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 .