Aset Tidak Lancar Current Liabilities

Kinerja Keuangan Financial Performance w w w .p e rt a mi n a .co m 121 120 L APO R AN T AH U N AN | AN N U AL R EPO R T PER T AMI N A 2 1 ANALISIS DAN PEmbAHASAN mANAJEmEN ATAS KINERJA PERUSAHAAN MANAGEMENT’S DIScuSSION ANAlYSIS Kenaikan biaya rata-rata hasil minyak disebabkan oleh lebih mahalnya harga rata-rata MOPS Desember 2010 sebesar USD101.53 nilai penuh dibandingkan periode Desember 2009 sebesar USD80.74 nilai penuh. - Kenaikan kuantitas persediaan hasil minyak terjadi pada produk Elpiji dan BBK.Kenaikan ini disebabkan oleh keberhasilan konversi minyak tanah, rencana Pemerintah untuk membatasi BBM bersubsidi, serta kenaikan kuantitas persediaan Solar dan Premium akibat antisipasi kenaikan permintaan di 2011. - Kenaikan biaya rata-rata hasil minyak disebabkan oleh lebih mahalnya harga rata-rata MOPS Desember 2010 sebesar USD101.53 nilai penuh dibandingkan periode Desember 2009 sebesar USD80.74 nilai penuh. Kenaikan kuantitas persediaan hasil minyak terjadi pada produk Elpiji dan BBK. Kenaikan ini disebabkan oleh keberhasilan konversi minyak tanah, rencana Pemerintah untuk membatasi BBM bersubsidi, serta kenaikan kuantitas persediaan Solar dan Premium akibat antisipasi kenaikan permintaan di 2011. • Uang muka dividen dan lain-lain - bersih Jumlah saldo uang muka dividen per 31 Desember 2010 sebesar Rp1,5 triliun, turun 97 dibandingkan periode 2009 sebesar Rp47,4 triliun. Hal ini disebabkan oleh: - Pada 17 Mei 2010, Perusahaan menyelenggarakan Rapat Umum Pemegang Saham Luar Biasa RUPSLB tahun buku 2006 dan 2007. RUPSLB menetapkan pembayaran dividen kepada Pemerintah sebesar Rp19,8 triliun untuk tahun buku 2006 dan Rp11,0 triliun untuk tahun buku 2007. - Pada 18 Agustus 2010, Perusahaan menyelenggarakan RUPSLB yang menetapkan pembayaran dividen tahun buku 2008 kepada Pemerintah sebesar Rp16,1 triliun. Saldo uang muka dividen per 31 Desember 2010 sebesar Rp1,5 triliun merupakan dividen interim tahun buku 2010. Penetapan dividen berdasarkan surat dari Menteri Negara Badan Usaha Milik Negara BUMN No. S-794MBU2010 tertanggal 22 Desember 2010.

b. Aset Tidak Lancar

Realisasi jumlah aset tidak lancar per 31 Desember 2010 lebih rendah 1 atau sebesar Rp2 triliun dibandingkan per 31 Desember 2009. Hal ini disebabkan oleh penurunan saldo piutang dari Pemerintah yang dikompensasikan dengan kenaikan aset tetap, aset minyak dan gas bumi, serta panas bumi. Komposisi Aset Tidak Lancar Non-Current Assets dalam Miliar Rp in Billion Rp Keterangan 2010 2009 Δ Description Piutang dari Pemerintah 2,096 10,128 79.3 Due from the Government Aset Pajak Tangguhan-Bersih 6,806 6,298 8.0 Deferred tax assets - net Investasi jangka panjang-Bersih 5,971 7,225 17.4 Long-term investments-net Aset Tetap-Bersih 65,271 60,983 7.0 Fixed assets - net Aset Minyak dan Gas Bumi-Bersih 40,090 35,122 14.0 Oil gas and geothermal properties - net Pajak dibayar dimuka-Bersih 16,676 16,000 4.0 Prepaid taxes-net Aset lain-lain-Bersih 2,798 5,950 53.0 Other assets - net Total Aset Tidak Lancar 139,708 141,705 1.4 Total Non-current Assets • Piutang dari Pemerintah Penurunan saldo piutang dari Pemerintah disebabkan oleh penurunan piutang atas penggantian biaya subsidi jenis BBM tertentu sebesar Rp4,2 triliun dan piutang atas penggantian biaya program konversi minyak tanah ke LPG 3 Kg sebesar Rp4,1 triliun. Namun, juga terdapat kenaikan piutang atas penggantian biaya subsidi LPG 3 Kg sebesar Rp0,7 triliun dan kenaikan DMO fee PT Pertamina Hulu Energi PHE sebesar Rp0,9 triliun. Penurunan piutang atas penggantian biaya subsidi jenis BBM tertentu disebabkan adanya penyelesaian piutang Pemerintah selama 2010 sebesar Rp4,3 triliun. Penyelesaian piutang tersebut berasal dari selisih antara tambahan biaya subsidi jenis BBM tertentu selama 2010 sebesar Rp60,9 triliun dengan jumlah penyelesaian oleh Pemerintah sebesar Rp65,2 triliun. Sementara itu, penggantian biaya atas program konversi minyak tanah ke LPG 3 Kg mengalami penurunan karena selama 2010 jumlah paket yang didistribusikan hanya sebesar 4,6 juta paket. Sedangkan distribusi paket sepanjang 2009 mencapai 23 juta paket. • Aset tetap–setelah dikurangi akumulasi penyusutan Saldo aset tetap - setelah dikurangi akumulasi penyusutan per 31 Desember 2010 sebesar Rp65,3 triliun, naik 7 dibandingkan periode 2009 sebesar Rp61,0 triliun. Hal ini disebabkan oleh: - Kenaikan yang berasal dari penambahan aset dalam penyelesaian sebesar Rp2,7 triliun terdiri dari proyek pengadaan kapal tanker sebesar Rp1,6 triliun, relokasi dan penggantian fasilitas DPPU sebesar Rp0,4 triliun, serta pembangunan terminal LPG sebesar Rp0,2 triliun. - Kenaikan aset instalasi terkait dengan kapitalisasi proyek TTU Tuban senilai Rp1,5 triliun dan proyek pipanisasi Balongan – Jakarta sebesar Rp0,3 triliun. The average cost increase of oil products was caused by higher price of average MOPS in December 2010, which was at USD101.53 full amount compared to USD80.74 full amount in the period of December 2009. - The increase in oil product quantity occurred on LPG and Kerosene products. This increase was due to the success of kerosene conversion program, Government’s plan to limit subsidized fuel, as well as an increase in Diesel and Premium inventories quantity resulting from anticipation of demand rise in 2011. - The average cost increase of oil products was caused by higher price of average MOPS in December 2010 which was at USD101.53 full amount compared to USD80.74 full amount in the period of December 2009. The increase in oil product quantity occurred on LPG and Kerosene products. This increase was due to the success of kerosene conversion program, Government plan to limit subsidized fuel, as well as an increase in Diesel and Premium inventories quantity resulting from anticipation of demand rise in 2011. • Dividend and other advances - net The balance of dividend advances per 31 December 2010 was at Rp1.5 trillion, a 97 decrease from Rp47.4 trillion in 2009 period. This was due to: - On 17 May 2010, the Company held Extraordinary Shareholders Meeting ESM for 2006 and 2007 iscal year. The ESM determined dividend payment to the Government amounted to Rp19.8 trillion for 2006 iscal year and Rp11.0 trillion for 2007 iscal year. - On 18 August 2010, the Company held ESM and determined the dividend payment for the Government for 2008 iscal year was Rp16.1 trillion. The balance of dividend advances per 31 December 2010 was at Rp1.5 trillion in interim dividend for 2010 iscal year. The determination of interim dividend for 2010 iscal year was based on letter from State-owned Enterprises SOEs Ministry No. S-794MBU2010 dated 22 December 2010.

b. Non-current Assets

The realization of total non-current assets for the year ended 31 December 2010, 1 or Rp2 trillion lower than the realization for the year ended 31 December 2009. This was due to a decrease in balance of due from the Government which were compensated with increase in ixed assets, oil and natural gas as well as geothermal assets. • Due from The Government Receivables The decrease in due from government receivables balance was caused by decrease in receivables on certain fuel subsidy reimbursement amounted to Rp4.2 trillion and receivables on cost reimbursement of kerosene to 3 Kg LPG conversion program amounted to Rp4.1 trillion. However, there was also an increase in receivables on subsidy reimbursement of 3 Kg LPG amounted to Rp0.7 trillion and rise in DMO fee of PT Pertamina Hulu Energi amunted to Rp0.9 trillion. The decrease in receivables on certain fuel subsidy reimbursement was due from Government receivables settlement amounted to Rp4.3 trillion in 2010. The receivables settlement was from the difference between additional subsidies for certain fuel in 2010 amounted to Rp60.9 trillion with total settlement by the Government amounted to Rp65.2 trillion. Meanwhile, the reimbursement of kerosene to 3-Kg LPG conversion program saw a decline as there were only 4.6 million packages distributed in 2010. While in 2009, there were 23 million packages distributed. • Fixed Assets – Net of Accumulated Depreciation The balance of ixed assets – net of accumulated depreciation per 31 December 2010 was at Rp65.3 trillion, a 7 increase compared Rp60.9 trillion in 2009 period. The causes of increase are as follows: - Increase from addition of assets in progress amounted to Rp2.7 trillion consisting of tanker vessel procurement project amounted to Rp1.6 trillion, relocation and replacement of DPPU facilities amounted to Rp0.4 trillion, and construction of LPG terminal amounted to Rp0.2 trillion. - Increase in asset installation related to capitalization of TTU Tuban project valued Rp1.5 trillion and Balongan – Jakarta pipeline project amounted to Rp0.3 trillion. Kinerja Keuangan Financial Performance w w w .p e rt a mi n a .co m 123 122 L APO R AN T AH U N AN | AN N U AL R EPO R T PER T AMI N A 2 1 ANALISIS DAN PEmbAHASAN mANAJEmEN ATAS KINERJA PERUSAHAAN MANAGEMENT’S DIScuSSION ANAlYSIS - Kenaikan aset kapal sebesar Rp0,4 triliun terkait dengan pembelian MT Gunung Geulis sebesar Rp0,5 triliun dan kapitalisasi docking kapal senilai Rp0,9 triliun. - Kenaikan karena penambahan aset yang disewakan untuk bangunan. Selain itu instalasi yang diakibatkan oleh penambahan SPBE di 2010 sebesar Rp0,9 triliun • Aset minyak dan gas serta panas bumi – setelah dikurangi akumulasi penyusutan. Saldo aset minyak dan gas serta panas bumi - setelah dikurangi akumulasi penyusutan per 31 Desember 2010 naik 14, menjadi Rp40,1 triliun dibandingkan periode 2009 sebesar Rp35,1 triliun. Hal ini terutama disebabkan oleh: - Kenaikan aset sumur dari kapitalisasi proyek eksplorasi sebesar Rp1,4 triliun dan kapitalisasi sumur pengembangan sebesar Rp1,6 triliun di PT Pertamina EP. - Kenaikan aset sumur karena akuisisi yang dilakukan PT Pertamina Hulu Energi PHE atas Inpex sebesar Rp2,3 triliun, akuisisi ONWJ sebesar Rp0,8 triliun dan akuisisi West Madura sebesar Rp0,7 triliun. - Kenaikan aset dalam penyelesaian yang disebabkan oleh proyek pembangunan sumur panas bumi di PT Pertamina Geothermal Energy senilai Rp1,4 triliun di tiga lokasi, yaitu Ulubelu, Lahendong dan Lumut Balai. - Kenaikan aset dalam penyelesaian minyak dan gas yang disebabkan oleh penambahan proyek PHE Jabung sebesar Rp0,1 triliun, PHE Jambi Merang sebesar Rp0,6 triliun, dan PCPP SK305 sebesar Rp0,3 triliun.

IV. KEWAJIBAN

Di tahun 2010, total kewajiban Pertamina adalah Rp161,5 triliun yang terdiri dari 59 kewajiban jangka pendek dan 41 kewajiban jangka panjang. Realisasi jumlah kewajiban per 31 Desember 2010 meningkat sebesar Rp1,9 triliun atau 1,17 dari realisasi per 31 Desember 2009 sebesar Rp159,6 triliun.

a. Kewajiban Lancar

Realisasi jumlah kewajiban jangka pendek hingga akhir 2010 meningkat 5 dibandingkan dengan periode 2009. Hal ini diakibatkan kenaikan saldo pinjaman jangka pendek, hutang usaha pihak ketiga dan hutang pajak. Kenaikan ini dikompensasikan dengan penurunan saldo hutang kepada Pemerintah. Komposisi Kewajiban Lancar Current Liabilities dalam Miliar Rp in Billion Rp Keterangan 2010 2009 Δ Description Pinjaman Jangka Pendek 19,258 14,761 30.5 Short-term loans Hutang Usaha-Pihak yang mempunyai Hubungan Istimewa 433 867 50.0 Trade Payables-Related Parties Hutang Usaha-Pihak Ketiga 32,147 21,575 49.0 Trade Payables-Third Parties Hutang Kepada Pemerintah yang Jatuh Tempo dalam Satu Tahun 18,248 30,749 40.7 Due to the Government-Current Portion Hutang Pajak 6,298 4,552 38.3 Taxes payable Beban yang masih harus dibayar 7,428 7,787 4.6 Accrued expenses Kewajiban Jangka Panjang yang Jatuh Tempo dalam Satu Tahun 6,089 5,313 14.6 Long-term liabilities-current portion Hutang lain-lain-Pihak yang mempunyai Hubungan Istimewa 350 617 43.3 Other payables-Related Parties Hutang lain-lain-Pihak Ketiga 4,550 4,623 1.6 Other payables-Third Parties Pendapatan tangguhan yang jatuh tempo dalam satu tahun 690 415 66.4 Deferred revenue-current portion Total Kewajiban Lancar 95,491 91,259 4.6 Total Current Liabilities • Pinjaman jangka pendek. Saldo pinjaman jangka pendek per 31 Desember 2010 sebesar Rp19,2 triliun, naik 30 dibandingkan periode 2009 sebesar Rp14,7 triliun. Kenaikan ini disebabkan oleh adanya penambahan fasilitas kredit yang diterima Pertamina selama 2010. Fasilitas tersebut digunakan untuk mendanai pembelian minyak mentah dan produk BBM. • Hutang usaha pihak ketiga Saldo hutang usaha pihak ketiga pada akhir 2010 meningkat 49, menjadi Rp32,1 triliun dibandingkan periode 2009 sebesar Rp21,6 triliun. Hal ini disebabkan oleh naiknya pembelian minyak mentah dan hasil minyak sepanjang 2010. • Hutang pajak Saldo hutang pajak per 31 Desember 2010 sebesar Rp6,3 triliun atau naik 38 dibandingkan periode 2009 sebesar Rp4,6 triliun. Hal ini disebabkan oleh penambahan pajak penghasilan dan dividen PT Pertamina EP di 2010 sebesar Rp2,2 triliun. • Hutang kepada Pemerintah Saldo hutang kepada Pemerintah di 2010 turun 43 menjadi Rp20,4 triliun dibandingkan periode 2009 sebesar Rp35,9 triliun. Penurunan ini disebabkan oleh penyelesaian kewajiban Perusahaan kepada Pemerintah pada 2010. - Increase in vessel assets amounted to Rp0.4 trillion following the purchase of MT Gunung Geulis worth Rp0.5 trillion and capitalization of ship docking amounted to Rp0.9 trillion. - Increase due to more assets rented out for buildings as well as installation from additional SPBE in 2010 worth Rp0.9 trillion. • Oil, Gas and Geothermal Assets – Net of Accumulated Depreciation. The balance of oil, gas and geothermal assets – Net of accumulated depreciation per 31 December 2010 rose 14 to Rp40.1 trillion compared to Rp35.1 trillion,in 2009 period. This was mainly due to: - Increase in well assets from the capitalization of exploration project amounted to Rp1.4 trillion and development well capitalization amounted to Rp1.6 trillion at PT Pertamina EP. - Increase in well assets due to acquisition by PT Pertamina Hulu Energi PHE over Inpex amounted to Rp0.8 trillion and acquisition of West Madura worth Rp0.7 trillion. - Increase in assets in progress due to construction project of geothermal well at PT Pertamina Geothermal Energy worth Rp1.4 trillion at three locations, Ulubelu, Lahendong and Lumut Balai. - Increase in oil and gas assets in progress due to PHE Jabung development project worth Rp0.1 trillion, PHE Jambi Merang worth Rp0.6 trillion, and PCPP SK305 worth Rp0.3 trillion.

IV. LIABILITIES

In 2010, Pertamina’s total liabilities amounted to Rp161.5 trillion consisting of 59 of short-term liabilities and 41 of long-term liabilities. The realization of total liabilities for the year ended 31 December 2010 increased by Rp1.9 trillion or 1.17 from the realization for the year ended 31 December 2009 of Rp159.6 trillion.

a. Current Liabilities

The realization of short-term liabilities until the end of 2010, increased 5 from 2009 period. This was caused by the increase in balance of short-term loans, third parties’ trade payable and tax payable. The increase was compensated with the reduction of payable due to the Government. • Short -term loans The balance of short-term loans for the year ended 31 December 2010 amounted to Rp19.2 trillion, a 30 increase compared to Rp14.7 trillion in 2009 period. The increase was mainly due to an addition of credit facilities received by Pertamina during 2010. The facilities were used to fund the purchase of crude oil and fuel products. • Third parties’ trade payables The balance of third parties’ trade payables at the end of 2010 amounted to Rp32.1 trillion compared to Rp21.6 trillion in 2009. This was due to the increase of crude oil and oil products purchase during 2010. • Tax payables The balance of tax payables for the year ended 31 December 2010 amounted to Rp6.3 trillion compared to Rp4.5 trillion in 2009 period. This was mainly due to an addition to income tax and dividend of PT Pertamina EP in 2010 amounted to Rp2.2 trillion. • Due to Government The balance of dues to Government in 2010 decreased by 43 to Rp20.4 trillion compared to Rp35.9 trillion in 2009 period. The decrease was mainly due to the settlement of the Company’s liabilities to the Government during 2010. Kinerja Keuangan Financial Performance w w w .p e rt a mi n a .co m 125 124 L APO R AN T AH U N AN | AN N U AL R EPO R T PER T AMI N A 2 1 ANALISIS DAN PEmbAHASAN mANAJEmEN ATAS KINERJA PERUSAHAAN MANAGEMENT’S DIScuSSION ANAlYSIS

b. Kewajiban Tidak Lancar