PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
100
32. MANAGEMENT STOCK OPTION PLAN continued
The fair value of the options granted were estimated using the Black-Scholes option-pricing model with the following assumptions:
MSOP – Stage 1 MSOP – Stage 2
MSOP – Stage 3 Risk free interest rate
8.46 9.50
11.65 Expected period of option
5 years 5 years
5 years Expected stock’s volatility
24.53 50
50 Expected dividend yield
7.63 7.63
7.75 Employee turnover rate
1 1
1
A summary of the Management Stock Option Plan and the movements during the year full amount:
2006
Number of options Weight average fair value of
options full amount
Weighted average excercise price of
options full amount
Value of Options
Option outstanding at begining of year
434,866,421 480.51 1,063.92
175,012 Option granted during the year
309,416,215 593.89 1,495.08
130,669 Option excercised during the year
375,500,103 533.56
1,105.43 200,351
Options that can be excercised at the end of the year
368,782,533 521.62 1,383.41
105,330
2005
Number of options Weight average fair value of
options full amount
Weighted average excercise price of
options full amount
Value of Options
Option outstanding at begining of year
245,728,913 69.71 742.50
13,830 Option granted during the year
312,000,000 642.28 1,190.50
169,746 Option excercised during the year
122,862,492 69.71 742.50
8,564 Options that can be excercised at the
end of the year 434,866,421
480.51 1,063.92 175,012
Share options amounted to Rp105,330 and Rp175,012 as of December 31, 2006 and 2005. MSOP – Stage 1 and MSOP – Stage 2 and MSOP – Stage 3 expense which was recorded as salaries and employee
benefits for the years ended December 31, 2006 and 2005 totaled Rp130,669 and Rp169,746, respectively Note 41.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Year Ended December 31, 2006 With Comparative Figures For 2005
Expressed in millions of Rupiah, unless otherwise stated
101
33. INTEREST INCOME
Interest income was derived from the following:
2006 2005
Loans 11,319,184 10,418,826
Government Recapitalization Bonds 10,840,987
7,797,767 Securities
1,646,826 1,008,765 Placements with Bank Indonesia and other banks
1,067,532 789,287
Fees and commissions 603,709 632,775
Others 782,868 351,805
26,261,106 20,999,225
Included in interest income from loans and others is syariah income for the years ended December 31, 2006 and 2005 amounting to Rp825,107 and Rp777,812, respectively, with details as follows:
2006 2005
Murabahah income 492,689 567,368
Musyarakah income 189,779 137,735
Others 142,639 72,709
825,107 777,812
34. INTEREST EXPENSE
