PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
69
13. INVESTMENTS IN SHARES OF STOCK continued
a. The details of investments in shares of stock are as follows: continued The details of investments in shares of stock as of December 31, 2003 are as follows:
Accumulated Equity Investee
Percentage of in Retained Earnings
Companies Nature of Business
Ownership Cost
Accumulated Losses Carrying Value
Equity Method of Accounting: PT Sarana Bersama
Pembiayaan Indonesia Holding company
34.00 2,278
2,881 5,159
PT AXA Mandiri Financial Services
Insurance 49.00
16,761 7,343
9,418 PT Bapindo Bumi
Sekuritas Securities trading
26.19 2,750
795 1,955
16,532 Cost Method of Accounting:
PT Semen Kupang
a
Manufacturing 59.70
45,023 45,023
PT Sri Thai
a
Manufacturing 21.60
23,055 23,055
PT Kertas Padalarang
a
Pulp and paper 51.50
9,530 9,530
Others Various
10,075 8,275
85,883 Total
102,415 Less: Allowance for possible losses
89,693 12,722
a These investments represent restructured loans through debt to equity participations Note 11B.g. Such investments are temporary investments for up to a maximum of five 5 years based on Bank Indonesia regulations. Accordingly, such
investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
70
13. INVESTMENTS IN SHARES OF STOCK continued
a. The details of investments in shares of stock are as follows: continued The details of investments in shares of stock as of April 30, 2003 are as follows:
Accumulated Equity Investee
Percentage of in Retained Earnings
Companies Nature of Business
Ownership Cost
Accumulated Losses Carrying Value Equity Method of Accounting:
PT Sarana Bersama Pembiayaan Indonesia
Holding company 34.00
2,278 2,881
5,159 PT Bapindo Bumi
Sekuritas Securities Trading
19.00 2,750
197 2,947
8,106 Cost Method of Accounting:
PT Bank Internasional Indonesia Tbk.
Bank 2.00
50,400 50,400
PT Semen Kupang
a
Manufacturing 59.70
45,023 45,023
PT Sri Thai
a
Manufacturing 21.60
23,055 23,055
PT Kertas Padalarang
a
Pulp and paper 51.50
9,530 9,530
Others Various
13,790 13,790
141,798 Total
149,904 Less: Allowance for possible losses
27,633 122,271
a These investments represent restructured loans through debt to equity participations Note 11 B.g. Such investments are temporary investments for up to a maximum of five 5 years based on Bank Indonesia regulations. Accordingly, such
investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
71
13. INVESTMENTS IN SHARES OF STOCK continued
