Per usahaan I m ba la n Pa sca Ke r j a

PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 42 - Aset t et ap digunak an sebagai j am inan secar a par i passu at as ut ang bank j angk a panj ang Cat at an 16 pada t anggal 31 Desem ber 2016 dan 2015 dan ut ang obligasi pada t anggal 31 Desem ber 2016 Cat at an 17 . Pr oper t y , plant and equipm ent ar e pledged as par i passu collat er al for long- t er m bank loans Not e 16 as of Decem ber 31, 2016 and 2015 and bonds pay able as of Decem ber 31, 2016 Not e 17 . Manaj em en ber pendapat bahw a pada t anggal 31 Desem ber 2016 dan 2015 t idak t er dapat k eadaan y ang m enunj uk k an indik asi t er j adiny a penur unan nilai aset t et ap. Managem ent believ es t hat t her e is no indicat ion for im pair m ent of pr oper t y , plant and equipm ent as of Decem ber 31, 2016 and 2015. 1 3 . UTAN G BAN K 1 3 . BAN K LOAN S 31 Desem ber Decem ber 31, 2015 US ’000 Bank DBS Lt d, Singapura 25.000 Bank DBS Lt d, Singapore The Hongkong and Shanghai The Hongkong and Shanghai Banking Corporat ion Banking Corporat ion Lim it ed HSBC 15.000 Lim it ed HSBC The Siam Com m ercial Bank The Siam Com m ercial Bank Public Com pany Lt d 10.800 Public Com pany Lt d Jum lah 50.800 Tot al Ba n k D BS Lt d, Sin ga pu r a Ba n k D BS Lt d, Sin ga por e Pada t anggal 10 Nopem ber 2014 , Per usahaan m endapat k an Fasilit as Modal Ker j a Wor king Capit al Facilit y dengan j um lah m ak sim al sebesar US 40.000 r ibu dar i Bank DBS Lt d, Singapur a. Jangk a w ak t u 1 t ahun. Tingk at bunga per t ahun LI BOR + per sent ase t er t ent u. Fasilit as ini dicair k an t anggal 29 Desem ber 2015 sebesar US 25.000 r ibu dan t elah dilunasi pada bulan Mar et 2016 . On Nov em ber 10, 2014 , t he Com pany obt ained Wor k ing Capit al Facilit y w it h a m ax im um am ount of US 40,000 t housand fr om DBS Bank Lt d, Singapor e. The facilit y has a t er m of 1 y ear and has an annual int er est r at e of LI BOR plus cer t ain per cent age. This facilit y w as dr aw ndow n on Decem ber 29, 2015 am ount ing t o US 25,000 t housand and it w as fully r epaid in Mar ch 2016 . Th e H on gk on g a n d Sh a n gh a i Ba n k in g Cor por a t ion Lim it e d H SBC Th e H on gk on g a n d Sh a n gh a i Ba n k in g Cor por a t ion Lim it e d H SBC Pada 30 Sept em ber 2015 , Per usahaan m elak uk an am andem en at as Fasilit as Per bank an dengan The Hongk ong and Shanghai Bank ing Cor por at ion Lim it ed unt uk m endanai k ebut uhan m odal k er j a j angk a pendek Per usahaan. Fasilit as ini t er dir i at as Pinj am an Ber ulang m ak sim al sebesar US 50.000 r ibu, j angk a w ak t u 1 t ahun dan t ingk at bunga per t ahun sebesar per sent ase t er t ent u. Pada t anggal 28 Desem ber 2015 , Per usahaan m encair k an sebesar US 15.000 r ibu dar i fasilit as ini dan t elah dilunasi pada bulan Januar i 2016. On Sept em ber 30, 2015 , t he Com pany am ended t he Bank ing Facilit y w it h The Hongk ong and Shanghai Bank ing Cor por at ion Lim it ed t o finance it s shor t t er m w or k ing capit al r equir em ent s. The Facilit y consist s of Rev olv ing Loan w it h m ax im um am ount of US 50,000 t housand, t er m of 1 y ear and an annual int er est r at e of cer t ain per cent age. On Decem ber 28 , 2015, t he Com pany m ade a dr aw dow n of US 15,000 t housand fr om t his facilit y , and it w as fully r epaid in Januar y 2016. Th e Sia m Com m e r cia l Ba n k Pu blic Com pa n y Lt d Th e Sia m Com m e r cia l Ba n k Pu blic Com pa n y Lt d Pada 12 Nov em ber 2014 , Per usahaan m em per oleh Fasilit as Kr edit Ber ulang sebesar US 30.000 r ibu dar i The Siam Com m er cial Bank Public Com pany Lt d unt uk m endanai k ebut uhan m odal k er j a Per usahaan dan beban pem elihar aan t er k ait pem elihar aan r ut in ber j angk a. Tingk at bunga per t ahun adalah LI BOR + per sent ase t er t ent u, dengan per iode pem bay ar an bunga set iap 3 bulan. Fasilit as ini dicair k an t anggal 14 Agust us 2015 sebesar US 10.800 r ibu dan t elah dilunasi pada bulan Febr uar i 2016. On Nov em ber 12, 2014 , t he Com pany obt ained Rev olv ing Cr edit Facilit y am ount ing t o US 30,000 t housand fr om The Siam Com m er cial Bank Public Com pany Lt d, t o finance it s w or k ing capit al r equir em ent s and m aint enance ex penses in r egar ds of t ur nar ound m aint enance. The facilit y has an annual int er est r at e of LI BOR plus cer t ain per cent age, w it h int er est inst allm ent m ade ev er y 3 m ont hs. This facilit y w as dr aw ndow n on August 14, 2015 am ount ing t o US 10,800 t housand and it w as fully r epaid in Febr uar y 2016 . PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 43 - 1 4 . UTAN G USAH A 1 4 . TRAD E ACCOUN TS PAYABLE 2016 2015 US ’000 US ’000 a. Berdasarkan pem asok a. By Supplier Pihak berelasi Relat ed part y SCG Chem icals Co., Lt d. 25.293 87.869 SCG Chem icals Co., Lt d. Pihak ket iga Third part ies Pem asok luar negeri 260.069 68.747 Foreign suppliers Pem asok dalam negeri 58.743 71.208 Local suppliers Subj um lah 318.812 139.955 Subt ot al Jum lah 344.105 227.824 Tot al b. Berdasarkan m at a uang b. By Currency Dolar Am erika Serikat 324.268 209.467 U.S. Dollar Rupiah 19.631 17.115 Rupiah Lain- lain 206 1.242 Ot hers Jum lah 344.105 227.824 Tot al 31 Desem ber Decem ber 31 , Jangk a w ak t u k r edit y ang t im bul dar i pem belian bahan bak u ut am a dan pem bant u, dan j asa baik dar i pem asok dalam m aupun luar neger i ber k isar 30 sam pai dengan 120 har i. Pur chases of r aw and indir ect m at er ials, and ser v ices, bot h fr om local and for eign supplier s, hav e cr edit t er m s of 30 t o 120 day s. 1 5 . UTAN G PAJAK 1 5 . TAX ES PAYABLE 2016 2015 US ’000 US ’000 Paj ak penghasilan badan Corporat e incom e t ax Perusahaan Cat at an 28 30.227 - The Com pany Not e 28 Ent it as anak Cat at an 28 2.821 3 Subsidiaries Not e 28 Paj ak penghasilan I ncom e t axes Pasal 4 2 104 103 Art icle 4 2 Pasal 15 6 6 Art icle 15 Pasal 21 701 756 Art icle 21 Pasal 23 95 867 Art icle 23 Pasal 26 54 82 Art icle 26 Paj ak pert am bahan nilai 28 22 Value added t ax Jum lah 34.036 1.839 Tot al 31 Desem ber Decem ber 31 , PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 44 - 1 6 . UTAN G BAN K JAN GKA PAN JAN G 1 6 . LON G- TERM BAN K LOAN S 2016 2015 US ’000 US ’000 Pinj am an Berj angka Term Loans US 199,8 j ut a 193.401 - US 199.8 m illion US 220 j ut a 105.335 159.900 US 220 m illion US 94,98 j ut a 88.844 91.023 US 94.98 m illion US 265 j ut a - 244.271 US 265 m illion PT Bank Cent ral Asia Tbk BCA 809 1.735 PT Bank Cent ral Asia Tbk BCA Jum lah ut ang j angka panj ang 388.389 496.929 Tot al long- t erm loans Bagian yang j at uh t em po dalam sat u t ahun 63.113 70.470 Current m at urit ies Ut ang j angka panj ang - set elah dikurangi bagian yang j at uh Long- t erm loans - net of t em po dalam sat u t ahun 325.276 426.459 current m at urit ies 31 Desem ber Decem ber 31 , Pada t anggal 31 Desem ber 2016 , j adw al pelunasan pok ok pinj am an adalah sebagai ber ik ut : As of Decem ber 31. 2016 , loan pr incipal r epay m ent schedule ar e as follow s: US 199,8 US 220 US 94,98 Jum lah Jut a Million Jut a Million Jut a Million BCA Tot al US’000 US’000 US’000 US’000 US’000 Tahun Year 2017 19.980 35.200 7.124 809 63.113 2017 2018 19.980 48.400 9.498 - 77.878 2018 2019 19.980 26.400 9.498 - 55.878 2019 2020 29.970 - 9.498 - 39.468 2020 2021 29.970 - 28.494 - 58.464 2021 2022 39.960 - 28.494 - 68.454 2022 2023 39.960 - - - 39.960 2023 Jum lah pokok 199.800 110.000 92.606 809 403.215 Tot al pr incipal Biaya per olehan pinj am an Unam or t ized yang belum diam or t isasi 6.399 4.665 3.762 - 14.826 t r ansact ion cost s Jum lah pinj am an - ber sih 193.401 105.335 88.844 809 388.389 Tot al loan - net Pinj am an ber j angka Ter m loans Biay a per olehan diam or t isasi at as ut ang bank j angk a panj ang adalah sebagai ber ik ut : The am or t ized cost of t he long- t er m bank loans ar e as follow : 2016 2015 US ’000 US ’000 Ut ang bank j angka panj ang 388.389 496.929 Long- t erm bank loans Biaya bunga yang m asih harus dibayar 973 766 Accrued int erest s Jum lah 389.362 497.695 Tot al 31 Desem ber Decem ber 31 , Biay a bunga pinj am an y ang m asih har us dibay ar dicat at dalam ak un biay a y ang m asih har us dibay ar . The abov e accr ued int er est s ar e pr esent ed as accr ued ex penses. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 45 - Pin j a m a n Be r j a n gk a US 1 9 9 ,8 Ju t a US 1 9 9 .8 M illion Te r m Loa n Pada t anggal 28 Nov em ber 2016, Per usahaan m em per oleh fasilit as pinj am an ber j angk a sebesar US 199.800 r ibu dar i beber apa k r edit ur y ait u Bangk ok Bank Public Com pany Lim it ed, cabang Jak ar t a; The Siam Com m er cial Bank Public Com pany Lim it ed; PT Bank DBS I ndonesia, DBS Bank Lt d; The Hongk ong and Shanghai Bank ing Cor por at ion Lim it ed, cabang Jak ar t a; PT Bank I CBC I ndonesia; dan PT Bank BNP Par ibas I ndonesia. PT Bank DBS I ndonesia ber t indak sebagai agen fasilit as. PT St y r indo Mono I ndonesia, PT Pet r ok im ia But adiene I ndonesia dan Alt us Capit al Pt e., Lt d ber t indak sebagai penj am in. On Nov em ber 28, 2016, t he Com pany obt ained Ter m Facilit y Cr edit am ount ing t o US 199,800 t housand fr om t he follow ing lender s: Bangk ok Bank Public Com pany Lim it ed, Jak ar t a Br anch; The Siam Com m er cial Bank Public Com pany Lim ited; PT Bank DBS I ndonesia; DBS Bank Lt d.; The Hongk ong and Shanghai Bank ing Cor por at ion Lim it ed, Jak ar t a Br anch ; PT Bank I CBC I ndonesia; and PT Bank BNP Par ibas I ndonesia. PT Bank DBS I ndonesia act s as facilit y agent . PT St y r indo Mono I ndonesia, PT Pet r ok im ia But adiene I ndonesia and Alt us Capit al Pt e., Lt d act as guar ant or s. Dana dar i fasilit as pinj am an ini digunak an unt uk m elak uk an pem bay ar an dim uk a secar a penuh at as pinj am an ber j angk a US 265.000 r ibu y ang belum lunas. Pr oceeds fr om t his facilit y w er e ut ilized t o pr epay in full all out st anding am ount s of US 265,000 t housand Ter m Loan. Fasilit as pinj am an ini dij am in ant ar a lain dengan r ek ening dalam neger i Per usahaan, j am inan fidusia at as asur ansi, j am inan fidusia at as aset ber ger ak , r ek ening Debt Ser v ice Reser v e Account , saham Alt us Capit al Pt e., Lt d, saham PT Pet r ok im ia But adiene I ndonesia, hipot ik at as t anah per ingk at k et iga, hipot ik at as t anah per ingk at k eenam , aset ber ger ak PT St y r indo Mono I ndonesia, dan j am inan fidusia at as k laim asur ansi PT St y r indo Mono I ndonesia. The facilit y is secur ed by , am ong ot her s, t he Com pany ’s onshor e account s, Fiducia Secur it y on I nsur ances, Fiducia Secur it y on Mov able Asset s, Debt Ser v ice Reser v e Account , pledged ov er shar es of Alt us Capit al Pt e., Lt d, pledged ov er shar es of PT Pet r ok im ia But adiene I ndonesia, Thir d Rank Land Mor t gages, Six t h Rank Land Mor t gages, Mov able Asset s of PT St y r indo Mono I ndonesia, and Fiducia Secur it y of PT St y r indo Mono I ndonesia’s insur ances claim . Saldo pinj am an t er sebut adalah sebagai ber ik ut : The balances of t he loans ar e as follow : 31 Desem ber Decem ber 31, 2016 US ’000 The Siam Com m ercial Bank The Siam Com m ercial Bank Public Public Com pany Lim it ed 60.000 Com pany Lim it ed Bangkok Bank Public Com pany Bangkok Bank Public Com pany Lim it ed Jakart a 60.000 Lim it ed Jakart a The Hongkong and Shanghai Banking The Hongkong and Shanghai Banking Corporat ion Lim it ed Jakart a 25.000 Corporat ion Lim it ed Jakart a PT Bank I CBC I ndonesia 25.000 PT Bank I CBC I ndonesia PT Bank DBS I ndonesia 10.000 PT Bank DBS I ndonesia DBS Bank Lt d 10.000 DBS Bank Lt d PT Bank BNP Paribas I ndonesia 9.800 PT Bank BNP Paribas I ndonesia Jum lah 199.800 Tot al Biaya perolehan pinj am an yang belum diam ort isasi 6.399 Unam ort ized t ransact ion cost s Bersih 193.401 Net Dikurangi bagian yang j at uh t em po dalam sat u t ahun 19.980 Less current m at urit y Bagian j angka panj ang 173.421 Long- t erm port ion Bank Bank PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 46 - Per usahaan diw aj ibk an unt uk m em elihar a r asio k euangan sebagai ber ik ut : The Com pany is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio I nt er est Ser v ice Cov er age diat as 1,75: 1. • Rasio j um lah pinj am an t er hadap k apit alisasi t idak m elebihi 50 . • Ter k ait pem bay ar an div iden : a. Jik a Debt Ser v ice Char ge Rat io m elebihi 1,25, m ak a pem bay ar an div iden t idak boleh m elebihi laba ber sih. b. Jik a Debt Ser v ice Char ge Rat io t idak m elebihi 1,25, m ak a pem bay ar an div iden t idak boleh m elebihi 50 dar i laba ber sih. • I nt er est Ser v ice Cov er age Rat io shall be gr eat er t han 1.75: 1. • Tot al Debt t o Capit alizat ion Rat io shall not ex ceed 50 . • I n r elat ion t o pay m ent of div idends : a. I f Debt Ser v ice Char ge Rat io is gr eat er t han or equal t o 1.25, pay m ent of div idends shall not ex ceed net incom e. b. I f Debt Ser v icce Char ge Rat io is low er t han 1.25, pay m ent of div idends shall not ex ceed 50 of net incom e. Per usahaan j uga diw aj ibk an unt uk m enj aga saldo t er t ent u pada Debt Ser v ice Accr ual Account y ang dit em pat k an pada PT Bank DBS I ndonesia dan Debt Ser v ice Reser v e Account y ang dit em pat k an pada Deut sche Bank AG, Singapur a Cat at an 11 . The Com pany is also r equir ed t o m aint ain cer t ain balance of Debt Ser v ice Accr ual Account placed in PT Bank DBS I ndonesia, and Debt Ser v ice Reser v e Account placed in Deut sche Bank AG, Singapor e Not e 11 . Per j anj ian ini m encak up per sy ar at an t er t ent u y ang m em bat asi Per usahaan dan ent it as anak sebagai penj am in unt uk t idak m elak uk an hal- hal t er t ent u y ang t er cant um dalam per j anj ian. The agr eem ent cont ains cer t ain cov enant s t hat r est r ict t he Com pany and it s subsidiar ies act ing as guar ant or s in per for m ing cer t ain act s as st at ed in t he agr eem ent . Pada t anggal 31 Desem ber 2016, Gr up t elah m em enuhi sy ar at dan k ondisi pinj am an y ang dit et apk an bank . As of Decem ber 31, 2016, t he Gr oup is in com pliance w it h t he t er m s and condit ions of t he loans set by t he bank . Pelunasan pinj am an dilak uk an dalam 14 k ali cicilan, dengan j adw al sebagai ber ik ut : Loan r epay m ent s ar e m ade on 14 inst allm ent s, w it h t he follow ing schedule: Pelunasan pokok pinj am an Repaym ent of principal 6 5 12 5 18 5 24 5 30 5 36 5 42 7,5 48 7,5 54 7,5 60 7,5 66 10 72 10 78 10 84 10 Jum lah Tot al 100 Bulan set elah t anggal perj anj ian dat e of agreem ent Mont hs aft er Tingk at bunga per t ahun LI BOR + per sent ase t er t ent u. Pem bay ar an bunga dilak uk an secar a 3 bulanan. Annual int er est r at e LI BOR + cer t ain per cent age. I nt er est is pay able ev er y 3 m ont hs. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 47 - Pin j a m a n Be r j a n gk a US 2 2 0 Ju t a US 2 2 0 M illion Te r m Loa n Pada t anggal 29 Sept em ber 2012, Per usahaan m enandat angani Fasilit as Pinj am an Ber j angk a sam pai dengan nilai US 220.000 r ibu dengan The Siam Com m er cial Bank Public Com pany Lim it ed dan Bangk ok Bank Public Com pany Lim it ed Jak ar t a . Saldo pinj am an t er sebut adalah sebagai ber ik ut : On Sept em ber 29, 2012, t he Com pany signed a Ter m Facilit y Cr edit Agr eem ent up t o US 220,000 t housand w it h The Siam Com m er cial Bank Public Com pany Lim it ed and Bangk ok Bank Public Com pany Lim it ed Jak ar t a . The balances of t he loans ar e as follow : 2016 2015 US ’000 US ’000 The Siam Com m er cial Bank The Siam Com m er cial Bank Public Public Com pany Lim it ed 60.000 91.200 Com pany Lim it ed Bangkok Bank Public Com pany Bangkok Bank Public Com pany Lim it ed, Cabang Jakar t a 50.000 76.000 Lim it ed, Jakar t a Br anch Jum lah 110.000 167.200 Tot al Biaya per olehan pinj am an yang belum diam or t isasi 4.665 7.300 Unam or t ized t r ansact ion cost s Ber sih 105.335 159.900 Net Dikur angi bagian yang j at uh t em po dalam sat u t ahun 35.200 35.200 Less cur r ent m at ur it y Bagian j angka panj ang 70.135 124.700 Long- t er m por t ion Bank Bank 31 Desem ber Decem ber 31 , Bangk ok Bank Public Com pany Lim it ed, Cabang Jak ar t a ber t indak sebagai agen fasilit as dan DB Tr ust ees Hongk ong Lim it ed ber t indak sebagai agen j am inan. PT Pet r ok im ia But adiene I ndonesia, PT St y r indo Mono I ndonesia dan Alt us Capit al Pt e., Lt d ber t indak sebagai penj am in. Bangk ok Bank Public Com pany Lim it ed, Jak ar t a Br anch act s as facilit y agent and DB Tr ust ees Hongk ong Lim it ed act as t he secur it y agent . PT Pet r ok im ia But adiene I ndonesia, PT St y r indo Mono I ndonesia and Alt us Capit al Pt e., Lt d act as guar ant or s. Pinj am an ini dij am in ant ar a lain dengan asur ansi j am inan fidusia at as aset ber ger ak , hipot ik at as t anah dan hipot ik at as t anah per ingk at per t am a, r ek ening Per usahaan y ang dit em pat k an pada pem ber i pinj am an dan saham Alt us Capit al Pt e Lt d. The facilit y is secur ed by , am ong ot her s, I nsur ances Fiducia Secur it y on Mov able Asset s Fiducia Secur it y on Land Mor t gages and Fir st Rank Land Mor t gages, Pledge Ov er Onshor e and Offshor e Account s placed on t he Lender s, and pledged ov er shar es of Alt us Capit al Pt e Lt d. Per usahaan diw aj ibk an unt uk m em elihar a r asio k euangan sebagai ber ik ut : The Com pany is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio I nt er est Ser v ice Cov er age diat as 1,75: 1. • Rasio j um lah pinj am an t er hadap k apit alisasi t idak m elebihi 50 . • I nt er est Ser v ice Cov er age Rat io shall be gr eat er t han 1.75: 1. • Tot al Debt t o Capit alizat ion Rat io shall not ex ceed 50 . Per usahaan j uga diw aj ibk an unt uk m enj aga saldo t er t ent u pada Debt Ser v ice Accr ual Account y ang dit em pat k an pada Bangk ok Bank Public Com pany Lim it ed Cabang Jak ar t a dan Debt Ser v ice Reser v e Account y ang dit em pat k an pada Deut sche Bank AG, Singapur a Cat at an 11 . The Com pany is also r equir ed t o m aint ain cer t ain balance of Debt Ser v ice Accr ual Account placed in Bangk ok Bank Public Com pany Lim it ed, Jak ar t a br anch and Debt Ser v ice Reser v e Account placed in Deut sche Bank AG, Singapor e Not e 11 . Per j anj ian ini m encak up per sy ar at an t er t ent u y ang m em bat asi Gr up sebagai penj am in unt uk t idak m elak uk an hal- hal t er t ent u y ang t er cant um dalam per j anj ian. The agr eem ent cont ains cer t ain cov enant s t hat r est r ict t he Gr oup act ing as guar ant or s in per for m ing cer t ain act s as st at ed in t he agr eem ent . Pada t anggal 31 Desem ber 2016 dan 2015, Gr up t elah m em enuhi sy ar at dan k ondisi pinj am an y ang dit et apk an bank . As of Decem ber 31, 2016 and 2015, t he Gr oup is in com pliance w it h t he t er m s and condit ions of t he loans set by t he bank . PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 48 - Pelunasan pinj am an dilak uk an dalam 12 k ali cicilan, dengan j adw al sebagai ber ik ut : Loan r epay m ent s ar e m ade on 12 inst allm ent s, w it h t he follow ing schedule: Pelunasan pokok pinj am an Repaym ent of principal 18 6 24 6 30 6 36 6 42 8 48 8 54 8 60 8 66 11 72 11 78 11 84 11 Jum lah Tot al 100 Bulan set elah t anggal perj anj ian dat e of agreem ent Mont hs aft er Tingk at bunga per t ahun LI BOR + per sent ase t er t ent u. Pem bay ar an bunga dilak uk an secar a 3 bulanan. Annual int er est r at e LI BOR + cer t ain per cent age. I nt er est is pay able ev er y 3 m ont hs. Per usahaan t elah m elak uk an pem bay ar an cicilan per t am a sam pai k eem pat m asing- m asing pada bulan Mar et 2014 dan 2015 ser t a Sept em ber 2014 dan 2015 sebesar US 52.800 r ibu. Per usahaan t elah m elak uk an pem bay ar an cicilan k elim a dan k eenam pada bulan Mar et dan Sept em ber 2016 sebesar US 35.200 r ibu. Per usahaan t elah m elak uk an per cepat an pem bay ar an pada Desem ber 2016 sebesar US 22.000 r ibu. The Com pany paid t he fir st unt il t he four t h pr incipal inst allm ent in Mar ch 2014 and 2015 and Sept em ber 2014 and 2015 t ot alling t o US 52,800 t housand. The Com pany paid t he fift h and t he six t h pr incipal inst allm ent in Mar ch and Sept em ber 2016 t ot alling t o US 35,200 t housand. The Com pany m ade v olunt ar y pr epay m ent in Decem ber 2016 t ot alling t o US 22,000 t housand. Pin j a m a n Be r j a n gk a US 9 4 ,9 8 Ju t a US 9 4 .9 8 M illion Te r m Loa n Pada t anggal 7 Ok t ober 2015, Per usahaan m em per oleh fasilit as pinj am an ber j angk a dengan nilai US 94.980 r ibu dar i beber apa bank dalam dan luar neger i. Saldo pinj am an t er sebut adalah sebagai ber ik ut : On Oct ober 7, 2015, t he Com pany obt ained t er m loan cr edit facilit y up t o US 94,980 t h ousand fr om sev er al onshor e and offshor e bank s. The loan balances ar e as follow : 2016 2015 US ’000 US ’000 Bangkok Bank Public Com pany Lim it ed 34.125 35.000 Bangkok Bank Public Com pany Lim it ed The Siam Com m ercial Bank The Siam Com m ercial Bank Public Com pany Lim it ed 34.125 35.000 Public Com pany Lim it ed The Hongkong and Shanghai Banking The Hongkong and Shanghai Banking Corporat ion Lim it ed HSBC , Jakart a 9.730 9.980 Corporat ion Lim it ed HSBC , Jakart a PT Bank DBS I ndonesia 7.313 7.500 PT Bank DBS I ndonesia DBS Bank Lt d, Singapura 7.313 7.500 DBS Bank Lt d, Singapura Jum lah 92.606 94.980 Tot al Biaya perolehan pinj am an yang belum diam ort isasi 3.762 3.957 Unam ort ized t ransact ion cost s Bersih 88.844 91.023 Net Dikurangi bagian yang j at uh t em po dalam sat u t ahun 7.124 2.375 Less current m at urit y Bagian j angka panj ang 81.720 88.648 Long- t erm port ion Bank Bank 31 Desem ber Decem ber 31, PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 49 - PT Bank DBS I ndonesia ber t indak sebagai agen fasilit as. PT Pet r ok im ia But adiene I ndonesia, PT St y r indo Mono I ndonesia dan Alt us Capit al Pt e., Lt d ber t indak sebagai penj am in. PT Bank DBS I ndonesia act s as t he facilit y agent . PT Pet r ok im ia But adiene I ndonesia, PT St y r indo Mono I ndonesia and Alt us Capit al Pt e., Lt d act as guar ant or s. Fasilit as pinj am an ini dij am in ant ar a lain dengan asur ansi j am inan fidusia at as aset ber ger ak , hipot ik at as t anah per ingk at k edua dan hipot ik at as t anah per ingk at k elim a, r ek ening Per usahaan y ang dit em pat k an pada pem ber i pinj am an dan saham Alt us Capit al Pt e., Lt d. The facilit y is secur ed by , am ong ot her s, I nsur ances Fiducia Secur it y on Mov able Asset s, Second Rank Land Mor t gages, Fift h Rank Land Mor t gages, Pledge Ov er Onshor e and Offshor e Account s placed on t he Lender s, and pledged ov er shar es of Alt us Capit al Pt e., Lt d. Per j anj ian ini m encak up per sy ar at an t er t ent u y ang m em bat asi Per usahaan dan ent it as anak sebagai penj am in unt uk t idak m elak uk an hal- hal t er t ent u y ang t er cant um dalam per j anj ian. The agr eem ent cont ains cer t ain cov enant s t hat r est r ict t he Com pany and it s subsidiar ies act ing as guar ant or s in per for m ing cer t ain act s as st at ed in t he agr eem ent . Pelunasan pinj am an dilak uk an dalam 14 k ali cicilan, dengan j adw al sebagai ber ik ut : Loan r epay m ent s ar e m ade on 14 inst allm ent s, w it h t he follow ing schedule: 6 1,25 12 1,25 18 2,5 24 5 30 5 36 5 42 5 48 5 54 5 60 5 66 15 72 15 78 15 84 15 Jum lah Tot al 100 Bulan set elah Mont hs aft er dat e of agreem ent t anggal perj anj ian Pelunasan pokok pinj am an Repaym ent of principal Tingk at bunga per t ahun LI BOR + per sent ase t er t ent u. Pem bay ar an bunga dilak uk an secar a 3 bulanan. Annual int er est r at e LI BOR + cer t ain per cent age. I nt er est is pay able ev er y 3 m ont hs. Per usahaan diw aj ibk an unt uk m em elihar a r asio sebagai ber ik ut : The Com pany is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio I nt er est Ser v ice Cov er age diat as 1,75: 1 • Rasio j um lah pinj am an t er hadap k apit alisasi t idak m elebihi 50 . • Ter k ait pem bay ar an div iden : a. Jik a Debt Ser v ice Char ge Rat io m elebihi 1,25, m ak a pem bay ar an div iden t idak boleh m elebihi laba ber sih. b. Jik a Debt Ser v ice Char ge Rat io t idak m elebihi 1,25, m ak a pem bay ar an div iden t idak boleh m elebihi 50 dar i laba ber sih. • I nt er est Ser v ice Cov er age Rat io shall be gr eat er t han 1.75: 1 • Tot al Debt t o Capit alizat ion Rat io shall not ex ceed 50 . • I n r elat ion t o pay m ent of div idends : a. I f Debt Ser v ice Char ge Rat io is gr eat er t han or equal t o 1.25, pay m ent of div idends shall not ex ceed net incom e b. I f Debt Ser v icce Char ge Rat io is low er t han 1.25, pay m ent of div idendss shall not ex eed 50 of net incom e. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 50 - Per usahaan diw aj ibk an unt uk m enj aga saldo Debt Ser v ice Reser v e Account dan Debt Ser v ice Accr ual Account pada PT Bank DBS I ndonesia Cat at an 11 . The Com pany is r equir ed t o m aint ain t he balance of Debt Ser v ice Reser v e Account and Debt Ser v ice Accr ual Account placed on PT Bank DBS I ndonesia Not e 11 . Per usahaan t elah m elak uk an pem bay ar an cicilan per t am a dan k edua m asing- m asing pada bulan Apr il dan Oct ober 2016 sebesar US 2.374 r ibu. The Com pany paid t he fir st and t he second pr incipal inst allm ent in Apr il and Oct ober 2016 t ot alling US 2,374 t housand. Pada t anggal 31 Desem ber 2016 dan 2015, Gr up t elah m em enuhi sy ar at dan k ondisi pinj am an y ang dit et apk an bank . As of Decem ber 31, 2016 and 2015, t he Gr oup is in com pliance w it h t he t er m s and condit ions of t he loans set by t he bank . Pin j a m a n Be r j a n gk a US 2 6 5 Ju t a US 2 6 5 M illion Te r m Loa n Pada t anggal 5 Desem ber 2013, Per usahaan m em per oleh fasilit as pinj am an ber j angk a sebesar US 265.000 r ibu dar i beber apa k r edit ur y ait u Bangk ok Bank Public Com pany Lim it ed, cabang Jak ar t a; The Siam Com m er cial Bank Public Com pany Lim it ed; PT I ndonesia Ex im bank ; DBS Bank Lt d; dan Deut sche Bank AG, cabang Singapur a. PT Bank DBS I ndonesia ber t indak sebagai agen fasilit as. PT St y r indo Mono I ndonesia, PT Pet r ok im ia But adiene I ndonesia dan Alt us Capit al Pt e., Lt d ber t indak sebagai penj am in. On Decem ber 5, 2013, t he Com pany obt ained Ter m Facilit y Cr edit am ount ing t o US 265,000 t housand fr om t he follow ing lender s: Bangk ok Bank Public Com pany Lim it ed, Jak ar t a Br anch; The Siam Com m er cial Bank Public Com pany Lim it ed; PT I ndonesia Ex im bank ; DBS Bank Lt d; and Deut sche Bank AG, Singapor e br anch. PT Bank DBS I ndonesia act s as facilit y agent . PT St y r indo Mono I ndonesia, PT Pet r ok im ia But adiene I ndonesia and Alt us Capit al Pt e., Lt d act as guar ant or s. Fasilit as ini t er m asuk opsi unt uk m ener bit k an Let t er of Cr edit dengan sub- lim it sebesar US 170.000 r ibu. The facilit y includes an opt ion t o issue Let t er s of Cr edit w it h a sub- lim it am ount ing t o US 170,000 t housand. Dana dar i fasilit as pinj am an ini ak an digunak an unt uk m em biay ai Pr oy ek Ek spansi Kapasit as Pabr ik Et hy lene dan pem bay ar an biay a t er k ait . Pr oceeds fr om t his facilit y w er e ut ilized t o finance t he Et hy lene Plant Ex pansion Pr oj ect and pay m ent of r elat ed cost s and ex penses. Fasilit as pinj am an ini dij am in ant ar a lain dengan asur ansi j am inan fidusia at as aset ber ger ak , hipot ik at as t anah per ingk at per t am a, hipot ik at as t anah per ingk at k eem pat , r ek ening Per usahaan y ang dit em pat k an pada pem ber i pinj am an dan saham Alt us Capit al Pt e., Lt d. The facilit y is secur ed by , am ong ot her s, I nsur ances Fiducia Secur it y on Mov able Asset s, Fir st Rank Land Mor t gages, Four t h Rank Land Mor t gages, Pledge Ov er Onshor e and Offshor e Account s placed on t he Lender s, and pledged ov er shar es of Alt us Capit al Pt e., Lt d. Saldo pinj am an t er sebut adalah sebagai ber ik ut : The balances of t he loans ar e as follow : 31 Desem ber Decem ber 31, 2015 US ’000 The Siam Com m ercial Bank The Siam Com m ercial Bank Public Public Com pany Lim it ed 94.000 Com pany Lim it ed Bangkok Bank Public Com pany Bangkok Bank Public Com pany Lim it ed Jakart a 94.000 Lim it ed Jakart a I ndonesia EXI M Bank 32.900 I ndonesia EXI M Bank DBS Bank Lt d 18.800 DBS Bank Lt d Deut sche Bank AG, Singapore Branch 9.400 Deut sche Bank AG, Singapore Branch Jum lah 249.100 Tot al Biaya perolehan pinj am an yang belum diam ort isasi 4.829 Unam ort ized t ransact ion cost s Bersih 244.271 Net Dikurangi bagian yang j at uh t em po dalam sat u t ahun 31.800 Less current m at urit y Bagian j angka panj ang 212.471 Long- t erm port ion Bank Bank PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 51 - Per usahaan diw aj ibk an unt uk m em elihar a r asio k euangan sebagai ber ik ut : The Com pany is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio I nt er est Ser v ice Cov er age diat as 1,75: 1. • Rasio j um lah pinj am an t er hadap k apit alisasi t idak m elebihi 50 . • I nt er est Ser v ice Cov er age Rat io shall be gr eat er t han 1.75: 1. • Tot al Debt t o Capit alizat ion Rat io shall not ex ceed 50 . Per usahaan j uga diw aj ibk an unt uk m enj aga saldo t er t ent u pada Debt Ser v ice Accr ual Account y ang dit em pat k an pada PT Bank DBS I ndonesia Cabang Jak ar t a dan Debt Ser v ice Reser v e Account y ang dit em pat k an pada Deut sche Bank AG, Singapur a Cat at an 11 . The Com pany is also r equir ed t o m aint ain cer t ain balance of Debt Ser v ice Accr ual Account placed in PT Bank DBS I ndonesia, Jak ar t a br anch and Debt Ser v ice Reser v e Account placed in Deut sche Bank AG, Singapor e Not e 11 . Per j anj ian ini m encak up per sy ar at an t er t ent u y ang m em bat asi Per usahaan dan ent it as anak sebagai penj am in unt uk t idak m elak uk an hal- hal t er t ent u y ang t er cant um dalam per j anj ian. The agr eem ent cont ains cer t ain cov enant s t hat r est r ict t he Com pany and it s subsidiar ies act ing as guar ant or s in per for m ing cer t ain act s as st at ed in t he agr eem ent . Tingk at bunga per t ahun LI BOR + per sent ase t er t ent u. Pem bay ar an bunga dilak uk an secar a 3 bulanan. Annual int er est r at e LI BOR + cer t ain per cent age. I nt er est is pay able ev er y 3 m ont hs. Pada t anggal 31 Desem ber 2015, Gr up t elah m em enuhi sy ar at dan k ondisi pinj am an y ang dit et apk an bank . As of Decem ber 31, 2015, t he Gr oup is in com pliance w it h t he t er m s and condit ions of t he loans set by t he bank . Pelunasan pinj am an dilak uk an dalam 11 k ali cicilan, dengan j adw al sebagai ber ik ut : Loan r epay m ent s ar e m ade on 11 inst allm ent s, w it h t he follow ing schedule: Pelunasan pokok pinj am an Repaym ent of principal 24 6 30 6 36 6 42 6 48 6 54 10 60 10 66 10 72 10 78 15 84 15 Jum lah Tot al 100 Bulan set elah t anggal perj anj ian dat e of agreem ent Mont hs aft er Pada bulan Desem ber 2015, Per usahaan t elah m elak uk an pem bay ar an cicilan per t am a sebesar US 15.900 r ibu. I n Decem ber 2015, t he Com pany paid t he fir st pr incipal inst allm ent t ot alling of US 15,900 t housand. Pada bulan Juni 2016, Per usahaan t elah m elak uk an pem bay ar an cicilan k edua sebesar US 15.900 r ibu. Pada Juli dan Desem ber 2016 , Per usahaan t elah m elak uk an per cepat an pem bay ar an sebesar US 4.400 r ibu dan US 29 .000 r ibu. I n June 2016, t he Com pany paid t he second pr incipal inst allm ent t ot alling of US 15,900 t housand. I n July and Decem ber 2016 , t he Com pany m ade v olunt ar y pr epay m ent t ot alling of US 4,400 t housand and US 29 ,000 t housand. Pada bulan Desem ber 2016, Per usahaan t elah m elunasi sem ua pok ok pinj am an sebesar US 199.800 r ibu dar i pener im aan ber j angk a bar u. I n Decem ber 2016, t he Com pany fully paid t he pr incipal t er m loan am ount ing t o US 199,800 t housand fr om t he pr oceeds of a new t er m loan. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 52 - PT Ba n k Ce n t r a l Asia Tbk PT Ba n k Ce n t r a l Asia Tbk Pada t anggal 29 Agust us 2014, RPU m em per oleh fasilit as k r edit inv est asi sebesar Rp 30 Miliar dar i PT Bank Cent r al Asia Tbk . Fasilit as ini m em puny ai j angk a w ak t u 3 t ahun dengan gr ace per iod 12 bulan. On August 29, 2014, RPU obt ained Rp 30 billion I nv est m ent Cr edit Facilit y fr om PT Bank Cent r al Asia Tbk . The facilit y has per iod t im e of 3 y ear s w it h gr ace per iod of 12 m ont hs. Dana dar i fasilit as pinj am an ini digunak an unt uk m em biay ai pr oy ek pem bangunan 11 unit st or age t ank bar u di Jl. Mer ak , Boj onegar a, Ser ang. Pr oceeds fr om t his facilit y w er e ut ilized t o finance t he const r uct ion of 11 unit s new st or age t ank in Jl. Mer ak , Boj onegar a, Ser ang. Fasilit as pinj am an ini dij am in dengan 1 unit st or age t er m inal t er m asuk t anah dan bangunan y ang ber ada di Jl. Mer ak , Ser ang. The facilit y is secur ed by 1 unit st or age t er m inal including land and building locat ed in Jl. Mer ak , Ser ang. RPU diw aj ibk an unt uk m em elihar a r asio k euangan sebagai ber ik ut : RPU is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio EBI TDA I nt er est + Pr incipal har us m inim al sebesar 1x . • Rasio hut ang dengan ek uit as m ak sim al sebesar 1x . • EBI TDA I nt er est + Pr incipal Rat io shall be m inim um 1 t im e. • Debt t o Equit y Rat io shall be m ax im um 1 t im e. Pelunasan pinj am an dibay ar set iap bulan secar a pr oposional selam a 2 t ahun. Loan r epay m ent s ar e m ade on a m ont hly basis for 2 y ear s pr opor t ionally . Pada t anggal 31 Desem ber 2016 dan 2015, RPU t elah m em enuhi sy ar at dan k ondisi pinj am an y ang dit et apk an bank . As of Decem ber 31, 2016 and 2015 , RPU is in com pliance w it h t he t er m s and condit ions of t he loans set by t he bank . 1 7 . UTAN G OBLI GASI 1 7 . BON D S PAYABLE Pada t anggal 22 Desem ber 2016, Per usahaan m elak uk an penaw ar an um um at as obligasi dengan m ener bit k an Obligasi Ser i A dengan j um lah pok ok sebesar Rp 361.400 j ut a dan Obligasi Ser i B dengan j um lah pok ok sebesar Rp 138.600 j ut a. On Decem ber 22, 2016, t he Com pany m ade a bonds public offer ing w it h issuance of Ser ies A Bonds w it h t ot al pr incipal am ount ing t o Rp 361,400 m illion and Ser ies B Bonds w it h t ot al pr incipal am ount ing t o Rp 138,600 m illion. 31 Desem ber Decem ber 31, 2016 US ’000 Seri A 27.112 Series A Seri B 10.398 Series B Jum lah 37.510 Tot al Biaya perolehan pinj am an yang belum diam ort isasi 916 Unam ort ized t ransact ion cost s Bersih 36.594 Net Biay a per olehan diam or t isasi ut ang obligasi adalah US 36.697 r ibu. The am or t ized cost of t he bonds pay able ar e US 36,697 t housand. PT Kust odian Sent r al Efek I ndonesia sebagai agen pem bay ar an, PT Bank Tabungan Negar a Per ser o Tbk sebagai w ali am anat , PT DBS Vick er s Secur it ies I ndonesia, PT Mandir i Sek ur it as dan PT BCA Sek ur it as sebagai Penj am in Em isi dan Pelak sana Efek . PT Kust odian Sent r al Efek I ndonesia act s as pay m ent agent facilit y , PT Bank Tabungan Negar a Per ser o Tbk act s as t r ust ee agent , PT DBS Vick er s Secur it ies I ndonesia, PT Mandir i Sek ur it as and PT BCA Sek ur it as act as under w r it er s and ar r anger s. Dana y ang diper oleh dar i pinj am an digunak an unt uk m elak uk an pelunasan pinj am an j angk a panj ang. Pr oceeeds fr om bonds w er e ut ilized t o par t ially r efinance t he out st anding long- t er m loan. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 53 - Pinj am an ini dij am in ant ar a lain dengan 11 bidang t anah di Desa Gunung Sugih dan selur uh m esin y ang dim ilik i oleh PT Pet r ok im ia But adiene I ndonesia. The facilit y is secur ed by , am ong ot her s, 11 Land Mor t gages at Desa Gunung Sugih and all m achines ow ned by PT Pet r ok im ia But adiene I ndonesia. Per j anj ian ini m encak up per sy ar at an t er t ent u y ang m em bat asi Per usahaan dan ent it as anak unt uk t idak m elak uk an hal- hal t er t ent u y ang t er cant um dalam per j anj ian. The agr eem ent cont ains cer t ain cov enant s t hat r est r ict t he Com pany and it s subsidiar ies in per for m ing cer t ain act s as st at ed in t he agr eem ent . Secar a ber sam aan, Per usahaan j uga t elah m elak uk an per j anj ian sw ap suk u bunga dan m at a uang at as obligasi t er sebut dar i Rupiah m enj adi Dolar Am er ik a Ser ik at set iap t anggal pem bay ar an bunga dan pok ok . Sim ult aneously t he Com pany has ent er ed int o cr oss cur r ency - int er est sw ap t o fix t he int er est r at e and cur r ency of t he obligat ion fr om Rupiah t o Unit ed St at es Dollar on ev er y int er est and pr incipal pay m ent dat e. Pelunasan pinj am an Obligasi Ser i A dan Obligasi Ser i B m asing- m asing ak an dilak uk an pada 22 Desem ber 2019 dan 22 Desem ber 2021. Bonds obligat ion r epay m ent s of Ser ies A and Ser ies B ar e due on Decem ber 22, 2019 and Decem ber 22, 2021, r espect iv ely . Tingk at bunga per t ahun unt uk Obligasi Ser i A dan Obligasi Ser i B m asing- m asing sebesar 10,8 dan 11,3 y ang dibay ar k an set iap t r iw ulan. Annual int er est r at es of Ser ies A and Ser ies B Bonds obligat ion ar e 10.8 and 11.3 , r espect iv ely t hat ar e paid on a quar t er ly basis. Per usahaan diw aj ibk an unt uk m em elihar a r asio sebagai ber ik ut : The Com pany is r equir ed t o m aint ain t he follow ing financial r at ios: • Rasio t ot al ut ang k onsolidasian y ang dik enak an bunga dan Ek uit as t idak lebih dar i 1: 1 • Rasio Ar us Kas dar i Oper asi dan beban k euangan t idak m elebihi dar i 1,75: 1 • Rat io of consolidat ed bear ing liabilit ies and Equit y shall not ex ceed 1: 1 • Rat io of cash flow fr om oper at ing act iv it ies and financial char ges shall not ex ceed 1.75: 1 Pada t anggal 31 Desem ber 2016, Gr up t elah m em enuhi sy ar at dan k ondisi y ang dit et apk an obligasi t er sebut . As of Decem ber 31, 2016, t he Gr oup is in com pliance w it h t he t er m s and condit ions of t he bonds pay able. Obligasi ini t elah m em per oleh hasil pem er ingk at an “ A + ” dar i PT Pem er ingk at Efek I ndonesia PEFI NDO pada t anggal 31 Desem ber 2016. The bonds obt ained a bond r at ing of “ A + ” fr om PT Pem er ingk at Efek I ndonesia PEFI NDO as of Decem ber 31, 2016. 1 8 . I M BALAN PASCA KERJA 1 8 . POST- EM PLOYM EN T BEN EFI TS a . Pr ogr a m Pe n siu n I u r a n Pa st i a . Con t r ibu t or y Pe n sion Pla n Per usahan dan SMI m eny elenggar ak an Pr ogr am Pensiun I ur an Past i unt uk selur uh k ar y aw an t et ap y ang dik elola oleh PT Asur ansi Jiw a Manulife I ndonesia, Dana Pensiun Lem baga Keuangan. I ur an ini ber asal dar i 4 gaj i pok ok y ang dibay ar k an k ar y aw an, sedangk an sisany a sebesar 7,5 dibay ar k an oleh Per usahaan dan SMI unt uk gaj i pok ok m ak sim um Rp 5.000 r ibu per bulan. The Com pany and SMI pr ov ide cont r ibut or y pension plan for all of t heir per m anent em ploy ees, w hich is m anaged by PT Asur ansi Jiw a Manulife I ndonesia, Tr ust ee- Adm inist r at ed Fund. Cont r ibut ion t o t he pension plan consist s of a pay m ent of 4 of basic salar y paid by t he em ploy ee, and 7.5 cont r ibut ed by t he Com pany and SMI for t he m ax im um basic salar y of Rp 5,000 t housand per m ont h. Ak um ulasi iur an pensiun Gr up y ang t im bul dar i Pr ogr am Pensiun I ur an Past i adalah sebesar US 2.337 r ibu dan US 2.030 r ibu m asing- m asing unt uk t ahun 2016 dan 2015. The Gr oup’s accum ulat ed pension ex pense ar ising fr om t he cont r ibut or y pension plan am ount ed t o US 2,337 t housand and US 2,030 t housand in 2016 and 2015, r espect iv ely . PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 54 - b. Pr ogr a m Pe n siu n I m ba la n Pa st i b. D e fin e d Be n e fit Pe n sion Pla n Gr up m enghit ung dan m em buk uk an im balan pasca k er j a im balan past i unt uk k ar y aw an y ang ber hak sesuai dengan Undang-Undang Ketenagakerjaan No. 13 2003 t anggal 25 Mar et 2003. Jum lah k ar y aw an y ang ber hak at as im balan pasca k er j a t er sebut m asing- m asing 1.681 dan 1.600 k ar y aw an pada t anggal 31 Desem ber 2016 dan 2015. The Gr oup calculat es and r ecor ds est im at ed defined post - em ploy m ent benefit s for it s qualify ing em ploy ees in accor dance w it h Labor Law No. 13 2003 dat ed Mar ch 25, 2003. The num ber of em ploy ees ent it led t o t he benefit s is 1,681 and 1,600 as of Decem ber 31, 2016 and 2015, r espect iv ely . Sej ak t ahun 2005, Per usahaan m engik ut i Pr ogr am Pesangon Plus, y ang dik elola oleh PT Asur ansi Jiw a Manulife I ndonesia sebagai asur ansi j iw a bagi k ar y aw anny a. Tidak t er dapat k ont r ibusi y ang dibay ar k an oleh Per usahaan k epada dana pensiun pada t ahun 2016 dan 2015. Since 2005, t he Com pany ent er ed int o Pr ogr am Pesangon Plus, m anaged by PT Asur ansi Jiw a Manulife I ndonesia, as t he life insur ance for it s em ploy ees. No cont r ibut ion w as paid by t he Com pany t o pension fund in 2016 and 2015. Beban im balan pasca k er j a y ang diak ui di laba r ugi k om pr ehensif adalah sebagai ber ik ut : Am ount s r ecognized in com pr ehensiv e incom e in r espect of t he defined benefit plan ar e as follow s: 2 0 1 6 2 0 1 5 US ’0 0 0 US ’0 0 0 Bia y a ja s a : Se rv ice co s t : Bia y a ja s a k in i 1 . 5 2 6 1 . 4 7 2 Cu rre n t s e rv ice co s t s Bia y a b u n g a - b e rs ih 1 . 8 8 0 1 . 4 4 2 I n t e re s t co s t s - n e t Ko m p o n e n d a ri b ia y a im b a la n p a s t i Co m p o n e n t s o f d e f in e d b e n e f it co s t s y a n g d ia k u i d a la m la b a ru g i 3 . 4 0 6 2 . 9 1 4 re co g n is e d in p ro f it o r lo s s Pe n g u k u ra n k e m b a li lia b ilit a s im b a la n Re m e a s u re m e n t o n t h e n e t d e f in e d p a s t i - n e t o : b e n e f it lia b ilit y : Ke u n t u n g a n d a n k e ru g ia n a k t u a ria l Act u a ria l g a in s a n d lo s s e s a ris in g y a n g t im b u l d a ri p e ru b a h a n a s u m s i f ro m ch a n g e s in f in a n cia l k e u a n g a n 2 . 3 2 6 3 9 3 a s s u m p t io n s Ko m p o n e n b e b a n im b a la n p a s t i Co m p o n e n t s o f d e f in e d b e n e f it y a n g d ia k u i d a la m p e n g h a s ila n co s t s re co g n is e d in o t h e r k o m p re h e n s if la in . 2 . 3 2 6 3 9 3 co m p re h e n s iv e in co m e Ju m la h 5 . 7 3 2 2 . 5 2 1 To t a l Beban t ahun 2016 dan 2015 dicat at sebagai bagian dar i beban gaj i, t unj angan dan k esej aht er aan k ar y aw an, pada beban um um dan adm inist r asi. Ex pense in 2016 and 2015 ar e included in salar ies, allow ances, and em ploy ee benefit s ex penses, under t he gener al and adm inist r at iv e ex penses. Liabilit as im balan pasca k er j a y ang t er m asuk dalam lapor an posisi k euangan k onsolidasian adalah sebagai ber ik ut : The am ount included in t he consolidat ed st at em ent s of financial posit ion in r espect of t hese post - em ploy m ent benefit s ar e as follow s: 2016 2015 US’000 US’000 Nilai kini kew aj iban 28.139 22.426 Present value of unfunded obligat ions 31 Desem ber Decem ber 31 PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 55 - Mut asi nilai k ini k ew aj iban im balan past i adalah sebagai ber ik ut : Mov em ent s in t he pr esent v alue of t he defined benefit s obligat ion ar e as follow s: 2 0 1 6 2 0 1 5 US ’0 0 0 US ’0 0 0 Ke wa jib a n im b a la n p a st i - a wa l 2 2 . 4 2 6 2 3 . 0 0 1 O p e n in g d e f in e d b e n e f it o b lig a t io n Bia ya ja sa k in i 1 . 5 2 6 1 . 4 7 2 Cu rre n t se rvice co st s Bia ya b u n g a 1 . 9 6 6 1 . 5 1 8 I n t e re st co st s Pe n g u k u ra n k e m b a li k e u n t u n g a n k e ru g ia n : Re m e a su re m e n t g a in s lo sse s : Ke u n t u n g a n d a n k e ru g ia n a k t u a ria l ya n g Act u a ria l g a in s a n d lo sse s a risin g f ro m t im b u l d a ri p e ru b a h a n a su m si k e u a 2 . 4 1 9 3 9 3 ch a n g e s in f in a n cia l a ssu m p t io n s Pe m b a ya ra n m a n f a a t 6 5 3 9 0 5 Be n e f it s p a id Se lisih k u rs a t a s p ro g ra m d a la m va lu t a 4 5 5 2 . 2 6 7 Ex ch a n g e d if f e re n ce s o n f o re ig n p la n s Ke wa jib a n im b a la n p a st i - a k h ir 2 8 . 1 3 9 2 2 . 4 2 6 Clo sin g d e f in e d b e n e f it s o b lig a t io n 3 1 De se m b e r Decem ber 31 Mut asi nilai w aj ar hak penggant ian adalah sebagai ber ik ut : Mov em ent in fair v alue of r eim bur sem ent r ight w er e as follow : 2016 2015 US ’000 US ’000 Saldo aw al 918 1.018 Beginning balance Pendapat an dari I nt erest incom e on reim bursem ent hak penggant ian 86 76 right Pengem balian at as Ret urn on reim bursem ent hak penggant ian 7 76 right Pengaruh perubahan kurs m at a uang asing 24 100 Effect of foreign exchange Saldo akhir 1.035 918 Ending balance Hak penggant ian t er dir i at as inv est asi y ang 40 dit em pat k an pada pasar uang, 20 dit em pat k an pada efek ek uit as dan 40 dit em pat k an pada pendapat an t et ap dengan nilai w aj ar ny a sebesar US 1.035 r ibu dan US 918 r ibu, m asing- m asing pada t anggal 31 Desem ber 201 6 dan 2015, disaj ik an sebagai bagian dar i aset t idak lancar lainny a. The r eim bur sem ent r ight consist s of inv est m ent w hich 40 ar e placed on m oney m ar k et , 20 on equit y secur it ies and 40 on fix ed incom e w it h a fair v alue of US 1,035 t housand and US 918 t housand, as of Decem ber 31, 2016 and 2015 , r espect iv ely , pr esent ed as par t of ot her noncur r ent asset s. Per hit ungan im balan pasca k er j a dihit ung oleh ak t uar is independen, PT Millim an I ndonesia dan PT Dian Ar t ha Tam a pada t anggal 31 Desem ber 2016 dan 2015. Penilaian ak t uar ia dilak uk an dengan m engunak an asum si ut am a sebagai ber ik ut : The post - em ploy m ent benefit s ar e calculat ed by independent act uar ies, PT Millim an I ndonesia and PT Dian Ar t ha Tam a as of Decem ber 31, 2016 and 2015. The act uar ial v aluat ion w as car r ied out using t he follow ing k ey assum pt ions: 2016 2015 Tingkat diskont o per t ahun 8,0 9,0 Discount rat e per annum Tingkat kenaikan gaj i per t ahun 7,0 7,0 Salary increm ent rat e per annum Tingkat kem at ian TMI I I I CSO 1980 TMI I I I CSO 1980 Mort alit y rat e Tingkat cacat 10 10 Disabilit y rat e Tingkat pengunduran diri 10 10 Resignat ion rat e Usia pensiun norm al 56 t ahun years 56 t ahun years Norm al ret irem ent age Asum si ak t uar ial y ang signifik an unt uk penent uan k ew aj iban im balan past i adalah t ingk at disk ont o, k enaik an gaj i y ang dihar apk an dan m or t alit as. Sensit iv it as analisis di baw ah ini dit ent uk an ber dasar k an m asing- m asing per ubahan asum si y ang m ungk in t er j adi pada ak hir per iode pelapor an, dengan sem ua asum si lain k onst an: Significant act uar ial assum pt ions for t he det er m inat ion of t he defined obligat ion ar e discount r at e, ex pect ed salar y incr ease and m or t alit y . The sensit iv it y analy ses below hav e been det er m ined based on r easonably possible changes of t he r espect iv e assum pt ions occur r ing at t he end of t he r epor t ing per iod, w hile holding all ot her assum pt ions const ant : PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 56 - • Jik a t ingk at disk ont o lebih t inggi lebih r endah 1 , k ew aj iban im balan past i ak an ber k ur ang sebesar US 2.137 r ibu m eningk at sebesar US 2.414 r ibu . • I f t he discount r at e is 1 basis point s higher low er , t he defined benefit obligat ion w ould decr ease by US 2,137 t housand incr ease by US 2,414 t housand . • Jik a per t um buhan gaj i y ang dihar apk an naik t ur un sebesar 1 , k ew aj iban im balan past i ak an naik sebesar US 2.852 r ibu t ur un sebesar US 2.551 r ibu . • I f t he ex pect ed salar y gr ow t h incr eases decr eases by 1 , t he defined benefit obligat ion w ould incr ease by US 2,852 t housand decr ease by US 2,551 t housand . • Jik a har apan hidup m eningk at t ur un sebesar 1 dalam sat u t ahun unt uk pr ia dan w anit a, k ew aj iban im balan past i ak an t ur un sebesar US 47 r ibu m eningk at sebesar US 52 r ibu . • I f t he life ex pect ancy incr eases decr eases by 1 in one y ear for bot h m en and w om en, t he defined benefit obligat ion w ould decr ease by US 47 t housand incr ease by US 52 t housand . Analisis sensit iv it as y ang disaj ik an di at as m ungk in t idak m ew ak ili per ubahan y ang sebenar ny a dalam k ew aj iban im balan past i m engingat bahw a per ubahan asum si t er j adiny a t idak t er isolasi sat u sam a lain k ar ena beber apa asum si t er sebut m ungk in ber k or elasi. The sensit iv it y analy sis pr esent ed abov e m ay not be r epr esent at iv e of t he act ual change in t he defined benefit obligat ion as it is unlik ely t hat t he change in assum pt ions w ould occur in isolat ion of one anot her as som e of t he assum pt ions m ay be cor r elat ed. Selanj ut ny a, dalam m eny aj ik an analisis sensit iv it as di at as, nilai k ini k ew aj iban im balan past i dihit ung dengan m enggunak an m et ode pr oj ect ed unit cr edit pada ak hir per iode pelapor an, y ang sam a dengan y ang dit er apk an dalam m enghit ung liabilit as m anfaat past i y ang diak ui dalam lapor an posisi k euangan k onsolidasi. Fur t her m or e, in pr esent ing t he abov e sensit iv it y analy sis, t he pr esent v alue of t he defined benefit obligat ion has been calculat ed using t he pr oj ect ed unit cr edit m et hod at t he end of t he r epor t ing per iod, w hich is t he sam e as t hat applied in calculat ing t he defined benefit obligat ion r ecognised in t he consolidat ed st at em ent s of financial posit ion. Tidak ada per ubahan dalam m et ode dan asum si y ang digunak an dalam peny usunan analisis sensit iv it as dar i t ahun sebelum ny a. Ther e w as no change in t he m et hods and assum pt ions used in pr epar ing t he sensit iv it y analy sis fr om pr ior y ear s. Dur asi r at a- r at a dar i k ew aj iban im balan pada t anggal 31 Desem ber 2016 adalah 9,3 t ahun, y ang sepenuhny a t er dir i dar i anggot a ak t if. The av er age dur at ion of t he defined benefit s obligat ion at Decem ber 31, 2016 is 9.3 y ear s, t hat consist s of act iv e m em ber s. 1 9 . M OD AL SAH AM 1 9 . CAPI TAL STOCK Sesuai dengan daft ar pem egang saham y ang dik eluar k an oleh Bir o Adm inist r asi Efek PT Ray a Saham Regist r a , susunan pem egang saham Per usahaan adalah sebagai ber ik ut : Based on t he st ock holder s list issued by t he Shar e Regist r ar PT Ray a Saham Regist r a , t he st ock holder s of t he Com pany ar e as follow s: Ju m la h Mo d a l Ju m la h Pe rse n t a se Dit e m p a t k a n Sa h a m Ke p e m ilik a n d a n Dise t o r Pe n u h Na m a Pe m e g a n g Sa h a m Num ber of Percent age Tot al I ssued and Nam e of St ockholders Shares of Ownership Fully Paid Capit al US ’0 0 0 PT Ba rit o Pa cif ic Tb k 1 . 4 8 0 . 3 8 3 . 5 2 0 4 5 , 0 4 1 6 2 . 1 3 2 SCG Ch e m ica ls Co . , Lt d 1 . 0 0 4 . 8 2 5 . 9 5 9 3 0 , 5 7 1 1 0 . 0 4 9 Ma g n a Re so u rce s Pt e Lt d 4 9 3 . 6 6 2 . 6 3 6 1 5 , 0 2 5 4 . 0 6 6 Ma rig o ld Re so u rce s Pt e Lt d . 1 6 9 . 3 6 2 . 1 8 6 5 , 1 5 1 8 . 5 4 9 Pra jo g o Pa n g e st u 3 0 . 2 5 8 . 5 5 0 0 , 9 2 3 . 3 1 4 Erwin Cip u t ra 1 . 8 8 0 . 7 0 0 0 , 0 6 2 0 6 He n ry Ha lim 1 . 8 2 4 . 5 0 0 0 , 0 6 2 0 0 Lim Ch o n g Th ia n 2 6 . 5 0 0 0 , 0 0 3 Ma sya ra k a t m a sin g - m a sin g d ib a wa h 5 Public each below 5 1 0 4 . 7 3 8 . 0 0 7 3 , 1 8 1 1 . 4 7 0 Ju m la h Tot al 3 . 2 8 6 . 9 6 2 . 5 5 8 1 0 0 , 0 0 3 5 9 . 9 8 9 3 1 De se m b e r Decem ber 31, 2 0 1 6 PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 57 - Jum lah Modal Jum lah Persent ase Dit em pat kan Saham Kepem ilikan dan Diset or Penuh Nam a Pem egang Saham Num ber of Percent age Tot al I ssued and Nam e of St ockholders Shares of Ow nership Fully Paid Capit al US ’000 PT Barit o Pacific Tbk 1.480.383.520 45,04 162.132 SCG Chem icals Co., Lt d 1.004.825.959 30,57 110.049 Magna Resources Pt e Lt d 493.662.636 15,02 54.066 Marigold Resources Pt e Lt d. 169.362.186 5,15 18.549 Praj ogo Pangest u 30.258.550 0,92 3.314 Erw in Ciput ra 1.885.400 0,06 206 Henry Halim 1.824.500 0,06 200 Param at e Nisagornsen 30.000 0,00 3 Lim Chong Thian 26.500 0,00 3 Masyarakat m asing- m asing dibaw ah 5 Public each below 5 104.703.307 3,19 11.467 Jum lah Tot al 3.286.962.558 100,00 359.989 31 Desem ber Decem ber 31, 2015 Ber dasar k an Keput usan Dew an Kom isar is No. 005 LGL BOC RES VI I I 2016 t anggal 26 Agust us 2016, diset uj ui pem bagian div iden int er im t unai sebesar US 32.934 r ibu at au US 0,01002 per lem bar saham . Based on Boar d of Com m issioner Cir cular Resolut ion No. 005 LGL BOC RES VI I I 2016 dat ed August 26, 2016 , it appr ov ed t he dist r ibut ion of int er im cash div idends am ount ing t o US 32,934 t housand or US 0.01002 per shar e. Pada Rapat Um um Pem egang Saham Tahunan Per usahaan RUPST y ang diadak an pada t anggal 6 Juni 2016, diset uj ui pem bagian div iden t unai sebesar US 10.500 r ibu at au US 0,00319 per lem bar saham dan pem bent uk an cadangan um um sebesar US 1.400 r ibu. At t he Annual Gener al Meet ing of St ock holder s of t he Com pany held on June 6, 2016 , t he st ock holder s appr ov ed t he dist r ibut ion of cash div idends am ount ing t o US 10,500 t housand or US 0.00319 per shar e and appr opr iat ion of gener al r eser v e am ount ing t o US 1,400 t housand. Pada Rapat Um um Pem egang Saham Tahunan Per usahaan RUPST y ang diadak an pada t anggal 8 Juni 2015, diset uj ui pem bagian div iden t unai sebesar US 4.500 r ibu at au US 0,00137 per lem bar saham dan pem bent uk an cadangan um um sebesar US 900 r ibu. At t he Annual Gener al Meet ing of St ock holder s of t he Com pany held on June 8, 2015, t he st ock holder s appr ov ed t he dist r ibut ion of cash div idends am ount ing t o US 4,500 t housand or US 0.00137 per shar e and appr opr iat ion of gener al r eser v e am ount ing t o US 900 t housand. 2 0 . TAM BAH AN M OD AL D I SETOR 2 0 . AD D I TI ON AL PAI D - I N CAPI TAL Pada 31 Desem ber 2016 dan 2015, saldo t am bahan m odal diset or t er dir i at as: As of Decem ber 31, 2016 and 2015, t he balance of addit ional paid- in capit al consist of t he follow ing: US ’000 Agio saham dari penawaran um um Addit ional paid- in capit al from Lim it ed t erbat as I dengan HMETD sebesar Public Offering I of 220,766,142 shares 220.766.142 saham biasa dengan t hrough Right s I ssue wit h preem pt ive nilai nom inal Rp 1.000 per saham dan right s wit h par value of Rp 1,000 per share, harga penawaran Rp 6.750 per saham 109.018 at an offering price of Rp 6,750 per share Dikurangi biaya em isi saham 343 Less st ock issuance cost s Bersih 108.675 Net PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 58 - 2 1 . PEN GH ASI LAN KOM PREH EN SI FF LAI N 2 1 . OTH ER COM PREH EN SI V E I N COM E Ak un ini m er upak an penj abar an m at a uang asing ak ibat selisih k ur s y ang t im bul at as penj abar an aset ber sih RPU dan penguk ur an k em bali liabilit as im balan past i beser t a paj ak t angguhan at as liabilit as im balan past i t er sebut . This account per t ains t o for eign cur r ency t r anslat ion due t o t he ex change differ ence ar ising fr om t r anslat ing t he net asset s of RPU and m easur em ent of defined benefit s obligat ion w it h defer r ed t ax of such defined benefit obligat ion. 2 2 . KEPEN TI N GAN N ON PEN GEN D ALI 2 2 . N ON - CON TROLLI N G I N TERESTS Saldo k epent ingan nonpengendali at as aset ber sih ent it as anak , PT Redeco Pet r olin Ut am a RPU pada t anggal 31 Desem ber 2016 dan 2015, m asing- m asing sebesar US 6.670 r ibu dan US 6.742 r ibu. As of Decem ber 31, 2016 and 2015, t he balances of non cont r olling int er est in net asset s of a subsidiar y , PT Redeco Pet r olin Ut am a RPU , am ount ed t o US 6,670 t housand and US 6,742 t housand, r espect iv ely . Kepent ingan nonpengendali at as laba ber sih ent it as anak , RPU, unt uk t ahun y ang ber ak hir pada 31 Desem ber 2016 sebesar US 109 r ibu dan r ugi ber sih ent it as anak , RPU, unt uk t ahun y ang ber ak hir 31 Desem ber 2015 sebesar US 81 r ibu. Non- cont r olling int er est in net pr ofit of a subsidiar y , RPU, for t he y ear ended Decem ber 31, 2016 am ount ed t o US 109 t housand and net loss of a subsidiar y , RPU, for t he y ear ended Decem ber 31, 2015 am ount ed t o US 81 t housand. 2 3 . PEN D APATAN BERSI H 2 3 . N ET REV EN UES 2016 2015 US’000 US’000 Penj ualan Sales Penj ualan lokal Local sales Polyolefin 848.084 855.517 Polyolefin Olefin 354.415 83.706 Olefin St yrene m onom er 199.115 189.652 St yrene m onom er But adiene 27.603 14.249 But adiene Jum lah penj ualan lokal 1.429.217 1.143.124 Tot al local sales Penj ualan luar negeri Export sales Olefin 255.384 87.383 Olefin But adiene 111.743 63.685 But adiene St yrene m onom er 90.125 66.109 St yrene m onom er Polyolefin 36.566 13.446 Polyolefin Jum lah penj ualan luar negeri 493.818 230.623 Tot al export sales Jum lah Penj ualan 1.923.035 1.373.747 Tot al Sales Sewa t anki dan derm aga 7.301 3.826 Tanks and j et t y rent Jum lah Pendapat an Bersih 1.930.336 1.377.573 Net Revenues 3,74 dan 4,09 dar i pendapat an ber sih t ahun 2016 dan 2015 dilak uk an dengan pihak ber elasi Cat at an 31 . 3.74 and 4.09 of net r ev enues in 2016 and 2015, r espect iv ely , w er e m ade w it h r elat ed par t ies Not e 31 . Tidak t er dapat pendapat an k epada sat u pelanggan y ang m elebihi 10 dar i pendapat an ber sih unt uk t ahun y ang ber ak hir pada 31 Desem ber 2016 dan 2015. No sales w er e m ade t o any cust om er s ex ceeding 10 of net r ev enues for t he y ear s ended Decem ber 31 , 2016 and 2015 . PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 59 - 2 4 . BEBAN POKOK PEN D APATAN 2 4 . COST OF REV EN UES 2016 2015 US’000 US’000 Bahan baku yang digunakan 1.014.975 701.364 Raw m at erials used Tenaga kerj a langsung 34.154 27.435 Direct labour Biaya pabrikasi 272.799 216.175 Fact ory overhead Jum lah Biaya Produksi 1.321.928 944.974 Tot al Manufact uring Cost s Barang dalam proses Work in process Awal t ahun 10.854 15.312 At beginning year Akhir t ahun 12.566 10.854 At end of year Biaya Pokok Produksi 1.320.216 949.432 Cost of Goods Manufact ured Barang j adi Finished goods Awal t ahun 57.959 66.655 At beginning year Pem belian barang j adi 125.817 271.656 Purchases of finished goods Akhir t ahun 70.234 57.959 At end of year Jum lah Beban Pokok Penj ualan 1.433.758 1.229.784 Tot al Cost of Goods Sold Beban Jasa 2.260 2.060 Cost of Service Jum lah Beban Pokok Pendapat an 1.436.018 1.231.844 Tot al Cost of Revenues 13,34 dan 3,23 dar i j um lah pem belian bahan bak u dan bar ang j adi t ahun 2016 dilak uk an dengan pihak ber elasi Cat at an 31 . 13.34 and 3.23 of t he t ot al pur chases of r aw m at er ials and finished goods in 2016 w er e m ade w it h r elat ed par t ies Not e 31 . 29,58 dan 9,25 dar i j um lah pem belian bahan bak u dan bar ang j adi t ahun 2015 dilak uk an dengan pihak ber elasi Cat at an 31 . 29.58 and 9.25 of t he t ot al pur chases of r aw m at er ials and finished goods, r espect iv ely , in 2015 w er e m ade w it h r elat ed par t ies Not e 31 . Rincian pem belian bahan bak u dan bar ang j adi y ang m elebihi 10 dar i pendapat an ber sih unt uk t ahun 2016 dan 2015 adalah sebagai ber ik ut : Pur chases of r aw m at er ials and finished goods fr om supplier s w hich r epr esent m or e t han 10 of t he net r ev enues in 2016 and 2015 ar e as follow : 2016 US ’000 Vit ol Asia Pt e Lt d 301.757 Vit ol Asia Pt e Lt d Marubeni Pet roleum Co., Lt d. 260.270 Marubeni Pet roleum Co., Lt d. Jum lah 562.027 Tot al 2015 US ’000 SCG Chem icals Co., Lt d. 224.359 SCG Chem icals Co., Lt d. Marubeni Pet roleum Co., Lt d. 183.635 Marubeni Pet roleum Co., Lt d. Jum lah 407.994 Tot al 2 5 . BEBAN PEN JUALAN 2 5 . SELLI N G EX PEN SES 2016 2015 US ’000 US ’000 Pengangkut an dan asuransi 38.740 39.111 Freight and insurance Gaj i dan t unj angan 1.759 1.296 Salaries and allowances Penyusut an Cat at an 12 639 369 Depreciat ion Not e 12 Lain- lain 1.486 899 Ot hers Jum lah 42.624 41.675 Tot al PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 60 - 2 6 . BEBAN UM UM D AN AD M I N I STRASI 2 6 . GEN ERAL AN D AD M I N I STRATI V E EX PEN SES 2016 2015 US ’000 US ’000 Gaj i, t unj angan dan kesej aht eraan Salaries, allowances and em ployee karyawan 18.918 16.720 benefit s Jasa profesional 1.064 1.134 Professional fees Penyusut an Cat at an 12 716 1.185 Depreciat ion Not e 12 Lain- lain 7.206 5.793 Ot hers Jum lah 27.904 24.832 Tot al 2 7 . BEBAN KEUAN GAN 2 7 . FI N AN CE COSTS 2016 2015 US ’000 US ’000 Beban bunga dari: I nt erest expense on: Ut ang bank 25.433 13.837 Bank loans Lain- lain 1.114 1.579 Ot hers Jum lah bunga at as liabilit as keuangan yang t idak diklasifikasikan Tot al int erest on financial liabilit ies sebagai FVTPL 26.547 15.416 not classified as at FVTPL Provisi bank 3.604 5.545 Bank charges Paj ak at as beban bunga 1.736 1.576 Tax on int erest expense Jum lah 31.887 22.537 Tot al Peny elesaian net o at as bunga liabilit as k euangan FVTPL disaj ik an sebagai bagian dar i “ k er ugian at as inst r um en k euangan der iv at if” . Net set t lem ent of int er est on financial liabilit ies classified as at FVTPL is pr esent ed as par t of “ loss on der iv at iv e financial inst r um ent s” . 2 8 . M AN FAAT BEBAN PAJAK 2 8 . I N COM E TAX BEN EFI T EX PEN SE Manfaat beban paj ak penghasilan t er dir i dar i: I ncom e t ax benefit ex pense consist s of t he follow ing: 2016 2015 US ’000 US ’000 Paj ak kini Current t ax Perusahaan 94.562 19.069 Com pany SMI 7.604 398 SMI Penyesuaian at as paj ak penghasilan Adj ust m ent of prior year corporat e badan t ahun sebelum nya incom e t ax SMI - 1.665 SMI Jum lah paj ak kini 102.166 21.132 Tot al current t ax Manfaat beban Paj ak t angguhan Deferred t ax benefit expense Perusahaan 2.654 12.917 The Com pany SMI 1.395 893 SMI PBI 2.311 5.299 PBI Jum lah paj ak t angguhan 1.738 8.511 Tot al deferred t ax Jum lah beban paj ak - bersih 100.428 29.643 Tot al t ax expense - net PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 61 - Pa j a k Kin i Rek onsiliasi ant ar a laba sebelum paj ak m enur ut lapor an laba r ugi dan penghasilan k om pr ehensif lain k onsolidasian dengan laba fisk al adalah sebagai ber ik ut : Cu r r e n t t a x The r econciliat ion bet w een pr ofit befor e t ax per consolidat ed st at em ent s of pr ofit or loss and ot her com pr ehensiv e incom e and t ax able incom e is as follow s: 2016 2015 US ’000 US ’000 Laba sebelum paj ak m enurut Profit before t ax per consolidat ed laporan laba rugi dan penghasilan st at em ent s of profit or loss and kom prehensif lain konsolidasian 400.553 55.899 ot her com prehensive incom e Rugi laba sebelum paj ak ent it as anak Loss incom e before t ax of set elah dilakukan penyesuaian subsidiaries aft er adj ust m ent in pada level konsolidasian 24.956 30.691 consolidat ed level Laba sebelum paj ak Perusahaan 375.597 86.590 Profit before t ax of t he Com pany Perbedaan t em porer: Tem porary differences: Perbedaan penyusut an Difference bet w een com m ercial kom ersial dan fiskal 7.547 10.432 and fiscal depreciat ion I m balan pasca kerj a 2.701 283 Post - em ploym ent benefit s Pem ulihan penurunan Reversal of allow ance for decline nilai persediaan - 367 in value of invent ories Lain- lain 22 15 Ot hers Jum lah 10.270 9.797 Tot al Perbedaan yang t idak dapat Nondeduct ible expenses diperhit ungkan m enurut fiskal: nont axable incom e : Manfaat fasilit as paj ak 13.024 - Tax facilit y benefit Penghasilan bunga 1.725 454 I nt erest incom e Keunt ungan at as penj ualan t anah yang t elah dikenakan Gain on sale of land, subj ect ed paj ak penghasilan final - 23.791 t o final incom e t ax Lain- lain 7.129 9.855 Ot hers Jum lah 7.620 14.390 Tot al Laba kena paj ak 378.247 81.997 Taxable incom e Rugi fiskal t ahun sebelum nya Unexpired prior year’s fiscal yang belum kadaluarsa - 61.378 losses Penyesuaian rugi fiskal t ahun Adj ust m ent of prior year’s sebelum nya at as hasil fiscal loss arising from pem eriksaan paj ak - 55.656 t ax audit result s Laba fiskal Perusahaan 378.247 76.275 Taxable profit of t he Com pany Beban paj ak kini Perusahaan 94.562 19.069 Com pany’s current t ax expense Per usahaan t elah m endapat per set uj uan dar i Dir ek t or at Jender al Paj ak unt uk m elak uk an pelapor an per paj ak an dalam m at a uang Dolar Am er ik a Ser ik at m at a uang fungsional , efek t if 1 Januar i 2011, dalam Keput usan Ment er i Keuangan Republik I ndonesia No. KEP- 83 WPJ.19 2010 t anggal 21 Ok t ober 2010, sehubungan dengan per ubahan st at us Per usahaan dar i Penanam an Modal Dalam Neger i m enj adi Penanam an Modal Asing ber dasar k an I zin Pr insip Penanam an Modal dar i Badan Koor dinasi Penanam an Modal BKPM No. 197 1 I P PMA 2010. The Com pany has obt ained t he appr ov al fr om t he Dir ect or at e Gener al of Tax es t o r epor t it s t ax at ion r epor t ing in US Dollar funct ional cur r ency , effect iv e Januar y 1, 2011 , t hr ough Decision Let t er No. KEP- 83 WPJ.19 2010, of Minist r y of Finance of t he Republic of I ndonesia dat ed Oct ober 21, 2010. This is r elat ed t o t he change of t he Com pany ’s st at us fr om Dom est ic Capit al I nv est m ent t o For eign Capit al I nv est m ent based on Per m it of Capit al I nv est m ent Pr inciple fr om Capit al Mar k et Coor dinat ion Boar d No. 197 1 I P PMA 2010. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 62 - Pada t ahun 2015, Per usahaan t elah m endapat hasil pem er ik saan at as paj ak penghasilan t ahun 2012 dan 2013 dar i Dir ek t ur Jender al Paj ak dim ana r ugi fisk al Per usahaan t ahun 2012 sebesar US 86.364 r ibu m enj adi sebesar US 69.514 r ibu dan r ugi fisk al Per usahaan t ahun 2013 sebesar US 19.900 r ibu m enj adi laba fisk al sebesar US 2.896 r ibu. I n 2015, t he Com pany has r eceiv ed t he r esult s of 2012 and 2013 incom e t ax audit fr om Dir ect or Gener al of Tax , w hich st at ed t hat t he Com pany ’s fiscal loss in 2012 of US 86,364 t housand w as m odified t o be US 69,514 t housand and t he Com pany ’s fiscal loss in 2013 of US 19, 900 t housand w as m odified t o be t ax able incom e of US 2,896 t housand. Pada t anggal 14 Januar i 2016, Per usahaan t elah m endapat hasil pem er ik saan dar i Dir ek t ur Jender al Paj ak , y ang m eny at ak an bahw a laba fisk al Per usahaan t ahun 2014 sebesar US 44.886 r ibu m enj adi sebesar US 60.896 r ibu. On Januar y 14, 2016 , t he Com pany has r eceiv ed t he r esult s of 2014 incom e t ax audit fr om Dir ect or Gener al of Tax , w hich st at ed t hat t he Com pany ’s t ax able incom e in 2014 of US 44,886 t housand w as m odified t o be US 60,896 t housand. Pada t anggal 29 Nov em ber 2016, Per usahaan t elah m endapat pem anfaat an fasilit as paj ak penghasilan at as Pr oy ek Ek spansi Et hy lene Cr ack er dar i Dir ek t ur Jender al Paj ak , y ang diper hit ungk an sebagai pengur ang penghasilan k ena paj ak sebany ak 30 dar i j um lah y ang diinv est asik an dalam aset t et ap dengan t ot al Rp 3.499.944 j ut a ek uiv alen dengan US 260.490 r ibu , y ang di pr or at a 5 selam a 6 t ahun pr oduk si k om er sial. On Nov em ber 29 , 2016, t he Com pany has r eceiv ed t ax facilit y benefit for t he Et hy lene Cr ack er Ex pansion Pr oj ect fr om Dir ect or Gener al of Tax , w hich allow s r educt ion in net t ax able incom e up t o 30 of t he am ount inv est ed in pr oper t y , plant and equipm ent t ot aling t o Rp 3,499,944 m illion equiv alent t o US 260,490 t housand , pr or at ed at 5 for 6 y ear s of t he com m er cial pr oduct ion. Per hit ungan paj ak k ini, paj ak dibay ar dim uk a dan ut ang paj ak adalah sebagai ber ik ut : Cur r ent t ax ex pense, pr epaid t ax and t ax pay able ar e com put ed as follow : 2 0 1 6 2 0 1 5 US ’0 0 0 US ’0 0 0 Be b a n p a ja k k in i - Pe ru sa h a a n 9 4 . 5 6 2 1 9 . 0 6 9 Cu rre n t t a x e x p e n se - Th e Co m p a n y Dik u ra n g i p a ja k p e n g h a sila n d ib a ya r d im u k a : De d u ct e d wit h p re p a id in co m e t a x : Pa sa l 2 2 2 3 . 4 3 0 2 0 . 6 8 3 Art 2 2 Pa sa l 2 3 1 . 9 3 3 1 6 2 Art 2 3 Pa sa l 2 5 3 8 . 9 7 2 - Art 2 5 Ut a n g p a ja k p a ja k d ib a ya r d im u k a Ta x p a ya b le p re p a id t a x - Pe ru sa h a a n 3 0 . 2 2 7 1 . 7 7 6 Th e Co m p a n y Pa ja k d ib a ya r d im u k a Pre p a id t a x Pe ru sa h a a n - 1 . 7 7 6 Th e Co m p a n y SMI - 4 . 0 0 8 SMI PBI 7 2 1 3 0 PBI Ju m la h p a ja k d ib a ya r d im u k a 7 2 5 . 9 1 4 To t a l p re p a id t a x Ut a n g p a ja k Ta x p a ya b le Pe ru sa h a a n 3 0 . 2 2 7 - Th e Co m p a n y SMI 2 . 8 1 7 - SMI RPU 4 3 RPU Ju m la h u t a n g p a ja k 3 3 . 0 4 8 3 To t a l t a x p a ya b le PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 63 - Pa j a k Ta n ggu h a n Rincian dar i aset liabilit as paj ak t angguhan adalah sebagai ber ik ut : D e fe r r e d Ta x The details of the deferred tax assets liabilities are as follows: Dikredit kan Dikredit kan dibebankan ke penghasilan pada t ahun komprehensif berj alan lain Credit ed Credit ed 1 Januari charged t o t o ot her 31 Desember January 1, profit or loss comprehensive December 31, 2016 for t he year income 2016 US ’000 US ’000 US ’000 US ’000 Aset paj ak t angguhan Deferred t ax asset s Ent it as anak Subsidiary PBI 5.813 2.311 2 3.504 PBI Liabilit as paj ak t angguhan Deferred t ax liabilit ies Perusahaan The Company Depreciat ion of propert y, plant Penyusut an aset t et ap 129.453 1.926 - 127.527 and equipment Penurunan nilai persediaan 868 - - 868 Decline in value of invent ory I mbalan pasca kerj a 4.162 723 488 5.373 Post - employment benefit s Lain- lain 575 5 - 580 Ot hers Liabilit as paj ak t angguhan - bersih 123.848 2.654 488 120.706 Deferred t ax liabilit ies - net Ent it as anak Subsidiary SMI 22.250 1.395 94 20.761 SMI Jumlah liabilit as paj ak t angguhan - bersih 146.098 4.049 582 141.467 Tot al deferred t ax liabilit ies - net Dikreditkan Dibebankan dibebankan ke penghasilan pada tahun komprehensif berjalan lain Credited Charged 1 Januari charged to to other 31 Desember January 1, profit or loss comprehensive December 31, 2015 for the year income 2015 US ’000 US ’000 US ’000 US ’000 Aset pajak tangguhan Deferred tax assets Entitas anak Subsidiary PBI 516 5.299 2 5.813 PBI Liabilitas pajak tangguhan Deferred tax liabilities Perusahaan The Company Rugi fiskal 15.344 15.344 - - Fiscal loss Depreciation of property, plant Penyusutan aset tetap 132.039 2.586 - 129.453 and equipment Penurunan nilai persediaan 960 92 - 868 Decline in value of inventory Imbalan pasca kerja 4.315 71 82 4.162 Post-employment benefits Lain-lain 571 4 - 575 Others Liabilitas pajak tangguhan - bersih 110.849 12.917 82 123.848 Deferred tax liabilities - net Entitas anak Subsidiary SMI 21.342 893 15 22.250 SMI Jumlah liabilitas pajak tangguhan - bersih 132.191 13.810 97 146.098 Total deferred tax liabilities - net PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 64 - Rek onsiliasi ant ar a beban paj ak dan hasil per k alian laba ak unt ansi sebelum paj ak dengan t ar if paj ak y ang ber lak u adalah sebagai ber ik ut : The r econciliat ion bet w een t he t ot al t ax ex pense and t he am ount s com put ed by apply ing t he effect iv e t ax r at e t o pr ofit befor e t ax is as follow s: 2016 2015 US ’000 US ’000 Laba sebelum paj ak m enurut Profit before t ax per consolidat ed laporan laba rugi dan penghasilan st at em ent of profit or loss and kom prehensif lain konsolidasian 400.553 55.899 ot her com prehensive incom e Beban paj ak sesuai t arif yang berlaku 100.138 13.975 Tax expense at effect ive t ax rat e Pengaruh paj ak at as perbedaan yang t idak dapat diperhit ungkan Tax effect of non- deduct ible m enurut fiskal 1.731 95 expenses non- t axable incom e Perbedaan paj ak ent it as anak yang Tax difference on subsidiaries dikenakan paj ak penghasilan luar w hich is subj ect ed t o foreign negeri 11 9 incom e t ax Perbedaan paj ak ent it as anak yang Tax difference on subsidiaries dikenakan paj ak penghasilan w hich is subj ect ed t o final final 1.473 37 incom e t ax Jum lah 99.891 14.042 Tot al Penyesuaian rugi fiskal t ahun Adj ust m ent of prior year’s sebelum nya at as hasil fiscal loss arising from pem eriksaan paj ak - 13.914 t ax audit result s Penyesuaian at as paj ak penghasilan Adj ust m ent of prior year’s badan t ahun sebelum nya - 1.665 corporat e incom e t ax Koreksi dasar pengenaan paj ak Adj ust m ent for t ax basis aset t et ap 537 22 fixed asset s Jum lah beban paj ak konsolidasian 100.428 29.643 Tot al consolidat ed t ax expense 2 9 . LABA PER SAH AM D ASAR 2 9 . BASI C EARN I N GS PER SH ARE Ber ik ut ini adalah dat a y ang digunak an unt uk per hit ungan laba per saham dasar : The com put at ion of basic ear nings per shar e is based on t he follow ing dat a: Laba Ber sih Ear nings 2016 2015 US ’000 US ’000 Laba unt uk perhit ungan Earnings for com put at ion of basic laba per saham dasar 300.016 26.337 earnings per share Lem bar Saham Num ber of Shar es Jum lah r at a- r at a t er hit ung saham ber edar unt uk t uj uan per hit ungan laba per saham dasar adalah sebagai ber ik ut : The w eight ed av er age num ber of shar es out st anding for t he com put at ion of basic ear nings per shar es w er e as folow s. 2016 2015 Jum lah rat a- rat a t ert im bang Tot al w eight ed average num ber of saham 3.286.962.558 3.286.962.558 shares Tot al num ber of shares Jum lah saham Pada t anggal 31 Desem ber 2016 dan 2015, Per usahaan t idak m em ilik i saham biasa y ang ber pot ensi dilut if. As of Decem ber 31 , 2016 and 2015, t he Com pany does not hav e dilut iv e pot ent ial or dinar y shar es. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 65 - 3 0 . PEN GUN GKAPAN TAM BAH AN ATAS AKTI V I TAS I N V ESTASI D AN PEN D AN AAN N ON KAS 3 0 . SUPPLEM EN TAL D I SCLOSURES ON N ON CASH I N VESTI N G AN D FI N AN CI N G ACTI VI TI ES 2016 2015 US’000 US’000 Addit ions of propert y, plant and Penam bahan aset t et ap m elalui: equipm ent t hrough: Realisasi uang m uka pem belian Realizat ion of advances for purchase aset t et ap 13.278 1.754 of propert y, plant and equipm ent Ut ang lain- lain - 6.879 Ot her account s payable 3 1 . SI FAT D AN TRAN SAKSI PI H AK BERELASI 3 1 . N ATURE OF RELATI ON SH I P AN D TRAN SACTI ON S W I TH RELATED PARTI ES Sifat Pihak Ber elasi Nat ur e of Relat ionship a. PT Barito Pacific Tbk adalah pem egang saham utam a Perusahaan. a. PT Bar it o Pacific Tbk is t he ult im at e cont r olling par t y of t he Com pany . b. PT Gr iy a I dola GI tergabung dalam k elom pok usaha y ang sam a dengan Per usahaan dan ent it as anak . b. PT Gr iy a I dola GI is w it hin t he sam e Gr oup as t he Com pany and it s subsidiar ies. c. SCG Chem icals Co., Lt d. SCG adalah pem egang saham dengan pengar uh signifik an at as Per usahaan. c. SCG Chem icals Co., Lt d. SCG is a shar eholder w it h significant influence t o t he Com pany . d. SCG Plast ics Co., Lt d dan Ray ong Olefin Co., Lt d t er gabung dalam k elom pok usaha SCG. d. SCG Plast ics Co., Lt d and Ray ong Olefin., Lt d is w it hin t he sam e gr oup as SCG. e. PT Sy nt het ic Rubber I ndonesia SRI adalah ent it as asosiasi dar i SMI . e. PT Sy nt het ic Rubber I ndonesia SRI ’s is an associat e of SMI . Tr ansak si- t r ansak si Pihak Ber elasi Dalam k egiat an usahany a, Gr up m elak uk an t r ansak si t er t ent u dengan pihak - pihak ber elasi, y ang m eliput i, ant ar a lain: Tr ansact ions w it h Relat ed Par t ies I n t he nor m al cour se of business, t he Gr oup ent er ed int o cer t ain t r ansact ions w it h r elat ed par t ies, including t he follow ing: a. Gr up m eny ediak an m anfaat unt uk anggot a Dew an Kom isar is dan Dir ek si sebagai ber ik ut : a. The Gr oup pr ov ides benefit s t o it s Boar d of Com m issioner s and Dir ect or s as follow s: 2016 2015 US’000 US’000 Dew an Kom isaris Board of Com m issioners I m balan kerj a j angka pendek Short - t erm em ployee benefit s Gaj i 642 667 Salaries Direksi Board of Direct ors I m balan kerj a j angka pendek Short - t erm em ployee benefit s Gaj i 2.778 2.292 Salaries Bonus 792 583 Bonus Tunj angan lain- lain 216 181 Ot her allow ances Jum lah 3.786 3.056 Tot al Jum lah 4.428 3.723 Tot al b. Gr up m eny ew a r uangan k ant or dan lahan par k ir k epada GI seper t i y ang dij elask an pada Cat at an 33b. b. The Gr oup leases office space and par k ing ar ea fr om GI as discussed in Not e 33b. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 66 - c. Penj ualan k epada pihak ber elasi, sebesar 3,74 dan 4,09 dar i j um lah pendapat an ber sih m asing- m asing pada 2016 dan 2015 Cat at an 23 . Pada t anggal pelapor an, piut ang at as penj ualan t er sebut dicat at sebagai bagian dar i piut ang usaha Cat at an 6 , y ang m eliput i 0,08 dar i j um lah aset pada t anggal 31 Desem ber 2016. c. Rev enues ear ned fr om r elat ed par t ies, r epr esent 3.74 and 4.09 of t he t ot al net r ev enues in 2016 and 2015 , r espect iv ely Not e 23 . At r epor t ing dat es, t he r eceiv ables fr om t hese sales w er e pr esent ed as t r ade account s r eceiv able Not e 6 , w hich const it ut ed 0.08 of t he t ot al asset s as of Decem ber 31, 2016. Rincian pendapat an dar i pihak ber elasi pada t ahun 2016 dan 2015 adalah sebagai ber ik ut : The det ails of sales t o r elat ed par t ies in 2016 and 2015 , ar e as follow s: 2016 2015 US ’000 US ’000 SCG Chem icals Co., Lt d. 71.516 56.144 SCG Chem icals Co., Lt d. SCG Plast ics Co., Lt d. 770 146 SCG Plast ics Co., Lt d. Jum lah 72.286 56.290 Tot al d. Pem belian bahan bak u dan bar ang j adi dar i pihak ber elasi m asing- m asing sebesar 13,34 dan 3,23 pada t ahun 2016 dan 29,58 dan 9,25 pada t ahun 2015 dar i j um lah pem belian bahan bak u dan bar ang j adi. Ut ang at as pem belian t er sebut dicat at sebagai bagian dar i ut ang usaha Cat at an 14 sebesar 2,56 dan 9,01 dar i j um lah liabilit as m asing- m asing pada t anggal 31 Desem ber 2016 dan 2015. d. Pur chases of r aw m at er ials and finished goods fr om r elat ed par t ies r epr esent s 13.34 and 3.23 in 2016 and 29.58 and 9.25 in 2015 of t he t ot al r aw m at er ials and finished goods pur chased, r espect iv ely . The pay ables for t hese pur chases w er e pr esent ed as par t of t r ade account s pay able Not e 14 , w hich r epr esent s 2.56 and 9.01 of t he t ot al liabilit ies as of Decem ber 31, 2016 and 2015, r espect iv ely . Rincian pem belian dar i pihak ber elasi pada t ahun 2016 dan 2015 , sebagai ber ik ut : The det ails of pur chases fr om r elat ed par t ies in 2016 and 2015 , ar e as follow : 2016 2015 US’000 US’000 Bahan baku Raw m at erials SCG Chem icals Co., Lt d. 134.095 199.219 SCG Chem icals Co., Lt d. Rayong Olefins Co., Lt d 1.793 - Rayong Olefins Co., Lt d Barang j adi Finished goods SCG Chem icals Co., Lt d. 4.064 25.141 SCG Chem icals Co., Lt d. Jum lah 139.952 224.360 Tot al e. Pada t ahun 2015, Gr up m enj ual t anah seluas 161.830 m 2 k e SRI y ang nilainy a ber j um lah US 30.789 r ibu. e. I n 2015, t he Gr oup sold land in t ot al ar ea of 161,830 squar e m et er t o SRI , w hich am ount ed t o US 30,789 t housand. 3 2 . I N FORM ASI SEGM EN 3 2 . SEGM EN T I N FORM ATI ON Se gm e n Usa h a Bu sin e ss Se gm e n t s Gr up m elapor k an segm en ber dasar k an div isi- div isi oper asi ber ik ut : The Gr oup’s r epor t able segm ent s ar e based on t he follow ing oper at ing div isions: • Olefin et hy lene, pr opy lene, py r oly sis gasoline, m ix ed C4 • Poly olefin poly et hy lene danpoly pr opy lene • St y r ene m onom er • But adiene • Sew a t ank i dan der m aga • Olefin et hy lene, pr opy lene, py r oly sis gasoline, m ix ed C4 • Poly olefin poly et hy lene and poly pr opy lene • St y r ene m onom er • But adiene • Tank s and j et t y r ent al PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 67 - Ber ik ut ini adalah infor m asi segm en ber dasar k an div isi- div isi oper asi. The follow ing is segm ent infor m at ion based on t he oper at ing div isions. Sewa t anki dan derm aga St yrene Tanks and Jet t y Jum lah Elim inasi Konsolidasian Olefin Polyolefin m onom er But adiene Rent al Tot al Elim inat ions Consolidat ed US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 PENDAPATAN REVENUE Pendapat an ekst ernal 609.799 884.650 289.240 139.346 7.301 1.930.336 - 1.930.336 Ext ernal revenue Pendapat an ant ar segm en 183.615 - - - 187 183.802 183.802 - I nt er- segm ent revenue Jum lah pendapat an 793.414 884.650 289.240 139.346 7.488 2.114.138 183.802 1.930.336 Tot al revenue HASI L RESULT Hasil segm en 167.562 282.836 23.089 15.406 5.425 494.318 494.318 Segm ent result Beban yang t idak dapat dialokasikan 87.904 Unallocat ed expenses Bagian rugi bersih ent it as asosiasi 5.861 Share of net loss of an associat e Laba sebelum paj ak 400.553 Profit before t ax I NFORMASI LAI NNYA OTHER I NFORMATI ON ASET ASSETS Aset segm en 1.039.187 296.488 173.918 190.914 9.231 1.709.738 18.558 1.691.180 Segm ent asset s I nvest asi pada ent it as asosiasi 32.156 I nvest m ent in an associat e Aset yang t idak dapat dialokasi 405.933 Unallocat ed asset s Jum lah aset yang dikonsolidasikan 2.129.269 Consolidat ed t ot al asset s LI ABI LI TAS LI ABI LI TI ES Liabilit as segm en 291.241 3.715 55.140 17.088 2.030 369.214 18.558 350.656 Segm ent liabilit ies Liabilit as yang t idak dapat dialokasi 636.945 Unallocat ed liabilit ies Jum lah liabilit as yang dikonsolidasikan 987.601 Consolidat ed t ot al liabilit ies Pengeluaran m odal 51.207 3.626 5.395 3.210 1 63.439 63.439 Capit al expendit ures Pengeluaran m odal yang t idak dapat dialokasikan 20.108 Unallocat ed capit al expendit ures Jum lah pengeluaran m odal 83.547 Tot al capit al expendit ures Beban penyusut an 24.721 34.609 10.653 4.882 - 74.865 74.865 Depreciat ion expense 2016 Sewa t anki dan derm aga St yrene Tanks and Jet t y Jum lah Elim inasi Konsolidasian Olefin Polyolefin m onom er But adiene Rent al Tot al Elim inat ions Consolidat ed US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 US ’000 PENDAPATAN REVENUE Pendapat an ekst ernal 171.089 868.963 255.761 77.934 3.826 1.377.573 - 1.377.573 Ext ernal revenue Pendapat an ant ar segm en 119.239 - - - 187 119.426 119.426 - I nt er- segm ent revenue Jum lah pendapat an 290.328 868.963 255.761 77.934 4.013 1.496.999 119.426 1.377.573 Tot al revenue HASI L RESULT Hasil segm en 1.593 136.886 12.662 3.992 1.766 145.729 145.729 Segm ent result Beban yang t idak dapat dialokasikan 86.110 Unallocat ed expenses Bagian rugi bersih ent it as asosiasi 3.720 Share of net loss of an associat e Laba sebelum paj ak 55.899 Profit before t ax I NFORMASI LAI NNYA OTHER I NFORMATI ON ASET ASSETS Aset segm en 987.157 264.693 147.034 147.049 15.720 1.561.653 21.699 1.539.954 Segm ent asset s I nvest asi pada ent it as asosiasi 38.017 I nvest m ent in an associat e Aset yang t idak dapat dialokasi 284.415 Unallocat ed asset s Jum lah aset yang dikonsolidasikan 1.862.386 Consolidat ed t ot al asset s LI ABI LI TAS LI ABI LI TI ES Liabilit as segm en 184.784 6.276 49.957 12.768 3.143 256.928 21.699 235.229 Segm ent liabilit ies Liabilit as yang t idak dapat dialokasi 740.311 Unallocat ed liabilit ies Jum lah liabilit as yang dikonsolidasikan 975.540 Consolidat ed t ot al liabilit ies Pengeluaran m odal 197.281 71 7.814 3.327 1.298 209.791 209.791 Capit al expendit ures Pengeluaran m odal yang t idak dapat dialokasikan 18.812 Unallocat ed capit al expendit ures Jum lah pengeluaran m odal 228.603 Tot al capit al expendit ures Beban penyusut an 21.180 29.651 7.572 4.250 1.118 63.771 63.771 Depreciat ion expense 2015 PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 68 - Se gm e n Ge ogr a fis Pe n da pa t a n be r sih be r da sa r k a n pa sa r Tabel ber ik ut ini m enunj uk k an dist r ibusi dar i k eselur uhan pendapat an ber sih Gr up ber dasar k an pasar geogr afis t anpa m em per hat ik an t em pat dipr oduk siny a bar ang: Ge ogr a ph ica l Se gm e n t s N e t r e v e n u e s ba se d on m a r k e t The follow ing t able show s t he dist r ibut ion of t he t ot al net r ev enues of t he Gr oup based on geogr aphical segm ent s w it hout consider ing w her e t he pr oduct s ar e pr oduced: 2016 2015 US ’000 US ’000 Asia 1.918.850 1.376.976 Asia Amerika 11.379 - America Lainnya 107 597 Others Jumlah 1.930.336 1.377.573 Total Selur uh aset Gr up ber lok asi di Jaw a, I ndonesia. All of t he Gr oup’s asset s ar e locat ed in Jav a, I ndonesia. 3 3 . I KATAN 3 3 . COM M I TM EN TS a . Fa silit a s k r e dit y a n g be lu m digu n a k a n a . Un u se d cr e dit fa cilit ie s Pada t anggal 31 Desem ber 2016 , Gr up m em puny ai fasilit as pinj am an y ang belum digunak an sebagai ber ik ut : As of Decem ber 31 , 2016, t he Gr oup has unused cr edit facilit ies as follow : Fa s ilit a s m a k s im a l Max im um f acilit ies Fa s ilit a s y a n g t e la h d ig u n a k a n Us ed f acilit ies Fa s ilit a s y a n g b e lu m d ig u n a k a n Unus ed f acilt iies Ta n g g a l ja t u h t e m p o Mat urit y dat e US ’0 0 0 US ’0 0 0 US ’0 0 0 Fa silit a s k r e dit m oda l k e r j a W or k ing ca pit a l cr e dit f a cilit ie s PT Ba n k Na s io n a l I n d o n e s ia Tb k 1 6 Ma re t 2 0 1 7 PT Ba n k Na s io n a l I n d o n e s ia Tb k I m port L C 1 5 . 0 0 0 5 . 6 7 8 9 . 3 2 2 March 16, 2017 I m p o rt L C PT Ba n k Da n a m o n I n d o n e s ia Tb k PT Ba n k Da n a m o n I n d o n e s ia Tb k Om nibus Trade Finance d a n 3 0 Ju n i 2 0 1 7 O m n ib u s Tra d e Fin a n ce a n d Trus t Receipt Facilit y 7 5 . 0 0 0 6 6 . 8 5 1 8 . 1 4 9 June 30, 2017 Tru s t Re ce ip t Fa cilit y PT Ba n k DBS I n d o n e s ia 3 1 Ma re t 2 0 1 7 PT Ba n k DBS I n d o n e s ia Sight L C d a n Us ance L C 2 9 . 0 0 0 2 5 . 2 5 9 3 . 7 4 1 March 31, 2017 Sig h t L C a n d Us a n ce L C DBS Ba n k Lt d . , Sin g a p u ra 1 4 No p e m b e r 2 0 1 7 DBS Ba n k Lt d . , Sin g a p o re Fa s ilit a s A 6 0 . 0 0 0 5 7 . 0 2 3 2 . 9 7 7 Nov em ber 14, 2017 Fa cilit y A 1 4 No p e m b e r 2 0 1 9 Fa s ilit a s B 6 0 . 0 0 0 1 5 . 8 0 8 4 4 . 1 9 2 Nov em ber 14, 2019 Fa cilit y B PT Ba n k Ce n t ra l As ia Tb k 2 7 O k t o b e r 2 0 1 7 PT Ba n k Ce n t ra l As ia Tb k Sight L C a n d Us ance L C 3 0 . 0 0 0 1 4 . 2 2 9 1 5 . 7 7 1 Oct ober 27, 2017 Sig h t L C a n d Us a n ce L C Th e Ho n g k o n g a n d Sh a n g h a i Ba n k in g Th e Ho n g k o n g a n d Sh a n g h a i Ba n k in g Co rp o ra t io n Lim it e d Co rp o ra t io n Lim it e d Fa s ilit a s Pe rb a n k a n Ko rp o ra s i t e rm a s u k 3 0 Ju n i 2 0 1 7 Co rp o ra t e Fa cilit y Ag re e m e n t rev olv ing credit f acilit y 1 0 0 . 0 0 0 6 6 . 0 0 2 3 3 . 9 9 8 June 30, 2017 in clu d in g re v o lv in g cre d it f a cilit y De u t s ch e Ba n k AG Ja k a rt a 3 1 Ag u s t u s 2 0 1 7 De u t s ch e Ba n k AG Ja k a rt a Lim it g a b u n g a n f a s ilit a s p e rb a n k a n 7 0 . 0 0 0 3 2 . 4 4 2 3 7 . 5 5 8 Augus t 31, 2017 Co m b in e d lim it b a n k in g f a cilit ie s I n d o n e s ia Ex im Ba n k 1 0 Ju li 2 0 1 7 I n d o n e s ia Ex im Ba n k Sight L C a n d Us ance L C 3 5 . 0 0 0 2 4 . 0 3 4 1 0 . 9 6 6 July 10, 2017 Sig h t L C a n d Us a n ce L C Th e Sia m Co m m e rcia l Ba n k Pu b lic Th e Sia m Co m m e rcia l Ba n k Pu b lic Co m p a n y Lim it e d 1 1 No p e m b e r 2 0 1 7 Co m p a n y Lim it e d Us ance L C 3 0 . 0 0 0 2 6 . 9 7 5 3 . 0 2 5 Nov em ber 11, 2017 Us a n ce L C Ka s ik o rn Ba n k Pu b lic Co m p a n y Lim it e d Ka s ik o rn Ba n k Pu b lic Co m p a n y Lim it e d Let t er of Credit Facilit y dan Trus t 2 7 Ju n i 2 0 1 7 Le t t e r o f Cre d it Fa cilit y a n d Tru s t Receipt Facilit y 1 1 0 . 0 0 0 - 1 1 0 . 0 0 0 Ju n e 2 7 , 2 0 1 7 Re ce ip t Fa cilit y t id a k d ija m in k a n a t a u s e t a ra d e n g a n THB 4 . 0 0 0 rib u u n s e cu re d o r e q u iv a le n t wit h THB 4 , 0 0 0 t h o u s a n d Selur uh fasilit as k r edit m odal k er j a, k ecuali Kasik or n Bank Public Com pany Lim it ed dij am in dengan piut ang usaha dan per sediaan Cat at an 6 dan 7 secar a par i passu. All w or k ing capit al cr edit facilit ies, ex cept fr om Kasik or n Bank Public Com pany Lim it ed ar e secur ed w it h t r ade account s r eceiv able and inv ent or ies Not es 6 and 7 on par i passu basis. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 69 -

b. Pe r j a n j ia n ope r a sion a l

b. Ope r a t ion a l a gr e e m e n t s

• Pada bulan Juni 2013, Gr up m engadak an per j anj ian v ent ur a ber sam a dengan Com pagnie Financier e Du Gr oupe Michelin Michelin . Dalam per j anj ian t er sebut , Per usahaan set uj u unt uk m enj ual dan at au m em asok but adiene k epada SRI secar a non- ek sk lusif. Per usahaan dan PBI j uga ak an ber bagi fasilit as dan m eny ediak an j asa unt uk SRI unt uk m enduk ung k egiat an usaha dan oper asional SRI , ber upa ant ar a lain HP st eam , j et t y dan gudang peny im panan, pem buangan lim bah, ak ses j alan, dan lain- lain. Per j anj ian ini t er us ber lak u hingga diak hir i ber dasar k an k esepak at an ber sam a dar i par a pihak . • I n June 2013, t he Gr oup ent er ed int o a j oint - v ent ur e agr eem ent w it h Com pagnie Financier e Du Gr oupe Michelin Michelin . Based on t he agr eem ent , t he Com pany agr ees t o sell and or pr ov ide but adiene t o SRI in non- ex clusiv e basis. The Com pany and PBI w ill also shar e t heir facilit y and pr ov ide ser v ice t o suppor t SRI ’s business and oper at ional act iv it y , am ong ot her s HP st eam , j et t y and w ar ehouse st or age, w ast e r em ov al, r oad access, and ot her s. The agr eem ent shall cont inue in effect unless it is t er m inat ed by bot h par t ies on t he basis of m ut ual agr eem ent . • Gr up dan GI m engadak an per j anj ian sew a r uang k ant or dan lahan par k ir selam a dua t ahun y ang ak an ber ak hir di bulan Juni 2018. • The Gr oup and GI ent er ed int o sev er al oper at ing lease agr eem ent s for office space and par k ing ar ea r ent al for t w o y ear s w hich w ill ex pir e June 2018. Beban sew a m asing- m asing sebesar US 678 r ibu dan US 578 r ibu unt uk t ahun 2016 dan 2015 dicat at sebagai beban um um dan adm inist r asi. Rent ex pense in 2016 and 2015 am ount ing t o US 678 t housand and US 578 t housand, r espect iv ely , w er e r ecor ded as gener al and adm inist r at iv e ex penses. 3 4 . I N STRUM EN KEUAN GAN , M AN AJEM EN RI SI KO KEUAN GAN D AN RI SI KO M OD AL 3 4 . FI N AN CI AL I N STRUM EN TS, FI N AN CI AL RI SK AN D CAPI TAL RI SK M AN AGEM EN T A. Ka t e gor i da n Ke la s I n st r u m e n Ke u a n ga n

A. Ca t e gor ie s a n d

Cla sse s of Fin a n cia l I n st r u m e n t s Aset der iv atif Liabilitas der iv atif y ang diuk ur y ang diuk ur pada nilai pada nilai waj ar m elalui waj ar m elalui laba r ugi Liabilitas pada laba r ugi Pinj am an y ang Der iv ativ e assets biay a per olehan Der iv ativ e liabilities diber ik an dan m easur ed at diam or tisasi m easur ed at piutang fair v alue Liabilities at fair v alue Loans and thr ough pr ofit am or tized thr ough pr ofit Jum lah r eceiv ables and loss cost and loss Total US’000 US’000 US’000 US’000 US’000 31 Desem ber 2016 Decem ber 31, 2016 Ase t Ke u a n g a n La n ca r Cu r r e n t F in a n cia l Asse t s Kas dan setar a k as 298.729 - - - 298.729 Cash and cash equiv alents Rek ening y ang dibatasi penggunaanny a 10.398 - - - 10.398 Restr icted cash in bank s Piutang usaha Tr ade accounts r eceiv able Pihak ber elasi 1.663 - - - 1.663 Related par ty Pihak k etiga 135.685 - - - 135.685 Thir d par ties Piutang lain- lain 3.141 - - - 3.141 Other accounts r eceiv able Ase t Ke u a n g a n T id a k La n ca r No n cu r r e n t F in a n cia l Asse t s Rek ening y ang dibatasi penggunaanny a 12.953 - - - 12.953 Restr icted cash in bank s Aset k euangan der iv atif - 1.500 - - 1.500 Der iv ativ e financial assets Uang j am inan 1.271 - - - 1.271 Refundable deposits Lia b ilit a s Ke u a n g a n Ja n g k a Pe n d e k Cu r r e n t F in a n cia l Lia b ilit ie s Utang usaha Tr ade accounts pay able Pihak ber elasi - - 25.293 - 25.293 Related par ty Pihak k etiga - - 318.812 - 318.812 Thir d par ties Utang lain- lain - - 157 - 157 Other accounts pay able Biay a y ang m asih har us dibay ar - - 3.880 - 3.880 Accr ued ex penses Utang bank y ang j atuh tem po Cur r ent m atur ities of dalam satu tahun - - 63.113 - 63.113 Bank loans Lia b ilit a s Ke u a n g a n Ja n g k a Pa n j a n g No n cu r r e n t F in a n cia l Lia b ilit ie Liabilitas j angk a panj ang - setelah dik ur angi Long- ter m liabilities - net of bagian y ang j atuh tem po dalam satu tahun cur r ent m atur ities Utang bank - - 325.276 - 325.276 Bank loans Utang obligasi - - 36.594 - 36.594 Bonds pay able Liabilitas k euangan der iv atif - - - 40 40 Der iv ativ e financial liabilities Jum lah 463.840 1.500 773.125 40 1.238.505 Total PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 70 - Aset der iv atif Liabilitas der iv atif y ang diuk ur y ang diuk ur pada nilai pada nilai waj ar m elalui waj ar m elalui laba r ugi Liabilitas pada laba r ugi Pinj am an y ang Der iv ativ e assets biay a per olehan Der iv ativ e liabilities diber ik an dan m easur ed at diam or tisasi m easur ed at piutang fair v alue Liabilities at fair v alue Loans and thr ough pr ofit am or tized thr ough pr ofit Jum lah r eceiv ables and loss cost and loss Total US’000 US’000 US’000 US’000 US’000 31 Desem ber 2015 Decem ber 31, 2015 Ase t Ke u a n g a n La n ca r Cu r r e n t F in a n cia l Asse t s Kas dan setar a k as 96.817 - - - 96.817 Cash and cash equiv alents Rek ening y ang dibatasi penggunaanny a 12.764 - - - 12.764 Restr icted cash in bank s Piutang usaha Tr ade accounts r eceiv able Pihak k etiga 46.496 - - - 46.496 Thir d par ties Piutang lain- lain 3.783 - - - 3.783 Other accounts r eceiv able Ase t Ke u a n g a n T id a k La n ca r No n cu r r e n t F in a n cia l Asse t s Rek ening y ang dibatasi penggunaanny a 12.953 - - - 12.953 Restr icted cash in bank s Aset k euangan der iv atif - 659 - - 659 Der iv ativ e financial assets Uang j am inan 1.120 - - - 1.120 Refundable deposits Lia b ilit a s Ke u a n g a n Ja n g k a Pe n d e k Cu r r e n t F in a n cia l Lia b ilit ie s Utang bank - - 50.800 - 50.800 Bank loan Utang usaha Tr ade accounts pay able Pihak ber elasi - - 87.869 - 87.869 Related par ty Pihak k etiga - - 139.955 - 139.955 Thir d par ties Utang lain- lain - - 15.931 - 15.931 Other accounts pay able Biay a y ang m asih har us dibay ar - - 6.089 - 6.089 Accr ued ex penses Utang bank y ang j atuh tem po Cur r ent m atur ities of dalam satu tahun - - 70.470 - 70.470 Bank loans Lia b ilit a s Ke u a n g a n Ja n g k a Pa n j a n g No n cu r r e n t F in a n cia l Lia b ilit ie Liabilitas j angk a panj ang - setelah dik ur angi Long- ter m liabilities - net of bagian y ang j atuh tem po dalam satu tahun cur r ent m atur ities Utang bank - - 426.459 - 426.459 Bank loans Liabilitas k euangan der iv atif - - - 677 677 Der iv ativ e financial liabilities Jum lah 173.933 659 797.573 677 972.842 Total

B. Tu j u a n da n k e bij a k a n m a n a j e m e n r isik o k e u a n ga n

B. Fin a n cia l r isk m a n a ge m e n t obj e ct iv e s a n d policie s

Fungsi Cor por at e Gr oup Tr easur y m eny ediak an j asa unt uk bisnis, m engk oor dinasik an ak ses k e pasar k euangan dom est ik dan int er nasional, m em ant au dan m engelola r isik o k euangan y ang ber k ait an dengan oper asi Gr up m elalui lapor an r isik o int er nal y ang m enganalisis ek sposur dengan der aj at dan besar ny a r isik o. Risik o ini t er m asuk r isik o pasar t er m asuk r isik o m at a uang, r isik o suk u bunga dan r isik o har ga lainny a , r isik o k r edit , r isik o lik uidit as. The Gr oup’s Cor por at e Tr easur y funct ion pr ov ides ser v ices t o t he business, co- or dinat es access t o dom est ic and int er nat ional financial m ar k et s, m onit or s and m anages t he financial r isk s r elat ing t o t he oper at ions of t he Gr oup t hr ough int er nal r isk r epor t s w hich analy ze ex posur es by degr ee and m agnit ude of r isk s. These r isk s include m ar k et r isk including cur r ency r isk , int er est r at e r isk and ot her pr ice r isk , cr edit r isk , liquidit y r isk . Gr up ber usaha unt uk m em inim alk an dam pak dar i r isik o dengan m enggunak an inst r um en k euangan der iv at if unt uk lindung nilai t er hadap ek sposur r isik o. Penggunaan der iv at if k euangan diat ur oleh k ebij ak an Gr up y ang diset uj ui oleh dew an dir ek si, y ang m em ber ik an pr insip- pr insip t er t ulis pada r isik o nilai t uk ar , r isik o suk u bunga, r isik o k r edit , penggunaan der iv at if k euangan dan inst r um en der iv at if non- k euangan, dan inv est asi at as k elebihan lik uidit as. Kepat uhan t er hadap bat asan k ebij ak an dan ek sposur dit inj au oleh audit or int er nal secar a t er us m ener us. Gr up t idak m elak sanak an at au m em per dagangk an inst r um en k euangan, t er m asuk inst r um en k euangan der iv at if, unt uk t uj uan spek ulasi. The Gr oup seek s t o m inim ize t he effect s of t hese r isk s by using der iv at iv e financial inst r um ent s t o hedge r isk ex posur es. The use of financial der iv at iv es is gov er ned by t he Gr oup policies appr ov ed by t he boar d of dir ect or s, w hich pr ov ide w r it t en pr inciples on for eign ex change r isk , int er est r at e r isk , cr edit r isk , t he use of financial der iv at iv es and non - der iv at iv e financial inst r um ent s, and t he inv est m ent of ex cess liquidit y . Com pliance w it h policies and ex posur e lim it s is r ev iew ed by t he int er nal audit or s on a cont inuous basis. The Gr oup does not ent er int o or t r ade financial inst r um ent s, including der iv at iv e financial inst r um ent s, for speculat iv e pur poses. Fungsi Cor por at e Tr easur y m elapor k an secar a ber k ala k epada dew an dir ek si unt uk m em ant au r isik o dan m engur angi ek sposur r isik o. The Cor por at e Tr easur y funct ion r epor t s r egular ly t o t he boar d of dir ect or s t o m onit or r isk s and m it igat e r isk ex posur es. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 71 -

i. Risik o pa sa r

i. M a r k e t r isk

Ak t iv it as Gr up t er ek spos t er ut am a unt uk r isik o k euangan at as per ubahan nilai t uk ar m at a uang asing Cat at an 34.b.ii dan suk u bunga Cat at an 34.b.iii . Gr up m engadak an ber bagai inst r um en k euangan der iv at if unt uk m engelola ek sposur r isik o m at a uang asing dan r isik o suk u bunga, t er m asuk : • Sw ap m at a uang unt uk m elindungi k er agam an suk u bunga m engam bang y ang t im bul dar i k ur s m engam bang at as pinj am an bank y ang didenom inasi dalam m at a uang US; The Gr oup’s act iv it ies ex pose it pr im ar ily t o t he financial r isk s of changes in for eign cur r ency ex change r at es Not e 34.b.ii and int er est r at es Not e 34.b.iii . The Gr oup ent er s int o a v ar iet y of der iv at iv e financial inst r um ent s t o m anage it s ex posur e t o for eign cur r ency r isk and int er est r at e r isk , including: • Cr oss cur r ency sw ap t o hedge v ar iabilit y of float ing int er est r at e ar ising on t he US denom inat ed float ing r at e bank loan; • Sw ap suk u bunga unt uk m engur angi r isik o k enaik an suk u bunga; • I nt er est r at e sw aps t o m it igat e t he r isk of r ising int er est r at es; • Kont r ak v alut a asing ber j angk a unt uk m engur angi ek sposur t er hadap fluk t uasi nilai t uk ar ; dan • For w ar d for eign ex change cont r act s t o m it igat e ex posur es t o ex change r at e fluct uat ing; and • Cr oss Cur r ency Sw ap unt uk m engur angi r isik o k enaik an suk u bunga dan k ur s pada ut ang obligasi. • Cr oss cur r ency sw ap t o m it igat e t he r isk of r ising int er est r at e and US ex change on t he bonds pay able. Tidak t er dapat per ubahan ek sposur Gr up t er hadap r isik o pasar at au car a dim ana r isik o t er sebut dik elola dan diuk ur . Ther e has been no change t o t he Gr oup’s ex posur e t o m ar k et r isk or t he m anner in w hich t hese r isk s ar e m anaged and m easur ed. ii. M a n a j e m e n r isik o m a t a u a n g a sin g ii. For e ign cu r r e n cy r isk m a n a ge m e n t Pendapat an, biay a- biay a, dan bagaim anapun, pinj am an Gr up sebagian besar diselenggar ak an dalam m at a uang Dolar Am er ik a Ser ik at . Nam un, k ar ena Gr up ber oper asi di I ndonesia, t er dapat k eadaan dim ana Gr up dipengar uhi oleh fluk t uasi dar i nilai t uk ar Rupiah t er hadap Dolar Am er ik a Ser ik at t er ut am a t er k ait dengan paj ak dan beber apa beban t er t ent u y ang ber denom inasi dalam Rupiah. Jum lah ek sposur ber sih m at a uang selain Dolar Am er ik a Ser ik at Gr up pada t anggal pelapor an diungk apk an dalam Cat at an 35 . The Gr oup’s under ly ing r ev enues, cost s and how ev er , bor r ow ings ar e denom inat ed m ost ly in U.S. Dollar . How ev er , since t he Gr oup oper at es in I ndonesia, t her e ar e inst ances w her e t he Gr oup is affect ed by t he fluct uat ion of I ndonesian Rupiah against t he U.S. Dollar per t aining m ainly t o t ax es and cer t ain ex penses w hich ar e denom inat ed in I ndonesian Rupiah. The Gr oup’s net open cur r ency ot her t han U.S. Dollar ex posur e as of r epor t ing dat e is disclosed in Not e 35. Gr up m em elihar a saldo k as dalam m at a uang Rupiah y ang cuk up unt uk m em enuhi k ebut uhan beban dalam Rupiah. The Gr oup m aint ains sufficient cash balance denom inat ed in I ndonesian Rupiah t o cov er t he ex penses denom inat ed in I ndonesian Rupiah. Analisis sensit iv it as m at a uang asing For eign cur r ency sensit iv it y analy sis Analisis sensit iv it as Gr up di baw ah ini t er hadap peningk at an dan penur unan dalam US t er hadap m at a uang Rupiah m enggunak an 2 dan 4 pada t anggal 31 Desem ber 2016 dan 2015 y ang dij elask an dibaw ah. Tingk at sensit iv it as ini y ang digunak an k et ik a m elapor k an secar a int er nal r isik o m at a uang asing k epada par a k ar y aw an k unci, dan m er upak an penilaian m anaj em en t er hadap per ubahan y ang m ungk in t er j adi pada nilai t uk ar v alut a asing. Analisis sensit iv it as hany a m encak up it em inst r um en k euangan dalam m at a uang m onet er selain Dolar Am er ik a The Gr oup’s sensit iv it y analy sis below t o t he incr ease and decr ease in t he US against t he r elev ant for eign cur r encies uses 2 and 4 at Decem ber 31, 2016 and 2015, r espect iv ely is show n below . These sensit iv it y r at e ar e t he ones used w hen r epor t ing for eign cur r ency r isk int er nally t o k ey m anagem ent per sonnel and r epr esent s m anagem ent ’s assessm ent of t he r easonably possible change in for eign ex change r at es. The sensit iv it y analy sis includes only out st anding m onet ar y it em s of financial inst r um ent denom inat ed in cur r ency PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 72 - Ser ik at y ang ada dan m eny esuaik an t r anslasiny a pada ak hir per iode unt uk per ubahan per sent ase dalam nilai t uk ar m at a uang asing. ot her t han U.S. Dollar and adj ust s t heir t r anslat ion at t he per iod end for per cent age change in for eign cur r ency r at es. Unt uk t ahun y ang ber ak hir pada 31 Desem ber 20 16 dan 2015 , j ik a US m elem ah m enguat sebesar 2 dan 4 t er hadap Rupiah, dengan selur uh v ar iabel lainny a t et ap k onst an, laba ber sih, set elah paj ak , m asing- m asing ak an m eningk at m enur un US 2.314 r ibu dan US 2.526 r ibu. For t he y ear ended Decem ber 31, 2016 and 2015, if US had w eak ened st r engt hened by 2 and 4 against I ndonesian Rupiah w it h all ot her v ar iables held const ant , net pr ofit , aft er t ax , w ould hav e been incr eased decr eased by US 2,314 t housand and US 2,526 t housand, r espect iv ely . Menur ut pendapat m anaj em en, analisis sensit iv it as t idak r epr esent at if at as r isik o v alut a asing m elek at k ar ena ek sposur pada ak hir per iode pelapor an t idak m encer m ink an ek sposur selam a per iode ber j alan. I n m anagem ent ’s opinion, t he sensit iv it y analy sis is unr epr esent at iv e for t he inher ent for eign ex change r isk because t he ex posur e at t he end of t he r epor t ing per iod does not r eflect t he ex posur e dur ing t he per iod. iii. M a n a j e m e n r isik o t in gk a t bu n ga iii. I n t e r e st r a t e r isk m a n a ge m e n t Gr up t er papar r isik o suk u bunga k ar ena ent it as dalam Gr up m em inj am dana m ay or it as dalam Dolar Am er ik a Ser ik at dengan t ingk at bunga m engam bang. Risik o ini dik elola oleh Gr up, ant ar a lain, dengan m enggunak an k ont r ak sw ap suk u bunga. The Gr oup is ex posed t o int er est r at e r isk because ent it ies in t he Gr oup bor r ow funds lar gely in US Dollar at float ing int er est r at es. The r isk is m anaged by t he Gr oup by t he use of int er est r at e sw ap cont r act s. Ek sposur Gr up t er hadap suk u bunga dalam aset k euangan dan liabilit as k euangan dir inci dalam bagian m anaj em en r isik o lik uidit as pada cat at an ini. The Gr oup’s ex posur es t o int er est r at es on financial asset s and financial liabilit ies ar e included in t he liquidit y r isk m anagem ent sect ion of t his not e. Analisis sensit iv it as suk u bunga I nt er est r at e sensit iv it y analy sis Analisis sensit iv it as di baw ah ini t elah dit ent uk an ber dasar k an ek sposur suk u bunga unt uk k edua inst r um en der iv at if dan non- der iv at if pada ak hir per iode pelapor an. Unt uk liabilit as t ingk at bunga m engam bang, analisis t er sebut disusun dengan asum si j um lah liabilit as t er ut ang pada ak hir per iode pelapor an it u t er ut ang sepanj ang t ahun. Kenaik an at au penur unan 50 basis poin digunak an k et ik a m elapor k an r isik o suk u bunga secar a int er nal k epada k ar y aw an k unci dan m er upak an penilaian m anaj em en t er hadap per ubahan y ang m ungk in t er j adi pada suk u bunga. The sensit iv it y analy ses below hav e been det er m ined based on t he ex posur e t o int er est r at es for bot h der iv at iv es and non- der iv at iv e inst r um ent s at t he end of t he r epor t ing per iod. For float ing r at e liabilit ies, t he analy sis is pr epar ed assum ing t he am ount of t he liabilit y out st anding at t he end of t he r epor t ing per iod w as out st anding for t he w hole y ear . A 50 basis point incr ease or decr ease is used w hen r epor t ing int er est r at e r isk int er nally t o k ey m anagem ent per sonnel and r epr esent s m anagem ent ’s assessm ent of t he r easonably possible change in int er est r at es. Jik a suk u bunga lebih t inggi r endah 50 basis poin dan sem ua v ar iabel lainny a t et ap k onst an, laba ber sih, set elah paj ak , unt uk t ahun y ang ber ak hir 31 Desem ber 2016 dan 2015 ak an t ur un naik m asing- m asing sebesar US 1.123 r ibu dan US 1.440 r ibu. Hal ini t er ut am a disebabk an oleh ek sposur Gr up t er hadap suk u bunga at as pinj am anny a dengan suk u bunga v ar iabel. I f int er est r at es had been 50 basis point s higher low er and all ot her v ar iables w er e held const ant , net pr ofit aft er t ax , for t he y ear ended Decem ber 31, 2016 and 2015 w ould decr ease incr ease by US 1,123 t housand and US 1,440 t housand, r espect iv ely . This is m ainly at t r ibut able t o t he Gr oup’s ex posur e t o int er est r at es on it s v ar iable r at e bor r ow ings. PT. CHANDRA ASRI PETROCHEMI CAL Tbk DAN ENTI TAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLI DASI AN 31 DESEMBER 2016 DAN 2015 DAN UNTUK TAHUN-TAHUN YANG BERAKHI R PADA TANGGAL TERSEBUT Lanjutan PT. CHANDRA ASRI PETROCHEMI CAL Tbk AND I TS SUBSI DI ARI ES NOTES TO CONSOLI DATED FI NANCI AL STATEMENTS DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS THEN ENDED Continued - 73 - Kont r ak sw ap suk u bunga I nt er est r at e sw ap cont r act s Dalam k ont r ak sw ap suk u bunga, Gr up set uj u unt uk m enuk ar per bedaan ant ar a j um lah t ingk at bunga t et ap dengan m engam bang y ang dihit ung at as j um lah pok ok nosional y ang disepak at i. Mesk ipun t idak dit et apk an dan m em enuhi k ualifik asi sebagai ak unt ansi lindung nilai, k ont r ak t er sebut m em ungk ink an Gr up unt uk m engur angi r isik o per ubahan suk u bunga ek sposur ar us k as pada ut ang t ingk at bunga v ar iabel. Nilai w aj ar plain v anilla t ingk at bunga t et ap unt uk t ingk at bunga m engam bang sw ap dihit ung dengan m enam bahk an nilai k ini dar i pem bay ar an bunga t et ap y ang t elah dik et ahui dar i aw al sw ap fix ed leg dan nilai k ini dar i pem bay ar an bunga m engam bang y ang dit ent uk an pada set iap t anggal pem bay ar an y ang dit ent uk an float ing leg . Tingk at suk u bunga r at a- r at a didasar k an pada t ingk at bunga t et ap y ang dibay ar k an oleh Bank . Under int er est r at e sw ap cont r act s, t he Gr oup agr ees t o ex change t he differ en ce bet w een fix ed and float ing r at e int er est am ount s calculat ed on agr eed not ional pr incipal am ount s. Alt hough not designat ed and qualified for hedge account ing, such cont r act s enable t he Gr oup t o m it igat e t he r isk of changing int er est r at es on t he cash flow ex posur es on issued v ar iable r at e debt . The fair v alue of a plain v anilla fix ed r at e for float ing r at e sw ap is com put ed by adding t he pr esent v alue of t he fix ed coupon pay m ent s k now n at t he st ar t of t he sw ap fix ed leg and pr esent v alue of t he float ing coupon pay m ent s det er m ined at t he agr eed dat es of each pay m ent float ing leg . The av er age int er est r at e is based on t he fix ed r at e paid by t he Bank s. Kont r ak sw ap suk u bunga diselesaik an secar a t r iw ulanan. Tingk at bunga m engam bang pada sw ap suk u bunga adalah London I nt er bank Offer ed Rat e LI BOR . Gr up ak an m eny elesaik an per bedaan ant ar a t ingk at bunga t et ap dan m engam bang secar a dasar net o. The int er est r at e sw aps set t le on a quar t er ly basis. The float ing r at e on t he int er est r at e sw aps is London I nt er bank Offer ed Rat e LI BOR . The Gr oup w ill set t le t he differ ence bet w een t he fix ed and float ing int er est r at e on a net basis. iv . Risik o h a r ga pe t r ok im ia iv . Pe t r och e m ica l pr ice r isk Pendapat an Gr up sangat ber gant ung pada penj ualan bar ang- bar ang t ur unan olahan pet r ok im ia napht ha y ang sangat dipengar uhi oleh har ga pet r ok im ia dunia. Di sisi lain, har ga pet r ok im ia dunia dapat ber fluk t uasi secar a signifik an y ang dipengar uhi t er ut am a oleh har ga m iny ak m ent ah br ent dan fak t or per m int aan dan penaw ar an. The Gr oup’s r ev enue is highly dependent on napht ha pet r ochem ical pr ocess, w hich in t ur n is highly influenced by global pet r ochem ical pr ices, w hich t end t o be cy clical and subj ect t o significant fluct uat ions. Global pet r ochem ical pr ices ar e subj ect t o num er ous fact or s bey ond t he Gr oup’s cont r ol, including m ainly br ent cr ude oil pr ice and supply and dem and fact or s. Unt uk m em it igasi r isik o ini, Gr up m engk om binasik an st r at egi m et ode penet apan har ga m aupun w ak t u penet apan dengan t er us m em per hat ik an per k em bangan global y ang m em pengar uhi pasar pet r ok im ia. To m it igat e t his r isk , t he Gr oup com bines st r at egies of pr ice fix ing m et hod and t he t im ing of pr ice fix ing, w hile m aint aining close at t ent ion on global dev elopm ent s t hat affect pet r ochem ical m ar k et . v . M a n a j e m e n r isik o k r e dit v . Cr e dit r isk m a n a ge m e n t Risik o k r edit m engacu pada r isik o r ek anan gagal dalam m em enuhi k ew aj iban k ont r ak t ualny a y ang m engak ibat k an k er ugian k euangan bagi Gr up. Cr edit r isk r efer s t o t he r isk t hat a count er par t y w ill default on it s cont r act ual obligat ion r esult ing in financial loss t o t he Gr oup. Risik o k r edit Gr up t er ut am a m elek at pada r ek ening bank dan piut ang usaha. Gr up m enem pat k an saldo bank pada inst it usi k euangan y ang lay ak ser t a t er per cay a. Piut ang usaha dilak uk an dengan pihak k et iga t er per cay a dan pihak ber elasi. Ek sposur Gr up dan pihak law an dim onit or secar a t er us m ener us dan nilai agr egat t r ansak si t er k ait t er sebar di ant ar a pihak law an y ang t elah diset uj ui. Ek sposur k r edit dik endalik an oleh bat asan lim it pihak law an y ang dir ev iu dan diset uj ui oleh m anaj em en. The Gr oup’s cr edit r isk is pr im ar ily at t r ibut ed t o it s cash in bank s and t r ade account s r eceiv able. The Gr oup places it s bank balances w it h cr edit w or t hy financial inst it ut ions. Tr ade account s r eceiv able ar e ent er ed w it h r espect ed and cr edit w or t hy t hir d par t ies and r elat ed par t ies. The Gr oup’s ex posur e and it s count er par t ies ar e cont inuously m onit or ed and t he aggr egat e v alue of t r ansact ions concluded is spr ead am ongst appr ov ed count er par t ies. Cr edit ex posur e is cont r olled by count er par t y lim it s t hat ar e r ev iew ed and appr ov ed by t he m anagem ent .