PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six Months Ended June 30, 2006 Unaudited and 2005 Audited Expressed in millions of Rupiah, unless otherwise stated
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
b. Principles of Consolidation continued Subsidiaries included in the consolidated financial statements as of June 30, 2006 and 2005 are as
follows:
Name of Subsidiary Nature of Business
Domicile Percentage of Ownership Bank Mandiri Europe Limited BMEL
Commercial Banking London
100.00 PT Bank Syariah Mandiri BSM
Syariah Banking Jakarta
99.99 PT Usaha Gedung Bank Dagang Negara
Property Management Jakarta
99.00 PT Mandiri Sekuritas
Securities Jakarta
95.68 PT Bumi Daya Plaza
Property Management Jakarta
93.33
Bank Mandiri Europe Limited BMEL was incorporated on June 22, 1999 under the Companies Act 1985 of the United Kingdom. It was established from the conversion of Bank Exim London Branch to a
subsidiary effective July 31, 1999. BMEL was mandated to act as a commercial bank to represent the interests of Bank Mandiri. The registered office of BMEL is in London, United Kingdom.
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 changed several times, the latest of these changes was based on notarial deed 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’s and its Subsidiaries’ offices, and other offices. It owns 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 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. PT Mandiri Sekuritas owns 99.9 of the share capital of PT Mandiri Manajemen Investasi, a subsidiary established on October 26, 2004 engaged in
investment management and advisory activities.
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.
The total assets of the subsidiaries as of June 30, 2006 and 2005 prior to elimination amounted to Rp12,089,674 and Rp11,756,304 or 4.74 and 4.58 of the total consolidated assets, respectively.
For consolidation purposes, the financial statements of the overseas branches and overseas subsidiary of Bank Mandiri denominated in foreign currency are translated into Rupiah based 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.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Six Months Ended June 30, 2006 Unaudited and 2005 Audited Expressed in millions of Rupiah, unless otherwise stated
18
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
