TINJAUAN KEUANGAN
STRUKTUR M ODAL
Pada tahun 2015 total ekuitas Perusahaan Anda sebesar Rp 3 .3 5 6 ,8 1 m ilia r, t u ru n 1 8 ,5 3 % d ib a n d in g ka n Rp 4.120,45 m iliar tahun 2014. Struktur m odal pada tahun 2015 m encakup:
• Tidak berubahnya m odal ditem patkan dan disetor tahun 2015 dari tahun 2014, senilai Rp 1.372,05 miliar. • Tidak berubahnya tam bahan m odal disetor tahun 2015 dari nilai tahun 2014 sebesar Rp 5.539,28 miliar. • Pening katan sald o d efisit yang b elum d itentukan p e n g g u n a a n n ya s e b e s a r 2 1 , 5 4 % m e n ja d i Rp 2 .9 0 3 ,4 8 m ilia r p a d a 2 0 1 5 d ib a n d in g ka n Rp 2.388,90 m iliar pada tahun 2014.
• Peningkatan selisih kurs karena p en ja b a ra n la p o ra n ke u a n g a n se b e sa r 4 9 .8 8 % (Rp 449,45 m ilia r d i 2014 dan Rp 673,62 m iliar di 2015).
• Pe n u ru n a n se b e sa r 6 2 ,2 1 % p a d a p e n g u ku ra n kem bali atas liabilitas im balan kerja m enjadi m inus Rp 57.215,77 m iliar di 2015 dari m inus Rp 35.273,14 m iliar d i 2014.
• Pe n u ru n a n ke p e n t in g a n n o n -p e n g e n d a li Perusahaan Anda sebesar 58,68% (m inus Rp 5,05 m iliar d i 2014 d an m inus Rp 6,02 m illiar d i 2015). Ko n t rib u si p in ja m a n d a n e ku it a s d a la m su m b e r pendanaan jangka panjang bagi Perusahaan Anda pada tahun 2015 m asing-m asing adalah sebesar 74,88% dan 25,12%.
Struktur M odal 2015 (Rp juta)| Capital Structure 2015 (IDR m illion)
2015 2014 U
Pinjam an 10.008.319,39 74,88% 10.337.619,36 71,50% (3,19%) Deb t
Ekuitas - neto 3.356.805,61 25,12% 4.120.453,14 28,50% (18,53%) Net - quity
Jum lah sum ber Total long-term
d ana jangka p anjang 13.365.125,00 100,00% 14.457.981,04 100% (7,56%) financial sources Umur Piutang Usaha Pihak Ketiga (Rp 000)| Trade Receivables from Third Parties (IDR 000)
2015 2014
Sampai dengan 30 hari 22.814.075 4,24% 46.628.043 9,18% Up to 30 days
31 hari sampai 60 hari 7.726.580 1,43% 2.615.412 0,52% 31 days to 60 days
61 hari sampai 90 hari - - 9.663.245 1,90% 61 days to 90 days
Lebih dari 90 hari 508.046.892 94,33% 448.920.379 88,40% more than 90 days
Kebijakan Struktur M odal
Peru sa h a a n An d a m en g elo la st ru kt u r m o d a ln ya d a n m e m b u a t p e n ye su a ia n -p e n ye su a ia n se h u b u n g a n d engan p erub ahan kond isi ekonom i d an karakteristik dari risiko usahanya.
Inform asi lebih lanjut m engenai kebijakan pengelolaan st ru kt u r m o d a l Peru sa h a a n An d a t ela h d isa m p a ika n pada catatan 40 Laporan Keuangan Konsolidasian per 31 Desem ber 2015.
Pe ru s a h a a n An d a m e m p e ro le h s u m b e r-s u m b e r p e rm o d a la n sa m p a i d e n g a n t a h u n 2 0 1 5 se b a g a i b eriku t :
A. Credit Suisse (CS)
Tahun 2005, DAP, Entitas Anak membuat perjanjian d e n g a n CS, d im a n a CS m e m b e rika n p in ja m a n / fasilitas kredit kepada DAP sebesar USD 210 juta. Tanggal 21 Juni 2011, p injam an ini d irestrukturisasi, ya it u a d a n ya Peru b a h a n Perja n jia n Kred it a n t a ra DAP dengan 14 (em pat belas) lem baga keuangan ya n g d ia t u r o le h Cre d it Su isse AG - Ca b a n g Singapura (Agen Fasilitas dan Agen Penjam in) dan Credit Suisse International sebagai Hedging Bank. Rincian restrukturisasi adalah sebagai berikut: 1. Tranche A, su ku b u n g a 6% p er t a h u n , w a jib
dibayar dalam periode 8 kali pem bayaran, sejak efektif fasilitas pinjam an sam pai 14 Januari 2017. 2. Tranche B, su ku b u n g a 8% p er t a h u n , w a jib d ib a ya r se lu ru h n ya sa a t ja t u h t e m p o p a d a 14 Januari 2017.
3. Tranche C, suku b unga 10% p er tahun, wajib d ib a ya r se lu ru h n ya sa a t ja t u h t e m p o p a d a 14 Januari 2018.
Pin ja m a n in i d ija m in o le h p iu t a n g u s a h a , persediaan, aset tetap dan aset bergerak m ilik DAP dan SMAP. Saldo fasilitas ini per tanggal 31 Desem ber 2015 d an 2014, m asin g -m asin g seb esar Rp 3,03 triliun d an Rp 2,68 triliun.
Tanggal 27 Oktober 2011, Perusahaan Anda telah m e n a n d a t a n g a n i Pe rja n jia n Fa silit a s Pin ja m a n dengan total m aksim um sebesar USD 250.000.000 dengan 11 (sebelas) lem baga keuangan yang diatur oleh PT Bank Internasional Indonesia Tbk, CS AG - Cabang Singapura dan Raiffeisen Bank International AG - Cabang Singapura, dengan CS AG - Cabang
Capital Structure Policy
Your Com pany m anages its capital structure and m akes a d ju st m e n t s t o co m p ly w it h ch a n g e s in e co n o m ic cond itions and characteristics of its b usiness risks.
Fu rt h e r in fo rm a t io n a b o u t Yo u r Co m p a n y’s ca p it a l structure m anagem ent p olicies are p resented in note 40 o f t h e Co n so lid a t e d Fin a n cia l St a t e m e n t s a s o f 31 Decem ber 2015.
Yo u r Co m p a n y’s ca p it a l reso u rces in 2 0 1 5 w ere a s fo llo w s:
A. Credit Suisse (CS)
In 2005, DAP, Subsidiary signed an agreem ent with CS, w h e re CS p ro vid e d cre d it fa cilit y t o DAP am ounting to USD 210 m illion.
Th is lo a n w a s rest ru ct u red o n 21 Ju n e 2011, a s stipulated in the Am endm ent of Credit Agreem ent between DAP and 14 (fourteen) financial insitutions arranged b y Cred it Suisse AG - Singap ore Branch (Facility Agent and Security Agent) and Credit Suisse International as Hedging Bank.
The restructurization d etails are as follows: 1. Tra n ch e A, w it h a n in t e re st ra t e o f 6 % p e r
annum , should be paid in 8 installm ents starting from the d ate of effectivity of cred it facility, until 14 January 2017.
2. Tra n ch e B, w it h a n in t e re st ra t e o f 8 % p e r annum , should be paid in full on the m aturity date, 14 January 2017.
3. Tra n ch e C, w it h a n in t erest ra t e o f 10% p er annum , should be paid in full on the m aturity date, 14 January 2018.
Th e lo a n w a s g u a ra n t e e d b y t ra d e re ce iva b le s, in ve n t o rie s, fixe d a sse t s a n d m o va b le a sse t s b elonging to DAP and SMAP. The b alance of this facility as of 31 Decem ber 2015 dan 2014 am ounted to IDR 3.03 trillion d an IDR 2.68 trillion, resp ectively. On 27 October 2011, Your Com pany has signed a Credit Facility Agreem ent with a m axim um lim it of USD 2 5 0 , 0 0 0 , 0 0 0 w it h 1 1 (e le ve n ) fin a n cia l in st it u t io n s a rra n g e d b y PT Ba n k In t e rn a sio n a l In d o n e sia Tb k, CS AG - Sin g a p o re Bra n ch a n d Raiffeisen Bank International AG - Singapore Branch w ith CS AG - Sing ap ore Branch as Facility Ag ent
Penjam in, terdiri dari:
1. Facility A Commitments sebesar USD 227.500.000, h a ru s d ilu n a si o leh Peru sa h a a n An d a kep a d a Ag e n Fa silit a s u n t u k Pa ra Pe m b e ri Pin ja m a n set ia p 3 b u la n sela m a 20 ka li, m u la i t a n g g a l penarikan pinjam an sam pai 1 Novem ber 2016. 2. Facility B Commitments sebesar USD 10.000.000, h a ru s d ilu n a si o leh Peru sa h a a n An d a kep a d a Pem beri Pinjam an saat jatuh tem po 1 Novem ber 2016.
Ked ua fasilitas ini d igunakan untuk :
1. Mem bayar seluruh biaya yang berkaitan dengan p encairan fasilitas p injam an.
2. Pem b a ya ra n p ert a m a a t a s p ero leh a n fa silit a s p injam an b eserta b unganya.
3. Pem b ayaran b u n g a at as fasilit as kred it , jat u h tem po setelah pem bayaran pertam a.
4. Me lu n a si p in ja m a n a n t a r p e ru sa h a a n ya n g d ip ero leh d ari BSP Fin an ce B.V, t erkait Sen io r Notes yang jatuh tem po tahun 2011.
5. Me n yia p ka n d a n a u n t u k m e lu n a si p in ja m a n Entitas Anak GLP dan MIB, yang diperoleh dari RBI AG - Cabang Singapura.
Seluruh fasilitas pinjam an dikenakan bunga sebesar LIBOR d itam b ah p ersen tertentu, d engan jam inan gadai atas saham Entitas Anak yaitu: AGW, AM, GL, HIM, AMM, MIB, d a n BPP, se rt a SNP se b a g a i
conditional subsequent guarantor.
Saldo fasilitas ini pada tanggal 31 Desem ber 2015 dan 2014 berturut-turut sebesar Rp 2,74 triliun dan Rp 2,46 triliun
B. Pinjaman dari Verdant Capital Pte Ltd
Pad a tang g al 19 Desem b er 2012, AI Finance d an ARBV, En t it a s An a k, m en a n d a t a n g a n i p erja n jia n p in ja m a n (Su p p lem en t al Ag reem en t) d e n g a n Ve rd a n t Ca p it a l Pt e Lt d u n t u k t o t a l p in ja m a n sebesar USD 200.529.024. Perjanjian ini m erupakan a m a n d e m e n a t a s p e rja n jia n fa silit a s p in ja m a n antara Al Finance dan ARBV dengan Noonday Bishop Finance (NDB) Agent Lim ited dengan pagu pinjam an sebesar USD 174.600.000 dan USD 15.000.000 yang m asing-m asing telah ditandatangani pada tanggal 1 1 Ju li 2 0 1 2 , d im a n a NDB Ag e n t Lim it e d t e la h m em indahkan hak dan kewajibannya berdasarkan p e rja n jia n -p e rja n jia n fa silit a s p in ja m a n ke p a d a Verdant Capital Pte Ltd.
Saldo fasilitas ini pada tanggal 31 Desem ber 2015 dan 2014 m asing-m asing sebesar Rp 879,30 m iliar dan Rp 2,07 triliun.
and Security Agent, consisting of:
1. Fa c ilit y A Co m m it m e n t s a m o u n t in g t o USD 2 2 7 ,5 0 0 ,0 0 0 , to be paid by Your Company to the Facility Agent for the Lenders every 3 months in 20 in st a llm en t s, st a rt in g fro m t h e d a t e o f execution of the credit facility, until 1 Novem ber 2016.
2. Fa c ilit y B Co m m it m e n t s a m o u n t in g t o USD 10,000,000, to be paid by Your Company to the Lenders on the m aturity date, 1 Novem ber 2016.
These two facilities are to be used to:
1. Re p a y a ll fe e s/co st s/e xp e n se s re la t e d t o t h e execution of this cred it facility.
2. Pay the initial paym ent and interest on obtaining this cred it facility.
3. Pay the interest of the cred it facility d ue after the first installm ent.
4. Repay an intercom pany loan obtained from BSP Finance B.V, related to the Senior Notes due in 2011.
5. Reserve fund to repay the loan of Subsidiaries GLP and MIB, obtained from RBI AG - Singapore Bran ch .
All of these cred it facilities b ear the interest rate at LIBOR p lus a certain p ercentage, and are secured by fiduciary on shares of Subsidiaries, which consist of: AGW, AM, GL, HIM, AMM, MIB, and BPP as well as SNP as a conditional subsequent guarantor. The balance of this facility as of 31 Decem ber 2015 d a n 2 0 1 4 a m o u n t e d t o IDR 2 . 74 t rillio n a n d IDR 2.46 trillion resp ectively.
B. Loan from Verdant Capital Pte Ltd
On 1 9 De ce m b e r 2 0 1 2 , AI Fin a n ce a n d ARBV, Su b sid ia ries, sig n ed a Su p p lem en t a l Ag reem en t w it h Verd a n t Ca p it a l Pt e Lt d fo r a t o t a l lo a n o f USD 2 0 0 , 5 2 9 , 0 2 4 . Th e a g re e m e n t w a s a n am end m ent to loan facilities b etw een AI Finance and ARBV with Noonday Bishop Finance (NDB) Agent Lim ited with m axim um lim its of USD 174,600,000 and USD 15,000,000, each dated 11 July 2012, where NDB Agent Lim ited had transferred its rights and lia b ilit ie s b a se d o n lo a n fa cilit y a g re e m e n t s t o Verdant Capital Pte Ltd.
The balance of this facility as of 31 Decem ber 2015 d a n 2 0 1 4 a m o u n t e d t o IDR 879.30 billion a n d IDR 2.07 trillion, resp ectively.
C. Pinjaman dari PT Bank M andiri (Persero) Tbk Pinjam an ini m erupakan pinjam an jangka panjang yang diperoleh PT Dom as Agrointi Perkasa (DAIP), PT Do m a s Sa w it In t ip erd a n a (DSIP) d a n PT Flo ra Sawita Chem indo (FS).
Per 31 Desem ber 2015 saldo pinjam an DAIP sebesar USD 10.104.871, ekuivalen dengan Rp 139,40 m iliar, sa ld o p in ja m a n DSIP se b e sa r USD 4 .1 7 5 .5 6 3 , ekuivalen dengan Rp 57,60 m iliar, saldo pinjam an FSC seb esa r USD 5 7 .3 2 7 .7 9 0 , eku iva len d en g a n Rp 790,84 m ilia r.
Pin ja m a n d a ri PT Ba n k Mandiri (Persero) Tbk untuk DAIP, DSIP dan FSC yang jatuh tem po pada tanggal 21 April 2015 telah direstrukturisasi pada tanggal 13 April 2015 dan akan jatuh tem po pada tanggal 23 Desem ber 2023.
D Wesel b ayar yang d ijam in p elunasannya terhubung dengan harga saham
Pa d a t a h u n 2 0 1 0 , Pe ru s a h a a n An d a t e la h m e n e rb it ka n w e s e l b a ya r ya n g d ija m in p e lu n a sa n n ya t e rh u b u n g d e n g a n h a rg a sa h a m (w e se l b a ya r) d e n g a n t o t a l m a ksim u m sa m p a i d en g a n USD 7 7 .5 0 0 .0 0 0 d en g a n t in g ka t b u n g a t et a p seb esa r 8 % p er t a h u n . Pa d a t a h u n 2 0 1 1 , fasilitas ini telah diam andem en dengan fasilitas baru yang tidak m elebihi USD 100.000.000 dengan m asa jatuh tem po 2017. Pada tanggal 31 Desem ber 2015, saldo hutang ini sebesar Rp 1,10 triliun.
E. Pinjaman dari Filini Investment Inc.
Pa d a t a n g g a l 7 Ja n u a ri 2 0 1 4 , NAM d a n Filin i m e n a n d a t a n g a n i p e rja n jia n p in ja m a n ya n g diperbaharui dan disajikan kem bali, berlaku efektif sejak tanggal 7 Januari 2013, dikenakan bunga 6% per tahun dengan m asa pem bebasan bunga selam a lim a (5 ) t a h u n p e rt a m a se ja k t a n g g a l e fe kt if perjanjian. Pokok pinjam an dan bunga akan dibayar keseluruhan pada tahun ketujuh (7) sejak tanggal efektif perjanjian. Pada tanggal 31 Desem ber 2015, saldo pinjam an sebesar Rp 1,17 triliun.
F. Pinjaman dari PT Bank Capital Indonesia Tbk Pada bulan Maret 2012, CCI, JOP dan IKP, Entitas Anak, m em peroleh pinjam an dari PT Bank Capital In d o n esia Tb k (BACA) seb esar t o t al Rp 60 m iliar. Pin ja m a n in i d ig u n a ka n u n t u k m o d a l ke rja d a n m em biayai pinjam an angsuran berjangka. Fasilitas
C. Loan from PT Bank M andiri (Persero) Tbk
Long-term loans from for PT Dom as Agrointi Perkasa (DAIP), PT Do m a s Sa w it In t ip e rd a n a (DSIP) a n d PT Flora Sawita Chem indo (FS).
As of 31 Decem ber 2015 the outstanding loan of DAIP was USD 10,104,871, equivalent to IDR 139.40 b illio n , t h e o u t s t a n d in g lo a n o f DSIP w a s USD 4,175,563, eq uivalent to IDR 57.60 b illion, the o u t st a n d in g lo a n o f FSC w a s USD 5 7 ,3 2 7 ,7 9 0 , equivalent to IDR 790.84 billion.
The loans from PT Bank Mandiri (Persero) Tbk for DAIP, DSIP and FSC which were due on 21 April 2015 had been restructured on 13 April 2015 and will be due on 23 Decem ber 2023..
D. Guaranteed equity-linked redeemable notes
In 2010, Your Com pany issued guaranteed equity- linked redeem able notes with a m axim um total of up to USD 77,500,000 with fixed interest of 8% per annum . In 2011, this facility has been am ended with a new facility up to USD 100,000,000 due in 2017. As of 31 Decem ber 2015, this liab ility is record ed at IDR 1.10 trillion.
E. Loan from Filini Investment Inc.
On 7 Ja n u a ry 2 0 1 4 , NAM a n d Filin i sig n e d a n am en d ed an d restated lo an ag reem en t, effective on 7 January 2013, bearing an annual interest rate of 6% free from interest for the first 5 (five) years sin ce t h e e ffe ct ive d a t e o f t h e a g re e m e n t . Th e p rincip al am ount and all interests will b e p aid in full on the seventh (7th) year since the effective date. As of 31 Decem ber 2015, the balance of these loans was IDR 1.17 trillion.
F. Loan from PT Bank Capital Indonesia Tbk
In Ma rch 2 0 1 2 , Su b sid ia rie s CCI, JOP, a n d IKP, obtained a loan from PT Bank Capital Indonesia Tbk (BACA) am ounting to IDR 60 billion. This loan was used as working cap ital and to finance the term - installm ent loan. This facility b ears an interest rate
of 14% per annum and will be due in 4 (four) years, On 21 June 2013, CCI, Subsidiary obtained a loan from BACA am ounting to USD 500,000. The loan is u sed t o fin a n ce t h e t erm -in st a llm en t lo a n . Th is facility b ears a 12% interest rate p er annum and w ill b e d u e in 3 (t h ree) yea rs. Th e o u t st a n d in g balance was converted to IDR on 7 October 2015 with a 16% interest per annum .
On 18 and 19 Novem ber 2014, IKP and CCI each obtained a loan from BACA am ounting to IDR 20 b illion and IDR 25 b illion resp ectively. This loan will be used as working capital. The facility is charged an annual interest rate of 16% and will be due in two years. As of 31 Decem ber 2015, the balance of loans of IKP and CCI am ounted to IDR 14.04 billion and IDR 15.24 billion respectively.
On 18 June 2015, NAM received a loan from BACA am ounting to IDR 30 billion. This loan is charged an annual interest rate of 16% and w ill also b e used as working capital.
Th ese fa cilit ies w ere secu red w it h a sset s o f SNP, co verin g la n d , b u ild in g s, m a ch in ery, eq u ip m en t , and Corporate Guarantee, as well land rights (HGU) of CCI.
