PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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15. PREMISES AND EQUIPMENT Continued
d. For purposes of the planned initial public offering, the Bank has engaged PT Vigers Hagai Sejahtera, a registered appraisal company, to revalue its land and buildings as of December
31, 2002 and 2001. Based on PT Vigers Hagai Sejahtera’s Valuation Report No. 007VHSSwIII03 dated March 27, 2003, the market value of the land and buildings of the
Bank, and the corresponding increment in value as of December 31, 2002 are as follows:
Land and buildings Market Value
Book Value Increment in Value
Land and buildings 6,472,535
951,232 5,521,303
6,472,535 951,232
5,521,303
The above amount includes land and buildings with a net book value of Rp136,946, which was recorded under Other Assets Note 16.
Based on PT Vigers Hagai Sejahtera’s appraisal report No. 022VHSSwIII02 dated March 8, 2002, the appraised value of the land and buildings of the Bank and PHTM, and corresponding
increment in value as of December 31, 2001 are as follows:
Land and buildings Market Value
Book Value Increment in Value
Bank 5,140,957
817,764 4,323,193
PHTM 881,742
129,685 752,057
6,022,699 947,449
5,075,250
PT Vigers Hagai Sejahtera’s opinion of the market value was based on “Standar Penilaian Indonesia” issued by the Indonesian Appraisal Companies Association GAAPI and the
Indonesian Society of Appraisers MAPPI.
In arriving at the market values, PT Vigers Hagai Sejahtera has taken into consideration the following valuation methodologies: market data approach, cost approach, new replacement
cost and income approach.
The above valuation and increment in value is stated for disclosure purposes only. The Bank has not recognized or booked the increment in value in the consolidated financial statements.
e. As of December 31, 2002, Bank Mandiri and Subsidiaries have insured their premises and equipment excluding land rights against physical lossdamage for a total coverage amount of
Rp3,515,488. Management believes that the sum insured is adequate to cover the possibility of losses arising in relation to premises and equipment.
PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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64
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16. OTHER ASSETS
2002 2001
Accrued income
2,102,204 3,124,040 Receivables
2,875,188 3,010,086 Prepaid
tax 365,753
366,614 Prepaid
expenses 150,330
171,262 Others - net
2,143,269 1,035,310
7,636,744 7,707,312 Accrued Income
Accrued Income is primarily comprised of accrued interest receivable from placements, securities, Government Bonds and loans, and accrued fees and commissions.
Receivables Receivables from the accretion in realizable value of the zero coupon instruments and deposits
placed with foreign institutions which serve as security for certain Subordinated Undated Floating Rate Notes “SUFRNs” which were issued by Bank Exim and BDN, and the effective reduction in
the principal liability of the SUFRNs which were issued by Bapindo, are as follows:
2002 2001
SUFRNs classified
as subordinated
loans Note 30 Bank
Exim SUFRNs
950,937 975,000 Bapindo
SUFRNs 897,238 982,086
1,848,175 1,957,086 SUFRNs classified as loan capital
BDN SUFRNs Note 31 1,027,013
1,053,000 2,875,188 3,010,086
Prepaid Tax Prepaid tax as of December 31, 2002 and 2001 is primarily comprised of 2000 refundable
corporate income tax installments. Prepaid Expenses
Prepaid expenses consist of payments made in advance mostly relating to rent and insurance.