PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5114 29. TAXATION continued
e. Deferred tax assets - net continued
2010 Beginning
balance Credited
charged to consolidated
statement of income
Charged to equity
Adjustment on the initial
implementation of SFAS 50 55
Revised 2006 Ending
balance Deferred tax assets:
Loans write- off until 2008 2,894,873
358,238 -
- 2,536,635
Allowance for impairment loan losses 1,239,895
163,120 -
15,655 1,061,120
Allowance for impairment losses on financial assets other than loans
609,493 102,610
- 39,125
672,978 Provision for post-employment benefit expense, provision
for bonuses, leave and holiday THR entitlements 769,586
143,314 -
- 626,272
Allowance for estimated losses arising from legal cases 105,056
38,614 -
- 143,670
Allowance for possible losses on other assets 100,000
59,635 -
- 40,365
Estimated losses on commitments and contingencies 81,641
10,375 -
- 92,016
Allowance for possible losses on abandoned properties 47,095
3,158 -
- 43,937
Allowance for possible losses on repossessed assets 29,205
772 -
- 29,977
Accumulated losses arising from difference in net realisable value of abandoned properties
3,306 719
- -
2,587 Accumulated losses arising from difference in
net realisable value of repossessed assets 2,541
9 -
- 2,532
Unrealised losses on increasedecrease in fair value of marketable securities and
Government Bonds available for sale 86,947
- 61,387
101,064 126,624
Deferred tax assets 5,969,638
575,822 61,387
46,284 5,378,713
Deferred tax liabilities: Unrealised gainlosses on increasedecrease in
fair value of marketable securities and government bonds fair value through profit or loss
3,899 23,336
- -
27,235 Net book value of fixed assets
25,697 2,247
- -
23,450
Deferred tax assets - Bank Mandiri only 5,940,042
596,911 61,387
46,284 5,328,028
Provision for decrease in deferred tax assets -
1,065,606 Net deferred tax assets - Bank Mandiri only
5,940,042 4,262,422
Net deferred tax assets - Subsidiaries 74,043
138,666
Total consolidated deferred tax assets – net 6,014,085
4,401,088
Deferred tax assets are calculated using applicable tax rate or substantially enacted tax rate at consolidated statement of financial position balance sheet dates.
After completion of the Limited Public Offering with Pre-emptive Right Issue in December 2010, the shareholding composition of Bank Mandiri are 60 owned by the Republic of Indonesia and 40
owned by the public. Fulfilment of the 40 public ownership criteria makes it highly probable the Bank will obtain the 5 reduction in income tax rates starting fiscal year 2011 to become 20.
Therefore, as at 31 December 2011, the Bank has booked a provision for impairment in deferred tax assets in amount of Rp1,065,606 as all of the deferred tax assets will be realised in 2011 or onwards
with income tax rates of 20.
As at 31 December 2011, Bank Mandiri has fullfiled three requirements above refer to Note 29c. Therefore the provision for decrease in deferred tax assets had been set-off with the related balance
of deferred tax assets. Management believes that it is possible that future taxable income will be available against the
temporary difference, which results in deferred tax assets, can be utilised.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2011 AND 2010
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5115 30. OTHER LIABILITIES
2011 2010
Rupiah: Accrued employee bonus and incentives, leave and yearly allowance THR
1,414,811 1,331,555
Provision for post employment benefits Note 45 1,404,375
1,178,427 Acrrued expenses operational and IT
1,322,131 1,191,762
Guarantee deposits 715,208
610,024 Liability to policyholders
695,113 370,400
Payable from purchase of marketable securities 682,240
2,165 Payable to customer
615,996 698,436
Liability related to ATM and credit card transaction 600,894
543,007 Allowance for estimated losses arising from legal cases Note 58b
565,256 555,525
Deferred income 117,211
103,024 Provision for employees’ service – service free period Note 45
10,352 56,273
Others 4,558,808
1,629,496 Total Rupiah
12,702,395 8,270,094
Foreign currencies: Guarantee deposits
969,853 809,335
Acrrued expenses operational and IT 344,491
168,330 Deferred income
184,514 85,872
Allowance for estimated losses arising from legal cases Note 58b 9,367
19,403 Accrued employee bonus and incentives, leave and
yearly allowance THR 381
2,076 Obligation under capital lease
- 74
Others 1,167,186
983,770 Total foreign currencies
2,675,792 2,068,860
15,378,187 10,338,954
Accrued expenses consists of liability to vendors which includes the Bank’s IT-related operational activities.
Guarantee deposits are cash guarantee deposited by the Bank’s customers for export and import transaction and bank guarantee issuance.
Liabilities to policyholders consists of Subsidiary’s liability for non unit-linked policy holders, debt claims, deferred premium income and claim liability, amounting Rp511,321, Rp25,067, Rp118,476
and Rp40,249 as at 31 December 2011 and amounting to Rp248,588, Rp21,330, Rp84,706 and Rp15,776 as at 31 December 2010, respectively.
Payable from purchase of marketable securities represents the Bank’s liability relating to purchase of marketable securities transactions that have been subsequently settled on 4 January 2012.
Payable to customer are mostly represent payable arising from marketable securities transaction by PT Mandiri Sekuritas the Bank’s subsidiary.
Liability related to ATM and credit card transaction represents payable arising from ATM transactions within ATM Bersama network and payable to Visa and MasterCard on credit card transactions.
Deferred income represents unamortised provisioncommissions not directly attributable to loans. Others mostly consist of inter-office account, liabilities related to import transaction, and suspense
such as settlement of customer’s financial transaction such as money transfer.
