ASET KEUANGAN DAN LIABILITAS KEUANGAN FINANCIAL ASSETS AND FINANCIAL LIABILITIES

PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5155 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2013 DAN 2012 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 AND 2012 Expressed in thousands of US Dollar, unless otherwise stated 46. KEBIJAKAN MANAJEMEN RISIKO lanjutan 46. RISK MANAGEMENT POLICY continued a. Risiko usaha lanjutan a. Business risks continued V. Grup tergantung kepada kemampuan manajemen untuk mengembangkan cadangan yang ada, mengganti cadangan yang ada dan mengembangkan cadangan tambahan. V. The Group is dependent on management’s ability to develop existing reserves, replace existing reserves and develop additional reserves. VI. Sebagian besar pendapatan Grup berasal dari penjualan jenis BBM tertentu yang disubsidi pemerintah. VI. A substantial part of the Group’s revenues is derived from sales of subsidised certain fuel BBM products by the Government.

b. Risiko keuangan

b. Financial risk

Risiko keuangan meliputi risiko pasar, kredit dan likuiditas. Financial risk includes market, credit and liquidity risks.

I. Risiko pasar

I. Market risk

Risiko pasar adalah risiko dimana nilai wajar arus kas di masa datang dari suatu instrumen keuangan akan berfluktuasi karena adanya perubahan harga pasar. Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Faktor-faktor risiko pasar tersebut adalah: The market risk factors are as follows: i Risiko nilai tukar mata uang asing i Foreign exchange risk Pendapatan Grup ditentukan berdasarkan pergerakan MOPS yang akan dibayarkan secara terpisah baik oleh masyarakat dan Pemerintah Indonesia dalam bentuk subsidi produk BBM dan LPG. Adanya peraturan di Indonesia yang mengharuskan transaksi dalam mata uang Rupiah sementara sebagian besar biaya operasi khususnya untuk pengadaan minyak mentah dan produk minyak dilakukan dalam mata uang Dolar AS, dapat menyebabkan risiko nilai tukar mata uang asing terhadap kas dan setara kas, piutang usaha, piutang Pemerintah, utang usaha, pinjaman jangka pendek, utang Pemerintah dan liabilitas jangka panjang. Group revenues are determined by the movement of MOPS, which will be paid separately by the public and the Government of Indonesia in the form of subsidised fuel products and LPG products. Regulation of laws in Indonesia require transactions to be made in Rupiah, while most of the operating costs particularly for the procurement of crude oil and oil products are made in US Dollars, which can lead to foreign exchange risks for cash and cash equivalents, trade receivables, due from the Government, trade payables, short-term loans, due to the Government and long-term liabilities. Grup memitigasi risiko nilai tukar mata uang asing secara alami melalui pengelolaan arus kas secara efektif. The Group naturally mitigates foreign exchange risks through the effective management of its cash flows. PT PERTAMINA PERSERO DAN ENTITAS ANAKAND SUBSIDIARIES Lampiran 5156 Schedule CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2013 DAN 2012 Dinyatakan dalam ribuan Dolar Amerika Serikat, kecuali dinyatakan lain NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 AND 2012 Expressed in thousands of US Dollar, unless otherwise stated 46. KEBIJAKAN MANAJEMEN RISIKO lanjutan 46. RISK MANAGEMENT POLICY continued

b. Risiko keuangan lanjutan

b. Financial risk continued

I. Risiko pasar lanjutan

I. Market risk continued

i Risiko nilai tukar mata uang asing lanjutan i Foreign exchange risk continued Analisis sensitivitas Sensitivity analysis Penguatan pelemahan Rupiah terhadap Dolar AS akan meningkatkan menurunkan ekuitas dan laba-rugi sebesar jumlah yang ditunjukkan di bawah. Analisis ini didasarkan pada varian nilai tukar mata uang asing yang dipertimbangkan mungkin terjadi pada tanggal pelaporan. Analisis mengasumsikan bahwa seluruh variabel lain, pada khususnya tingkat suku bunga, tetap tidak berubah dan mengabaikan dampak atas perkiraan penjualan dan pembelian. A strengthening weakening of the Rupiah against the US Dollar would have increased decreased equity and profit or loss by the amounts shown below. This analysis is based on foreign currency exchange rate variances that were considered to be reasonably possible at the reporting date. The analysis assumes that all other variables, in particular interest rates, remain constant and excludes any impact of forecasted sales and purchases. PenguatanStrengthening PelemahanWeakening Ekuitas Equity Laba atau rugiProfit or loss Ekuitas Equity Laba atau rugiProfit or loss 31 Desember 2013 31 December 2013 IDR pergerakan 5 1,158 114,759 1,048 103,830 IDR 5 movement 31 Desember 2012 31 December 2012 IDR pergerakan 5 1,218 117,480 1,102 106,292 IDR 5 movement ii Risiko harga komoditas ii Commodity price risk Volatilitas harga minyak mentah, gas alam dan produk kilang serta ketidakpastian pasar untuk minyak mentah dan gas dapat berdampak buruk terhadap usaha, kondisi keuangan dan hasil operasi Grup. The volatility in prices of crude oil, natural gas and refined products and the uncertainty of market dynamics for oil and gas could adversely affect the Group’s business, financial conditions and results of the Group’s operations.