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
162
58. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
c. Consortium and Other Agreements Related to the Purchase of Loans from IBRA in 2003 and 2002 Continued
Total interest received related to loans purchased from IBRA for the four-month period ended April 30, 2003 was Rp54,594 Note 34.
The balance of loans purchased from IBRA which are recorded as “Loans” as of April 30, 2003 amounted to Rp4,780,555. The loans purchased from IBRA which are recorded as “Other Assets”
as of April 30, 2003 amount to Rp165,916 Note 15. The cessie agreements related to these loans are still in process of finalization.
January 1, 2002 to December 31, 2002
In July 2002, the Bank participated in an auction under IBRA’s “Program Penjualan Aktiva Kredit” PPAK during which IBRA offered loans with a nominal value of Rp135,400,000 due from some
2,500 debtors. The loans offered by IBRA were classified according to whether the debtor was a corporate or a commercial debtor. Commercial loans were sold in single-debtor packages whereas
corporate loans were sold in packages of loans from different debtors. The Bank entered into eleven consortium agreements with securities companies to participate in
the auction. Each member of the consortia agreed to various terms including the amount of contributions, portion of loan assets obtained by the consortium partners and amount of fees to be
paid by the other consortium partners to the Bank. The consortia were allowed to conduct due diligence on the loans offered for auction before any bid
was submitted. The Bank and the consortium partners agreed that any loans purchased would be divided into “sustainable debt” net present value of expected cash flows and “unsustainable debt”
difference between outstanding principal and sustainable debt, whereby sustainable debt would be obtained by the Bank and the unsustainable debt would be obtained by the consortium partners
which debt would subsequently be swapped into equity.
Ten out of eleven consortia won loans with outstanding principal of approximately Rp23,196,348, consisting of sustainable and unsustainable debt of Rp4,294,091 and Rp18,902,257, respectively,
for a purchase price of Rp4,472,576. The purchase price represents approximately 19.28 of the total outstanding principal Rp3,840,697 of the purchase price was contributed by the Bank, and
Rp631,879 was contributed by the consortium members. Those ten consortia involved: PT Mahanusa Securities, PT Batavia Properindo Securities,
PT Mandari Sekuritas Indonesia, PT Jasabanda Garta, PT Prime Capital, PT Bhineka Makmur Investama, PT Woka International, PT Dongsuh Kolibindo Securities, PT Trust Securities and
PT Anugra Cipta Sentosa. In addition, during 2002, the Bank acquired without prior arrangement, portions of IBRA loans
totaling Rp915,925 from the following unrelated companies: PT Optix Limited, PT Danatama Makmur Securities, PT Woka International and PT Mandari Sekuritas Indonesia.
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
163
58. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
