Jurnal Transaksi Forward

Tanggal

Spot Rate (Rp/)

1-Apr-14
30-Apr-14
31 Mei 2014
30 Juni 2014

19,500
19,650
19,550
19,900

Nilai kontrak

Forward Rate
(Rp/)
19,750
19,850
19,700
19,900

1,000,000

Jurnal Transaksi Call Option

Premi
Harga eksekusi
Jatuh tempo
Jumlah option
Tanggal

1-Jul-14
31-Jul-14
31 Agt 2014
30-Sep-14

75 per lembar
1,000 per lembar
3 bulan
100,000 lembar
Harga Saham

1,060
1,056
1,085
1,100

Harga Option

75
70
95
100

Nilai Intrinsik
(Harga saham harga eksekusi)
60
56
85
100

2014
1-Apr

No Entry

30-Apr Dr)

31-May Dr)

30-Jun Dr)

30-Jun Dr)
Dr)

2014
1-Jul Dr)

Kerugian - Kontrak Forward

Cr) Kontrak Forward
(19.850 - 19.750) X 1.000.000
Kontrak Forward
Cr) Keuntungan - Kontrak Forward
(19.700 - 19.850) X 1.000.000
Kerugian - Kontrak Forward
Cr) Kontrak Forward
(19.900 - 19.700) X 1.000.000
Kas-IDR
Kontrak Forward
Cr) Kas-Valas

Call Option
Cr) Kas

31-Jul Dr)

Nilai Waktu
(Harga option nilai intrinsik)
15
14
10
-

Kerugian - Call Option

Cr) Call Option
Kerugian atas penurunan nilai intrinsik
(56 - 60) x 100.000

Dr)

Kerugian - Call Option

Cr) Call Option
Kerugian atas kenaikan nilai waktu
(14 - 15) x 100.000
Dr) Kerugian - Call Option
Cr) Call Option
Alternatif pencatatan secara neto
(70 - 75) x 100.000
31-Aug Dr)

Call Option
Cr) Keuntungan - Call Option
Keuntungan atas kenaikan nilai intrinsik
(85 - 56) x 100.000
Dr) Kerugian - Call Option
Cr) Call Option
Kerugian atas kenaikan nilai waktu
(10 - 14) x 100.000

Dr)

Call Option
Cr) Keuntungan - Call Option
Alternatif pencatatan secara neto
(95-75) x 100.000
31-Aug Dr)
Dr)

Investasi - PT. Bahagia

Kerugian - Eksekusi Call Option
Cr) Call Option
Cr) Kas
Jurnal Eksekusi Call Option

100,000,000
100,000,000
150,000,000
150,000,000
200,000,000
200,000,000
19,750,000,000 19.750 X 1.000.000
150,000,000 (19.900 - 19.650)x1.000.000
19,900,000,000 19.900 X 1.000.000

7,500,000
7,500,000
400,000
400,000

100,000
100,000

500,000
500,000

2,900,000
2,900,000

400,000
400,000

2,500,000
2,500,000

108,500,000 1085 x 100.000

1,000,000
9,500,000 95 x 100.000
100,000,000 1000 x 100.000

PT. Asgar
Pinjaman Bank
Bunga (annual)

500,000,000
JIBOR + 150bp
p.a
per semester
30-Jun-14
6.5%
16,250,000
31 Des 2014
6.0%
15,000,000
30-Jun-15
7.0%
17,500,000
31 Des 2015
7.5%
18,750,000
Asgar floating menjadi fixed --> cash flow hedge
PT. Indo
Pinjaman Bank
500,000,000
Bunga (annual)
5%
Bunga (semi annual)
12,500,000
PT Indo fixed menjadi floating --> fair value hedge
Kontrak SWAP
Periode
2 tahun
Pembayaran bunga
semi annual
Nilai nosional
500,000,000

6,5%/2 x 500.000.000
6%/2 x 500.000.000
7%/2 x 500.000.000
7.5%/2 x 500.000.000

6%
ASGAR

INDO
JIBOR + 100bp

Dari sudut pandang ASGAR: bayar fixed, terima floating

Tanggal

JIBOR

JIBOR + 100bp

Selisih dengan
Fixed Rate

Floating - 6%

1-Jan-14
30-Jun-14
31 Des 2014
30-Jun-15
31 Des 2015

5.0%
4.5%
5.5%
6.0%
6.5%

6.00%
5.50%
6.50%
7.00%
7.50%

0.00%
-0.50%
0.50%
1.00%
1.50%

Dari sudut pandang INDO: bayar floating, terima fixed

Tanggal

JIBOR

JIBOR + 100bp

Selisih dengan
Fixed Rate

6% - floating

1-Jan-14
30-Jun-14
31 Des 2014
30-Jun-15
31 Des 2015

5.0%
4.5%
5.5%
6.0%
6.5%

6.00%
5.50%
6.50%
7.00%
7.50%
i\n
2.50%
2.75%
3.00%
3.25%
3.50%
3.75%
4.00%
4.25%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
6.00%
6.25%
6.50%
6.75%
7.00%
7.25%
7.50%

0.00%
0.50%
-0.50%
-1.00%
-1.50%
1
0.975609756
0.973236010
0.970873786
0.968523002
0.966183575
0.963855422
0.961538462
0.959232614
0.956937799
0.954653938
0.952380952
0.950118765
0.947867299
0.945626478
0.943396226
0.941176471
0.938967136
0.936768150
0.934579439
0.932400932
0.930232558

x 500.000.000
500.000.000
500.000.000
x 500.000.000

Receipt of
previous JIBOR
+ 100 bp

Payment of
6%

(JIBOR + 100bp)
per semester x 6%/2 x 500
500 juta
juta
15,000,000
13,750,000
16,250,000
17,500,000

15,000,000
15,000,000
15,000,000
15,000,000

Current net
receipt (paid)

FV of Swap
asset (liability)
Cumulatif

PV next current
net receipt
Payment (paid), rate
Receipt
JIBOR+100bp
(3,552,828)
(1,250,000)
2,383,200
1,250,000
2,415,459
2,500,000
-

Payment of
Current net
previous JIBOR Receipt of 6%
receipt (paid)
+ 25 bp

FV of Swap
asset (liability)

Change in FV

FV periode
saat ini - FV
periode
sebelumnya
(3,552,828)
5,936,027
32,259
(2,415,459)

Change in FV

(JIBOR + 100bp)
per semester x 6%/2 x 500
500 juta
juta
15,000,000
13,750,000
16,250,000
17,500,000

15,000,000
15,000,000
15,000,000
15,000,000

2
1.927424152
1.920424340
1.913469696
1.906559809
1.899694275
1.892872696
1.886094675
1.879359821
1.872667750
1.866018079
1.859410431
1.852844432
1.846319714
1.839835913
1.833392666
1.826989619
1.820626419
1.814302717
1.808018168
1.801772431
1.795565170

3
2.856023563
2.842262132
2.828611355
2.815070033
2.801636981
2.788311032
2.775091033
2.761975848
2.748964354
2.736055446
2.723248029
2.710541028
2.697933378
2.685424031
2.673011949
2.660696112
2.648475511
2.636349149
2.624316044
2.612375227
2.600525740

Receipt payment

PV next current
net receipt
(paid), rate 6%
3,535,764
1,250,000
(2,391,837)
(1,250,000)
(2,427,184)
(2,500,000)
-

4
3.761974208
3.739427865
3.717098403
3.694983082
3.673079209
3.651384127
3.629895224
3.608609926
3.587525698
3.566640043
3.545950504
3.525454659
3.505150122
3.485034544
3.465105613
3.445361047
3.425798602
3.406416065
3.387211256
3.368182030
3.349326270

FV periode
saat ini - FV
periode
sebelumnya
3,535,764
(5,927,601)
(35,347)
2,427,184

2014
30-Jun

31-Dec

2015
30-Jun

ASGAR (Cash Flow Hedge)

16,250,000

Dr) Beban Bunga

Cr) Kas
bayar floating rate

Dr) OCI
Cr) Liabilitas - Kontrak Swap
change in FV
Dr) Beban Bunga
Cr) Kas
bayar floating rate
Dr) Beban Bunga
Cr) Kas
bayar net paid
Dr) Aset - Kontrak Swap
Cr) OCI
change in FV
Dr) Beban Bunga
Cr) Kas
bayar floating rate
Dr) Kas
Cr) Beban Bunga
terima net receipt
Dr) Aset - Kontrak Swap

Cr)

3,552,828

15,000,000

1,250,000

5,936,027

17,500,000

1,250,000

32,259

OCI

change in FV
31-Dec

Dr) Beban Bunga

Cr) Kas
bayar floating
Dr) Kas
Cr) Beban Bunga
terima net receipt

18,750,000

2,500,000

Dr) OCI
Cr) Liabilitas - Kontrak Swap
change in FV

2,415,459

2014
30-Jun

ge)
16,250,000

3,552,828
31-Dec
15,000,000

1,250,000

5,936,027
2015
30-Jun
17,500,000

1,250,000

32,259

INDO (Fair Value Hedge)

Dr) Beban Bunga
Cr) Kas
bayar fixed rate
Dr) Aset - Kontrak Swap
Cr) Keuntungan - Kontrak SWAP
change in FV
Dr) Beban Bunga
Cr) Kas
bayar fixed rate
Dr) Kas
Cr) Beban Bunga
terima net receipt
Dr) Kerugian - Kontrak SWAP
Cr) Liabilitas - Kontrak Swap
change in FV
Dr) Beban Bunga
Cr) Kas
bayar fixed rate
Dr) Beban Bunga
Cr) Kas
bayar net payment
Dr) Kerugian - Kontrak SWAP

Cr)

Liabilitas - Kontrak Swap

change in FV
31-Dec
18,750,000

2,500,000

Dr) Beban Bunga

Cr) Kas
bayar fixed rate
Dr) Beban Bunga
Cr) Kas
bayar net payment

Dr) Aset - Kontrak Swap

2,415,459
Cr) Keuntungan - Kontrak SWAP
change in FV

r Value Hedge)
12,500,000
12,500,000

3,535,764
3,535,764
12,500,000
12,500,000
1,250,000
1,250,000
5,927,601
5,927,601

12,500,000
12,500,000
1,250,000
1,250,000
35,347

35,347

12,500,000
12,500,000
2,500,000
2,500,000

2,427,184
2,427,184