PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006 Expressed in millions of Rupiah, unless otherwise stated
98
32. MANAGEMENT STOCK OPTION PLAN continued
The fair value of the options stage 1, stage 2 and stage 3 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
Number of options exercised during the year ended December 31, 2007 totalled 181,547,707 options Note 1a which comprised of MSOP - Stage 1, MSOP - Stage 2 and MSOP - Stage 3 of 43,512,471
options, 687,178 options and 137,348,058 options, respectively. Number of options exercised during the year ended December 31, 2006 totalled 375,500,103 options
Note 1a which comprised of MSOP - Stage 1 and MSOP - Stage 2 of 71,300,339 options and 304,199,764 options, respectively.
A summary of the Management Stock Option Plan and the movements during the year full amount:
2007
Number of options Weighted average fair
value of options full amount
Weighted average excercise price of
options full amount
Value of Options
Option outstanding at begining of year
368,782,533 521.62
1,383.41 105,330
Option granted during the year -
- -
87,034 Option excercised during the year
181,547,707 468.44
1,318.48 85,044
Options that can be excercised at the end of the year
187,234,826 573.18
1,500.62 107,320
2006
Number of options Weighted 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
130,670 Option excercised during the year
375,500,103 533.56
1,105.43 200,352
Options that can be excercised at the end of the year
368,782,533 521.62
1,383.41 105,330
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2007 and 2006 Expressed in millions of Rupiah, unless otherwise stated
99
33. INTEREST INCOME
Interest income was derived from the following:
2007 2006
Loans 12,629,787
11,319,184 Government Bonds
7,418,237 10,840,987
Securities 1,759,699
1,646,826 Placements with Bank Indonesia and other banks
755,716 1,067,532
Fees and commissions 695,800
603,709 Others
669,310 782,868
23,928,549 26,261,106
Included in interest income from loans and others is syariah income for the years ended December 31, 2007 and 2006 amounting to Rp1,051,145 and Rp825,107, respectively, with details as follows:
2007 2006
Murabahah income 553,286
492,689 Musyarakah income
200,090 189,779
Others 297,769
142,639 1,051,145
825,107
34. INTEREST EXPENSE Interest expense was incurred on the following:
2007 2006
Time deposits 6,466,082
11,459,892 Savings deposits
2,310,034 2,059,386
Demand deposits 1,251,732
1,325,764 Fund borrowings
332,657 331,809
Securities issued 269,636
251,972 Subordinated loans
162,473 129,704
Others 207,580
218,224 11,000,194
15,776,751
Included in interest expense from time and savings deposits is syariah expense for the years ended December 31, 2007 and 2006 amounting to Rp307,424 and Rp314,493, respectively.
35. OTHER OPERATING INCOME - OTHERS
2007 2005
Penalty 90,911
3,444 Stamp duty income
42,823 40,643
Safe Deposit Box 18,801
17,201 Others
248,734 290,057
401,269 351,345
