PT BANK DANAMON INDONESIA TBK

Transcription

NOT FOR DISTRIBUTION IN THE UNITED STATES
PT BANK DANAMON INDONESIA TBK
LIMITED PUBLIC OFFERING V
RELATING TO THE ISSUANCE OF PRE-EMPTIVE RIGHTS
138 FOR 1,000 RIGHTS OFFERING OF 1,162,285,399 SERIES B SHARES
AT A PRICE OF RP4,300 PER SHARE
Standby Purchasers
The date of this document is 24 August 2011
IMPORTANT — PLEASE READ
The information in the attached is an unofficial English translation (the “English Translation”) of the
prospectus of PT Bank Danamon Indonesia Tbk (the “Company”) dated 24 August, 2011 and written
in Bahasa Indonesia (the “Bahasa Prospectus”). The Bahasa Prospectus has been prepared by the
Company solely to provide current shareholders of the Company information in connection with a rights
offering by the Company (the “Rights Offering”). The English Translation is confidential and must not
be copied, reproduced, distributed, passed (in whole or in part) through any medium or in any form or
disclosed or made available to any person other than the intended recipient at any time.
The English Translation has been provided only for the convenience of the recipient. No representation
or warranty, express or implied, is or will be made in or in relation to, and no responsibility or loss is or
will be accepted by the Company or any of its advisers as to the accuracy of the translation or its
contents and any liability therefore is hereby expressly disclaimed. To the fullest extent permissible by
law, neither the Company nor any of its advisers have any responsibility or liability whatsoever, for
negligence or otherwise, for any loss arising from the use of the attached English Translation or its
contents, or any liability otherwise arising in connection with the attached English Translation. The
Bahasa Prospectus is the governing version and, in the event of any inconsistency, the Bahasa
Prospectus shall prevail over the English Translation.
Any decision to participate in the Rights Offering should be made solely on the basis of the information
contained in the final Bahasa Prospectus, which shall be made available to the recipient upon request.
Such request can be made to the Company by contacting the Investors Relations Division in writing to:
Head of Investor Relations
PT. Bank Danamon Indonesia Tbk
Menara Bank Danamon, 6th Floor
JI. Prof. DR. Satrio Kav. E 4 No. 6
Mega Kuningan, Jakarta 12950
Indonesia
Email: [email protected]
ADDITIONAL INVESTMENT DECISION CONSIDERATIONS
Results of Operation and Financial Information for the Six Months Ended 30 June 2011
In addition to the information contained in the Bahasa Prospectus and the convenience English
Translation, persons considering making an investment decision in respect of the Rights Offering
should consider the Company’s consolidated results of operation and financial information as at and for
the six months ended June 30, 2011, which are available at http://www.idx.co.id/Home/
ListedCompanies/ReportDocument/tabid/91/language/en-US/Default.aspx (code: BDMN, Year: 2011,
Period: Triwulan II).
Risk Factors Relating to Indonesia
Persons considering making an investment decision should also consider the following risk factors
relating to Indonesia:
Adverse political and social conditions may affect the Company’s business, financial
performance and operations.
Since the 1997 Asian financial crisis, Indonesia has suffered from political instability, as well as social
and civil unrest. President Suharto’s regime ended in 1998, and since then, Indonesia has undergone
democratic change. In 1999, Indonesia successfully conducted its first free parliamentary and
presidential elections. However, the country continues to face various socio-political problems,
including conflicts among various political factions, conflicts between regional authorities and the
central government, friction between civilian and military institutions, civil disturbances, social unrest,
labour unrest and activism, clashes among religious and ethnic groups, various armed separatist
uprisings and, most recently, terrorist attacks on foreign tourists and consular facilities.
The Government has attempted to address instability and unrest with limited success. The Government
has continued negotiations with certain regions in Indonesia, where there have been separatist
movements and clashes among religious and ethnic groups. The Government has enjoyed a degree of
success in these negotiations but there are still various issues that remain outstanding. Further
tensions in these regions could exacerbate political instability in Indonesia.
The Company is incorporated in Indonesia, and most of its assets and operations are located in
Indonesia. As a result, future political and social conditions in Indonesia, as well as certain actions and
policies that the Government may adopt, could materially and adversely affect the Company’s
businesses, financial condition, results of operations and prospects.
Political and related social developments in Indonesia have been unpredictable in the past and there
can be no assurance that social and civil disturbances will not occur in the future and on a wider scale,
or that any such disturbances will not, directly or indirectly, materially and adversely affect the
Company’s business, financial condition, results of operations and prospects.
Terrorist attacks in Indonesia and the surrounding region, as well as other destabilising events
in Southeast Asia, could have a significant adverse effect on the Indonesian economy and on
the Company’s business and financial performance.
The 11 September 2001 terrorist attacks in the United States, coupled with the military response by the
United States and allied forces in Iraq, have resulted in economic volatility and social unrest in
Southeast Asia. Recent terrorist attacks in Southeast Asia and specifically the Bali bombings have
exacerbated this volatility. Subsequent geo-political events and any further terrorist actions may cause
further volatility. Any additional significant military or other response by the United States and its allies
could also materially and adversely affect international financial markets and thus the Indonesian
economy.
During the last five years, there have been various bombing incidents. As a reaction to the terrorist
attacks, the Government of Indonesia has institutionalised certain security improvements and carried
out certain legal reforms to more effectively fight terrorism. In addition, some suspected key terrorists
figures have been captured and tried, but there can be no assurance that further terrorist acts will not
occur in the future. Violent acts arising from and leading to instability and unrest have in the past had,
and could continue to have, a material adverse effect on investment, confidence in, and the
performance of, certain sectors of the Indonesian economy, and in turn, the Company’s business.
Any of the events described above, including any damage to the Company’s assets, could disrupt the
Company’s business and materially and adversely affect its financial condition, results of operations
and, prospects. The Company’s insurance policies currently do not cover terrorist attacks.
Indonesia is located in an earthquake zone and is subject to significant geological risk that
could lead to social unrest and economic loss.
The Indonesian archipelago is one of the most volcanically active regions in the world. Because it is
located in the convergence zone of three major lithospheric plates, it is subject to significant seismic
activity that can lead to destructive earthquakes, tsunamis, or tidal waves. On 26 December 2004, an
underwater earthquake off the coast of Sumatra caused a tsunami, devastating coastal communities in
Indonesia, Thailand and Sri Lanka. In Indonesia, more than 220,000 people died or were recorded as
missing in the disaster. Aftershocks from the December 2004 tsunami also claimed casualties. On 27
May 2006, another earthquake struck the Indonesian provinces of Yogyakarta and central Java, in
which more than 5,000 people died. On 17 July 2006, an earthquake followed by a tsunami struck the
southern coast of Indonesia’s Java Island, in which more than 600 people died.
While the December 2004 tsunami did not have a significant economic impact on Indonesian capital
markets, the Government has had to expend significant amounts of resources on emergency aid and
resettlement efforts. There can be no assurance that future geological occurrences will not significantly
impact the Indonesian economy. A significant earthquake or other geological disturbance in any of
Indonesia’s more populated cities and financial centres could severely disrupt the Indonesian economy
and undermine investor confidence, thereby materially and adversely affecting the Company’s
Labour unrest may materially and adversely affect the Company.
The weak economic conditions have resulted, and may continue to result, in labour unrest and activism
in Indonesia. On 25 February 2003, the House of Representatives passed Law No. 13/2003 (the
“Labour Law”) which became effective on 25 March 2003. The Labour Law adopted provisions for
severance pay, long service pay and compensation as components of the amount payable to an
employee upon termination. Employees have the right to refuse to continue their employment if there
is a change of status, change of ownership or merger or consolidation of its employer. If employment
is terminated based on these reasons, the employees will be entitled to severance pay, long service pay
and other compensation which are calculated based on their basic salary and fixed allowances, as well
as their length of employment with such employer. In April 2006, thousands of workers across
Indonesia protested against proposed parliamentary revisions to the Labour Law which, if
implemented, would have curbed the ability of workers to strike and softened regulations on termination
payments for dismissed workers. In response to these protests, President Yudhoyono called upon
Government officials and representatives of labour unions and employers to meet and agree on
mutually acceptable revisions to the proposed law. While the Government has issued certain
regulations to redefine the entitlement of employees to termination payments by introducing certain
salary limitations that would entitle employees to termination payments under the Labour Law, labour
unrest and activism in Indonesia could disrupt the Company’s operations and could also affect the
financial condition of Indonesian companies in general, reducing the prices of Indonesian securities on
the Jakarta or other stock exchanges and the value of the Rupiah relative to other currencies. Such
events could materially and adversely affect the Company’s businesses, financial condition, results of
operations, and prospects.
Avian influenza or other contagious diseases have in the past and may in the future have an
adverse effect on the economic conditions of certain Asian countries.
During the last five years, many parts of Asia experienced unprecedented outbreaks of avian influenza.
The World Health Organisation announced in June 2006 that human-to-human transmission of avian
influenza had been confirmed in Sumatra, Indonesia. According to the World Health Organisation, as
at 30 September 2007, 86 people in Indonesia were confirmed to have died from avian influenza.
Currently, no fully effective avian influenza vaccines have been developed, and there can be no
assurance that an effective vaccine can be produced in time to guard against a potential avian influenza
pandemic.
There can be no assurance that an outbreak of avian influenza or other contagious diseases will not
occur, or that the measures taken by governments of affected countries against such potential
outbreaks will not seriously interrupt the Company’s operations or those of its customers, which may
in turn have a material adverse effect on its results of operations.
NOTICE TO INVESTORS
No person is authorized to give any information or to make any representation in connection with the
Rights Offering other than as contained in the Bahasa Prospectus. If any such information is given or
made, it must not be relied upon as having been authorized by the Company or any of its subsidiaries,
affiliates or advisors or the standby purchasers or any of their affiliates. Neither the delivery of this
English Translation nor any sale made hereunder shall under any circumstances imply that there has
been no change in our affairs or in the affairs of our subsidiaries or that the information set forth or
incorporated by reference herein is correct as of any date subsequent to the date hereof.
No action has been or will be taken in any jurisdiction other than the Republic of Indonesia to permit
a public offering of the Rights (as defined herein) or the New Shares (as defined herein) or the
circulation or distribution of the English Translation or the Bahasa Prospectus or any other offering
material relating to the Rights Offering, the Rights or the New Shares in any jurisdiction where any such
action is required. Persons who receive the English Translation, the Bahasa Prospectus or any other
offering material or who participate in the Rights Offering are deemed to have represented to the
Company and its advisers that they are able to do so in compliance with all applicable laws in all
relevant jurisdictions. The distribution of the attached English Translation and the Bahasa Prospectus
in jurisdictions other than the Republic of Indonesia may be restricted by law and persons who receive
such documents should inform themselves about, and observe, any such restrictions. Any failure to
comply with these restrictions may constitute a violation of law in the relevant jurisdiction. This English
Translation does not constitute an offer of, or an invitation to purchase, any of the Rights or New Shares
in any jurisdiction in which such offer or invitation would be unlawful.
The English Translation is confidential and must not be copied, reproduced, distributed, passed (in
whole or in part) through any medium or in any form or disclosed or made available to any person other
than the intended recipient at any time. Each offeree of the Rights or the New Shares, by accepting
delivery of this English Translation, agrees to the foregoing.
SELLING RESTRICTIONS
United States
The New Shares and Rights offered hereby have not been and will not be registered under the
Securities Act of 1933 (the “Securities Act”), or with any securities regulatory authority of any state or
other jurisdiction in the United States, and may not be offered, sold, pledged or otherwise transferred
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the Securities Act and in compliance with any applicable state securities laws. Any representation to
the contrary is a criminal offense in the United States. The New Shares are being offered (i) outside the
United States only in “offshore transactions” as defined in Regulation S under the Securities Act and (ii)
in the United States only to qualified Institutional buyers, as defined in Rule 144A under the Securities
Act, in reliance on an exemption from the registration requirements of the Securities Act. There will be
no public offer of the Rights or the New Shares in the United States.
European Economic Area
In relation to each member state of the European Economic Area which has implemented the
Prospectus Directive (as defined below) (each, a “Relevant Member State”), there has been no offer of
our shares or rights to the public in any Relevant Member State in any manner requiring the publication
of a prospectus. Shares and rights in this offering may only be offered in any Relevant Member State:
•
to legal entitles which are authorized or regulated to operate in the financial markets or, if not so
authorized or regulated, whose corporate purpose is solely to invest in securities; or
•
to any legal entity which has two or more of (a) an average of at least 250 employees during the
last financial year; (b) a total balance sheet of more than C43,000,000; and (c) an annual net
turnover of more than C50,000,000, as shown in its last annual or consolidated accounts; or
•
in any other circumstances which do not require the publication by the Company of a prospectus
pursuant to Article 3 of the Prospectus Directive.
For the purposes of the above, the expression an “offer of shares to the public” in any Relevant Member
State means the communication in any form and by any means of sufficient information on the terms
of the offer and the shares to be offered so as to enable an investor to decide to purchase or subscribe
the shares, as the same may be varied in that Relevant Member State by any measure implementing
the Prospectus Directive in that Relevant Member State, and the expression “Prospectus Directive”
means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant
Member State.
United Kingdom
This English Translation and any other material in relation to the securities described herein is only
being distributed to and is directed only at persons (i) who are outside the United Kingdom; (ii) who
have professional experience in matters relating to investments; (iii) who are persons falling within
Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005; or (iv) to whom an invitation or
inducement to engage in investment activity (within the meaning of section 21 of the Financial Services
and Markets Acts 2000) may otherwise lawfully be communicated or caused to be communicated (all
such persons together being referred to as “relevant persons”). The exercise of rights and the purchase
of shares are only available to, and any invitation, offer or agreement to exercise the rights or to
subscribe, purchase or otherwise acquire the shares will be engaged in only with, relevant persons. Any
person who is not a relevant person should not act or rely on this document or any of its contents.
Hong Kong
The Company has not offered or sold and will not offer or sell, in Hong Kong, by means of any
document, any Rights or New Shares other than (a) to persons whose ordinary business is to buy or
sell shares or debentures (whether as principle or agent), or (b) in other circumstances which do not
constitute an offer, to the public within the meaning of the Companies Ordinance (Cap. 32) (the “CO”),
or (c) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571)
(the “SFO”) and any rules made under the SFO, or (d) in other circumstances which do no result in the
document being a “prospectus” within the meaning of the CO; and it has not issued, or had in its
possession for the purpose of issue, and will not issue, or have in its possession for the purpose of
issue (in each case whether in Hong Kong or elsewhere), any advertisement, invitation or document
relating to the Rights or the New Shares which is directed at, or the contents of which are likely to be
accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong
Kong) other than with respect to the Rights or the New Shares which are or are intended to be disposed
of only to persons outside Hong Kong or only to “professional investors” within the meaning of the SFO
and any rules made under the SFO.
Singapore
Neither the English Translation, the Bahasa Prospectus nor any other offering material in connection
with any offering of the Rights or New Shares has been registered as a prospectus with the Monetary
Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the “Securities
and Futures Act”). The Company represents, warrants and agrees that the Rights and New Shares may
not be offered or sold or made the subject of an invitation for subscription or purchase nor may the
English Translation, the Bahasa Prospectus or any other document or material in connection with the
offer or sale or invitation for subscription or purchase of any Rights or New Shares be circulated or
distributed, whether directly or indirectly, to the public or any member of the public in Singapore other
than (a) to an institutional investor or other person falling within Section 274 of the Securities and
Futures Act, (b) to a relevant person, or any person pursuant to Section 275(1A) of the Securities and
Futures Act, and in accordance with the conditions specified in Section 275 of the Securities and
Futures Act, or (c) otherwise than pursuant to, and in accordance with the conditions of, any other
applicable provision of the Securities and Futures Act.
Each of the following relevant persons specified in Section 275 of the Securities and Futures Act which
has subscribed or purchased the Rights or New Shares, namely a person who is:
(a)
a corporation (which is not an accredited investor) the sole business of which is to hold
investments and the entire share capital of which is owned by one or more individuals, each of
whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments
and each beneficiary is an accredited investor,
should note that shares, debentures and units of shares and debentures of that corporation or the
beneficiaries’ rights and interest in that trust shall not be transferable for 6 months after that corporation
or that trust has acquired the Rights or New Shares under Section 275 of the Securities and Futures
Act except:
(1)
to an institutional investor under Section 274 of the Securities and Futures Act or to a relevant
person, or any person pursuant to Section 275(1A) of the Securities and Futures Act, and in
accordance with the conditions, specified in Section 275 of the Securities and Futures Act;
(2)
where no consideration is given for the transfer; or
(3)
by operation of law.
Japan
THE NEW SHARES AND RIGHTS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
FINANCIAL INSTRUMENTS AND EXCHANGE LAW OF JAPAN, AS AMENDED (“FIEL”). IN
PARTICULAR, NO REGISTRATION HAS BEEN MADE IN RESPECT OF THE SOLICITATION OF AN
OFFER FOR THE ACQUISITION OF THE NEW SHARES AND RIGHTS PURSUANT TO ARTICLE 4,
PARAGRAPH 1 OF FIEL UNDER AN EXEMPTION THEREFROM PURSUANT TO ARTICLE 2,
PARAGRAPH 3, ITEM 1 OF FIEL AND RELATED CABINET ORDER. ACCORDINGLY, IN
CONNECTION WITH THE OFFERING MADE HEREBY THE NEW SHARES AND RIGHTS MAY NOT,
DIRECTLY OR INDIRECTLY, BE OFFERED OR SOLD IN JAPAN TO, OR FOR THE BENEFIT OF,
ANY RESIDENT OF JAPAN, OR TO OTHERS FOR REOFFERING OR RE-SALE DIRECTLY OR
INDIRECTLY IN JAPAN TO, OR FOR THE BENEFIT OF, ANY RESIDENT OF JAPAN EXCEPT
PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, AND
OTHERWISE IN COMPLIANCE WITH FIEL AND OTHER RELEVANT LAWS AND REGULATIONS OF
JAPAN. AS USED IN THIS PARAGRAPH, “RESIDENT OF JAPAN” MEANS ANY PERSON RESIDENT
IN JAPAN, INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANISED UNDER THE LAWS
OF JAPAN.
South Korea
The New Shares and Rights have not been and will not be registered under the Financial Investment
Services and Capital Market Act of the Republic of Korea (“Korea”), and the New Shares and Rights
are not to be offered, sold or delivered and will not be offered or sold, directly or indirectly, in Korea or
to, or for the account or benefit of, any resident of Korea or to others for re-offering or resale, directly
or indirectly, in Korea or to, or for the account or benefit of, any resident in Korea, except (i) pursuant
to an exemption from the registration requirements of, or otherwise in compliance with, the Financial
Investment Services and Capital Market Act of Korea and (ii) in compliance with the other relevant laws
and regulations of Korea.
Dubai International Financial Centre investors
This document relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai
Financial Services Authority.
This document is intended for distribution only to persons of a type specified in those rules. It must not
be delivered to, or relied on by, any other Person.
The Dubai Financial Services Authority has no responsibility for reviewing or verifying any documents
in connection with Exempt Offers. The Dubai Financial Services Authority has not approved this
document nor taken steps to verify the information set out in it, and has no responsibility for it.
The New Shares and Rights to which this document relates may be illiquid and/or subject to restrictions
on their resale. Prospective purchasers of the New Shares and Rights offered should conduct their own
due diligence on the New Shares and Rights.
If you do not understand the contents of this document you should consult an authorized financial
advisor.
United Arab Emirates
This document has not been reviewed, approved or authorised by the UAE Central Bank, the Emirates
Securities and Commodities Authority, or any other relevant authority in the United Arab Emirates
(“UAE”), and it does not constitute a public offer of securities in the UAE under the Federal Law No. 8
of 1984 concerning Commercial Companies (as amended) or otherwise. For the purposes of this
Limited Public Offering V, neither PT Bank Danamon Indonesia Tbk nor any other person has received
any authorisation from the UAE Central Bank, or any other authority in the UAE to market, offer or sell
any securities within the UAE.
This document is not intended to constitute an offer, sale or delivery of shares or other securities under
the laws of the UAE. The New Shares and Rights have not been and will not be registered under the
Federal Law No. 4 of 2000 Concerning the Emirates Securities and Commodities Authority and Market,
with the Emirates Security and Commodity Exchange, or with the UAE Central Bank, the Dubai
Financial Market, the Abu Dhabi Securities Market, or with any other UAE exchange. Nothing contained
in this document is intended to constitute UAE investment, legal, tax, accounting or other professional
advice. This document is for information purposes only and nothing in this document is intended to
endorse or recommend a particular course of action. Prospective investors should consult with an
appropriate professional for specific advice rendered on the basis of their situation. No marketing of any
financial products or services is to be made from within the UAE and no subscription to any services,
products or financial services is to be consummated within the UAE. Neither PT Bank Danamon
Indonesia Tbk nor any standby purchasers is a licensed broker or dealer or investment adviser under
the laws applicable in the UAE, or advises individuals resident in the UAE as to the appropriateness of
investing in or purchasing or selling securities or transacting in other financial products.
This document is strictly private and confidential and is being distributed to a limited number of
investors and must not be provided to any person other than the original recipient, and may not be
reproduced or used for any other purpose. The interests in the New Shares and Rights may not be
offered or sold directly or indirectly in the UAE.
CONVENIENCE TRANSLATION
Effective date of Registration
Statement
Date of Extraordinary General
Meeting of Shareholders (“EGMS”)
Date of Cum Rights
— Regular Market and Negotiation
Market
:
24 August 2011
:
24 August 2011
:
7 September 2011
— Cash Market
Date of Ex — Rights
:
12 September 2011
— Regular Market and Negotiation
Market
— Cash Market
Final Recording Date in Registry of
Shareholders Entitled to Rights
:
8 September 2011
:
:
13 September 2011
12 September 2011
Date of Rights, Prospectus and Form
Distribution
Date of Rights Listing on the IDX
:
13 September 2011
:
14 September 2011
Trading Period of Rights
Period of Registration, Order,
Implementation and Payment of
Rights
:
:
14-21 September 2011
Date of Distribution Shares Electronic
Rights Implementation
Final Date of Payment of Additional
Shares Subscription
:
:
23 September 2011
Date of Allotment of Subscription of
Additional Shares
Date of Refund for Subscription of
Additional Shares
:
26 September 2011
:
28 September 2011
BAPEPAM-LK HAS NEITHER APPROVED NOR DISAPPROVED OF THESE SECURITIES, NOR HAS IT VERIFIED ON THE ACCURACY OR
SUFFICIENCY OF THE CONTENTS OF THIS PROSPECTUS. ANY STATEMENT TO THE CONTRARY IS A VIOLATION OF THE LAW.
PT BANK DANAMON INDONESIA TBK (THE “COMPANY”) IS FULLY RESPONSIBLE FOR THE ACCURACY OF ALL INFORMATION, DATA
OR REPORTS AND FOR THE FAIRNESS OF THE OPINIONS STATED IN THIS PROSPECTUS.
PT BANK DANAMON INDONESIA Tbk
Line of Business:
Engaged in Banking Services and Other Financial Services
Domiciled in Jakarta
HEAD OFFICE
Jl. Prof. Dr. Satrio Kav. E4, No. 6
Phone.: (021) 57991001-3 Fax: (021) 57991048
Internet website: www.danamon.co.id
BRANCH OFFICES
As of 30 June 2011, the Company has 79 domestic branch offices,
390 domestic supporting branch offices, 920 Danamon Credits and Savings
(Danamon Simpan Pinjam) branch offices (including 19 implant branches, with
the support of 200 mobile units), 246 sales representative offices, 8 Syariah
branch offices, 3 Syariah supporting offices, 10 Syariah Gold Solution offices
and 1 overseas branch office
LIMITED PUBLIC OFFERING V TO SHAREHOLDERS IN RELATION TO
THE ISSUANCE OF PRE-EMPTIVE RIGHTS (“RIGHTS”)
By a total of 1,162,285,399 (one billion one hundred and sixty two million two hundred eighty five thousand three hundred and ninety nine) Series
B shares with a par value of Rp500 (five hundred Rupiah) per share. Each holder of 1,000 (one thousand) shares of the Company whose name
is registered at the Shareholders Register of PT Bank Danamon Indonesia Tbk on 12 September 2011 at 16.00 WIB shall be entitled to 138 (one
hundred and thirty eight) Rights whereby every 1 Right is entitled to subscribe for 1 (one) new Series B shares at the offering price of Rp4,300 (four
thousand three hundred Rupiah) per share. Total funds that will be accepted by the Company in this Limited Public Offering V are
Rp4,997,827,215,700 (four trillion nine hundred ninety seven billion eight hundred twenty seven million two hundred fifteen thousand seven
hundred Rupiah).
All of the shares offered in the Limited Public Offering V are new Series B shares which shall be issued from the portfolio of the Company. Shares
resulting from the exercise of the Rights shall be listed on the Indonesian Stock Exchange.
The Rights shall be traded at the Stock Exchange and outside the Stock Exchange within a period of not less than 6 (six) Business Days,
commencing from 14 September 2011 until 21 September 2011. The listing of Rights shall be conducted on the Indonesian Stock Exchange on 14
September 2011.
Asia Financial (Indonesia) Pte. Ltd., in the Undertaking Agreement In The Context of Limited Public Offering V PT Bank Danamon Indonesia dated
22 July 2011, as amended and supplemented, has stated its commitment to exercise its full entitlement to Rights. If the new shares offered in this
Limited Public Offering V are not fully subscribed for by the shareholders or holders of Rights, such remaining shares shall be allocated to any other
Rights holder who has subscribed for more than their entitlements, as set forth in their Rights Certificate, in proportion to their exercised Rights,
and if shares still remain, such remaining shares shall be purchased by Citigroup Global Markets Singapore Pte. Ltd. and Deutsche Bank AG, Hong
Kong Branch, as Standby Purchasers, up to a maximum of 189,602,650 (one hundred eighty nine million six hundred two thousand and six hundred
fifty) shares each at the offering price of Rp4,300 (four thousand three hundred Rupiah) per share.
THE RIGHTS CERTIFICATES MAY BE TRADED ON OR OUTSIDE THE STOCK EXCHANGE IN A PERIOD OF NOT LESS THAN 6 MARKET
DAYS COMMENCING FROM 14 SEPTEMBER 2011 UNTIL 21 SEPTEMBER 2011. THE LAST DAY TO EXERCISE THE RIGHTS SHALL BE
21 SEPTEMBER 2011.
THE LIMITED PUBLIC OFFERING V WILL BE EFFECTIVE UPON ITS APPROVAL BY THE EXTRAORDINARY GENERAL MEETING OF
SHAREHOLDERS (“EGMS”) OF THE COMPANY. IN THE EVENT THE EGMS DOES NOT APPROVE THIS LIMITED PUBLIC OFFERING V,
THE ACTIVITIES CARRIED OUT BY THE COMPANY IN RELATION TO THIS LIMITED PUBLIC OFFERING V WILL BE DEEMED AS NEVER
HAVING BEEN CONDUCTED.
THE PRINCIPAL RISK FACED BY THE COMPANY IS THAT THE COMPANY’S GROWTH STRATEGY MAY NOT SUCCEED, WHICH MAY
ADVERSELY AFFECT ITS PERFORMANCE. OTHER RISK FACTORS ARE FURTHER DISCUSSED IN CHAPTER V TITLED “RISK
FACTORS” IN THIS PROSPECTUS.
IMPORTANT NOTICE TO THE SHAREHOLDERS
SHAREHOLDERS OF THE COMPANY WHO DO NOT EXERCISE THEIR RIGHTS TO SUBSCRIBE FOR NEW SERIES B SHARES OFFERED
IN THIS LIMITED PUBLIC OFFERING V IN ACCORDANCE WITH THEIR RIGHTS SHALL UNDERGO A DILUTION OF THEIR PERCENTAGE
OF SHARE OWNERSHIP IN THE COMPANY UP TO A MAXIMUM OF 12.13%.
THE COMPANY IN THIS LIMITED PUBLIC OFFERING V SHALL NOT ISSUE ANY COLLECTIVE SHARE CERTIFICATE. SAID SHARES
SHALL BE DISTRIBUTED ELECTRONICALLY AND ADMINISTERED IN THE COLLECTIVE DEPOSITORY OF PT KUSTODIAN SENTRAL
EFEK INDONESIA (KSEI).
This prospectus is issued in Jakarta on 24 August 2011
PT Bank Danamon Indonesia, Tbk (hereinafter in this Prospectus referred to as the “Company”) has
submitted a Registration Statement in relation to Limited Public Offering V to The Shareholders for the
issuance of the Pre-emptive Rights (hereinafter referred to as “LPO V”) by virtue of letter No. 244-DIR
dated 25 July 2011 and submitted to the Capital Market and Financial Institution Supervisory Agency
(BAPEPAM-LK) on 25 July 2011, in accordance with the conditions set forth in Law of the Republic of
Indonesia No. 8 of 1995 dated 10 November 1995 regarding the Capital Market, State Gazette of the
Republic of Indonesia No. 64 of 1995, Supplement No. 3608 along with its implementing regulations
(“the Capital Market Law”).
The Company, the Capital Market Supporting Institutions and Professionals in this Limited Public
Offering V are fully responsible for the accuracy of all material information or facts, statements or
reports as well as the truthfulness of opinions made herein in accordance with their respective duties
pursuant to the laws and regulations prevailing in the territory of the Republic of Indonesia and the code
of ethics and standards for their respective professions.
Government Regulation No. 29 of 1999 (“GR No. 29”) regarding the Purchase of Shares of Commercial
Banks as an Implementation of Law No. 10 of 1998 regarding Amendment to Law No. 7 of the Banking
Law of 1992 (the “Banking Law”) stipulates that:
(a)
The share ownership of a bank by a Foreign Citizen and/or Foreign Legal Entity, obtained through
direct purchase or the Stock Exchange, comprises at most 99% of the shares of the relevant bank
(Article 3 of GR No. 29);
(b)
The purchase by a Foreign Citizen and/or Foreign Legal Entity through the Stock Exchange may
reach 100% from the amount of the bank shares that are listed on the Stock Exchange (Article 4
paragraph 1 of GR No. 29);
(c)
A bank can only list its shares on the Stock Exchange in an amount equal to at most 99% of the
amount of shares of the relevant bank (Article 4 paragraph 2 of GR No. 29);
(d)
At least 1% (one per cent) of the bank shares as referred to in Article 4 paragraph 2 that are not
listed on the Stock Exchange must be owned by an Indonesian Citizen or an Indonesian Legal
Entity (Article 4 paragraph 3 of GR No. 29).
In accordance with the GR No. 29 above, the amount of 83,786,256 (eighty three million seven hundred
and eighty six thousand two hundred fifty six) shares or 1% (one percent) of all shares of the Company
that are not listed in the Indonesian Stock Exchange is in the name of PT Guna Dharma.
With regard to this LPO V, each affiliated party shall not provide an explanation or issue a statement
regarding confidential information in this Prospectus without the Company’s prior written consent.
If the new Series B shares offered in this LPO V are not fully subscribed by the Rights holders, the
remaining unsubscribed shares shall be allocated to other shareholders who subscribed for more than
their entitled shares as provided in the Rights Certificate or Certificate of Ownership (SBK). These
shares will be issued proportionately pursuant to the exercised Rights and if there are still any
unsubscribed shares, such shares shall be allocated to Citigroup Global Markets Singapore Pte. Ltd.
and Deutsche Bank AG, Hong Kong Branch as the Standby Purchasers in accordance with the
provisions of the Standby Purchase Agreement, at an offering price of Rp4,300 (four thousand three
hundred Rupiah) per share to be fully paid in cash. The final date of the Rights exercise shall be 21
September 2011. Any Rights exercised after this date shall be unenforceable.
Shareholders who own certain amount of shares which give less than 1 Right, are guaranteed to be
allocated 1 Right based on the statement from Asia Financial (Indonesia) Pte. Ltd. In the event in the
future the Company will conduct a limited public offering for the purpose of Rights Issue, then the
allocation of Rights to the rightful shareholders shall be calculated pursuant to the prevailing
regulations.
i
With respect to Rule IX.D.1, in the event shareholders own the Rights in fraction forms, the Company
shall own and sell these fractions with any proceeds recorded in the Company’s account.
The Capital Market Supporting Professionals and Institutions that are participating in this LPO V firmly
state that they are not the affiliated parties of the Company, directly and/or indirectly, as defined in the
Capital Market Law.
This Limited Public Offering V is not registered pursuant to other laws and regulations
besides Indonesian law. If any party obtains this Prospectus or the Rights Certificate
outside of Indonesia, these documents shall not constitute offering documents to
purchase the Shares in this Limited Public Offering V or to subscribe for the Rights unless
the offering and purchase of Shares offered in this Limited Public Offering V or the
subscription and exercise of the Rights do not violate or are not deemed as a violation of
any prevailing laws and regulations in these jurisdictions.
The Company has disclosed any and all information that must be disclosed to the public
and there is no other information that has not been disclosed which would be misleading
to the public.
ii
TABLE OF CONTENTS
Page
TABLE OF CONTENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iii
DEFINITIONS AND ABBREVIATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
v
SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
xi
I.
LIMITED PUBLIC OFFERING V . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
II.
USE OF PROCEEDS FROM LIMITED PUBLIC OFFERING V . . . . . . . . . . . . . . . . .
5
III.
STATEMENT OF LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
IV.
MANAGEMENT DISCUSSION AND ANALYSIS. . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
1.
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
2.
Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
3.
Financial Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24
4.
Sound Banking Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
46
V.
RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
VI.
SIGNIFICANT EVENTS SUBSEQUENT TO THE DATE OF INDEPENDENT
AUDITOR’S REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
73
INFORMATION ON THE COMPANY AND ITS SUBSIDIARIES . . . . . . . . . . . . . . . .
74
1.
Brief Background of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74
2.
Development of the Company’s Share Ownership . . . . . . . . . . . . . . . . . . . . . .
77
3.
Brief Description of the Corporate Shareholders of the Company . . . . . . . . . . .
84
4.
Information on the Company’s Subsidiaries and Associated Companies . . . . . .
85
5.
The Company’s Organisation Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93
6.
Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
109
7.
Organisational Structure, Management and Supervision of the Company and
Corporate Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
114
8.
Information on Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115
9.
Related Party Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115
10. Material Agreements with Third Parties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
117
11.
Disputes Related to the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
120
ACTIVITIES AND PROSPECTS OF THE COMPANY. . . . . . . . . . . . . . . . . . . . . . . .
123
1.
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
2.
Distribution Network. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
123
3.
Business Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
125
VII.
VIII.
iii
Page
4.
Competitive Advantages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
127
5.
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
129
6.
Loans Granted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
140
7.
Funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
142
8.
Sound Banking Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
143
9.
Business Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
147
10. Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
150
11.
Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
155
12. Corporate Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
156
13. Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
14. License, Franchise, Main Concession and Intellectual Property Rights . . . . . . .
158
15. Corporate Social Responsibility (“CSR”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
158
IX.
SUMMARY OF SIGNIFICANT FINANCIAL DATA . . . . . . . . . . . . . . . . . . . . . . . . . .
160
X.
EQUITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
165
XI.
DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
167
XII.
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
168
XIII.
CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONALS . . . . . .
170
XIV.
CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
173
XV.
PARTIES ACTING AS STANDBY PURCHASERS . . . . . . . . . . . . . . . . . . . . . . . . . .
404
XVI.
CONDITIONS OF SHARES SUBSCRIPTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
407
XVII.
INFORMATION ON THE RIGHTS ISSUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
414
XVIII.
DISTRIBUTION OF PROSPECTUS, FORMS AND CERTIFICATE OF EVIDENCE OF
RIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
417
ADDITIONAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
418
XIX.
iv
DEFINITIONS AND ABBREVIATIONS
“Adira Asuransi”
Shall mean PT Asuransi Adira Dinamika.
“Adira Finance”
Shall mean PT Adira Dinamika Multi Finance Tbk.
“Adira Quantum”
Shall mean PT Adira Quantum Multifinance.
“Adira”
Shall mean PT Adira Dinamika Multi Finance Tbk, PT Asuransi
Adira Dinamika and PT Adira Quantum Multifinance.
“Affiliation”
Shall mean:
(a)
family relations as a result of marriage and descendants
until the second degree, both horizontally and vertically;
(b)
relations between one party and the employee, director or
commissioner of the said party;
(c)
relations between 2 (two) companies with 1 (one) or more
similar members from the Board of Directors or the Board of
Commissioners;
(d)
relations between 1 (one) company and 1 (one) party that
directly or indirectly controls or is controlled by the said
company;
(e)
relations between 2 (two) companies that are directly or
indirectly controlled by a similar party; or
(f)
relations between
shareholder.
the
company
and
the
principal
“AFI”
Shall mean Asia Financial (Indonesia) Pte. Ltd.
“API”
Shall mean Arsitektur Perbankan Indonesia or Indonesian
Banking Architecture.
“Articles of Association”
Shall mean the Articles of Association of the Company as
amended from time to time.
“ATM”
Shall mean Automated Teller Machine.
“Bank Day”
Shall mean a bank business day on which the head office of Bank
Indonesia in Jakarta conducts inter-bank clearing activities.
“Bank Restructuring
Programme”
Shall mean a restructuring programme organized by the
Government through IBRA in relation to the financial crisis in Asia
for the purpose of restructuring and recapitalization of the
national banking system.
“BAPEPAM-LK”
Shall mean the Capital Market and Financial Institution
Supervisory Agency as stipulated in the Decree of Minister of
Finance of the Republic of Indonesia No. 606/KMK.01/2005
dated 30 December 2005 concerning Organisation and Work
Structure of the Capital Market and Financial Institution
Supervisory Board, or the substitutes and assignees thereof.
v
“BASEL II”
Shall mean the Second BASEL Accords, i.e. recommendations of
laws and regulations on banking issued by the BASEL Committee
on Banking Supervision.
“BCM”
Shall mean Business Continuity Management.
“BI”
Shall mean Bank Indonesia.
“BTO”
Shall mean Bank Take-Over.
“Business Day”
Shall mean days beginning on Monday until Friday, save for
national holidays determined by the Government of the Republic
of Indonesia or other days, which for certain reasons, are
determined by the Government of the Republic of Indonesia as
not an ordinary Business Day.
“Calendar Day”
Shall mean any day in 1 (one) year in accordance with the
Gregorian calendar with no exceptions, including Saturdays,
Sundays and national holidays which may be determined from
time to time by the Government of the Republic of Indonesia and
ordinary Business Days which are in certain conditions are
stipulated by the Government of the Republic of Indonesia as
being a non-ordinary Business day.
“Capital Market Law”
Shall mean the Law of the Republic of Indonesia No. 8 of 1995,
dated 10 November 1995 concerning Capital Markets, the State
Gazette of the Republic of Indonesia No. 64 Year 1995,
Supplement No. 3608, and its implementing regulations.
“CAR”
Shall mean Capital Adequacy Ratio.
“CAS”
Shall mean Customer Acquisition System.
“Citi”
Shall mean Citigroup Global Markets Singapore Pte. Ltd.
“CMS”
Shall mean Collective Management System.
“Company”
Shall mean PT Bank Danamon Indonesia Tbk, a public company
which has listed its shares in the IDX, domiciled in South Jakarta,
that will conduct the LPO V.
“Deutsche Bank”
Shall mean Deutsche Bank AG, Hong Kong Branch.
“DSP”
Shall mean Danamon Simpan Pinjam (Danamon Credit and
Savings).
“Effective Date”
Shall mean the date whereby the Company’s submitted
Registration Statement becomes effective pursuant to the
prevailing laws and regulations of Indonesia, after the EGMS
approves the LPO V.
“EGMS”
Shall mean Extraordinary General Meeting of Shareholders of
the Company to be held in accordance with the provisions of the
Articles of Association of the Company and the prevailing rules of
BAPEPAM-LK on 24 August 2011 to approve the LPO V.
“EMV”
Shall mean Europay, MasterCard and Visa.
vi
“ESOP”
Shall mean Employee Stock Option Programme.
“FPPS”
Shall mean Share Subscription Form.
“FTP”
Shall mean Fund Transfer Pricing.
“GMS”
Shall mean the General Meeting of Shareholders of the
Company.
“Government”
Shall mean Government of the Republic of Indonesia.
“Holder of Rights”
Shall mean the Company’s shareholders or Rights Holders.
“IBRA”
Shall mean the Indonesian Banking Restructuring Agency.
“IDX”
Shall mean the Indonesian Stock Exchange.
“IMF”
Shall mean the International Monetary Fund.
“IVR”
Shall mean Interactive Voice Response.
“KSEI”
Shall mean PT Kustodian Sentral Efek Indonesia.
“LDR”
Shall mean Loan to Deposit Ratio, namely ratio of total loans
extended to third party funds and capital based on the formula
stipulated by Bank Indonesia.
“Limited Public Offering IV”
Shall mean the 2009 Bank Danamon Limited Public Offering IV.
“Limited Public Offering V” or
“LPO V”
Shall mean the offering of a total of 1,162,285,399 (one billion
one hundred and sixty two million two hundred eighty five
thousand three hundred and ninety nine) Series B shares with a
par value of Rp500 (five hundred Rupiah) per share. Each holder
of 1,000 (one thousand) shares of the Company whose name is
registered in the Shareholder Registry of PT Bank Danamon
Indonesia Tbk on 12 September 2011, at 16.00 WIB, are entitled
to 138 (one hundred and thirty eight) Rights in which 1 (one)
Right will be entitled to purchase 1 (one) new Series B share at
the offering price of Rp4,300 (four thousand three hundred
Rupiah) per share which shall be fully paid upon the submission
of FPPS.
“Listing Date in IDX”
Shall mean the listing date for Rights in the LPO V, in this case 14
September 2011.
“LPS”
Shall mean Indonesia Deposit Insurance Corporation.
“Market Day”
Shall mean the days where the Stock Exchange conducts the
security trading transaction activities.
“MSOP”
Shall mean Management Stock Option Programme.
“NCBS”
Shall mean New Core Banking System.
“NIM”
Shall mean Net Interest Margin, namely net interest income
divided by average earning assets in the collectibility of a Pass
and Special Mention loan.
“NOP”
Shall mean Net Open Position.
vii
“NPL”
Shall mean Non-Performing Loan, namely non-performing,
doubtful and bad debts pursuant to the provisions on the
classification of collectibility of Bank Indonesia.
“ORMS”
Shall mean Operational Risk Management System.
“PAPI”
Shall mean Indonesian Banking Accounting Guidelines.
“Principal Shareholder”
Shall mean Asia Financial (Indonesia) Pte Ltd.
“Prospectus”
Shall mean the offering document as defined in Article 1 number
26 of the Capital Market Law.
“Public Offering of Bonds I”
Shall mean the 2007 Bank Danamon Public Offering of Bonds I
With Fixed Interest Rate.
“Public Offering of Bonds II”
Shall mean the 2010 Bank Danamon Public Offering of Bonds II
With Fixed Interest Rate.
“Public”
Shall mean individuals and legal entities, Indonesian citizens or
foreign citizens and Indonesian legal entities or foreign legal
entities resided or legally domiciled in Indonesia or resided or
legally domiciled outside the jurisdiction of the Republic of
Indonesia.
“RCSA”
Shall mean Risk Control Self Assessment.
“Register of Shareholders”
Shall mean Shareholder Registry issued by RSR of the securities
administration bureau of the Company as set forth in Article 50 of
Law No. 40 of 2007, which refers to a Limited Liability Company
that sets out information on share ownership by Shareholders,
both in the script and scriptless forms. Shares in the script form
shall be shares in the form of an instrument and are under the
possession of each shareholder, whereas shares in the scriptless
form shall be shares in an electronic form administered in the
collective custody of KSEI.
“Registration Statement”
Shall mean a registration statement submitted by the Company to
the Chairman of BAPEPAM-LK in relation to the LPO V in
accordance with Rule No. IX.D.2.
“Rights Certificate”
Shall mean the certificate of ownership for a number of Rights
Shares that entitles its shareholder to subscribe for Rights
Shares at the Shares Offering Price.
“Rights Shares”
Shall mean new Series B Shares which shall be issued in the
LPO V.
“Rights”
Shall mean the right attached to the Certificate of Evidence of
Rights, which entitles the Shareholder to purchase new series B
Shares which will be issued in this LPO V that may be transferred
or traded in accordance with Rule No. IX.D.1.
“ROA”
Shall mean Return On Average Asset.
“ROE”
Shall mean Return On Average Equity.
“RRS”
Shall mean Risk Rating System.
viii
“RSR”
Shall mean PT Raya Saham Registra, a securities administration
bureau managing the administration of the Company’s shares,
either in script or scriptless form.
“Rule No. IX.D.1”
Shall mean Rule No. IX.D.1, attachment to Decree of the
Chairman of BAPEPAM No. Kep-26/PM/2003 dated 17 July 2003
concerning Rights Issues.
“Rule No. IX.D.2”
Shall mean Rule No. IX D.2, attachment to Decree of the
Chairman of BAPEPAM No. Kep-08/PM/2000 dated 13 March
2000 regarding Guidelines on the Form and Substance of the
Registration Statement in Relation to the Issuance of a Rights
Issue.
“Rule No. IX.E.1”
Shall mean Rule No. IX.E.1, attachment to Decree of the
Chairman of BAPEPAM-LK No. Kep-412/BL/2009 dated 25
November 2009 regarding Affiliated Transactions and Conflict of
Interest in Specific Transactions.
“Rule No. IX.E.2”
Shall mean Rule No. IX.E.2, attachment to Decree of the
Chairman of BAPEPAM-LK No. 413/BL/2009 dated 25 November
2009 regarding Material Transactions and Changes in Primary
Business Activities.
“Rule No. X.K.4”
Shall mean Rule No. X.K.4, attachment to Decree of Chairman of
BAPEPAM-LK No. Kep-27/PM/2003 dated 17 July 2003
concerning the Report on Realization of Use of Proceeds of the
Public Offering.
“Rupiah” or “Rp”
Shall mean the lawful currency of the Republic of Indonesia.
“SBI”
Shall mean Bank Indonesia Certificates.
“SEMM”
Shall mean Self-Employed Mass Market.
“SFAS”
Shall mean the Statement of Financial Accounting Standards
applicable in Indonesia.
“Shares Offering Price”
Shall mean Rp4,300 (four thousand three hundred Rupiah) per
Series B share.
“SKAI”
Shall mean Internal Audit Unit.
“SME”
Shall mean Small and Medium Enterprises.
“Standby Purchase Agreement”
Shall mean Standby Purchase Agreement dated 25 July 2011
entered into by and between the Company, Citi, and Deutsche
Bank with all the amendments and/or the additions made by the
relevant parties in the future.
“Standby Purchasers”
Shall mean each person that shall subscribe for the remaining
series B shares which are offered in the LPO V that have not
been subscribed for by the Company’s shareholders or the
Rights Holders at the Shares Offering Price of Rp4,300 (four
thousand three hundred Rupiah) per share, in this case namely
Citi and Deutsche Bank.
ix
“Subsidiary”
Shall mean companies incorporated as limited liability companies
under the Law of the Republic of Indonesia whose shares are
directly held by the Company and in which the Company holds
more than 50% of the total issued shares and whose financial
statements are consolidated into the Company’s financial
statements, including Adira Finance, Adira Quantum and Adira
Asuransi.
“Undertaking Agreement”
Shall mean the Undertaking Agreement In The Context Of
Limited Public Offering V dated 22 July 2011 with all the
amendments and/or the additions, whereby AFI commits to
subscribe for new Series B shares of the Company issued in this
LPO V.
“US Dollar” or “US$”
Shall mean the lawful currency of the United States of America.
“WIB”
Shall mean West Indonesian Time (GMT + 7:00).
x
SUMMARY
The summary below shall constitute an inseparable part of the Prospectus and shall be read in
conjunction with the more detailed information, financial statements and notes set forth in this
Prospectus. This summary is based on facts and the considerations of significant importance for the
Company. All financial information of the Company is presented in Rupiah and in compliance with
Indonesia Financial Accounting Standards.
COMPANY
The Company is domiciled in Jakarta, and was established under the name of PT Bank Kopra
Indonesia, pursuant to Deed No. 134 dated 16 July 1956, drawn before Meester Raden Soedja,SH.
then serving as a notary in Jakarta. The Minister of Justice of the Republic of Indonesia approved the
deed under Decree No. J.A.5/40/8 dated 24 April 1957, registered at the Jakarta District Court under
No. 845 dated 7 May 1957 and announced in the State Gazette of Republic of Indonesia No. 46 dated
7 June 1957, Supplement No. 664.
The Company obtained a business licence as a commercial bank, foreign exchange bank and bank
conducting activities based on syariah principles respectively by virtue of Decree by the Minister of
Finance of the Republic of Indonesia No. 161259/U.M.II dated 30 September 1958, decree of the Board
of Directors of Bank Indonesia No. 21/10/Dir/UPPS dated 5 November 1988 and Letter of the
Directorate of Banking License and Information No. 3/744/DPIP/Prz dated 31 December 2001.
Since the issuance of the prospectus of the Limited Public Offering IV, the Articles of Association of the
Company have been amended several times with the last amendment by the Deed No. 3 dated 12
August 2011, drawn up before Pahala Sutrisno Amijoyo Tampubolon, SH., Notary in Jakarta, based on
the Statement letter from the Notary Pahala Sutrisno Amijoyo Tampubolon No. 06./PSAT dated 12
August 2011, Deed No. 3/2011 still on the process of delivering the notification of amendment in the
AoA to MOLHR. The Deed stipulates the change of the increase of issued and paid-up capital in order
to excercise the E/MSOP Programme.
The table below presents the Subsidiaries of the Company:
Percentage
of Ownership
Year of
Participation
Financing (Lease, Factoring,
Consumer Finance)
95.00%
2004
PT Adira Quantum Multi Finance
Financing (Lease, Factoring,
Consumer Finance)
99.00%
2004
PT Asuransi Adira Dinamika
Loss Insurance
90.00%
2004
Subsidiaries
Line of Business
PT Adira Dinamika Multi Finance Tbk
In addition to the above mentioned Subsidiaries, the Company holds shares in 12 (twelve) associated
companies as set out in Chapter VII of this Prospectus.
The Company is one of the leading providers of banking and financial services to low- and
middle-income individuals in the mass market segment in Indonesia, offering individuals and
businesses throughout the country a full suite of banking and non-banking products and services to
address their financial needs. As of 31 March 2011, the Company’s consolidated total assets reached
Rp122,804 billion, total gross loans and gross consumer financing receivables reached Rp85,944
billion and total deposits from customers reached Rp80,685 billion. According to the Publication Report
of BI, the Company was the sixth largest commercial bank and the third largest private national bank
in Indonesia as measured by assets, loans and deposits. Through its subsidiary Adira Finance, the
xi
Company is one of the largest automotive financing companies by managed receivables with market
shares of 13.9% and 5.3% for new motorcycle and car sales, respectively, in 2010. It is also the second
largest microfinance provider in Indonesia as measured by loans extended. The Company has a broad
and strategic multi-channel distribution network located throughout Indonesia. As of 30 June 2011, the
Company had 79 domestic branch offices, 390 domestic supporting branch offices, 920 Danamon
Credits and Savings (Danamon Simpan Pinjam) branch offices (including 19 implant branches, with the
support of 200 mobile units), 246 sales representative offices, 8 Syariah branch offices, 3 Syariah
supporting offices, 10 Syariah Gold Solution offices spread throughout Indonesia, and 1 overseas
branch office, as well as 1,084 Company-owned ATMs and more than 25,000 shared network ATMs
with other banks.
The Company is, and immediately following the completion of the LPO V will continue to be, majority
owned and controlled by Asia Financial (Indonesia) Pte. Ltd.
Since the completion of Limited Public Offering IV in 2009, the Company has successfully executed its
strategic initiatives, which have resulted in significant improvements in the operations, financial
performance and expansion of its funding base, which is in turn favourable for the position of the
Company:
1.
Consolidated net income increased from Rp1,614 billion in 2009 to Rp2,984 billion in 2010, with
ROE increasing from 11.23% in 2009 to 18.52% in 2010
2.
Total gross loans and gross consumer financing receivables grew 31% from Rp63,278 billion as
of 31 December 2009 to Rp82,638 billion as of 31 December 2010
3.
Total deposits from customers grew 18% from Rp67,216 billion as of 31 December 2009 to
Rp79,643 billion as of 31 December 2010 with low cost deposits (such as current and savings
accounts) growing 42% in the same period. This has resulted in an increase in the proportion of
low cost deposits to total deposts from 33% to 40% and a decrease in cost of funds from 7.18%
in 2009 to 5.16% in 2010
4.
The gross consolidated NPL ratio declined from 4.47% as of 31 December 2009 to 3.02% as of
31 December 2010. The decline in gross NPL was accompanied by a decrease in the Company’s
ratio of the fullfillment of allowance for impairment to earning assets from 136.29% as of 31
December 2009 to 118.73% as of 31 December 2010
The Company conducts its business activities primarily through the following business lines:
Mass Market
The mass market segment includes Self Employed Mass Market (“SEMM”), also known as Danamon
Simpan Pinjam, or “DSP, Adira Finance, Adira Quantum and Syariah Gold Solution, providing banking
products and services to the low- to middle-income customer base. As of 31 March 2011, the Mass
Market segment contributed Rp49,905 billion in loans or 58% of our total gross loans.
Retail
The retail business serves the middle class and affluent segments by meeting their savings,
transaction, wealth management and loan needs. The Company offers a broad selection of deposit,
personal loans, credit card, bancassurance and investment products. Retail also includes the
Company’s Syariah banking unit that provides Islamic banking products to individuals and small
businesses. As of 31 March 2011, the retail segment contributed Rp4,440 billion in loans or 5% of our
total gross loans.
xii
SME, Commercial Banking and Asset Based Finance
Small & Medium Enterprise (“SME”) banking unit of the Company serves businesses with an annual
sales turnover of Rp2 billion to Rp40 billion and loan sizes ranging from Rp500 million to Rp10 billion.
The Company’s commercial customers consist of businesses with annual sales turnover of Rp40 billion
to Rp500 billion and loans sizes of Rp10 billion to Rp100 billion. This segment also includes Asset
Based Finance, offering financing for heavy equipment. As of 31 March 2011, the SME and Commercial
segment contributed Rp21,088 billion in loans or 25% of our total gross loans.
Wholesale
The wholesale banking segment comprises of corporate banking, trade finance and treasury, capital
markets and financial institutions. As of 31 March 2011, the wholesale segment contributed Rp10,569
billion in loans or 12% of the Company’s total gross loans.
In addition, the Company offers a wide range of general insurance products through its Subsidiary,
namely Adira Asuransi, falling generally into two categories: motor vehicles and non-motor vehicles
insurance. Adira Asuransi was established in 2002 and has been operating through 41 outlets across
Indonesia and currently ranks as the best general insurance provider in the category of gross written
premium above Rp200 billion as of 2010 (based on the July 2011 edition of Infobank magazine).
CAPITAL STRUCTURE OF THE COMPANY
The capital structure and shareholding composition of the Company according to the Register of
Shareholders as of 31 March 2011 issued by PT Raya Saham Registra as the Securities Administrative
Bureau of the Company, is as follows:
Remarks
Number of Shares
Series A Shares
Authorized Capital
Series B Shares
Number of Par Value (Rp)
Series A Shares
Series B Shares
@ Rp50,000,-
@ Rp500,-
22,400,000
17,760,000,000
1,120,000,000,000 8,880,000,000,000
Asia Financial (Indonesia)
Pte. Ltd.
—
5,674,493,482
— 2,837,246,741,000
JPMCB-FRANKLIN
Templeton Investment
Funds
—
473,958,470
22,400,000
%
Issued and Paid-Up Capital
Public*
Total Issued and Paid-Up
Capital
Shares in Portfolio
236,979,235,000
5.63
2,246,991,514
1,120,000,000,000 1,123,495,757,000
26.96
22,400,000
8,395,443,466
1,120,000,000,000 4,197,721,733,000
100.00
—
9,364,556,534
— 4,682,278,267,000
—
* ownership of less than 5%
xiii
—
67.41
The capital structure and shareholding composition of the Company according to the Register of
Shareholders as of 1 July 2011 issued by PT Raya Saham Registra as the Securities Administrative
Bureau of the Company, is as follows:
Remarks
Authorized Capital
Number of Shares
Number of Par Value (Rp)
Series A Shares
@ Rp50,000,-
%
Series B Shares
@ Rp500,-
Series A Shares
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000 8,880,000,000,000
—
5,674,493,482
— 2,837,246,741,000
Asia Financial (Indonesia)
Pte. Ltd.
JPMCB-FRANKLIN
Funds
Public*
Total Issued and Paid-Up
Capital
—
484,402,970
242.201.485.000
5.75
22,400,000
2,241,061,514
1,120,000,000,000 1,120,530,757,000
26.88
22,400,000
8,399,957,966
1,120,000,000,000 4,199,978,983,000
100.00
—
9,360,042,034
— 4,680,021,017,000
—
Shares in Portfolio
—
67.37
* ownership of less than 5%
Number of Rights offered
:
Series B Shares in the amount up to 1,162,285,399 (one
billion one hundred and sixty two million two hundred eighty
five thousand three hundred and ninety nine) shares
Par Value
:
Rp500 (five hundred Rupiah)
Shares Offering Price
:
Rp4,300 (four thousand and three hundred Rupiah)
Rights Ratio
:
Each holder of 1,000 (one thousand) shares of the
Company shall be entitled to 138 (one-hundred and thirty
eight) Rights in which 1 (one) Right will be entitled to
subscribe for 1 (one) new Series B share
Date of the Company’s Registry of
Shareholders entitled to Rights
:
12 September 2011
Listing Date of Rights
:
14 September 2011
Trading Period of Rights
:
Exercise Period of Rights
:
Standby Purchasers
:
Citigroup Global Markets Singapore Pte. Ltd. and Deutsche
Bank AG, Hong Kong Branch
Maximum dilution
:
12.13%
Rights in the form of fractions
:
In the event that a shareholder owns its Rights in the form
of fractions, the Company is entitled to own or sell such
fractions with proceeds of sale to be recorded in the
Company’s account.
xiv
Right to Shares issued
:
Shares issued in relation to this LPO V have equal and
equivalent rights in all respects with other issued and fully
paid up shares of the Company.
The Board of Directors on behalf of the Company hereby conducts a LPO V to the shareholders of the
Company in relation to the issuance of Rights to subscribe for new Series B shares at a total of
1,162,285,399 (one billion one hundred and sixty two million two hundred eighty five thousand three
hundred and ninety nine) Series B shares with par value of Rp500 (five hundred Rupiah) for each
share, at the offering price of Rp4,300 (four thousand and three hundred Rupiah) per share.
Each holder of 1,000 (one thousand) shares whose name is registered in the Company Shareholders
Registry on 12 September 2011 at 16.00 WIB is entitled to a total of 138 (one hundred and thirty eight)
Rights in which 1 (one) Right will be entitled to purchase 1 (one) new Series B shares at the offering
price of Rp4,300 (four thousand and three hundred Rupiah) per share to be fully paid at the shares
subscription.
The Rights will be traded in the Stock Exchange or outside the IDX in accordance with Regulation No.
IX.D.1 for not less than 6 (six) Market Days starting from 14 September 2011 until 21 September 2011.
The listing of the Rights Shares in the IDX will be conducted on 14 September 2011. If until the end of
such trading period the Rights owned by the Shareholders are not exercised, then such Rights shall no
longer be valid.
Asia Financial (Indonesia) Pte. Ltd., as a Principal Shareholder of the company, has committed to
exercise its full entitlement to Rights as set out in the Undertaking Agreement dated 22 July 2011, as
amended and supplemented.
If the New Shares offered in this LPO V are not fully subscribed for by the holders of Rights, such
remaining Rights shall be allocated to the other Rights holders who have subscribed for more than their
entitlements, as set forth in their Rights Certificate, in compliance with applicable regulations. If after
such allocation there still are remaining shares, each of Citigroup Global Markets Singapore Pte. Ltd.
and Deutsche Bank AG, Hong Kong Branch as the Standby Purchasers shall purchase the remaining
shares unsubscribed for by shareholders at the offering price of Rp4,300 (four thousand and three
hundred Rupiah) per share, up to a maximum of 189,602,650 (one hundred eighty nine million six
hundred two thousand and six hundred fifty) shares.
If the Rights offered in this LPO V are all exercised to become shares in the Company, then the
Company’s capital structure before and after the implementation of LPO V would be as follows:
Before LPO V
Capital
Number of Shares
Series A
Shares
Authorised
Capital
Series B
Shares
After LPO V
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
Asia
Financial
(Indonesia)
Pte, Ltd,
—
5,674,493,482
JPMCBFRANKLIN
Templeton
Investment
Funds
—
484,402,970
—
Number of Shares
Series A
Shares
Series B
Shares
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
2,837,246,741,000
67.37
—
6,457,573,582
242,201,485,000
5.75
—
551,250,580
— 3,228,786,791,000 67.37
—
275,625,290,000
5.75
Public*
22,400,000
2,241,061,514 1,120,000,000,000 1,120,530,757,000
26.88 22,400,000
2,553,419,203 1,120,000,000,000 1,276,709,601,500 26.88
Issued and
Paid Up
Capital
22,400,000
8,399,957,966 1,120,000,000,000 4,199,978,983,000 100.00 22,400,000
9,562,243,365 1,120,000,000,000 4,781,121,682,500 100.0
9,360,042,034
8,197,756,635
Shares in
Portfolio
—
— 4,680,021,017,000
—
*Ownership below 5%
xv
— 4,098,878,317,500
If all the Rights offered in this LPO V are not exercised by all the holders, except by AFI in accordance
to the Undertaking Agreement, then the Company’s capital structure before and after the
implementation of LPO V would be as follows:
Before LPO V
Capital
Number of Shares
Series A
Shares
Authorised
Capital
After LPO V
Par Value
Series B
Shares
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
Asia
Financial
(Indonesia)
Pte, Ltd,
—
5,674,493,482
JPMCBFRANKLIN
Templeton
Investment
Funds
—
484,402,970
—
Citigroup
Global
Markets
Singapore
Pte, Ltd,
—
—
Deutsche
Bank AG,
Hong Kong
Branch
—
—
Number of Shares
Series A
Shares
— 2,837,246,741,000
Series B
Shares
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
67.37
—
6,457,573,582
— 3,228,786,791,000 67.37
242,201,485,000
5.75
—
484,402,970
—
242,201,485,000
5.05
—
—
—
—
189,602,650
0
94,801,325,000
1.98
—
—
—
—
189,602,649
0
94,801,324,500
1.98
Public*
22,400,000
2,241,061,514 1,120,000,000,000 1,120,530,757,000
26.88 22,400,000
2,241,061,514 1,120,000,000,000 1,120,530,757,000 23.62
Issued and
Paid Up
Capital
22,400,000
8,399,957,966 1,120,000,000,000 4,199,978,983,000 100.00 22,400,000
9,562,243,365 1,120,000,000,000 4,781,121,682,500 100.00
9,360,042,034
8,197,756,635
Shares in
Portfolio
4,680,021,017,000
—
4,098,878,317,500
*Ownership below 5%
If the holders of Rights do not exercise their Rights to subscribe for new Series B shares in this LPO
V, they may sell these Rights to other parties from 14 September 2011 until 21 September 2011 through
IDX and outside the stock exchange market, in accordance with rule No. IX.D.1. If the shareholders of
the Company do not exercise their Rights to subscribe for new Series B shares offered in this LPO V
proportionately pursuant to their entitled shares, the percentage of their shareholding in the Company
may be diluted by a maximum of 12.13%.
If the holders of Rights do not fully subscribe to the new Series B shares offered in this LPO V, the
remaining shares shall be allocated to other Rights holders, who have subscribed for more than they
are entitled to as stipulated in the Certificate of Evidence of Rights, proportionately pursuant to their
exercised Rights.
The final date of exercise of Rights shall be 21 September 2011 whereby any Right that has not been
exercised until such date shall be deemed invalid. In the event that a shareholder owns its Rights in the
form of fractions, then the Company with the right over such fractions shall own and sell these shares
and the proceeds of sale shall be recorded in the Company’s account. Shareholders who own certain
amount of shares which provide less than 1 Rights, are guaranteed to obtain 1 Right based on the
statement from Asia Financial (Indonesia) Pte. Ltd. If in the future the Company conducts a limited
public offering for the purpose of Rights Issue, then the allocation of Rights to the rightful shareholders
shall be calculated pursuant to the prevailing regulations. In relation to Regulation IX.D.1, if a
shareholder owns Rights in fractions, then such fractional Rights shall be owned by the Company and
will be sold by the Company and the proceeds of the sale will be put in the Company’s account.
USE OF PROCEEDS FROM LPO V
Proceeds from LPO V, after deducting the issuance expenses, will be used to extend credit in the
microfinance, SME and automotive finance segments.
xvi
In addition, LPO V will also strengthen the Company’s capital position in light of uncertain global market
conditions and in preparation for the implementation of BASEL II in 2012 and BASEL III, which is likely
to be implemented in 2015-2019. After LPO V, the pro-forma consolidated and standalone Capital
Adequacy Ratios of the Company as of 31 March 2011 will increase from 14.75% to 19.16% and from
12.05% to 16.98%, respectively.
DIVIDEND POLICY
The Company plans to pay a minimum cash dividend amount of 5% of the Company’s net profit each
year for the next three years, as the distribution of dividend is based on net profit for the year 2011.
Such distribution would be subject to approval from the General Meeting of Shareholders (GMS) and
considering the Company’s financial condition, profit level and future needs. There are no limitations
which may limit the right of public shareholders to receive dividends.
RISK FACTORS
The main risks which are faced by the Company are risks related to an unsuccessful growth strategy.
The Company faces the following additional risks:
1.
Risks in relation to the Company
1.
The Company’s growth strategy may not succeed.
2.
Expansion and diversification of the Company’s scope of products and services.
3.
The Company’s past performance may not be an accurate indicator of the Company’s future
performance.
4.
The market value of Government bonds and marketable securities in the Company’s
portfolio may be lower than the book value of these assets.
5.
The Company may need additional allowance for impairment losses of loans extended by
the Company to cover actual losses in the future.
6.
The banking industry is very competitive, and the Company’s growth strategy depends on its
ability to compete effectively.
7.
Changes in Government regulations, including those related to shareholding limits in
national banks by foreign citizen or legal entities and provisions on shareholding in national
banks could affect the Company’s business.
8.
The Company’s standalone capital adequacy ratio is affected by changes in the capital
account of the Company’s Subsidiaries.
9.
If the Company is unable to maintain the quality of loan portfolio effectively, its financial
condition and results of operations may be adversely affected.
10. The concentration of loans to certain sectors or geographic regions, as well as significant
exposure to certain customer groups, could increase the Company’s aggregate risk.
11.
The Company’s security or collateral may not be sufficient, and the Company may not able
to enforce the full value of such security.
12. Reliance on short-term deposits from customers may increase the Company’s exposure to
liquidity risks.
13. The Company may experience significant fraud.
14. The Company is subject to credit risk in relation to certain commitments and guarantees.
xvii
15. The Company faces foreign exchange risk.
16. The Company’s business greatly depends on the consistent operation and improvement of
its information technology system.
17. Decreased liquidity in the global credit market, if continued, may adversely impact the
Company’s liquidity and business.
18. The laws governing the Company are evolving, and failure to comply with such laws could
harm the Company’s business and reputation.
19. The Company may be unable to detect money laundering and other illegal activities in a
comprehensive or timely manner, which may expose the Company to additional liabilities
and harm the Company’s business or reputation.
20. The Company is subject to risk in the consolidation of its Subsidiaries.
2.
3.
Risks in relation to the Indonesian banking sector
1.
Failure to comply with Bank Indonesia’s rules and regulations could have a material adverse
effect on the Company’s financial condition and results of operations.
2.
Discontinuance of the Government Guarantee Programme in Indonesia may lead to
instability in the banking sector.
3.
The credit risk of Indonesian borrowers may be higher than that of borrowers in more
developed countries.
4.
The banking sector in Indonesia remains vulnerable to volatility in interest rates.
5.
Independent information related to the borrowers’ credit history in Indonesia is limited.
6.
Enforcement difficulties may prevent lenders from recovering the assessed value of
collateral when the Company’s borrowers default on their obligations in Indonesia.
7.
Continuously developing policies, provisions and regulations in Indonesia may affect the
Company.
Risks in relation to Indonesia
1.
A downturn in Indonesian economic conditions could affect the Company’s financial
performance.
2.
Disruptions in the financial sector may adversely affect the Company’s business.
3.
Instability in the financial conditions of other countries, particularly emerging market
countries, could have an adverse effect on the Company’s business and financial
performance.
4.
Future changes in the value of the Rupiah against the US Dollar and other currencies could
adversely affect the Company’s business.
5.
A continued increase in oil prices could adversely affect the Indonesian economy.
6.
Determination of credit ratings of Indonesia and Indonesian companies could materially and
adversely affect the Company.
xviii
SUMMARY OF SIGNIFICANT FINANCIAL DATA
The information table contained in the following discussion, especially regarding the financial
performance of the Company and Subsidiaries, for the three months ended 31 March 2011 and the
years ended 31 December 2010, 2009, 2008, 2007 and 2006 as extracted from the consolidated
financial statements of the Company and its Subsidiaries (“Consolidated Financial Statements”). The
Consolidated Financial Statements as of 31 March 2011, 31 December 2010, 2009, 2008 and 2007
were audited by the Registered Public Accountants of Siddharta & Widjaja (a member firm of KPMG
International), formerly named Siddharta Siddharta & Widjaja, with unqualified opinions in each report.
The independent auditor’s report for the Consolidated Financial Statements as of 31 March 2011
includes an explanatory paragraph which states that the Company and Subsidiaries adopted certain
SFAS that became effective as of 1 January 2011, which were applied prospectively as well as
retrospectively. The independent auditor report for the Consolidated Financial Statements as of 31
December 2010 includes an explanatory paragraph which states that effective 1 January 2010 the
Company and Subsidiaries prospectively adopted SFAS No. 50 (2006 Revision), “Financial Instruments:
Presentation and Disclosures” and SFAS No. 55 (2006 Revision), “Financial Instruments: Recognition and
Measurement”. The independent auditor report for the Consolidated Financial Statements as of 31
December 2008 include an explanatory paragraph regarding reissuance of the Consolidated Financial
Statements as of and for the year ended 31 December 2008, in order to conform with the presentations
as required by the capital market regulations, in relation with the Company’s plan for a Limited Public
Offering IV to Shareholders in Relation to the Issuance of Rights Issue. The Consolidated Financial
Statements as of 31 December 2006 was audited by the Certified Public Accountants of Haryanto Sahari
& Rekan (a member firm of Pricewaterhouse Coopers), with unqualified opinion and include an
explanatory paragraph regarding reissuance of the Consolidated Financial Statements of the Company
and Subsidiaries as of and for the year ended 31 December 2006, in order to conform with the
presentations as required by the capital market regulations, in relation with the Company’s plan for a Public
Offering Bank Danamon Bonds I Year 2007 with Fixed Interest Rate.
(in million Rupiah except ROA and ROE)
Remarks
31 March
2011
31 December
2010*
2009*
2008*
2007*
2006*
Total Assets
122,804,135
118,206,573
98,597,953
107,268,363
89,409,827
82,072,687
Total Liabilities
104,483,820
99,597,545
82,695,967
96,159,098
78,239,344
72,385,809
18,320,315
18,609,028
15,901,986
11,109,265
11,170,483
9,686,878
3,967,638
14,417,745
15,682,777
14,189,334
12,047,645
10,895,958
(1,359,063)
(4,509,295)
(6,220,816)
(5,834,855)
(4,912,113)
(5,251,036)
3,583,835
2,882,959
2,560,220
2,381,839
1,467,621
(9,235,221)
(9,791,651)
(8,412,171)
(6,019,952)
(4,701,431)
2,983,761
1,613,722
1,802,004
2,269,976
1,450,913
Total Equity
Interest Income
Interest Expense
Other Operating Income
889,768
Other Operating Expense (2,382,274)
Net income
788,827
Return on average assets
(ROA) (%)
3.57**
3.87
1.50
1.52
2.43
1.78
Return on average equity
(ROE) (%)
17.59**
18.51
11.24
14.64
22.91
15.63
* After reclassification to adjust its presentation to other period/year
** The ROA and ROE ratios for the quarterly period ending on 31 March 2011 present annualised data in accordance with Bank
Indonesia Circular Letter No. 12/11/DPNP dated 31 March 2010 and Bank Indonesia Circular Letter No. 7/10/DPNP dated 31
March 2005.
xix
BUSINESS STRATEGY
The Company’s objective is to become as a leading financial institution in Indonesia, committed to
providing quality banking services to customers and delivering superior returns to its shareholders. The
Company seeks to continuously raise its standards to that of a top-tier international financial institution
through an increased focus on growing its business, strengthening its relationships with existing
customers, training and recruitment, strengthening its product offerings and brand awareness,
capturing cross-segment synergies and improving internal processes with respect to customer service
and risk management.
The key elements of the Company’s strategy are as follows:
Continued Focus on Core Businesses and Expanding Range of Products and Services to
Existing Customers
Due to the positive macroeconomic environment and attractive growth prospects of Indonesia, the
Company will remain focused on growing its mass market businesses (which include microfinance
businesses, white goods financing, and automotive financing), retail and consumer lending (especially
mortgage loans, personal loans and credit cards), and mid-size market lending to SME and commercial
customers throughout Indonesia. The Company will also seek to grow its non-mass market business
by offering quality customer sales and service with the goal of providing more business products and
services, such as asset based finance and trade finance. The Company aims to maintain its presence
in the corporate segment by concentrating on further cultivating relationships with existing customers
who operate in all industries throughout Indonesia that are globally competitive or are critical to the
Indonesian economy.
Enhance Cross-Sell Capabilities
Due to the Company’s large customer base, cross-selling represents a significant opportunity to grow
its business. The Company has increased cross-selling efforts by encouraging customers to take
advantage of products and other services through product bundling and crossing business lines. The
Company continues to define its business segments to reflect customers’ profiles by maintaining an
integrated IT system that captures customer data to allow the Company to identify opportunities for
cross-selling. The Company will remain focused on developing closer synergies between Adira
Asuransi and Adira Finance and other core business segments (including the SME and the SEMM
segments) to promote the growth of non-motor vehicle insurance and loans. Moreover, the Corporate
Banking and Financial Institutions segments aim to focus on strengthening their relationships with their
various product partners, including Treasury and Capital Markets and Custody, to achieve greater
cross-selling of diversified fee-based income. By introducing the products and services of its different
business segments to its target customers, the Company is seeking to create a “one-stop shop” for its
customers, providing a comprehensive range of products and services.
Increasing Competitiveness and Productivity of Employees
The Company plans to further strengthen its employees’ competitiveness and productivity to meet its
strategic goals. The Company will continue to recruit, train and retain talented employees to improve
the quality and productivity of its human resources in line with its strategic business objectives. In order
to optimize workforce composition, the Company intends to adopt international best practices in human
resources management. For example, the Company has introduced the Danamon Corporate University
and introduced monthly high-level human resources meetings. It also conducted 8,000 training
programs during 2010 with a focus on building a positive working climate for employees. In addition, the
Company launched a programme called Employee Opinion Survey to measure the level of satisfaction
of employees.
xx
Selectively Entering New Lines of Businesses
The Company has a demonstrated the ability to be a product innovator, able to develop unique products
which cater to the changing needs of its customers. The establishment of DSP in 2004 to become a
market leader in the microfinance segment is testament to the Company’s ability to successfully take
advantage of profitable opportunities in niche market segments. The newest business line is Syariah
Pawn Broking, which the Company entered in 2010 and presently has 10 branches offices. This
product was developed to serve the needs of mass market customers, by offering a unique value
proposition of Syariah financing in an emerging customer segment. The Company sees a number of
opportunities across its business for the development of new products, as the financial services market
continues to evolve.
Expand Distribution Channels to Meet Customers’ Demands for Convenience and Reduce
Funding Costs
The Company plans to expand its branch network to meet customers’ demands for convenience with
the aim of offering a complete network service in all branch offices so that customers can enjoy the
convenience of banking services at any time wherever they are. In addition, the Company will continue
to develop the process of centralization to achieve efficiency and to create a dynamic space for the
sake of convenience and customer and employee satisfaction. The Company will also continue to build
out alternative distribution channels in the form of internet banking, call centres, mobile banking, ATMs
and others.
With regards to funding, the Company will also take advantage of funding opportunities from the Mass
Market segment through a network of existing offices of DSP. The Company believes these steps will
increase customer convenience and improve customer service, particularly with respect to the
Company’s target to increase total deposits and contribution of current and savings accounts to total
deposits which as at 31 March 2011 stood at 37%.
Further Strengthening of Risk Management
The Company will continue to implement a prudent and effective risk management culture while also
maintaining a strong capital position, high asset quality and a healthy balance sheet. It also seeks to
improve the efficiency and effectiveness of its internal operations by implementing evaluation policies
and a multi-tiered credit approval process, assessing and monitoring risk exposure at both the business
segment and the company level, and reviewing risks faced by the Company on a monthly basis by the
Risk Management Committee.
BUSINESS PROSPECTS
The Company’s financial condition and results of operations will continue to be affected by global
economic conditions, as well as by Indonesia’s economic conditions.
The Indonesia economic growth in the first quarter of 2011 increased by 6.5%, supported by the growth
of household consumption, investment and export. 2011 economic growth is estimated by the
Company to be approximately 6.4%, as compared to 6.1% in 2010.
Based on the improving macroeconomic environment and improving banking indicators, the Indonesian
banking sector is expected to perform strongly in the next few years.
The Company faces competition across all of its business segments primarily from other Indonesian
banks, as well as from foreign banks operating in Indonesia. Competition in certain segments also
exists from other types of financial services providers, including leasing companies, financing
companies (multi finance), credit cooperatives and pawnshops. Notwithstanding the existence of such
xxi
competition, the Company is optimistic about its future business prospects due to the expected
favourable economic environment, as well as its strong brand name, existing distribution network and
market leadership in several segments of customers.
Based on various banking indicators as well as the continuous improvement of macroeconomic
conditions, the national banking industry is expected to grow going forward. Assuming conditions
conducive to growth, the Company will have more opportunities to serve its main function as a financial
intermediary and encourage the growth of real sectors in the country.
Supported by conducive conditions, the Company as the sixth largest bank in terms of total assets,
would be able to increase loans to customers from various industrial sectors and business segments.
The improving economy would provide an opportunity for the Company to enhance services and
product development according to customers’ needs.
The Company is optimistic about future business prospects although it faces both direct and indirect
competition from national banks, foreign banks, joint venture banks, as well as other financing
institutions such as leasing companies, cooperatives, pawnshops, etc. By having a broad and loyal
customer base in all segments, large branch networks with various banking products and quality
banking services, the Company will continue to succeed in the finance industry.
COMPETITIVE ADVANTAGES
As a bank which focuses on the mass market segment, the Company has a number of advantages over
its competitors. Given the currently favourable conditions of the Indonesian economy, the Company
believes it can capitalise on existing opportunities that play to its competitive advantages.
Highly Recognized Brand Name With A Long Reputation
The Company has a long history and reputation as one of the leading players in the Indonesian banking
sector. With over 55 years of operating history since 1956, the Company has one of the most
recognized brand names among Indonesian financial institutions with over 2,000 customer touch points
in the form of branches, ATMs, SEMM or DSP outlets, spread strategically across Indonesia.
As of 11 March 2011, the Company was the sixth largest commercial bank and the third largest private
national bank in Indonesia by assets, loans and deposits. The combination of its brand recognition,
reach and scale have made it a premier financial institution in Indonesia and the preferred lender in the
mass market segment.
Leadership In Mass Market Banking
The Company’s leadership position among Indonesia’s banks within the mass market segment has
provided it with a strong national profile and highly recognizable brand. The Company is a leading
player in the following key business segments:
•
Automotive financing: The Company’s automotive financing business is conducted through its
Subsidiary, Adira Finance. Adira Finance is one of the largest auto financing companies with
market shares of 13.9% and 5.3% for new motorcycle and car sales, respectively, in 2010. Unlike
many other automotive financing providers, Adira Finance has a multi-brand dealership strategy
with a focus on both motorcycles and cars.
•
Micro Finance: Since its inception in 2004, DSP has achieved rapid growth and established itself
as one of the leading microfinance provider in Indonesia. DSP has a highly customized product
offering focused on sellers in traditional or wet markets and is the leader in servicing this market.
xxii
•
Consumer financing: Adira Kredit is the market leader in white/durable goods financing. This is a
high growth and high margin segment which remains relatively underpenetrated by Indonesia’s
commercial banks.
Its long history as a leading mass market lender provides significant operational expertise and strong
relationships with automotive dealerships and other vendors that are difficult to replicate in an
increasingly competitive environment.
The portfolio Company in mass market delivers high yields relatively compared to the yield of the
Indonesian banking sector in general. As of 31 March 2011, loans to the mass market segment
accounted for 58% of the total loan portfolio, resulting in the Company’s ability to achieve the highest
net interest margins (NIM) compared with that achieved by the six largest banks in Indonesia.
Established Business Model Offering Cross-Selling Opportunities
The Company believes that its strong brand recognition provides it with a powerful platform from which
to market its products and services. The Company believes that it can use the breadth of its existing
mass market portfolio to increase cross selling of products in particular between Adira Finance, Adira
Asuransi and DSP.
The Company has established relationships with an extensive base of small- and medium-sized
business customers and mass market retail customers which the Company believes allows it to
effectively implement strategies to cross-sell products and services. As of 31 March 2011, it had
approximately 18,000 small- and medium-sized customer loan accounts, 4 million mass market
customer loan accounts and 1.9 million customer deposit accounts.
Expanding Distribution Network With Strong Momentum In Deposit Growth
The Company has a broad and strategic multi-channel distribution platform located throughout
Indonesia. As of 30 June 2011, The Company had 79 domestic branch offices, 390 domestic supporting
branch office, 920 Danamon Credits and Savings (Danamon Simpan Pinjam) branch offices (including
19 implant branches, with the support of 200 mobile units), 246 sales representative offices, 8 Syariah
branch offices, 3 Syariah supporting branch offices and 10 Syariah Gold Solution offices spread
throughout Indonesia, and 1 overseas branch office, 1,084 ATMs owned by the Company and more
than 25,000 shared network ATMs with other banks.
From 2006 to 2010, the number of the Company’s conventional branches and ATM networks grew by
18% and 44% respectively. The Company offers a variety of electronic banking services, including
mobile banking, Internet banking and call centers, to build and develop our retail presence in order to
increase deposits.
Stable Asset Quality
The Company’s management team and employees are focused and dedicated to prudent risk
management and have established a comprehensive risk management framework covering credit,
market, liquidity and operational risks. Specifically, it maintains independent checks and balances in its
credit extension process through a decentralized credit scoring and risk management system. This
enables the Company to accurately identify, monitor and assess customers’ credit profiles according to
their respective segmentation. This comprehensive risk management framework, which is supported by
advanced risk management information technology systems, enables us to better manage our credit
risk and loan portfolio.
xxiii
As a result, the Company has been able to significantly improve the asset quality of our loan portfolio.
As of 31 March 2011, our gross NPL ratio and NPL coverage ratio were 3.09% and 100.3%,
respectively, compared to 4.0% and 90.3% as of 31 March 2010.
Highly Experienced Management Team
The Company’s senior management team has extensive banking industry and leadership experience
in Indonesia. The management team’s ability to provide strategic direction and execute business
initiatives in a highly competitive market is best evidenced by the Company’s strong position in the
Indonesian banking sector. In the last two years, the senior management team has executed a series
of strategic initiatives that has resulted in our continued delivery of growth and profitability, stable asset
quality as well as strong share price performance. In addition, the senior management invests
significant time and resources in ensuring that all staff have the requisite skill sets to implement the
Company’s policies through the pursuit of qualified external hires and the training of existing
employees. The Company believes this track record demonstrates senior management’s strategic
vision and their ability to continue to provide the Company with a critical advantage in an increasingly
competitive environment.
xxiv
I.
The Board of Directors on behalf of the Company hereby conducts this LPO V to the shareholders of
the Company in relation to the issuance of Rights to subscribe for a total of 1,162,285,399 (one billion
one hundred sixty two million two hundred eighty five thousand three hundred and ninety nine) Series
B shares with a par value of Rp500 (five hundred Rupiah) for each share at the offering price of
Rp4,300 (four thousand and three hundred Rupiah) per share.
Each holder of 1,000 (one thousand) shares whose name is registered in the Company’s Shareholders
Registry on 12 September 2011 at 16.00 WIB is entitled to 138 (one hundred and thirty eight) Rights
in which 1 (one) Right will be entitled to subscribe for 1 (one) new Series B share at the offering price
of Rp4,300 (four thousand and three hundred Rupiah) per share which shall be fully paid at the shares
subscription. Every Right in fraction shall be rounded down.
The total proceeds which will be obtained by the Company in the LPO V is Rp4,997,827,215,700 (four
trillion nine hundred ninety seven billion eight hundred twenty seven million two hundred fifteen
thousand seven hundred Rupiah). The shares offered in this LPO V are Series B shares to be issued
from the Company’s portfolio and listed at the IDX. These Rights shall be traded on the IDX for 6 (six)
business days commencing on 14 September 2011 until 21 September 2011. Rights are no longer valid
if they are not duly exercised on the last date of such period.
Shareholders who own certain amount of shares which provide less than 1 Rights, are guaranteed to
obtain 1 (one) Right based on the statement from Asia Financial Indonesia (Pte. Ltd). In the event the
Company exercises the Rights in the LPO V, then the allocation of Rights to the Shareholders will
comply with the determined ratio at the time of execution of such LPO V.
Up to the maximum total New Shares offered in this LPO V may be listed at the IDX in accordance with
prevailing laws and regulations. Shares in this LPO V shall have equal and equivalent Rights in all
respects including the right to dividends with other fully paid up shares.
Asia Financial (Indonesia) Pte. Ltd. in the Undertaking Agreement has committed to exercise its full
entitlement to the Rights.
If the shares offered in this LPO V are not fully subscribed for by Rights holders, the remaining shares
shall be allocated proportionally to any other Rights holders who have exercised their Rights and have
applied to subscribe for more than their entitlements as set forth in the Certificates of Evidence of
Rights pursuant to prevailing regulations. If after such allocations there remain any unsubscribed
shares, Citigroup Global Markets Singapore Pte. Ltd. and Deutsche Bank AG, Hong Kong Branch as
Standby Purchasers shall purchase the remaining shares up to a maximum of 189,602,650 (one
hundred eighty nine thousand million six hundred two thousand and six hundred fifty) shares at the
offering price of Rp4,300 (four thousand three hundred Rupiah) per share.
PT Bank Danamon Indonesia Tbk
Line of Business:
Engaged in Banking Services and Other Financial Services
Domiciled in Jakarta
HEAD OFFICE
Jl. Prof. Dr. Satrio Kav. E4, No. 6
Phone.: (021) 57991001-3 Fax: (021) 57991048
Internet website: www.danamon.co.id
BRANCH OFFICES
As of 30 June 2011, the Company has 79 domestic branch offices,
390 domestic supporting branch offices, 920 Danamon Credits and
Savings (Danamon Simpan Pinjam) branch offices (including 19
implant branches, with the support of 200 mobile units), 246 sales
representative offices, 8 Syariah branch offices, 3 Syariah supporting
offices, 10 Syariah Gold Solution offices spread throughout
Indonesia, and 1 overseas branch office
THE PRINCIPAL RISK FACED BY THE COMPANY IS THAT THE COMPANY’S GROWTH
STRATEGY MAY NOT SUCCEED, WHICH MAY ADVERSELY AFFECT ITS PERFORMANCE.
OTHER RISK FACTORS ARE DISCUSSED IN CHAPTER V, TITLED
“RISK FACTORS”, IN THIS PROSPECTUS.
1
The Company is domiciled in Jakarta and was first established under the name of PT Bank Kopra
Indonesia pursuant to Deed No. 134 dated 16 July 1956, drawn up before Meester Raden Soedja,SH.
then Notary in Jakarta. Such deed was approved by the Minister of Justice of the Republic of Indonesia
by virtue of his Decree No. J.A.5/40/8 dated 24 April 1957, was registered at the Jakarta District Court
under No. 845 dated 7 May 1957 and announced in the State Gazette of the Republic of Indonesia No.
46 dated 7 June 1957, Supplement No. 664.
Since the issuance of the Limited Public Offering IV prospectus, the Articles of Association of the
Company have been amended several times, and the last amendment was based on Deed of
Amendment to the Articles of Association No.2 dated 5 May 2011, drawn up before Pahala Sutrisno
Amijoyo Tampubolon, SH., MKn., Notary in Jakarta, as received by virtue of Letter of Notification and
registered in the Administrative System for Legal Entities of the Directorate General of General Law
Administration of the Department of Law and Human Rights Republic of Indonesia No. AHU.AH.01.1016473 dated 30 May 2011 and registered with the Company Registry under No. AHU0043719.AH.01.09.Tahun 2011 dated 30 May 2011 jo Letter of Acceptance of Notification No.
AHU-AH.01.10-16474 dated 30 May 2011 and registered with the Company Registry under No.
AHU-0043720.AH.01.09 Tahun 2011 dated 30 May 2011. Such deed sets out changes in the increase
of the Company’s issued and paid-up capital for the purposes of implementation of the E/MSOP
programme.
The capital composition and structure of the Company based on the Company’s Shareholder Registry
as issued by PT Raya Saham Registra as Securities Administration Bureau as at 1 July 2011 are
presented in the table below.
Remarks
Number of Shares
Series A
Shares
Authorized Capital
Number of Par Value
(Rp)
Series B
Shares
22,400,000 17,760,000,000
%
Series A Shares
@ Rp50,000,-
Series B Shares
@ Rp500,-
1,120,000,000,000
8,880,000,000,000
Asia Financial (Indonesia) Pte. Ltd.
JPMCB-FRANKLIN Templeton
Investment Funds
Public*
—
—
5,674,493,482
484,402,970
—
—
2,837,246,741,000
242,201,485,000
67.37
5.75
22,400,000
2,241,061,514
1,120,000,000,000
1,120,530,757,000
26.88
Total Issued and Paid-Up Capital
22,400,000
8,399,957,966
1,120,000,000,000
4,199,978,983,000
100.00
—
9,360,042,034
—
4,680,021,017,000
—
Shares in Portfolio
* Ownership of less than 5%
In the event that the Rights offered in relation to this LPO V are converted into shares of the Company,
the Company’s capital structure before and after the implementation of this LPO V will be as follows:
Before LPO V
Capital
Number of Shares
Series A
Shares
Authorised
Capital
Series B
Shares
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
—
5,674,493,482
JPMCBFRANKLIN
Templeton
Investment
Funds
—
484,402,970
22,400,000
Series B
Shares
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
— 2,837,246,741,000
—
Number of Shares
Series A
Shares
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
Asia
Financial
(Indonesia)
Pte. Ltd.
Public*
After LPO V
Par Value
67.37
242,201,485,000
5.75
2,241,061,514 1,120,000,000,000 1,120,530,757,000
6,457,573,582
—
26.88 22,400,000
2
551,250,580
— 3,228,786,791,000 67.37
—
275,625,290,000
5.75
2,553,419,203 1,120,000,000,000 1,276,709,601,500 26.88
Before LPO V
Capital
Number of Shares
Series A
Shares
Issued and
Paid Up
Capital
Shares in
Portfolio
After LPO V
Par Value
Series B
Shares
Series A Shares
(@ Rp50,000)
22,400,000 8,399,957,966
%
Series B Shares
(@ Rp500)
Number of Shares
Series A
Shares
Series B
Shares
1,120,000,000,000 4,199,978,983,000 100.00 22,400,000 9,562,243,365
— 9,360,042,034
4,680,021,017,000
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
1,120,000,000,000 4,781,121,682,500 100.00
8,197,756,635
4,098,878,317,500
Holders of Rights who do not exercise their Rights to subscribe for shares in this LPO V may sell their
rights to other parties as of 14 September 2011 up to 21 September 2011 through the BEI and outside
of the stock exchange, in accordance with Rule No. IX.D.1. Shareholders who do not exercise their
rights to subscribe for Rights Shares so offered in this LPO V, may experience a material dilution of their
shareholding up to a maximum 12.13%.
AFI as the Company’s principal shareholder in the Undertaking Agreement has declared its
commitment to exercise all of its entitlement to the Rights.
If the shares offered in this LPO V are not fully subscribed for by Rights holders, the remaining shares
shall be allocated proportionally to any other Rights holders who have exercised their Rights and have
applied to subscribe for more than their entitlements as set forth in the Certificates of Evidence of
Rights pursuant to prevailing regulations. If after such allocations there remain any unsubscribed
shares, Citigroup Global Markets Singapore Pte. Ltd. and Deutsche Bank AG, Hong Kong Branch as
Standby Purchasers shall purchase the remaining shares up to a maximum of 189,602,650 shares, at
the offering price of Rp4,300 per share.
If all the Rights offered in this LPO V are not exercised by all the holders except the AFI shareholders
in accordance with the Undertaking Agreement, then the Company’s capital structure before and after
the implementation of LPO V would be as follows:
Before LPO V
Capital
Number of Shares
Series A
Shares
Authorised
Capital
After LPO V
Par Value
Series B
Shares
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
Series A
Shares
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
Asia
Financial
(Indonesia)
Pte, Ltd,
—
5,674,493,482
JPMCBFRANKLIN
Templeton
Investment
Funds
—
484,402,970
—
Citigroup
Global
Markets
Singapore
Pte. Ltd.
—
—
Deutsche
Bank AG,
Hong Kong
Branch
—
—
Number of Shares
Series B
Shares
Par Value
Series A Shares
(@ Rp50,000)
%
Series B Shares
(@ Rp500)
22,400,000 17,760,000,000 1,120,000,000,000 8,880,000,000,000
— 2,837,246,741,000
67.37
—
6,457,573,582
— 3,228,786,791,000 67.37
242,201,485,000
5.75
—
484,402,970
—
242,201,485,000
5.05
—
—
—
—
189,602,650
—
94,801,325,000
1.98
—
—
—
—
189,602,649
—
94,801,324,500
1.98
Public*
22,400,000
2,241,061,514 1,120,000,000,000 1,120,530,757,000
26.88 22,400,000
2,241,061,514 1,120,000,000,000 1,120,530,757,000 23.62
Issued and
Paid Up
Capital
22,400,000
8,399,957,966 1,120,000,000,000 4,199,978,983,000 100.00 22,400,000
9,562,243,365 1,120,000,000,000 4,781,121,682,500 100.00
9,360,042,034
8,197,756,635
Shares in
Portfolio
—
— 4,680,021,017,000
—
3
— 4,098,878,317,500
All of the Company’s issued and fully paid up shares, including new Series B shares to be issued in this
LPO V, shall have equal and equivalent rights in all respects with the other issued and fully paid-up
shares of the Company, including in their rights to dividends.
THE COMPANY DOES NOT INTEND TO ISSUE NEW SHARES OR OTHER SECURITIES WHICH
MAY BE CONVERTED INTO SHARES WITHIN A PERIOD OF 12 (TWELVE) MONTHS AS OF THE
EFFECTIVE DATE.
4
II.
USE OF PROCEEDS FROM LIMITED PUBLIC OFFERING V
Proceeds from this LPO V, after deducting issuance expenses, will be allocated for the extension of
credit to microfinance, SME and automotive financing segments.
In addition, this LPO V will also strengthen the Company’s capital position in relation to uncertain global
economic conditions and also in relation to the Company’s preparations in implementing BASEL II in
2012 and BASEL III which is projected to be implemented in 2015-2019. After this Limited Public
Offering V, the pro-forma consolidated and standalone CAR of the Company as of 31 March 2011 will
increase from 14.75% to 19.16% and from 12.05% to 16.98%, respectively.
The Company shall account for the use of proceeds from this LPO V periodically to the shareholders
at the GMS of the Company and report the same to BAPEPAM-LK as Rule No. X.K.4. requires.
If the Company wishes to amend the use of proceeds obtained from this LPO V, the Company shall (i)
report to BAPEPAM-LK to disclose the reason and the consideration (ii) obtain the approval from the
shareholders on such amendment during the Company’s GMS according to BAPEPAM-LK Regulation
No. X.K.4.
Pursuant to the Circular issued by BAPEPAM-LK Number SE-05/BL/2006 dated 29 September 2006
regarding the Disclosure of Information on the Costs incurred for the Public Offering, the estimated total
expenses incurred by the Company in this LPO V shall be 1.2845% of the issuance value, which consist
of:
1.
Standby Purchaser fees payable to Citi and Deutsche Bank as Standby Purchasers of
approximately 0.9618% of total issuance value;
2.
Organisation service fees of approximately 0.03% of total issuance value;
3.
Public accountant fees of approximately 0.1103% of total issuance value;
4.
Legal counsel fees of approximately 0.044% of total issuance value;
5.
Securities administration bureau fees of approximately 0.002% of total issuance value;
6.
Notarial fees of approximately 0.0024% of total issuance value;
7.
Other counsel fees of approximately 0.044% of total issuance value; and
8.
Printing and miscellaneous fees of approximately 0.09% of total issuance value.
If the Company conducts a transaction which utilises the proceeds from this LPO V and that is deemed
a material transaction, an affiliated transaction or a conflict of interest transaction, the Company shall
comply with Rule No. IX.E.2 and Rule No. IX.E.1.
The proceeds obtained from LPO IV have been utilised in full in accordance with the plan on the use
of proceeds as set out in the Prospectus for LPO IV and has been reported to BAPEPAM-LK according
to Regulation No. X.K.4 as stated in the Company’s Letter No. B.196-Corp.Sec dated 14 April 2010.
The funds obtained from Bank Danamon’s 2010 fixed rate Bond Public Offering II have been used
accordance with used of proceed stated in Prospectus in Bank Danamon Bond II year 2010 with fixed
rates reported to BAPEPAM-LK by a Company’s letter No. B.011-Corp.Sec dated 14 January 2011.
5
III.
STATEMENT OF LIABILITIES
The information table contained in the following discussion, especially regarding the financial
performance of the Company and Subsidiaries, is based on the three-months ended 31 March 2011 as
extracted from the Consolidated Financial Statements of the Company and its Subsidiaries
(“Consolidated Financial Statement”). The Consolidated Financial Statement as of 31 March 2011 was
audited by the Registered Public Accountants of Siddharta & Widjaja (a member firm of KPMG
International) with unqualified opinions and includes an explanatory paragraph which states that the
Company and Subsidiaries adopted certain Statement of Financial Accounting Standards (“SFAS”) that
became effective as of 1 January 2011, which were applied prospectively as well as retrospectively, as
well as a paragraph regarding the re-issuance of the Company’s Consolidated Financial Statements as
of and for the three months period ended 31 March 2011, in order to adjust the presentation in
accordance with the capital market regulations, in relation to the Company’s plan to conduct LPO V for
the purposes of the Rights Issue.
The table below presents the liabilities of the Company and its Subsidiaries, for a total Rp104,483,820
million with the following details:
A.
CONSOLIDATED LIABILITIES
(in millions of Rupiah)
Remarks
Rupiah
Foreign
Exchange
Currency
(equivalent
in Rupiah)
Total
(31 March
2011)
Deposits from customers
— Related Parties
90,657
—
90,657
71,746,763
8,847,683
80,594,446
Deposits from other banks
1,821,260
503,677
2,324,937
Securities sold under repurchase agreements
2,790,276
—
2,790,276
Deferred premium income
662,431
—
662,431
Unearned premium reserve
346,173
—
346,173
20,697
866,307
887,004
Bonds issued
6,302,358
—
6,302,358
Borrowings
2,124,071
2,075,949
4,200,020
96,689
—
96,689
Derivative liabilities
161,105
94,966
256.071
Deferred tax liabilities, net
348,535
—
348,535
4,748,487
335,736
5,084,223
500,000
—
500,000
91,759,502
12,724,318
104,483,820
— Third Parties
Acceptance liabilities
Taxes payable
Accruals and other liabilities
Subordinated debts
Total Liabilities
In the absence of negative convenants that may be detrimental to the rights of public
shareholders, no revocation of a negative covenant has been made.
6
1.
Deposits from customers as of 31 March 2011 which have been successfully collected by the
Company are in the total amount of Rp80,685,103 million and consist of deposits from related
parties in the amount of Rp90,657 million and deposits from third parties in the amount of
Rp80,594,446 million. Based on types of exchange currencies, the following table shows
customer savings in Rupiah currency in the amount of Rp71,837,420 million and in foreign
currencies in the amount of Rp8,847,683 million.
Remarks
31 March 2011
Related parties
90,657
Third parties
80,594,446
Total deposits from customers
80,685,103
Remarks
31 March 2011
Rupiah
Current accounts
5,445,522
Savings
18,358,729
Time Deposits
48,033,169
Foreign Currencies
Current accounts
3,138,698
Savings
2,579,514
Time Deposits
3,129,471
Total Deposits from customers
80,685,103
Average one year weighted
effective interest rate for
three months period ended
31 March 2011
Remarks
Current accounts
2.15%
Savings
3.08%
Time Deposit
7.01%
Remaining periods of maturity based on contractual and behavioural assumptions
Remarks
31 March 2011
< 1 month
10,965,607
1–3 months
9,078,521
3–12 months
9,916,890
7
Remarks
31 March 2011
> 12 months
50,724,085
Total Deposits from customers
80,685,103
Deposits blocked and pledged as loan collateral
Remarks
31 March 2011
Time deposits
3,021,022
Based on Law No. 1/PLPS/2006, the Indonesia Deposit Insurance Corporation (Lembaga
Penjaminan Simpanan, LPS) secures deposits from customers in the form of currents accounts,
time deposits, deposit certificates and savings in accordance with the interest rate of such deposit
insurance. Any bank which carries out business activities within the territory of the Republic of
Indonesia is obliged to participate in such deposit insurance and pay a participation contribution
and insurance premium.
2.
Deposits from Other Banks
The Company’s total deposits in other banks equals Rp2,324,937 million which consists of current
accounts, call money, savings, deposits and on call deposits.
Remarks
31 March 2011
Rupiah
Current accounts
1,194,720
Deposits and deposits on call
577,186
Savings
49,354
Foreign Currencies
Current accounts
7,350
Call money
496,327
Total deposits from other banks
3.
2,324,937
Securities Sold under Repurchase Agreements
As of 31 March 2011, liabilities from Government bonds sold under Repurchase Agreements have
reached an amount of Rp2,790,276 million which are presented as securities sold under
repurchase agreements. The liabilities to repurchase Government bonds will mature between 15
August 2011 until 12 February 2014 and the maturity of these Government bonds will take place
from 25 December 2014 until 25 November 2015.
8
4.
Acceptance Payables
As of 31 March 2011, the Company’s acceptance liabilities total Rp887,004 million, including
acceptance liabilities in foreign currencies (United States Dollars, Euro, Japanese Yen) in the
amount of Rp866,307 million.
5.
Issued Bonds
The table below presents issued bonds which constitute liabilities of the Company and its
Subsidiaries as of 31 March 2011 of Rp6,302,358 million and consist of:
Remarks
31 March 2011
The Company
3,987,111
Subsidiaries
2,315,247
Total
6,302,358
Bonds issued by the Company’s Subsidiaries consist of:
Remarks
31 March 2011
Nominal value
2,544,000
Costs for unamortised bonds’ issuance of bonds
(7,753)
Elimination for consolidation purposes
(221,000)
Total bonds issued — net
6.
2,315,247
Accepted Borrowings
Total borrowings received constitute borrowings in Rupiah and foreign currencies as received
from Bank Indonesia, banks and other financial institutions. As of 31 March 2011, the Company
and its Subsidiaries received total borrowings in the amount of Rp4,200,020 million which consist
of Rp2,124,071 million in Rupiah currency and Rp2,075,949 million in foreign currencies.
Remarks
31 March 2011
Rupiah
International Finance Corporation (IFC)
662,940
PT Panin Bank Tbk.
1,025,000
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
250,000
Borrowings from banks/other Institutions
50,000
PT Permodalan Nasional Madani (PNM)
24,205
Bank Indonesia (BI)
11,168
Pinjaman penerusan
758
Bankers Acceptance loans
100,000
9
Remarks
31 March 2011
Total
2,124,071
Foreign currencies
Bankers acceptance loans
1,523,813
Letter of Credit financing
395,401
International Finance Corporation (IFC)
7.
156,735
Total
2,075,949
Total borrowings
4,200,020
Taxes payable
The Company’s and its Subsidiaries’ total taxes payable as of 31 March 2011 in the amount of
Rp96,689 million consist of:
Remarks
31 March 2011
Income tax
Article 21
8.
40,813
Articles 23/26
8,745
Value added tax
2,778
Taxes Payable by Company
52,336
Taxes Payable by Subsidiaries
44,353
Total Taxes payable
96,689
Derivative Liabilities
The Company’s total derivative liabilities as of 31 March 2011 amount to Rp256,071 million with
the following specifications:
Counterparty
Customer
Bank
Counterparty
Remarks
31 March
2011
Foreign exchange cash contract
838
1
839
Foreign exchange contract with tenor
961
171
1,132
21,995
—
21,995
138,661
266
138,927
20,761
6,403
27,164
6.688
58,852
65,540
474
—
474
190,378
65,693
256,071
Foreign currency swap
Cross currency swap
Interest swap
Foreign currency option contract
Futures
Total derivative liabilities
10
9.
Deferred Tax Liabilities
Deferred tax liabilities-net have all derived from the Subsidiaries. As of 31 March 2011, deferred
tax liabilities of the subsidiaries amount to Rp348,535 million with following specifications:
1 January
2010
Credited/
(charged) to
consolidated
statement of
income
Deferred charges
367,520
22,763
Payable Allowance for employee
benefits
(50,326)
8,742
Remarks
Reclassification
—
(2,883)
31 March 2011
390,283
(44,467)
Depreciation of fixed assets
11,053
200
194
11,447
Allowance for possible losses
from depreciation of other
receivables
(4,841)
19,200
742
15,101
(19,707)
(3,728)
—
(23,435)
(897)
(122)
625
(394)
Promotion
Others
Total deferred tax liabilities
— net
302,802
47,055
(1,322)
348,535
10. Accruals and Other Liabilities
The total accruals and other liabilities of the Company and its Subsidiaries as of 31 March 2011
total Rp5,084,223 million namely, Rp4,748,487 million in Rupiah and Rp335,736 million in foreign
currencies. Such amount consist of:
Remarks
31 March 2011
Compensation for merger costs of 8 BTOs
16,119
Interest payables
397,225
Accrued expenses
1,276,216
Allowance for employee benefits
603,085
Other liabilities — subordinated debts and loan capital
279,320
Dividend payables
1,011,670
Dealer payables
252,077
Accrued purchase of marketable securities
302,460
Accrued option premium
20,121
Down payment loan provision
55,021
Re-insurance payables
72,730
Self retained claim estimation
102,148
Other reserve funds
8,617
Merchant payables
46,732
Security deposits
25,692
Final taxes
60,249
Deposit funds
74,471
Others
480,270
Total accruals and other liabilities
5,084,223
11
11.
Subordinated Debts
On 31 March 2011, the Company owns subordinated debts in the amount of Rp500,000 million
with the following details:
Remarks
31 March 2011
Subordinated loans
624,320
Subordinated loans transferred into other liability accounts
Total subordinated loans
(124,320)
500,000
The balance of Rp624,320 million represents the subordinated loans as received by the Company
from BI and shareholders of BTO Banks that merged with the Company. These loans will mature
on various dates, the latest being in 2017.
At the time of issuance of this Prospectus, the subordinated loans have been settled.
A more detailed explanations on the above liabilities may be seen in Chapter XVI on the
Independent Auditor’s Report and the Company’s Financial Report.
B.
COMMITMENT AND CONTINGENCIES
As of 31 March 2011, the total commitment and contingency liabilities-net of the Company total
Rp2,758,156 million, which consist of liabilities in the amount of Rp1,348,197 million and
contingency liabilities-net in the amount of Rp1,409,959 million.
Remarks
31 March 2011
Commitment charges
Unused borrowing facilities received
3,813
Total Commitment Charges
3,813
Liability commitments
Unused credit facilities to borrowers
Outstanding irrevocable letters of credit
37,534
1,314,476
Total commitment liabilities
1,352,010
Commitment Liabilities-net
1,348,197
Contingency Charges
Guarantees from other banks
Interest revenues in settlement
Others
93,977
355,576
1,369
Total Contingency charges
450,922
Contingent Liabilities
Guarantees issued in the form of Bank guarantees
Standby letters of credit
1,678,317
182,564
Total Contingent Liabilities
1,860,881
Contingency Liabilities-Net
1,409,959
Total commitment and contingency liabilities — net
2,758,156
12
More detailed information on the above liabilities can be found in Chapter XVI on the Independent
Auditors’ Report and Financial Statements of the Company.
C.
ADDITIONAL REMARKS
The Company and its Subsidiaries hold liabilities in various foreign currencies among others
United States Dollars, British Pound Sterling, Singapore Dollars, Euro, and Japanese Yen.
Fluctuations in the exchange rates of such foreign currencies against the Rupiah may affect the
total consolidated liabilities of the Company and its subsidiaries.
After 31 March 2011 up to the date of the Independent Auditor’s Report and after the date of the
Independent Auditor’s Report up to the effective date of the Registration Statement, the Company
does not have any other liabilities and commitments other than those stated in this Prospectus
and disclosed in the Consolidated Financial Statements which constitute an inseparable part of
this Prospectus.
THE COMPANY DOES NOT HAVE ANY OTHER LIABILITIES, OTHER THAN THOSE STATED
ABOVE AND DISCLOSED IN THE CONSOLIDATED FINANCIAL STATEMENTS PRESENTED
IN CHAPTER XVI OF THIS PROSPECTUS.
WITH THE SYSTEMATIC MANAGEMENT OF ASSETS AND LIABILITIES, THE
MANAGEMENT OF THE COMPANY STATES ITS COMMITMENT IN DULY SETTLING ALL OF
ITS LIABILITIES AS DISCLOSED IN THIS PROSPECTUS IN ACCORDANCE WITH THE
REQUIREMENTS.
ON 31 MARCH 2011, THERE IS NO MATURED OBLIGATION WHICH HAS NOT BEEN
REPAID/SETTLED.
13
IV.
MANAGEMENT DISCUSSION AND ANALYSIS
The information contained in the following discussion, especially regarding the financial performance of
the Company and Subsidiaries, is based on the three months ended 31 March 2011 and for the years
ended 31 December 2010, 2009 and 2008 as extracted from the Consolidated Financial Statements of
the Company and Subsidiaries (“Consolidated Financial Statements”). The Consolidated Financial
Statements as of 31 March 2011, 31 December 2010, 2009, 2008 were audited by the Registered
Public Accountants of Siddharta & Widjaja (a member firm of KPMG International) with unqualified
opinions in each of the reports. The independent auditor’s report for the Consolidated Financial Reports
as of 31 March 2011 includes an explanatory paragraph stating that the Company and Subsidiaries
adopted certain Statements of Financial Accounting Standards (“SFAS”) that have become effective as
of 1 January 2011, which were applied prospectively as well as retrospectively, as well as a paragraph
regarding the re-issuance of the Company’s Consolidated Financial Statements as of the date and for
the three-months period ended 31 March 2011, in order to adjust the presentation in accordance with
the capital market regulations, in relations to the Company’s plan to conduct LPO V for the purposes
of the Rights Issue. The independent auditor’s report for the Consolidated Financial Reports as of 31
December 2010 includes an explanatory paragraph which states that effective 1 January 2010 the
Company and Subsidiaries prospectively adopted SFAS No. 50 (2006 Revision): “Financial
Instruments: Presentation and Disclosure” and SFAS No. 55 (2006 Revision): Financial Instruments:
Recognition and Measurement”. The independent auditor’s report for the Consolidated Financial
Reports as of 31 March 2008 includes an explanatory paragraph regarding reissuance of the
Consolidated Financial Statements of the Company and its Subsidiaries as of and for the year ended
31 December 2008 in order to conform with the presentation as required by the capital market
regulations, in relation with the Company’s plan for the Limited Public Offering IV to shareholders.
1.
GENERAL
The Company is domiciled in Jakarta and established under the name of PT Bank Kopra
Indonesia. On 30 September 1958, by Decree of the Minister of Finance of the Republic of
Indonesia No. 161259/U.M.II, the Company obtained a business licence to operate as a
Commercial Bank. The Company commenced commercial operations in that same year and
became a foreign exchange bank as of 5 November 1988 by Decree of the Board of Directors of
Bank Indonesia No.21/10/Dir/UPPS.
The Company is ranked as one of the leading financial services institutions in Indonesia. It is the
sixth largest commercial bank and the third largest private national bank in Indonesia in terms of
total assets, loans and total deposits. As of 30 June 2011, the Company has 79 domestic branch
offices, 390 domestic auxiliary branch offices, 920 Danamon Simpan Pinjam branch offices
(including 19 implant branches and 200 mobile units), 246 sales representatives office, 8 Syariah
branches, 3 supporting Syariah branch offices, 10 Syariah Gold Solution offices throughout
Indonesia, and 1 overseas branch and also 1,084 self-owned ATMs and a number of shared
network ATMs. The Company’s network is one of the largest amongst private national banks and
is widely spread throughout Indonesia covering most of the regions of the country.
In line with its business development from year to year, the Company has successfully provided
various banking and other financial services for large-scale companies (corporates), mid-scale
companies (commercial), small and medium enterprises (SME), small business (microfinance)
and consumers.
The types of banking services provided by the Company include, among others: (i) fund collection
from savings accounts, current accounts and time deposits, (ii) granting of loan facilities in forms
of government programme loans, consumer loans, export loans, investment loans, working
capital loans, trade finance, syndicated loans, bank guarantees and credit cards, and (iii) other
14
banking services such as ATM services, money transfer, foreign exchange trading, processing of
credit card transactions, bill payment facilities, payroll processing and safe deposit box services.
The Company consistently provides superior service in offering a variety of financial services,
from banking services, insurance and multifinance. The Company’s multifinance business is
operated via through Adira Finance, which is one of the leading multifinance companies in
Indonesia.
The Indonesian economy grew at the rate of 6.5% in the first quarter of 2011, supported by the
increase in household consumption, investment activities and exports. The 2011 economic growth
is estimated by the Company to be approximately 6.4%, as compared to 6.1% in 2010.
Based on the development of various banking indicators and improving macroeconomic
environment in general, the national banking sector is expected to continue its growth and
development. Considering this conducive operating environment, the Company is anticipated to
have more opportunities in performing its main function as a financial intermediation institution to
mobilize the real sector at the national level. Further discussions on the business prospects of the
Company can be found in Chapter VIII on the Business Activities and Prospects of the Company.
The Company is facing competition across all its lines of its businesses. The main competitors of
the Company are the large Indonesian banks and foreign banks operating in Indonesia. The
Company also faces indirect competition from other types of financial services companies,
including leasing companies, financing companies and cooperatives. The Company also faces
competition from government-related companies engaging in the industry of the development of
fund accumulation and export/import financing and services.
Several market strategies are proposed to promote competitive excellence in the distribution
sector and through internet transactions (such as utilising a new line of service Danamon@work,
e-channel and social network) and mobile phone facilities (SMS Banking), expansion banking
services, providing reliable services and superior products, expansion in target markets, and
continuing to develop a good relationship with customers.
Furthermore, the Company faces various risks inherent to the banking industry. These risks
include, among others, macroeconomic risk, credit risk, interest rate risk, foreign currency
fluctuation risk, liquidity risk, operational risk, legal risk, reputation and strategic risks, compliance
risk and technology risk. The impact of these risks on the performance of the Company will be
further discussed in Chapter V on Business Risks. The steps taken by the Company to mitigate
these risks will be further discussed in Chapter VIII on the Business Activities and Prospects of the
Company.
Changes in commercial paper rates, exchange rates and interest rates will also impact the results
of operations and the financial condition of the Company. Changes in commercial paper rates will
affect the portfolio of commercial papers owned by the Company, especially long-term
commercial papers which are more sensitive to changes in interest rate. Therefore, the Company
has begun reducing its long term commercial paper portfolios to mitigate any negative impact on
the value of such portfolios. Changes in exchange rates are generally caused by market trading
of foreign currencies affecting the assets and liabilities of the Company as a foreign exchange
bank. Rupiah exchange rates against foreign currencies are influenced by various factors so as
the weakening of foreign currencies owned by the Company may negatively impact the
performance of the Company. Meanwhile, changes in interest rate occur due to the fluctuation of
interest rate in the market. Net interest income from the Company’s portfolios in the form of
assets, liabilities, and administrative accounts is highly influenced by the prevailing interest rate.
In addition, as an increase in the interest rate will affect the ability of debtors to settle their
obligations, this increase will also decrease the asset quality of the Company.
15
The Company’s steps in maintaining and improving performance, among others, encourage loan
growth in all segments including the Sharia Gold Solution together with the implementation of the
prudent risk management to continue developing operational capabilities thus the costumer may
benefit from banking services at any time and any where they are located. Beside that, the
Company is also improving the human resources specifically to increase productivity.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following sets out material accounting policies, which were applied in preparing the
consolidated financial statements of the Company and its Subsidiaries for the three month period
ended 31 March 2011 and for the years ended 31 December 2010, 2009 and 2008, especially
those related to the application of SFAS No. 55 (2006 Revision): “Financial Instruments:
Recognition and Measurement”.
(a)
Financial Assets and Liabilities
The Company and its Subsidiaries’ financial assets mainly consist of cash, current accounts with
BI, current accounts with other banks, placement with other banks and BI, marketable securities,
derivative receivables, loans, consumer financing receivables, premium receivables, acceptance
receivables, Government Bonds, investments in shares and prepayments and other assets
(derivative transactions, interest receivables, other receivables, premium receivables on option,
receivables from sales of marketable securities and receivables from credit card transactions).
The Company and its Subsidiaries’ financial liabilities consist of deposits from customers,
deposits from other banks, securities sold under repurchase agreements, derivative liabilities,
acceptance liabilities, bonds issued, borrowings, and subordinated loans.
The Company and its Subsidiaries adopted SFAS No. 55 (2006 Revision): “Financial Instruments:
Recognition and Measurement” and SFAS No. 50 (2006 Revision): “Financial Instruments:
Presentation and Disclosures” effective from 1 January 2010, which replaced SFAS No. 55 (1999
Revision): “Accounting for Derivatives and Hedging Activities” and SFAS No. 50: “Accounting for
Investments in Certain Securities” respectively.
Classifications
Based on SFAS No. 55 (2006 Revision), as of 1 January 2010, financial assets are classified into
the following categories at initial recognition:
(i)
Fair value through profit or loss, which has two sub-classifications, i.e. financial assets
designated as such upon initial recognition and financial assets classified as held for trading;
(ii)
Available for sale;
(iii)
Held to maturity; and
(iv) Loans and receivables.
Financial liabilities are classified into the following categories at initial recognition:
(i)
Fair value through profit or loss, which has two sub-classifications, i.e. financial liabilities
designated as such upon initial recognition and financial liabilities as held for trading;
(ii)
Financial liabilities measured at amortized cost.
16
Held for trading are financial assets and liabilities that the Company and its Subsidiaries acquire
or incur principally for the purpose of selling or repurchasing in the near term, or hold as part of
a financial instrument portfolio that is managed together for short-term profit or position taking.
Available for sale category consists of non-derivative financial assets that are designated as
available for sale or are not classified in one of other categories of financial assets.
Held to maturity category consists of non-derivative financial assets with fixed or determinable
payments and fixed maturity that the Company and its Subsidiaries have the positive intent and
ability to hold to maturity, and which are not designated at fair value through profit or loss or
available for sale.
Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market and that the Company and its Subsidiaries do not intend
to sell immediately or in the near term.
Prior to 1 January 2010, marketable securities and government bonds were classified into one of
the following categories: held to maturity, for trading and available for sale in accordance with
SFAS No. 50: “Accounting for Investments in Certain Securities”.
Recognition
The Company and its Subsidiaries initially recognize loans which are granted and deposits on the
date of origination. Regular purchases and sales of financial assets are recognized on the trade
date on which the Company or its Subsidiaries commit to purchase or sell the asset. All other
financial assets and liabilities are initially recognized on the trade date on which the Company or
its Subsidiaries become a party to the contractual provisions of the instruments.
At the time of initial recognition, a financial asset or liability is measured at fair value plus (for an
item not subsequently measured at fair value through profit and loss) transaction costs that are
directly attributable to its acquisition or issuance of financial liability. The subsequent
measurement of financial assets and liabilities depends on their classification.
Transaction costs include only costs that are directly attributable to the acquisition of a financial
asset or issue of a financial liability and are incremental costs that would not have been incurred
if the instrument had not been acquired or issued. In the case of financial assets, transaction costs
are added to the amount recognized initially, while for financial liabilities, transaction costs are
deducted from the amount of debt recognized initially. Such transactions costs are amortized over
the terms of the instruments based on the effective interest rate method and are recorded as part
of interest income for transaction costs related to financial assets or interest expense for
transaction costs related to financial liabilities.
Prior to 1 January 2010, transaction costs of Subsidiaries were recorded at a separate account,
as deferred charges and not as part of consumer financing receivables.
Derecognition
The Company and its Subsidiaries derecognize a financial asset when the contractual rights to the
cash flows from the asset expire, or when the Company and its Subsidiaries transfer the rights to
receive the contractual cash flows on the financial asset in a transaction in which substantially all
the risks and rewards of ownership of the financial asset are transferred. Any right or obligation
in transferred financial assets that is created or retained by the Company and its Subsidiaries is
recognized as a separate asset or liability.
17
The Company and its Subsidiaries derecognize a financial liability when its contractual obligations
are discharged, cancelled or expired.
The Company and its Subsidiaries enter into transactions whereby they transfer assets
recognized on its consolidated statements of financial position, but retains all risks and rewards
of the transferred assets or a portion of them. If all or substantially all risks and rewards are
retained, then the transferred assets are not derecognized from the consolidated statements of
financial position.
When assets are sold to a third party with a concurrent total rate of return swap on the transferred
assets, the transaction is accounted for as a secured financing transaction similar to repurchase
transactions.
In transactions in which the Company and its Subsidiaries neither retain nor transfer substantially
all the risks and rewards of the ownership of a financial asset, the Company and its Subsidiaries
will derecognize the asset if they do not retain control over the assets. The rights and obligations
retained in the transfer are recognized separately as assets and liabilities as appropriate. In
transfers in which control over the asset is retained, the Company and its Subsidiaries will
continue to recognize the asset transferred to the extent of its continuing involvement, determined
by the extent to which it is exposed to changes in the value of the transferred asset.
In certain transactions, the Company and its Subsidiaries retain rights to service transferred
financial assets for certain fees. The transferred assets are derecognized in their entirety if they
fulfil the derecognition criteria. An asset or liability is recognized for the servicing rights, depending
on whether the servicing fee is more than adequate to cover servicing expenses (asset) or is less
than adequate to perform the servicing (liability).
The Company and its Subsidiaries write off the balance of loans which are granted, customer
financing receivables, and debt securities for the purpose of investment and related allowance for
impairment losses when the Company and its Subsidiaries determine that those loans which are
granted, consumer financing receivables or debt securities, are uncollectible. This determination
is reached after considering information such as the occurrence of significant changes in the
borrower’s/issuer’s financial position such that the borrower/issuer can no longer pay the
obligation, or that proceeds from collateral will not be sufficient to pay back the entire exposure.
Offsetting
Financial assets and liabilities are set off and the net amount is presented in the consolidated
statements of financial position when, and only when, the Bank and Subsidiaries have a legal right
to set off the recognized amounts and intends either to settle on a net basis or realize the asset
and settle the liability simultaneously.
Income and expense are presented on a net basis only when permitted by accounting standards.
Amortized Acquisition Cost Measurement
The amortized acquisition cost of a financial asset or liability is the amount in which the financial
asset or liability is measured at initial recognition, minus principal repayments, plus or minus the
cumulative amortization using the effective interest rate method of any difference between the
initial amount recognized and the maturity amount, minus allowance for impairment losses.
18
Fair Value Measurement
Fair value is the amount for which an asset could be exchanged, or a liability settled, between
knowledgeable, willing parties in an arm’s length transaction on the measurement date.
When available, the Company and its Subsidiaries measure the fair value of financial instrument
using quoted prices in an active market for that instrument. A market is regarded as active if
quoted prices are readily and regularly available, representing actual and regularly occurring
market transactions on an arm’s length basis.
If a market for a financial instrument is not active, the Company and its Subsidiaries is to establish
fair value using a valuation technique. Valuation techniques include using recent arm’s length
transactions between knowledgeable, willing parties and if available, reference to the current fair
value of other instruments that are substantially the same, discounted cash flows analysis and
option pricing models. The chosen valuation technique makes maximum use of market inputs,
relies as little as possible on estimates specific to the Company and its Subsidiaries, incorporates
all factors that market participants would consider in setting a price, and is consistent with
accepted economic methodologies for pricing financial instruments. Inputs to valuation
techniques reasonably reflects market expectations and measures of the risk-return factors
inherent in the financial instrument. The Company and its Subsidiaries calibrate valuation
techniques and tests them for validity using prices from observable current market transactions in
the same instrument or based on other available observable market data.
The best evidence of the fair value of a financial instrument at initial recognition is the transaction
price, namely the fair value of the consideration given or received, unless the fair value of that
instrument is evidenced by comparison with other observable current market transactions in the
same instrument (i.e., without modification or repackaging) or based on a valuation technique
whose variables include only data from observable markets. When the transaction price provides
the best evidence of fair value at initial recognition, the financial instrument is initially measured
at the transaction price and any difference between this price and the value initially obtained from
a valuation model is subsequently recognized in the consolidated statements of income
depending on individual facts and circumstances of the transaction but no later than when the
valuation is supported wholly by observable market data or the transaction is closed out.
Fair values reflect the credit risk of the instrument and include adjustments to be taken into
account such as credit risk of the Company and its Subsidiaries and counterparty where
appropriate. Estimated fair values obtained from valuation models are adjusted for any other
factors, such as liquidity risk or valuation model uncertainties, to the extent that the Company and
its Subsidiaries believe a third-party market participation would take them into account in pricing
a transaction.
Starting 1 January 2010, financial assets and long positions are measured at a bid price while
financial liabilities and short positions are measured at an asking price. Where the Company and
its Subsidiaries have positions with offsetting risk, mid-market prices are used to measure the
offsetting risk positions and a bid or asking price adjustment is applied only to the net open
position as appropriate.
Prior to 1 January 2010, financial assets and liabilities as well as long and short position are
measured at mid-price.
(b)
Loans Extended
Starting 1 January 2010, loans extended are initially measured at fair value plus incremental
direct attributable transaction costs and subsequently measured at their amortized cost using the
effective interest rate method.
19
Syndicated loans are stated at amortized cost in accordance with the risk borne by the Company.
Included in the loans extended is Syariah financing which consists of murabahah receivables,
musyarakah financing and mudharabah financing. Murabahah is an agreement for the sale and
purchase of goods between the buyer and seller at the agreed cost and margin and can be done
based on order or without order. Musyarakah is an agreement between investors (musyarakah
partners) to combine capital in a partnership, at an agreed nisbah profit sharing arrangement
based on the capital contribution. Mudharabah is a cooperation agreement between the Company
as an investor (shahibul maal) and customer as a fund manager (mudharib) to run a business with
pre-defined terms of nisbah (gain or loss).
Prior to 1 January 2010, loans extended are stated at principal amount outstanding, net of
allowance for impairment losses and unearned interest income.
Loans extended are written off when there are no realistic prospects of collection or when the
Company’s normal relationships with the collateralised borrowers cease to exist. When loans are
deemed uncollectible, they are written-off against the related allowance for impairment losses.
Subsequent recoveries of loans written-off are credited to the allowance for impairment losses in
the consolidated statements of financial position.
(c)
Allowance for Impairment Losses of Financial Assets
Starting 1 January 2010, at each reporting date, the Company and its Subsidiaries assess
whether there is objective evidence that financial assets not carried at fair value though profit or
loss are impaired. Financial assets are impaired when objective evidence demonstrates that a
loss event has occurred after the initial recognition of the assets and the loss event has an impact
on the future cash flows on the assets that can be estimated reliably.
Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Company and its Subsidiaries on terms that
the Company and its Subsidiaries would not otherwise consider, indications that a borrower or
issuer will enter bankruptcy, the disappearance of an active market for a security due to financial
difficulties, or other observable data relating to a group of assets such as adverse changes in the
payment status of borrowers or issuer in the group, or economic conditions that correlate with
defaults in the group.
The Company and its Subsidiaries consider evidence of impairment for financial assets at both
specific and collective level. Individual impairment assessments are then performed on
individually significant financial assets.
All individually significant financial assets not individually impaired are then collectively assessed
for any impairment that has been incurred but not yet identified. Financial assets that are not
individually significant are collectively assessed for impairment by grouping together such
financial assets with similar risk characteristics.
In assessing collective impairment the Company and its Subsidiaries use statistical models of
historical trends of the probability of default, timing of recoveries and the amount of loss incurred,
adjusted for management’s judgment as to whether current economic and credit conditions are
such that the actual losses are likely to be greater or less than suggested by statistical models.
Default rates, loss rates and the expected timing of future recoveries are regularly benchmarked
against actual outcomes to ensure that the statistical models used remain appropriate.
Impairment losses on financial assets carried at amortized cost are measured as the difference
between the carrying amount of the financial assets and the present value of estimated future
cash flows discounted at the financial assets’ original effective interest rate. The calculation of the
present value of the estimated future cash flows of a collateralised financial asset reflects the cash
20
flows that may result from foreclosure less costs for obtaining and selling the collateral, whether
or not foreclosure is probable. Losses are recognized in the consolidated statements of income
and reflected in an allowance account against financial assets carried at amortized cost. Interest
income on the impaired financial asset continues to be recognized using the rate of interest used
to discount the future cash flows for the purpose of measuring the impairment loss. When a
subsequent event causes the amount of impairment loss to decrease, the impairment loss is
reversed through the consolidated statements of income.
Impairment losses on available for sale marketable securities are recognized by transferring the
cumulative loss that has been recognized directly as other comprehensive income to profit or loss
as a reclassification adjustment. The cumulative loss that is reclassified from other
comprehensive income to profit or loss is the difference between the acquisition cost, net of any
principal repayment and amortization, and the current fair value, less any impairment loss
previously recognized in the consolidated statements of income. Changes in impairment
provisions attributable to time value are reflected as a component of interest income.
If, in a subsequent period, the fair value of an impaired available for sale debt security increases
and the increase can be objectively related to an event occurring after the impairment loss was
recognized in the consolidated statements of income, the impairment loss is reversed, with the
amount of reversal recognized in the consolidated statements of income.
If the terms of a loan, receivable or held to maturity security are renegotiated or otherwise
modified because of financial difficulties of the borrower or issuer, impairment is measured using
the original effective interest rate before the modification of terms.
Prior to 1 January 2010, the Company and its Subsidiaries provided an allowance for impairment
losses of value of productive assets and estimated losses from administrative account
transactions (recorded as estimated loss on commitments and contingencies which constituting
a portion of accrued expenses and other liabilities) based on the evaluation of collectability of
each individual productive asset and off balance sheet transactions with credit risk in accordance
with BI regulation on Assets Quality Rating for Commercial Banks.
Starting 1 January 2010 and only applicable for syariah banking activities, the Company provides
an allowance for impairment losses of productive assets and estimated losses from off balance
sheet transactions (recorded as estimated loss on commitments and contingencies which
constituting a portion of executed expenses and other liabilities) based on the evaluation of
collectability of each individual productive asset and off-balance sheet transactions with credit risk
in accordance with BI regulation on Assets Quality Rating for Commercial Banks.
Productive assets include current accounts with other banks, placements with other banks and BI,
marketable securities, derivative receivables, loans extended, consumer financing receivables,
acceptance receivables, investments in share, off-balance sheet transactions which contain credit
risk and productive assets from syariah banking activities.
Management’s evaluation on the collectability of each individual productive asset and off balance
sheet transaction with credit risk is based on a number of factors, including punctuality of payment
of principal and or interest, current and anticipated economic condition/borrower performance,
financial conditions, payment ability and other relevant factors. In accordance with BI regulation,
the allowance for impairment losses on productive assets is calculated using the following
guidelines:
1.
General allowance at a minimum of 1% of productive assets and off balance sheet
transactions that are classified as pass.
2.
Specific allowance for productive assets and off-balance sheet transactions.
21
Minimum
allowance
percentage
Classification
Special mention
5%
Substandard
15%
Doubtful
50%
Loss
100%
General allowance are maintained for losses that are not yet identified but can reasonably be
expected to arise, based on historical experience, from the existing overall loan portfolio.
Specific allowance for productive assets and off-balance sheet transactions with credit risk are
classified as special mention, substandard, doubtful and loss is calculated on total loan principal
after deducting the value of allowable collateral. No allowance is provided for any portion of facility
backed by cash collateral.
Productive assets and off-balance sheet transactions with credit risk are classified as pass and
special mention in accordance with BI regulations and are considered as performing productive
assets and off-balance sheet transactions which do not have performing credit risk. Whilst,
productive assets and off-balance sheet transactions with credit risk are classified as
substandard, doubtful, and loss and are considered as non-performing productive assets and
off-balance sheet transactions.
Adjustments to the allowance for impairment losses from assets are reported in the period in order
for such adjustments to become known or can be reasonably estimated. These adjustments
include additional allowance for impairment losses, as well as recoveries of previously written-off
assets.
(d)
Consumer Financing Receivables
Consumer financing receivables are stated at net of joint financing, unearned consumer financing
income and allowance for impairment losses.
Unearned consumer financing income represents the difference between total instalments to be
received from the consumer and the principal amount financed, which is recognized as income
over the term of the contract based on effective interest rate of the related consumer financing
receivable.
Starting 1 January 2010, consumer financing receivables are classified as loans and receivables,
which subsequent to initial recognition, are carried at amortized cost using the effective interest
rate method.
Consumer financing receivables which instalments are overdue for more than 90 days are
classified as non-performing receivables and the related consumer financing income is
recognized only when it is actually collected on a cash basis. Early termination of a contract is
treated as a cancellation of an existing consumer financing contract and the resulting gain or loss
is recognized in the current period/year consolidated statements of income.
22
(e)
Joint Financing
In joint financing arrangements between Company and its Subsidiaries, the Subsidiaries have the
right to set higher interest rates to the consumers than the interest rates stated in the joint
financing agreement with the Company.
All joint financing contracts entered by the Subsidiaries represent joint financing without recourse
in which only the Subsidiaries’ financing portion of the total instalments are recorded as consumer
financing receivables in the consolidated statements of financial position (net approach).
Consumer financing income is presented in the consolidated statements of income after
deducting the portions that belong to the other parties participating in such joint financing
transactions.
(f)
Interest Income and Expense
Starting 1 January 2010, interest income and expenses are recognized in the consolidated
statements of income using the effective interest rate method. The effective interest rate is the
rate that exactly discounts the estimated future cash payments and receipts through the expected
life of the financial asset or liability (or, where appropriate, a shorter period) to the carrying amount
of the financial asset or liability. When calculating the effective interest rate, the Company and its
Subsidiaries estimate future cash flows considering all contractual terms of the financial
instrument but not future credit losses.
The calculation of effective interest rate includes transaction costs and all fees and points paid or
received that are an integral part of the effective interest rate.
Interest income and expenses presented in the consolidated statements of income include:
•
Interest on financial assets and financial liabilities at amortized cost calculated on an
effective interest rate basis;
•
Interest on available for sale financial assets calculated on an effective interest rate basis;
•
Interest on all trading assets. Interest incomes on all trading financial assets are considered
to be incidental to the Company’s trading operations.
Loans which their principal and interest have been past due for 90 days or more, or where
reasonable doubt exist as to the timely collection, are generally classified as impaired loans
(non-performing loans in 2009). Non-performing loans in 2009 consisted of loans classified as
substandard, doubtful and loss.
All cash receipts from loans classified as doubtful or loss are applied as a reduction to the
principal, recognised first. The excess of cash receipts over the outstanding principal is
recognised as interest income in the current period consolidated statements of income.
The recognition of interest income on loans and consumer financing receivables is discontinued
when the loans and consumer financing receivables are classified as non-performing
(substandard, doubtful and loss). Interest income from non-performing loans and consumer
financing receivables is reported as contingent receivables and to be recognised as income when
the cash is received (cash basis).
23
(g)
Fees and Commission Income and Expense
Starting 1 January 2010, fees and commission income and expenses which are integral to the
effective interest rate on a financial asset or liability shall be included in the calculation of effective
interest rate.
Other fees and commission income, including credit related fees, export-import related fees,
syndication lead arranger fees, and services fees are recognized as the related services are
rendered.
Other fees and commission expense related to inter-bank transactions which are expensed as the
services are received.
Prior to 1 January 2010, fees and commission income and expense which are directly related to
the Company’s lending activities and/or related to a certain period and the amount is significant,
are recognized as unearned income/prepaid expenses and amortized by using the straight-line
method over the term of the related loans. The outstanding balances of unamortized fees and
commissions on loans settled prior to maturity are recognized as income at settlement.
3.
FINANCIAL ANALYSIS
3.1 Consolidated Profit and Loss Report
(a)
Operational Revenues and Expenses
Remarks
31 March
31 December
2011
2010
2010
2009
2008
Interest revenues
3,967,638
3,440,396
14,417,745
15,682,777
14,189,334
Interest expenses
(1,359,063)
(1,046,247)
(4,509,295)
(6,220,816)
(5,834,855)
2,608,575
2,394,149
9,908,450
9,461,961
8,354,479
Net Interest Revenues
9,908,450
9,461,961
8,354,479
2,608,575
31 March 2011
2,394,149
31 March 2010
31 December 2010 31 December 2009 31 December 2008
24
For the three months ended 31 March 2011 as compared to the three months ended
31 March 2010
Net interest revenues increased 8.96%, or Rp214,426 million, to Rp2,608,575 million for the three
months ended 31 March 2011 from Rp2,394,149 million for the three months ended 31 March
2010. This was primarily due to an increase in the average volume of earning assets, particularly
extended loans and receivables from consumer financing which were relatively higher if
compared to the increase in average overall financing. The average volume of earning assets
increased 23.85% or Rp19,285,593 million from Rp80,849,489 million in March 2010 to
Rp100,135,082 million in March 2011. In the meantime, average overall funding increased
22.15% or Rp16,398,208 million from Rp74,018,687 million in March 2010 to Rp90,416,895
million in March 2011.
For the year ended 31 December 2010 as compared to the year ended 31 December 2009
Net interest revenues increased by 4.72%, or Rp446,489 million, from Rp9,461,961 million in
2009 to Rp9,908,450 million in 2010. This increase was primarily due to a decline in yields on
productive assets being less than the decline in cost of funds in line with the decreased interest
rate in Indonesia. The average cost of funds declined by 1.90%, from 7.33% in 2009 to 5.43% in
2010, while average yields of loans decreased by 1.82%, from 18.42% in 2009 to 16.60% in 2010.
Net interest revenues increased by 13.26%, or Rp1,107,482 million, from Rp8,354,479 million in
2008 to Rp9,461,961 million in 2009. This increase was mainly due to a higher increase in yields
as compared to the increase in cost of funds as the Company focused on increasing higher
margin assets such as consumer loans. Average yields from loans increased from 16.80% in 2008
to 18.42% in 2009, while cost of funds (COF) only increased from 6.96% in 2008 to 7.33% in 2009.
•
Interest Revenues
Remarks
Interest from loans
31 March
31 December
2011
2010
2010
2009
2008
2,886,105
2,555,717
10,835,560
10,782,801
9,752,808
Interest from consumer financing
756,942
567,125
2,405,854
2,997,356
2,502,476
Interest from Government Bonds
103,482
205,803
674,724
1,122,854
1,235,082
Interest from marketable securities
and bills receivable
181,649
65,642
232,952
554,041
498,859
39,460
46,109
268,655
225,725
200,109
3,967,638
3,440,396
14,417,745
15,682,777
14,189,334
Interest from placements in other
banks and Bank Indonesia
Total Interest Revenues
25
15,682,777
14,417,745
3,967,638
31 March 2011
14,189,334
3,440,396
31 March 2010
For the three months ended 31 March 2011 as compared to the three months ended 31
March 2010
Interest revenues for the three months ended 31 March 2011 amounted to Rp3,967,638 million or
15.33% higher than that of the previous year, namely Rp3,440,396 million. This increase was
primarily derived from interest revenues from extended loans, consumer financing and interest
from securities and other receivables and had been net off with a decline in interest revenues from
government bonds and interest from placements in other banks and in Bank Indonesia.
Interest from loans extended increased 12.93%, or Rp330,388 million, to Rp2,886,105 million for
the three months ended 31 March 2011 from Rp2,555,717 million for the three months ended 31
March 2010. This increase resulted from an increase in average balance of loans extended of
29.63% from Rp62,646,277 million for the three months ended 31 March 2010 to Rp81,211,744
million for the three months ended 31 March 2011. This was in line with the Company’s plan of
continued growth by focusing on developing loans which yield high margins.
Interest from consumer financing increased 33.47%, or Rp189,817 million to Rp756,942 million
for the three months ended 31 March 2011 from Rp567,125 million for the three months ended 31
March 2010. This increase was primarily due to an increase in the average balance of receivables
from consumer financing of around 97.11%, or Rp2,565,316 million, from Rp2,641,674 million for
the three months ended 31 March 2010 to Rp5,206,990 million for the three months ended 31
March 2011. This was in line with the increasingly improving economy of Indonesia.
Interest from securities increased by 176.73%, or Rp116,007 million, to Rp181,649 million for the
three months ended 31 March 2011 from Rp65,642 million for the three months ended 31 March
2010. This increase was mainly caused by the increase of average volume of SBI ownership
during 2010 and also during the first quarter of 2011 from Rp2,932,563 million for the three
months ended 31 March 2010 to Rp4,592,721 million for the three months ended 31 March 2011.
Interest from Government bonds decreased by 49.72%, or Rp102,321 million, to Rp103,482
million for the three months ended 31 March 2011 from Rp205,803 million for the three months
ended 31 March 2010. This was mainly caused by a decline in Government bonds ownership due
to sales throughout 2010.
Interest from the placements in other Banks and in Bank Indonesia decreased by 14.42%, or
Rp6,649 million to Rp39,460 million for the three months ended 31 March 2011 from Rp46,109
million for the three months ended 31 March 2010. This decrease was mainly caused by a
decrease in the average volume of placements in other banks throughout 2010.
26
Total interest revenues is in the amount of Rp14,417,745 million in 2010 or lower by 8.07%, from
Rp15,682,777 million in the previous year. The relatively small increase in interest revenues from
loans did not offset the decrease in interest revenues from Government bonds, from consumer
financing and from marketable securities and bills receivable.
Interest from loans increased by 0.49%, or Rp52,759 million, from Rp10,782,801 million in 2009
to Rp10,835,560 million in 2010. This was due to an increase of approximately 15% in the
average balance of loans from Rp55,562 million in 2009 to Rp63,711 million in 2010. This
increase is in line with the Company’s plan to continue developing by focusing on increasing the
proportion of loans with higher margins.
Interest from consumer financing decreased by 19.73%, or Rp591,502 million, from Rp2,997,356
million in 2009 to Rp2,405,854 million in 2010. This decrease is mainly related to the
implementation of SFAS No. 55 (2006 revision), which required the amortization of expenses for
the acquisition of consumer financing customers of the Subsidiaries (transaction cost) of
Rp1,301,211 million netted off from interest revenues. Prior to 2010, such amortization was
calculated as fees and commissions expenses.
Interest from Government bonds decreased by 39.91%, or Rp448,130 million, from Rp1,122,854
million in 2009 to Rp674,724 million in 2010. This decrease was due to a decline in the ownership
of Government bonds due to sales throughout 2010.
Interest from securities decreased by 57.95%, or Rp321,089 million, from Rp554,041 million in
2009 to Rp232,952 million in 2010. This decline was mainly due to a decrease in the volume of
ownership of Bank Indonesia Certificates throughout 2010 and the declining interest rates in
Indonesia.
Interest from placements in other banks and Bank Indonesia increased by 19.02%, or Rp42,930
million, from Rp225,725 million in 2009 to Rp268,655 million in 2010. This increase was mainly
due to the increase in average FASBI placement volume from Rp728 million in 2009 to Rp1,532
million in 2010.
Total interest revenues increased by 10.53%, or Rp1,493,443 million, from Rp14,189,334 million
in 2008 to Rp15,682,777 million in 2009.
Interest from loans increased by 10.56%, or Rp1,029,993 million, from Rp9,752,808 million in
2008 to Rp10,782,801 million in 2009. This increase was due to improvements in average yields
which were relatively high in 2009 compared to that in 2008.This is because the Company was
focused on increasing its proportion of loans with higher margins.
Interest from consumer financing increased by 19.78%, or Rp494,880 million, from Rp2,502,476
million in 2008 to Rp2,997,356 million in 2009. This increase was primarily due to an increase in
consumer financing, particularly in motorcycles as well as due to expansion of the Company’s
dealer relationships.
Interest from government bonds declined by 9.09%, or Rp112,228 million, from Rp1,235,082
million in 2008 to Rp1,122,854 million in 2009. This was due to the decline in the ownership of
government bonds due to sales throughout 2009, particularly long-term government bonds with
interest rate sensitive to interest rate fluctuation.
27
Interest from securities increased by 11.06%, or Rp55,182 million, from Rp498,859 million in 2008
to Rp554,041 million in 2009. This increase was due to an increase in Bank Indonesia Certificates
in 2009.
•
Interest Expense
Remarks
31 March
31 December
2011
2010
2010
2009
2008
62,652
28,883
144,431
110,025
108,030
Interest expense from time
deposits
816,634
711,530
2,871,956
4,658,611
3,916,044
Interest expense from savings
154,037
95,273
501,241
341,230
366,672
Total interest expense from
1,033,323
customer deposit and other banks
835,686
3,517,628
5,109,866
4,390,746
Interest expense from the
borrowings from other banks
124,445
114,293
582,085
702,088
1,022,249
Interest expense from bonds
issued
160,012
63,428
272,124
263,283
286,552
Deposit insurance guarantee
expense
41,283
32,840
137,458
145,579
135,308
1,359,063
1,046,247
4,509,295
6,220,816
5,834,855
Interest expense from current
accounts
Total interest expense
6,220,816
5,834,855
4,509,295
1,359,063
1,046,247
31 March 2011
31 March 2010
For the three months ended 31 March 2011 compared to the three months ended 31 March
2010
The interest expense increased by 29.90%, or Rp312,816 million, to Rp1,359,063 million for the
three months ended 31 March 2011 from Rp1,046,247 million for the three months ended 31
March 2010. This was mainly caused by the increase of the interest expense from customer’s
savings and savings from other banks, bonds issued and the loans received.
Interest expense of the customers’ savings and other banks savings increased by 23.65%, or
Rp197,637 million to Rp1,033,323 million for the three months ended 31 March 2011 from
Rp835,686 million for the three months ended 31 March 2010. This was mainly caused by the
increase of average funding.
28
The average balance of the customers’ savings and other banks savings increased by 21.05%,
or Rp13,885,337 million, to Rp79,857,106 million for the three months ended 31 March 2011 from
Rp65,971,769 million for the three months ended 31 March 2010. In overall, this increase is in line
with the Company’s plan to increase the financing from customers’ savings. Average current
account balance increased by 47.30%, or Rp3,451,237 million, to Rp10,747,464 million as at
March 2011 from Rp7,296,227 million as at March 2010. The savings average balance also
increased by 30.68%, or Rp4,682,006 million, to Rp19,941,011 million as at March 2011 from
Rp15,259,005 million as at March 2010. Average balance of time deposit increased by 13.25%,
or Rp5,752,094 million, to Rp49,168,630 million as at March 2011 from Rp43,416,536 million as
at March 2010.
Interest expense from the issued bonds increased by 152.27%, or Rp96,584 million, to
Rp160,012 million for the three months ended 31 March 2011 from Rp63,428 million for the three
months ended 31 March 2010. This was caused by the issuance of new bonds of the Company
and Subsidiaries in the nominal amount of Rp4.8 trillion.
Interest expense from the loans received (including interest expense of subordinated loans)
increased by 8.88%, or Rp10,152 million, to Rp124,445 million for the three months ended 31
March 2011 from Rp114,293 million for the three months ended 31 March 2010. This was mainly
caused by the increase of new loans in the form of bankers’ acceptance and also new loan
drawdown by Subsidiaries.
Total interest expense decreased by 27.51%, or Rp1,711,521 million, to Rp4,509,295 million in
2010 from Rp6,220,816 million in 2009. This was in line with the trend of declining interest rates
in Indonesia in 2010.
Interest expense from deposits from customer and other banks decreased by 31.16%, or
Rp1,592,238 million, from Rp5,109,866 million in 2009 to Rp3,517,628 million in 2010. This
decrease was due to the decrease in average funding and declining interest rates throughout
2010.
The average balance of deposits from customer and deposits from other banks decreased by
3.81%, or Rp2,727,549 million, from Rp71,559,300 million in 2009 to Rp68,831,751 million in
2010. In general, this decrease was in line with the Company’s plan to reduce its proportion of
high-cost funds and to focus on low-cost funds such as savings and current accounts. The
average balance of time deposits decreased by 16.49%, or Rp8,499,925 million, to Rp43,058,298
million in 2010 from Rp51,558,223 million in 2009. On the contrary, the average balance of current
accounts increased by 22.91%, or Rp1,556,301 million, to Rp8,350,800 million in 2010 from
Rp6,794,499 million in 2009. The average balance of savings accounts increased by 31.92%, or
Rp4,216,074 million, to Rp17,422,653 million in 2010 from Rp13,206,579 million in 2009.
The average interest rate for deposits from customer and other banks decreased from 7.20% in
2009 to 5.16% in 2010. This decrease followed the trend of declining interest rates in Indonesia
throughout 2010, particularly for time deposits. The average interest rate for time deposits
decreased from an average of 9.12% in 2009 to an average of 6.76% in 2010. The average
interest rate for current accounts experienced a slight increase from an average of 1.63% in 2009
to 1.81% in 2010.
The interest expense from borrowings (including interest expense from subordinated debt)
decreased by 17.09%, or Rp120,003 million, from Rp702,088 million in 2009 to Rp582,085 million
in 2010. This decrease was due to the settlement of certain borrowings from IFC and securities
resold under repurchase agreements.
29
The average balance of borrowings decreased by 8.46%, or Rp673,518 million, from
Rp7,965,425 million in 2009 to Rp7,291,907 million in 2010.
Total interest expense increased by 6.61%, or Rp385,961 million, from Rp5,834,855 million in
2008 to Rp6,220,816 million in 2009. This increase was a result of the increase in average
interest-bearing liabilities and increase in cost of fund.
Interest expense resulting from deposits from customer and deposits from other banks increased
by 16.38%, or Rp719,120 million, from Rp4,390,746 million in 2008 to Rp5,109,866 million in
2009. This increase was due to the increase in average funding and funding costs, which were
triggered by intense competition with other banks in obtaining funding as other banks offering
aggressive interest rates to attract customers.
The average balance of deposits from customer and deposits from other banks increased by
2009. In general, this increase was in line with the growing business of the Company. The average
balance of current accounts increased by 2.69%, or Rp177,997 million, from Rp6,616,502 million
in 2008 to Rp6,794,499 million in 2009. The average balance of savings accounts increased by
2009. The average balance of the Company’s time deposits increased by 7.99%, or Rp3,813,557
million, from Rp47,744,666 million in 2008 to Rp51,558,223 million in 2009.
The average interest rate for deposits from customer and banks deposits increased from 6.66%
in 2008 to 7.20% in 2009. This increase was primarily a result of the increase in domestic interest
rates due to a shortage of liquidity. The increase in the average interest rate directly affected the
average interest rate for the Company’s short-term time deposits (time deposits with a maturity
period of up to three months) which increased from 8.24% in 2008 to 9.12% in 2009. The average
interest rate for current accounts decreased from 1.65% in 2008 to 1.63% in 2009. The average
interest rate for savings accounts decreased from 3.06% in 2008 to 2.49% in 2009.
The interest expense from borrowings (including interest expense from subordinated debt)
decreased by 31.32%, or Rp320,161 million, to Rp702,088 million in 2009 from Rp1,022,249
million in 2008. This decrease was a result of the settlement of the USD 300 million subdebt
bearing an interest rate of 7.65%.
The average balance of borrowings decreased by 25.35%, or Rp2,704,959 million, from
Rp10,670,384 million in 2008 to Rp7,965,425 million in 2009.
(b)
Consolidated Income and Other Operating Expenses
Remarks
31 March
31 December
2011
2010
2010
2009
2008
Fees and commissions income
300,667
283,316
1,204,966
1,158,700
1,154,894
Fees
576,621
405,794
2,125,035
1,426,624
1,554,327
(Losses)/gains from changes in
fair value of financial instruments
(34,661)
1,687
(12,929)
68,572
(90,606)
Realized gains/(losses) on
derivative instruments
(32,199)
52,864
20,339
326,835
17,621
Other operating income
30
Remarks
31 March
2011
(Expenses)/income from foreign
currency transactions
2010
(37,785)
2009
1,215
2008
(142,427)
99,243
—
—
2,140
3,241
12,158
14,764
242,178
41,414
808
—
891
—
—
889,768
720,640
3,583,835
2,882,959
2,560,220
(Losses)/gains from sale of
marketable securities and
Government Bonds — net
Others
Total other operating income
2010
66,374
Dividend income
31 December
1,357
(176,616)
Other operating expenses
Fees and commissions expense
General and administrative
expenses
Salaries and employee benefits
Allowance for possible losses on
depreciation
(55,272)
(81,055)
(329,431)
(1,246,693)
(1,006,623)
(692,492)
(582,555)
(2,545,376)
(2,465,669)
(2,267,604)
(1,015,920)
(845,315)
(3,838,754)
(3,003,000)
(3,058,580)
(505,934)
(511,343)
(2,134,124)
(2,842,055)
(1,777,204)
(4)
(4,889)
Recovery of/(additional) allowance
for estimated losses on
commitments and contingencies
Others
Total other operating expenses
•
—
7,734
15,715
(112,656)
(72,342)
(387,532)
(229,935)
(317,875)
(2,382,274)
(2,084,878)
(9,235,221)
(9,791,651)
(8,412,171)
3,583,835
2,882,959
2,560,220
889,768
31 March 2011
720,640
31 March 2010
2010
Other operating income increased by 23.47% or Rp169,128 million to become Rp889,768 million
for the three months ended in 31 March 2011 from Rp720,640 million for the three months ended
31 March 2010. This increase resulted mainly from the profit of foreign exchange transactions in
line with the appreciation of Rupiah against United States Dollar and the service fee. Meanwhile,
the increases of service fees were in line with increase of new loans recorded in the Company’s
Subsidiaries.
31
Other operating income in 2010 increased by 24.31%, or Rp700,876 million from Rp2,882,959
million in 2009, to Rp3,583,835 million in 2010. This increase resulted, in particular, from the gains
on sale of marketable securities and government bonds as well as fees. The increase in gains on
sale of government bonds was due to an increase in the sales of government bonds, particularly
those with long-term tenures, and the increase in the price of government bonds due to the
increase in demand. The increase in fees was in line with the increase in new loans recorded in
the Subsidiaries’ book.
Other operating income in 2009 increased by 12.61%, or Rp322,739 million, from Rp2,560,220
million in 2008 to Rp2,882,959 million in 2009. This increase was mainly due to the gains on sale
of marketable securities and government bonds, realized gains from derivative transactions, and
gains from changes in fair value of financial instruments.
•
Other Operating Expenses
9,791,651
9,235,221
8,412,171
2,382,274
31 March 2011
2,084,876
31 March 2010
2010
Other operating expenses have increased by 14.26% or Rp297,398 million to become
Rp2,382,274 million for the three months ended 31 March 2011 from Rp2,084,876 million for the
three months ended 31 March 2010. This increase mainly resulted from the increase of manpower
expenses in line with the addition of employees during 2010 and the first quarter of 2011, and also,
the allowance for long term compensation expenses for senior employees. In addition, this
increase was also due to the general expenses and administration in relation to promotions and
addition of branch/network.
Other operating expenses decreased by 5.68%, or Rp556,430 million, from Rp9,791,651 million
in 2009 to Rp9,235,221 million in 2010. The decreased was mainly resulted from the
implementation of SFAS No. 55 (2006 Revision), which required the amortization of the expenses
for the acquisition of consumer financing customers of the Subsidiaries of Rp1,301,211 million to
be netted off from interest income. Prior to 2010, the amortization was recorded as fees and
commissions expense.
32
Other operating expenses increased by 16.40%, or Rp1,379,480 million, from Rp8,412,171
million in 2008 to Rp9,791,651 million in 2009. This was due to an increase in allowance for
impairment losses of loans and asset impairments on productive assets, as a result of the
declining credit quality related to the global financial crisis, and the increase in commissions given
to dealers.
(c)
Consolidated Net Profit
Remarks
31 March
Net operating income
Non-operating income/(expenses),
net
Income before tax
Income tax expenses
Net profit
31 December
2011
2010
2010
2009
2008
1,210,992
1,108,344
4,630,064
2,849,271
2,747,608
(151,114)
(122,706)
1,059,878
985,638
(271,051)(262,551)
(1,017,770)
788,827
723,087
(628,533)
4,001,531
(756,838)
2,983,761
(478,711)
2,370,560
(69,771)
2,677,837
(875,833)
1,613,722
1,802,004
2,983,761
1,802,004
1,613,722
788,827
31 March 2011
723,087
31 March 2010
For the three months ended 31 March 2011 as compared to the three months ended 31
March 2010
The consolidated net profit increased by 9.09%, or Rp65,740 million, to Rp788,827 million for the
three months ended 31 March 2011 from Rp723,087 million for the three months ended 31 March
2010. This increase was due to the increase of net interest profit by 8.96%, or Rp214,426 million
as a result of the average increase of productive asset volume particularly loans granted and the
consumer finance receivables, increase of other operating income by 23.47% or Rp169,128
million resulted from the foreign exchange transaction profit, in line with the appreciation of
Rupiah and the service fees, offset by the increase of other operational expenses by 14.26% or
Rp297,398 million due to the addition of employees, allowance for long term compensation
expenses and the promotion expenses and the addition of new networks.
33
Consolidated net profit in 2010 increased by 84.90%, or Rp1,370,039 million, from Rp1,613,722
million in 2009 to Rp2,983,761 million in 2010. This was mainly due to the increase in net interest
income of 4.72% as a result of a decline in cost of funds that was greater than the decline in yields
on interest income from earnings assets for 2010. In addition to that, it was also cause by the
increase in other operating income of 24.31%, derived from fees received from Subsidiaries’
customers along with the decrease of other operating expenses, fees and commission expenses
due to the implementation of SFAS No. 55 (2006 revision).
Consolidated net profit in 2009 decreased by 10.45%, or Rp188,282 million, from Rp1,802,004
million in 2008 to Rp1,613,722 million in 2009. This was due to an increase in net interest income
of 13.26% and other operating income of 12.60%, in line with the growth of consumer financing,
and the increase in other operating expenses of 16.24%, due to the increase in allowance for
impairment losses.
3.2 Consolidated Assets, Liabilities and Equity
(a)
Consolidated Assets
The following table presents the breakdown of consolidated assets of the Company and its
Subsidiaries as of 31 March 2011 and 31 December 2010, 2009 and 2008:
Remarks
31 March
2011
Cash
Current accounts with Bank Indonesia
Current accounts with other banks — net
Placement with other banks and Bank
Indonesia — net
Securities — net
Derivative receivables — net
Loans — net
Consumer financing receivables — net
Premium receivables — net
Acceptance receivables — net
Government bonds
Prepaid tax
Investment in shares — net
Intangible assets — net
Fixed assets — net
Deferred tax assets — net
Prepayment and other assets — net
Total Assets
31 December
2010
2009
2008
1,328,346
5,864,250
1,085,013
10,417,692
1,985,338
5,274,888
1,658,426
9,257,137
2,117,368
3,820,180
1,907,506
4,189,435
4,161,520
2,820,413
3,606,269
3,488,786
5,758,610
206,038
76,376,557
6,935,814
76,703
885,805
5,612,754
81,741
12,175
1,540,943
1,744,978
903,371
3,973,345
5,323,969
189,545
73,268,325
6,663,061
62,017
759,124
6,138,340
—
12,175
1,576,096
1,771,489
950,784
3,315,859
4,431,548
322,103
58,367,570
2,654,674
28,856
1,109,287
11,010,829
—
64,419
1,534,668
1,549,504
980,280
4,509,726
4,137,089
1,751,416
63,410,474
1,876,712
22,283
856,599
13,083,338
—
12,053
515,958
1,639,517
850,038
5,035,898
122,804,135
118,206,573
98,597,953
107,268,363
34
122,804,135
118,205,573
107,268,363
98,597,953
31 March 2011
For the three months ended 31 March 2011 as compared to the year ended 31 December
2010
Total consolidated assets as of 31 March 2011 amounted to Rp122,804,135 million increased by
3.89%, or Rp4,597,562 million, from Rp118,206,573 million as of 31 December 2010. This
increase mainly resulted from the increase in net loans extended of Rp3,108,232 million or 4.24%
compared to that on 31 December 2010. The increase was in line with the Company’s plan to
encourage credit growth in every line of business, as well as the improving economic conditions
in Indonesia in 2011.
Total consolidated assets as of 31 December 2010 amounted to Rp118,206,573 million increased
by 19.89%, or Rp19,608,620 million, from Rp98,597,953 million in 2009. The increase in total
assets mainly resulted from the increase in loans extended of Rp14,900,755 million, due to the
growth of loans in every line of business and the increase in consumer financing receivables of
Rp4,008,387 million in line with the increased motor vehicles financing in 2010. The increase in
total assets was also caused by the temporary placement of funds acquired from the bond
issuance in the end of 2010 at other banks and Bank Indonesia, i.e. FASBI.
Total consolidated assets as of 31 December 2009 amounted to Rp98,597,953 million decreased
by 8.08%, or Rp8,670,410 million, from Rp107,268,363 million on 31 December 2008. The main
driver was the reduction in loans due to decrease in loans extended because of conservative
credit policy in relation to uncertainties of the global crisis.
•
Liquid Assets
Liquid assets are intended to fulfil commitments to customers and other parties, as well as for
cash needs (transactions through ATMs), repayment of third party funds, extension of credits and
for other liquidity needs. The Company’s liquid assets consist of cash, current account with Bank
Indonesia, current accounts with other bank, placements with other banks and Bank Indonesia
with maturity of up to three months as of the acquisition dates, marketable securities both for
trading and available for sale, and Government Bonds both for trading and available for sale.
35
Remarks
Rupiah
31 March
31 December
2011
2010
2009
2008
25,943,717
25,926,207
19,070,987
21,731,891
Foreign currencies
2,261,840
2,369,275
4,661,845
5,849,570
Total liquid assets
28,205,557
28,295,482
23,732,832
27,581,461
2010
The Company’s total liquid assets as of 31 March 2011 amounted to Rp28,205,557 million
decreased by 0.32% or Rp89,925 million, compared to Rp28,295,482 million as at 31 December
2010. This decrease was caused by the decrease of government bonds due to sale during 2011
balanced with the increase of placement in Bank Indonesia particularly FASBI.
The total liquid assets increased by 19.23%, or Rp4,562,650 million to become Rp28,295,482
million as of 31 December 2010 from Rp23,732,832 million as of 31 December 2009. Such
increase of liquid assets was caused by increase placements with other banks and Bank
Indonesia, particularly in FASBI, in relation to the liquidity from the proceeds of bond issuance in
the last quarter of 2010.
The Company’s total liquid assets as of 31 December 2009 amounted to Rp23,732,832 million
decreased by 13.95%, or Rp3,848,629 million, from Rp27,581,461 million as of 31 December
2008. This decrease resulted from a decrease in cash and cash equivalents
•
Earning Assets
Earning assets consist of current accounts with other banks, placement with other banks and
Bank Indonesia, marketable securities, securities purchased under resale agreements, derivative
receivables, loans, consumer financing receivables, acceptance receivables, Government Bonds,
investment in shares and off balance sheet administrative accounts.
Remarks
Current accounts with other banks — net
Placement with other banks and Bank
Indonesia — net
Marketable securities — net
Loans — net
Consumer financing receivables — net
Government Bonds
31 March
31 December
2011
2010
2009
2008
1,085,013
1,658,426
1,907,506
3,606,269
10,417,692
9,257,137
4,189,435
3,488,786
5,758,610
5,323,969
4,431,548
4,137,089
206,038
189,545
322,103
1,751,416
76,376,557
73,268,325
58,367,570
63,410,474
6,935,814
6,663,061
2,654,674
1,876,712
885,805
759,124
1,109,287
856,599
5,612,754
6,138,340
11,010,829
13,083,338
12,175
12,175
64,419
12,053
36
Remarks
31 March
2011
Administrative accounts
Total earning assets
31 December
2010
2009
2008
3,175,357
3,493,209
3,310,039
2,757,586
110,465,815
106,763,311
87,367,410
94,980,322
2010
The Company’s total consolidated earning assets increased by 3.47%, or Rp3,702,504 million,
from Rp106,763,311 million as of 31 December 2010 to Rp110,465,815 million as of 31 March
2011. This increase mainly resulted from the increase in loans which is in line with the Company’s
plan to encourage credit growth in every line of business.
The Company’s total consolidated earning assets increased by 22.20%, or Rp19,395,901 million
to Rp106,763,311 million as of 31 December 2010 from Rp87,367,410 million as of 31 December
2009. This increase in total consolidated earning assets mainly resulted from the increase in loans
due to the expansion of loans in every line of business and the growth in consumer financing
receivables from in line with the increase of motor vehicles financing in 2010. The increase in total
assets was also driven by the bond issuance in at the last quarter end of 2010 whereby the net
proceeds were invested in placements with other banks and Bank Indonesia, particularly from the
placement of FASBI.
The Company’s total consolidated earning assets decreased by 8.02%, or Rp7,612,912 million to
become Rp87,367,410 million as of 31 December 2009 from 94,980,322 million as of 31
December 2008. The main driver was the reduction in loans due to the Company’s conservative
credit policy implemented to manage the uncertainties of the global financial crisis. As of 31
December 2009, loans and consumer financing receivables represented 69.85% of the total
earning assets, government bonds 12.60% and marketable securities 5.07%.
Gross Loans Based on Economic Sector
Gross loans based on the economic sectors as defined in accordance with Bank Indonesia
Regulation (“PBI”) No. 10/40/PBI/2008 on Commercial Bank Reports as amended by PBI No.
11/18/PBI/2009 on the Amendment of Bank Indonesia Regulation No. 10/40/PBI/2008 on
Commercial Bank Reports, namely:
Remarks
31 March
2011
31 December
2010
Agriculture, hunting and forestry
1,122,456
1,006,264
211,452
162,167
Mining and quarrying
1,680,982
1,439,995
Manufacturing
9,760,409
7,996,695
Fishery
37
Remarks
31 March
2011
Electricity, gas and water
31 December
2010
22,041
23,199
694,906
616,311
21,176,978
22,911,454
Accommodation, food and beverage services
1,210,100
1,107,415
Transport, warehousing and communications
2,412,378
2,435,566
Financial Intermediaries
2,602,704
2,652,655
Real Estate, leasing services and servicing companies
4,469,282
3,794,257
3,518
5,014
38,458
42,216
262,800
257,729
1,288,765
1,271,552
37,904
43,490
30,072,031
28,441,339
1,733,198
1,566,204
78,800,362
75,773,522
Construction
Wholesale and retail trade
Government administration, defence and compulsory social security
Educational services
Health and social services
Public services, services in social, culture, recreation and other
individual services
Individual services to households
Household
Others
Total loans — gross
The presentations of gross loans based on economic sector as of 31 December 2009 and 2008
complied with PBI No. 2/21/PBI/2000.
Remarks
31 December
2009
2008
18,283,600
17,846,746
7,327,868
9,615,062
16,509
50,542
Agriculture, farming and agriculture facilities
1,181,551
948,633
Business services
7,324,026
8,664,241
586,107
533,885
Transport, warehousing and communications
1,797,902
1,632,541
Mining
1,303,385
2,173,303
664,227
938,943
Others
22,094,100
22,579,226
60,579,275
64,983,122
Trading, restaurant and hotel
Manufacturing
Social/public services
Construction
As of 31 March 2011 and 31 December 2010 respectively, the contributions of each sector to total
gross loans were as follows: household (38.16% and 37.53%), wholesale (26.87% and 30.24%),
and manufacturing (12.39% and 10.55%).
38
As of 31 December 2009 and 2008 respectively, the contributions of each sector to total gross
loans were as follows: trade, restaurant and hotel (30.18% and 27.46%), manufacturing (12.10%
and 14.80%) and business services (12.09% and 13.33%).
2010
Total gross loans increased by 3.99%, or Rp3,026,840 million, from Rp75,773,522 million as of 31
December 2010 to Rp78,800,362 million as of 31 March 2011. This increase resulted by the
increase in households loan sector mainly in the mass market and automotive financing
segments.
Total gross loans also increased by 25.08%, or Rp15,194,247 million, from Rp60,579,275 million
as of 31 December 2009 to Rp75,773,522 million as of 31 December 2010. The increase was in
line with the Company’s business development in terms of increase in credit extension, especially
to the mass market and mining segments. Household and trade represented the largest sectors
in the Company’s loan portfolio in 2010, contributing 37.53% and 30.24%, respectively.
Total gross loans decreased by 6.78%, or Rp4,403,847 million, from Rp64,983,122 million as of
31 December 2008 to Rp60,579,275 million as of 31 December 2009. This decrease was a result
of the Company’s conservative credit policy implemented to manage the uncertainties of the
global financial crisis, especially in the wholesale and commercial segments.
•
Loan Quality Collectability
Remarks
31 March
31 December
2011
Rp
Current
Special mention
2010
%
68,433,043
7,778,967
Rp
86.84 65,979,435
9.87
7,347,080
2009
%
Rp
87.07
52,117,991
9.70
5,659,342
2008
%
Rp
%
86.03 58,050,973
9.33
89.33
5,398,107
8.31
Substandard
644,947
0.82
561,004
0.74
977,637
1.62
483,996
0.74
Doubtful
962,392
1.23
954,869
1.26
851,134
1.40
339,294
0.52
Loss
981,013
1.24
931,134
1.23
973,171
1.62
710,752
1.10
100.00 64,983,122
100.00
78,800,362
100.00 75,773,522
—
—
100.00 60,579,275
Deducted by:
Deferred interest income
(84)
(84)
Allowance for possible
losses
(2,423,805)
(2,505,197)
(2,211,621)
(1,572,564)
Total loans — net
76,376,557
73,268,325
58,367,570
63,410,474
39
2010
The gross non-performing loan (NPL) ratio experienced a slight increase of 0.05% from 3.25% as
of 31 December 2010 to 3.30% as of 31 March 2011. This increase reflects the increasing credit
risks inherent in lending to the mass market and small and medium enterprise sectors.
The net non-performing loan (NPL) ratio increased by 0.22% from 0.00% as of 31 December 2010
to 0.22% as of 31 March 2011 This increase reflects the increasing credit risks inherent in lending
to the mass market and small and medium enterprise sectors.
The gross NPL ratio decreased by 1.39% from 4.64% as of 31 December 2009 to 3.25% as of 31
December 2010, resulting from the improving economic conditions in Indonesia in 2010.
The net NPL ratio remains at 0.00% as of 31 December 2009 and 31 December 2010. This
indicated that allowance established for decrease in value had exceeded the total non-performing
loan in 2009 and 2010. The calculation of this ratio was in line with the new BI circular letter.
The gross NPL ratio increased by 2.28% from 2.36% as of 31 December 2008 to 4.64% as of 31
December 2009 due to the declining economic conditions in Indonesia in 2009 as a result of the
global financial crisis.
The net NPL ratio decreased by 1.18% from 1.18% as of 31 December 2008 to 0.00% as of 31
December 2009 due to the application of new BI circular for the calculation of net NPL.
•
Loans by Type of Credit
Remarks
31 March
31 December
2011
2010
2009
2008
Consumption
31,743,319
29,950,421
21,672,171
21,959,346
Working capital
32,105,639
32,127,185
26,388,838
30,473,378
Investment
14,054,369
12,529,529
11,803,234
10,798,760
883,821
1,155,477
710,364
1,738,915
13,214
10,910
4,688
12,723
78,800,362
75,773,522
60,579,275
64,983,122
Export
Loans to commissioners and key
management
In terms of loan composition, working capital facilities represented the largest proportion of gross
loans at 40.74%, 42.40%, 43.56% and 46.89% of the loan portfolio as of 31 March 2011 and 31
December 2010, 2009, and 2008, respectively. Consumption facilities are the second largest
category, representing 40.28%, 39.53%, 35.77% and 33.79% of the loan portfolio as of 31 March
2011 and 31 December 2010, 2009, and 2008, respectively.
40
(a)
Consolidated Liabilities
The following table displays the composition of consolidated liabilities of the Company and its
Subsidiaries as of 31 March 2011 and 31 December 2010, 2009, and 2008:
Remarks
31 March
31 December
2011
2010
2009
2008
80,685,103
79,642,803
67,216,228
73,969,078
2,324,937
1,937,479
1,437,814
1,470,781
Securities sold under repurchase
agreements
2,790,276
2,790,127
3,754,370
4,914,104
662,431
621,731
415,223
386,541
346,173
322,344
259,146
227,114
Acceptance payables
887,004
759,124
1,170,870
907,459
Bonds issued
6,302,358
6,300,464
2,050,855
2,234,043
Borrowings
4,200,020
2,481,832
2,393,561
2,543,620
96,689
183,020
192,041
362,840
Derivative payables
256,071
204,259
327,836
2,485,908
348,535
302,802
218,984
213,278
5,084,223
3,551,560
2,759,039
2,647,768
500,000
500,000
500,000
3,769,564
104,483,820
99,597,545
82,695,967
96,159,098
Taxes payable
Subordinated debts
Total Liabilities
104,483,820
99,597,545
96,159,098
82,695,967
31 March 2011
41
2010
Total consolidated liabilities increased by 4.91%, or Rp4,886,275 million, from Rp99,597,545
million as of 31 December 2010 to Rp104,483,820 million as of 31 March 2011. This is primarily
driven by the increase of Rp1,429,758 million in deposits from other banks and customers, the
increase in borrowings of Rp1,718,188 million is mainly from two new facilities from other banks
and bankers’ acceptance, and the increase in accruals and other liabilities of Rp1,532,663 million,
driven by an increase in dividends payable.
Deposits from customers and other banks increased by 1.75%, or Rp1,429,758 million, from
Rp81,580,282 million as of 31 December 2010 to Rp83,010,040 million as of 31 March 2011 due
to the growth in time deposit transactions as part of the Company’s plan to improve its the
Company’s liquidity.
Borrowings increased by 69.23%, or Rp1,718,188 million, from Rp2,481,832 million as of 31
December 2010 to Rp4,200,020 million as of 31 March 2011. The increase was mainly due to
additional borrowings by the Subsidiaries amounting to Rp1,000,000 million and the withdrawal of
borrowings of bankers’ acceptance amounting to Rp622,813 million.
Total consolidated liabilities increased by 20.44%, or Rp16,901,578 million, from Rp82,695,967
million as of 31 December 2009 to Rp99,597,545 million as of 31 December 2010, primarily driven
by the increase in deposits from customers and bonds issuances.
Deposits from customers increased by 18.49%, or Rp12,426,575 million, from Rp67,216,228
million as of 31 December 2009 to Rp79,642,803 million as of 31 December 2010. This increase
can be attributed to the Company’s strategy to strengthen its funding base through rebranding,
promotion and enhancement of its ATM network infrastructure.
Bonds issued increased by Rp4,249,609 million or 207.21% from Rp2,050,855 million as of 31
December 2009 to Rp6,300,464 million as of 31 December 2010 due to the bond issuance by the
Company as well as its Subsidiaries. The Company and its Subsidiaries issued new bonds with
a par value of Rp2,800,000 million and Rp2,000,000 million respectively.
Total consolidated liabilities decreased by 14.00%, or Rp13,463,131 million, from Rp96,159,098
million as of 31 December 2008 to Rp82,695,967 million as of 31 December 2009. This is mainly
due to the decrease in deposits from customers, decrease in time deposits as a result of the
Company’s policy to reduce financing with high interest rates, derivative payables and decrease
in subordinated debt.
Deposits from customers decreased by 9.13%, or Rp6,752,850 million, from Rp73,969,078 million
in 2008 to Rp67,216,228 million in 2009 as a result of the management’s strategy to reduce high
interest rates funding.
Decrease in derivative payables of approximately Rp2,158,702 million was mainly due to the
strengthening of the Rupiah against the United States Dollar, as well as a decrease in derivative
exposures. The decrease in subordinated debt was due to the repayment in March 2009 of
US$300 million.
42
A breakdown of deposits from customers is presented below:
Remarks
31 March
2011
31 December
2010
2009
2008
Rupiah:
Current accounts
5,445,522
6,776,693
4,675,015
4,678,786
Savings
18,358,729
19,036,920
13,799,820
11,937,669
Time deposits
48,033,169
45,149,018
40,727,826
47,051,397
3,138,698
3,285,810
2,183,230
2,215,236
Savings
2,579,514
2,360,599
1,564,348
909,724
Time deposits
3,129,471
3,033,763
4,265,989
7,176,266
Foreign currencies:
Current accounts
Total deposits from customers:
Current accounts
•
8,584,220
10,062,503
6,858,245
6,894,022
Savings
20,938,243
21,397,519
15,364,168
12,847,393
Time deposits
51,162,640
48,182,781
44,993,815
54,227,663
Total
80,685,103
79,642,803
67,216,228
73,969,078
Current Accounts
As of 31 December 2011, current accounts were Rp8,584,220 million, decreasing by Rp1,478,283
million or 14.69% compared to 31 December 2010 of Rp10,062,503 million. This is mainly due to
the shift of funds from current accounts to time deposits yielding higher interest rates.
As of 31 December 2010, current accounts were Rp10,062,503 million, increasing by
Rp3,204,258 million or 46.72%, compared to Rp6,858,245 million as of 31 December 2009. This
growth was in line with the Company’s plan to focus on low-cost funds such as current accounts.
As of 31 December 2009, current accounts were Rp6,858,245 million, decreasing by Rp35,777
million or 0.52%, compared to Rp6,894,022 million as at 31 December 2008. This is due to the
decrease in equivalent values of current accounts denominated in foreign currency as a result of
the strengthening of the Rupiah exchange rate.
The average interest rate for the three months ended 31 March 2011 was 3.12%, and for the years
ended 31 December 2010, 2009 and 2008, the average interest rates for current accounts in
Rupiah were 2.40%, 2.00% and 1.97%, respectively, while the interest rates for current accounts
in foreign currencies were 0.42%, 0.39%, 0.83% and 1.05% respectively.
•
Savings Accounts
As of 31 March 2011, savings accounts were Rp20,938,243 million, decreasing by Rp459,276
million or 2.15%, compared to Rp21,397,519 million as of 31 December 2010. This is mainly due
to the shift of funds from savings accounts to time deposits yielding higher interest rates.
As of 31 December 2010 savings accounts were Rp21,397,519 million, increasing by or
was primarily driven by the continuing growth in the retail banking business and was in line with
the Company’s policy to increase low-cost customers’ deposits, such as savings.
43
As of 31 December 2009 savings accounts were Rp15,364,168 million, increasing by
increase is due to the continuing growth in the retail banking business and was in line with the
Company’s policy to increase low-cost customers’ deposits, such as savings.
The average interest rate for the three months ended 31 March 2011 was 3.45%, and for the years
ended on 31 December 2010, 2009 and 2008, was 3.11%, 2.63% and 3.21%, respectively. The
interest rate for savings accounts denominated in foreign currencies for the three months ended
31 March 2011 was 0.46%, and for the years ending on 31 December 2010, 2009 and 2008, was
0.62%, 1.08% and 1.13%, respectively. Prior to May 2008, foreign currency customer savings
accounts were not allowed under Bank Indonesia regulations.
•
Time Deposits
As of 31 March 2011, time deposits were Rp51,162,640 million, increasing by Rp2,979,859 million
or 6.18%, compared to Rp48,182,781 million as of 31 December 2010. This increase was mainly
due to the shift of funds from current and savings accounts to time deposits with higher interest
rates.
As of 31 December 2010, time deposits were Rp48,182,781 million, increasing by Rp3,188,966
million or 7.09%, compared to Rp44,993,815 million as of 31 December 2009. This increase was
mainly due to the continuing growth in the retail banking business and was in line with the
Company’s plan to strengthen its funding base through rebranding, promotion and strengthening
of its ATM network infrastructure.
As of 31 December 2009, time deposits were Rp44,993,815 million, decreasing by Rp9,233,848
million or 17.03%, compared to Rp54,227,663 million as of 31 December 2008. This decrease
was in line with the Company’s policy to reduce customers’ deposits with high interest rates, as
well as the Company’s improving liquidity position due to the issuance of new shares through
Limited Public Offering with Pre-emptive Rights (Rights Issue) IV in 2009.
The average interest rates for the three months ended 31 March 2011 and for the years ending
on 31 December 2010, 2009 and 2008 for time deposits in Rupiah, were 7.37%, 7.20%, 9.88%
and 9.20%, respectively. The interest rates for time deposits in foreign currencies were 0.93%,
0.88%, 3.56% and 3.21% respectively for the same periods.
(b)
Consolidated Equity
Remarks
31 March
31 December
2011
2010
2009
2008
Issued and fully paid-up capital
5,317,722
5,317,363
5,303,992
3,631,865
Additional paid-up capital
3,048,214
3,046,452
2,964,113
675,000
189
189
189
189
162,680
133,844
118,520
103,220
8,209
78,136
(322,697)
(820,619)
9,598,415
9,873,803
7,741,634
6,989,413
18,135,429
18,449,787
15,805,751
10,579,068
184,886
159,241
96,235
530,197
Total Consolidated Shareholders’ Equity 18,320,315
18,609,028
15,901,986
11,109,265
Other paid-up capital
General and legal reserve
Other equity components
Retained Earnings
Non-controlling interest
44
18,320,315
18,609,028
15,901,986
11,109,265
31 March 2011
2010
The Company’s consolidated equity decreased by Rp288,713 million or 1.55% from
Rp18,609,208 million as of 31 December 2010 to Rp18,320,315 million as of 31 March 2011 due
to the decrease in the Company’s retained earnings of Rp275,388 million as a result of the
payment of cash dividends associated with fiscal year 2010 of Rp1,009,213 million and retained
profits during the first quarter of 2011 of Rp788,827 million.
For the year ended 31 December 2010 compared to the year ended 31 December 2009
The Company’s consolidated equity increased by Rp2,707,042 million or 17.02% from
Rp15,901,986 million as of 31 December 2009 to Rp18,609,028 million as of 31 December 2010.
This was mainly due to the increase in retained earnings, derived from profits in 2010 of
Rp2,983,761 million net of dividends associated with fiscal year 2009 of Rp766,300 million, and
an increase in unrealized gains on marketable securities and available for sale Government
Bonds of Rp400,833 million.
For the year ended 31 December 2009 compared to the year ended 31 December 2008
The Company’s consolidated equity increased by 43.14% from Rp11,109,265 million as of 31
December 2008 to Rp15,901,986 million as of 31 December 2009, primarily due to the Limited
Public Offering with Pre-emptive Rights (Rights Issue) IV in the amount of Rp3,895,130 million
and an increase in the Company’s retained earnings of Rp752,221 million.
45
4.
Sound Banking Principles
(in%)
Remarks
31 March
31 December
2011
2010
2009
2008
1. Capital Adequacy Ratio (CAR) with
calculation of risk and operational
risks *
12.14
13.33
17.72
13.99
2. CAR with calculation of credit,
market and operational* risks
12.05
13.25
17.55
13.37
3. Fixed assets to total capital
14.59
15.06
19.30
24.38
1. Non-Performing Assets
2.60
3.26
3.91
1.73
2. Allowance for possible losses on
earning assets
2.49
2.82
3.68
2.80
I. Capital
II Earning Assets
3. Non-Performing Loans (NPL) —
gross
3.30
3.25
4.64
2.36
4. Non-Performing Loans (NPL) — net
0.22
0.00
0.00
1.18
total credit
3.08
3.31
3.65
2.42
101.27
118.73
136.29
150.08
6. Fulfilment of allowance for possible
losses on earning assets
III Earnings
1. ROA(1)
3.08
3.34
1.78
2.01
2. ROE(1)
17.59
18.52
11.23
14.64
7.94
8.97
7.81
8.15
76.72
74.93
86.46
85.77
94.86
93.82
88.76
86.42
3. NIM, including insurance premium
4. Operating expenses to operating
income
IV Liquidity
1. Loan to Deposit Ratio (LDR)
(a)
(1)
ROA and ROE are calculated based on the methodology determined by Bank Indonesia, in which ROA is calculated
based on the net profit divided by the average earning assets, ROE is calculated based on the net profit divided by
the average core capital
*
Operational risks was effective since 2010
Capital Adequacy Requirements
The Company is subject to the capital adequacy requirements of Bank Indonesia, which are
primarily based on the capital adequacy accord reached by the BASEL Committee of the Bank of
International Settlements in 1988.
In September 2008, Bank Indonesia issued new regulation No. 10/15/PBI/2008 regarding “Capital
Adequacy Ratio (“CAR”) of Commercial Bank” which determines CAR requirements for the Bank
and Consolidated Subsidiaries, effective since 1 January 2009; except for CAR with operational
risk, it was postponed until 2010 and to be gradually implemented based on Circular Letter of
Bank Indonesia No.11/3/DPNP dated 27 January 2009.
The table below presents the Company’s capital adequacy ratio calculated in accordance with
Bank Indonesia Regulations as of 31 March 2011 and 31 December 2010, 2009, and 2008:
46
I.
31 March 2011
31 December 2010
31 December 2009
31 December 2008
Company Consolidated
Capital Components
A.
Core capital
16,837,512
15,762,980
16,003,430
14,927,733
14,616,965
13,334,061
10,237,047
10,437,779
B.
SUPPLEMENTARY 1,126,957
1,172,826
1,253,019
1,297,384
1,283,659
1,334,271
1,390,971
1,405,152
17,964,469
16,935,806
17,256,449
16,225,117
15,900,624
14,668,332
11,628,018
11,842,931
6,098,820
729,338
5,652,142
672,976
4,748,700
701,336
2,136,073
389,428
11,865,649
16,206,468
11,604,307
15,552,141
11,151,924
13,966,996
9,491,945
11,453,503
Risk weighted assets
— credit risk
79,841,764
87,506,575
76,531,756
83,886,152
62,941,010
67,017,808
67,853,672
71,104,775
VI. Risk weighted assets
— market risk
703,047
703,047
563,125
563,125
617,972
617,972
3,129,312
3,129,312
VII. Risk weighted assets
— operational risk
17,892,259
21,670,495
10,499,489
12,489,377
—
—
—
—
VIII. Capital Adequacy Ratio
with credit risk
(IV: V)
14.86%
18.52%
15.16%
18.54%
17.72%
20.84%
13.99%
16.11%
IX. CAPITAL ADEQUACY
RATIO WITH CREDIT
RISK AND
OPERATIONAL RISK
12.14%
14.84%
13.33%
16.14%
17.72%
20.84%
13.99%
16.11%
14.73%
18.37%
15.05%
18.42%
17..55%
20.65%
13.37%
15.43%
XI. AVAILABLE CAPITAL
ADEQUACY RATIO WITH
CREDIT RISK, MARKET
RISK AND
OPERATIONAL RISK
12.05%
14.75%
13.25%
16.04%
17.55%
20.65%
13.37%
15.43%
8.00%
8.00%
8.00%
8.00%
8.00%
8.00%
8.00%
II.
TOTAL CORE AND
SUPPLEMENTARY
CAPITAL (A+B)
III. Investments (-/-)
IV. Total capital (II-Ill)
V.
X.
AVAILABLE CAPITAL
ADEQUACY RATIO
WITH CREDIT RISK
AND MARKET RISK
(IV: (V+VI))
XII. MINIMUM REQUIRED
CAPITAL ADEQUACY
RATIO
8.00%
The consolidated CAR declined to 14.75% as of 31 March 2011 from 16.04% as of 31 December
2010 (the Company’s standalone CAR declined to 12.05% as of 31 March 2011 from 13.25% as
of 31 December 2010). This was as a result of an increase in risk weighted assets (RWA) by
Rp12,941,463 million, where Rp3,620,423 million was due to the increase in RWA for credit risk
in connection with the increase in loans balances and Rp9,181,118 million was due to the
increase in RWA for operational risk in 2011 in accordance with the Circular Letter of Bank
Indonesia No. 11/3/DPNP dated 27 January 2009.
The consolidated CAR declined to 16.04% as of 31 December 2010 from 20.65% as of 31
December 2009 (the Company’s standalone CAR declined to 13.25% as of 31 December 2010
from 17.55% as of 31 December 2009). As the Company continues to increase its loan portfolio
and reduce the proportion of assets from Government bonds, which have zero-risk weighting, the
Company’s risk-weighted assets have gradually increased, with a negative impact on CAR. In
addition, the consolidated and standalone CAR declined due to the implementation of operational
risk charge as of 2010.
47
The consolidated CAR increased to 20.65% as of 31 December 2009 from 15.43% as of 31
December 2008 (the Company’s standalone CAR was at 17.55% as of 31 December 2009 and
13.37% as of 31 December 2008). This is primarily as a result of the increase in the paid up capital
from Limited Public Offering with Preemptive Rights (Rights Issue) IV in 2009 of Rp3,895,130
million.
During the three months ended 31 March 2011 and the years ended 31 December 2010, 2009,
and 2008, the consolidated and the Company’s standalone CAR remained well above Bank
Indonesia’s minimum CAR requirement of 8.00%.
(b)
Asset Quality
The quality of earning assets is classified as current, special mention, substandard, doubtful and
loss. Non-performing earning assets are classified as substandard, doubtful and loss. This
classification is made based on an evaluation by the Company’s management of the customer’s
performance and payment ability and of the business’s prospects, financial conditions, and
payment ability (for other loans and other earning assets). Based on this classification of earning
assets quality, the allowance provision for possible assets losses on earning assets is calculated
established as governed required by Bank Indonesia Regulation No. 7/2/PBI/2009 dated 20
January 2009 on the Assessment of Assets’ Quality for Commercial Banks as amended from time
to time.
The quality of earning assets is affected by the overall economic conditions in Indonesia. To
manage credit risk and asset quality, the Company has adopted policies and procedures
governing credit approval, origination, pricing, monitoring, non-performing loans management
and portfolio management. The Company also carefully monitors the development of its credit
portfolio to allow timely preventive measures in the event of any deterioration in credit quality. The
Company has also established a Credit Committee overseeing the approval of credit proposals.
The Credit Committee is also responsible for the underwriting standards within the Company.
Members of the Credit Committee are delegated with discretionary limits, based upon their
capabilities and experience. Comprehensive management information systems are available to
detect any adverse development at the early stage, allowing timely measures to rectify any
potential deterioration in credit quality and minimize credit losses. In addition, the collection
process is key to preventing asset quality deterioration, particularly for mass market loans.
Non-performing earning assets
This ratio is used to calculate the percentage of non-performing earning assets as compared to
the total earning assets excluding administrative accounts.
The ratio of non-performing earning assets as of 31 March 2011 declined by 0.66% to 2.60% from
3.26% as of 31 December 2010. This decline was as a result of improved credit quality, which
followed the improving economic conditions increase in loan volume in Indonesia in the first
quarter of 20110.
The ratio of non-performing earning assets as of 31 December 2010 decreased by 0.65% to
3.26% from 3.91% as of 31 December 2009. This increase was as a result of improvement in
credit quality that is in line with the improvement of the Indonesia economic condition, as well as
the increase in loans volume in all sectors during 2010.
The ratio of non-performing earning assets as of 31 December 2009 increased by 2.18% to 3.91%
from 1.73% as of 31 December 2008. The increase was as a result of the decline in credit quality,
particularly for loans granted throughout 2009 as economic conditions in Indonesia deteriorated
due to the global financial crisis.
48
Allowance for impairment losses of financial assets
This ratio is used to calculate the amount of allowance for impairment losses on productive assets
compared to the total productive assets excluding administrative accounts.
The ratio of allowance for impairment losses on earning assets as of 31 March 2011 decreased
by 0.33% to 2.49% from 2.82% as of 31 December 2010. This decrease is a result of the
improvement of credit quality.
The ratio of allowance for impairment losses on earning assets as of 31 December 2010
decreased by 0.86% to 2.82% from 3.68% as of 31 December 2009. The decrease is as a result
of the decrease in impairment losses in the form of derivative transactions and the improvement
of the credit quality along with the improvement the economic conditions in Indonesia in 2010.
The ratio of allowance for impairment losses on earning assets as of 31 December 2009
increased by 0.88% to 3.68% from 2.80% as of 31 December 2008. The increase is as a result
of declining credit quality, particularly for loans originated in 2008 as economic conditions in
Indonesia deteriorated due to the global financial crisis and also the increase of allowance of
losses which formed for derivative transaction.
Gross and net non-performing loans (NPL)
The gross non-performing loans (NPL) ratio increased by 0.05% from 3.25% as of 31 December
2010 to 3.30% as of 31 March 2011. The increase is a result of the improving increasing risk of
loans quality from the small and medium-scale enterprises sectors economic conditions in
Indonesia in 2010. The net non-performing loan (NPL) ratio increased by 0.22% from 0.00% as
of 31 December 2010 to 0.22% as of 31 March 2011. The increase is due to the deteriorating
improved risk of loans quality, in particular for from the small and medium-scale enterprises sector
and mass market.
The gross NPL ratio decreased by 1.39% from 4.64% as of 31 December 2009 to 3.25% as of 31
December 2010. The decrease is due to the improved economic condition in Indonesia in 2010.
The net NPL ratio as of 31 December 2010 remained the same compared to that of as of 31
December 2009. This is due to the implementation of new circular letter of BI to the calculation of
net NPL.
The gross NPL ratio increased by 2.28% from 2.36% as of 31 December 2008 to 4.64% as of 31
December 2009. The increase is due to the deteriorating economic conditions in Indonesia in
2009 due to the global financial crisis. The net NPL ratio decreased by 1.18% from 1.18% as of
31 December 2008 to 0.00% as of 31 December 2009. This decrease results from the
implementation of the new circular letter of BI on the calculation of net NPL.
Allowance for impairment losses of total credit loans
This ratio is used to calculate the amount of allowance for impairment losses of loans compared
to the total gross loans.
The ratio of allowance for impairment losses of total credit loans as of 31 March 2011 decreased
by 0.23% to 3.08% from 3.31% as of 31 December 2010. This decrease is mainly a result of the
increase in loans volume extended due to the continuous improvement of Indonesian economic
conditions in 2011.
The ratio of allowance for impairment losses of total credit loan as of 31 December 2010
decreased by 0.34% to 3.31% from 3.65% as of 31 December 2009. The decrease is as a result
49
of the improved loan quality increase in line with the improvement in the economic conditions in
Indonesia deteriorated throughout 2010 due to the global crisis and increased volume of loans
granted.
The ratio of allowance for impairment losses of total credit loan as of 31 December 2009
increased by 1.23% to 3.65% from 2.42% as of 31 December 2008. The increase is as a result
of the increase of allowance for impairment losses of total credit and the declining credit quality,
particularly for loans originated in 2009 as economic conditions in Indonesia deteriorated due to
the global financial crisis.
Fulfilment of allowance for impairment losses of productive asset
This ratio is used to calculate the percentage of allowance for impairment losses compared to the
minimum required total allowance.
The ratio of fulfillment of allowance for impairment losses of productive asset as of 31 March 2011
decreased by 17.46% to 101.27% from 118.73% as of 31 December 2010. The decrease is mainly
resulted by the improvement of the credit quality which affect to the improvement of the loss rate.
The ratio of fulfillment of allowance for impairment losses of productive asset as of 31 December
2010 decreased by 17.56% to 118.73% from 136.29% as of 31 December 2009. The decrease is
as a result of the the application of impairment method in accordance with SFAS 55 (2006
Revision) while in accordance with the previous regulation, the allowance is still required.
The ratio of fulfillment of allowance for impairment losses of productive asset as of 31 December
2009 decreased by 13.79% to 136.29% from 150.08% as of 31 December 2008. The decrease
is as a result of the increase in the required allowance for possible losses as credit quality
declined, particularly for loans granted throughout 2009 as economic conditions in Indonesia
deteriorated due to the global crisis.
(c)
Earnings Ratios
Return on Asset (ROA)
ROA is used to measure the ability of the Company and its Subsidiaries to earn profits after tax
from the assets owned. The ratio is obtained by comparing the profit after tax and the average
total assets for a certain period of time.
The annualised ROA for three months period which ended on 31 March 2011 is 3.08%.
Throughout 2010, the ROA of the Company and Subsidiaries increased to 3.34% from 1.78% in
2009. The increase in ROA was primarily as a result of the stable increasing net income of the
Company attributable to the majority shareholders in 2010 in the amount of Rp2,883,468 million
compared to the amount of Rp1,532,533 million in 2009 period.
Throughout 2009, the ROA of the Company and its Subsidiaries declined to 1.78% from 2.01%
in 2008. The decline is primarily as a result of the stable decrease in the net income of the
Company attributable to the majority shareholders, and along with the average total assets
increasing to Rp101,973,205 million in 2009 from Rp100,366,939 million in 2008.
50
Return on Equity (ROE)
ROE is used to measure the ability of the Company and its Subsidiaries to earn net profit from
invested equity. The ratio is obtained by comparing the income after tax and the average equity
for a certain period of time.
The annualised ROE for the three months ended 31 March 2011 was 17.59%.
Throughout 2010, the annualized ROE of the Company and its Subsidiaries increased to 18.52%
from 11.23% in 2009. The increase in ROE is primarily due to the rise in the net income of the
Company attributable to the majority shareholders in 2010 be in the amount of Rp2,883,468
million compared to the amount of Rp1,532,533 million in 2009.
Throughout 2009, the ROE of the Company and its Subsidiaries declined to 11.23% from 14.64%
in 2008. The decline in ROE is as a result of the slight decrease on net income of the Company
attributable to the majority shareholder, but the average total equity increased to Rp13,630,651
million in 2009 from Rp10,451,519 million in 2008.
Net Interest Margin (NIM)
For the three months ended 31 March 2011, the Company’s consolidated NIM was 7.94%.
In 2010, the Company’s consolidated NIM increased to 8.97% from 7.81% in 2009. This was
primarily due to the decrease of yield on average earning assets, compared to the decrease in the
cost of funds. The decreasing yield particularly results from SBI in line with the downward trend
toward interest rate in Indonesia, while the decrease in cost of fund is primarily due to the time
deposits in accordance with the Company’s policy continue to focus on growing high margin
assets such as consumer loans while simultaneously reduce low cost fund instruments with
higher interest and focuses on those with lower interest, such as savings and current accounts.
The average yield on earning assets decreased from 18.34% in 2009 to 16.56% in 2010, while the
cost of funds COF decreased from 7.33% in 2009 to 5.43% in 2010.
In 2009, the Company’s consolidated NIM decreased to 7.81% from 8.15% in 2008. The decrease
is primarily as a result of the improvement in yield on average earning assets, which exceeded the
increase in the cost of funds. The average COF increased to 7.33% in 2009 from 6.96% in 2008,
while the average yield on earning asset improve to 18.34% in 2009 compared to 16.80% in 2008.
Operating Expenses to Operating Income Ratio
For the three months period ended 31 March 2011, the Company’s ratio of consolidated operating
expenses to operating income was 76.72%.
In 2010 the Company’s ratio of operating expenses to operating income decreased to 74.93%
from 86.46% in 2009. This decrease is mainly due to the increase operating income, particularly
net interest income and other operating income, such as fees, while in terms of operating
expense, the Company managed to apply efficiency which leads to relatively stable in operating
expenses.
In 2009 the Company’s ratio operating expenses to operating income increased to 86.46% from
85.77% in 2008. This is particularly as a result of the increase in operating expenses driven by the
increase in the allowance for impairment loss and the expense interest provision and commission
expenses in 2009, which relatively exceeded the increase in operating income in the same year.
51
(d)
Liquidity Ratio
The Company believes that the funds obtained should be utilized optimally to maximize profits
without compromising the liquidity of the Company. One of the measurements used is the ratio of
average weekly loans granted against third party deposits (LDR).
As of 31 March 2011, the LDR was at 94.86%, an increase as compared to 93.82% as of 31
December 2010. The increase in LDR reflects the Company focusing on loan growth in the mass
market segment, while the third party fund was relatively steady.
As of 31 December 2010, the Company’s LDR increased to 93.82% from 88.76% as of 31
December 2009. The increase in LDR reflects the Company focusing on loan growth in the mass
market segment, while third party funds was relatively stable as it did not increase as rapidly as
credit development.
As of 31 December 2009, the Company’s LDR increased to 88.76% from 86.42% as of 31
December 2008. The increase is a result of the decrease in loans granted, which was lower than
the decrease in third party funds, particularly time deposits.
The Company seeks to maintain the optimum LDR at 90%. In its efforts to maintain the LDR rate,
the Company continues to focus on the collection of customers’ funds in the form of savings and
current accounts by improving services to customers, improved infrastructure and promotional
programs. However, it needs to be noted that LDR is not the main indicator to measure the
Company’s liquidity risk since there are other funding components which are not reflected in the
measurement of LDR. LDR only takes into account third party funds as a source of funding and
does not take into account other sources of funding which are also important, such as long-term
structured capital and funding (issuance of bonds, etc.). Therefore, in monitoring liquidity the
Company takes into account other structured capital and funding.
(e)
Statutory Reserve Requirement (Giro Wajib Minimum (“GWM”))
Bank Indonesia requires commercial banks to have daily GWM, in the form of non-interest
accounts at Bank Indonesia. GWM operates as a liquidity reserve and is calculated as a certain
percentage of third party funds. GWM on 31 March 2011, and 31 December 2010, 2009 and 2008
is as follows:
(in%)
Remarks
31 March
2011
31 December
2010
2009
2008
5.07
GWM in Rupiah
Primary GWM
8.09
8.26
5.11
Secondary GWM
9.41
9.56
15.59
NA
GWM in Foreign Currencies
5.05
1.14
11.79
1.06
According to Bank Indonesia Regulation No.12/19/PBI/2010 concerning GWM of Commercial
Banks in Bank Indonesia in Rupiah and in Foreign Currency as amended by BI Regulation No.
13/10/PBI/2011 on the Amendment of Bank Indonesia Regulation No. 12/19/PBI/2010 concerning
GWM of Commercial Banks in Bank Indonesia in Rupiah and in Foreign Currency, the Company’s
required Primary GWM in Rupiah is 8% and the Company’s required Secondary GWM in Rupiah
is 2.5%. The Company has complied with the requirements by allocating its Primary and
Secondary GWMs at 8.09% and 9.41%, respectively, as at 31 March 2011.
52
As of 1 June 2011, GWM in foreign currency is set at 8%, according to the applicable Bank
Indonesia’s regulation, GWM in foreign currency for the period of 1 March 2011 until 31 May 2011,
is set at 5%.
The Company has complied with the applicable Bank Indonesia’s requirements on Statutory
Reserve Requirement (GWM) of Commercial Banks.
(f)
Legal Lending Limit (“LLL”)
To avoid the centralized extension of credit to one or more borrower groups of borrower, and to
avoid any potential risks, Bank Indonesia applies a credit limitation percentage to one party or
certain groups for the capital owned by the bank. This credit limitation is stipulated under BI
Regulation No.7/3/PBI/2005 dated 20 January 2005 on the Legal Lending Limit and was
subsequently amended by BI Regulation No. PBI No.8/13/PBI/2006 dated 5 October 2006. The
key of LLL provisions are as follows:
1.
2.
For unrelated parties with the bank, for one lender or in aggregate are as follows:
(a)
Total exposure to 1 (one) borrower not affiliated with such bank shall not exceed 20%
of the bank’s total capital
(b)
Total exposure to 1 (one) group of borrowers not affiliated with the bank shall not
exceed 25% of the bank’s total capital
For affiliated parties, for one or in aggregate shall not exceed 10% of the bank’s total capital.
Based on the LLL reports submitted to Bank Indonesia dated 31 March 2011, 31 December 2010,
2009 and 2008, the Company has been in compliance with the Bank Indonesia LLL provisions.
(g)
Consolidated Cash Flow Analysis
The following table contains the summary of consolidated cash flow of the Company and the
Subsidiaries for the three months ended 31 March 2011 and for the years ended 31 December
2010, 2009 and 2008:
(in million rupiah)
Remarks
31 March
31 December
2011
2010
2009
2008
Net cash flow from operating activity
(1,585,917)
(2,962,519)
(435,778)
1,917,268
Net cash flow from investing activity
1,209,053
3,575,115
210,687
1,070,294
Net cash flow from financing activity
1,720,459
2,483,919
(1,573,680)
907,578
Net increase of cash and cash
equivalent
1,343,595
3,096,515
(1,798,771)
3,895,140
Cash Flow from Operating Activity
Net cash flow used for operating activity for the three months ended on 31 March 2011 amounted
to Rp1,585,917 million and originated from cash inflow mainly in the form of interest income,
provision and commissions in the amount of Rp2,360,485 million, income from consumer
financing transactions in the amount of Rp3,231,569 million, income from insurance activities,
other operating income and profit from foreign exchange transaction of Rp727,986 million,
increase from time deposit of Rp3,268,565 million, increase from deposits with other banks of
53
Rp407,801 million and increase of accruals and other liabilities of Rp549,790 million and cash
outflow in the form of payment for new consumer financing transactions in the amount of
Rp1,682,620 million, payment of interest, provision and commission in the amount of
Rp1,250,151 million, payment of bond interest of Rp160,012 million, payment of other operating
and non-operating expenses of Rp2,168,408 million, increase of loan of Rp3,960,574 million,
increase of placement with other banks and Bank Indonesia of Rp399,001 million, decrease of
current account and savings of Rp1,937,559 million, increase of advance expenses and other
assets and payment of withholding tax in the current period.
Net cash flow used for operating activity for the year ended on 31 December 2010 amounted to
Rp2,962,519 million and originated from cash outflow in the form of payment for new consumer
financing transactions in the amount of Rp9,883,305 million, payment of interest, provision and
commission in the amount of Rp4,601,103 million, payment of other non-operating expenses in
the amount of Rp 5,791,629 million, increase of loans granted in the amount of Rp17,081,151
million, payment of withholding tax in the current period, bond interest, non-operating expenses
and losses in the transactions in foreign currencies and cash inflow in the form of interest income,
provision and commissions in the amount of Rp6,978,795 million, income from new consumer
financing transactions in the amount of Rp10,631,713 million, increase in savings, current
accounts and time deposits in the amount of Rp12,758,995 million, income from insurance
activities, increase in placements with other banks and Bank Indonesia, prepaid assets and other
assets, decrease in deposits with other banks and accruals and other liabilities.
Net cash flow used for operating activity for the year ended on 31 December 2009 in the amount
of Rp435,778 million originated from cash outflow in the form of increase in operating liabilities in
the form of term deposit in the amount of Rp8,021,335 million, payment of interest, provision and
commission in the amount of Rp7,288,744 million, other operating expenses in the amount of
Rp5,121,105 million, payment for new consumer financing transactions in the amount of
Rp3,555,682 million, payment of withholding tax in the current year in the amount of Rp1,205,726
million, payment of tantiem, non-operating expenses-net and prepaid expenses and other assets,
decrease in operating liabilities in the form of liabilities due immediately, deposits from customerscurrent accounts, deposits with other banks and accruals and other liabilities. Cash inflow in the
form of payment of interest, provision and commission in the amount of Rp12,362,107 million,
income from consumer financing transactions in the amount of Rp8,105,315 million, increase in
operating liabilities in the form of savings in the amount of Rp2,516,775 million, decrease in
assets in the form of loans in the amount of Rp1,202,308 million, other operating expenses,
income from insurance activities, proceeds from transactions in foreign currencies-net and
decreased in operating assets in the form of marketable securities and Government Bond as well
as in the form of deposits with other banks and Bank Indonesia which are matured more than 3
months as of their acquisition date.
Net cash flow from operating activity for the year ended on 31 December 2008 in the amount of
Rp1,917,268 million originated from cash inflow in the form of increase in operating liabilities in
the form of current accounts, savings and time deposits in the amount of Rp14,961,032 million,
interest income, provision and commission in the amount of Rp11,145,689 million, income from
consumer financing transactions in the amount of Rp6,963,280 million, decrease in operating
assets in the form of placements with other banks and Bank Indonesia which are matured more
than 3 months as of their acquisition date, other operating expenses, income from insurance
activity, non-operating income-net and decrease in operating assets in the form of securities
purchased under repurchase agreement, decrease in operating assets in the form of marketable
securities and government bonds. Cash outflow in the form of increase in operating assets in the
form of loans in the amount of Rp13,128,195 million, payment of interest, provision and
commission in the amount of Rp6,426,425 million, other operating expenses in the amount of
Rp5,951,020 million, decreased liabilities in the form of deposits with other banks in the amount
of Rp3,180,568 million, payment for new consumer financing transactions in the amount of
Rp1,981,479 million, payment of withholding tax for the current year in the amount of Rp1,019,841
54
million, losses from transactions in foreign currencies-net, payment of tantiem, decrease in
operating liabilities in the form of accruals and other liabilities, increase in operating assets in the
form of prepaid charges and other assets.
Cash Flow from Investing Activity
Net cash flow obtained from investing activity for the three months ended on 31 March 2011
amounted to Rp1,209,053 million and originated from cash inflow in the form of proceeds from the
sale of marketable securities and government bonds owned until maturity and available for sale
in the amount Rp2,911,438 million, income from return of investment in the amount of Rp28,520
million, disposal of fixed assets in the amount of Rp14,578 million, and cash outflow in the form
of placements in term deposits in the amount of Rp337,134 million, purchase of marketable
securities and government bonds owned until maturity and available for sale in the amount of
Rp1,324,743 million and acquisition of fixed assets in the amount of Rp83,606 million.
Net cash flow obtained from investing activity for the year ended on 31 December 2010 amounted
to Rp3,575,115 million which originated from cash inflow in the form of proceeds from the sale of
marketable securities and government bonds owned until maturity and available for sale in the
amount of Rp6,314,458 million, proceeds from the disposal of fixed assets in the amount of
Rp63,135 million, proceeds from return of investment in the amount of Rp111,924 million,
proceeds from investment in shares in the amount of Rp62,675 million and receipt from cash
dividends in the amount of Rp2,140 million. Cash outflow in the form of purchase of marketable
securities and government bonds owned until maturity and available for sale in the amount
Rp1,636,257 million, placements in time deposits in the amount of Rp348,559 million, and the
acquisition of fixed assets in the amount of Rp994,401 million.
Net cash flow from investing activity for the year ended on 31 December 2009 amounted to
Rp210,687 million which originated from cash inflow in the form of proceeds from the sale of
marketable securities and government bonds owned until maturity and available for sale in the
amount of Rp2,461,773 million, proceeds from the disposal of fixed assets in the amount of
Rp70,753 million, proceeds from return of investment in the amount of Rp97,649 million and
receipt from cash dividends in the amount of Rp3,241 million. Cash outflow in the form of
additional investment in 20% of shareholding in PT Adira Dinamika Multi Finance in the amount
of Rp1,441,937 million, purchase of marketable securities and government bonds owned until
maturity and available for sale in the amount of Rp34,809 million, placements in time deposits in
the amount of Rp588,529 million, the acquisition of fixed assets in the amount of Rp356,454
million and additional investment in 10% of shareholding in PT Adira Quantum in the amount of
Rp1,000 million.
Net cash flow from investing activity for the year ended on 31 December 2008 was Rp1,070,294
million which originated from cash inflow in the form of proceeds from the sale of marketable
Rp3,566,473 million, proceeds from the disposal of fixed assets in the amount of Rp81,522
million, return of investment in the amount of Rp66,039 million and receipt from cash dividends in
the amount of Rp1,353 million. Cash outflow takes the form of the purchase of marketable
Rp1,266,000 million, acquisition of fixed assets in the amount of Rp785,233 million and
placements in time deposits in the amount of Rp593,860 million.
Cash Flow from Financing Activity
Net cash flow from financing activity for the three months ended on 31 March 2011 was
Rp1,720,459 million originated from cash outflow in the form of payment of loans in the context
of joint financing in the amount of Rp25,000 million and cash inflow in the form of receipt of loans
55
in the context of joint financing in the amount of Rp1,250,000 million, increase in borrowings in the
amount of Rp493,188 million, increase in marketable securities sold under repurchase agreement
in the amount of Rp149 million and option of share ownership by employees/management
executed in the amount of Rp2,122 million.
Net cash flow from financing activity for the year ended on 31 December 2010 totalled
Rp2,483,919 million which originated from cash inflow in the form of income for the issuance of
bonds in the amount of Rp4,628,353 million, receipt of loans in the context of joint financing in the
amount of Rp772,000 million, increase in borrowings in the amount of Rp88,271 million, option of
share ownership by employees/management executed in the amount of Rp95,710 million. Cash
outflow in the form of decrease in marketable securities sold under repurchase agreement in the
amount of Rp964,243 million, payment of cash dividends in the amount of Rp808,172 million,
payment of loans in the context of joint financing in the amount of Rp947,000 million, and payment
of principal amount of bonds in the amount of Rp381,000 million.
Net cash flow used for financing activity for the year ended on 31 December 2009 was
Rp1,573,680 million which originated from cash inflow in the form of income from the issuance of
bonds in the amount of Rp379,000 million, receipt of loans in the context of joint financing in the
amount of Rp1,008,333 million, proceeds from limited public offering with pre-emptive rights
(rights issue) IV in the amount of Rp3,895,130 million, option of share ownership by employees/
management executed in the amount of Rp65,017 million. Cash outflow in the form of decrease
in securities sold under repurchase agreement in the amount of Rp1,159,734 million, payment of
subordinated loans in the amount of Rp3,269,865 million, payment of cash dividends in the
amount of Rp892,335 million, payment of loans in the context of joint financing in the amount of
Rp879,167 million, payment of principal amount of bonds in the amount of Rp570,000 million, and
decrease in borrowings in the amount of Rp150,059 million.
Net cash flow from financing activity for the year ended on 31 December 2008 amounted to
Rp907,578 million which originated from cash inflow in the form of increase in the securities sold
under repurchase agreement in the amount of Rp1,511,439 million, increase in borrowings in the
amount of Rp1,033,496 million, receipt of loans in the context of joint financing in the amount of
Rp987,000 million and option of share ownership by employees/management executed in the
amount of Rp36,991 million. Cash outflow in the form of payment of cash dividends in the amount
of Rp1,128,064 million, payment of loans in the context of joint financing in the amount of
Rp1,037,001 million, payment of principal amount of bonds in the amount of Rp452,750 million,
and payment of subordinated loans in the amount of Rp43,533 million.
(h)
Net Open Position
Pursuant to Bank Indonesia regulation No.12/10/PBI/2010 dated 1 July 2010 on the Third
Amendment to Bank Indonesia Regulation No.5/13/PBI/2003 on Net Open Position for
Commercial Banks (“PBI No.12”), banks are required to maintain its net open position in the end
of business days in aggregate at a maximum of 20% of its capital and for balance sheet maximum
20% of capital. In accordance with PBI No.12, aggregate net open position is the accumulation of
absolute value for the amount from net assets and liabilities in the balance sheet for each foreign
currency added with net receivables which constitutes commitment and contingency in the
administrative account for each foreign currency where all amounts are stated in Rupiah.
(in%)
Remarks
Net Open Position Ratios
31 March
31 December
2011
2010
2009
2008
1.09
0.55
4.15
7.83
56
(i)
Expenditure on Fixed Assets
Expenditure on consolidated fixed assets for the three months ended 31 March 2011, and for the
years ended 31 December 2010, 2009 and 2008 are as follows:
Remarks
31 March
2011
Land
31 December
2010
2009
2008
—
4,338
7,226
3,129
4,199
9,275
34,172
36,534
Office Inventories
42,467
293,310
200,137
291,685
Motor Vehicles
34,993
320,285
17,766
277,641
Amount
81,659
627,208
259,301
608,989
Building
Most of the Company’s expenditure on fixed assets was utilized for activities in relation to
expansion of business operations in the form of renovations of branch and auxiliary offices and
representative offices, purchase of office equipment and office furniture, to support the
performance of the Company on fixed assets. The source for such expenditure is the operational
resources of the Company. The purpose of this expenditure on fixed assets is to improve the
business performance of the Company by improving the business network.
For the year 2011, the Company has a budget of Rp885,239 million for expansion and branch
renovation and for the refurbishment of the head office, Rp1,081,272 million for information
technology and Rp51,967 million for other expenditures on fixed assets such as office equipment.
(j)
Commitments and Contingencies
Foreign Exchange Rate and Derivative Contracts
The Company’s policy regarding foreign exchange risk is to comply with Bank Indonesia’s
regulatory limits with respect to its net open position (“NOP”). In accordance with Bank Indonesia
regulation, the Company is required to maintain Net Open Position at a maximum of 20% of the
total end position against main capital, and complementary capital for the previous month. As of
31 March 2011, the Net Open Position ratio of the Company (total) is 1.09%.
The Company’s policies include entering into transactions to transfer foreign exchange risk from
derivative transactions with its customers to other parties, and buying and selling foreign
currencies as required to managing its net open position.
The Company enters into forward swap transactions with its customers. These forward swap
transactions enable customers to transfer, modify or reduce their foreign exchange risks. As part
of its risk management policy, the Company covers these derivative contracts with customers
through forward agreements with other financial institutions. These forward agreements are
designed to have substantially similar notional amounts and maturities to the original derivative
contracts.
Letters of Credit, and Guarantees and Commitment to Unused Loan Facilities to Debtor
As a part of the Company’s ordinary banking activities, the Company issues export letters of credit
and bank guarantees, for which the Company charges a fee based on the value of the letters of
credit or guarantees and the relative credit risk of the reimbursing customer.
57
The table below sets forth the Company’s outstanding letters of credit and bank guarantee
outstanding:
(in billion Rupiah and million United States Dollar)
Remarks
31 March
31 December
2011
(Rp)
Irrevocable letters of credit
2010
(US$)
(Rp)
2009
(US$)
(Rp)
2008
(US$)
(Rp)
(US$)
129
136
61
142
104
107
125
34
30
18
30
20
87
27
8
36
1,456
26
1,644
33
1,633
23
1,558
27
1,615
180
1,735
195
1,824
157
1,691
97
Guarantee:
Standby letters of credit
Bank Guarantees
Amount
Total commitment to unused loan facilities for debtor as of 31 March 2011 and 31 December 2010
is Rp37,534 million and Rp43,756 million, respectively. There are no commitments to unused loan
facilities for debtor as of 31 December 2009 and 2008.
(k)
Bank Soundness Assessment
Based on the results of self-assessment of the Company’s soundness level pursuant to Bank
Indonesia Regulation No. 6/10/PBI/2004 on the commercial bank soundness assessment system,
the following is the Company’s self-assessment for the first quarter of 2011:
Component
Composite Rating
Assessment
Capital
1
Very sound
Assets Quality
2
Sound
Management
2
Sound
Earnings
2
Sound
Liquidity
2
Sound
Sensitivity to market risks
2
Sound
Conclusion
2
Sound
58
V.
RISK FACTORS
Investment in shares carries a high degree of risk and requires careful attention to all information
contained in this Prospectus, including the risks as described below. The Company’s management has
disclosed risks considered material at this time and has arranged the risks in order of their weight and
financial impact on the Company. Moreover, risks and uncertainty not known by the Company or not
material at this time may arise or become material in the future.
RISKS RELATING TO THE COMPANY
1.
The Company’s growth strategy may not succeed.
In recent years, the Company has experienced significant growth in its business. The Company’s
total assets have grown from Rp89,410 billion as at 31 December 2007 to Rp122,804 billion as
at 31 March 2011, and its customer base has grown from approximately 5.7 million depositor
accounts as at 31 December 2007 to approximately 6.0 million depositor accounts as at 31 March
2011. Such growth encouraged the Company to continue to effectively manage and control both
historic risks and potential new risks. The Company’s ability to sustain its growth depends
primarily upon its ability to manage key issues, such as recruiting and retaining skilled personnel,
maintaining an effective technology platform that can be continually upgraded, developing a
knowledge base to face emerging challenges, and maintaining a high standard of customer
service. Inability on the Company’s part to effectively manage any of these issues may adversely
affect its business growth and, as a result, impact future financial performance.
The Company’s strategy is to focus on consumers, the mass market, microfinance and SME
businesses, and various related products and services. The Company believes that this strategy
is necessary to allow the Company to increase its ability to issue loans in a sustained and prudent
manner, to grow a stable deposit base, and to maintain its interest margin and net profit. However,
the Company’s consumer, mass market and SME-focused strategy may not succeed. These
businesses have special requirements with respect to risk management procedures, guidelines
and systems, credit appraisal monitoring, and recovery. Given the limited availability of financial
information on Indonesian borrowers, the Company is exposed to a higher credit risk in the
consumer and mass market sectors compared to banks in developed countries. Indonesian
consumers are also limited to an existing customer base, and this may have a detrimental effect
on both the Company’s loan and deposit base as well as non-performing loans (NPLs). Off-market
loan pricing by competitors and interest rate ceilings imposed by the Government may result in a
lower net interest rate margin. In addition to that, slower economic growth and high inflation may
cause significant deterioration in the purchasing power of consumers and mass markets, thus
resulting in reduced loan demand and higher NPLs. The Company’s growth in the consumer
segment, partly through the Subsidiaries, will expose the Company to additional competition,
namely other consumer finance companies with more experience in this segment. There is no
guarantee that the Company or its Subsidiaries will be able to perform its activities effectively in
adverse conditions and when facing additional competition, and such factors may have a material
impact on the Company’s development plans, results of operations, and financial position.
2.
Expansion and diversification of the Company’s scope of products and services.
The Company plans to diversify its scope of products and services to fulfil customer needs and
to expand its business. The expansion and diversification of the Company’s businesses may
result in the following risks, namely:
•
the Company does not have enough experience and expertise in several certain new
products and services, and therefore may not be able to compete as effectively with an
expanded business scope;
59
•
the new products and services may not be well received by customers or may not meet the
Company’s profit expectations;
•
the Company may need to employ individuals with certain skills, who may not be available;
•
the Company may fail in obtaining approvals for its new products and services; and
•
the Company may not succeed in improving the capacity of risk management and
information technology systems to support the expanded range of the products and
services.
If the Company is not able to meet the expected results for its products, services, and business,
the Company’s financial condition and results of operations may be materially adversely affected.
3.
The Company’s past performance may not be an accurate indicator of the Company’s
future performance.
The Company’s results in the future are dependent upon many factors, including the Company’s
ability to implement its business strategies, performance of its Government bonds portfolio
(including, but not limited to, recapitalisation bonds), loan portfolios, general economic growth in
Indonesia, and interest and exchange rates fluctuations, and other factors. There can be no
assurance that the Company will be profitable or will not incur significant operating losses in the
future.
4.
The market value of the Government bonds and marketable securities in the Company’s
portfolio may be lower than the book value of these assets.
As at 31 March 2011, the Company held Rp11,371 billion Government bonds and marketable
securities, which represented 9.26% of the Company’s total assets. Furthermore, 13.17% of the
Company’s total assets as at 31 March 2011 were direct Government obligations (such as the
Government bonds, current accounts with Bank Indonesia and SBIs). Interest payments on the
Company’s Government bonds represented 2.61% of its interest income for the three-month
period ended 31 March 2011. Any delay or default in the payment of interest or principal by the
Government when due may have a material adverse effect on the Company’s financial condition,
liquidity, and results of operations.
As at 31 March 2011, most of the Government bonds and marketable securities in the Company’s
portfolios were held in its trading and available-for-sale portfolios, respectively, with a mark-tomarket value of Rp279 billion and Rp10,407 billion. The Company did not have any held-tomaturity securities.
Even though the Government, since 2002, has developed policies to stimulate a liquid secondary
market for its bonds, the price of Indonesian bonds continues to be volatile. This depends on
many factors, such as the direction of interest rate policy, the Government’s credit rating, the
amount of Government bonds available in the market, existing interest rates and availability of
other fixed income investments. There can be no assurance that the Company will be able to sell
all of its Government bonds without suffering losses that may be significant. Subsequently, there
can be no assurance with respect to future credit rating of the Government, which may also result
in a decrease in the value of the Company’s Government bonds.
Any significant reduction in the value or liquidity of Government bonds or marketable securities,
any change to the regulation or compliance obligation in the Indonesian SFAS applicable to
Government bonds or marketable securities, could have a material adverse effect on the
Company’s financial condition, liquidity and results of operations.
60
5.
The Company may need additional allowance for impairment losses of loans extended by
the Company to cover actual losses in the future.
As at 31 March 2011, the Company’s gross and net NPL ratios (out of the total loans granted by
the Company) were 3.30% and 0.22%, respectively.
The amount of the Company’s allowance for impairment losses of loans was based on the current
assessment and expectations on various factors which affect the Company’s loan portfolio quality.
These factors include, among others, the financial condition of the debtor, the debtor’s capability
and intention to repay, the realized amount from all collaterals and the ability of the guarantor to
fulfil obligations, Indonesia’s economic conditions, the Government’s macroeconomic policies,
interest and exchange rates and applicable Indonesian laws and regulations. Such factors are not
within the Company’s control. If the Company’s assessment and expectation with regards to these
factors are different from actual developments, or if the Company’s loan portfolio quality
decreases, the allowance for impairment losses of loans allocated by the Company may not be
sufficient to cover actual losses, and the Company may need additional provision for losses. This
may have a material adverse impact on the Company’s financial condition and results of
operations.
The Company continually reviews its allowance model to ensure that the stipulated allowance for
impairment losses of loans is sufficient to cover losses in line with the development.
6.
The banking industry is very competitive, and the Company’s growth strategy depends on
its ability to compete effectively.
The Indonesian banking sector remains very competitive. The Company’s primary competitors
are major domestic and reputable foreign banks operating in Indonesia. The Company also faces
competition for customers from a variety of financial services companies, such as multi-finance
companies and legal entities affiliated with the Government, which provide industrial development
funding, as well as export and import lending and other related services.
The Company may also face increased competition in the future from financial institutions offering
a wider array of commercial banking services and products and others with higher lending limits,
greater financial resources, and stronger balance sheets. Increased competition may result from:
•
foreign banks, due to, among other things, relaxed standards permitting large foreign banks
to open additional branch offices and acquire control of Indonesian banks;
•
domestic banks entering into strategic alliances with foreign banks with significant financial
and management resources;
•
financial services companies specifically in products which the Company also offers directly
or through its subsidiaries or strategic alliances, such as automotive financing, insurance
sales, leasing and rural development loans;
•
Government reform of the financial sector and the restructuring and recapitalisation of
Indonesian banks, many of which also have established relationships with the Government
and large corporate groups and which therefore benefit from the ability of the Government
to direct opportunities to them and favour their interests over the Company’s; and
•
continued consolidation, both with and without Government assistance, in the banking
sector involving domestic and foreign banks.
61
There can be no assurance that the Company will be able to compete effectively, and increased
competition may make it difficult for the Company to increase the size of both its loan portfolio and
deposit base, thereby resulting in a material adverse effect to the Company’s growth plans, results
of operations and financial condition.
7.
Changes in Government regulations, including those related to the limit for the
shareholding in national banks by foreign citizens or legal entities and provisions on
shareholding in national banks may cause disruption to the Company’s business
activities.
In 1998, the Government relaxed the limit of shareholding by foreign investors in national banking
as an effort to attract foreign investors to the banking sector during the crisis. In line with that, in
2003 the Government divested its majority shareholding in the Company to AFI and,
subsequently, the Company became one of national private banks whose majority shares were
held by foreign investors. In recent years, protests were staged against the government’s
privatization policy particularly for the selling of shares in Bank Bali (1999), Semen Gresik (2001),
and Indosat (2002), which were sold to foreign investors. There is a possibility that the holding of
majority shares in the Company by foreign parties will face the same protests and demands
resulting in significant disruption to the Company’s business activities.
Bank Indonesia recently announced its plan to set a maximum limit for shareholding in a national
bank by a shareholder. If such plan is realized and applied retroactively, there is a possibility that
the controlling shareholder of a national private bank will be asked by Bank Indonesia to divest a
part of its shareholding.
The imposition of a new Law or Regulation or amendment to an applicable Law or Regulation
directly related to the business activities of the Company or the Subsidiaries may affect the
Company’s ability to compete with other banks not affected by the same.
8.
The Company’s standalone capital adequacy ratio is affected by the changes in the capital
account of the Company’s Subsidiaries
The Company’s standalone capital adequacy ratio will be affected by the increase and decrease
in the capital account of the Company’s Subsidiaries. As an example, as the Subsidiaries’ retained
earnings increases, the deduction from non-consolidated investments in financial subsidiaries
also increases in the calculation of the standalone capital adequacy ratio. The amount of the
capital account of the Company’s Subsidiaries will depend upon, among other things, the
macroeconomic conditions in Indonesia, the financial and operational performance of the
Subsidiaries and the strategic initiatives adopted by the Subsidiaries. To the extent any of the
Company’s Subsidiaries’ capital account were to increase or decrease, it could affect the
Company’s standalone capital adequacy ratio and, consequently, the Company’s financial
position.
9.
If the Company is unable to maintain the quality of its loan portfolio effectively, its financial
condition and results of operations may be adversely affected.
The Company’s results of operations are negatively impacted by NPLs, and thus sustaining the
Company’s growth depends on the ability to effectively manage credit risks and maintain loan
portfolio quality.
The Company’s NPLs as at 31 March 2011 stood at Rp2,588 billion, representing 3.30% (gross
NPLs) or 0.22% (net NPLs) of total loans. Although the Company sustainably manages and
monitors its loan portfolio to improve its credit risk management policies, procedures, and
systems, the Company cannot guarantee that such policies, procedures, and systems are free
62
from any deficiency. Failures in the credit risk management policies, procedures, and systems
may result in an increase in the level of NPLs and adversely affect the quality of the Company’s
loan portfolio. In addition, the quality of the Company’s loan portfolio may also deteriorate due to
various other reasons, including factors beyond the Company’s control. If such deterioration
occurs, it may result in a material adverse effect on the Company’s financial condition and results
of operations.
10. The concentration of loans distributed to certain sectors and geographic regions, as well
as significant exposure to certain customer groups, may increase the Company’s
aggregate risk.
As a result of economic centralisation in big cities, over half of the Company’s branch network is
located in Indonesia’s four largest metropolitan areas: Jakarta, Bandung, Surabaya, and Medan.
As at 31 March 2011, 75.36% of the Company’s loans and 80.92% of its total deposits (including
deposits from other banks) originated from these metropolitan areas. Jakarta alone represented
36.34% of the Company’s total loans and 52.86% of the Company’s total deposits as at 31 March
2011.
As of 31 March 2011, the Company’s loan portfolio (including consumer financing receivables)
reached Rp85,944 billion, 58% of which represented loans to segment mass market and 12% to
wholesale segment, 5% retail loans, and 25% to SME segment.
As the Company’s loan portfolio is significantly concentrated in certain borrower, sector and
regional groups, if any large loans become non-performing or if any of the sectors or regions in
which loans are concentrated experience financial difficulty, the quality of the Company’s total
asset portfolio and its financial condition could be adversely affected.
11.
The Company’s security or collateral may not be sufficient, and the Company may not be
able to enforce the full value of such security.
Several loans granted by the Company have been encumbered with collateral, particularly in the
form of land, buildings and cash. The value of such securities can fluctuate significantly due to
factors beyond the control of the Company. Macroeconomic factors, which may affect the
Indonesian economy, can affect and cause values of property used as security to fall significantly
below the balance of the loan principal. Each decrease in the value of collateral can decrease the
amount that can be regained by the Company and thereby increase allowance for impairment
losses which must be allocated by the Company. Although the Company has conducted periodic
surveys of its collateral, the Company does not always conduct reassessment on the property
which has been appraised by an independent appraiser. Consequently, the Company may not
have up-to-date information regarding the value of such collateral. In certain circumstances, the
Company’s rights to such collateral may be of lower priority compared to other rights in a
liquidation process.
In Indonesia, although the procedure to realize the value of collateral in the form fixed assets is
protected, the process of executing such collateral may face obstruction. For a more detailed
discussion, please refer to the “Risks Relating to the Indonesian Banking Sector” in this section.
Difficulties in execution can prevent the creditor from obtaining the value of the collateral when the
Company’s debtor experiences difficulties in its obligation.
12. Reliance on short-term deposits from customers may increase the Company’s exposure to
liquidity risks.
Similar to most Indonesian banks, most of the Company’s deposits from customers are short-term
time deposits which have a maturity of one month. If a large number of the Company’s depositors
63
fail to roll-over its deposited funds upon maturity, the Company’s liquidity position could be
adversely affected. Other sources of funds that the Company may draw on in such circumstances
are likely to have significantly higher costs as compared to the Company’s current funding
sources, and therefore the use of these other sources of liquidity are likely to have a material
adverse effect on the Company’s financial condition and performance.
13. The Company may experience significant fraud.
The Company has experienced a number of incidents of employees engaging in fraudulent
activities in recent years, although none of which were material. A number of weaknesses in the
Company’s internal controls may have contributed to the occurrence of these fraudulent activities.
While the Company has taken various steps to improve internal procedures, the steps which the
Company has taken to prevent fraudulent actions may be insufficient to prevent similar instances
from happening in the future. There can be no assurance that the Company will be able to avoid
future material incidents of fraud.
14. The Company is subject to credit risk in relation to certain commitments and guarantees.
In the ordinary course of business, the Company makes commitments and guarantees that are
not reflected on its statement of financial position, including the provision of financial guarantees
and letters of credit to guarantee the performance of its customers to third parties and bank
acceptances. The Company is subject to credit risk on its commitments and guarantees because
certain commitments and guarantees may need to be fulfilled as a result of non-performance of
the Company’s customers. If the Company is not able to obtain payment from its customers in
respect of these commitments and guarantees, its financial condition and results of operations
may be adversely affected.
15. The Company faces foreign exchange risk.
As of 31 March 2011, the Company had USD and other currency-denominated gross loans of Rp
7,136 billion and USD as well as other currency-denominated deposits from customers of
Rp8,848 billion and borrowings of Rp2,076 billion. The Company’s foreign currency net open
position was 1.09% as at 31 March 2011, which did not exceed the 20% limit of previous month
end position of major capital and complement capital set by BI regulations. If the Rupiah
depreciates significantly at any time when the Company has a significant net open position in
foreign currency, such depreciation could cause the Company to suffer losses, reducing its capital
adequacy ratio and requiring the Company to seek additional capital or otherwise possibly be
considered to be in breach of Bank Indonesia’s minimum capital requirements. There can be no
assurance that any additional capital required would be available on acceptable terms and
conditions when needed to meet the minimum capital requirement.
16. The Company’s business greatly depends on the consistent operation and improvement of
its information technology system.
The Company’s business depends highly on the ability of information technology systems to
accurately process a large volume of transactions in various markets and involving various
products. The proper functioning of the Bank’s financial control, risk management, accounting,
customer service and other data processing systems, as well as successful operation of the
communication network among the various branches and data processing centers, is crucial to
the Bank’s business and ability to compete effectively. The Company has data backups for data
processing system and has formed a data and disaster recovery centre in the event of disaster
or failure of the main system. The Company also seeks to protect its computer systems and
network infrastructure from physical break-ins, as well as fraud and other violations. The
Company cannot guarantee that its operations will not be materially disrupted if there is a failure
64
in the information technology systems or communication networks caused by factors such as
software disruption, computer virus attack or conversion error due to system upgrades. Each
breach of security which would result in unauthorised access to information in the system, the loss
of data or corruption, and the destruction of software, hardware or computer equipment could
have an adverse effect on the Bank’s business, reputation, results of operations and financial
condition.
The Company’s ability to remain competitive partly depends on the ability to upgrade the
information technology system in a timely manner and at a low cost. As such, any additional
available information and received by the Company through the existing information technology
system may not be up-to-date or sufficient for planning and managing risks or responding to
market changes and other developments within the Company’s operational environment. Every
substantial failure to fix or upgrade the information technology system effectively or periodically
could adversely impact the competitive position, financial condition and results of operations of
the Company.
17. Significant decrease of liquidity may adversely affect the Company’s liquidity and the
business.
Although the Company has not, to date, experienced any substantial adverse effect on its assets
or funding sources as a consequence of this liquidity crisis, there can be no assurance that this
liquidity crisis will not, if ongoing, adversely affect the Company’s business, financial condition,
results of operations or prospects. In particular, if the Company perceives a likelihood of
impending deterioration of economic conditions, it may decrease its risk tolerance in its lending
activities, which could have the effect of reducing its interest margin and interest income, and
ultimately adversely affect the Company’s business, financial condition and results of operations.
18. The laws governing the Company are evolving, and failure to comply with such laws could
harm the Company’s business and reputation.
In carrying out its business, the Company is regulated principally by, and has reporting obligations
to BI. The Company is also subject to banking, corporate and other laws in effect in Indonesia,
including the requirement that the Company be licensed to conduct its banking and financial
services operations. The Company is further subject to the banking laws and regulations of the
other jurisdictions in which it has branches or subsidiaries. As a listed company in Indonesia, the
Company is also subject to BAPEPAM-LK and IDX rules.
The Indonesian regulatory and legal framework governing the Company differs in certain material
respects from that of the jurisdiction of other countries and may continue to change as the
Indonesian economy and financial markets evolve. As of November 1989, the applicable rules
and regulations have undergone many changes and reform. New rules, regulations and reforms
have been introduced for the purpose of providing more stringent and transparent monitoring in
the banking sector.
There can be no assurance that the Government or Bank Indonesia will not continue with the
reforms or amend, revoke, dilute, reinforce or apply the above rules and regulations in a manner
that will not be detrimental to the Company’s commercial interests.
The Government has adopted Law No. 8 of 2010 on the prevention and eradication of Money
Laundering Criminal Act (“MLCA”), dated 22 October 2010 which requires the financial services
provider to among others report to the Financial Transaction Analysis and Reporting Centre
(PPATK):
(i)
suspicious financial transaction;
65
(ii)
financial transaction with a value more than Rp500,000,000 either in a single or a series of
transaction in one business day; and
(iii)
financial transaction from and to overseas.
If the Company is unable to comply with the applicable rules and regulations, the Company may
lose its business licences and reputation and be subject to fines, any of which could have a
material adverse effect on the Company’s financial condition and results of operations. In the
event of changes in regulations, the customer or counterparties may lose confidence in the
Indonesian banking system, which in turn could have a negative effect on the Company’s
business and customers’ deposits base.
19. The Company may be unable to detect money laundering and other illegal activities in a
comprehensive or timely manner, which may expose the Company to additional liabilities
and harm the Company’s business or reputation.
The Company is obliged to comply with anti-money laundering, anti-terrorism and other
regulations in Indonesia and other jurisdictions where the Company operates. These laws and
regulations require the Company to adopt and apply “Know Your Customer” policies and
procedures and report suspicious and relatively large transactions to the relevant authority in
pursuant to the jurisdictions. For instance, implementation of MLCA on 17 April 2002, and as of
13 October 2003, addition to MLCA, among other things the expansion of scope of transactions
requiring disclosure to Bank Indonesia with respect to foreign currency transactions and
shortened period of obligation to report suspicious transactions to three working days for
non-cash transactions. If existing rules and regulations are enforced on a more stringent basis,
the Company may incur substantial compliance and monitoring costs. On the other hand, if the
current regulation is less strictly enforced, customers or counterparties may lose confidence in the
Indonesian banking system on the whole, which in turn could have a negative effect on the
Company’s business and customers base.
The Company is in the process of improving its anti-money laundering and anti-terrorism systems.
Meanwhile, the Company has already adopted policies and procedures for detecting and
preventing use of the Company’s network for money laundering activities and by and related
terrorist organisations and individuals. These policies and procedures may not fully prevent cases
where the Company could be used for money laundering or other illegal or improper activities. In
such circumstances, the Company could fail to comply with all applicable laws and regulations
and the relevant Government bodies would have the power and authority to impose fine or other
sanctions on the Company, which could have an adverse effect on the Company’s financial
condition and results of operations. Furthermore, the Company’s business and reputation could
be affected if customers use the Company for money laundering or other illegal or improper
purposes.
20. The Company is subject to risk in the consolidation of its Subsidiaries
The Company consolidates the financial performance and the position of its subsidiaries to its
financial statements. If the activities and performance of the subsidiaries deteriorate, this will
directly impact the financial performance of the Company. In addition, the Company receives
dividends from its subsidiaries, and if there is any limitation on such dividend distributions, such
limitation could decrease the dividend amount received by the Company and lead to an adverse
effect on the Company’s results of operations. In relation to the ownership of the Company in the
subsidiaries which engages in different business activities with the Company, material risks
attached to the business activities of such subsidiaries shall also have impact to the Company.
66
RISKS RELATING TO THE INDONESIAN BANKING SECTOR
1.
Failure to comply with Bank Indonesia’s rules and regulations could have a material
adverse effect on the Company’s financial condition and results of operations.
Principally, the Company submits to and has reporting obligations to BI. The Company is also
subject to banking, corporate and other laws in effect in Indonesia from time to time. The
Indonesian regulatory and legal framework governing the Company differs in certain material
respects from those in effect in other jurisdictions and may continue to change as the Indonesian
economy and financial markets evolve. If additional rules or regulations are introduced, the
Company may incur substantial compliance and monitoring costs. Failure by the Company to
comply with applicable rules and regulations could result in penalties, loss of regulatory permits
and damage to business reputation, which could all have a material adverse effect on the
Company’s financial condition and results of operations. BI has developed a programme for the
implementation of a banking industry blueprint, called Arsitektur Perbankan Indonesia (“API”).
The API programme aims to increase the capital level in the Indonesian banking system over a
period of 10–15 years through, among other things, bank mergers, an increase in new capital
equities, new share issues and public offerings, and issues of subordinated loans. Failure by the
Company to comply with the API programme could result in fines and/or other penalties, which
could have a material adverse effect on the Company’s financial condition and results of
operations.
2.
Discontinuance of the Government Guarantee Programme in Indonesia may lead to
instability in the banking sector.
Since 26 January 1998, deposits in Indonesian banks have been guaranteed by the Government
pursuant to Presidential Decree 26/1998, whilst previously deposits in Indonesian banks were not
guaranteed by any Government agency. The Government Guarantee Programme will be
gradually reduced from time to time, with effect from 22 March 2007. The enactment of the LPS
on 22 September 2005 replaced the Government Guarantee Programme. Under the LPS, the
Government’s guaranteed obligations are limited to the savings of customers of Indonesian banks
in the form of current accounts, deposits, deposits certificates, savings and/or other similar forms.
The value of the guarantee per customer for each bank is limited to a maximum of Rp2 billion.
However, such maximum value of guaranteed deposits may be changed if liquidity shortages
occur, resulting from withdrawals of deposits, a surge in inflation, or if the percentage of
customers whose deposits are guaranteed falls below 90%. Any change in or termination of the
LPS could lead to instability in the banking sector or the Company, including liquidity shortages
caused by withdrawals of deposits. Any such instability could have a material adverse effect on
the Company’s financial condition and results of operations.
3.
The credit risk of Indonesian borrowers may be higher than that of borrowers in more
developed countries.
Indonesian banks are subject to the credit risk that Indonesian borrowers may not make timely
payments of both principal and interest on loans, and that upon such failure to pay, Indonesian
banks may not be willing or able to enforce any security interest or guarantee they may have. The
credit risk of Indonesian borrowers may be higher compared to that of borrowers in more
developed countries due to some of the following reasons:
•
greater uncertainty associated with the Indonesian regulatory, political, legal and economic
environment;
•
the large foreign debt of the Government and corporations, relative to Indonesia’s gross
domestic product; and
•
greater volatility of interest rates and Rupiah-US Dollar exchange rates.
67
The higher credit risk has a material adverse effect on loan portfolio quality and exposes
Indonesian banks, including the Company, to more potential losses and higher risks than banks
in more developed countries. Such losses would have a material adverse effect on the Company’s
financial condition, liquidity, and results of operations.
4.
The banking sector in Indonesia remains vulnerable to volatility in interest rates.
Like most financial institutions, Indonesian banks realise income from the margin, or “spread”,
between interest received from interest-earning assets, such as investments and loans, and the
interest paid on interest-bearing liabilities, such as deposits and borrowings. The business of
Indonesian banks, including the Company’s, is subject to fluctuations in market interest rates as
a result of mismatches in the re-pricing of assets and liabilities. The ability of an Indonesian bank
to manage interest rate risk is limited by the effect of the Government’s guaranteed interest rate,
which may not reflect the rate that would otherwise exist in the market. These interest rate
fluctuations are neither predictable nor controllable and may have a material adverse impact on
the operations and financial condition of Indonesian banks, such as the Company.
5.
Independent information related to borrowers’ credit history in Indonesia is limited.
Indonesia does not have a central credit agency or bureau which keeps information on Indonesian
borrowers’ credit history, including information such as timeliness of loan repayments. There is
also no domestic credit rating agency in Indonesia with a sufficiently wide coverage of Indonesian
borrowers. The only centralised source of information on borrowers which Indonesian banks may
rely on in their credit approval process is the limited information kept by Bank Indonesia on
borrowers with loans over Rp50 million. The absence of detailed information makes it difficult for
Indonesian banks to assess the credit worthiness of loan or credit card applicants, which may
result in an increase in NPLs, credit card receivables or provisions for losses.
6.
Enforcement difficulties may prevent lenders from recovering the assessed value of
collateral when the Company’s borrowers default on their obligations in Indonesia.
Indonesian banks may not be able to fully recover collateral or enforce any guarantees due, in
part, to the legal uncertainties in enforcing such rights. Although the law provides for expedited
procedures for the enforcement of certain types of collateral, in practice lenders generally end up
submitting a petition to an Indonesian court or face challenges by borrowers which could result in
delays that can last up to several years and lead to deterioration in both the physical condition and
market value of the collateral, particularly where the collateral is in the form of inventory or
receivables. In addition, such collateral may not be insured. In the past, these factors have
exposed, and continue to expose, lenders in Indonesia to legal liability while in possession of
collateral. The current difficulty of bringing enforcement actions under the Indonesian legal system
significantly reduces the ability of lenders to realise the value of collateral located in Indonesia and
therefore reduces the effectiveness of taking a secured position on loans to Indonesian
borrowers. In addition, there can be no assurance that lenders will be able to realise the full value,
or any value, of any collateral located in Indonesia in a bankruptcy or foreclosure proceeding or
otherwise, especially as the value of secured assets such as real property and inventory has
been, and may continue to be, negatively affected by the current political, economic and social
conditions in Indonesia.
7.
Continuously developing policies, provisions and regulations in Indonesia may affect the
Company.
In response to the 1997 Asian financial crisis, the Government, through BI, undertook significant
reforms including closing, liquidating, selling interests in or merging a number of Indonesian
banks. BI also developed a programme for the implementation of a banking industry blueprint
which is called API. The API reform measures were aimed at strengthening the banking system
by encouraging bank mergers, new share issues and public offerings and issues of subordinated
68
debt. We cannot assure you that BI will not take certain actions in relation to Indonesian banks,
including us, such as forced acquisitions or mergers, bank closures, interest rate hikes and
increases in regulatory capital requirements or exchange controls.
The Company’s failure to comply with applicable laws and regulations could result in fines and/or
other penalties, loss of its banking licence and harm to its business reputation, which could have
a material adverse effect on the Company’s financial condition and results of operations.
RISKS RELATING TO INDONESIA
The Company is subject to the political, economic, legal and regulatory environment in Indonesia.
Investing in Indonesia involves various risks, including the following:
1.
A downturn in Indonesian economic conditions could affect the Company’s financial
performance.
The Company’s financial condition and performance depend on the Indonesia economy condition.
A decline in the Indonesian economy could have an adverse effect on the business operation of
the Company. Although Indonesia has significantly reduced its budget deficit and stabilized its
exchange rate since the 1997 Asian financial crisis, Indonesia’s outstanding external loans are still
recorded in a large amount. Indonesia still faces problems relating to its limited foreign exchange
reserves, Rupiah exchange rate volatility and developing banking sectors. A downturn in the
economic condition could have a material adverse effect on the Company’s debtors and thus on
the financial condition and operations of the Company, including specifically asset quality and the
prospect of the granting of loans.
Indonesia has relied on foreign loans to finance its fiscal deficit, including official development aid
from foreign governments and loans from financing organisations such as the World Bank, Asian
Development Bank (“ADB”) and Paris Club, an informal financial club comprised of several foreign
governmental creditors. Indonesian fund policy at that time was funded with external aid and
foreign loans from official sources. At the time of the 1997 Asian financial crisis, the Indonesian
Government obtained foreign loans from the IMF, which purported to support Indonesia’s payment
stability, when foreign exchange reserves decreased and the Rupiah value diminished. The IMF
loans have been repaid in full by the Government before they matured in October 2006.
Post-crisis, Indonesia has succeeded in completing the three steps of rescheduling its debts from
the Paris Club, extend the maturity date and reduce the principal amount.
Indonesia is no longer reliant on external lending. As of 1998, the government issued domestic
debt as part of a programme to capitalize Indonesian banks, and in 2002, the government began
to issue bonds denominated in Rupiah in the domestic market. Supported by regulatory
improvement and Government support, the secondary market for government bonds has
continued to improve.
Although there were efforts to diversify its financing, there is no guarantee the Government will be
able to secure funding. Volatile market conditions render the Company to be at the risk of
investors avoiding assets with perceived higher risks. Moreover, unprecedented levels of debt
issuance by emerging market governments to finance domestic economies and banking systems
have resulted in an unprecedented supply of debt instruments and possible investor fatigue.
The inability of the Government to successfully access the local and external capital markets and
to obtain other additional financing sources, as well as to secure commitments from multilateral
institutions and other lenders, may result in failure by the government to pay its debt. Such failure
could cause an economic crisis, which may in turn have a material impact on the Company. The
government may also seek alternative financing structure loans with various multilateral lending
institutions or other lenders, the impact of which is currently unknown.
69
2.
Disruptions in the financial sector may adversely affect the Company’s business.
The 1997 Asian financial crisis resulted in significant financial and operating difficulties in the
Indonesian banking sector. These difficulties include interest rate volatility, liquidity constraints,
low or negative interest margins, low deposit growth, deterioration of asset and credit quality,
declining collateral values, substantial NPL, low or negative loan growth and potential or actual
under-capitalisation. The Asian financial crisis also caused a substantial depreciation in the value
of the Rupiah and depletion of Indonesia’s foreign currency reserves which caused a reliance on
multilateral lenders and creditor groups to prevent sovereign debt defaults. Since December
2008, the banking sector increased credit growth, reduced non-performing loans and increased
the capital adequacy ratio and loan to deposit ratios. Further disruptions in the financial sector or
adverse economic conditions may hinder the financial recovery of the Indonesian banking sector
in general and of the Company in particular.
In 1998, the Government established IBRA to restructure the banking system. In 1999, the
Government, through BI and IBRA, carried out significant reforms including closing, liquidating
and selling interests in or merging a number of banks. When IBRA’s five-year mandate ended on
27 February 2004, Government Regulation and Presidential Decrees were issued, establishing a
state-owned asset management company, PT Perusahaan Pengelola Aset (Persero), to manage
on behalf of the Ministry of Finance the non-disputed assets previously held by IBRA. IBRA’s
duties with regard to the Government Guarantee Programme will be carried out by the Ministry of
Finance through the Unit Pelaksanaan Penjaminan Pemerintah, (Government Guarantee
Programme Implementation Unit or “UP3”) for this purpose. The Government Guarantee
Programme was implemented by the Ministry of Finance in 1998 and guarantees deposits in
Indonesian banks. By its terms, the guarantee will be automatically extended at six-month
intervals unless the Ministry of Finance announces otherwise. The Government Guarantee
Programme was concluded on 22 September 2005 when the LPS was introduced. Neither the
notes nor any other subordinated indebtedness of the Company are covered by the Government
Guarantee Programme or the LPS that replaced the Government Guarantee Programme.
A default by the Government on the Government recapitalisation bonds that were used to
recapitalise a number of banks in Indonesia would have a material adverse effect on both the
Company and the Indonesian banking sector as a whole. There can be no assurance that the
Government, acting through BI or otherwise, will not take additional actions toward Indonesian
banks, such as the Company, including forced acquisitions or mergers, bank closures, increases
in interest rates, regulatory capital requirements or exchange controls. There can be no
assurance that the Government Guarantee Programme will be continued in its present form or at
all.
3.
Instability in the financial conditions of other countries, particularly emerging market
countries, could have an adverse effect on the Company’s business and financial
performance.
There has been unprecedented and intensifying disruption and volatility in global capital and
credit markets since mid-2007, when deterioration in asset prices in the United States sub-prime
residential mortgage market began to impinge substantially on liquidity in the United States, and
later in European and Asian capital and credit markets. This disruption and volatility further
intensified after Lehman Brothers Inc. announced its bankruptcy in the United States on 15
September 2008 and the US Federal Reserve intervened with respect to the insurer, American
International Group, on 16 September 2008. The share prices of numerous financial institutions
drastically declined, leading to mark-to-market write-downs in the portfolios of numerous financial
institutions, subsequently causing many of them to raise new capital or to merge with larger
financial institutions, either voluntarily or under government interventions. In some cases, these
portfolios failed. Numerous countries, including the United States, England, Japan and France
70
were forced to inject large amounts of capital into their financial sectors, adopting policies such as
comprehensive nationalization of various failed institutions; such policies may be required in the
future as well.
The Indonesian economy has been affected by the factors discussed above, among others. The
loss of investor confidence in the financial system and financial volatility throughout the world
economy could have an adverse effect on the Indonesian banking sector and economy, which
could in turn have a material adverse effect on the Company’s business, financial condition,
results of operations and prospects.
4.
Future changes in the value of the Rupiah against the US Dollar and other currencies could
adversely affect the Company’s business.
Since July 1997, the Rupiah has been subject to significant depreciation and volatility against the
US Dollar and other currencies. Depreciation or volatility of the Rupiah or changes in the
Government’s exchange rate policies may result in significantly higher domestic interest rates,
liquidity, shortages, sovereign and corporate loan defaults, capital or exchange controls and
withholding of further financial assistance by multilateral institutions. This could result in a
reduction of economic activity, an economic recession, loan defaults and increases in the prices
of imports. These consequences could have a material adverse effect on the Indonesian
economy, as well as on the Company’s financial condition, and results of operations and ability to
make payments on foreign currency denominated obligations.
The Rupiah has generally been freely convertible and transferable, except that Indonesian banks
are restricted from transferring Rupiah to any bank account (offshore and onshore) for the benefit
of non-residents, which includes foreign individuals, foreign legal entities and Indonesian citizens
with permanent resident status outside of Indonesia and Indonesian or foreign banks domiciled
offshore. However, from time to time, Bank Indonesia has intervened in the currency exchange
markets in furtherance of its policies, either by selling Rupiah or by using its foreign currency
reserves to purchase Rupiah. There can be no assurance that the current floating exchange rate
policy of Bank Indonesia will not be modified, that further depreciation of the Rupiah against other
currencies (including the US Dollar) will not occur, or that the Government will take other actions
to stabilise, maintain or increase the value of the Rupiah, if taken, will be successful. Because the
Company does not generate significant revenues in US Dollars, a sustained and significant
appreciation in the value of the US Dollar against the Rupiah could have an adverse effect on the
Company’s ability to meet any obligation denominated in US Dollars.
Any of the foregoing consequences could materially and adversely affect the Company’s
5.
A continued increase in oil prices could adversely affect the Indonesian economy.
Future increases in the global cost of oil may negatively affect Indonesia’s economic growth and
stability. The economic and political conditions in Indonesia make it difficult to predict whether oil
will continue to be available at prices that will not harm economic growth and stability. For
example, in October 2008, the Government implemented new policies, including a reduction in
fuel subsidies that resulted in significant political tensions. In addition to reducing fuel subsidies,
policies have been formulated to reduce reliance on the use of oil as a main source of energy and
improve the supply of oil that can be produced domestically to allow Indonesia to become a net
exporter of oil. There can be no assurance that future increases in oil prices in Indonesia will not
occur and will not lead to political, social and economic instability, which in turn could have a
material adverse effect on the Company’s businesses, financial condition and results of
operations.
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6.
Determination of credit ratings of Indonesia and Indonesian companies could materially
and adversely affect the Company.
Entering 2011, various international credit rating agencies have upgraded Indonesia’s sovereign
credit rating and the ratings of a large number of Indonesian banks and companies. Indonesia’s
sovereign foreign currency long-term debt was rated “BB+” by S&P and “BB+” by Fitch, and “Ba1”
by Moody’s. These ratings reflect an assessment of the Government’s overall financial capacity
to pay its obligations and its ability or willingness to meet its financial commitments as they
become due.
No assurance can be given that international credit rating institutions will not further downgrade
the credit ratings of Indonesia or Indonesian companies. Any such downgrade could have an
adverse impact on liquidity in the Indonesian financial markets and the ability of the Government
and Indonesian companies, including the Company, to raise additional funds. When and if such
additional financing is available, the interest rates and other commercial terms of such financing
may be unfavourable and thus have a material adverse effect on the Company’s business results
of operations.
THE COMPANY’S MANAGEMENT STATES THAT ALL RISKS FACED BY THE COMPANY IN
CONDUCTING ITS BUSINESS ACTIVITIES HAVE BEEN DISCLOSED AND ARRANGED BASED
ON THE WEIGHT OF THE IMPACT OF EACH RISK TO THE FINANCIAL PERFORMANCE OF THE
COMPANY IN THE PROSPECTUS.
THE COMPANY’S MANAGEMENT HAS DISCLOSED ALL RISKS FACED BY THE COMPANY.
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VI.
SIGNIFICANT EVENTS SUBSEQUENT TO THE DATE OF
INDEPENDENT AUDITOR’S REPORT
There are no events with material impact on the financial and business result of the Company which
have occurred after the date of the Independent Auditor report dated 12 August 2011 on the
Consolidated Financial Statements ended 31 March 2011 and which has been audited by the
Registered Public Accountant of Siddharta & Widjaja with an unqualified opinion and includes an
explanation that the Company and its Subsidiaries have implemented certain SFAS which has been in
effect as of 1 January 2011, both prospectively or retrospectively, as well as an explanation in relation
to the re-issuance of the Company’s consolidated financial statements as of and for the three months
period ended 31 March 2011, in order to adjust the presentation in accordance with the capital market
regulations, in relation to the Company’s plan to conduct LPO V for the purpose of Rights Issue.
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VII.
1.
INFORMATION ON THE COMPANY AND ITS SUBSIDIARIES
Brief Background of the Company
The Company is domiciled in Jakarta and was initially established under the name of PT Bank
Kopra pursuant to Deed of Establishment No. 134 dated 16 July 1956, drawn up before Meester
Raden Soedja, SH., Notary in Jakarta. The deed was approved by the Minister of Justice of the
Republic of Indonesia by virtue of Decree No. J.A.5/40/8 dated 24 April 1957, registered at the
Jakarta District Court under No. 845 on 7 May 1957 and announced in the State Gazette of the
Republic of Indonesia No. 46 dated 7 June 1957, Supplement No. 664.
The Company obtained a business licence on 30 September 1958 from the Minister of Finance
of the Republic of Indonesia to qualify as a Commercial Bank by virtue of his Decree No.
161259/U.M.II, and The Company then became a foreign exchange bank starting 5 November
1988 by virtue of Decree of the Board of Directors of Bank Indonesia No. 21/10/Dir/UPPS.
On 31 August 1981, the Company merged with PT Bank Asia Afrika Banking Corporation Ltd. This
merger was approved by the Minister of Finance of the Republic of Indonesia by virtue of Decree
No. Kep-27/KM.11/1981 dated 26 August 1981.
In 1989, the Company held an initial public offering of 12,000,000 (twelve million) shares with a
par value of Rp1,000 (one thousand Rupiah) per share to the public at an offering price per share
of Rp12,000 (twelve thousand Rupiah).
In 1994, the Company held the Limited Public Offering I in relation to the issuance of Rigths for
a maximum of 224,000,000 (two hundred and twenty four million) shares with a par value of
Rp1,000 (one thousand Rupiah) per share for an offering price per share of Rp1,500 (one
thousand five hundred Rupiah).
In 1996, the Company held the Limited Public Offering II in relation to the issuance of Rigths for
a maximum of 560,000,000 (five hundred and sixty million) shares with a par value of Rp1,000
(one thousand Rupiah) per share for an offering price per share of Rp1,500 (one thousand five
hundred Rupiah).
On 30 June 1996, the Company conducted merger with PT Bank Delta. As part of the merger, PT
Bank Delta transferred all of its assets, receivables, rights and obligations to the Company prior
to liquidation and all of its assets, receivables, rights and obligation were by virtue of law
transferred to the Company.
Based on Decree of the Board of Directors of Bank Indonesia No. 30/229/KEP/DIR dated 14
February 1998 (“BOD Decree No. 30/229”) on the placement of PT Bank Danamon Indonesia
Tbk. under the Restructuring Programme, the Company was placed under a restructuring
programme whereby Bank Indonesia delegated developmental and supervisory duties for such
restructuring to the IBRA.
By virtue of Letter No. S-1/PROG/BPPN/1998 dated 14 February 1998 (“Letter No. S-1/PROG”),
IBRA then declared the placement of the Company under IBRA control for the purposes of the
restructuring programme as well as to overcome financial problems faced by the Company. Under
IBRA supervision, the Company was legally bound to settle its obligations to Bank Indonesia
and/or the Government, including settling its non-performing loans.
Pursuant to Decree of IBRA Chairman No. 2/BPPN/1998 dated 4 April 1998 regarding the
Takeover of Operations of the Company for the Purposes of the Bank Restructuring Programme,
IBRA or another party appointed by IBRA was permitted to take over the operations and
management of the Company. IBRA also issued a letter to the shareholders of the Company by
74
virtue of Letter No. S-293-a-c/PROG/BPPN/II/99 dated 27 February 1999 regarding Notification
and Approval regarding the Rights and Authorities of Shareholders of the Company (“Letter No.
293-a-c/PROG”).
In relation to the completion of programmes for the recapitalization and transfer of the Company’s
non-performing assets to IBRA (Asset Management Unit), IBRA by virtue of Letter No. 437c/
BPPN/0699 dated 1 July 1999 to the Company stated that Letter No. S-1/PROG and Letter No.
293-a-c/PROG were declared invalid, which revocations would only be effective if the business
plan of the Company was approved by IBRA. Revocations of the above letters would not prejudice
the authorities of IBRA as referred to in BOD Decree No. 30/229 regarding the placement of the
Company in the Restructuring Programme.
On 5 April 1999, the Company held Limited Public Offering III to the shareholders for the issuance
of Rights for a maximum 215,040,000,000 (two hundred and fifteen billion forty million) series B
shares with a par value of Rp5 (five Rupiah) per share for an offering price per share of Rp150
(one hundred and fifty Rupiah).
Following the approval of the Company’s business plan, the Revocation of Letter No. S-1/PROG
and Letter No. 293-a-c/PROG, as stated above, became effective when IBRA published Letter
No. PB-530/BPPN/0899, dated 8 September 1999. Following which, the authority of the board of
directors and the board of commissioners of the Company in the case of credit expansion,
resolution of the Company’s non-performing loans, sale of collateral under the control of the
Company and other powers of the Company was reinstated in accordance with the Company’s
articles of association. In addition, the Company was required to submit monthly reports to IBRA
in relation to the exercise of said authority of the board of directors and the board of
commissioners.
On 31 August 1999, the Company shareholders approved the merger plan between the Company
and PT Bank PDFCI Tbk., in which the Company acted as the bank accepting the merger. This
merger became effective on 30 December 1999, upon the approval of the Minister of Law and
Legislation of the merger plan as set forth in Deed No. 31 dated 31 August 1999 and Deed No.
2 dated 15 September 1999 which was drawn up before Hendra Karyadi, SH., Notary in Jakarta,
following the receipt of approval from Bank Indonesia Senior Governor Decision No. 1/16/
KEP.DGS/1999 dated 20 December 1999.
On 11 October 1999, IBRA’s Chairman issued SK-421/BPPN/1099, followed by Letter No.
PB-717/BPPN/1299 dated 1 December 1999, stating IBRA’s willingness, in principle, to conduct
the organisational restructuring of the banks under IBRA’s management through a merger.
PT Bank Duta Tbk., PT Bank Rama Tbk., PT Bank Tamara Tbk., PT Bank Tiara Asia Tbk., PT
Bank Nusa Nasional, PT Bank Pos Nusantara, PT Jayabank International and PT Bank Risjad
Salim Internasional (together, the “Merging Banks”) were placed in the Bank Restructuring
Programme by Bank Indonesia. As an effort to restructure the Merging Banks, IBRA has decided
to merge the Merging Banks (the “Merger”) into the Company. The merger was seen as an
important step towards the recovery of Indonesia’s economy.
The Merger was stipulated by Decree of the Head of IBRA No. SK347/BPPN/0300 dated 27
March 2000 regarding the Implementation of Merger between PT Bank Danamon Indonesia, Tbk.
with the Merging Banks in the Bank Restructuring Programme.
The merger of the merging banks into the Company reflects the Government’s efforts to establish
a robust and competitive Indonesian private bank, capable of meeting the CAR requirements and
other provisions specified by Bank Indonesia and taking a step towards consolidating Indonesia’s
banking sector.
75
The above plan was based on the consideration that the Merging Banks were, since February
1998 and March 1999, placed under IBRA’s Restructuring Programme. In accordance with its
function as a banking restructuring institution responsible for executing the bank restructuring
programme, IBRA may take certain acts such as to merge banks under such restructuring with
other national banks or financial institutions.
IBRA conducted a thorough examination into the condition of each of the Merging Banks. The
research showed that the high interest rate for savings compared to the interest rate of loan and
the high level of NPLs had caused each of the Merging Banks to experience a continued high
negative spread.
IBRA chose to include the Company as part of the Merger, which, upon recapitalization, showed
a positive capital structure with a CAR above 4%.
Deed No. 22 dated 17 May 2000 regarding the Merger had been signed before Hendra Karyadi,
SH, Notary in Jakarta, between the Company and the Merging Banks, pursuant to which the
Merging Banks had agreed to consolidate their business which the Company acted as the survival
bank, while the other merging banks were legally dissolved on the effective date of merger.
Pursuant to Decree of Senior Deputy Governor of Bank Indonesia No. 2/8/KEP.DGS/2000 dated
30 June 2000, Bank Indonesia had approved the merger of the Merging Banks into the Company
and this merger became effective as of the approval of Minister of Law and Legislation No.
C-12650.HT.01.04.TH.2000 dated 30 June 2000.
AFI, a company established under the laws of Singapore, purchased 2,502,530,220 Series B
shares of the Company or representing approximately 51% of all shares issued by the Company
on 16 June 2003 based on the Sale and Purchase Agreement relating to the Sale of Shares in PT
Bank Danamon Indonesia, Tbk. between AFI and IBRA on 21 May 2003. Fullerton is indirectly
owned by Temasek Holdings (Private) Limited. Afterwards on 2 September 2003, AFI increased
its ownership by 338,288,000 series B shares of the Company or approximately 6.89% of the
shares issued by the Company. In the following years, AFI increased its ownership of the
Company’s shares so that its ownership of the Company’s shares totals 3,424,842,220 series B
shares or representing approximately 68% of Series B shares.
Following the completion of the Bank Restructuring Programme, IBRA reverted to Bank Indonesia
through Letter No. PB-334/BPPN/0204, dated 25 February 2004 and Decision No. 39/BPPN/
0204, dated 25 February 2004, representing the completion of the Company’s restructuring and
returning control of the Company back to Bank Indonesia. IBRA also stated that in principal, the
Company met the requirements and provisions of IBRA and Bank Indonesia and it was ready to
be handed back to Bank Indonesia, and the Bank In Restructuring (BDP) status of the Company
may be revoked. The Decision of IBRA No. 39/BPPN/0204 is supported by the Decision of the
Governor of Bank Indonesia No. 6/3/KEP.GBI/2004 dated 29 March 2004, regarding The
Revocation of Bank in restructuring Status upon PT Bank Danamon Indonesia Tbk.
Since the issuance of Prospectus for Limited Public Offering IV, the Articles of Association of the
Company have been amended several times with the latest amendment set out in Deed of
Amendment to the Articles of Association No. 3 dated 12 August 2011, drawn up before Pahala
Sutrisno Amijoyo Tampubolon, SH., Notary in Jakarta, which pursuant to Cover Letter from Notary
Pahala Sutrisno Amijoyo Tampubolon No. 06/PSAT dated 12 August 2011, Deed No. 3/2011 is in
the process of notification to the Minister of Law and Human Rights. Such deed sets forth an
amendment regarding the increase of issued and paid up capital of the Company for the purposes
of implementation of the E/MSOP programme.
76
2.
Development of the Company’s Share Ownership
The capital structure and shareholder composition of the Company from the establishment of the
Company up to Limited Public Offering IV was disclosed in the Prospectus of Limited Public
Offering IV as issued on 19 March 2009. The following tables provide the shareholder
compositions and capital structures of the Company since Limited Public Offering IV of 2009 up
to the date of issuance of this Prospectus.
Based on a resolution of the EGMS dated 26 March 2004, the Company agreed to increase its
issued and paid-up capital without pre-emptive rights for the purposes of the E/MSOP Programme
by issuing series B shares with a par value of Rp500 per share in an amount not exceeding
245,346,100 (“E/MSOP Shares”) or a total of Rp122,673,050,000.
Rights option was granted in 4 stages, 1 July 2004, 8 November 2004, 1 July 2005, and 1 July
2006. The exercise period for rights option begins on July 1, 2005 and completed in its entirety
on 1 July 2011 thus, there is no more E/MSOP exercised after such date.
Until the end of E/MSOP Program on 1 July 2011, there has been an exercised shares option in
the amount of 200,542,850 shares or reached 81.74% from the total addition of issued/paid up
capital agreed by the EGMS held on 26 March 2004.
Since the Limited Public Offering IV until the date of publication of this Prospectus, the issued and
paid-up capital of the Company has increased, including the implementation of the E/MSOP, so
that the Company’s capital structure is as follows:
2009
Based on the Deed of Minutes of EGMS No. 32 dated 23 March 2009 as later restated in Deed
of Restatement of Resolutions of EGMS No. 67 dated 22 May 2009, both drawn up before Fathiah
Helmi, SH, Notary in Jakarta, the shareholders of the Company agreed to approve Limited Public
Offering IV with Rights Issue of common shares with the number of shares offered being a
maximum 3,328,206,411 series B shares and the implementation of the E/MSOP Programme in
the amount of 0.18% from E/MSOP Shares. The amount of shares issued by the company
through the Limited Public Offering IV was 3,314,893,116.
Accordingly, the capital structure and shareholder composition of the Company after Limited
Public Offering IV were as follows:
Total Shares
Total Par Value
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.86
Public*
22,400,000
2,664,874,334
1,120,000,000,000
1,332,437,167,000
32.14
Total issued and
paid-up capital
22,400,000
8,339,367,816
1,120,000,000,000
4,169,683,908,000
100.00
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued and Fully
Paid-up Capital
Asia Financial
(Indonesia) Pte Ltd
Total Portfolio
Shares
9,420,632,184
* Ownership below 5%
77
4,710,316,092,000
Based on Deed No. 19 dated 26 August 2009, drawn up before Pahala Sutrisno Amijoyo
Tampubolon SH., MKn, Notary in Jakarta, an increase in issued and fully paid-up capital of 5.32%
from E/MSOP Shares took place as a result of implementation of E/MSOP and accordingly the
capital structure and shareholder composition of the Company were as follows:
Total Shares
Total Par Value
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.76
Public*
22,400,000
2,677,627,634
1,120,000,000,000
1,338,813,817,000
32.24
Total issued and
paid-up capital
22,400,000
8,352,121,116
1,120,000,000,000
4,176,060,558,000
100.00
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued and Fully
Paid-up Capital
Asia Financial
(Indonesia) Pte Ltd
Total Portfolio
Share
9,407,878,884
4,703,939,442,000
Based on Deed of Amendment to the Articles of Association No. 03 dated 7 October 2009, drawn
up before Charlon Situmeang SH as a substitute of Pahala Sutrisno Amijoyo Tampubolon, SH.,
M.Kn., Notary in Jakarta, an increase of 2.92% from E/MSOP Shares in the issued and paid-up
capital took place as a result of implementation of E/MSOP so that the capital structure and
shareholder composition of the Company were as follows:
Total Shares
Total Par Value
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.70
Public*
22,400,000
2,684,786,134
1,120,000,000,000
1,342,393,067,000
32.30
Total issued and
paid-up capital
22,400,000
8,359,279,616
1,120,000,000,000
4,179,639,808,000
100.00
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued and Fully
Paid-up Capital
Asia Financial
(Indonesia)
Pte Ltd
Total Portfolio
Shares
9,400,720,384
78
4,700,360,192,000
2010
Based on Deed of Amendment to the Articles of Association No. 4 dated 11 January 2010, drawn
up before Pahala Sutrisno Amijoyo Tampubolon, SH., M.Kn., Notary in Jakarta, an increase of
3.55% from E/MSOP Shares in the issued and paid-up capital took place as a result of
implementation of E/MSOP so that the capital structure and shareholder composition of the
Company were as follows:
Total Shares
Total Par Value (Rp)
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.63
Public*
22,400,000
2,693,489,634
1,120,000,000,000
1,346,744,817,000
32.37
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,367,983,116
1,120,000,000,000
4,183,991,558,000
100.00
—
9,392,016,884
—
4,696,008,442,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
Based on the Deed of Amendment to the Articles of Association No. 27 dated 20 April 2010, drawn
up before Pahala Sutrisno Amijoyo Tampubolon, SH., MKn., Notary in Jakarta, an increase of
2.13% from E/MSOP Shares in the issued and paid-up capital took place as a result of
implementation of E/MSOP so that the capital structure and shareholder composition of the
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.59
Public*
22,400,000
2,698,725,634
1,120,000,000,000
1,349,362,817,000
32.41
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,373,219,116
1,120,000,000,000
4,186,609,558,000
100.00
—
9,386,780,884
—
4,693,390,442,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
79
Based on Deed of Amendment to the Articles of Association No. 18 dated 21 July 2010, drawn up
before Pahala Sutrisno Amijoyo Tampubolon, SH., MKn., Notary in Jakarta, an increase of 7.94%
from E/MSOP Shares in the issued and paid-up capital took place as a result of implementation
of E/SOP so that the capital structure and shareholder composition of the Company were as
follows:
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.43
Public*
22,400,000
2,718,194,984
1,120,000,000,000
1,359,097,492,000
32.57
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,392,688,466
1,120,000,000,000
4,196,344,233,000
100.00
—
9,367,311,534
—
4,683,655,767,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
2011
Based on Deed of Amendment to the Articles of Association of the Company No. 2 dated 11
January 2011, drawn up before Pahala Sutrisno Amijoyo Tampubolon, SH., MKn. Notary in
Central Jakarta, from the period of 1 October 2010 up to 31 December 2010 there was an
increase of the issued and paid up capital as a result of implementation of E/MSOP of 1.17% from
E/MSOP Shares, so that the capital structure and shareholder composition of the Company were
as follows:
Number of Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
5,674,493,482
—
2,837,246,741,000
67.42
Public*
22,400,000
2,720,231,984
1,120,000,000,000
1,360,115,992,000
32.58
Total of Issued and
Fully Paid-Up
Capital
22,400,000
8,394,725,466
1,120,000,000,000
4,197,362,733,000
100.00
—
9,365,274,534
—
4,682,637,267,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-Up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
80
Based on Deed of Amendment to the Articles of Association of the Company No. 25 dated 30
March 2011, drawn up before Pahala Sutrisno Amijoyo Tampubolon, SH., MKn. Notary in Central
Jakarta, there was an increase of issued and paid up capital as a result of implementation of
E/MSOP of 0.24% from E/MSOP Shares, so that the capital structure and shareholder
composition of the Company were as follows:
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
—
5,674,493,482
—
2,837,246,741,000
67.41
Public*
22,400,000
2,720,809,484
1,120,000,000,000
1,360,404,742,000
32.59
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,395,302,966
1,120,000,000,000
4,197,651,483,000
100.00
—
9,364,697,034
—
4,682,348,517,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
Based on Deed of Amendment to the Articles of Association of the Company No. 6 dated 12 April
2011, drawn up before Pahala Sutrisno Amijoyo Tampubolon, SH., Notary in Central Jakarta,
there was an increase of the issued and paid up capital as a result of implementation of E/MSOP
of 0.06% from E/MSOP Shares, so that the capital structure and shareholder composition of the
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
—
5,674,493,482
—
2,837,246,741,000
67.41
Public*
22,400,000
2,720,949,984
1,120,000,000,000
1,360,474,992,000
32.59
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,395,443,466
1,120,000,000,000
4,197,721,733,000
100.00
—
9,364,556,534
—
4,682,278,267,000
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
81
Based on Deed of Amendment to the Articles of Association of the Company No. 2 dated 5 May
2011, drawn up before Pahala Sutrisno Amijoyo tampubolon, SH., Notary in Central Jakarta, there
was an increase of the issued and paid up capital as a result of implementation of E/MSOP of
0.51% from E/MSOP Shares, so that the capital structure and shareholder composition of the
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
—
5,674,493,482
—
2,837,246,741,000
67.40
Public*
22,400,000
2,722,202,984
1,120,000,000,000
1,361,101,492,000
32.60
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,396,696,466
1,120,000,000,000
4,198,348,233,000
100.00
—
9,363,303,534
—
4,681,651,767,000
—
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
Based on Deed of Amendment to the Articles of Association of the Company No. 14 dated 13 July
2011, drawn up before Pahala Sutrisno Amijoyo tampubolon, SH., Notary in Central Jakarta, there
was an increase of the issued and paid up capital as a result of implementation of E/MSOP of
1.31% from E/MSOP Shares, so that the capital structure and shareholder composition of the
Total Shares
Total par Value (Rp)
Details
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series B Shares
Series A Shares
@ Rp50,000
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia) Pte. Ltd
—
5,674,493,482
–
2,837,246,741,000
67.37
Public*
22,400,000
2,725,411,484
1,120,000,000,000
1,362,705,742,000
32.63
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,399,904,966
1,120,000,000,000
4,199,952,483,000
100.00
—
9,360,095,034
—
4,680,047,517,000
Total of Rights in
Portfolio
82
The capital structure and shareholder composition of the Company based on the Shareholders
Register as at 1 July 2011 as issued by PT Raya Saham Registra as the Securities Administration
Bureau of the Company were as follows:
Total Shares
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
Asia Financial
(Indonesia)
Pte. Ltd
—
5,674,493,482
—
2,837,246,741,000
67.37
JPMCB-FRANKLIN
Templeton
Investment Funds
—
484,402,970
—
242,201,485,000
5.75
Public*
22,400,000
2,241,061,514
1,120,000,000,000
1,120,530,757,000
26.88
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,399,957,966
1,120,000,000,000
4,199,978,983,000
100.00
—
9,360,042,043
—
4,680,021,017,000
—
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Total Portfolio
Share
Pursuant to the Shareholders Register as at 1 July 2011, on the Deed of Amendment to the
Articles of Association of the Company No. 3 dated 12 August 2011, drawn up before Pahala
Sutrisno Amijoyo tampubolon, SH., Notary in Central Jakarta, there was an increase of the issued
and paid up capital as a result of implementation of E/MSOP of 0.02% E/MSOP Shares, so that
the capital structure and shareholder composition of the Company were as follows:
Total Shares
Total par Value (Rp)
Details
Series B Shares
22,400,000
17,760,000,000
1,120,000,000,000
8,880,000,000,000
—
—
5,674,493,482
—
2,837,246,741,000
67.37
Public*
22,400,000
2,725,411,484
1,120,000,000,000
1,362,705,742,000
32.63
Total of Issued and
Fully Paid-up
Capital
22,400,000
8,399,904,966
1,120,000,000,000
4,199,952,483,000
100.00
—
9,360,095,034
—
4,680,047,517,000
—
Authorised Capital
Series B Shares
@ Rp500
%
Series A Shares
Series A Shares
@ Rp50,000
Issued & Fully
Paid-up Capital:
Asia Financial
(Indonesia)
Pte. Ltd
Total Portfolio
Share
83
3.
Brief Description of the Corporate Shareholders of the Company
Asia Financial (Indonesia) Pte. Ltd. (AFI)
AFI was established by virtue of Company Registry No. 199005540H dated 10 November 1990.
AFI was previously known as ENV Corporation (Pte) Ltd. which changed its name to Asia
Financial (Indonesia) Pte. Ltd. on 15 April 2003. AFI is an investment holding company.
Capital Structure
Based on information dated 12 July 2011 obtained from Accounting and Corporate Regulatory
Authority of Singapore (previously known as Registry of Companies and Businesses), the table
below is the capital structure and composition of shareholders of Asian Financial (Indonesia) Pte.
Ltd.
Total Shares
ordinary
Other
Issued and Paid-up Capital
799,982,074
862,900
Fullerton Financial Holding Pte. Ltd
799,982,074
862,900
AFI Controlling Shareholder
Fullerton Financial Holdings Pte. Ltd. (“FFH”) is indirectly, owned by Temasek Holdings (Private)
Limited (“Temasek”), which other than having shares in the Company, it also owns shares either
directly or indirectly in various banks and other financial institutions including Fullerton India Credit
Co. Ltd. in India, Alliance Financial Group Berhad in Malaysia and NIB Bank Ltd. in Pakistan.
Management
Based on information obtained from the Company’s profile dated 12 July 2011, which was
obtained from the Accounting and Corporate Regulatory Authority in Singapore, the table below
is the composition of AFI’s Board of Directors.
Name
Position
Ong Tiong Boon
Director
Cheo Hock Kuan
Director
Summary of Material Financial Data
Remarks
31 March
(in millions of Singapore dollars)
31 December
2009
2008
2011
2010
Total Assets
18,182,728
17,331,342
15,044,936
14,136,676
Total Liabilities
15,255,153
14,491,505
12,611,606
12,361,811
2,927,575
2,839,837
2,433,330
1,774,865
Revenue
711,282
2,750,628
2,536,953
2,342,385
Expenditure
559,159
2,110,174
2,168,178
1,969,911
Net Profits
113,192
492,714
259,233
244,390
Total Equity
84
Remarks
(in millions of Singapore dollars)
31 December
2009
2008
2011
2010
15.91%
17.91%
10.22%
10.43%
Net Profits/Assets (ROA)
0.62%
2.84%
1.72%
1.73%
Net Profits/Equity (ROE)
3.87%
17.35%
10.65%
13.77%
Net Profits/Revenue
4.
31 March
Information on the Company’s Subsidiaries and Associated Companies
The Company currently holds shares in several companies, the largest of which are described
below. The following table provides a list of subsidiaries of the company and the percentage of the
company’s ownership in such companies as at the date this prospectus was published.
a.
Subsidiaries
Lines of Business
Ownership Percentage
1
Consumer Financing Service
95.00%
2
PT Adira Quantum Multi Finance
Consumer Financing Service
99.00%
3
Loss Insurance
90.00%
PT ADIRA DINAMIKA MULTI FINANCE
Establishment
PT Adira Dinamika Multi Finance Tbk. (“Adira Finance”) was established under the name of PT
Adira Dinamika Multi Finance based on Deed of Limited Liability Company Number 131 dated 13
November 1990 drawn up before Misahardi Wilamarta, SH, Notary in Jakarta, which was
approved by MOLHR based on his Decree Number C2-19.HT01.01.TH.91 dated 8 January 1991
and registered for such purpose in South Jakarta District Court Number 34/Not.1991/PN/JKT.SEL
dated 14 January 1991, and announced in the State Gazette of the Republic of Indonesia Number
12 dated 8 February 1991, Supplement Number 421.
As of the Limited Public Offering IV of the Company, the Articles of Association of Adira Finance
have not been amended. The latest amendment is in the Deed of Amendment to the Articles of
Associations No. 2 dated 13 March 2009 drawn up before Sinta Dewi Sudarsana, S.H., Notary in
Jakarta as notified to MOLHR of the Republic of Indonesia as received by his letter Number
AHU-AH.01.10-03555 dated 13 April 3009 and registered under TDP Number AHU0015784.AH.01.09 Tahun 2009 dated 13 April 2009 by MOLHR and were announced in the State
Gazette of the Republic of Indonesia No 61 dated 31 July 2009, Supplement No. 603.
Adira Finance obtained a business licence to operate as a financing company from the Ministry
of Finance with Decree Number 253/KMK.013/1991 dated 4 March 1991.
Adira Finance is domiciled in Central Jakarta with 121 branch offices, 126 representative offices
and 126 points of service, 48 stands, and 6 dealer outlets throughout Indonesia. Adira Finance
commenced its commercial operations in 1990.
Business Activities
In accordance with Article 3 Paragraph 1 of the Articles of Association of Adira Finance, the
purpose and objective of Adira Finance is to carry out financing business activities.
85
In order to achieve the purpose and objective in accordance with Article 3 Paragraph 2 of Adira
Finance’s Articles of Association, Adira Finance may conduct the following business activities:
1.
leasing, namely the supply of capital goods, according to a financial lease or operating
lease, to be utilised by the lessee during a specific period of time with installment payments;
2.
factoring, namely the purchase and management of short-term accounts receivables of a
company;
3.
consumer finance, namely the procurement of goods based on consumer needs with
installment payments; and
4.
credit card business, namely financing activities for the purchase of goods and/or services
using a credit card.
Capital Structure and Shareholding Composition
Based on the shareholders composition that reach 5% or more on 30 June 2011 as published by
Securities Administration Bearu PT Adimitra Transferindo, the capital structure, shareholders
composition and share ownership composition within Adira Finance is as follow:
Remarks
Authorised Capital
Par Value Rp100 per share
Total Par Value
Number of Shares
(in Rupiah)
%
4,000,000,000
400,000,000,000
950,000,000
950,000,000,000
95
50,000,000
5,000,000,000
5
Total Issued and Paid-up Capital
1,000,000,000
100,000,000,000
100.00
Shares in Portfolio
3,000,000,000
300,000,000,000
Company
Public*
*
Comprising shareholders who have ownership stakes in Adira Finance of less than 5% (five percent) of total shares
issued and fully paid to Adira Finance
Management and Supervision
Based on the Deed of Minutes of Meeting of Adira Finance No. 22 dated 28 April 2011 drawn up
before Pahala Sutrisno Amijoyo Tampubolon, S.H., MKn. notary in Central Jakarta, as notified to
MOLHR with Receipt on the Amendment to the Adira Finance’s data number AHU-AH.01.1015237 dated 20 May 2011 which was registered in the Corporate Register No. AHU0040665.AH.01.09 of 2011 dated 20 May 2011, and registered in Company Register
No. AHU.0040655.AH.01.09Tahun 2011 dated 20 May 2011 the composition of the Board of
Directors and Board of Commissioners of Adira Finance are as follows:
Board of Directors
President Director
:
Stanley Setia Atmadja
Director
:
Marwoto Soebiakno
Director
:
Hafid Hadeli
Director
:
Ho Lioeng Min
Director
:
I Dewa Made Susila
86
Board of Commissioners
President Commissioner
:
Ho Hon Cheong
Commissioner also acts as Independent Commissioner
:
Djoko Sudyatmiko
:
Eng Heng Nee Philip
:
Pande Rajda Silalahi*
Commissioner
:
Muliadi Rahardja
Commissioner
:
Vera Eve Lim
Commissioner
:
Rajeev Kakar
Summary of Material Financial Data
The information table contained in the following discussion is based on the 3 (three) months
ended 31 March 2011 and the years ended 31 December 2010, 2009, 2008, 2007 and 2006 as
extracted from the Consolidated Financial Statements of Adira Finance. The Adira Finance
Financial Statements as of 31 December 2010, 2009, 2008 and 2007 were audited by the
Registered Public Accountants of Siddharta & Widjaja, previously the Registered Public
Accountants of Siddharta Siddharta & Widjaja (a member firm of KPMG International), with
unqualified opinion in each of the reports. The independent auditor’s report for the Adira Finance
Financial Statements 31 December 2010 includes an explanatory paragraph which states that
effective 1 January 2010 Adira Finance prospectively adopted SFAS No. 50 (2006 Revision),
“Financial Instruments: Presentation and Disclosures” and SFAS No. 55 (2006 Revision),
“Financial Instruments: Recognition and Measurement” and on the reissuance of the Adira
Finance Financial Statements for the dates and years ended 31 December 2010, in order to
conform it to the presentations in accordance with the capital market regulations, in relation with
the Adira Finance plan for a Bond Public Offering V in 2011 with fixed interest rate. The
independent auditor’s report for the Consolidated Financial Statements as of 31 December 2008
includes an explanatory paragraph regarding reissuance of the Adira Finance Financial
Statements as of and for the year ended 31 December 2008, in order to conform with the
presentations as required by the capital market regulations, in relation with the Adira Finance plan
for a Limited Public Offering of Adira Dinamika Multi Finance Bonds III Year 2007 with Fixed
Interest Rate.
Remarks
31 March
31 December
2009
2008
2011
2010
Total Assets
9,176,522
7,599,615
4,329,549
3,592,024
Total Liabilities
4,994,119
3,804,856
1,677,146
1,642,021
Total Equity
4,182,403
3,794,759
2,652,403
1,950,003
Revenue
1,543,870
3,897,185
3.944.766
3.379.303
Expenses
1,026,919
1,965,462
2,286,419
1,959,981
387,645
1,467,906
1,212,400
1,020,233
25.11%
38.44%
30.73%
30.19%
4.22%
19.71%
28.00%
28.40%
9.27%
39.47%
45.71%
52.32%
Net Profits
Net Profits/Revenue
*
Unaudited
87
b.
PT ADIRA QUANTUM MULTI FINANCE
Establishment
PT Adira Quantum Multi Finance (“Adira Quantum”), (formerly known as PT Dana Samapersada)
was established by the Deed of Establishment Number 76 dated 12 August 1992, and Deed
Number 101 dated 11 March 1993, drawn up before Joenes Enoeng Maogimon, SH, Notary in
Jakarta, which has been approved by the Minister of Justice, Decree Number C23005.HT.01.01.TH.93 on 11 May 1993. It was announced in the State Gazette Number 82, dated
12 October 1993, Supplement No. 4770. The Ministry of Finance granted the business license to
Adira Quantum pursuant to a Decree of the Minister of Finance of the Republic of Indonesia
Number 907/KMK.017/1993 on 26 September 1993 as amended by the Decree of the Minister of
Finance of The Republic of Indonesia No. 221/KMK.017/1997 and the Decree of the Minister of
Finance of The Republic of Indonesia No. KEP.079/KM.06/2003 dated 24 March 2003.
Since the time of the Company’s Limited Public Offering IV, Adira Quantum’s Articles of
Association have been amended several times. An amendment of the shareholder composition
was stipulated in the Deed of Resolutions of Meetings No. 84/2006 concerning the minimum
authorised capital of the finance company based on the Deed of Resolutions of Meetings No. 29
dated 23 July 2009, drawn up before P. Sutrisno A. Tampubolon, SH., M.Kn, Notary in Jakarta
(“Deed No. 29/2009”), in which the amendment has been approved by Minister of Law and Human
Rights of the Republic of Indonesia under Approval No. AHU-39039.AH.01.02-2009, dated 13
August 2009 and registered on the Registration of the Company.
Business Activities
Pursuant to Article 3 of Adira Quantum’s Articles of Association, Adira Quantum engages in
leasing, factoring, credit card financing, consumer financing and other business related activities
as permitted by law.
In order to achieve its purposes and objectives, Adira Quantum conducts the following activities:
1.
financing activities in the form of supplying capital goods, under either both a financial lease
or operating lease, to be used by lessor during a specific period of time based on periodic
payment;
2.
financing activities in the form of purchase and/or assignment and management of
receivables or short-term liabilities of a Company from trading transactions in the country or
abroad;
3.
financing activities to purchase goods and services using;
4.
financing activities for the procurement of goods based on the needs of consumers with the
and periodic system of payments; and
5.
other closely related business activities that have a direct or indirect goal to achieve Adira
Quantum’s objectives.
Based on Deed No. 29/2009, the composition of capital structure of Adira Quantum is as follows:
88
Authorised Capital
:
Rp180,000,000,000, (one hundred eighty billion Rupiah), divided
into 180,000 (one hundred eighty thousand) shares with a par value
of Rp1,000,000 (one million Rupiah) per share;
Issued capital
:
Rp100,000,000,000 (one hundred billion Rupiah) divided into
100,000 (one hundred thousand) shares with a par value of
Rp1,000,000 (one million Rupiah) per share and
Paid-up Capital
:
Rp1,000,000 (one million Rupiah) per share.
Based on Deed No. 29/2009, the following table provides the latest composition of Adira Quantum
shareholders.
Nominal value Rp1,000,000 per share
Total Par Value
Number of Shares
(in Rupiah)
Remarks
Authorised Capital
%
180,000
180,000,000,000
99,000
99,000,000,000
99
1,000
1,000,000,000
1
100,000
100,000,000,000
100.00
80,000
80,000,000,000
Company
PT Adira Dinamika Multifinance Tbk.
Shares in Portfolio
Based on Deed No. 10 dated 8 July 2011, drawn up before Pahala Sutrisno Amijoyo Tampubolon,
SH, MKn., Notary in Jakarta, which has been reported to the Minister of Law and Human Rights
under letter of acceptance of notification No. AHU-AH.01.10-22226 dated 15 July 2011, the latest
composition of the Board of Directors and Board of Commissioners of Adira Quantum is provided
below.
Board of Directors:
President Director
:
Lynn Ramli
Director
:
Reza Pely Rusli
:
Ali Rukmijah (Ali Yong)
Commissioner
:
Satinder Pal Singh Ahluwalia
Commissioner
:
Khoe Minhari Handikusuma
Board of Commissioners:
Summary of Significant Financial Data
ended 31 March 2011 and the years ended 31 December 2010, 2009, and 2008 as extracted from
the Consolidated Financial Statements of Adira Quantum. Adira Quantum Financial Statements
as of 31 December 2010, 2009, 2008 were audited by the Registered Public Accountants of
Siddharta & Widjaja, previously the Registered Public Accountants of Siddharta Siddharta &
Widjaja (a member firm of KPMG International), with unqualified opinion in each of the reports.
89
The independent auditor’s report for the Adira Quantum Financial Statements 31 December 2010
includes an explanatory paragraph which states that effective 1 January 2010 Adira Quantum
prospectively adopted SFAS No. 50 (2006 Revision), “Financial Instruments: Presentation and
Disclosures” and SFAS No. 55 (2006 Revision), “Financial Instruments: Recognition and
Measurement”.
31 March
31 December
Remarks
2011
2010
2009
2008
265,008
241,214
189,384
128,117
34,460
32,718
35,149
76,006
Total Equity
230,548
208.495
154.236
52,111
Revenue
103,900
345,160
263,417
206,092
Expenses
74,041
272,337
196,654
159,982
Net Profits
22,052
54,850
47,124
32,079
21.22%
15.89%
17.89%
15.57%
8.32%
22.74%
24.88%
25.04%
9.57%
26.31%
30.55%
61.56%
Total Assets
Total Liabilities
Net Profits/Revenue
c.
PT ASURANSI ADIRA DINAMIKA
Establishment
PT Asuransi Adira Dinamika (“Adira Asuransi”) was formerly named PT Asuransi Kerugian Nexus,
established based on the Deed of Establishment No. 106 dated 17 July 1996, approved by the
Minister of Justice with Decree No. C2-10988.HT.01.01.TH’96 dated 12 December 1996, and
registered at the Company Registry Office of South Jakarta No. 556/BH.09.03/III/97 dated 13
March 1997, and has been announced in the State Gazette No. 1631, dated 31 March 2000,
Supplement No. 26. The Department of Finance granted PT Asuransi Kerugian Nexus a business
licence in the insurance industry by virtue of Decree of the Minister of Finance of the Republic of
Indonesia No. 462/KMK.017/1997 dated 8 September 1997 as amended by Letter of the Minister
of Finance of the Republic of Indonesia No. S.1469/LK/2002 dated 10 April 2002 were related to
changes its name to PT Asuransi Adira Dinamika.
As of the Company’s Limited Public Offering IV, Adira Asuransi’s Articles of Association have been
amended several times, with the last amendment was under Deed of Shareholders Minutes
Meeting of PT Asuransi Adira Dinamika No. 4 dated 5 May 2011 drawn up before Pahala Sutrisno
Amijoyo Tampubolon (“Deed No. 4/2011”). Related to the changes in Article 11 paragraph (1) and
Article 12 Article of Association of Adira Asuransi regarding Directors and Board of Directors
Duties and Authority. This change has been reported to the Minister of Law and Human Rights
based on the letter of acceptance of notification No. AHU-AH.01.10-14300 dated 12 May 2011.
Business Activities
In accordance with Article 3 of the Adira Asuransi’s Articles of Association, Adira Asuransi engages
in business of providing loss insurance, particularly loss insurance under syariah principles.
In order to achieve its purposes and objectives, Adira Asuransi can provide risk coverage service,
loss of benefit and third party legal liability insurance caused by unpredicted occurences.
90
Based on the Deed of Resolutions of Meetings No. 26, dated 21 December 2010 (“the Deed
No. 26/2010”), which was drawn up before Pahala Sutrisno Amijoyo, SH, MKn, Notary in Jakarta,
which has been approved by the MOLHR based on Decree No. AHU-60063.AH.01.02.Tahun
2010 dated 27 December 2010 and has been notified to the Minister of Law and Human Rights
based on Letter of Acceptance of Notification No. AHU-AH.01.10-33415 dated 28 December 2010
the latest composition of Adira Asuransi Shareholders is as follows:
Authorised Capital
:
Rp400,000,000,000 (four hundred billion Rupiah) divided into
400,000 (four hundred thousand) shares with a par value of
Rp1,000,000 (one million Rupiah) per share;
Issued Capital
:
Rp1,000,000 (one million Rupiah) per share and
Paid-up Capital
:
Rp1,000,000 (one million Rupiah) per share.
Based on Deed No. 26/2010, the table below provides the latest composition of Adira Asuransi
Shareholders.
Nominal value Rp1,000,000 per share
Total Par Value
Number of Shares
(in Rupiah)
Remarks
Authorised Capital
%
400,000
400,000,000,000
Company
90,000
90,000,000,000
90
Ir. Willy Suwandi Dharma
10,000
10,000,000,000
10
100,000
100,000,000,000
100.00
Shares in Portfolio
300,000
300,000,000,000
Based on Deed No. 4/2011 the composition of the Board of Directors and Board of
Commissioners of Adira Asuransi is as follows:
Board of Directors:
President Director
:
Willy Suwandi Dharma
Director
:
Indra Baruna
Director
:
Pratomo
:
Stanley Setia Atmadja
Vice President Commissioner
:
Vera Eve Lim
Independent Commissioner
:
Manggi Taruna Habir
Board of Commissioners:
91
Summary of Significant Financial Data
ended 31 March 2011 and the years ended 31 December 2010, 2009, and 2008 as extracted from
the Consolidated Financial Statements of Adira Insurance. Adira Insurance Financial Statements
as of 31 December 2010, 2009, and 2008 were audited by the Registered Public Accountants of
Siddharta & Widjaja, previously the Registered Public Accountants of Siddharta Siddharta &
Widjaja (a member firm of KPMG International), with unqualified opinion in each of the reports.
The independent auditor’s report for the Adira Quantum Financial Statements 31 December 2010
includes an explanatory paragraph which states that effective 1 January 2010 Adira Insurance
prospectively adopted SFAS No. 50 (2006 Revision), “Financial Instruments: Presentation and
Disclosures” and SFAS No. 55 (2006 Revision), “Financial Instruments: Recognition and
Measurement”.
31 March
31 December
Remarks
2011
2010
2009
2008
Total Assets
2,141,478
2,031,614
1,597,032
1,252,857
Total Liabilities
1,292,041
1,241,470
904,904
833,581
849,437
790,144
692,128
419,276
Revenue
94,923
372,986
296,002
241,945
Expenses
44,310
154,796
149,017
118,373
Net Profits
67,827
268,990
205,690
150,010
71.45%
72.12%
69.49%
62.00%
3.17%
13.24%
12.88%
11.97%
7.98%
34.04%
29.72%
35.78%
Total Equity
Net Profits/Revenue
In addition to investments in subsidiaries, the Company also invested in companies with holdings
below 5% as shown in the following table:
No.
Subsidiaries
Line Business
Ownership
1.
PT Bank Chinatrust Indonesia
(d/h PT Bank Chinatrust Tamara)
Banking
1.00%
2.
PT Bank Woori Indonesia
(d/h PT Bank Hanvit Indonesia)
Banking
4.81%
3.
PT Sarana Lampung Ventura
Venture Capital
4.21%
4.
PT Sarana Kalteng Ventura
Venture Capital
3.90%
5.
PT Sarana Kalbar Ventura
Venture Capital
2.45%
6.
PT Sarana Sumbar Ventura
Venture Capital
1.78%
7.
PT Sarana Jambi Ventura
Venture Capital
2.25%
8.
PT Sarana Kalsel Ventura
Venture Capital
1.04%
9.
PT Sarana Sulteng Ventura
Venture Capital
0.25%
10.
PT Bhakti Sarana Ventura
Venture Capital
0.30%
11.
PT Mitra Dana Jimbaran
Venture Capital
3.85%
12.
PT Aplikanusa Lintasarta
Telecomunication and
Information Technology
0.57%
92
93
5.
Market Research &
Business Development
Head
Loefly Wahjoe L.
Risk Management
Head
Adil Pamungkas
Business Planning
Head
Rudy Mahasin
Special Unit
Management Head
Juwono Akuan
Sales & Distribution
Head II
Indrayana L.S.
Sales Management &
Marketing Head
Denny Goutama
Mass Market
Business
HR Head
Made Yudanegara
SMEC Business
HR Head
Neslie C. Warouw
SMEC Credit Risk
Head
Anil K. Parimoo
Asset Based Finance
Head
Andre H.T.The
SMEC Strategic
Planning & Business
Development Head
Ong Tek Tjan
SME Banking Head
Alexander C Setjadi
Nomination &
Remuneration
Committee
Board of
Commissioners
Cash Management
Product & Value
Chaln Head
Paulus Adineta
Widia
Transaction
Banking Sales &
Service Head
Isabella Aritonang
Trade Product
Management Head
Margaret Tjahjono
Balance Sheet
Management Head
Ivan Petrozzi
Financial
Institution Head
Emy Resha Tantry
Chief Economist
Anlon Gunawan
Treasury Sales &
Trading Head
Johannes Husin
TCM & FI Director
Pradip Chhadva
Risk Monitoring
Committee
Commercial
Business Head
Harapman Kasan
SMEC & Corporate
Director
Ali Yong
Corporate
Banking Head
Hery Adriawan Zaenal
Sales & Distribution
Head I
Sahat Horas Sitompul
SEMM Business
Control & Fraud
Management Head
Hermanto R. Danujaya
Operations & Business
Support Head
Liliana Veronica Lie
Micro Business
Director*
Khoe Minhari
President Director
Henry Ho
Annual General Meeting of Shareholders
Organisation structure of the Company as of 31 May 2011 is as follows:
The Company’s Organisation Structure
Corporate
Governance
Committee
Wholesale Credit &
Analytics Audit
Development
Group Head
Yulius Setiawan
Fraud Investigation
Group Head
Chaerul J. Huwae
SEMM Audit Group
Head
Muhammad Rizaldy
Branches & IT Audit
Group Head
Nathan Tanuwidjaja
Quality
Assurance Head
Vacant
Product & Support
Audit Group Head
Vacant
Chief Internal Auditor
Antony Kurniawan
Ratail Credit Audit
Group Head
Yessy Catharina Muy
Audit Committee
Sharia Supervisory
Board
In accordance with provisions in the Articles of Association, the Company is led by the Board of
Directors under the supervision of the Board of Commissioners. Members of the Board of
Directors and the Board of Commissioners are elected and appointed by the General Meeting of
Shareholders (“GMS”), each for a period commencing from the date specified in the GMS and
ending upon closure of the third annual GMS after the date of appointment. Duties and authorities
of the Commissioner and Director are set forth in the Articles of Association of the Company.
Based on Deed of Minutes Meeting No. 27 dated 30 March 2011, drawn up before Pahala
Sutrisno Amijoyo Tampubolon SH., Mkn., Notary in Central Jakarta, has been received and
recorded by the Department of Law and Human Rights based on Letter of Receipt of the
Company Information Change No. AHU-AH.01.10-12462, dated 27 April 2011, and has been
registered in the Company Registration No. AHU-0033412.AH.01.09.Tahun 2011 dated 27 April
2011. It has also been registered in accordance with Law No. 3/1982 on the Registration of the
Company in the Cooperative Office, UMKM and Trade of South Jakarta Administration Office
dated 15 June 2011 (without number). Based on this deed, the composition of the Board of
Directors and Board of Commissioners of the Company is as follows.
Board of Commissioners
:
Ng Kee Choe
Vice President Commissioner/
Independent Commissioner
:
Johanes Berchmans Kristiadi Pudjosukanto
Commissioner
:
Milan Robert Shuster
Commissioner
:
Harry Arief Soepardi Sukadis
Commissioner
:
Manggi Taruna Habir
Commissioner
:
Gan Chee Yen
Commissioner
:
Ernest Wong Yuen Weng
Commissioner
:
Benedictus Raksaka Mahi*
President Director
:
Ho Hon Cheong (Henry Ho)
Director of Operational and Human
Resources
:
Muliadi Rahardja
Director of Syariah Banking and Gold
Solution
:
Herry Hykmanto
Director of Technology and Informatics
:
Kanchan Keshav Nijasure
Director of Banking, Corporate and Small
and Middle Business and Commercial
:
Director of Finance
:
Vera Eve Lim
Director of Compliance, Legal and
Litigation
:
Fransiska Oei Lan Siem
Director Treasury and Capital market,
Financial Institution and Banking
Transaction
:
Pradip Chhadva
Director of Retail Banking and Consumer
:
Michellina Laksmi Triwardhany
Director of Risks Sector
:
Director of Micro Banking Business
:
Khoe Minhari Handikusuma*
Board of Directors
94
The following table provides a brief profile for each member of the Board of Commissioners and
Board of Directors of the Company:
BOARD OF COMMISSIONER
Ng Kee Choe
Singaporean Citizen, 67 years old.
He achieved a Bachelor of Science Degree from the Singapore
University in 1966.
He has held the position of President Commissioner of the
Company from 2006 until the present.
He worked at DBS Bank (1970-2003) with his last position being the
Senior Advisor to CEO (2004-2006). Currently, he occupies
positions in several leading companies: Director of Singapore
Exchange Limited (2003-present), Director of Singapore Power Ltd.
(2000-present), Director of Singapore Airport Terminal Services Ltd.
(2000-present) and Director of SP Ausnet (2005-present). He also
chairs NTUC Income Insurance Cooperative Limited (2004-present)
and holds the position as Director of Fullerton Financial Holdings
Pte. Ltd. (2008-present).
He is a member of the advisory board of Temasek (2003-present),
member of the advisory board of International Advisory Council of
China Development Bank (2000-present) and Chairman of Tanah
Merah Country Club (2008-present). He received a Public Service
Star Award from the Government of Singapore in August 2001.
Johanes Berchmans Kristiadi Pudjosukanto
Indonesian Citizen, 65 years old.
He obtained a Doctor of Philosophy degree from Sorbonne
University in France in 1979.
He has held the position as Commissioner since 2005.
At present, he also holds the position as the Chairman of the
Supervisory Board of RS Jantung Harapan Kita (2003-present). He
worked as an expert for the Department of Finance of the Republic
of Indonesia (2008-2009), Director of Asset Maintenance and
Director of Budget in the Ministry of Finance, Chairman of the State
Administration Institution of the Republic of Indonesia (1990-1998),
Assistant V Coordinating Minister of Supervision, Development,
Administrative Reforms (1998-1999), Deputy IV State Ministry of
Administrative Reform (1999-2001), Secretary of State Ministry of
Communications and Information (2001-2005), General Secretary
of the Ministry of Finance of the Republic of Indonesia (2005-2006),
Chairman of the Board of Commissioners at PT Jakarta Lloyd in
2002 and Commissioner at PT Bank BNI Tbk. (2005-2006).
95
Commissioner
Canadian Citizen, 70 years old.
He has been a Commissioner of the Company since 2000.
He obtained a Doctor of Philosophy degree in the International Law
and Economics Programme from the University of Oxford in 1970.
He worked for the Asian Development Bank (1970-1974), Inter
Alpha Asia — Hong Kong (ING Bank) (1974-1979), National Bank of
Canada (1979-1991), and he was the Joint General Manager of
Nippon Credit Bank of Singapore (1991-1997), the President
Director & CEO of PT Bank Private Development Finance Company
in Indonesia Tbk. (PDFCI) (1997-1998) and President Director of
the Company (1998-2000).
Commissioner
He obtained his Bachelors degree in Accounting from the Faculty of
Economics, Padjajaran University Bandung in 1982.
Currently, he holds the position as the Director of PERURI
(2008-present). He worked as General Manager in the Accounting
Division in PT Indosat (1986-1993) and Manager of the Accounting
and Control Division of PT Semen Cibinong Tbk. (1993-2000). He
joined IBRA in 2000 with the latest position being Director of
Finance of IBRA (2002-2004) and as the Daily Coordinator,
Administration and Audit Team of IBRA (2004-2005).
Manggi Taruna Habir
Commissioner
He obtained a Masters in International Business Administration from
the University of Michigan in 1979 and a Masters in Public
Administration, Economic and Financial Policy from Harvard
University in 2002.
Currently, he holds the position as the Chairman of the Supervisory
Board of Yayasan Danamon Peduli (2005-present). He started his
career at the Multinational Finance Corporation (1979-1981), then
served as a business and economics correspondent for the Far
Eastern Economic Review (1982-1985). He worked at Citibank NA,
Jakarta (1981-1990) with last position as Vice President. He has
also served in positions such as a Research Director of PT Bahana
Securities (1995-1998), President Director of PT Pefindo
(1998-2001) and Director of Standard & Poor’s in Singapore in
2002.
96
Gan Chee Yen
Commissioner
He obtained a Bachelors in Accounting from the National University
of Singapore in 1984.
He currently serves as Director of Fullerton Financial Holdings Pte.
Ltd. (2003-present). He started his career as an Audit Assistant at
Cooper & Lybrand (1984-1986), then worked at Showa Leasing (S)
Pte. Ltd. (September 1986-1988), and as Senior Manager of
Finance at Singapore Technologies Marine Ltd. (1988-1996), and
Finance Director of Singapore Technologies Pte. Ltd. (1996-2003).
He currently occupies the position of Financial Director at Temasek
Holdings Pte. Ltd. (2004-present)
Commissioner
He graduated from the University of Surrey, United Kingdom,
majoring in Chemical Engineering and obtaining his Bachelor of
Science degree in 1967.
He started his career in the Economic Development Board and the
Ministry of Finance of Singapore serving as Principal Assistant
Secretary (1967-1971). He joined the United Overseas Bank Group
(UOB) (1972-2000). He worked as UOB Group President and Board
Member (1990-2000), and then joined MediaCorp Pte Ltd and
assumed the position as Group CEO (2000-2005). During this
period, Ernest continued serving as Non-executive Director of UOB
and chaired the Audit Committee. He was appointed as the
President Commissioner of Bank Internasional Indonesia
(2006-2008).
At present, he serves as the member of Temasek Advisory Panel
(2005-present) and as a Board Member of Fullerton Financial
Holdings Private Limited (2008-present), Invida Pharmaceutical
Holdings Private Limited (2006-present), Nucleus Connect Private
Limited (2009-present) and SingBridge International Private Limited
(2009-present). He also joined non-profit institutions, such as
Nanyang Technological University (2006-present), Singapore
Academy of Law (2008-present) and Singapore Health Services
Private Limited (2006-present).
97
Benedictus Raksaka Mahi
Commissioner
Indonesian Citizen, 48 years old
He assumed the position of Commissioner in 2011
He graduated from the University of Indonesia, Faculty of
Economics in 1989, obtained a Master of Science in policy
economics from the University of Illinois at Urbana-Champaign,
Illinois, United States in 1992 and a PhD. in economics from the
University of Illinois at Urbana-Champaign, Illinois, United States in
1996.
He started his career in the position of Chairman of Economic
Postgraduate Programme 1999-2001) and as the Vice Dean for the
Academic division in the Law Faculty of the University of Indonesia
(2001-2005). During 2005-2009 he worked as Special Staff for the
Minister for Coordination of the Economic Sector with roles, among
others, as the chairman of the Monitoring Team for Policy in the
Improvement of Investment Climate, a member of the team that
drafted Bill No. 25/2007 on Investment and a member of the expert
team for the development of the Indonesian Economic Corridor. In
2008-2011 he was assigned as Vice Secretary of the National Team
of Development of Export and Investment (Timnas PEPI). Raksa
Mahi at present is a member of the Assistance Team for the Minister
of Finance in relation to the Fiscal Decentralization Policy, member
of the team of financial and economic consultation for the Fiscal
Authority Body (BKF) of the Ministry of Finance, and as an advisor
for the Implementing Team of the National Council of Special
Economic Zone (KEK) Indonesia. He is also a lecturer and senior
researcher in the field of macroeconomics, micro economics, public
sector economics and national finance, development of country
economics and fiscal decentralization in the Economics Faculty of
the University of Indonesia.
DIRECTORS
President Director
Malaysian Citizen, 57 years old.
He has been the President Director of the Company since 2010.
He graduated from the University of Malaya — Kuala Lumpur,
majoring in Mechanical Engineering and earned his Bachelor’s
degree in Engineering (Honours) in 1978. He obtained a Master’s
degree in Business Administration where he majored in Accounting
& Finance from McGill University, Montreal, Quebec, Canada in
1980.
98
He worked at Citibank NA, Kuala Lumpur as a Country Risk Officer
(1992-1994), in Citibank NA, Singapore as Pan Asia Corporate
Head (1994-1995), in Citibank NA, Bangkok as Chief Country
Officer (1996-2001), and Saudi American Bank Riyadh, Kingdom of
Saudi Arabia as General Manager and Group Head (2002). He then
joined PT Bank International Indonesia as President Director, or
CEO (2004-2009), before he joined the Company. He also worked
for Temasek Holdings (Private) Ltd as Managing Director
(2009-2010).
Muliadi Rahardja
Director of Operation and Human Resources
He has been a Director of the Company since 1999.
He graduated from the Faculty of Economics of the University of
Indonesia majoring in Accounting in 1984 and obtained an MBA
from the Sloan School of Management, Massachusetts Institute of
Technology, USA in 1998.
He started his career as a senior consultant at the MAS Association
(1983-1984) and joined PT Sepatu Bata Indonesia Tbk.
(1984-1985). He joined PT Asuransi Lippo Life Tbk (1985-1989) and
lastly served as Deputy Group Head in the field of MIS and
accountant in Budget Planning and Control. He worked in the
Company since 1989 as Head of the Tangerang Branch. Before
acting as a Director, he served as Head of the Division of Planning
and Strategy.
Director of Banking and Small Business, Medium and Commercial
He obtained a Bachelors degree in Mechanical Engineering at the
Bandung Institute of Technology in 1994. He also attended the
Executive Development Program at Harvard Business School in
2003.
He started his career as a Management Associate with the Citigroup
Team (1994-1997). He worked at PT Bank Papan (1997-1999) as
Assistant Vice President and served on the Management Team
IBRA in Bank Pos (1999). He worked as a Commissioner for PT
Korea Exchange Bank Danamon (2004-2005). He joined the
Company in 1999 and served as Head of Transaction and Services
before being appointed as Director. In 2008, The Asian Banker
named him “Promising Young Banker”.
99
Vera Eve Lim
Director of Finance
She has been a Director of the Company since 2006.
She obtained a Bachelor’s degree in Economics from the Faculty of
Economics at the University of Tarumanegara in 1989 and
participated in the “Executive Development Programme” at the
Stanford Graduate School of Business in 2008.
She started her career in PT Asuransi Sinar Mas in 1988.
She worked in PT Sinar Mas Dipta Insurance (1988-1990). She
joined the Company in 1991 and served several positions including
the Head of Financial Accounting and Planning Division and Chief
Financial Officer (2003-2006). From 2004 until the present, she
served as Commissioner of PT Adira Dinamika Multi Finance Tbk.
Director of Information and Technology
Indian Citizen, 53 years old.
He graduated from the Indian Institute of Technology, Bombay with
a Bachelor’s Degree in Technology and major in Electronic
Engineering in 1980.
He started his career in the field of banking technology while
supervising the treasury system in Unisys (1985-1987). He then
joined Citigroup (1987-1988) and worked with a number of
information and technology platforms in many countries. He
occupied various senior management positions in a number of
companies in Citigroup. He worked as Global Technology Head for
Commercial and SME business in Citigroup International in London
(2000-2003). He joined the Company in April 2004 and was
appointed Chief Technology Officer in July 2006.
Herry Hykmanto
Director of Syariah and Gold Solution
He graduated from the University of Padjajaran, Bandung, Faculty
of Livestock/Nutrition, in 1992.
He served as Senior Cash Management & Trade Business
Development Manager Standard Chartered Indonesia (2000-2003)
and as International Operation Head in Bank Universal
(1992-2000). He joined the Company and served as the Head of
Transaction Banking (2006-2008).
100
He is the first Indonesian Banker to receive an international
certification for letter of credit from the International Chamber of
Commerce in France in 1988. He also serves as Head of the
International Chamber of Commerce for the Banking Commission in
Indonesia and represents Indonesia both in international and
regional forums with regard to the issue of International Commercial
Practices and Regulations.
Director of Compliance, Legal and Litigation
She graduated from the Faculty of Law of the University of Trisakti
in 1981.
She started her career in PT Ficorinvest (1982-1984). She worked
for Citibank (1984-2000) and served as the Legal Compliance
Director and Corporate Secretary of PT Bank International
Indonesia (2005-2009). She was the founder and Senior Partner of
the LBAF Law Firm before becoming appointed as the
Commissioner of PT Bank Mandiri Tbk (2004-2005).
Pradip Chhadva
Director of Treasury, Capital Market, Financial Institution and
Banking transactions
American Citizen, 57 years old.
He graduated from M.S. University of Baroda, India with a Bachelor
of Commerce degree in 1974, and he obtained a Master of Business
Administration degree from Berry College, Rome, Georgia in 1978,
and a Master of International Management degree from Thunderbird
graduate School of International Management in Glendale, Arizona
in 1981.
He worked in the field of treasury for 28 years, working with Saudi
American Bank in Riyadh, Saudi Arabia, an affiliate of Citibank
(1984-1986), and then working in Citicorp Savings & Loans in
Miami, Florida (1986-1988). He also served as Country Treasurer in
Citicorp Investment Bank in Luxembourg, as Programme Director
(1988-1992), Treasury & Capital market Products and Vice
President Treasurer in Citibank International, Fort Lauderdale,
Florida (1996-2006). He served as Deputy Division Head for Sales
& trading for Citibank International in Miami, Florida (1996-2006)
And lastly before he joined the Company, he worked for three years
for First Caribbean International Bank in Barbados as Group Head
& Managing Director of Treasury Sales & Trading (TST)
(2007-2009).
101
Director of Retail Banking and Consumer
She graduated from North Texas University, Denton, Texas
obtaining her Bachelor of Science degree in 1987. She attended the
University of Texas, Austin and obtained her Masters of Business
Administration degree, ranking with distinction in 1990.
She started her career with Citibank Jakarta (1990-2001) serving as
Card Business Director and Marketing Director. She joined the
Manhattan Credit Card Company, Hong Kong, a subsidiary of
Standard Chartered Bank in Hong Kong as General Manager
(2001-2003). She joined Citibank NA Manila Philippines and served
as Card Business Director (2003-2006) and Country Retail Bank
Director (2006-2007). Before joining the Company, she worked as
Country Business Head in Citibank Berhad, Kuala Lumpur,
Malaysia (2007-2009).
Director of Risk Sector
Indian Citizen, 49 years old.
He graduated from Mumbai University, obtaining his Master of
Commerce degree in 1985. He is a Chartered Accountant.
He started his career in Standard Chartered Bank in India and the
Philippines (1987-2002), where he served as the Head of Credit,
Consumer Banking in Malaysia. He then joined Mashreqbank,
United Arab Emirates and served as Vice President and Head Retail
Credit, (2003-2005). He also joined ABN Amro Bank, Dubai and
served as Senior Vice President and Regional Head, Consumer
Lending Group Risk Management in 2006. He worked for Bank
Internasional Indonesia serving as Managing Director and Chief
Risk Officer (2006-2010), and as the Commissioner of WOM
Finance, a subsidiary of BII (2009-2010).
Director of Micro Banking Business
He graduated from Waylan Baptist University in the field finance in
1989.
He joined Bank Danamon as of 1989 as an Account Officer &
Marketing Manager. Other positions that he held previously were
Branch Manager, Deputy Regional Branch Banking head, Regional
Business manager Consumer Segment, Regional Head, National
Sales & Distribution Head, and lastly as SEMM Business Head.
102
The appointment of the board of commissioners and the board of directors of the Company are
in accordance with BAPEPAM-LK Rules No. IX.I.6 regarding Directors and Commissioners of the
Company and Public Company. They passed the fit and proper test by Bank Indonesia and were
approved by Bank Indonesia.
Salary and other compensation benefits payable to the Board of Commissioners, Audit Committee
and the Board of Directors of the Company for the period ended on 31 March 2011 and for years
ended on 31 December 2010, 2009 and 2008 equal Rp25,352 million, Rp130,128 million,
Rp95,757 million and Rp135,355 million, respectively. These amounts were stipulated at the
Annual General Meeting of the Shareholders of the Company.
Committees of the Board of Commissioner
To further uphold its duties and responsibilities, Bank Indonesia Regulations require the Board of
Commissioners to establish committees, the members of which are to be appointed by the Board
of Directors after the Board of Commissioners pass a resolution to create a certain committee.
The Board of Commissioners formed the Audit Committee, Risk Monitoring Committee,
Nomination and Remuneration Committee and Corporate Governance Committee.
Audit Committee
Audit Committee has been formed pursuant to the BAPEPAM-LK Regulation No. IX.I.5 and Bank
Indonesia Regulation No. 8/4/PBI/2006 dated 30 January 2006 and No. 8/14/I/2006 dated 5
October 2006 on the Implementation of Good Governance for Commercial Banks
Based on a Decision by the Board of Directors of the Company No. KEP: DIR-CORP.SEC-006,
dated 30 March 2011, the composition of the members of the Audit Committee is as follows:
Name
Position
Expertise
Chairman/Independent
Commissioner
Credit/Finance/Risk Management
Gan Chee Yen
Member/Commissioner
Accounting/Finance/Risk
Management
Member/Commissioner
Treasury/Risk Management
Johanes Berchmans
Kristiadi Pudjosukanto
Member/Commissioner
Finance/Risk Management
Amir Abadi Jusuf
Member/Independent Party
Accounting/Risk Management
Felix Oentoeng Soebagjo
Law Expert
The duties and responsibilities of the Audit Committee are detailed below.
The Audit Committee of the Company is assigned to monitor and evaluate audit planning and
implementation and observe follow up action of audit findings for the purpose of assessing the
adequacy of internal controls and the adequacy of the financial reporting process.
103
The Committee is responsible for providing professional and independent opinions to the Board
of Commissioners on any report or matters conveyed by the Board of Directors to the Board of
Commissioners and identifying matters that need attention from Board of Commissioners, which
include:
(a)
to prepare an annual activity plan approved by the Board of Commissioners;
(b)
to review financial information to be issued by the Company such as financial statements,
projections and other financial information as well as to ensure that the financial statements
have complied with the applicable accounting standards;
(c)
to analyse the Company’s compliance with laws and regulations in the capital market sector
and other legal matters related to the Company’s activities;
(d)
to evaluate and analyse the Company’s audit plan and its implementation, to ensure that any
audit has been conducted with frequency and within the appropriate scope and to supervise
follow up questions on audit reports;
(e)
to analyse the independence and objectivity of public accountants as well as compliance of
audit implementation by the Public Accountant Firm against the prevailing audit standards;
(f)
to analyse the adequacy of audits conducted by the Public Accountant Firm to ensure that
all material risks have been taken into account;
(g)
to monitor and evaluate the Board of Directors in conducting any follow up to the findings of
the Internal Audit Work Unit, the Public Accountant Firm, and Bank Indonesia in order to
provide recommendations to the Board of Commissioners;
(h)
to provide recommendations on the appointment of public accountants and the Public
Accountant Firm to the Board of Commissioners to be presented at GMS;
(i)
to review and report to the Board of Commissioners any complaints related to the Company;
(j)
to keep confidential all documents relating to the Company’s data and other information in
the Committee’s possession;
(k)
to prepare, review and update Guidance and Work Procedures for the Audit Committee;
(l)
to administer or grant authority to conduct investigation within the scope of its duties;
(m) to retain consultants, accountants, or other external parties, who will provide advice, conduct
investigations and collect information from employees; and
(n)
to perform other duties given at any time by the Board of Commissioners.
Risk Monitoring Committee
Risk Monitoring Committee has been formed pursuant to BI Regulation No. 5/8/PBI/2003 dated
19 May 2003, No. 8/4/PBI/2006 dated 30 January 2006, No. 8/14/PBI/2006 dated 5 October 2006
and Circular of Bank Indonesia No. 5/21/DPNP dated 29 September 2003.
104
Based on a Decision of the Board of Directors of the Company No. KEP: DIR-CORP.SEC 006
dated 30 March 2011, the composition of the members of the Risk Monitoring Committee is as
follows:
Name
Position
Expertise
Manggi Taruna Habir
Chairman
Corporate Governance
Member/Commissioner
Harry Arif Soepardi
Sukadis
Member/Independent
Commissioner
Accounting/IT/Risk Management
Member/Independent
Commissioner
Gan Chee Yen
Member/Commissioner
Accounting/Finance/Risk
Management
Amir Abadi Jusuf
Accounting/Risk Management
Felix Oentoeng Soebagjo
Law Expert
The Risk Monitoring Committee is responsible for providing independent and professional
opinions to the Board of Commissioners on any report or matters conveyed by the Board of
Directors to the Board of Commissioners and identifying matters that need attention from the
Board of Commissioners, which include:
(a)
to prepare the annual activity plan of the Committee for approval by the Board of
Commissioners;
(b)
to evaluate compliance of the Company’s risk management policy with its implementation;
(c)
to monitor and evaluate the performance of duties of the Risk Management Committee and
risk management work unit in order to provide recommendation to the Board of
Commissioners;
(d)
to report to the Board of Commissioners any risks faced by the Company and the application
of risk management by the Board of Directors;
(e)
to evaluate the Company’s risk management policy at least once a year;
(f)
to evaluate any risk management policy implemented by the Board of Directors of the risk
management policy on at least a quarterly basis;
(g)
to keep confidential all documents, data and information of the Company;
(h)
to prepare, review and update the Guidance and Code of Conduct of the Risk Monitoring
Committee on a periodical basis;
(i)
to administer or to grant authority to conduct an investigation within the scope of its duties;
(j)
to retain consultant and accountant services as well as other external parties who will
provide advice or to conduct an investigation and collect information required by the
Committee from employees; and
(k)
to perform other duties given at any time by the Board of Commissioners.
105
Nomination and Remuneration Committee
Committee has been formed pursuant to BI Regulation No. 8/4/PBI/2006 dated 30 January 2006
and No. 8/14/PBI/2006 dated 5 October 2006.
Based on a Decision by the Board of Directors of the Company No. KEP: DIR-CORP.SEC-006
dated 30 March 2011, the composition of members of the Committee is as follows:
Name
Position
Expertise
Johanes Berchmans
Commissioner
Ng Kee Choe
Member/President
Commissioner
Credit/Finance /Human Resources/
Harry Arif Soepardi
Sukadis
Member/Independent
Commissioner
Accounting/IT/Risk Management
Member/Independent
Commissioner
Maria Theodora
Member/Executive Officer
Human Resources
The Nomination and Remuneration Committee shall have the following Duties and
Responsibilities:
•
•
With regard to any remuneration policy, the Committee shall conduct an evaluation on the
remuneration policy and provide the Board of Commissioners recommendations on a
remuneration policy for:
(a)
the Board of Commissioners and the Board of Directors to be presented at the General
Meeting of Shareholders; and
(b)
the Executive Official and employees to be submitted to the Board of Directors.
With regard to any nomination policy, the Committee shall prepare and provide
recommendations on the system and procedure for the nomination and/or replacement of
members of the Board of Commissioners and the Board of Directors to be Board of
Commissioners. These recommendations may be presented at the General Meeting of
Shareholders and serve the following purposes:
(a)
to provide recommendations on candidate members of the Board of Commissioners
and the Board of Directors; and
(b)
to provide recommendations on an Independent Party nominated as candidate
members of the committee to the Board of Commissioners.
Corporate Governance Nomination Committee
Based on a Decision by the Board of Directors of the Company No. KEP: DIR-CORP.SEC-006
dated 30 March 2011, the composition of members of the Corporate Governance Nomination
Committee per 31 March 2011 is as follows:
106
Name
Position
Expertise
Manggi Taruna Habir
Commissioner
Credit/Finance/Risk Management/
Corporate Governance
Johanes Berchmans
Member/Independent
Commissioner
Benedictus Raksaka Mahi*
Member/Commissioner
Economic Policy
The Corporate Governance Committee has the duty to fulfil and perform its functions and
responsibilities, the Committee consider the application of the principles of the implementation of
the process below, in particular by way of:
•
Convening a regular meeting with the President Commissioner, the chairman of the other
Company’s committees and the Board of Directors of the Company throughout the year as
they are material and significant to improving the Committee’s knowledge to relevant,
current or future issues on corporate governance;
•
together with the Board of Directors of the Company, to develop and participate in the
process of systematic review on corporate governance issues that may affect the Company
and improve the Committee’s effectiveness;
•
to perform other functions, which are deemed appropriate and necessary to perform its
responsibilities; and
•
to report all material activities of the Committee to the Board of Commissioners from time to
time or upon the request of the Board of Commissioners through the Committee’s chairman.
The Corporate Governance Committee holds full power and authority in performing the following
responsibilities:
•
Taking into account and assessing the independence of the President Director,
Commissioner and Independent Party;
•
evaluating whether the majority (51%) of members of the Board of Commissioners are
Independent Commissioners; and
•
reporting to the Board of Commissioners any findings to be further discussed if necessary.
The Committee prepares the principles of corporate governance to be adopted by the Company
and reviews and evaluates these principles on a periodical basis and their adoption and
recommends necessary changes to the Board of Commissioners.
The table below provides a brief profile for each member of the Committees mentioned above who
are not members of the Board of Commissioners of the Company.
Amir Abadi Jusuf, Member of Audit Committee
He has been a member of the Audit Committee since 2008.
He graduated from the University of Indonesia, majoring in Accounting in 1976, and obtained a
Masters in Accounting from the University of Hawaii-Manoa, United States in 1981.
107
He held or currently holds the following positions:
(a)
Audit Committee of PT HM Sampoerna Tbk (2001-present),
(b)
Audit Committee of PT Bank Pembangunan Indonesia (Persero) (1996-1999),
(c)
Commissioner and member of the Audit Board of PT Bank Tiara Tbk (1998-2000),
(d)
Commissioner of PT Bank Universal Tbk (1999-2003),
(e)
President Commissioner of PT Asuransi Bintang Tbk (1999-2007), and
(f)
Founder, Director and Chief Executive Partner of RSM AAJ Associates (1985-present).
Felix Oentoeng Soebagjo, Member of Audit Committee
He has been a member of the Audit Committee since 2008.
He graduated from the University of Indonesia, majoring in Law in 1976, and obtained an LLM
degree from the University of California-Berkeley in 1980 and his PhD degree in law in 2004 from
the University of Gajah Mada.
He held or currently holds the following positions:
(a)
Professor of the Faculty of Law - University of Indonesia, Jakarta (2008-present),
(b)
Independent Commissioner of PT Bursa Efek Indonesia (2008-present),
(c)
Chairman of the Capital Market Legal Consultant Association (Himpunan Konsultan Hukum
Pasar Modal-HKHPM) (2006- present),
(d)
President of Inter Pacific Bar Association (2005-2006),
(e)
Secretary General of the Indonesian Board of Capital Market Arbitration (BAPMI) (2002present),
(f)
Founder of Soebagjo, Jatim, Djarot (1988- present), and
(g)
Makarim & Taira S, Attorney at Law (1980-1988).
Maria Theodora, Member of Nomination and Remuneration Committee
She has been the member of the Nomination and Remuneration Committee since 2006.
She graduated from the Institute of Business Management in Jayakarta in 1995 with an MBA
degree.
108
She held or currently holds the following positions:
(a)
Bank Danamon (2006-2008), Head of Human Resources Division (2008-present),
(b)
Standard Chartered Indonesia in 1996,
(c)
Johnson & Johnson Indonesia in 1993,
(d)
Banker Trust in 1990, and
(e)
IBM in 1985.
Corporate Secretary
In compliance with BAPEPAM-LK Rule No. IX.I.4 regarding the Establishment of Corporate
Secretary and Securities Listing Rule of PT Bursa Efek Indonesia (formerly PT Bursa Efek
Jakarta) Number 1-A attachment II to the Decision of the Board of Directors of BEJ Number
Kep-305/BEJ/07-2004 dated 19 July 2004, the Company appointed Dini Herdini as Corporate
Secretary of the Company based on a Decision of the Board of Directors of PT Bank Danamon
dated 29 February 2008 No. KSR-DIR.Corpsec-007. The appointment has been reported to
BAPEPAM-LK under Letter No. 088-CORPSEC dated 4 April 2008.
The Corporate Secretary is required to fulfil the following responsibilities:
6.
•
to follow developments in capital markets, particularly any applicable regulations;
•
to provide the public with information required by the financier that is related to the
Company’s condition;
•
to advise the Board of Directors on compliance provisions under Law number 8 of 1995
regarding capital markets and its corresponding regulations; and
•
to act as a liaison between the Company, BAPEPAM-LK and the public.
Human Resources
The Management of the Company acknowledges the importance of having loyal and highly
dedicated employees, who are important assets to support the success and progress of the
Company. The Company believes, that its focus on “productivity through operational perfection”
shall bring the Company success.
To improve productivity through education, the Human Resources division not only operates a
Training Centre, but has also developed an internal school for its employees called Danamon
Corporate University (DCU), which was officially launched on 16 July 2008.
DCU provides a competence-based curriculum, which is a set or collection of learning modules
(courses) that are arranged in the pattern, duration and level of specific proficiencies that enable
participants to perform in accordance with the requirements of competence, so that they can meet
the elements of “grow yourself, grow your team and grow your business”.
In implementing its mission to produce high quality bankers and business partners, and in
promoting the target achievement, DCU has developed a Learning Architecture, which includes
a competence-based curriculum that functions as a “Learning Blueprint”, a foundation for
developing and implementing learning throughout Danamon. This architecture was developed
109
based on analysis of main banking competence and supporting operational competence of
banking and is in line with Bank Indonesia’s requirements on Banking Human Resources
competence.
Competencies are grouped into five major banking pillars, each headed by a Chairman (Dean).
The curriculum is intended to help Danamon employees in an effort to improve business
performance (Grow Your Business), namely:
(a)
Banking Education in Sales and Service
Competence in sales and service is needed to perform activities relating to:
(b)
•
collecting funds from the public;
•
selling the bank’s products and services;
•
handling other customer services, including setting and developing standard customer
services; and
•
marketing, funding, and researching in the context of development and improvement of
the quality and value of the bank’s products and services.
Operations and Technology School
Competence in operations and technology is needed to perform activities relating to:
(c)
•
financial transactions process and other banking services, with respect to an
operational unit, branch or head office operation;
•
bookkeeping and application of accounting standards;
•
application and development of information systems and technology that addresses
customers’ need for safe, effective and efficient banking processes; and
•
other supporting activities which are necessary for banking operations, including the
management of public facilities and administration, compliance, legal, human
resources, and the corporate secretary.
Credit & Risk School
Competence in credit and risk is needed to perform activities relating to the distribution and
management of bank funds including:
•
fund channelling and management activities
•
treasury and trade finance activities;
•
product asset development activities;
•
banking risk management activities; and
•
banking internal controls, either by adopting the principle of convention or Syariah
bank.
110
(d)
Financial Industry School
Competence in financial industry is needed to perform activities related to non-banking
operations, namely:
(e)
•
general financial activities including General Accounting, Finance for Non Finance
(FINON), Taxation and Financial Industry (non-banking); and
•
certification other than those in the banking industry, including Certification of a Mutual
Fund Selling Agent (WAPERD), Certification of a Life Insurance Agent (AAJI),
Certification of a General Insurance Agent (AAUI), and Certification as Financial
Consultant of a Bank Partner (KKMB).
School of Leadership & Personal Effectiveness Education
Beside the above curriculum, DCU has also developed a Leadership and Cultural
Development curriculum, including “Personal Effectiveness” to support each Danamon
employee’s personal development (“Grow Your Self” and “Grow your Team”) and
development of managerial skills, and a “Leadership” curriculum to enable the development
of leadership skills (“Grow Your Team”). The characteristic of these curriculums is crosssector within Danamon which will serve as the basis and umbrella for the main curriculum
as well as become the corporate identity of Danamon.
As part of the Company’s commitment to innovating and improving learning efficiency, DCU
launched a new e-learning education system that is supported by the new Education
Management System.
The Company did not stop to introduce innovation. The Company also believes that the
empowerment of Human Resources Division is the key to success of the Company. From facility
sector, regional empowerment conducted by DCU, which established in four Regional Training
Centres in four cities, which are Semarang, Makassar, Medan, and Surabaya. Meanwhile, the
potential empowerment owned by the Company conducted through Leaders as Teacher
Programme. This programme is the Company’s contribution to the employees of the Company as
a form of Corporate Social Responsibility internally, an example of which is the University
established by the Company as a partner in the development of education.
The Company will strive towards innovation in and the development of learning. Therefore, the
Human Resources division of the Company constantly remains prepared to respond to novel
developments and dynamics in the banking industry.
In terms of employees’ welfare, the Company provides employees with incentives and life and
health insurance programmes, religious holiday benefits twice a year, and housing and vehicle
loans. The Company’s salary/wage payment system meets the standard minimum wages
applicable in each of the locations of the Company’s business activities.
In addition, the Danamon Labor Union was established in 1996 to act as a representative for the
Company’s employees.
As of 31 March 2011, the number of employees in the Company totalled 34,529 people, consisting
of 21,091 permanent employees, 5,975 non-permanent employees and 7,463 outsourced
employees.
111
The tables below provide the composition of fixed employees in the Company.
Composition of Permanent Employees According to Levels of Management:
31 March
31 December
Level
2011
%
2010
%
2009
%
2008
%
Senior Management
272
1.3
253
1.2
202
1.0
200
0.9
Middle Management
2,318
11.0
2,112
9.9
1,850
8.9
1,740
7.5
First-Line Manager
8,841
41.9
8,450
39.5
7,759
37.5
8,460
36.5
Clerk
9,660
45.8
10,564
49.4
10,873
52.6
12,756
55.1
Total
21,091
100.0
21,379
100.0
20,684
100.0
23,156
100.0
2008
%
Composition of Permanent Employees According to Levels of Education:
31 March
31 December
Remarks
2011
%
2010
%
2009
%
S2
405
1.9
404
1.9
414
2.0
476
2.1
S1
13,899
65.9
14,153
66.2
13,811
66.8
15,659
67.6
D3
3,975
18.8
4,018
18.8
3,754
18.1
4,095
17.7
High School
2,666
12.6
2,655
12.4
2,531
12.2
2,726
11.8
146
0.7
149
0.7
174
0.8
200
0.9
21,091
100.0
21,379
100.0
20,684
100.0
23,156
100.0
2008
%
Junior High School/
Elementary School
Total
Composition of Employees According to Age Groupings:
31 March
31 December
Remarks
2011
%
2010
%
2009
%
More than 45 years
1,413
6.7
1,336
6.2
1,036
5.0
841
3.6
35-44 years
7,392
35.0
7,515
35.2
7,627
36.9
7,610
32.9
25-34 years
10,617
50.3
10,828
50.6
10,557
51.0
12,089
52.2
1,669
7.9
1,700
8.0
1,464
7.1
2,616
11.3
21,091
100.0
21,379
100.0
20,684
100.0
23,156
100.0
Less than 25 years
Total
112
In addition to the above number of employees, the Company currently employs ten expatriates
from various countries. The following table provides information on these expatriates.
No. Name
Position
Permit No.
Validity Period
KITAS No.
a.
HO HON CHEONG
(HENRY HO)
President
Director
KEP.06054/MEN/
P/IMTA/2011
14 June 2011 −
13 June 2012
2C21JE591-K
b.
KANCHAN KESHAV
NIJASURE
Information
Technology
Director
KEP. 06112/
MEN/P/IMTA/
2011
12 June 2011 −
11 June 2012
2C21JE6104-K
c.
SATINDER PAL
SINGH AHLUWALIA
Integrated
Risk Director
KEP. 06111/
MEN/P/IMTA/
2011
27 May 2011 −
26 May 2012
2C21JD1542-K
d.
PRADIP CHHADVA(1)
TCM & FI
Director
KEP.13555/MEN/
P/IMTA/2010
20 November 2010
− 19 November
2011
2C21JE2563AJ
e.
ANIL KUMAR
PARIMOO
SMEC
Credit Risk
Head
KEP.03662/MEN/
B/IMTA/2011
31 January 2011 −
24 January 2012
2C11JE1248-K
f.
HARRY JESUS
RODRIGUEZ-PALMER
Portfolio
Management
Head Mass
Market
KEP.16151/MEN/
P/IMTA/2010
01 January 2011 −
31 December 2011
2C21JE5477AJ
g.
HAFEEZ AHMAD
CHOUDHRY
Integrated
Credit Risk
Head
(Wholesale)
KEP.16972/MEN/
P/IMTA/2010
01 January 2011 −
31 December 2011
2C21JE6097AJ
h.
VAIBHAV MANOHAR
SAKORIKAR
Transaction
Systems
Group Head
KEP.16399/MEN/
P/IMTA/2010
01 January 2011 −
31 December 2011
2C21JE7120AJ
i.
ARMANDO IVAN
PETROZZI
Balance
Sheet
Management
Head
KEP.06822/MEN/
B/IMTA/2011
25 February 2011 −
16 February 2012
2C11JD0533-K
j.
LORELLEI PAULA
BOQUIREN
ARJONILLO
Market &
Liquidity
Risk Head
KEP.04094/MEN/
B/IMTA/2011
21 February 2011 −
31 December 2011
2C11JD0533-K
(1)
All foreign employees, employed by the Company already fulfil the Minister of Employment and Transmigration
regulation.
113
7.
Organisational Structure, Management and Supervision of the Company and Corporate
Shareholders
(a)
DIAGRAM OF OWNERSHIP
As at 1 July 2011, the ownership structure of the Company is as follows:
Temasek Holdings Private Limited
100%
Fullerton Management, Pte. Ltd.
100%
Fullerton Financial Holdings Pte. Ltd.
100%
JPMCB-FRANKLIN
Asia Financial (Indonesia) Pte. Ltd.
67.37%
PUBLIC
(ownership ≤ 5% Shares)
5.75%
26.88%
PT Bank Danamon Indonesia Tbk.
95%
(b)
99%
90%
PT Adira Quantum Multifinance
MANAGEMENT AND SUPERVISION RELATION AND AFFILIATIONS
The management and supervisory relationship between the Company, its Subsidiaries and
corporate shareholders is presented in the following table:
Company
Adira
Finance
Adira
Quantum
PC
—
—
—
—
VPC
—
—
—
—
C
—
—
—
—
C
—
—
—
—
Gan Chee Yen
C
—
—
—
—
C
—
—
—
—
Manggi Taruna Habir
C
—
—
IC
—
Benedictus Raksaka Mahi
C*
—
—
—
—
PD
PC
—
—
—
Ng Kee Choe
Johanes Berchmans Kristiadi
Pudjosukanto
Adira
Asuransi
AFI
Muliadi Rahardja
D
C
—
—
—
Ali Yong
D
—
—
—
—
Vera Eve Lim
D
C
—
VPD
—
Herry Hykmanto
D
—
—
—
—
Pradip Chhadva
D
—
—
—
—
114
Company
Adira
Finance
Adira
Quantum
Adira
Asuransi
AFI
D
—
—
—
—
D
—
—
—
—
D
—
C
—
—
D
—
—
—
—
D
—
—
—
—
Note: PC (President Commissioner); VPC (Vice President Commissioner); C (Commissioner); IC (Independent
Commissioner); PD (President Director); VPD (Vice President Director); D (Director)
8.
Information on Fixed Assets
The Company controls or owns land areas located in nearly all the provinces of Indonesia, which
includes Right to Build (Hak Guna Bangunan or “HGB”), Ownership Right on Apartment Unit (Hak
Milik Atas Satuan Rumah Susun or “HMSRS”), as well as the right of use based on Land Use
Permit, Ownership Rights and Deed of Sale and Purchase, where the majority of land areas are
used for the Company’s operations. The total consolidated assets of the Company and
Subsidiaries as at 31 March 2011 after deducted with depreciation accumulation of Rp1,383,197
million are Rp1,744,978 million.
The Company owns or controls the following land areas:
Certificate
No
Total
Area
HGB
Area
HMSRS
Area
Others
Area
Certificate
Area
1
Area 1
120
100,400
2
552
4
21,882
126
122,834
2
Area 2
24
13,112
—
—
1
217
5
13,329
3
Area 3
54
30,271
1
45
2
199
57
30,515
4
Area 4
20
12,873
—
—
—
—
20
12,873
5
Area 5
20
7,668
—
—
—
—
20
7,668
6
Area 6
51
40,898
—
—
1
154
52
41,052
7
Area 7
27
15,340
—
—
—
—
27
15,340
Total
316
220,562
3
597
8
22,452
327
243,611
* “Others” refers to land with Ownership Rights, deed of sale and purchase and Land Use Permit issued by Surabaya
Mayor and acquired by the Company by merger in 2000. Up to the date of issuance of the Prospectus. these lands were
under full control of the Company.
9.
Related Party Transactions
As part of its operations, the Company enters into transactions with related parties — Save for the
loans provided to the Commissioners, the Board of Directors and key employees, these
transactions are conducted in accordance with market terms and conditions. The Loans provided
to the Commissioners, the Board of Directors and key employees have lower interest rates as
they are part of the benefits received by these individuals.
115
Related Parties
Nature of Relationship
Nature of Transaction
Standard Chartered Bank PLC
Owned by same ultimate
shareholder
Fund placements, Derivative
Transactions
PT Bank Permata Tbk.
shareholder
Fund placements
Development Bank of
Singapore (DBS), Ltd.
shareholder
Fund placements. Derivative
Transactions
PT Chandra Asri
shareholder
Acceptance Transactions
Remarks
31 March
31 December
2011
2010
2009
2008
56,828
111,242
140,412
344,421
2,083
892
3,721
1,982
—
—
—
89,762
Total
58,911
112,134
144,133
436,165
Percentage against the amount of
assets
0.05%
0.09%
0.15%
0.41%
PT Bank Permata Tbk.
—
120,000
—
—
Deutsche Bank AG
—
—
—
247,500
275,000
475,000
556,875
680,625
Total
275,000
595,000
556,875
928,125
0.22%
0.50%
0.56%
0.87%
—
—
—
129
1
251
—
—
—
—
—
2
1
251
—
131
0.00%
0.00%
0.00%
0.00%
Commissioners and key managements
13,214
10,910
4,668
12,594
Total
13,214
10,910
4,668
12,594
Consolidated Assets
(a)
Current account with other banks — net
Standard Chartered Bank PLC.
Development Bank of Singapore (DBS)
Ltd.
American Express Bank Ltd.
(b)
Placement in other banks and Bank
Indonesia — net
assets
(c)
Deutsche Bank AG
Development Bank of Singapore (DBS)
Ltd.
Total
assets
(d)
Loans — net
116
Remarks
31 March
2011
2010
2009
0.01%
0.01%
0.00%
0.00%
PT Chandra Asri
—
190,220
—
—
Total
—
190,220
—
—
—
0.16%
—
—
347,126
908,515
705,676
1,377,015
0.28%
0.77%
0.72%
1.28%
Current accounts
14,993
86,785
1,059
378
Savings
44,175
33,631
17,462
20,501
Time deposits
31,489
36,123
50,984
107,438
Total
90,657
156,539
69,505
128,317
Percentage of total liabilities
0.09%
0.16%
0.08%
0.13%
PT Adira Sarana Armada
—
—
—
2,051
Commissioners and key managements
44
36
79
1,167
Total
44
36
79
3,218
0.00%
0.00%
0.00%
0.02%
416
474
554
15,848
—
—
—
4
416
474
554
15,852
0.03%
0.01%
0.01%
0.27%
assets
(e)
31 December
2008
Total
Percentage of total assets
Consolidated Liabilities
(f)
Consolidated Profit Loss
(g)
Interest income
Percentage of total interest income
(h)
Interest expenses
Commissioners the Board of Directors
and key management
Others
Total
Percentage of total interest expense
10. MATERIAL AGREEMENTS WITH THIRD PARTIES
In its normal course of business, the Company conducts material transactions with third parties
as detailed below, and the Company expects to enter into similar material transactions in the
future.
117
(a)
Hardware Maintenance — Core Routers and Switch Agreement No. F.048/001/010508/
IT.VM dated 1 May 2008, extended Agreement No. F.048/001/290411/IT/VM dated 29
April 2011 made between the Company and PT Master System Infotama
The parties have agreed and consent to enter into an agreement regarding the Core Routers
and Switch Maintenance, in consideration of the Company is a private bank (foreign
exchange) which requires a national Core Router and Switch Maintenance service. The
Company appointed Mastersystem to perform maintenance work and repairs on hardware
and software owned by the Company including periodic inspection and testing, as well as
other support services. The agreement is valid until 30 April 2012.
(b)
Trademark License Agreement dated 31 August 2006 between the Company and
American Express Limited
The Company is given and received licensing rights for brands Amex Licensed Marks. The
licence rights are non-exclusive and non-transferable. This Agreement shall enter into force
at the time of the effective date as mentioned above, and will continue to be valid as long as
Independent Operator Agreement applies or is terminated. License fees amounted to
USD6,450,000.
(c)
Independent Operator Agreement dated 31 August 2006 between (i) the Company, and
(ii) American Express Limited (“Amex”)
Amex hereby give consent to the Company to act as a credit card issuer of American
Express in Indonesia; as Acquirer in Indonesia, as well as entering collective agreements to
establish a Local Service Establishment, and as the organizer of the American Express
credit card services in Indonesia. Company in this regard is obligated to pay certain fee as
specified in the Agreement. This Agreement is effective on 31 August 2006 for the period of
8 years and can be extended with prior notice.
(d)
GLOBE License Agreement dated 31 August 2006 between (i) the Company and (ii)
American Express Limited (“Amex”)
The Company hereby agrees to lease from Amex and Amex agreed to lease to the
Company, GLOBE (i.e.: hardware, operating components, and other related material that
can support the Company in making network between the host system owned by the
Company with Amex). The amount of the rent for each of Globe amounted to US$ 1,980 for
each of the GLOBE. This agreement also ends if the Independent Operator Agreement is
expired/terminated.
(e)
ATM Agreement dated 30 August 2006 between (i) the Company and (ii) American
Express Limited (“Amex”)
The Company will provide access to each cardholder to the ATM network owned by the
Company to make cash withdrawals including in other ATM networks that cooperate with the
Company. Company in this regard is required to pay certain fee to American Express Limited
as specified in the agreement. This Agreement shall enter into force on 30 June 2007 and
also end if the Independent Operator Agreement is expired/terminated.
118
(f)
Cooperation Agreement on Cash in Transit (Delivery & Pick Up) and Cash Processing
No. 442/SPDD/0904 dated 15 September 2004 as lastly amended by addendum VI of
Cooperation Agreement between the Company and PT G4S Cash Services No.
B.070/PYMT/RPC, dated 23 October 2008
The Company appointed Securicor to provide cash in transit (delivery & pick-ups) and cash
processing services. This agreement is valid for 12 months and will be extended
automatically for the same period unless terminated in accordance with the provisions of the
agreement. This agreement has been automatically renewed and still valid.
(g)
Managed Services and Support Agreement for SAP HR systems Ref: P.026/008/
311209/IT.VM dated 31 December 2009 between the Company and PT Emerio
Indonesia, and extended by Agreement P/026/003/311210/IT.VM on 31 December 2010.
The Company appointed PT Emerio Indonesia to provide maintenance service and support
for the software specified in the agreement in accordance with the terms and conditions of
the agreement. The agreement is valid until 31 December 2011.
(h)
Managed Services and Support Agreement of Oracle Data Base — NCBS dated 12
February 2010 between Company and PT Emerio Indonesia, and extended by an
Agreement P/026/001/110211/IT.VM on 11 February 2011
The Company appointed PT Emerio Indonesia to provide maintenance service and support
for the software specified in the agreement in accordance with the terms and conditions of
the agreement. This agreement is valid until 2012.
(i)
Cooperation Agreement on Implementation of Auction upon the Security of Working
Credit No. 396/Coll/CMM/R1/0909, dated 18 September 2009, between (i) the Company
(“Bank Danamon”) and (ii) PT Srijaya Realty (“Auction House”), extended by an
Agreement No. 011/SCC/HKM/R7/1210 dated 20 December 2010
Enforcement by Sale through an auction by Auction House over the security of a credit
facility given by Company to its debtor and where security has been encumbered with
security rights, through a public auction to receive maximum sale price. This Agreement is
valid until 31 December 2011.
(j)
Cooperation Agreement Regarding Autorefill SMS Services for Simpati Pulse Refill,
Telkomsel No. 534/LG.05/PD.00/V/2003 and Bank Danamon No. B.204-DIR, dated 19
May 2003, as amended by First Amendment on Autorefill SMS Services for Simpati
Pulse Refill No. B442 CMC 8 SME and No. AMD.369/LG.05/PD-00/VI/2004, dated 11
August 2004, and Second Amendment No. 1024/LG.05/CO-00/V/2006 and Bank
Danamon No. B.0234.AHM.SR dated 15 May 2006.
Telkomsel and the Company agree to cooperate on Simpati Pulse Refill through an Autorefill
SMS services. In order to perform the cooperation as contemplated under this SMS Autorefill
Agreement, Telkomsel will use Euronet network to connect Telkomsel Computer Centre with
the Company Computer Centre (hereinafter referred to as “Link Network”). This Agreement
is automatically renewed and still valid.
119
(k)
Cooperation Agreement on ATM Cash Replenishment Service and First Line
Maintenance of ATM Machine No. B-437/SPDD/0904 dated 14 September 2004 as
amended by Addendum I Cooperation Agreement No. B-D111/PYMT-RCCV dated 14
September 2007, and Addendum II Cooperation Agreement No. B-0080/PYMT-RCCV,
made between the Company and PT Cisco Mas Sekurititama and Addendum III No.
C06.09/043/CC/SD/ATM dated 17 June 2009
The Company hereby appointed Cisco and Cisco accepted its appointment to provide ATM
Cash Replenishment and Maintenance Services for ATM. This agreement is valid for 12
month period and will be automatically renewed.
THERE ARE NO RESTRICTIONS (NEGATIVE COVENANTS) IN ANY OF THE AGREEMENTS
REFERRED TO ABOVE THAT COULD PROHIBIT THE LIMITED PUBLIC OFFERING V, AND
COULD HARMED THE RIGHT AND INTEREST OF THE PUBLIC SHAREHOLDERS.
11.
DISPUTES RELATED TO THE COMPANY
The Company in conducting its business has been involved with various lawsuits. Material
disputes involving the Company as a defendant are as follows:
(a)
The Company is defending against allegations that the Company committed illegal acts by
blocking funds from subordinated loans by the plaintiffs, namely: (i) Scholarship Foundation
Super Semar, (ii) Dakab Foundation, and (iii) Dharmais Foundation to PT Bank Duta Tbk as
a result of the Company’s current business mergers. This lawsuit has a value of
Rp124,320,000,000 (one hundred twenty-four billion three hundred and twenty million
Rupiah). The case is currently on appeal at the Court of Appeals in Jakarta. After the
Company prevailed in the South Jakarta District Court, the plaintiffs appealed to the Court
of Appeals in Jakarta.
(b)
The Company is involved in a tax dispute, in which the Company is acting as an applicant
of appeal against the Director General of Taxes. The reason for the appeal is as follows:
The Company filed its application following a correction conducted by the Director General
of Tax on the “receivables assignment to BPPN” and “unclear receivables reserves funds” as
mentioned in the letter of examination result (SPHP) for the tax year of 1999 No. SPHP-150
/WPJ.19/KP.0100/2003 dated 6 November 2003. The Directorate General of Tax provided
the following bases for its correction:
1.
Deletion of receivables transferred to the Indonesia Bank Restructuring Agency
(BPPN)
That the transfer of receivables to the BPPN is the elimination of receivables that do
not meet the requirements stipulated by the provisions of the applicable tax.
2.
The cost of accounts receivable reserves is unclear
That the costs of accounts receivable reserves are not clearly corrected because the
calculation of the cost of the tax receivable reserves is unclear;
The company did not agree with:
(i)
Correction of receivables transferred to BPPN in the amount of
Rp17,243,324,000,000 (seventeen trillion two hundred forty-three billion three
hundred and twenty-four million Rupiah);
120
(ii)
The cost of accounts receivable reserves in the amount of Rp2,814,435,000,000
(two trillion eight hundred fourteen billion four hundred and thirty-five million
Rupiah).
In 2004, the Company had paid tax in the amount of Rp651,390,000,000 (six hundred fifty
one billion three hundred ninety million Rupiah) with respect to claims submitted by the
Director General of Taxes. At the appellate level, the Company lost, and the Company then
filed an application for civil review (peninjauan kembali) in the Supreme Court. Based on the
information on the Supreme Court’s website, the Company has lost in the civil review
(peninjauan kembali) stage. At this time, the Company will re-file on the civil review
(peninjauan kembali).
(c)
The Company is involved in a lawsuit in which the Company is a Co-Defendant, with PT
Bumirejo as Plaintiff and (i) Rini Ariasi, (ii) Simon Susilo, (iii) Arman, (iv) PT Arman Jaya
Perdana as the Defendants. This case related to the tort case in connection with the fraud
of power of attorney conducted by head of branch of PT Bumirejo to perform transaction on
the PT Bumirejo’s account recorded in the Company, Teluk Betung — Bandar Lampung
Branch and the Company is accused not performing bank’s prudential principle in the
opening of account process. The amount of material and immaterial claim is
Rp20,480,000,000. The Company has lost in the District Court and Court of Appeal stage.
At this time such case is in the Cassation stage in the Supreme Court;
(d)
The Company is involved in a lawsuit in which the Company is the Defendant and PT Necis
Indah Cemerlang is the Plaintiff, in connection with the case whereby the management of PT
Necis Indah Cemerlang entered into TARN Agreement without obtaining prior approval from
the General Meeting Of the Shareholders (GMS) as provided in the deed of establishment
of Necis and that the relevant TARN Agreement is in breach of Law No. 8 of 1999 regarding
the Consumer Protection. The amount of material and immaterial claim is Rp328,000,000 or
equivalent to US$277,506.46. The Company has lost in the District Court, Court of Appeal
and Supreme Court stage. At this time such case is in the civil review (peninjauan kembali)
stage;
(e)
The Company is involved in the lawsuit case whereby the Company is the Defendant and
Fiveri Yenti is the Plaintiff, in connection with tort case on the termination of employment
related to the fraudulence act. The amount of material and immaterial claim is
Rp28,000,000,000. The District Court of Padang has rendered a judgment on such case
(The Company has been punished to make and publish an apology statement to Fiveri Yenti
in five newspapers with a national circulation for three consecutive publications at the
Company’s own cost). At this time such case is in the appeal stage in the Court of Appeal;
(f)
The Company is involved in the lawsuit case whereby the Company is one of the Defendants
in addition to Ria Tanudjaja and Lilianan Tedjopasrto. The Plaintiffs in this case are (i) Yuni
Mulyani and (ii) Juwono. Bank Indonesia, Head of Semarang National Land Office and
Indonesian Notary Union as Co-Defendant respectively. This case is in connection with tort
case on the Invalid Deed of Sale and Purchase or contravene with the law between
Defendant I and Defendant III. The amount of material and immaterial claim is
Rp6,897,500,000. The Company won in the District Court and Court of Appeal stage. At this
time such case is in the Cassation stage in the Supreme Court;
(g)
Gamal Suwantoro is the Plaintiff, in connection with tort case related to the cancellation of
Credit Agreement between Gamal Suwantoro and the Company pursuant to fraudulence
case. This case is related to Kranggan fraudulence case conducted by Agung cs. The
amount of material and immaterial claim is Rp1,000,000,000. The Company has won in the
District Court and Court of Appeal stage. Based on information from the Supreme Court
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website, the application of Gamal Suwantoro Cassation was rejected by the Supreme Court
based on a decision dated July 15, 201 (won by the Company);
(h)
Funny is the Plaintiff, in connection with the complaint filed by Funny related to the inclusion
of her name in the SID system (bad debtors) in Bank Indonesia. Funny claim that she has
never done any transaction using Bank Danamon credit card. The amount of material and
immaterial claim is Rp29,000,000,000. The Company won this case in the District Court. At
this time such case is in the appeal stage in the Court of Appeal; and
(i)
The Company involved in the lawsuit case whereby the Company is one of the Defendants
besides Agung Purnomo, Asta Dewasta Mandegani, Lilis Setyani and Rita Nurlili. The
Plaintiff in this case is Lily Mulyani, Sarwo Hardono and Sri Wahyuni. This case is in
connection with tort case, for deliberately made or caused false record in the credit
agreement bookkeeping or in the banking report and by law cancel such credit agreements.
The claim is to punish the Defendants to jointly pay the material and immaterial
compensation in the amount of Rp20,480,000,000. The Company won the case in the
District Court. At this time such case is in the Appeal stage in the Court of Appeal.
THE COMPANY MANAGEMENT HAS DISCLOSED ABOVE ALL MATERIAL DISPUTES IN
WHICH IT IS A PARTY.
REGARDING THE MATERIAL DISPUTES DISCLOSED ABOVE, THE COMPANY BELIEVES
THAT THE OUTCOME OF THE CASES, WHETHER FAVORABLE OR NOT, WILL NOT HAVE
IMPACT ON THE CONTINUITY OF THE COMPANY’S BUSINESS OR ITS FINANCIAL
VIABILITY.
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VIII.
1.
ACTIVITES AND PROSPECTS OF THE COMPANY
General
The Company is domiciled in Jakarta and established under the name of PT Bank Kopra
Indonesia or PT Indonesian Copra Banking Corporation by virtue of Deed No. 134 dated 16 July
1956 drawn up before Meester Raden Soedja, at the time Notary in Jakarta. Such deed has been
approved by the Minister of Justice of the Republic of Indonesia by virtue of a Decree No.
J.A.5/40/8 dated 24 April 1957, registered at the District Court of Jakarta under No. 845 dated 7
May 1957 and announced in the State Gazette of the Republic of Indonesia No. 46 dated 7 June
1957, Supplement No. 664.
The Company has obtained business licence as a commercial bank from the Ministry of Finance
of the Republic of Indonesia on 30 September 1958 by virtue of Decree of the Minister of Finance
of the Republic of Indonesia No. 161259/U.M.II and has been a foreign exchange bank since 5
November 1988 by virtue of Decree of the Board of Directors of Bank Indonesia No. 21/10/Dir/
UPPS.
2.
Distribution Network
As at 30 June 2011, the Company has 79 domestic branches offices, 390 domestic supporting
branch offices, 920 Danamon Credits and Savings (Danamon Simpan Pinjam) branch offices
(including 19 implant branches which are supported by 200 mobile units), 246 sales
representative office, 8 Syariah branch offices, 3 Syariah supporting branch offices, 10 Syariah
Gold Solution offices spread throughout Indonesia and 1 overseas branch.
The following table shows the branch office network of the Company based on working area
(excluding syariah branches, sales representative offices and overseas branches) as at 30 June
2011:
Region
Coverage of Area
Area I
Jakarta, Bogor, Tangerang, Bekasi,
Karawang, Cilegon, Lampung
Area II
Location of
Regional Offices
Total
Branch
Offices
Total ATMs
Jakarta
255
418
West Java
Bandung
113
71
Area III
East Java, Bali, Nusa Tenggara
Surabaya
273
178
Area IV
Sulawesi, Maluku, Irian Jaya
Makassar
158
110
Area V
Kalimantan
Balikpapan
90
83
Area VI
Sumatera
Medan
263
126
Area VII
Central Java, Yogyakarta
Semarang
237
98
1,389
1,084
Total
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The ownership status of the above branch offices are based on Hak Milik (“HMSRS”) or Right to
Build (“HGB”) Certificates, which are owned and/or possessed by the Company and rent as
indicated below:
Total Offices and Status
Location of
Regional Offices
HGB/
HMSRS
Other
Rights
On Land
Rent*
Jakarta
122
4
127
Region
Coverage of Area
Area I
Jakarta, Bogor, Tangerang,
Bekasi, Karawang, Cilegon,
Lampung
Area II
WEST JAVA
Bandung
24
1
81
Area III
East Jawa, Bali, Nusa Tenggara
Surabaya
55
2
196
Area IV
Sulawesi, Maluku, Irian Jaya
Makassar
20
—
74
Area V
Kalimantan
Balikpapan
20
—
38
Area VI
Sumatera
Medan
51
1
160
Area VII
Central Java, Yogyakarta
Semarang
27
—
206
319
8
882
Total
*
All branch offices of the Company which derive from third party rent are based on rental agreements that are legal,
enforceable and binding on the Company
Besides branches offices, the Company also established several special networking channels in
order to provide better services to its customers.
•
Small Medium Enterprises (“SME”) Business Segment
The SME business segment covers small and medium financing needs with total financing
ranging from Rp500 million up to Rp10 billion. The Company serves the customers of SME
throughout Indonesia through 136 branch offices which are located in 7 marketing regions
namely Jakarta, Bogor, Tangerang, Bekasi, West Java, Central Java, East Java (including
Bali and Nusa Tenggara), East Indonesia (Sulawesi, Maluku and Irian Jaya), Kalimantan
and Sumatera.
•
Danamon Access Centre
Danamon Access Centre is a 24-hour banking service which is accessible from 8 of the
largest cities in Indonesia (Jakarta, Bandung, Surabaya, Semarang, Medan, Makassar,
Denpasar and Balikpapan) through local calls.
•
Credit Card Centre
Centre for credit card services of the Company which offer VISA and Master Card customer
services in Jakarta and 6 credit card services regional offices in Medan, Bandung,
Yogyakarta, Surabaya, Makassar and Denpasar.
•
Syariah banking
Up to the end of June 2011, the Company has 8 Syariah branch offices, 3 Syariah supporting
branch offices and 10 Syariah Gold Solution in Jakarta, Bogor, Makassar, Banda Aceh, Bukit
Tinggi, Solo, Surabaya, Martapura, Bandung and currently plans on expanding such
branches to distribute banking products from Syariah finance.
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•
Danamon Simpan Pinjam (“DSP”)
The Company intends to become a community bank which offers products and services to
individual customers throughout Indonesia by building special distribution networks called
Danamon Simpan Pinjam (“DSP”). Since its launch in March 2004 and up to the first
semester of 2011, the Company has opened 1,047 DSP units spread throughout Indonesia.
3.
Business Strategy
The Company’s target is to become a renowned financial company in Indonesia, which is
committed to providing quality banking services to its customers and offering attractive returns to
its shareholders. The Company strives to continually raise its standards in order to reach those
of other renowned international financial institutions through continuous efforts to expand its
business, strengthen its cooperation networks with existing customers, hold manpower training
and recruitment activities, strengthen product marketing and brand awareness activities, build
synergies between segments and existing customers, and improve internal processes as regards
customer service and risk management.
The key elements of the Company’s strategy are as follows:
•
Continued Focus on Core Strengths and Expansion of the Range of Products and
Services Offered to Existing Customers
In relation to positive macro-economic conditions and increasingly attractive prospects for
growth in Indonesia, the Company will continue to focus on development of the mass market
business (including microfinance businesses, financing of white goods and motor vehicles
financing), retail and consumer loans (especially house loans, personal loans and credit
cards) and loans to middle and small-scale as well as commercial customers throughout
Indonesia. The Company will also continue to develop its non-mass market businesses by
offering quality customer services through the offering of more varied business products and
services such as asset based finance and trade finance. The Company intends to maintain
its activities in the corporate segment by concentrating on efforts to strengthen its
cooperation networks with existing customers that engage in operational activities in various
industrial sectors throughout Indonesia which are competitive in international markets or
which bring about impact to the Indonesian economy.
•
Enhancement of Cross-Selling Capabilities
With its large customer base, cross-selling activities offer extensive opportunities to the
Company in supporting its business growth. The Company has succeeded in increasing
cross-selling activities through its efforts of encouraging customers to take advantage of
products and services offered by it, through the combining of products across business lines.
The Company continues to assist its business segments to consolidate customer profile
data through the application of an integrated information technology system so as to be able
to identify available opportunities for cross selling. The Company will continue to focus on
developing closer synergies between Adira Asuransi and Adira Finance as well as other
business segments that are targeted by the Company (including UKM and DSP systems) as
efforts to better promote the development of financing and insurance to non-motor vehicles.
Corporate banking and financial institution activities are centred upon efforts to strengthen
cooperation networks with various product partners such as treasury, capital market and
custodianship so as to achieve an increase in cross selling which in turn will bring about
variations in commission income (fee based income). By introducing products and services
to differing business segments to prospective customers, the Company plans on creating a
“one-stop shop” to customers by way of providing comprehensive products and services.
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•
Increase in Competitiveness and Productivity of Employees
The Company plans on strengthening the quality of its employees as regards their
competitiveness and productivity as part of efforts to reach its strategic objectives. The
Company will continue to recruit, hold trainings for and retain talented employees to increase
the quality and productivity of its human resources in accordance with its strategies. In
optimizing its employees, the Company plans to apply international scale best practices in
managing its human resources. For example, the Company has established Danamon
Corporate University and carried out monthly internal meetings on human resources on a
periodical basis. Throughout 2010, the Company held training programs for 8,000 of its
employees for the purposes of building a positive working culture and environment for such
employees. The Company has also introduced a programme called Employee Opinion
Survey to assess the level of satisfaction of employees working for the Company.
•
Selective Development of New Business Lines
The Company has been successful in creating and developing new products to meet the
needs of its customers. The success of DSP which was introduced in 2004 as a market
leader in the micro financing segment constitutes evidence of the Company’s success in
gaining profits from such segment. The newest line of business developed by the Company
is Syariah Gold Solution introduced in 2010 which, to date, has been well developed through
its 10 branch offices. This product has been developed to serve the needs of mass market
customers through the offering of products of special syariah financing characteristics to
customer segments currently being developed in Indonesia. The Company is of the view that
a number of opportunities still exist for the development of new products and services in line
with the growth of the financial services industry.
•
Development of Distribution Networks to Fulfil the Needs of Customers for
Convenient Services and the Reduction of Funding Fees
The Company plans on increasing the number of its branch offices to fulfil the needs of
customers for more convenient services. The Company shall provide complete services in
all of its branch offices so that customers may enjoy banking services in a convenient
manner any time and anywhere. The Company shall continue to develop its data
centralization process so as to attain efficient services and create conducive conditions to
support the fulfilment customer and employee needs for convenient services. The Company
shall further develop distribution network alternatives through internet banking, call centre,
mobile banking, ATM and other services.
In terms of funding, the Company shall seek opportunities to enlarge sources of its financing
from the mass market segment through the DSP offices network. The Company is of the
opinion that this step will increase customer services and convenience, particularly with
regards to the Company’s target to increase the amount of its deposits and contributions
from current and savings accounts to total deposits which, as at 31 March 2011, stood at
37%.
•
Strengthening of Risk Management
The Company shall continue to carry out prudent and effective risk management. The
Company shall continue to maintain a strong capital position, good asset quality and healthy
balance sheet. The Company shall continue to encourage steps to create efficient and
effective internal operations by way of creating evaluation process policies and approvals on
the granting of credit in tiers, assessment and monitoring of risk exposures derived from both
business sectors and the company itself, and review of risks faced by the Company which
shall be held monthly by the Risk Management Committee.
126
4.
Competitive Advantages
As a bank which focuses on the mass market segment, the Company has a number of
advantages over its competitors. Given the currently favourable conditions of the Indonesian
economy, the Company believes it can capitalise on existing opportunities that play to its
competitive advantages.
Highly Recognized Brand Name With A Long Reputation
The Company has a long history and reputation as one of the leading players in the Indonesian
banking sector. With over 55 years of operating history since 1956, the Company has one of the
most recognized brand names among Indonesian financial institutions with over 2,000 customer
touch points in the form of branches, ATMs, SEMM or DSP outlets, spread strategically across
Indonesia.
As of 11 March 2011, the Company was the sixth largest commercial bank and the third largest
private national bank in Indonesia by assets, loans and deposits. The combination of its brand
recognition, reach and scale have made it a premier financial institution in Indonesia and the
preferred lender in the mass market segment.
Leadership In Mass Market Banking
The Company’s leadership position among Indonesia’s banks within the mass market segment
has provided it with a strong national profile and highly recognizable brand. The Company is a
leading player in the following key business segments:
•
Automotive financing: The Company’s automotive financing business is conducted through
its Subsidiary, Adira Finance. Adira Finance is one of the largest auto financing companies
with market shares of 13.9% and 5.3% for new motorcycle and car sales, respectively, in
2010. Unlike many other automotive financing providers, Adira Finance has a multi-brand
dealership strategy with a focus on both motorcycles and cars.
•
Micro Finance: Since its inception in 2004, DSP has achieved rapid growth and established
itself as one of the leading microfinance provider in Indonesia. DSP has a highly customized
product offering focused on sellers in traditional or wet markets and is the leader in servicing
this market.
•
Consumer financing: Adira Kredit is the market leader in white/durable goods financing. This
is a high growth and high margin segment which remains relatively under-penetrated by
Indonesia’s commercial banks.
Its long history as a leading mass market lender provides significant operational expertise and
strong relationships with automotive dealerships and other vendors that are difficult to replicate in
an increasingly competitive environment.
The portfolio Company in mass market delivers high yields relatively compared to the yield of the
Indonesian banking sector in general. As of 31 March 2011, loans to the mass market segment
accounted for 58% of the total loan portfolio, resulting in the Company’s ability to achieve the
highest net interest margins (NIM) compared with that achieved by the six largest banks in
Indonesia.
127
Established Business Model Offering Cross-Selling Opportunities
The Company believes that its strong brand recognition provides it with a powerful platform from
which to market its products and services. The Company believes that it can use the breadth of
its existing mass market portfolio to increase cross selling of products in particular between Adira
Finance, Adira Asuransi and DSP.
The Company has established relationships with an extensive base of small- and medium-sized
business customers and mass market retail customers which the Company believes allows it to
effectively implement strategies to cross-sell products and services. As of 31 March 2011, it had
approximately 18,000 small- and medium-sized customer loan accounts, 4 million mass market
customer loan accounts and 1.9 million customer deposit accounts.
Expanding Distribution Network With Strong Momentum In Deposit Growth
The Company has a broad and strategic multi-channel distribution platform located throughout
Indonesia. As of 30 June 2011, The Company had 79 domestic branch offices, 390 domestic
supporting branch office, 920 Danamon Credits and Savings (Danamon Simpan Pinjam) branch
offices (including 19 implant branches, with the support of 200 mobile units), 246 sales
representative offices, 8 Syariah branch offices, 3 Syariah supporting branch offices, 10 Syariah
Gold Solution spread throughout Indonesia, and 1 overseas branch office, 1,084 ATMs owned by
the Company and more than 25,000 shared network ATMs with other banks.
From 2006 to 2010, the number of the Company’s conventional branches and ATM networks grew
by 18% and 44% respectively. The Company offers a variety of electronic banking services,
including mobile banking, Internet banking and call centers, to build and develop our retail
presence in order to increase deposits.
Stable Asset Quality
The Company’s management team and employees are focused and dedicated to prudent risk
management and have established a comprehensive risk management framework covering
credit, market, liquidity and operational risks. Specifically, it maintains independent checks and
balances in its credit extension process through a decentralized credit scoring and risk
management system. This enables the Company to accurately identify, monitor and assess
customers’ credit profiles according to their respective segmentation. This comprehensive risk
management framework, which is supported by advanced risk management information
technology systems, enables us to better manage our credit risk and loan portfolio.
As a result, the Company has been able to significantly improve the asset quality of our loan
portfolio. As of 31 March 2011, our gross NPL ratio and NPL coverage ratio were 3.09% and
100.3%, respectively, compared to 4.0% and 90.3% as of 31 March 2010.
Highly Experienced Management Team
The Company’s senior management team has extensive banking industry and leadership
experience in Indonesia. The management team’s ability to provide strategic direction and
execute business initiatives in a highly competitive market is best evidenced by the Company’s
strong position in the Indonesian banking sector. In the last two years, the senior management
team has executed a series of strategic initiatives that has resulted in our continued delivery of
growth and profitability, stable asset quality as well as strong share price performance. In addition,
the senior management invests significant time and resources in ensuring that all staff have the
requisite skill sets to implement the Company’s policies through the pursuit of qualified external
hires and the training of existing employees. The Company believes this track record
128
demonstrates senior management’s strategic vision and their ability to continue to provide the
Company with a critical advantage in an increasingly competitive environment.
5.
Business Activities
Retail Banking
In the first quarter of 2011, Retail Banking maintained its role as an important contributor in the
financing sector of the Company. The total funds raised represent an increase to Rp52,411 billion
from the previous year’s amount of Rp43,938 billion and constitute 63% of the total third party
funds of the Company. Low cost funds from savings and current accounts grew significantly by
35%, far surpassing the growth rate of deposit products.
2010 was an eventful year for the growth of the national consumer banking industry. As consumer
confidence levels recovered, the opportunities for the growth in consumer banking business
increased. In 2010, the Company completed the reorganisation process to incorporate the entire
consumer banking business into a single structure. This new structure will encourage greater
synergies in the products offered and in turn increase the Company’s ability to provide better
service.
The retail banking business continues to deliver on its strategic plans and has experienced
positive momentum in most business activities. The transformation of business includes
improvements in the product portfolio, marketing and promotions, customer segmentation and
analysis capabilities, service and sales and process efficiency. In 2010, the Company
implemented a new branch concept called “Winning Model Branch” in 470 conventional branches.
The new branch model was launched to improve relations with customers through the
transformation of the branch function. The main goal is to turn every customer visit into an
unforgettable experience of banking, where customers can better understand existing products,
conduct discussions with competent staff and choose products according to individual needs.
Customers in the upper middle segment can enjoy exclusive personal service known as privilege
banking.
Up to 30 June 2011, the Company expanded its ATM network which covers 1,084 ATMs of
Danamon. In combination with the ATM machines of the Company’s partners, the Danamon ATM
network consists of more than 25,000 ATM machines throughout Indonesia. Similarly, the
development of internet banking services increased its number of transactions five-fold from a
year earlier.
Significant progress has been made in the effort to increase savings products, investments, loans
and credit cards in Danamon. The Company increased the choice of unit-linked products and new
investment products, in collaboration with strategic partners.
Danamon Cards
The Company conducts its credit card business through its main card centre in Jakarta, which
carries out all aspects of the management of credit cards including marketing, sales, acquisition,
application processing, operation and credit card collection. The main card centre is supported by
regional card centres in Bandung, Surabaya, Yogyakarta, Medan, Batam, Bali, Manado,
Makassar, Balikpapan, Palembang and Pekanbaru. The credit card unit was first established in
1989 when the Company obtained a licence to become an issuer and acquirer for both VISA and
Master Card.
In 2006, the Company acquired the franchise of American Express cards in Indonesia, which
included the issuance of American Express and exclusive management of merchants in
Indonesia.
129
In 2010, under the supervision of a new and experienced management team, the card centre
conducted a review and upgrade of the credit card business, such as carrying out re-organisation
based on industry best practices, unlike its previous strategy that focused on portfolio
development. The Bank started to develop a wide range of attractive offers for card holders and
increasing awareness of credit card.
As of 31 March 2011, the total of receivables outstanding was Rp1,588 billion compared to the 31
March 2010 amount of Rp1,680 billion, a decrease of 5.5% which resulted from the change of
management decision to separate the sales and credit card and unsecured credit.
Over the past three years, the Company has enjoyed a significant reduction in delinquency and
loss rates. NPLs at a rate of 2.5% are categorized low for NPLs, and credit cards are much better
than the industry average. This improvement in asset quality is partly attributable to improvements
in risk management and collections and focusing on new account acquisition strategies. A loss is
recognized at 180 days past due, as stated in the Company’s credit policies. To cover losses, the
Company has formed a loss provision policy in accordance with Bank Indonesia’s regulations.
Currently, the business of credit card of the Company has various choices in Indonesia, offers
credit services such as Visa, Master Card and American Express. As at 31 March 2011, the
Company has more than 350,000 credit cards including credit card of dirham syariah.
The credit cards business offers products that are tailored to various market segments. The
American Express Charge Card provides high-end customers with the convenience of “no pre-set
spending limit”. The American Express Corporate Card aims to provide companies with both
convenience and control when managing their corporate expenses, while the American Express
credit cards allow more convenient and flexible payment instalments.
My Own Cards from Visa/MasterCard focuses on providing cash back to the customer for their
daily expenses. In addition, the Company is the only card issuer in Indonesia to have cards linked
to the English Premier League clubs such as Manchester United, Liverpool and Arsenal. Also
included in the MasterCard is the Dirham Card, the first ever syariah principles-based credit card
to be introduced in Indonesia.
As of 31 March 2011, the Company maintained a network of more than 18,000 credit cards and
American Express merchants, with a monthly sales volume of approximately Rp1 billion. To
support its merchant acquisition business, the Company provides a 24-hour merchant hot-line
and authorisation centre.
In order to manage credit risk in a high growth environment, the Company has an independent
credit policy unit that develops and reviews the Company’s credit related policies and procedures
for its card business. The Company makes extensive use of the Credit Bureau and believes that
this is a key factor in maintaining asset quality in this business. The operations of the Company’s
credit card business are also governed by regulations applicable to American Express, VISA and
MasterCard.
Bank Danaman’s credit card service continues to strengthen its presence by offering various
benefits through cooperation with partners in the Company’s business. In addition the Company
continued to increase its merchant network and make Bank Danamon credit cards the only card
to provide EDC terminals that accept credit and debit cards of American Express, MasterCard and
VISA.
130
Syariah Banking
The Syariah banking business was first established in 2002 in response to emerging Indonesian
demand for banking in accordance with Islamic principles. On 30 June 2011, the Company had
8 dedicated Syariah branches, 3 Syariah supporting branches and 100 office channelling in big
cities in Indonesia.
The various syariah products and services include a Danamon Syariah Savings Account product,
Danamon Syariah Current Account, Danamon Deposit, Danamon Syariah Daily Investment
(investment product) and RencanaKu Syariah (pension product investment). Danamon Syariah
also offers syariah cash management services, which has become a solution for cash
management that has proven to have one of the best syariah bases in the industry.
Danamon syariah continuously develops its business and focuses on the cooperation segment
and on small and medium businesses in the trade and distribution sector. Danamon syariah is one
of the best syariah banks in providing the solutions to meet the needs in the cooperation and small
and medium business segment. Since 2010, Asset Based Financing (ABF) with a syariah basis
has been introduced in heavy equipment financing.
The strategic goal of the Syariah Banking division is to maintain the performance of asset
portfolios and to increase liquidity through financing products provided by the SME segment as
well as to collect third party funds in a cost effective manner. In order to better serve its customers
and capture potential markets. the Company also launched a number of new products. One of the
newly developed products and services is Solusi Emas (gold solution) which was launched to
serve the needs of mass market customers by offering a unique value proposition through easy,
fast and convenient features as well as other additional attractive features.
In 2008, Syariah Banking received an award as the “Best Syariah Bank with assets over Rp500
billion” from Investor magazine. For two consecutive years in 2008 and 2009, it received an award
as the “Most Prudent Syariah Banking” from Karim Business Consulting and in 2009, it received
an award as “The Best Security Squad” from Karim Business Consulting.
The total assets of Syariah Banking reached Rp1,042 billion as of 31 March 2011. Meanwhile, the
amount of the gross Company’s Syariah financing as of 31 March 2011 was Rp719 billion as
compared to Rp726 billion as of 31 March 2010, due to the recovery of the economic condition,
which had positive impacts to the Company’s business growth. The amount of the Company’s
Syariah financing was approximately 1.0% of the total financing of Syariah banking in Indonesia.
Syariah deposits and unrestricted investment funds decreased by 2% from Rp623 billion as of 31
March 2010 to Rp612 billion as of 31 March 2011, with the composition of cheap funds at
approximately 47%.
Mass Market Business
High and sustainable growth in the high-yielding mass market segment is a key part of the
Company’s strategy. The Company views this segment as the major engine of growth in the
Indonesian banking sector and aims to capture market share, as the segment is generally
regarded as under-banked.
Self Employed Mass Market (SEMM)
The SEMM business, also known as DSP, was established in 2004 to serve and help microfinance
and small scale enterprises gain better access to banking services. Under this business, the
Company targets customers requiring loans up to Rp500 million. The target market is
microfinance and small businesses or traders with annual sales of up to Rp2 billion.
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SEMM currently runs two distinct business models: the Traditional or Wet Market Model and the
Capital Solution Model.
•
The Traditional or Wet Market Model targets traders in markets across Indonesia, operating
920 DSP units to serve big wet markets and 264 mobile units to serve smaller wet markets
as of 30 June 2011.
•
The Capital Solution Model, introduced in July 2007 is designed to serve small and
microfinance businesses that are the focus of non-collateral loan products and operates 246
sales offices as of 30 June 2011.
This banking procedure prioritizes speed and convenience in conducting transactions. Loans can
be approved within an average of three days through a simple credit process supported by
technological capability such as paperless cash transactions, thumb-print verification, etc. In
addition, SEMM provides facilities in which transactions can be carried out at the customer’s
residence. In its six years of operations, the SEMM staffed more than 18,700 people and serving
more than 626,000 customers throughout Indonesia as of 31 March 2011.
As its portfolio developed, in order to maintain growth and quality, the SEMM unit has
strengthened its team support in various divisions such as collection, control and risk
management through improvement of capacity and capabilities.
As of 31 March 2011, the SEMM loan portfolio amounted to Rp15,871 billion as compared to
Rp12,888 billion as of 31 December 2010, representing 23% annual growth. The cost to income
ratio was 45.8% as compared to 47.8% as of 31 March 2010. In the first quarter of 2011, the credit
charges (calculated as provisions for loan loss including write-off and additions of recovery, if any
to the average amount of assets) were at 5.0% and have remained stable as compared to the first
quarter of 2010.
Adira Finance
The Company’s motor vehicle financing business is conducted through its Subsidiary, Adira
Finance. As of 30 June 2011, Adira Finance operates 121 branches offices, 115 representative
offices, 189 point of collection, spread throughout Indonesia and is currently one of the largest
motor vehicle financing companies in the country. Staffed with over 25,000 employees, Adira
Finance offers a wide range of consumer auto financing products, aiming to offer quality service
to its approximately 2.9 million customers. Adira Finance provides new and used motorcycle and
car financing. The borrowers are required to pledge the underlying assets as collateral.
As of the first quarter of 2011, Adira Finance recorded new financing bookings of Rp7,069 billion,
as compared to Rp4,825 billion as of the first semester of 2010, representing an increase of 47%.
The outstanding gross receivables (after deduction of unrecognized consumer financial revenues)
increased by 38.7% to Rp30,978 billion as of 31 March 2011 from Rp22,327 billion as of 31 March
2010
As of the first quarter of 2011, motorcycle financing accounted for 65% of all financing loans
generated by Adira Finance, while the remaining 35% was contributed by car financing. For the
same period, interest rates for motorcycle financing ranged between 21%−30%, while car
financing interest rates stayed between 14%−16%.
Adira Finance’s market shares in new motorcycle and new car financing increased to 13.9% and
5.3% in the first quarter of 2011 and to 13.4% and 4.5% in the first quarter of 2010, respectively,
due to the improved macroeconomic condition in Indonesia. Adira Finance’s net interest income
in the first quarter of 2011 is up to Rp889 billion or increase 39,3% compare with the first quarter
132
period of 2010. The increase in Indonesian public revenue propelled growth in the automotive
industry, which in turn has had a positive impact on the financing industry, leading to increased
competition.
The prevailing banking interest rates allowed financing companies to lower their financing rate.
However, Adira Finance continued to maintain prudent lending policies. In the first quarter of 2011,
Adira Finance’s consolidated credit charge ratio stayed at 4.6% of the average receivables, as
compared to 3.7% in the same period in 2010. The quality of Adira Finance’s receivables’ portfolio
(including joint financing receivables with the Bank) remained stable as a result of prudent risk
management policies implemented by Adira Finance, including disciplined lending to only
targeted customers and adhering to strict down payment requirements. With a team of over 8,500
collectors, Adira Finance continued focusing on collections dated 31 March 2011, NPL ratio Adira
Finance on the level 1.3%
Adira Quantum Multifinance (Adira Quantum)
Adira Quantum (PT Adira Quantum Multifinance) is a subsidiary of the Company (99% ownership)
in the financing consumer goods such as electronic goods, computer, furniture and household
items (durable goods). As a subsidiary, Adira Quantum plays an important role in supporting the
Company’s white goods financing business strategy to become the selected bank in the mass
market segment.
Adira Quantum’s main business development plan has its emphasis on network expansion by
opening 100 new points of sales, particularly in Kalimantan and eastern Indonesia. In line with
such expansion, improved control and supervision of infrastructure are also developed. The
number of regional offices increased from 4 to 6 offices for better supervision coverage. Adira also
continues improving collection process, better loan approval analysis and more efficient cost
since it was launched last year. Various new initiatives will be launched to improve re-sale to more
than 500,000 Adira credit customers. In line with this, various efforts will be made to improve
productivity effectiveness and fast services.
As of 30 June 2011, Adira Quantum served more than 570,000 customers in 275 outlets
consisting of 31 branches, 17 representative offices and 227 points of sales (POS) and more than
9,000 partnership store across Indonesia. Adira Quantum intends to prioritise fast service, ease
of access and comfort for the customer.
In the first quarter of 2011, Adira Quantum managed to increase new financing by Rp489 billion
or an increase of 37% as compared to the similar period of last year. As of 31 March 2011, the total
receivables outstanding were Rp1,262 billion, an increase of 39% as compared to March 2010.
Effective risk management and control resulted in a low non-performing financing receivable ratio
of 2.2% for the overall portfolio.
Syariah Gold Solution
Although it experienced significant growth in the last five years, the national syariah banking
sector is still very much in its infancy phase, with the promise of major development in the years
ahead. The Company’s Syariah Gold Solution business is expected to become one of the key
drivers of its Syariah business going forward.
Syariah Gold Solution was launched in bigger scale starting 2011. On 31 March 2011, the credit
granted through syariah gold solution reached approximately Rp7 billion with more than 1,200
customers. On 30 June 2011, the Company owned 10 syariah gold Solution offices in big cities
in Indonesia.
133
Small Medium Enterprise (SME), Commercial Banking and Asset Based Finance
The Company’s SME and Commercial Banking (SMEC) sector had Rp21,088 billion in
outstanding loans as of 31 March 2011, or 25% of the Company’s total credit. As of 31 March
2011, SMEC contributed a total of 17% of the Company’s total interest income on earning assets
other than Government bonds.
SME
The Company’s SME business is a leading performer in this segment in Indonesia. The
Company’s SME strategy is to become the sole reliable customer partner for its SME customers.
The Company seeks to provide a full range of products to satisfy all of the needs of SME segment
customers from time to time. Since 2007, the Company also has restructured its end-to-end
process in a sustainable manner to ensure customer satisfaction at every contact point. The
Company’s end-to-end process delivers excellence in convenience and simplicity to the
customers in a cost-effective manner, and allows the Company to market its competitive products
and services. The Company believes that superior experience will lead to long-term customer
loyalty, encourage customer referrals, and increase the Company’s competitiveness in the
market.
The Company’s SME business segment targets candidate customers from individual
businessmen or small business entities which have annual sales or turnover rate of Rp2 billion to
Rp40 billion and require loans between Rp500 million and Rp10.0 billion. In reaching its key
business targets, the SME business is always focused on the development strategy of products,
marketing, maintaining a quality loan portfolio, and ensuring that the front line staff is equipped
with proper skills and knowledge in credit and technique to sell, while also maintaining good
relationships with the customers.
The Company provides various credit facilities to SME customers, and most of the loans are
working capital loans with one year average tenors. SME loans on 31 March 2011 in the amount
of Rp10,578 billion represent 12% of the total portfolio loans provided by the Company, increasing
32% from Rp7,988 billion that represent 12% of the total portfolio loan provided by the Company
on 31 March 2010. For the first quarter 2011, the weighted average yield of the Company’s Rupiah
SME loans was 12%.
Danamon SME Banking is the first to widely introduce Asset Based Finance products in the SME
sector, supporting customers’ needs for purchasing capital investment equipment. Several new
products in this segment were launched in the past three years. These included Dana Oto (an
unsecured loan facility for motorcycle dealers in partnership with Adira Finance), and Quick Cash,
designed to reward existing SME customers by providing loans for contingencies. The Company’s
lending programme to rural banks or Bank Perkreditan Rakyat (BPR) rose by 30% in loan volume
in 2010.
In addition to lending products, the SME Banking division provides a range of innovative saving
products to its customers. One of its key products is Dana Fleksi, which offers a unique
combination of Current Account and Savings Account with additional free transaction benefits and
connection to Cash@Work Internet Banking, to provide a comprehensive cash management
solution to SME customers.
The Company has also implemented a pioneering analysis unit, which is designed to have better
understanding of business condition and customer needs in order to support their growing
business.
134
In the first quarter of 2011, 60% of SME business revenue was derived from lending. 19% from
fee-based income and 22% from funding activities, The Company’s loan growth in the SME sector
has been achieved while still maintaining prudent asset quality, with NPL at 2.6%.
On 31 March 2011, the Company owned 136 branches to serves SME loans in various locations
in Indonesia. Besides, the SME segment works closely with Adira Finance, Adira Quantum and
Adira Asuransi to cross-sell products to the Customers who become their business partners.
In line with its strategy to become the “sole” bank for its SME customers, the Company intends
to build a greater presence in the market by increasing the number of banking service centres
throughout Indonesia. The Company’s commitment to training and developing talent is evidenced
by its planned batches of Management Trainees, with staff being offered specialized training and
planned career development.
Commercial Banking
The strategy of the Company’s Commercial Banking division is to become a long-term strategic
partner for its commercial customers, providing a one-stop service for all of the customer’s
financial solutions and business needs under a full banking relationship approach. The Company
emphasizes delivering value-added solutions through faster turnaround times, rather than merely
offering lending products or competing on price.
The Company has invested in employee training, product development. customer fulfilment and
risk management systems of the Commercial Banking division to ensure that it can become a real
“SAHABAT” to its customers — a reliable partner that is present in all stages of customers’
business cycles. The dynamic nature of the Commercial Banking business requires sophisticated
products and services, and DANAMON SAHABAT offers technical competence and financial
assistance through its full range of foreign-exchange and trade finance facilities, which equip its
customers to do business in global markets.
The Company believes that “SAHABAT’s” unique value proposition is accepted by customers who
consider “DANAMON SAHABAT” the right choice to help them become the next generation of
leading Indonesian companies.
The commercial segment targets customers with an annual sales turnover of Rp40 to Rp500
billion and require loans between Rp10 billion and Rp100 billion in major cities and provincial
capital cities in Indonesia.
During the last two years, Commercial Banking extended its footprint by adding more staff in
Samarinda, Batam, Pekanbaru and Palembang. As of 31 March 2011, the “DANAMON
SAHABAT” Commercial Banking service was available in 16 cities, serving almost 6,200
customers across the country. Considerable progress was also made in terms of human
resources development, as the successful Management Trainee programme which has produced
high quality staff, welcomed a new batch of trainees, who are now employed by the Commercial
Banking unit. The “Sahabat University” programmes continue to improve the skills and capabilities
of sales people throughout the specialized training programmes. An improved performance
management tracking process was initiated to align employees with the Company’s growth
aspirations. Business processes were also re-aligned to significantly improve credit process and
enhance lead generation capabilities.
As at 31 March 2011, the Company’s commercial loans totalled Rp7,258 billion or 8% of the
Company’s total loan portfolio. Meanwhile as at 31 March 2010, commercial loans were Rp6,261
billion.
135
Asset Based Finance
Product Asset Based Finance (ABF) offers financing of heavy equipment particularly for the
agriculture sector (palm oil) and coal mining industry, which are both developing rapidly. ABF
recorded growth of 13% to become Rp3,252 trillion at the end of March 2011.
2011 will also be the year in which the ABF Syariah product will be developed to service primary
sectors, namely agriculture and mining.
Corporate Banking
While the Company’s overall strategy is focused on consumer and SME banking, it remains
committed to its corporate segment which contributes approximately 12% of the Company’s total
loans. Commitment to this sector is driven by a desire for a strong and well-diversified loan
portfolio and the opportunity to provide additional services to high quality corporate clients.
Following the establishment of the division’s own loan support and administration group in 2002,
the Corporate Banking division started to engage in greater lending activity, club deals and
syndication.
As of 31 March 2011, corporate loans accounted for Rp10,569 billion, registering growth of 30%
over Rp8,151 billion as of 31 March 2010. The quality of assets was maintained in the first quarter
of 2011 and the Company noted the recovery in the amount of Rp3.7 billion compared to the
provision fee in the amount of Rp9 billion in the first quarter of 2010.
Corporate banking focuses not only on core lending activities but also on a range of fee earning
transactional banking products and services, including cash management, trade finance, treasury
products and the full complement of banking investment services.
The Company remains focused on selected targets within the corporate sector in line with the
Company’s strategic interests, including companies in high-growth or export-oriented sectors,
companies that generate substantial fee-based income from recurring transactions, or companies
engaged in industries with long upstream and downstream manufacturing or distribution chain
lines that provide cross-selling opportunities for each of the Company’s business sectors. A
customer profiling platform, which was developed in 2007, provides the Company with improved
analysis, target definition and settings as well as tracking processes. The Company will continue
to focus on increasing the quality and profitability of the corporate banking franchise by building
a strong customer base, enhancing profitable relationships, managing credit risks rigorously,
increasing efficiency and productivity, diversifying the product range, enhancing competency and
empowering people and organisations.
The Company’s top 25 corporate clients accounted for 57.4% of its corporate loan portfolio as of
31 March 2011 as compared to 67.6% of the Company’s corporate loan portfolio as of 31 March
2010. As of 31 March 2011, all of such accounts were performing.
The Bank’s corporate loan strategy is to allocate loans to corporation-scale companies and to
have good categorization in every industry that will become the target markets of Corporate
Banking.
The Corporate Banking division has worked closely with various groups to expand the range of
products available to its clients. To further deepen its relationship with its valued clients, the
Company now offers tailored trade financial solutions to facilitate import and export requirements,
plain vanilla treasury products to satisfy foreign exchange as well as cash management collection
and payment solutions.
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The Company has extended its capability to deliver more sophisticated solutions and tailored
products. The Company was the first bank in Indonesia to adopt the newly launched SWIFT Trade
Service Utility, which allows customers to electronically transact and exchange documents
through e-banking systems.
The Company’s cash management services continue to develop Unique Value Position that
emphasize customized solutions, comprehensive product suites, automated processing and easy
access. In 2011, the Company keeps trying to reach the Unique Value Position by strengthening
on the integrated services that include Financial Supply Chain and Employee Solution.
Treasury, Capital Market, and Financial Institutions
The Treasury and Capital Markets (“TCM”) division of the Company have the main task to assure
the continuity of the liquidity availability with appropriate fee, to ensure that the Company can
deliver on its responsibility and support credit development. Consistently, that goal is achieved
through the practice of risk liquidity management and prudent interest rate risk management,
together with incentives offered to support customer financing, and diversification of the fund
resources through the issuance of bonds and the other financing products. In addition, it serves
to generate income through financial and capital market transactions both for customers and the
Company’s accounts.
In managing financial balance sheet risks and serving customers’ business, TCM consists of four
groups, which work closely with one another and with the Company’s other functions. The
Balance Sheet Management group which is supported by a strong risk management and control
framework continues to manage liquidity risk and interest rate risk under the guidance of the
Committee of Assets and Liabilities within the risk scheme that has been approved.
The Treasury Sales, Treasury Trading & Business Management groups are responsible for
serving the Company’s business units in addition to providing treasury services and products. The
Company offers treasury products covering various hedging facilities with respect to foreign
currency risk and interest rate risk that are acceptable to Bank Indonesia and has successfully
gained international recognition for its treasury services, such as being named “Best Domestic
Provider of FX Services in Indonesia”.
The Financial Institution (“FI”) division is responsible for expanding the Company’s financial
institutions business by building closer relationships with banks, securities companies, asset
management houses, pension funds and insurance companies. It offers a broad range of services
such as correspondent banking, international remittance, trade finance, custody services, cash
management, as well as offering tailored treasury products and solutions.
For the customers, TCM and FI also have roles as active business units that provide product and
treasury services. To serve its customers, TCM sales works closely with other business units,
while TCM Trading Team remains active in the interbank market to offer competitive prices to its
customers. Looking forward, the Company will continue to make TCM and FI Division its main
focus, as they generate and circulate funds for the Company’s business activities. As global
capital markets recover from the recent economic and political crises, the role of TCM and FI will
become more significant.
In 2010, TCM issued bonds for the Company and Adira in the amount of Rp4.8 trillion and in the
first half of 2011 did the same for Adira in the amount of Rp2.5 trillion. Such events mark the
biggest issuance of obligation conducted by the Company and by an Indonesian financial
institution.
The Company’s revenue from treasury activities, including portfolio investment and foreign
currency transactions, decreased from Rp339,3 billion for the period ended 31 March 2011 to
137
Rp36.5 billion for the period ended 31 March 2011. This decrease was primarily due to a reduction
in money market and bonds transactions.
In 2011, TCM continued to improve and increase its systems to obtain better control and tracking
mechanisms. It also continued to focus on soft skills in management by improving the knowledge
of TCM members and Line of Business (LoB) sales through Treasury Product Certification.
TCM will continue to improve the services and value of products to customers as part of its sales
strategies as it maintains the following goals:
1.
To further emphasize appropriateness and suitability between customers and products.
2.
To increase the base of retail customers and tailor products to the needs of retail customers.
3.
To strengthen customer franchise and establish better coordination with other LoBs.
In addition, to support the overall strategies of the Bank in 2010, TCM operated in a more prudent
manner in managing risks and providing stronger control in its operations, costs and processes.
Trade Finance
The Company’s trade finance activities are designed to provide trade financing services and bank
guarantees for customers engaged in exporting and importing activities. The Company faces
challenges in achieving its goal of increasing its market share in this segment, particularly with
regards to pricing competitiveness relative to its primary competitors.
Danamon’s trade finance products offer extensive trade delivery channels, payment methods and
services according to need, which combined with wide international partnership and local service
networks for a solution can achieve business target of the customers. Cash management service
offers integrated banking solution to assist customer in managing cash flow and liquidity
effectively. One of the main solution of cash management is Cash@work, an electronic banking
services which gives ability to access cash management transaction through internet network.
The Company is one of the banks that gives complete trade finance products in Indonesia.
Since 2004, Danamon keeps maintaining its position as one of the front play in the trade finance
and cash management. The superiority of Danamon in this sector is already being recognised
internationally with the awards of “Best Trade Finance Provider in Indonesia” from Global Finance
for 2004, 2005, 2006, 2007 and 2010 and the award of “Best Local Cash Management Banks in
Indonesia” from Asiamoney for 2008, 2009 and 2010.
Adira Asuransi
Adira Asuransi (PT Asuransi Adira Dinamika) is a subsidiary of the Company (90% ownership) in
the general insurance business. Established in 2002, Adira Asuransi offers two categories of
general insurance products, namely motor vehicles and non-motor vehicles. Non-motor vehicle
insurance includes personal accident, fire, heavy equipment, transport and other insurance
products. Motor vehicle insurance contributes 66.5% to the total portfolio, with the remaining
33.5% from non-motor vehicles insurance. As of 30 June 2011, with 9 branch offices and 41
outlets across Indonesia, Adira Asuransi is one of the top three largest providers of motor vehicle
insurance in Indonesia.
Adira Asuransi offers its products under a widely known brand and with value added features such
as customer services which is one of the best in its industry. Autocilin auto insurance product
(consisting of Autocillin Classic and syariah-based Autocillin Ikhlas insurance) from Adira Asuransi
is supported by workshop partners available in a number of places with a promising good and
138
guaranteed work. Insurance product for motor-bicycle, Motopro, is also known as one of the best
motor-bicycle insurance products.
Important progress was also achieved in developing the categories of non-motor vehicle
insurance. The initiative includes efforts to strengthen the ability of Adira Asuransi in the natural
resource sector (energy and coal mining). New products and collaborations were launched last
year, including the strategic partnership with CIGNA Life Insurance and cooperation with the credit
card business to encourage the sales of insurance products and various synergy efforts with the
other Danamon business units, including cooperation with the micro-banking unit and Adira
Quantum.
In the first quarter of 2011, Adira Asuransi generated a net income of Rp66.6 billion from total
gross written premium of Rp290.4 billion as compared to Rp217 billion for the first quarter of 2010.
Total assets grew by 26% from Rp1.7 trillion in the first quarter of 2010 to Rp2.1 trillion in the first
quarter of 2011 followed with the increase in total investment at 21% from Rp1.5 trillion in the first
quarter of 2010 to Rp1.8 trillion in the first quarter of 2011.
The customers of Adira Asuransi also get unlimited services through Adira Care 500 456, call
centre 24 hours and via 34 outlets across Indonesia. In 2010, Adira Asuransi call centre for the
third time in a row was awarded “Call Centre Award” auto insurance categories from Marketing
Magazine. The other awards in 2010, include “Top Brand Award” for auto insurance from Frontier
and Marketing Magazine, “Best Brand” for motor-bicycle insurance from SWA Magazine, “Service
Quality Gold Award” for auto insurance from Carre and Marketing Magazine, “Customer Loyalty
Award” for auto insurance, “Second Best Indonesia’s Most Admired Company (IMAC)” from
Business Week Magazine and Frontier, “Insurance Golden Trophy” to be the General Insurance
Company with a “very good” rating for 5 consecutive years from Info Bank Magazine, “Best
Insurance Company” for general insurance with assets above Rp1 trillion from Investor Magazine,
“Second Best Islamic General Insurance” from Karim Business Consulting and achieved ISO
Certificate 9001:2008 for national scale.
In order to encourage a faster level of service, the IT core system has been renewed with the
capacity and a higher security. The efforts had successfully improved the business performance
of Adira Asuransi. All of these initiatives were supported by the Application of “CARE” Core
System. This application includes all operations such as production of policy claims handling
collection and payment, etc. Another application which was being developed was an application
to support the core application connected to the call centre text message and integrated agency
system.
Adira Asuransi has been trusted to serve close to 5 million active policies handled by thousands
of its agents. Its excellence is evidenced by its ISO certification at the national level since 2007
and the various awards from reputable institutions in the country in the categories of company
performance, brand, service, syariah, and others for 2004 up to the first quarter of 2011.
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6.
Loans Granted
The following table lists loans granted based on their maturity as of 31 March 2011 and 31
December 2010, 2009, 2008, 2007 and 2006:
Maturity
31 March
2011
31 December
%
2010
%
2009
%
2008
%
2007
%
2006
%
<1 month
5,860,220
7.44
3,823,839
5.05
3,268,855
5.40
5,180,781
7.97
2,754,869
5.37
1,847,217
4.49
1–3 months
9,538,263
12.10
3,787,982
5.00
2,273,576
3.75
4,150,856
6.39
2,609,344
5.08
3,081,912
7.49
3–6 months
9,368,901
11.89
2,215,087
2.92
1,544,383
2.55
1,656,517
2.55
2,708,304
5.28
1,947,199
4.73
6–12 months
12,566,484
15.95
775,465
1.02
919,280
1.52
1,028,640
1.58
1,125,277
2.19
1,065,887
2.59
>12 months
41,466,494
52.62 65,171,149
82.08 33,222,578
80.70
86.01 52,573,181
86.78 52,966,328
81.51 42,139,258
Total loans — gross 78,800,362 100.00 75,773,522 100.00 60,579,275 100.00 64,983,122 100.00 51,337,052 100.00 41,164,793 100.00
Allowance for loss
(2,423,805)
Deferred Income
Total loans — net
*
(2,505,197)
—
—
76,376,557
73,268,325
(2,211,621)
3.65
(84)
(1,572,564)
2.42
(84)
58,367,570
(1,478,641)
2.88
(118)
63,410,474
(1,413,329)
3.43
(4,820)
49,858,293
39,746,644
Unaudited
The following table presents the composition of loans granted, according to the use of the loans,
as of 31 March 2011 and 31 December 2010, 2009, 2008, 2007 and 2006:
Maturity
31 March
2011
31 December
%
2010
%
2009
%
2008
%
2007
%
2006
%
Consumer
31,743,319
40.28 29,950,421
39.53 21,672,171
35.78 21,959,346
33.79 17,862,605
34.80 14,983,440
36.40
Working Capital
32,105,639
40.74 32,127,185
42.40 26,388,838
43.56 30,473,378
46.89 23,986,088
46.72 19,038,334
46.25
Investment
14,054,369
17.84 12,529,529
16.54 11,803,234
19.48 10,798,760
Export
Loaned to board of
directors and
employees
16.62
8,247,177
16.07
6,006,206
14.59
883,821
1.12
1,155,477
1.52
710,364
1.17
1,738,915
2.68
1,234,162
2.40
1,128,329
2.74
13,214
0.02
10,910
0.01
4,668
0.01
12,723
0.02
7,020
0.01
8,484
0.02
Allowance for loss
(2,423,805)
Deferred Income
Total loans — net
(2,505,197)
—
—
76,376,557
73,268,325
(2,211,621)
3.65
(84)
(1,572,564)
2.42
(84)
58,367,570
(1,478,641)
2.88
(118)
63,410,474
(1,413,329)
3.43
(4,820)
49,858,293
39,746,644
A large portion of the Company’s loan portfolio is concentrated in consumer and working capital
loans.
The channelling of loans denominated in Rupiah still dominates the Company’s loans. The
following table shows the channelling of loans granted in Rupiah denomination and foreign
currencies as of 31 March 2011 and 31 December 2010, 2009, 2008, 2007 and 2006:
Maturity
31 March
2011
Rupiah
Foreign currencies
31 December
%
71,664,718
7,135,644
2010
%
90.94 69,014,286
9.06
6,759,236
2009
91.08 54,926,334
8.92
5,652,941
%
2008
90.67 55,985,655
9.33
8,997,467
%
2007
%
2006
%
86.15 44,260,389
86.22 36,857,162
89.54
13.85
13.78
10.46
7,076,663
4,307,631
Allowance for loss
Deferred Income
Total loans — net
*
(2,423,805)
(2,505,197)
—
—
76,376,557
76,376,557
(2,211,621)
(84)
58,367,570
Unaudited
140
3.65
(1,572,564
(84)
63,410,474
2.42
(1,478,641)
(118)
49,858,293
2.88
(1,413,329)
(4.820)
39,746,644
3.43
The loans granted comprise the main component of the Company’s earning assets. Therefore, the
Company remains guided by principle of prudence in channelling its loans. The following table
demonstrates how the channelling of loans to the Company’s related parties is maintained at the
lowest possible level.
Maturity
31 March
2011
Third party
Related party
Total loans — net
76,363,343
13,214
31 December
%
2010
99.98 73,257,415
0.02
10,910
%
2009
99.99 58,362,902
0.01
4,668
%
2008
%
99.99 63,397,880
0.01
2007
99.98 49,850,621
12,594
0.02
7,672
%
2006
99.98 39,687,444
0.02
59,200
%
99.85
0.15
76,376,557 100.00 73,268,325 100.00 58,367,570 100.00 63,410,474 100.00 49,858,293 100.00 39,746,644 100.00
FUND CHANNELLING CHART
The following chart describes the Company’s procedure for channelling funds:
Credit Approval Process
Marketing
Customer contact and
check customer
application form
Application form
Others credit
document
Pre screen
Check Black List BI &
Internal Black List
Black
list ?
Yes
Reject
No
Credit
factory
Check CAC and CSC*
Document**
Credit
Committee
Yes
Agree?
Credit analysis and
approval
Credit analysis
memorandum
Send to loan
operation to set up
facility and
disbursement
No
Reject
*
CAC (Credit Acceptance Criteria) and CSC (Customer Selection Criteria) examples, customer rating, collateral allowed,
business age, onset, finance condition, 5 C, etc.
**
Document examples: application form, survey result (business, collateral appraisal, etc.)
141
The governance framework related to the credit approval process in Danamon has been made in
accordance with the best practices in the industry and Bank Indonesia’s regulations. One of the
Company’s main objectives in its governance model is to ensure that credit approval is granted in a
timely manner by an experienced manager in accordance with the Company’s risk policy.
Danamon’s Board of Commissioners has delegated the authority over credit to the Board of Directors,
which in turn, has established a credit committee in various business divisions and in the head office.
These committees will grant approval to credit facilities subject to the limit delegated to them and
pursuant to the Company’s risk credit management policy. The members of the committees are senior
experienced managers from the Commercial/Business and Risk division.
Independence of the risk function in a line of business is a basic principle in the Company’s governance
model; the credit manager in a line of business is accountable to and will report directly to the Credit
Director. Large credit facilities and all programs of retail credit are approved by the Credit Committee
in the Head Office, headed by the CEO and co-chaired by the Director of Risk Management/Integrated
Risk Director. This is to ensure that any risk assumed by the Company follows after a balancing of the
risks and rewards attributed to all loans and credit businesses.
7.
Funding
Current Account and Savings Account products (CASA), which are available in Rupiah and
foreign currencies, are low interest funding products that enable the Company to obtain low
funding fees.
To increase savings, the Company holds a lucky draw (Danamon Terkabul) programme which
rewards customers.
The Company can use information from the customers who participate in the programme to
provide products and services that are suitable to their needs.
As of 31 March 2011, the Company’s total third party funds amounted to Rp80,685,103 million,
representing an increase of Rp1,042,300 million from 31 December 2010.
The following table shows third party funds, which the Company managed to collect as at three
months period ended 31 March 2011 and year ended 31 December 2010, 2009, 2008, 2007 and
2006:
Maturity
31 March
2011
31 December
%
2010
%
2009
%
2008
%
2007
%
2006
%
Current Account
(a) Rupiah
5,445,522
6.75
6,776,693
8.51
4,675,015
6.95
4,678,786
6.33
3,923,019
6.79
3,396.069
6,27
(b) Foreign currencies
3,138,698
3.89
3,285,810
4.13
2,183,230
3.25
2,215,236
2.99
2,671,697
4.62
1,812,071
3.34
16.14 11,395,097
19.71
9,712,196
17.92
—
—
—
Savings Account
(a) Rupiah
18,358,729
2,579,514
22.75 19,036,920
3.20
2,360,599
23.90 13,799,820
2.96
1,564,348
20.53 11,937,669
2.33
909,724
1.23
—
Time Deposit
(a) Rupiah
Total
48,033,169
3,129,471
59.53 45,149,018
3.88
3,033,763
56.69 40,727,826
3.81
4,265,989
60.59 47,051,397
6.35
7,176,266
63.61 32,423,313
9.70
7,390,739
56.09 32,701,939
60.34
12.79
12.13
6,571,981
80,685,103 100.00 79,642,803 100.00 67,216,228 100.00 73,969,078 100.00 57,803,865 100.00 54,194,256 100.00
142
Maturity
31 March
2011
<1 month
10,965,607
31 December
%
2010
%
2009
%
2008
2007
%
%
13.59 13,069,387
16.41 13,560,123
11.25
8,021,608
10.07
4,590,183
3–6 months
9,916,890
12.29 11,278,711
14.16
7,866,626
6–12 months
50,724,085
62.87 47,273,097
59.36 41,199,296
>12 months
80,685,103 100.00 79,642,803 100.00 67,216,228 100.00 73,969,078 100.00 57,803,865 100.00 54,194,256 100.00
6.83
4,969,407
11.70
7,380,483
61.29 46,702,860
20.17 10,268,737
2006
9,078,521
1–3 months
20.17 14,916,328
%
17.76 15,102,617
27.87
6.72
6,069,131
10.50
5,739,889
10.59
9.98
8,405,189
14.54
4,675,390
8.63
57.19 28,676,360
52.91
63.14 33,060,808
The Company will continue to endorse the CASA strategy to provide new products based on the
suitability of those products to customers’ needs. A wide range of programs such as cross-selling
are implemented to support this strategy. With respect to current accounts, the Company will
continue to seek the appropriate opportunities to offer special packages in current account
products, such as the management of cash in a current account.
8.
Sound Banking Principles
Each year, Bank Indonesia assesses the soundness of banks in Indonesia to ensure that a bank
is managed prudently and in accordance with Bank Indonesia’s regulations. Bank Indonesia uses
the results of such assessment to carry out its function as the banking regulator and supervisor
in Indonesia. The assessment is conducted using quantitative and qualitative factors on various
aspects, which affect the condition and development of banks in terms of capital, asset quality,
management, earnings and liquidity. The assessment also considers whether there is any
violation of regulations which will affect the assessment result, for example, a violation of the
Legal Lending Limit (LLL) and Net Open Position (NOP).
(a)
Capital Adequacy Ratio (CAR)
Capital Adequacy Ratio (CAR) is one of the criteria used to calculate a bank’s level of
soundness. To maintain the capital adequacy ratio, Bank Indonesia requires commercial
banks to have a minimum capital of 8.00% of weighted assets, according to the risks based
on the Regulation of Bank Indonesia No.10/15/PBI/2008 dated 24 September 2008 on the
Bank’s Capital Adequacy Ratio.
The Company’s capital adequacy ratio as of 31 March 2011 and 31 December 2010, 2009,
2008, 2007 and 2006 is presented in the table below.
(in%)
The Company’s CAR
including credit and
operational risks*
The Company’s CAR
including credit,
market and
operational risks*
Bank Indonesia’
regulation on CAR
31 March 2011
12.14
12.05
8.00
31 December 2010
13.33
13.25
8.00
31 December 2009
17.72
17.55
8.00
31 December 2008
13.99
13.37
8.00
31 December 2007
20.57
19.27
8.00
31 December 2006
22.37
20.39
8.00
Date
*
Operational risks are calculated only for the purpose of computing CAR as at 2010
143
(b)
Asset Quality
The quality of assets is based on the following ratios:
(in%)
Ratio of non-performing
earning assets
Ratio of allowance for
possible losses on earning
assets to minimum required
allowance
31 March 2011
2.60
101.27
31 December 2010
3.26
118.73
31 December 2009
3.91
136.29
31 December 2008
1.73
150.08
31 December 2007
1.40
114.48
31 December 2006
1.81
107.66
Date
(in%)
NPL (gross)
NPL (net)
Maximum Minimum
Requirement for NPL (gross)
from Bank Indonesia
31 March 2011
3.30
0.22
5.00
31 December 2010
3.25
0.00
5.00
31 December 2009
4.64
0.00
5.00
31 December 2008
2.36
1.18
5.00
31 December 2007
2.26
0.68
5.00
31 December 2006
3.31
1.16
5.00
Date
Asset quality (productive assets quality) is a measurement of earning asset potential. The
ratio of allowance for possible losses on earning assets (PPAP) to minimum required
allowance (PPAP wajib dibentuk) is always above 100%; hence, it is safe for the Company
to anticipate losses on non-performing earning assets. Given this result, the assessment of
asset quality is sound.
(c)
Management
The assessment of management performance is based on questionnaires with 40% of the
questions on general management and 60% of the questions on risk management pursuant
to BI regulations. Based on the answers obtained from the questionnaires, Bank Indonesia’s
assessment is that management performance is sound.
(d)
Earnings
Earnings indicate the capability of the Company and its Subsidiaries to earn profits.
Profitability is assessed based on the following ratios:
(in%)
Period/Year Ending on:
ROA
ROE*
NIM
BOPO
31 March 2011
3.08
17.59
7.94
76.72
31 December 2010
3.34
18.52
8.97
74.93
144
(in%)
Period/Year Ending on:
ROA
ROE*
NIM
BOPO
31 December 2009*
1.78
11.23
7.81
86.46
31 December 2008
2.01
14.64
8.15
85.77
31 December 2007
3.81
22.91
8.30
74.19
31 December 2006
2.40
15.63
7.22
80.33
*
Return on average core capital
The above ratios indicate that the earnings of the Company are sound.
(e)
Liquidity
Liquidity is the ability of the Company to fulfil its liabilities at any time through the
management of deposits and other liabilities to be made as earning assets. One of the
measurements of liquidity is LDR (loan to deposit ratio).
The following table indicates the LDR ratio as at 31 March 2011, 31 December 2010, 2009,
2008, 2007 and 2006:
(in%)
Date
Loan to Deposit Ratio
31 March 2011
94.86
31 December 2010
93.82
31 December 2009
88.76
31 December 2008
86.42
31 December 2007
88.05
31 December 2006
75.51
LDR keeps increasing from year to year, reflecting a continuous improvement in the
management of third party funds (deposits) used for loans and a view to increasing the
Company’s profits and to avoiding idle funds.
(f)
Statutory Reserve Requirement (“GWM”)
The development of the Company’s GWM ratio is as follows:
(in%)
Date
31 March 2011
31 December 2010
Rupiah GWM
United States Dollar GWM
Company
BI Regulation
Company
BI Regulation
17.50
10.50(1)
5.05
5.00
17.82
10.50
(1)
1.14
1.00
7.50
(2)
11.79
3.00
31 December 2009
20.70
31 December 2008
5.07
5.00
1.06
3.00
31 December 2007
8.29
8.00
3.04
3.00
31 December 2006
8.14
8.00
3.03
3.00
145
(1)
Comprising primary GWM of 5% and secondary GWM of 2.5%
(2)
Comprising primary GWM of 5% and secondary GWM of 2.5%
The Company has complied with Bank Indonesia requirements regarding the Statutory
Reserve Requirement.
On 31 March 2011 and 31 December 2010, the calculation of the GWM ratio was based on
PBI No. 12/9/PBI/2010 dated 4 October 2010 as amended with PBI No. 13/10/PBI/2011
dated 9 February 2011.
On 31 December 2009 and 2008, the calculation of the GWM ratio was based on PBI
No. 10/25/PBI/2008 dated 23 October 2008.
On 31 December 2007 and 2006, the calculation of GWM ratio was based on Bank
Indonesia’s Regulation No. 7/29/PBI/2005 dated 6 September 2005.
(g)
Legal Lending Limit — LLL (Batas Maksimum Pemberian Kredit)
The Company’s LLL ratios as of 31 March 2011 and 31 December 2010, 2009, 2008, 2007,
and 2006 are presented in the table below:
(in%)
Remarks
31 March
31 December
2011
2010
2009
2008
2007
2006
10
10
10
10
10
10
2.32
2.49
1.81
1.59
0.71
9.09
Excess of LLL
—
—
—
—
—
—
Violation of LLL
—
—
—
—
—
—
25
25
25
25
25
25
7.87
3.51
4.01
4.88
3.74
3.50
Excess of LLL
—
—
—
—
—
—
Violation of LLL
—
—
—
—
—
—
20
20
20
20
20
20
3.00
2.16
2.54
5.21
7.37
6.60
Excess of LLL
—
—
—
—
—
—
Violation of LLL
—
—
—
—
—
—
Related Parties
LLL
Highest amount of fund provision
Third Party (one group of
borrowers)
LLL
Highest amount of credit provision
Third Party (one borrower)
LLL
Highest amount of credit provision
LLL is the percentage of the maximum permitted provision of funds to a party or a group of
obligors in proportion to a bank’s capital.
Bank Indonesia Regulation on LLL set forth in Bank Indonesia Regulation No. 7/3/PBI/2005
as amended by Bank Indonesia Regulation No. 8/13/PBI/2006 dated 5 October 2006
provides that LLL to related parties of a bank is no more than 10% of its capital, in total.
Subsequently, LLL to a single borrower not constituting a related party cannot be more than
146
20% of a bank’s capital; and LLL to a single group of borrowers not constituting a related
party is cannot be more than 25% of a bank’s capital.
The Company always seeks to maintain the LLL in accordance with Bank Indonesia
regulations. However, due to the issuance of Bank Indonesia Regulation No.7/3/PBI/2005,
there has been an excess of LLL to related parties.
Such Regulation stipulates that the maximum permitted provision of funds to a group of
borrowers not constituting a related party cannot be more than 10% of a bank’s capital. On
20 April 2005, the Company conveyed its follow-up plan to settle any excess. In accordance
with the provisions of Bank Indonesia, the time frame for the settlement of this excess which
is caused by changes in the regulation is 18 months following the date of submission of the
follow-up plan report. The excess of LLL was settled completely in September 2006. As of
31 December 2006, there was no excess of LLL for related parties and unrelated parties.
As of 31 December 2007, the Company applied Bank Indonesia Regulation No.8/6/PBI/
2006 concerning the implementation of consolidated risk management for banks performing
control on subsidiaries in the calculation of the Company’s LLL.
(h)
Net Open Position — “NOP” (Posisi Devisa Netto)
Pursuant to Bank Indonesia Regulation No. 5/13/PBI/2003 dated 17 July 2003, as amended
by Bank Indonesia Regulation No. 6/20/PBI/2004 dated 15 July 2004, Bank Indonesia
Regulation No. 7/37/PBI/2005 dated 30 September 2005 and most recently by Bank
Indonesia Regulation No. 12/10/PBI/2010 dated 1 July 2010, banks are obligated to
maintain their net open position at a maximum of 20% of their capital, in total. According to
Bank Indonesia guidelines, the total net open position is the sum of the absolute value of the
net differences between assets and liabilities in the balance sheet for each foreign currency
and the net differences between claims and liabilities in the form of commitments or
contingencies in administrative accounts for each foreign currency, which are all stated in
Rupiah.
Date
9.
Net Open Position (%)
31 March 2011
1.09
31 December 2010
0.55
31 December 2009
4.15
31 December 2008
7.83
31 December 2007
1.64
31 December 2006
1.79
Business Prospects
The Company’s financial condition and results of operations will continue to be affected by global
economic conditions, as well as by Indonesia’s economic conditions.
Indonesian economic growth in the first quarter of 2011 increased by 6.5%, supported by the
growth of household consumption, investment and export. 2011 economic growth is estimated to
be approximately 6.4%, as compared to 6.1% in 2010.
Based on the improving macroeconomic environment and banking indicators, the Indonesian
banking sector is expected to perform strongly in the next few years.
147
The Company faces competition across all of its business segments primarily from other
Indonesian banks, as well as from foreign banks operating in Indonesia. Competition in certain
segments also exists from other types of financial services providers, including leasing
companies, financing companies, credit cooperatives and pawnshops. Notwithstanding the
existence of such competition, the Company is optimistic about its future business prospects due
to the expected favourable economic environment, as well as its strong brand name, existing
distribution network and market leadership in several segments of customers.
Based on various banking indicators and also the continued improvement of macroeconomic
conditions, the national banking industry is expected to grow going forward. Assuming conditions
conducive to growth, the Company will have more opportunities to serve its main function as a
financial intermediary and encourage the growth of real sectors in the country.
Supported by conducive conditions, the Company as the sixth largest bank in terms of total assets
would be able to increase loans to the customers from various industrial sectors and business
segments. The improving economy would provide an opportunity for the Company to enhance
services and product development according to customers’ needs
The Company is optimistic about its future business prospects although it faces both direct and
indirect competition from national banks, foreign banks, joint venture banks, as well as other
financing institutions such as leasing companies, cooperatives, pawnshops, etc. By having a
broad and loyal customer base in all segments, large branch networks with various banking
products and quality banking services, the Company believes it will continue to succeed in the
finance industry.
10. Competition
The Company faces competition across all of its business segments, primarily from other
Indonesian big banks, as well as from foreign banks operating in Indonesia. In addition, the
Company faces indirect competition from other types of financial services providers, including
leasing companies, financing companies and cooperatives. The Company also faces competition
from companies related to the government which provide fund-raising financing and export/import
services. In addition, limitations for foreign ownership in banks and for foreign banks to open
branch offices in Indonesia have been revoked. Competition with newcomer and old foreign banks
which may be in the form of joint ventures or investments in Indonesian banks, could have an
adverse effect on the operations and financial condition of the Company.
In line with the sustainable development and reform of Indonesia’s financial sector, the Company
anticipates increased competition from financial institutions capable of offering a wider array of
commercial banking services and products or having higher lending limits or stronger balance
sheets. Many of these financial institutions will compete for substantially similar customers as the
Company, and many of these banks will also have ties to the Government or large business
groups with significant financial resources. Moreover, a number of competitors have emerged and
showed serious interest in micro banking (mass market), which is one of the Company’s
strengths.
On 31 March 2011, based on unconsolidated financial information on Indonesian commercial
banks, the Company ranked sixth in terms of deposits from customers and total assets among all
commercial banks in Indonesia and ranked the third among national private banks. The fund
absorption of the Company is still focused on deposits where it produced funds of about Rp51.2
trillion.
148
The following table indicates deposits and related market shares based on an unconsolidated
report as of 31 March 2011, the information of which has not been audited:
(in trillions of Rupiah, excluding percentages)
Bank
Comparative Market Share of Deposits as at 31 March 2011
Current
Market
Saving
Market
Time
Market
Accounts
Share
Accounts
Share
Deposits
Share
Mandiri
70.7
13.1%
132.1
18.3%
153.9
14.10%
BRI
45.0
8.3%
118.8
16.4%
135.0
12.4%
BCA
65.7
12.1%
145.6
20.2%
64.5
5.9%
BNI
49.3
9.1%
63.3
8.8%
76.0
7.0%
CIMB
27.0
5.8%
20.8
3.4%
58.5
6.1%
8.6
1.6%
20.9
2.9%
51.2
4.7%
Panin
15.7
2.9%
26.5
3.7%
36.6
3.4%
BII
10.6
2.0%
14.1
1.9%
35.6
3.3%
Permata
13.6
2.5%
12.7
1.8%
38.0
3.5%
262.0
46.12%
189.0
25.40%
497.0
43.37%
Danamon
Other Banks
Source:
Published Financial Statements of individual banks
The following table indicates the gross loans and total assets as well as information on related
market shares for Indonesian commercial banks based on an unconsolidated report as of 31
March 2011, the information of which has not been audited. The Company has total outstanding
loans of Rp85.9 trillion and total assets of Rp122.8 trillion. This table shows that the Company is
well-positioned among commercial banks in Indonesia.
(in trillions of Rupiah excluding percentages)
Bank
Comparative Market Share of Loans and Total Assets — 31 March 2011
Outstanding
Loans
Market Share
Total Assets
Market Share
Bank BRI
252.4
13.9%
376.1
12.8%
Bank Mandiri
254.0
14.0%
466.1
15.9%
Bank BCA
153.3
8.4%
326.5
11.1%
Bank BNI
139.5
7.7%
244.3
8.3%
Bank CIMB Niaga
105.0
5.5%
149.1
4.8%
Bank Danamon
85.9
4.7%
122.8
4.2%
Bank Panin
64.1
3.5%
113.0
3.8%
Bank BII
58.9
3.2%
77.4
2.6%
Bank Permata
54.9
3.0%
79.6
2.7%
752.0
39.2%
1131.0
36.7%
Other banks in Indonesia
Source:
The following table indicates the net interest margin (NIM), return on equity (ROE), capital
adequacy ratio (CAR), loan to deposit ratio (LDR) and the ratio of total non-performing loan to total
loans (“NPL ratio”) for Indonesian commercial banks as of 31 March 2011.
149
(in%)
Bank
Comparative Financial Ratios — 31 March 2011
NIM
ROE
CAR
LDR
NPL
Bank Danamon
7.9
17.6
12.1
94.9
3.3
Bank BRI
9.7
37.7
15.6
85.7
3.1
Bank CIMB
5.5
23.4
14.4
89.2
2.8
Bank BNI
5.7
16.9
18.4
73.3
4.7
Bank BII
5.5
8.6
12.0
85.4
2.6
Bank Permata
5.2
19.5
14.1
83.9
2.6
Bank BCA
5.4
26.2
14.8
54.4
0.7
Bank NISP
5.1
10.3
16.6
83.6
1.9
Bank Panin
4.0
9.3
16.5
75.4
4.3
Bank Mandiri
5.1
36.7
18.5
67.9
2.4
Source:
Banks in Indonesia competed with each other to keep growing and increasing its market
segments which is in line with the improvement of the operational condition in Indonesia and the
increase of public income. The Competition not only comes from the local banks, but also from the
foreign banks and capital markets where the capital in-flow keeps growing. As as a result of such
conditions, the competition is getting tougher and NIM of industry tends to decrease. To deal with
this situation, the Company as one of the biggest bank in Indonesia continues to increase its
performance. Without prejudice to the prudential principle, the Company continues to grow by
expanding the range and increasing brand awareness. Service improvement and product
development are conducted carefully in accordance with the developing of the customer’s
necessity and demand. The Company also concerns in developing human resources by
increasing the knowledge and productivity of its employees.
Until June 2011, the Company records the increase of loans in the amount of 31% and third party
funds in the amount of 23%. This increase is far above the industry averages which reflects the
ability of the Company to strengthen its position toward the banking competition condition in
Indonesia. In dealing with the competition in future, the Company is optimistic to improve its
competitiveness and to grow by pay the attention to balance of the profit and risk level.
11.
Risk Management
The philosophy of the Company’s risk management is to establish the correct balance between
risk and benefit which results in the long term continued growth of shareholding value. The
Company applies a holistic approach toward the eight risk categories as defined by Bank
Indonesia, namely credit, market, liquidity, operational, strategic, reputation, legal and
compliance.
In accordance with Bank Indonesia regulation on risk management on subsidiaries, the Company
has put in place a senior risk officer in most Subsidiaries to ensure comprehensive risk
management.
The Company’s risk management organization involves supervision from the Board of
Commissioners, Board of Directors and the Risk Monitoring Committee. The Risk Monitoring
Committee is the highest risk committee at the level of Board of Commissioners. This committee
approves policies on risk management framework in the Company and Subsidiaries, and
supervises the implementation of such policies throughout the organization. This committee has
authorized the President Director, the Board of Directors and Integrated Risk Director to
150
implement its function in managing risks. This committee meets once a month to analyse the
performance of the credit portfolio and to discuss risk related matters.
The Risk Management Committee is established at the Directors level and is responsible to
manage risk throughout the Company and the Subsidiaries. This committee monitors the strategy
for managing risks and the development of policies and evaluating the strategy for risk
management policies annually. This committee also functions as the main forum where the
Company ensures that all Company’s and Subsidiary’s business activity has complied with the
risk management policies. The Risk Management Committee comprises all members of the Board
of Directors and senior management. This committee is headed by the Integrated Risk director
and meets once a month.
The risk management policy of the Company is set to identify and analyse risks faces by the
Company, to set the risk limit and appropriate management, also to supervise risks and
compliance to the set limit. Risk management policy and system is reviewed periodically to reflect
changes in market condition, products and services offered. The Company, through training and
standard and management procedure, is aimed to develop a compliance and constructive
management environment, where all employees understand their role and obligations.
For the purpose of implementing consolidated risk management in accordance with BASEL II
recommendation, the Company has established an Integrated Risk Working Group which covers
credit risk, market risk and liquidity and operational risks.
The Integrated Risk Working Group is a centralized function and independent, separated from
every line of risk taking unit. This working group approves risk management policies and the limit
for every line of business, also to determine an umbrella policy and procedure. The Risk
Integrated Working Group oversees risk strategy and policies to all related business units and
ensures the creation of strong risk culture and risk awareness throughout the organization of the
Company and Subsidiaries.
Several initiatives have been implemented in 2010 among others the implementation of provision
calculation method in accordance with SFAS 50/55 and the formation of the Fraud, Quality
Assurance and Collection Unit.
Credit Risk
Credit risk is a risk of financial loss arising due to the failure of a borrower or counter-party to fulfil
its obligations. Credit risks arise because the debtor is relying on future cashflows to repay debt.
Investors receive compensation for credit risk from the payment of interest rate from debtors or
issuers of debt obligation.
Credit risk is managed through established policies and procedures covering credit acceptance
criteria, origination, approval, pricing, monitoring, non-performing loans management and
portfolio management. The Company also carefully monitors the development of the Company’s
credit portfolio, including that of the Subsidiaries to allow an initiation of timely preventive
measures in the event of any credit quality deterioration. Going forward, the Company would
continue reviewing and if necessary improving the credit risk management process and
methodology, including the improvement in main credit policies and product programme structure.
In 2010, the Company implemented calculation for impairment losses in accordance with SFAS
50/55 where the impairment losses applied where there is objective evidence that an adverse
event occurred as a result of one or more events which occurred after the initial recognition of the
relevant credit, and the adverse event affected the estimated future cash flow over financial
assets or group of financial assets. The decrease of credits and receivables is calculated as the
difference between the carrying amount and the present value of the estimated future cash flow
151
discounted with the initial effective interest rate of such asset. If the carrying amount is less than
the discounted cash, there will be no further reserve required. Decrease is calculated individually
over significant assets and collectively over the portfolio of assets as a whole using the
appropriate statistic technique.
The Risk Management function is established in line with International Best Practice which covers
all businesses and activities and allows substantial growth. Each line of businesses (LOB) has a
risk management working unit. The Integrated Risk Group in the head office of the Company
undertakes the independent monitoring function. This monitoring function is done by Senior Credit
Officers which covers risk wholesale and retail/mass market.
The National Fraud, Quality Assurance and Collection unit was created in the III quarter of 2010,
where fraud focuses on strengthening organizational platform and supporting system to support
the implementation of a strong fraud management. Quality Assurance (QA) focuses on the
improvement in a bank wide working framework and QA methodology and the approach to
strengthen internal monitoring of the Company, and Collection focuses in the harmonious
collection policy and its measurement bank wide, also to continue the improve in process and
strategy.
Comprehensive Management Information Systems are available to detect any adverse
developments at an early stage, allowing timely measures to counteract any potential
deterioration in credit quality and minimize credit losses.
The Company has developed a credit risk rating system for corporate and commercial business
segments in the context of improving the portfolio management.
Market Risk
Market risk is risk for losses which arise as a result of movement in market factors that impact the
Company’s portfolio. Market factors are interest rate and exchange rate. Market risk exists in the
Company’s functional activities and treasury activities, including position placement in the form of
commercial paper and money market including participation in other financial institutions,
provision of fund (loan and other similar form), and funding activities and issuance of bond and
trading finance activities.
The purpose of market risk management is to control and manage the exposure of market risk
within the acceptable parameter, and also to maximize return rate over risk. Market risk is
managed through comprehensive policies and limited framework to measure, monitor and control
risks value based on the Company’s risk appetite. The limit of market risk is allocated bank wide
monitored and reported on a daily basis by the Market and Liquidity Risk division. Management
Action Triggers (MAT) assists the management when there is a high level of risk.
The Asset and Liability Committee (ALCO) has the role of the highest senior management forum
for determining policies and decisions related to market risk management and liquidity. The
Market and Liquidity Risk Division is responsible for identifying measurement, monitoring and
management of market risk in the Company based on the framework approved by ALCO.
In total, market risk is divided into two parts as follow:
(a)
Currency risk
Currency Risk arises from balance sheet position, commitment and contingency (off balance
sheet) from asset side also from the obligations arise from foreign exchange transaction.
The Company measures currency rate to foresee the impact of exchange rate to the
Company’s capital and income. To manage and to mitigate currency risk, standard limit is set
152
at 20% in accordance with the regulatory limit. For net open position, the Company has
applied sensitivity and limitation of VAR to increase control against currency risk including
internal position limit.
(b)
Interest rate risk
Interest rate risk refers to the potential losses which arise from the fluctuation of market
interest rate which is contradictory with the Company’s position or transaction where interest
rate risk exists. The Company manages interest rate risk by using sensitivity approach and
re-pricing gap analysis, simulation with fluctuating interest rate scenario
(increase/decrease). To increase the management of interest rate risk, the Company also
applied Earning-at-Risk (EAR) and Economic Value to Equity (EVE) to complete in risk
measurement. Both would provide estimation to the impact of interest rate fluctuation
against Company’s income and capital. Trading book remains maintained by controlling the
position, sensitivity and VAR value. Limit is set by using this measurement to control interest
rate exposure.
Liquidity Risk
Liquidity risk is a risk arising due to the failure of the Company to fulfil due liabilities and cover its
market position. Liquidity risk is the most crucial risk for any commercial bank and it must be
managed on a continual basis.
Asset and Liability Committee (ALCO), the highest forum of senior management, plays a role of
monitoring the Company’s liquidity situation. ALCO is responsible for determining the policies and
strategies related to the Company’s assets and liabilities in line with the prudential principles in
risk management and the applicable regulations. ALCO approves limits, namely considering the
Company’s structure of balance sheet positions in the long term, and approves liquidity
assumptions and stress testing scenarios to be applied.
The Company manages its risk liquidity by conducting analysis on the difference between the
maturity of liquidity and liquidity ratios. Liquidity risks are measured and monitored on a daily basis
based on the liquidity risk limit framework. This framework is used for the purpose of managing
the Company’s liquidity situation under normal conditions (business-as-usual) and stress
condition occurrences. A liquidity contingency plan has been prepared to support the Company in
the event of any liquidity crisis.
Liquidity gap analysis gives an ongoing view of any discrepancy between cash inflow and outflow.
This condition is managed by treasury which has an access and direct authority to interbank,
large-scale customers (institution) and other market professionals to support the Company’s
business activities with regard to fund collection and loan extension.
Operational Risk
Operational Risk is defined as a risk of loss due to the inadequacy or failure of internal processes,
including personnel negligence, system failure or external factors.
In managing its operational risk, the Company uses an approach that sets the most efficient
mitigation strategy to obtain the optimum balance between the operational risk exposure,
effectiveness of control mechanism and level of risk acceptable to the Company by applying
Operational Risk Management Framework in a consistent and comprehensive manner which is
adjusted to the specific risk in the existing business process.
153
The Company develops operational risk awareness and culture at all levels and appoints
operational risk management function in all relevant parties. The Board of Directors and
Commissioners perform their supervisory function, while Operational Risk Management Division
facilitates operational risk management practices. Every LoB and internal control unit are actively
engaged in the application of ORM (Operational Risk Management) cycle from time to time.
The Company’s Operational Risk Management Framework is implemented through an integrated
cycle to ensure sufficient risk control and maximum application of operational risk cycle which
consists of:
•
Identification of operational risk inherent in all products, processes and systems used by the
Company and its Subsidiaries by reviewing Policies, Procedures, Product Programme, etc.
•
Operational risk is measured on a quarterly basis by conducting a Risk Control Self
Assessment (RCSA) in every work unit, including its Subsidiaries. RCSA is aimed at
mapping risk exposure, measuring adequate control over risky key process. Corrective
measures are taken to improve any weakness in control process. Measurement is also
conducted by recording near misses and loss events in the daily operational activities from
LoB (including those occurred in its Subsidiaries) into the database (Risk/Loss Event
Database) in the ORMS application. This database provides an analysis of risk events
based on the root of problem, potential event and the extent of consequence arising from
such loss.
•
Operational risk is monitored on a regular basis by producing report on the result of
measurement, including among others, reports on RCSA, RLED, risk profile, operational
loss, loss due to fraud, penalty, etc.
•
Control over the process, product and system used includes taking a number of measures
to ensure that the operational risk mitigation has been applied properly by, for example,
issuing/revising Operational Policy and Procedure, setting transaction limit, etc.
This ORM cycle is supported by Operational Risk Management System (ORMS) application, an
on-line and real-time operational risk management system in which all ORM components are
integrated into an integrated description in a web-based instrument.
The harmonization of operational risk management with control function and Internal Audit is
conducted periodically to ensure effective layer control. Therefore, in order to minimize exposure
to operational risk in the future and to improve the capacity to prevent illegal activities in an early
phase, in 2010 a National Fraud Management as well as QA and Collection work unit were
established under the Directorate of Integrated Risk.
The Company has conducted an Internal Capital Adequacy Assessment Process (ICAAP) for
operational risk by adopting Base Indicator Approach since January 2010, in line with Bank
Indonesia schedule. Further measure which adopts a Standard Approach has been prepared also
in accordance with Bank Indonesia schedule.
In 2010, a revision was made to BCP process by improving the template of Business Analysis
Impact (BIA), Risk Assessment (RA) and BCP Strategy as well as BCP drafting. The scope of
critical unit in preparing BCP has also been expanded to include the units of its Subsidiary, namely
Adira. In addition to that, the Crisis Management Plan has been revised to also include
subsidiaries. This is a follow-up to recommendation on the result of assessment conducted by the
Business Continuity Institute (BCI) of Singapore representative office on the Company’s Business
Continuity Management programme.
154
Moreover, in 2010, many incidents, such as the riot in Tarakan, the eruption of Merapi volcano and
other local incidents, for example, the flood which hit West Java, have been effectively handled
by the functionality of the Regional Command Centre (RCC).
As comparative study media and facility, in 2010 the Company also convened the second BCM
Forum in which large-scale banks and institutions in Indonesia participated. This is considering
that up to now, there are no comprehensive references available for applying Business Continuity
Management (BCM) programme.
Strategic and Reputation Risk
Strategic risk management includes any risk attributable to inadequate strategy formulation and
implementation, while reputational risk management addresses issues related to maintaining the
trust of customers and the public.
The above risks are managed by the Company through Strategic and Reputation Risk
Coordination Committee chaired by the Operational Risk Management Head and including
representatives from the Integrated Risk unit, the CFO (Chief Financial Officer), the Legal,
Litigation and Compliance Divisions as well as from the Subsidiaries. The Committee oversees
and monitors the strategic and reputation risks and reports them to the Board of Directors and the
Risk Committee.
Legal and Compliance Risk
Legal risk arises from inadequate legal aspect, while compliance risk results from failure to adhere
with applicable regulations and provisions in Indonesia. Legal risks are managed by the
Company’s Legal Group, while compliance risks are managed by the Compliance Group. Key
issues and findings pertaining to both risks are reported to the Board of Directors and the Risk
Committee.
BASEL II
The Company actively cooperates with Bank Indonesia at each level of BASEL II, taking the
opportunity to attend and participate in various consultative forums.
The Company has formed a BASEL II Coordination Committee, involving key business Risk
Managers, a CFO Office, the Information Technology and Compliance Divisions. The BASEL II
Coordination Committee is assigned to implement all regulations issued by Bank Indonesia and
to ensure full compliance with all BASEL II regulations. The Company’s current assessment
shows that the Company has complied with the applicable guidelines relating to BASEL II
imposed by Bank Indonesia.
12. Corporate Governance
The Company’s Compliance Director is responsible for ensuring that the Company’s compliance
functions are consistent with applicable laws and regulations, including Bank Indonesia
regulations. The Compliance Division monitors the proper fulfilment of agreements and
commitments made by the Company to relevant regulatory authorities.
The Compliance Director submits a monthly report on the activities of the Company’s compliance
function to the President Director, with a copy to the Board of Commissioners. The Compliance
Director reports any crucial information concerning the Company’s compliance to the Risk
Monitoring Committee on a monthly basis. The Company always seeks to achieve beyond mere
155
compliance with regulations by implementing best practices in all of its businesses. Each new
product is reviewed by the Compliance Division to ensure that there is no violation of the
applicable laws and regulations.
The Company has a formal compliance policy manual approved by the Board of Directors. The
Compliance Director is responsible for communicating all compliance policies, guidelines,
systems and procedures to all relevant units and to all levels of organization. The Compliance
Director is also responsible for creating and implementing an effective and integrated compliance
system for the Company. The Company’s Compliance Monitoring Function extends to its
Subsidiaries.
The Finance, Accounting and Tax Division is responsible for monitoring the Company’s
compliance with the capital adequacy requirements stipulated by Bank Indonesia (and for setting
targets and policies related to the Company’s overall capital adequacy).
The Company monitors the provision of loans to individual customers or group of customers so
as to comply with the Legal Lending Limit (LLL) requirements imposed by Bank Indonesia.
The Company adheres to all regulations on Anti Money Laundering and Terrorism Financing
Prevention issued through laws, PPATK regulations and Bank Indonesia regulations. The
Company ensures that all staff has attended the training on the “Know Your Customer”
requirements as well as on Anti Money Laundering and Terrorism Financing Prevention.
13. Insurance
The Company has insured its assets both in the form of immoveable and moveable assets which
are of significant value to the Company for the performance of its business activities as well as
cash in treasury, cash in ATMs, cash in transit and cash for operations to PT Asuransi Adira
Dinamika, PT Asuransi Tugu Pratama Indonesia, PT Mega Insurance, PT Sedana Pasifik
Servistama, PT Asuransi Sinarmas and an Insurance Company mediated by Marsh Ltd.
The Company believes that it has had adequate insurance for all insurable risks which materially
relate to the Company’s business activities. The aforementioned insurance companies are not
affiliated with the Company, except PT Asuransi Adira Dinamika.
There are no differences in the terms and conditions applicable to the insurance company
affiliated with the company as compared to the terms and conditions for the non-affiliated
insurance companies.
Type of Insurance
Insured Object
Insured Amount
Insurer
Police Number
Office Building Insurance
and all of the inventories
(Property All Risk
Insurance and
Indonesian Standard
Earthquake Policy)
Land and/or Building 12
at 12 Branch Offices
SEMM,
offices CMM and 498
conventional branches.
8 Syariah Offices
Rp5,575,500,000
Rp1,614,670,242,038.02
Rp134,732,240,000
Rp5,279,255,150.84
PT Asuransi
Adira
Dinamika
990111000380
990111000376
990110000365
990110000367
990110000354
990110000368
515111000902
515111000905
156
Validity
28 February
2012
Type of Insurance
Insured Object
Insured Amount
Insurer
Police Number
Validity
Money Insurance
Syariah
Cash money, gold,
Commercial Paper in
building
PT Asuransi
Adira Dinamika
51621100015
28 February
2012
Cash in ATM
Cash money in building,
for all losses within the
location in maximum
amount of US$ 125,000
per incident
Cash money, gold,
Commercial Paper in
transit.
Cash money within ATM
in maximum amount of
US$10,000 per incident,
Cash Money in transit in
maximum amount of
US$ 125,000, per
incident
Employee cheating in
the amount of
US$50,000/incident or
maximum US$250,000/
year
Bankers Blanket Bond/
Electronic and Risk
Computer Crime
Insurance (Property All
and Earthquake
Insurance)
All Server
Aggregate in the amount
of US$ 27,416,943,60
PT Asuransi
Adira
Dinamika
991110000353
991110000366
28 February
2012
Directors and Officers
Liability Policy
Obligation of the
Directors and Company
Officers beyond the
Company indemnity.
US$ 20,000,000 per loss
US$ 20,000,000 per
insurance period
PT Asuransi
Tugu Pratama
Indonesia
PUL0900234
30 October
2009
until
30 October
2010
Money Insurance
Building:
1. Building 1
Bank Indonesia
Building;
Jl.Ir.H.Juanda 28
Jakarta Pusat
2. Building 2
Jl. Sumatera No.47,
Surabaya
3. Building 3
Jl. Gandeng Cantel
UH II/330,
Yogyakarta.
Or that is still in travel
wherever in Indonesia,
except Aceh, Maluku,
and Papua.
Cash money in transit
PT Asuransi
Tugu
PUV 1000004
1 February
2012
Cash money in transit
including foreign
exchange in Company’s
ATM in Jakarta, Bogor,
Tangerang, Bekasi,
Serang, Karawang,
Makasar, and Medan.
For the delivery with
vehicle maximum in the
amount of
Rp50,000,000,000/one
delivery or maximum
Rp98,500,000,000,000/
year
PT Mega
Insurance
IP.01.03.11.000037
01 February
2011
until
01 February
2012
Perusahaan
Asuransi
mediated by
Marsh Ltd.
QR001811/
QR011211/
QR012011/
QR002011
Cash in Transit
Cash money in building
safe
For the delivery by using
train/plane/ship in the
amount of
Rp5,000,000,000/one
delivery or maximum
Rp1,500,000,000,000/
year
Cash Management
Insurance
Cash, currency, coins,
gold, silver, platinum,
silverware, jewellery, fur
materials, precious
stones, bonds, signed or
not, and similar
products.
For all risks and
responsibility including
static terrorism, and
static terrorism liability.
GBP 100,000,000 for
each losses
GBP 54,000,000 for
each incident and in
every form of terrorism
activity, and subject to
permitted operation limit
in each country,
157
31 December
2011
Type of Insurance
Insured Object
Insured Amount
Insurer
Police Number
Validity
Cash Management
Insurance
Cash saved in:
money in the maximum
amount of:
Rp80,000,000,000
PT Tugu
Pratama
Indonesia
010/CN/III/2011
25 March 2012
Jl. Diponegoro No.77
Surabaya 60264,
Jl. Gatot Subroto No.
336 Denpasar Bali
Jl. Yos Sudarso No.86,
Sunter, Jakarta Utara
Jl. Sungai Saddang, Kel.
Pisang Selatan,
Kompleks Latanete
Plaza Blok D No.11-12,
Ujung Pandang
Jl. Seri Asahan No.7/27,
Kel. BatubaraKel.
Merdeka, Kec Medan
Baru, Medan, Sumatera
Utara.
Jl. Palasari no 21 lingkar
selatan Bandung
Jl. Raja Ali Haji Blok A
10–11 Batam
Jl. Wolter Monginsidi
Lampung
Jl. Brigjen Sudianto
Semarang
Jl. Kasintu, Bogor
Jl. Nusa Indah Raya No.
439, Jaka Setia, Taman
Galaxy Bekasi
Rp80,000,000,000
Rp800,000,000,000
Rp500,000,000,000
Rp100,000,000,000
Rp100,000,000,000
Rp60,000,000,000
Rp100,000,000,000
Rp50,000,000,000
Rp80,000,00,000
Rp100,000,000,000
The Company believes it has adequate insurance for all insurable risk that is material and related
to the business activity of the Company. All insurance companies as mentioned above are
insurance companies that have no affiliated relationship with the Company, except PT Asuransi
Adira Dinamika.
14. License, Franchise, Main Concession and Intellectual Property Right
As at the issuance date of this Prospectus, the Company has 269 Marks all of which have
obtained the Certificates of Protection over Marks and Copyright and 5 Copyrights over Logo and
Songs, and all of such protection over mark and intellectual property are still valid.
15. Corporate Social Responsibility (“CSR”)
Established by the Company as independent entity on 2006, Danamon Peduli Foundation
(Yayasan Danamon Peduli (“YDP”) (www.danamonpeduli.or.id) is a foundation supporting
sustainable development based on community needs and volunteerism. Through the
establishment of YDP with separate budget and full time staffs, the Company manages its social
activity better, in accordance with its vision of “Bringing prosperity to the millions”.
In order to reach its vision effectively, YDP adopted the best international practices from non-profit
organization in the world. The establishment of Trustee Board consists of individuals with
recognized reputation and have concerns to the development of Indonesia. YDP also supports the
transparent financial responsibility through the publication of its audited annual financial
statement. The employees of the Company are the main asset of YDP as volunteers that interact
with society. Through Danamon Cares programs, more than 53,000 employees from 2,300
branches of the Company and its subsidiaries are given the chance to become involved as
members of society who care about their environment.
In its programme, YDP is focused on two main programs. First, the market revitalization
programme known as Programme Pasar Sehat, Hijau, Bersih, Terawat (PASAR SEJAHTERA)
and “Danamon Go Green” programme that supports the revitalization of traditional markets by
focusing on the enhanced maintenance of market conditions and integrated market waste
management by converting organic waste into organic fertilizers.
158
Through Danamon Go Green programme and cooperation with the regional government, YDP
has operated 31 integrated waste management units within or around traditional market. Those
units converted market organic waste into fertilizers that help reduce the amount of waste about
30–40%. In 2010, the Company chose the five best performing units in Payakumbuh,
Pekalongan, Sragen, and Probolinggo as testing locations from Pasar Sejahtera programme. In
each market, the Company chose one trader area that consists of 80–120 market traders, where
improvement of physical infrastructure is conducted to meet the national standard of healthy
market. To assure the continuity and the concern of community, the Company also supports the
creation of sense of belonging through various socialization and education attended by chosen
cadres in each market. Even more, in each area, the Company conducting multi sector facility
forum that involved various government bodies to develop the integrated market improvement
programme and involving all sectors. This programme is launched in October 2010, and will
continue in 2011 where the Company will facilitate the government and the other stakeholders to
expand the scope of the programme.
The second is the Disaster Quick Response Programme that purported to help the victims of
natural disaster. The Company tries to be the first company that gives help in the disaster area.
During 2010, the Company was continuously involved in giving help in 47 disaster locations such
as earthquake, fire, flood, landslide, volcano eruption and other disasters that involved more than
600 volunteers of the Company. Total Company’s contribution reached IDR300 million for more
than 31,000 aid recipients. In 2011, the Company will conduct training programs to the Company’s
volunteers to increase their capacity analysis when the disaster comes. This is conducted to
assure that when the disaster occurs, the volunteers could give more accurate help as need by
the victim of disasters.
The Company has also launched the Danamon Award. Since launched in 2006, Danamon Award
has been aimed to identify and award the member of society that has struggled to increase the
prosperity of the fellow society members. This programme invites the participation of individuals,
groups, business or non-profit organizations that have shown the “Semangat Bisa” in line with the
vision of the Company.
The Company always pays attention to the importance of Banking Knowledge spreading to the
customer and society, and the importance of giving protection to customer’s interest. Danamon
Education Programme is implemented through various medium, including media publication,
seminar with senior officer of Danamon as the speaker and the other speaker. During 2010, there
were 30 education activities conducted in big cities attended by many participants.
The Company also owns a customer call centre, Danamon Access Centre (DAC), which gives
telephone access services in-bound and outbound also customer services for all Danamon
Customers. Nationally launched in November 2001, DAC invites the customers to communicate
information request or its complaint through phone, e-mail, letter or other media. Customer
Services Unit in DAC will settle every question or complaint professionally based on the
determined services standard.
159
IX.
SUMMARY OF SIGNIFICANT FINANCIAL DATA
The information contained in the following discussion, especially regarding the financial performance of
the Company and Subsidiaries, is based on three-months ended 31 March 2011 and the years ended
31 December 2010, 2009, 2008, 2007 and 2006 as extracted from the Consolidated Financial
Statements of the Company and Subsidiaries (“Consolidated Financial Statements”). The Consolidated
Financial Statements as of 31 March 2011, 31 December 2010, 2009, 2008 and 2007 were audited by
the Registered Public Accountants of Siddharta & Widjaja, previously the Registered Public
Accountants of Siddharta Siddharta & Widjaja (a member firm of KPMG International), with unqualified
opinion in each of the reports. The independent auditor’s report for the Consolidated Financial
Statements as of 31 March 2011 includes an explanatory paragraph which states that the Company
and Subsidiaries adopted certain Statements of Financial Accounting Standard (“SFAS”) that become
effective as of 1 January 2011, which were applied prospectively as well as retrospectively and an
explanation paragraph regarding the reissuance of the Consolidated Financial Report of the Company
and its Subsidiaries as of and for three months ended on 31 March 2011, to adjust the presentation in
accordance to capital market regulations, in relation to the Company plan to conduct Limited Public
Offering V for the purpose of Rights Issue to the shareholders. The independent auditor’s report for the
Consolidated Financial Statements as of 31 December 2010 includes an explanatory paragraph which
states that effective 1 January 2010 the Company and Subsidiaries prospectively adopted Statements
of Financial Accounting Standard (“SFAS”) No. 50 (2006 Revision), “Financial Instruments:
Presentation and Disclosures” and SFAS No. 55 (2006 Revision), “Financial Instruments: Recognition
and Measurement”. The independent auditor’s report for the Consolidated Financial Statements as of
31 December 2008 includes an explanatory paragraph regarding reissuance of the Consolidated
Financial Statements of the Company and Subsidiaries as of and for the year ended 31 December
2008, in order to conform with the presentations as required by the capital market regulations, in
relation with the Company’s plan for a Limited Public Offering IV to Shareholders in Relation to the
Issuance of Rights Issue. The Consolidated Financial Statements as of 31 December 2006 were
audited by the Registered Public Accountants of Haryanto Sahari & Rekan (a member firm of
Pricewaterhouse Coopers), with unqualified opinion and include an explanatory paragraph regarding
reissuance of the Consolidated Financial Statements of the Company and Subsidiaries as of and for the
year ended 31 December 2006, in order to conform with the presentations as required by the capital
market regulations, in relation with the Company’s plan for a Public Offering Bank Danamon Bonds I
Year 2007 with Fixed Interest Rate.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March
31 December
2011
2010*
2009*
2008*
2007*
2006*
Cash
1,328,346
1,985,338
2,117,368
4,161,520
1,237,518
832,583
Current accounts with Bank
Indonesia
5,864,250
5,274,888
3,820,180
2,820,413
3,976,039
3,949,723
Current accounts with other
banks — net
1,085,013
1,658,426
1,907,506
3,606,269
597,400
570,047
Placement with other banks
and Bank Indonesia — net
10,417,692
9,257,137
4,189,435
3,488,786
4,959,485
4,986,250
5,758,610
5,323,969
4,431,548
4,137,089
4,110,753
6,012,055
—
—
—
—
40,124
—
ASSETS
Securities — net
Securities purchased under
resale agreements — net
160
31 March
31 December
2007*
2006*
1,751,416
332,111
110,047
58,367,570
63,410,474
49,858,293
39,746,644
6,663,061
2,654,674
1,876,712
1,949,227
1,782,402
76,703
62,017
28,856
22,283
32,354
26,913
885,805
759,124
1,109,287
856,599
677,674
613,057
5,612,754
6,138,340
11,010,829
13,083,338
15,807,971
18,702,292
Prepaid tax
81,741
—
—
—
—
—
12,175
12,175
64,419
12,053
12,053
12,052
Intangible assets
1,540,943
1,576,096
1,534,668
515,958
512,476
417,419
Fixed assets — net
1,744,978
1,771,489
1,549,504
1,639,517
1,360,337
1,574,536
903,371
950,784
980,280
850,038
280,297
40,253
3,973,345
3,315,859
4,509,726
5,035,898
3,665,715
2,696,414
98,597,953 107,268,363
89,409,827
82,072,687
Loans — net
Consumer financing
receivables — net
Premium receivables — net
Government bonds
Deferred tax assets. net
Prepaid expenses and other
assets — net
TOTAL ASSETS
2011
2010*
2009*
206,038
189,545
322,103
76,376,557
73,268,325
6,935,814
122,804,135 118,206,573
2008*
*After being reclassified to conform its presentation with other periods/years
31 March
31 December
2011
2010*
2009*
2008*
2007*
2006*
80,685,103
79,642,803
67,216,228
73,969,078
57,803,865
54,194,256
2,324,937
1,937,479
1,437,814
1,470,781
4,609,144
4,769,254
Securities sold under
repurchase agreements
2,790,276
2,790,127
3,754,370
4,914,104
3,402,665
4,000,000
662,431
621,731
415,223
386,541
301,622
223,580
346,173
322,344
259,146
227,114
177,312
138,699
Acceptance payables
887,004
759,124
1,170,870
907,459
684,518
619,276
Bonds issued
6,302,358
6,300,464
2,050,855
2,234,043
2,666,025
1,193,890
Borrowings
4,200,020
2,481,832
2,393,561
2,543,620
1,510,124
1,028,329
96,689
183,020
192,041
362,840
184,687
167,039
Derivative payables
256,071
204,259
327,836
2,485,908
335,620
184,361
Deferred tax liabilities — net
348,535
302,802
218,984
213,278
191,233
139,267
5,084,223
3,551,560
2,759,039
2,674,768
3,013,109
2,198,918
500,000
500,000
500,000
3,769,564
3,359,420
3,373,940
—
—
—
—
—
155,000
104,483,820
99,597,545
82,695,967
96,159,098
78,239,344
72,385,809
18,320,315
18,609,028
15,901,986
11,109,265
11,170,483
9,686,878
LIABILITIES AND EQUITY
Taxes payable
Subordinated debts
Loan capital
Total liabilities
Total equity
161
31 March
2011
TOTAL LIABILITIES AND
EQUITY
31 December
2010*
122,804,135 118,206,573
2009*
2008*
98,597,953 107,268,363
2007*
2006*
89,409,827
82,072,687
* After being reclassified to conform its presentation with other periods/years
CONSOLIDATED STATEMENTS OF INCOME
(in millions of Rupiah, except per share figures)
31 March
2011
Interest income
Interest expenses
Net interest income
Net underwriting income
Net interest and underwriting
income
Net operating income
Non-operating (expenses)/
income — net
Income before tax
Income tax expenses
31 December
2010*
2009*
2008*
2007*
2006*
3,967,638 14,417,745 15,682,777 14,189,334 12,047,645 10,895,958
(1,359,063) (4,509,295) (6,220,816) (5,834,855) (4,912,113) (5,251,036)
2,608,575
9,908,450
9,461,961
8,354,479
7,135,532
5,644,922
94,923
373,000
296,002
245,080
171,321
141,724
2,703,498 10,281,450
9,757,963
8,599,559
7,306,853
5,786,646
2,882,959
2,560,220
2,381,839
1,467,621
889,768
3,583,835
(2,382,274) (9,235,221) (9,791,651) (8,412,171) (6,019,952) (4,701,431)
1,210,992
(151,114)
1,059,878
4,630,064
(628,533)
4,001,531
(271,051) (1,017,770)
2,849,271
(478,711)
2,370,560
(756,838)
2,747,608
(69,771)
2,677,837
3,668,740
(355,215)
3,313,525
(875,833) (1,043,549)
2,552,836
(449,595)
2,103,241
(652,328)
Net profit
788,827
2,983,761
1,613,722
1,802,004
2,269,976
1,450,913
Net Profit Attributable to:
Equity Holders of the Parent Entity
762,661
2,883,468
1,532,533
1,530,022
2,116,915
1,325,332
26,166
100,293
81,189
271,982
153,061
125,581
90.60
342.92
186.36
303.70
423.27
268.91
Non-controlling Interest
Net profit per share attributed to
holding entity
* After being reclassified to conform its presentation with other periods/years
SELECTED RATIOS
(in%)
31 March
31 December
2011
2010
2009
2008
2007
2006*
1. Net interest income
N/A
4.72
13.26
17.08
26.41
22.63
2. Net operating income
N/A
62.50
3.70
(25.11)
43.71
(22.06)
3. Net profit
N/A
84.90
(10.45)
(20.62)
56.45
(33.84)
4. Total assets
3.89
19.89
(8.08)
19.97
8.94
21.04
Growth Ratio(2)
162
(in%)
31 March
2011
31 December
2010
2009
2008
4.91
20.44
(14.00)
22.90
8.09
22.60
(1.55)
17.02
43.14
(0.55)
15.32
9.93
1. Capital Adequacy Ratio (CAR)
with credit risk and operational
risks
12.14
13.33
17.72
13.99
20.57
22.37
2. CAR with credit risk, market risk
and operational risks
12.05
13.25
17.55
13.37
19.27
20.39
3. Fixed assets to total capital
14.59
15.06
19.30
24.38
16.64
17.70
1. Non-performing earning assets
2.60
3.26
3.91
1.73
1.40
1.81
earning assets
2.49
2.82
3.68
2.80
1.94
2.03
3. NPL Gross(5)
3.30
3.25
4.64
2.36
2.26
3.31
0.22
0.00
0.00
1.18
0.68
1.16
3.08
3.31
3.65
2.42
2.88
3.45
101.27
118.73
136.29
150.08
114.48
107.66
3.08
3.34
1.78
2.01
3.81
2.40
17.59
18.52
11.23
14.64
22.91
15.63
7.94
8.97
7.81
8.15
8.30
7.22
76.72
74.93
86.46
85.77
74.19
80.33
94.86
93.82
88.76
86.42
88.05
75.51
Primary GWM
8.09
8.26
5.11
5.07
8.29
8.14
Secondary GWM
9.41**
9.56**
15.59**
N/A
N/A
N/A
2. Statutory Reserve Requirements
Foreign Currency
5.05
1.14
11.79
1.06
3.04
3.03
3. Net Open Position(3)
1.09
0.55
4.15
7.83
1.64
1.79
4. Net Open Position (statement of
financial position)(4)
N/A***
N/A***
14.64
1.70
5.83
1.52
0.00
0.00
0.00
0.00
0.00
0.00
5. Total liabilities
6. Total equity
Capital
2007
2006*
(1)
Earning Assets
4. NPL Net
(1)
(5)
total credit
6. Fulfilment of allowance for
possible losses on earning
assets
Rentability(1)
1. ROA
2. Return on average core capital
(ROE)
3. NIM including insurance
premium
4. Operating expenses to operating
income (BOPO)(6)
Liquidity(1)
LDR
Compliance
(1)
1. Statutory Reserve Requirement
(GWM)(1)
5. LLL violation percentage
a. affiliated party
163
(in%)
31 March
31 December
2011
2010
2009
2008
2007
2006*
0.00
0.00
0.00
0.00
0.00
0.00
a. affiliated party
0.00
0.00
0.00
0.00
0.00
0.00
b. unaffiliated party
0.00
0.00
0.00
0.00
0.00
0.00
b. unaffiliated party
6. LLL overrun percentage
Note: ROA and ROE are calculated based on the methodology determined by Bank Indonesia, in which ROA is calculated based
on the net profit divided by the average earning assets. ROE is calculated based on the net profit divided by the average core
capital.
(1)
Company Ratio
(2)
Consolidated Ratio
(3)
The sum of absolute value of difference between the assets and liabilities in the balance sheet for each foreign currency
is added with the difference between the claims and liabilities in the form of commitments and contingencies.
(4)
The calculation of net open position in the statement of financial position was effective as of 2004. in accordance with Bank
Indonesia Regulation No. 6/20/PBI/2004 dated 15 July 2004 on “Amendment to Bank Indonesian Regulation No.
5/13/PBI/2003 concerning Net Open Position of Commercial Banks”.
(5)
The NPL, ROA, ROE and NIM ratios for the quarterly period ending on 31 March 2011. used the annualized data in
accordance with Bank Indonesia Circular Letter No. 12/11/DPNP dated 31 March 2010 and Bank Indonesia Circular Letter
No. 7/10/DPNP dated 31 March 2005.
(6)
The BOPO ratio for the quarterly period ending on 31 March 2011 used the unannualized data in accordance with Bank
Indonesia Circular Letter No. 12/11/DPNP dated 31 March 2010 and Bank Indonesia Circular Letter No. 7/10/DPNP dated
31 March 2005. Hence. the ratio cannot be compared with the ratios as at 31 December 2009-2006.
*
After being reclassified to conform its presentation with other periods/years
**
In accordance PBI No. 10/25/PBI/2008 dated 23 October 2008 regarding the “Amendment to BI Regulation No.
10/19/PBI/2008 on Statutory Minimum Reserves (“GWM”) Commercial Banks at Bank Indonesia in Rupiah and Foreign
Exchange” provides that starting on 24 October 2009, the Bank must meet the secondary reserve requirement for the
Rupiah currency by 2.5% from the average number of third party funds Rupiah in the form of Bank Indonesia Certificates
(“SBI”), Government Bond (“SUN”) and/or the Excess Reserve.
***
PBI. 12/10/PBI/2010 dated July 1, 2010 on “Third Amendment of Bank Indonesia Regulation. No. 5/13/PBI/2003 on the Net
Open Position (“PDN”) of Commercial Banks” states that starting July 1, 2010, the Bank is only required to maintain the
highest overall PDN 20% of the capital.
In relation to credit agreements, IFC requested the Company to maintain the CAR, LLL and NOP ratios
as well as the Open Credit Exposure Ratio, Interest Rate Gap Ratio, and the Actuarial Maturity Gap
Ratio not to violate Bank Indonesia requirements. The Company has fulfilled all of the foregoing ratio
requirements.
164
X. EQUITY
The information table contained in the following discussion, regards the financial performance of the
Company and Subsidiaries, for the three-months ended 31 March 2011 and the years ended 31
December 2010, 2009 and 2008 as extracted from the Consolidated Financial Statements of the
Company and Subsidiaries (“Consolidated Financial Statements”). The Consolidated Financial
Statements as of 31 March 2011, 31 December 2010, 2009 and 2008 were audited by the Registered
Public Accountants of Siddharta & Widjaja, previously the Registered Public Accountants of Siddharta
Siddharta & Widjaja (a member firm of KPMG International), with unqualified opinion in each of the
reports. The independent auditor’s report for the Consolidated Financial Statements as of 31 March
2011 includes an explanatory paragraph which states that the Company and Subsidiaries adopted
certain Statements of Financial Accounting Standard (“SFAS”) that become effective as of 1 January
2011, which were applied prospectively as well as retrospectively. The independent auditor’s report for
the Consolidated Financial Statements as of 31 December 2010 includes an explanatory paragraph
which states that effective 1 January 2010 the Company and Subsidiaries prospectively adopted SFAS
No. 50 (2006 Revision), “Financial Instruments: Presentation and Disclosures” and SFAS No. 55 (2006
Revision), “Financial Instruments: Recognition and Measurement”. The independent auditor’s report for
the Consolidated Financial Statements as of 31 December 2008 includes an explanatory paragraph
regarding reissuance of the Consolidated Financial Statements of the Company and Subsidiaries as of
and for the year ended 31 December 2008, in order to conform with the presentations as required by
the capital market regulations, in relation with the Company’s plan for a Limited Public Offering IV to
Shareholders in Relation to the Issuance of Rights Issue.
COMPANY EQUITY STRUCTURE
Remarks
31 March
31 December
2011
2010
2009
2008
Issued and fully paid-up capital
5,317,722
5,317,363
5,303,992
3,631,865
3,048,214
3,046,452
2,964,113
675,000
189
189
189
189
8,209
78,136
(322,697)
(820,619)
162,680
133,844
118,520
103,220
9,598,415
9,873,803
7,741,634
6,989,413
18,135,429
18,449,787
15,805,751
10,579,068
184,886
159,241
96,235
530,197
18,320,315
18,609,028
15,901,986
11,109,265
Retained earnings:
Appropriated
Unappropriated
Non-controlling interest
Total Equity
The significant changes to the capital structure after the date of the financial statement per 31 March
2011 are:
The increase of the subscribed and paid up capital and the additional paid up capital in the amount of
IDR2,257 million and IDR11,074 million compared to 31 March 2011 position in the event of the
execution of the last Employee/Management Stock Option Programme (E/MSOP).
The change in retained earnings is due to earnings additions during 2011.
165
In the event that LPO V had taken on 31 March 2011, the pro forma equity structure of the Company
as of that date would have been as follows:
Pro Forma Equity on 31 March 2011
Issued and Fully
Paid-up Capital
Series A
Series B
Additional
Paid-up
Capital
1,120,000
4,197,722
3,048,214
189
LPO V in the amount of
1,162,285,399 shares
with par value of Rp500
for each share at the
offering price range of
Rp4,300 per share
—
581,143
4,416,684
Pro forma Equity on 31
March 2011 after LPO V
1,120,000
4,778,865
7,464,898
Equity Position according
to the financial statement
on 31 March 2011 with
par value of Rp50,000 for
each share of Series A
and of Rp500 for each
share of Series B
Other
Other Paid
Equity
Up Capital Component
Appropriated
Unappropriated
Noncontrolling
Interest
Total
Equity
8,209
162,680
9,598,415
184,886
18,320,315
—
—
—
—
—
4,997,827
189
8,209
162,680
9,598,415
184,886
23,318,142
166
Retained Earnings
XI. DIVIDEND POLICY
The Company is planning to distribute a minimum cash dividend of 5% (five percent) of annual net profit
of the Company, for the next three years, since the distribution of dividend is based on profit for the year
2011. Such distribution would be subject to obtaining approval from General Meeting of Shareholders
(GMS), the financial condition of the Company, and growth target of the Company and the Company’s
future capital requirements. There are no limitations which may limit the right of public shareholders to
receive dividends.
The following table sets out the cash dividends that have been declared and paid for the fiscal years
2006 to 2010 (in millions Rupiah).
Year
% Net Profit
Dividend per Share
for Series A and
Series B (Rp)
2006
50%
132.87
662,666
5 June 2007
2007
50%
209.80
1,058,457
4 June 2008
2008
50%
91.37
765,012
7 July 2009
2009
50%
91.12
766,300
10 June 2010
2010
35%
119.83
1,009,197
10 May 2011
167
Total Profit Payment
(Rp Million)
Date of Cash
Dividend Payment
XII. TAXATION
Income tax on dividends is imposed in accordance with applicable regulations. Under Law No. 36 Year
2008 concerning the Fourth Amendment of Law No. 7 of 1983 dealing with the Indonesian Income Tax
Law, the dividend received by the immediate shareholder that is an Indonesian corporate entity,
cooperative, state owned enterprises, or region owned enterprises, is not subject to Income Tax
provided the following conditions are met:
1.
The dividends originate from retained earnings, and
2.
For limited liability company, state owned enterprise and regional owned enterprise that receive
dividend, the dividend recipient owns more than 25% of the shares in the company distributing the
dividend.
According to the Ministry of Finance of the Republic of Indonesia’s Regulation No. 234/PMK.03/2009
dated 29 December 2009 regarding Specific Field of Investment Generating Dividends on Pension
Funds Which Excludes Tax Object from Income Tax, dividends received or acquired by Pension Funds
approved by the Ministry of Finance are not subject to Income Tax Object provided the income is
originating from share ownership, including among others, dividends from the shares in a listed
company. Government Regulation of the Republic of Indonesia No.14 of 1997 regarding amendment
to Government Regulation No. 41 of 1994 regarding Income Tax on income from Share Purchase
Transaction in Stock Exchange stipulates as follows:
1.
The sale of shares transactions that are listed in a stock exchange is subject to final withholding
tax of 0.1% of the gross amount of the transaction value. The payment of such income tax should
be withheld by the stock exchange through the broker handling the transaction at the time of the
settlement of shares transaction.
2.
The sale of founder shares is subject to additional tax of 0.5% (zero point five percent) of the
founding share selling value that they owned at the time of the Initial Public Offering.
3.
Founder shareholders can thus meet their tax obligations based on their own calculations in
accordance with the provisions of the above. Founder shareholders for tax purposes can calculate
the final tax obligations on the basis of their own presumption that existing revenue. Additional
Deposit Income tax payable can be performed by each of the founding shareholders no later than
one month after the shares are traded on the Stock Exchange, but if founder shareholders do not
take advantage of these provisions, sale proceeds of the founder shares are subject to normal tax
rates pursuant to article 17 of Law No. 36 of 2008.
4.
According to article 23.a.1 of Law No. 36 Year 2008, dividends from shares, whether trading on
the stock market or not, payable or paid to the taxpayer or permanent form of business, are
subject to Article 23 of the Income Tax deducted at 15% (fifteen percent) of gross amount.
5.
Based on Article 17.2.c Law No. 36 Year 2008, the distributed dividend to the individual taxpayer
is subject to income tax Article 4(2) in the amount of 10% and final.
Dividends paid or payable to Foreign Taxpayers will be charged a rate of 20% (twenty percent) or a
lower rate in terms of payments made to them which are a resident of a country that has signed the
Avoidance of Double Taxation Agreement (P3B) with Indonesia, in adherence with the requirement as
govern on the Regulation of Director General of Taxes No. PER-61/PJ/2009 dated 5 November 2009
in regards to the Procedure on the Application of Double Taxation Agreement.
168
PROSPECTIVE PURCHASERS OF SHARES IN LPO V ARE ADVISED TO CONSULT THEIR
OWN TAX ADVISORS REGARDING THE TAX TREATMENT OF AN INVESTMENT IN THE
COMPANY’S SHARES THROUGH THIS LPO V IN LIGHT OF THEIR OWN CIRCUMSTANCES.
THE COMPANY’S TAX LIABILITY
As a taxpayer, the Company has a tax liability for income tax (PPh), Value Added Tax (PPN) and the
Land and Building Tax (PBB). The Company has fulfilled its obligations in accordance with the
provisions of tax legislation and taxation rules and regulations. As of the date of publication of this
Prospectus, the Company has no tax in arrears. The calculation of corporate income tax for the year
ended 31 December 2010 is in accordance with the Annual Tax Return (SPT) method.
The calculation of the entity income tax for 3 (three) months periods ended 31 March 2011 was a
preliminary estimate which was made for accounting purposes and could change when the Company
lodges its annual corporate tax return.
169
XIII. CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONALS
The Capital Market Supporting Institutions and Professionals engaged in this LPO V are as follows:
Legal Consultant
:
HADIPUTRANTO, HADINOTO & PARTNERS
Gedung Bursa Efek Indonesia Tower II 21st Floor
Sudirman Central Business District
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190
No. STTD: 93/STTD-KH/PM/1996
Main Duties:
The scope of the Legal Consultant’s task is to conduct legal
due diligence on the facts concerning the Company as
conveyed by the Company to the Legal Consultants. Due
Diligence results have been published in the Legal Audit report
which constitutes an explanation concerning the Company in
terms of the law and constitutes an integral part of the “Legal
Opinion”.
The Company appointed Hadiputranto, Hadinoto & Partners
by virtue of Legal Consultant Appointment Letter No.
263522v3/INR/V/11 dated 14 May 2011.
Operational Guidance used by Hadiputranto, Hadinoto &
Partners to perform its duties as Legal Consultant is the
Standard Professional of Capital Market Legal Consultant
Association, attachment to HKHPM Decision No.KEP. 01/
HKHPM/2005.
Registration Certificate of Capital Market Supporting
Profession: No.93/STTD-KH/PM/1996, dated 22 July 1996
under the name of Indah Nurwitri Respati, SH.
Association Membership: Capital Market Legal Consultant
Association
(Himpunan
Konsultan
Hukum
Pasar
Modal-HKHPM) No. 89021.
Public Accountant
:
REGISTERED PUBLIC ACCOUNTANTS SIDDHARTA &
WIDJAJA
(a member Firm of KPMG — International)
Wisma GKBI 33rd Floor
Jl. Jend. Sudirman No. 28
Jakarta 10210, Indonesia
Main Duties:
1.
To read the financial aspects of the Prospectus prepared
by the Management for the LPO V to shareholders in
relation to the issuance of the Pre-Emptive Rights.
170
2.
To issue Comfort Letter that is addressed to
BAPEPAM-LK and the Standby Purchasers as long as
the public accountant receives a representation letter
from the Standby Purchasers.
3.
To help and assist the Company in conducting meetings
or discussions with BAPEPAM-LK in regards to the LPO
V.
The Company appointed KAP Siddharta & Widjaja based on
Appointment Letter No. 070/NS/VI/11 dated 30 June 2011.
The work guideline used by Registered Public Accountant
Siddharta & Widjaja in conducting its task as Public
Accountant is Public Accountant Professional Standards is
that issued by the Indonesian Public Accountant Institute
Public Accountant Professional Standards Councils.
Registration Certificate of Capital
Profession: No. 34/BL/STTD-AP/2007.
Market
Supporting
Association Membership: SW membership number in IAPI,
unlimited, subject to annual renewal, SW reference in IAPI:
192 JKT.
Notary
:
FATHIAH HELMI, SH.
Gedung Graha Irama Fl. 6 C
Jl. HR. Rasuna Said Blok X-1 Ka. 1 & 2
Main Duties:
The scope of the Notary’s task is to draw up notary deeds in
connection with the agreement between the Company with the
Securities and Administration Bureau and between the
Company and the Standby Purchaser in connection with the
LPO V, and to draw up Minutes of Extraordinary General
Meeting of Shareholders Company in relation to the Limited
Public Offering V in accordance with the Notary’s Code of
Conducts.
The Company appointed Notary Fathiah Helmi, SH., by virtue
of Appointment Letter No. 11/Prop/PUT/VII/2011 dated 12 July
2011.
Registration Certificate of Capital Market Supporting
Professional: No. 02/STTD-N/PM/1996 under the name of
Fathiah Helmi, S.H.
Association Membership: Indonesian Notary Association (INI)
No. 011.003.027.260958.
Operational Guidance: Statement of Law No.30 of 2004
regarding Notary Position and Code of Ethics of Indonesian
Notary Association.
171
Securities Administration
Bureau (“BAE”)
:
PT Raya Saham Registra
Gedung Plaza Sentral, 2nd floor
Jl. Jenderal Sudirman Kav. 47-48
Main Duties:
The scope of the BAE’s task is to prepare the List of
Shareholders that are entitled to participate in LPO V, to issue
and distribute Rights certificates or electronic form of Rights
into the collective deposit of KSEI, to receive requests for
Rights exercise, to conduct fund reconciliation for payment of
such requests with the Bank appointed by the Company, to
conduct process of allotment for registration of purchase of
additional shares, to conduct the issuance and distribution
process of shares in the form of a letter or in electronic form
into the collective deposit of KSEI, and to conduct refund of the
payment for registration of purchase of shares.
The Company appointed PT Raya Saham Registra based on
Appointment Letter No. 148/DIR-RSR/BDMN/2011 and 149/
DIR-RSR/BDMN/2011, both dated 7 July 2011.
Business License No. KEP-79/PM/1991, dated 18 September
1991.
The Capital Market Supporting Professionals in this the Limited Public Offering V state that they have
no direct or indirect affiliation with the Company (as defined in Law No. 8 of 1995 on Capital Market).
172
XIV. CONSOLIDATED FINANCIAL STATEMENTS
173
174
175
176
177
178
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
31 MARCH 2011 AND 31 DECEMBER 2010, 2009
AND 1 JANUARY 2009/31 DECEMBER 2008
(Expressed in million Rupiah, except par value per share)
LAPORAN POSISI KEUANGAN KONSOLIDASIAN
31 MARET 2011 DAN 31 DESEMBER 2010, 2009
DAN 1 JANUARI 2009/31 DESEMBER 2008
(Dinyatakan dalam jutaan Rupiah,
kecuali nilai nominal per saham)
31 Desember/December
Catatan/
Notes
31 Maret/
March 2011
2010
2009
1 Januari
2009/31
Desember
2008/
1 January
2009/31
December
2008
4,161,520
2,820,413
ASET
Kas
2b,2e,4
Giro pada Bank Indonesia
2b,2e,2f,2g,5
Giro pada bank lain,
setelah dikurangi penyisihan kerugian
penurunan nilai sebesar Rp nihil pada
31 Maret 2011 (31 Desember 2010:
Rp nihil; 31 Desember 2009: Rp 16.964
dan 1 Januari 2009: Rp 33.882)
2b,2e,2g,2n,6
- Pihak berelasi
2aj,44a
- Pihak ketiga
Penempatan pada bank lain dan Bank
Indonesia, setelah dikurangi
penyisihan kerugian penurunan nilai
sebesar Rp nihil pada 31 Maret
2011 (31 Desember 2010: Rp nihil;
31 Desember 2009: Rp 24.794 dan
1 Januari 2009: Rp 16.464)
2b,2e,2h,2n,7
- Pihak berelasi
2aj,44b
- Pihak ketiga
Efek-efek,
penurunan nilai sebesar Rp 1.950 pada
Rp 1.950; 31 Desember 2009: Rp 6.130;
2b,2e,2i,2n,8
Tagihan derivatif,
Rp nihil; 31 Desember 2009: Rp 3.468
dan 1 Januari 2009: Rp 660.150)
2e,2k,2n,9
- Pihak berelasi
2aj,44c
- Pihak ketiga
Pinjaman yang diberikan,
penurunan nilai sebesar Rp 2.423.805
pada 31 Maret 2011 (31 Desember 2010:
Rp 2.505.197; 31 Desember 2009:
Rp 2.211.621; dan 1 Januari 2009:
Rp 1.572.564) dan pendapatan bunga
ditangguhkan sebesar Rp nihil pada
Rp nihil; 31 Desember 2009: Rp 84; dan
1 Januari 2009: Rp 84)
2e,2l,2n,10
- Pihak berelasi
2aj,44d
- Pihak ketiga
Piutang pembiayaan konsumen,
setelah dikurangi penyisihan
kerugian penurunan nilai sebesar
Rp 207.425 pada 31 Maret 2011
(31 Desember 2010: Rp 201.063;
31 Desember 2009: Rp 43.752;
2e,2n,2p,2u,11
- Pihak berelasi
2aj
- Pihak ketiga
Piutang premi,
Rp nihil; 31 Desember 2009: Rp 17
dan 1 Januari 2009: Rp 20)
2e,2n,2q
Tagihan akseptasi,
Rp nihil pada 31 Maret 2011
(31 Desember 2010: Rp nihil;
1 Januari 2009: Rp 9.315)
2e,2n,2v,12
- Pihak berelasi
2aj,44e
- Pihak ketiga
Dipindahkan
ASSETS
1,328,346
5,864,250
1,985,338
5,274,888
2,117,368
3,820,180
58,911
1,026,102
112,134
1,546,292
144,133
1,763,373
275,000
10,142,692
595,000
8,662,137
556,875
3,632,560
5,758,610
5,323,969
4,431,548
1
206,037
251
189,294
322,103
13,214
76,363,343
10,910
73,257,415
4,668
58,362,902
6,935,814
6,663,061
2,654,674
76,703
62,017
28,856
Cash
Current accounts with other banks,
net of allowance for impairment
losses of Rp nil as at 31 March
2011 (31 December 2010: Rp nil;
31 December 2009: Rp 16,964 and
1 January 2009: Rp 33,882)
436,165
Related parties 3,170,104
Third parties Placements with other banks and
Bank Indonesia, net of allowance
for impairment losses of
Rp nil as at 31 March 2011
(31 December 2010: Rp nil;
31 December 2009: Rp 24,794
and 1 January 2009: Rp 16,464)
928,125
…Related parties -...
2,560,661
Third parties Marketable securities,
losses of Rp 1,950 as at 31 March
2011 (31 December 2010: Rp 1,950;
31 December 2009: Rp 6,130;
4,137,089
Derivative receivables,
31 December 2009: Rp 3,468 and
1 January 2009: Rp 660,150)
131
Third parties Loans,
losses of Rp 2,423,805 as at
31 March 2011 (31 December 2010:
Rp 2,505,197; 31 December 2009:
Rp 2,211,621; and 1 January 2009:
Rp 1,572,564) and unearned interest
income of Rp nil as at
Rp nil; 31 December 2009: Rp 84
and 1 January 2009: Rp 84)
Related parties 12,594
63,397,880
Third parties Consumer financing receivables,
losses of Rp 207,425
as at 31 March 2011
(31 December 2010: Rp 201,063;
31 December 2009: Rp 43,752;
5,259
Third parties Premium receivables,
31 December 2009: Rp 17
22,283
and 1 January 2009: Rp 20)
1,109,287
78,948,527
Acceptance receivables,
31 December 2009: Rp 10,824
Related parties Third parties Carry forward
885,805
108,934,828
190,220
568,904
104,441,830
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan
dari laporan keuangan konsolidasian secara keseluruhan.
856,599
86,131,561
The accompanying notes to the consolidated financial statements form an
integral part of these consolidated financial statements.
* tidak diaudit
unaudited *
LAMPIRAN – 1/1- SCHEDULE
179
FINANCIAL POSITION
(Expressed in million Rupiah,except par value per share)
Catatan/
Notes
31 Maret/
March 2011
2010
2009
1 Januari
2009/31
Desember
2008/
1 January
2009/31
December
2008
ASET (lanjutan)
ASSETS (continued)
Pindahan
………..108,934,828
Obligasi Pemerintah
2e,2i,13
5,612,754
Pajak dibayar dimuka
2ae,23a
81,741
Investasi dalam saham,
Rp nihil pada 31 Maret 2011
(31 Desember 2010: Rp nihil;
1 Januari 2009: Rp 122)
2e,2m,2n,14
12,175
Aset tak berwujud,
setelah dikurangi akumulasi amortisasi
sebesar Rp 1.223.986 pada 31 Maret
2011 (31 Desember 2010: Rp 1.186.886;
31 Desember 2009: Rp 1.027.746
dan 1 Januari 2009: Rp 735.505)
2r,15
1,540,943
Aset tetap,
setelah dikurangi akumulasi
penyusutan sebesar Rp 1.383.197
pada 31 Maret 2011 (31 Desember 2010:
Rp 1.310.473; 31 Desember 2009:
Rp 1.305.034 dan 1 Januari 2009:
Rp 1.039.104)
2s,16
1,744,978
Aset pajak tangguhan, bersih
2ae,23d
903,371
Beban dibayar dimuka dan aset lain-lain,
penurunan nilai sebesar Rp 143.181
pada 31 Maret 2011 (31 Desember
2010: Rp 313.469; 31 Desember
2e,2n,2o,
2009: Rp 934.498 dan 1 Januari
2009: Rp 414.649)
2t,2u,17
3,973,345
104,441,830
6,138,340
-
78,948,527
11,010,829
-
86,131,561
13,083,338
-
12,175
64,419
12,053
1,576,096
1,534,668
508,768
1,771,489
950,784
1,549,504
980,280
1,646,707
850,038
3,315,859
4,509,726
5,035,898
Carried forward
Government Bonds
Prepaid taxes
Investment in shares
losses of Rp nil as at
31 March 2011 (31 December
2010:Rp nil; 31 December
2009: Rp 21,316 and
1 January 2009: Rp 122)
Intangible assets,
net of accumulated amortization of
Rp 1,223,986 as at 31 March 2011
(31 December 2010: Rp 1,186,886;
31 December 2009: Rp 1,027,746
and 1 January 2009: Rp 735,505)
Fixed assets,
net of accumulated
depreciation of Rp 1,383,197 as at
Rp 1,310,473; 31 December
2009: Rp 1,305,034 and
1 January 2009: Rp 1,039,104)
Deferred tax asset, net
Prepayments and other assets,
losses of Rp 143,181 as at
31 March 2011 (31 December
2010: Rp 313,469; 31 December
2009: Rp 934,498 and
1 January 2009: Rp 414,649)
JUMLAH ASET
118,206,573
98,597,953
107,268,363
TOTAL ASSETS
122,804,135
The accompanying notes to the consolidated financial statements form an integral
part of these consolidated financial statements.
* tidak diaudit
unaudited *
180
FINANCIAL POSITION
(Expressed in million Rupiah, except par value per share)
Catatan/
Notes
31 Maret/
March 2011
2010
2009
1 Januari
2009/31
Desember
2008/
1 January
2009/31
December
2008
LIABILITAS DAN EKUITAS
LIABILITIES AND EQUITY
LIABILITAS
Simpanan nasabah:
2e,2w,18
- Pihak berelasi
2aj,44f
- Pihak ketiga
Simpanan dari bank lain
2e,2w,19
Efek yang dijual dengan janji
dibeli kembali
2e,2j,13a
Pendapatan premi tangguhan
Premi yang belum merupakan pendapatan
Liabilitas akseptasi
2e,2v,20
Obligasi yang diterbitkan
2e,2ac,21
Pinjaman yang diterima
2e,22
Utang pajak
2ae,23b
Liabilitas derivatif
2e,2k,9
Liabilitas pajak tangguhan, bersih
2ae,23e
Beban yang masih harus dibayar
2x, 2ad, 2ai
dan liabilitas lain-lain
24,39,43,56
Pinjaman subordinasi
2e,2ad,25
Modal pinjaman
26
JUMLAH LIABILITAS
EKUITAS
Ekuitas yang dapat diatribusikan kepada
pemilik entitas induk
Modal saham - nilai nominal sebesar
Rp 50.000 pada 31 Maret 2011
(31 Desember 2010: Rp 50.000;
31 Desember 2009: Rp 50.000;
per saham untuk seri B
Modal dasar - 22.400.000 pada 31 Maret
2011 (31 Desember 2010: 22.400.000;
31 Desember 2009: 22.400.000;
dan 1 Januari 2009: 22.400.000)
saham seri A dan 17.760.000.000
2010: 17.760.000.000; 31 Desember
2009: 17.760.000.000; dan 1 Januari
2009: 17.760.000.000) saham seri B
Modal ditempatkan dan disetor penuh 22.400.000 pada 31 Maret 2011
(31 Desember 2010: 22.400.000;
31 Desember 2009: 22.400.000;
dan 1 Januari 2009: 22.400.000)
saham seri A dan 8.395.443.466
2010:8.394.725.466; 31 Desember
2009: 8.367.983.116; dan 1 Januari
2009: 5.023.730.700) saham seri B
27
Tambahan modal disetor
2af,2ah,40
Modal disetor lainnya
Cadangan umum dan wajib
29
Komponen ekuitas lainnya
2c,2d,2i,8e,13e,56
Saldo laba (setelah defisit sebesar
Rp 32.968.831 dieliminasi melalui
kuasi-reorganisasi tanggal
1 Januari 2001)
53
Kepentingan non-pengendali
JUMLAH EKUITAS
JUMLAH LIABILITAS DAN
EKUITAS
45,56
90,657
80,594,446
2,324,937
156,539
79,486,264
1,937,479
69,505
67,146,723
1,437,814
128,317
73,840,761
1,470,781
2,790,276
662,431
346,173
887,004
6,302,358
4,200,020
96,689
256,071
348,535
2,790,127
621,731
322,344
759,124
6,300,464
2,481,832
183,020
204,259
302,802
3,754,370
415,223
259,146
1,170,870
2,050,855
2,393,561
192,041
327,836
218,984
4,914,104
386,541
227,114
907,459
2,234,043
2,543,620
362,840
2,485,908
213,278
LIABILITIES
Deposits from customers:
Related parties Third parties Deposits from other banks
Securities sold under repurchase
agreements
Acceptance payables
Bonds issued
Borrowings
Taxes payable
5,084,223
500,000
-
3,551,560
500,000
-
2,759,039
500,000
-
2,674,768
3,769,564
-
Subordinated debts
Loan capital
104,483,820
99,597,545
82,695,967
96,159,098
TOTAL LIABILITIES
5,317,722
3,048,214
189
162,680
8,209
5,317,363
3,046,452
189
133,844
78,136
5,303,992
2,964,113
189
118,520
(322,697)
EQUITY
Equity attributable to equity holders
of the parent equity
Share capital - par value
per share of Rp 50,000.as at
Rp 50,000; 31 December 2009:
Rp 50,000; and 1 January 2009:
Rp 50,000) for B series shares
Authorised - 22,400,000 as at 31 March
2011 (31 December 2010: 22,400,000;….
31 December 2009: 22,400,000;
and 1 January 2009: 22,400,000)
A series shares and 17,760,000,000
as at 31 March 2011 (31 December
2010: 17,760,000,000; 31 December
2009:17,760,000,000; and 1 January
2009: 17,760,000,000) B series shares
Issued and fully paid - 22,400,000..
as at 31 March 2011 (31 December
2010: 22,400,000; and 1 January
2009: 22,400,000) A series
shares and 8,395,443,466 as at
8,394,725,466; 31 December
2009: 8,367,983,116; and
1 January 2009: 5,023,730,700)
3,631,865
B series shares
675,000
189
103,220
General and legal reserves
(820,619)
Retained earnings (after deficit of
Rp 32,968,831 was eliminated
through quasi-reorganisation on
6,989,413
1 January 2001)
9,598,415
9,873,803
7,741,634
18,135,429
18,449,787
15,805,751
184,886
159,241
96,235
530,197
Non-controlling interests
18,320,315
18,609,028
15,901,986
11,109,265
122,804,135
118,206,573
98,597,953
107,268,363
TOTAL EQUITY
TOTAL LIABILITIES AND
EQUITY
10,579,068
* tidak diaudit
unaudited *
181
LAPORAN LABA RUGI KONSOLIDASIAN
UNTUK PERIODE TIGA BULAN YANG BERAKHIR
31 MARET 2011 DAN 2010* DAN TAHUN YANG
BERAKHIR 31 DESEMBER 2010 DAN 2009
kecuali laba bersih per saham)
Catatan/
Notes
PENDAPATAN DAN BEBAN
OPERASIONAL
Pendapatan bunga
Beban bunga
2x,2aj,30,44g
2x,2aj,31,44h
Pendapatan bunga bersih
Pendapatan premi
Beban underwriting
2y,2ab
2y,2ab
Pendapatan underwriting bersih
Pendapatan bunga dan
underwriting bersih
PENDAPATAN OPERASIONAL
LAINNYA
Pendapatan provisi dan komisi
Imbalan jasa
(Kerugian)/keuntungan atas perubahan
nilai wajar atas instrumen keuangan
(Kerugian)/keuntungan yang telah
direalisasi atas instrumen derivatif
Pendapatan/(beban) atas transaksi
dalam mata uang asing
Pendapatan dividen
Keuntungan penjualan
efek-efek dan Obligasi
Pemerintah - bersih
Lain-lain
BEBAN OPERASIONAL LAINNYA
Beban provisi dan komisi
Beban umum dan administrasi
Beban tenaga kerja
dan tunjangan
Penyisihan kerugian penurunan
nilai
Pemulihan/(penambahan) atas
estimasi kerugian komitmen dan
kontinjensi
Lain-lain
PENDAPATAN OPERASIONAL
BERSIH
FOR THE THREE-MONTH PERIODS ENDED
31 MARCH 2011 AND 2010* AND
YEARS ENDED 31 DECEMBER 2010 AND 2009
(Expressed in million Rupiah,
except earnings per share)
31 Maret/March
2011
2010*
2010
2009
3,967,638
(1,359,063)
3,440,396
(1,046,247)
14,417,745
(4,509,295)
15,682,777
(6,220,816)
2,608,575
2,394,149
9,908,450
9,461,961
192,589
(97,666)
153,554
(75,123)
768,024
(395,024)
633,132
(337,130)
94,923
78,431
373,000
296,002
Net underwriting income
2,703,498
2,472,580
10,281,450
9,757,963
Net interest and
underwriting income
2z,32,56
33,56
2i,2aa,8a,13a,
34,56
300,667
576,621
283,316
405,794
1,204,966
2,125,035
1,158,700
1,426,624
(34,661)
1,687
(12,929)
68,572
56
(32,199)
52,864
20,339
326,835
56
66,374
-
(37,785)
-
1,215
2,140
(142,427)
3,241
2i,8a,13a
12,158
808
14,764
-
242,178
891
41,414
-
889,768
720,640
3,583,835
2,882,959
(55,272)
(81,055)
(329,431)
(1,246,643)
2z,32,56
35,56
2af,36,39,41
44i,56
2n,6,7,8,9,10
11,12,14,17
2n
56
OPERATING INCOME AND
EXPENSES
Interest income
Interest expense
(692,492)
(582,555)
(2,545,376)
(2,465,669)
(1,015,920)
(845,315)
(3,838,754)
(3,003,000)
(505,934)
(511,343)
(2,134,124)
(2,842,055)
(112,656)
7,734
(72,342)
(4)
(387,532)
(4,889)
(229,395)
(2,382,274)
(2,084,876)
(9,235,221)
(9,791,651)
1,210,992
1,108,344
4,630,064
2,849,271
Net interest income
Premium income
Underwriting expenses
OTHER OPERATING
INCOME
Fees and commissions income
Fees
(Loss)/gain from changes in fair
value of financial instruments
Realized (loss)/gain from
derivative instruments
Income/(expense) from foreign
exchange transactions
Dividend income
Gains on sale of
marketable securities and
Government Bonds - net
Others
OTHER OPERATING EXPENSES
Fees and commissions expense
General and administrative
expenses
Salaries and
employee benefits.
Allowance for impairment
losses
(Recovery)/addition of possible
losses on commitments and
contingencies
Others
NET OPERATING INCOME
* tidak diaudit
unaudited *
182
LAPORAN LABA RUGI KONSOLIDASIAN
Catatan/
Notes
31 Maret/March
2011
2010*
2010
2009
PENDAPATAN DAN BEBAN
BUKAN OPERASIONAL
Pendapatan bukan operasional
Beban bukan operasional
NON-OPERATING
INCOME AND EXPENSES
37,56
38,56
BEBAN BUKAN
OPERASIONAL - BERSIH
LABA SEBELUM PAJAK
PENGHASILAN
BEBAN PAJAK PENGHASILAN
22,012
(173,126)
21,594
(144,300)
54,701
(683,234)
88,711
(567,422)
Non-operating income
Non-operating expenses
(151,114)
(122,706)
(628,533)
(478,711)
NON-OPERATING
EXPENSES - NET
1,059,878
2ae,23c
LABA BERSIH
985,638
4,001,531
(271,051)
(262,551)
(1,017,770)
2,370,560
788,827
723,087
2,983,761
1,613,722
NET INCOME
762,661
26,166
700,555
22,532
2,883,468
100,293
1,532,533
81,189
Net income attributable to:
Equity holders of the
parent entity
788,827
723,087
2,983,761
1,613,722
(756,838)
Laba bersih yang dapat diatribusikan
kepada:
Pemilik entitas induk
LABA BERSIH PER
SAHAM DASAR YANG
DIATRIBUSIKAN KEPADA
PEMILIK ENTITAS INDUK
LABA BERSIH PER
SAHAM DILUSIAN YANG
DIATRIBUSIKAN KEPADA
PEMILIK ENTITAS INDUK
45
2ag,42a
2ag,42b
90.60
83.47
83.43
90.47
342.92
341.68
INCOME BEFORE TAX
INCOME TAX EXPENSE
186.36
BASIC EARNINGS PER
SHARE ATTRIBUTABLE TO
EQUITY HOLDERS OF
THE PARENT ENTITY
179.13
DILUTED EARNINGS PER
SHARE ATTRIBUTABLE TO
EQUITY HOLDERS OF
THE PARENT ENTITY
* tidak diaudit
unaudited *
183
LAPORAN LABA RUGI KOMPREHENSIF
KONSOLIDASIAN
Catatan/
Notes
LABA BERSIH
COMPREHENSIVE INCOME
31 Maret/March
2011
2010*
788,827
2010
2009
723,087
2,983,761
1,613,722
Pendapatan komprehensif lain:
Selisih kurs karena penjabaran
laporan keuangan dalam
mata uang asing
Aset keuangan tersedia untuk dijual:
(Kerugian)/keuntungan periode berjalan
Jumlah yang ditransfer ke laba rugi
sehubungan dengan perubahan
nilai wajar
NET INCOME
Other comprehensive income:
2d
(3)
(10)
(11)
(870)
(75,005)
431,263
765,268
727,789
(17,188)
(10,061)
(236,546)
(27,989)
Available for sale financial assets:
(Losses)/gains in current periods
Amounts transferred to
profit or loss in respect of
fair value changes
21,748
(103,834)
(128,272)
(194,291)
Income tax relating to components
of other comprehensive income
Pendapatan komprehensif lain setelah pajak
(70,448)
317,358
400,439
504,639
Other comprehensive income,
net of tax
JUMLAH LABA KOMPREHENSIF
718,379
1,040,445
3,384,200
2,118,361 TOTAL COMPREHENSIVE NCOME
Laba komprehensif yang dapat
diatribusikan kepada:
Pemilik entitas induk
692,734
25,645
1,016,773
23,672
3,284,301
99,899
Comprehensive income
attributable to:
2,030,455 Equity holders of the parent entity
87,906
718,379
1,040,445
3,384,200
2,118,361
Pajak penghasilan terkait dengan komponen
laba komprehensif lain
2c,2i
Foreign exchange difference from
translation of financial statements
in foreign currency
23
2c,45
* tidak diaudit
unaudited *
184
185
2af,40
28
5,317,722
359
-
3,048,214
1,762
-
-
189
-
-
-
-
-
-
-
-
-
-
-
1,982
-
-
-
(3)
(3)
-
(3)
-
1,985
* tidak diaudit
-
-
92,888
162,680
-
-
28,836
-
-
-
-
-
133,844
-
692,734
(69,927)
(69,924)
(3)
762,661
18,449,787
9,598,415
-
18,135,429
2,121
(1,009,213) (1,009,213)
(28,836)
762,661
-
-
-
762,661
9,873,803
Saldo laba/
Retained
earnings
184,886
-
-
-
25,645
(521)
(521)
-
26,166
159,241
Kepentingan
nonpengendali/
Noncontrolling
interests
Balance as at 1 January 2011
Foreign exchange difference
from translation of
financial statements
net of tax
18,320,315
2,121
(1,009,213)
-
718,379
(70,448)
Balance as at 31 March 2011
Employee/management stock
options exercised
Distribution of cash dividends
Total comprehensive income
for the period
Appropriation for general and
legal reserve
Total other comprehensive
income
Unrealised losses of available
for sale marketable
securities and Government
(70,445)
Bonds, net
(3)
788,827
18,609,028
Jumlah
ekuitas/
Total equity
unaudited *
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements.
(21,420)
-
-
-
(4,683)
(4,683)
(4,683)
-
-
(16,737)
27,647
-
-
-
(65,241)
(65,241)
(65,241)
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan konsolidasian secara
keseluruhan.
Saldo pada tanggal 31 Maret 2011
Opsi kepemilikan saham karyawan/
manajemen yang dieksekusi
Pembagian dividen tunai
-
Pembentukan cadangan umum dan wajib
28,29
-
Jumlah laba komprehensif
periode berjalan
-
2c,2i
Kerugian yang belum direalisasi
atas efek-efek dan Obligasi
Pemerintah dalam kelompok
tersedia untuk dijual, bersih
-
Jumlah pendapatan komprehensif lain
2d
laporan keuangan
Pendapatan komprehensif lain,
setelah pajak
-
189
Cadangan
umum dan
wajib/
General and
legal reserve
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
Net income for the period
-
3,046,452
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
Laba bersih periode berjalan
5,317,363
Modal
disetor
lainnya/
Other paidup capital
Keuntungan/(kerugian)
yang belum direalisasi
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
tersedia untuk dijual,
bersih/Unrealised
gains/(losses) of
available for sale
marketable securities
and Government
Bonds, net
for the period
Saldo pada tanggal 1 Januari 2011
Modal
saham/
Share capital
Tambahan
modal
disetor/
Additional
paid-up
capital
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Expressed in million Rupiah)
periode berjalan
Catatan/
Notes
1 Januari - 31 Maret/1 January - 31 March 2011
Atribusi kepada pemilik entitas induk/Attributable to owners of the parent entity
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN
31 MARET 2011 DAN 2010* DAN
TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009
(Dinyatakan dalam jutaan Rupiah)
DAN ANAK PERUSAHAAN / AND SUBSIDIARIES
186
2af,40
5,306,306
2,314
189
13,418
2,977,531
-
-
-
-
-
-
-
189
Modal
disetor
lainnya/
-
-
-
2,964,113
Tambahan
modal
disetor/
Additional
paid-up
capital
1,986
-
(10)
(10)
-
(10)
-
1,996
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
* tidak diaudit
118,520
-
-
-
-
-
-
118,520
Cadangan
umum dan
wajib/
General and
legal reserve
8,442,189
-
700,555
-
-
-
700,555
7,741,634
Saldo laba/
Retained
earnings
16,838,256
15,732
1,016,773
316,218
316,228
(10)
700,555
15,805,751
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
119,907
-
23,672
1,140
1,140
-
22,532
96,235
Kepentingan
nonpengendali/
Noncontrolling
interests
Foreign exchange
difference from translation
of financial statements
net of tax
Net income for the period
for the period
16,958,163
15,732
1,040,445
317,358
Balance as at 31 March 2010
options exercised
for the period
income
Unrealised gains of available
for sale marketable
317,368
Bonds, net
(10)
723,087
15,901,986
Jumlah
ekuitas/
Total equity
unaudited *
(28,042)
-
4,725
4,725
4,725
-
-
(32,767)
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
19,577
-
311,503
311,503
311,503
-
-
(291,926)
(Kerugian)/keuntungan
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
bersih/Unrealised
(losses)/gains of
available for sale
and Government
Bonds, net
keseluruhan.
Saldo pada tanggal 31 Maret 2010
-
periode berjalan
-
-
2c,2i
Keuntungan yang belum direalisasi
Pemerintah dalam kelompok,
tersedia untuk dijual bersih
-
-
5,303,992
Modal
saham/
Share capital
2d
laporan keuangan
setelah pajak
Laba bersih periode berjalan
periode berjalan
Catatan/
Notes
1 Januari - 31 Maret*/1 January - 31 March 2010*
187
-
-
-
-
2,964,113
-
2,964,113
-
-
-
-
189
-
189
Modal
disetor
lainnya/
(11)
-
(11)
-
1,996
-
1,996
384,814
384,814
* tidak diaudit
-
-
(291,926)
-
(291,926)
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
bersih/Unrealised
(losses)/gains of
available for sale
and Government
Bonds, net
-
-
-
-
118,520
-
118,520
Cadangan
umum dan
wajib/
General and
legal reserve
-
-
-
2,883,468
7,771,959
30,325
7,741,634
Saldo laba/
Retained
earnings
400,833
400,844
(11)
2,883,468
15,836,076
30,325
15,805,751
(394)
(394)
-
100,293
92,410
(3,825)
96,235
Kepentingan
nonpengendali/
Noncontrolling
interests
Foreign exchange
net of tax
Net income for the year
for the year
after effect of first
adoption of SFAS
Adjustment in connection with
the implementation of
SFAS No. 55 (2006 Revision)
400,439
income
Unrealised gains/(loss) of
available for sale marketable
400,450
Bonds, net
(11)
2,983,761
15,928,486
26,500
15,901,986
Jumlah
ekuitas/
Total equity
unaudited *
16,030
16,030
-
-
(32,767)
-
(32,767)
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
keseluruhan.
-
-
-
2d
-
5,303,992
Keuntungan/(kerugian) yang belum
direalisasi atas efek-efek dan
Obligasi Pemerintah dalam kelompok
2c,2i
laporan keuangan
setelah pajak
Laba bersih tahun berjalan
tahun berjalan
Saldo pada tanggal 1 Januari 2010,
setelah dampak penerapan awal PSAK
-
2e,55
5,303,992
Penyesuaian sehubungan dengan
penerapan PSAK No. 55
(Revisi 2006)
Modal
saham/
Share capital
Catatan/
Notes
Tambahan
modal
disetor/
Additional
paid-up
capital
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
1 Januari - 31 Desember/1 January - 31 December 2010
188
2af,40
5,317,363
13,371
3,046,452
82,339
-
-
-
-
-
-
-
-
-
189
Modal
disetor
lainnya/
1,985
-
-
-
-
(11)
* tidak diaudit
133,844
-
-
-
15,324
-
Cadangan
umum dan
wajib/
General and
legal reserve
9,873,803
-
-
(766,300)
(15,324)
2,883,468
Saldo laba/
Retained
earnings
18,449,787
95,710
-
(766,300)
-
3,284,301
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
159,241
-
8,500
(41,568)
-
99,899
options exercised
Addition in non-contrrolling
interest due to change of
percentage of ownership
legal reserve
for the year
18,609,028 Balance as at 31 December 2010
95,710
8,500
(807,868)
-
3,384,200
Jumlah
ekuitas/
Total equity
unaudited *
(16,737)
-
-
-
-
16,030
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
92,888
-
-
-
-
384,814
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
bersih/Unrealised
(losses)/gains of
available for sale
and Government
Bonds, net
keseluruhan.
Saldo pada tanggal 31 Desember 2010
-
-
Penambahan kepentingan
non-pengendali
akibat perubahan penyertaan
-
Pembentukan cadangan umum dan wajib 28,29
28
-
Modal
saham/
Share capital
tahun berjalan
Catatan/
Notes
Tambahan
modal
disetor/
Additional
paid-up
capital
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
Kepentingan
nonpengendali/
Noncontrolling
interests
1 Januari – 31 Desember/1 January – 31 December 2010 (lanjutan/continued)
189
-
-
-
-
-
675,000
-
-
-
-
-
189
Modal
disetor
lainnya/
(870)
(870)
-
(870)
-
2,866
457,906
457,906
457,906
* tidak diaudit
-
-
(749,832)
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
bersih/Unrealised
(losses)/gains of
available for sale
and Government
Bonds, net
-
-
-
-
-
103,220
Cadangan
umum dan
wajib/
General and
legal reserve
1,532,533
-
-
-
1,532,533
6,989,413
Saldo laba/
Retained
earnings
2,030,455
497,922
498,792
(870)
1,532,533
10,579,068
89,209
6,717
6,717
-
82,492
530,197
Kepentingan
nonpengendali/
Noncontrolling
interests
Foreign exchange
net of tax
Net income for the year
for the year
2,119,664
504,639
for the year
income
Unrealised gains of available
for sale marketable
505,509
Bonds, net
(870)
1,615,025
11,109,265
Jumlah
ekuitas/
Total equity
unaudited *
40,886
40,886
40,886
-
-
(73,653)
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
keseluruhan.
-
tahun berjalan
-
-
-
2c,2i
Keuntungan yang belum direalisasi
Pemerintah dalam kelompok
-
3,631,865
Modal
saham/
Share capital
2d
laporan keuangan
setelah pajak
Laba bersih tahun berjalan
tahun berjalan
Catatan/
Notes
Tambahan
modal
disetor/
Additional
paid-up
capital
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
1 Januari – 31 Desember/1 January – 31 December 2009
190
28
2af,40
5,303,992
14,680
-
1,657,447
-
-
-
Modal
saham/
Share capital
2,964,113
50,337
1,093
2,237,683
-
-
-
-
-
-
-
-
-
189
Modal
disetor
lainnya/
1,996
-
-
-
-
-
-
* tidak diaudit
118,520
-
-
-
-
-
15,300
Cadangan
umum dan
wajib/
General and
legal reserve
7,741,634
-
-
-
-
(765,012)
(15,300)
Saldo laba/
Retained
earnings
15,805,751
65,017
1,093
3,895,130
-
(765,012)
-
Jumlah
sebelum
kepentingan
nonpengendali/
Total before
noncontrolling
interests
96,235
-
-
-
(395,671)
(127,500)
-
options exercised
Compensation costs of employee/
management stock options
Shares from limited public
offering with pre-emptive
rights (Rights Issue) IV
Reduction in non-controlling
interest due to change
of percentage of ownership
legal reserve
15,901,986 Balance as at 31 December 2009
65,017
1,093
3,895,130
(395,671)
(892,512)
-
Jumlah
ekuitas/
Total equity
unaudited *
The accompanying notes to the consolidated financial statements form an integral part of these
consolidated financial statements.
(32,767)
-
-
-
-
-
-
Selisih
transaksi
perubahan
ekuitas Anak
Perusahaan/
Difference in
transactions
of changes in
equity of
Subsidiaries
(291,926)
-
-
-
-
-
-
atas efek-efek dan
Obligasi Pemerintah
dalam kelompok
bersih/Unrealised
(losses)/gains of
available for sale
and Government
Bonds, net
Catatan atas laporan keuangan konsolidasian merupakan bagian tak terpisahkan dari laporan keuangan
konsolidasian secara keseluruhan.
Saldo pada tanggal 31 Desember 2009
2af,40
Beban kompensasi karyawan/
manajemen berbasis saham
Saham yang berasal dari penawaran
umum terbatas dengan hak memesan
efek terlebih dahulu (Rights Issue) IV 1b,2ah
Pengurangan kepentingan
non-pengendali
akibat perubahan penyertaan
Pembentukan cadangan umum dan wajib 28,29
Catatan/
Notes
Tambahan
modal
disetor/
Additional
paid-up
capital
Selisih kurs
karena
penjabaran
laporan
keuangan/
Foreign
exchange
difference
from
translation of
financial
statements
Kepentingan
nonpengendali/
Noncontrolling
interests
1 Januari – 31 Desember/1 January – 31 December 2009 (lanjutan/continued)
LAPORAN ARUS KAS KONSOLIDASIAN
Catatan/
Notes
CONSOLIDATED STATEMENTS OF CASH FLOWS
31 Maret/March
2011
2010*
2010
2009
Cash flows from operating
activities:
Arus kas dari kegiatan operasi:
Pendapatan bunga, provisi dan
komisi
Penerimaan dari transaksi
pembiayaan konsumen
Pembayaran transaksi pembiayaan
konsumen baru
Pembayaran bunga, provisi dan
komisi
Pembayaran bunga obligasi
Penerimaan dari kegiatan asuransi
Pendapatan operasional lainnya
Keuntungan/(kerugian) transaksi mata
uang asing - bersih
Pembayaran tantiem
Beban operasional lainnya
Beban non-operasional - bersih
Arus kas sebelum perubahan dalam
aset dan liabilitas operasi
3,231,569)
2,084,456)
10,631,713)
8,105,315)
(1,682,620)
(986,360)
(9,883,305)
(3,555,682)
(1,250,151)
(1,166,741)
(4,601,103)
(7,288,744)
(160,012)
144,766)
576,621)
(58,830)
95,485)
172,457)
(271,910)
609,545)
2,125,035)
(263,283)
350,143)
603,697)
6,599)
-)
(2,016,344)
(152,064)
(62,945)
-)
(1,398,653)
(73,564)
(63,930)
(57,848)
(5,719,629)
(423,800)
220,117)
(41,525)
(5,121,105)
(249,548)
1,058,849
1,089,501
(676,437)
5,121,492
Interest income, fees and
commissions
Receipts from consumer
financing transactions
Payments of new consumer
financing transactions
Payments of interest, fees
and commissions
Payments of interests on bonds
issued
Receipts from insurance operation
Gains/(losses) from foreign
exchange transactions - net
Payment of tantiem
Non-operating expenses - net
Cash flows before changes in
operating assets and liabilities
Changes in operating assets and
liabilities:
(Increase)/Decrease in operating
assets:
Placements with other banks and
Bank Indonesia - mature more than 3
months from the date of acquisition
2,360,485)
2,484,196)
6,978,795)
12,362,107)
Perubahan dalam aset dan liabilitas
operasi:
(Kenaikan)/penurunan aset operasi:
Indonesia - jatuh tempo lebih dari 3 bulan
sejak tanggal perolehan
Efek-efek dan Obligasi Pemerintahdiperdagangkan
Pinjaman yang diberikan
Beban dibayar dimuka dan aset lain-lain
Kenaikan/(penurunan) liabilitas
operasi:
Simpanan nasabah:
- Giro
- Tabungan
- Deposito berjangka
Simpanan dari bank lain
Beban yang masih harus dibayar dan
liabilitas lain-lain
Pembayaran pajak penghasilan
selama periode/tahun berjalan
Kas bersih digunakan untuk
kegiatan operasi
(399,001)
1,867,607
1,006,154
118,664
22.
(3,960,574)
(314,503)
(57,875)
(1,429,838)
(711,531)
139,300
(17,081,151)
1,223,699
281,172
1,202,308
(328,262)
Marketable securities and
Government Bonds - trading
Loans
Prepayments and other assets
(35,778)
2,516,775
(8,021,335)
(32,966)
Increase/(decrease) in operating
liabilities:
Deposits from customers:
Current accounts Savings Time deposits Deposits from other banks
(1,478,283)
(459,276)
3,268,565
407,801
173,813
198,532
(2,707,664)
(246,093)
3,204,258
6,033,351
3,521,386
517,202
549,790
834,356
(259,307)
(310,262)
(1,055,195)
(1,205,726)
(1,585,917)
(1,299,454)
(2,962,519)
(435,778)
204,914
(52,122)
Income tax paid during the
period/year
Net cash used in operating
activities
* tidak diaudit
unaudited *
191
LAPORAN ARUS KAS KONSOLIDASIAN
Catatan/
Notes
CONSOLIDATED STATEMENTS OF CASH FLOWS
31 Maret/March
2011
2010*
2010
2009
Cash flows from investing activities:
Arus kas dari kegiatan investasi:
Hasil penjualan efek-efek dan Obligasi
Pemerintah - dimiliki hingga jatuh
tempo dan tersedia untuk
dijual
Pembelian efek-efek dan Obligasi
Pemerintah - dimiliki hingga jatuh tempo
dan tersedia untuk dijual
Tambahan penyertaan atas 20%
kepemilikan saham Adira Dinamika Multi
Finance (ADMF)
Tambahan penyertaan atas 10%
kepemilikan Saham Adira Quantum
(AQ)
Perolehan aset tetap dan perangkat lunak
Hasil penjualan aset tetap
Penerimaan hasil investasi
Penempatan deposito
Penerimaan dividen kas
Hasil penjualan investasi dalam
saham
15,16
16
6,968,598)
6,314,458)
2,461,773)
(1,324,743)
(6,853,585)
(1,636,257)
(34,809)
-)
-)
-)
(1,441,937)
-)
(83,606)
14,578)
28,520)
(337,134)
-)
(47,749)
8,368
77,546
(1,936,347)
760)
-)
(994,401)
63,135)
111,924)
(348,559)
2,140)
(1,000)
(356,454)
70,753)
97,649)
(588,529)
3,241)
62,675)
-)
-)
Kas bersih diperoleh dari/(digunakan
untuk) kegiatan investasi
Arus kas dari kegiatan pendanaan:
Kenaikan/(penurunan) efek yang dijual
dengan janji dibeli kembali
Pembayaran pokok obligasi
Penerimaan dari penerbitan obligasi
Pembayaran dividen kas
Penerimaan pinjaman dalam rangka
pembiayaan bersama
Pembayaran pinjaman dalam rangka
pembiayaan bersama
Pembayaran pinjaman subordinasi
Kenaikan/(penurunan) pinjaman
yang diterima
Hasil dari penawaran umum terbatas dengan
hak memesan terlebih dahulu
(Right Issue) IV
Opsi kepemilikan saham oleh karyawan/
2,911,438)
13
25
-)
1,209,053.
(1,782,409)
3,575,115)
210,687)
149)
-)
-)
-)
1,422)
-)
-)
-)
(964,243)
(381,000)
4,628,353)
(808,172)
(1,159,734)
(570,000)
379,000
(892,335)
1,250,000)
327,000)
772,000)
1,008,333)
(25,000)
-)
(352,000)
-)
(947,000)
-)
(879,167)
(3,269,865)
493,188)
(178,362)
88,271)
(150,059)
Proceeds from sales of marketable
securities and Government Bonds - held
to maturity and available
for sale Acquisition of marketable securities
and Government Bonds - held to
maturity and available for sale
Additional investment in 20%
ownership of Adira Dinamika Multi
Finance (ADMF) shares
Additional investment in 10%
ownership of Adira Quantum
(AQ) shares
Acquisition of fixed assets and software
Proceeds from sale of fixed assets
Receipt from investment
Placement in deposits
Receipt of cash dividends
Proceeds from sale of investment
in shares
Net cash provided by /(used in)
iinvesting activities
Cash flows from financing activities:
Increase/(decrease) in securities sold
under repurchase agreements
Payments of principal on bonds issued
Proceeds from bonds issuance
Payments of cash dividends
Proceeds from borrowings in relation
to joint financing
Repayment of borrowings in relation
to joint financing
Repayment of subordinated loans
-)
-)
-)
3,895,130)
2,122)
15,732)
95,710)
65,017)
Increase/(decrease) in borrowings
Proceeds from limited public
offeringwith pre-emptive rights
(Right issue) IV
options exercised
Kas bersih diperoleh dari/(digunakan
untuk) kegiatan pendanaan
1,720,459)
(186,208)
2,483,919)
(1,573,680)
Net cash provided by/(used in)
financing activities
Kenaikan/(penurunan) bersih kas dan
setara kas
1,343,595)
(3,268,071)
3,096,515)
(1,798,771)
Net increase/(decrease) in cash and
cash equivalents
Kas dan setara kas pada
awal periode/tahun
17,815,360)
14,718,845)
14,718,845)
16,517,616)
Cash and cash equivalents as at
the beginning of period/year
Kas dan setara kas pada
akhir periode/tahun
19,158,955
11,450,774)
17,815,360
14,718,845)
Cash and cash equivalents as at
the ending of period/year
1,328,346)
5,864,250)
1,085,013)
1,528,728)
4,635,368)
1,391,605)
1,985,338)
5,274,888)
1,658,426)
9,241,644)
1,550,341)
8,797,337)
1,639,702)
19,158,955)
2,344,732)
11,450,774)
99,371)
17,815,360)
Kas dan setara kas terdiri dari:
Kas
Giro pada Bank Indonesia
Giro pada bank lain
Indonesia - jatuh tempo sampai dengan 3
bulan sejak tanggal perolehan
Sertifikat Bank Indonesia - jatuh tempo
sampai dengan 3 bulan sejak tanggal
perolehan
Jumlah kas dan setara kas
2b
4
5
6
Cash and cash equivalents consist of:
Cash
Current accounts with other banks
Placements with other banks and Bank
Indonesia - mature within 3 months from
the date of acquisition
3,068,729)
Certificates of Bank Indonesia - mature
within 3 months from the date of
3,788,098)
acquisition
14,718,845)
Total cash and cash equivalents
2,117,368)
3,820,180)
1,924,470)
* tidak diaudit
unaudited *
192
CATATAN ATAS LAPORAN
KEUANGAN KONSOLIDASIAN
1.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
UMUM
a.
1.
Pendirian dan informasi umum Bank
GENERAL
a.
Establishment and general information of the
Bank
PT Bank Danamon Indonesia Tbk (“Bank”),
berkedudukan di Jakarta, didirikan pada tanggal
16Juli 1956 berdasarkan akta notaris Meester
Raden Soedja, S.H. No. 134. Akta pendirian ini
disahkan oleh Menteri Kehakiman Republik
Indonesia dengan Surat Keputusan No. J.A.5/40/8
tanggal 24 April 1957 dan telah diumumkan dalam
Tambahan No. 664, pada Berita Negara Republik
Indonesia No. 46 tanggal 7 Juni 1957.
PT Bank Danamon Indonesia Tbk (the “Bank”),
domiciled in Jakarta, was established on 16 July
1956 based on a notarial deed No. 134 of
Meester Raden Soedja, S.H. The deed of
establishment was approved by the Minister of
Justice of Republic of Indonesia in its decision
letter No. J.A.5/40/8 dated 24 April 1957 and was
published in Supplement No. 664 to the State
Gazette of Republic of Indonesia No. 46 dated
7June 1957.
Bank memperoleh izin usaha sebagai bank umum,
bank devisa dan bank yang melakukan kegiatan
berdasarkan prinsip Syariah masing-masing
berdasarkan surat keputusan Menteri Keuangan
No. 161259/U.M.II tanggal 30 September 1958,
surat keputusan Direksi Bank Indonesia (“BI”) No.
21/10/Dir/UPPS tanggal 5 Nopember 1988 dan
Surat Direktorat Perizinan dan Informasi
Perbankan
No.
3/744/DPIP/Prz
tanggal
31Desember 2001.
The Bank obtained a license as a commercial
bank, a foreign exchange bank and a bank
engaged in activities based on Sharia principles
based on the decision letter No. 161259/U.M.II of
the Minister of Finance dated 30 September
1958, the decision letter No. 21/10/Dir/UPPS of
the Director of Bank Indonesia (“BI”) dated
5November 1988 and the letter of Directorate of
Licensing and Banking Information No.
3/744/DPIP/Prz dated 31 December 2001,
respectively.
Anggaran Dasar Bank telah mengalami beberapa
kali perubahan, perubahan terakhir dilakukan
sehubungan dengan (i) penyesuaian Anggaran
Dasar Perseroan dengan Peraturan Bapepam-LK
No.IX.J.1 tentang Pokok-Pokok Anggaran Dasar
Perseroan yang melakukan penawaran umum
efek bersifat ekuitas dan Perusahaan Publik
melalui akta notaris No. 87 tanggal 31 Maret 2009,
dibuat di hadapan P. Sutrisno A. Tampubolon, SH,
Notaris di Jakarta yang telah diterima serta dicatat
dalam Database Sistem Administrasi Badan
Hukum Direktorat Jenderal Administrasi Hukum
Umum Kementrian Hukum dan Hak Asasi Manusia
Republik Indonesia No. AHU-AH.01.10-04281
tanggal 22 April 2009 dan pemberitahuan
perubahan telah diterima oleh Kantor Pendaftaran
Perusahaan Kotamadya Jakarta Selatan pada
tanggal 2 Juli 2009, serta telah diumumkan di
Berita Negara Republik Indonesia No. 52
Tambahan No. 506 tanggal 30 Juni 2009, dan (ii)
pernyataan kembali seluruh pasal dalam Anggaran
Dasar Perseroan melalui akta notaris No. 27
tanggal 30 Maret 2011, yang dibuat di hadapan P.
Sutrisno A. Tampubolon, SH, Notaris di Jakarta.
Penerimaan serta pencatatan dalam Database
Sistem Administrasi Badan Hukum Direktorat
Jenderal Administrasi Hukum Umum Kementrian
The Bank’s Articles of Association have been
amended several times, the latest amendments
was made in relation to (i) the adjustment to
Bapepam-LK Regulation No.IX.J.1 regarding the
Main Articles of Association for Companies that
conduct equity securities public offering and
Public Listed Company by notarial deed No. 87
dated 31 March 2009 of
P. Sutrisno A.
Tampubolon, SH, Notary in Jakarta, which has
been received and registered in Sistem
Administrasi Badan Hukum Database of
Directorate
General
of
Common
Law
Administration of the Ministry of Law and Human
Rights of the Republic of Indonesia No. AHUAH.01.10-04281 dated 22 April 2009 and the
notification of such amendment has been
received by the Registration Office of South
Jakarta district on 2 July 2009, and has also been
published in Supplement No. 506 to the State
Gazette of Republic of Indonesia No. 52 dated 30
June 2009, and (ii) the restatement of all articles
in the Company’s Articles of Association by
notarial deed No. 27 dated 30 March 2011 of P.
Sutrisno A. Tampubolon, SH, Notary in Jakarta.
The receipt and registration in Sistem
Directorate
General
of
Common
Law
* tidak diaudit
unaudited *
193
1.
UMUM (lanjutan)
a.
1.
GENERAL (continued)
Pendirian dan informasi umum Bank (lanjutan)
a.
Bank (continued)
Hukum dan Hak Asasi Manusia Republik
Indonesia dan penerimaan pemberitahuan
perubahan oleh Kantor Pendaftaran Perusahaan
Kotamadya Jakarta Selatan masih dalam proses,
serta (iii) penambahan modal ditempatkan dan
disetor Bank dalam rangka Program Kompensasi
Karyawan/Manajemen
Berbasis
Saham
(“E/MSOP”) tanggal 31 Maret 2011 melalui Akta
Perubahan Anggaran Dasar No. 6 tanggal 12 April
2011 dibuat di hadapan P. Sutrisno A.
Tampubolon, SH., Notaris di Jakarta. Adapun
penerimaan serta pencatatan dalam Database
Sistem Administrasi Badan Hukum Direktorat
Jenderal Administrasi Hukum Umum Kementrian
Hukum dan Hak Asasi Manusia Republik
Indonesia dan penerimaan pemberitahuan
perubahan oleh Kantor Pendaftaran Perusahaan
Kotamadya Jakarta Selatan masih dalam proses.
Rights of the Republic of Indonesia and the
receipt of notification by the Company
Registration Office of South Jakarta district are
still in process, and also (iii) the increase of issued
and paid-up capital in conjunction with Employee/
Management Stock Option Program (“E/MSOP”)
as at 31 March 2011 by Deed of change in
Articles of Association No. 6 dated 12 April 2011
of P. Sutrisno A. Tampubolon, SH., Notary in
Jakarta. The receipt and registration in Sistem
Directorate
General
of
Common
Law
Rights of the Republic of Indonesia and the
receipt of notification by the Company
Registration Office of South Jakarta district are
still in process.
Sesuai dengan pasal 3 Anggaran Dasar Bank,
ruang lingkup kegiatan Bank adalah menjalankan
kegiatan usaha di bidang perbankan sesuai
dengan undang-undang dan peraturan yang
berlaku, dan melakukan kegiatan perbankan
lainnya berdasarkan prinsip Syariah. Bank mulai
melakukan kegiatan berdasarkan prinsip Syariah
tersebut sejak tahun 2002.
According to article 3 of the Bank’s Articles of
Association, the Bank’s scope of activities is to
engage in general banking services in
accordance with prevailing laws and regulations,
and to engage in other banking activities based
on Sharia principles. The Bank started its
activities based on the Sharia principles since
2002.
Sejak Maret 2004, Bank mulai melakukan kegiatan
usaha mikro dengan nama Danamon Simpan
Pinjam.
Since March 2004, the Bank has started to
engage in micro business under the name of
Danamon Simpan Pinjam.
Kantor pusat Bank berlokasi di gedung Menara
Bank Danamon, Jalan Prof. Dr. Satrio Kav. E4
No.6 Mega Kuningan, Jakarta. Pada tanggal 31
Maret 2011, Bank mempunyai cabang-cabang dan
kantor-kantor pembantu sebagai berikut:
The Bank’s head office is located at Menara Bank
Danamon building, Jalan Prof. Dr. Satrio Kav. E4
No. 6, Mega Kuningan, Jakarta. As at 31 March
2011, the Bank had the following branches and
representative offices as follows:
Jumlah/Total*
Kantor cabang domestik
Kantor cabang pembantu domestik dan
Danamon Simpan Pinjam
Kantor cabang Syariah dan Pegadaian
Kantor cabang luar negeri
(Kepulauan Cayman)
80
1,392
21
1
*sesuai ijin BI
Domestic branches
Domestic supporting branches and
Danamon Simpan Pinjam
Sharia and Pawnbroking branches
Overseas branch
(Cayman Islands)
as approved by BI*
* tidak diaudit
unaudited *
194
1.
UMUM (lanjutan)
a.
1.
Pendirian dan informasi umum Bank (lanjutan)
GENERAL (continued)
a.
Seluruh kantor cabang, kantor cabang pembantu
dan kantor cabang Syariah berlokasi di berbagai
pusat bisnis yang tersebar di seluruh Indonesia.
b.
Penawaran umum saham Bank
Bank (continued)
The branches, supporting branches, and Sharia
offices are located in various major business
centers throughout Indonesia.
b.
Public offering of the Bank’s shares
Pada tanggal 8 Desember 1989, berdasarkan Izin
Menteri Keuangan No. SI-066/SHM/MK.10/1989
tertanggal 24 Oktober 1989, Bank melakukan
Penawaran Umum Perdana atas 12.000.000
saham dengan nilai nominal Rp 1.000 per saham
(nilai penuh). Pada tanggal 8 Desember 1989,
seluruh saham ini telah dicatatkan di Bursa Efek
Jakarta (sekarang bernama Bursa Efek Indonesia
setelah digabungkan dengan Bursa Efek
Surabaya).
On 8 December 1989, based on the license from
the
Minister
of
Finance
No.
SI066/SHM/MK.10/1989 dated 24 October 1989,
the Bank undertook an Initial Public Offering (IPO)
of 12,000,000 shares with par value of Rp 1,000
per share (full amount). On 8 December 1989,
these shares were listed at the Jakarta Stock
Exchange (now namely Indonesian Stock
Exchange, after being merged with Surabaya
Stock Exchange).
Setelah itu, Bank melakukan penambahan jumlah
saham-saham terdaftar melalui saham bonus,
Penawaran Umum Terbatas dengan Hak
Memesan Efek Terlebih Dahulu (Rights Issue) I,
II, III dan IV dan dalam rangka Program
Kompensasi Karyawan/Manajemen Berbasis
Saham (“E/MSOP”).
Subsequently, the Bank increased its listed
shares through bonus shares, Limited Public
Offerings with Pre-emptive Rights (Rights Issue) I,
II, III and IV and through Employee/Management
Stock Option Program (“E/MSOP”).
Bank menerima Surat Pemberitahuan Efektif No.
S-2196/PM/1993 dari Bapepam-LK sehubungan
dengan Penawaran Umum Terbatas I dengan
Hak Memesan Efek Terlebih Dahulu pada tanggal
24 Desember 1993.
The Bank received Effective Letter No.
S-2196/PM/1993
from
Bapepam-LK
in
conjunction with Limited Public Offering I with
Pre-emptive Rights on 24 December 1993.
dengan Penawaran Umum Terbatas II dengan
29 April 1996.
S-608/PM/1996 from Bapepam-LK in conjunction
with Limited Public Offering II with Pre-emptive
Rights on 29 April 1996.
dengan Penawaran Umum Terbatas III dengan
29 Maret 1999.
S-429/PM/1999 from Bapepam-LK in conjunction
with Limited Public Offering III with Pre-emptive
Rights on 29 March 1999.
S-2093/BL/2009 dari Bapepam-LK sehubungan
dengan Penawaran Umum Terbatas IV dengan
20 Maret 2009.
S-2093/BL/2009 from Bapepam-LK in conjunction
with Limited Public Offering IV with Pre-emptive
Rights on 20 March 2009.
* tidak diaudit
unaudited *
195
1.
UMUM (lanjutan)
b.
1.
Penawaran umum saham Bank (lanjutan)
GENERAL (continued)
b.
Public offering
(continued)
of
the
Bank’s
shares
Sesuai dengan akta notaris No. 32 tanggal
23 Maret 2009 yang dibuat di hadapan Fathiah
Helmi, SH, Notaris di Jakarta, para pemegang
saham Bank melalui Rapat Umum Pemegang
Saham Luar Biasa (“RUPSLB”) pada tanggal 23
Maret 2009
telah menyetujui rencana untuk
melakukan Penawaran Umum Terbatas dengan
Hak Memesan Efek Terlebih Dahulu (Rights Issue)
IV, dengan jumlah saham baru yang akan
dikeluarkan oleh Bank sebanyak-banyaknya
3.328.206.411 saham seri B. Sesuai dengan
Daftar Pemegang Saham pada tanggal 22 April
2009 yang merupakan tanggal penjatahan Rights
Issue tersebut di atas, jumlah saham baru yang
dikeluarkan dalam rangka Rights Issue IV adalah
sebanyak 3.314.893.116 saham seri B.
In accordance with notarial deed No. 32 dated
23 March 2009 of Fathiah Helmi, SH, Notary in
Jakarta, the Bank’s shareholders through the
Extraordinary General Meeting of Shareholders
(“EGMS”) dated 23 March 2009 approved the
Bank’s plan to conduct the Limited Public Offering
with pre-emptive rights (Rights Issue) IV, with the
approved maximum new shares issued by the
Bank of 3,328,206,411 B series shares. In
accordance with the Shareholders Register dated
22 April 2009, an allotment date of the above
Rights Issue, the total new shares issued in
conjunction with Rights Issue IV was in amount of
3,314,893,116 B series shares.
Berikut adalah kronologis pencatatan saham Bank
pada bursa efek di Indonesia sejak Penawaran
Umum Perdana:
The chronological overview of the Bank’s issued
shares on the stock exchanges in Indonesia
since the Initial Public Offering was as follows:
Saham Seri A/
A Series Shares
Saham yang berasal dari Penawaran Umum
Perdana pada tahun 1989
Saham pendiri
Saham bonus yang berasal dari kapitalisasi
tambahan modal disetor - agio saham
pada tahun 1992
Saham yang berasal dari Penawaran
Umum Terbatas dengan Hak Memesan
Efek Terlebih Dahulu (Rights Issue) I
pada tahun 1993
Saham bonus yang berasal dari kapitalisasi
tambahan modal disetor-agio saham
pada tahun 1995
Umum Terbatas dengan Hak Memesan
Efek Terlebih Dahulu (Rights Issue) II
pada tahun 1996
Saham pendiri pada tahun 1996
Saham yang berasal dari perubahan nilai
nominal saham pada tahun 1997
Peningkatan nilai nominal saham
menjadi Rp 10.000 (nilai penuh)
per saham melalui pengurangan
jumlah saham (reverse stock split)
pada tahun 2001
menjadi Rp 50.000 (nilai penuh)
pada tahun 2003
Jumlah saham seri A pada tanggal
31 Maret 2011
(lihat Catatan 27)
12,000,000
22,400,000
34,400,000
Shares from Initial Public Offering in 1989
Founders’ shares
Bonus shares from capitalisation
of additional paid-up capital - capital
paid in excess of par value in 1992
112,000,000
Shares from Limited Public Offering with
Pre-emptive Rights (Rights Issue) I in 1993
Bonus shares from capitalisation of additional
paid-up capital - capital paid in excess of
par value in 1995
560,000,000
155,200,000
Pre-emptive Rights (Rights Issue) II in 1996
Founders’ shares in 1996
224,000,000
1,120,000,000
2,240,000,000
: 20
112,000,000
:5
22,400,000
22,400,000
* tidak diaudit
Shares resulting from stock split in 1997
Increase in par value to
Rp 10,000 (full amount) per share
through reduction in total number
of shares (reverse stock split)
in 2001
Rp 50,000 (full amount) per share
in 2003
Total A series shares
as at 31 March 2011
(see Note 27)
unaudited *
196
1.
UMUM (lanjutan)
b.
1.
Penawaran umum saham Bank (lanjutan)
GENERAL (continued)
b.
Public offering
(continued)
of
the
Bank’s
shares
Saham Seri B/
B Series Shares
Umum Terbatas dengan Hak
Memesan Efek Terlebih Dahulu
(Rights Issue) III pada tahun 1999
Saham yang diterbitkan dalam rangka
penggabungan usaha dengan PDFCI
pada tahun 1999
penggabungan usaha dengan Bank Tiara
pada tahun 2000
penggabungan usaha dengan 7 BTO*
(Taken-Over Banks) lainnya pada
tahun 2000
menjadi Rp 100 (nilai penuh)
pada tahun 2001
menjadi Rp 500 (nilai penuh)
pada tahun 2003
Umum Terbatas dengan Hak
Memesan Efek Terlebih Dahulu
(Rights Issue) IV pada tahun 2009
Shares issued in connection with the Bank’s
merger with the former PDFCI in 1999
Shares issued in connection with the
Bank’s merger with Bank Tiara
in 2000
45,375,000,000
35,557,200,000
Shares issued in connection
with the Bank’s merger with 7 Taken-Over
Banks* (BTOs) in 2000
192,480,000,000
488,452,200,000
: 20
4,884,522,000
Increase in par value
to Rp 100 (full amount) per share
through reduction in total number of
shares (reverse stock split)
in 2001
Rp 500 (full amount) per share
in 2003
3,314,893,116
Shares from Limited Public
Offering with Pre-emptive Rights
(Rights Issue) IV in 2009
13,972,000
24,863,000
87,315,900
13,057,800
29,359,300
26,742,350
718,000
Shares issued in connection
with Employee/Management Stock
Option Program (tranche I-III)
(see Note 40):
2005 2006 2007 2008 2009 2010 2011 -
8,395,443,466
Total B series shares as at
31 March 2011 (see Note 27)
24,422,610,000
:5
Program Kompensasi Karyawan/
Manajemen Berbasis Saham (tahap I-III)
(lihat Catatan 40):
- 2005
- 2006
- 2007
- 2008
- 2009
- 2010
- 2011
Jumlah saham seri B pada tanggal
31 Maret 2011 (lihat Catatan 27)
Pre-emptive Rights (Rights Issue) III in 1999
215,040,000,000
* 7 BTO terdiri dari PT Bank Duta Tbk, PT Bank Rama Tbk,
PT Bank Tamara Tbk, PT Bank Nusa Nasional Tbk, PT Bank
Pos Nusantara, PT Jayabank International dan PT Bank
Risjad Salim Internasional.
* 7 BTOs consist of PT Bank Duta Tbk, PT Bank Rama Tbk,
PT Bank Tamara Tbk, PT Bank Nusa Nasional Tbk, PT Bank
Pos Nusantara, PT Jayabank International and PT Bank
Risjad Salim Internasional.
* tidak diaudit
unaudited *
197
1.
UMUM (lanjutan)
c.
1.
Anak Perusahaan
GENERAL (continued)
c.
Bank mempunyai kepemilikan langsung pada
Anak Perusahaan sebagai berikut:
Nama perusahaan/
Company’s name
Kegiatan usaha/
Business activity
Domisili/
Domicile
Subsidiaries
The Bank has a direct ownership interest in the
following Subsidiaries:
Persentase kepemilikan/
Percentage of ownership
31 Maret/ 31 Desember/
March
December
2009
2011
2010
Tahun beroperasi
komersial/
Year commercial
operations
commenced
Jumlah aset/ Total assets
31 Maret/
31 Desember/
March
December
2011
2010
2009
1990
9,176,522
7,599,615
4,329,549
90%
1997
2,141,478
2,031,614
1,597,032
99%
2003
265,008
241,214
189,384
PT Adira Dinamika Multi Perusahaan Pembiayaan/
Finance Tbk
Financing Company
Jakarta,
Indonesia
95%
95%
95%
PT Asuransi Adira
Dinamika
Perusahaan Asuransi/
Insurance Company
Jakarta,
Indonesia
90%
90%
PT Adira Quantum
Multifinance
Perusahaan Pembiayaan/
Financing Company
Jakarta,
Indonesia
99%
99%
Pada tanggal 26 Januari 2004, Bank telah
menandatangani Perjanjian Jual Beli Bersyarat
(“PJBB”) untuk mengakuisisi 75% dari jumlah
saham yang dikeluarkan PT Adira Dinamika Multi
Finance Tbk (“ADMF”) dengan harga perolehan
Rp 850.000. Akuisisi ini diselesaikan pada tanggal
7 April 2004. Sesuai dengan PJBB ini, Bank
berhak atas 75% dari laba bersih ADMF sejak
tanggal 1 Januari 2004.
On 26 January 2004, the Bank signed a
Conditional Sale and Purchase Agreement
(“CSPA”) to acquire 75% of the issued shares of
PT Adira Dinamika Multi Finance Tbk (“ADMF”)
with a purchase price of Rp 850,000. The closing
date of this acquisition was on 7 April 2004.
Based on the CSPA, the Bank is entitled to 75%
of ADMF’s net income starting from 1 January
2004.
Rincian aset bersih yang diakuisisi dan goodwill
pada tanggal akuisisi adalah sebagai berikut:
Details of net assets acquired and goodwill as at
the acquisition date were as follows:
Jumlah aset
1,572,026
Jumlah liabilitas
Total assets
(1,241,411)
Aset bersih
Total liabilities
330,615
Net assets
Penyesuaian atas nilai wajar aset bersih
karena pembayaran dividen
(125,000)
Nilai wajar aset bersih (100%)
205,615
Fair value of net assets (100%)
Harga perolehan
850,000
Purchase price
Nilai wajar aset bersih yang diakuisisi (75%)
Adjustment to fair value of net assets
due to dividend distribution
(154,211)
Goodwill (Catatan 2r)
Fair value of net assets acquired (75%)
Goodwill (Note 2r)
695,789
Berdasarkan PJBB, Bank juga memperoleh 90%
hak kepemilikan atas perusahaan terafiliasi ADMF,
PT Asuransi Adira Dinamika (“AI”) dan PT Adira
Quantum Multifinance (“AQ”).
Based on the CSPA, the Bank is also entitled to
90% ownership of the affiliated companies of
ADMF, PT Asuransi Adira Dinamika (“AI”) and
PTAdira Quantum Multifinance (“AQ”).
* tidak diaudit
unaudited *
198
1.
UMUM (lanjutan)
c.
1.
Anak Perusahaan (lanjutan)
GENERAL (continued)
c.
Subsidiaries (continued)
Pada tanggal 26 Januari 2004, Bank juga telah
menandatangani Perjanjian Call Option, yang
terakhir diubah dengan “Fourth Amendment to the
Amended and Restated Call Option Agreement”
tertanggal 22 Desember 2006. Berdasarkan
Perjanjian Call Option tersebut, Bank berhak untuk
membeli sampai dengan 20%, dari jumlah saham
yang dikeluarkan oleh ADMF pada harga tertentu
yang telah disetujui. Call option ini jatuh tempo
pada tanggal 30 April 2009. Pada tanggal 8 April
2009, Bank telah menandatangani “Extention to
the Amended and Restated Call Option
Agreement” yang memperpanjang jatuh tempo
Call Option menjadi tanggal 31 Juli 2009. Pada
tanggal penerbitan Call Option, Bank membayar
premi sebesar Rp 186.875 atas call option ini.
On 26 January 2004, the Bank also signed a Call
Option Agreement, most recently amended by the
“Fourth Amendment to the Amended and Restated
Call Option Agreement” dated 22 December 2006.
Based on the Call Option Agreement, the Bank
has a right to purchase up to 20%, of the remaining
total issued shares of ADMF at an approved predetermined strike price. This call option expired on
30 April 2009. On 8 April 2009, the Bank signed
“Extention to the Amended and Restated Call
Option Agreement” which extends the Call Option
expiry date to 31 July 2009. On the Call Option
issuance date, the Bank paid a premium of
Rp186,875 for this call option.
Pada tanggal 22 November 2005, BI memberikan
persetujuan formal atas penyertaan modal pada
ADMF dengan porsi kepemilikan saham sebesar
95%.
On 22 November 2005, BI gave a formal approval
on the 95% ownership investment in ADMF.
Pada tanggal 9 Juli 2009, Bank telah mengeksekusi
call option-nya untuk membeli 20% saham ADMF
dengan nilai akuisisi sebesar Rp 1.628.812, dimana
jumlah ini termasuk premi yang telah dibayar untuk
call option sebesar Rp 186.875. Dengan demikian,
sejak tanggal 9 Juli 2009, Bank telah memiliki 95%
saham ADMF dan berhak atas tambahan 20% dari
laba bersih ADMF sejak tanggal 1 Januari 2009.
On 9 July 2009, the Bank had executed its call
option to buy 20% of ADMF’s shares with
acquisition cost of Rp 1,628,812, in which this
amount included the amount paid for call option of
Rp 186,875. Therefore, since 9 July 2009, the
Bank had owned 95% of ADMF’s shares and
entitled for 20% addition of ADMF’s net profit
since 1 January 2009.
Rincian aset bersih yang diakuisisi dan goodwill
pada tanggal eksekusi adalah sebagai berikut:
Details of net assets acquired and goodwill as at
the exercise date were as follow:
Jumlah aset
3,592,024
Jumlah liabilitas
Total assets
(1,642,021)
Nilai wajar aset bersih (100%)
1,950,003
Harga perolehan
1,628,812
Nilai wajar aset bersih yang diakuisisi (20%)
Total liabilities
Fair value of net assets (100%)
Purchase price
(390,000)
Fair value of net assets acquired (20%)
Goodwill (Note 2r)
1,238,812
Konsolidasi atas AI dan AQ telah dilakukan sejak
April 2006 setelah diperolehnya surat persetujuan
atas penyertaan modal dari BI.
Consolidation with AI and AQ had been
performed starting April 2006 upon receiving a
written approval for the investment from BI.
* tidak diaudit
unaudited *
199
1.
UMUM (lanjutan)
c.
1.
GENERAL (continued)
c.
Pada tanggal 12 Desember 2007, penegasan
perjanjian
jual
beli
saham
AQ
sudah
ditandatangani. Penegasan dan persetujuan atas
transaksi tersebut dari Rapat Umum Pemegang
Saham Tahunan (“RUPST”) AQ telah dimuat
dalam Akta Pernyataan Keputusan Rapat No. 15
tanggal 13 Juni 2008 yang dibuat di hadapan
Catherina Situmorang, SH, Notaris di Jakarta dan
telah disetujui perubahannya oleh Menteri Hukum
dan Hak Asasi Manusia Republik Indonesia
dengan Surat Keputusan No. AHU-AH.01.1018248 tanggal 18 Juli 2008.
On 12 December 2007, the confirmation of sales
and purchase of shares agreement for AQ had
been signed. Confirmation and approval for such
transaction has been obtained from the Annual
General Meeting of Shareholders (“AGMS”) of
AQ as stipulated on Deed No. 15 dated 13 June
2008 of Catherina Situmorang, SH, Notary in
Jakarta and its amendment has been approved
by Ministry of Law and Human Rights of the
Republic of Indonesia in a Decree Letter No.
AHU-AH.01.10-18248 dated 18 July 2008.
BI dalam suratnya tertanggal 31 Desember 2008
telah
menyetujui
rencana
Bank
untuk
meningkatkan porsi kepemilikan atas AQ dari 90%
menjadi 99% dan melakukan penambahan modal
disetor AQ menjadi Rp 100.000. Lebih lanjut, pada
tanggal 23 April 2009, Bank dan ADMF telah
menandatangani perjanjian jual beli saham dengan
pemegang saham minoritas AQ dimana
pemegang saham minoritas setuju untuk menjual,
mengalihkan dan memindahkan 900 lembar dan
100 lembar saham setara dengan 9% dan 1% dari
keseluruhan saham AQ kepada Bank dan ADMF
yang telah dilaksanakan pada bulan Mei 2009.
Dengan demikian, kepemilikan Bank dan ADMF
atas AQ meningkat sebesar 10%. Penegasan dan
persetujuan atas transaksi pengalihan dari RUPS
AQ telah dimuat dalam Akta Pernyataan
Keputusan Pemegang Saham No. 12 tanggal
15 Mei 2009 dibuat oleh P. Sutrisno A.
Tampubolon, SH, Notaris di Jakarta, yang telah
diterima serta dicatat dalam Database Sistem
Administrasi Badan Hukum Direktorat Jenderal
Administrasi Hukum Umum Kementerian Hukum
dan Hak Asasi Manusia Republik Indonesia No.
AHU-AH.01.10-10739 tanggal 17 Juli 2009.
Penambahan modal disetor AQ menjadi
Rp 100.000 telah dimuat dalam Akta Penyataan
23 Juli 2009 dibuat oleh P. Sutrisno A.
Tampubolon, SH, Notaris di Jakarta, dan telah
disetujui perubahannya oleh Menteri Hukum dan
Hak Asasi Manusia Republik Indonesia dengan
Surat Keputusan No. AHU-39039.AH.01.02
tanggal 13 Agustus 2009.
BI in its letter dated 31 December 2008 had
approved the Bank’s plan to increase its
ownership in AQ from 90% to 99% and increase
AQ’s share capital to reach Rp 100,000. Further,
on 23 April 2009, the Bank and ADMF entered
into a sale and purchase of shares agreement
with minority shareholders of AQ whereas
minority shareholders agreed to sell, transfer and
assign 900 shares and 100 shares constituting of
9% and 1% of total issued shares of AQ to the
Bank and ADMF which have been executed in
May 2009. As a result, the Bank and ADMF
increased their ownership in AQ by 10%.
Confirmation and approval for such transfer
transaction has been obtained from EGMS of AQ
stipulated on Deed No.12 dated 15 May 2009 by
P. Sutrisno A. Tampubolon, SH, Notary in
Jakarta, which was received and registered in
Sistem Administrasi Badan Hukum Database of
Directorate
General
of
Common
Law
Rights of the Republic of Indonesia No. AHUAH.01.10-10739 dated 17 July 2009. The
increase in AQ’s share capital to reach
Rp 100,000 was stipulated on Deed No. 29 dated
23 July 2009 by P. Sutrisno A. Tampubolon, SH,
Notary in Jakarta, and its amendment has been
approved by the Ministry of Law and Human
Rights of the Republic of Indonesia in a Decree
Letter No. AHU-39039.AH.01.02 dated 13 August
2009.
* tidak diaudit
unaudited *
200
1.
UMUM (lanjutan)
c.
1.
GENERAL (continued)
c.
Menteri Keuangan (Bapepam-LK) dalam suratnya
tanggal 30 Juni 2009 telah menyetujui perubahan
kepemilikan saham AI dari PT Adira Dinamika
Investindo ke Bank. Pada tanggal 9 Juli 2009,
PT
Adira
Dinamika
Investindo
telah
menandatangani perjanjian pengalihan 90% saham
AI kepada Bank. Sehingga saat ini Bank telah
memiliki 90% saham AI. Penegasan dan
persetujuan atas transaksi pengalihan dari RUPSLB
AI telah dimuat dalam Akta Berita Acara Rapat
Umum Pemegang Saham Luar Biasa No. 8 tanggal
9 Juli 2009 yang dibuat oleh P. Sutrisno A.
Tampubolon, SH, Notaris di Jakarta, yang telah
diterima serta dicatat dalam Database Sistem
Administrasi Badan Hukum Direktorat Jenderal
Administrasi Hukum Umum Kementerian Hukum
dan Hak Asasi Manusia Republik Indonesia
No.AHU-AH.01.10-12574 tanggal 7 Agustus 2009.
Ministry of Finance (Bapepam-LK) in its letter
dated 30 June 2009 approved the change of
ownership of AI’s shares from PT Adira Dinamika
Investindo to the Bank. On 9 July 2009, PT Adira
Dinamika Investindo signed transfer agreement of
90% AI’s shares to the Bank. Therefore, currently
the Bank owns 90% of AI’s shares. Confirmation
and approval for such transfer transaction was
obtained from EGMS of AI as stipulated on Deed
No. 8 dated 9 July 2009 by P. Sutrisno A.
Tampubolon, SH, Notary in Jakarta, which was
received and registered in Sistem Administrasi
Badan Hukum Database of Directorate General
of Common Law Administration of the Ministry of
Law and Human Rights of the Republic of
Indonesia
No.AHU-AH.01.10-12574
dated
7 August 2009.
BI dalam suratnya tertanggal 14 Desember 2010
telah menyetujui rencana Bank untuk meningkatkan
penyertaan modal AI dan melakukan penambahan
modal disetor AI dari Rp 15.000 menjadi
Rp 100.000. Penambahan modal disetor AI menjadi
Rp 100.000 telah dimuat dalam Akta Pernyataan
21 Desember 2010 yang dibuat oleh Charlon
Situmeang, SH, pengganti dari P. Sutrisno A.
Tampubolon, SH, Notaris di Jakarta. Perubahan ini
telah diterima oleh Menteri Hukum dan Hak Asasi
Manusia dalam Surat Penerimaan Pemberitahuan
Data Perseroan No.AHU-60063.AH.01.02 tanggal
27 Desember 2010.
BI in its letter dated 14 December 2010 had
approved the Bank’s plan to increase its
ownership in AI and increase AI’s share capital
from Rp 15,000 to Rp 100,000. The increase in
AI’s share capital to reach Rp 100,000 was
stipulated on Deed No. 26 dated 21 December
2010 by Charlon Situmeang SH, replacement of
P. Sutrisno A. Tampubolon, SH, Notary in
Jakarta. This change was accepted by the
Minister of Law and Human Rights in its Letter of
Acceptance of the Announcement of changes in
the Company’s Data No.AHU-60063.AH.01.02
dated 27 December 2010.
Konsolidasi AI dan AQ pada bulan April 2006
menyebabkan perubahan nilai penyertaan modal
pada ADMF dan perubahan nilai buku goodwill
seperti berikut ini:
Consolidation of AI and AQ in April 2006 caused
a change in the investment amount in ADMF and
change in
net book value of goodwill as
calculated below:
Perhitungan
awal/Initial
calculation
ADMF saja/only
Harga perolehan
Nilai wajar aset bersih yang
diakuisisi
Sesudah konsolidasi dengan AI dan AQ/
After consolidating AI and AQ
ADMF
AI
AQ
Total
850,000
822,083
19,020
8,897
850,000
(154,211)
(154,211)
(19,020)
(8,897)
(182,128)
Purchase price
Fair value of net
assets acquired
695,789
667,872
667,872
Goodwill (Note 2r)
-
* tidak diaudit
-
unaudited *
201
1.
UMUM (lanjutan)
c.
1.
GENERAL (continued)
c.
Bank merupakan bagian dari Asia Financial
(Indonesia) Pte.Ltd., dimana pemegang saham
akhir adalah Temasek Holding Pte.Ltd., sebuah
perusahaan investasi yang berkedudukan di
Singapura dan sepenuhnya dimiliki oleh
Pemerintah Singapura.
d.
Dewan Komisaris dan Direksi
The Bank is part of Asia Financial (Indonesia)
Pte.Ltd., which the ultimate shareholder is
Temasek Holding Pte.Ltd., an investment holding
company based in Singapore which is wholly
owned by the Government of Singapore.
d.
Pada tanggal 31 Maret 2011 dan 2010,
31 Desember 2010 dan 2009, susunan Dewan
Komisaris dan Direksi Bank adalah sebagai
berikut:
Board of Commissioners and Directors
As at 31 March 2011 and 2010, 31 December
2010 and 2009, the composition of the Bank’s
Board of Commissioners and Board of Directors
was as follows:
31 Maret/March 2011
Komisaris Utama
Wakil Komisaris Utama
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Direktur Utama
Direktur Operasional dan
Sumber Daya Manusia
Direktur Perbankan Korporasi
dan Usaha Kecil, Menengah
dan Komersial
Direktur Perbankan Syariah dan
Gadai Emas
Direktur Keuangan
Direktur Bidang Risiko
Direktur Teknologi dan Informasi
Bpk./Mr. Ng Kee Choe
Bpk./Mr. Johanes Berchmans Kristiadi
1)
Pudjosukanto
Bpk./Mr. Milan Robert Shuster 1)
Bpk./Mr. Harry Arief Soepardi Sukadis1)
Bpk./Mr. Gan Chee Yen
1)
Bpk./Mr. Manggi Taruna Habir
Bpk./Mr. Ernest Wong Yuen Weng
Bpk./Mr. Benedictus Raksaka Mahi 3)
Bpk./Mr. Henry Ho Hon Cheong
Bpk./Mr. Muliadi Rahardja
Bpk./Mr. Ali Rukmijah/Ali Yong
Bpk./Mr. Herry Hykmanto
Ibu/Ms. Vera Eve Lim
Bpk./Mr. Satinder Pal Singh Ahluwalia
Bpk./Mr. Kanchan Keshav Nijasure
Direktur Kepatuhan,
Hukum dan Litigasi
Direktur Tresuri dan Capital
Market, Financial Institution
dan Transaksi Perbankan
Direktur Perbankan Retail dan
Konsumer
Direktur Usaha Perbankan
Mikro
Ibu/Ms. Fransiska Oei Lan Siem
Bpk./Mr. Pradip Chhadva
Ibu/Ms. Michellina Laksmi Triwardhany
Bpk./Mr. Khoe Minhari Handikusuma
* tidak diaudit
4)
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
President Director
Operational and Human
Resources Director
Corporate Banking and
Small Medium Enterprise
and Commercial Director
Sharia Banking and Gadai Emas
Director
Finance Director
Integrated Risk Director
Information and Technology
Director
Litigation, Legal and Compliance
Director
Treasury and Capital Market,
Financial Institution and Banking
Transaction Director
Retail and Consumer Banking
Director
Micro Business Banking Director
unaudited *
202
1.
UMUM (lanjutan)
d.
1.
Dewan Komisaris dan Direksi (lanjutan)
Komisaris Utama
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Direktur Utama
Wakil Direktur Utama
Direktur Operasional
Direktur Bisnis Mikro
Direktur Keuangan
Direktur Syariah dan Transaksi
Perbankan
Direktur Kepatuhan
Komisaris Utama
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Direktur Utama
Direktur Keuangan
Perbankan
Direktur Kepatuhan
Direktur Tresuri dan Capital
Market
Direktur Perbankan Retail dan
Konsumer
GENERAL (continued)
d.
Board of
(continued)
31 Maret/March 2010
1)
Pudjosukanto
1)
Bpk./Mr. Milan Robert Shuster
Bpk./Mr. Harry Arief Soepardi Sukadis 1)
6)
Bpk./Mr. Liew Cheng San Victor
1)
2)
Bpk./Mr. Krisna Wijaya
Bpk./Mr. Juan Eugenio Sebastian
6)
Paredes Muirragui
5)
Bpk./Mr. Joseph Fellipus Peter Luhukay
6)
Bpk./Mr. Sanjiv Malhotra
31 Desember/December 2010
1)
Pudjosukanto
1)
1)
Bpk./Mr. Harry Arief Soepardi Sukadis
Bpk./Mr. Manggi Taruna Habir 1)
Bpk./Mr. Henry Ho Hon Cheong
Bpk./Mr. Joseph Fellipus Peter Luhukay 5)
Bpk./Mr. Satinder Pal Singh Ahluwalia
Bpk./Mr. Pradip Chhadva
Ibu/Ms. Michellina Laksmi Triwardhany
* tidak diaudit
Commissioners
and
Directors
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
President Director
Vice President Director
Operation Director
Micro Business Director
Finance Director
Sharia and Transaction Banking
Director
Information and Technology Director
Compliance Director
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
President Director
Operational Director
Finance Director
Sharia and Banking Transaction
Director
Director
Compliance Director
Treasury and Capital Market
Director
Retail and Consumer Banking
Director
unaudited *
203
1.
UMUM (lanjutan)
d.
1.
Komisaris Utama
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Komisaris
Direktur Utama
Direktur Keuangan
Perbankan
Direktur Kepatuhan
1)
GENERAL (continued)
d.
Board of
(continued)
1)
Pudjosukanto
1)
Bpk./Mr. Harry Arief Soepardi Sukadis 1)
6)
1)
2)
Bpk./Mr. Juan Eugenio Sebastian Paredes
6)
Muirragui
Bpk./Mr. Joseph Fellipus Peter Luhukay 5)
6)
Bpk./Mr. Sanjiv Malhotra
Commissioners
and
Directors
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
Commissioner
President Director
Operation Director
Finance Director
Sharia and Transaction Banking
Director
Director
Compliance Director
Komisaris Independen.
1)
Independent Commissioner.
2)
Krisna Wijaya telah mengajukan pengunduran diri selaku
Komisaris Bank pada tanggal 5 Juli 2010, dengan
demikian, sesuai Peraturan Bapepam-LK No.IX.J.1 dan
Anggaran Dasar Bank, pengunduran diri yang
bersangkutan berlaku efektif sejak tanggal 4 September
2010.
2)
Krisna Wijaya proposed his resignation as the Bank’s
Commissioner on 5 July 2010; therefore, pursuant with
Bapepam-LK Regulation No.IX.J.1 and the Bank’s
Articles of Association, his resignation was effective as
of 4 September 2010.
3)
Benedictus Raksaka Mahi diangkat melalui Rapat Umum
Pemegang Saham (RUPS) Tahunan tanggal 30 Maret
2011 dan akan efektif sejak memperoleh persetujuan
Bank Indonesia.
3)
Benedictus Raksaka Mahi was appointed by the Annual
General Meeting of Shareholders (Annual GMS) dated
30 March 2011 and will become effective upon
obtaining Bank Indonesia’s approval.
4)
Khoe Minhari Handikusuma diangkat melalui RUPS
Tahunan tanggal 30 Maret 2011 dan akan efektif sejak
memperoleh persetujuan Bank Indonesia.
4)
Khoe Minhari Handikusuma was appointed by the
Annual GMS dated 30 March 2011 and will become
effective upon obtaining Bank Indonesia’s approval.
5)
RUPS Tahunan tanggal 30 Maret 2011 memutuskan
untuk menerima baik surat dari Joseph Fellipus Peter
Luhukay yang menyatakan permintaan untuk tidak
mengangkat kembali dirinya sebagai Wakil Direktur
Utama.
5)
Annual GMS dated 30 March 2011 decided to accept a
letter from Joseph Fellipus Peter Luhukay which
requested not to reappoint him as Vice President
Director.
6)
RUPS Tahunan tanggal 29 April 2010 memutuskan
untuk menerima baik pengunduran diri Juan Eugenio
Sebastian Paredes Muirragui selaku Direktur Utama,
pengunduran diri Sanjiv Malhotra selaku Direktur dan
pengunduran diri Liew Cheng San Victor selaku
Komisaris.
6)
Annual GMS dated 29 April 2010 decided to approve
the resignation of Juan Eugenio Sebastian Paredes
Muirragui as President Director, resignation of Sanjiv
Malhotra as Director and resignation of Liew Cheng San
Victor as Commissioner.
* tidak diaudit
unaudited *
204
1.
UMUM (lanjutan)
d.
1.
GENERAL (continued)
d.
Pada tanggal 31 Maret 2011, Bank dan Anak
Perusahaan mempunyai 37.266 karyawan tetap
dan 26.866 karyawan tidak tetap, termasuk 8.338
karyawan outsource (31 Maret 2010: 32.547
karyawan tetap dan 20.431 karyawan tidak tetap,
termasuk
8.191
karyawan
outsource;
31 Desember 2010: 36.431 karyawan tetap dan
25.159 karyawan tidak tetap, termasuk 8.188
karyawan outsource; 31 Desember 2009: 32.870
karyawan tetap dan 17.987 karyawan tidak tetap,
termasuk 9.242 karyawan outsource).
e.
Dewan Pengawas Syariah dan Komite-komite
Dewan Komisaris
Board of
(continued)
Commissioners
and
Directors
As at 31 March 2011, the Bank and Subsidiaries
had 37,266 permanent employees and 26,866
non-permanent employees, including 8,338
outsource employees (31 March 2010: 32,547
permanent employees and 20,431 nonpermanent employees, including 8,191 outsource
employees; 31 December 2010: 36,431
employees; 31 December 2009: 32,870
employees).
e.
Sharia Supervisory Board and Board of
Commissioners’ Committees
Dewan Pengawas Syariah dibentuk pertama kali
pada tanggal 1 Pebruari 2002, dengan masa
jabatan mengikuti masa jabatan Dewan Komisaris
yang berjalan pada saat itu. Melalui RUPS
Tahunan tanggal 30 Maret 2011, Pemegang
saham Bank telah menyetujui perpanjangan masa
jabatan anggota Dewan Pengawas Syariah yang
akan berakhir pada saat pelaksanaan RUPS
Tahunan pada tahun 2014.
The Sharia Supervisory Board was initially formed
on 1 February 2002 with the same term office as
the incumbent Board of Commissioners. Through
the Annual GMS dated 30 March 2011, the
Bank’s Shareholders agreed to extend the official
term member of Sharia Supervisory Board which
will expire at the Annual GMS in the year of 2014.
Dengan demikian, susunan Dewan Pengawas
Syariah pada tanggal 31 Maret 2011 dan
31 Desember 2010 adalah sebagai berikut:
Therefore, the Composition of Sharia Supervisory
Board as at 31 March 2011 and 31 December
2010 was as follows:
Ketua
Anggota
Anggota
1)
Bpk./Mr. Prof. DR. M. Din Syamsuddin, MA.
Bpk./Mr. Drs Hasanuddin, M.Ag
Bpk./Mr. Drs.H.Karnaen A. Perwataatmadja,
MPA.FIIS. 1)
Drs. H. Karnaen A. Perwataatmadja, MPA. FIIS menggantikan
kedudukan Ir.H.Adiwarman A Karim, SE MBA, melalui RUPS
Tahunan tanggal 29 April 2010, berdasarkan rekomendasi dari
Dewan Syariah Nasional MUI No.U-107DSN-MUI/IV/2010 tanggal 1
April 2010 dan telah memperoleh persetujuan Bank Indonesia
melalui surat No.12/631/DPbS tanggal 4 Mei 2010.
Susunan Dewan Pengawas Syariah pada tanggal
31 Maret 2010 dan 31 Desember 2009 adalah
sebagai berikut:
Ketua
Anggota
Anggota
1)
Chairman
Member
Member
Drs. H. Karnaen A. Perwataatmadja, MPA. FIIS replacing
Ir.H.Adiwarman A Karim, SE MBA, as resolved by the Annual
GMS dated 29 April 2010, in accordance with recommendation of
Dewan Syariah Nasional MUI No.U-107DSN-MUI/IV/2010 dated
1 April 2010 and has been approved by Bank Indonesia by letter
No.12/631/DPbS dated 4 May 2010.
The composition of Sharia Supervisory Board as
at 31 March 2010 and 31 December 2009 was as
follows:
Bpk./Mr. Prof. DR. M. Din Syamsuddin, MA.
Bpk./Mr. Drs Hasanuddin, M.Ag
Bpk./Mr. Ir.H.Adiwarman A Karim, SE MBA
* tidak diaudit
Chairman
Member
Member
unaudited *
205
1.
UMUM (lanjutan)
e.
1.
Dewan Komisaris (lanjutan)
GENERAL (continued)
e.
Commissioners’ Committees (continued)
Komite Audit dibentuk berdasarkan Peraturan
Bapepam-LK No. IX.1.5 dan Peraturan BI No.
8/4/PBI/2006 tanggal 30 Januari 2006 dan No.
8/14/PBI/2006 tanggal 5 Oktober 2006 tentang
pelaksanaan Good Corporate Governance bagi
Bank Umum.
Audit Committee was appointed based on
Bapepam-LK Regulation No. IX.1.5 and BI
Regulation No. 8/4/PBI/2006 dated 30 January
2006 and No. 8/14/PBI/2006 dated 5 October
2006 regarding Good Corporate Governance for
Commercial Bank.
Untuk memenuhi ketentuan Bapepam-LK dan BI,
Dewan Komisaris telah membentuk Komite Audit.
In order to comply with Bapepam-LK and BI
regulations, Board of Commissioners has formed
Audit Committee.
Sehubungan dengan masa jabatan para anggota
Dewan Komisaris dan para anggota Komite Audit
telah berakhir pada saat pelaksanaan RUPS
Tahunan pada tahun 2011 dan karena 2 anggota
Komite Audit telah menjabat selama 2 kali masa
jabatan secara berturut-turut, maka dengan
merujuk Sirkuler Resolusi Dewan Komisaris
sebagai Pengganti Keputusan yang Diambil dalam
Rapat Dewan Komisaris PT Bank Danamon
Indonesia Tbk No.KSR-Kom.Corp.Sec-018 tanggal
30 Maret 2011, susunan anggota Komite Audit
pada tanggal 31 Maret 2011 adalah sebagai
berikut:
Term offices of incumbent members of the Board
of Commissioners and members of the Audit
Committee have expired at the 2011 Annual GMS
and because 2 members of the Audit Committee
have consecutively served for two terms;
therefore, referring to the Circular Resolutions of
the Board of Commissioners in lieu of the
Resolutions adopted at a Meeting of the Board of
Commissioners of PT Bank Danamon Indonesia
Tbk No.KSR-Kom.Corp.Sec-018 dated 30 March
2011, the composition of the Audit Committee as
at 31 March 2011 was as follows:
Ketua
Anggota
Anggota
Anggota
Anggota (Pihak Independen)
31 Maret/March 2011
Bpk./Mr. JB Kristiadi
Bpk./Mr. Amir Abadi Jusuf
Bpk./Mr. Felix Oentoeng Soebagjo
Susunan anggota Komite Audit pada tanggal
Ketua
Anggota
Anggota
Anggota
Chairman
Member
Member
Member
Member (Independent Party)
The composition of Audit Committee as at
31 December 2010 was as follows:
* tidak diaudit
Chairman
Member
Member
Member
unaudited *
206
1.
UMUM (lanjutan)
e.
1.
Susunan anggota Komite Audit pada tanggal
31 Maret 2010 dan 31 Desember 2009 adalah
sebagai berikut:
Ketua
Anggota
Anggota
Anggota
GENERAL (continued)
e.
The composition of Audit Committee as at
31 March 2010 and 31 December 2009 was as
follows:
31 Maret/March 2010
Chairman
Member
Member
Member
Komite Pemantau Risiko dibentuk berdasarkan
Peraturan BI No. 5/8/PBI/2003 tanggal 19 Mei
2003, No. 8/4/PBI/2006 tanggal 30 Januari 2006,
No. 8/14/PBI/2006 tanggal 5 Oktober 2006 dan
Surat Edaran Bank Indonesia No. 5/21/DPNP
tanggal 29 September 2003.
Risk Monitoring Committee was appointed based
on BI Regulation No. 5/8/PBI/2003 dated 19 May
2003, No. 8/4/PBI/2006 dated 30 January 2006,
No. 8/14/PBI/2006 dated 5 October 2006 and
Bank Indonesia Circular Letter No. 5/21/DPNP
dated 29 September 2003.
Sesuai dengan Surat Keputusan Direksi PT Bank
Danamon Indonesia Tbk No.KEP.DIR.CORP.
SEC.-006 tanggal 30 Maret 2011, susunan Komite
Pemantau Risiko pada tanggal 31 Maret 2011
adalah sebagai berikut:
Based on Director Decision Letter of PT Bank
Danamon Indonesia Tbk No. KEP.DIR.CORP.
SEC.-006 dated 30 Maret 2011, the composition
of the Risk Monitoring Committee as at 31 March
2011 was as follows:
Ketua
Anggota
Anggota
Anggota
Anggota
31 Maret/March 2011
SEC.-009 tanggal 28 April 2010 yang berlaku
efektif sejak tanggal 14 September 2010,
susunan Komite Pemantau Risiko pada tanggal
Ketua
Anggota
Anggota
Anggota
Anggota
Chairman
Member
Member
Member
Member
Member (Independent party)
SEC.-009 dated 28 April 2010 which became
effective starting on 14 September 2010, the
composition of Risk Monitoring Committee as at
* tidak diaudit
Chairman
Member
Member
Member
Member
unaudited *
207
1.
UMUM (lanjutan)
e.
1.
SEC.-017 tanggal 10 September 2008, susunan
Komite Pemantau Risiko pada tanggal 31 Maret
2010 dan 31 Desember 2009 adalah sebagai
berikut:
Ketua
Anggota
Anggota
Anggota
Anggota
Anggota
GENERAL (continued)
e.
SEC.-017 dated 10 September 2008, the
composition of Risk Monitoring Committee as at
31 March 2010 and 31 December 2009 was as
follows:
31 Maret/March 2010
Chairman
Member
Member
Member
Member
Member
Komite Nominasi dan Remunerasi dibentuk
berdasarkan Peraturan BI No. 8/4/PBI/2006
tanggal 30 Januari 2006 dan No. 8/14/PBI/2006
tanggal 5 Oktober 2006.
Nomination and Remuneration Committee was
appointed based on BI Regulation No.
8/4/PBI/2006 dated 30 January 2006 and No.
8/14/PBI/2006 dated 5 October 2006.
Berdasarkan Surat Keputusan Direksi PT Bank
Nominasi dan Remunerasi pada tanggal 31 Maret
2011 adalah sebagai berikut:
SEC.-006 dated 30 March 2011, the composition
of the Nomination and Remuneration Committee
as at 31 March 2011 was as follows:
Ketua
Anggota
Anggota
Anggota
Anggota
Anggota (eksekutif)
31 Maret/March 2011
Pudjosukanto
Ibu/Ms. Maria Theodora
* tidak diaudit
Chairman
Member
Member
Member
Member
Member (executive)
unaudited *
208
1.
UMUM (lanjutan)
e.
1.
efektif sejak tanggal 14 September 2010, susunan
Komite Nominasi dan Remunerasi pada tanggal
Ketua
Anggota
Anggota
Anggota
Anggota
Anggota (eksekutif)
Anggota
Anggota
Anggota
Anggota (eksekutif)
Anggota
composition of Nomination and Remuneration
Committee as at 31 December 2010 was as
follows:
Member
Member
Member
Member
Member (executive)
Chairman
Member
Member
Member
Member (executive)
SEC.-006 dated 30 March 2011, composition of
the Corporate Governance Committee as at
31 March 2011 was as follows:
31 Maret/March 2011
Pudjosukanto
Bpk./Mr. Benedictus Raksaka Mahi
efektif sejak tanggal 14 September 2010, susunan
Komite Corporate Governance pada tanggal
Chairman
SEC.-005 dated 16 January 2007, the
composition of Nomination and Remuneration
Committee as at 31 March 2010 and
31 Maret/March 2010
Pudjosukanto
Corporate Governance pada tanggal 31 Maret
Ketua
Anggota
e.
Pudjosukanto
SEC.-005 tanggal 16 Januari 2007, susunan
Komite Nominasi dan Remunerasi pada tanggal 31
Maret 2010 dan 31 Desember 2009 adalah
sebagai berikut:
Ketua
GENERAL (continued)
Chairman
Member
Member
composition of Corporate Governance Committee
as at 31 December 2010 was as follows:
* tidak diaudit
unaudited *
209
1.
UMUM (lanjutan)
e.
1.
Ketua
Anggota
GENERAL (continued)
e.
Pudjosukanto
Danamon
Indonesia
Tbk
No.KEP.DIR
CORP.SEC.-006 tanggal 16 Januari 2007,
susunan Komite Corporate Governance pada
tanggal 31 Maret 2010 dan 31 Desember 2009
Ketua
Anggota
Anggota
Chairman
Member
Danamon
Indonesia
Tbk
No.KEP.DIR
CORP.SEC.-006 dated 16 January 2007, the
composition of Corporate Governance Committee
as at 31 March 2010 and 31 December 2009 was
as follows:
31 Maret/March 2010
Pudjosukanto
f. (Laporan keuangan konsolidasian Bank dan Anak
Perusahaan diotorisasi untuk terbit oleh Direksi
pada tanggal 29 April 2011, yang diterbitkan
kembali pada tanggal 28 Juni 2011, dengan
penambahan penyajian komparatif laporan posisi
keuangan konsolidasian tanggal 31 Desember
2009 dan 1 Januari 2009/31 Desember 2008 serta
laporan laba rugi konsolidasian, laporan laba rugi
komprehensif konsolidasian, laporan perubahan
ekuitas konsolidasian, dan laporan arus kas
konsolidasian untuk tahun yang berakhir pada
tanggal 31 Desember 2010 dan 2009.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING
f.
2.
Chairman
Member
Member
The consolidated financial statements of the Bank
and Subsidiaries were authorized for issue by the
Board of Directors on 29 April 2011, which was
reissued on 28 June 2011, with additional
comparative consolidated statements of financial
position as of 31 December 2009 and
1 January 2009/31 December 2008, and
consolidated statements of income, consolidated
statements
of
comprehensive
income,
consolidated statements of changes in equity,
and consolidated statements of cash flows for the
years ended 31 December 2010 and 2009.
SUMMARY
POLICIES
OF
SIGNIFICANT
ACCOUNTING
Kebijakan
akuntansi
yang
diterapkan
dalam
penyusunan laporan keuangan interim konsolidasian
adalah selaras dengan kebijakan akuntansi yang
diterapkan dalam penyusunan laporan keuangan
konsolidasian Bank dan Anak Perusahaan untuk tahun
yang berakhir pada tanggal 31 Desember 2010, kecuali
bagi penerapan beberapa SAK yang telah direvisi
efektif sejak tanggal 1 Januari 2011 seperti yang telah
diungkapkan pada Catatan 2ak.
The accounting policies adopted in the preparation of
the interim consolidated financial statements are
consistent with those made in the preparation of the
consolidated financial statements of the Bank and
Subsidiaries for the year ended December 31, 2010,
except for the adoption of several amended SAKs
effective 1 January 2011 as disclosed in Note 2ak.
Kebijakan akuntansi yang penting, yang diterapkan
dalam penyusunan laporan keuangan konsolidasian
Bank dan Anak Perusahaan untuk periode tiga bulan
yang berakhir tanggal 31 Maret 2011 dan 2010 dan
tahun yang berakhir tanggal 31 Desember 2010 dan
The significant accounting policies, applied in the
preparation of the consolidated financial statements of
the Bank and Subsidiaries for the three-month periods
ended 31 March 2011 and 2010 and years ended
31 December 2010 and 2009 were as follows:
* tidak diaudit
unaudited *
210
2.
IKHTISAR KEBIJAKAN AKUNTANSI
(lanjutan)
a.
PENTING
Pernyataan Kepatuhan
2.
SUMMARY OF SIGNIFICANT
POLICIES (continued)
a.
Laporan keuangan konsolidasian untuk periode
tiga bulan yang berakhir pada tanggal 31 Maret
2011 dan 2010 dan tahun yang berakhir pada
tanggal 31 Desember 2010 dan 2009 disusun
sesuai dengan Standar Akuntansi Keuangan di
Indonesia, yang mencakup Peraturan Badan
Pengawas Pasar Modal (Bapepam) No. VIII.G.7
tentang Pedoman Penyajian Laporan Keuangan
yang terdapat dalam Lampiran Keputusan Ketua
Bapepam No. KEP-06/PM/2000 tanggal 13 Maret
2000 dan perubahannya, Keputusan Ketua
Bapepam - LK No. KEP-554/BL/2010 tanggal 30
Desember 2010.
b.
Dasar
penyusunan
konsolidasian
laporan
keuangan
ACCOUNTING
Statement of Compliance
The consolidated financial statements for the
three-month periods ended 31 March 2011 and
2010 and years ended 31 December 2010 and
2009 were prepared in accordance with
Indonesian Financial Accounting Standards which
include the Capital Market Supervisory Board
(Bapepam) Regulation No. VIII.G.7 regarding
Financial Statements Presentation Guidelines as
included in the Appendix of the Decision Decree
of the Chairman of Bapepam No. KEP06/PM/2000 dated 13 March 2000 and its
amendment, the Decision Decree of the
Chairman of Bapepam - LK
No. KEP554/BL/2010 dated 30 December 2010.
b.
Basis for preparation of the consolidated
financial statements
Laporan
keuangan
konsolidasian
disusun
berdasarkan konsep nilai historis dan atas dasar
akrual, kecuali untuk hal-hal dibawah ini:
The consolidated financial statements were
prepared on the accrual basis and under the
historical cost concept, except for the following
matters:
x Instrumen keuangan derivatif diukur pada
nilai wajar.
x Instrumen keuangan pada nilai wajar melalui
laporan laba rugi diukur pada nilai wajar.
x Aset keuangan tersedia untuk dijual diukur
pada nilai wajar.
x Liabilitas atas kewajiban imbalan pasti diakui
sebesar nilai kini kewajiban imbalan pasti
dikurangi dengan aset bersih dana pensiun
ditambah keuntungan aktuaria yang belum
diakui dikurangi beban jasa lalu yang belum
diakui dan kerugian aktuaria yang belum
diakui.
x
Derivative
financial
instruments
are
measured at fair value.
x Financial instruments at fair value through
profit or loss are measured at fair value.
x Available for sale financial assets are
measured at fair value.
x The liability for defined benefit obligations is
recognized as the present value of the
defined benefit obligation less the net total
of the plan assets, plus unrecognized
actuarial gains, less unrecognized past
service cost and unrecognized actuarial
losses.
* tidak diaudit
unaudited *
211
2.
(lanjutan)
PENTING
b.
keuangan
Dasar
penyusunan
konsolidasian (lanjutan)
laporan
2.
b.
ACCOUNTING
financial statements (continued)
Laporan arus kas konsolidasian disusun dengan
menggunakan
metode
langsung
dengan
mengelompokkan arus kas ke dalam kegiatan
operasi, investasi dan pendanaan. Untuk tujuan
laporan arus kas konsolidasian, kas dan setara kas
mencakup kas, giro pada Bank Indonesia, giro
pada bank lain, penempatan pada bank lain dan
Bank Indonesia dan Sertifikat Bank Indonesia yang
jatuh tempo dalam waktu tiga bulan sejak tanggal
perolehan, sepanjang tidak digunakan sebagai
jaminan atas pinjaman yang diterima serta tidak
dibatasi penggunaannya.
The consolidated statements of cash flows are
prepared based on direct method by classifying
cash flows on the basis of operating, investing
and financing activities. For the purpose of
consolidated statements of cash flows, cash and
cash equivalents include cash, current accounts
with Bank Indonesia, current accounts with other
banks, placements with other banks and Bank
Indonesia and Certificates of Bank Indonesia that
mature within three months from the date of
acquisition, as long as they are not being pledged
as collateral for borrowings nor restricted.
Dalam
penyusunan
laporan
keuangan
konsolidasian sesuai dengan Standar Akuntansi
Keuangan di Indonesia, dibutuhkan pertimbangan,
estimasi dan asumsi yang mempengaruhi:
The preparation of consolidated financial
statements in conformity with Indonesian
Financial Accounting Standards requires the use
of estimates and assumptions that affect:
x penerapan kebijakan akuntansi;
x jumlah aset dan liabilitas yang dilaporkan, dan
pengungkapan atas aset dan liabilitas
kontinjensi pada tanggal laporan keuangan
konsolidasian;
x jumlah pendapatan dan beban yang dilaporkan
selama periode pelaporan.
x
x
x
the application of accounting policies;
the reported amounts of assets and liabilities
and disclosure of contingent assets and
liabilities at the date of the consolidated
financial statements;
the reported amounts of income and
expenses during the reporting period.
Walaupun estimasi ini dibuat berdasarkan
pengetahuan terbaik manajemen atas kejadian
dan tindakan saat ini, hasil aktual mungkin berbeda
dengan jumlah yang diestimasi semula.
Although these estimates are based on
management’s best knowledge of current events
and activities, actual results may differ from those
estimates.
Estimasi dan asumsi yang digunakan ditelaah
secara berkesinambungan. Revisi atas taksiran
akuntansi diakui pada periode dimana taksiran
tersebut direvisi dan periode yang akan datang
yang dipengaruhi oleh revisi taksiran tersebut.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period
which the estimate is revised and in any future
period affected.
Secara khusus, informasi mengenai hal-hal
penting yang terkait dengan ketidakpastian
taksiran dan pertimbangan penting dalam
penerapan kebijakan akuntansi yang memiliki
dampak yang signifikan terhadap jumlah yang
diakui dalam laporan keuangan konsolidasian
dijelaskan dalam Catatan 3.
In particular, information about significant areas of
estimation uncertainty and critical judgements in
applying accounting policies that have significant
effect on the amount recognized in the
consolidated financial statements are described in
Note 3.
* tidak diaudit
unaudited *
212
2.
(lanjutan)
PENTING
b.
keuangan
Dasar
penyusunan
konsolidasian (lanjutan)
laporan
2.
b.
Seluruh angka dalam laporan keuangan
konsolidasian ini dibulatkan menjadi jutaan Rupiah
yang terdekat, kecuali dinyatakan secara khusus.
c.
Akuntansi atas transaksi antara Bank dan Anak
Perusahaan
ACCOUNTING
financial statements (continued)
Figures in these consolidated financial statements
are rounded to and stated in millions of Rupiah,
unless otherwise stated.
c.
Accounting for transactions between Bank
and Subsidiaries
Bank telah mengubah kebijakan akuntansi atas
akuntansi untuk kombinasi bisnis. Lihat Catatan
2ak.iv untuk penjelasan lebih lanjut.
The Bank has changed its accounting policy with
respect to accounting for business combination.
See Note 2ak.iv for further details.
Anak Perusahaan, yang merupakan suatu entitas
dimana Bank memiliki kepemilikan sebesar lebih
dari setengah hak suara atau mampu menentukan
kebijakan
keuangan
dan
operasional,
dikonsolidasikan.
Subsidiaries, as entities which the Bank has an
interest of more than half of the voting rights or
otherwise has the power to govern the financial
and operating policies, are consolidated.
Anak Perusahaan dikonsolidasikan sejak tanggal
kendali atas anak perusahaan tersebut beralih
kepada Bank dan tidak lagi dikonsolidasikan sejak
tanggal kendali tidak lagi dimiliki oleh Bank.
Laporan keuangan Anak Perusahaan telah
disusun
dengan
menggunakan
kebijakan
akuntansi yang sama dengan kebijakan akuntansi
yang diterapkan oleh Bank untuk transaksi yang
serupa dan kejadian lain dalam keadaan yang
serupa.
Subsidiaries are consolidated from the date on
which control is transferred to the Bank and are
no longer consolidated from the date that control
ceases. The financial statements of Subsidiaries
have been prepared using uniform accounting
policies for like transactions and other events in
similar circumstances.
Akuisisi Anak Perusahaan dicatat dengan
menggunakan metode akuntansi pembelian. Biaya
akuisisi diukur sebesar nilai wajar aset yang
diserahkan, saham yang diterbitkan atau liabilitas
yang diambil alih pada tanggal akuisisi, ditambah
biaya yang terkait secara langsung dengan akuisisi
(sebelum 1 Januari 2011). Kelebihan biaya akuisisi
atas nilai wajar aset bersih Anak Perusahaan
dicatat sebagai goodwill (lihat Catatan 2r untuk
kebijakan akuntansi atas goodwill).
Acquisitions of subsidiaries are accounted for
using the purchase method of accounting. The
cost of an acquisition is measured at the fair value
of the assets given up, shares issued or liabilities
assumed at the date of acquisition plus costs
directly attributable to the acquisition (prior to
1 January 2011). The excess of the acquisition
cost over the fair value of net assets of the
Subsidiaries acquired is recorded as goodwill (see
Note 2r for the accounting policy of goodwill).
* tidak diaudit
unaudited *
213
2.
(lanjutan)
c.
d.
PENTING
Akuntansi atas transaksi antara Bank dan Anak
Perusahaan (lanjutan)
2.
c.
ACCOUNTING
Accounting for transactions between Bank
and Subsidiaries (continued)
Transaksi signifikan antar Bank dan Anak
Perusahaan, saldo dan keuntungan signifikan yang
belum direalisasi dari transaksi tersebut,
dieliminasi. Kerugian yang belum direalisasi juga
dieliminasi, kecuali apabila harga perolehan tidak
dapat diperoleh kembali.
Significant intercompany transactions, balances
and unrealised gains on transactions between
Bank and Subsidiaries are eliminated. Unrealised
losses are also eliminated unless cost cannot be
recovered.
Kepentingan nonpengendali disajikan di ekuitas
dalam laporan posisi keuangan konsolidasian,
terpisah dari ekuitas induk perusahaan. Laba atau
rugi
dari
setiap
komponen
pendapatan
komprehensif lain dialokasikan kepada induk
perusahaan dan kepentingan non pengendali.
Non-controling interests are presented within the
equity in the consolidated statement of financial
position, separately from the equity of the parent
company. Profit or loss and each component of
other comprehensive income is allocated to the
parent company and non-controling interests.
Penjabaran mata uang asing
d.
1. Mata uang pelaporan
Foreign currency translation
1. Reporting currency
Laporan keuangan konsolidasian dinyatakan
dalam Rupiah, yang merupakan mata uang
pelaporan Bank dan Anak Perusahaan.
2. Transaksi dan saldo
The consolidated financial statements are
presented in Rupiah, which is the reporting
currency of the Bank and Subsidiaries.
2. Transactions and balances
Transaksi dalam mata uang asing dijabarkan
ke Rupiah dengan menggunakan kurs yang
berlaku pada tanggal transaksi. Pada tanggal
pelaporan, aset dan liabilitas moneter dalam
mata uang asing dijabarkan ke dalam Rupiah
dengan kurs yang berlaku pada tanggal
tersebut.
Transactions
denominated
in
foreign
currencies are translated into Rupiah at the
exchange rates prevailing at the transaction
date. At the reporting date, monetary assets
and liabilities denominated in foreign
currencies are translated into Rupiah using the
exchange rates prevailing at that date.
Keuntungan dan kerugian selisih kurs yang
timbul dari transaksi dalam mata uang asing
dan dari penjabaran aset dan liabilitas moneter
dalam mata uang asing, diakui pada laporan
laba rugi konsolidasian periode/tahun berjalan.
Exchange gains and losses arising from
transactions in foreign currencies and from the
translation of foreign currency monetary assets
and liabilities are recognised in the
consolidated statements of income for the
period/year.
Sejak 1 Januari 2010, laba atau rugi kurs mata
uang asing atas aset dan liabilitas moneter
merupakan selisih antara biaya perolehan
diamortisasi dalam Rupiah pada awal
periode/tahun, disesuaikan dengan suku bunga
efektif dan pembayaran selama periode/tahun
berjalan, dan biaya perolehan diamortisasi
dalam mata uang asing yang dijabarkan ke
dalam Rupiah dengan menggunakan kurs pada
akhir periode/tahun.
Starting 1 January 2010, the foreign currency
gain or loss on monetary assets and liabilities
is the difference between amortized cost in
Rupiah at the beginning of the period/year,
adjusted for effective interest and payments
during the period/year, and the amortized cost
in foreign currency translated into Rupiah at
the exchange rate at the end of the
period/year.
* tidak diaudit
unaudited *
214
2.
(lanjutan)
d.
PENTING
2.
Penjabaran mata uang asing (lanjutan)
d.
3. Kantor cabang luar negeri
ACCOUNTING
Foreign currency translation (continued)
3. Overseas branch
Laporan keuangan kantor cabang luar negeri
dijabarkan ke Rupiah dengan kurs sebagai
berikut:
The financial statements of the overseas
branch are translated into Rupiah using the
following exchange rates:
Laporan posisi keuangan, kecuali untuk
akun rekening kantor pusat serta rekening
administratif - menggunakan kurs pada
tanggal pelaporan. Akun rekening kantor
pusat dijabarkan dengan kurs historis.
Statements of financial position, with the
exception of the head office accounts and
off balance sheet accounts - at the
exchange rates prevailing at the reporting
date. Head office accounts are translated
at historical rates.
Laporan laba rugi dan laporan laba rugi
komprehensif - menggunakan kurs rata-rata
dalam periode yang bersangkutan, yang
mendekati kurs tanggal transaksi.
Statements of income and statements of
comprehensive income - at the average
exchange rates during the related period,
which approximate the transaction date
rates.
Selisih yang timbul dari proses penjabaran laporan
keuangan tersebut diakui secara langsung pada
pendapatan komprehensif lain.
The difference arising from the translation of such
financial statements is recognized directly in
other comprehensive income.
Berikut ini adalah kurs mata uang asing utama
yang digunakan pada tanggal 31 Maret 2011 dan
31 Desember 2010 dan 2009 yang menggunakan
kurs tengah Reuters pukul 16:00 Waktu Indonesia
Barat (Rupiah penuh):
Below are the major exchange rates used as at
31 March 2011 and 31 December 2010 and 2009
using the Reuters’ middle rates at 16:00 Western
Indonesian Time (whole Rupiah):
31 Maret/March
2011
Dolar Amerika Serikat
Dolar Australia
Dolar Singapura
Euro
Yen Jepang
Poundsterling Inggris
Dolar Hong Kong
Franc Swiss
Baht Thailand
Dolar Selandia Baru
2010
2009
9,010
9,169
7,026
12,018
111
13,941
1,159
9,619
300
6,970
8,708
9,004
6,907
12,375
105
14,037
1,119
9,511
288
6,630
* tidak diaudit
9,395
8,453
6,705
13,542
102
15,165
1,211
9,117
282
6,828
United States Dollar
Australian Dollar
Singapore Dollar
Euro
Japanese Yen
Great Britain Poundsterling
Hong Kong Dollar
Swiss Franc
Thailand Baht
New Zealand Dollar
unaudited *
215
2.
(lanjutan)
e.
PENTING
Aset dan liabilitas keuangan
2.
e.
ACCOUNTING
Financial assets and liabilities
Aset keuangan Bank dan Anak Perusahaan terdiri
dari kas, giro pada Bank Indonesia, giro pada bank
lain, penempatan pada bank lain dan Bank
Indonesia, efek-efek, tagihan derivatif, pinjaman
yang diberikan, piutang pembiayaan konsumen,
piutang premi, tagihan akseptasi, Obligasi
Pemerintah, investasi dalam saham, dan aset lainlain (transaksi derivatif, piutang bunga, piutang lainlain, premi atas opsi yang masih harus diterima,
piutang atas penjualan efek-efek dan tagihan
transaksi kartu kredit).
The Bank and Subsidiaries’ financial assets
mainly consist of cash, current accounts with
Bank Indonesia, current accounts with other
banks, placement with other banks and Bank
Indonesia, marketable securities, derivative
receivables,
loans,
consumer
financing
receivables, premium receivables, acceptance
receivables, Government Bonds, investments in
shares and other assets (derivative transactions,
interest receivables, other receivables, premium
receivables on option, receivables from sales of
marketable securities and receivables from credit
card transactions).
Liabilitas keuangan Bank dan Anak Perusahaan
terdiri dari simpanan nasabah, simpanan dari bank
lain, efek yang dijual dengan janji dibeli kembali,
liabilitas derivatif, liabilitas akseptasi, obligasi yang
diterbitkan, pinjaman yang diterima, dan pinjaman
subordinasi.
The Bank and Subsidiaries’ financial liabilities
consisted of deposits from customers, deposits
from other banks, securities sold under repurchase
agreements, derivative liabilities, acceptance
payables, bonds issued, borrowings, and
subordinated loans.
Bank dan Anak Perusahaan menerapkan PSAK
No. 55 (Revisi 2006), “Instrumen Keuangan:
Pengakuan dan Pengukuran” dan PSAK No. 50
(Revisi 2006), “Instrumen Keuangan: Penyajian dan
Pengungkapan” efektif sejak tanggal 1Januari
2010.
The Bank and Subsidiaries adopted SFAS No. 55
(2006
Revision),
“Financial
Instruments:
Recognition and Measurement” and SFAS No. 50
(2006
Revision),
“Financial
Instruments:
Presentation and Disclosures” effective from 1
January 2010.
Dampak penerapan awal PSAK No. 55 (Revisi
2006) dan PSAK No. 50 (Revisi 2006) dijelaskan
pada Catatan 55.
The effect of first adoption of SFAS No. 55 (2006
Revision) and SFAS No. 50 (2006 Revision) is
discussed in Note 55.
1. Klasifikasi
1. Classification
Berdasarkan PSAK No. 55 (Revisi 2006), mulai
tanggal 1 Januari 2010, aset keuangan
diklasifikasikan dalam kategori sebagai berikut
pada saat pengakuan awal:
Based on SFAS No. 55 (2006 Revision),
starting 1 January 2010, financial assets are
classified into the following categories at initial
recognition:
i. Diukur pada nilai wajar melalui laporan laba
rugi, yang memiliki 2 sub-klasifikasi, yaitu
aset keuangan yang ditetapkan demikian
pada saat pengakuan awal dan aset
keuangan yang diklasifikasikan dalam
kelompok diperdagangkan;
ii. Tersedia untuk dijual;
iii. Dimiliki hingga jatuh tempo; dan
iv. Pinjaman yang diberikan dan piutang.
i. Fair value through profit or loss, which has
two sub-classifications, i.e. financial assets
designated as such upon initial recognition
and financial assets classified as held for
trading;
ii. Available for sale;
iii. Held to maturity; and
iv. Loans and receivables.
* tidak diaudit
unaudited *
216
2.
(lanjutan)
e.
PENTING
Aset dan liabilitas keuangan (lanjutan)
2.
e.
1. Klasifikasi (lanjutan)
ACCOUNTING
Financial assets and liabilities (continued)
1. Classification (continued)
Liabilitas keuangan diklasifikasikan ke dalam
kategori sebagai berikut pada saat pengakuan
awal:
Financial liabilities are classified into the
following categories at initial recognition:
i. Diukur pada nilai wajar melalui laporan laba
rugi, yang memiliki dua sub-klasifikasi, yaitu
liabilitas keuangan yang ditetapkan demikian
pada saat pengakuan awal dan liabilitas
keuangan yang diklasifikasikan dalam
kelompok diperdagangkan;
i. Fair value through profit or loss, which has
two sub-classifications, i.e. those designated
as such upon initial recognition and those
classified as held for trading;
ii. Liabilitas keuangan yang diukur pada biaya
perolehan diamortisasi.
ii. Financial liabilities measured at amortized
cost.
Kategori untuk diperdagangkan adalah aset
keuangan dan liabilitas keuangan yang
diperoleh atau dimiliki Bank dan Anak
Perusahaan terutama untuk tujuan dijual dan
dibeli kembali dalam waktu dekat, atau dimiliki
sebagai bagian dari portofolio instrumen
keuangan yang dikelola secara bersama-sama
untuk memperoleh laba jangka pendek atau
position taking.
Held for trading are those financial assets and
financial liabilities that the Bank and
Subsidiaries acquire or incur principally for the
purpose of selling or repurchasing in the near
term, or holds as part of a portfolio that is
managed together for short-term profit or
position taking.
Kategori tersedia untuk dijual terdiri dari aset
keuangan non-derivatif yang ditetapkan sebagai
tersedia untuk dijual atau yang tidak
diklasifikasikan ke dalam salah satu kategori
aset keuangan lainnya.
Available for sale category consists of nonderivative financial assets that are designated
as available for sale or are not classified in one
of other categories of financial assets.
Kategori dimiliki hingga jatuh tempo adalah aset
keuangan non-derivatif dengan pembayaran
tetap atau telah ditentukan dan jatuh temponya
telah ditetapkan dimana Bank dan Anak
Perusahaan mempunyai intensi positif dan
kemampuan untuk memiliki aset keuangan
tersebut hingga jatuh tempo, dan tidak
ditetapkan pada nilai wajar melalui laporan laba
rugi atau tersedia untuk dijual.
Held to maturity category are non-derivative
financial assets with fixed or determinable
payments and fixed maturity that the Bank and
Subsidiaries have the positive intent and ability
to hold to maturity, and which are not
designated at fair value through profit or loss or
available for sale.
Pinjaman yang diberikan dan piutang adalah
aset
keuangan
non-derivatif
dengan
pembayaran tetap atau telah ditentukan yang
tidak mempunyai kuotasi di pasar aktif dan Bank
dan Anak Perusahaan tidak berniat untuk
menjualnya segera atau dalam waktu dekat.
Loans and receivables are non-derivative
financial assets with fixed or determinable
payments that are not quoted in an active
market and that the Bank and Subsidiaries do
not intend to sell immediately or in the near
term.
* tidak diaudit
unaudited *
217
2.
(lanjutan)
e.
PENTING
2.
e.
1. Klasifikasi (lanjutan)
ACCOUNTING
1. Classification (continued)
Sebelum tanggal 1 Januari 2010, efek-efek dan
Obligasi Pemerintah diklasifikasikan ke dalam
salah satu dari kategori berikut ini: dimiliki
hingga jatuh tempo, diperdagangkan dan
tersedia untuk dijual sesuai dengan PSAK
No. 50, “Akuntansi Investasi Efek Tertentu”.
2. Pengakuan
Prior to 1 January 2010, marketable securities
and government bonds were classified into one
of the following categories: held to maturity,
trading and available for sale in accordance
with SFAS No. 50, “Accounting for Investments
in Certain Securities”.
2. Recognition
Bank dan Anak Perusahaan pada awalnya
mengakui pinjaman yang diberikan serta
simpanan pada tanggal perolehan. Pembelian
dan penjualan aset keuangan yang lazim
(regular) diakui pada tanggal perdagangan
dimana Bank/Anak Perusahaan memiliki
komitmen untuk membeli atau menjual aset
tersebut. Semua aset dan liabilitas keuangan
lainnya pada awalnya diakui pada tanggal
perdagangan dimana Bank/Anak Perusahaan
menjadi suatu pihak dalam ketentuan
kontraktual instrumen tersebut.
The Bank and Subsidiaries initially recognize
loans and deposits on the date of origination.
Regular way purchases and sales of financial
assets are recognized on the trade date at
which the Bank/Subsidiaries commit to
purchase or sell the asset. All other financial
assets and liabilities are initially recognized on
the trade date at which the Bank/Subsidiaries
become a party to the contractual provisions of
the instruments.
Pada saat pengakuan awal, aset keuangan atau
liabilitas keuangan diukur pada nilai wajar
ditambah (untuk item yang tidak diukur pada
nilai wajar melalui laporan laba rugi setelah
pengakuan awal) biaya transaksi yang dapat
diatribusikan secara langsung atas perolehan
aset keuangan atau penerbitan liabilitas
keuangan. Pengukuran aset keuangan dan
liabilitas keuangan setelah pengakuan awal
tergantung pada klasifikasi aset keuangan dan
liabilitas keuangan tersebut.
A financial asset or financial liability is initially
measured at fair value plus (for an item not
subsequently measured at fair value through
profit and loss) transaction costs that are
directly attributable to its acquisition or issue.
The subsequent measurement of financial
assets and financial liabilities depends on their
classification.
* tidak diaudit
unaudited *
218
2.
(lanjutan)
e.
PENTING
2.
e.
2. Pengakuan (lanjutan)
ACCOUNTING
2. Recognition (continued)
Biaya transaksi hanya meliputi biaya-biaya yang
dapat diatribusikan secara langsung untuk
perolehan suatu aset keuangan atau penerbitan
suatu liabilitas keuangan dan merupakan biaya
tambahan yang tidak akan terjadi apabila
instrumen keuangan tersebut tidak diperoleh
atau diterbitkan. Untuk aset keuangan, biaya
transaksi ditambahkan pada jumlah yang diakui
pada awal pengakuan aset, sedangkan untuk
liabilitas keuangan, biaya transaksi dikurangkan
dari jumlah utang yang diakui pada pengakuan
awal liabilitas. Biaya transaksi tersebut
diamortisasi
selama
umur
instrumen
berdasarkan metode suku bunga efektif dan
dicatat sebagai bagian dari pendapatan bunga
untuk biaya transaksi sehubungan dengan aset
keuangan atau sebagai bagian dari beban
bunga untuk biaya transaksi sehubungan
dengan liabilitas keuangan.
Transaction costs include only those costs that
are directly attributable to the acquisition of a
financial asset or issue of a financial liability
and are incremental costs that would not have
been incurred if the instrument had not been
acquired or issued. In the case of financial
assets, transaction costs are added to the
amount recognized initially, while for financial
liabilities, transaction costs are deducted from
the amount of debt recognized initially. Such
transactions costs are amortized over the
terms of the instruments based on the effective
interest method and were recorded as part of
interest income for transaction costs related to
financial assets or interest expense for
transaction costs related to financial liabilities.
Sebelum tanggal 1 Januari 2010, biaya
transaksi Bank dan Anak Perusahaan dicatat
pada akun tersendiri yaitu beban tangguhan
dan bukan merupakan bagian dari aset
keuangan terkait.
Prior to 1 January 2010, transaction costs of
the Bank and Subsidiary were recorded at a
separate account, as deferred charges and not
as part of respective financial assets.
3. Penghentian pengakuan
3. Derecognition
Bank dan Anak Perusahaan menghentikan
pengakuan aset keuangan pada saat hak
kontraktual atas arus kas yang berasal dari aset
keuangan tersebut kadaluwarsa, atau pada saat
Bank dan Anak Perusahaan mentransfer
seluruh hak untuk menerima arus kas
kontraktual dari aset keuangan dalam transaksi
dimana Bank dan Anak Perusahaan secara
substansial telah mentransfer seluruh risiko dan
manfaat atas kepemilikan aset keuangan yang
ditransfer. Setiap hak atau liabilitas atas aset
keuangan yang ditransfer yang timbul atau yang
masih dimiliki oleh Bank dan Anak Perusahaan
diakui sebagai aset atau liabilitas secara
terpisah.
The Bank and Subsidiaries derecognize a
financial asset when the contractual rights to
the cash flows from the asset expire, or when
the Bank and Subsidiaries transfer the rights to
receive the contractual cash flows on the
financial asset in a transaction in which
substantially all the risks and rewards of
ownership of the financial asset are
transferred. Any interest in transferred financial
asset that is created or retained by the Bank
and Subsidiaries is recognized as a separate
asset or liability.
Bank dan Anak Perusahaan menghentikan
pengakuan liabilitas keuangan pada saat
kewajiban yang ditetapkan dalam kontrak
dilepaskan atau dibatalkan atau kadaluwarsa.
The Bank and Subsidiaries derecognize a
financial liability when its contractual
obligations are discharged or cancelled or
expired.
* tidak diaudit
unaudited *
219
2.
(lanjutan)
e.
PENTING
2.
e.
3. Penghentian pengakuan (lanjutan)
ACCOUNTING
3. Derecognition (continued)
Bank dan Anak Perusahaan melakukan
transaksi dimana Bank mentransfer aset yang
diakui pada laporan posisi keuangan
konsolidasian, tetapi masih memiliki semua
risiko dan manfaat atas aset yang ditransfer
atau bagian darinya. Jika seluruh atau secara
substansial seluruh risiko dan manfaat masih
dimiliki, maka aset yang ditransfer tidak
dihentikan pengakuannya dari laporan posisi
keuangan konsolidasian.
The Bank and Subsidiaries enter into
transactions whereby they transfer assets
recognized on its consolidated statements of
financial position, but retains all risks and
rewards of the transferred assets or a portion
of them. If all or substantially all risks and
rewards are retained, then the transferred
assets are not derecognized from the
consolidated statements of financial position.
Pada saat aset dijual ke pihak ketiga dengan
pertukaran tingkat pengembalian secara
bersamaan dari aset yang ditransfer, transaksi
dianggap sebagai transaksi keuangan yang
dijamin, serupa dengan transaksi dengan janji
akan dibeli kembali.
When assets are sold to a third party with a
concurrent total rate of return swap on the
transferred assets, the transaction is
accounted for as a secured financing
transaction, similar to repurchase transactions.
Dalam transaksi dimana Bank dan Anak
Perusahaan secara substansial tidak memiliki
atau tidak mentransfer seluruh risiko dan
manfaat dari kepemilikan aset keuangan, Bank
dan
Anak
Perusahaan
menghentikan
pengakuan aset tersebut jika Bank dan Anak
Perusahaan tidak lagi memiliki pengendalian
atas aset tersebut. Hak dan kewajiban yang
masih dimiliki dalam transfer tersebut diakui
secara terpisah sebagai aset atau liabilitas.
Dalam transfer dimana pengendalian atas aset
masih dimiliki, Bank dan Anak Perusahaan
mengakui aset yang ditransfer tersebut sebesar
keterlibatan berkelanjutan, dimana tingkat
keberlanjutan Bank dan Anak Perusahaan
dalam aset yang ditransfer adalah sebesar
perubahan nilai aset yang ditransfer.
In transactions in which the Bank and
Subsidiaries neither retain nor transfer
substantially all the risks and rewards of
ownership of a financial asset, the Bank and
Subsidiaries derecognize the asset if they do
not retain control over the assets. The rights
and obligations retained in the transfer are
recognized separately as assets and liabilities
as appropriate. In transfers in which control
over the asset is retained, the Bank and
Subsidiaries continue to recognize the asset to
the extent of its continuing involvement,
determined by the extent to which it is exposed
to changes in the value of the transferred
asset.
Dalam beberapa transaksi, Bank dan Anak
Perusahaan masih memiliki hak untuk
mengelola aset keuangan yang ditransfer
dengan imbalan tertentu. Aset yang ditransfer
dihentikan pengakuannya secara keseluruhan
ketika
memenuhi
kriteria
penghentian
pengakuan. Suatu aset atau liabilitas diakui
untuk hak pengelolaan atas aset tersebut,
tergantung apakah imbalan yang akan diterima
diperkirakan
lebih
dari
cukup
untuk
mengkompensasi beban penyediaan jasa yang
diberikan (aset) atau imbalan tersebut tidak
cukup untuk menyediakan jasa pengelolaan
(liabilitas).
In certain transactions, the Bank and
Subsidiaries retain rights to service transferred
financial assets for certain fees. The
transferred assets are derecognized entirely if
they meet the derecognition criteria. An asset
or liability is recognized for the servicing rights,
depending on whether the servicing fee is
more than adequate to cover servicing
expenses (asset) or is less than adequate for
performing the servicing (liability).
* tidak diaudit
unaudited *
220
2.
(lanjutan)
e.
PENTING
2.
e.
3. Penghentian pengakuan (lanjutan)
ACCOUNTING
3. Derecognition (continued)
Bank
dan
Anak
Perusahaan
menghapusbukukan saldo aset keuangan
beserta penyisihan kerugian penurunan nilai
terkait pada saat Bank dan Anak Perusahaan
menentukan bahwa pinjaman yang diberikan,
piutang pembiayaan konsumen atau efek-efek
utang tersebut tidak dapat lagi ditagih.
Keputusan
ini
diambil
setelah
mempertimbangkan informasi terkait seperti
telah terjadinya perubahan signifikan atas posisi
keuangan debitur/penerbit yang mengakibatkan
debitur/penerbit tidak lagi dapat melunasi
liabilitasnya, atau hasil penjualan agunan tidak
akan
cukup
untuk
melunasi
seluruh
exposurnya.
4. Saling hapus
The Bank and Subsidiaries write off financial
assets and any related allowance for
impairment losses when the Bank and
Subsidiaries determine that those loans,
consumer financing receivables or debt
securities are uncollectible. This determination
is reached after considering information such
as the occurrence of significant changes in the
borrower’s/issuer’s financial position such that
the borrower/issuer can no longer pay the
obligation, or that proceeds from collateral will
not be sufficient to pay back the entire
exposure.
4. Offsetting
Aset keuangan dan liabilitas keuangan dapat
saling hapus dan nilai bersihnya disajikan dalam
laporan posisi keuangan konsolidasian jika, dan
hanya jika, Bank dan Anak Perusahaan memiliki
hak yang berkekuatan hukum untuk melakukan
saling hapus atas jumlah yang telah diakui
tersebut dan berniat untuk menyelesaikan
secara neto atau untuk merealisasikan aset dan
menyelesaikan liabilitasnya secara simultan.
Financial assets and liabilities are set off and
the net amount is presented in the
consolidated statements of financial position
when, and only when, the Bank and
Subsidiaries have a legal right to set off the
amounts and intend either to settle on a net
basis or realize the asset and settle the liability
simultaneously.
Pendapatan dan beban disajikan dalam jumlah
bersih hanya jika diperkenankan oleh standar
akuntansi.
Income and expense are presented on a net
basis only when permitted by accounting
standards.
5. Pengukuran biaya perolehan diamortisasi
5. Amortized cost measurement
Biaya perolehan diamortisasi dari aset
keuangan atau liabilitas keuangan adalah
jumlah aset atau liabilitas keuangan yang diukur
pada saat pengakuan awal dikurangi
pembayaran pokok, ditambah atau dikurangi
dengan
amortisasi
kumulatif
dengan
menggunakan metode suku bunga efektif yang
dihitung dari selisih antara nilai awal dan nilai
jatuh temponya, dan dikurangi penyisihan
kerugian penurunan nilai.
The amortized cost of a financial asset or
financial liability is the amount at which the
financial asset or liability is measured at initial
recognition, minus principal repayments, plus
or minus the cumulative amortization using the
effective interest method of any difference
between the initial amount recognized and the
maturity amount, minus allowance for
impairment losses.
* tidak diaudit
unaudited *
221
2.
(lanjutan)
e.
PENTING
2.
e.
6. Pengukuran nilai wajar
ACCOUNTING
6. Fair value measurement
Nilai wajar adalah nilai dimana suatu aset dapat
dipertukarkan, atau suatu liabilitas diselesaikan
antara pihak yang memahami dan berkeinginan
untuk melakukan transaksi wajar (arm’s length
transaction) pada tanggal pengukuran.
Fair value is the amount for which an asset
could be exchanged, or a liability settled,
between knowledgeable, willing parties in an
arm’s length transaction on the measurement
date.
Jika tersedia, Bank dan Anak Perusahaan
mengukur nilai wajar instrumen keuangan
dengan menggunakan harga kuotasi di pasar
aktif untuk instrumen tersebut. Suatu pasar
dianggap aktif jika harga kuotasi sewaktu-waktu
dan secara berkala tersedia dan mencerminkan
transaksi pasar yang aktual dan rutin dalam
suatu transaksi yang wajar.
When available, the Bank and Subsidiaries
measure the fair value of financial instrument
using quoted prices in an active market for that
instrument. A market is regarded as active if
quoted prices are readily and regularly
available and represent actual and regularly
occurring market transactions on an arm’s
length basis.
Jika pasar untuk suatu instrumen keuangan
tidak aktif, Bank dan Anak Perusahaan
menentukan nilai wajar dengan menggunakan
teknik penilaian. Teknik penilaian mencakup
penggunaan transaksi pasar terkini yang
dilakukan secara wajar oleh pihak-pihak yang
memahami, berkeinginan, dan jika tersedia,
referensi atas nilai wajar terkini dari instrumen
lain yang secara substansial sama, penggunaan
analisa arus kas yang didiskonto dan
penggunaan model penetapan harga opsi
(option pricing model). Teknik penilaian yang
dipilih memaksimalkan penggunaan input pasar,
dan meminimalkan penggunaan taksiran yang
bersifat spesifik dari Bank dan Anak
Perusahaan, memasukkan semua faktor yang
akan dipertimbangkan oleh para pelaku pasar
dalammenetapkansuatu harga dan konsisten
dengan metodologi ekonomi yang diterima
dalam penetapan harga instrumen keuangan.
Input yang digunakan dalam teknik penilaian
secara memadaimencerminkan ekspektasi
pasar dan ukuran atas faktor risiko dan
pengembalian (risk-return) yang melekat pada
instrumen keuangan. Bank dan Anak
Perusahaan mengkalibrasi teknik penilaian dan
menguji validitasnya dengan menggunakan
harga-harga dari transaksi pasar terkini yang
dapat diobservasi untuk instrumen yang sama
atau atas dasar data pasar lainnya yang
tersedia yang dapat diobservasi.
If a market for a financial instrument is not
active, the Bank and Subsidiaries establish fair
value using a valuation technique. Valuation
techniques include using recent arm’s length
transactions between knowledgeable, willing
parties and if available, reference to the current
fair value of other instruments that are
substantially the same, discounted cash flows
analysis and option pricing models. The
chosen valuation technique makes maximum
use of market inputs, relies as little as possible
on estimates specific to the Bank and
Subsidiaries, incorporates all factors that
market participants would consider in setting a
price, and is consistent with accepted
economic methodologies for pricing financial
instruments. Inputs to valuation techniques
reasonably represent market expectations and
measures of the risk-return factors inherent in
the financial instrument. The Bank and
Subsidiaries calibrate valuation techniques and
tests them for validity using prices from
observable current market transactions in the
same instrument or based on other available
observable market data.
* tidak diaudit
unaudited *
222
2.
(lanjutan)
e.
PENTING
2.
e.
6. Pengukuran nilai wajar (lanjutan)
ACCOUNTING
6. Fair value measurement (continued)
Bukti terbaik atas nilai wajar instrumen
keuangan pada saat pengakuan awal adalah
harga transaksi, yaitu nilai wajar dari
pembayaran yang diberikan atau diterima,
kecuali jika nilai wajar dari instrumen keuangan
tersebut ditentukan dengan perbandingan
terhadap transaksi pasar terkini yang dapat
diobservasi dari suatu instrumen yang sama
(yaitu tanpa modifikasi atau pengemasan ulang)
atau berdasarkan suatu teknik penilaian yang
variabelnya hanya menggunakan data dari
pasar yang dapat diobservasi. Jika harga
transaksi memberikan bukti terbaik atas nilai
wajar pada saat pengakuan awal, maka
instrumen keuangan pada awalnya diukur pada
harga transaksi dan selisih antara harga
transaksi dan nilai yang sebelumnya diperoleh
dari model penilaian diakui dalam laporan laba
rugi konsolidasian setelah pengakuan awal
tergantung pada masing-masing fakta dan
keadaan dari transaksi tersebut namun tidak
lebih lambat dari saat penilaian tersebut
didukung sepenuhnya oleh data dari pasar yang
dapat diobservasi atau saat transaksi ditutup.
The best evidence of the fair value of a
financial instrument at initial recognition is the
transaction price, i.e., the fair value of the
consideration given or received, unless the fair
value of that instrument is evidenced by
comparison with other observable current
market transactions in the same instrument
(i.e., without modification or repackaging) or
based on a valuation technique whose
variables include only data from observable
markets. When transaction price provides the
best evidence of fair value at initial recognition,
the financial instrument is initially measured at
the transaction price and any difference
between this price and the value initially
obtained from a valuation model is
subsequently recognized in the consolidated
statements of income depending on the
individual facts and circumstances of the
transaction but not later than when the
valuation is supported wholly by observable
market data or the transaction is closed out.
Nilai wajar mencerminkan risiko kredit atas
instrumen keuangan dan termasuk penyesuaian
yang dilakukan untuk memasukkan risiko kredit
Bank/Anak Perusahaan dan pihak lawan, mana
yang lebih sesuai. Estimasi nilai wajar yang
diperoleh dari model penilaian akan disesuaikan
untuk mempertimbangkan faktor-faktor lainnya,
seperti risiko likuiditas atau ketidakpastian
model penilaian, sepanjang Bank dan Anak
Perusahaan yakin bahwa keterlibatan suatu
pasar pihak ketiga akan mempertimbangkan
faktor-faktor tersebut dalam penerapan harga
suatu transaksi.
Fair values reflect the credit risk of the
instrument and include adjustments to take
account of the credit risk of the
Bank/Subsidiaries and counterparty where
appropriate. Estimated fair values obtained
from models are adjusted for any other factors,
such as liquidity risk or model uncertainties, to
the extent that the Bank and Subsidiaries
believe a third-party market participation would
take them into account in pricing a transaction.
* tidak diaudit
unaudited *
223
2.
(lanjutan)
e.
PENTING
2.
e.
6. Pengukuran nilai wajar (lanjutan)
f.
6. Fair value measurement (continued)
Sejak tanggal 1 Januari 2010, aset keuangan
dan posisi long diukur menggunakan harga
penawaran, liabilitas keuangan dan posisi short
diukur menggunakan harga permintaan. Jika
Bank dan Anak Perusahaan memiliki posisi aset
dan liabilitas dimana risiko pasarnya saling
hapus, maka Bank dan Anak Perusahaan dapat
menggunakan nilai tengah dari harga pasar
sebagai dasar untuk menentukan nilai wajar
posisi risiko yang saling hapus tersebut dan
menerapkan penyesuaian terhadap harga
penawaran atau harga permintaan terhadap
posisi terbuka netto (net open position), mana
yang lebih sesuai.
Starting 1 January 2010, financial assets and
long positions are measured at a bid price,
financial liabilities and short positions are
measured at an asking price. Where the Bank
and Subsidiaries have positions with offsetting
risk, mid-market prices are used to measure
the offsetting risk positions and a bid or asking
price adjustment is applied only to the net open
position as appropriate.
Sebelum tanggal 1 Januari 2010, aset dan
liabilitas keuangan maupun posisi long dan
short diukur pada nilai tengah dari harga pasar
(mid price).
Prior to 1 January 2010, financial assets and
liabilities as well as long and short position are
measured at mid price.
Giro Wajib Minimum
f.
Sesuai dengan Peraturan BI mengenai Giro Wajib
Minimum Bank Umum pada BI dalam Rupiah dan
mata uang asing, Bank diwajibkan untuk
menempatkan
sejumlah
persentase
atas
simpanan nasabah.
g.
ACCOUNTING
Giro pada Bank Indonesia dan bank lain
Statutory Reserves Requirement
In accordance with prevailing BI Regulation
concerning
Commercial
Banks’
Statutory
Reserves Requirement with BI in Rupiah and
foreign currency, Bank is required to place certain
percentage of deposits from customers.
g.
Current accounts with Bank Indonesia and
other banks
Sejak tanggal 1 Januari 2010, setelah pengakuan
awal, giro pada Bank Indonesia dan giro pada
bank lain dicatat pada biaya perolehan
diamortisasi dengan menggunakan metode suku
bunga efektif pada laporan posisi keuangan
konsolidasian.
Starting 1 January 2010, subsequent to initial
recognition, current accounts at Bank Indonesia
and other banks were carried at amortized cost
using effective interest method on the
consolidated statements of financial position.
Sebelum tanggal 1 Januari 2010, giro pada Bank
Indonesia dinyatakan sebesar saldo giro,
sedangkan giro pada bank lain dinyatakan sebesar
saldo giro dikurangi dengan penyisihan kerugian
penurunan nilai.
Prior to 1 January 2010, current accounts at Bank
Indonesia were stated at their outstanding
balances while current accounts at other banks
were stated at their outstanding balances less
allowance for impairment losses.
* tidak diaudit
unaudited *
224
2. IKHTISAR KEBIJAKAN AKUNTANSI
(lanjutan)
h.
i.
Penempatan
Indonesia
pada
bank
lain
PENTING
dan
Bank
2.
h.
ACCOUNTING
Placements with other banks and Bank
Indonesia
Sejak tanggal 1 Januari 2010, penempatan pada
bank lain dan Bank Indonesia pada awalnya diukur
pada nilai wajar ditambah biaya transaksi yang
dapat diatribusikan secara langsung dan
merupakan biaya tambahan untuk memperoleh
aset keuangan tersebut, dan setelah pengakuan
awal diukur pada biaya perolehan diamortisasi
menggunakan metode suku bunga efektif.
Starting 1 January 2010, placements with other
banks and Bank Indonesia are initially measured
at fair value plus incremental direct transaction
costs, and subsequently measured at their
amortized cost using the effective interest
method.
Sebelum tanggal 1 Januari 2010, penempatan
pada bank lain dinyatakan sebesar saldo
penempatan
dikurangi
dengan
penyisihan
kerugian penurunan nilai. Penempatan pada Bank
Indonesia dinyatakan sebesar saldo penempatan.
Prior to 1 January 2010, placements with other
banks are stated at their outstanding balance less
allowance for impairment losses. Placements with
Bank Indonesia are stated at the outstanding
balance.
Efek-efek dan Obligasi Pemerintah
i.
Marketable securities and Government Bonds
Efek-efek terdiri dari Sertifikat BI (“SBI”), wesel
ekspor, obligasi (termasuk obligasi korporasi yang
diperdagangkan di bursa efek, obligasi syariah
ijarah dan obligasi syariah mudharabah), fixed rate
notes, promissory notes, dan efek utang lainnya.
Marketable securities consist of BI Certificates
(“SBI”), trading export bills, bonds (including
corporate bonds traded on the stock exchange,
ijarah sharia bonds and mudharabah sharia
bonds), fixed rate notes, promissory notes and
other debt securities.
Efek-efek dan Obligasi Pemerintah diklasifikasikan
sebagai aset keuangan dalam kelompok
diperdagangkan, tersedia untuk dijual dan dimiliki
hingga jatuh tempo.
Marketable securities and Government Bonds are
classified as financial assets held for trading,
available for sale and held to maturity.
1. Diperdagangkan
1. Trading
Efek-efek dan Obligasi Pemerintah yang
diklasifikasikan
ke
dalam
kelompok
diperdagangkan diakui dan diukur pada nilai
wajar di laporan posisi keuangan konsolidasian
pada saat pengakuan awal dan setelah
pengakuan awal, dengan biaya transaksi yang
terjadi diakui langsung di dalam laporan laba
rugi konsolidasian periode/tahun berjalan.
Keuntungan atau kerugian yang belum
direalisasi akibat perubahan nilai wajar efekefek
dan
Obligasi
Pemerintah
yang
diperdagangkan diakui sebagai bagian dari
keuntungan atau kerugian dari perubahan nilai
wajar instrumen keuangan dalam laporan laba
rugi konsolidasian periode/tahun berjalan. Efekefek
dan
Obligasi
Pemerintah
yang
diperdagangkan tidak direklasifikasi setelah
pengakuan awal.
classified as trading are initially recognized
and subsequently measured at fair value in the
consolidated statements of financial position
with transaction costs taken directly to
period/year. Unrealised gains or losses from
changes in fair value of marketable securities
and Government Bonds are recognised as
part of gain or loss from changes in fair value
of financial statements in the consolidated
statements of income for the period/year.
Trading
marketable
securities
and
Government Bonds are not reclassified
subsequent to their initial recognition.
* tidak diaudit
unaudited *
225
2. IKHTISAR KEBIJAKAN AKUNTANSI
(lanjutan)
i.
PENTING
Efek-efek dan Obligasi Pemerintah (lanjutan)
2.
i.
2. Tersedia untuk dijual dan dimiliki hingga
jatuh tempo
ACCOUNTING
(continued)
2. Available for sale and held to maturity
Sejak tanggal 1 Januari 2010, efek-efek dan
Obligasi Pemerintah dalam kelompok tersedia
untuk dijual dan dimiliki hingga jatuh tempo
pada awalnya diukur pada nilai wajar ditambah
biaya transaksi dan setelah pengakuan awal
dicatat sesuai dengan klasifikasi masingmasing sebagai tersedia untuk dijual atau
dimiliki hingga jatuh tempo.
Starting 1 January 2010, marketable securities
and Government Bonds classified as available
for sale and held to maturity are initially
measured at fair value plus transaction costs
and subsequently accounted for in accordance
with their classification either as available for
sale or held to maturity.
Setelah pengakuan awal, efek-efek dan
Obligasi Pemerintah yang diklasifikasikan
dalam kelompok tersedia untuk dijual
dinyatakan pada nilai wajarnya.
After initial recognition, marketable securities
and Government Bonds classified as available
for sale are carried at their fair value.
Pendapatan bunga diakui dalam laporan laba
rugi konsolidasian dengan menggunakan
metode suku bunga efektif. Laba atau rugi
selisih kurs atas efek-efek utang dan Obligasi
Pemerintah yang tersedia untuk dijual diakui
pada laporan laba rugi konsolidasian.
Interest income is recognized in the
consolidated statements of income using the
effective interest method. Foreign exchange
gains or losses on available for sale debt
securities and Government Bonds are
recognized in the consolidated statements of
income.
Perubahan nilai wajar lainnya diakui secara
langsung sebagai pendapatan komprehensif
lain sampai investasi tersebut dijual atau
mengalami
penurunan
nilai,
dimana
keuntungan dan kerugian kumulatif yang
sebelumnya diakui sebagai pendapatan
komprehensif lain direklasifikasi ke laba rugi
sebagai penyesuaian reklasifikasi.
Other fair value changes are recognized
directly as other comprehensive income until
the investment is sold or impaired, where
upon the cumulative gains and losses
previously recognized in other comprehensive
income are reclassified to profit loss as a
reclassification adjustment.
* tidak diaudit
unaudited *
226
2.
(lanjutan)
i.
PENTING
2.
2.
i.
ACCOUNTING
(continued)
Tersedia untuk dijual dan dimiliki hingga
jatuh tempo (lanjutan)
2. Available for sale and held to maturity
(continued)
Setelah pengakuan awal, efek-efek dan
Obligasi Pemerintah yang diklasifikasikan
dimiliki hingga jatuh tempo dicatat pada biaya
perolehan diamortisasi menggunakan metode
suku bunga efektif. Bila terjadi penjualan atau
reklasifikasi dalam jumlah yang lebih dari
jumlah yang tidak signifikan dari efek-efek dan
Obligasi Pemerintah dalam kelompok dimiliki
hingga jatuh tempo yang belum mendekati
tanggal jatuh tempo, maka hal ini akan
menyebabkan reklasifikasi atas semua efekefek dan Obligasi Pemerintah yang dimiliki
hingga jatuh tempo ke dalam kelompok
tersedia untuk dijual, dan Bank/Anak
Perusahaan tidak diperkenankan untuk
mengklasifikasikan efek-efek dan Obligasi
Pemerintah sebagai dimiliki hingga jatuh tempo
untuk periode/tahun berjalan dan untuk kurun
waktu dua tahun mendatang.
After initial recognition, marketable securities
and Government Bonds classified as held to
maturity are carried at amortized cost using
effective interest method. Any sale of
reclassification of a more than insignificant
amount of held to maturity marketable
securities and Government Bonds not close to
their maturity would result in the
reclassification of all held to maturity
marketable securities and Government Bonds
as available for sale and prevent the
Bank/Subsidiaries from classifying marketable
securities and Government Bonds as held to
maturity for the current period/year and the
following two financial years.
Sebelum tanggal 1 Januari 2010, pengukuran
efek-efek dan Obligasi Pemerintah yang
diklasifikasikan sebagai kelompok tersedia
untuk dijual dan dimiliki hingga jatuh tempo
pada saat pengakuan awal dan setelah
pengakuan awal tergantung pada klasifikasi
masing-masing.
Prior to 1 January 2010, the initial and
subsequent measurement of marketable
securities and Government Bonds classified
as available for sale and held to maturity
depend on their respective classification.
diklasifikasikan ke dalam kelompok tersedia
untuk dijual dinyatakan berdasarkan nilai wajar
pada tanggal pelaporan dan disajikan setelah
dikurangi penyisihan kerugian penurunan nilai.
Keuntungan atau kerugian yang belum
direalisasi yang berasal dari selisih antara nilai
wajar dan harga perolehan efek-efek dan
Obligasi Pemerintah yang tersedia untuk dijual
dicatat sebagai komponen ekuitas lainnya dan
diakui dalam laporan laba rugi konsolidasian
saat efek-efek dan Obligasi Pemerintah
tersebut dijual. Keuntungan atau kerugian yang
belum direalisasi atas efek-efek dan Obligasi
Pemerintah dengan denominasi mata uang
asing yang berasal dari selisih kurs dicatat di
dalam laporan laba rugi konsolidasian
periode/tahun berjalan.
classified as available for sale are stated at
fair value at the reporting date and presented
net of allowance for impairment losses.
Unrealised gains or losses resulting from the
differences between the fair value and
acquisition cost of available for sale
marketable securities and Government
Bonds, are presented as an other equity
components and will be recognized in the
consolidated statements of income when the
are sold. Unrealised gains or losses from
denominated in foreign currencies arising
from foreign exchange differences are
recorded in the consolidated statements of
income for the period/year.
* tidak diaudit
unaudited *
227
2.
(lanjutan)
i.
PENTING
2.
i.
ACCOUNTING
(continued)
2. Tersedia untuk Dijual dan Dimiliki hingga
Jatuh Tempo (lanjutan)
2. Available for Sale and Held to Maturity
(continued)
Nilai wajar ditentukan berdasarkan harga
kuotasi pasar yang berlaku. Manajemen akan
menentukan nilai wajar efek-efek dan Obligasi
Pemerintah
berdasarkan
model
yang
dikembangkan secara internal dan estimasi
terbaik jika harga pasar yang dapat diandalkan
tidak tersedia.
Fair values are determined on the basis of
quoted market prices. Management will
determine the fair value of marketable
securities and Government Bonds based upon
internal models and best estimates, if a
reliable market value is not available.
diklasifikasikan ke dalam kelompok dimiliki
hingga jatuh tempo disajikan pada laporan
posisi keuangan konsolidasian berdasarkan
harga perolehan setelah amortisasi premi atau
diskonto, dan khusus untuk efek-efek disajikan
bersih setelah dikurangi penyisihan kerugian
penurunan nilai.
classified as held to maturity are presented in
the consolidated statements of financial
position at acquisition cost, after amortization
of premiums or discounts and specifically for
marketable securities, presented net of
Amortisasi premi/diskonto untuk efek-efek dan
Obligasi Pemerintah yang tersedia untuk dijual
dan dimiliki hingga jatuh tempo dilakukan sejak
tanggal perolehan sampai dengan tanggal jatuh
tempo berdasarkan metode suku bunga efektif.
Amortization of premium/discount for available
for sale and held to maturity marketable
securities and Government Bonds is
calculated from the acquisition date until the
maturity date using the effective interest
method.
Penurunan nilai wajar di bawah harga
perolehan (termasuk amortisasi premi dan
diskonto) yang tidak bersifat sementara dicatat
sebagai penurunan permanen nilai investasi
dan dibebankan dalam laporan laba rugi
konsolidasian periode/tahun berjalan.
The decline in fair value below the acquisition
cost (including amortization of premium and
discount), which is determined to be other than
temporary, is recorded as a permanent decline
in the value of investment and charged to the
period/year.
Keuntungan dan kerugian yang direalisasi dari
penjualan efek-efek dan Obligasi Pemerintah
dihitung
berdasarkan
metode
rata-rata
tertimbang harga pembelian untuk efek-efek
dan Obligasi Pemerintah dalam kelompok
untuk diperdagangkan dan tersedia untuk
dijual.
Realised gains and losses from selling of
are calculated based on weighted average
method of purchase price for marketable
securities and Government Bonds classified
as trading and available for sale.
* tidak diaudit
unaudited *
228
2.
IKHTISAR
(lanjutan)
j.
k.
KEBIJAKAN
AKUNTANSI
PENTING
Efek-efek yang dijual dengan janji dibeli
kembali dan efek-efek yang dibeli dengan janji
dijual kembali
2.
j.
ACCOUNTING
and securities purchased under resale
agreements
Efek-efek yang dijual dengan janji dibeli kembali
(repo) disajikan sebagai liabilitas sebesar harga
pembelian kembali yang disepakati dikurangi
selisih antara harga jual dan harga pembelian
kembali yang disepakati. Selisih antara harga jual
dan harga pembelian kembali yang disepakati
tersebut diamortisasi dengan menggunakan
metode suku bunga efektif (sebelum tanggal
1 Januari 2010 dengan metode garis lurus)
sebagai beban bunga selama jangka waktu sejak
efek-efek tersebut dijual hingga saat dibeli kembali.
(repo) are presented as liabilities and stated at the
agreed repurchase price less the difference
between the selling price and agreed repurchase
price. The difference between the selling price
and agreed repurchase price is amortized using
effective interest method (prior to 1 January 2010
using straight-line method) as interest expense
over the year commencing from the selling date
to the repurchase date.
Efek-efek yang dibeli dengan janji dijual kembali
(reverse repo) disajikan sebagai tagihan sebesar
harga jual kembali efek-efek yang disepakati
dikurangi selisih antara harga beli dan harga jual
kembali yang disepakati. Selisih antara harga beli
dan harga jual kembali yang disepakati tersebut
diamortisasi dengan metode suku bunga efektif
(sebelum tanggal 1 Januari 2010 dengan metode
garis lurus) sebagai pendapatan bunga selama
jangka waktu sejak efek-efek tersebut dibeli hingga
dijual kembali.
Securities purchased under resale agreements
(reverse repo) are presented as receivables and
stated at the agreed resale price less the
difference between the purchase price and the
agreed resale price. The difference between the
purchase price and the agreed resale price is
amortized using the effective interest method
(prior to 1 January 2010 using straight-line
method) as interest income over the year
commencing from the acquisition date to the
resale date.
Instrumen keuangan derivatif
k.
Dalam melakukan usaha bisnisnya, Bank
melakukan transaksi instrumen keuangan derivatif
seperti kontrak tunai dan berjangka mata uang
asing, swaps mata uang asing, cross currency
swaps, swap suku bunga, kontrak opsi mata uang
asing, dan kontrak future. Semua instrumen
derivatif yang diadakan Bank adalah untuk
diperdagangkan dan untuk tujuan lindung nilai
terhadap risiko bank atas net open position, risiko
interest rate gap, risiko maturity gap dan risiko
lainnya dalam kegiatan operasional Bank dan tidak
memenuhi kriteria akuntansi lindung nilai. Oleh
karena itu, instrumen keuangan derivatif dicatat
pada nilai wajarnya dan perubahan nilai wajar dari
instrumen derivatif ini dibebankan atau dikreditkan
dalam
laporan
laba
rugi
konsolidasian
Derivative financial instruments
In the normal course of business, the Bank enters
into transactions involving derivative financial
instruments such as foreign currency spot and
forward contracts, foreign currency swaps, cross
currency swaps, interest rate swaps, foreign
currency options, and future contracts. All
derivative instruments entered by the Bank were
for trading as well for hedging the Bank’s
exposures to net open position, interest rate gap
risk, maturity gap risk, and other risks in the
Bank’s daily operations, and did not qualify for
hedge accounting. As such, the derivative
financial instruments are stated at fair value and
the changes in fair value of these derivative
financial instruments are charged or credited to
the consolidated statements of income for the
period/year.
* tidak diaudit
unaudited *
229
2.
IKHTISAR
(lanjutan)
l.
KEBIJAKAN
AKUNTANSI
PENTING
Pinjaman yang diberikan
2.
l.
ACCOUNTING
Loans
Sejak tanggal 1 Januari 2010, pinjaman yang
diberikan pada awalnya diukur pada nilai wajar
ditambah biaya transaksi yang dapat diatribusikan
secara langsung dan merupakan biaya tambahan
untuk memperoleh aset keuangan tersebut, dan
setelah pengakuan awal diukur pada biaya
perolehan diamortisasi dengan menggunakan
metode suku bunga efektif.
Starting 1 January 2010, loans are initially
measured at fair value plus incremental direct
transaction cost and subsequently measured at
their amortized cost using the effective interest
method.
Kredit dalam rangka pembiayaan bersama (kredit
sindikasi) dinyatakan sebesar biaya perolehan
diamortisasi sesuai dengan porsi risiko yang
ditanggung oleh Bank.
Syndicated loans are stated at amortized cost in
accordance with the risk borne by the Bank.
Termasuk dalam pinjaman yang diberikan adalah
pembiayaan Syariah yang terdiri dari piutang
murabahah, pembiayaan musyarakah dan
pembiayaan mudharabah. Murabahah adalah
akad jual beli barang dengan menyatakan harga
perolehan dan keuntungan (marjin) yang
disepakati oleh penjual dan pembeli, dan dapat
dilakukan berdasarkan pesanan atau tanpa
pesanan. Musyarakah adalah akad kerjasama
yang terjadi diantara para pemilik modal (mitra
musyarakah) untuk menggabungkan modal dan
melakukan usaha secara bersama dalam suatu
kemitraan, dengan nisbah pembagian hasil sesuai
dengan kontribusi modal. Mudharabah adalah
akad kerjasama usaha antara Bank dengan
pemilik dana (shahibul maal) dan nasabah sebagai
pengelola dana (mudharib) untuk melakukan
kegiatan usaha dengan nisbah pembagian hasil
(keuntungan atau kerugian) menurut kesepakatan
dimuka.
Included in the loans are Sharia financing which
consists of murabahah receivables, musyarakah
financing and mudharabah financing. Murabahah
is an agreement for the sale and purchase of
goods between the buyer and the seller at the
agreed cost and margin and can be done based
on order or without order. Musyarakah is an
agreement between investors (musyarakah
partners) to join the capital in a partnership, at an
agreed nisbah sharing portion, while losses will
be proportionately distributed based on the capital
contribution. Mudharabah is an agreement
between the Bank as an investor (shahibul maal)
and customer as a fund manager (mudharib) to
run a business with pre-defined terms of nisbah
(gain or loss).
Sebelum tanggal 1 Januari 2010, pinjaman yang
diberikan dinyatakan sebesar saldo pokok
pinjaman yang diberikan dikurangi dengan
penyisihan kerugian penurunan nilai dan
pendapatan bunga ditangguhkan.
Prior to 1 January 2010, loans are stated at
principal amount outstanding, net of allowance for
impairment losses and unearned interest income.
Pinjaman yang diberikan dihapusbukukan ketika
tidak terdapat prospek yang realistis mengenai
pengembalian pinjaman atau hubungan normal
antara Bank dan debitur dengan jaminan telah
berakhir. Pinjaman yang tidak dapat dilunasi
dihapusbukukan dengan mendebit penyisihan
kerugian penurunan nilai. Pelunasan kemudian
atas pinjaman yang telah dihapusbukukan
sebelumnya, dikreditkan ke penyisihan kerugian
penurunan nilai di laporan posisi keuangan
konsolidasian.
Loans are written-off when there are no realistic
prospects of collection or when the Bank’s normal
relationship with the collateralized borrowers has
ceased to exist. When loans are deemed
uncollectible, they are written-off against the
related allowance for impairment losses.
Subsequent recoveries of loans written-off are
credited to the allowance for impairment losses in
the consolidated statements of financial position.
* tidak diaudit
unaudited *
230
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
m. Investasi dalam saham
2.
ACCOUNTING
m. Investments in shares
Sejak tanggal 1 Januari 2010, investasi dalam
saham yang diklasifikasikan sebagai aset
keuangan tersedia untuk dijual dicatat sebesar
biaya perolehan setelah pengakuan awalnya
karena terdiri dari efek ekuitas tanpa harga kuotasi
yang nilai wajarnya tidak dapat diukur secara
handal.
Starting 1 January 2010, investment in shares
classified as available for sale financial asset is
carried at cost after its initial recognition as it
consists of unquoted equity securities whose fair
value cannot be reliably measured.
Dividen kas (kecuali dividen saham) yang diterima
atas investasi dalam saham diakui sebagai
pendapatan.
Cash dividend (except stock dividend) received
from investment in shares is recognized as
income.
Investasi saham yang diterima dalam rangka
restrukturisasi tagihan dengan konversi tagihan
menjadi penyertaan modal sementara, dicatat
dengan metode biaya.
Shares received in conjunction with debt
restructuring through conversion of the debt into
temporary investment are accounted for under the
cost method.
Sebelum tanggal 1 Januari 2010, penyertaan pada
perusahaan dimana Bank mempunyai persentase
hak suara kurang dari 20% dicatat dengan metode
biaya.
Prior to 1 January 2010, investment where the
Bank has an ownership interest less than 20% are
recorded based on the cost method.
n. Penyisihan kerugian penurunan nilai aset
keuangan
n.
Allowance for impairment losses of financial
assets
Sejak tanggal 1 Januari 2010, pada setiap tanggal
pelaporan, Bank dan Anak Perusahaan
mengevaluasi apakah terdapat bukti obyektif
bahwa aset keuangan yang tidak dicatat pada nilai
wajar melalui laporan laba rugi telah mengalami
penurunan nilai. Aset keuangan mengalami
penurunan nilai jika bukti obyektif menunjukkan
bahwa peristiwa yang merugikan telah terjadi
setelah pengakuan awal aset keuangan, dan
peristiwa tersebut berdampak pada arus kas masa
datang atas aset keuangan yang dapat diestimasi
secara handal.
Starting 1 January 2010, at each reporting date,
the Bank and Subsidiaries assess whether there
is objective evidence that financial assets not
carried at fair value through profit or loss are
impaired. Financial assets are impaired when
objective evidence demonstrates that a loss event
has occurred after the initial recognition of the
assets and the loss event has an impact on the
future cash flows on the assets that can be
estimated reliably.
Bukti obyektif bahwa aset keuangan mengalami
penurunan nilai meliputi wanprestasi atau
tunggakan
pembayaran
oleh
debitur,
restrukturisasi kredit atau uang muka oleh Bank
dan Anak Perusahaan dengan persyaratan yang
tidak mungkin diberikan jika debitur tidak
mengalami kesulitan keuangan, indikasi bahwa
debitur atau penerbit akan dinyatakan pailit,
hilangnya pasar aktif dari aset keuangan akibat
kesulitan keuangan, atau data yang dapat
diobservasi lainnya yang terkait dengan kelompok
aset keuangan seperti memburuknya status
pembayaran debitur atau penerbit dalam kelompok
tersebut, atau kondisi ekonomi yang berkorelasi
dengan wanprestasi atas aset dalam kelompok
tersebut.
Objective evidence that financial assets are
impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by
the Bank and Subsidiaries on terms that the Bank
and Subsidiaries would not otherwise consider,
indications that a borrower or issuer will enter
bankruptcy, the disappearance of an active
market for a security due to financial difficulties, or
other observable data relating to a group of
assets such as adverse changes in the payment
status of borrowers or issuers in the group, or
economic conditions that correlate with defaults in
the group.
* tidak diaudit
unaudited *
231
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
keuangan (lanjutan)
2.
n.
ACCOUNTING
assets (continued)
Bank dan Anak Perusahaan menentukan bukti
penurunan nilai atas aset keuangan secara
individual dan kolektif. Evaluasi penurunan nilai
terhadap aset keuangan yang signifikan dilakukan
secara individual.
The Bank and Subsidiaries consider evidence of
impairment for financial assets at both specific
and collective level. All individually significant
financial assets are assessed for specific
impairment.
Semua aset keuangan yang signifikan secara
individual yang tidak mengalami penurunan nilai
secara individual dievaluasi secara kolektif untuk
menentukan penurunan nilai yang sudah terjadi
namun belum diidentifikasi. Aset keuangan yang
tidak signifikan secara individual akan dievaluasi
secara kolektif untuk menentukan penurunan
nilainya dengan mengelompokkan aset keuangan
tersebut berdasarkan karakteristik risiko yang
serupa.
All individually significant financial assets not to
be specifically impaired are then collectively
assessed for any impairment that has been
incurred but not yet identified. Financial assets
that are not individually significant are collectively
assessed for impairment by grouping together
such financial assets with similar risk
characteristics.
Dalam menentukan penurunan nilai secara
kolektif,
Bank
dan
Anak
Perusahaan
menggunakan model statistik dari data historis atas
probability of default, saat pemulihan dan jumlah
kerugian yang terjadi, yang disesuaikan dengan
pertimbangan manajemen mengenai apakah
kondisi ekonomi dan kredit saat ini mungkin
menyebabkan kerugian aktual lebih besar atau
lebih kecil daripada yang dihasilkan oleh model
statistik. Tingkat wanprestasi, tingkat kerugian
pada saat pemulihan yang diharapkan di masa
datang secara berkala dibandingkan dengan hasil
aktual yang diperoleh untuk memastikan bahwa
model statistik yang digunakan masih memadai.
In assessing collective impairment the Bank and
Subsidiaries use statistical modelling of historical
trends of the probability of default, timing of
recoveries and the amount of loss incurred,
adjusted for management’s judgement as to
whether current economic and credit conditions
are such that the actual losses are likely to be
greater or less than suggested by historical
modelling. Default rates, loss rates and the
expected timing of future recoveries are regularly
benchmarked against actual outcomes to ensure
that they remain appropriate.
* tidak diaudit
unaudited *
232
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
keuangan (lanjutan)
2.
n.
ACCOUNTING
assets (continued)
Kerugian penurunan nilai atas aset keuangan yang
dicatat pada biaya perolehan diamortisasi diukur
sebesar selisih antara nilai tercatat aset keuangan
dengan nilai kini estimasi arus kas masa datang
yang didiskonto menggunakan suku bunga efektif
awal dari aset keuangan tersebut. Perhitungan nilai
kini dari estimasi arus kas masa datang atas aset
keuangan dengan agunan (collateralized financial
aset) mencerminkan arus kas yang dapat
dihasilkan dari pengambilalihan agunan dikurangi
biaya-biaya untuk memperoleh dan menjual
agunan, terlepas apakah pengambilalihan tersebut
berpeluang terjadi atau tidak. Kerugian yang terjadi
diakui pada laporan laba rugi konsolidasian dan
dicatat pada akun penyisihan kerugian penurunan
nilai atas aset keuangan yang dicatat pada biaya
perolehan diamortisasi. Pendapatan bunga atas
aset keuangan yang mengalami penurunan nilai
tetap diakui atas dasar suku bunga yang
digunakan untuk mendiskonto arus kas masa
datang dalam pengukuran kerugian penurunan
nilai. Ketika peristiwa yang terjadi setelah
penurunan nilai menyebabkan jumlah kerugian
penurunan nilai berkurang, kerugian penurunan
nilai yang sebelumnya diakui harus dipulihkan dan
pemulihan tersebut diakui pada laporan laba rugi
konsolidasian.
Impairment losses on financial assets carried at
amortized cost are measured as the difference
between the carrying amount of the financial
assets and the present value of estimated future
cash flows discounted at the financial assets’
original effective interest. The calculation of the
present value of the estimated future cash flows
of a collateralized financial asset reflects the cash
flows that may result from foreclosure less costs
for obtaining and selling the collateral, whether or
not foreclosure is probable. Losses are
income and reflected in an allowance account
against financial assets carried at amortized cost.
Interest on the impaired financial asset continues
to be recognized using the rate of interest used to
discount the future cash flows for the purpose of
measuring the impairment loss. When a
subsequent event causes the amount of
impairment loss to decrease, the impairment loss
is reversed through the consolidated statements
of income.
Kerugian penurunan nilai atas efek-efek yang
tersedia untuk dijual diakui dengan mengeluarkan
kerugian kumulatif yang telah diakui secara
langsung sebagai pendapatan komprehensif lain
ke laba rugi sebagai penyesuaian reklasifikasi.
Jumlah kerugian kumulatif yang direklasifikasi dari
pendapatan komprehensif lain ke laba rugi
merupakan selisih antara biaya perolehan, setelah
dikurangi pelunasan pokok dan amortisasi, dengan
nilai wajar kini, dikurangi kerugian penurunan nilai
aset keuangan yang sebelumnya telah diakui pada
laporan laba rugi konsolidasian. Perubahan pada
penyisihan penurunan nilai yang berasal dari nilai
waktu dinyatakan sebgai komponen dari
pendapatan bunga.
Impairment
losses
on
available-for-sale
marketable securities are recognized by
transferring the cumulative loss that has been
recognized directly as other comprehensive
income to profit or loss as a reclassification
adjustment. The cumulative loss that is
reclassified from other comprehensive income to
profit or loss is the difference between the
acquisition cost, net of any principal repayment
and amortization, and the current fair value, less
any impairment loss previously recognized in the
consolidated statements of income. Changes in
impairment provisions attributable to time value
are reflected as a component of interest income.
* tidak diaudit
unaudited *
233
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
keuangan (lanjutan)
2.
n.
ACCOUNTING
assets (continued)
Jika, pada periode/tahun berikutnya, nilai wajar
efek utang yang diklasifikasikan dalam kelompok
tersedia untuk dijual yang mengalami penurunan
nilai meningkat dan peningkatan tersebut dapat
secara obyektif dihubungkan dengan peristiwa
yang terjadi setelah pengakuan kerugian
penurunan nilai pada laporan laba rugi
konsolidasian, maka kerugian penurunan nilai
tersebut harus dipulihkan dan pemulihan tersebut
diakui pada laporan laba rugi konsolidasian.
If, in a subsequent period/year, the fair value of an
impaired available for sale debt security increases
and the increase can be objectively related to an
event occurring after the impairment loss was
income, the impairment loss is reversed, with the
amount of reversal recognized in the consolidated
statements of income.
Jika persyaratan kredit, piutang atau efek yang
dimiliki hingga jatuh tempo dinegosiasi ulang atau
dimodifikasi karena debitur atau penerbit
mengalami kesulitan keuangan, maka penurunan
nilai diukur dengan suku bunga efektif awal yang
digunakan sebelum persyaratan diubah.
If the terms of a loan, receivable or held to
maturity security are renegotiated or otherwise
modified because of financial difficulties of the
borrower or issuer, impairment is measured using
the original effective interest before the
modification of terms.
Sebelum tanggal 1 Januari 2010, Bank dan Anak
Perusahaan membentuk penyisihan kerugian
penurunan nilai aset produktif serta taksiran
kerugian atas rekening administratif (dicatat
sebagai estimasi kerugian atas komitmen dan
kontinjensi yang merupakan bagian dari beban
yang masih harus dibayar dan liabilitas lain-lain)
berdasarkan
hasil
penelaahan
terhadap
kolektibilitas dari masing-masing aset produktif dan
transaksi rekening administratif yang mempunyai
risiko kredit sesuai dengan Peraturan BI tentang
Penilaian Kualitas Aset Bank Umum.
Prior to 1 January 2010, the Bank and
Subsidiaries provided an allowance for
impairment losses of productive assets and
estimated losses from off-balance sheet
transactions (recorded as estimated loss on
commitments and contingencies which is part of
accruals and other liabilities) based on the
evaluation of collectibility of each individual asset
and off balance sheet transactions with credit risk
in accordance with BI regulation on Assets
Quality Rating for Commercial Banks.
Sejak tanggal 1 Januari 2010 dan hanya berlaku
untuk kegiatan perbankan syariah, Bank
membentuk penyisihan kerugian penurunan nilai
aset produktif serta taksiran kerugian atas rekening
administratif (dicatat sebagai estimasi kerugian
atas komitmen dan kontinjensi yang merupakan
bagian dari beban yang masih harus dibayar dan
liabilitas lain-lain) berdasarkan hasil penelaahan
terhadap kolektibilitas dari masing-masing aset
produktif dan transaksi rekening administratif yang
mempunyai risiko kredit sesuai dengan Peraturan
BI tentang Penilaian Kualitas Aset Bank Umum.
Starting 1 January 2010 and only applicable for
sharia banking activities, the Bank provide an
allowance for impairment losses of productive
assets and estimated losses from off-balance
sheet transactions (recorded as estimated loss on
commitments and contingencies which is part of
accruals and other liabilities) based on the
evaluation of collectibility of each individual asset
and off balance sheet transactions with credit risk
in accordance with BI regulation on Assets
Quality Rating for Commercial Banks.
Aset produktif terdiri dari giro pada bank lain,
penempatan pada bank lain dan Bank Indonesia,
efek-efek, tagihan derivatif, pinjaman yang
diberikan, piutang pembiayaan konsumen, tagihan
akseptasi, investasi dalam saham, transaksi
rekening administratif yang mempunyai risiko kredit
serta aset produktif yang berasal dari kegiatan
perbankan syariah.
Productive assets include current accounts with
other banks, placements with other banks and
Bank Indonesia, marketable securities, derivative
receivables,
loans,
consumer
financing
receivables, acceptance receivables, investments
in shares, off-balance sheet transactions which
contain credit risk and productive assets from
sharia banking activities.
* tidak diaudit
unaudited *
234
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
2.
keuangan (lanjutan)
n.
ACCOUNTING
assets (continued)
Penelaahan manajemen atas kolektibilitas masingmasing aset produktif dan transaksi rekening
administratif yang mempunyai risiko kredit
dilakukan berdasarkan sejumlah faktor, termasuk
ketepatan pembayaran pokok dan atau bunga,
keadaan ekonomi/prospek usaha saat ini maupun
yang diantisipasi untuk masa yang akan datang,
kondisi keuangan/kinerja debitur, kemampuan
membayar dan faktor-faktor lain yang relevan.
Sesuai dengan ketentuan BI, penyisihan
penghapusan aset produktif dibentuk dengan
acuan sebagai berikut:
Management’s evaluation on the collectibility of
each individual productive asset and off-balance
sheet transactions with credit risk is based on a
number of factors, including punctuality of
payment of principal and or interest, current and
anticipated
economic
condition/borrower
performance, financial conditions, payment ability
and other relevant factors. In accordance with BI
regulation, the allowance for impairment losses
on productive assets is calculated using the
following guidelines:
1.
Penyisihan umum sekurang-kurangnya 1%
dari aset produktif dan transaksi rekening
administratif yang digolongkan lancar.
1.
General allowance at a minimum of 1% of
productive assets and off-balance sheet
transactions that are classified as pass.
2. Penyisihan khusus untuk aset produktif dan
transaksi rekening administratif:
2.
Specific allowance for productive assets and
off balance sheet transactions:
Klasifikasi
Dalam perhatian khusus
Kurang lancar
Diragukan
Macet
Persentase minimum penyisihan /
Minimum percentage of allowance
5%
15%
50%
100%
Classification
Special mention
Substandard
Doubtful
Loss
Penyisihan umum dibentuk untuk kerugian yang
belum teridentifikasi namun diperkirakan mungkin
terjadi berdasarkan pengalaman masa lalu, dari
keseluruhan portofolio pinjaman.
General provisions are maintained for losses that
are not yet identified but can reasonably be
expected to arise, based on historical experience,
from the existing overall loan portfolio.
Penyisihan khusus untuk aset produktif dan
risiko kredit yang digolongkan sebagai dalam
perhatian khusus, kurang lancar, diragukan dan
macet dihitung atas jumlah pokok pinjaman yang
diberikan setelah dikurangi dengan nilai agunan
yang diperkenankan. Pencadangan tidak dibentuk
untuk porsi fasilitas yang dijamin dengan agunan
tunai.
Specific allowance for productive assets and offbalance sheet transactions with credit risk
classified as special mention, substandard,
doubtful and loss is calculated on total loan
principal after deducting the value of allowable
collateral. No allowance is provided for any
portion of facility backed by cash collateral.
* tidak diaudit
unaudited *
235
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
keuangan (lanjutan)
o.
2.
n.
ACCOUNTING
assets (continued)
Aset produktif dan transaksi rekening administratif
yang mempunyai risiko kredit dengan klasifikasi
lancar dan dalam perhatian khusus sesuai dengan
peraturan BI digolongkan sebagai aset produktif
dan transaksi rekening administratif yang tidak
bermasalah. Sedangkan untuk aset produktif dan
risiko kredit dengan klasifikasi kurang lancar,
diragukan, dan macet digolongkan sebagai aset
produktif dan transaksi rekening administratif
bermasalah.
Productive assets and off-balance sheet
transactions with credit risk classified as pass and
special mention in accordance with BI regulations
are considered as performing productive assets
and off-balance sheet transactions. On the other
hand, productive assets and off balance sheet
transactions with credit risk classified as
substandard, doubtful, and loss are considered as
non-performing productive assets and off-balance
sheet transactions.
Penyesuaian atas penyisihan kerugian penurunan
nilai dari aset dicatat dalam periode dimana
penyesuaian tersebut diketahui atau dapat ditaksir
secara wajar. Penyesuaian ini termasuk
penambahan penyisihan kerugian penurunan nilai,
maupun
pemulihan
aset
yang
telah
dihapusbukukan.
Adjustments to the allowance for impairment
losses from assets are reported in the period such
adjustments become known or can be reasonably
estimated. These adjustments include additional
allowance for impairment losses, as well as
recoveries of previously written-off assets.
Penyisihan kerugian penurunan nilai atas aset
yang bukan aset keuangan
o.
Allowance for impairment losses on nonfinancial assets
Nilai tercatat dari aset yang bukan aset keuangan
milik Bank dan Anak Perusahaan, kecuali aset
pajak tangguhan, ditelaah setiap tanggal pelaporan
untuk menentukan apakah terdapat indikasi
penurunan nilai. Jika indikasi tersebut ada, maka
nilai yang dapat diperoleh kembali dari aset
tersebut akan diestimasi. Untuk Goodwill dan aset
tak berwujud yang memiliki masa manfaat yang
tidak dapat ditentukan atau tidak tersedia untuk
digunakan, maka nilai yang dapat diperoleh
kembali harus diestimasi setiap tahunnya pada
saat yang sama.
The carrying amounts of the Bank and
Subsidiaries’ non-financial assets, other than
deferred tax assets, are reviewed at each
reporting date to determine whether there is any
indication of impairment. If any such indication
exists then the asset’s recoverable amount is
estimated. For goodwill and intangible assets that
have indefinite useful lives or that are not yet
available for use, the recoverable amount is
estimated each year at the same time.
Nilai yang dapat diperoleh kembali dari suatu aset
atau unit penghasil kas adalah sebesar jumlah
yang lebih tinggi antara nilai pakainya dan nilai
wajar aset atau unit penghasil kas dikurangi biaya
untuk menjual. Dalam menilai nilai pakai, estimasi
arus kas masa depan didiskontokan ke nilai
sekarang dengan menggunakan tingkat diskonto
sebelum pajak yang mencerminkan penilaian
pasar saat ini terhadap nilai kas kini dan risiko
spesifik terhadap aset tersebut.
The recoverable amount of an asset or cashgenerating unit is the greater of its value in use
and its fair value less costs to sell. In assessing
value in use, the estimated future cash flows are
discounted to their present value using a pre-tax
discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset.
* tidak diaudit
unaudited *
236
2.
IKHTISAR
(lanjutan)
o.
KEBIJAKAN
AKUNTANSI
PENTING
yang bukan aset keuangan (lanjutan)
2.
o.
ACCOUNTING
Allowance for impairment losses on nonfinancial assets (continued)
Untuk tujuan pengujian penurunan nilai, aset yang
tidak dapat diuji secara individual akan
digabungkan dalam kelompok yang lebih kecil
yang memberikan arus kas masuk dari
penggunaan berkelanjutan yang sebagian besar
independen terhadap arus kas masuk atas aset
lainnya atau kelompok aset (“unit penghasil kas”
atau “UPK”). Untuk tujuan penilaian penurunan
nilai dari goodwill, UPK yang memperoleh alokasi
Goodwill akan dijumlahkan sehingga tingkat
dimana penurunan nilai diuji menunjukkan tingkat
terendah dimana Goodwill tersebut dipantau untuk
tujuan pelaporan internal. Goodwill yang diperoleh
dari kombinasi bisnis akan dialokasikan ke
kelompok
UPK
yang
diharapkan
untuk
mendapatkan benefit dari sinergi atas kombinasi
tersebut.
For the purpose of impairment testing, assets that
cannot be tested individually are grouped together
into the smallest group of assets that generates
cash inflows from continuing use that are largely
independent of the cash inflows of other assets or
groups of assets (the “cash generating unit” or
“CGU”). For the purposes of goodwill impairment
testing, CGUs to which goodwill has been
allocated are aggregated so that the level at
which impairment is tested reflects the lowest
level at which goodwill is monitored for internal
reporting purposes. Goodwill acquired in a
business combination is allocated to groups of
CGUs that are expected to benefit from the
synergies of the combination.
Aset Bank dan Anak Perusahaan yang tidak dapat
dialokasi tidak menghasilkan arus kas masuk yang
terpisah. Jika terdapat indikasi bahwa aset Bank
dan Anak Perusahaan yang tidak dapat dialokasi
mungkin mengalami penurunan nilai, maka nilai
yang dapat diperoleh kembali ditentukan untuk
UPK dimana aset yang tidak dapat dialokasi
tersebut dimiliki.
The Bank and Subsidiaries’ unallocated assets do
not generate separate cash inflows. If there is an
indication that an unallocated asset may be
impaired, then the recoverable amount is
determined for the CGU to which the unallocated
asset belongs.
Penyisihan penurunan nilai diakui jika nilai tercatat
dari suatu aset atau UPK melebihi nilai yang dapat
diperoleh kembali. Penyisihan penurunan nilai
diakui pada laporan laba rugi konsolidasian
periode/tahun berjalan. Penyisihan penurunan nilai
yang diakui sehubungan dengan UPK akan
dialokasikan pertama kali untuk mengurangi nilai
tercatat dari Goodwill yang dialokasikan ke UPK
dan kemudian mengurangi nilai tercatat dari aset
lainnya di dalam unit tersebut (kelompok unit)
secara pro rata.
An impairment loss is recognized if the carrying
amount of an asset or a CGU exceeds its
recoverable amount. Impairment losses are
recognized in the current period/year consolidated
statements of income. Impairment losses
recognized in respect of CGUs are allocated first
to reduce the carrying amount of any goodwill
allocated to the CGU and then to reduce the
carrying amount of the other assets in the unit
(group of units) on a pro rata basis.
Penyisihan penurunan nilai sehubungan dengan
Goodwill tidak dapat dijurnal balik. Sehubungan
dengan aset lainnya, penyisihan penurunan nilai
diakui pada periode/tahun sebelumnya dinilai pada
setiap tanggal pelaporan untuk melihat adanya
indikasi bahwa kerugian telah menurun atau tidak
ada lagi. Kerugian penurunan nilai dijurnal balik
jika terdapat perubahan estimasi yang digunakan
dalam menentukan nilai yang dapat diperoleh
kembali.
An impairment loss in respect of goodwill is not
reversed. In respect of other assets, impairment
losses recognized in prior period/year are
assessed at each reporting date for any
indications that the loss has decreased or no
longer exists. An impairment loss is reversed if
there has been a change in the estimates used to
determine the recoverable amount.
* tidak diaudit
unaudited *
237
2.
IKHTISAR
(lanjutan)
o.
KEBIJAKAN
AKUNTANSI
PENTING
2.
o.
ACCOUNTING
Penyisihan kerugian penurunan nilai dijurnal balik
hanya hingga nilai tercatat aset tidak melebihi nilai
tercatat yang telah ditentukan, dikurangi dengan
depresiasi atau amortisasi, jika penyisihan
penurunan nilai tidak pernah diakui.
An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed
the carrying amount that would have been
determined, net of depreciation or amortization, if
no impairment loss had been recognized.
Sebelum 1 Januari 2011, perseroan membentuk
penyisihan penghapusan atas aset non-produktif
sesuai dengan peraturan BI. Aset non-produktif
terdiri dari agunan yang diambil alih, properti
terbengkalai, rekening antar kantor dan suspense
account.
Prior to 1 January 2011, the company provides an
allowance for losses from non-productive assets
in accordance with BI regulation. Non-productive
assets consist of foreclosed assets, abandoned
properties, inter office and suspense accounts.
Sesuai dengan peraturan BI, penggolongan aset
non-produktif berupa agunan yang diambil alih dan
properti terbengkalai adalah sebagai berikut:
In accordance with BI regulation, non-productive
assets in form of foreclosed assets and
abandoned properties are classified as follows:
Penggolongan
Lancar
Kurang lancar
Diragukan
Macet
Lama kepemilikan/
Holding year
Persentase minimum/
Minimum percentage
Sampai dengan 1 tahun/Up to 1 year
Lebih dari 1 tahun sampai dengan 3
tahun/More than 1 year up to 3 years
Lebih dari 3 tahun sampai dengan 5
tahun/More than 3 years up to 5 years
Lebih dari 5 tahun/More than 5 years
0%
Sesuai dengan peraturan BI, penggolongan
kualitas untuk aset non-produktif yang berupa
rekening antar kantor dan suspense account
Penggolongan
Lancar
Macet
Doubtful
50%
100%
Loss
In accordance with BI regulation, the classification
for non-productive assets in form of inter-office
and suspense accounts are as follows:
Sampai dengan 180 hari/
Up to 180 days
Lebih dari 180 hari/
More than 180 days
Penyesuaian atas penyisihan penghapusan aset
non-produktif dicatat dalam periode/tahun dimana
penyesuaian tersebut diketahui atau dapat ditaksir
secara wajar. Termasuk dalam penyesuaian ini
adalah penambahan penyisihan penghapusan
aset non-produktif maupun pemulihan aset nonproduktif yang telah dihapusbukukan sebelumnya.
Pass
Substandard
15%
Persentase minimum/
Minimum percentage
Umur/Aging
Classification
Classification
0%
Pass
100%
Loss
Adjustments to the allowance for losses on nonproductive assets are reported in the period/year
that such adjustments become known or can be
reasonably estimated. These adjustments include
additional allowance for losses as well as
recoveries of previously written-off non-productive
assets.
* tidak diaudit
unaudited *
238
2.
IKHTISAR
(lanjutan)
o.
KEBIJAKAN
AKUNTANSI
PENTING
2.
o.
Aset non-produktif dihapusbukukan dengan
mengurangi penyisihan penghapusan yang
bersangkutan apabila menurut manajemen aset
tersebut tidak mungkin diperoleh kembali lagi.
p.
Piutang pembiayaan konsumen
ACCOUNTING
Non-productive assets are written-off against the
respective
allowance
for
losses
when
management believes that the recoverability of
those assets in unlikely.
p.
Consumer financing receivables
Piutang pembiayaan konsumen merupakan jumlah
piutang setelah dikurangi dengan bagian
pembiayaan bersama, pendapatan pembiayaan
konsumen yang belum diakui dan penyisihan
kerugian penurunan nilai.
Consumer financing receivables are stated at net
of joint financing, unearned consumer financing
income and allowance for impairment losses.
Pendapatan pembiayaan konsumen yang belum
diakui
merupakan
selisih
antara
jumlah
keseluruhan pembayaran angsuran yang akan
diterima dari konsumen dan jumlah pokok
pembiayaan, yang diakui sebagai pendapatan
selama jangka waktu kontrak berdasarkan suku
bunga efektif dari piutang pembiayaan konsumen
yang bersangkutan.
Unearned consumer financing income represents
the difference between total installments to be
received from the consumer and the principal
amount financed, which is recognized as income
over the term of the contract based on effective
interest of the related consumer financing
receivable.
Sejak tanggal 1 Januari 2010, piutang pembiayaan
konsumen diklasifikasikan sebagai pinjaman yang
diberikan dan piutang, yang setelah pengakuan
awal, dicatat pada biaya perolehan diamortisasi
dengan menggunakan metode suku bunga efektif
(lihat Catatan 2.e.5).
Starting 1 January 2010, consumer financing
receivables are classified as loans and
receivables, which subsequent to initial
recognition, are carried at amortized cost using
the effective interest method (see Note 2.e.5).
Piutang pembiayaan konsumen yang pembayaran
angsurannya menunggak lebih dari 90 hari
diklasifikasikan sebagai piutang bermasalah dan
pendapatan pembiayaan konsumen diakui pada
saat pendapatan tersebut diterima (cash basis).
Penyelesaian kontrak sebelum masa pembiayaan
konsumen
berakhir
diperlakukan
sebagai
pembatalan kontrak pembiayaan konsumen dan
keuntungan atau kerugian yang timbul diakui
dalam
laporan
laba
rugi
konsolidasian
Consumer
financing
receivables
which
installments are overdue for more than 90 days
are classified as non-performing receivables and
the related consumer financing income is
recognized only when it is actually collected (cash
basis). Early termination of a contract is treated as
a cancellation of an existing contract and the
resulting gain or loss is recognized in the current
period/year consolidated statements of income.
Sebelum 1 Januari 2011, pada saat piutang
pembiayaan konsumen diklasifikasikan sebagai
piutang bermasalah, pendapatan pembiayaan
konsumen yang telah diakui tetapi belum tertagih
dibatalkan pengakuannya.
Prior to 1 January 2011, when the consumer
financing receivables are classified as nonperforming receivables, any consumer financing
income recognized but not collected is reversed.
* tidak diaudit
unaudited *
239
2.
IKHTISAR
(lanjutan)
p.
q.
KEBIJAKAN
AKUNTANSI
PENTING
Piutang pembiayaan konsumen (lanjutan)
2.
p.
Consumer financing receivables (continued)
Pembiayaan bersama
Joint financing
Dalam pembiayaan bersama antara Bank dan
Anak Perusahaan, Anak Perusahaan berhak
menentukan tingkat bunga yang lebih tinggi
kepada konsumen dibandingkan tingkat bunga
yang ditetapkan dalam perjanjian pembiayaan
bersama dengan Bank.
In joint financing arrangements between Bank
and Subsidiaries, the Subsidiaries have the right
to set higher interest rates to the consumers than
the interest rates stated in the joint financing
agreement with the Bank.
Seluruh kontrak pembiayaan bersama yang
dilakukan oleh Anak Perusahaan merupakan
pembiayaan bersama tanpa tanggung renteng
(without recourse) dimana hanya porsi jumlah
angsuran piutang yang dibiayai Anak Perusahaan
yang dicatat sebagai piutang pembiayaan
konsumen
di
laporan
posisi
keuangan
konsolidasian (pendekatan neto). Pendapatan
pembiayaan konsumen disajikan pada laporan
laba rugi konsolidasian setelah dikurangi dengan
bagian yang merupakan hak pihak-pihak lain yang
berpartisipasi
pada
transaksi
pembiayaan
bersama tersebut.
All joint financing contracts entered by the
Subsidiaries represent joint financing without
recourse in which only the Subsidiaries’ financing
portion of the total installments are recorded as
consumer
financing
receivables
in
the
consolidated statements of financial position (net
approach). Consumer financing income is
presented in the consolidated statements of
income after deducting the portions belong to
other parties participated to these joint financing
transactions.
Piutang premi
q.
Piutang premi asuransi Anak Perusahaan
disajikan bersih setelah dikurangi dengan
penyisihan kerugian penurunan nilai. Piutang
dihapusbukukan pada saat piutang tersebut
dipastikan tidak akan tertagih.
r.
ACCOUNTING
Aset tak berwujud
Premiums receivable
Insurance premium receivables on the Subsidiary
are recorded net of allowance for impairment
losses. The receivables are written-off when they
are determined to be uncollectible.
r.
Intangible assets
Aset tak berwujud terdiri dari goodwill dan
perangkat lunak yang dibeli Bank dan Anak
Perusahaan.
Intangible assets consist of goodwill and software
acquired by the Bank and Subsidiaries.
1. Goodwill
1. Goodwill
Goodwill merupakan selisih lebih antara harga
perolehan investasi dan bagian Bank atas nilai
wajar aset bersih Anak Perusahaan yang
diakuisisi pada tanggal akuisisi.
Goodwill represents the excess of the
acquisition cost over the Bank’s share of fair
value of the acquired subsidiaries’ net assets
at the date of the acquisition.
Sejak tanggal 1 Januari 2011, Goodwill tidak
diamortisasi. Goodwill untuk selanjutnya
disajikan sebesar harga perolehan dikurangi
dengan akumulasi penurunan nilai.
Starting 1 January 2011, Goodwill is not
amortized.
Goodwill
is
subsequently
measured at cost less accumulated
impairment losses.
* tidak diaudit
unaudited *
240
2.
(lanjutan)
r.
Aset tak berwujud (lanjutan)
2.
r.
1. Goodwill (lanjutan)
ACCOUNTING
Intangible assets (continued)
1. Goodwill (continued)
Sebelum tanggal 1 Januari 2011, Goodwill
disajikan sebesar harga perolehan dikurangi
dengan akumulasi amortisasi. Goodwill
diamortisasi dengan metode garis lurus
selama periode 8 dan 10 tahun. Bank
menentukan estimasi manfaat ekonomi atas
goodwill
berdasarkan
penilaian
atas
perusahaan
yang
dibeli,
dengan
mempertimbangkan beberapa faktor seperti
potensi
pertumbuhan,
sinergi
yang
diharapkan dan faktor-faktor inheren lainnya.
2. Perangkat Lunak
Prior to 1 January 2011, Goodwill is
subsequently measured at cost less
accumulated amortization. Goodwill is
amortized using the straight-line method
over a period of 8 and 10 years. The Bank
determines the estimated useful life of
goodwill based on its assessment of the
acquired company, with consideration of
factors such as potential growth, expected
synergy and others factors inherent in the
acquired company.
2. Software
Perangkat lunak yang dibeli oleh Bank dan
Anak Perusahaan dicatat sebesar biaya
perolehan dikurangi akumulasi amortisasi
dan akumulasi kerugian penurunan nilai.
Software acquired by Bank and Subsidiaries
is stated at cost less accumulated
amortization and accumulated impairment
losses.
Pengeluaran
untuk
pengembangan
perangkat lunak secara internal diakui
sebagai aset ketika Bank dan Anak
Perusahaan
dapat
mendemostrasikan
maksud
dan
kemampuannya
untuk
menyelesaikan
pengembangan
dan
memakai perangkat lunak tersebut dalam
menghasilkan keuntungan ekonomis dimasa
mendatang, dan dapat secara handal
mengukur biaya untuk menyelesaikan
pengembangan. Biaya yang dikapitalisasi
dari pengembangan perangkat lunak secara
internal mencakup semua biaya yang dapat
diatribusikan langsung yang dinyatakan pada
biaya yang dikapitalisasi dikurangi akumulasi
amortisasi dan penurunan nilai.
Expenditure on internally developed
software is recognized as an asset when the
Bank and Subsidiaries are able to
demonstrate its intention and ability to
complete the development and use the
software in a manner that will generate
future economic benefits, and can reliably
measure the costs to complete the
development. The capitalized costs of
internally developed software include all
costs directly attributable to develop the
software, and are amortized over its useful
life. Internally developed software is stated
at capitalized cost less accumulated
amortization and impairment losses.
Pengeluaran selanjutnya untuk perangkat
lunak akan dkapitalisasi hanya jika
pengeluaran tersebut menambah manfaat
ekonomis aset yang bersangkutan di masa
mendatang. Semua pengeluaran lainnya
dibebankan pada saat terjadinya.
Subsequent expenditure on software assets
is capitalized only when it increases the
future economic benefits embodied in the
specific asset to which it relates. All other
expenditure is expensed as incurred.
Amortisasi diakui dalam laporan laba rugi
konsolidasian dengan menggunakan metode
garis lurus sepanjang masa manfaat dari
perangkat lunak tersebut, dari tanggal
perangkat lunak tersebut tersedia untuk
dipakai. Estimasi masa manfaat dari
perangkat lunak adalah lima tahun.
Amortization is recognized in consolidated
statements of income on a straight-line
basis over the estimated useful life of the
software, from the date that it is available for
use. The estimated useful life of software is
five years.
* tidak diaudit
unaudited *
241
2.
(lanjutan)
r.
2.
Aset tak berwujud (lanjutan)
r.
2. Perangkat Lunak (lanjutan)
Intangible assets (continued)
2. Software (continued)
Metode amortisasi, estimasi masa manfaat
dan nilai residual ditelaah pada setiap akhir
periode/tahun pelaporan dan disesuaikan jika
dianggap tepat.
s.
ACCOUNTING
Aset tetap dan penyusutan
Amortization method, useful lives and
residual values are reviewed at each
financial period-end/year-end and adjusted if
appropriate.
s.
Fixed assets and depreciation
Aset tetap pada awalnya dinyatakan sebesar
harga perolehan. Setelah pengukuran awal, aset
tetap diukur dengan model biaya, dicatat pada
harga
perolehan
dikurangi
akumulasi
penyusutan dan akumulasi penurunan nilai.
Fixed assets are initially recognized at
acquisition cost. After initial measurement, fixed
assets are measured using the cost model,
carried at its cost less any accumulated
depreciation and accumulated impairment
losses.
Harga perolehan mencakup harga pembelian
dan semua beban yang terkait secara langsung
untuk membawa aset tersebut ke lokasi dan
kondisi yang diperlukan untuk memungkinkan
aset
tersebut
beroperasi
sebagaimana
ditentukan oleh manajemen.
Acquisition cost includes purchase price and
any costs directly attributable to bringing the
assets to the location and condition necessary
for it to be capable of operating in the manner
intended by management.
Tanah dinyatakan sebesar harga perolehan dan
tidak disusutkan.
Land is stated at cost and not depreciated.
Penyusutan aset tetap selain tanah dihitung
dengan menggunakan metode garis lurus untuk
mengalokasikan harga perolehan hingga
mencapai nilai sisa sepanjang estimasi masa
manfaatnya sebagai berikut:
Depreciation of fixed assets other than land are
calculated on the straight-line method to
allocate their cost to their residual values over
their estimated useful lives as follows:
Tahun/Years
Bangunan
Perlengkapan kantor
Kendaraan bermotor
20
4-5
3-5
Buildings
Office equipment
Motor vehicles
Apabila aset tetap tidak digunakan lagi atau
dijual, maka nilai tercatat dan akumulasi
penyusutannya dikeluarkan dari laporan posisi
keuangan konsolidasian, dan keuntungan dan
kerugian yang terjadi diakui dalam laporan laba
rugi konsolidasian.
When fixed assets are retired or otherwise
disposed of, their carrying values and the
related accumulated depreciation are removed
from the consolidated statements of financial
position, and the resulting gains and losses are
recognised in the consolidated statements of
income.
Akumulasi beban konstruksi aset tetap
dikapitalisasi sebagai aset dalam penyelesaian.
Beban tersebut direklasifikasi ke aset tetap pada
saat proses konstruksi selesai. Penyusutan
mulai dibebankan pada bulan yang sama.
The accumulated costs of the construction of
fixed assets are capitalised as construction in
progress. These costs are reclassified to fixed
assets when the construction is completed.
Depreciation is charged from such month.
* tidak diaudit
unaudited *
242
2.
IKHTISAR
(lanjutan)
s.
KEBIJAKAN
AKUNTANSI
PENTING
Aset tetap dan penyusutan (lanjutan)
2.
s.
Beban perbaikan dan pemeliharaan dibebankan
ke dalam laporan laba rugi konsolidasian
periode/tahun berjalan. Beban renovasi dan
penambahan yang jumlahnya signifikan dicatat
sebagai bagian dari nilai tercatat aset yang
bersangkutan apabila kemungkinan besar Bank
dan Anak Perusahaan akan mendapatkan
manfaat ekonomi masa depan dari aset tersebut
yang melebihi standar kinerja yang diperkirakan
sebelumnya.
t.
u.
Agunan yang diambil alih
ACCOUNTING
Fixed assets and depreciation (continued)
Repair and maintenance costs are charged to the
current period/year consolidated statements of
income. Significant cost of renovation and
betterments is included in the carrying amount of
the assets when it is probable that future
economic benefits in excess of the originally
assessed standard of performance of the existing
assets will flow to the Bank and Subsidiaries.
t.
Repossessed assets
Agunan yang diambil alih sehubungan dengan
penyelesaian kredit dinyatakan berdasarkan nilai
terendah antara nilai tercatat pinjaman yang
diberikan terkait atau nilai realisasi bersih dari
agunan yang diambil alih. Nilai realisasi bersih
adalah nilai wajar agunan yang diambil alih setelah
dikurangi beban pelepasan. Selisih lebih antara
nilai tercatat dan nilai realisasi bersih dicatat
sebagai penyisihan penurunan nilai atas agunan
yang diambil alih dan dibebankan pada laporan
Repossessed assets acquired in conjunction with
settlement of loans are stated at the lower of
related loans’ carrying value or net realisable
value of the repossessed assets. Net realisable
value is the fair value of the repossessed assets
after deducting the estimated cost of disposal.
The excess between the carrying value and the
net realisable value is recorded as allowance for
decline in value of repossessed assets and is
charged to the current period/year consolidated
Beban-beban sehubungan dengan perolehan dan
pemeliharaan agunan yang diambil alih tersebut
Expenses in relation with the acquisition and
maintenance of those repossessed assets are
charged as incurred.
Piutang lain-lain
u.
Other receivables
Salah satu bagian dari aset lain-lain adalah piutang
lain-lain yang merupakan piutang yang berasal
dari jaminan kendaraan dan barang-barang
konsumsi milik konsumen untuk pelunasan
piutang pembiayaan konsumen, yang dinyatakan
sebesar nilai terendah antara nilai tercatat piutang
pembiayaan konsumen terkait atau nilai realisasi
bersih dari jaminan kendaraan dan barang-barang
konsumsi milik konsumen tersebut. Selisih antara
nilai tercatat dan nilai realisasi bersih dicatat
sebagai penyisihan kerugian penurunan nilai
piutang lain-lain dan dibebankan pada laporan
A part of other assets is other receivables which
represent the receivables deriving from motor
vehicles and consumer goods collateral owned by
customers for settlement of their consumer
financing receivables, which is presented at the
lower of carrying value of the related consumer
financing receivables or net realizable value of the
motor vehicles and consumer goods collaterals.
The difference between the carrying value and
the net realizable value is recorded as allowance
for impairment losses of other receivables and is
charged to the current period/year consolidated
Anak Perusahaan menerima kendaraan dan
barang-barang konsumsi dari konsumen dan
membantu untuk menjual kendaraan dan barangbarang konsumsi tersebut sehingga konsumen
dapat melunasi utang pembiayaan konsumennya.
The Subsidiaries receive motor vehicles and
consumer goods from customers and assist them
in selling their motor vehicles and consumer
goods so that the customers are able to settle
their consumer financing payables.
* tidak diaudit
unaudited *
243
2.
IKHTISAR
(lanjutan)
u.
KEBIJAKAN
AKUNTANSI
PENTING
Piutang lain-lain (lanjutan)
2.
u.
Konsumen memberi kuasa kepada Anak
Perusahaan untuk menjual kendaraan dan
barang-barang konsumsi ataupun melakukan
tindakan lainnya dalam upaya penyelesaian
piutang pembiayaan konsumen bila terjadi
wanprestasi terhadap perjanjian pembiayaan.
Konsumen berhak atas selisih lebih antara nilai
penjualan dari kendaraan dan barang-barang
konsumsi dengan saldo piutang pembiayaan
konsumen. Jika terjadi selisih kurang, kerugian
yang terjadi dibebankan pada laporan laba rugi
konsolidasian periode/tahun berjalan.
v.
Tagihan dan liabilitas akseptasi
ACCOUNTING
Other receivables (continued)
The customer gives the right to the Subsidiaries
to sell the motor vehicles and durable goods or
take any other actions to settle the outstanding
consumer financing receivables in the events of
default. Customers are entitled to the positive
differences between the proceeds from sales of
motor vehicles and consumer goods and the
outstanding consumer financing receivables. If
the differences are negative, the resulting losses
are charged to the current period/year
consolidated statements of income.
v.
Acceptance receivables and payables
Sejak tanggal 1 Januari 2010, setelah pengakuan
awal, tagihan dan liabilitas akseptasi dicatat pada
biaya perolehan diamortisasi.
Starting 1 January 2010, after initial recognition,
acceptance receivables and payables are carried
at amortized cost.
Sebelum tanggal 1 Januari 2010, tagihan dan
liabilitas akseptasi dinyatakan sebesar nilai
nominal Letter of Credit (“L/C”) atau nilai realisasi
L/C yang diaksep oleh bank pengaksep, dikurangi
penyisihan kerugian penurunan nilai.
Prior to 1 January 2010, acceptance receivables
and payables are stated at the nominal value of
the Letter of Credit (“L/C”) or realisable value of
the L/C accepted by the accepting bank, less
w. Simpanan nasabah dan simpanan dari bank
lain
w. Deposits from customers and deposits from
other banks
Sejak tanggal 1 Januari 2010, simpanan nasabah
dan simpanan dari bank lain pada awalnya diukur
pada nilai wajar ditambah biaya transaksi yang
dapat diatribusikan secara langsung dan setelah
pengakuan awal diukur pada biaya perolehan
diamortisasi dengan menggunakan metode suku
bunga efektif.
Starting 1 January 2010, deposits from customers
and deposits from other banks are initially
measured at fair value plus directly attributable
transaction costs and subsequently measured at
their amortized cost using the effective interest
method.
Sebelum tanggal 1 Januari 2010, simpanan
nasabah dan simpanan dari bank lain, dinyatakan
sebesar nilai liabilitas Bank kepada nasabah dan
bank lain.
Prior to 1 January 2010, deposits from customers
and deposits from other banks are stated at the
amounts payable to the account holders and
other banks.
* tidak diaudit
unaudited *
244
2.
IKHTISAR
(lanjutan)
x.
KEBIJAKAN
AKUNTANSI
PENTING
Pendapatan dan beban bunga
2.
x.
ACCOUNTING
Interest income and expenses
Sejak tanggal 1 Januari 2010, pendapatan dan
beban bunga diakui dalam laporan laba rugi
konsolidasian dengan menggunakan metode suku
bunga efektif. Suku bunga efektif adalah tingkat
suku bunga yang secara tepat mendiskontokan
estimasi pembayaran dan penerimaan kas di
masa datang selama perkiraan umur dari aset
keuangan atau liabilitas keuangan (atau, jika lebih
tepat, digunakan tahun yang lebih singkat) untuk
memperoleh nilai tercatat dari aset keuangan atau
liabilitas keuangan. Pada saat menghitung suku
bunga efektif, Bank dan Anak Perusahaan
mengestimasi arus kas di masa datang dengan
mempertimbangkan
seluruh
persyaratan
kontraktual dalam instrumen keuangan tersebut,
tetapi tidak mempertimbangkan kerugian kredit di
masa mendatang.
Starting 1 January 2010, interest income and
expenses are recognized in the consolidated
statements of income using the effective interest
method. The effective interest is the rate that
exactly discounts the estimated future cash
payments and receipts through the expected life
of the financial asset or financial liability (or, where
appropriate, a shorter year) to the carrying
amount of the financial asset or financial liability.
When calculating the effective interest, the Bank
and Subsidiaries estimate future cash flows
considering all contractual terms of the financial
instrument but not future credit losses.
Perhitungan suku bunga efektif mencakup biaya
transaksi
(Catatan
2.e.2)
dan
seluruh
imbalan/provisi dan bentuk lain yang dibayarkan
atau diterima yang merupakan bagian tak
terpisahkan dari suku bunga efektif.
The calculation of effective interest includes
transaction costs (Note 2.e.2) and all fees and
points paid or received that are an integral part of
the effective interest.
Pendapatan dan beban bunga yang disajikan di
dalam laporan laba rugi konsolidasian meliputi:
Interest income and expenses presented in the
consolidated statements of income include:
x
Bunga atas aset keuangan dan liabilitas
keuangan yang dicatat pada biaya perolehan
diamortisasi
yang
dihitung
dengan
menggunakan suku bunga efektif;
x
Interest on financial assets and financial
liabilities at amortized cost calculated on an
effective interest basis;
x
Bunga atas aset keuangan untuk tujuan
investasi yang tersedia untuk dijual yang
dihitung menggunakan suku bunga efektif;
x
Interest on available-for-sale financial assets
calculated on an effective interest basis;
x
Bunga atas semua aset yang diklasifikasikan
dalam
kelompok
diperdagangkan.
Pendapatan bunga dari semua aset keuangan
yang diperdagangkan dipandang insidentil
terhadap kegiatan perdagangan Bank.
x
Interest on all trading assets. Interest income
on all trading financial assets are considered
to be incidental to the Bank’s trading
operations.
Kredit yang pembayaran angsuran pokok atau
bunganya telah lewat 90 hari atau lebih setelah
jatuh tempo, atau yang pembayarannya secara
tepat
waktu
diragukan,
secara
umum
diklasifikasikan sebagai kredit yang mengalami
penurunan nilai (2009 sebagai kredit nonperforming). Kredit non-performing pada tahun
2009 terdiri dari kredit yang digolongkan sebagai
kurang lancar, diragukan dan macet.
Loans which their principal and interest have
been past due for 90 days or more, or where
reasonable doubt exist as to the timely collection,
are generally classified as impaired loans (2009
as non-performing loans). Non-performing loans
in 2009 consist of loans classified as
substandard, doubtful and loss.
* tidak diaudit
unaudited *
245
2.
IKHTISAR
(lanjutan)
x.
y.
KEBIJAKAN
AKUNTANSI
PENTING
Pendapatan dan beban bunga (lanjutan)
2.
x.
ACCOUNTING
Interest income and expenses (continued)
Seluruh penerimaan kas atas kredit yang
diklasifikasikan sebagai diragukan atau macet,
diakui terlebih dahulu sebagai pengurang pokok
kredit. Kelebihan penerimaan kas di atas pokok
kredit diakui sebagai pendapatan bunga dalam
laporan laba rugi konsolidasian tahun berjalan.
All cash receipts from loans classified as doubtful
or loss are applied as a reduction to the principal
first. The excess of cash receipts over the
outstanding principal is recognised as interest
income in the current year consolidated
Sebelum 1 Januari 2011, bunga yang telah diakui
tetapi belum tertagih akan dibatalkan pada saat
kredit diklasifikasikan sebagai kredit yang
mengalami penurunan nilai (2009 sebagai nonperforming).
Prior to 1 January 2011, interest accrued but not
yet collected is reversed when loans are classified
as impaired loans (2009 as non-performing).
Pengakuan pendapatan bunga dari pinjaman yang
diberikan (kredit) dan piutang pembiayaan
konsumen dihentikan pada saat kredit dan piutang
pembiayaan konsumen tersebut diklasifikasikan
sebagai non-performing (kurang lancar, diragukan
dan macet). Pendapatan bunga dari kredit, dan
piutang
pembiayaan
konsumen
yang
diklasifikasikan sebagai non-performing dilaporkan
sebagai tagihan kontinjensi dan diakui sebagai
pendapatan pada saat pendapatan tersebut
diterima (cash basis).
The recognition of interest income on loans and
consumer financing receivables is discontinued
when the loans and consumer financing
receivables are classified as non-performing
(substandard, doubtful and loss). Interest income
from non-performing loans and consumer
financing receivables is reported as contingent
receivables and to be recognised as income
when the cash is received (cash basis).
Pendapatan dan beban underwriting
y.
Underwriting income and expenses
Pendapatan premi bruto diakui sejak berlakunya
polis.
Gross premium income is recognised at the
inception of the policy.
Pendapatan premi bruto asuransi yang berjangka
waktu lebih dari satu tahun diakui sebagai
pendapatan premi tangguhan dan diamortisasi
sesuai dengan periode berlakunya polis asuransi.
Gross premium income with a term of more than
one year is recognised as deferred premium
income and amortized over the period of the
insurance policy.
Premi bruto mencakup premi koasuransi sebesar
bagian pertanggungan Anak Perusahaan.
Gross premiums include the Subsidiary’s share of
coinsurance policy premiums.
Pendapatan underwriting bersih ditentukan setelah
memperhitungkan cadangan untuk premi yang
belum merupakan pendapatan, estimasi klaim
retensi sendiri dan komisi. Metode yang digunakan
untuk menentukan cadangan tersebut adalah
sebagai berikut:
Net underwriting income is determined net after
making provisions for unearned premium
reserves, estimated own retention claims and
commissions. The methods used to determine
these provisions are as follows:
* tidak diaudit
unaudited *
246
2.
IKHTISAR
(lanjutan)
y.
KEBIJAKAN
AKUNTANSI
PENTING
Pendapatan dan beban underwriting (lanjutan)
i)
dihitung dengan menggunakan persentase
agregat dari premi bersih tanggungan sendiri
dengan tarif 40%, kecuali untuk produk
asuransi kesehatan dengan perjanjian
reasuransi inward yang dicatat berdasarkan
statement of account dari pihak lawan dimana
premi yang belum merupakan pendapatan
dihitung secara bulanan pro-rata selama sisa
periode asuransi.
2.
y.
Underwriting
(continued)
i)
Secara keseluruhan, premi yang belum
merupakan pendapatan tidak lebih rendah
dari ketentuan minimum yang diatur dalam
Keputusan
Menteri
Keuangan
No. 424/KMK.06/2003, yaitu 10% dari premi
neto untuk polis dengan masa pertanggungan
tidak lebih dari satu bulan dan 40% dari premi
neto untuk polis dengan masa pertanggungan
lebih dari satu bulan.
ii)
Estimasi klaim retensi sendiri
Cadangan klaim retensi sendiri merupakan
estimasi kewajiban atas beban klaim dalam
proses, setelah dikurangi pemulihan klaim dari
reasuradur, termasuk klaim yang telah terjadi
namun belum dilaporkan (incurred but not
reported) pada tanggal pelaporan.
income
ACCOUNTING
and
expenses
The unearned premium reserve is calculated
based on the aggregate percentage of net
premiums written at the rate of 40%, except
for health insurance product entered under
an inward reinsurance agreement which is
recorded based on the statement of account
from the counterparty, which calculated the
unearned premium reserve on a monthly prorata basis for the remaining insurance period.
In overall, the unearned premium reserve
shall not be less than the minimum
requirement regulated under the Minister of
Finance Decree No. 424/KMK.06/2003, i.e.
10% of net premiums for policies with
coverage period of not more than one month
and 40% of net premiums for policies with
coverage period of more than one month.
ii)
Estimated own retention claims
Estimated claims retained is the estimated
obligation in respect of claims in process, net
of reinsurance recoveries, including incurred
but not reported claims as of the reporting
date.
Beban klaim
Claim expenses
Beban klaim dicatat pada saat terjadinya kerugian.
Beban klaim meliputi klaim yang telah disetujui,
estimasi beban klaim yang masih dalam proses
penyelesaian, estimasi beban klaim yang terjadi
namun belum dilaporkan (“IBNR”), setelah
dikurangi pemulihan klaim dari reasuradur.
Claims expenses are recognised when an
insured loss is incurred. It includes claims
approved, an estimate of the liability for claims
reported but not yet approved, an estimate of
incurred-but-not-reported (“IBNR”) claims, net of
reinsurance recoveries.
Perubahan jumlah estimasi kewajiban klaim,
sebagai akibat proses penelaahan lebih lanjut dan
perbedaan antara jumlah estimasi klaim dengan
klaim yang dibayarkan, diakui dalam laporan laba
rugi konsolidasian pada periode/tahun terjadinya
perubahan.
Changes in the amount of estimated claim
liabilities as a result of further review and
differences between estimated claims and claims
paid are recognised in the consolidated statement
of income in the period/year when the changes
occur.
Penerimaan dari hak subrogasi dan pendapatan
residu dicatat sebagai pengurang beban klaim
pada saat jumlahnya telah diketahui dengan pasti.
Recoveries under subrogation rights and salvage
are recorded as a reduction of claim expenses
when the amount is known.
* tidak diaudit
unaudited *
247
2.
IKHTISAR
(lanjutan)
z.
KEBIJAKAN
AKUNTANSI
PENTING
Pendapatan dan beban provisi dan komisi
2.
z.
ACCOUNTING
Fees and commission income and expense
Sejak tanggal 1 Januari 2010, pendapatan dan
beban provisi dan komisi yang signifikan yang
merupakan bagian tak terpisahkan dari suku
bunga efektif atas aset keuangan atau liabilitas
keuangan dimasukkan ke dalam perhitungan suku
bunga efektif.
Starting 1 January 2010, significant fees and
commission income and expenses that are
integral to the effective interest on a financial
asset or financial liability are included in the
calculation of effective interest.
Pendapatan provisi dan komisi lainnya termasuk
provisi yang terkait dengan kegiatan perkreditan,
kegiatan ekspor-impor, provisi sebagai pengatur
sindikasi dan provisi atas jasa diakui pada saat
jasa tersebut dilakukan.
Other fees and commission income, including
credit related fees, export-import related fees,
syndication lead arranger fees, and services fees
are recognized as the related services are
performed.
Beban provisi dan komisi lainnya sehubungan
dengan transaksi antar bank diakui sebagai beban
pada saat jasa tersebut diterima.
Other fees and commission expense related
mainly to inter-bank transactions which are
expensed as the services are received.
Sebelum tanggal 1 Januari 2010, pendapatan dan
beban provisi dan komisi yang berkaitan langsung
dengan kegiatan pemberian pinjaman Bank,
dan/atau mempunyai jangka waktu tertentu dan
jumlahnya signifikan diakui sebagai pendapatan
ditangguhkan/beban
dibayar
dimuka
dan
diamortisasi dengan menggunakan metode garis
lurus selama jangka waktu pinjaman. Apabila
pinjaman diselesaikan sebelum jatuh tempo, maka
saldo pendapatan provisi dan komisi yang belum
diamortisasi, diakui pada saat pinjaman
diselesaikan.
Prior to 1 January 2010, significant fees and
commission income which are directly related to
the Bank’s lending activities, and/or related to a
specific period and the amount is significant, are
recognized
as
unearned
income/prepaid
expenses and amortized using a straight-line
method over the term of the related loans. The
outstanding balances of unamortized fees and
commissions on loans terminated or settled prior
to maturity are recognised as income at
settlement.
aa. Laba atau rugi dari perubahan nilai wajar
instrumen keuangan
aa. Gain or loss from changes in fair value of
financial instruments
Laba atau rugi dari perubahan nilai wajar
instrumen keuangan merupakan perubahan nilai
wajar efek-efek dan Obligasi Pemerintah yang
diperdagangkan dan instrumen derivatif.
Gain or loss from changes in fair value of financial
instruments represents changes in fair value of
trading marketable securities and Government
Bonds and derivative instruments.
ab. Reasuransi
ab. Reinsurance
Anak Perusahaan mempunyai kontrak reasuransi
treaty proporsional dan non-proporsional, dan
facultative dengan perusahaan asuransi dan
reasuransi di dalam maupun di luar negeri. Tujuan
reasuransi ini adalah untuk membagi risiko yang
melebihi kapasitas retensi Anak Perusahaan.
Penerimaan pemulihan yang diharapkan dari
reasuradur dicatat sebagai klaim reasuransi.
The Subsidiary has proportional and nonproportional treaty reinsurance, as well as
facultative reinsurance contracts with local and
foreign insurance and reinsurance companies.
The objective of the reinsurance is to cede the
risks exceeding the Subsidiary’s retention
capacity. Expected reinsurance recoveries are
recorded as reinsurance claims.
* tidak diaudit
unaudited *
248
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
ab. Reasuransi (lanjutan)
2.
ACCOUNTING
ab. Reinsurance (continued)
Beban premi reasuransi dicatat sebagai
pengurang dari pendapatan premi bruto. Apabila
reasuradur gagal memenuhi kewajibannya, maka
Anak Perusahaan tetap memiliki kewajiban
kepada pemegang polis atas kerugian yang telah
direasuransikan.
ac. Obligasi yang diterbitkan
Reinsurance premium cost is presented as a
reduction of gross premium income. The
Subsidiary remains liable to the policy holders for
reinsured losses in the event the reinsurers are
unable to meet their obligations.
ac. Bonds issued
Obligasi yang diterbitkan dicatat sebesar nilai
nominal dikurangi saldo diskonto yang belum
diamortisasi. Beban emisi obligasi sehubungan
dengan penerbitan obligasi diakui sebagai
diskonto dan dikurangkan langsung dari hasil emisi
obligasi. Diskonto diamortisasi selama jangka
waktu obligasi tersebut dengan menggunakan
metode suku bunga efektif (sebelum 1 Januari
2010 dengan menggunakan metode garis lurus).
ad. Pinjaman subordinasi
Bonds issued are presented at nominal value, net
of unamortized discounts. Bond issuance costs in
connection with the issuance of bonds are
recognised as discounts and directly deducted
from the proceeds of bonds issued. The discounts
are amortized over the period of the bonds using
the effective interest method (prior to 1 January
2010 using the straight-line method).
ad. Subordinated debts
Pinjaman subordinasi dicatat sebesar nilai nominal
dikurangi saldo diskonto yang belum diamortisasi.
Selisih antara nilai nominal dengan kas yang
diterima diakui sebagai diskonto atau premi dan
diamortisasi sepanjang jangka waktu pinjaman
berdasarkan metode suku bunga efektif (sebelum
1 Januari 2010 dengan menggunakan metode
garis lurus).
ae. Perpajakan
Subordinated debts are presented at nominal
value, net of unamortized discounts. The
differences between nominal value and cash
received are recognised as discounts or premium
and amortized over the period of the debts using
the effective interest method (prior to 1 January
2010 using the straight-line method).
ae. Taxation
Beban pajak terdiri dari beban pajak kini dan
beban pajak tangguhan. Beban pajak diakui pada
laporan laba rugi konsolidasian kecuali untuk item
yang langsung diakui di komponen ekuitas lainnya,
dimana beban pajak yang terkait dengan item
tersebut diakui di pendapatan komprehensif lain.
Income tax expense comprises of current and
deferred tax. Income tax expense is recognized in
the consolidated statement of income except to
the extent it relates to items recognized directly in
other equity components, in which case it is
recognized in other comprehensive income.
Beban pajak kini adalah utang pajak yang
ditentukan berdasarkan laba kena pajak untuk
periode/tahun yang bersangkutan yang dihitung
berdasarkan tarif pajak yang berlaku atau yang
secara substansial telah berlaku pada tanggal
pelaporan.
Current tax is the expected tax payable on the
taxable income for the period/year, using tax rates
enacted or substantively enacted at the reporting
date.
* tidak diaudit
unaudited *
249
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
ae. Perpajakan (lanjutan)
2.
ACCOUNTING
ae. Taxation (continued)
Bank dan Anak Perusahaan menerapkan metode
aset dan liabilitas dalam menghitung beban
pajaknya. Dengan metode ini, aset dan liabilitas
pajak tangguhan diakui pada setiap tanggal
pelaporan sebesar perbedaan temporer aset dan
liabilitas untuk tujuan akuntansi dan tujuan pajak.
Metode ini juga mengharuskan pengakuan
manfaat pajak di masa akan datang, jika
kemungkinan realisasi manfaat tersebut di masa
mendatang cukup besar (probable). Tarif pajak
yang berlaku atau yang secara substansial telah
berlaku digunakan dalam menentukan pajak
penghasilan tangguhan.
The Bank and Subsidiaries adopt the asset and
liability method in determining its income tax
expense. Under this method, deferred tax assets
and liabilities are recognised at each reporting
date for temporary differences between the
financial and tax bases of assets and liabilities.
This method also requires the recognition of
future tax benefits, to the extent that realization of
such benefits is probable. Currently enacted or
substantially enacted tax rates are used in the
determination of deferred income tax.
Aset pajak tangguhan diakui apabila terdapat
kemungkinan besar bahwa jumlah laba fiskal pada
masa
datang
akan
memadai
untuk
mengkompensasi perbedaan temporer yang
menimbulkan aset pajak tangguhan tersebut.
Deferred tax assets are recognised to the extent
that it is probable that future taxable profit will be
available to compensate the temporary
differences which result in such deferred tax
assets.
Perubahan terhadap kewajiban perpajakan dicatat
pada saat diterimanya surat ketetapan, atau
apabila dilakukan banding, ketika hasil banding
diterima.
Amendments to taxation obligations are recorded
when an assessment is received or, if appeal is
applied, when the results of the appeal are
received.
af. Imbalan kerja
af. Employee benefits
Kewajiban imbalan pasca-kerja
Obligation for post-employment benefits
Bank dan Anak Perusahaan memiliki berbagai
program pensiun sesuai dengan peraturan
perundang-undangan yang berhubungan dengan
ketenagakerjaan atau kebijakan yang dimiliki oleh
Bank dan Anak Perusahaan. Program-program ini
pada umumnya didanai melalui pembayaran
kepada pengelola dana pensiun yang jumlahnya
ditentukan berdasarkan perhitungan aktuaria yang
dilakukan secara berkala.
The Bank and Subsidiaries have various pension
schemes in accordance with prevailing laborrelated laws and regulations or Bank and
Subsidiaries’ policies. The schemes are generally
funded through payments to trustee-administered
funds at an amount as determined by periodic
actuarial calculations.
Program pensiun imbalan pasti adalah program
pensiun yang menentukan jumlah imbalan pensiun
yang akan diberikan, biasanya berdasarkan satu
faktor atau lebih seperti usia, masa kerja atau
kompensasi. Program pensiun iuran pasti adalah
program pensiun dimana perusahaan akan
membayar iuran tetap kepada sebuah entitas yang
terpisah (dana pensiun) dan tidak memiliki
kewajiban hukum atau konstruktif untuk membayar
kontribusi lebih lanjut apabila dana pensiun
tersebut tidak memiliki aset yang memadai untuk
membayar seluruh imbalan karyawan yang timbul
dari pelayanan yang diberikan oleh karyawan pada
masa kini dan masa lalu.
A defined benefit pension plan is a pension plan
that defines an amount of pension benefits to be
provided, usually as a function of one or more
factors such as age, years of services or
compensation. A defined contribution plan is a
pension plan under which a company pays fixed
contributions to a separate entity (a fund) and will
have no legal or constructive obligations to pay
further contributions if the fund does not hold
sufficient assets to pay all employees benefits
relating to employee service in the current and
prior periods.
* tidak diaudit
unaudited *
250
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
af. Imbalan kerja (lanjutan)
2.
ACCOUNTING
af. Employee benefits (continued)
Kewajiban imbalan pasca-kerja (lanjutan)
Obligations for post-employment benefits
(continued)
Kewajiban program imbalan pasti yang diakui di
laporan posisi keuangan konsolidasian dihitung
sebesar nilai kini dari estimasi kewajiban imbalan
pasca-kerja di masa depan yang timbul dari jasa
yang telah diberikan oleh karyawan pada masa
kini dan masa lalu, dikurangi dengan nilai wajar
aset bersih dana pensiun. Perhitungan dilakukan
oleh aktuaris independen dengan metode
projected-unit-credit.
The obligation recognised in the consolidated
statements of financial position in respect of
defined benefit pension plans is calculated at
present value of estimated future benefits that the
employees have earned in return for their
services in the current and prior periods,
deducted by any plan assets. The calculation is
performed by an independent actuary using the
projected-unit-credit method.
Ketika imbalan pasca-kerja berubah, porsi
kenaikan atau penurunan imbalan sehubungan
dengan jasa yang telah diberikan oleh karyawan
pada masa lalu dibebankan atau dikreditkan ke
dalam laporan laba rugi konsolidasian dengan
menggunakan metode garis lurus (straight-line
method) selama rata-rata sisa masa kerja
karyawan hingga imbalan pasca kerja menjadi hak
karyawan (vested). Imbalan pasca kerja yang telah
menjadi hak karyawan diakui segera sebagai
beban dalam laporan laba rugi konsolidasian.
When the benefits of a plan change, the portion of
the increased or decreased benefits relating to
past services by employees is charged or
credited to the consolidated statements of income
on a straight-line basis over the average
remaining service year until the benefits become
vested. To the extent that the benefits vest
immediately, the expense is recognised
immediately in the consolidated statements of
income.
Keuntungan atau kerugian aktuaria diakui sebagai
pendapatan atau beban apabila akumulasi
keuntungan atau kerugian aktuaria bersih yang
belum diakui pada akhir periode/tahun pelaporan
sebelumnya melebihi 10% dari nilai kini imbalan
pasca-kerja pada tanggal tersebut. Keuntungan
atau kerugian diakui dengan menggunakan
metode garis lurus (straight-line method) selama
sisa masa kerja rata-rata karyawan. Jika tidak,
keuntungan atau kerugian aktuaria tidak diakui.
Actuarial gains or losses are recognised as
income or expense when the net cumulative
unrecognised actuarial gains or losses at the end
of the previous reporting period/year exceeded
10% of the present value of the defined benefit
obligation at that date. These gains or losses are
recognised on a straight-line basis over the
average remaining working lives of the
employees. Otherwise, the actuarial gains or
losses are not recognized.
Selain program pensiun imbalan pasti, Bank dan
Anak Perusahaan juga memiliki program iuran
pasti dimana Bank dan Anak Perusahaan
membayar iuran yang dihitung berdasarkan
prosentase tertentu dari gaji pokok karyawan
kepada program asuransi pensiun yang
diselenggarakan oleh dana pensiun lembaga
keuangan. Iuran dibebankan ke dalam laporan
laba rugi konsolidasian pada saat terutang.
In addition to a defined benefit pension plan, the
Bank and Subsidiary also have a defined
contribution plan where the Bank and Subsidiary
pay contributions at a certain percentage of
employees’ basic salaries to a financial institution
pension plans. The contributions are charged to
the consolidated statements of income as they
become payable.
* tidak diaudit
unaudited *
251
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
af. Imbalan kerja (lanjutan)
2.
ACCOUNTING
af. Employee benefits (continued)
Pesangon
Termination benefits
Pesangon terutang ketika karyawan dihentikan
kontrak kerjanya sebelum usia pensiun normal.
Bank dan Anak Perusahaan mengakui pesangon
ketika Bank dan Anak Perusahaan menunjukkan
komitmennya untuk memutuskan kontak kerja
dengan karyawan berdasarkan suatu rencana
formal terperinci yang kecil kemungkinannya untuk
dibatalkan. Pesangon yang akan dibayarkan
dalam waktu lebih dari 12 bulan setelah tanggal
pelaporan didiskontokan untuk mencerminkan nilai
kini.
Termination benefits are payable whenever an
employee’s employment is terminated before the
normal retirement age. The Bank and
Subsidiaries recognise termination benefits when
it is demonstrably committed to terminate the
employment of current employees according to a
detailed formal plan and the possibility to
withdraw the plan is remote. Benefits falling due
more than 12 months after the reporting date are
discounted at present value.
Kompensasi karyawan/manajemen berbasis
saham
Employee/management stock option
Bank memberikan opsi saham kepada para
manajemen dan karyawan yang berhak. Beban
kompensasi ditentukan pada tanggal pemberian
opsi berdasarkan nilai wajar dari opsi saham yang
diberikan yang dihitung dengan menggunakan
metode penentuan harga opsi Binomial dan
kombinasi metode Black & Scholes dengan Upand-In Call Option, dan diakui dalam laporan laba
rugi konsolidasian selama masa bakti karyawan
hingga opsi saham tersebut menjadi hak karyawan
(vesting year).
The Bank provides stock options to key
management
and
eligible
employees.
Compensation cost is measured at grant date
based on the fair value of the stock options using
Binomial and a combination of Black & Scholes
and Up-and-In Call Option pricing models, and is
recognised in the consolidated statements of
income over the vesting year.
Program kompensasi jangka panjang
Long-term compensation program
Bank memberikan program kompensasi jangka
panjang kepada Direksi dan karyawan Bank yang
memenuhi persyaratan. Beban kompensasi
ditentukan berdasarkan pencapaian beberapa
penilaian perusahaan dan peringkat kinerja
perorangan. Beban untuk periode/tahun berjalan
diakui pada laporan laba rugi konsolidasian.
The Bank provides long term compensation
program to the Bank’s Board of Directors and
eligible employees. Compensation is measured
based on achievement of certain corporate
measurements and individual performance rating.
The cost for the current period/year is recognised
in the consolidated statements of income.
ag. Laba bersih per saham
ag. Earnings per share
Laba bersih per saham dasar dihitung dengan
membagi laba bersih dengan rata-rata tertimbang
jumlah saham yang beredar pada periode/tahun
berjalan.
Basic earnings per share are computed by
dividing net income with the weighted average
number of shares outstanding during the
period/year.
Laba bersih per saham dilusian dihitung dengan
menggunakan metode yang sama dengan
penghitungan laba bersih per saham dasar,
kecuali bahwa ke dalam perhitungannya
dimasukkan dampak dilutif dari opsi saham.
Diluted earnings per share are computed on a
similar basis with the computation of basic
earnings per share, except that it includes the
dilutive effect from the stock options.
* tidak diaudit
unaudited *
252
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
ah. Beban emisi saham
2.
ACCOUNTING
ah. Shares issuance cost
Beban yang terjadi sehubungan dengan
Penawaran Umum Terbatas IV dengan Hak
Memesan Efek Terlebih Dahulu (Rights Issue) IV,
dicatat sebagai pengurang tambahan modal
disetor, yang merupakan selisih antara nilai yang
diterima dari pemegang saham dengan nilai
nominal saham.
ai. Dividen
Cost incurred in relation with Limited Public
Offering IV with Pre-emptive Rights (Rights Issue)
IV is recorded as deduction to the additional paidup capital which represents the excess of funds
received from the shareholders over the par value
of share.
ai. Dividends
Pembagian dividen kepada para pemegang
saham Bank dan Anak Perusahaan diakui sebagai
sebuah liabilitas dalam laporan keuangan
konsolidasian Bank dan Anak Perusahaan pada
tahun ketika dividen tersebut disetujui oleh para
pemegang saham Bank dan Anak Perusahaan.
aj. Transaksi dengan pihak yang berelasi
Dividend distribution to the Bank’s and
Subsidiaries’ shareholders is recognised as a
liability in the Bank and Subsidiaries’ consolidated
financial statements in the year in which the
dividends are approved by the Bank’s and
Subsidiaries’ shareholders.
aj. Transactions with related parties
Bank dan Anak Perusahaan melakukan transaksi
dengan pihak yang berelasi. Dalam laporan
keuangan konsolidasian ini, istilah pihak yang
berelasi sesuai dengan ketentuan Pernyataan
Standar Akuntansi Keuangan (”PSAK”) No. 7
(Revisi 2010) mengenai “Pengungkapan pihakpihak yang berelasi”.
The Bank and Subsidiaries enter into transactions
with related parties. In these consolidated
financial statements, the term related parties are
used as defined in the Statement of Financial
Accounting Standards (“SFAS”) No. 7 (2010
Revision) regarding “Related party disclosures”.
Jenis transaksi dan saldo dengan pihak yang
berelasi, baik yang dilaksanakan dengan ataupun
tidak dilaksanakan dengan syarat serta kondisi
normal yang sama untuk pihak yang bukan pihak
berelasi, diungkapkan dalam catatan atas laporan
The nature of transactions and balances of
accounts with related parties, whether or not
transacted on normal terms and conditions similar
to those with non-related parties, are disclosed in
the notes to the consolidated financial statements.
ak. Perubahan kebijakan akuntansi
ak. Changes in accounting policies
Berikut ini adalah standar, perubahan dan
interpretasi yang berlaku efektif sejak tanggal
1 Januari 2011 dan relevan dengan Bank dan
Anak Perusahaan:
The following standards, amendments and
interpretations, which became effective starting
1 January 2011, are relevant to the Bank and
Subsidiaries:
- PSAK No. 1 (Revisi 2009), “Penyajian Laporan
Keuangan”.
- SFAS No. 1 (2009 Revision), “Presentation of
Financial Statements”.
- PSAK No. 2 (Revisi 2009), “Laporan Arus Kas”.
- SFAS No. 2 (2009 Revision), “Statement of
Cash Flows”.
- PSAK No. 3 (Revisi 2010), “Laporan Keuangan
Interim”.
- SFAS No. 3 (2010 Revision), “Interim Financial
Reporting”.
* tidak diaudit
unaudited *
253
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
ak. Perubahan kebijakan akuntansi (lanjutan)
2.
ACCOUNTING
ak. Changes in accounting policies (continued)
- PSAK No. 4 (Revisi 2009), “Laporan Keuangan
Konsolidasian
dan
Laporan
Keuangan
Tersendiri”.
- SFAS No. 4 (2009 Revision), “Consolidated
and Separate Financial Statements”.
- PSAK No. 5 (Revisi 2009), “Segmen Operasi”.
- SFAS No. 5 (2009 Revision), “Operating
Segments”.
- PSAK No. 7 (Revisi 2010), “Pengungkapan
Pihak-pihak Berelasi”.
- SFAS No. 7 (2010 Revision), “Related Parties
Disclosures”.
- PSAK No. 8 (Revisi 2010), “Peristiwa Setelah
Periode Pelaporan”.
- SFAS No. 8 (2010 Revision), “Events After the
Reporting Period”.
- PSAK No. 15 (Revisi 2009), “Investasi pada
Entitas Asosiasi”.
- SFAS No. 15 (2009 Revision), “Investments in
Associates”.
- PSAK No. 19
Berwujud”.
- SFAS No. 19 (2010 Revision), “Intangible
Assets”.
(Revisi
2010), “Aset Tak
- PSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”.
- SFAS No. 22 (2010 Revision), “Business
Combinations”.
- PSAK No. 23 (Revisi 2010), “Pendapatan”.
- SFAS No. 23 (2010 Revision), “Revenue”.
- PSAK No. 25 (Revisi 2009), “Kebijakan
Akuntansi, Perubahan Estimasi Akuntansi, dan
Kesalahan”.
- SFAS No. 25 (2009 Revision), “Accounting
Policies, Changes in Accounting Estimates, and
Errors”.
- PSAK No. 48 (Revisi 2009), “Penurunan Nilai
Aset”.
- SFAS No. 48 (2009 Revision), “Impairment of
Assets”.
- PSAK No. 57 (Revisi 2009), “Provisi, Liabilitas
Kontinjensi dan Aset Kontinjensi”.
- SFAS No. 57 (2009 Revision), “Provisions,
Contingent Liabilities and Contingent Assets”.
- PSAK No. 58 (Revisi 2009), “Aset Tidak Lancar
yang Dimiliki untuk Dijual dan Operasi yang
Dihentikan”.
- SFAS No. 58 (2009 Revision), “Non-Current
Assets Held for Sale and Discountinued
Operations”.
- ISAK No. 9, “Perubahan atas Liabilitas Aktivitas
Purnaoperasi, Restorasi dan Liabilitas Serupa”.
- IFAS
No.
9,
“Changes
in
Existing
Decommissioning, Restoration and Similar
Liabilities”.
- ISAK No. 10, “Program Loyalitas Pelanggan”.
- IFAS No. 10, “Customer Loyalty Programmes”.
- ISAK No. 14 (Revisi 2010), “Aset Tak Berwujud Biaya Situs Web”.
- IFAS No. 14 (2010 Revision), “Intangible Assets
- Web Site Costs”.
- ISAK No. 17, “Laporan Keuangan Interim dan
Penurunan Nilai”.
- IFAS No. 17, “Interim Financial Reporting and
Impairment”.
* tidak diaudit
unaudited *
254
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
2.
ACCOUNTING
Dampak dari perubahan kebijakan akuntansi Bank
dan Anak Perusahaan sehubungan dengan
implementasi dari standar akuntansi baru di atas
tidak signifikan kecuali untuk area berikut ini:
The impacts from the changes in the Bank and
Subsidiaries’ accounting policies in response to
the
above
new
accounting
standards
implementation are not significant except for the
following areas:
i.
i.
Penyajian Laporan Keuangan
Presentation of Financial Statements
Bank
dan
Anak
Perusahaan
mengimplementasikan PSAK No. 1 (Revisi
2009), “Penyajian Laporan Keuangan”, yang
berlaku efektif sejak tanggal 1 Januari 2011.
Perubahan signifikan dari standar akuntansi
tersebut terhadap Bank dan Anak Perusahaan
The Bank and Subsidiaries apply SFAS No. 1
(2009 Revision), “Presentation of Financial
Statements”, which became effective as of
1 January 2011. The significant changes of
this accounting standard to the Bank and
Subsidiaries are as follows:
x
Laporan keuangan konsolidasian terdiri
dari
laporan
posisi
keuangan
konsolidasian,
laporan
laba
rugi
konsolidasian,
laporan
laba
rugi
komprehensif
konsolidasian,
laporan
perubahan ekuitas konsolidasian, laporan
arus kas konsolidasian, catatan atas
laporan keuangan konsolidasian dan
penambahan laporan posisi keuangan
konsolidasian yang menunjukkan saldo
awal (dalam hal dimana terjadi reklasifikasi
atau penyajian kembali). Sedangkan
sebelumnya,
laporan
keuangan
konsolidasian
terdiri
dari
neraca
konsolidasian,
laporan
laba
rugi
konsolidasian, laporan perubahan ekuitas
konsolidasian,
laporan
arus
kas
konsolidasian dan catatan atas laporan
x
The consolidated financial statements
comprise of consolidated statement of
financial position, consolidated statement
of income, consolidated statement of
comprehensive income, consolidated
statement of changes in equity,
consolidated statement of cash flows,
notes to consolidated financial statements
and additional consolidated statement of
financial position showing beginning
balance (in case of reclassification or
restatement). Whilst, previously, the
consolidated
financial
statements
comprise of consolidated balance sheets,
consolidated statement of income,
consolidated statement of changes in
equity, consolidated statement of cash
flows and notes to consolidated financial
statements.
x
Kepentingan non-pengendali sebagai
bagian ekuitas, dimana sebelumnya hak
minoritas disajikan terpisah diantara
liabilitas dan ekuitas.
x
Non-controlling interest is presented within
equity, previously minority interest is
presented separately between the
liabilities and equities.
x
Penambahan pengungkapan diperlukan
seperti pertimbangan untuk menerapkan
kebijakan akuntansi dan manajemen
modal.
x
Additional disclosures required, among
others, consideration in determination of
applying accounting policy and capital
management.
Informasi komparatif telah disajikan kembali
agar sesuai dengan standar tersebut. Karena
perubahan pada kebijakan akuntansi hanya
mempengaruhi aspek pengungkapan, maka
tidak ada dampak terhadap laba per saham.
* tidak diaudit
Comparative information has been represented so that it also in conformity with the
revised standard. Since the change in
accounting policy only impacts presentation
aspects, there is no impact on earnings per
share.
unaudited *
255
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
ii.
2.
ACCOUNTING
ISAK No. 10, “Program Loyalitas Pelanggan”
ii.
IFAS No. 10, “Customer Loyalty Program”
Program loyalitas pelanggan digunakan entitas
untuk memberikan insentif kepada pelanggan
untuk membeli barang atau jasa entitas. Jika
pelanggan membeli barang atau jasa, maka
entitas akan memberikan poin penghargaan
kepada pelanggan (seringkali disebut sebagai
“poin”). Pelanggan dapat menukar poin
penghargaan tersebut dengan barang atau
jasa secara gratis atau dengan potongan
harga. Interpretasi ini berlaku untuk poin
penghargaan loyalitas pelanggan yang:
Customer loyalty program are used by entities
to provide customers with incentives to buy
their goods or services. If a customer buys
goods or services, the entity grants the
customer award credits (often described as
‘points’). The customer can redeem the award
credits for awards such as free or discounted
goods or services. This Interpretation applies
to customer loyalty award credits that:
a. entitas berikan kepada pelanggannya
sebagai bagian dari transaksi penjualan
yaitu penjualan barang, pemberian jasa,
atau penggunaan aset entitas oleh
pelanggan, dan
a. an entity grants to its customers as part of
a sales transaction, i.e. a sale of goods,
rendering of services or use by a customer
of entity assets; and
b. bergantung pada pemenuhan terhadap
setiap kondisi lebih lanjut yang disyaratkan,
pelanggan dapat menukar barang atau jasa
secara gratis atau dengan potongan harga
di masa depan.
b. subject to meeting any further qualifying
conditions, the customers can redeem in
the future for free or discounted goods or
services.
Interpretasi ini membahas perlakuan akuntansi
oleh
entitas
yang
memberikan
poin
penghargaan kepada pelanggannya.
The Interpretation addresses accounting by
the entity that grants award credits to its
customers.
iii. Penyajian Segmen Operasi
iii. Presentation of Operating Segments
Sejak tanggal 1 Januari 2011, Bank dan Anak
Perusahaan menentukan dan menyajikan
segmen operasi berdasarkan informasi yang
secara internal diberikan kepada pengambil
keputusan operasional. Perubahan kebijakan
akuntansi disebabkan karena implementasi
PSAK No. 5 (Revisi 2009), “Segmen Operasi”.
Sebelumnya, segmen operasi ditentukan
ditentukan dan disajikan sesuai dengan PSAK
No. 5 (Revisi 2000), “Pelaporan Segmen”.
Kebijakan akuntansi baru sehubungan dengan
pengungkapan atas segmen operasi disajikan
di bawah ini.
* tidak diaudit
Starting 1 January 2011, the Bank and
Subsidiaries determines and presents
operating segments based on the information
that internally is provided to the chief
operating decision maker. This change in
accounting policy is due to the adoption of
SFAS No. 5 (2009 Revision), “Operating
Segments”. Previously operating segments
were
determined
and
presented
in
accordance with SFAS No. 5 (2000 Revision),
“Segment Reporting”. The new accounting
policy in respect of operating segment
disclosures is presented as follows.
unaudited *
256
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
2.
ACCOUNTING
iii. Penyajian Segmen Operasi (lanjutan)
iii. Presentation
(continued)
of
Operating
Segments
Informasi segmen komparatif telah disajikan
kembali agar sesuai dengan ketentuan transisi
dari standar tersebut. Karena perubahan
kebijakan akuntansi hanya berdampak
terhadap aspek penyajian dan pengungkapan,
maka tidak ada dampak terhadap laba per
saham.
Comparative segment information has been
re-presented in conformity with the transitional
requirements of this standard. Since the
change in accounting policy only impacts
presentation and disclosure aspects, there is
no impact on earnings per share.
Segmen operasi adalah suatu komponen dari
entitas yang terlibat dalam aktivitas bisnis yang
mana
memperoleh
pendapatan
dan
menimbulkan beban, termasuk pendapatan
dan beban terkait dengan transaksi dengan
komponen lain dari entitas yang sama, yang
hasil operasinya dikaji ulang secara reguler
oleh pengambil keputusan operasional untuk
membuat keputusan tentang sumber daya
yang dialokasikan pada segmen tersebut dan
menilai kinerjanya, dan tersedia informasi
keuangan yang dapat dipisahkan. Hasil
segmen yang dilaporkan kepada pengambil
keputusan operasional termasuk item yang
dapat diatribusikan secara langsung kepada
segmen dan juga yang dapat dialokasikan
dengan basis yang wajar. Item yang tidak
dapat dialokasikan terutama terdiri dari Divisi
Tresuri, biaya Kantor Pusat dan aset dan
liabilitas pajak penghasilan.
An operating segment is a component of the
entity that engages in business activities from
which it may earn revenues and incur
expenses, including revenues and expenses
that relate to transactions with any of the
entity’s components, whose operating results
are reviewed regularly by the chief operating
decision maker to make decisions about
resources allocated to the segment and
assess its performance, and for which discrete
financial information is available. Segment
results that are reported to the chief operating
decision maker include items directly
attributable to a segment as well as those that
can be allocated on a reasonable basis.
Unallocated items comprise mainly Treasury
Division, Head Office expenses, and income
tax assets and liabilities.
Pengeluaran modal segmen adalah jumlah
beban yang terjadi selama periode untuk
memperoleh aset tetap dan aset tak berwujud
selain goodwill.
Segment capital expenditure is the total cost
incurred during the period to acquire fixed
assets, and intangible assets other than
goodwill.
iv. Akuntansi Kombinasi Bisnis
iv. Accounting for Business Combination
Sejak tanggal 1 Januari 2011, akuntansi atas
kombinasi bisnis mengikuti PSAK No. 22
(Revisi 2010), “Kombinasi Bisnis”. Revisi
standar ini diimplementasikan secara prospektif
untuk kombinasi bisnis pada dan setelah
tanggal 1 Januari 2011 dimana tidak diperlukan
penyesuaian atas aset dan liabilitas dari
kombinasi bisnis yang ada sebelum tanggal
1 Januari 2011.
* tidak diaudit
Starting 1 January 2011, the accounting for
business combination follows SFAS No. 22
(2010 Revision), “Business Combination”. The
revised standard is applied prospectively for
business combination on and after 1 January
2011 which requires no adjustment for assets
and liabilities of business combination entered
prior to 1 January 2011.
unaudited *
257
2.
IKHTISAR
(lanjutan)
KEBIJAKAN
AKUNTANSI
PENTING
2.
iv. Akuntansi Kombinasi Bisnis (lanjutan)
3.
ACCOUNTING
iv. Accounting
(continued)
for
Business
Combination
Perseroan mengukur kepentingan nonpengendali atas basis proporsional pada
jumlah yang diakui atas aset bersih yang
diidentifikasi pada tanggal akuisisi.
The Company measure non-controlling
interest at its proportionate share of the
recognized amount of the identifiable net
assets at acquisition date.
Biaya transaksi, selain biaya yang berhubungan
dengan penerbitan instrumen utang atau
ekuitas,
yang
ditanggung
Perseroan
sehubungan
dengan
kombinasi
bisnis,
Transaction costs, other than those
associated with the issue of debt or equity
securities, that the Company incurs in
connection with a business combination are
expensed as incurred.
Goodwill yang timbul dari akuisisi Anak
Perusahaan dimasukkan sebagai aset tak
berwujud. Bank telah mengubah kebijakan
akuntansi sehubungan dengan akuntansi
kombinasi bisnis.
Goodwill that arises upon the acquisition of
Subsidiaries are included in intangible assets.
The Bank has changed its accounting policy
with respect to accounting for business.
Penerapan atas standar yang direvisi ini tidak
menimbulkan dampak yang material terhadap
Laporan Keuangan Konsolidasian dan laba per
saham Perseroan.
The application of this revised accounting
standard had no material impact to the
Company’s consolidated financial statements
as well as its earning per share.
PENGGUNAAN ESTIMASI DAN PERTIMBANGAN
3.
USE OF ESTIMATES AND JUDGMENTS
Pengungkapan ini merupakan tambahan atas
pembahasan tentang manajemen risiko keuangan (lihat
Catatan 47).
These disclosures supplement the commentary on
financial risk management (see Note 47).
a.
a.
Sumber utama atas ketidakpastian estimasi
Key sources of estimation uncertainty
a.1. Penyisihan kerugian penurunan nilai aset
keuangan
a.1. Allowances for impairment losses of financial
assets
Evaluasi atas kerugian penurunan nilai aset
keuangan yang dicatat pada biaya perolehan
diamortisasi dijelaskan di Catatan 2n.
Financial assets accounted for at amortized
cost are evaluated for impairment on a basis
described in Note 2n.
Penyisihan kerugian penurunan nilai terkait
dengan pihak lawan spesifik dalam seluruh
penyisihan kerugian penurunan nilai dibentuk
atas tagihan
yang penurunan nilainya
dievaluasi secara individual berdasarkan
estimasi terbaik manajemen atas nilai tunai
arus kas yang diharapkan akan diterima.
Dalam mengestimasi arus kas ini, manajemen
membuat pertimbangan mengenai kondisi
keuangan dari pihak lawan dan nilai bersih
yang dapat direalisasi dari agunan yang
diterima. Setiap aset yang mengalami
penurunan nilai dievaluasi, dan strategi
penyelesaiannya serta estimasi arus kas yang
dinilai dapat diperoleh kembali disetujui secara
independen oleh bagian risiko kredit.
The specific counterparty component of the
total allowances for impairment applies to
claims evaluated individually for impairment
and is based upon management’s best
estimate of the present value of the cash
flows that are expected to be received. In
estimating these cash flows, management
makes judgments about the counterparty’s
financial situation and the net realizable value
of any underlying collateral. Each impaired
asset is assessed on its merits, and the
workout strategy and estimated cash flows
considered recoverable are independently
approved by the credit risk unit.
* tidak diaudit
unaudited *
258
3.
(lanjutan)
a.
Sumber utama atas ketidakpastian estimasi
(lanjutan)
3.
USE OF
(continued)
a.
ESTIMATES
Key sources
(continued)
of
AND
estimation
JUDGMENTS
uncertainty
a.1. Penyisihan kerugian penurunan nilai aset
keuangan (lanjutan)
a.1. Allowances for impairment losses of financial
assets (continued)
Evaluasi penyisihan kerugian penurunan nilai
secara kolektif meliputi kerugian kredit yang
melekat pada portofolio tagihan dengan
karakteristik ekonomi yang serupa ketika
terdapat bukti obyektif bahwa telah terjadi
penurunan nilai tagihan dalam portofolio
tersebut, namun penurunan nilai secara
individu belum dapat diidentifikasi. Dalam
menentukan perlunya untuk membentuk
penyisihan kerugian penurunan nilai secara
kolektif,
manajemen
mempertimbangkan
faktor-faktor seperti kualitas kredit, besarnya
portofolio, konsentrasi kredit dan faktor-faktor
ekonomi. Dalam mengestimasi penyisihan
yang dibutuhkan, asumsi-asumsi dibuat untuk
menentukan model kerugian bawaan dan
untuk menentukan parameter input yang
diperlukan, berdasarkan pengalaman historis
dan kondisi ekonomi saat ini. Ketepatan dari
penyisihan ini bergantung pada seberapa
tepat estimasi arus kas masa depan untuk
menentukan penyisihan individual serta
asumsi model dan parameter yang digunakan
dalam penentuan penyisihan kolektif.
Collectively assessed impairment allowances
cover credit losses inherent in portfolios of
receivables
with
similar
economic
characteristics when there is objective
evidence to suggest that they contain
impaired receivables, but the individual
impaired items cannot yet be identified. In
assessing the need for collective allowances,
management considers factors such as credit
quality, portfolio size, credit concentrations,
and economic factors. In order to estimate
the required allowance, assumptions are
made to define the way inherent losses are
modeled and to determine the required input
parameters, based on historical experience
and current economic conditions. The
accuracy of the allowances depends on how
well these estimate future cash flows for
specific counterparty allowances and the
model assumptions and parameters used in
determining collective allowances.
a.2. Penentuan nilai wajar
a.2. Determining fair values
Dalam menentukan nilai wajar atas aset
keuangan dan liabilitas keuangan dimana
tidak terdapat harga pasar yang dapat
diobservasi, Bank dan Anak Perusahaan
harus menggunakan teknik penilaian seperti
dijelaskan pada Catatan 2.e.6. Untuk
instrumen
keuangan
yang
jarang
diperdagangkan dan tidak memiliki harga yang
transparan, nilai wajarnya menjadi kurang
obyektif dan karenanya, membutuhkan tingkat
pertimbangan yang beragam, tergantung pada
likuiditas, konsentrasi, ketidakpastian faktor
pasar, asumsi penentuan harga, dan risiko
lainnya yang mempengaruhi instrumen
tertentu.
* tidak diaudit
In determining the fair value for financial
assets and financial liabilities for which there
is no observable market price, the Bank and
Subsidiaries must use the valuation
techniques as described in Note 2.e.6. For
financial instruments that trade infrequently
and have little price transparency, fair value is
less objective, and requires varying degrees
of judgment depending on liquidity,
concentration, uncertainty of market factors,
pricing assumptions and other risks affecting
the specific instrument.
unaudited *
259
3.
(lanjutan)
b.
Pertimbangan akuntansi yang penting dalam
menerapkan kebijakan akuntansi Bank dan
Anak Perusahaan
3.
USE OF
(continued)
b.
ESTIMATES
AND
JUDGMENTS
Critical accounting judgments in applying the
Bank and Subsidiaries’ accounting policies
menerapkan kebijakan akuntansi Bank dan Anak
Perusahaan meliputi:
Critical accounting judgments made in applying
the Bank and Subsidiaries’ accounting policies
include:
b.1. Penilaian instrumen keuangan
b.1. Valuation of financial instruments
Kebijakan akuntansi Bank dan Anak
Perusahaan untuk pengukuran nilai wajar
dibahas di Catatan 2.e.6.
The Bank and Subsidiaries’ accounting policy
on fair value measurements is discussed in
Note 2.e.6.
Bank dan Anak Perusahaan mengukur nilai
wajar dengan menggunakan hirarki dari
metode berikut:
The Bank and Subsidiaries measure fair
values using the following hierarchy of
methods:
x
Harga kuotasi di pasar aktif untuk
instrumen keuangan yang sejenis.
x
Quoted market price in an active market
for an identical instrument.
x
Teknik penilaian berdasarkan input yang
dapat diobservasi. Termasuk dalam
kategori ini adalah instrumen keuangan
yang dinilai dengan menggunakan harga
kuotasi di pasar aktif untuk instrumen
yang sejenis; harga kuotasi untuk
instrumen keuangan yang sejenis di
pasar yang kurang aktif; atau teknik
penilaian lainnya dimana seluruh input
signifikan
yang
digunakan
dapat
diobservasi secara langsung ataupun
tidak langsung dari data yang tersedia di
pasar.
x
Valuation
techniques
based
on
observable inputs. This category
includes instruments valued using
quoted market prices in active markets
for similar instruments; quoted prices for
similar instruments in markets that are
considered less than active; or other
valuation techniques where all significant
inputs are directly or indirectly
observable from market data.
Nilai wajar dari aset keuangan dan liabilitas
keuangan yang diperdagangkan di pasar aktif
didasarkan pada kuotasi harga pasar atau
kuotasi dari harga dealer. Untuk seluruh
instrumen keuangan lainnya, Bank dan Anak
Perusahaan
menentukan
nilai
wajar
menggunakan teknik penilaian. Teknik
penilaian termasuk model nilai tunai dan arus
kas yang didiskontokan, dan perbandingan
dengan
instrumen yang sejenis dimana
terdapat harga pasar yang dapat diobservasi.
Asumsi dan input yang digunakan dalam
teknik penilaian termasuk suku bunga bebas
risiko (risk-free) dan suku bunga acuan, credit
spread dan variabel lainnya yang digunakan
dalam mengestimasi tingkat diskonto, harga
obligasi, kurs mata uang asing, serta tingkat
kerentanan dan korelasi harga yang
diharapkan.
* tidak diaudit
Fair values of financial assets and financial
liabilities that are traded in active markets are
based on quoted market prices or dealer
price quotations. For all other financial
instruments, the Bank and Subsidiaries
determines fair values using valuation
techniques. Valuation techniques include net
present value and discounted cash flow
models, and comparison to similar
instruments for which market observable
prices exist. Assumptions and inputs used in
valuation techniques include risk-free and
benchmark interest rates, credit spreads and
other premia used in estimating discount
rates, bond prices, foreign currency exchange
rates, and expected price volatilities and
correlations.
unaudited *
260
3.
(lanjutan)
b.
3.
menerapkan kebijakan akuntansi Bank dan
USE OF
(continued)
b.
b.1. Penilaian instrumen keuangan (lanjutan)
AND
JUDGMENTS
Critical accounting judgments in applying the
Bank and Subsidiaries accounting policies
(continued)
b.1. Valuation of financial instruments (continued)
Tujuan dari teknik penilaian adalah penentuan
nilai wajar yang mencerminkan harga dari
instrumen keuangan pada tanggal pelaporan
yang akan ditentukan oleh para partisipan di
pasar dalam suatu transaksi yang wajar.
The objective of valuation techniques is to
arrive at a fair value determination that
reflects the price of the financial instrument at
the reporting date that would have been
determined by market participants acting at
arm’s length.
b.2. Klasifikasi aset dan liabilitas keuangan
b.2. Financial asset and liability classification
Kebijakan akuntansi Bank dan Anak
Perusahaan memberikan keleluasaan untuk
menetapkan aset dan liabilitas keuangan ke
dalam berbagai kategori pada saat
pengakuan awal sesuai dengan standar
akuntansi yang berlaku berdasarkan kondisi
tertentu:
The Bank and Subsidiaries’ accounting
policies provide scope for assets and
liabilities to be designated on inception into
different accounting categories in certain
circumstances:
x
x
In classifying financial assets as
“trading”, the Bank and Subsidiaries
have determined that it meets the
description of trading assets set out in
Note 2.e.1.
x
In classifying financial assets as “held to
maturity”, the Bank and Subsidiaries
have determined that Bank and
Subsidiaries have both the positive
intention and ability to hold the assets
until their maturity date as required (see
Note 2.e.1).
x
4.
ESTIMATES
Dalam
mengklasifikasikan
aset
keuangan
ke
dalam
kelompok
“diperdagangkan”, Bank dan Anak
Perusahaan telah menetapkan bahwa
aset tersebut sesuai dengan definisi
aset dalam kelompok diperdagangkan
yang dijabarkan di Catatan 2.e.1.
Dalam
mengklasifikasikan
aset
keuangan sebagai “dimiliki hingga jatuh
tempo”, Bank dan Anak Perusahaan
telah menetapkan bahwa Bank dan
Anak Perusahaan memiliki intensi
positif dan kemampuan untuk memilki
aset keuangan tersebut hingga tanggal
jatuh tempo seperti yang dipersyaratkan
(lihat Catatan 2.e.1).
KAS
4.
Informasi mengenai jatuh tempo diungkapkan pada
Catatan 47d.
Information in respect of maturities is disclosed in Note
47d.
31 Desember/
December
2010
2009
31 Maret/
March 2011
Rupiah
Mata uang asing
CASH
1,199,933
128,413
1,841,913
143,425
1,998,197
119,171
1,328,346
1,985,338
2,117,368
* tidak diaudit
Rupiah
Foreign currencies
unaudited *
261
4.
5.
KAS (lanjutan)
4.
CASH (continued)
Saldo dalam mata uang Rupiah termasuk uang pada
mesin ATM (Automatic Teller Machines) sejumlah
Rp 215.038 pada tanggal 31 Maret 2011 (31 Desember
2010: Rp 354.519 dan 2009: Rp 310.230).
The Rupiah balance includes cash in ATMs
(Automatic Teller Machines) amounting to Rp 215,038
as at 31 March 2011 (31 December 2010: Rp 354,519
and 2009: Rp 310,230).
Kas dalam mata uang asing terdiri dari Dolar Amerika
Serikat, Dolar Singapura dan Dolar Australia (lihat
Catatan 52).
Cash in foreign currencies are denominated in United
States Dollar, Singapore Dollar and Australian Dollar
(see Note 52).
Informasi mengenai klasifikasi dan nilai wajar kas
diungkapkan pada Catatan 48.
Information with regards to the classification and fair
value of cash was disclosed in Note 48.
GIRO PADA BANK INDONESIA
5.
Catatan 47d.
47d.
2010
2009
31 Maret/
March 2011
Rupiah
Dolar Amerika Serikat
(lihat Catatan 52)
CURRENT ACCOUNTS WITH BANK INDONESIA
5,280,962
5,161,525
2,549,292
Rupiah
583,288
113,363
1,270,888
United States Dollar (see Note 52)
5,864,250
5,274,888
3,820,180
Sesuai PBI No. 10/25/PBI/2008 tanggal 23 Oktober
2008 tentang “Perubahan atas Peraturan BI No.
10/19/PBI/2008 tentang Giro Wajib Minimum (”GWM”)
Bank Umum pada Bank Indonesia dalam Rupiah dan
Valuta Asing”, mulai tanggal 24 Oktober 2009, Bank
wajib memenuhi GWM Sekunder untuk mata uang
Rupiah sebesar 2,5% dari rata-rata jumlah dana pihak
ketiga dalam Rupiah berupa Sertifikat Bank Indonesia
(”SBI”), Surat Utang Negara (”SUN”) dan/atau Excess
Reserve.
In line with BI regulation No. 10/25/PBI/2008 dated
23 October 2008 regarding “Changes on BI
Regulation No. 10/19/PBI/2008 regarding Statutory
Reserve Requirements (“GWM”) of Commercial Bank
in Bank Indonesia in Rupiah and Foreign Currency”,
starting 24 October 2009, Bank is required to fulfil
Secondary GWM for Rupiah Currency amounted to
2.5% from average of total third party funds in Rupiah
through Bank Indonesia Certificates (“SBI”), Surat
Utang Negara (“SUN”) and/or Excess Reserve.
Sesuai PBI No. 12/19/PBI/2010 tanggal 4 Oktober
2010 tentang “GWM Bank Umum pada Bank Indonesia
dalam Rupiah dan Valuta Asing”, mulai tanggal
1 Nopember 2010, GWM Primer dalam mata uang
Rupiah ditetapkan sebesar 8% dari dana pihak ketiga
dalam Rupiah.
4 October 2010 regarding “GWM of Commercial Bank
in Bank Indonesia in Rupiah and Foreign Currency”,
starting 1 November 2010, Primary GWM for Rupiah
Currency amounted to 8% from total third party funds
in Rupiah.
Sesuai PBI No. 13/10/PBI/2011 tanggal 19 Pebruari
2011 tentang “Perubahan atas Peraturan Bank
Indonesia No. 12/19/PBI/2010 tentang “GWM Bank
Umum pada Bank Indonesia dalam Rupiah dan Valuta
Asing”, mulai tanggal 1 Maret 2011 sampai dengan
tanggal 31 Mei 2011, GWM dalam valuta asing
ditetapkan sebesar 5% dari dana pihak ketiga dalam
valuta asing dan mulai tanggal 1 Juni 2011, GWM
dalam valuta asing ditetapkan sebesar 8% dari dana
pihak ketiga dalam valuta asing.
19 February 2011 regarding “Changes on BI
Regulation No. 12/19/PBI/2010 regarding “GWM of
Commercial Bank in Bank Indonesia in Rupiah and
Foreign Currency”, starting 1 March 2011 until 31 May
2011, GWM in foreign currency amounted to 5% from
total third party funds in foreign currency and starting
1 June 2011, GWM in foreign currency amounted to
8% from total third party funds in foreign currency.
* tidak diaudit
unaudited *
262
5.
6.
GIRO PADA BANK INDONESIA (lanjutan)
5.
CURRENT ACCOUNTS WITH BANK INDONESIA
(continued)
Pada tanggal 31 Maret 2011, 31 Desember 2010 dan
2009, GWM Bank masing-masing sebesar 17,50%,
17,82% dan 20,70% untuk mata uang Rupiah serta
sebesar 5,05%, 1,14% dan 11,79% untuk mata uang
asing.
As at 31 March 2011, 31 December 2010 and 2009,
GWM of the Bank were 17.50%, 17.82% and 20.70%
for Rupiah currency, and 5.05%, 1.14% and 11.79%
for foreign currency, respectively.
GWM Bank dalam Rupiah pada tanggal 31 Maret 2011,
31 Desember 2010 dan 2009 sebesar 17,50%, 17,82%
dan 20,70% terdiri dari GWM Utama sebesar 8,09%,
8,26% dan 5,11% dengan menggunakan saldo
rekening giro Rupiah pada BI dan GWM Sekunder
sebesar
9,41%, 9,56% dan 15,59% dengan
menggunakan SBI dan Obligasi Pemerintah.
GWM of the Bank in Rupiah as at 31 March 2011,
31 December 2010 and 2009 of 17.50%, 17.82% and
20.70% consists of Primary GWM of 8.09%, 8.26%
and 5.11% through Rupiah current accounts with BI
and Secondary GWM of 9.41%, 9.56% and 15.59%
through SBI and Government Bonds.
Bank telah memenuhi ketentuan BI yang berlaku
tentang Giro Wajib Minimum Bank Umum.
The Bank has fulfilled BI’s regulation regarding
Statutory Reserve Requirement of Commercial Banks.
Informasi mengenai klasifikasi dan nilai wajar giro pada
Bank Indonesia diungkapkan pada Catatan 48.
value of current accounts with Bank Indonesia was
disclosed in Note 48.
GIRO PADA BANK LAIN
6.
CURRENT ACCOUNTS WITH OTHER BANKS
Giro pada bank lain yang merupakan pihak berelasi
diungkapkan pada Catatan 44a.
Current accounts with other banks which are related
parties are disclosed in Note 44a.
Catatan 47d.
47d.
a.
a.
Berdasarkan mata uang
2010
2009
31 Maret/
March 2011
Rupiah
Mata uang asing
Dikurangi:
Penyisihan kerugian
penurunan nilai
Terdiri dari:
- Pihak berelasi
- Pihak ketiga
By currency
322,308
762,705
304,321
1,354,105
264,230
1,660,240
1,085,013
1,658,426
1,924,470
Rupiah
Foreign currencies
Less:
-
-
1,085,013
1,658,426
1,907,506
58,911
1,026,102
112,134
1,546,292
144,133
1,763,373
1,085,013
1,658,426
1,907,506
* tidak diaudit
(16,964)
Allowance for impairment losses
Consist of:
Related parties Third parties -
unaudited *
263
6.
GIRO PADA BANK LAIN (lanjutan)
a.
b.
c.
6.
Berdasarkan mata uang (lanjutan)
a.
By currency (continued)
Suku bunga efektif rata-rata tertimbang setahun
untuk periode tiga bulan yang berakhir pada
tanggal 31 Maret 2011 adalah 1,22% untuk Rupiah
dan 0,13% untuk mata uang asing (31 Desember
2010: 1,67% dan 0,05% dan 2009: tingkat suku
bunga rata-rata tertimbang 3,90% dan 0,28%).
Weighted average effective interest per annum for
the three-month period ended 31 March 2011 was
1.22% for Rupiah and 0.13% for foreign
currencies (31 December 2010: 1.67% and 0.05%
and 2009: weighted average interest rate 3.90%
and 0.28%).
Giro pada bank lain dalam mata uang asing
terutama terdiri dari Yen Jepang, Dolar Amerika
Serikat, Euro, Dolar Australia, Dolar Hong Kong,
Dolar Singapura dan Poundsterling Inggris (lihat
Catatan 52).
Current accounts with other banks in foreign
currencies are mainly denominated in Japanese
Yen, United States Dollar, Euro, Australian Dollar,
Hong Kong Dollar, Singapore Dollar and Great
Britain Poundsterling (see Note 52).
Berdasarkan kolektibilitas BI
b.
By BI collectibility
Berdasarkan ketentuan BI yang berlaku, semua
giro pada bank lain pada tanggal 31 Maret 2011,
31 Desember 2010 dan 2009 digolongkan lancar.
Based on the prevailing BI regulation, all current
accounts with other banks as at 31 March 2011,
31 December 2010 and 2009 were classified as
pass.
Manajemen
berpendapat
bahwa
jumlah
penyisihan kerugian penurunan nilai atas giro pada
bank lain telah memadai.
Management believes that the allowance for
impairment losses on current accounts with other
banks is adequate.
Perubahan penyisihan kerugian penurunan
nilai
Saldo awal
(Revisi 2006) (Catatan 55)
Pemulihan selama periode/
tahun berjalan
Saldo akhir
c.
Movement of allowance for impairment losses
2010
2009
31 Maret/
March 2011
-
16,964
33,882
-
(16,954)
-
-
(10)
-
Informasi mengenai klasifikasi dan nilai wajar giro pada
bank lain diungkapkan pada Catatan 48.
7.
CURRENT ACCOUNTS WITH OTHER BANKS
(continued)
PENEMPATAN PADA BANK LAIN DAN BANK
INDONESIA
(16,918)
16,964
Beginning balance
Adjustment in connection with the
implementation of SFAS No. 55
(2006 Revision) (Note 55)
Recovery during the period/
year
Ending balance
value of current accounts with other banks was
7.
PLACEMENTS WITH OTHER BANKS AND BANK
INDONESIA
Penempatan pada bank lain yang merupakan pihak
berelasi diungkapkan pada Catatan 44b.
Placements with other banks which are related parties
are disclosed in Note 44b.
Catatan 47d.
47d.
* tidak diaudit
unaudited *
264
7.
INDONESIA (lanjutan)
a.
Berdasarkan jenis dan mata uang
Rupiah
- Penempatan pada Bank
Indonesia (FASBI)
- Call money
- Deposit on call dan
deposito berjangka
Mata uang asing
- Call money
Dikurangi:
Penyisihan kerugian
penurunan nilai
Terdiri dari:
- Pihak berelasi
- Pihak ketiga
INDONESIA (continued)
a.
By type and currency
2010
2009
31 Maret/
March 2011
b.
7.
7,446,345
1,350,000
5,561,356
2,155,000
1,134,253
1,567,535
922,352
9,718,697
874,612
8,590,968
593,165
3,294,953
688,107
10,888
698,995
657,730
8,439
666,169
916,919
2,357
919,276
10,417,692
9,257,137
4,214,229
Rupiah
Placements with Bank Indonesia (FASBI)
Call money Deposit on call and time deposits
Foreign currencies
Call money Time deposits -
Less:
-
-
(24,794)
10,417,692
9,257,137
4,189,435
275,000
10,142,692
595,000
8,662,137
556,875
3,632,560
10,417,692
9,257,137
4,189,435
Consist of:
tanggal 31 Maret 2011 adalah 6,39% untuk Rupiah
dan 0,86% untuk mata uang asing (31 Desember
2010: 6,76% dan 0,71% dan 2009: tingkat suku
bunga rata-rata tertimbang 8,21% dan 0,85%).
6.39% for Rupiah and 0.86% for foreign
currencies (31 December 2010: 6.76% and
0.71% and 2009: weighted average interest rate
8.21% and 0.85%).
Pada tanggal 31 Maret 2011, call money sebesar
Rp 275.000 (31 Desember 2010: Rp 275.000 dan
2009: Rp 742.500) dijaminkan sehubungan
dengan efek yang dijual dengan janji dibeli
kembali.
As at 31 March 2011, call money amounting to
Rp 275,000 (31 December 2010: Rp 275,000 and
2009: Rp 742,500) was pledged as collateral in
relation to securities sold under a repurchase
agreement.
Penempatan pada bank lain dan Bank Indonesia
dalam mata uang asing terdiri dari Dolar Amerika
Serikat, Dolar Australia dan Euro (lihat Catatan 52).
Placements with other banks and Bank Indonesia
in foreign currencies are denominated in United
States Dollar, Australian Dollar and Euro (see
Note 52).
b.
Berdasarkan ketentuan BI yang berlaku, seluruh
penempatan pada bank lain dan Bank Indonesia
pada tanggal 31 Maret 2011, 31 Desember 2010
dan 2009 digolongkan sebagai lancar.
Based on the prevailing BI Regulation, all
placements with other banks and Bank Indonesia
as at 31 March 2011, 31 December 2010 and
2009 were classified as pass.
Manajemen berpendapat bahwa jumlah penyisihan
kerugian penurunan nilai atas penempatan pada
bank lain telah memadai.
impairment losses on placements with other
banks is adequate.
* tidak diaudit
unaudited *
265
7.
INDONESIA (lanjutan)
b.
7.
nilai
b.
2010
2009
31 Maret/
March 2011
Saldo awal
Penyesuaian sehubungan
dengan penerapan PSAK
No. 55 (Revisi 2006)
(Catatan 55)
Pembentukan selama periode/
tahun berjalan
-
24,794
-
(24,794)
-
-
8,330
Beginning balance
Adjustment in connection
with the implementation
of SFAS No. 55
Addition during
the period/year
Saldo akhir
-
-
24,794
Ending balance
Informasi mengenai klasifikasi dan nilai
penempatan
pada
bank
lain
dan
Indonesia diungkapkan pada Catatan 48.
8.
INDONESIA (continued)
wajar
Bank
16,464
-
value of placements with other banks and Bank
Indonesia was disclosed in Note 48.
EFEK-EFEK
8.
MARKETABLE SECURITIES
Catatan 47d.
47d.
a.
a.
31 Maret/March 2011
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
Dimiliki hingga jatuh tempo
(harga perolehan, setelah
premi/diskonto yang belum
diamortisasi):
Rupiah
- Obligasi korporasi,
setelah dikurangi/ditambah
diskonto atau premi yang
belum diamortisasi sebesar
Rp 1.474
- Obligasi korporasi - Syariah
- Surat berharga lainnya
Mata uang asing
- Wesel ekspor
- Fixed-rate notes
- Promissory notes
Jumlah dimiliki hingga jatuh tempo
Held to maturity
(cost, net of unamortized
premium/discount):
Rupiah
87,000
195,000
85,526
195,000
Corporate bonds, net of unamortized
discount or premium
of Rp 1,474
Corporate bonds - Sharia Other marketable securities -
9,928
9,928
291,928
290,454
47,556
174,150
174,150
700
47,556
174,150
174,150
700
396,556
396,556
688,484
687,010
* tidak diaudit
Foreign currencies
Trading export bills Fixed-rate notes Promissory notes Other marketable securities -
Total held to maturity
unaudited *
266
8.
EFEK-EFEK (lanjutan)
a.
8.
Berdasarkan jenis dan mata uang (lanjutan)
MARKETABLE SECURITIES (continued)
a.
By type and currency (continued)
31 Maret/March 2011
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
Tersedia untuk dijual (nilai
wajar):
Rupiah
- Sertifikat Bank Indonesia,
Rp 101.061
- Obligasi korporasi
- Efek utang lainnya
Mata uang asing
Jumlah tersedia untuk dijual
Diperdagangkan (nilai wajar):
Rupiah
Rp 8.923
Jumlah diperdagangkan
Jumlah efek-efek
Available for sale
(fair value):
Rupiah
Bank Indonesia certificates, net of unamortized
discount or premium
of Rp 101,061
Corporate bonds Other debt securities -
4,600,000
234,000
50,000
4,501,616
242,238
50,246
4,884,000
4,794,100
87,075
88,439
Foreign currencies
Corporate bonds -
4,971,075
4,882,539
Total available for sale
Trading (fair value):
Rupiah
200,000
191,011
discount or premium of
Rp 8,923
200,000
191,011
Total trading
5,859,559
5,760,560
Total marketable securities
Dikurangi:
Penyisihan kerugian penurunan nilai
(1,950)
Jumlah efek-efek-bersih
5,758,610
Less:
Total marketable securities-net
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
diamortisasi):
Rupiah
Rp 1.603
Mata uang asing
- Wesel ekspor
- Fixed-rate notes
- Promissory notes
Held to maturity
premium/discount):
Rupiah
87,000
195,000
9,617
85,397
195,000
9,617
291,617
290,014
51,410
360,400
180,200
2,742
51,410
360,400
180,200
2,742
594,752
594,752
886,369
884,766
* tidak diaudit
discount or premium
of Rp 1,603
Foreign currencies
Trading export bills Fixed-rate notes Promissory notes Other marketable securities -
unaudited *
267
8.
a.
8.
a.
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
wajar):
Rupiah
Rp 142.981
- Efek utang lainnya
Mata uang asing
Available for sale
(fair value):
Rupiah
discount or premium
of Rp 142,981
Corporate bonds Other debt securities -
4,050,000
180,000
50,000
3,908,834
195,332
50,105
4,280,000
4,154,271
90,100
92,213
Foreign currencies
Corporate bonds -
4,370,100
4,246,484
Rupiah
Rp 5.310
200,000
194,669
Rp 5,310
200,000
194,669
Total trading
5,456,469
5,325,919
Jumlah efek-efek
Rupiah
Dikurangi:
(1,950)
5,323,969
Less:
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
diamortisasi):
Rupiah
Mata uang asing
- Wesel ekspor
Rp 290
Held to maturity
premium/discount):
Rupiah
180,000
60,365
180,000
60,365
240,365
240,365
28,756
28,756
Foreign currencies
Trading export bills -
28,185
15,089
27,895
15,089
discount or premium
of Rp 290
Other marketable securities -
72,030
71,740
312,395
312,105
* tidak diaudit
unaudited *
268
8.
a.
8.
a.
Nilai nominal/
Nilai tercatat/
Nominal value
Carrying value
wajar):
Rupiah
Rp 11.445
Mata uang asing
Rupiah
Rp 716
Jumlah efek-efek
Available for sale
(fair value):
Rupiah
discount or premium
of Rp 11,445
Corporate bonds -
3,600,000
250,000
3,588,806
241,318
3,850,000
3,830,124
112,740
96,157
Foreign currencies
Corporate bonds -
3,962,740
3,926,281
Rupiah
200,000
199,292
Rp 716
200,000
199,292
Total trading
4,475,135
4,437,678
Dikurangi:
(6,130)
4,431,548
Less:
Efek-efek dalam mata uang asing terdiri dari Dolar
Amerika Serikat (lihat Catatan 52).
Marketable securities in foreign currencies are
denominated in United States Dollar (see Note
52).
Wesel ekspor tidak terdaftar di bursa efek.
The trading export bills are not listed at stock
exchange.
Informasi mengenai klasifikasi dan nilai wajar efekefek diungkapkan pada Catatan 48.
Information with regards to the classification and
fair value of marketable securites was disclosed in
Note 48.
Selama periode tiga bulan berakhir 31 Maret 2011,
kerugian bersih yang belum direalisasi atas
penurunan nilai wajar efek-efek dalam klasifikasi
diperdagangkan diakui sebagai kerugian dalam
laporan laba rugi konsolidasian sebesar Rp 46
(31 Maret 2010: Rp 6; 31 Desember 2010: Rp 29;
dan 2009: keuntungan bersih yang belum
direalisasi sebesar Rp 8).
During the three-month period ended 31 March
2011, unrealised net losses arising from the
decrease in fair value of marketable securities
classified as trading securities were recorded as
loss in the consolidated statements of income
amounting to Rp 46 (31 March 2010: Rp 6;
31 December 2010: Rp 29; and 2009: unrealised
net gain amounting to Rp 8).
Bank mengakui keuntungan bersih atas penjualan
efek-efek sejumlah Rp nihil selama periode tiga
bulan berakhir 31 Maret 2011 (31 Maret 2010:
Rp 5; 31 Desember 2010: Rp 5 dan 2009:
Rp 4.565).
The Bank recognised net gains from the sale of
marketable securities amounting to Rp nil for the
three-month period ended 31 March 2011 (31
March 2010: Rp 5; 31 December 2010: Rp 5 dan
2009: Rp 4,565).
* tidak diaudit
unaudited *
269
8.
b.
8.
Berdasarkan penerbit
b.
Dikurangi:
nilai
4,692,627
588,917
479,016
5,760,560
4,103,503
755,369
467,047
5,325,919
(1,950)
(1,950)
5,323,969
c.
Berdasarkan ketentuan Bank Indonesia yang
berlaku, efek-efek (sebelum penyisihan kerugian
penurunan nilai) digolongkan sebagai berikut:
Bank Indonesia
Banks
Corporates
(6,130)
4,431,548
By BI collectability
Based on prevailing Bank Indonesia regulation,
marketable securities (before allowance for
impairment losses) were classified as follows:
31 Desember/ December
2010
2009
31 Maret/
March 2011
Lancar
Diragukan
3,788,098
193,990
455,590
4,437,678
Less:
5,758,610
c.
By issuer
2010
2009
31 Maret/
March 2011
Bank Indonesia
Bank-bank
Korporasi
5,757,338
3,222
5,325,919
-
4,437,678
-
5,760,560
5,325,919
4,437,678
kerugian penurunan nilai atas efek-efek telah
memadai.
Pass
Doubtful
impairment losses on marketable securities is
adequate.
* tidak diaudit
unaudited *
270
8.
d.
8.
Berdasarkan peringkat
d.
Nilai nominal/
Nominal value
Dimiliki hingga jatuh tempo/
Held to maturity
Rupiah/Rupiah
Obligasi Syariah I Bank Mandiri
Obligasi Syariah Ijarah PLN I
MTN Sukuk Ijarah PTPN III
Obligasi PT PLN XII seri A
Obligasi Syariah Ijarah PT Berlian
Laju Tanker
Obligasi PT Telekomunikasi
Indonesia 2A
Sukuk Ijarah PT Titan
Petrokimia Nusantara I
Sukuk Mudharabah Adhi Karya
Obligasi Syariah Ijarah PLN II
Obligasi PT FIF X seri C
Obligasi PT Jasa Marga XI
Obligasi PT Jasa Marga I
Wesel SKBDN/SKBDN Bills
Mata Uang Asing/Foreign Currencies
Wesel Ekspor/Trading Export Bills
Fixed-rate notes - UBS AG
Promissory notes - Goldman Sachs
Jumlah-dimiliki hingga
jatuh tempo/Total-held to maturity
Tersedia untuk dijual/Available for sale:
Rupiah/Rupiah
Obligasi Bank Panin
Obligasi Perusahaan Listrik
Negara
Obligasi PT Surya Citra
Televisi, Tbk
Sertifikat Bank Indonesia
Obligasi PT Jasa Marga (Persero) Tbk
EBA - BTN
Obligasi Bank Lippo
Jumlah-tersedia untuk
dijual/Total-available for sale
By rating
31 Maret/March 2011
Nilai tercatat/
Nilai wajar/
Carrying value/
Pemeringkat/
Fair value
Rated by
50,000
20,000
40,000
4,000
50,000
20,000
40,000
4,000
Fitch
Pefindo
Pefindo
Pefindo
idAAidAAidAA+
idAA+
20,000
20,000
Pefindo
idA+
15,000
15,000
Pefindo
idAAA
25,000
10,000
30,000
50,000
8,000
10,000
9,928
291,928
25,000
10,000
30,000
50,000
8,506
8,020
9,928
290,454
Pefindo
Pefindo
Pefindo
Pefindo
Pefindo
Pefindo
N/A
idAAidAidAAidAA
idAA
idAA
Non rating
47,556
700
174,150
174,150
396,556
47,556
700
174,150
174,150
396,556
N/A
N/A
Fitch
Fitch
Non rating
Non rating
A+
A+
688,484
687,010
100,000
102,178
Pefindo
idAA
50,000
60,986
Pefindo
idAA+
50,000
4,600,000
34,000
50,000
4,884,000
50,770
4,501,616
28,304
50,246
4,794,100
Pefindo
N/A
Pefindo
Pefindo
idA
Non rating
idAA
idAAA
87,075
88,439
S&P
B+
N/A
Non rating
4,971,075
4,882,539
Diperdagangkan/Trading:
Rupiah/Rupiah
Sertifikat Bank Indonesia/Bank
Indonesia Certificates
200,000
191,011
Jumlah-diperdagangkan/Total-trading
200,000
191,011
5,859,559
5,760,560
Jumlah efek-efek/Total marketable
securities
Peringkat/
Rating
* tidak diaudit
unaudited *
271
8.
d.
8.
Berdasarkan peringkat (lanjutan)
d.
Nilai nominal/
Nominal value
Held to maturity
Rupiah/Rupiah
Obligasi PT PLN XII seri A
Laju Tanker
Obligasi PT Telekomunikasi
Indonesia 2A
Sukuk Ijarah PT Titan
Petrokimia Nusantara I
Obligasi PT FIF X seri C
Obligasi PT Jasa Marga XI
Obligasi PT Jasa Marga I
Wesel Lainnya/Other Bills
Promissory notes - Goldman Sachs
Rupiah/Rupiah
Obligasi Bank Panin
Negara
Televisi, Tbk
Obligasi PT Jasa Marga (Persero) Tbk
EBA - BTN
Obligasi Bank Lippo
By rating (continued)
Nilai tercatat/
Pemeringkat/
Nilai wajar/
Rated by
Carrying value/
Fair value
50,000
20,000
40,000
4,000
50,000
20,000
40,000
4,000
Fitch
Pefindo
Pefindo
Pefindo
idAA+
idAAidAAidAA+
20,000
20,000
Pefindo
idA+
15,000
15,000
Pefindo
idAAA
25,000
10,000
30,000
50,000
8,000
10,000
9,533
84
291,617
25,000
10,000
30,000
50,000
8,550
7,847
9,533
84
290,014
Pefindo
Pefindo
Pefindo
Pefindo
Pefindo
Pefindo
N/A
N/A
idAAidAidAAidAAidAA
idAA
Non rating
Non rating
51,410
2,742
180,200
180,200
180,200
594,752
51,410
2,742
180,200
180,200
180,200
594,752
N/A
N/A
Fitch
Fitch
Fitch
Non rating
Non rating
A+
A+
A+
886,369
884,766
70,000
72,556
Pefindo
idAA
50,000
62,913
Pefindo
idAA+
50,000
4,050,000
10,000
50,000
4,280,000
52,051
3,908,834
7,812
50,105
4,154,271
Pefindo
N/A
Pefindo
Pefindo
idA
Non rating
idAA
idAAA
90,100
92,213
S&P
B+
N/A
Non rating
4,370,100
4,246,484
Rupiah/Rupiah
Sertifikat Bank Indonesia/Bank
Indonesia Certificates
200,000
194,669
200,000
194,669
5,456,469
5,325,919
securities
Peringkat/
Rating
* tidak diaudit
unaudited *
272
8.
d.
8.
Berdasarkan peringkat (lanjutan)
d.
Nilai nominal/
Nominal value
Held to maturity
Rupiah/Rupiah
Laju Tanker
Obligasi Syariah Ijarah PT
Apexindo Pratama Duta
By rating (continued)
Nilai tercatat/
Pemeringkat/
Nilai wajar/
Rated by
Carrying value/
Fair Value
Peringkat/
Rating
50,000
20,000
40,000
50,000
20,000
40,000
Fitch
Pefindo
Pefindo
idAA+
idAAidAA-
20,000
20,000
Pefindo
idA+
10,000
10,000
30,000
60,365
240,365
10,000
10,000
30,000
60,365
240,365
Pefindo
Pefindo
Pefindo
N/A
idA+
idAidAANon rating
28,185
28,756
15,089
72,030
27,895
28,756
15,089
71,740
S&P
N/A
N/A
B
Non rating
Non rating
312,395
312,105
70,000
65,570
Pefindo
idAA-
50,000
52,856
Pefindo
idAA-
50,000
47,065
Pefindo
idA
45,000
41,709
Pefindo
idA+
35,000
3,600,000
3,850,000
34,118
3,588,806
3,830,124
Pefindo
N/A
idA
Non rating
93,950
18,790
112,740
78,420
17,737
96,157
S&P
S&P
BB
3,962,740
3,926,281
Rupiah/Rupiah
200,000
199,292
N/A
Non rating
200,000
199,292
4,475,135
4,437,678
Obligasi MEI Euro Finance Ltd.
Rupiah/Rupiah
Obligasi Bank Panin
Negara
Televisi, Tbk
Obligasi PT Apexindo Pratama
Duta, Tbk
Obligasi PT Tunas Finansindo
Sarana, Tbk
Obligasi Bank Lippo
Obligasi MEI Euro Finance Ltd.
securities
* tidak diaudit
unaudited *
273
8.
e.
8.
Perubahan keuntungan/(kerugian) yang belum
direalisasi
e.
direalisasi atas efek-efek dalam kelompok tersedia
untuk dijual adalah sebagai berikut:
Saldo akhir periode/tahun - bersih
f.
20,616
(25,659)
-
-
(6,559)
Balance, beginning of period/year before deferred income tax
Realised gains from sale
of marketable securities during
the period/year-net
46,275
39,446
16,249
(4,062)
20,616
(5,154)
(25,659)
6,415
Additional of unrealised (losses)/gains
during the period/year - net
Total before deferred
income tax
Deferred income tax
12,187
15,462
(19,244)
Balance end of period/year - net
nilai
f.
2010
2009
Saldo awal
Penambahan/(pemulihan) selama
periode/tahun berjalan
1,950
-
160
Saldo akhir
1,950
1,950
6,130
-
(4,340)
Suku bunga efektif rata-rata tertimbang (2009:
suku bunga rata-rata tertimbang) setahun
tanggal 31 Maret 2011 dan tahun yang berakhir
31 Desember 2010 dan 2009
31 Maret/
March 2011
Obligasi korporasi - Rupiah
Obligasi korporasi - mata uang
asing
Obligasi syariah
(58,546)
(4,367)
31 Maret/
March 2011
g.
Movement in unrealised gains/(losses) for
available for sale marketable securities was as
follows:
2010
2009
31 Maret/
March 2011
Saldo awal periode/tahun - sebelum
pajak penghasilan tangguhan
Laba yang direalisasi atas
penjualan efek-efek selama
periode/tahun berjalan-bersih
Penambahan (rugi)/laba yang
belum direalisasi selama
periode/tahun berjalan - bersih
Jumlah sebelum pajak
penghasilan tangguhan
Pajak penghasilan tangguhan
Movement of unrealised gains/(losses)
6.47%
10.75%
g.
8,694
(2,564)
6,130
Ending balance
Weighted average effective interest rate (2009:
weighted average interest rate) per annum for
the three-month period ended 31 March 2011
and years ended 31 December 2010 and 2009
2010
2009
6.54%
9.16%
11.64%
11.71%
6.97%
12.10%
Beginning balance
Addition/(recovery) during
the period/year
7.65%
11.12%
* tidak diaudit
7.53%
11.90%
Certificates of Bank Indonesia
Corporate bonds - Rupiah
Corporate bonds - foreign currency
Sharia bonds
unaudited *
274
8.
i.
9.
8.
Reklasifikasi efek-efek dalam kelompok dimiliki
hingga jatuh tempo ke kelompok tersedia
untuk dijual
i.
Reclassification
of
held
to
maturity
marketable securities to available for sale
Sesuai dengan ketentuan transisi penerapan
PSAK 55 (revisi 2006), “Instrumen Keuangan:
Pengakuan dan Pengukuran” dan Surat Bank
Indonesia
No.
11/18/DPNP/DPnP
tanggal
14 Januari 2009, efektif tanggal 1 Januari 2010,
Bank telah melakukan reklasifikasi atas efek-efek
dalam kelompok dimiliki hingga jatuh tempo ke
dalam kelompok tersedia untuk dijual dengan
nominal sejumlah USD 3.000.000.
According to transition rule on implementation
PSAK 55 (revised 2006), “Financial Instrument:
Recognition and Measurement” and Bank
Indonesia Letter No. 11/18/DPNP/DPnP dated
14 January 2009, effective on 1 January 2010,
Bank has reclassified its held to maturity
marketable securities to available for sale
category with nominal value amounted to
USD 3,000,000.
Selisih antara nilai pasar atas efek-efek tersebut
dengan nilai tercatatnya pada tanggal pemindahan
sebesar USD 137.241 (setara dengan Rp 1.289)
telah dibukukan dan disajikan sebagai rugi yang
belum direalisasi atas efek-efek dalam kelompok
tersedia untuk dijual, yang dicatat sebagai
komponen ekuitas lainnya.
The difference between market value and
carrying amount of the marketable securities on
the date of reclassification amounted to
USD 137,241 (equivalent to Rp 1,289) has been
booked and presented as unrealised loss of
available for sale marketable securities which is
presented as other equity components.
TAGIHAN DAN LIABILITAS DERIVATIF
9.
Tagihan derivatif dari pihak berelasi diungkapkan pada
Catatan 44c. Informasi mengenai jatuh tempo
diungkapkan pada Catatan 47d.
DERIVATIVE RECEIVABLES AND LIABILITIES
Derivative receivables from related parties are
disclosed in Note 44c. Information in respect of
maturities is disclosed in Note 47d.
31 Maret/March 2011
Instrumen
Kontrak tunai mata
uang asing
Kontrak berjangka mata
uang asing
Swap mata uang asing
Cross currency swaps
Swap suku bunga
Kontrak opsi mata uang
asing
Futures
Nilai kontrak/ nosional (setara dengan
Dolar Amerika Serikat)/
Contract/notional amount (equivalent to
United States Dollar)
Counterparty Bank/
Nasabah/
Counterparty Bank
Customer
Nilai wajar/Fair values
Tagihan derivatif/
Liabilitas derivatif/
Derivative receivables
Counterparty Bank/ Nasabah/ Counterparty Bank/ Nasabah/
Counterparty Bank Customer Counterparty Bank Customer
94,304,998
100,000
585
-
838
5,400,000
220,824,143
387,333,333
182,771,494
11,230,406
90,748,684
116,698,324
37,504
20,834
29,639
1,838
42,975
7,014
961
21,995
138,661
20,761
171 Foreign currency forward
- Foreign currency swaps
266
6,403
Interest rate swaps
44,182,763
54,000,000
44,182,763
-
58,852
109
147,523
6,688
58,515
6,688
474
190,378
58,852 Foreign currency options
Futures
65,693
* tidak diaudit
1
Instruments
Foreign currency spot
unaudited *
275
9.
TAGIHAN DAN LIABILITAS DERIVATIF (lanjutan)
9.
(continued)
Instrumen
Kontrak tunai mata
uang asing
uang asing
Swap suku bunga
asing
Futures
Counterparty Bank/
Nasabah/
Counterparty Bank
Customer
Tagihan derivatif/
Liabilitas derivatif/
Instruments
73,250,848
672,386
1,256
-
994
5
26,554,470
223,547,364
347,733,333
173,218,350
5,525,000
64,502,582
116,773,825
14,747
26,378
37,639
134
12,746
11,412
6,163
4,278
61,067
29,230
38 Foreign currency forward
3,163
14,022
Interest rate swaps
44,947,783
163,000,000
44,947,783
-
70,628
363
14,242
-
14,242
429
Futures
151,011
38,534
116,403
87,856
Instrumen
Kontrak tunai mata
uang asing
uang asing
Swap suku bunga
asing
Futures
Counterparty Bank/
Nasabah/
Counterparty Bank
Customer
Tagihan derivatif/
Liabilitas derivatif /
Instruments
12,959,615
2,710,672
333
30
257
13,950,000
247,327,261
84,977,778
236,502,756
4,680,081
30,364,078
151,021,279
696
42,412
19,390
53,832
290
11,753
32,824
474
54,203
8,547
64,943
2,472 Foreign currency forward
2,557
30,683
Interest rate swaps
87,590,256
57,000,000
87,590,256
-
112,664
339
229,666
51,008
95,905
51,008
28
179,460
Futures
148,376
Less:
Allowance for
impairment losses
Dikurangi:
Penyisihan kerugian
penurunan nilai
(2,296)
227,370
(1,172)
-
94,733
179,460
* tidak diaudit
-
148,376
unaudited *
276
9.
9.
(continued)
2010
2009
31 Maret/
March 2011
Tagihan derivatif terdiri dari:
- Pihak berelasi
- Pihak ketiga
1
206,037
251
189,294
322,103
206,038
189,545
322,103
consist of:
Jumlah nosional adalah suatu jumlah dalam unit mata
uang yang disebutkan dalam perjanjian. Jumlah dalam
daftar di atas disajikan secara bruto (penjumlahan
posisi beli dan jual). Tagihan/liabilitas derivatif
merupakan nilai penyelesaian transaksi derivatif pada
tanggal pelaporan.
A notional amount is a number of the currency units
specified in the contract. The amount in the above
table is presented at gross basis (a sum of buy and
sell position). Derivative receivables/payables
represent the settlement value of derivative
instruments as at the reporting date.
Suku bunga efektif rata-rata tertimbang (2009: suku
bunga rata-rata tertimbang) setahun untuk periode tiga
bulan yang berakhir pada tanggal 31 Maret 2011 dan
tahun yang berakhir 31 Desember 2010 dan 2009
untuk transaksi swap suku bunga adalah sebagai
berikut:
weighted average interest rate) per annum for the
three-month period ended 31 March 2011 and years
ended 31 December 2010 and 2009 for interest rate
swap deals are as follows:
2010
2009
31 Maret/
March 2011
IDR
Yang akan dibayar
Suku bunga mengambang
Suku bunga tetap
7.44%
10.72%
6.83%
10.83%
7.52%
10.87%
IDR
To be paid
Floating
Fixed
Yang akan diterima
Suku bunga tetap
8.11%
10.71%
7.51%
10.99%
7.94%
10.57%
To be received
Floating
Fixed
USD
Yang akan dibayar
Suku bunga tetap
3.71%
2.92%
3.77%
3.79%
4.68%
5.51%
USD
To be paid
Floating
Fixed
Yang akan diterima
Suku bunga tetap
1.30%
6.07%
2.06%
5.47%
2.73%
6.99%
To be received
Floating
Fixed
Pertukaran tingkat suku bunga dieksekusi setiap
bulanan, kuartalan dan semesteran.
The interest rate exchanges are exercised on a
monthly, quarterly and semi annually.
Jangka waktu kontrak swap suku bunga berkisar
antara 2-6 tahun. Pada tanggal 31 Maret 2011, sisa
jangka waktu kontrak dari swap suku bunga berkisar
antara 1 bulan - 4 tahun 10 bulan.
The contract period of interest rate swaps ranged
between 2-6 years. As at 31 March 2011, the
remaining contract period of interest rate swaps
ranged between 1 month - 4 years 10 months.
Berdasarkan ketentuan Bank Indonesia yang berlaku,
tagihan derivatif (sebelum penyisihan kerugian
penurunan nilai) digolongkan sebagai berikut:
derivatives receivables (before allowance for
impairment losses) were classified as follows:
* tidak diaudit
unaudited *
277
9.
9.
2010
2009
31 Maret/
March 2011
Lancar
Kurang lancar
(continued)
206,038
-
189,545
-
324,054
1,517
206,038
189,545
325,571
Pass
Substandard
kerugian penurunan nilai atas tagihan derivatif telah
memadai.
impairment losses on derivative receivables is
adequate.
Tagihan dan liabilitas derivatif dalam mata uang asing
terdiri dari Yen Jepang dan Dolar Amerika Serikat (lihat
Catatan 52).
Derivative receivables and liabilities in foreign
currencies are denominated in Japanese Yen and
United States Dollar (see Note 52).
Selama 2008, Bank telah melakukan beberapa
transaksi kontrak berjangka mata uang asing untuk
nasabahnya yang di dalamnya terdiri dari beberapa
pertukaran mata uang asing pada tanggal-tanggal
yang telah disepakati (mingguan atau dua-mingguan).
Di dalam kontrak-kontrak berjangka mata uang asing
ini terdapat karakteristik opsi tertentu, dimana jika
strike price yang telah ditentukan tercapai atau
terlampaui, nasabah berkewajiban untuk menyerahkan
Dolar Amerika Serikat dalam jumlah tertentu seperti
yang dinyatakan dalam kontrak. Untuk setiap kontrak
yang dilakukan dengan nasabah, Bank melakukan
offsetting transaksi dengan counterparty bank dengan
syarat yang serupa untuk meng-offset risiko pasar.
Kontrak ini dilakukan atas dasar arus mata uang asing
dari nasabah dan tidak mencerminkan aktivitas
perdagangan Bank.
During 2008, the Bank entered into foreign exchange
forward contacts on behalf of customers which
involved a series of foreign currency exchange
contracts, on agreed predetermined delivery dates
(weekly or bi-weekly). These foreign exchange
contracts
incorporate
certain
“option-like”
characteristics, in which if the exchange rate was at
or above a predetermined strike price, the customer
was obliged to deliver a certain amount of United
States Dollars as stated in the contract. For each
contract entered into with the customer, the Bank also
entered into offsetting contracts with counterparty
banks on identical terms in order to offset the market
risk. These contracts were executed on account of
the underlying foreign exchange cash flows from the
customers and did not represent proprietary trading
activities of the Bank.
Sehubungan dengan penurunan nilai Rupiah terhadap
Dolar Amerika Serikat, penurunan harga komoditas di
pasar internasional dan dampak kondisi ekonomi
global yang tidak menguntungkan terhadap bisnis
nasabah pada kuartal terakhir tahun 2008, beberapa
nasabah mengalami kegagalan untuk menyerahkan
jumlah dalam mata uang asing kepada Bank pada saat
jatuh tempo. Melihat penurunan kapasitas nasabah,
Bank telah membatalkan beberapa kontrak dengan
menggunakan harga pasar terkini dan dicatat sebagai
tagihan kepada nasabah. Bank telah melakukan
kesepakatan penyelesaian dengan nasabah.
Due to a significant depreciation of the Rupiah
against the United States Dollar, the reduction of
international commodity prices and the impact of
unfavourable global economic conditions to certain
customers’ business in the last quarter of 2008,
certain customers failed to deliver the foreign
currency amounts to the Bank when they were due.
In the light of the customers’ impaired capacity, the
Bank has unwound some contracts at current market
costs and they were recorded as receivables to
customers. The Bank has negotiated settlement
agreements with the customers.
* tidak diaudit
unaudited *
278
9.
9.
(continued)
Pada tanggal 31 Maret 2011, jumlah kontrak yang
dibatalkan dan menjadi tagihan derivatif yang akan
diselesaikan
oleh
nasabah
adalah
sebesar
2009: Rp 1.195.566) yang telah dibukukan sebagai aset
lain-lain (lihat Catatan 17), dengan jumlah penyisihan
yang dibentuk atas tagihan ini adalah sebesar
Rp 66.705 (31 Desember 2010: Rp 260.969 dan 2009:
Rp 867.111).
As at 31 March 2011, total unwound contracts and
derivative receivables that will be settled by the
customers amounted to Rp 233,132 (31 December
2010: Rp 454,614 and 2009: Rp 1,195,566) and has
been recorded as other assets (see Note 17), with the
total allowance provided for these receivables
amounted to Rp 66,705 (31 December 2010:
Rp 260,969 and 2009: Rp 867,111).
Pada tanggal 31 Maret 2011, tidak terdapat kontrak
berjangka mata uang asing dari nasabah yang
disebutkan di atas yang masih berjalan yang dicatat
sebagai tagihan derivatif.
As at 31 March 2011, there is no outstanding foreign
exchange forward contract on behalf of customers
mentioned above which is recorded as derivative
receivables.
Perubahan penyisihan kerugian penurunan nilai
2010
2009
31 Maret/
March 2011
Saldo awal
Reklasifikasi ke beban dibayar
dimuka dan aset lain-lain
Pemulihan selama periode/
tahun berjalan
Penyesuaian karena penjabaran
mata uang asing
Saldo akhir
-
3,468
-
(3,468)
660,150
-
Beginning balance
Reclassification to prepayments
and other assets
-
-
(631,497)
-
-
(36,872)
-
-
11,687
Recovery during the period/year
Foreign exchange translation
adjustment
-
-
3,468
Ending balance
Informasi mengenai klasifikasi dan nilai wajar tagihan
dan kewajiban derivatif diungkapkan pada Catatan 48.
value of derivative receivables and liabilities was
* tidak diaudit
unaudited *
279
10. PINJAMAN YANG DIBERIKAN
10. LOANS
Pinjaman yang diberikan kepada pihak berelasi
diungkapkan pada Catatan 44d. Informasi mengenai
jatuh tempo diungkapkan Catatan 47d.
Loans to related parties are disclosed in Note 44d.
47d.
a.
a.
2010
2009
31 Maret/
March 2011
Rupiah
Konsumsi
Modal kerja
Investasi
Ekspor
Pinjaman kepada
karyawan kunci
Mata uang asing
Konsumsi
Modal kerja
Investasi
Ekspor
Jumlah
31,647,216
28,501,875
10,961,277
541,136
29,841,271
29,004,566
9,736,569
420,970
21,539,561
24,097,960
9,057,980
226,165
13,214
71,664,718
10,910
69,014,286
4,668
54,926,334
96,103
3,603,764
3,093,092
342,685
7,135,644
109,150
3,122,619
2,792,960
734,507
6,759,236
132,610
2,290,878
2,745,254
484,199
5,652,941
78,800,362
75,773,522
60,579,275
Dikurangi:
Pendapatan bunga
ditangguhkan
Penyisihan kerugian
penurunan nilai
(2,423,805)
(2,505,197)
(2,211,621)
Jumlah - bersih
76,376,557
73,268,325
58,367,570
-
-
Pinjaman yang diberikan dalam mata uang asing
terdiri dari Dolar Amerika Serikat, Dolar Singapura,
Yen Jepang dan Euro (lihat Catatan 52).
(84)
Rupiah
Consumer
Working capital
Investment
Export
Loans to
key management
Foreign currencies
Consumer
Working capital
Investment
Export
Total
Less:
Unearned
interest income
losses
Total - net
Loans in foreign currencies are denominated in
United States Dollar, Singapore Dollar, Japanese
Yen and Euro (see Note 52).
* tidak diaudit
unaudited *
280
10. PINJAMAN YANG DIBERIKAN (lanjutan)
b.
10. LOANS (continued)
Berdasarkan sektor ekonomi
b.
By economic sector
31 Maret/March 2011
Lancar/
Pass
Dalam
Perhatian
Khusus/
Special
Mention
Kurang
Lancar/
Substandard
Diragukan/
Doubtful
Macet/
Loss
Penyisihan
kerugian
penurunan
nilai/
Allowance
for
impairment
losses
Bersih/
Net
Rupiah
Pertanian, perburuan
dan kehutanan
Perikanan
Pertambangan dan
penggalian
Industri pengolahan
Listrik, gas dan air
Konstruksi
Perdagangan besar dan
eceran
Penyediaan akomodasi
dan penyediaan
makan minum
Transportasi,
pergudangan dan
komunikasi
Perantara keuangan
Real estate, usaha
persewaan dan jasa
perusahaan
Administrasi
pemerintahan,
pertahanan dan
jaminan sosial
wajib
Jasa pendidikan
Jasa kesehatan dan
kegiatan sosial
Jasa kemasyarakatan,
sosial budaya, hiburan
dan perorangan
lainnya
Jasa perorangan yang
melayani rumah
tangga
Rumah tangga
Lain-lain
Rupiah
803,984
130,707
35,789
16,774
6,201
3,131
10,325
3,412
9,543
9,537
(17,476)
(7,624)
848,366
155,937
Agriculture, hunting
and forestry
Fishing
205,730
6,127,911
19,848
531,221
19,379
165,795
1,570
3,437
544
99,771
110
1,751
1,663
119,377
133
5,068
1,069
111,736
380
7,258
(3,067)
(156,851)
(573)
(9,519)
225,318
6,467,739
21,468
539,216
Mining and excavation
Manufacturing
Construction
18,412,636
1,074,675
294,996
438,562
381,014
(720,291) 19,881,592
1,032,286
91,419
12,405
21,664
17,345
(41,105)
1,134,014
1,605,123
2,500,584
227,054
2,666
9,150
347
11,218
1,318
77,222
2,817
(61,018)
(17,565)
1,868,749
2,490,167
3,592,169
105,819
26,261
19,850
29,525
(48,943)
3,724,681
3,430
34,013
88
3,095
201
802
347
(28)
(776)
3,490
37,682
232,653
20,976
3,017
3,478
2,149
(5,256)
257,017
962,818
130,961
20,394
33,013
24,975
(41,414)
1,130,747
Wholesale and retail
Accomodation and
food and
beverages
Transportation,
warehousing and
communications
Financial intermediary
Real estate, leasing
services and
servicing companies
Government
administration,
defense
and mandatory
social security
Health and
social services
Services in social,
art, culture,
recreation and other
individual services
30,698
24,169,784
1,320,456
61,716,051
4,413
5,357,693
232,105
7,493,708
784
151,274
14,581
644,918
1,037
225,778
23,187
919,885
972
167,502
46,765
890,156
* tidak diaudit
(1,746)
36,158
(900,649) 29,171,382
(183,134) 1,453,960
(2,217,035) 69,447,683
Individual services
to households
Households
Others
unaudited *
281
b.
Berdasarkan sektor ekonomi (lanjutan)
b.
By economic sector (continued)
31 Maret/March 2011
Lancar/
Pass
Mata uang asing
dan kehutanan
Perikanan
Pertambangan dan
penggalian
Industri pengolahan
Konstruksi
eceran
dan penyediaan
makan minum
Transportasi,
pergudangan dan
komunikasi
....Perantara keuangan
Real estate, usaha
persewaan dan jasa
perusahaan
Jasa kesehatan dan
kegiatan sosial
dan perorangan
lainnya
Rumah tangga
Jumlah - bersih
Dalam
Perhatian
Khusus/
Special
Mention
Kurang
Lancar/
Substandard
Diragukan/
Doubtful
Penyisihan
kerugian
penurunan
nilai/
Allowance
for
impairment
losses
Macet/
Loss
Bersih/
Net
256,614
-
-
-
-
47,891
(2,310)
(47,891)
254,304
-
Foreign currencies
and forestry
Fishing
1,433,312
2,814,088
146,171
19,285
238,586
-
-
42,396
-
40,749
-
(24,579)
(113,364)
(1,097)
1,428,018
3,022,455
145,074
Manufacturing
Construction
572,724
1,403
-
-
968
(4,610)
570,485
34,981
-
-
-
-
(210)
34,771
482,611
94,972
-
-
-
-
(3,708)
(551)
478,903
94,421
671,247
23,954
-
-
457
(5,640)
690,018
527
-
-
-
-
(5)
522
115,896
93,849
6,716,992
2,031
285,259
29
29
111
42,507
708
84
90,857
(2,281)
(524)
(206,770)
114,323
95,580
6,928,874
Accomodation and
food and
beverages
Transportation,
warehousing and
communications
services and
servicing companies
Health and
social services
Services in social,
art, culture,
individual services
Households
68,433,043
7,778,967
644,947
962,392
981,013
* tidak diaudit
(2,423,805) 76,376,557
Total - net
unaudited *
282
b.
b.
Lancar/
Pass
Dalam
Perhatian
Khusus/
Special
Mention
Kurang
Lancar/
Substandard
Diragukan/
Doubtful
Macet/
Loss
Penyisihan
kerugian
penurunan
nilai/
Allowance
for
impairment
losses
Bersih/
Net
Rupiah
dan kehutanan
Perikanan
Pertambangan dan
penggalian
Industri pengolahan
Konstruksi
eceran
dan penyediaan
makan minum
Transportasi,
pergudangan dan
komunikasi
Perantara keuangan
Real estate, usaha
persewaan dan jasa
perusahaan
Administrasi
pemerintahan,
pertahanan dan
jaminan sosial
wajib
Jasa pendidikan
Jasa kesehatan dan
kegiatan sosial
dan perorangan
lainnya
Jasa perorangan yang
melayani rumah
tangga
Rumah tangga
Lain-lain
Rupiah
675,781
131,033
33,461
19,696
6,023
2,561
7,146
3,198
9,585
5,679
(16,440)
(7,350)
715,556
154,817
and forestry
Fishing
225,008
5,696,193
21,344
487,498
8,801
173,414
1,295
9,580
579
23,626
206
75
271
85,559
316
3,003
1,006
129,248
38
8,380
(3,645)
(167,298)
(363)
(7,401)
232,020
5,940,742
22,836
501,135
Manufacturing
Construction
18,871,573
950,911
317,510
419,304
383,766
(757,191) 20,185,873
946,931
80,825
15,208
14,360
13,499
(34,413)
1,036,410
1,695,702
2,566,043
233,676
5,784
5,422
957
44,514
2,816
51,173
1,434
(64,799)
(17,470)
1,965,688
2,559,564
3,080,060
90,903
6,510
20,303
13,990
(42,948)
3,168,818
5,014
37,654
2,612
746
503
701
(34)
(847)
4,980
41,369
233,754
17,061
2,310
2,603
1,396
(4,034)
253,090
992,177
111,393
19,909
18,838
22,954
(36,389)
1,128,882
Accomodation and
food and
beverages
Transportation,
warehousing and
communications
services and
servicing companies
Government
administration,
defense
and mandatory
social security
Health and
social services
Services in social,
art, culture,
individual services
37,320
22,708,376
1,268,986
59,680,447
3,957
5,108,363
207,811
7,059,543
613
142,917
15,706
560,878
819
226,615
25,734
875,902
781
145,920
47,966
837,516
* tidak diaudit
(1,310)
42,180
(901,197) 27,430,994
(193,977) 1,372,226
(2,257,106) 66,757,180
Individual services
to households
Households
Others
unaudited *
283
b.
b.
Lancar/
Pass
Mata uang asing
dan kehutanan
Pertambangan dan
penggalian
Industri pengolahan
Konstruksi
eceran
dan penyediaan
makan minum
Transportasi,
pergudangan dan
komunikasi
....Perantara keuangan
Real estate, usaha
persewaan dan jasa
perusahaan
Jasa kesehatan dan
kegiatan sosial
dan perorangan
lainnya
Rumah tangga
Lain-lain
Jumlah - bersih
Dalam
Perhatian
Khusus/
Special
Mention
Kurang
Lancar/
Substandard
Diragukan/
Doubtful
Penyisihan
kerugian
penurunan
nilai/
Allowance
for
impairment
losses
Macet/
Loss
Bersih/
Net
274,268
-
-
-
-
(2,606)
271,662
Foreign currencies
and forestry
1,204,180
1,630,236
107,775
258,419
-
-
-
150
-
(20,778)
(39,168)
(812)
1,183,552
1,849,487
106,963
Manufacturing
Construction
1,796,798
-
119
78,279
93,194
(170,246)
1,798,144
36,592
-
-
-
-
(249)
36,343
405,079
75,621
-
-
-
-
(3,273)
(469)
401,806
75,152
554,896
27,004
-
591
-
(5,504)
576,987
605
-
-
-
-
(5)
600
106,145
106,793
6,298,988
2,114
287,537
7
126
97
78,967
136
137
1
93,618
(4,302)
(679)
(248,091)
101,979
108,469
1
6,511,145
Accomodation and
food and
beverages
Transportation,
warehousing and
communications
services and
servicing companies
Health and
social services
Services in social,
art, culture,
individual services
Households
Others
65,979,435
7,347,080
561,004
954,869
931,134
* tidak diaudit
(2,505,197) 73,268,325
Total - net
unaudited *
284
b.
b.
Dalam
Perhatian
Khusus/
Special
Mention
Lancar/
Pass
Rupiah
Perdagangan,
restoran dan hotel
Industri pengolahan
Pertanian, peternakan
dan sarana pertanian
Jasa-jasa dunia usaha
Jasa-jasa sosial/
masyarakat
Pengangkutan,
pergudangan dan
komunikasi
Pertambangan
Konstruksi
Lain-lain
Mata uang asing
Perdagangan,
restoran dan hotel
Industri pengolahan
Pertanian, peternakan
dan sarana pertanian
Jasa-jasa dunia usaha
Jasa-jasa sosial/
masyarakat
Pengangkutan,
pergudangan dan
komunikasi
Pertambangan
Konstruksi
Lain-lain
Jumlah
Dikurangi:
Pendapatan bunga
ditangguhkan
Jumlah - bersih
Kurang
Lancar/
Substandard
Diragukan/
Doubtful
Penyisihan
kerugian
penurunan
nilai/
Allowance
for
impairment
losses
Macet/
Loss
15,681,730
4,654,568
936,606
319,373
326,999
37,551
314,226
135,583
416,615
164,177
14,478
959
44
76
48
(367)
722,773
5,608,719
38,758
525,620
67,300
23,336
6,015
55,870
4,803
28,999
(24,081)
(174,301)
477,881
20,508
6,352
4,419
45,445
(55,302)
1,397,362
267,413
534,957
17,813,277
47,173,158
37,454
7,230
11,652
3,615,490
5,513,650
6,400
138
499
152,096
620,715
4,903
306
10,976
185,113
717,487
30,578
13,634
1,513
195,512
901,324
Bersih/
Net
Rupiah
Trading, restaurant
and hotel
Manufacturing
Electricity, gas
15,238
and water
Agriculture, farming and
815,568 agriculture facilities
6,068,243
Business services
(836,010) 16,840,166
(267,860) 5,043,392
499,303
(56,952) 1,419,745
(12,170)
276,551
(10,689)
548,908
(528,877) 21,432,611
(1,966,609) 52,959,725
Foreign currencies
Trading, restaurant
564,415
and hotel
1,876,829
Manufacturing
Electricity, gas
895
and water
Agriculture, farming and
313,163 agriculture facilities
1,070,667
Business services
340,933
1,763,033
1,353
101,276
264,093
-
81,624
1,045
70,683
(43,009)
(139,787)
904
-
-
-
-
(9)
290,229
1,081,482
-
-
51,673
-
-
(28,739)
(10,815)
30,516
986
-
-
-
(169)
31,333
321,086
883,314
104,436
128,900
4,944,833
38,768
3,309
145,692
92,582
247
356,922
194
156
133,647
119
71,847
(3,237)
(16,666)
(1,029)
(1,552)
(245,012)
317,968
997,998
103,601
131,060
5,407,929
52,117,991
5,659,342
977,637
851,134
973,171
-
-
-
-
52,117,991
5,659,342
977,637
851,134
* tidak diaudit
(84)
973,087
(2,211,621) 58,367,654
-
Transportation,
warehousing and
communication
Mining
Construction
Others
(84)
(2,211,621) 58,367,570
Transportation,
warehousing and
communication
Mining
Construction
Others
Total
Less:
Unearned
interest income
Total - net
unaudited *
285
c.
Berdasarkan wilayah geografis
c.
2010
2009
31 Maret/
March 2011
Jakarta, Bogor, Tangerang dan
Bekasi
Jawa Barat
29,492,498
6,220,267
28,823,006
5,857,199
24,781,183
4,614,817
Jawa Timur, Bali, NTT dan NTB
Sulawesi, Maluku dan Papua
Kalimantan
Sumatra
Jawa Tengah dan Yogyakarta
Jumlah
11,284,148
5,889,897
5,043,622
12,648,494
8,221,436
78,800,362
11,109,662
5,479,962
4,556,224
11,946,253
8,001,216
75,773,522
8,280,788
3,826,625
3,347,838
9,330,845
6,397,179
60,579,275
-
-
Dikurangi:
Pendapatan bunga ditangguhkan
d.
(2,423,805)
(2,505,197)
Jumlah - bersih
76,376,557
73,268,325
Pinjaman yang direstrukturisasi
d.
Pinjaman yang direstrukturisasi meliputi antara lain
penjadwalan ulang pembayaran pokok pinjaman
dan bunga, penyesuaian tingkat suku bunga,
pengurangan tunggakan bunga dan penambahan
fasilitas pinjaman.
Pinjaman yang direstrukturisasi
Dikurangi:
nilai
Jakarta, Bogor, Tangerang
and Bekasi
Jawa Barat
Jawa Timur, Bali, NTT and
NTB
Sulawesi, Maluku and Papua
Kalimantan
Sumatra
Jawa Tengah and Yogyakarta
Total
(84)
(2,211,621)
)
58,367,570
Less:
Unearned interest income
losses
Total - net
Restructured loans
Restructured loans consist of loans with
rescheduled principal and interest payments,
adjusted interest rates, reduced overdue interest,
and increased loan facilities.
2010
2009
31 Maret/
March 2011
2,122,152
2,236,296
1,973,450
Restructured loans
Less:
(324,031)
1,798,121
e.
By geographic region
(331,263)
1,905,033
Pinjaman sindikasi
e.
Pinjaman sindikasi merupakan pinjaman yang
diberikan kepada debitur berdasarkan perjanjian
pembiayaan bersama (sindikasi) dengan bankbank lain. Jumlah pinjaman sindikasi pada tanggal
31 Maret 2011 adalah sebesar Rp 965.101
(31 Desember 2010: Rp 673.734 dan 2009:
Rp 126.492). Keikutsertaan Bank dalam pinjaman
sindikasi sebagai anggota sebesar 1,50% 84,62% (31 Desember 2010: 1,50% - 84,62% dan
2009: 1,50% - 84,62%) dari masing-masing
fasilitas pinjaman.
(252,580)
1,720,870
Syndicated loans
Syndicated loans represent loans provided to
debtors under syndication agreements with other
banks. Total syndicated loans as at 31 March
2011 amounted to Rp 965,101 (31 December
2010: Rp 673,734 and 2009: Rp126,492). The
participation of the Bank as a member of
syndications is between 1.50% - 84.62%
(31 December 2010: 1.50% - 84.62% and 2009:
1.50% - 84.62%) of each syndicated loan facility.
* tidak diaudit
unaudited *
286
f.
nilai
f.
Movement in the allowance for impairment losses
was as follows:
31 Maret/
March 2011
Saldo awal periode/tahun
kolektif:
Penambahan kerugian penurunan
nilai selama periode/tahun berjalan
Penerimaan kembali pinjaman yang
telah dihapusbukukan
Penghapusbukuan selama
spesifik:
(Pemulihan)/penambahan kerugian
penurunan nilai selama periode/
tahun berjalan
Penerimaan kembali pinjaman yang
telah dihapusbukukan
Selisih kurs
Saldo akhir periode/tahun
31 Desember/
December 2010
2,505,197
2,211,621
-
98,017
533,399
1,454,956
122,003
508,481
(548,425)
(1,963,374)
Recoveries from loans written-off
Write-offs during the period/year
440,362
70,386
Recoveries from loans written-off
(224,248)
(20,600)
Write-offs during the periode/year
Exchange rate difference
(70,404)
(191,626)
310
2,423,805
Collective allowance for impairment
losses:
the implementation of SFAS
No. 55 (2006 Revision) (Note 55)
Addition of impairment losses during
the period/year
Specific allowance for impairment
losses:
(Recovery)/addition of impairment
losses during
the period/year
-
(5,329)
8,276
Balance at the beginning of period/year
2,505,197
Balance at the end of period/year
31 Desember/
December 2009
Saldo awal tahun
Penambahan kerugian penurunan nilai
selama tahun berjalan, termasuk
kerugian restrukturisasi kredit sebesar
Rp 135.271
Penerimaan kembali pinjaman
yang telah dihapusbukukan
tahun berjalan
Selisih kurs
1,572,564
2,069,304
545,104
Saldo akhir tahun
kerugian penurunan nilai atas pinjaman yang
diberikan telah memadai.
Balance at the beginning of year
Addition of impairment
losses during the year,
including losses from debt
restructuring of Rp 135,271
Recoveries from loans
written-off
(1,895,297)
(80,054)
Write-offs during the year
Exchange rate difference
2,211,621
Balance at the end of year
impairment losses on loans is adequate.
* tidak diaudit
unaudited *
287
g.
Pembiayaan bersama
g.
Bank mengadakan perjanjian pemberian fasilitas
pembiayaan bersama dengan beberapa lembaga
pembiayaan untuk membiayai kepemilikan
kendaraan bermotor dan barang-barang konsumtif.
Jumlah saldo fasilitas pembiayaan bersama
dengan dan tanpa tanggung renteng pada tanggal
31
Maret
2011
adalah
sebesar
Rp
13.513.154
(31
Desember
2010:
Rp 13.149.288 dan 2009: Rp 10.095.711) yang
termasuk dalam pinjaman konsumsi (lihat Catatan
10a).
h.
i.
Kredit kelolaan
The Bank has entered into joint financing
agreements with several multi-finance companies
for financing retail purchases of vehicles and
consumer durable products. The outstanding
balance of joint financing agreements with and
without recourse as at 31 March 2011 was
Rp 13,513,154
(31
December
2010:
Rp 13,149,288 and 2009: Rp 10,095,711) and
was included under consumer loans (see Note
10a).
h.
Channelling loans
Kredit kelolaan adalah kredit yang diterima oleh
Bank dari BI untuk diteruskan membiayai proyekproyek pertanian di Indonesia. Bank tidak
menanggung risiko atas kredit kelolaan yang
diteruskan ini sehingga kredit ini tidak dicatat
sebagai pinjaman dalam laporan keuangan
konsolidasian.
Channelling loans are loans received by the Bank
from BI which have been channelled to finance
agricultural projects in Indonesia. The Bank bears
no credit risk on these loans; therefore, these
channelling loans were not recorded as loans in
the consolidated financial statements.
Pada tanggal 31 Maret 2011, saldo kredit kelolaan
adalah Rp 350.660 (31 Desember 2010:
Rp 350.682 dan 2009: Rp 350.708).
As at 31 March 2011, the balance of channelling
loans amounted to Rp 350,660 (31 December
2010: Rp 350,682 and 2009: Rp 350,708).
Pinjaman lain-lain
i.
Bank juga mengadakan perjanjian dengan
beberapa
lembaga
pembiayaan
untuk
pengambilalihan piutang pembiayaan konsumen.
Untuk perjanjian piutang tanpa tanggung renteng
(without recourse), risiko kredit akhir berada pada
debitur lembaga pembiayaan, sedangkan untuk
perjanjian dengan tanggung renteng (with
recourse), risiko kredit akhir berada pada lembaga
pembiayaan.
j.
Joint financing
Informasi pokok lainnya sehubungan dengan
pinjaman yang diberikan
Pada tanggal 31 Maret 2011, rasio NPL-gross dan
rasio NPL-net adalah masing-masing sebesar
3,30% dan 0,22% (31 Desember 2010: 3,25% dan
0,00% dan 2009: 4,64% dan 0,00%) yang dihitung
berdasarkan Surat Edaran Bank Indonesia No.
12/11/DPNP tanggal 31 Maret 2010.
Other loans
The Bank has also entered into agreements with
several multi-finance companies to take over
consumer financing receivables. For agreements
without recourse, the ultimate credit risk is with the
customers of the finance companies, whilst for the
agreements with recourse, the ultimate credit risk
is with the respective multi-finance companies.
j.
Other significant information relating to loans
As at 31 March 2011, the percentage of NPLgross and NPL-net were 3.30% and 0.22% (31
December 2010: 3.25% and 0.00% and 2009:
4.64% and 0.00%), respectively, which was
calculated based on Circular Letter of Bank
Indonesia No. 12/11/DPNP dated 31 March 2010.
* tidak diaudit
unaudited *
288
j.
Informasi pokok lainnya sehubungan dengan
pinjaman yang diberikan (lanjutan)
j.
Other significant information relating to loans
(continued)
Pada tanggal 31 Desember 2009, rasio NPL-net
yang dihitung berdasarkan Surat Edaran Bank
Indonesia No. 7/10/DPNP tanggal 31 Maret 2005
adalah sebesar 2,47%.
As at 31 December 2009, the percentage of NPLnet which was calculated based on Circular Letter
of Bank Indonesia No. 7/10/DPNP dated
31 March 2005 was 2.47%.
Pinjaman yang diberikan pada umumnya dijamin
dengan deposito berjangka atau harta tak
bergerak yang diaktakan dengan akta pemberian
hak tanggungan atau surat kuasa untuk menjual,
atau jaminan lain yang umumnya diterima oleh
Bank (lihat Catatan 18).
These loans are generally secured by time
deposits or by registered mortgages or by powers
of attorney to mortgage or sell, or by other
guarantees acceptable to the Bank (see Note 18).
Jumlah pinjaman yang diberikan yang dijamin
dengan agunan tunai pada tanggal 31 Maret 2011
adalah sebesar Rp 2.027.280 (31 Desember 2010:
Rp 1.995.870 dan 2009: Rp 1.849.694).
Total loans with cash collaterized as at 31 March
2011 was Rp 2,027,280 (31 December 2010:
Rp 1,995,870 and 2009: Rp 1,849,694).
Termasuk dalam pinjaman yang diberikan dalam
mata uang Rupiah pada tanggal 31 Maret 2011
adalah pembiayaan syariah, bruto sebesar
2009: Rp 747.177).
Included in loans denominated in Rupiah as at
31 March 2011 is sharia financing - gross
amounting to Rp 718,796 (31 December 2010:
Rp 683,094 and 2009: Rp 747,177).
Rasio kredit usaha mikro kecil terhadap kredit
yang diberikan pada tanggal 31 Maret 2011 adalah
sebesar 16,97% (31 Desember 2010: 17,50%).
Ratio of small micro business credits to loans
receivable as at 31 March 2011 was 16.97%
(31 December 2010: 17.50%).
Rasio kredit usaha kecil terhadap kredit yang
diberikan pada tanggal 31 Desember 2009 adalah
sebesar 15,10%.
Ratio of small business credits to loans receivable
as at 31 December 2009 was 15.10%.
tanggal 31 Maret 2011 adalah 16,21% untuk
Rupiah dan 5,63% untuk mata uang asing (31
Desember 2010: 17,29% dan 6,58% dan 2009:
tingkat suku bunga rata-rata tertimbang 19,09%
dan 8,15%).
16.21% for Rupiah dan 5.63% for foreign
currencies (31 December 2010: 17.29% and
19.09% and 8.15%).
Informasi mengenai klasifikasi dan nilai wajar
pinjaman diberikan diungkapkan pada Catatan 48.
Information with regards to the classification and
fair value of loans was disclosed in Note 48.
* tidak diaudit
unaudited *
289
11. PIUTANG PEMBIAYAAN KONSUMEN
11. CONSUMER FINANCING RECEIVABLES
Catatan 47d.
47d.
Piutang pembiayaan konsumen Anak Perusahaan
The Subsidiaries’ consumer financing receivables
were as follows:
2010
2009
31 Maret/
March 2011
Piutang pembiayaan konsumen pihak ketiga
Pendapatan pembiayaan
konsumen yang belum diakui pihak ketiga
Dikurangi:
Penyisihan kerugian penurunan nilai pihak ketiga
Jumlah - bersih
16,639,663
15,982,331
(9,496,424)
9,222,473
(9,118,207)
(207,425)
(201,063)
6,663,061
6,935,814
Consumer financing receivables third parties
(6,524,047)
Unrecognized consumer
financing income third parties
(43,752)
Less:
Allowance for impairment losses third parties
2,654,674
Total - net
Pada tanggal 31 Maret 2011 dan 31 Desember 2010,
biaya transaksi yang terkait langsung dengan perolehan
nasabah baru disajikan sebagai bagian dari piutang
pembiayaan konsumen masing-masing sebesar
Rp1.538.636 dan Rp 1.552.771 (lihat Catatan 2e.2, 2p).
As at 31 March 2011 and 31 December 2010, the
gross consumer financing receivables include
transaction costs directly attributed to the origination of
consumer
financing
accounts
amounted
to
Rp 1,538,636 and Rp 1,552,771, respectively (see
Notes 2e.2, 2p).
Suku bunga kontraktual setahun untuk pembiayaan
konsumen adalah sebagai berikut:
Contractual interest rates per annum for consumer
financing were as follows:
Produk
Mobil
Motor
Produk barang konsumtif
31 Maret/
March 2011
14.93% - 20.01%
29.27% - 35.14%
40.00% - 70.00%
2010
2009
14.73% - 21.57%
29.23% - 37.73%
45.00% - 70.00%
17.52% - 28.05%
31.36% - 41.54%
40.00% - 70.00%
Products
Automobiles
Motorcycles
Consumer durables products
Suku bunga efektif rata-rata tertimbang setahun untuk
periode tiga bulan yang berakhir pada tanggal 31 Maret
2011 adalah 14,50% untuk mobil, 23,08% untuk motor
dan 46,15% untuk produk konsumtif (31 Desember
2010: 14,32%, 21,86% dan 48,40% dan 2009: tingkat
suku bunga rata-rata tertimbang 21,77%, 34,86% dan
51,47%).
The weighted average effective interest rate per
annum for the three-month period ended 31 March
2011 was 14.50% for automobiles, 23.08% for
motorcycles and 46.15% for consumer durables
products
(31 December 2010: 14.32%,
21.86% and 48.40% and 2009: weighted average
interest rate 21.77%, 34.86% and 51.47%).
Sebagai jaminan atas piutang pembiayaan konsumen
yang diberikan, Anak Perusahaan menerima jaminan
dari konsumen berupa Bukti Pemilikan Kendaraan
Bermotor (BPKB) atas kendaraan bermotor yang
dibiayai.
The consumer financing receivables are secured by
the Certificates of Ownership (BPKB) of the motor
vehicles financed by the Subsidiary.
* tidak diaudit
unaudited *
290
11. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan)
11. CONSUMER
(continued)
FINANCING
RECEIVABLES
Piutang pembiayaan konsumen yang dijadikan jaminan
atas obligasi yang diterbitkan dan fasilitas pinjaman
yang diterima Anak Perusahaan pada tanggal
31 Maret 2011 seperti yang dijelaskan pada Catatan 21
dan 22 masing-masing sebesar Rp 1.526.400 dan
Rp 50.000 dan 2009: Rp 408.000 dan Rp 240.000).
The total consumer financing receivables which were
pledged as collateral for bonds issued and borrowing
facilities granted to the Subsidiary as at 31 March
2011, as disclosed in Notes 21 and 22 amounted to
Rp 1,526,400 and Rp 175,000 (31 December 2010:
Rp 926,400 and Rp 50,000 and 2009: Rp 408,000 and
Rp 240,000), respectively.
Perubahan penyisihan kerugian penurunan nilai kolektif
Movement in the collective allowance for impairment
losses was as follows:
2010
2009
31 Maret/
March 2011
Saldo awal
Penambahan/(pemulihan) kerugian
penurunan nilai selama
Penghapusbukuan selama periode/
tahun berjalan
Penerimaan kembali piutang
pembiayaan konsumen yang telah
dihapusbukukan
201,063
43,752
37,800
Beginning balance
Addition/(recovery) of
impairment losses
during the period/year
-
83,661
-
31,654
63,764
(74,650)
(46,681)
(126,525)
(31,054)
21,389
136,411
111,656
Recoveries from
consumer financing
receivables written-off
Saldo akhir
207,425
201,063
43,752
Ending balance
Piutang
pembiayaan
konsumen
yang
telah
direstrukturisasi pada tanggal 31 Maret 2011, 31
Desember 2010 dan 2009 masing-masing sebesar
Rp 81.401, Rp 64.621 dan Rp 63.883.
The restructured consumer financing receivables as at
31 March 2011, 31 December 2010 and 2009 were
Rp 81,401, Rp 64,621 and Rp 63,883, respectively.
kerugian penurunan nilai atas piutang pembiayaan
konsumen telah memadai.
impairment losses on consumer financing receivables
is adequate.
Informasi mengenai klasifikasi dan nilai wajar piutang
pembiayaan konsumen diungkapkan pada Catatan 48.
value of consumer financing receivables was
* tidak diaudit
unaudited *
291
12. TAGIHAN AKSEPTASI
12. ACCEPTANCE RECEIVABLES
Tagihan akseptasi kepada pihak berelasi diungkapkan
pada Catatan 44e. Informasi mengenai jatuh tempo
Acceptance receivables to related parties are
disclosed in Note 44e. Information in respect of
maturities is disclosed in Note 47d.
a.
a.
Berdasarkan pihak dan mata uang
2010
2009
31 Maret/
March 2011
b.
By party and currency
Rupiah
- Bank lain
- Debitur
9,380
11,828
3,430
23,504
1,179
255,750
Rupiah
Other banks Debtors -
Jumlah - Rupiah
21,208
26,934
256,929
Total - Rupiah
Mata uang asing
- Bank lain
- Debitur
7,516
857,081
1,812
730,378
5,466
857,716
Foreign currencies
Jumlah - mata uang asing
864,597
732,190
863,182
Total - foreign currencies
Jumlah
nilai
885,805
759,124
1,120,111
Total
-
-
Jumlah - bersih
885,805
759,124
Berdasarkan jatuh tempo
b.
(10,824)
1,109,287
Total - net
By maturity
2010
2009
31 Maret/
March 2011
Rupiah
- Kurang dari 1 bulan
- 1 - 3 bulan
- > 3 - 6 bulan
- > 6 - 12 bulan
8,995
11,923
290
-
9,077
17,541
316
-
18,876
178,253
48,469
11,331
Rupiah
Less than 1 month 1 - 3 months > 3 - 6 months > 6 - 12 months -
Jumlah - Rupiah
21,208
26,934
256,929
Total - Rupiah
Mata uang asing
- 1 - 3 bulan
- > 3 - 6 bulan
- > 6 - 12 bulan
- Lebih dari 12 bulan
185,890
434,422
244,285
-
146,323
330,380
249,643
5,844
-
125,552
451,747
282,657
1,261
1,965
Foreign currencies
Less than 1 month 1 - 3 months > 3 - 6 months > 6 - 12 months More than 12 months -
Jumlah - mata uang asing
864,597
732,190
863,182
Total - foreign currencies
Jumlah
nilai
885,805
759,124
1,120,111
Total
-
-
Jumlah - bersih
885,805
759,124
* tidak diaudit
(10,824)
1,109,287
Total - net
unaudited *
292
12. TAGIHAN AKSEPTASI (lanjutan)
12. ACCEPTANCE RECEIVABLES (continued)
c. Berdasarkan kolektibilitas BI
c.
Berdasarkan peraturan BI yang berlaku, seluruh
tagihan akseptasi pada tanggal 31 Maret 2011,
31 Desember 2010 dan 2009 digolongkan sebagai
lancar.
Based on the prevailing BI regulation, all
acceptance receivables as at 31 March 2011,
31 December 2010 and 2009 were classified as
pass.
d. Perubahan penyisihan kerugian penurunan
nilai
d.
2010
2009
31 Maret/
March 2011
Saldo awal
Penyesuaian sehubungan
dengan penerapan PSAK
No. 55 (Revisi 2006)
(Catatan 55)
(Pemulihan)/penambahan
selama periode/tahun berjalan
-
10,824
Saldo akhir
-
-
(10,757)
-
-
(67)
1,509
Beginning balance
No.55 (2006 Revision)
(Note 55)
(Recovery)/addition during
the period/year
10,824
Ending balance
-
9,315
kerugian penurunan nilai atas tagihan akseptasi telah
memadai.
impairment losses on acceptance receivables is
adequate.
Tagihan akseptasi dalam mata uang asing terdiri dari
Dolar Amerika Serikat, Yen Jepang dan Euro (lihat
Catatan 52).
Acceptance receivables in foreign currencies are
denominated in United States Dollar, Japanese Yen
and Euro (see Note 52).
Informasi mengenai klasifikasi dan nilai wajar tagihan
akseptasi diungkapkan pada Catatan 48.
value of acceptance receivables was disclosed in Note
48.
* tidak diaudit
unaudited *
293
13. OBLIGASI PEMERINTAH
13. GOVERNMENT BONDS
47d.
Catatan 47d.
a.
Berdasarkan jenis
a.
By type
31 Desember/
December 2010
31 Maret/March2011
Nilai
Nilai
tercatat/
nominal/
Carrying
Nominal
value
value
31 Desember/
December 2009
Nilai
tercatat/
Carrying
value
Nilai
nominal/
Nominal
value
Nilai
nominal/
Nominal
value
Nilai
tercatat/
Carrying
value
Dimiliki hingga jatuh
tempo (harga perolehan,
setelah premi/diskonto
yang belum diamortisasi)
- Suku bunga tetap,
setelah dikurangi/
ditambah diskonto atau
premi yang belum
diamortisasi sebesar
Rp 124.970
-
-
-
-
2,459,287
2,334,317
Tersedia untuk dijual
(nilai wajar)
- Suku bunga tetap
- Suku bunga mengambang
1,243,951
4,227,220
1,298,190
4,226,388
1,487,610
4,397,220
1,600,208
4,451,173
2,130,224
6,300,000
Available for sale
(fair value)
2,291,836 Fixed interest rate 6,168,389 Floating interest rate -
5,471,171
5,524,578
5,884,830
6,051,381
8,430,224
8,460,225
Diperdagangkan
(nilai wajar)
- Suku bunga tetap
Jumlah
Held to maturity
(cost, net of
unamortized
premium/discount)
84,120
88,176
82,103
5,555,291
5,612,754
5,966,933
Pada tanggal 31 Maret 2011 termasuk dalam
untuk dijual dengan nilai nominal sejumlah
Rp 3.147.220 (31 Desember 2010: Rp 3.147.220
dan 2009: Rp 3.750.000) yaitu obligasi yang dijual
dengan janji dibeli kembali. Liabilitas atas
pembelian kembali Obligasi Pemerintah dan efekefek lainnya sebesar Rp 2.790.276 (31 Desember
2010: Rp 2.790.127 dan 2009: Rp 3.754.370)
disajikan pada akun efek yang dijual dengan janji
dibeli kembali. Liabilitas atas pembelian kembali
Obligasi Pemerintah akan jatuh tempo antara
tanggal 15 Agustus 2011 sampai dengan tanggal
12 Pebruari 2014, dan jatuh tempo dari Obligasi
Pemerintah itu sendiri antara tanggal 25 Desember
2014 sampai dengan tanggal 25 Nopember 2015.
Fixed interest rate, net of amotized
discount or
premium of
Rp 124,970
216,287
Trading
(fair value)
Fixed interest rate -
6,138,340 11,093,806 11,010,829
Total
86,959
204,295
As at 31 March 2011 included in the available for
sale Government Bonds with nominal value of
Rp 3,147,220 (31 December 2010: Rp 3,147,220
dan 2009: Rp 3,750,000) represented bonds sold
under
repurchase
agreements.
The
corresponding liability in relation to this agreement
together with repurchase agreement for other
marketable securities of Rp
2,790,276
(31 December 2010: Rp 2,790,127 and 2009: Rp
3,754,370) is presented under the account
securities sold under repurchase agreements.
The liability in relation to the repurchase
agreements of Government Bonds will be
matured between 15 August 2011 up to
12 February 2014, and the maturity of the
Government
Bonds
itself
are
between
25 December 2014 up to 25 November 2015.
* tidak diaudit
unaudited *
294
13. OBLIGASI PEMERINTAH (lanjutan)
13. GOVERNMENT BONDS (continued)
a. Berdasarkan jenis (lanjutan)
a.
By type (continued)
Pada tanggal 31 Desember 2009, nilai pasar
Obligasi Pemerintah yang dimiliki hingga jatuh
tempo dengan tingkat suku bunga tetap adalah
berkisar antara 94,94% - 130,04%.
As at 31 December 2009, the market value of
held to maturity Government Bonds with fixed
interest rates ranging from 94.94% - 130.04%.
atas Obligasi Pemerintah dalam mata uang asing
dan Rupiah untuk periode tiga bulan yang berakhir
31 Maret 2011 adalah masing-masing 5,98% dan
6,87% (31 Desember 2010: 7,37% dan 6,48%
dan 2009: tingkat suku bunga rata-rata tertimbang
8,81% dan 6,91%).
Weighted average effective interest rate per
annum for Government Bonds in foreign
currencies and Rupiah currency for the threemonth period ended 31 March 2011 was 5.98%
and 6.87%
(31 December 2010: 7.37% and
8.81% and 6.91%).
Selama periode tiga bulan yang berakhir pada
pada tanggal 31 Desember 2010 dan 2009, tidak
ada Obligasi Pemerintah dalam kelompok dimiliki
hingga jatuh tempo yang diterima oleh Bank dalam
rangka program rekapitalisasi yang dipindahkan ke
kelompok tersedia untuk dijual dalam rangka
transaksi efek yang dijual dengan janji dibeli
kembali.
2011 and years ended 31 December 2010 and
2009, there were no Government Bonds received
by the Bank through the recapitalisation program
classified as held to maturity which were
reclassified to the available for sale portfolio with
the purpose of entering into repurchase
agreements.
Obligasi Pemerintah dengan nilai nominal setara
dengan Rp 7.929.859 telah dijual selama periode
tiga bulan yang berakhir pada tanggal 31 Maret
2011 (31 Desember 2010: Rp 33.665.441 dan
2009: Rp 23.981.751) pada harga yang berkisar
antara 89% - 144,65% dari nilai nominal
(31 Desember 2010: 78,51% - 152,28% dan 2009:
67,75% - 138,20%). Sementara itu, Obligasi
Pemerintah dengan nilai nominal setara dengan
Rp 7.687.941 telah dibeli selama periode tiga
bulan yang berakhir pada tanggal 31 Maret 2011
(31 Desember 2010: Rp 28.725.628 dan 2009:
Rp 21.908.892) pada harga yang berkisar antara
89% - 144,63% dari nilai nominal (31 Desember
2010: 78,50% - 152,25% dan 2009: 67,75% 138,63%).
Government Bonds with total nominal value
equivalent to Rp 7,929,859 were sold during the
three-month period ended 31 March 2011
(31 December 2010: Rp 33,665,441 and 2009:
Rp 23,981,751) at prices ranging from 89% 144.65% of nominal value (31 December 2010:
78.51% - 152.28% and 2009: 67.75% - 138.20%).
Meanwhile, Government Bonds with total nominal
value equivalent to Rp 7,687,941 were bought
during the three-month period ended 31 March
2011 (31 December 2010: Rp 28,725,628 and
2009: Rp 21,908,892) at prices ranging from 89%
- 144.63% of nominal value (31 December 2010:
78.50% - 152.25% and 2009: 67.75% - 138.63%).
* tidak diaudit
unaudited *
295
a. Berdasarkan jenis (lanjutan)
b.
a.
By type (continued)
Selama periode tiga bulan berakhir 31 Maret 2011,
keuntungan bersih yang belum direalisasi atas
kenaikan nilai wajar Obligasi Pemerintah dalam
klasifikasi diperdagangkan diakui pada laporan
laba rugi konsolidasian sebesar Rp 191 (31 Maret
2010: kerugian bersih sebesar Rp 453;
31 Desember 2010: kerugian bersih sebesar
Rp 292 dan 2009: kerugian bersih sebesar
Rp 1.485).
2011, unrealised net gains arising from the
increase in fair value of Government Bonds
classified as trading securities were recorded in
the consolidated statements of income amounting
to Rp 191 (31 March 2010: net loss amounting to
Rp 453; 31 December 2010: net loss amounting
to Rp 292 and 2009: net loss amounting to
Rp 1,485).
Akumulasi keuntungan yang belum direalisasi atas
kenaikan nilai wajar Obligasi Pemerintah dalam
klasifikasi tersedia untuk dijual yang dicatat
sebagai komponen ekuitas lainnya, setelah pajak
tangguhan, sebesar Rp 15.460 (31 Desember
2010: Rp 77.426 dan 2009: kerugian yang belum
direalisasi sebesar Rp 272.682).
Accumulated unrealised gains arising from the
increase in fair value of Government Bonds
classified as available for sale securities recorded
as other equity components, after deferred tax,
amounted to Rp 15,460 (31 December 2010:
Rp 77,426 dan 2009: unrealised net losses
amounting to Rp 272,682).
Bank mengakui keuntungan bersih atas penjualan
Obligasi Pemerintah sejumlah Rp 12.158 selama
periode tiga bulan yang berakhir pada tanggal
31 Maret 2011 (31 Maret 2010: Rp 14.759;
31 Desember 2010: Rp 242.173 dan 2009:
Rp 36.849).
The Bank recognised net gains from the sale of
Government Bonds amounting to Rp 12,158
during the three-month period ended 31 March
2011 (31 March 2010: Rp 14,759; 31 December
2010: Rp 242,173 and 2009: Rp 36,849).
Berdasarkan mata uang
b.
31 Maret/March
2011
- Rupiah
- Dolar Amerika Serikat
By currency
2010
2009
5,612,754
-
6,138,340
-
9,499,608
1,511,221
5,612,754
6,138,340
11,010,829
* tidak diaudit
Rupiah United States Dollar -
unaudited *
296
c.
c.
Seri Obligasi/
Bonds Series
FR12
FR13
FR16
FR17
FR18
FR19
FR20
FR21
FR22
FR23
FR25
FR26
FR27
FR28
FR30
FR31
FR32
FR33
FR36
FR38
FR43
FR44
FR48
FR49
IND_GOV 14
IND_GOV 15
IND_GOV 16
IND_GOV 17
IND_GOV 35
FR54
FR55
ORI2
ORI3
ORI4
ORI5
ORI6
ORI7
ZC03
ZC05
Jatuh
tempo/
Maturity
15-May-10
15-Sep-10
15-Aug-11
15-Jan-12
15-Jul-12
15-Jun-13
15-Dec-13
15-Dec-10
15-Sep-11
15-Dec-12
15-Oct-11
15-Oct-14
15-Jun-15
15-Jul-17
15-May-16
15-Nov-20
15-Jul-18
15-Mar-13
15-Sep-19
15-Aug-18
15-Jul-22
15-Sep-24
15-Sep-18
15-Sep-13
10-Mar-14
20-Apr-15
15-Jan-16
09-Mar-17
12-Oct-35
15-Jul-31
15-Sep-16
28-Mar-10
12-Sep-11
12-Mar-12
15-Sep-13
15-Aug-12
15-Aug-13
20-Nov-12
20-Feb-13
Tahun kupon/
Year of coupon
Semesteran/Semi Annually
Bulanan/Monthly
Bulanan/Monthly
Bulanan/Monthly
Bulanan/Monthly
Bulanan/Monthly
Bulanan/Monthly
N/A
N/A
VR19
25-Dec-14
Triwulanan/Quarterly
VR20
25-Apr-15
VR21
25-Nov-15
By maturity
Jenis Bunga/
Type of Interest
rate
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Tetap/Fixed
Mengambang/
Floating
Mengambang/
Floating
Mengambang/
Floating
* tidak diaudit
Nilai tercatat/nilai wajar
Carrying value/fair value
31
31
Desember/
Desember/
31 Maret/
March
December
December
2010
2009
2011
30,716
105,811
51,428
52,415
65,327
32,265
32,875
86,562
88,461
88,998
22,976
265,268
262,041
117,242
120,395
171,018
10,431
113,007
114,952
117,645
123,780
125,752
123,669
131,239
131,896
37,219
38,162
213,778
74,823
25,792
243,218
33,130
34,028
123,786
90,969
247,544
220,840
168,977
172,550
169,912
136,123
11
11
260,298
208
211
213,427
488
489
356
493
504
56,719
22,200
22,588
1,247
1,017,748
42,278
138,623
267,476
45,096
20,346
57,640
304
92,380
143,332
4,861
2,430
3,615
12,374
129
761
55,153
41,344
41,725
41,784
204,649
158,818
3,564
3,559
3,089
111,340
110,275
95,010
1,291,057
1,308,098
1,972,932
2,292,925
2,496,873
3,411,760
642,406
5,612,754
646,202
6,138,340
783,697
11,010,829
unaudited *
297
d.
e.
Program reprofiling
d.
Reprofiling program
Pada tanggal 25 Pebruari 2003, Pemerintah
Indonesia melaksanakan program reprofiling
Obligasi Pemerintah dengan menarik dan
menyatakan lunas Obligasi Pemerintah tertentu.
Sebagai pengganti Obligasi Pemerintah yang
dilunasi
tersebut,
Departemen
Keuangan
menerbitkan Obligasi Pemerintah baru.
On 25 February 2003, the Government of
Indonesia launched a reprofiling program of
Government Bonds by withdrawing and declaring
settlement of certain Government Bonds. The
Ministry of Finance issued new Government
Bonds to replace the settled Government Bonds.
Berdasarkan program ini, Obligasi Pemerintah
milik Bank sebesar Rp 7.800.000 (nilai nominal)
dengan masa jatuh tempo pada awalnya berkisar
antara 2007 - 2009 telah ditarik dan diganti dengan
Obligasi Pemerintah baru, yang memiliki jenis dan
nilai nominal yang sama dan masa jatuh tempo
antara 2014 - 2015. Saldo pada tanggal 31 Maret
2011, 31 Desember 2010 dan 2009 adalah
sebesar Rp 3.300.000 (nilai nominal).
Under this program, the Bank’s Government
Bonds amounting to Rp 7,800,000 (nominal
value) with original maturity between 2007 - 2009
were withdrawn and replaced by new
Government Bonds, with the same type and
nominal amount and maturity between 2014 2015. Outstanding balance as at 31 March 2011,
31 December 2010 and 2009 amounting to
Rp 3,300,000 (nominal value).
direalisasi
e.
direalisasi atas Obligasi Pemerintah dalam
kelompok tersedia dijual adalah sebagai berikut:
Saldo, akhir periode/tahun - bersih
Movement in unrealised gains/(losses) for
available for sale Government Bonds was as
follows:
2010
2009
31 Maret/
March 2011
Saldo, awal periode/tahun sebelum pajak penghasilan
tangguhan
Penambahan (rugi)/laba yang
belum direalisasi selama
periode/tahun berjalan - bersih
Laba yang direalisasi atas
penjualan Obligasi Pemerintah
selama periode/tahun berjalan bersih
Jumlah sebelum pajak
penghasilan tangguhan
Pajak penghasilan tangguhan
Movement in unrealised gains/(losses)
103,235
(363,576)
(982,886)
Balance, beginning of period/year before deferred income tax
(65,434)
703,357
640,740
Addition of unrealised (loss)/gains
(17,188)
(236,546)
(21,430)
Realised gains from
sale of Government Bonds
20,613
(5,153)
103,235
(25,809)
(363,576)
90,894
Total before deferred income tax
Deferred income tax
15,460
77,426
(272,682)
Balance, end of period/year - net
* tidak diaudit
unaudited *
298
f.
Reklasifikasi Obligasi Pemerintah dalam
kelompok tersedia untuk dijual ke kelompok
dimiliki hingga jatuh tempo
f.
Reclassification of Government Bonds from
available for sale to held to maturity
Sesuai dengan ketentuan transisi penerapan
PSAK No. 55 (revisi 2006), “Instrumen Keuangan:
Pengakuan dan Pengukuran” dan Surat Bank
Indonesia No. 11/18/DPNP/DPnP tanggal 14
Januari 2009, pada tanggal 1 Januari 2010, Bank
telah melakukan reklasifikasi atas Obligasi
Pemerintah dalam kelompok dimiliki hingga jatuh
tempo ke dalam kelompok tersedia untuk dijual
dengan nilai nominal sejumlah Rp 1.427.033 dan
USD 97.845.000.
According to transition rule on implementation of
SFAS No. 55 (2006 revision), “Financial
Instrument: Recognition and Measurement” and
Bank Indonesia Letter No. 11/18/DPNP/DPnP
dated 14 January 2009, on 1 January 2010, the
Bank reclassified its held to maturity Government
Bonds to available for sale category with nominal
value amounted to Rp 1,427,033 and USD
97,845,000.
Selisih antara nilai pasar atas Obligasi Pemerintah
tersebut dengan nilai tercatatnya pada tanggal
pemindahan
sebesar
Rp
238.169
dan
USD 9.491.974 telah dibukukan dan disajikan
sebagai kerugian yang belum direalisasi atas
untuk dijual dicatat sebagai komponen ekuitas
lainnya.
The difference between market value and
carrying amount of the above Government Bonds
on the date of reclassification amounted to
Rp 238,169 and USD 9,491,974 have been
booked and presented as unrealised loss of
available for sale Government Bonds, which is
presented as other equity components.
Informasi mengenai klasifikasi dan nilai wajar Obligasi
Pemerintah diungkapkan pada Catatan 48.
value of Government Bonds was disclosed in Note 48.
14. INVESTASI DALAM SAHAM
Investasi dicatat
menggunakan metode biaya:
14. INVESTMENT IN SHARES
2010
2009
31 Maret/
March 2011
Biaya perolehan
Dikurangi:
Penyisihan penurunan
nilai penyertaan
12,175
12,175
85,735)
-
-
(21,316)
Nilai tercatat
12,175
12,175
64,419
Investments recorded.
using the cost method:
Cost
Less:
Allowance for diminution
in value of investments
Carrying amount
Investasi dalam saham pada tahun 2009 termasuk
obligasi yang dapat ditukar menjadi saham yang
diterima oleh Bank sehubungan dengan restrukturisasi
tagihan bermasalah. Pada tahun 2010, Bank telah
menjual investasi tersebut.
Investment in shares in 2009 included the
exchangeable bonds received by the Bank in relation
to a troubled debt restructuring. In 2010, the Bank sold
this investment.
Berdasarkan ketentuan Bank Indonesia yang berlaku,
investasi saham pada tanggal 31 Maret 2011, 31
Desember 2010 dan 2009 digolongkan sebagai lancar.
investment in shares as at 31 March 2011, 31
December 2010 and 2009 were classified as pass.
penurunan nilai investasi dalam saham telah memadai.
Management believes that the allowance for reduction
value of investment in shares is adequate.
Informasi mengenai klasifikasi dan nilai wajar investasi
dalam saham diungkapkan pada Catatan 48.
value of investment in shares was disclosed in Note
48.
* tidak diaudit
unaudited *
299
14. INVESTASI DALAM SAHAM (lanjutan)
14. INVESTMENT IN SHARES (continued)
Perubahan penyisihan kerugian penurunan nilai:
Movement of allowance for impairment losses:
2010
2009
31 Maret/
March 2011
Saldo awal
(Pemulihan)/pembentukan selama
Selisih kurs
Saldo akhir
-
21,316
-
(11,308)
21,194
-
(9,445)
(563)
-
21,316
Investasi dalam saham jangka panjang pada tanggal
31 Maret 2011 dan 31 Desember 2010 mencakup:
122
The long-term investment in shares as at 31 March
2011 and 31 December 2010 included:
Nama perusahaan/Company’s name Kegiatan usaha/Business activity
Lain-lain/Others
Beginning balance
(Recovery)/addition during
the period/year
Write-offs during the
period/year
Foreign exchange difference
Ending balance
Bank/Banking
Bank/Banking
Usaha Patungan, Telekomunikasi/
Joint Venture, Telecommunication
Investasi dalam saham jangka panjang pada tanggal 31
Desember 2009 mencakup:
4.81%
1.00%
0.24% - 4.21%
The long-term investment in shares as at 31
December 2009 included:
Nama perusahaan/Company’s name Kegiatan usaha/Business activity
Lain-lain/Others
Bank/Banking
Bank/Banking
Usaha Patungan, Telekomunikasi, Pertanian/
Joint Venture, Telecommunication, Agriculture
15. ASET TAK BERWUJUD
4.81%
1.00%
0.24% - 4.70%
15. INTANGIBLE ASSETS
31 Maret/March 2011
1 Januari/
1 January
Harga perolehan
Perangkat lunak
Goodwill
Akumulasi amortisasi
Perangkat lunak
Goodwill
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclassifications
31 Maret/
31 March
856,298
1,906,684
2,762,982
1,947
1,947
-
858,245
1,906,684
2,764,929
354,735
832,151
1,186,886
37,100
37,100
-
391,835
832,151
1,223,986
1,576,096
1,540,943
Harga perolehan goodwill pada tanggal 31 Maret 2011,
setelah penyesuaian dengan akumulasi amortisasi
goodwill pada tanggal 1 Januari 2011 (lihat Catatan 2r)
adalah sebesar Rp 1.074.533.
Cost
Software
Goodwill
Accumulated amortization
Software
Goodwill
Net book value
Cost of goodwill as at 31 March 2011, after adjusting
with accumulated amortization of goodwill as at
1 January 2011 (see Note 2r) amounted to
Rp 1,074,533.
* tidak diaudit
unaudited *
300
15. ASET TAK BERWUJUD (lanjutan)
15. INTANGIBLE ASSETS (continued)
1 Januari/
1 January
Harga perolehan
Perangkat lunak
Goodwill
Perangkat lunak
Goodwill
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclassifications
31 Desember/
31 December
655,730
1,906,684
2,562,414
361,915
361,915
161,347
161,347
856,298
1,906,684
2,762,982
402,960
624,786
1,027,746
106,947
207,365
314,312
155,172
155,172
354,735
832,151
1,186,886
1,534,668
1,576,096
Cost
Software
Goodwill
Software
Goodwill
Net book value
1 Januari/
1 January
Harga perolehan
Perangkat lunak
Goodwill
Perangkat lunak
Goodwill
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclasifications
31 Desember/
31 December
583,591
667,872
1,251,463
76,038
1,238,812
1,314,850
3,899
3,899
655,730
1,906,684
2,562,414
318,084
417,421
735,505
88,642
207,365
296,007
3,766
3,766
402,960
624,786
1,027,746
515,958
1,534,668
Cost
Software
Goodwill
Software
Goodwill
Net book value
Nilai tercatat goodwill seluruhnya dialokasikan ke bisnis
unit retail. Tidak ada kerugian penurunan nilai goodwill
yang diakui selama periode tiga bulan berakhir
31 Maret 2011 dan 2010 dan tahun berakhir 31
Desember 2010 dan 2009.
The carrying amount of goodwill was all allocated to
the retail business unit. No impairment losses on
goodwill were recognized during the three-month
periods ended 31 March 2011 and 2010 and years
ended 31 December 2010 and 2009.
Pada tahun 2006, Bank mengadakan perikatan New
Core Banking System: Development, Integration,
Implementation, Maintenance and Support Agreement
dengan I-Flex Solutions Pte.Ltd., untuk membantu Bank
dalam rangka penggantian sistem inti perbankan dari
ICBS menjadi NCBS untuk periode 4 tahun dari tahun
2007 sampai 2010.
In 2006, the Bank entered into New Core Banking
System: Development, Integration, Implementation,
Maintenance and Support Agreement with I-Flex
Solutions Pte.Ltd., to assist the Bank for the changeout of its core banking system from ICBS to NCBS for
a period of 4 years starting from 2007 to 2010.
Pada
tahun
2010,
sistem
NCBS
telah
diimplementasikan dan diakui sebagai aset tak
berwujud sebesar USD 38.074.442. Sistem ICBS yang
diganti telah dihapusbukukan dan kerugian yang terjadi
diakui dalam laporan laba rugi konsolidasian.
In 2010, the NCBS system has been successfully
implemented and was recognized as intangible assets
with amount of USD 38,074,442. The replaced ICBS
system was written off and the resulting losses are
recognized in the consolidated statements of income.
* tidak diaudit
unaudited *
301
16. ASET TETAP
16. FIXED ASSETS
31 Maret/March 2011
1 Januari/
1 January
Harga perolehan
Tanah
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Aset dalam penyelesaian
Akumulasi penyusutan
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclassifications
31 Maret/
31 March
478,978
589,734
1,408,693
604,043
3,081,448
514
3,081,962
4,199
42,467
34,993
81,659
81,659
149
580
3,844
30,571
35,144
302
35,446
478,829
593,353
1,447,316
608,465
3,127,963
212
3,128,175
258,047
859,246
193,180
1,310,473
9,991
53,609
30,104
93,704
167
3,851
16,962
20,980
267,871
909,004
206,322
1,383,197
1,771,489
1,744,978
Cost
Land
Buildings
Office equipment
Motor vehicles
Construction in progress
Accumulated depreciation
Building
Office equipment
Motor vehicles
Net book value
1 Januari/
1 January
Harga perolehan
Tanah
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclassifications
31 Desember/
31 December
474,640
580,459
1,348,601
443,167
2,846,867
7,671
2,854,538
4,338
9,275
293,310
320,285
627,208
5,278
632,486
233,218
159,409
392,627
12,435
405,062
478,978
589,734
1,408,693
604,043
3,081,448
514
3,081,962
216,549
897,219
191,266
1,305,034
41,498
189,601
102,113
333,212
227,574
100,199
327,773
258,047
859,246
193,180
1,310,473
1,549,504
1,771,489
* tidak diaudit
Cost
Land
Buildings
Office equipment
Motor vehicles
Buildings
Office equipment
Motor vehicles
Net book value
unaudited *
302
16. ASET TETAP (lanjutan)
16. FIXED ASSETS (continued)
1 Januari/
1 January
Harga perolehan
Tanah
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Bangunan
Perlengkapan kantor
Kendaraan bermotor
Nilai buku bersih
Penambahan/
Additions
Pengurangan dan
reklasifikasi/
Disposals and
reclassifications
31 Desember/
31 December
472,157
560,095
1,163,640
479,927
2,675,819
2,802
2,678,621
7,226
34,172
200,137
17,766
259,301
21,115
280,416
4,743
13,808
15,176
54,526
88,253
16,246
104,499
474,640
580,459
1,348,601
443,167
2,846,867
7,671
2,854,538
182,814
726,005
130,285
1,039,104
41,100
181,468
93,275
315,843
7,365
10,254
32,294
49,913
216,549
897,219
191,266
1,305,034
1,639,517
1,549,504
Cost
Land
Buildings
Office equipment
Motor vehicles
Buildings
Office equipment
Motor vehicles
Net book value
Manajemen berpendapat bahwa tidak terdapat indikasi
terjadinya penurunan nilai permanen aset tetap.
Management believes that there is no permanent
impairment in the value of fixed assets.
Pengurangan aset tetap merupakan penjualan aset
dengan rincian sebagai berikut:
Fixed assets disposal represent sales of assets with
detail as follows:
2010
2009
31 Maret/
March 2011
Hasil penjualan
Nilai buku
Keuntungan penjualan aset tetap bersih (lihat Catatan 37 dan 38)
14,578
(13,628)
950
Pada tanggal 31 Maret 2011, aset tetap, kecuali tanah,
telah diasuransikan terhadap risiko kerugian kebakaran,
kebanjiran dan risiko lainnya
dengan nilai
pertanggungan sejumlah Rp 4.471.653 (31 Desember
2010: Rp 4.020.928 dan 2009: Rp 2.991.934).
Manajemen berpendapat bahwa nilai pertanggungan
tersebut sudah memadai.
63,135
(60,500)
70,753
(54,719)
2,635
16,034
Proceeds from sale
Net book value
Gain on sale of fixed assets - net
(see Notes 37 and 38)
As at 31 March 2011, fixed assets, except for land, are
insured against losses arising from fire, flood and other
risks with a total insurance coverage amounting to
Rp 4,471,653 (31 December 2010: Rp 4,020,928 and
2009: Rp 2,991,934). Management believes that the
coverage is adequate.
* tidak diaudit
unaudited *
303
17. BEBAN DIBAYAR DIMUKA DAN ASET LAIN-LAIN
17. PREPAYMENTS AND OTHER ASSETS
Information in respect of maturity is disclosed in Note
47d.
Catatan 47d.
2010
2009
31 Maret/
March 2011
Pihak ketiga
Piutang bunga
Setoran jaminan dan beban dibayar
dimuka
Beban tangguhan - bersih
Agunan yang diambil alih
Piutang lain-lain - bersih
Uang muka lain-lain
Aset tetap yang tidak digunakan
Aset lain-lain - pinjaman
subordinasi dan modal pinjaman
(lihat Catatan 25 dan 26)
Premi atas option yang masih harus
diterima
Aset lain-lain atas transaksi
derivatif (lihat Catatan 9)
Piutang atas penjualan efek-efek
Dana setoran kliring Bank
Indonesia
Tagihan transaksi kartu kredit
Lain-lain
Dikurangi:
691,366
692,270
767,051
900,697
39,594
110,963
104,058
84,394
26,393
673,824
36,419
107,050
110,336
104,874
26,205
521,496
1,196,986
132,752
51,164
387,287
28,604
279,320
279,320
279,320
76,676
20,121
33,867
233,132
454,614
1,195,566
419,340
20,619
21,680
725,938
726,551
587,621
43,796
380,859
4,116,526
35,025
342,100
3,629,328
45,590
195,240
5,444,224
(143,181)
3,973,345
(313,469)
3,315,859
(934,498)
Third parties
Interest receivables
Security deposits and
prepaid expenses
Deferred expenses - net
Repossessed assets
Other receivables - net
Other advances
Idle properties
Other assets - subordinated
loans and loan capital
(see Notes 25 and 26)
Premium receivables on
option
Other assets for derivative
transactions (see Note 9)
Receivables from sales of
Deposits for clearing transactions
to Bank Indonesia
Receivable from credit
card transactions
Others
Less:
4,509,726
Saldo di atas terdiri dari beban dibayar di muka dan
aset lain-lain dalam Rupiah dan mata uang asing
masing-masing sebesar Rp 3.969.757 dan Rp 146.769
(31 Desember 2010: Rp 3.506.101 dan Rp 123.227
dan 2009: Rp 5.331.717 dan Rp 112.507).
The above balance consists of prepayments and other
assets in Rupiah and foreign currencies of
Rp 3,969,757 and Rp 146,769 (31 December 2010:
Rp 3,506,101 and Rp 123,227 and 2009:
Rp 5,331,717 and Rp 112,507), respectively.
kerugian penurunan nilai atas aset lain-lain telah
memadai.
Management believes that the allowance
impairment losses on other assets is adequate.
Beban dibayar di muka dan aset lain-lain dalam mata
uang asing terdiri dari Dolar Amerika Serikat (lihat
Catatan 52).
Prepayment and other assets in foreign currencies are
denominated in United States Dollar (see Note 52).
Informasi mengenai klasifikasi dan nilai wajar aset lainlain yang merupakan aset keuangan diungkapkan
pada Catatan 48.
value of other assets which are financial assets was
Piutang bunga
Interest receivable
Termasuk dalam piutang bunga adalah piutang bunga
Obligasi Pemerintah sebesar Rp 49.177 (31 Desember
2010: Rp 59.554 dan 2009: Rp 134.542 dan
USD 3.382.024).
Included in interest receivables is interest receivable
from Government Bonds of Rp 49,177 (31 December
2010: Rp 59,554 and 2009: Rp 134,542 and
USD 3,382,024).
* tidak diaudit
for
unaudited *
304
17. BEBAN DIBAYAR DIMUKA DAN ASET LAIN-LAIN
(lanjutan)
17. PREPAYMENTS AND OTHER ASSETS (continued)
Setoran jaminan dan beban dibayar dimuka
Security deposits and prepaid expenses
Termasuk dalam akun ini adalah setoran jaminan
dalam rangka transaksi antar bank sebesar Rp 23.038
(31 Desember 2010: Rp 22.771 dan 2009: Rp 21.318)
dan beban sewa dan pemeliharaan dibayar dimuka
sebesar Rp 271.468 (31 Desember 2010: Rp 263.481
dan 2009: Rp 262.115).
Included in this accounts is pledged security deposits
for interbank transactions of Rp 23,038 (31 December
2010: Rp 22,771 and 2009: Rp21,318) and prepaid
rent and maintenance of Rp 271,468 (31 December
2010: Rp 263,481 and 2009: Rp 262,115).
Beban tangguhan
Deferred charges
Sebelum tanggal 1 Januari 2010, termasuk dalam akun
ini adalah beban yang terkait langsung dengan
perolehan nasabah, serta beban dibayar di muka yang
berasal dari transaksi pinjaman yang diperoleh Bank
dan transaksi-transaksi kartu kredit. Sebelum tanggal
1 Januari 2010, saldo beban yang terkait langsung
dengan perolehan nasabah ditangguhkan dan dicatat
sebagai beban tangguhan. Saldo beban tangguhan
tersebut pada tanggal 31 Desember 2009 adalah
sebesar Rp 1.101.783, setelah dikurangi akumulasi
amortisasi sebesar Rp 1.174.273. Sedangkan saldo
beban dibayar di muka atas pinjaman yang diperoleh
Bank dan beban lainnya yang tidak terkait langsung
dengan perolehan nasabah tersebut pada tanggal
31 Desember 2009 adalah sebesar Rp 95.203.
Prior to 1 January 2010, included in the account is cost
directly incurred in acquiring customer, and prepaid
expenses from the Bank’s borrowing and credit card
related transactions. Prior to 1 January 2010, cost
directly incurred in acquiring customer was deferred
and was recorded as deferred charges. Balance of
deferred charges as of 31 December 2009 was
Rp 1,101,783, net of accumulated amortization of
Rp 1,174,273. Balance of prepaid expenses due to
Bank’s borrowing and other indirect expenses incurred
in acquiring customer as of 31 December 2009 were
Rp 95,203.
Sejak tanggal 1 Januari 2010, beban yang terkait langsung
dengan perolehan nasabah (biaya transaksi) pada tanggal
31 Maret 2011 dan 31 Desember 2010 masing-masing
sebesar Rp 69.498 dan Rp 71.449 disajikan sebagai
bagian dari pinjaman yang diberikan dan sebesar
Rp 1.538.636 dan Rp 1.552.771 disajikan sebagai bagian
dari piutang pembiayaan konsumen. Sedangkan saldo
beban tangguhan - bersih pada tanggal 31 Maret 2011
dan 31 Desember 2010 terdiri dari beban dibayar dimuka
yang berasal dari transaksi pinjaman yang diperoleh Bank
dan transaksi - transaksi kartu kredit.
Starting 1 January 2010, deferred charges which is
directly incurred in acquiring customers in the Bank
and Subsidiaries amounting to Rp 69,498 and
Rp 71,449 were presented as part of loans and
Rp 1,538,636 and Rp 1,552,771 were presented as
part of consumer financing receivables as at 31 March
2011 and 31 December 2010, respectively. Balance of
deferred charges - net as of 31 March 2011 and
31 December 2010 comprises of prepaid expenses
from the Bank’s borrowing and credit card related
transactions.
Perubahan penyisihan kerugian penurunan nilai aset
lain-lain:
Movement in the allowance for impairment losses of
other assets:
2010
2009
31 Maret/
March 2011
Saldo awal
Reklasifikasi dari tagihan derivatif
(Pemulihan)/penambahan selama
Saldo akhir
313,469
934,498
414,649
-
-
631,497
-
(46,727)
-
(117,013)
94,441
787,514
(53,275)
(668,743)
(899,162)
143,181
313,469
934,498
* tidak diaudit
Beginning balance
Reclassification from derivative
receivables
(Recovery)/Addition during
the period/year
Ending balance
unaudited *
305
18. SIMPANAN NASABAH
18. DEPOSITS FROM CUSTOMERS
Simpanan dari pihak berelasi diungkapkan pada
Catatan 44f. Informasi mengenai jatuh tempo
Deposits from related parties are disclosed in Note
44f. Information in respect of maturities is disclosed in
Note 47d.
a.
a.
2010
2009
31 Maret/
March 2011
Rupiah
- Giro
- Tabungan
Mata uang asing
- Giro
- Tabungan
Terdiri dari:
- Pihak berelasi
- Pihak ketiga
5,445,522
18,358,729
48,033,169
6,776,693
19,036,920
45,149,018
4,675,015
13,799,820
40,727,826
71,837,420
70,962,631
59,202,661
3,138,698
2,579,514
3,129,471
3,285,810
2,360,599
3,033,763
2,183,230
1,564,348
4,265,989
8,847,683
8,680,172
8,013,567
80,685,103
79,642,803
67,216,228
90,657
80,594,446
156,539
79,486,264
69,505
67,146,723
80,685,103
79,642,803
67,216,228
Rupiah
Current accounts Savings Time deposits -
Foreign currencies
Consist of:
Simpanan nasabah dalam mata uang asing terutama
terdiri dari Dolar Amerika Serikat, Yen Jepang, Dolar
Singapura, Euro, Dolar Australia dan Poundsterling
Inggris (lihat Catatan 52).
Deposits from customers in foreign currencies are
mainly denominated in United States Dollar, Japanese
Yen, Singapore Dollar, Euro, Australian Dollar and
Great Britain Poundsterling (see Note 52).
b.
b.
suku bunga rata-rata tertimbang) setahun
31 Desember 2010 dan 2009
2010
2009
31 Maret/
March 2011
- Giro
- Tabungan
c.
2.15%
3.08%
7.01%
1.81%
2.82%
6.77%
Simpanan yang diblokir dan dijadikan jaminan
atas pinjaman yang diberikan
1.58%
2.49%
9.12%
c. Amounts blocked and pledged as loan
collaterals
2010
2009
31 Maret/
March 2011
3,021,022
3,014,932
Informasi mengenai klasifikasi dan nilai wajar simpanan
nasabah diungkapkan pada Catatan 48.
2,154,081
Time deposits -
value of deposits from customers was disclosed in
Note 48.
* tidak diaudit
unaudited *
306
19. SIMPANAN DARI BANK LAIN
19. DEPOSITS FROM OTHER BANKS
Catatan 47d.
47d.
a.
a.
2010
2009
31 Maret/
March 2011
Pihak ketiga
Rupiah
- Giro
- Deposito dan deposits on call
- Tabungan
Mata uang asing
- Giro
- Call money
1,194,720
577,186
49,354
908,243
397,755
35,898
540,196
656,881
5,856
1,821,260
1,341,896
1,202,933
7,350
496,327
923
594,660
6
234,875
503,677
595,583
234,881
2,324,937
1,937,479
1,437,814
Simpanan dari bank lain dalam mata uang asing
terdiri dari Dolar Amerika Serikat (lihat Catatan 52).
b.
Foreign currency
Current accounts Call money -
b.
2010
2009
31 Maret/
March 2011
Giro
Tabungan
Deposito berjangka
Call money
Third parties
Rupiah
Current accounts Deposits and deposits on call Savings -
Deposits from other banks in foreign currency are
denominated in United States Dollar (see Note 52).
suku bunga rata-rata tertimbang) setahun untuk
periode tiga bulan yang berakhir pada tanggal
31 Maret 2011 dan tahun yang berakhir 31
Desember 2010 dan 2009
-
4.23%
4.78%
6.60%
1.68%
1.75%
2.39%
6.55%
5.36%
Informasi mengenai klasifikasi dan nilai wajar simpanan
dari bank lain diungkapkan pada Catatan 48.
2.64%
1.93%
8.74%
4.71%
Current accounts
Savings
Time deposits
Call money
-
Information with regards to the classification and fair value
of deposits from other banks was disclosed in Note 48.
20. LIABILITAS AKSEPTASI
20. ACCEPTANCE PAYABLES
Catatan 47d.
47d.
a.
a.
Berdasarkan pihak dan mata uang
31 Maret/
March 2011
By party and currency
2010
2009
Rupiah
- Bank lain
- Debitur
9,669
11,028
23,003
3,931
255,750
51,938
Rupiah
Jumlah - Rupiah
20,697
26,934
307,688
Total - Rupiah
Mata uang asing
- Bank lain
- Debitur
858,791
7,516
726,993
5,197
857,716
5,466
Foreign currencies
Jumlah - Mata uang asing
866,307
732,190
863,182
Total - Foreign currencies
Jumlah
887,004
759,124
1,170,870
* tidak diaudit
Total
unaudited *
307
20. LIABILITAS AKSEPTASI (lanjutan)
b.
20. ACCEPTANCE PAYABLES (continued)
b.
By maturity
2010
2009
31 Maret/
March 2011
Rupiah
- 1 - 3 bulan
- > 3 - 6 bulan
- > 6 - 12 bulan
8,484
11,923
290
-
9,739
16,879
316
-
25,359
217,495
53,503
11,331
Rupiah
Less than 1 month 1 - 3 months > 3 - 6 months > 6 - 12 months -
Jumlah - Rupiah
20,697
26,934
307,688
Total - Rupiah
Mata uang asing
- 1 - 3 bulan
- > 3 - 6 bulan
- > 6 - 12 bulan
- Lebih dari 12 bulan
189,367
433,096
243,844
-
148,093
328,792
249,462
5,843
-
125,552
451,747
282,657
1,261
1,965
Foreign currencies
Less than 1 month 1 - 3 months > 3 - 6 months > 6 - 12 months More than 12 months -
Jumlah - Mata uang asing
866,307
732,190
863,182
Total - Foreign currencies
Jumlah
887,004
759,124
1,170,870
Total
Liabilitas akseptasi dalam mata uang asing terdiri dari
Dolar Amerika Serikat, Yen Jepang dan Euro (lihat
Catatan 52).
Acceptance payables in foreign currencies are
denominated in United States Dollar, Japanese Yen
and Euro (see Note 52).
Informasi mengenai klasifikasi dan nilai wajar liabilitas
akseptasi diungkapkan pada Catatan 48.
value of acceptance liabilities was disclosed in Note
48.
21. OBLIGASI YANG DITERBITKAN
21. BONDS ISSUED
47d.
Catatan 47d.
2010
2009
31 Maret/
March 2011
Bank
Anak Perusahaan
3,987,111
2,315,247
6,302,358
3,986,232
2,314,232
6,300,464
Informasi mengenai klasifikasi dan nilai wajar obligasi
yang diterbitkan diungkapkan pada Catatan 48.
1,500,000
550,855
2,050,855
Bank
Subsidiary
value of bonds issued was disclosed in Note 48.
* tidak diaudit
unaudited *
308
21. OBLIGASI YANG DITERBITKAN (lanjutan)
21. BONDS ISSUED (continued)
Bank
Bank
2010
2009
31 Maret/
March 2011
Rupiah
Nilai nominal
Dikurangi:
Beban emisi obligasi yang
belum diamortisasi
Eliminasi untuk keperluan
konsolidasian
Jumlah - bersih
Beban amortisasi yang dibebankan
ke laporan laba rugi konsolidasi
Rupiah
4,050,000
4,050,000
(12,889)
(50,000)
(13,768)
(50,000)
3,986,232
3,987,111
879
214
1,500,000
Nominal value
-
Less:
Unamortized bonds’ issuance
cost
Elimination for consolidation
purposes
1,500,000
Total - net
Amortization costs charged to the
- consolidated statements of income
Pada tanggal 20 April 2007, Bank menerbitkan dan
mencatatkan Obligasi Bank Danamon I tahun 2007
Dengan Tingkat Bunga Tetap dengan nilai nominal
sebesar Rp 1.500.000 di Bursa Efek Indonesia (dahulu
Bursa Efek Surabaya). Obligasi ini terbagi menjadi 2
seri, yaitu seri A dan seri B yang masing-masing akan
jatuh tempo pada tanggal 19 April 2010 dan 19 April
2012, dan memiliki suku bunga tetap masing-masing
sebesar 9,40% dan 10,60% setahun. Bunga dibayar
setiap tiga bulan dengan pembayaran pertama
dilakukan pada tanggal 19 Juli 2007 dan terakhir
dilakukan bersamaan dengan pelunasan pokok
masing-masing seri obligasi. Wali amanat untuk
Obligasi Bank Danamon I adalah PT Bank Mega Tbk.
On 20 April 2007, the Bank issued and registered
Bank Danamon Bonds I Year 2007 With Fixed Interest
Rate with a nominal value of Rp 1,500,000 at the
Indonesian Stock Exchange (previously Surabaya
Stock Exchange). These bonds consist of 2 series,
serie A and serie B which will mature on 19 April 2010
and 19 April 2012, and bear a fixed interest rate per
annum at 9.40% and 10.60%, respectively. Interest is
paid on a quarterly basis with the first payment on
19 July 2007 and the last payment together with
payment of principal of each series of bonds. PT Bank
Mega Tbk is the trustee for Bank Danamon Bonds I.
Pada tanggal 10 Desember 2010, Bank menerbitkan
dan mencatatkan Obligasi Bank Danamon II tahun
2010 Dengan Tingkat Bunga Tetap dengan nilai
nominal sebesar Rp 2.800.000 di Bursa Efek Indonesia.
Obligasi ini terbagi menjadi 2 seri, yaitu seri A dan seri
B yang masing-masing akan jatuh tempo pada tanggal
9 Desember 2013 dan 9 Desember 2015, dan memiliki
suku bunga tetap masing-masing sebesar 8,75% dan
9,00% setahun. Bunga dibayar setiap tiga bulan
dengan pembayaran pertama dilakukan pada tanggal
9 Maret 2011 dan terakhir dilakukan bersamaan
dengan pelunasan pokok masing-masing seri obligasi.
Wali amanat untuk Obligasi Bank Danamon II adalah
PT Bank Mandiri (Persero) Tbk.
On 10 December 2010, the Bank issued and
registered Bank Danamon Bonds II Year 2010 With
Fixed Interest Rate with a nominal value of
Rp 2,800,000 at the Indonesian Stock Exchange.
These bonds consist of 2 series, serie A and serie B
which will mature on 9 December 2013 and
9 December 2015, and bear a fixed interest rate per
annum at 8.75% and 9.00%, respectively. Interest is
paid on a quarterly basis with the first payment on
9 March 2011 and the last payment together with
payment of principal of each series of bonds. The
trustee for Bank Danamon Bonds II is PT Bank
Mandiri (Persero) Tbk.
* tidak diaudit
unaudited *
309
Bank (lanjutan)
Bank (continued)
Obligasi I dan II tidak dijamin dengan jaminan khusus,
akan tetapi dijamin dengan seluruh harta kekayaan
Bank, baik barang bergerak maupun barang tidak
bergerak, baik yang telah ada maupun yang akan ada
dikemudian hari sesuai dengan ketentuan dalam pasal
1131 dan 1132 Kitab Undang-undang Hukum Perdata
(KUHP) Indonesia.
Bonds I and II are not secured by specific guarantee,
but secured by all of the Bank’s assets, moveable and
non-moveable assets, including assets that already
owned and will be owned in the future in accordance
with Article 1131 and 1132 of Indonesia’s Civil Code.
Perjanjian obligasi juga mencakup beberapa
pembatasan, antara lain mengenai penggabungan dan
peleburan usaha, perubahan bidang usaha utama Bank
serta pengurangan modal dasar, modal ditempatkan
dan modal disetor.
The bonds agreement also includes several
covenants, among others, merger, change of the
Bank’s main business as well as the reduction of
authorized capital, issued capital and paid-up capital.
Bank dapat melakukan pembelian kembali (buy back)
untuk sebagian atau seluruh obligasi dengan ketentuan
bahwa hal tersebut hanya dapat dilaksanakan setelah
ulang tahun pertama sejak tanggal emisi.
The Bank can buy back part or all of the bonds issued
under a condition that such action can only be
conducted after the first anniversary since the
issuance date.
2011 adalah 9,38% (31 Desember 2010: 10,34% dan
2009: tingkat suku bunga rata-rata tertimbang 10,40%).
Weighted average effective interest rate per annum for
9.38% (31 December 2010: 10.34% and 2009:
weighted average interest rate 10.40%).
Beban bunga atas obligasi yang diterbitkan termasuk
amortisasi emisi obligasi yang ditangguhkan untuk
2011 dan 2010 masing-masing sebesar Rp 95.830 dan
Rp 39.000 dan tahun yang berakhir pada tanggal
31 Desember 2010 dan 2009 masing-masing sebesar
Rp 154.877 dan Rp 156.000 (lihat Catatan 31).
The amount of interest expense on the bonds issued
including amortization of bond’s issuance cost for the
three-month periods ended 31 March 2011 and 2010
amounted to Rp 95,830 and Rp 39,000, respectively,
and for the years ended 31 December 2010 and 2009
amounted to Rp 154,877 and Rp 156,000,
respectively (see Note 31).
Pada tanggal 31 Maret 2011, Obligasi I dan II tersebut
mendapat peringkat idAA+ dari PT Pemeringkat Efek
Indonesia (Pefindo) (31 Desember 2010: Obligasi I dan
II mendapat peringkat idAA+ dan 2009: Obligasi I
mendapat peringkat idAA+).
As at 31 March 2011, Bonds I and II were rated at
idAA+ by PT Pemeringkat Efek Indonesia (Pefindo)
(31 December 2010: Bonds I and II was rated at
idAA+ and 2009: Bonds I was rated at idAA+).
Pada tanggal 19 April 2010, Bank melunasi pokok
Obligasi I seri A sebesar Rp 250.000.
On 19 April 2010, the Bank fully paid the principal
balance of Bond I serie A amounted to Rp 250,000.
* tidak diaudit
unaudited *
310
Anak Perusahaan
Subsidiary
2010
2009
31 Maret/
March 2011
Rupiah
Nilai nominal
Dikurangi:
Beban emisi obligasi yang
belum diamortisasi
Eliminasi untuk keperluan
konsolidasian
Jumlah - bersih
Beban amortisasi yang dibebankan
ke laporan laba rugi konsolidasi
2,544,000
2,544,000
680,000
(7,753)
(8,768)
(3,146)
(221,000)
(221,000)
(125,999)
2,315,247
2,314,232
2,043
1,016
Rupiah
Nominal value
Less:
Unamortized bonds’ issuance
cost
Elimination for consolidation
purposes
550,855
Total - net
1,850
Amortization costs charged to the
consolidated statements of income
Pada tanggal 8 Juni 2006, ADMF menerbitkan dan
mencatatkan Obligasi Adira Dinamika Multi Finance II
Tahun 2006 (Obligasi II) dengan nilai nominal sebesar
Rp 750.000 di Bursa Efek Indonesia (dahulu Bursa Efek
Surabaya). Obligasi II ini terbagi menjadi Seri A, B dan
C yang masing-masing akan jatuh tempo pada tanggal
8 Juni 2009, 8 Juni 2010 dan 8 Juni 2011 dan memiliki
suku bunga tetap 14,40% - 14,60% setahun. Bunga
dibayar setiap tiga bulan dengan pembayaran pertama
pada tanggal 8 September 2006 dan pembayaran
terakhir bersamaan dengan pelunasan pokok masingmasing seri obligasi. Wali amanat untuk Obligasi II
adalah PT Bank Permata Tbk.
On 8 June 2006, ADMF issued and registered Adira
Dinamika Multi Finance II Bonds Year 2006 (Bonds II)
with a nominal value of Rp 750,000 at the Indonesian
Stock Exchange (previously Surabaya Stock
Exchange). Bonds II consist of Series A, B and C
which will mature on 8 June 2009, 8 June 2010 and
8June 2011, respectively, and bear a fixed interest
rate at 14.40% - 14.60% per annum. Interest is paid
on a quarterly basis with the first payment on
8September 2006 and the last payment together with
payment of principal of each series of bonds. PT Bank
Permata Tbk is the trustee for Bonds II.
Obligasi II ini dijamin oleh piutang pembiayaan
konsumen masing-masing sebesar Rp 54.000,
Rp 54.000 dan Rp 108.000 pada tanggal 31 Maret
2011, 31 Desember 2010 dan 2009 (lihat Catatan 11)
dan rasio jumlah pinjaman terhadap ekuitas tidak
melebihi 7,5:1. Selain itu, selama pokok obligasi belum
dilunasi, ADMF tidak diperkenankan, antara lain,
membagi dividen selama ADMF lalai dalam membayar
jumlah terutang obligasi, melakukan penggabungan
usaha serta menjual atau mengalihkan lebih dari 40%
aset ADMF yang bukan piutang pembiayaan
konsumen.
Bonds II were secured by consumer financing
receivables of Rp 54,000, Rp 54,000 and Rp 108,000
as at 31 March 2011, 31 December 2010 and 2009
(see Note 11) and debt to equity ratio at the maximum
of 7.5:1. During the year that the bonds issued are still
outstanding, ADMF is not allowed to, among others,
declare dividends in the event that ADMF defaults on
its bond obligations, merge and sell or assign more
than 40% of ADMF’s assets which are non-consumer
financing receivables.
ADMF dapat melakukan pembelian kembali (buy back)
ADMF can buy back part or all of the bonds issued
issuance date.
Pada tanggal 31 Maret 2011, Obligasi II tersebut
Indonesia (Pefindo) (31 Desember 2010: idAA dan
2009: idAA).
As at 31 March 2011, Bonds II were rated at idAA+ by
PT
Pemeringkat
Efek
Indonesia
(Pefindo)
(31 December 2010: idA and 2009: idAA).
* tidak diaudit
unaudited *
311
Subsidiary (continued)
ADMF melunasi pokok Obligasi II Seri A dan Seri B
masing-masing pada tanggal 8 Juni 2009 dan 8 Juni
2010.
ADMF fully paid the outstanding principal of Bonds II
Serie A and Serie B on 8 June 2009 and 8 June 2010,
respectively.
Pada tanggal 14 Mei 2009, ADMF menerbitkan dan
mencatatkan Obligasi Adira Dinamika Multi Finance III
Tahun 2009 (Obligasi III) dengan nilai nominal sebesar
Rp 500.000 di Bursa Efek Indonesia. Obligasi III ini
terbagi menjadi Seri A, B dan C yang masing-masing
akan jatuh tempo pada tanggal 18 Mei 2010, 13 Mei
2011 dan 13 Mei 2012 dan memiliki suku bunga tetap
12,55% - 14,60% setahun. Bunga dibayar setiap tiga
bulan dengan pembayaran pertama pada tanggal
13 Agustus 2009 dan pembayaran terakhir bersamaan
dengan pelunasan pokok masing-masing seri obligasi.
Wali amanat untuk Obligasi III adalah PT Bank Negara
Indonesia (Persero) Tbk.
On 14 May 2009, ADMF issued and registered Adira
Dinamika Multi Finance III Bonds Year 2009 (Bonds
III) with a nominal value of Rp 500,000 at the
Indonesian Stock Exchange. Bonds III consist of
Series A, B and C which will mature on 18 May 2010,
13 May 2011 and 13 May 2012, respectively, and bear
a fixed interest rate at 12.55% - 14.60% per annum.
Interest is paid on a quarterly basis with the first
payment on 13 August 2009 and the last payment
together with payment of principal of each series of
bonds. PT Bank Negara Indonesia (Persero) Tbk is
the trustee for Bonds III.
Obligasi III ini dijamin oleh piutang pembiayaan
konsumen masing-masing sebesar Rp 272.400,
Rp 272.400 dan Rp 300.000 pada tanggal 31 Maret
2011, 31 Desember 2010 dan 2009 (lihat Catatan 11)
dan rasio jumlah pinjaman terhadap ekuitas tidak
melebihi 10:1. Selain itu, selama pokok obligasi belum
dilunasi, ADMF tidak diperkenankan, antara lain,
membagi dividen selama ADMF lalai dalam membayar
jumlah terutang obligasi, melakukan penggabungan
usaha serta menjual atau mengalihkan lebih dari 40%
aset ADMF yang bukan piutang pembiayaan
konsumen.
Bonds III were secured by consumer financing
receivables of Rp 272,400, Rp 272,400 and
Rp 300,000 as at 31 March 2011, 31 December 2010
and 2009 (see Note 11), respectively, and debt to
equity ratio at the maximum of 10:1. During the year
that the bonds issued are still outstanding, ADMF is
not allowed to, among others, declare dividends in the
event that ADMF defaults on its bond obligations,
merge and sell or assign more than 40% of ADMF’s
assets which are non-consumer financing receivables.
issuance date.
Pada tanggal 31 Maret 2011, Obligasi III tersebut
Indonesia (Pefindo) (31 Desember 2010: idAA dan
2009: idAA).
As at 31 March 2011, Bonds III were rated at idAA+ by
PT
Pemeringkat
Efek
Indonesia
(Pefindo)
(31 December 2010: idAA and 2009: idAA).
Pada tanggal 18 Mei 2010, ADMF melunasi seluruh
pokok obligasi III seri A.
On 18 May 2010, ADMF fully paid the outstanding
principal of Bonds III serie A.
* tidak diaudit
unaudited *
312
Pada tanggal 1 November 2010, ADMF menerbitkan
dan mencatatkan Obligasi Adira Dinamika Multi
Finance IV Tahun 2010 dengan tingkat bunga tetap
(Obligasi IV) dengan nilai nominal sebesar
Rp 2.000.000 di Bursa Efek Indonesia. Obligasi IV ini
terbagi menjadi Seri A, B, C, D dan E yang masingmasing akan jatuh tempo pada tanggal 29 April 2012,
29 Oktober 2012, 29 April 2013, 29 Oktober 2013 dan
29 Oktober 2014 dan memiliki suku bunga tetap 7,60%
- 9,25% setahun. Bunga dibayar setiap tiga bulan
dengan pembayaran pertama pada tanggal 29 Januari
2011 dan pembayaran terakhir bersamaan dengan
pelunasan pokok masing-masing seri obligasi. Wali
amanat untuk Obligasi IV adalah PT Bank Negara
Indonesia (Persero) Tbk.
On 1 November 2010, ADMF issued and registered
Adira Dinamika Multi Finance IV Bonds Year 2010
with fixed interest rate (Bonds IV) with a nominal value
of Rp 2,000,000 at the Indonesian Stock Exchange.
Bonds IV consist of series A, B, C, D and E which will
mature on 29 April 2012, 29 October 2012, 29 April
2013, 29 October 2013 and 29 October 2014,
respectively, and bear fixed interest rate at 7.60% 9.25% per annum. Interest is paid on a quarterly basis
with the first payment on 29 January 2011 and the last
payment together with payment of principal of each
series of bonds. PT Bank Negara Indonesia (Persero)
Tbk is the trustee for Bonds IV.
Obligasi IV ini dijamin oleh piutang pembiayaan
konsumen sebesar Rp 1.200.000 dan Rp 600.000
masing-masing pada tanggal 31 Maret 2011 dan
31 Desember 2010 (lihat Catatan 11) dan rasio jumlah
pinjaman terhadap ekuitas tidak melebihi 10:1. Selain
itu, selama pokok obligasi belum dilunasi, ADMF tidak
diperkenankan, antara lain, membagi dividen selama
ADMF lalai dalam membayar kewajiban obligasinya,
melakukan penggabungan usaha serta menjual atau
mengalihkan lebih dari 40% aset ADMF yang bukan
piutang pembiayaan konsumen.
Bonds IV were secured by consumer financing
receivables of Rp 1,200,000 and Rp 600,000 as at
31 March 2011 and 31 December 2010, respectively
(see Note 11) and debt to equity ratio at the maximum
of 10:1. During the period that the bonds are still
outstanding, ADMF is not allowed to, among others,
declare dividends in the event that ADMF defaults on
its bond obligations, merge and sell or assign more
than 40% of ADMF’s assets which are non-consumer
financing receivables.
issuance date.
Pada tanggal 31 Maret 2011, Obligasi IV tersebut
Indonesia (Pefindo) (31 Desember 2010: idAA).
As at 31 March 2011, Bonds IV were rated at idAA+ by
PT
Pemeringkat
Efek
Indonesia
(Pefindo)
(31 December 2010: idAA).
2011 adalah 9,98% (31 Desember 2010: 9,98% dan
2009: tingkat suku bunga rata-rata tertimbang 14,37%).
The weighted average effective interest rate per
annum for the three-month period ended 31 March
2011 was 9.98% (31 December 2010: 9.98% and
2009: weighted average interest rate 14.37%).
Beban bunga atas obligasi yang diterbitkan termasuk
amortisasi emisi obligasi yang ditangguhkan untuk
2011 dan 2010 adalah masing-masing sebesar Rp
64.182 dan Rp 24.428 dan tahun yang berakhir pada
tanggal 31 Desember 2010 dan 2009 masing-masing
sebesar Rp 117.247 dan Rp 107.283 (lihat Catatan 31).
The amount of interest expense on the bonds issued
including amortization of bonds’ issuance cost for the
three-month periods ended 31 March 2011 and 2010
amounted to Rp 64,182 and Rp 24,428 respectively
amounted to Rp 117,247 and Rp 107,283,
respectively (see Note 31).
* tidak diaudit
unaudited *
313
Pada tanggal 31 Maret 2011, 31 Desember 2010 dan
2009, Bank dan Anak Perusahaan telah mematuhi
semua pembatasan-pembatasan penting sehubungan
dengan perjanjian obligasi yang diterbitkan. Seluruh
pembayaran atas jumlah bunga dan pokok yang jatuh
tempo telah dilakukan secara tepat waktu.
As at 31 March 2011, 31 December 2010 and 2009,
the Bank and Subsidiary were in compliance with the
aforementioned covenants in relation to the bonds
issuance agreement. All payments of amounts due for
interest and principle has been done on timely basis.
22. PINJAMAN YANG DITERIMA
22. BORROWINGS
47d.
Informasi m

PT BANK DANAMON INDONESIA TBK

Transcription

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