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)Based on Notarial Deed No. 18 dated 3 March 2006 of Tse Min Suhardi SH, as substitute of Notary BuntarioTigris Darmawa Ng, SH, the Company has issued 2,307,276,912 new shares without pre-emptive rights toArtupic International B.V. (543,377,306 shares), Hillview Enterprises Inc. (536,395,141 shares), Rollrick HoldingsLtd. (340,552,520 shares), Mediaplus Investments Ltd. (291,902,160 shares), Asiamark Pacific Ltd. (97,300,702shares), Finec Securities Ltd. (97,300,702 shares), Fine-C Capital Group Ltd. (48,650,351 shares), Marco PoloCapital Ltd. (11,245,510 shares) and Standard Chartered Bank (340,552,520 shares).The issuance of the shares above is in accordance with the Company’s debt composition plan, which becameeffective on 29 March 2006 (see Note 26).20. REVENUESThis account consists of:2006 2005Net salesLand lots 517,310,586,008 306,531,838,567Residential and shop-housesBuildings 122,742,589,045 106,805,148,473Land 96,879,135,326 94,753,619,020Sub-total 736,932,310,379 508,090,606,060Operating revenuesShopping centers 134,537,326,830 123,838,340,108Hotels 65,496,791,847 59,221,862,201Golf course 19,356,076,748 17,357,383,725Others 13,113,708,856 2,017,346,037Sub-total 232,503,904,281 202,434,932,071Total 969,436,214,660 710,525,538,13121. COST OF SALES AND DIRECT COSTThis account consists of:2006 2005Cost of salesLand lots 274,285,158,014 171,254,360,424Residential and shop-housesBuildings 63,987,118,086 71,468,001,327Land 90,233,901,060 65,296,447,049Sub-total 428,506,177,160 308,018,808,800Direct costShopping centers 39,058,637,069 29,928,815,967Hotels 29,821,682,458 29,919,775,754Golf course 12,236,427,420 11,278,031,452Others 3,610,413,563 2,071,674,556Sub-total 84,727,160,510 73,198,297,729Total 513,233,337,670 381,217,106,52928