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

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 . 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 - 74 - Gr up m eny adar i bahw a, w alaupun penj ualan pr oduk k epada pelanggan ak an lebih baik dalam bent uk t unai, pem bay ar an dim uk a at au m enggunak an Let t er of Cr edit , penj ualan k r edit adalah pr ak t ik um um di indust r i dan m er upak an fak t or pent ing dalam k eput usan pem belian pelanggan. Oleh k ar ena it u Gr up m em per bolehk an penj ualan k r edit t et api dengan pengendalian t er hadap r isik o k r edit t er sebut . Dalam hal ini, Gr up t elah m em bent uk sebuah k om it e k r edit y ang ber t anggung j aw ab unt uk k eselur uhan m anaj em en dan pengendalian r isik o k r edit . The Gr oup r ealizes t hat w hile pr oduct sales t o cust om er s should pr efer ably be m ade on cash, cash in adv ance or Let t er of Cr edit , sales of pr oduct s on cr edit is a com m on indust r y pr act ice and is a m aj or consider at ion of t he cust om er s buy ing decision. Ther efor e, t he Gr oup’s cr edit sale is per m it t ed subj ect t o pr oper m anagem ent and cont r ols of significant and aggr egat e cr edit r isk . I n t his r espect , t he Gr oup has est ablished a cr edit com m it t ee w ho is account able for ov er all m anagem ent and cont r ol of cr edit r isk . Piut ang usaha t er dir i dar i sej um lah besar pelanggan, t er sebar di ber bagai indust r i dan w ilay ah geogr afis. Ev aluasi k r edit y ang sedang ber langsung dilak uk an ber dasar k an pada r ek am j ej ak hasil pener im aan dar i penj ualan k epada pelanggan. Tr ade r eceiv ables consist of a lar ge num ber of cust om er s, spr ead acr oss div er se indust r ies and geogr aphical ar eas. Ongoing cr edit ev aluat ion is per for m ed on t he t r ack r ecor d of t he collect ion r esult fr om sales m ade t o cust om er s. Gr up t idak m em ilik i ek sposur k r edit y ang signifik an unt uk set iap r ek anan t unggal at au k elom pok pihak law an y ang m em ilik i k ar ak t er ist ik ser upa. Gr up m enent uk an pihak law an sebagai m em ilik i k ar ak t er ist ik ser upa j ik a m er ek a ent it as t er k ait . The Gr oup does not hav e significant cr edit ex posur e t o any single count er par t y or any gr oup of count er par t ies hav ing sim ilar char act er ist ics. The Gr oup defines count er par t ies as hav ing sim ilar char act er ist ics if t hey ar e r elat ed ent it ies. Nilai t er cat at aset k euangan pada lapor an k euangan k onsolidasian set elah dik ur angi dengan cadangan k er ugian m encer m ink an ek sposur Gr up t er hadap r isik o k r edit . The car r y ing am ount of financial asset s r ecor ded in t he consolidat ed financial st at em ent s, net of any allow ance for losses r epr esent s t he Gr oup’s ex posur e t o cr edit r isk . v i. M a n a j e m e n r isik o lik u idit a s v i. Liqu idit y r isk m a n a ge m e n t Tanggung j aw ab ut am a unt uk m anaj em en r isik o lik uidit as t er let ak pada dew an dir ek si, y ang t elah m em bent uk k er angk a k er j a m anaj em en r isik o lik uidit as y ang sesuai unt uk m anaj em en Gr up dan pendanaan j angk a pendek , m enengah dan j angk a panj ang dan per sy ar at an m anaj em en lik uidit as. Gr up m engelola r isik o lik uidit as dengan m em elihar a cadangan y ang m em adai, fasilit as per bank an dan fasilit as pinj am an cadangan, dengan t er us m em ant au ar us k as pr ak ir aan dan ak t ual, dan dengan car a m encocok k an pr ofil j at uh t em po aset dan liabilit as k euangan. Rincian fasilit as t am bahan y ang belum digunak an y ang dim ilik i Gr up unt uk m engur angi r isik o lik uidit as t er m asuk dalam Cat at an 3 3. Ult im at e r esponsibilit y for liquidit y r isk m anagem ent r est s w it h t he boar d of dir ect or s, w hich has est ablished an appr opr iat e liquidit y r isk m anagem ent fr am ew or k for t he m anagem ent of t he Gr oup’s shor t , m edium and long- t er m funding and liquidit y m anagem ent r equir em ent s. The Gr oup m anages liquidit y r isk by m aint aning adequat e r eser v es, bank ing facilit ies and r eser v e bor r ow ing facilit ies, by cont inuously m onit or ing for ecast and act ual cash flow s, and by m at ching t he m at ur it y pr ofiles of financial asset s and liabilit ies. Det ails of addit ional undr aw n facilit ies t hat t he Gr oup has at it s disposal t o fur t her r educe liquidit y r isk ar e included in Not e 33. Tabel r isik o lik uidit as dan suk u bunga Liquidit y and int er est r isk t ables Tabel ber ik ut m er inci sisa j at uh t em po k ont r ak unt uk liabilit as k euangan non- der iv at if dengan per iode pem bay ar an y ang disepak at i Gr up. Tabel t elah disusun ber dasar k an ar us k as y ang t ak t er disk ont o dar i liabilit as k euangan ber dasar k an t anggal t er aw al di m ana Gr up dapat dim int a unt uk m em bay ar . Jat uh t em po k ont r ak didasar k an pada t anggal t er aw al di m ana Gr up m ungk in ak an dim int a unt uk m em bay ar . The follow ing t able det ails t he Gr oup’s r em aining cont r act ual m at ur it y for it s non- der iv at iv e financial liabilit ies w it h agr eed r epay m ent per iods. The t able has been dr aw n up based on t he undiscount ed cash flow s of financial liabilit ies based on t he ear liest dat e on w hich t he Gr oup can be r equir ed t o pay . The t able includes bot h int er est and pr incipal cash flow s. The cont r act ual m at ur it y is based on t he ear liest dat e on w hich t he Gr oup m ay be r equir ed t o pay . 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 - 75 - T ingk at bunga efek t if rat a- rat a t ert im bang Weight ed Kurang dari 3 bulan - av erage s at u bulan 1 t ahun D iat as ef f ect iv e Les s t han 1 - 3 bulan 3 m ont hs t o 1 - 5 t ahun 5 t ahun Jum lah int eres t rat e 1 m ont h 1-3 m ont hs 1 y ear 1-5 y ears 5+ y ears Tot al U S ’0 0 0 U S ’0 0 0 U S ’0 0 0 U S ’0 0 0 U S ’0 0 0 U S ’0 0 0 31 Desember 2016 December 31, 2016 T anpa bunga N on- int eres t bearing U t ang us aha T rade ac c ount s pay able Pihak berelas i - 2 5 .2 9 3 - - - - 2 5 .2 9 3 Relat ed part y Pihak k et iga - 3 1 8 .8 1 2 - - - - 3 1 8 .8 1 2 T hird part ies U t ang lain- lain - 1 5 7 - - - - 1 5 7 O t her ac c ount s pay able Biay a y ang m as ih harus dibay - 3 .8 8 0 - - - - 3 .8 8 0 A c c rued ex pens es I ns t rum en t ingk at bunga v ariabel V ariable int eres t rat e ins t rum ent s U t ang bank 4 ,5 5 1 .2 4 0 9 .3 4 0 4 1 .2 5 1 1 9 5 .4 7 7 1 0 0 .7 8 9 3 4 8 .0 9 7 Bank loans I ns t rum en t ingk at bunga t et ap Fix ed int eres t rat e ins t rum ent s U t ang bank 5 ,2 0 4 7 0 1 1 .4 2 6 1 7 .1 6 5 7 6 .8 4 5 1 2 .4 5 4 1 1 8 .3 6 0 Bank loans U t ang obligas i 5 - 5 ,5 - 4 8 2 1 .4 4 6 4 2 .5 0 8 - 4 4 .4 3 6 Bonds Pay able Jum lah 3 4 9 .8 5 2 2 1 .2 4 8 5 9 .8 6 2 3 1 4 .8 3 0 1 1 3 .2 4 3 8 5 9 .0 3 5 T ot al Tingkat bunga efekt if rat a-rat a t ert im bang Weight ed Kurang dari 3 bulan - average sat u bulan 1 t ahun Diat as effect ive Less t han 1-3 bulan 3 m ont hs t o 1-5 t ahun 5 t ahun Jum lah int erest rat e 1 m ont h 1-3 m ont hs 1 year 1-5 years 5+ years Tot al US’000 US’000 US’000 US’000 US’000 US’000 3 1 Desem ber 2 0 1 5 Decem ber 3 1 , 2 0 1 5 Tanpa bunga Non-int erest bearing Ut ang usaha Trade account s payable Pihak berelasi - 87.869 - - - - 87.869 Relat ed part y Pihak ket iga - 139.955 - - - - 139.955 Third part ies Ut ang lain-lain - 15.931 - - - - 15.931 Ot her account s payable Biaya yang m asih harus dibayar - 6.089 - - - - 6.089 Accrued expenses I nst rum en t ingkat bunga variabel Variable int erest rat e inst rum ent s Ut ang bank 4,78 1.639 48.931 53.125 388.795 678 493.168 Bank loans I nst rum en t ingkat bunga t et ap Fixed int erest rat e inst rum ent s Ut ang bank 5,51 15.671 10.044 20.183 121.328 - 167.226 Bank loans Jum lah 267.154 58.975 73.308 510.123 678 910.238 Tot al Jum lah y ang dicak up di at as unt uk inst r um en suk u bunga v ar iabel unt uk liabilit as k euangan non- der iv at if har us ber ubah j ik a per ubahan suk u bunga v ar iabel ber beda dengan est im asi suk u bunga y ang dit ent uk an pada ak hir per iode pelapor an. The am ount s included abov e for v ar iable int er est r at e inst r um ent s for bot h non- der iv at iv e financial liabilit ies is subj ect t o change if changes in v ar iable int er est r at es differ t o t hose est im at es of int er est r at es det er m ined at t he end of t he r epor t ing per iod. C. M a n a j e m e n r isik o m oda l C. Ca pit a l r isk m a n a ge m e n t Gr up m engelola r isik o m odal unt uk m em ast ik an bahw a m er ek a ak an m am pu unt uk m elanj ut k an k eber langsungan hidup, selain m em ak sim alk an k eunt ungan par a pem egang saham m elalui opt im alisasi saldo ut ang dan ek uit as. The Gr oup m anages capit al r isk t o ensur e t hat it w ill be able t o cont inue as a going concer n w hile m ax im izing t he r et ur n t o st ak eholder s t hr ough t he opt im izat ion of t he debt and equit y balance.