PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
138
48. BANK GUARANTEES RECEIVED AND ISSUED AND STANDBY LETTERS OF CREDIT continued
Bank Guarantees Issued continued
December 31, April 30, December 31,
2003 2003
2002
PT Perusahaan Listrik Negara Persero 168,452
173,460 178,460
PT Adhi
Karya 152,533
117,223 129,840
PT PELNI
123,503 127,144
141,768 PT Telekomunikasi Indonesia Tbk.
114,024 -
- PT
Waskita Karya
84,639 57,405
- PT Brantas Abipraya Persero
83,475 57,400
58,884 PT
SAC Nusantara
65,288 48,561
- PT Gunanusa Utama Fabricator
60,810 -
64,960 Others each below Rp60,000
3,679,740 3,521,917 3,799,571
5,164,128 4,690,476 4,886,416
There is no bank guarantees issued to related parties as of December 31, 2003, April 30, 2003 and December 31, 2002.
The bank guarantees issued on behalf of PT Dirgantara Indonesia DI mostly represent Advance Payment Bank Guarantees and Performance Bonds. The bank guarantees of US7,782,600 full
amount and US9,912,850 full amount were issued to guarantee the advances paid by the Ministry of National Defense Republic of Korea - Republic of Korea Air Force ROKAF of US7,630,000 full
amount for the conversion of two of eight units of CN235-220M Aircraft as stated in FCE Contract No. KFX-DPA-73AA59080 to one VIP Aircraft VIP Conversion Aircraft No. 7 and on VVIP Aircraft VVIP
Conversion Aircraft No. 8 and to guarantee advances paid by the President of Islamic Republic of Pakistan - Pakistan Air Force PAF of US9,912,860 full amount for the purchase of four CN235
aircraft. The Performance Bonds amounting to US545,000 full amount and US2,912,500 full amount are respectively related to the purchase of two aircraft by ROKAF and four aircraft by PAF. VIP
Conversion Aircraft No. 7 and VVIP Conversion Aircraft No. 8 have been delivered on December 26, 2002. The advance payment guarantees continue to be valid until 180 days after the date of delivery and
the related performance bond continues to be valid until 365 days after the date of delivery. On June 23, 2003, two Advance Payment Guarantees issued for the ROKAF amounting US7,782,600 full amount
that had already expired and four Repayment Guarantees issued for ROKAF, that had been transferred to IBRA amounting to US100,379,999 full amount in accordance with the purchase of eight CN235
aircraft that have already been delivered, were recognized as no longer being in effect by the Bank. On November 21, 2003, DI requested the Bank to reinstate the two Advance Payment Guarantees and one
Repayment Guarantee amounting to US1,003,800 full amount and to amend one Performance Guarantee amounting to US7,715,000 full amount including a Performance Guarantee amounting to
US7,170,000 full amount transferred to IBRA and an increase of US545,000 full amount in the related Performance Guarantee and one Advance Payment Guarantee issued in favour of PAF
amounting to US9,912,860 full amount. As of December 31, 2003, these guarantees continue in effect.
Counter guarantees were issued on January 31, 2003 in relation to the Advance Payment and Performance Bonds on behalf of DI amounting to MYR19,511,814 full amount and MYR6,893,200 full
amount issued by Affin Bank Berhad. The Advance Payment and Performance Bonds were issued to support sales of two VIP CN235 aircraft to the Government of Malaysia.
The bank guarantees issued on behalf of PT Wijaya Karya WK represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to support
construction projects won by WK. The projects include road construction, bridge construction, industry and building construction mostly involving projects owned by the Government.
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003, April 30, 2003 and December 31, 2002 Expressed in millions of Rupiah, unless otherwise stated
139
48. BANK GUARANTEES RECEIVED AND ISSUED AND STANDBY LETTERS OF CREDIT continued
Bank Guarantees Issued continued The bank guarantees issued on behalf of PT Pembangunan Perumahan Persero represent various
types of bank guarantees such as Bid Guarantees, Performance Guarantees, Advance Payment Guarantees, etc. to support various construction projects. The construction projects were obtained
from private and government sectors. The projects include building construction, road construction, bridge construction, etc.
The bank guarantees issued on behalf of PT Perusahaan Listrik Negara PLN Persero were to counter the SBLCs issued on behalf of PLN. The SBLCs were issued by syndicated banks i.e. Bank
Negara Indonesia, Bank Mandiri, Bank Niaga, Bank Bali, Bank Umum Nasional, Bank DKI, Bank Lippo, Bank Danamon, and Bank Tabungan Negara based on risk sharing agreement no. 135 dated
December 13, 1993 to guarantee the payments by PLN to Pertamina under a natural gas sales and purchase agreement. As of December 31, 2003, the Bank had issued a bank guarantee amounting to
US19,994,258 full amount which represents 8.6 of the US232,505,000 full amount of SBLCs.
The bank guarantees issued on behalf of PT Adhi Karya represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to support various
construction projects. Most of the projects were obtained from the Government and include road construction, building construction, and bridge construction.
On March 6, 2001, the Bank issued a Counter Guarantee on behalf of PT Pelayaran Nasional Indonesia “PELNI” amounting to US15,840,000 full amount to Den Norske Bank - Bergen,
Norway. The Bank guarantee was issued to counter the bank guarantee issued by Den Norske Bank for the beneficiary Debis Financial Services. The bank guarantee was to guarantee the payments for a
ship leased by PELNI. On April 9, 2003, the amount of the counter guarantee decreased to US14,655,500 full amount and the maturity date was extended to April 30, 2004. As of
December 31, 2003, April 30, 2003 and December 31, 2002, the bank guarantee issued by Den Norske Bank is collateralized by placements of the Bank in Den Norske Bank amounting to
Rp123,473, Rp127,144 and Rp141,768, respectively Note 6f.
The bank guarantees issued on behalf of PT Waskita Karya represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to support various
construction projects. Most of the projects were obtained from the Government and include road construction, building construction, and bridge construction.
The bank guarantees issued on behalf of PT Brantas Abipraya Persero represent Bid Bond Guarantees, Performance Bonds, Advance Payment Guarantees, and Payment Surety Bonds to
support various construction projects which were mostly obtained from the Government. The bank guarantees issued on behalf of PT Gunanusa Utama Fabricator represent Performance
Bonds for a construction projects obtained from a private oil company.
Standby Letters of Credit SBLC
December 31, April 30, December 31,
2003 2003
2002
PT Garuda Indonesia 842,500
867,550 895,000
PT Perusahaan Gas Negara 791,255
814,781 901,637
Pertamina 487,952
- -
PT Perusahaan Listrik Negara Persero 377,437
388,659 1,209,170
