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
d.
ABSM, a subsidiary, entered into certain lease agreements operating lease with BS, a subsidiary, on motor vehicles and office equipment owned by ABSM with lease period for 1
year.
54. Commitments and Contingencies
a. BS, a subsidiary, has commitments on purchases and sales of foreign currency Spot and
Forward which have not yet been realized as of December 31, 2014 and 2013. Details are as follows:
2014 2013
Spot and forward contracts to purchase foreign currencies
U.S Dollar 92,888
121,700 Japan Yen
- 36,423
Total 92,888
158,123
Spot and forward contracts to sell foreign currencies
U.S Dollar 92,888
109,530 Singapore Dollar
609 -
Australian Dollar 304
- Japan Yen
- 36,347
Euro -
5,028 Total
93,801 150,905
The above spot and forward transactions are normally settled in 1 day to 3 days, 3 days to 103 days, and 5 days to 71 days, respectively.
b. BS has commitments and contingent receivables and liabilities under export-import,
guarantees and loans given to the customers as follows:
2014 2013
Commitments Commitment liabilities
Unused loan commitments granted to customers
486,114 265,516
Irrevocable Letters of Credit 17,823
67,942 Total
503,937 333,458
Contingencies Contingent receivables
Past due interest revenues 76,770
27,934 Contingent liabilities
Bank guarantees issued 1,049,744
921,253 Net
972,974 893,319
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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
As of December 31, 2014 and 2013, the total commitments and contingencies transactions which consist of letters of credit and bank guarantees with related parties amounted to
Rp 196,655 and Rp 138,818, respectively Note 50. As of December 31, 2014 and 2013, the average term of letters of credit is 1 up to
5 months and 1 up to 9 months, respectively, while for bank guarantees is from 14 days up to 38 months and 14 days up to 39 months, respectively.
55. Segment Information
Operating segments are reported in accordance with the internal reporting to the operating decision maker who is responsible for the allocation of resources to each segment are reported
as well as assess the performace of each segment. 2014
Consumer Stock brokerage
financing, Securities
underwriting Property,
Total Total
Insurance finance lease
administration and investment
Trading and before
after The Company
underwriting and factoring
fee manager
Banking Service
elimination Elimination
Elimination
Operating income -
9,582,791 -
4,010 163,796
- -
9,750,597 78
9,750,519 Interest income and profit sharing
17,868 512,628
596,013 -
9,611 1,787,102
59 2,923,281
65,897 2,857,384
Gain from investment in units of mutual fund
70,330 831,542
- 1,230
51,911 -
2,141 957,154
- 957,154
Administration fee and commission
- -
147,534 -
- 226,939
- 374,473
50,055 324,418
Unrealized gain loss on change in fair value of
marketable securities 37,820
283,871 -
- 29,996
1,357 -
274,690 -
274,690 Sales
7,199 -
- -
- -
173,701 180,900
- 180,900
Equity in net income of associates - net
882,451 29,354
- -
- -
79,971 991,776
877,231 114,545
Sales of investment in shares 47,376
- -
- -
- -
47,376 -
47,376 Gain on foreign exchange - net
577 37,381
108 -
2,251 4,538
20 30,143
- 30,143
Others 71,046
101,568 20,516
259 18,957
22,066 120,628
355,040 76,295
278,745 Total income
1,057,873 11,379,135
764,171 5,499
272,020 2,030,212
376,520 15,885,430
1,069,556 14,815,874
Operating expenses -
9,556,300 -
- 34,997
- -
9,591,297 50,055
9,541,242 General and administrative
16,632 335,992
179,734 1,535
52,576 555,733
56,413 1,198,615
88,965 1,109,650
Salaries and employee benefit 6,388
366,709 230,452
2,625 46,258
336,820 33,273
1,022,525 -
1,022,525 Interest expenses
- -
222,504 -
5 806,882
3,226 1,032,617
42,898 989,719
Loss gain on sale of short-term
investment-Net -
349,359 -
- 39,422
9,494 -
379,287 -
379,287 Cost of goods sold
6,240 -
- -
- -
173,323 179,563
- 179,563
Provision for impairment losses of financial assets
and non financial assets -
2,690 21,069
1 -
39,237 8
63,005 -
63,005 Others
5,242 50,412
34,145 248
2,576 100,141
30,551 223,315
6,515 216,800
Total expenses 34,502
10,661,462 687,904
4,409 175,834
1,829,319 296,794
13,690,224 188,433
13,501,791 Income losses before tax
1,023,371 717,673
76,267 1,090
96,186 200,893
79,726 2,195,206
881,123 1,314,083
Tax benefit expense 11,559
7,289 22,432
2 31,086
45,963 1,107
104,856 462
104,394 Net income
1,011,812 724,962
53,835 1,092
65,100 154,930
78,619 2,090,350
880,661 1,209,689
Segment assets 1,007,461
26,460,075 3,271,615
24,585 1,197,079
21,143,098 416,327
53,520,240 575,529
52,944,711 Investment in associates
11,753,438 159,012
8 301
16,937 173,800
263,467 12,366,963
11,553,173 813,790
Unallocated assets 12,638
31,185 -
157 6,564
30 10,988
61,562 -
61,562 Total assets
12,773,537 26,650,272
3,271,623 25,043
1,220,580 21,316,928
690,782 65,948,765
12,128,702 53,820,063
Segment liabilities 12,093
15,156,302 1,968,518
2,349 231,443
18,001,800 70,955
35,443,460 605,134
34,838,326 Unallocated liabilities
11,774 13,550
8,426 173
7,663 112,274
564 154,424
6,197 160,621
23,867 15,169,852
1,976,944 2,522
239,106 18,114,074
71,519 35,597,884
598,937 34,998,947
Segment assets are excluded prepaid tax and deferred tax asset whereas segment liabilities are excluded taxes payable and deferred tax liabilities
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