APPROPRIATION OF RETAINED EARNINGS
32. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Instrumen keuangan
Aset dan liabilitas keuangan Perseroan dan entitas anak diharapkan dapat terealisasi atau diselesaikan dalam waktu dekat. Oleh karena itu, nilai tercatatnya mendekati nilai wajarnya.
Financial instruments
The financial assets and liabilities of the Company and subsidiaries are expected to be realized or settled in the near term. Therefore, their carrying amounts approximate their fair values.
Tabel berikut menunjukkan nilai tercatat dan nilai wajar dari liabilitas instrumen derivatif, termasuk tingkatannya dalam hirarki nilai wajar:
The following table shows the carrying amounts and fair values of the derivative liabilities, including their levels in the fair value hierarchy
Nilai tercatat/
Carrying amount
2016 Kontrak swap dan opsi komoditas
(nilai wajar level 2) 20,360
Commodity swap and option contracts (fair value level 2)
Teknik penilaian Valuation techniques
Kontrak swap komoditas Commodity swap contract
Nilai wajar didasarkan pada, baik model nilai kini dan model arus kas diskonto, perbandingan dengan instrumen serupa dimana pasar yang dapat diobservasi tersedia, atau model penilaian lainnya. Asumsi dan input yang digunakan dalam teknik penilaian termasuk suku bunga bebas risiko dan acuan yang digunakan dalam estimasi tarif diskonto, dan nilai tukar mata uang asing.
The fair values are based on, either net present value and discounted cash flow models, comparison with similar instruments for which market observable price exist, or other valuation models. Assumptions and inputs used in valuation technique include risk-free and benchmark interest rates used in estimation discount rates and foreign currency exchange rates.
Kontrak opsi komoditas Commodity option contract
Nilai wajar didasarkan pada penentuan harga opsi menggunakan formula Black Scholes. Asumsi dan input yang digunakan dalam teknik penilaian termasuk harga pasar kuotasian di pasar aktif untuk instrumen serupa, suku bunga bebas risiko dan acuan yang digunakan dalam estimasi tarif diskonto, dan nilai tukar mata uang asing.
The fair values are based on option pricing model using Black-Scholes formula. Assumptions and inputs in valuation technique include quoted market prices in active markets for similar instruments, risk-free and benchmark interest rates used in estimation discount rates and foreign exchange rates.
32. INSTRUMEN KEUANGAN DAN MANAJEMEN RISIKO KEUANGAN (Lanjutan)
32. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Continued)
Manajemen risiko keuangan (Lanjutan) Financial risk management (Continued) Nilai tercatat aset keuangan mencerminkan eksposur
kredit maksimum. Ekposur maksimum terhadap risiko kredit pada tanggal pelaporan adalah:
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting dates was:
Nilai tercatat/
Carrying amount
2016 2015
Kas dan setara kas 245,396 791,720 Cash and cash equivalents
Rekening bank dibatasi penggunaannya 150,000 223,000 Restricted cash in bank
Piutang usaha 275,273 230,740 Trade receivables
Piutang lain-lain 51,893 118,617 Other receivables
Pinjaman pada pihak ketiga 197,697 - Loan to a third party
Uang jaminan yang dapat
dikembalikan 2,680 5,959 Refundable deposit
922,939 1,370,036 Eksposur maksimum terhadap risiko kredit dari piutang
usaha pada tanggal pelaporan berdasarkan daerah geografis adalah:
The maximum exposure to credit risk of trade receivables at the reporting dates by geographic region was: Nilai tercatat/ Carrying amount 2016 2015 Indonesia 127,561 91,607 Indonesia Eropa 41,911 56,056 Europe
Amerika Serikat 72,931 54,666 United States of America
Asia Pasifik 31,797 27,803 Asia Pacific
Timur Tengah 1,073 608 Middle East
275,273 230,740
Penurunan nilai Impairment losses
Berikut ini adalah analisa umur piutang usaha dan penurunan nilainya:
The aging of all trade receivables and those receivables that were impaired was as follows:
Pokok/ Gross Penurunan/ nilai/ Impairment Pokok/ Gross Penurunan/ nilai/ Impairment 2016 2016 2015 2015
Belum jatuh tempo 187,950 -) 133,168 - Not past due
Jatuh tempo 1 – 30 hari 16,483 -) 13,070 - Past due 1 – 30 days Jatuh tempo 31 – 60 hari 5,831 -) 5,528 - Past due 31 – 60 days Jatuh tempo 61 – 90 hari 3,226 -) 5,832 - Past due 61 – 90 days Jatuh tempo lebih dari
90 hari 63,551 (1,768) 73,142 - Past due more than 90 days
32. INSTRUMEN KEUANGAN DAN MANAJEMEN RISIKO KEUANGAN (Lanjutan)
32. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Continued) Manajemen risiko keuangan (Lanjutan) Financial risk management (Continued)
Risiko likuiditas
Perseroan dan entitas anak dapat terekspos risiko likuiditas jika terdapat ketidakcocokan yang signifikan antara waktu penerimaan piutang dan pembayaran utang dan pinjaman. Perseroan dan entitas anak mengelola risiko likuiditas ini melalui pengawasan proyeksi dan arus kas aktual secara berkesinambungan, serta menjaga kecukupan kas dan fasilitas pinjaman yang tersedia. Risiko ini juga diminimalisir dengan mengelola berbagai sumber pembiayaan dari para pemberi pinjaman yang dapat diandalkan.
Liquidity risk
The Company and its subsidiaries would be exposed to liquidity risk if there is a significant mismatch in the timing of receivables collection and the settlement of payables and borrowings. The Company and its subsidiaries manage the liquidity risk by on going monitoring over the projected and actual cash flows, as well as the adequacy of cash and available credit facilities. This risk is also minimized by managing diversified funding resource from reliable high quality lenders.
Berikut adalah jatuh tempo kontraktual dari liabilitas keuangan, termasuk estimasi pembayaran bunga:
The following are the contractual maturities of financial liabilities, including estimated interest payments: Nilai Tercatat/ Carrying Arus kas Kontraktual/ Contractual Kurang dari 1 tahun/
Less than tahun/ 1 - 2 tahun/ 2 - 5
Lebih Dari 5 tahun/
More than
31 Desember 2016 amount Cash flows 1 year 1-2 years 2 – 5 years 5 years 31 December 2016 Liabilitas
keuangan Financial liabilities
Utang bank jangka
pendek 757,698 790,689 790,689 - - - Short-term bank loans Utang usaha kepada pihak ketiga 418,728 418,728 418,728 - - -
Trade payables to third parties Utang sewa
pembiayaan
jangka panjang 5,089 5,760 3,679 1,409 672 -
Long-term finance lease obligation Utang bank jangka
panjang 3,633,597 5,060,826 788,224 798,300 1,977,998 1,496,304
Long-term bank loans Pinjaman dari
pihak ketiga 707 707 707 - - -
Borrowings from third parties
Beban akrual 82,421 82,421 82,421 - - - Accrued expenses
Liabilitas instrumen
derivatif 20,360 20,360 20,360 - - - Derivative liabilities
Liabilitas lainnya 26,084 26,084 26,084 - - - Other liabilities
32. INSTRUMEN KEUANGAN DAN MANAJEMEN RISIKO KEUANGAN (Lanjutan)
32. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Continued) Manajemen risiko keuangan (Lanjutan) Financial risk management (Continued)
Nilai Tercatat/ Carrying Arus kas Kontraktual/ Contractual Kurang dari 1 tahun/
Less than tahun/ 1 - 2 tahun/ 2 - 5
Lebih Dari 5 tahun/
More than
31 Desember 2015 amount Cash flows 1 year 1-2 years 2 – 5 years 5 years 31 December 2015 Liabilitas
keuangan Financial liabilities
Utang bank jangka
pendek 936,635 946,347 946,347 - - - Short-term bank loans Utang usaha kepada pihak ketiga 343,824 343,824 343,824 - - -
Trade payables to third parties Utang sewa
pembiayaan
jangka panjang 5,199 5,867 4,045 1,787 35 -
Long-term finance lease obligation Utang bank jangka
panjang 3,379,039 5,029,186 919,969 746,348 1,903,001 1,459,868
Long-term bank loans Pinjaman dari
pihak ketiga 707 707 707 - - -
Borrowings from third parties
Beban akrual 96,197 96,197 96,197 - - - Accrued expenses
Liabilitas lainnya 81,703 81,703 81,703 - - - Other liabilities
4,843,304 6,503,831 2,392,792 748,135 1,903,036 1,459,868
Risiko suku bunga Interest rate risk
Risiko suku bunga Perseroan dan entitas anak berasal dari pinjaman bank dan fasilitas kredit yang didasarkan pada suku bunga mengambang. Oleh karena itu, Perseroan dan entitas anak terekspos dengan fluktuasi arus kas yang diakibatkan oleh perubahan suku bunga.
The interest rate risk of the Company and subsidiaries is resulted from bank loans and credit facilities which are based on floating interest rates. Accordingly, the Company and subsidiaries are exposed to fluctuation in cash flows due to changes in interest rate.
Kebijakan grup Perseroan adalah untuk mendapatkan suku bunga tersedia yang paling menguntungkan tanpa meningkatkan risiko mata uang.
The Company’s group policy is to obtain the most
favourable interest rates available without increasing its foreign currency exposure.
Perseroan berkeyakinan bahwa perubahan pada suku bunga di akhir periode pelaporan, dimana semua variabel lain tetap sama, tidak akan memiliki dampak signifikan terhadap ekuitas dan laba rugi ekuitas dan laba rugi.
The Company believes that a change in interest rates at the end of the reporting period, with all other variables remain constant, would not have significant impact to equity and profit or loss.
32. INSTRUMEN KEUANGAN DAN