MARKETABLE SECURITIES FS Bank Mandiri Tbk 311210 Eng Final opini
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 553 6. MARKETABLE SECURITIES continued
b. By Type, Currency and Collectibility continued:
31 December 2008
Cost Unamortised
Unrealised Fair ValueBook Value
Nominal Discounts
Gains Value
Premiums Losses
Current Substandard
Loss Total
Rupiah: Fair value through profit or loss
Certificates of Bank Indonesia 19,903,800
- 91,640
19,995,440 -
- 19,995,440
Investments in mutual fund units 362,396
- 633
363,029 -
- 363,029
Bonds 62,280
- 2,590
59,391 -
299 59,690
Shares 216
- 110
106 -
- 106
20,328,692 -
89,573 20,417,966
- 299
20,418,265 Available for sale
Investments in mutual fund units 27,987
- 3,270
24,717 -
- 24,717
Sharia mutual fund 8,000
- 765
8,765 -
- 8,765
35,987 -
2,505 33,482
- -
33,482 Held to maturity
Sharia Certificates of Bank Indonesia 1,305,000
- -
1,305,000 -
- 1,305,000
Sharia Corporate bonds 994,262
8,141 -
986,121 -
- 986,121
Bonds 581,000
34,788 -
546,212 -
- 546,212
Export bills 170,015
- -
170,015 -
- 170,015
3,050,277 42,929
- 3,007,348
- -
3,007,348 Total Rupiah
23,414,956 42,929
87,068 23,458,796
- 299
23,459,095 Foreign currencies:
Available for sale Export bills
202,835 -
- 202,835
- -
202,835 Floating rate notes
141,404 -
32,274 109,130
- -
109,130 Bonds
94,866 -
14,537 80,329
- -
80,329 439,105
- 46,811
392,294 -
- 392,294
Held to maturity Export bills
361,750 -
- 356,286
- 5,464
361,750 Bonds
349,764 1,376
- 351,140
- -
351,140 Treasury bills
72,085 42
- 72,043
- -
72,043 Floating rate notes
32,700 129
- 32,571
- -
32,571 816,299
1,205 -
812,040 -
5,464 817,504
Total foreign currencies 1,255,404
1,205 46,811
1,204,334 -
5,464 1,209,798
Total 24,670,360
41,724 40,257
24,663,130 -
5,763 24,668,893
Less: Allowance for impairment losses 38,283
- 5,763
44,046
Net 24,624,847
- -
24,624,847
Held to maturity securities are stated at nominal value. Held to maturity securities are stated at book value.
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 554 6. MARKETABLE SECURITIES continued
c. By Remaining Period to Maturity:
2010 2009
2008
Rupiah: No maturity date
207,090 188,712
398,599 1 year
18,823,027 15,311,068
21,670,357 ≥ 1 5 years
6,532,711 1,350,050
843,722 ≥ 5 ≤ 10 years
107,210 170,213
502,278 Total Rupiah
25,670,038 17,020,043
23,414,956 Foreign currencies:
1 year 1,533,360
886,427 723,870
≥ 1 5 years 138,350
120,708 455,249
≥ 5 ≤ 10 years 18,020
141,236 76,285
Total foreign currencies 1,689,730
1,148,371 1,255,404
Total 27,359,768
18,168,414 24,670,360
Lessadd: Unamortised discounts
17,009 42,211
41,724 Unrealised gain on increase in fair value of securities
153,665 80,681
40,257 Allowance for impairment losses
248,895 53,492
44,046 112,239
15,022 45,513
27,247,529 18,153,392
24,624,847
d. By Issuer:
2010 2009
2008
Government and Bank Indonesia 18,909,673
15,252,972 21,372,525
Corporate 6,859,821
2,052,685 2,439,364
Banks 1,590,274
862,757 858,471
Total 27,359,768
18,168,414 24,670,360
Lessadd: Unamortised discounts
17,009 42,211
41,724 Unrealised gain on increase in fair value of securities
153,665 80,681
40,257 Allowance for impairment losses
248,895 53,492
44,046 112,239
15,022 45,513
27,247,529 18,153,392
24,624,847
e. Details of Bonds by Rating:
Rating Fair ValueBook Value
Rating Agencies 2010
2009 2008
2010 2009
2008 Rupiah
Fair value through
profit or loss
Bonds PT Telekomunikasi
Indonesia Persero Tbk. Pefindo idAAA
- -
5,049 -
- PT Lautan Luas Tbk.
Pefindo idA-
idA- -
2,027 15,059
- PT Sarana Multigriya
Finansial Persero Fitch
- AA idn
- -
49,750 -
PT Thames PAM Jaya Fitch
- A-idn
- -
9,219 -
PT Otto Multiartha Pefindo
- idAA
- -
5,019 -
Others Pefindo
idD – idAA+ idD – idAA+
62,467 1,586,672
59,690 69,543
1,665,719 59,690
`
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 555 6. MARKETABLE SECURITIES continued
e. Details of Bonds by Rating: continued
Rating Fair ValueBook Value
Rating Agencies 2010
2009 2008
2010 2009
2008 Available for sale
Sharia Corporate PT Titan Petrokimia
Nusantara Fitch
A+idn -
- 52,250
- -
PT Perusahaan Listrik Negara Persero
Pefindo idAA+
- -
31,170 -
- 83,420
- -
Bonds PT Jasa Marga
Persero Tbk. Pefindo
idAA -
- 11,850
- -
95,270 -
-
`
Held to maturity
Sharia Corporate Bonds PT Salim Ivomas
Pratama Pefindo
idAA- idAA-
- 60,000
60,000 -
PT Mitra Adiperkasa Tbk.
Pefindo idA+
idA+ -
30,000 30,000
- PT Bakrieland
Development Tbk. Pefindo
idBBB+ idBBB+
- 20,000
20,000 -
BBBidn – A-idn,
idD – idBB –
Baa3.id – Others
Various idAA+
idAA+ idAA+
843,303 860,741
986,121 953,303
970,741 986,121
Bonds PT Indosat
Persero Tbk. Pefindo
idAA+ idAA+
idAA+ 220,293
218,410 215,822
PT Indofood Sukses Makmur Tbk.
Pefindo idAA
idAA+ idAA+
193,401 187,356
181,500 idBB –
idAA- – Others
Pefindo idD
idAA- idAA+
85,670 140,255
148,890 499,364
546,021 546,212
1,452,667 1,516,762
1,532,333
Total Rupiah 1,617,480
3,182,481 1,592,023
Foreign currencies Available for sale
Bonds Oversea -Chinese
Banking Corporation Ltd
SP A-
- -
28,076 -
- Others
Various -
A- BBB+ – A-
- 47,664
80,329 28,076
47,664 80,329
Held to maturity
Bonds Oversea -Chinese
Banking Corporation Ltd
SP A-
- -
18,645 -
- Others
Various BBB – A
BB- – A Ba3 - AA-
45,015 208,358
351,140 63.660
208,358 351,140
Total foreign currencies 91,736
256,022 431,469
Information on rating of bonds were obtained from Bloomberg, which is based on ratings issued by the rating agencies, such as Pemeringkat Efek Indonesia, Standard and Poor’s, Moody’s and Fitch Ratings.
Held to maturity securities are stated at amortised costsbook value. As at 31 December 2009, the bonds with fair value through profit or loss classification mainly comprise of treasury bills Surat Perbendaharaan Negara which
has no rating. Including PT Arpeni Pratama Ocean Line Tbk. bonds with rated idD and idCCC by Pefindo on 3 January 2011 and 20 December 2010, respectively.
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 556 6. MARKETABLE SECURITIES continued
f. Average Interest Rate yield per Annum:
2010 2009
2008
Rupiah 6.14
7.12 10.01
Foreign currencies 8.22
5.05 10.38
g. Movements of allowance for impairment losses on marketable securities:
2010 2009
2008
Balance at beginning of year 53,492
44,046 1,114,497
Adjustment to opening balance relating to implementation of SFAS 55 Revised 2006 Note 49
2,354 -
- Allowancereversal during the year Note 38
167,895 39,295
58,416 Write-off
- -
1,018,809 Recoveries
- 50,940
- Others
29,862 2,199
6,774 Balance at end of year
248,895 53,492
44,046
Includes effect of foreign exchange translation.
Management believes that the allowance for impairment losses on marketable securities is adequate.
h. Information in respect of classification of “non-impaired” and “impaired” is disclosed in Note 56.
As at 31 December 2010, the Bank has investment in mutual fund units classified as available for sale, which consist of Reksa Dana Terproteksi BNP Paribas Selaras, Reksa Dana Terproteksi
BNP Paribas Selaras 2, Reksa Dana Terproteksi Schroder Regular Income Plan X, Reksa Dana Terproteksi Schroder Regular Income Plan XI and Reksa Dana Terproteksi Schroder Regular
Income Plan XII with fair value as at 31 December 2010 amounting to Rp1,509,170, Rp1,011,540, Rp804,849, Rp808,898 and Rp900,614, respectively.
Based on the letter of Bank Indonesia No. 10177DpGDPNP dated 9 October 2008, regarding Determination of Fair Value and Reclassification of Government Debenture Debt SUN, on
19 December 2008, the Bank has reclassified trading and available for sale Marketable securities with nominal value amounting to Rp147,000 and Rp434,000, respectively, to held to maturity
Marketable securities. The fair value of trading and available for sale Marketable securities before reclassification amounting to Rp142,772 and Rp433,975, respectively, and the fair value of
trading and available for sale Marketable securities at the time of reclassification amounting to Rp138,210 and Rp407,590, respectively. The unrealised losses of the reclassified available for
sale Marketable securities at the time of the reclassification are recorded as part of unrealised loss from available for sale Marketable securities and Government Bonds – net of deferred tax in
equity section and will be amortised and charged into consolidated statements of income until the maturity of the Marketable securities.
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 557 7. GOVERNMENT BONDS
The details of Government Bonds obtained by Bank Mandiri from primary and secondary markets as at 31 December 2010, 2009 and 2008, are as follows:
2010 2009
2008
Fair value through profit or loss, at fair value 611,707
430,198 43,748
Available for sale, at fair value 54,052,164
25,915,611 26,244,185
Held to maturity, at amortised cost 23,428,863
62,787,131 61,971,106
78,092,734 89,132,940
88,259,039
a. By Maturity
The Government Bonds, by remaining period of maturity, are as follow:
2010 2009
2008 Rupiah
Fair value through profit or loss Less than 1 year
566 371,336
4,950 1 - 5 years
290,659 58,862
38,798 5 - 10 years
144,013 -
- Over 10 years
176,469 -
- 611,707
430,198 43,748
Available for sale
1 - 5 years 4,147,949
650,683 643,223
5 - 10 years 49,904,215
19,696,001 14,562,198
Over 10 years -
5,537,544 10,946,419
54,052,164 25,884,228
26,151,840
Held to maturity
Less than 1 year 57,477
1,366,067 5,334
1 - 5 years 2,758,366
576,453 1,515,614
5 - 10 years 20,322,172
40,520,202 36,684,355
Over 10 years 119,803
20,152,786 23,642,622
23,257,818 62,615,508
61,847,925 Total Rupiah
77,921,689 88,929,934
88,043,513
Foreign currency Avalaible for sale
5 - 10 years -
31,383 47,723
Over 10 years -
- 44,622
- 31,383
92,345
Held to maturity
1 - 5 years 153,038
152,849 -
5 - 10 years 18,007
18,774 123,181
171,045 171,623
123,181 Total foreign currency note 56e
171,045 203,006
215,526 78,092,734
89,132,940 88,259,039
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 558 7. GOVERNMENT BONDS continued
b. By Type
31 December 2010
Interest Rates Maturity
Frequency of Nominal
per Annum Fair Value
Dates Interest Payment
Rupiah Fair value through profit or loss
7.38 - 12092011 -
Fixed rate bonds 550,563
14.28 611,707
15072038 1 and 6 months
Available for sale
25122014 - Variable rate bonds
54,510,774 3 - months SBI
54,052,164 25072020
3 months Interest Rates
Maturity Frequency of
Fair Value Per annum
Dates Interest Payment
Rupiah Held to maturity
9.00 - 15082011 -
Fixed rate bonds 1,513,220
14.28 15052037
1 - 6 months 25122014 -
Variable rate bonds 21,744,598
3 – months SBI 25092017
3 months
23,257,818 Foreign currency
Held to maturity 6.75 -
10032014 - Fixed rate bonds
171,045 10.38
09032017 6 months
31 December 2009
Interest Rates Maturity
Frequency of Nominal
per Annum Fair Value
Dates Interest Payment
Rupiah Fair value through profit
or loss:
9.28 - 20022010 -
Fixed rate bonds 432,289
12.00 430,198
15092013 1 month
Available for sale
9.00 - 15032013 -
Fixed rate bonds 339,096
14.28 374,099
15092018 6 months
25062011 - Variable rate bonds
25,831,044 3-months SBI
25,510,129 25072020
3 months
26,170,140 25,884,228
Interest Rates Maturity
Frequency of Book Value
per Annum Dates
Interest Payment
Held to maturity
9.00 - 15032010 -
Fixed rate bonds 2,870,910
15.58 15052037
1 and 6 months 25122014 -
Variable rate bonds 59,744,598
3-months SBI 25072020
3 months
62,615,508
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 559 7. GOVERNMENT BONDS continued
b. By Type continued
31 December 2009
Interest Rates Maturity
Frequency of Nominal
per Annum Fair Value
Dates Interest Payment
Foreign currency Available for sale
6.88 - 15012016 -
Fixed rate bonds 28,245
7.50 31,383
09032017 6 months
Interest Rates Maturity
Frequency of Book Value
per Annum Dates
Interest Payment
Held to maturity
6.75 - 04052014 -
6 months Fixed rate bonds
171,623 10.38
09032017
31 December 2008
Interest Rates Maturity
Frequency of Nominal
per Annum Fair Value
Dates Interest Payment
Rupiah Fair value through profit
or loss:
9.28 - 09082009 -
Fixed rate bonds 44,130
13.40 43,748
15092013 6 months
Available for sale
9.00 - 12032012 -
Fixed rate bonds 461,466
14.28 460,795
15112020 6 months
25062011 - Variable rate bonds
25,839,044 3-months SBI
25,691,045 25072020
3 months
26,300,510 26,151,840
Interest Rates Maturity
Frequency of Book Value
per Annum Dates
Interest Payment
Held to maturity
9.00 - 15062009 -
Fixed rate bonds 2,103,327
15.58 15052037
6 months Variable rate bonds
25122014 - 59,744,598
3-months SBI 25072020
3 months
61,847,925
Interest Rates Maturity
Frequency of Nominal
per Annum Fair Value
Dates Interest Payment
Foreign currency Available for sale
6.63 - 10032014 -
Fixed rate bonds 109,000
8.50 92,345
17012038 6 months
Interest Rates Maturity
Frequency of Book Value
per Annum Dates
Interest Payment
Held to maturity
6.78 - 03102014 -
Fixed rate bonds 123,181
6.88 09032017
6 months
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 560 7. GOVERNMENT BONDS continued
c. Other Information
As at 31 December 2010, 2009 and 2008, Government Bonds with total nominal amount of RpNil, Rp355,652 and Rp876,539 had been sold to third party with agreements to repurchase Note 24.
As at 31 December 2010, 2009 and 2008, Government Bonds with a total nominal amount of Rp5,254,163, Rp3,967,500 and Rp3,967,500, had been pledged as collateral for fund borrowing
from other bank Note 27d.
In relation to the transition rule implementation of SFAS 50 Revised 2006 and SFAS 55 Revised 2006 effective on 1 January 2010, Banks have the opportunity to reassess and
reclassify their financial assets classification without consequences of “tainting rule”. As at 1 January 2010, the Bank decided to reclassify its Government Bonds amounting Rp38,000,000
from Held to Maturity to Available for Sale classification. The reclassification was done based on the fair value as at 1 January 2010 and the unrealised loss amounting to Rp404,255 has been
recorded in equity section as part of unrealised losses from decrease in fair value of marketable securities and Government Bonds net of deferred tax.
Based on the Letter of Bank Indonesia No. 10177DpGDPNP dated 9 October 2008, regarding Determination of Fair Value and Reclassification of Government Debenture Debt SUN, on
19 December 2008, Bank Mandiri has reclassified Trading and Available for Sale Government Bonds with nominal amount of Rp116,813 and Rp402,589 respectively, to Held to Maturity
Government Bonds. The fair value of Government Bonds for Trading and Available for Sale before reclassification amounting to Rp100,720 and Rp425,111, respectively, and the fair value of Trading
and Available for Sale Government Bonds at the time of reclassification amounting to Rp99,648 and Rp376,737, respectively. Unrealised loss from reclassification of Government Bonds is recorded as
part of unrealised loss from available for sale marketable securities and Government Bonds – net of deferred tax in equity section and will be amortised and charged into consolidated statements of
income until the maturity of the above Government Bonds.