PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
e. Deferred Tax Assets
Deferred tax assets are recognized for all temporary differences between the financial statements’ carrying amounts of existing assets and liabilities and their respective taxes
bases to the extent that it is probable that taxable profit will be available against which the temporary differences can be utilized. Significant management estimates are required to
determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.
The carrying value of deferred tax assets is disclosed in Note 48.
f. Impairment of Non-Financial Assets
Impairment review is performed when certain impairment indicators are present. Determining the fair value of assets requires the estimation of cash flows expected to be
generated from the continued use and ultimate disposition of such assets. Any significant changes in the assumptions used in determining the fair value may materially affect the
assessment of recoverable values and any resulting impairment loss could have a material impact on results of operations.
The carrying value of these assets in form of investment in shares at acquisition cost, investment properties, property and equipment, and foreclosed properties are as disclosed
in Notes 17, 18, 19 and 20.
4. Cash and Cash in Banks
These consist of:
2014 2013
Cash on hand Rupiah
324,054 347,327
Foreign currencies Note 51 49,244
30,897 Total - cash on hand
373,298 378,224
Cash in banks Third parties
Rupiah PT Bank Mayapada Internasional Tbk
144,140 40
Standard Chartered Bank, Indonesia 97,133
723 PT Bank Central Asia Tbk
46,134 37,603
PT Bank International Indonesia Tbk - Sharia Division 21,793
46,575 PT Bank Negara Indonesia Persero Tbk
10,385 9,198
PT Bank CIMB Niaga Tbk 9,256
4,669 PT Bank Internasional Indonesia Tbk
7,943 15,773
PT Bank Permata Tbk 6,150
119,355 PT Bank CIMB Niaga Tbk - Sharia Division
4,745 5,181
PT Bank Mandiri Persero Tbk 3,667
6,350 PT Bank Mega Tbk
78 8,647
Others below Rp 5,000 each 15,243
17,493 Total
366,667 271,607
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
2014 2013
Cash in banks Third parties
Foreign currencies Note 51 Bank of China, Australia
39,577 16,801
PT Bank Central Asia Tbk 39,468
22,002 Deutsche Bank Trust Company Americas, United States of Americ
26,859 21,556
PT Bank ICBC Indonesia 20,070
61 United Overseas Bank, Singapore
15,035 26,302
Bank of America, Merill Lynch, United States of America 15,010
13,172 PT Bank Mandiri Persero Tbk
14,849 38,687
Bank of China, Jakarta 13,059
12,274 Deutsche Bank AG, Germany
10,647 17,787
Bank International Ningbo, China 9,163
10,789 Wells Fargo Bank, N.A, England
8,583 8,863
OCBC, Singapore 7,722
6,811 Bank of China, China
7,341 8,235
Sumitomo Mitsui Banking Corporation, United States of America 6,565
105 PT Bank Internasional Indonesia Tbk
5,753 3,307
Others below Rp 5,000 each 14,249
17,046 Total
253,950 223,798
Total - Cash in banks 620,617
495,405 Demand deposits with Bank Indonesia
Rupiah 1,174,543
1,043,323 Foreign currency Note 51
359,642 418,155
Total 1,534,185
1,461,478 Funds placed in securities companies
Related party Foreign currency Note 51
15,439 10,887
Segregated funds net assets - Unit link Rupiah
57,984 36,687
Foreign currency Note 51 36,204
216,957 Total
94,188 253,644
Total 2,637,727
2,599,638
According to the regulation of Bank Indonesia, each bank in Indonesia is required to maintain a minimum liquidity reserve of a certain percentage of third party funds both in Rupiah and
foreign currency. As of December 31, 2014 and 2013, the balance of primary minimum liquidity reserves of BS, a subsidiary, in Rupiah, amounted to Rp 1,078,761 and Rp 793,580,
respectively, while the minimum liquidity reserves in foreign currency amounted to Rp 358,449 and Rp 417,270, respectively. As of December 31, 2014 and 2013, secondary minimum liquidity
reserves of BS, in Rupiah, amounted to Rp 517,237 and Rp 387,219, respectively. The minimum liquidity reserves as of December 31, 2014 and 2013 were determined in accordance with Bank
Indonesia Regulation. As of December 31, 2014 and 2013, no allowance for impairment losses was provided on cash
and cash in banks as management believes that cash and cash in banks are collectible.
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
5. Short-term Investments
2014 2013
Time deposits 3,767,547
1,950,998 Placements with Bank Indonesia and other banks
2,057,957 1,736,252
Segregated funds net assets - Unit link 1,727,537
2,418,851 Securities - net
17,641,482 18,435,875
Total Net 25,194,523
24,541,976
a. Time deposits
2014 2013
Third parties Rupiah
Banks PT Bank Rakyat Indonesia Persero Tbk
659,690 55,640
PT Bank Bukopin Tbk 500,200
360,200 PT Bank OCBC NISP Tbk
384,680 42,000
PT Bank Victoria International Tbk 299,300
260,100 PT Bank Permata Tbk
298,832 25,000
PT Bank Mandiri Persero Tbk 251,300
11,000 PT Bank Internasional Indonesia Tbk
187,560 355,876
PT Bank CIMB Niaga Tbk 176,000
25,550 PT Bank Mayapada Internasional Tbk
164,254 2,600
PT BPD Sumatera Utara 100,000
- PT BPD Jawa Barat dan Banten Tbk
75,800 500
PT Bank Danamon Indonesia Tbk 50,000
- PT Bank Artha Graha Internasional Tbk
50,000 25
PT Bank CIMB Niaga Tbk - Sharia Divison 49,750
15,250 PT Bank Permata Tbk - Sharia Division
37,450 25,950
PT Bank Tabungan Pensiun Nasional Tbk 37,000
220,000 PT BRI Syariah
31,100 38,850
PT Bank Mutiara Tbk 31,000
75,200 PT BPR Modern Express
30,000 100,000
PT Bank Muamalat Indonesia Tbk 26,200
9,500 PT BPD Jawa Barat dan Banten Tbk - Sharia Division
21,000 1,000
PT Bank Mega Tbk 20,000
50,000 PT Bank Syariah Mandiri
17,810 20,310
PT BNI Syariah 14,250
14,000 PT Bank Syariah Bukopin
14,050 15,050
PT Bank DKI Syariah 13,150
5,400 PT Bank Internasional Indonesia Tbk - Sharia Division
12,300 11,300
PT Bank OCBC NISP Tbk - Sharia Division 11,950
12,450 PT Bank Dinar
10,110 25,610
PT BCA Syariah 7,600
7,100 PT Bank Victoria Syariah
5,300 3,300
PT Bank Syariah Mega Indonesia - Sharia 5,250
6,250 PT Bank Tabungan Negara Persero Tbk
5,100 5,750
PT Bank Capital Indonesia Tbk 5,000
5,000 PT Bank Negara Indonesia Persero Tbk
1,250 7,900
PT Bank ICB Bumiputera Indonesia Tbk 1,100
7,100 PT Bank Windu Kentjana International Tbk
550 6,300
PT Bank Central Asia Tbk -
24,171 Others below Rp 5,000 each
16,774 12,700
Total 3,622,660
1,863,932
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
2014 2013
Third parties Rupiah
Foreign currencies Note 51 PT Bank Permata Tbk
68,420 -
PT Bank Internasional Indonesia Tbk 31,869
49,065 PT Bank OCBC NISP Tbk
24,461 -
PT Bank Mandiri Persero Tbk 14,743
7,916 PT Bank Central Asia Tbk
- 23,281
Others below Rp 5,000 each 669
2,377 Total
140,162 82,639
PT Kliring Berjangka Indonesia 3,626
3,406 PT Kliring Penjaminan Efek Indonesia
1,099 1,021
Total 4,725
4,427 Total
3,767,547 1,950,998
The interest rates per annum on time deposits are as follows:
2014 2013
Rupiah 4.25 - 13.50 5.50 - 15.00
Foreign currency 0.15 - 3.00
0.40 - 3.00
Short-term Investments in the form of time deposits included time deposits with maturities of more than three 3 months and guarantee deposits, in compliance with the regulation of the
Minister of Finance of the Republic of Indonesia under the name of the Minister of Finance on behalf of the subsidiary and time deposits of SMS and SF, subsidiaries, placed with
PT Kliring Penjaminan Efek Indonesia and PT Kliring Berjangka Indonesia, respectively. As of December 31, 2014 and 2013, no allowance for impairment losses was provided on
time deposits as management believes that all such time deposits are collectible.
b. Placements with Bank Indonesia and other banks
2014 2013
Bank Indonesia 1,749,388
1,142,439 Other banks
308,569 593,813
Total 2,057,957
1,736,252
As of December 31, 2014 and 2013, placements with Bank Indonesia are classified as available for sale financial assets, whereas placements with other banks are classified as
financial assets in loans and receivables category.
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PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
For the Years Ended December 31, 2014 and 2013 Figures are Presented in Millions of Rupiah,unless Otherwise Stated
Placements with other banks as of December 31, 2014 and 2013, represent placements by BS, a subsidiary, with details as follows:
2014 2013
Rupiah Negotiable Certificates of Deposits
42,900 -
Call money 20,000
- Time deposits
- 40,000
Total 62,900
40,000 Foreign currencies Note 51
Call money 243,851
432,113 Deposito on call
1,818 -
Time deposits -
121,700 Total
245,669 553,813
Total 308,569
593,813
The interest rates per annum on placements with Bank Indonesia and other banks are as follows:
2014 2013
Rupiah 5.75 - 9.50
5.75 - 8.50 Foreign currency
0.03 - 1.00 0.12 - 2.50
As of December 31, 2014 and 2013, the details of Rupiah call money, NCD, and time deposits are as follows:
2014 2013
PT Bank Tabungan Negara Persero Tbk 24,079
- PT Bank Ekspor Indonesia
20,000 20,000
PT Bank Commonwealth 18,821
- PT Bank Pundi
- 20,000
Total 62,900
40,000 Nama of Bank
As of December 31, 2014 and 2013, details of call money, NCD, and time deposits in foreign currencies are as follows:
2014 2013
Standard Chartered Bank, New York, USA 120,001
85,268 Well Fargo Bank, National Association, New York, USA
86,695 298,165
PT Bank Capital Indonesia Tbk 37,155
48,680 UBS AG, Singapore
1,818 -
PT Bank Muamalat Indonesia Tbk -
121,700 245,669
553,813 Name of Bank
As of December 31, 2014 and 2013, no allowance for impairment losses was provided on placement with other banks as management believes that all placements with Bank
Indonesia and other banks are collectible.
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