PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5176 59. NEW ACCOUNTING STANDARDS continued
- SFAS 8 Revised 2010 - Events after the Reporting Period,
- SFAS 12 Revised 2009 - Interest in Joint Ventures,
- SFAS 15 Revised 2009 - Investment in Associates,
- SFAS 19 Revised 2010 - Intangible Assets,
- SFAS 22 Revised 2010 - Business Combination,
- SFAS 23 Revised 2010 - Revenue,
- SFAS 25 Revised 2009 - Accounting Policies, Changes in Accounting Estimates and Errors,
- SFAS 48 Revised 2009 - Impairment of Assets,
- SFAS 57 Revised 2009 - Provisions, Contingent Liabilities and Contingent Assets,
- SFAS 58 Revised 2009 - Non-Current Assets Held for Sale and Discountinued Operations,
- Interpretation of SFAS 7 Revised 2009 - Consolidation of Special Purpose Entities,
- Interpretation of SFAS 9 - Changes in Existing Decommissioning, Restoration and Similar Liabilities,
- Interpretation of SFAS 10 - Customer Loyalty Program,
- Interpretation of SFAS 11 - Distribution of Non-Cash Assets to Owners,
- Interpretation of SFAS 12 - Jointly Controlled Entities - Non Monetary Contributions by Venturers,
- Interpretation of SFAS 14 - Intangible Assets - Web Site Cost,
- Interpretation of SFAS 17 - Interim Financial Reporting and Impairment.
DSAK-IAI has also issued revision of the following accounting standards which are applicable for financial statements covering periods beginning on or after 1 January 2012:
- SFAS 10 Revised 2010 - The Effects of Changes in Foreign Exchange Rates,
- SFAS 24 Revised 2010 - Employee Benefits,
- SFAS 46 Revised 2010 - Income Taxes,
- SFAS 53 Revised 2010 - Share-Based Payment,
- SFAS 61 Revised 2010 - Accounting for Government Grants and Disclosure of Government
Assistance, -
SFAS 63 - Financial Reporting in Hyperinflationary Economies, -
Interpretation of SFAS 13 - Hedge of Net Investment in a Foreign Operation, -
Interpretation of SFAS 15 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction,
- Interpretation of SFAS 18 - Government Assistance,
- Interpretation of SFAS 20 - Income Taxes – Changes in the Tax Status of an Entity or its
Shareholders. Bank Mandiri and Subsidiaries is currently evaluating the impact of the implementation of these revised
standards on the consolidated financial statements.
60. SUBSEQUENT EVENTS
a. Limited Public Offering On 27 December 2010, the Bank has submitted its first registration to the Capital Market Supervisory
Board and Financial Institution Bapepam-LK in relation to the Limited Public Offering with Pre- emptive Right Issue LPO of 2,336,838,591 shares of B series. The LPO has been approved by
Board of Commissioners through its letter dated 29 April 2010. The Bank has informed Bank Indonesia about the LPO through its letter dated 17 September 2010. The LPO has also been
legislated through Government Regulation PP No. 75 year 2010 dated 20 November 2010.
The LPO has been approved by Bapepam-LK through letter No.S-807BL2011 on 27 January 2011, where the LPO would become effective after obtaining approval from the shareholders in the
Extraordinary General Shareholders Meeting which were held on 28 January 2011.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2010, 2009 AND 2008
Expressed in millions of Rupiah, unless otherwise stated
Appendix 5177 60. SUBSEQUENT EVENTS continued
a. Limited Public Offering continued The Republic of Indonesia, as the Bank’s controlling shareholder, did not exercise all of its pre-
emptive rights portion owned by the Republic of Indonesia of 1,558,152,476 shares, which subsequently sold through private placement. The pre-emptive rights were traded during the period
of 14 – 21 February 2011 with the execution price of Rp5,000 full amount per share. Through this LPO, the Bank received funds of Rp 11,684,192,955,000 full amount before deducting LPO
expenses. After this LPO, the Bank’s shareholders composition is as follows:
Number of Nominal Value
Per Share Share Value
Percentage of
Shares full amount
full amount Ownership
Issued and Fully Paid-in Capital Republic of Indonesia
- Dwiwarna Share A Series 1
500 500
0.00 - Common Shares B Series
13,999,999,999 500
6,999,999,999,500 60.00
Public less than 5 each - Common Shares B Series
9,333,333,333 500
4,666,666,666,500 40.00
Total Issued and Fully Paid-in Capital
23,333,333,333 500
11,666,666,666,500 100.00
b. Settlement of Mandatory Convertible Bond MCB of PT Garuda Indonesia Persero On 11 February 2011, IPO of Garuda has been completed and Bank Mandiri’s investment in Garuda’s
shares totaling 1.9 billion shares after stock split has been divested at the price of Rp750 full
amount per share Note 57e. Bank Mandiri has received the proceeds from the sale of Garuda shares after net-off IPO expenses in totalling Rp1,400,923, on 10 February 2011 and recognised it as other
operating income in the February 2011’s consolidated statement of income. The Bank recorded its temporary investments in Garuda shares and related selling in accordance with Bank Indonesia PBI
No. 72PBI2005 dated 20 January 2005 regarding Asset Quality Rating for Commercial Banks.
In relation to Garuda’s IPO, a Subsidiary , PT Mandiri Sekuritas, entered into cooperation with several securities companies based on underwriting agreement to underwrite issuance of shares of Garuda.
Based on the underwriting agreement, the Subsidiary and several securities companies are fully committed to buy the remaining shares which are not purchased by the investors in accordance with
their respective underwriting portion. As at 29 March 2011, the remaining shares of Garuda owned by the Subsidiary was amounted to Rp 219,615 for 414,367,500 shares.
c. Additional capital investment in Bank Syariah Mandiri On 18 March 2011, Bank has injected additional investment in a Subsidiary, Bank Syariah Mandiri in
form of cash amounted to Rp200,000,000,000 full amount. The Bank has obtained approvals for this additional investment from Bank Indonesia through it’s letter dated 31 January 2011 and the
Shareholders’ Circular Resolution Keputusan Pemegang Saham Di Luar Rapat dated 28 February 2011.
