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)These Notes had been listed in Stock Exchange of Singapore and Luxembourg.Related to the issuance of these Notes, the Company as guarantor also issued 400 put options, wherein theholders could request the Company to repurchase these Notes at the face value on the sixth payment dateof interests, which was due in July 1998. In January 1998, the holders had exercised the put optionstogether with the overdue interest.In Notes holders General Meeting which was held on 11 June 2004, the Notes holders resolved, amongothers, to approve the proposal of the Notes payable settlement as mentioned in Debts ReorganizationTerm Sheet submitted by the Company, and to establish a Steering Committee to represents the Notesholders in regard with the debt settlement plan.b. Hillview Enterprise Inc., BVIIn 1996, the Company entered into Rupiah and interest rate swap agreements with Bankers TrustInternational Plc., (BTI), London, to anticipate the change of the exchange and interest rate of the CD Bondsamounting to Rp 150 billion. Under these agreements, the Company agreed to receive Rp 117.15 billion andto pay USD 50,000,000, which was due on 6 August 2001. The Company also agreed to receive annualinterest with a fixed interest rate of the CD bonds at 18.75% and to pay the floating interest rate at 2.78%above 3 months time deposits in US Dollar at LIBOR with the same due date as the date of the CD Bondsinterest payment.In 2000, BTI and the Company agreed to terminate the swap agreement and it was agreed that theCompany’s payable to BTI was USD 32,000,000. If this payable was not paid by the Company up to 13December 2000, an interest would be charged on such amount up to the full payment of the payable.Based on Debt Sale and Purchase Agreement (DSPA) dated 30 March 2005, BTI has transferred the debtto Hillview Enterprise Inc. (Hillview).c. Transferable Loans Certificate FacilityIn 1996, CDIF issued “Transferable Loans Certificate Facility” amounting USD 25 million which arranged byPT Bank Indonesia Raya Tbk (suspended bank), Cook Island branch, and Societe’ Generale Asia Limited(SGAL), Singapore, with SGAL acted as an agent. These loans would be repaid after 3 years and boreannual interest at 1.90% above LIBOR for first 18 months and 2.25% above LIBOR for the next 18 months,which would be paid semi annually in advance. SGAL had an option to request for the earlier repayment, ifCDIF did not meet the agreed requirements. In 1998, SGAL had requested for the principle repayment,including the related interests and penalties.These loans were guaranteed by the Company, CSN, CS, CR, CPG, CWR, CDLR and CSM, thesubsidiaries. These loans were subsequently lent to PT Sarananeka Indahpancar, a subsidiary, with thesame term and condition applicable to CDIF.d. Divestment PayableIn 1997, the Company entered into a share purchase agreement with NTUC Income International Pte., Ltd.(NII), Singapore, and Pyrite Pte., Ltd. (Pyrite), Singapore, regarding the shares of PT Ciputra Adigraha(CAG), a subsidiary, totaling 19,000,000 shares and 9,500,000 shares, respectively, at price of USD23,127,590 and USD 10,826,123.50, respectively. Advance received from NII and Pyrite amounting to USD23,127,590 and USD 1,155,748, respectively.Based on Sales and Purchase Agreement (SPA) dated 5 November 2003, Pyrite transferred the purchaseright of CAG‘s shares to PT Samuel Financindo Advisory, which subsequently also transferred it to MarcoPolo Capital Ltd. on 25 June 2004.Based on SPA dated 30 March 2005, NII transferred the purchase right of CAG’s shares to Hillview.All of the payable above (point a to d) had been settled by the Company on 29 March 2006, as the effectivedate of debt composition plan (see Note 26).23
PT CIPUTRA DEVELOPMENT Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)For Nine Months Ended 30 September 2006 and 2005(In Rupiah)13. TAXES PAYABLETaxes payable consists of:2006 2005Estimated income tax payableSubsidiaries 42,202,332,421 17,555,786,692Other income taxes payableArticle 21 738,807,130 346,057,007Article 23 1,426,165,943 1,122,663,554Article 25 343,563,180 1,780,600,674Article 26 2,028,288,012 38,759,261Value-added tax 4,525,255,655 9,586,451,763Development tax I (PB I) 1,053,113,944 1,075,094,861Other taxes 496,839,638 -Total 52,814,365,923 31,505,413,812A reconciliation between income before income tax, as shown in the Consolidated Statements of Income, withestimated taxable income (loss) of the Company for nine months ended 30 September 2006 and 2005 is asfollows:2006 2005Income before income tax per ConsolidatedStatement of Income 279,364,713,643 152,517,704,971Extraordinary items 477,712,782,983 -Income of subsidiaries before income tax ( 189,663,952,106 ) ( 100,640,370,108 )Income before income tax of the Company 567,413,544,520 51,877,334,863Permanent differences:Representation 237,594,325 903,136,279Extraordinary items ( 603,264,178,431 ) -Equity in net loss (earnings) of subsidiariesand associated company ( 100,420,531,363 ) ( 43,868,306,652 )Interest income already subjected to finalincome tax ( 9,518,296 ) ( 11,344,142)Estimated taxable income (loss) of the Company ( 136,043,089,245 ) 8,900,820,348Total of uncompensated tax losses:Year 2001 ( 91,237,735,580 ) ( 91,237,735,580)Year 2004 ( 174,366,713,077 ) ( 174,366,713,077)Year 2005 ( 17,454,490,737 ) -Accumulated tax losses ( 419,102,028,639 ) ( 256,703,628,309 )The Company does not provide allowance for current income tax in 2006 and 2005 because still recordaccumulated tax losses.The estimated income tax payable and computation of provision for income tax of the subsidiaries for ninemonths ended 30 September 2006 and 2005 is as follows:2006 2005Provision for income tax – current periodProgressive rate 73,219,054,580 34,278,252,000Final rate 10,598,149,620 9,792,608,797Sub - total 83,817,204,200 44,070,860,797Prepayments of taxIncome tax article 25 31,016,722,159 16,722,465,308Final income tax 10,148,789,765 9,384,118,390Sub - total 41,165,511,924 26,106,583,69824
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PT Ciputra Development Tbk And Subsidiaries

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