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

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 .