PERFORMANCE OF SUBSIDIARIES

PT Bakrie Pasaman Plantations

PT Bakrie Pasaman Plantations (Bakrie Pasaman) is located within two regions namely at Kecamatan Lembah Melintang and Kecamatan Sungai Beremas, Pasaman, West Sumatra Province. Currently, Bakrie Pasaman manages oil palm plantations with a total planted area of 12,835, consisting of 8,663 hectares of nucleus estate and 4,172 hectares of plasma estate.

Overall, Bakrie Pasaman Plantations in 2002 produced 118 thousand tons of FFB, an increase of 2% in comparison to the previous year. In 2002, the palm oil mill located in Air Balam has processed 193 thousand tons of FFB and produced 40 thousand tons of CPO and 8 thousand tons of palm kernel, including toll manufacturing from third party. The productions of palm oil mill in 2002 increased by 3%.

Total revenue in 2002 reached Rp 88 billion, an increase of 57% from Rp 56 billion in 2001. The increase was due to the rise of commodity prices in the market and sales volume.

The net profit increased by 24% from Rp 4.8 billion in 2001 to Rp 5.9 billion in 2002.

PT Agrowiyana

PT Agrowiyana (Agrowiyana) is located in Kecamatan Tungkul Ulu, within the municipality of Tanjung Jabung Barat, Jambi Province. In its development, the Company has three schemes, namely Perkebunan Besar Swasta Nasional (PBSN), PIR-Trans and Kredit Koperasi Primer for its members (KKPA).

Agrowiyana’s planted area in 2002 reached 11,614 ha, including plasma program under KKPA scheme of 4.947 ha and plasma PIR-Trans of 2.633 ha. The planted area of nucleus estate PBSN reached 2.500 ha, whereas the nucleus estate PIR-Trans consisted of 1.504 ha.

The mature area of Agrowiyana nucleus estate reached 3.739 ha, which produced 88.1 thousand tons of FFB in 2002, an increase of 8.5 % over the year 2001’s figure.

The FFB sales volume in 2001 increased from 90 thousand tons in 2002. the sales volume of CPO decreased by 1.7 %, from 5.5 thousand tons in 2001 to 5.4 thousand tons in 2002. in the meantime, sales from palm kernel in 2002 reached 966 tons, a decrease of 7.3%.

Revenue increased by 56% from Rp. 43.5 billion in 2001 to Rp. 68 billion in 2002. the increase was due to the rise of commodity prices in the market.

Agrowiyana in 2002 achieved a net profit of Rp. 7 billion, an increase of 149.3% over the 2001’s figure.