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
70
13. INVESTMENTS IN SHARES OF STOCK continued
The details of investments in shares of stock as of December 31, 2003 are as follows:
Accumulated Equity
in Percentage
Retained Earnings
Carrying Investee Company
Nature of Business of Ownership Cost Accumulated
Losses Value
Equity Method of Accounting: PT Sarana Bersama
Pembiayaan Indonesia Holding company
34.00 2,278
2,881 5,159
PT AXA Mandiri Financial Services
Insurance 49.00
16,761 7,343
9,418 PT Bapindo Bumi
Securities Sekuritas
trading 26.19
2,750 795
1,955 16,532
Cost Method of Accounting: PT Semen Kupang
a
Manufacturing 59.70
45,023 45,023
PT Sri Thai
a
Manufacturing na 23,055
23,055 PT Kertas Padalarang
a
Pulp and paper 51.50
9,530 9,530
PT Kustodian Sentral Security
Efek Indonesia custodian
16.00 4,800
1,800 3,000
PT Bunas Finance Internasional Tbk.
a
Finance na 3,889
3,889 PT Pisita Wisata
a
Tourism 16.00 658
658 PT Mega Guna
Concrete
a
Construction 24.00
200 200
PT Bursa Efek Surabaya Stock exchange
0.84 150
150 Maskapai Pelayaran
Laut Shipping
8.50 95
95 PT Bursa Efek Jakarta
Stock exchange 0.60
60 60
PT Pemeringkat Efek Indonesia
Securities rating 0.58
58 58
Others 165
165 85,883
Total 102,415
Less: Allowance for possible losses 89,693
12,722
a These investments, regardless of percentage of ownership, represent restructured loans through debt to equity participations Note 11. Such investments are temporary investments for up to a maximum of five 5 years based on
Bank Indonesia regulations. Accordingly, such investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001.
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
71
13. INVESTMENTS IN SHARES OF STOCK continued
The details of investments in shares of stock as of April 30, 2003 are as follows:
Accumulated Equity
in Percentage
Retained Earnings
Carrying Investee Company
Nature of Business of Ownership Cost Accumulated
Losses Value
Equity Method of Accounting: PT Sarana Bersama
Pembiayaan Indonesia Holding company
34.00 2,278
2,881 5,159
PT Bapindo Bumi Sekuritas
Securities trading 26.19
2,750 197
2,947 8,106
Cost Method of Accounting: PT Bank Internasional
Indonesia Tbk. Banking
2.00 50,400
50,400 PT Semen Kupang
a
Manufacturing 59.70
45,023 45,023
PT Sri Thai
a
Manufacturing na 23,055
23,055 PT Kertas Padalarang
a
Pulp and paper 51.50
9,530 9,530
PT Kustodian Sentral Efek Indonesia
Security Custodian 16.00
4,800 4,800
PT Bunas Finance Internasional Tbk.
a
Finance na 3,889
3,889 PT Pisita Wisata
a
Tourism 16.00 658
658 PT Mega Guna
Concrete
a
Construction 24.00
200 200
Maskapai Pelayaran Laut
Shipping 8.50
95 95
PT Bursa Efek Surabaya
Stock exchange 2.22
75 75
PT Bursa Efek Jakarta Stock exchange
0.50 60
60 PT Pemeringkat Efek
Indonesia Securities rating
4.29 429
429 Others
3,584 3,584
141,798 Total
149,904 Less: Allowance for possible losses
27,633 122,271
aThese investments, regardless of percentage of ownership, represent restructured loans through debt to equity participations Note 11. Such investments are temporary investments for up to a maximum of five 5 years based on
Bank Indonesia regulations. Accordingly, such investments are accounted for using the cost method regardless of the percentage of ownership, effective January 1, 2001.
