamping itu, operasi perbaikan dan pemasangan kaca otomotif untuk kendaraan bermotor juga dilakukan di Jakarta.

Most of the automotive glass products are sold in Indonesia and export sales are to countries in Asia, Europe and America. In addition, the operations of automotive glass repair and installation are also conducted in Jakarta.

Operasi di Sidoarjo pada dasarnya sama yaitu memproduksi dan menjual berbagai jenis produk kaca lembaran. Untuk pasar domestik, produk kaca lembaran sebagian besar untuk kebutuhan pelanggan di Kawasan Timur Indonesia dan untuk pasar ekspor ditujukan ke negara-negara di benua Asia, Australia, Eropa dan Amerika.

Operations in Sidoarjo are essentially similar to those in Jakarta and consist of manufacturing and selling a broad range of flat glass products. For the domestic market, most of the flat glass products are sold to customers in the Eastern Area of Indonesia and export sales are to countries in Asia, Australia, Europe and America.

Informasi keuangan mengenai segmen usaha adalah sebagai berikut:

Financial information about business segments is as follows:

43

659.381.266

Jumlah penjualan bersih

2.482.875 12.784.635

2.423.531 (2.494.752)

Laba bersih

13.209.397

7.386.536

Laba/(rugi) selisih kurs Bagian laba dari perusahaan asosiasi Penghasilan/(beban) lain-lain Pajak penghasilan badan Hak minoritas

(822.023) 617.557

102.986.854

(32.500) 1.460.025

157.157.076

Laba usaha

382.113.259 98.535.748

583.635.861

553.870.646 29.765.215

2004

Beban bunga Pendapatan bunga

403.710.877 98.513.313

Beban pokok penjualan Beban usaha

BEBAN DAN HASIL

611.780.912 47.600.354

Eksternal Antar segmen

PENJUALAN BERSIH

2005

Kaca Lembaran/Flat Glass


(502.859)

(8.484.042)

(4.072.166) 290.490

41.146.857

170.109.244 23.594.241

234.850.342

234.580.142 270.200

2005

44

(351.650)

(33.533.779)

(2.101.972) 231.600

10.693.356

112.097.378 15.037.853

137.828.587

137.593.954 234.633

2004

Kaca Otomotif/ Automotive Glass


(167.020)

-

-

(103.180)

(47.600.353) (167.021)

(47.870.554)

(47.870.554)

2005

-

-

-

(261.958)

(29.737.890) -

(29.999.848)

(29.999.848)

2004

Eliminasi/Elimination

135.508.443

2.423.531 (3.164.631) (58.501.432) 1.879

(1.097.506)

(4.104.666) 1.750.515

198.200.753

526.219.768 121.940.533

846.361.054

846.361.054 -

2005

74.009.745

2.482.875 12.432.985 (31.924.836) (311)

(20.324.382)

(2.923.995) 849.157

113.418.252

464.472.747 113.573.601

691.464.600

691.464.600 -

2004

Konsolidasian/Consolidated

Net profit

Interest expense Interest income Gain/(loss) on foreign exchange Share in profit from associated companies Other income/(expenses) Corporate income tax Minority interest

Operating profit

Cost of goods sold Operating expenses

COST AND RESULT

Total net sales

External Inter-segment

NET SALES

29. SEGMENT INFORMATION (continued)



Beban non-kas selain penyusutan: Amortisasi biaya ditangguhkan Beban imbalan kerja bersih

Pengeluaran modal Penyusutan

Jumlah kewajiban konsolidasian

Kewajiban segmen Kewajiban yang tidak dapat dialokasikan

Jumlah aktiva konsolidasian

65.845 6.976.202

25.825.442 48.174.977

184.245.424

65.846 5.941.434

90.122.012 46.368.714

181.429.053

10.441.720

10.860.441

15.400 1.155.248

4.363.926 14.623.277

255.545.216

-

45

16.143 1.925.809

10.540.723 14.123.552

403.523.507

-

343.554.167

2005

-

2004

-

Eliminasi/Elimination

-

-

-

-

-

-

-

-

81.245 8.131.450

30.189.368 62.798.254

Total consolidated liabilities

Unallocated liabilities

Segment liabilities

Total consolidated assets

Capital expenditures Depreciation Non-cash expenses other than depreciation: 81.989 Amortization of deferred charges 7.867.243 Net employee benefits expense

100.662.735 60.492.266

625.454.971

40.502.411

54.185.530 493.976.170

584.952.560

1.524.071.326

10.441.720

1.513.629.606

2004

439.790.640

1.617.556.103

10.860.441

1.606.695.662

2005

Konsolidasian/Consolidated

Segment assets Investment in associated companies

1.170.075.439

1.218.239.604

388.456.058

2004

Aktiva segmen Investasi pada perusahaan asosiasi

2005

OTHER INFORMATION

2004

Kaca Otomotif/ Automotive Glass



INFORMASI LAINNYA

2005

Kaca Lembaran/Flat Glass






Sales by market

Penjualan berdasarkan pasar Informasi berikut menunjukkan distribusi dari penjualan konsolidasian Perusahaan dan Anak Perusahaan berdasarkan pasar geografis tanpa memperhatikan tempat diproduksinya barang:

The following information shows the distribution of consolidated sales of the Company and Subsidiary by geographical market, regardless of where the goods were produced:

2005 Indonesia Asia dan Jepang Australia dan Selandia Baru Timur Tengah Amerika Eropa Afrika

2004

445.565.891 318.892.333 46.838.538 18.877.132 7.061.386 6.537.059 2.588.715

346.621.968 245.149.949 49.888.163 10.628.976 17.819.578 18.785.253 2.570.713

846.361.054

691.464.600 Assets and additions to fixed assets by geographical area

Aktiva dan penambahan aktiva tetap berdasarkan wilayah geografis

The following information showed the carrying amount of segment assets and additions to fixed assets by geographical area in which the assets are located:

Informasi berikut menunjukkan nilai tercatat aktiva segmen dan penambahan aktiva tetap berdasarkan wilayah geografis atau lokasi aktiva tersebut:

Nilai tercatat aktiva segmen/ Carrying amount of segment assets 2005 Jakarta Sidoarjo

Indonesia Asia and Japan Australia and New Zealand Middle East America Europe Africa

2004

Penambahan aktiva tetap/ Additions to fixed assets 2005

2004

924.788.129 692.767.974

802.739.152 721.332.174

22.152.675 8.036.693

18.067.833 82.594.902

1.617.556.103

1.524.071.326

30.189.368

100.662.735

Segment revenue and expense

Pendapatan dan beban segmen Seluruh pendapatan dan beban segmen dapat dikaitkan secara langsung dengan segmen-segmen yang ada.

All segment revenue and expenses are directly attributable to the existing segments. Segment assets and liabilities

Aktiva dan kewajiban segmen Aktiva segmen meliputi seluruh aktiva operasi yang digunakan oleh suatu segmen dan pada dasarnya terdiri dari kas untuk operasi, piutang, persediaan, uang muka, biaya dibayar dimuka dan aktiva tetap. Sebagian besar aktiva tersebut dapat dikaitkan langsung dengan salah satu segmen yang ada.

Segment assets include all operating assets used by segment and consisting principally of operating cash, receivables, inventories, advance payments, prepaid expenses and fixed assets. Most of such assets can be directly attributed to individual segments.

Nilai tercatat aktiva-aktiva tertentu yang digunakan bersama oleh dua segmen dialokasikan ke setiap segmen secara rasional.

The carrying amount of certain assets used jointly by two segments is allocated to the segments on a reasonable basis.

46



Segment assets and liabilities (continued)

Aktiva dan kewajiban segmen (lanjutan) Kewajiban segmen meliputi seluruh kewajiban operasi dan pada dasarnya terdiri dari pinjaman, hutang, uang muka diterima, biaya masih harus dibayar dan kewajiban imbalan kerja. Aktiva dan kewajiban segmen tidak mencakup aktiva dan kewajiban pajak penghasilan.

Segment liabilities include all operating liabilities and consist principally of loans, accounts payable, advances received, accrued expenses and employee benefits liability. Segment assets and liabilities do not include income tax assets and liabilities. Inter-segment transfers

Transfer antar-segmen Dalam pendapatan segmen, beban segmen dan hasil segmen termasuk transfer antara segmen usaha dan antara segmen geografis. Transfer tersebut diperhitungkan berdasarkan harga pasar kompetitif yang dibebankan kepada pihak ketiga untuk barang yang sejenis. Transfer tersebut dieliminasi dalam konsolidasi.

Segment revenue, segment expenses and segment result include transfers between business segments and between geographical segments. Such transfers are accounted for at competitive market prices charged to third parties for similar goods. Those transfers are eliminated on consolidation. Investment in associated companies – Equity method

Investasi pada perusahaan asosiasi – Metode ekuitas Perusahaan memiliki saham di Glavermas Pte. Ltd., Singapura dan Glavermas Mirror Pte. Ltd., Singapura (Catatan 7). Investasi pada perusahaan asosiasi tersebut diakui dengan metode ekuitas. Investasi dan bagian Perusahaan atas laba bersih perusahaan asosiasi dilaporkan secara terpisah dalam aktiva dan pendapatan segmen produk kaca lembaran.

The Company owns shares in Glavermas Pte. Ltd., Singapore and Glavermas Mirror Pte. Ltd., Singapore (Note 7). The investment in associated companies is accounted for by the equity method. The Company’s investments and share in net profit from associated companies are shown separately in segment assets and segment revenue for the flat glass products segment. 30. SUBSEQUENT EVENTS

30. PERISTIWA SETELAH TANGGAL NERACA Pada tanggal 7 Juli 2005 Perusahaan telah membayar dividen tahunan sebesar Rp43.400.000 kepada pemegang saham.

On July 7, 2005 the Company paid the annual dividend of Rp43,400,000 to shareholders.

31. COMPLETION OF THE CONSOLIDATED FINANCIAL STATEMENTS

31. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN Manajemen Perusahaan bertanggung jawab atas penyusunan laporan keuangan konsolidasian ini yang telah diselesaikan pada tanggal 28 Juli 2005.

The management of the Company is responsible for the preparation of these consolidated financial statements that were completed on July 28, 2005.

47

PT ASAHIMAS FLAT GLASS Tbk AND SUBSIDIARY. PT ASAHIMAS FLAT GLASS Tbk DAN ANAK PERUSAHAAN

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