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
The changes in additional paid-in capital follows:
Jumlah Balance as of January 1, 2013
903,239 Additional issuance of capital stock from the conversion of
Series IV warrants 750
Balance as of December 31, 2014 and 2013 903,989
a. Additional paid-in capital consist of:
Initial public offering 78,000
Limited public offering I 165,750
Limited public offering III 24,783
Conversion of Series I warrants 49,372
Conversion of Series III warrants 396,353
Conversion of Series IV warrants 175,884
Conversion to capital stock 76,500
Total 813,642
b. Equity stock issuance cost incurred on Limited Public Offering II, III and IV, amounted to
Rp 904, Rp 1,060, and Rp 1,173, respectively. c.
Difference in Value Arising from Restructuring Transactions Among Entities Under Common Control
In December 2006, the Company increased its investment in AJSM amounting to Rp 15,000. The increase in investment resulted to an increase in ownership interest of the
Company in AJSM from 50.00 to 73.08, since the other stockholders, namely PT Sinarindo Gerbangmas SG and PT Sinar Mas Tunggal SMT both companies are
owned by Sinar Mas Group did not increase their investments. Difference between the transfer price and book value of restructuring transactions among entities under common
control amounting to Rp 46,028 was recorded in additional paid-in capital account.
In December 2007, the Company increased its investment in AJSM amounting to Rp 20,000. The increase in investment resulted to an increase in ownership interest of the
Company in AJSM from 73.08 to 83.33, since SG and SMT did not increase their investments. Difference between the transfer price and book value of restructuring
transactions among entities under common control amounting to Rp 47,475 was recorded in additional paid-in capital account.
In 2012, 2011, 2010, 2009 and 2008, the Company increased its investment in JTUM amounting to Rp 25,000, Rp 25,000, Rp 15,000, Rp 20,000 and Rp 8,000, respectively. The
increase in investment resulted to an increase in ownership interest of the Company in JTUM to 99.93 in 2011, 99.90 in 2010, 99.86 in 2009, 99.67 in 2008, since the other
stockholders, PT Kalibesar Raya Utama, a company owned by Sinar Mas Group, did not increase their investments. Difference between the transfer price and book value of
restructuring transactions among entities under common control amounting to nil, Rp 1, Rp 1, Rp 7 and Rp 10, respectively, was recorded in additional paid-in capital account.
The balance of additional paid-in capital from the above transactions as of December 31, 2014 and 2013 amounted to Rp 93,484.
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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
36. Other Equity Components
This account represents changes in value of investments of the Company due to changes in equity of the subsidiaries and associated companies which resulted from the change in
the Company’s ownership interest in AJSM. BS, PT Panji Ratu Jakarta and PT Super Wahana Tehno SWT, unrealized loss on decrease in value of securities of ASM, AJSM and BS and
changes in fair values of derivative instruments of PT Oto Multiartha OTO.
2014 2013
Unrealized gain loss on change in fair value of securities of subsidiaries Note 5
78,201 263,851
Share in translation adjustment of a subsidiary 2,108
2,044 Effects of transactions of subsidiary and associated
company with other investors or non-controlling interest 2,887,203
2,863,936 Changes in fair values of derivative instruments and others
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Total 2,811,110
2,602,067
In 2014, other components of equity amounting to Rp 62 that has been realized directly in profit and loss pertains to sold shares of PT Jobstreet Indonesia. Loss from realized other components
of equity is shown net with gain on sale of investment in shares Note 17 in the consolidated statements of comprehensive income.
In 2013, other components of equity amounting to Rp 6,614 that has been realized directly in profit and loss pertains to sold shares of OTO and SWT. Loss from realized other components of
equity is shown net with gain on sale of investment in shares Note 17 in the consolidated statements of comprehensive income.
37. Cash Dividends
Based on the Annual General Stockholders’ Meeting dated June 13, 2014, the shareholder approved the distribution of cash dividend for 2013 amounting to Rp 6,238 or Rp 1 in Rupiah full
amount per Series A and Series B share. Based on the Annual General Stockholders’ Meeting dated June 10, 2013 the shareholder
approved the distribution of cash dividend for 2012 amounting to Rp 6,237 or Rp 1 in Rupiah full amount per Series A and Series B Share.
38. General Reserve Based on the Annual General Stockholders’ Meeting dated June 15, 2012, the Company
provided general reserve based on the total issued and paid up capital amounting to Rp 264,276.
As of December 31, 2014 and 2013, the balance of general reserve amounted to Rp 791,607. 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.
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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
39. Insurance Underwriting Income
2014 2013
Gross premiums 11,915,604
13,885,244 Premi reasuransi
2,301,116 1,951,178
Increase in unearned premiums Note 26 31,697
123,190 Total
9,582,791 11,810,876
40. Interest Income and Profit Sharing
2014 2013
Loans 1,598,144
1,220,272 Consumer finance
339,222 386,224
Short-term investment 494,916
413,828 Time deposits
182,134 260,938
Factoring 216,201
167,634 Finance leases
13,307 19,395
Securities purchased under agreements to resell 6,764
4,542 Mortgage receivables
337 3,804
Others 6,359
1,766 Total
2,857,384 2,478,403
41. Sales
This account represent sales of foreign currencies by SMC, a subsidiary, in 2014 and 2013, and sales of electronic goods by the Company in 2014.
42. Other Income
2014 2013
Dividend income 63,616
39,135 Service center income
46,631 32,304
Operators remuneration for managing insurance operation 39,361
39,464 Interest income - current account
24,454 19,439
Printing insurance policy income 13,286
12,261 Investment management income
8,677 3,671
Income from penalties 3,185
19,921 Surplus underwriting income distribution
2,011 7,371
Others 77,524
57,311 Total
278,745 230,877
Others include service income, gain on sale of investment properties and property and equipment Notes 18 and 19, and other income.
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