Tahap I Tahun 2020 - Seri B Phase I Year 2020 - B Series
61. FINANCIAL INSTRUMENT, FINANCIAL RISK AND CAPITAL RISK MANAGEMENTS
Manajemen risiko modal Short-term financial assets and liabilities
Grup mengelola modalnya untuk memastikan mereka dapat mempertahankan kelangsungan usaha disamping memaksimalkan pengembalian kepada pemegang saham melalui optimalisasi saldo liabilitas dan ekuitas.
The Group manages its capital to ensure that it will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of debt and equity balance.
Struktur modal Grup terdiri dari utang termasuk utang bank, utang non-bank pihak berelasi, utang obligasi, surat berharga jangka menengah dan liabilitas sewa pembiayaan yang diungkapkan
dalam catatan atas laporan keuangan
konsolidasian, kas dan setara kas dan modal
tersedia bagi para pemegang saham dari
Perusahaan, modal saham dan laba ditahan.
The capital structure of the Group consists of debt, which includes bank loans, non-bank loans related party, bonds payable, medium-term notes, and finance lease obligation disclosed in the notes to consolidated financial statements, cash and cash equivalents and equity attributable to the owner of the Company, comprising issued capital and retained earnings.
Dewan Direksi Grup secara berkala melakukan review struktur permodalan Grup. Sebagai bagian dari review ini, Dewan Direksi mempertimbangkan biaya permodalan dan risiko yang berhubungan.
The Board of Directors of the Group periodically reviews the Group's capital structure. As part of this review, the Board of Directors considers the cost of capital and related risk.
Tujuan dan kebijakan manajemen risiko keuangan
Financial risk management objectives and policies
Grup memandang bahwa risiko merupakan bagian yang tidak terpisahkan dari operasional usaha. Seiring bahwa keberhasilan usaha juga ditentukan oleh efektivitas pengelolaan risiko, manajemen terus berupaya untuk meningkatkan kemampuan manajemen risiko melalui pendekatan yang proaktif dan terencana.
The Group perceives that risk is by nature an indivisible part of business operation. Realizing that business success is also determined on the
effectivity of risk management, therefore
management continually strive to improve the risk management capability through proactive and systematic approach.
Grup telah mengidentifikasi risiko keuangan utama yang dihadapi Grup adalah sebagai berikut:
The Group identified the main financial risk facing the Group are as follows:
i. Manajemen risiko mata uang asing i. Foreign currency risk management
Eksposur risiko nilai tukar mata uang asing merupakan bagian dari kegiatan operasi normal Perusahaan dan cabang luar negeri.
Risk exposure of foreign exchange currency rate is part of normal operations of the Company and the foreign branches.
Pengaruh dari selisih nilai tukar mata uang asing tidak signifikan.
The effect of foreign exchange currency differences is not significant.
ii. Manajemen risiko tingkat suku bunga ii. Interest rate risk management
Grup tidak terekspos secara signifikan terhadap risiko tingkat suku bunga pinjaman, namun demikian Grup tetap melakukan monitoring secara ketat terhadap kemungkinan terjadinya perubahan suku bunga pinjaman.
The Group is not significantly exposed to interest rate risks of loans, the Group nevertheless remained closely monitoring the possibility of changes in interest rates.
iii. Manajemen risiko kredit iii. Credit risk management
Keterlambatan pembayaran, tidak membayar sebagian atau seluruh hasil kerja proyek dari pemilik proyek akan dapat berpengaruh negatif terhadap perputaran modal kerja Grup.
Late payment, do not pay part or all of the work of the project the project owner will be able to negatively affect the Group's working capital turnover.
191 Hal ini menyebabkan perubahan alokasi
pendanaan pada beberapa proyek yang
sedang dan akan berjalan serta keterbatasan
arus kas operasional untuk kebutuhan
pembelanjaan modal dalam jangka pendek.
Late payment, do not pay part or all of the work of the project the project owner will be able to negatively affect the Group's working capital turnover.
iv. Manajemen risiko likuiditas iv. Liquidity risk management
Risiko likuiditas merupakan risiko Grup tidak dapat memenuhi liabilitasnya pada saat jatuh tempo.
Liquidity risk is the risk when the Group is unable to meet liabilities as the due falls.
Grup memonitor secara ketat arus kas masuk dan arus kas keluar untuk memastikan tersedianya dana untuk memenuhi kebutuhan pembayaran liabilitas yang jatuh tempo.
The Group closely monitors cash inflows and outflows to ensure the availability of funds to meet the needs of a liability payments are due.
Berikut ini adalah ikhtisar umur liabilitas
keuangan berdasarkan pembayaran
kontraktual yang tidak didiskontokan:
The following is aging summary of financial liabilities based on undiscounted contractual payments:
Tingkat bunga efektif rata-rata
tertimbang/ Kurang 3 bulan
Weighted average dari satu bulan/ 1 sampai 3 sampai 1 tahun/ 1 sampai 5
effective Less than 1 bulan/ 3 months to tahun/ Jumlah/
interest rate month 1 to 3 months 1 year 1 to 5 years Total
Tanpa bunga Non-interest bearing
Utang usaha Trade accounts payable
Pihak berelasi - - - 1.068.048.599.109 - 1.068.048.599.109 Related parties
Pihak ketiga - - - 14.458.137.422.733 - 14.458.137.422.733 Third parties
Biaya yang masih harus dibayar - 138.631.049.227 - 148.947.950.750 - 287.578.999.977 Accrued Expenses
Pendapatan diterima dimuka - - - 29.283.682.510 - 29.283.682.510 Unearned Revenues
Uang muka pemberi pekerjaan Advances from
dan konsumen - - - 2.273.062.626.645 969.575.071.405 3.242.637.698.050 project owners
Instrument suku bunga variabel Variable interest rate instruments
Utang bank Bank loans
Pihak berelasi 0,70%-11% - - 3.465.691.757.188 - 3.465.691.757.188 Related parties
Pihak ketiga 0,3%-12,5% - - 1.977.374.775.052 - 1.977.374.775.052 Third parties
Utang non bank - pihak berelasi - - - - - - Non bank loans - related parties
Utang bank dan lembaga keuangan Bank and financial institutions loans
Pihak berelasi 0,30%-12,5% - - 496.363.011.588 4.197.863.333.475 4.694.226.345.064 Related parties
Pihak ketiga 7,75%-12,5% - 13.186.401.125 2.674.881.110.548 2.688.067.511.673 Third parties
Instrument suku bunga tetap - Fixed interest rate instruments
Surat berharga jangka menengah 9,25%-11,25% - - 747.065.000.000 164.793.750.000 911.858.750.000 Medium term notes
Sewa pembiayaan 8,83%-11,57% - - 138.930.673.846 106.460.108.685 245.390.782.531 Finance lease obligation
Utang obligasi 8,25%-11,15% - - 2.301.485.236.274 3.915.311.087.104 6.216.796.323.378 Bonds payable
Jumlah 138.631.049.227 - 27.117.577.136.821 12.028.884.461.218 39.285.092.647.265 Total
31 Desember/ December 31, 2020
Tingkat bunga efektif rata-rata
tertimbang/ Kurang 3 bulan
Weighted average dari satu bulan/ 1 sampai 3 sampai 1 tahun/ 1 sampai 5
effective Less than 1 bulan/ 3 months to 1 tahun/ Jumlah/
interest rate month 1 to 3 months year 1 to 5 years Total
Tanpa bunga Non Interest bearing
Utang usaha Trade accounts payable
Pihak berelasi - - - 1.039.582.612.360 - 1.039.582.612.360 Related parties
Pihak ketiga - - - 17.043.566.816.358 - 17.043.566.816.358 Third parties
Biaya yang masih harus dibayar - 188.989.744.783 - 142.329.799.458 - 331.319.544.241 Accrued expenses
Pendapatan diterima dimuka - - - 28.536.933.252 - 28.536.933.252 Unearned revenues
Uang muka pemberi pekerjaan Advances from
dan konsumen - - - 3.387.311.609.768 1.025.563.682.715 4.412.875.292.483 project owners
Instrument suku bunga variabel Variable interest rate instruments
Utang bank Bank loans
Pihak berelasi 7%-9% - 842.400.000.000 1.059.776.066.681 - 1.902.176.066.681 Related parties
Pihak ketiga 7,25%-10,55% - 571.725.000.000 1.548.266.077.204 - 2.119.991.077.204 Third parties
Utang non-bank - pihak berelasi 9.00% - 56.680.000.000 - - 56.680.000.000 Non-bank loans - related parties
Utang bank dan lembaga keuangan Bank and financial institutions loans
Pihak berelasi 9% - 11,75% - - 717.065.592.015 3.002.392.190.794 3.719.457.782.809 Related parties
Pihak ketiga 7,50% - 12,50% - 277.474.334.973 1.305.948.342.929 1.583.422.677.902 Third parties
Instrument suku bunga tetap Fixed interest rate instruments
Surat berharga jangka menengah 10.38% - - 1.357.612.500.000 662.250.000.000 2.019.862.500.000 Medium-term notes
Sewa pembiayaan 10% - - 205.518.723.185 198.342.433.199 403.861.156.384 Finance lease obligation
Utang obligasi 9.23% - - 327.666.262.000 5.780.448.976.598 6.108.115.238.598 Bonds payable
Jumlah 188.989.744.783 1.470.805.000.000 27.134.707.327.254 11.974.945.626.235 40.769.447.698.272 Total
192 Tingkat bunga
efektif rata-rata
tertimbang/ Kurang 3 bulan
Weighted average dari satu bulan/ 1 sampai 3 sampai 1 tahun/ 1 sampai 5
effective Less than 1 bulan/ 3 months to 1 tahun/ Jumlah/
interest rate month 1 to 3 months year 1 to 5 years Total
Tanpa bunga Non Interest bearing
Utang usaha Trade accounts payable
Pihak berelasi - - - 918.202.608.115 - 918.202.608.115 Related parties
Pihak ketiga - - - 16.713.230.057.899 - 16.713.230.057.899 Third parties
Biaya yang masih harus dibayar - 223.631.103.307 - 335.384.885.435 - 559.015.988.742 Accrued expenses
Pendapatan diterima dimuka - - - 25.432.722.653 - 25.432.722.653 Unearned revenues
Uang muka pemberi pekerjaan Advances from
dan konsumen - - - 2.861.356.652.797 980.422.090.279 3.841.778.743.076 project owners
Instrument suku bunga variabel Variable interest rate instruments
Utang bank Bank loans
Pihak berelasi 7% - 9% - 896.400.000.000 260.729.832.199 - 1.157.129.832.199 Related parties
Pihak ketiga 7,50%-11,75% - 1.239.790.234.355 288.003.046.397 - 1.527.793.280.752 Third parties
Utang non-bank - pihak berelasi 7,95%-9% - 108.475.000.000 56.407.000.000 - 164.882.000.000 Non-bank loans - related parties
Utang bank dan lembaga keuangan Bank and financial institutions loans
Pihak berelasi 9%-12,5% - - 212.338.054.117 2.888.294.857.324 3.100.632.911.441 Related parties
Pihak ketiga 7,91%-12,5% - 703.781.680.232 634.131.880.208 1.337.913.560.440 Third parties
Instrument suku bunga tetap - Fixed interest rate instruments
Surat berharga jangka menengah 0,1038 - - 220.750.000.000 1.887.412.500.000 2.108.162.500.000 Medium term-notes
Sewa pembiayaan 10% - - 182.939.103.988 344.742.113.147 527.681.217.135 Finance lease obligation
Utang obligasi 0,0923 - - 218.450.000.000 3.287.768.334.362 3.506.218.334.362 Bonds payable
Jumlah 223.631.103.307 2.244.665.234.355 22.997.005.643.832 10.022.771.775.320 35.488.073.756.814 Total
1 Januari 2019/ 31 Desember 2018/ January 1, 2019/ December 31, 2018
Grup memiliki berbagai aset keuangan seperti piutang usaha dan piutang lain-lain, kas dan setara kas, dan kas yang dibatasi dan tidak dibatasi penggunaannya, yang timbul secara langsung dari kegiatan usaha Perusahaan.
The Group has various financial assets such as trade and other receivables, cash and cash equivalents, restricted and unrestricted and cash, which arise directly from the Company’s operations.
Berikut ini adalah ikhtisar umur aset keuangan yang belum jatuh tempo dan yang lewat jatuh tempo pada akhir periode pelaporan tetap tidak mengalami penurunan nilai:
The following is the summary of financial assets not due and over due and at the end of the reporting period remain no impairment in value:
Tingkat bunga efektif rata-rata
tertimbang/ Kurang 3 bulan sampai 1
Weighted average dari satu bulan/ 1 sampai tahun/ 1 sampai
effective Less than 1 3 bulan/ 3 months to 1 5 tahun/ Jumlah/
interest rate month 1 to 3 months year 1 to 5 years Total
31 Desember 2020 Decemb er 31, 2020
Tanpa bunga Non interest b earing
Kas - 8.994.274.610 - - - 8.994.274.610 Cash on hand
Piutang usaha Trade accounts receivab le
Pihak berelasi - - - 996.457.590.731 - 996.457.590.731 Related parties
Pihak ketiga - - - 4.214.114.431.801 - 4.214.114.431.801 Third parties
Aset Keuangan dari Financial asset from
proyek konsesi - - - 61.138.854.234 1.319.188.218.027 1.380.327.072.261 concession project
Piutang retensi Retention receivab les
Pihak berelasi - - - 1.111.739.517.145 - 1.111.739.517.145 Related parties
Pihak ketiga - - - 572.995.765.045 - 572.995.765.045 Third parties
Tagihan bruto kepada Gross receivab les
pemberi kerja from project owners
Pihak berelasi - - - 3.152.287.034.954 - 3.152.287.034.954 Related parties
Pihak ketiga - - - 2.404.405.481.056 - 2.404.405.481.056 Third parties
Piutang lain-lain Other accounts receivab le
Pihak berelasi - - - 255.676.622.893 - 255.676.622.893 Related parties
Pihak ketiga - - - 82.928.690.439 - 82.928.690.439 Third parties
Instrumen suku bunga variabel Variab le interest rate instruments
Bank 0,04%-5% - 2.624.735.925.149 - - 2.624.735.925.149 Cash in b anks
Instrumen suku bunga tetap Fixed interest rate instruments
Deposito berjangka 4%-6% 5.190.029.131.798 - - 5.190.029.131.798 Time deposits
Jumlah 8.994.274.610 7.814.765.056.947 12.851.743.988.298 1.319.188.218.027 21.994.691.537.882 Total
193 Tingkat bunga
efektif rata-rata
tertimbang/ Kurang 3 bulan sampai 1
Weighted average dari satu bulan/ 1 sampai tahun/ 1 sampai
effective Less than 1 3 bulan/ 3 months to 1 5 tahun/ Jumlah/
interest rate month 1 to 3 months year 1 to 5 years Total
31 Desember 2019 December 31, 2019
Tanpa bunga Non interest bearing
Kas - 8.332.005.677 - - - 8.332.005.677 Cash on hand
Piutang usaha Trade accounts receivable
Pihak berelasi - - - 1.582.873.046.663 - 1.582.873.046.663 Related parties
Pihak ketiga - - - 3.314.958.508.985 - 3.314.958.508.985 Third parties
Aset Keuangan dari Financial asset from
proyek konsesi - - - 19.189.285.461 706.593.040.472 725.782.325.933 concession project
Piutang retensi Retention receivables
Pihak berelasi - - - 1.244.833.545.089 - 1.244.833.545.089 Related parties
Pihak ketiga - - - 727.908.920.378 - 727.908.920.378 Third parties
Tagihan bruto kepada Gross receivables
pemberi kerja from project owners
Pihak berelasi - - - 6.147.982.211.678 - 6.147.982.211.678 Related parties
Pihak ketiga - - - 3.293.655.385.645 - 3.293.655.385.645 Third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - - - 81.268.635.994 - 81.268.635.994 Related parties
Pihak ketiga - - - 86.589.657.065 - 86.589.657.065 Third parties
Instrumen suku bunga variabel Variable interest rate instruments
Bank 0,05%-2,75% - 6.064.829.173.891 - - 6.064.829.173.891 Cash in banks
Instrumen suku bunga tetap Fixed interest rate instruments
Deposito berjangka 4,255%-7,50% - 3.282.459.723.437 - - 3.282.459.723.437 Time deposits
Jumlah 8.332.005.677 9.347.288.897.328 16.499.259.196.958 706.593.040.472 26.561.473.140.435 Total
31 Desember/ December 31, 2019
Tingkat bunga efektif rata-rata
tertimbang/ Kurang 3 bulan sampai 1
Weighted average dari satu bulan/ 1 sampai tahun/ 1 sampai
effective Less than 1 3 bulan/ 3 months to 1 5 tahun/ Jumlah/
interest rate month 1 to 3 months year 1 to 5 years Total
31 Desember 2019 December 31, 2019
Tanpa bunga Non interest bearing
Kas - 8.332.005.677 - - - 8.332.005.677 Cash on hand
Piutang usaha Trade accounts receivable
Pihak berelasi - - - 1.582.873.046.663 - 1.582.873.046.663 Related parties
Pihak ketiga - - - 3.314.958.508.985 - 3.314.958.508.985 Third parties
Aset Keuangan dari Financial asset from
proyek konsesi - - - 19.189.285.461 706.593.040.472 725.782.325.933 concession project
Piutang retensi Retention receivables
Pihak berelasi - - - 1.244.833.545.089 - 1.244.833.545.089 Related parties
Pihak ketiga - - - 727.908.920.378 - 727.908.920.378 Third parties
Tagihan bruto kepada Gross receivables
pemberi kerja from project owners
Pihak berelasi - - - 6.147.982.211.678 - 6.147.982.211.678 Related parties
Pihak ketiga - - - 3.293.655.385.645 - 3.293.655.385.645 Third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - - - 81.268.635.994 - 81.268.635.994 Related parties
Pihak ketiga - - - 86.589.657.065 - 86.589.657.065 Third parties
Instrumen suku bunga variabel Variable interest rate instruments
Bank 0,05%-2,75% - 6.064.829.173.891 - - 6.064.829.173.891 Cash in banks
Instrumen suku bunga tetap Fixed interest rate instruments
Deposito berjangka 4,25%-8,50% - 3.282.459.723.437 - - 3.282.459.723.437 Time deposits
Jumlah 8.332.005.677 9.347.288.897.328 16.499.259.196.958 706.593.040.472 26.561.473.140.435 Total
1 Januari 2019/ 31 Desember 2018/ January 1, 2019/ December 31, 2018
Jumlah yang termasuk di atas untuk instrumen suku bunga baik untuk variabel non-derivatif aset keuangan maupun kewajiban dapat berubah jika perubahan tingkat suku bunga variabel berbeda dengan estimasi suku bunga yang ditentukan pada akhir periode pelaporan.
The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
Nilai wajar instrumen keuangan Fair value of financial instruments
Kecuali disebutkan pada tabel berikut ini, manajemen berpendapat bahwa nilai tercatat aset dan liabilitas keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan konsolidasian mendekati nilai wajarnya karena bersifat jangka pendek atau memakai suku bunga pasar:
Except as detailed in the following table, management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements approximate their fair values because of their short-term maturities or they carry market interest rate:
194
Nilai tercatat/ Nilai wajar/
Carrying amount Fair value
Pinjaman jangka panjang Long-term loan
MTN I PT PP Properti Tbk Tahun 2014 - MTN I PT PP Propertiy Tb k Year 2014
Jatuh Tempo Tahun 2020 30.000.000.000 31.923.035.766 - Maturity 2020
MTN X PT PP Properti Tbk Tahun 2017- MTN X PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2020 200.000.000.000 208.560.304.515 - Maturity 2020
MTN XI PT PP Properti Tbk Tahun 2018 - MTN XI PT PP Property Tb k Year 2018
Jatuh Tempo Tahun 2021 100.000.000.000 101.486.968.657 - Maturity 2021
MTN XII PT PP Properti Tbk Tahun 2018 - MTN XII PT PP Property Tb k Year 2018
Jatuh Tempo Jatuh tempo 2021 300.000.000.000 304.460.905.971 - Maturity 2021
MTN XIII PT PP Properti Tbk Tahun 2018 - MTN XIII PT PP Property Tb k Year 2018
Jatuh Tempo Tahun 2021 80.000.000.000 81.916.227.860 - Maturity 2021
MTN XIV PT PP Properti Tbk Tahun 2019 - MTN XIV PT PP Property Tb k Year 2019
Jatuh Tempo Tahun 2022 120.000.000.000 129.963.103.776 - Maturity 2022
Sub-jumlah 830.000.000.000 858.310.546.545 Sub -total
Utang Obligasi 2.816.465.000.000 2.968.602.553.154 Bonds payab le
Jumlah 3.646.465.000.000 3.826.913.099.699 Total
31 Desember/ Decemb er 31, 2019
Nilai tercatat/ Nilai wajar/
Carrying amount Fair value
Pinjaman jangka panjang Long-term loan
MTN I PT PP Properti Tbk Tahun 2014 - MTN I PT PP Property Tb k Year 2014
Jatuh Tempo Tahun 2020 30.000.000.000 29.721.495.732 - Maturity 2020
MTN VI PT PP Properti Tbk Tahun 2017- MTN VI PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2020 287.000.000.000 285.681.277.604 - Maturity 2020
MTN VII PT PP Properti Tbk Tahun 2017 - MTN VII PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2019 Seri A 250.000.000.000 241.331.745.126 - Maturity 2019 Series A
MTN VII PT PP Properti Tbk Tahun 2017 - MTN VII PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2020 Seri B 50.000.000.000 49.770.257.422 - Maturity 2020 Series B
MTN VIII PT PP Properti Tbk Tahun 2017 - MTN VIII PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2020 200.000.000.000 199.362.347.131 - Maturity 2020
MTN IX PT PP Properti Tbk Tahun 2019 - MTN IX PT PP Property Tb k year 2019
Jatuh Tempo Tahun 2022 213.000.000.000 211.521.958.160 - Maturity 2022
MTN X PT PP Properti Tbk Tahun 2017 - MTN X PT PP Property Tb k Year 2017
Jatuh Tempo Tahun 2020 200.000.000.000 198.612.167.286 - Maturity 2020
MTN XI PT PP Properti Tbk Tahun 2018 - MTN XI PT PP Property Tb k Year 2018
Jatuh Tempo Tahun 2021 100.000.000.000 94.021.552.355 - Maturity 2021
MTN XII PT PP Properti Tbk Tahun 2018 - MTN XII PT PP Property Tb k Year 2018
Jatuh Tempo Tahun 2021 300.000.000.000 294.122.501.336 - Maturity 2021
MTN XIII PT PP Properti Tbk Tahun 2018 - MTN XIII PT PP Property Tb k Year 2018
Jatuh Tempo Tahun 2021 80.000.000.000 78.587.699.164 - Maturity 2021
MTN XIV PT PP Properti Tbk Tahun 2019 - MTN XIV PT PP Property Tb k Year 2019
Jatuh Tempo Tahun 2020 120.000.000.000 122.154.399.233 - Maturity 2020
Jumlah 1.830.000.000.000 1.804.887.400.549 Total
Utang Obligasi 5.300.008.000.000 5.272.371.821.742 Bonds payab le
Jumlah 7.130.008.000.000 7.077.259.222.291 Total