Financial risk management objectives and policies

PT. BHAKTI INVESTAMA Tbk DAN ENTITAS ANAK PT. BHAKTI INVESTAMA Tbk AND ITS SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 31 MARET 2012 DAN 31 DESEMBER 2011 DAN PERIODE MARCH 31, 2012 AND DECEMBER 31, 2011 AND TIGA BULAN YANG BERAKHIR 31 MARET 2012 DAN 2011 THREE MONTHS ENDED MARCH 31, 2012 AND 2011 Angka dalam tabel dinyatakan dalam jutaan Rupiah - Lanjutan Figures in tables are stated in millions of Rupiah - Continued - 128 - Bunga Bunga Tanpa bunga mengambang tetap Non-interest Jumlah Instumen Keuangan Floating rate Fixed rate bearing Total Financial Instrument Aset Keuangan Financial Assets Kas dan setara kas 535.030 515.281 18.694 1.069.005 Cash and cash equivalents Piutang 310.496 443.486 3.255.360 4.009.342 Accounts receivable Aset keuangan lainnya - lancar - 409.901 1.833.224 2.243.125 Other financial assets - current Aset keuangan lainnya - tidak lancar - - 2.127.312 2.127.312 Other financial assets - noncurrent Liabilitas Keuangan Financial Liabilities Utang bank 203.219 - 203.219 Bank loans Wesel bayar - 157.920 - 157.920 Notes payable Utang - - 1.540.656 1.540.656 Accounts payable Biaya masih harus dibayar - - 331.332 331.332 Accrued expenses Utang obligasi - bersih - 1.586.220 - 1.586.220 Bonds payable Liabilitas sewa pembiayaan 17.306 - - 17.306 Finance lease obligation Utang jangka panjang 716.969 608.590 - 1.325.559 Long-term liabilities Liabilitas jangka panjang lainnya - - 11.974 11.974 Other noncurrent liabilities Uang muka pelanggan - - 20.627 20.627 Customer deposit Liabilitas kepada pemegang polis - - 66.185 66.185 Liabilities to policyholders Untuk mengelola risiko tingkat bunga, Perusahaan dan entitas anak memiliki kebijakan dalam memperoleh pembiayaan dalam Rupiah dengan tingkat bunga bank yang rendah, back to back deposito dan pinjaman yang akan memberikan spread bunga yang kecil serta jangka waktu pinjaman yang lebih fleksibel sehinngga dapat dilakukan pelunasan segera apabila tingkat bunga meningkat tinggi. To manage the interest rate risk, the Company and its subsidiaries have a policy in obtaining a low interest financing, back to back deposit, and borrowing with a low margin of interest and also a flexible loan term, enabling the Company to pay the loan if there is a significant increase with the rate. iii. Manajemen risiko kredit iii. Credit risk management Risiko kredit mengacu pada risiko rekanan gagal dalam memenuhi liabilitas kontraktualnya yang mengakibatkan kerugian bagi Perusahaan dan entitas anak. Credit risk refers to the risk that a counterparty will default on its contractual obligation resulting in a loss to the Company and its subsidiaries. Risiko kredit Perusahaan dan entitas anak terutama melekat pada rekening bank, pinjaman piutang kepada pihak berelasi dan piutang usaha. Perusahaan dan entitas anak menempatkan saldo bank pada institusi keuangan yang layak serta terpercaya. Piutang usaha dilakukan dengan pihak ketiga terpercaya dan pihak berelasi. Eksposur Perusahaan dan entitas anak dan rekanan dimonitor secara terus- menerus dan nilai agregat transaksi terkait tersebar di antara rekanan yang telah disetujui. The Company and its subsidiaries’ credit risk is primarily attributed to their trade accounts receivable, bank deposits, short-term investments and other investment. Credit risk on bank deposits and short-term investments is considered minimal because they are placed in credit worthy financial institutions. Other investments and trade accounts receivable with third parties are entered with respected and credit worthy third parties. The Company and its subsidiaries exposure and its counterparties are continuosly monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually.