PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
b. As of December 31, 2014 and 2013, the Group invested their funds amounting to
Rp 1,333,769 and Rp 861,608, respectively, in units of mutual funds which were managed by SMS, a subsidiary, as investment manager Note 5.
c. For the years ended December 31, 2014 and 2013, the underwriting income from related
parties amounted to Rp 1,392,885 and Rp 1,286,561 or 14.53 and 10.89, respectively, of the total underwriting income.
d. For the years ended December 31, 2014 and 2013, the interest income from related parties
amounted to Rp 44,865 and Rp 70,746 or 1.57 and 2.85, respectively, of the total interest income.
e. The Group has insured the investment properties and property and equipment with ASM
Notes 18 and 19. f.
The aggregate salaries and benefits paid by the Group to all commissioners and directors in 2014 and 2013 amounted to Rp 127,464 and Rp 99,135, respectively.
g. As of December 31, 2014 and 2013, the total balance of commitments and contingencies
transactions LC and bank guarantees with related parties amounted to Rp 196,655 and Rp 138,818, respectively Note 54.
51. Net Monetary Assets and Liabilities Denominated in Foreign Currencies
2014 2013
Equivalent in Equivalent in
Equivalent in Equivalent in
US Rp
US Rp
Assets Cash and cash in banks
57,665,974 714,479
73,978,260 900,694
Short term investments 173,718,264
2,158,484 224,194,462
2,730,189 Factoring receivables
1,450,000 18,038
1,471,251 17,933
Premiums and reinsurance receivables 36,598,530
455,285 19,514,657
237,864 Loans
206,792,249 2,561,122
115,707,642 1,408,162
Acceptance receivables 2,488,575
30,821 19,582,940
238,324 Other receivables
12,405,097 154,289
4,047,344 49,322
Reinsurance assets 77,558,524
964,828 59,158,284
721,080 Other assets
333,366 4,133
1,332,924 16,224
Total assets 569,010,579
7,061,479 518,987,764
6,319,792
Liabilities Deposits and deposits from other banks
290,921,265 3,603,060
281,486,419 3,425,690
Insurance payables 35,872,106
446,248 19,388,535
236,327 Acceptance liabilities
2,488,575 30,821
19,582,940 238,324
Liability for future policy benefits 113,096,540
1,406,921 102,781,150
1,252,799 Segregated funds contract liabilities - Unit link
21,244,621 264,283
29,117,700 354,916
Premiums received in advance 1,174,557
14,611 1,659,581
20,229 Unearned premiums and estimated
claim liabilities 84,956,550
1,056,859 66,869,708
815,075 Accrued expenses
183,851 2,277
233,854 2,846
Other liabilities 945,857
11,762 16,639,184
202,520 Total liabilities
550,883,922 6,836,842
537,759,071 6,548,726
Net 18,126,657
224,637 18,771,307
228,934
As of December 31, 2014 and 2013, the conversion rates used by the Group were disclosed in Note 2 to consolidated financial statements.
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
52. Fair Value of Financial Assets and Financial Liabilities
Fair value is defined as the amount at which the financial instruments could be exchanged in a current transaction between knowledgeable, willing parties in an arm’s length transaction,
other than in a forced sale or liquidation. Fair values are obtained from quoted prices, discounted cash flows model.
The following table sets forth the carrying amounts and estimated fair values of the Group’ financial assets and liabilities:
Carrying value Estimate Fair
Value Carrying value
Estimate Fair Value
Financial Assets At fair value through profit and loss
Short term investment - securities - shares and warrants 145,711
145,711 661,283
661,283 Short term investment - securities - bonds
34,719 34,719
20,000 20,000
Short term investment - securities - units of mutual fund 7,441,934
7,441,934 7,409,910
7,409,910 Short term investment - securities - unit link - units of mutual fund
1,722,475 1,722,475
2,413,715 2,413,715
Short term investment - securities - unit link - bonds 5,062
5,062 5,136
5,136 Other assets - derivative assets
- -
28 28
Available for sale Short term investment - placement with Bank Indonesia
1,749,388 1,749,388
1,142,439 1,142,439
Short term investment - securities - shares 53,260
53,260 553,537
553,537 Short term investment - securities - bonds
2,637,764 2,637,764
7,163,796 7,163,796
Short term investment - securities - units of mutual fund 6,629,792
6,629,792 1,571,472
1,571,472 Investment in shares
69,706 69,706
67,529 67,529
Investment based on sharia - cost Short term investment - securities - bonds
296,961 293,085
682,551 629,469
Investment based on sharia - fair value Short term investment - securities - shares
11,566 11,566
11,381 11,381
Short term investment - securities - bonds 73,007
73,007 123,696
123,696 Short term investment - securities - units of mutual fund
76,954 76,954
31,496 31,496
Held to Maturity Short term investment - securities - bonds
69,726 69,726
- -
Loan and receivables Cash and banks
2,637,727 2,637,727
2,599,638 2,599,638
Securities purchased under agreements to resell -
- 139,211
139,211 Short term investment - placement with other banks
308,569 308,569
593,813 593,813
Short term investment - time deposits 3,767,547
3,767,547 1,950,998
1,950,998 Short term investment - securities - export bill receivables
170,213 170,213
207,001 207,001
Consumer financing receivables - net 597,058
597,058 895,987
895,987 Factoring receivables - net
1,398,689 1,398,689
1,144,066 1,144,066
Loans - net 12,519,290
12,840,948 9,924,018
10,179,778 Acceptance receivables
67,836 67,836
238,324 238,324
Receivables from brokers 263,426
263,426 378,544
378,544 Other accounts receivable - net
2,105,313 2,105,313
623,751 623,751
Other assets 33,264
33,264 25,940
25,940 Total Financial Assets
44,886,957 45,204,739
40,579,260 40,781,938
Financial Liabilities At fair value through profit and loss
Segregated funds contract liabilities - Unit link 1,525,012
1,525,012 1,912,482
1,912,482 Derivative liability
63 63
- -
Other financial liabilities Deposits and deposits from other banks
15,660,708 15,660,708
13,047,975 13,047,975
Payables to brokers 193,927
193,927 81,341
81,341 Acceptance liabilities
67,836 67,836
238,324 238,324
Securities issued 1,293,454
1,293,454 1,290,904
1,290,904 Loans received
573,837 573,837
714,895 714,895
Accrued expenses 104,096
104,096 88,004
88,004 Other liabilities
260,270 260,270
366,370 366,370
Total Financial Liabilities 19,679,203
19,679,203 17,740,295
17,740,295 2014
2013
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
Fair Value Hierarchy The following table discloses the fair value hierarchy of consolidation financial assets:
Level 1 Level 2
Level 3 Total
Financial Assets Fair value through profit and loss
Shares and warrants 145,711
- -
145,711 Bonds
34,719 -
- 34,719
Units of mutual fund 2,994,323
4,447,611 -
7,441,934 Segregated funds net assets - Unit link
797,545 929,992
- 1,727,537
Available for sale
Placement with Bank Indonesia 1,749,388
- -
1,749,388 Shares
53,260 -
- 53,260
Units of mutual fund 6,629,792
- -
6,629,792 Bonds
2,587,695 -
50,069 2,637,764
Sharia securities - fair value
Shares 11,566
- -
11,566 Units of mutual fund
76,954 -
- 76,954
Bonds 73,007
- -
73,007
Held to Maturity
Bonds 69,726
- -
69,726
Total Financial Assets 15,223,686
5,377,603 50,069
20,651,358
Financial Liabilities Fair value through profit and loss
Segregated funds contract liabilities - Unit link 1,525,012
- -
1,525,012 Derivative liability
- 63
- 63
Total Financial Liability
1,525,012 63
- 1,525,075
2014
Level 1 Level 2
Level 3 Total
Financial Assets Fair value through profit and loss
Shares and warrants 661,283
- -
661,283 Bonds
20,000 -
- 20,000
Units of mutual fund 3,611,436
3,798,474 -
7,409,910 Segregated funds net assets - Unit link
654,600 1,764,251
- 2,418,851
Derivative assets -
28 -
28
Available for sale
Placement with Bank Indonesia 1,142,439
- -
1,142,439 Shares
553,537 -
- 553,537
Units of mutual fund 1,571,472
- -
1,571,472 Bonds
6,154,172 -
1,009,624 7,163,796
Sharia securities - fair value
Shares 11,381
- -
11,381 Units of mutual fund
31,496 -
- 31,496
Bonds 123,696
- -
123,696
Total Financial Assets 14,535,512
5,562,753 1,009,624
21,107,889
Financial Liabilities Fair value through profit and loss
Segregated funds contract liabilities - Unit link 1,912,482
- -
1,912,482 2013
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly
available from stock exchange, securities trader, broker, industry group pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transaction
on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1
comprise primarily Indonesia Stock Exchange IDX equity investments in shares and warrants, bonds investment and units of mutual fund investment classified as available-for-sale or trading
securities and segregated funds net assets - Unit link.
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