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.