PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 115 -
2011 2010
Rp 000,000 Rp 000,000
Tax effects of permanent differences: Depreciation expense
984 982
Other expenses 914
115 Interest income
11 4
Rent income 250
1,035 Gain from investment in units of mutual funds
6,371 448
Equity in net income of the associates 6,294
7,097 Gain on sale of investment
- 3,179
General and administrative expenses -
359 Other income
- -
Net 11,028
10,307 Unrecognized deferred tax asset on fiscal losses
1,514 978
Tax benefit of the Parent Company 17
37 Tax expense of the subsidiaries
79,696 89,840
Total 79,679 89,803
53. Earnings Per Share Net Income
2011 2010
Net income for computation of basic earnings per share and diluted earnings per share in Rp000,000
1,669,243 1,277,814
Number of Shares
Weighted average number of ordinary shares for computation of basic earnings per share
6,224,644,103 6,191,883,748
Weighted average number of potentially dilutive ordinary shares:
Series III and IV warrants 848,024,553
564,417,029 Weighted average number of ordinary shares for
computation of diluted earnings per share 7,072,668,656
6,756,300,777 Earning per share in full amount
Basic 268
206 Diluted
236 189
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 116 -
54. Nature of Relationship and Transactions with Related Parties Nature of Relationship
Related parties are key management personnel and the companies under the Sinar Mas Group, due to Sinar Mas Group is the majority stockholders of The company. The related parties are as
follows: 1.
Stockholders included ultimate stockholder of the Company 2.
The companies which have the same stockholder with the company, directly or indirectly 3. The companies which have controlled by family member of stockholders and key
management of The Company
Transactions with Related Parties
In the normal course of business, the Group entered into certain transactions with related parties. a. Significant balances with related parties in the consolidated statements of financial position
as of consolidated statement of financial position dates are as follows:
Percentage to Percentage to
Total Assets Total Assets
Total Liabilities
Total Liabilities
Rp 000,000 Rp 000,000
ASSETS Cash and cash equivalents
22,742 0.05
277 0.00
Short-term investment 685,256
1.52 534,480
1.91 Net investment in finance lease
122,118 0.27
172,799 0.62
Factoring receivables 111,621
0.25 65,658
0.23 Segregated funds net assets - unit link
41,297 0.09
56,320 0.20
Premium and reinsurance receivables 103,557
0.23 44,092
0.16 Loans
1,760,159 3.91
794,940 5.83
Other receivables 20,650
0.05 6,234
0.02 Other assets
11,108 0.02
9,622 0.03
Total Assets 2,878,508
6.40 1,684,422
9.01
LIABILITIES Deposits and deposits from other banks
5,579,694 18.37
3,875,578 13.92
Securities sold under agreements to repurchase 39,125
0.13 32,069
0.12 Account payables
31,455 0.10
12,446 0.02
Unearned premium and estimated own retention claims
212,108 0.70
193,375 0.69
Accrued expenses 8,825
0.03 6,682
0.02 Other liabilities
946 0.00
818 0.00
Total Liabilities 5,872,153
19.33 4,120,968
14.78 2011
2010
b. As of December 31, 2011 and 2010, the Group invested their funds amounting to Rp 507,411 million and Rp 524,510 million, respectively, in units of mutual funds which were
managed by SMS, a subsidiary, as investment manager Note 5. c. For the years ended December 31, 2011 and 2010, the underwriting income from related
parties amounted to Rp 410,516 million and Rp 369,724 million or 2.90 and 3.48, respectively, of the total underwriting income.
