PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • May 3, 2004

6-K 1 u92335e6vk.htm PT TELEKOMUNIKASI INDONESIA PT TELEKOMUNIKASI INDONESIA 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 May , 20 04

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
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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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
May 3, 2004	By /s/ Rochiman Sukarno
	(Signature)
	Rochiman Sukarno Head of Investor Relation Unit

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link1 "CONSOLIDATED BALANCE SHEETS (UNAUDITED)"

PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) MARCH 31, 2003 AND 2004 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)

2003	2004
Rp	Rp	US$ (Note 3)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	6,201,912	5,168,915	603,493
Temporary investments	10,000	—	—
Trade accounts receivable
Related parties — net of allowance for doubtful
accounts of Rp111,780 million in 2003,
and Rp82,804 million in 2004	1,080,240	877,855	102,493
Third parties — net of allowance for doubtful
accounts of Rp344,577 million in 2003,
and Rp413,726 million in 2004	1,938,364	2,803,208	327,286
Other accounts receivable — net of allowance for
doubtful accounts of Rp25,575 million in 2003,
and Rp165,737 million in 2004	157,666	335,305	39,148
Inventories — net of allowance for obsolescence of
Rp51,002 million in 2003, and Rp40,414
million in 2004	155,462	177,598	20,735
Prepaid expenses	555,564	737,839	86,146
Other current assets	119,910	1,158	135
Total Current Assets	10,219,118	10,101,878	1,179,436
NONCURRENT ASSETS
Long-term investments — net	176,733	136,741	15,965
Property, plant and equipment — net of accumulated
depreciation of Rp20,779,052 million in 2003,
and Rp26,440,288 million in 2004	29,353,120	34,583,400	4,037,759
Property, plant and equipment under revenue-sharing arrangements — net of accumulated
depreciation of Rp863,695 million in 2003,
and Rp827,218 million in 2004	356,890	242,154	28,273
Advances and other noncurrent assets	384,510	293,185	34,231
Intangible assets — net of accumulated amortization
of Rp130,339 million in 2003, and Rp180,952
million in 2004	4,577,206	5,251,305	613,112
Advance payment for investment in shares of stock	255,505	79,768	9,313
Escrow account	253,945	250,409	29,236
Property not used in operations	6,218	5,292	618
Total Noncurrent Assets	35,364,127	40,842,254	4,768,507
TOTAL ASSETS	45,583,245	50,944,132	5,947,943

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PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued) MARCH 31, 2003 AND 2004 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollar) — Continued

2003		2004
Rp		Rp		US$ (Note 3)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable
Related parties	810,867		676,785		79,018
Third parties	1,898,017		2,447,132		285,713
Other accounts payable	58,706		53,147		6,205
Taxes payable	516,992		596,350		69,626
Dividends payable	404,094		11,799		1,378
Accrued expenses	1,929,869		1,552,915		181,309
Unearned income	429,829		755,059		88,156
Advances from customers and suppliers	353,139		427,791		49,946
Short-term bank loan	—		999,453		116,690
Current maturities of long-term liabilities	2,649,567		2,095,281		244,633
Total Current Liabilities	9,051,080		9,615,712		1,122,674
NONCURRENT LIABILITIES
Deferred tax liabilities — net	3,043,403		3,834,588		447,704
Unearned income on revenue-sharing arrangements	127,842		61,805		7,216
Unearned initial investor payments under joint
operation scheme	64,781		28,496		3,327
Accrued long service award	411,327		428,317		50,008
Accrued postretirement health care benefits	1,833,873		2,508,099		292,831
Long-term liabilities — net of current maturities
Two-step loans — related party	7,526,634		6,495,522		758,380
Guaranteed notes and bonds	2,310,206		1,761,501		205,663
Suppliers’ credit loans	174,547		680		79
Bank loan	135,101		2,138,447		249,673
Bridging loan	53,077		517		60
Project cost payable	12,523		228		27
Other long-term debt	69,022		9,150		1,068
Liability for acquisition of subsidiaries	1,149,157		747,491		87,273
Total Noncurrent Liabilities	16,911,493		18,014,841		2,103,309
MINORITY INTEREST IN NET ASSETS OF
SUBSIDIARIES	3,359,027		3,724,385		434,838
EQUITY
Capital stock — Rp 500 par value per Series A
Dwiwarna share and Series B Share
Authorized — one Series A Dwiwarna share and
39,999,999,999 Series B shares
Issued and fully paid — one Series A Dwiwarna share
and 10,079,999,639 Series B shares	5,040,000		5,040,000		588,441
Additional paid-in capital	1,073,333		1,073,333		125,316
Difference in value of restructuring transactions
between entities under common control	(7,288,271	)	(7,288,271	)	(850,936	)
Difference due to change of equity in associated
companies	424,020		424,020		49,506
Translation adjustment	234,853		224,229		26,180
Retained earnings
Appropriated	745,404		1,559,068		182,028
Unappropriated	16,032,306		18,556,815		2,166,587
Total Equity	16,261,645		19,589,194		2,287,122
TOTAL LIABILITIES AND EQUITY	45,583,245		50,944,132		5,947,943

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link1 "CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)"

PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE PERIOD ENDED MARCH 31, 2003 AND 2004 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)

2003		2004
Rp		Rp		US$ (Note 3)
OPERATING REVENUES
Telephone
Fixed lines	2,006,997		2,581,647		301,418
Cellular	1,797,072		2,449,493		285,989
Interconnection	946,073		1,335,802		155,961
Joint operation scheme	427,362		94,807		11,069
Data and Internet	579,822		1,009,452		117,858
Network	122,387		120,726		14,095
Revenue-sharing arrangements	64,165		59,173		6,909
Other telecommunications services	48,474		58,803		6,865
Total Operating Revenues	5,992,352		7,709,903		900,164
OPERATING EXPENSES
Personnel	993,858		1,384,220		161,614
Depreciation	994,520		1,443,664		168,554
Operation, maintenance and telecommunication
services	714,464		955,204		111,524
General and administrative	373,378		538,335		62,853
Marketing	92,353		166,096		19,392
Total Operating Expenses	3,168,573		4,487,519		523,937
OPERATING INCOME	2,823,779		3,222,384		376,227
OTHER INCOME (CHARGES)
Interest income	103,971		53,799		6,281
Interest expense	(361,835	)	(288,246	)	(33,654	)
Gain (loss) on foreign exchange — net	68,268		13,015		1,520
Equity
in net gain (loss) of associated companies	357		18		2
Others — net	8,769		113,820		13,289
Other income (charges) — net	(180,470	)	(107,594	)	(12,562	)
INCOME BEFORE TAX	2,643,309		3,114,790		363,665
TAX EXPENSE
Current tax	(724,909	)	(918,832	)	(107,278	)
Deferred tax	42,486		(3,193	)	(373	)
	(682,423	)	(922,025	)	(107,651	)
INCOME BEFORE MINORITY INTEREST IN NET
INCOME OF SUBSIDIARIES	1,960,886		2,192,765		256,014
MINORITY INTEREST IN NET INCOME OF
SUBSIDIARIES	(312,047	)	(434,359	)	(50,713	)
NET INCOME	1,648,839		1,758,406		205,301
BASIC EARNINGS PER SHARE
Net income per share	163.58		174.45		0.02
Net income per ADS (20 Series B shares per ADS)	3,271.51		3,488.90		0.41

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