PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5205 62. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
f. The conditional agreement of share transaction between PT Bank Mandiri Persero Tbk., PT Kimia Farma Persero Tbk., PT Asuransi Jasa Indonesia Persero, PT Askes Persero
and Koperasi Bhakti PT Askes regarding the sale of shares PT Asuransi Jiwa InHealth Indonesia
On 23 December 2013, the Bank with PT Kimia Farma Persero Tbk. and PT Asuransi Jasa Indonesia Persero as the Buyers with Badan Penyelenggara Jaminan Sosial formerly known as
PT Askes Persero and Koperasi Bhakti Askes as the Sellers, have signed a Conditional Purchase and Sale Agreement of PT Asuransi Jiwa Inhealth Indonesia’s “InHealth” shares
where the transaction will be conducted in 2 two stages as follow :
i. Stage 1, which is the transfer of 80 ownership in InHealth that was planned to be finalised at the latest on 30 June 2014, in which the ownership of the Bank Mandiri is 60 PT Kimia
Farma Persero Tbk. and PT Asuransi Jasa Indonesia Persero each 10, and ii. Stage 2, the transfer of 20 ownership in InHealth to Bank Mandiri which was planned to be
finalised at the latest on 31 December 2014, therefore Bank Mandiri’s total ownership become 80. Post transaction stage 2, the share ownership composition in PT Asuransi Jiwa
Indonesia InHealth will be 80 owned by Bank Mandiri, PT Kimia Farma Persero, PT Asuransi Jasa Indonesia Persero owned 10 each of issued and fully paid InHealth’s
shares.
On 27 February 2014, the Bank has obtained the approval of the General Meeting of Shareholders related to the acquisition of PT Asuransi Jiwa Indonesia InHealth. Furthermore, the
Bank has also received the approval for the acquisition plan from OJK through its letter No.S- 37PB312014 dated 17 April 2014 regarding the Application for Approval on investment in
InHealth’s shares.
On 2 May 2014, the sales and purchase agreement on InHealth’s shares was signed by Bank Mandiri, PT Kimia Farma Persero Tbk and PT Asuransi Jasa Indonesia Persero as the Buyer
with Badan Penyelenggara Jaminan Sosial Kesehatan BPJS Kesehatan previously PT Akses Persero and Koperasi Bhakti Askes as the Seller. Upon the signing of the sales and purchase
agreement, Bank Mandiri effectively become the majority shareholder with ownership of 60.
In relation to stage 2 acquisition of InHealth, Bank Mandiri has submit a request for approval to OJK on investment in shares through its letter No. FST9652014 dated 30 December 2014. The
finalisation of stage 2 will be done upon receiving approval from OJK. Until the date of this consolidated financial statements, Bank Mandiri has not yet received the OJK approval for stage
2 acquisition.
63. GOVERNMENT GUARANTEE FOR THE OBLIGATIONS OF LOCALLY INCORPORATED BANKS
Based on the Law of the Republic of Indonesia No. 24 year 2004 dated 22 September 2004, the Government of Republic Indonesia has established an independent insurance corporation by the
name of Deposit Insurance Corporation LPS. LPS insures public funds, including funds from other banks in form of demand deposits, time deposits, certificates of deposit, savings andor other
equivalent form.
Based on the Deposit Insurance Corporation Regulation No. 1PLPS2006 dated 9 March 2006 concerning the Deposit Guarantee Program, the maximum guaranteed amount for each customer in
one bank is Rp100,000,000 full amount.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2014 AND 2013
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5206 63. GOVERNMENT GUARANTEE FOR THE OBLIGATIONS OF LOCALLY INCORPORATED BANKS
continued Furthermore, in accordance with Government Regulation PP No.66 year 2008 regarding the
Amount of the Guaranteed Savings Guaranteed by Deposit Insurance Corporation, the value of each customer deposits in one bank guaranteed by the Government increased to Rp2,000,000,000 full
amount from Rp100,000,000 full amount previously, effective starting from 13 October 2008.
The interest rate of deposit insurance corporation as at 31 December 2014 and 2013 is 7.75 and 7.25 for deposits denominated in Rupiah, and 1.5 and 1.5 for deposits denominated in foreign
currency, respectively.
Based on the Law of the Republic of Indonesia No. 7 year 2009, Government Regulation in Lieu of Law on the Deposit Insurance Corporation has been enacted into Law starting from 13 January 2009.
64. ACCOUNTS RECLASSIFICATION
Account in the consolidated financial statements for the year ended 31 December 2013 has been reclassified to conform with the presentation of the consolidated financial statements for the year
ended 31 December 2014. The reclassification is related to presentation of deposit insurance premiums expenses to be part of other operating expenses – others – net.
.
31 December 2013
Before Reclassification
Reclassification After
Reclassification
Consolidated statement of comprehensive income Income and expense from operation
Interest Expense and Sharia Expense 17,432,216
1,032,792 16,399,424
Other Operating Expenses Others - net
2,171,250 1,032,792
3,204,042
Consolidated statement of cash flows Cash flows from operating activities
Payments of interest expense and Sharia expense 17,291,592
1,032,792 16,258,800
Operating Expenses Others 1,295,075
1,032,792 2,327,867
65. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standard Board has issued several new accounting standard and interpretation or revision of SFAS and IFAS as mentioned below, which are relevant to Group consolidated financial
statements, and will become effective for the annual period beginning 1 January 2015:
- IFAS 26 “Reassessment of embedded derivatives”
- SFAS 65 “Consolidated financial statements”
- SFAS 66 “Joint arrangements”
- SFAS 67 “Disclosure of interests in other entities”
- SFAS 68 “Fair value measurement”
- SFAS 1 revised 2013 “Presentation of financial statements”
- SFAS 4 revised 2013 “Separate financial statements”
- SFAS 15 revised 2013 “Investment in associates and joint ventures”
- SFAS 24 revised 2013 “Employee benefits”
- SFAS 46 revised 2013 “Income tax”
