To anticipate business continuity, the Corporate had conducted and assessment on potential risk. The assessment was held to provide a reasonable level of assurance and as part of the implementation of good corporate governance principles.
The Corporate might encounter the following potential risk.
1. Strategic Risk
a. Failure risk of getting gas contract for Kujang 1A and Kujang 1B.
Kujang 1A and Kujang 1B Urea and Ammoniac Plants in the operations, require raw materials such as air, water and natural gas. Water supply was obtained from Citarum river and Jatiluhur dam; natural gas for Kujang 1A plant was acquired from Pertamina Hulu Energi Offshore North West Java (PHE ONWJ); and Kujang 1B plant received natural gas from Pertamina EP. Contract of natural gas for both plants ended in 2016. As an effort to ensure plants’ operational continuity, the company strived to obtain new contract from both suppliers.
b. Failure risk of Kujang 1C Construction
Urea and Ammoniac Kujang 1A plant (aged more than 30 years), which needs gas consumption as much as 34 MMBTU/ton Urea, is no longer suitable for operation.
Thus, a new plant needs to replace it. The new plant which is more efficient in using gas. Pertaining to the matter, the company plans to construct Kujang 1C plant with energy—aving technology which is expected to consume energy only as much as 26 MMBTU/ton Urea.
Acknowledging the current condition in which West Java undergo natural gas scarcity, The company expects that natural gas from Jambaran, Cendana and Tiung Biru gas fields (two times 85 MMSCFD) is allocated to fulfil the needs of PT Petrokimia Gresik and PT Pupuk Kujang. This is based on a decree stipulated by the Minister of Energy
dan Tiung Biru yang dioperasikan oleh Pertamina EP agar dialokasikan untuk pemenuhan kebutuhan gas bumi PT Petrokimia Gresik dan PT Pupuk Kujang.
2. Risiko Finansial
a. Risiko keterlambatan pencairan subsidi
Sebagai perusahaan yang melaksanakan Public Service Obligation yang bergantung pada subsidi dari negara untuk operasionalnya, maka Perseroan memiliki risiko terhadap keterlambatan pencairan subsidi yang berimbas pada hilangnya opportunity value dan penurunan kemampuan cashflow. Keterlambatan pencairan subsidi tersebut diperburuk dengan keterbatasan APBN untuk subsidi pupuk dan ketidaksiapan pihak yang terkait pada saat diberlakukan sistem verifikasi dan validasi penyaluran pupuk.
Perseroan mengatasi masalah ini dengan sejumlah hal:
standby kredit modal kerja, menetapkan tingkat cash reserve minimum yang diperlukan, membuat proyeksi cashflow untuk memonitor rencana penerimaan dan pengeluaran beserta realisasinya, melakukan strategi pendanaan, serta Cost Reduction Program (CRP).
b. Risiko piutang yang tidak tertagih.
Piutang pupuk, utilitas, maupun jasa yang tidak tertagih dapat berujung pada penurunan kemampuan cashflow. Mitigasinya adalah melakukan percepatan kolektibilitas piutang, menetapkan kebijakan penjualan secara tunai atau menggunakan jaminan yang terjamin kolektibilitasnya.
3. Risiko Operasional Penjualan
a. Risiko penjualan non subsidi tidak mencapai target. . PT Pupuk Kujang selain memenuhi target penyaluran
subsidi juga menjual pupuk untuk sektor industri, perkebunan dan ekspor untuk meningkatkan pendapatan. Banyaknya pesaing dan tersendatnya laju produksi dapat mengakibatkan target penjualan non subsidi tidak tercapai.
Hal tersebut dimitigasi dengan kegiatan promosi secara terus menerus, menjaga kualitas produk, penggunaan kemasan yang menarik dengan ukuran sesuai kebutuhan pasar, serta meningkatkan produksi dengan mengurangi downtime dan menambah pabrik baru.
b. Risiko gagal memanfaatkan peluang pasar baru.
Sebagai industri yang bersentuhan dengan sektor pertanian, Perseroan juga memiliki peluang untuk melakukan diversifikasi usaha guna mengoptimalkan
and Mineral Resources Number 1365/12/MEM.M/2013 dated 22 Februari 2013.
2. Financial Risk
a. Risk of Delay in Subsidy Disbursement
As a company executing Public Service Obligation (depends of subsidy for its operations), the Corporate has a risk on the delay of subsidy disbursement which affected loss of opportunity value and decrease on cashflow ability. The delay was aggravated by State Revenue and Expenditure Budget limitation for fertilizer subsidy as well as the unpreparedness of related party at the time of enactment of verification and validation system of fertilizer distribution.
The Corporate overcame the problem by: preparing standby work capital credit, establishing the required level of cash reserve minimum, making projection on cashflow to monitor revenue and expenditure plan with the realisation as well as implementing funding strategy and Cost Reduction Programme (CRP).
b. Risk of Bad Debts
Receivable on Fertilizer, utility or Currently Not Collectible services could cause the decrease of cashflow capability. The mitigation is to accelerate receivable collectibility, establish cash sales policy or use guaranteed collectibility.
3. Risk of Sales Operational
a. Risk of non-subsidized sales does not reach the target Other than reaching the target on subsidy distribution,
PT Pupuk Kujang also sale fertilizer for industry sector, plantation and export to increase revenue. Many competitors and a halt in production prevent the company in reaching the sales target for non-subsidized product.
The problem was mitigated by continuously promoting, maintaining product quality, using interesting packaging with the size appropriate to the market needs and increasing production by reducing downtime and adding new plants.
b. Failure risk in utilizing new market opportunity
Related to agriculture sector, the Corporate also has the opportunity to do business diversification to optimalise revenue. The diversification could be done by adding
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baru antara lain pupuk hayati, pestisida, pengembangan benih dan lain sebagainya. Untuk produk yang telah memiliki izin edar segera dilakukan proses produksi dan pemasaran.
4. Risiko Operasional Produksi
Risiko operasional berpotensi untuk merugikan perusahaan akibat kegagalan atau tidak memadainya proses internal, mesin, manusia dan sistem atau kejadian- kejadian eksternal, antara lain:
a. Risiko kerusakan mesin dan peralatan
Pabrik Kujang 1A merupakan pabrik tua yang masih beroperasi di atas 30 tahun, sehingga berpotensi terjadi kerusakan pada mesin dan peralatan lainnya. Mengingat belum berdirinya pabrik Kujang 1C sebagai pengganti, maka pabrik tersebut tetap digunakan untuk menunjang pendapatan perusahaan.
Dalammelaksanakan kegiata tersebut, Perseroan telah mempertimbangkan masukan dari konsultan mengenai risiko yang dihadapi serta komponen-komponen yang perlu dilakukan penggantian dan perbaikan setiap waktu tertentu. Selain itu, didukung pula dengan penyediaan suku cadang dan komponen-komponen kritis.
Pabrik Kujang 1B meskipun berusia relatif baru dibandingkan pabrik Kujang 1A, namun dengan usia kurang lebih 10 tahun diperlukan perawatan dan penggantian berkala terhadap peralatan agar tingkat efisiensi dan keandalan pabrik dapat terus dipertahankan.
Kemampuan kinerja seluruh peralatan pabrik juga ditentukan oleh kualitas bahan baku terutama gas bumi.
Apabila kualitas gas bumi kurang baik membutuhkan konsumsi gas yang semakin besar serta akan mempercepat tingkat kerusakan peralatan.
b. Risiko terhambatnya pasokan bahan baku
PT Pupuk Kujang memproduksi urea, NPK dan organik memerlukan ketepatan pasokan bahan baku untuk menjaga efisiensi produksi, target pencapaian produksi serta pemenuhan terhadap kebutuhan pasar. Gas bumi sebagai salah satu bahan baku utama pembuatan Urea harus disuplai secara berkesinambungan sesuai tekanan yang dipersyaratkan dan kandungan CO2 yang rendah agar rate produksi dan keandalan peralatan dapat dipertahankan, sehingga koordinasi dengan pihak pemasok gas bumi harus terus dilaksanakan.
Air baku merupakan bahan baku Urea lainnya yang dipasok secara terus menerus dan tidak boleh terhenti.
Air tersebut diambil dari sungai Citarum serta Waduk Jatiluhur dan harus dimonitor kualitas dan kondisi pompa pendorongnya serta pencegahan terhadap terjadinya korosi perpipaan. Untuk produk NPK beberapa bahan
researches on new products such as biofertilizer, pesticides and seed development. The company will soon process production and marketing for products which have marketing authorization.
4. Risk of Production Operational
Operational risk has the potency to cause loss due to failure or inadequency of internal process, machinery, human resources and system or external events, namely a. Risk of Machinery and Equipment Damage
Kujang 1A plant ia an old plant which still operates for more than 30 years, thus, has a damage potency to its machinery and other equipment. Acknowledging that Kujang 1C plant has not been established, Kujang 1A plant is still used to support the company’s revenue.
The Corporate has thought about consultants’ input on the risk and components which needed to be replaced and repaired at certain time. In addition, provision of spare parts and critical components will also be helpful in the risk management.
Despite being relative new (aged less than 10 years old), equipment of Kujang 1B plant needs to be periodically taken care of and replaced so that the plant’s efficiency and reliability could be maintained.
Work performance of all plant equipment is also determined by the quality of raw materials, particularly natural gas. Poor quality of natural gas requires bigger gas consumption and it will accelerate damage of the equipment.
b. Risk of inhibition of raw material supply
PT Pupuk Kujang produces urea, NPK and oganic. It equires precision in raw material supply to maintain efficiency in production, product target achievement and market need fulfilment. Natural gas, as one of the main raw materials in Urea production, needs to be continuously supplied in accordance with the required pressure and low carbon dioxide. This is to ensure the production rate and the equipment reliability. Thus, it needs to continuously coordinate with natural gas supplier.
Water is another raw materials for Urea which needs to be consecutively supplied. The water was taken from Citarum river and Jatiluhur dam. The boost pump quality and condition need to be monitored. It also needs to do some prevention for pipe corrosion. Several raw materials for NPK products need to be imported.
baku harus diimpor, dengan demikian perlu perencanaan pengadaan bahan baku yang akurat serta menerapkan safety stock dan didukung oleh ketersediaan gudang.