SHORT-TERM BANK LOANS continued

The original consolidated financial statements included herein are in the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Untuk Periode Tiga Bulan yang Berakhir pada 31 Maret 2017 dan 2016 Disajikan dalam rupiah, kecuali dinyatakan lain PT PELAYARAN TEMPURAN EMAS Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For Three Months Period Ended March 31, 2017 and 2016 Expressed in rupiah, unless otherwise stated 51 17. TRANSAKSI DERIVATIF 17. DERIVATIVE TRANSACTIONS Liabilitas Derivatif yang Dihentikan Unwound Derivative Liability Pada tanggal 24 Juli 2008, Perusahaan menandatangani kontrak WTI crude oil -Target Redemption Swap dengan Standard Chartered Bank SCB sehubungan dengan penawaran kepada Perusahaan atas perlindungan sebagian dari kenaikan harga WTI crude oil. Berdasarkan perjanjian, jumlah kuantitas nosional sebesar 30.000 barel dan jumlah kuantitas geared nosional sebesar 60.000 barel dengan harga tetap US105 per barel. On July 24, 2008, the Company signed a contract for WTI crude oil - Target Redemption Swap with Standard Chartered Bank SCB regarding the offering to the Company of partial protection against rising WTI crude oil prices. Based on the agreement, total notional quantity was about 30,000 barrels and total geared notional quantity was about 60,000 barrels with a fixed price of US105 per barrel. Berdasarkan skenario dari setiap penyelesaian a jika Floating Price FP di atas US105 per barel, Perusahaan akan menerima dolar Amerika Serikat berdasarkan perhitungan FP dikurangi US105 x 2.500 barel, b jika FP di bawah US105 per barel, Perusahaan akan membayar dolar Amerika Serikat berdasarkan perhitungan US105 dikurangi FP x 5.000 barel. Perjanjian ini berlaku sampai dengan tanggal 31 Juli 2009, namun, jika seluruh pembayaran yang dilakukan oleh SCB kepada Perusahaan melebihi target akumulasi intrinsic value sebesar US87.500, perjanjian ini akan berakhir dan Perusahaan akan kehilangan perlindungan ini. Based on the scenario on each settlement date,a if Floating Price FP was above US105 per barrel, the Company would receive United States dollar based on calculation FP minus US105 x 2,500 barrels, b if FP was below US105 per barrel, the Company would pay United States dollar based on calculation US105 minus FP x 5,000 barrels. This agreement was valid until July 31, 2009. However, if the accumulated payments made by SCB to the Company reaches more than the target accumulated intrinsic value of US87,500, this agreement would be terminated and the Company would lose the protection. Perusahaan mengajukan Banding atas hasil putusan Pengadilan Negeri ke Pengadilan Tinggi Jakarta. Berdasarkan putusan Pengadilan Tinggi Jakarta dengan No. 444PDT2012PT.DKI tanggal 14 Januari 2013, Pengadilan Tinggi Jakarta membatalkan keputusan Pengadilan Negeri Jakarta Utara No. 41PDTG2011PNJKT.UT dan menyatakan untuk menolak gugatan SCB seluruhnya. The Company appealed the District Court’s decision to the High Court of Jakarta. Based on its decision No. 444PDT2012PT.DKI dated January 14, 2013, the Jakarta High Court overturned the decision No. 41PDTG2011PNJKT.UT of the District Court of North Jakarta and rejected the SCB lawsuit entirely. The original consolidated financial statements included herein are in the Indonesian language. PT PELAYARAN TEMPURAN EMAS Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Untuk Periode Tiga Bulan yang Berakhir pada 31 Maret 2017 dan 2016 Disajikan dalam rupiah, kecuali dinyatakan lain PT PELAYARAN TEMPURAN EMAS Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For Three Months Period Ended March 31, 2017 and 2016 Expressed in rupiah, unless otherwise stated 52 Berdasarkan transaksi terakhir tertanggal 5 November 2008, harga aktual WTI crude oil sebesar US76,72 per barel, oleh karena itu, Perusahaan berkewajiban untuk membayar SCB sebesar US141.380. Sampai dengan tanggal jatuh tempo pembayaran, Perusahaan belum membayar jumlah tersebut. Sebagai akibatnya, SCB melakukan penghentian lebih awal dan mengusulkan tawaran penyelesaian sebesar US2.771.366. Based on the latest transaction dated November 5, 2008, the actual WTI crude oil price amounted to US76.72 per barrel, therefore, the Company wasliable to pay SCB the amount of US141,380. Until the due date of this amount, the Company has not made any payment. Consequently, SCB made early termination and proposed a settlement offer worth US2,771,366. Keuntungan atas penghapusbukuan liabilitas derivatif sebesar Rp39,3 miliar dicatat sebagai bagian dari akun ‘’Pendapatan Operasi Lain’’ pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian tahun 2015. Gain on write-off on unwound derivative liability amounting to Rp39.3 billion was recorded as part of “Other Operating Income” in 2015 consolidated statement of profit or loss and other comprehensive income. 17. TRANSAKSI DERIVATIF lanjutan 17. DERIVATIVE TRANSACTIONS continued Liabilitas Derivatif yang Dihentikan lanjutan Unwound Derivative Liability continued Atas keputusan Pengadilan Tinggi Jakarta tersebut, SCB telah mengajukan kasasi ke Mahkamah Agung, dimana berdasarkan putusan Mahkamah Agung No. 2532 KPDT2013 tanggal 2 April 2014, Mahkamah Agung menolak permohonan kasasi dari SCB. Upon the decision of the Jakarta High Court, SCB filed an appeal to the Supreme Court, and based on its decision No. 2532 KPDT2013 dated April 2, 2014, the Supreme Court rejected the appeal of SCB. Pada tanggal 28 Januari 2011, SCB mengajukan gugatan wanprestasi kepada Perusahaan terkait dengan jumlah klaim Pengakhiran Lebih Awal sebesar US2.771.366 ditambah dengan ganti rugi berupa bunga atas Jumlah Pengakhiran Lebih Awal hingga tanggal pengajuan gugatan sebesar US63.725 dan bunga sejak tanggal gugatan sampai dengan tanggal pelunasan. On January 28, 2011, SCB filed a breach of contract lawsuit against the Company for the payment of its total claim for Early Termination Amount of US2,771,366 plus compensation for interest of Early Termination Amount until the claim date amounting to US63,725 and interest from the claim date until it is fully paid. Berdasarkan putusan Pengadilan Negeri Jakarta Utara dengan No. 41PDTG2011PNJKT.UT tanggal 9 November 2011, Perusahaan berkewajiban untuk membayar seluruh Jumlah Pengakhiran Lebih Awal berikut dengan bunga yang terutang sampai dengan saat pelunasan jumlah terutang. Based on decision No.41PDTG2011PN JKT.UT dated November 9, 2011 of the District Court of North Jakarta, the Company is required to pay the Early Termination Amount including the interest payable until all the principal has been fully paid. Pada tanggal 14 Januari 2015, Mahkamah Agungmemberitahukan kepada Perusahaan, dimana Mahkamah Agung telah menolak permohonan kasasi dari SCB, sehingga Perusahaan tidak lagi mencatat estimasi kewajiban ke SCB. On January 14, 2015, Supreme Court notified the Company that the appeal made by SCB has been rejected. As such, the Company no longer records the estimated obligations to SCB.