PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 108 - The balance of this account as of December 31, 2011 and 2010, amounted to Rp 93,484 million
and Rp 93,485 million, respectively.
40. Cash Dividends
Based on the Extraordinary General Stockholders’ Meeting dated June 24, 2011, the shareholder approved the distribution of cash dividend for 2010 amounting to Rp 6,224 million or Rp 1 per
share. Based on the Extraordinary General Stockholders’ Meeting dated June 4, 2010, the shareholder
approved the distribution of cash dividend for 2009 amounting to Rp 6,182 million or Rp 1 per share.
41. General
Reserve
Based on the Extraordinary General Stockholders’ Meeting dated June 24, 2011, the Company provided general reserve based on the total issued and paid up capital amounting to Rp 264,101
million. Based on the Extraordinary General Stockholders’ Meeting dated June 4, 2010, the Company
provided general reserve based on the total issued and paid up capital amounting to Rp 263,230 million.
As of December 31, 2011 and 2010, the balance of general reserve amounted to Rp 527,331 million and Rp 263,230 million, respectively. This general reserve was provided in relation with
the Law of Republic of Indonesia No. 402007 dated August 16, 2007 regarding Limited Liability Company, which requires Companies to set up general reserve equivalent to at least 20 of the
total issued and paid up capital. There is no timeline over which this amount should be appropriated.
42. Warrants
Exercised up to Expired
Adjustment in December 31,
Exercised in Exercised in
unexcercised relation to Limited
Warrants 2009
2010 2011
warrants Total
Public Offering IV Series III
991,106,868 1,600,804
- 86,580
992,794,252 1,468,911
Series IV 383,764,094
41,933,667 8,745,391
- 434,443,152
- Total
1,374,870,962 43,534,471
8,745,391 86,580
1,427,237,404 1,468,911
In July 2005, the Company issued 991,325,341 Series III warrants detachable warrants, free of charge. These warrants can be exercised during the period from January 12, 2006 to
July 13, 2010. Every holder of a Series III warrant has a right to buy one Series B share at an exercise price of Rp 500 per share.
As of June 30, 2008, the price and total of Series II and Series III warrants have been adjusted in relation to Limited Public Offering IV. The new exercise price became Rp 430, and the new total
warrants became 10,516,070 warrants.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 109 - In July 2008, the Company issued 1,446,793,426 Series IV warrants detachable warrants, free
of charge. These warrants can be exercised during the period from January 6, 2009 up to July 9, 2013. Every holder of a Series IV warrant has a right to buy one Series B share at an exercise
price of Rp 500 per share.
43. Insurance Underwriting Income
2011 2010
Rp 000,000 Rp 000,000
Gross premiums 16,281,679
12,533,584 Reinsurance premiums
1,997,650 1,803,305
Increase in unearned premiums Note 29 115,723
116,724 Lainnya
10,449 6,022
Total 14,178,755
10,619,577
44. Interest Income
2011 2010
Rp 000,000 Rp 000,000
Loans 1,077,258
792,337 Securities
255,677 192,202
Time deposits 248,495
63,949 Placements with other banks
13,676 4,824
Securities purchased under agreements to resell 5,879
2,141 Mortgage receivables
2,349 2,585
Others 1,316
1,875 Total
1,604,650 1,059,913
For the years ended December 31, 2011 and 2010, interest income earned by AJSM, a subsidiary, from unit link transactions amounted to Rp 39,043 million and Rp 23,979 million,
respectively. The interest income earned belong to the customers and included in interest income above.
45. Sales
This account represent sales of foreign currencies by SMC, a subsidiary, and sales by the Company.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 110 -
46. Other Income
2011 2010
Rp 000,000 Rp 000,000
Dividend income 37,769
26,643 Interest income - current account
37,362 3,839
Service center income 20,388
14,228 Investment income of the subsidiaries
12,197 971
Charges income 10,333
18,519 Printing insurance policy income
10,192 9,938
Recovery of impairment losses of foreclosed properties 4,225
- Others
29,703 21,747
Total 162,169
95,885
Service center income were earned by JTUM, a subsidiary. Devidend income in 2011 and 2010, earned by short term investment.
Others include service income from Unit Link policyholders, gain on sale of property and equipment Note 19, and other income.
47. Insurance Underwriting Expenses
2011 2010
Rp 000,000 Rp 000,000
Gross claims 11,419,483
7,997,292 Reinsurance claims
45,286 93,768
Increase decrease in liability for future policy benefits Note 28 5,215,117
891,619 Increase decrease in segregated fund contract liabilities -
unit link 2,506,291
3,688,892 Commission - net
403,697 325,927
Increase in estimated own retention claims Note 29 22,306
59,344 Increase in segregated fund contract liabilities - sharia
27,655 17,842
Other underwriting expense 21,238
3,167 Total
14,557,919 11,107,077
