PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 114 - 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 AJS 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 the account “Difference in Value Arising from
Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated financial statements.
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 its investment. Difference between the transfer price and book value of restructuring transactions
among entities under common control amounting to Rp 1, Rp 1, Rp 7 and Rp 10, respectively, were recorded in “Difference in Value Arising from Restucturing Transactions
Among Entities Under Common Control” as part of equity in the consolidated financial statements.
The balance of this account as of December 31, 2011 and 2010, amounted to Rp 93,484 and Rp 93,485, respectively.
39. Cash Dividends
Based on the Annual General Stockholders’ Meeting dated June 15, 2012, the shareholder approved the distribution of cash dividend for 2011 amounting to Rp 6,236 or
Rp 1 in Rupiah full amount per Series A and Series B Share.
Based on the Annual General Stockholders’ Meeting dated June 24, 2011, the shareholder approved the distribution of cash dividend for 2010 amounting to Rp 6,224 or Rp 1 in Rupiah full
amount per Series A and Series B share.
40. 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. Based on the Annual General Stockholders’ Meeting dated June 24, 2011, the Company
provided general reserve based on the total issued and paid up capital amounting to Rp 264,101.
Based on the Annual General Stockholders’ Meeting dated June 4, 2010, the Company provided general reserve based on the total issued and paid up capital amounting to
Rp 263,230.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 115 - As of December 31, 2012 and 2011 and January 1, 2011December 31, 2010, the balance of
general reserve amounted to Rp 791,607, Rp 527,331 and Rp 263,230, respectively. 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.
41. Warrants
In July 2008, the Company issued 1,446,793,426 Series IV warrants detachable warrants, free of charge. These warrants can be exercised during the period from January 6, 2009 up to
July 9, 2013. Every holder of a Series IV warrant has a right to buy one Series B share at an exercise price of Rp 500 per share.
During 2012 and 2011, 3,395,219 and 8,745,391 warrants Series IV has been converted Series B to shares. As of December 31, 2012 and 2011 and January 1, 2011December 31,
2010, unconverted Series IV warrants are 1,008,955,055, 1,012,350,274 and 1,021,095,665 warrants, respectively.
42. Insurance Underwriting Income
December 31, December 31,
2012 2011
Gross premiums 14,459,239
16,281,679 Reinsurance premiums
2,032,692 1,997,650
Increase in unearned premiums Note 27 63,734
115,723 Others
26,291 10,449
Total 12,389,104
14,178,755
43. Interest Income
December 31, December 31,
2012 2011
Loans 1,295,619
1,077,258 Securities
358,716 255,677
Time deposits 297,030
248,495 Placements with other banks
9,463 13,676
Securities purchased under agreements to resell 1,184
5,879 Mortgage receivables
2,088 2,349
Others 2,797
1,316 Total
1,966,897 1,604,650
44. Sales
This account represent sales of foreign currencies by SMC, a subsidiary, and sales by the Company.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2012 and 2011 and January 1, 2011December 31, 2010 and For the Years then Ended December 31, 2012 and 2011
Figures are Presented in Millions of Rupiah, unless Otherwise Stated
- 116 -
45. Other Income
As Restated - Note 62
December 31, December 31,
2012 2011
Dividend income 27,284
37,769 Service center income
23,779 20,388
Interest income - current account 17,417
37,362 Printing insurance policy income
9,111 10,192
Income from penalties 8,665
10,333 Share in net income of associates - net
- 10,775
Others 38,642
29,703 Total
124,898 156,522
Service center income were earned by JTUM, a subsidiary. Dividend income in 2012 and 2011, were earned from short term investments.
Others include service income from Unit Link policyholders Link, gain on sale of property and equipment Note 19, and other income.
46. Insurance Underwriting Expenses
As Restated - Note 62
December 31, December 31,
2012 2011
Gross claims 10,854,521
11,419,483 Reinsurance claims
141,657 45,286
Increase in liability for future policy benefits Note 26 2,262,842
5,215,117 Decrease in segregated fund contract liabilities -
unit link 605,093
2,506,291 Commission - net
387,141 403,697
Increase in insurance contract liabilities 141,780
40,586 Increase in estimated claims liabilities Note 27
43,541 22,306
Other underwriting expense 41,366
48,893 Total
12,984,441 14,598,505
47. Interest Expense
December 31, December 31,
2012 2011
Time deposits 408,959
618,198 Savings deposits
147,387 85,746
Loans received 115,681
89,101 Current account
60,022 39,345
Premiums on Government guarantee 29,216
26,347 Deposits and deposits from other banks
2,741 972
Securities sold under repurchase agreement 482
1,428 Others
69 35,406
Total 764,557
896,543
