PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
66
14. ACCEPTANCES RECEIVABLE continued
c By Collectibility:
June 30, 2004 June 30, 2003
April 30, 2003
Current 4,425,952
2,473,422 2,437,697
Special Mention 310,841
131,885 353,940
Sub-standard 7,562
- -
Doubtful 2,400
- -
Loss -
- -
Total 4,746,755
2,605,307 2,791,637
Less: Allowance for possible losses 141,305
73,163 103,404
4,605,450 2,532,144
2,688,233
d Movements of Allowance for Possible Losses on Acceptances Receivable:
Six-month Six-month Two-month
Four-month Period
ended Period ended Period ended Period
ended June 30, 2004
June 30, 2003 June 30, 2003
April 30, 2003
Balance at beginning of period 148,762
127,538 103,404
127,538 Reversal of provision during the period
18,074 45,391
25,139 20,252
Others 10,617
8,984 5,102
3,882
Balance at end of period 141,305 73,163 73,163
103,404
Includes foreign currency translation effect.
The minimum allowance for possible losses on acceptances receivable, under the guidelines prescribed by Bank Indonesia, as of June 30, 2004 and 2003, and April 30, 2003 were Rp62,125,
Rp31,328 and Rp41,997, respectively. Management believes that the allowance for possible losses on acceptances receivable is
adequate.
15. INVESTMENTS IN SHARES OF STOCK a. The details of investments in shares of stock are as follows:
June 30, 2004 June 30, 2003
April 30, 2003
Equity method of accounting 14,887
8,106 8,106
Cost method of accounting 87,205
102,113 141,798
Total 102,092
110,219 149,904
Less: Allowance for possible losses 96,233
32,454 27,633
5,859 77,765
122,271
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
67
15. INVESTMENTS IN SHARES OF STOCK
The details of investments in shares of stock as of June 30, 2004 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
7,033 9,728
14,887 Cost Method of Accounting:
PT Semen Kupang
a
Manufacturing 59.70 45,023
45,023 PT Sri Thai
a
Manufacturing na 23,055
23,055 PT Kertas Padalarang
a
Pulp and
paper 51.50
9,530 9,530
PT Kustodian Sentral Security
Efek Indonesia custodian
10.00 3,000
3,000 PT Bunas Finance
Internasional Tbk
.
a
Finance na 3,889
3,889 Others Various
0.60-19 3,141
2,708 87,205
Total 102,092
Less: Allowance for possible losses 96,233
5,859
a These investments, regardless of percentage of ownership, represent restructured loans through debt to equity participations Note 13. 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
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
68
15. INVESTMENTS IN SHARES OF STOCK continued
