PT Ciputra Development Tbk And Subsidiaries
PT Ciputra Development Tbk And Subsidiaries PT Ciputra Development Tbk And Subsidiaries
PT CIPUTRA DEVELOPMENT Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)President DirectorDirectors: Candra Ciputra: Budiarsa SastrawinataRina Ciputra SastrawinataHarun HajadiJunita CiputraCakra CiputraTulus Santoso BrotosiswojoTanan Herwandi AntoniusAs of 30 September 2006 and 2005, the composition of Audit Committee is as follows:ChairmanMembers: Sindoro Purnomo Hadi: Cosmas BatubaraSony SubrataRemuneration paid to the Company’s and subsidiaries’ directors and commissioners for the nine monthsended 30 September 2006 and 2005 is amounting to Rp 15,048,946,677 and Rp 14,767,870,931,respectively.As of 30 September 2006 and 2005, the Company and its subsidiaries employed a total of 1,623 and 1,522employees, respectively.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa. The Basis of Measurement and Presentation of Consolidated Financial StatementsThe following consolidated financial statements are presented in accordance with generally acceptedaccounting principles in Indonesia, which consist of, among others, Statement of Financial AccountingStandards (SFAS) established by the Indonesian Institute of Accountants, Capital Market Supervisory Board(Bapepam) regulations No. VIII.G.7 (revised 2000) concerning “The Guidelines for Presentation of FinancialStatements” and Guidelines for Presentation and Disclosure of Financial Statements for Public ListedCompany Engaged in Real Estate Industry in accordance with circular letter of Head of Bapepam No. SE-02/PM/2002 dated 27 December 2002.The basis of measurement and presentation of the consolidated financial statements is historical cost basis,except for investments in certain securities, which are stated at fair value, inventories and land fordevelopment, which are stated at the lower of cost and net realizable value and investment in shares ofstock, which are accounted for under the equity method. The financial statements are prepared usingaccrual method, except for statements of cash flows.The consolidated balance sheets are prepared using the unclassified method in accordance with SFAS No.44 concerning “Accounting for Real Estate Development Activities”.The consolidated statements of cash flows are prepared using direct method by classifying cash flows intooperating, investing and financing activities.The reporting currency used in the preparation of these consolidated financial statements is IndonesianRupiah.b. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and subsidiaries as presentedin Note 1c.The consolidated financial statements have been prepared on the basis of entity concept. All significant intercompany accounts, transactions and profit/loss have been eliminated to reflect the financial position andresult of operations as a whole.9
PT CIPUTRA DEVELOPMENT Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)c. Translation Adjustments of Foreign EntitiesThe accounts of Ciputra Development International Finance B.V., a subsidiary, domiciled in Amsterdam, theNetherlands, and PT Ciputra Liang Court, associated company, which is domiciled in Indonesia, were statedin Rupiah based on:Balance sheet accounts - Middle rate at balance sheet date (USD 1 at Rp 9,235 andRp 10,310 in 2006 and 2005, respectively)Income statement accounts - Average rate during the year (USD 1 at Rp 9,533 and Rp 9,738in 2006 and 2005, respectively).The resulting differences arising from the translation of the financial statements are presented as part ofstockholders’ equity.d. Cash EquivalentsCash equivalents consist of time deposits and Certificate of Bank Indonesia with maturity periods not morethan 3 months since the date of placement and not collateralized.e. Investments• Certain SecuritiesTradingIncluded in this classification are investments, which are purchased for immediate resale, normallycharacterized by the high frequency of purchase-and-sale transactions. These investments are made toearn immediate gain from the improvement in the short-term prices of the securities. Investments thatmeet this classification are recorded at fair value. The unrealized gain/loss at balance sheets date iscredited or charged to current operations. The fair value of securities sold determined using the weightedaverage method.• Mutual FundInvestment in mutual fund is stated at net assets value.• Investments in shares of stockInvestment in shares of stock wherein the Company has an ownership interest, directly and indirectly, of20% but not exceeding 50% are accounted for under the equity method, whereby the cost of investment isincreased or decreased by the Company’s share in the net earnings or losses of the associate companysince the acquisition date, and reduced by dividends received.If the associated company (which accounted for under equity method) or subsidiary sale its share orperform any transaction which could affect the associated company’s or subsidiary’s equity to the thirdparties, the Company’s net investments in associated company or subsidiary will be affected. TheCompany recognizes the changes to stockholders’ equity.Investments in shares of stock which its fair value are not readily determinable wherein the Companyhave ownership interest less than 20% are stated at acquisition cost.• PropertyInvestment in property is stated at cost.f. Allowance for Doubtful AccountsAllowance for doubtful accounts is provided based on a review of the condition of each debtor at the end ofperiod. The outstanding receivables are written-off against the respective allowance for doubtful accounts ordirectly from the account at the time management believes that these receivables are determined to bedefinitely uncollectible.10
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<strong>PT</strong> CIPUTRA DEVELOPMENT <strong>Tbk</strong> AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)President DirectorDirectors: Candra <strong>Ciputra</strong>: Budiarsa SastrawinataRina <strong>Ciputra</strong> SastrawinataHarun HajadiJunita <strong>Ciputra</strong>Cakra <strong>Ciputra</strong>Tulus Santoso BrotosiswojoTanan Herwandi AntoniusAs of 30 September 2006 and 2005, the composition of Audit Committee is as follows:ChairmanMembers: Sindoro Purnomo Hadi: Cosmas BatubaraSony SubrataRemuneration paid to the Company’s and subsidiaries’ directors and commissioners for the nine monthsended 30 September 2006 and 2005 is amounting to Rp 15,048,946,677 and Rp 14,767,870,931,respectively.As of 30 September 2006 and 2005, the Company and its subsidiaries employed a total of 1,623 and 1,522employees, respectively.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa. The Basis of Measurement and Presentation of Consolidated Financial StatementsThe following consolidated financial statements are presented in accordance with generally acceptedaccounting principles in Indonesia, which consist of, among others, Statement of Financial AccountingStandards (SFAS) established by the Indonesian Institute of Accountants, Capital Market Supervisory Board(Bapepam) regulations No. VIII.G.7 (revised 2000) concerning “The Guidelines for Presentation of FinancialStatements” and Guidelines for Presentation and Disclosure of Financial Statements for Public ListedCompany Engaged in Real Estate Industry in accordance with circular letter of Head of Bapepam No. SE-02/PM/2002 dated 27 December 2002.The basis of measurement and presentation of the consolidated financial statements is historical cost basis,except for investments in certain securities, which are stated at fair value, inventories and land fordevelopment, which are stated at the lower of cost and net realizable value and investment in shares ofstock, which are accounted for under the equity method. The financial statements are prepared usingaccrual method, except for statements of cash flows.The consolidated balance sheets are prepared using the unclassified method in accordance with SFAS No.44 concerning “Accounting for Real Estate <strong>Development</strong> Activities”.The consolidated statements of cash flows are prepared using direct method by classifying cash flows intooperating, investing and financing activities.The reporting currency used in the preparation of these consolidated financial statements is IndonesianRupiah.b. Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and subsidiaries as presentedin Note 1c.The consolidated financial statements have been prepared on the basis of entity concept. All significant intercompany accounts, transactions and profit/loss have been eliminated to reflect the financial position andresult of operations as a whole.9
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