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
12. Acceptance Receivables and Payables
a. Acceptance Receivables
2014 2013
Third parties Rupiah
37,015 -
Foreign currencies Note 51 30,821
238,324 Total
67,836 238,324
Based on maturity date, acceptance receivables and payables are 1 year or less. No allowance for impairment losses was provided on acceptances receivables as
management believes that all such acceptances receivable are collectible.
b. Acceptance Payables
Acceptance payables represent payables to other banks – third parties.
13. Ijarah Assets
As of December 31, 2014 and 2013, this account represents the object of the Ijarah lease transactions with an option to transfer the Muntahiyah Bittamlik object property to lessee.
January 1, Transfer to the lessee
December 31, 2014
Additions at the end of contract
2014
Cost
Vehicles 30,400
3,636 20,472
13,564 Heavy equipment
4,227 -
1,227 3,000
Machineries 2,354
4,174 278
6,250 Multiservice assets
14,565 109
8,936 5,738
Freehold title 16,895
4,000 15,298
5,597 Houses
- 900
900 -
Home office -
200 200
- Others
57,574 117,026
35,016 139,584
Total 126,015
130,045 82,327
173,733
Accumulated depreciation
Vehicles 7,729
2,219 6,012
3,936 Heavy equipment
4,503 463
3,114 1,852
Machineries 1,660
2,978 278
4,360 Multiservice assets
1,242 2,944
2,639 1,547
Freehold title 2,794
1,759 4,120
433 Others
3,531 129,270
66,164 66,637
Total 21,459
139,633 82,327
78,765 Allowance for impairment losses
- 10,788
- 10,788
Net Book Value
104,556 84,180
Changes during the year 2014
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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
January 1, Transfer to the lessee
December 31, 2013
Additions at the end of contract
2013
Cost
Vehicles 19,227
18,838 7,665
30,400 Heavy equipment
18,000 1,227
15,000 4,227
Machineries 6,552
- 4,198
2,354 Multiservice assets
14,565 -
- 14,565
Electronic 11
- 11
- Freehold title
16,830 177
112 16,895
Bicycle 3
- 3
- Document
- 64
64 -
Houses 3
- 3
- Others
- 61,734
4,160 57,574
Total 75,191
82,040 31,216
126,015
Accumulated depreciation
Vehicles 14,370
1,024 7,665
7,729 Heavy equipment
9,654 9,849
15,000 4,503
Machineries 1,917
3,941 4,198
1,660 Multiservice assets
1,242 -
- 1,242
Electronic 6
5 11
- Freehold title
1,487 1,419
112 2,794
Bicycle 1
2 3
- Houses
1 2
3 -
Document -
64 64
- Others
- 7,691
4,160 3,531
Total 28,678
23,997 31,216
21,459
Net Book Value 46,513
104,556 Changes during the year 2013
14. Receivables From Brokers
2014 2013
Receivables from customers 135,827
287,927 Receivables from PT KPEI
117,739 82,085
Commissions receivable 9,823
8,532 Others
37 -
Total 263,426
378,544
Receivables from PT Kliring Penjaminan Efek Indonesia KPEI and receivables from customers pertain to receivables in relation to purchases and sales of shares and other securities net
which have not yet been received as of consolidated statement of financial position date.
As of December 31, 2014 and 2013, the balance of receivables from brokers from related parties amounted to Rp 67,993 and Rp 1,834, respectively Note 50.
Management did not provide allowance for impairment losses on receivables from brokers because management believes that all such receivables are collectible.
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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
15. Other Accounts Receivable
2014 2013
Policy loans 1,823,799
343,744 Interest receivables
149,164 172,616
Mortgage receivables 26,885
26,086 Claims receivable
11,847 6,851
Loans employees and marketing agents 7,002
7,196 Receivables on sale of stocks
736 4,063
Others 86,014
63,334 Total
2,105,447 623,890
Allowance for impairment losses 134
139 Net
2,105,313 623,751
Policy loans represent policy cash value provided in the form of loans to the policyholders. The details of policy loans are as follows:
2014 2013
Rupiah 1,697,297
322,390 Foreign currency Note 51
126,502 21,354
Total 1,823,799
343,744 Interest rate per annum are as follows:
Rupiah 6.00 - 18.00
6.50 - 14.00 Foreign currency
2.35 - 7.00 1.85 - 6.00
Interest receivables consist of interest from time deposits, bonds and factoring receivables. Mortgage receivables represent loans cash value provided by ASM and AJSM, subsidiaries, to
their employees and third parties for purchase of land or building. Mortgage loans granted to employees bear special interest rate while those granted to third parties bear prevailing market
interest rate. Payments are made through monthly installment. These receivables are collateralized with land or building’s certificate of ownership.
Claims receivable represent receivables from policyholders in relation to payment of claims by subsidiaries in excess of the insurance limit of policyholders.
As of December 31, 2014 and 2013, the consolidated balance of other accounts receivable from related parties amounted to Rp 14,636 and Rp 14,642, respectively Note 50.
The changes in allowance for impairment losses on other receivables are as follows:
2014 2013
Balance at the beginning of the year 139
281 Recoveries during the year
5 142
Balance at the end of the year 134
139
Management believes that the allowance for impairment losses on other receivables as of December 31, 2014 and 2013 is adequate to cover the possible losses which might arise from
uncollectible other receivables.
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