PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
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b. Principles of Consolidation continued PT Bank Syariah Mandiri BSM, was established in the Republic of Indonesia on August 10, 1973
under the name of PT Bank Susila Bhakti, a subsidiary of BDN, based on notarial deed No. 146 of R. Soeratman. The Company’s name was changed several times, the latest of which changes was
based on notarial act No. 23 of Sutjipto, S.H. dated September 8, 1999, whereby its name was changed to PT Bank Syariah Mandiri. The Company is engaged in banking activities in
accordance with “Syariah” banking principles.
PT Usaha Gedung Bank Dagang Negara was established in the Republic of Indonesia on October 29, 1971 based on notarial deed No. 104 of Abdul Latief, S.H. dated October 29, 1971.
The Company is engaged in property management and office rental activities, which involve the Company and its Subsidiaries’ offices, and other offices. It owns 75 of the share capital of
PT Pengelola Harta Tetap Mandiri PHTM, a company primarily established to manage and sell the non-core fixed assets of Bank Mandiri, and 25 of the share capital of PT Pengelola
Investama Mandiri PIM, a company primarily established to manage the investments in shares of stock of Bank Mandiri.
PT Bumi Daya Plaza was established in the Republic of Indonesia based on notarial deed No. 33 of Ny. Subagyo Reksodipuro, S.H. dated December 22, 1978. The Company is engaged in
property management and rental activities. It owns 75 of the share capital of PIM and 25 of the share capital of PHTM.
PT Mandiri Sekuritas was established in the Republic of Indonesia on July 31, 2000 based on notarial deed No. 116 of Ny. Vita Buena, S.H. replacing Sutjipto, S.H. It was established through
the merger of PT Bumi Daya Sekuritas, PT Exim Sekuritas and PT Merincorp Securindo. The merger was approved by the Minister of Laws and Regulations of the Republic of Indonesia on
August 25, 2000 based on decision letter No. C-18762 HT.01.01-TH.2000. The Bank injected additional paid-up capital of Rp300 billion full amount and Rp300 billion full amount into the
Company in December 2002 and April 2003, respectively, resulting in an increase in the percentage of the Bank’s ownership from 28.49 to 95.68.
The total assets of the Subsidiaries as of December 31, 2003, April 30, 2003 and December 31, 2002 prior to elimination amounted to Rp6,069,839, Rp4,254,717 and Rp3,371,193 or 2.43,
1.63 and 1.35 of the total consolidated assets, respectively.
For consolidation purposes, the financial statements of the overseas branches and overseas subsidiary of Bank Mandiri are translated into Rupiah on the following basis:
1 Assets, liabilities, commitments and contingencies - using the middle rates as published by
Bank Indonesia at the balance sheet date. 2
Revenues, expenses, gains and losses - using the average middle rates during each month in the financial reporting period.
3 Shareholders’ equity accounts - using historical rates.
4 Statements of cash flows - using the middle rates as published by Bank Indonesia at the
balance sheet date, except for profit and loss statement balances which are translated using the average middle rates and shareholders’ equity balances which are translated using
historical rates.
The resulting net translation adjustment is presented as “Differences Arising from Translation of Foreign Currency Financial Statements” under the Shareholders’ Equity section of the
consolidated balance sheets.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
