Dalam aktivitas usahanya sehari-hari, Perum BULOG dan Entitas Anak dihadapkan pada berbagai risiko. Risiko utama yang dihadapi Perum BULOG dan Entitas Anak yang timbul dari instrumen keuangan adalah risiko kredit, risiko pasar (yaitu tingkat suku bunga dan risiko nilai tukar mata uang asing), dan risiko likuiditas. Fungsi utama dari Perum BULOG risiko adalah untuk mengidentifikasi seluruh risiko kunci, mengukur risiko- risiko ini dan mengelola posisi risiko sesuai dengan kebijakan dan tata cara Perum BULOG dan Entitas Anak. Perum BULOG dan Entitas Anak secara rutin menelaah kebijakan dan sistem manajemen risiko untuk menyesuaikan dengan perubahan di pasar, produk, dan praktik pasar terbaik.
In their daily business activities, Perum BULOG and its Subsidiaries are exposed to risks. The main risks facing by Perum BULOG and its Subsidiaries arising from its financial instruments are credit risk, market risk (i.e. interest rate risk and foreign exchange rate risk) and liquidity risk. The core function of Perum BULOG and its Subsidiaries's risk management is to identify all key risks for Perum BULOG and its Subsidiaries, measure these risks and manage the risk positions in accordance with its policies and Perum BULOG and its Subsidiaries's risk appetite. Perum BULOG and its Subsidiaries regularly review its risk management policies and systems to reflect changes in markets, products, and best market practice.
1. Risiko kredit 1. Credit risk
Risiko kredit adalah risiko kerugian keuangan yang timbul jika pelanggan Perum BULOG dan Entitas Anak gagal memenuhi kewajiban kontraktualnya kepada Perum BULOG dan Entitas Anak.
Credit risk is the risk of suffering financial loss, should any of Perum BULOG and its Subsidiaries customers fail to fulfill their contractual obligations to Perum BULOG and its Subsidiaries.
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31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
1. Risiko kredit (lanjutan) 1. Credit risk (continued)
Pada tanggal 31 Desember 2019 dan 2018 eksposur Perum BULOG dan Entitas Anak maksimum terhadap risiko kredit mendekati nilai tercatat bersih dengan rincian sebagai berikut:
As of December 31, 2019 and 2018, Perum BULOG and its Subsidiaries maximum exposure of the credit risk approximates the net carrying amounts of the following:
Tabel berikut memberikan kualitas kredit dan analisis umur aset keuangan Perum BULOG dan Entitas Anak sesuai dengan peringkat kredit debitur pada tanggal 31 Desember 2019 dan 2018:
The following table provides the credit quality and age analysis of financial assets of the Perum BULOG and its Subsidiaries according to credit rating of counterparties as of December 31, 2019 and 2018:
31 Desember 2019 / December 31, 2019
Telah Belum Telah jatuh tempo belum mengalami jatuh tempo dan
jatuh tempo penurunan nilai/ mengalami
dan tidak ada Past Due but not impaired penurunan
penurunan nilai/ nilai/
Neither Past < 30 hari/ 30-90 hari/ > 90 hari Past due and Total/
Due nor Impaired < 30 days 30-90 days > 90 days Impaired Total
Bank dan setara kas 8.352.303.941.347 - - - - 8.352.303.941.347
Cash in banks and cash equivalents
Piutang usaha 2.417.752.289.724 - - - 359.173.002.615 2.776.925.292.339 Trade receivables
Piutang lain-lain 3.907.171.900 - - - 65.641.559.792 69.548.731.692 Other receivables
Aset lancar lainnya 505.255.432.817 - - - - 505.255.432.817 Other current assets
Aset lain-lain - - - - Other assets
Bank hasil penjualan 99.808.621.858 - - - - 99.808.621.858
Sale proceeds in banks
Deposito yang dijaminkan 309.200.465.557 - - - - 309.200.465.557
Restricted time deposits
Total 11.688.227.923.203 - - - 424.814.562.407 12.113.042.485.610 Total
31 Desember 2018 / December 31, 2018
Telah Belum Telah jatuh tempo belum mengalami jatuh tempo dan
jatuh tempo penurunan nilai/ mengalami
dan tidak ada Past Due but not impaired penurunan
penurunan nilai/ nilai/
Neither Past < 30 hari/ 30-90 hari/ > 90 hari Past due and Total/
Due nor Impaired < 30 days 30-90 days > 90 days Impaired Total
Bank dan setara kas 7.569.062.975.018 - - - - 7.569.062.975.018
Cash in banks and cash equivalents
Piutang usaha 1.966.871.836.362 - - - 263.273.538.198 2.230.145.374.560 Trade receivables
Piutang lain-lain 51.529.895.643 - - - 65.384.360.238 116.914.255.881 Other receivables
Aset lancar lainnya 229.830.296.788 - - - - 229.830.296.788 Other current assets
Aset lain-lain Other assets
Bank hasil
penjualan 981.740.352.016 - - - - 981.740.352.016
Sale proceeds in banks Deposito yang
dijaminkan 522.174.239.470 - - - - 522.174.239.470
Restricted time deposits
Total 11.321.209.595.297 - - - 328.657.898.436 11.649.867.493.733 Total
2019 2018
Bank dan setara kas 8.352.303.941.347 7.569.062.975.018 Cash in banks and cash equivalents Piutang usaha - neto 2.417.752.289.724 1.966.871.836.362 Trade receivables - net Piutang lain-lain - neto 3.907.171.900 51.529.895.643 Other receivables - net
Aset lancar lainnya 505.255.432.817 229.830.296.788 Other current assets
Aset lain-lain Other assets
Bank hasil penjualan 99.808.621.858 981.740.352.016 Sale proceeds in banks Deposito yang dijaminkan 309.200.465.557 522.174.239.470 Restricted time deposits
Total 11.688.227.923.203 11.321.209.595.297 Total
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1. Risiko kredit (lanjutan) 1. Credit risk (continued)
Kualitas kredit instrumen keuangan dikelola oleh Perum BULOG dan Entitas Anak menggunakan peringkat kredit internal. Instrumen keuangan diklasifikasikan sebagai "Belum jatuh tempo atau tidak ada penurunan nilai" meliputi instrumen dengan kualitas kredit tinggi karena ada sedikit atau tidak ada pengalaman kegagalan (default) pada kesepakatan berdasarkan surat kuasa, surat jaminan atau promissory note . "Telah jatuh tempo tetapi belum diturunkan nilainya" adalah akun-akun dengan pengalaman kegagalan (default) yang sering namun demikian jumlah terhutang masih tertagih. Terakhir,
"Telah jatuh tempo dan diturunkan nilainya" adalah akun yang telah lama belum dilunasi dan telah dibentuk penyisihan kerugian penurunan nilai atas piutang.
The credit quality of financial instruments is managed by Perum BULOG and its Subsidiaries using internal credit ratings. Financial instruments classified under "neither past due nor impaired" includes high grade credit quality instruments because there was few or no history of default on the agreed terms based on the letter of authorization, letter of guarantee or promissory note.
"past due but not impaired" are items with history of frequent default nevertheless the amount due are still collectible. Lastly, "past due and impaired" are those that are long outstanding and has been provided with allowance for impairment loss on receivables.
Manajemen yakin akan kemampuan Perum BULOG dan Entitas Anak untuk mengendalikan dan memelihara eksposur risiko kredit pada tingkat yang minimum dengan membentuk penyisihan penurunan nilai untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang berdasarkan data historis kerugian yang ada.
Management is confident in its ability to continue to control and sustain minimal exposure of credit risk to Perum BULOG and its Subsidiaries with set sufficient allowance for impairment losses to cover incurred losses arising from uncollectible receivables based on historical loss.
2. Risiko pasar 2. Market risk
Risiko pasar adalah risiko dimana nilai wajar dari arus kas masa depan dari suatu instrumen keuangan akan berfluktuasi karena perubahan harga pasar. Perum BULOG dan Entitas Anak dipengaruhi oleh risiko pasar, terutama risiko suku bunga dan nilai tukar mata uang asing.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Perum BULOG and its Subsidiaries are exposed to market risks, in particular, interest rate risk and foreign currency exchange risk.
Risiko Tingkat Suku Bunga Interest Market Risk
Risiko tingkat suku bunga adalah risiko dimana nilai wajar atau arus kas masa depan dari suatu instrumen keuangan berfluktuasi karena perubahan suku bunga pasar. Pengaruh dari risiko perubahan suku bunga pasar berhubungan dengan pinjaman dari Perum BULOG dan Entitas Anak yang dikenakan suku bunga mengambang.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The exposure to the risk of changes in market interest rates relates primarily to Perum BULOG and its Subsidiaries debt obligations with floating interest rates.
Perum BULOG dan Entitas Anak memonitor secara ketat fluktuasi suku bunga pasar dan ekspektasi pasar sehingga dapat mengambil langkah-langkah yang paling menguntungkan Perum BULOG dan Entitas Anak secara tepat waktu. Manajemen tidak menganggap perlunya melakukan swap suku bunga pada saat ini.
Perum BULOG and its Subsidiaries closely monitor the market interest rate fluctuation and market expectation so it can take necessary actions benefited most to Perum BULOG and its Subsidiaries in due time.
The management currently does not consider the necessity to enter into any interest rate swaps.
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31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)