PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
b. Principles of Consolidation continued PT AXA Mandiri Financial Services formerly PT Asuransi Jiwa Mandiri was established in the
Republic of Indonesia on September 30, 1991 based on notarial deed No. 179 of Muhani Salim, S.H. dated September 30, 1991 with the name of PT Asuransi Jiwa Staco Raharja. Based
on the Extraordinary General Shareholders’ Meeting held on January 31, 2002, the name of the Company was changed from PT Asuransi Jiwa Staco Raharja to PT Asuransi Jiwa Mandiri. In
accordance with Article 3 of the Company’s Articles of Association, the Company is engaged in life insurance activities. In order to strengthen the Company’s capital structure prior to the joint venture
with the National Mutual Fund International Pty. Ltd., a member of the AXA Group, on September 20, 2002 and October 24, 2003, PT Asuransi Jiwa Mandiri’s paid-up capital was increased by
Rp10,000 and Rp28,600, respectively, as a result of the Bank’s increased investment in the Company. On November 5, 2003, the National Mutual Fund International Pty. Ltd. acquired 51 of
the share ownership in the Company from Bank Mandiri. On the same date, Bank Mandiri and National Mutual Fund International Pty. Ltd. increased the paid-up capital of PT Asuransi Jiwa
Mandiri in the amount of Rp7,777 and Rp8,095, respectively and the Company’s name was changed from PT Asuransi Jiwa Mandiri to PT AXA Mandiri Financial Services.
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 act 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 and its Subsidiaries’ offices, and other offices. It owns 75 of the share capital of
PT Pengelola Harta Tetap Mandiri PHTM, a company primarily established to manage and sell the non-core fixed assets of Bank Mandiri, and 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 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 and 25 of the share capital of PHTM.
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. The Bank injected additional paid-up capital of Rp300 billion full amount and Rp300 billion full amount into the
Company in December 2002 and April 2003, respectively, resulting in an increase in the percentage of the Bank’s ownership from 28.49 to 95.68.
The total assets of the Subsidiaries as of June 30, 2004 and 2003, and April 30, 2003 prior to elimination amounted to Rp8,609,464, Rp4,420,307 and Rp4,254,717 or 3.67, 1.71 and 1.63
of the total consolidated assets, respectively.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
