PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • Oct 29, 2004

6-K 1 u92417e6vk.htm PT TELEKOMUNIKASI INDONESIA e6vk PAGEBREAK

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13 a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October , 2004

Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA

(Translation of registrant’s name into English)

Jalan Japati No. 1 Bandung-40133 INDONESIA

(Address of principal executive office)

[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F Form 20-F þ Form 40-F o

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 Yes o No þ

[If “yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

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SIGNATURES
PRESS RELEASE

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link1 "SIGNATURES"

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly authorized.

	Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA
	(Registrant)
Date October 29, 2004	By	/s/ Rochiman Sukarno
		(Signature)
		Rochiman Sukarno
		Head of Investor Relations

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PRESS RELEASE No. TEL.752/PR000/UH1/2004

TELKOM FILED ITS THIRD QUARTER UNAUDITED FINANCIAL REPORTS: NET INCOME GREW 13.89%

Jakarta, October 29, 2004 — Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) filed its un-audited consolidated third quarter 2004 financial reports to BAPEPAM (Capital Market Supervisory Agency) and the Stock Exchanges.

Summary of the balance sheet and income statements as attached to this Press Release, are as follows:

(In Billion Rp.)		Q3 04/03
Total Assets	56,115	48,593	15.48
Total Liabilities	32,353	29,639	9.16
Total Equity	19,300	15,662	23.23
Operating Revenue	25,019	19,617	27.54
Operating Expense	14,595	10,789	35.28
Operating Income	10,425	8,828	18.08
Net Income	5,024	4,412	13.89
EBITDA	15,456	12,664	22.04
EBITDA Margin	61.77 %	64.56 %

The Financial Statements are prepared in according with Generally Accepted Accounting Standard in Indonesia

TELKOM is the principal provider of fixed-line services in Indonesia. TELKOM’s majority-owned subsidiary Telkomsel is also the largest Indonesian mobile cellular operator, as measured by subscribers and revenues. The Company also provides a wide range of other telecommunications services including interconnection, network, data and internet services, and other telecommunications services. TELKOM’s shares are listed in the Jakarta and Surabaya Stock Exchange (JSX/SSX: TLKM) and its American depository Shares are listed in the New York Stock Exchange (NYSE:TLK) and London Stock Exchange (LSE:TKIA)

/s/ Rochiman Sukarno
ROCHIMAN SUKARNO
Head of Investor Relations

For further information, please contact:

Investor Relations Unit PT TELEKOMUNIKASI INDONESIA, Tbk Tel: 62-21-5215109 Fax: 61-21-5220500 Email: investor@telkom.co.id Website: www.telkom-indonesia.com

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PERUSAHAAN PERSEROAN (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AS OF SEPTEMBER 30, 2003 AND 2004

(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

(Restated)	2004
Rp	Rp	US$ (Note 3)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	4,860,401	6,112,466	667,300
Temporary investments	62,119	107,799	11,768
Trade accounts receivable
Related parties — net of allowance for
doubtful accounts of Rp135,689 million in 2003, and
Rp143,591 million in 2004	765,094	690,848	75,420
Third parties — net of allowance for
doubtful accounts of Rp413,959 million in 2003, and
Rp562,013 million in 2004	2,583,369	3,090,402	337,380
Other accounts receivable — net of
allowance for doubtful accounts of Rp51,649 million in
2003, and Rp35,442 million in 2004	377,661	291,523	31,826
Inventories — net of allowance for
obsolescence of Rp51,346 million in 2003, and
Rp47,102 million in 2004	185,596	171,746	18,750
Prepaid expenses	727,972	790,178	86,264
Prepaid taxes	38,370	64,845	7,079
Other current assets	38,663	44,412	4,848
Total Current Assets	9,639,245	11,364,219	1,240,635
NON-CURRENT ASSETS
Long-term investments — net	69,741	72,743	7,941
Property, plant and equipment — net of
accumulated depreciation of Rp22,220,275 million in 2003,
and Rp27,137,984 million in 2004	32,511,049	36,598,850	3,995,508
Property, plant and equipment under
revenue-sharing arrangements — net of accumulated
depreciation of Rp878,764 million in 2003, and
Rp1,038,777 million in 2004	315,427	2,788,985	304,474
Advances and other non-current assets	151,573	422,715	46,148
Intangible assets — net of accumulated
amortization of Rp1,535,952 million in 2003, and
Rp752,711 million in 2004	5,365,697	4,582,456	500,268
Advance payments for investments in shares of
stock	79,768	65,458	7,146
Property not used in operations	12,354	4,987	545
Escrow accounts	447,838	215,001	23,472
Total Non-current Assets	38,953,447	44,751,195	4,885,502
TOTAL ASSETS	48,592,692	56,115,414	6,126,137

See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.

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PERUSA IIAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF SEPTEMBER 30, 2003 AND 2004 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

(Restated)		2004
Rp		Rp		US$ (Note 3)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable
Related parties	658,627		827,602		90,350
Third parties	2,470,580		3,331,782		363,732
Other accounts payable	45,293		39,734		4,338
Taxes payable	1,778,106		1,490,932		162,766
Dividends payable	69,418		1,153,412		125,918
Accrued expenses	1,679,422		1,652,196		180,371
Unearned income	660,464		928,724		101,389
Advances from customers and suppliers	262,695		328,392		35,851
Short-term bank loan	37,509		397,537		43,399
Current maturities of long-term liabilities	3,580,901		2,206,349		240,868
Total Current Liabilities	11,243,015		12,356,660		1,348,982
NON-CURRENT LIABILITIES
Deferred tax liabilities — net	3,410,273		3,504,159		382,550
Unearned income on revenue-sharing arrangements	99,742		2,639,198		288,122
Unearned initial investor payments under joint
operation schemes	28,876		28,117		3,070
Provision for long service awards	477,519		533,226		58,212
Provision for post-retirement health care benefits	1,948,136		1,878,085		205,031
Long-term liabilities — net of current maturities
Two-step loans — related party	7,005,307		6,505,888		710,250
Guaranteed notes and bonds	2,235,511		1,711,807		186,878
Bank loans	1,790,838		2,579,220		281,574
Liabilities for acquisitions of subsidiaries	1,300,049		607,668		66,339
Suppliers’ credit loans	64,804		—		—
Bridging loan	25,726		—		—
Other long-term debt	9,150		9,150		999
Total Non-current Liabilities	18,395,931		19,996,518		2,183,025
MINORITY INTEREST	3,291,894		4,462,324		487,153
STOCKHOLDERS’ EQUITY
Capital stock — Rp 250 par value per Series A
Dwiwarna share and Series B share
Authorized — one Series A Dwiwarna share and
79,999,999,999 Series B shares
Issued and fully paid — one Series A Dwiwarna share
and 20,159,999,279 Series B shares	5,040,000		5,040,000		550,218
Additional paid-in capital	1,073,333		1,073,333		117,176
Difference in value of restructuring transactions
between entities under common control	(7,288,271	)	(7,288,271	)	(795,663	)
Difference due to change of equity in associated
companies	424,020		385,595		42,096
Unrealized gain (loss) on investment in securities	—		490		53
Translation adjustment	231,298		230,044		25,114
Retained earnings
Appropriated	1,559,068		1,680,813		183,495
Unappropriated	14,622,404		18,177,908		1,984,488
Total Stockholders’ Equity	15,661,852		19,299,912		2,106,977
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	48,592,692		56,115,414		6,126,137

See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.

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PERUSAHAAN PERSONAL (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME ( UNAUDITED )

FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2003 AND 2004

(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars, except per share and per ADS data)

(Restated)		2004
				US$
Rp		Rp		(Note 3)
OPERATING REVENUES
Telephone
Fixed lines	6,476,583		7,654,264		835,618
Cellular	6,121,293		7,689,968		839,516
Interconnection	3,120,941		4,366,230		476,663
Joint operation schemes	1,086,898		443,407		48,407
Data and Internet	2,139,814		3,359,120		366,716
Network	323,848		468,479		51,144
Revenue-sharing arrangements	187,163		788,178		86,046
Other telecommunications services	160,139		249,810		27,272
Total Operating Revenues	19,616,679		25,019,456		2,731,382
OPERATING EXPENSES
Personnel	3,189,029		4,320,848		471,708
Depreciation	3,327,180		4,469,538		487,941
Operations, maintenance and telecommunication
services	2,518,459		3,387,144		369,776
General and administrative	1,409,783		1,777,552		194,056
Marketing	344,191		639,855		69,853
Total Operating Expenses	10,788,642		14,594,937		1,593,334
OPERATING INCOME	8,828,037		10,424,519		1,138,048
OTHER INCOME (CHARGES)
Interest income	255,531		219,280		23,939
Interest expense	(948,523	)	(937,779	)	(102,378	)
Gain (loss) on foreign exchange - net	165,375		(577,744	)	(63,072	)
Equity in net income (loss) of associated
companies	(28	)	2,283		249
Others - net	(1,895	)	347,541		37,941
Other income (charges) - net	(529,540	)	(946,419	)	(103,321	)
INCOME BEFORE TAX	8,298,497		9,478,100		1,034,727
TAX EXPENSE
Current tax	(2,968,881	)	(3,057,132	)	(333,748	)
Deferred tax	66,687		42,613		4,652
	(2,902,194	)	(3,014,519	)	(329,096	)
INCOME BEFORE MINORITY INTEREST IN NET INCOME
OF SUBSIDIARIES	5,396,303		6,463,581		705,631
MINORITY INTEREST IN NET INCOME OF
SUBSIDIARIES	(984,731	)	(1,439,235	)	(157,122	)
NET INCOME	4,411,572		5,024,346		548,509
BASIC EARNINGS PER SHARE
Net income per share	218.83		249.22		0.03
Net income per ADS
(40 Series B shares per ADS)	8,753.12		9,968.94		1.06

See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.

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