PT Ciputra Development Tbk And Subsidiaries

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PT CIPUTRA DEVELOPMENT Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)2005Beginning Additions/ Deductions/ EndingBalance Reclassification Reclassification BalanceCostDirect ownershipLandrights 54,820,543,986 27,014,472 - 54,847,558,458Buildings 730,978,126,860 218,318,772,984 1,267,617,315 948,029,282,529Golf course 44,000,225,552 - - 44,000,225,552Furniture and fixtures 62,382,377,346 13,039,311,032 403,391,612 75,018,296,766Transportation equipment 8,923,138,898 497,746,334 298,943,746 9,121,941,486Project and golf equipment 11,423,930,017 712,629,156 - 12,136,559,173912,528,342,659 232,595,473,978 1,969,952,673 1,143,153,863,964Capital leaseShopping center building 89,086,644,082 - 89,086,644,082 -Construction in progressBuildings 165,583,768,344 4,992,304,088 - 170,576,072,432Total 1,167,198,755,085 237,587,788,066 91,056,596,755 1,313,729,936,396Accumulated DepreciationDirect ownershipBuildings 181,787,524,091 35,874,851,262 1,269,143,736 216,393,231,617Golf course 18,689,378,564 1,466,674,187 - 20,156,052,751Furniture and fixtures 41,847,580,408 9,268,613,642 274,531,632 50,841,662,418Transportation equipment 6,182,638,324 260,841,250 528,589,024 5,914,890,550Project and golf equipment 6,872,881,184 1,075,378,626 - 7,948,259,810255,380,002,571 47,946,358,967 2,072,264,392 301,254,097,146Capital leaseShopping center building 17,817,328,811 - 17,817,328,811 -Total 273,197,331,382 47,946,358,967 19,889,593,203 301,254,097,146Net Book Value 894,001,423,703 1,012,475,839,250The above landrights represent approximately 360.32 hectares with renewable Land Use Rights (HGB) underthe name of the Company and subsidiaries, which will expire on various dates between year 2010 and 2024. TheHGB is extendable upon expiry date.In 2006, construction in progress (CIP) is excluded of CIP owned by PT Ciputra Adigraha (CAG) amountingRp 144,796,404,525 since the CAG’s financial statements is no longer consolidated into the Company’s financialstatements (see Notes 1c and 26).Additions in property and equipment in 2005 mainly arise from the completion of building and infrastructureowned by PT Ciputra Surya Tbk (CS), namely Waterpark theme park, which was started its commercialoperation since August 2005. The acquisition cost of the asset is Rp 129,012,387,025, wherein part of itsamounting to Rp 76,015,554,284 is came from the reclassification of land for development (see Note 9).Depreciation charged to the operations for nine months ended 30 September 2006 and 2005 amounted to Rp33,799,877,895 and Rp 27,812,704,498, respectively.The cost of buildings includes net accumulated capitalized interest of Rp 544,687,165,367 as of 30 September2006 and 2005, respectively.As of 30 September 2006, property and equipment with total net book value of Rp 676,971,861,480 (76%) andRp 57,026,812,543 (65%) consisting of landrights, buildings, golf course and golf equipment owned by certainsubsidiaries such as PT Ciputra Sentra, PT Ciputra Semarang and CS are pledged as collateral for the loansand bonds payable (see Notes 11 and 17).Property and equipment, except for the land rights and golf course, are covered by insurance again risk of fireand other associated risk to certain insurance companies, among others, PT Asuransi Bintang Tbk, PT AsuransiAIU Indonesia, PT Asuransi Central Asia, PT Asuransi Aegis Indonesia, PT Asuransi Himalaya, PT AsuransiAstra Buana, PT Asuransi Allianz Utama and PT Fadent Mahkota Sahid under blanket policies with sum insuredabout USD 145,000 and Rp 2,081,572,725 as of 30 September 2006 and USD 119,402,500 andRp 63,935,650,000 as of 30 September 2005. The management believes that the insured amount is adequate tocover possible losses from such risk.19
PT CIPUTRA DEVELOPMENT Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)The management of the Company and subsidiaries believe that there are no changes in circumstances thatindicate material impairment of the carrying amount of property and equipment as of 30 September 2006 and2005.11. BANK LOANSThis account represents loans obtained from:2006 2005PT Bank Mandiri (Persero) Tbk 136,500,000,000 161,500,000,000Syndicated loans• PT Ciputra Semarang (CSM) 69,165,968,560 88,652,728,400• PT Ciputra Surya Tbk (CS) 1,000,000,000 25,350,000,000PT Bank Tabungan Negara (Persero) 24,732,000,000 32,482,000,000PT Bank Harfa 1,911,120,627 -Total 233,309,089,187 307,984,728,400a. PT Bank Mandiri (Persero) TbkIn 2002, PT Ciputra Sentra (CSN), a subsidiary, obtained investment credit facility from PT Bank Mandiri(Persero) Tbk amounting to Rp 200 billion and bears annual interest at 19.5% for the first month andsubsequently will be adjusted to the respective market interest rate (in 2006: 14% and in 2005: 12%). Thisloan will be due on 31 December 2009.This loan is secured by land, inventories and accounts receivable of shopping center and hotel owned byCSN (see Notes 5 and 10). This loan was used to settle CSN’s loan to Morgan Stanley Emerging Markets,Inc. The repayment of the loan is based on quarterly basis.The loan repayment schedule is as follows:YearTotal Repayment2003 10,000,000,0002004 12,000,000,0002005 22,000,000,0002006 26,000,000,0002007 28,000,000,0002008 44,000,000,0002009 58,000,000,000Total 200,000,000,000Regarding to this loan, CSN is required to comply with several restrictions, among others, CSN is required toobtained prior written consent to:• distribute the dividend;• amend its article of association, the composition of management and stockholders; and• maintain the assets to debt ratio above 120% and debt to capital ratio not less than 233%.CSN has fulfilled the above requirements.b. Syndicated Loans – CSMOn 20 December 2004, CSM, a subsidiary, obtained syndicated loans facility from PT Bank Bukopin(Bukopin) and PT Bank Central Asia Tbk (BCA), with Bukopin act as an agent. Maximum loans facility fromeach bank is amounting Rp 50 billion, or Rp 100 billion in total. This loan was used to refinance the previoussyndicated loans and obligation under capital lease.20
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PT Ciputra Development Tbk And Subsidiaries

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