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STATEMENT OF SFAS No.

FINANCIAL ACCOUNTING STANDARD

40

INDONESIAN INSTITUTE OF ACCOUNTANTS

ACCOUNTING FOR CHANGES IN THE EQUITY OF


SUBSIDIARIES/ASSOCIATED COMPANY
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Financial Accounting Standard Statement no. 40 regarding ACCOUNTING FOR CHANGES


IN EQUITY OF SUBSIDIARIES AND ASSOCIATE COMPANIES was adopted in a
meeting of the Indonesian Accounting Standards Committee on October 25, 1997, and
ratified by the Organizing Committee of the Indonesian Institute of Accountants on December
8, 1997.

It is not obligatory for this statement to be applied to immaterial items.

ACCOUNTING PRINCIPLES COMMITTEE

Jusuf Halim Chairman


Istini T. Siddharta Vice-Chairman
Mirza Mochtar, MBA Secretary
Wahjudi Prakarsa Member
Katjep K. Abdoelkadir Member
Jan Hoesada, M.M. Member
Hein G. Surjaatmadja, M.Sc Member
Sobo Sitorus Member
Timoty E. Marnandus Member
Mirawati Sudjono, M.Sc. Member
Nur Indriantoro Member
Rusdy Daryono Member
Siti Ch. Fadjriah Member
Osman Sitorus Member
Jusuf Wibisana, M.Sc. Member
Yosefa Sayekti, M.Com. Member
Heri Wahyu Setiyarso, MBA Member

OPENING FROM THE CHAIRMAN,


INDONESIAN INSTITUTE OF ACCOUNTANTS
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

As we approach the era of globalization, the transfer of funds is no longer limited by national
boundaries. Demands for accountability in financial information are growing from those using
financial reports both at home and overseas. To fulfill these ever-increasing demands,
Financial Accounting Standards must have a global perspective.

Despite limitations in labor, time and funds, the Institute of Indonesian Accountants is making
an on-going effort to raise the quality of financial accounting standards so that financial
reports provided by Indonesian companies are in line with developments in international
standards. Improving quality can be accomplished properly by the publishing of new
standards as well as by perfecting existing norms.

These efforts in the development of accounting standards naturally would not have succeeded
without the support of various parties. We would like to take this opportunity to express our
thanks and highest appreciation to the Directorate-General of Financial Institutions,
Department of Finance, who has supported efforts in developing accounting standards
through the Sub-Team for Accounting System Development in the Private Sector.

We would also like to thank other government bodies and agencies, such as the Accountants
Office of Hadi Sutanto and Co., as well as various tertiary institutions, associations,
companies and other parties who have given much input and support in the process of
developing accounting standards. To all members of the Financial Accounting Standards
Committee, who have worked without profit but with a spirit of professionalism, we would
like to express our thanks and highest appreciation.

Jakarta, December 8, 1997

Executive Commissioner
Indonesian Institute of Accountants

Soedarjono
Chairman
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

CONTENTS

paragraphs

INTRODUCTION Objective.............................................................................
……………... 01
Scope ....................................................................................…………… 02-03
Definitions..............................................................................……………. 04

EXPLANATIONS...............................................................................………….. 05-09
Statements ………….............................................................……………. 06-08
Declaration ………………....................................................……………. 09

STATEMENT OF FINANCIAL ACCOUNTING STANDARD No. 40


ACCOUNTING FOR CHANGES IN EQUITY OF SUBSIDIARIES/
ASSOCIATED COMPANIES …………………………………………………. 10-12
Effective Date ........................................................................…………… 13
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

INTRODUCTION

Objective

01 This Statement aims to regulate accounting practices for changes in investor company
investment values of subsidiaries/associate companies resulting from changes in equity of the
latter. This Statement covers matters not yet regulated in Financial Accounting Standard
Statement 15 regarding Accounting for Investment in Associate Companies and for investment
in subsidiaries, which have not been regulated by Financial Accounting Standard Statement 4
regarding Consolidation of Financial Reports.

Scope

02 This statement only regulates accounting practice for changes in investor company
investment values of subsidiaries/associate companies resulting from changes in equity of the
latter, which do not result from transactions between investor companies and
subsidiaries/associate companies.

03 This statement does not regulate accounting practice for changes in investor company
investment values of subsidiaries/associate companies resulting from changes in equity of the
latter, which result from transactions between investor companies and subsidiaries/associate
companies.

Definitions

04 The meaning of terms used in this Statement is as follows:

Investment is an asset which is used by a company for accretion of wealth through the
distribution of investment products (such as interest, royalties, dividends and rent), for
appreciation of investment value, or for other benefits for the investing company, such as
benefits obtained through trade relationships. Stock and fixed assets are not investment.

Investor is a company with investment in shares in a subsidiary and/or associate company.

Subsidiary is a company controlled by another company (known as the parent company).

Parent company is a company which owns one or more subsidiaries.

Control is the capacity to regulate the financial and operational policies of a company to obtain
benefits from the activities of that company.

Associate company is an investee company whose investor company possesses significant


influence. This investee company is neither a subsidiary nor joint venture of the investor
company.

Significant influence is the power to participate in decisions involving both the investee
company’s financial and operational policies, but not control of these.

EXPLANATIONS
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

05 Transactions which change the equity of subsidiaries/associate companies are, among


others:

a. Transactions which change the percentage of investor ownership of a


subsidiary/associate company:

(1) Transactions between subsidiaries/associate companies and investors:


i. Subsidiaries/associate companies sell additional shares to investors,
ii. Subsidiaries/associate companies regain circulating shares owned by
investors.

(2) Transactions between subsidiaries/associate companies with a third party


(apart from investors):
i. Subsidiaries/associate companies sell additional shares to a third party,
ii. Subsidiaries/associate companies regain circulating shares owned by a
third party.

b. Transactions which do not change the percentage of investor ownership of a


subsidiary/associate company:
subsidiaries/associate companies conduct revaluation of fixed assets, resulting in
“Difference in Re-evaluation of Fixed Assets.”

Statements

06 If the equity value of a subsidiary/associate company which becomes part of an


investor company following transactions concerning equity change in a subsidiary/associate
company is different to the equity value of a subsidiary/associate company which formed part
of an investor company prior to transactions concerning equity change in a
subsidiary/associate company, then that difference is acknowledged by investors as part of
equity by accounts called “Difference in Transactions Concerning Equity Change of
Subsidiaries/Associate Companies.”

07 At the time when related investment is ceased, the difference in change of equity of
subsidiaries/associate companies concerned is stated as income or expenses in the same period
at the same time as when profits and losses from the release are stated.

08 Essentially, a subsidiary/associate company forms part of the investor company.


Consequently, changes in equity of subsidiaries/associate companies which do not arise from
transactions between investor companies and subsidiaries/associate companies are also treated
as changes in equity of the investor company.
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Declaration

09 The main elements of “Transaction differences in equity changes of


subsidiaries/associate companies” accounts must be declared separately in the notes of
financial reports.
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

STATEMENT OF FINANCIAL ACCOUNTING STANDARD NUMBER 40


ACCOUNTING FOR CHANGES IN EQUITY OF SUBSIDIARIES/ASSOCIATED
COMPANIES

Statement of Financial Accounting Standard No. 40 consists of paragraphs 10 - 13. This


Statement must be read in the context of paragraphs 01 - 09.

Statement

10 If the equity value of a subsidiary/associate company which becomes part of an


investor company following transactions concerning equity changes in that
subsidiary/associate company is greater than the equity value of a subsidiary/associate
company which became part of the investor company prior to transactions concerning equity
changes in that subsidiary/associate company, then the difference is stated by investors as part
of equity through “Transaction Differences in Equity Changes of Subsidiaries/Associate
Companies” accounts.

11 At the time of release of the investment concerned, transaction differences in equity


changes in subsidiaries/associate companies involved are stated as income or expenses for the
same period as when profits or losses from the release are stated.

Declaration

12 The main elements of “transaction differences in changes in equity of


subsidiaries/associate companies” accounts must be declared separately in the notes of
financial reports.

Effective Date

13 This statement is valid for the compilation and presentation of financial reports
covering reporting periods commencing January 1, 1998 or later. Earlier application is
strongly recommended.
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

APPENDIX

SAMPLE TRANSACTIONS IN CHANGES IN EQUITY OF


SUBSIDIARIES/ASSOCIATE COMPANIES

The following appendix is only an illustration, and not part of the Statement. Its purpose is to
give an illustration of the application of Financial Accounting Standard Statement No. 40
regarding Accounting for Changes in Equity of Subsidiaries/Associate Companies.

Example 1

The following are the balance sheets of PT ABC and PT XYZ on 14 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 160.000


Other Assets 280.000 740.000
----------- -----------
280.000 900.000
======= =======
Liabilities 80.000 150.000
Share Capital - Nominal
Price of Rp 10.000/Share 100.000 500.000
Share Agio 60.000 -
Profit Balance 40.000 250.000
----------- -----------
280.000 900.000
======= =======

PT XYZ has investment in PT ABC shares to a total of 80% of all circulating shares.

On 15 September 19X6, PT ABC sold 2,000 additional shares (other than the 10,000 shares
already in circulation) to a third party other than the investor company at a price of Rp
35.000,00 per share.

This sale of shares was recorded by PT ABC in the journal as follows:

Cash Inflow/Debt 70.000.000


Share capital 20.000.000
Share agio 150.000.000

[Cash Inflow/Debt = 2,000 x Rp 35.000; Share capital = 2,000 x Rp 10.000; and Share agio
= 2,000 x (Rp 35.000 - Rp 10.000)]

PT XYZ recorded the sale of shares by PT ABC in the journal as follows:


Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Investment in PT ABC 20.000.000


Transaction difference in change
in equity Change of Subsidiary 20.000.000

The calculations for the adjustment of “Investment in PT ABC” accounts is as follows:


Prior to the sale of shares transaction, the number of PT ABC shares owned by PT XYZ was
8,000 shares of 10,000 shares in circulation, or in other words, PT XYZ’s ownership portion
of PT ABC was 8,000/10,000 = 80%. The equity value of PT ABC which became part of PT
XYZ prior to the selling transaction was =
80% x (Rp 100.000.000 + Rp 60.000.000 + Rp 40.000.000) = Rp 160.000.000.

Following the sale of shares transaction, the number of PT ABC shares owned by PT XYZ
was 8,000 shares from 12,000 shares in circulation, or in other words, PT XYZ’s ownership
portion of PT ABC was 8,000/12,000 = 66 2/3 %. The equity value of PT ABC which
became part of PT XYZ following the transaction was =
66 2/3 % x (Rp 120.000.000 + Rp 110.000.000 + Rp 40.000.000) = Rp 180.000.000.

The transaction difference in changes of equity of the subsidiary was


= Rp 180.000.000 - Rp 160.000.000
= Rp 20.000.000.

The following are PT ABC and PT XYZ balance sheets for 15 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 180.000


Other Assets 350.000 740.000
----------- -----------
350.000 920.000
======= =======
Liabilities 80.000 150.000
Share Capital - Nominal Price
of Rp 10.000/Share 120.000 500.000
Share Agio 110.000 -
Transaction Difference in Change
in Equity of Subsidiary - 20.000
Profit Balance 40.000 250.000
----------- -----------
350.000 920.000
======= =======

Example 2

The following are PT ABC and PT XYZ accounts for 14 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Investment in PT ABC - 160.000


Other Assets 280.000 740.000
----------- -----------
280.000 900.000
======= =======
Liabilities 80.000 150.000
Share Capital - Nominal
Price of Rp 10.000/Share 100.000 500.000
Share Agio 60.000 -
Profit Balance 40.000 250.000
----------- -----------
280.000 900.000
======= =======

PT XYZ has investment in PT ABC shares to a total of 80% of all shares in circulation.

On 15 September 19X6, PT ABC sold 2,000 additional shares (other than the 10,000 shares
already in circulation) to a third party other than the investor company at a price of Rp
15.000,00 per share.

This sale of shares was recorded by PT ABC in the journal as follows:

Cash Inflow/Debt 30.000.000


Share capital 20.000.000
Share agio 10.000.000

[Cash Inflow/Debt = 2,000 x Rp 15.000; Share capital = 2,000 x Rp 10.000; and Share agio
= 2,000 x (Rp 15.000 - Rp 10.000)]

PT XYZ recorded the sale of shares by PT ABC in the journal as follows:

Profit balance 6.666.667


Investment in PT ABC 6.666.667

The calculations for the adjustment of “Investment in PT ABC” accounts are as follows:

Prior to the sale of shares transaction, the number of PT ABC shares owned by PT XYZ was
8,000 shares of 10,000 shares in circulation, or in other words, PT XYZ’s ownership portion
of PT ABC was 8,000/10,000 = 80%. The equity value of PT ABC which became part of PT
XYZ prior to the selling transaction was =
80% x (Rp 100.000.000 + Rp 60.000.000 + Rp 40.000.000) = Rp 160.000.000.

Following the sale of shares transaction, the number of PT ABC shares owned by PT XYZ
was 8,000 shares from 12,000 shares in circulation, or in other words, PT XYZ’s ownership
portion of PT ABC was 8,000/12,000 = 66 2/3 %. The equity value of PT ABC which
became part of PT XYZ following the transaction was =
66 2/3 % x (Rp 120.000.000 + Rp 70.000.000 + Rp 40.000.000) = Rp 153.333.333.

The transaction difference in changes of equity of the subsidiary was


= Rp 153.333.333 - Rp 160.000.000
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

= (Rp 6.666.667).

Since the balance of the “Transaction Difference in Equity Change of Subsidiary” accounts
was zero, the adjustment of “Investment in PT ABC” accounts was stated as a subtracter of
the “Profit Balance” accounts.

The following are PT ABC and PT XYZ balance sheets for 15 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 153.333


Other Assets 310.000 740.000
----------- -----------
310.000 893.333
======= =======
Liabilities 80.000 150.000
Share Capital - Nominal
Price of Rp 10.000/Share 120.000 500.000
Share Agio 70.000 -
Profit Balance 40.000 243.333
----------- -----------
310.000 893.333
======= =======

Example 3

The following were PT ABC and PT XYZ account sheets for 17 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 160.000


Other Assets 280.000 740.000
----------- -----------
280.000 900.000
======= =======
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Liabilities 80.000 150.000


Share Capital - Nominal Price of
Rp 10.000/Share 100.000 500.000
Share Agio 60.000 -
Profit Balance 40.000 250.000
----------- -----------
280.000 900.000
======= =======

PT XYZ has investment in PT ABC shares to a total of 80% of all shares in circulation.

On 18 September 19X6, PT ABC regained (permanently/as stock retirement) 1,000 shares (of
10,000 shares in circulation) from a third party other than the investor company at a price of
Rp 35.000 per share.

This acquisition of shares was recorded by PT ABC in the journal as follows:

Share capital 10.000.000


Share agio 6.000.000
Profit balance 19.000.000
Cash inflow/Debt 35.000.000

[Cash Inflow/Debt = 1,000 x Rp 35.000; Share capital = 1,000 x Rp 10.000; and Share agio
= 60,000,000 x (1,000/10,000); remainder to profit balance)

PT XYZ recorded the sale of shares by PT ABC in the journal as follows:


Profit balance 13.333.333
Investment in PT ABC 13.333.333

The calculations for the adjustment of “Investment in PT ABC” accounts are as follows:

Prior to the sale of shares transaction, the number of PT ABC shares owned by PT XYZ was
8,000 shares of 10,000 shares in circulation, or in other words, PT XYZ’s ownership portion
of PT ABC was 8,000/10,000 = 80%. The equity value of PT ABC which became part of PT
XYZ prior to the selling transaction was =
80% x (Rp 100.000.000 + Rp 60.000.000 + Rp 40.000.000) = Rp 160.000.000.

Following the sale of shares transaction, the number of PT ABC shares owned by PT XYZ
was 8,000 shares from 9,000 shares in circulation, or in other words, PT XYZ’s ownership
portion of PT ABC was 8,000/9,000 = 88 8/9 %. The equity value of PT ABC which became
part of PT XYZ following the transaction was =
88 8/9 % x (Rp 90.000.000 + Rp 54.000.000 + Rp 21.000.000) = Rp 146.666.667.

The transaction difference in changes of equity of the subsidiary was


= Rp 146.666.667 - Rp 160.000.000
= (Rp 13.333.333).

Since the balance of the “Transaction Differences in Changes in Equity of Subsidiary”


accounts was zero, the adjustment of “Investment in PT ABC” accounts was stated as a
subtracter of the “Profit Balance” accounts.
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

The following are PT ABC and PT XYZ balance sheets for 18 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 146.667


Other Assets 245.000 740.000
----------- -----------
245.000 886.667

Liabilities 80.000 150.000


Share Capital -
Nominal Price of Rp 10.000/Share 90.000 500.000
Share Agio 54.000 -
Profit Balance 21.000 236.667
----------- -----------
245.000 886.667
======= =======
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Example 4

The following are PT ABC and PT XYZ account sheets for 17 September 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 160.000


Other Assets 280.000 740.000
----------- -----------
280.000 900.000
======= =======

Liabilities 80.000 150.000


Share Capital -
Nominal Price of Rp 10.000/Share 100.000 500.000
Share Agio 60.000 -
Profit Balance 40.000 250.000
----------- -----------
280.000 900.000
======= =======

PT XYZ has investment in PT ABC shares to a total of 80% of all shares in circulation.

On 18 September 19X6, PT ABC regained (permanently/as treasury retirement) 1,000 shares


(of 10,000 shares in circulation) from a third party other than the investor company at a price
of Rp 15.000 per share.

This acquisition of shares was recorded by PT ABC through cost method in the journal as
follows:
Treasury Stock 15.000.000
Cash inflow/Debt 15.000.000

[Cash Inflow/Debt = Treasury stock = 1,000 x Rp 15.000)

If the acquisition of the shares was recorded using the par value method, PT ABC would
record the following in the journal:

Treasury Stock 10.000.000


Share agio 6.000.000
Cash inflow/Debt 15.000.000
Additional Capital from
Re-acquisition of Shares 1.000.000

(Cash inflow/Debt = 1,000 x Rp 15.000; Treasury stock = 1,000 x Rp 10.000; Share agio =
60,000,000 x (1,000/10,000); remainder to “Additional capital from re-acquisition of shares”)

PT XYZ recorded the sale of shares by PT ABC in the journal as follows:


Investment in PT ABC 4.444.444
Transaction difference in changes
in equity of subsidiary 4.444.444
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

The calculations for the adjustment of “Investment in PT ABC” accounts are as follows:
Prior to the sale of shares transaction, the number of PT ABC shares owned by PT XYZ was
8,000 shares of 10,000 shares in circulation, or in other words, PT XYZ’s ownership portion
of PT ABC was 8,000/10,000 = 80%. The equity value of PT ABC which became part of PT
XYZ prior to the selling transaction was =
80% x (Rp 100.000.000 + Rp 60.000.000 + Rp 40.000.000) = Rp 160.000.000.

Following the sale of shares transaction, the number of PT ABC shares owned by PT XYZ
was 8,000 shares from 9,000 shares in circulation, or in other words, PT XYZ’s ownership
portion of PT ABC was 8,000/9,000 = 88 8/9 %. The equity value of PT ABC which became
part of PT XYZ following the transaction was = 88 8/9 % x (Rp 100.000.000 + Rp
60.000.000 - Rp 15.000.000 + Rp 40.000.000) = Rp 164.444.444. Meanwhile, with the par
value method, the equity value of PT ABC which became part of PT XYZ following the
transaction was = 88 8/9 % x (Rp 100.000.000 + Rp 54.000.000 – Rp 10.000.000 + Rp
1.000.000 + Rp 40.000.000) = Rp 164.444.444.

The transaction difference in changes of equity of the subsidiary was


= Rp 164.444.444 - Rp 160.000.000
= Rp 4.444.444.

The following are PT ABC and PT XYZ balance sheets for 18 September 19X6:
PT ABC PT ABC PT XYZ
cost method par value (thousands of
(thousands of (thousands of rupiah)
rupiah) rupiah)
Investment in PT ABC - - 164.444
Other Assets 265.000 265.000 740.000
----------- ----------- -----------
265.000 265.000 904.444
======= ======= =======
Liabilities 80.000 80.000 150.000
Share Capital - Nominal Price
of Rp 10.000/Share 100.000 100.000 500.000
Share Agio 60.000 54.000 -
Profit Balance 40.000 40.000 250.000
Treasury Stock (15.000) (10.000) -
Additional Capital from Re-
acquisition of Shares - 1.000 -
Transaction Difference in Equity
Changes of Subsidiary - - 4.444
----------- ----------- -----------
265.000 265.000 904.444
======= ======= =======
Example 5

The following are PT ABC and PT XYZ account sheets for 11 March 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 126.000


Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

Other Current Assets 100.000 1.000.000


Fixed Assets 400.000 1.374.000
----------- -----------
500.000 2.500.000
======= =======
Liabilities 80.000 500.000
Share Capital 300.000 1.100.000
Profit Balance 120.000 900.000
----------- -----------
500.000 2.500.000
======= =======

PT XYZ has investment in PT ABC shares to a total of 30% of all shares in circulation.

On 12 March 19X6, PT ABC conducted a re-evaluation of fixed assets. All fixed assets of PT
ABC fulfilled requirements for re-evaluation in accordance with Finance Minister Decree No.
507/KMK.04/1996, and the book value of the fixed assets was the same as the fiscal book
value. The re-evaluation was conducted by an appraiser institute which determined that the
reasonable market value of the assets was Rp 900.000.000,00.

This re-evaluation of fixed assets was recorded by PT ABC in the journal as follows:
Fixed assets 900.000.000
Production tax 50.000.000
Fixed assets 400.000.000
Cash inflow/Income Tax payable 50.000.000
Difference in Re-evaluation of Fixed Assets 500.000.000

(Difference in re-evaluation of fixed assets = 900.000.000 – 400.000.000 = 500.000.000)

PT XYZ recorded the re-evaluation of fixed assets by PT ABC in the journal as follows:

Investment in PT ABC 150.000.000


Transaction Difference in Changes
in Equity of Associate Company 150.000.000

(From the difference in re-evaluation of PT ABC’s fixed assets, the section forming part of PT
XYZ was only 30% x 500.000.000 = 150.000.000)

The following are PT ABC and PT XYZ balance sheets for 12 March 19X6:

PT ABC PT XYZ
(thousands of rupiah) (thousands of rupiah)

Investment in PT ABC - 276.000


Other Current Assets 100.000 1.000.000
Fixed Assets 900.000 1.374.000
----------- -----------
1.000.000 2.650.000
Accounting for Changes in Equity of Subsidiaries/Associated Companies SFAS No. 40

======= =======

Liabilities 80.000 500.000


Share Capital - 300.000 1.100.000
Difference in Re-evaluation of Fixed
Assets 500.000 -
Transaction Differences in Changes in
Equity of Associate Company
- 150.000
Profit Balance 120.000 900.000
----------- -----------
1.000.000 2.650.000
======= =======