PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
93
25. FUND BORROWINGS continued
c Exchange Offer Loans continued Exchange Offer Loan II with original maturities before January 1, 2002 will mature in four 4
tranches every June 1 from 2002 to 2005. These borrowings bear interest calculated every six months equal to six months LIBOR for the periods plus an applicable margin determined for each
maturity period. In November 2003, the Bank has partially settled the Exchange Offer Loan II at the nominal
value amounting to US49,152,500 full amount before the due date.
d PT Permodalan Nasional Madani Persero This account represents credit facilities obtained from PT Permodalan Nasional Madani
Persero, which borrowings were re-loaned by Bank Mandiri’s to the members of the Primary Cooperative Kredit Koperasi Primer kepada Anggotanya KKPA. These facilities are subject to
interest at 9 per annum. The loan terms and installment payments schedule reflect the terms of the individual loan agreements.
e Others - Rupiah
December 31, April 30, December 31,
2003 2003
2002
Bank Panin, Jakarta 100,000
- -
Bank Niaga, Jakarta 50,000
- -
150,000 -
-
f Others - Foreign Currency
December 31, April 30, December 31,
2003 2003
2002
Direct off-shore loans 252,750
260,265 268,500
Others 5,968 182,663
10,776 258,718 442,928 279,276
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
94
26. ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
a. Commitment and contingent transactions in the normal course of Bank Mandiri activities that have credit risk are as follows:
December 31, April 30, December 31,
2003 2003
2002
Rupiah: Outstanding irrevocable letters of credit Note 46
959,364 393,314
895,933 Bank guarantees issued Notes 46 and 48
2,508,293 2,042,590 2,227,633 Standby letters of credit Notes 46 and 48
30,000 30,000
30,000 Others
- 963
- 3,497,657
2,466,867 3,153,566 Foreign Currency:
Outstanding irrevocable letters of credit Note 46 4,213,145 4,849,354 5,475,295
Bank guarantees issued Notes 46 and 48 2,655,835 2,647,886 2,658,783
Standby letters of credit Notes 46 and 48 2,733,672 2,334,538 3,205,189
9,602,652 9,831,778
11,339,267 13,100,309
12,298,645 14,492,833
b. By Collectibility:
December 31, April 30, December 31,
2003 2003
2002
Current 12,619,060
11,003,957 13,671,409 Special mention
375,113 1,262,938
780,360 Sub-standard
50,008 -
1,064 Doubtful
25,391 1,150
10,000 Loss
30,737 30,600
30,000 Total
13,100,309 12,298,645
14,492,833 Less: Allowance for possible losses
572,267 1,488,315
1,211,211
Net commitments and contingencies 12,528,042 10,810,330 13,281,622
c. Movements of estimated losses on commitments and contingencies:
For the 8-month For the 4-month For the year Period
ended period
ended ended
December 31, April 30,
December 31, 2003
2003 2002
Balance at beginning of period 1,488,315
1,211,211 5,284,345 Reversalprovision during the period 846,430
205,317 3,364,433 Others
69,618 71,787
708,701
Balance at end of period 572,267
1,488,315 1,211,211
Includes foreign currency translation effect.
The minimum estimated losses on commitments and contingencies, under the guidelines prescribed by Bank Indonesia, as of December 31, 2003, April 30, 2003 and December 31, 2002 is
Rp377,308, Rp1,253,383 and Rp993,468, respectively.
Management believes that the estimated losses on commitments and contingencies is adequate.
