PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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8. GOVERNMENT BONDS Continued
Significant information relating to Government Bonds follows: 2002
Based on the Ministry of Finance Decree No. S-382 MK.012002 dated November 20, 2002, the Government reprofiled bonds issued to state-owned banks, by redeeming the old bonds and issuing
new bonds with longer maturities. The reprofiling seeks to allow the Government to better manage its debt by extending the maturity of certain Government bonds. Accordingly, Government bonds held by
Bank Mandiri amounting to Rp103,849,017 as of November 20, 2002 were reprofiled. The reprofiling did not apply to any hedge bonds. As a result of the reprofiling, the Bank has recategorized its bond
portfolio without requiring to mark to market any movement from held-to-maturity.
During 2002 Bank Mandiri transferred to IBRA Government bonds with a total nominal value of Rp5,422,497 to swap with loans. The bonds swapped with loans are serial nos. FR0003, VR0006,
VR0007 and VR0008. All the bonds have maturity dates prior to 2005 and annual interest rates of above 10 Note 12.B.n.
Of the total trading portfolio, Government Bonds with serial No. FR0002 and with a nominal value of Rp980,000 were sold to Deutsche Bank for Rp735,000, with an agreement to repurchase on January
31, 2004 Notes 11 and 23. Receipts from sales of Government Bonds to third parties during the year ended December 31,
2002 amounted to Rp1,024,891 nominal value: Rp1,125,000. The outstanding Government Bonds include hedge bonds amounting to Rp16,839,823 which have
a nominal value of Rp16,708,115 increased by an indexation of Rp131,708. Hedge bonds are stated at the balance sheet date based on the indexation of the exchange rate of the Rupiah to the
US Dollar as published by Reuters. The original base rate of Hedge bonds serial no. HB0001 to HB0012 at the time of issuance was Rp7,200 full amount and it was revised by Bank Indonesia
per BI Circular Letter No. 2195DPM dated March 6, 2000 to Rp7,008 full amount. Hedge bonds outstanding as of December 31, 2002 were obtained as a result of conversion of Hedge bonds that
matured through December 31, 2002. The indexed rate of the Hedge bonds as of December 31, 2002 and 2001 are Rp8,950 full amount and Rp10,400
full amount, respectively. In relation to the transfer of certain premises and equipment to PHTM in 1999, the shareholder,
through an extraordinary general meeting on January 16, 2002, approved the plan of the Board of Directors to return Government Bonds amounting to Rp129,685 to the Government Note 15. The
Bank returned the Government Bonds with serial number FR0007 on December 30, 2002.
2001 Receipts from sales of Government Bonds to third parties during the year ended December 31,
2001 amounted to Rp14,200,453 nominal value: Rp15,787,100. The Bank recorded a gain from the sale of Government Bonds amounting to Rp394,852 for the year ended December 31, 2001.
In September 2001 Bank Mandiri agreed to swap certain of its Government Bonds for IBRA loans totaling Rp5,214,645 Notes 58d and 58e .
All Government Bonds are allowed to become available for trading based on Bank Indonesia Circular Letter No. 36DPM dated February 9, 2001, thus VR0006, VR0008, VR00010, VR00012,
VR0014 and VR0016 bonds became available for trading. Accordingly, Government Bonds amounting to Rp3,251,180 and Rp37,686,431 were transferred from “Held-to-Maturity” to “Trading”
and “Available for Sale” in 2001, respectively.
PT BANK MANDIRI PERSERO AND SUBSIDIARIES
Notes to the Consolidated Financial Statements Continued December 31, 2002 and 2001
Expressed in millions of Rupiah, unless otherwise stated
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9. TRADE DOCUMENTS AND OTHER FACILITIES
a. By Type and Currency:
2002 2001
Rupiah: Discounted export bills
45,182 42,678
Export bills
3,035 696
Others 281,347 146,997
329,564 190,371 Foreign
currency: Discounted export bills
818,935 1,024,304
Export bills
685,810 496,438 Others
442,928 2,217,427 1,947,673
3,738,169 Total
2,277,237 3,928,540 Less: Allowance for possible losses
829,362 2,514,545
1,447,875 1,413,995
b. By
Collectibility:
2002 2001
Current 1,505,899
1,522,565 Loss
771,338 2,405,975
Total 2,277,237
3,928,540 Less: Allowance for possible losses
829,362 2,514,545
1,447,875 1,413,995
c. By Maturity:
2002 2001
Less than 1 month 979,389
1,079,930 1 - 3 months
300,288 239,432
Over 3 months 997,560
2,609,178 Total
2,277,237 3,928,540
Less: Allowance for possible losses 829,362
2,514,545 1,447,875
1,413,995
d. Movements of Allowance for Possible Losses on Trade Documents and Other Facilities:
2002 2001
Balance at beginning of year 2,514,545
1,798,125 Provision during the year
6,170 323,322
Write-offs 1,230,663
15,002 Others
460,690 408,100
Balance at end of year 829,362
2,514,545
Includes foreign currency translation.
