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Download Source File6-K 1 u92528e6vk.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, 2005
Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA
(Translation of registrants 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
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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 9, 2005 | By | /s/ Rochiman Sukarno |
| (Signature) | ||
| ROCHIMAN SUKARNO | ||
| Head of Investor Relation |
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| ● |
| --- |
| (Audited) |
| Date: May 6, 2005 |
| No: C.TEL 138/PR110/UHI/2005 |
| This document contains certain financial conditions and results of
operation, and may also contain certain projections, plans, strategies, and
objectives of the Company, which would be treated as forward looking statements
within the meaning of applicable law. Forward looking statements, by their
nature, involve risk and uncertainty that could cause actual results and
development to differ materially from those expressed or implied in these
statements. TELKOM do not guarantee that any action, which should have been
taken in reliance on this document will bring specific results as expected. |
Tickers NYSE: TLK LSE: TKIA JSX: TLKM
Divisions Telkom Regions: I, II, III, IV, V, VI KSO Region: VII
Shares in issues 20,159,999,280 shares as of 28 Sept 2004 after stock split 1:2
Major Shareholders Govt. of Indonesia: 51.19% Public: 48.81%
Conversion Rates (US$ 1.00) 2003 =Rp.8,440 (Dec 31, 2003) 2004 =Rp.9,290 (Dec 31, 2004)
FINANCIAL HIGHLIGHTS
| FY-03 | FY-04 | Growth | |
|---|---|---|---|
| Key Indicators | (Rp. Bn) | (Rp. Bn) | (%) |
| Operating Revenues | 27,116 | 33,948 | 25.2 |
| Operating Expenses | 15,140 | 20,021 | 32.2 |
| Operating Income | 11,976 | 13,927 | 16.3 |
| EBITDA | 17,486 | 21,238 | 21.5 |
| Net Income | 6,087 | 6,129 | 0.7 |
| Net Income/share (Rp) | 301.95 | 304.03 | 0.7 |
| Net Income/ADS (Rp) | 12,077.83 | 12,161.13 | 0.7 |
| EBITDA Margin (%) | 64.5 % | 62.6 % | -1.9 % |
OPERATIONAL HIGHLIGHTS
| TELKOM | |||||
| LIS Wireline | (000 | ) | 8,214 | 8,559 | 4.2 |
| LIS Wireless | (000 | ) | 265 | 1,429 | 439.8 |
| Total | (000 | ) | 8,479 | 9,989 | 17.8 |
| TELKOMSEL | |||||
| Customer: | |||||
| Postpaid | (000 | ) | 1,007 | 1,328 | 31.9 |
| Prepaid | (000 | ) | 8,582 | 11,558 | 34.7 |
| KARTU As | (000 | ) | | 3,405 | |
| Total | (000 | ) | 9,589 | 16,291 | 69.9 |
HIGHLIGHTS
| Ø | EBITDA Margin consolidated remains strong at 62.6% |
|---|---|
| Ø | TelkomFlexi has covered 192 cities with 1,139 BTS |
| Ø | TIC-007 market share reached 25% |
| Ø | Telkomsel still dominates the cellular market with 54% subscriber market share and more |
| than 60% revenues share | |
| Ø | Telkomsels subscriber reached 16.3 mn at the end of FY04 |
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PT. TELEKOMUNIKASI INDONESIA, Tbk. ANNOUNCEMENT FOR THE YEAR END 2004 RESULTS (Audited)
Jakarta, May 6, 2005 - PT Telekomunikasi Indonesia, Tbk. (TELKOM or the Company), has announced its operational and audited consolidated financial statements results for the year end 2004. All financial figures in this report are prepared in accordance with Generally Accepted Accounting Principles in Indonesia (Indonesian GAAP) and expressed an unqualified opinion from the Auditor.
FINANCIAL RESULTS
INCOME STATEMENT
Year ended December 31, 2004 compared to year ended December 31, 2003 :
Net Income
F or the full year 2004, the Company recorded an increase in Net Income by 0.7% to Rp.6,129.2 bn.
TELKOM still maintain high growth rate in Operating Revenues by 25.2%
As a result of the amendment of the KSO agreement, TELKOM obtained the legal right to control financial and operation decision of KSO IV. Accordingly, TELKOM has accounted for this transaction as a Business combination using the Purchase method of accounting instead of the Revenue Sharing Arrangement (RSA) of accounting which implemented since Q1 to Q3
Operating Revenues increased by Rp. 6,831.8 bn or 25.2% compared to the same period last year, summarized as follows:
| § | Data and Internet Revenues increased by Rp. 1,700.2 bn or 54.7%, mainly due to the growth in
TelkomNet Instan usage by 49.5% to 2.4 bn minutes and the growth in SMS production by 56.5% to 11.0
bn, as well as the general growth in data and communications market in Indonesia (including use of
frame relay, VPN and international leased line services). |
| --- | --- |
| § | Interconnection Revenues increased by Rp.2,025.8 bn or 48.7%,
mainly due to growth in interconnection traffic by 23.3% to 11.2
mn minutes. |
| § | Cellular Revenues increased by Rp. 1,962.5 bn or 23.2%, mainly due
to the increase in total Telkomsels subscriber by 69.9% |
| § | Fixed phone Revenues increased by Rp.1,748.2 bn or 19.6% compared
to the same figure of last year, as a result of the 439.8% growth
in the number of subscribers for fixed wireless, and the increase
of DLD pulse production and the fixed line tariff increase. It was
also contributed by Rp.969 bn from the consolidation of Regional
Division IV. |
Operating Expenses increased by Rp. 4,880.7 bn or 32.2%, summarized as follows :
§ Marketing Expenses increased by Rp.379.0 bn or 75.4%, mainly due to the increase in Advertising Expense as a result from aggressive marketing for new products.
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| | Operation & Maintenance Expense increased by Rp. 1,190.9 bn or 35.7%, mainly due to an increase in
Telkomsels operations and maintenance expenses arising from the 66% growth in its overall capacity
to 17.9 mn subscribers, and an increase in expenses for TELKOM and Telkomsel prepaid cards due to a
substantial increase in subscribers. |
| --- | --- |
| | Depreciation Expense increased by Rp. 1,659.0 bn or 34.7%, mainly resulted
from additional fixed assets from Regional Division IV , new capitalization and
accelerated depreciation in Telkomsel. |
| | Personnel Expense increased by Rp1,130.7 bn or 25.5%, mainly due to the increase of Rp.844 bn in
Pension Cost, , and an increase in basic salary and allowance of TELKOMs employees by 8%. |
| | General & Administrative Expense increased by Rp.521.0 bn or 25.1%, mainly due to additional
amortization of intangible assets arising from the acquisitions of KSO IV and TMC, and the 80%
increase in training, education and recruitment expenses. |
EBITDA grew by 21.5%
For the year ended December 31, 2004, TELKOM recorded Operating Income of Rp.13,927.1 bn or increased by 16.3% and EBITDA of Rp. 21,238.0 bn or increased by 21.5%, compared to the same period last year
Other Charges increased by 250.8% from Rp.524.1 bn to Rp.1,838.5 bn in year end 2004, mainly due to the Loss on foreign exchange of Rp. 1,220.8 bn. This amount include forex loss arising from liabilities related to business acquisition in Regional Division IV.
CAPITAL EXPENDITURE
TELKOMs CAPEX spending reached Rp.8,961.7 bn
TELKOM (unconsolidated)
During the year 2004, the Company has spent Rp. 8,961.7 bn for CAPEX (payment based), which consist of:
| Infrastructure | 3,049.2 |
|---|---|
| Commercial services | 1,028.4 |
| Supporting services | 295.6 |
| Long Term investment | 4,588.5 |
| Total | 8,961.7 |
TELKOMSEL
Increase in network & subscribers capacities
From January to December 2004, Telkomsel added Rp.5,000.0 bn (US$ 556 mn) to fixed-assets for network infrastructures and other investments. Cash spending on capex for the full year 2004 was Rp.5,400.0 bn (US$ 601 mn). There were 1,385 new BTSs and 7.1 mn subscribers capacity added in 2004. Overall network capacity as of end of December 2004 was approximately 17.9 mn subscribers.
CONSOLIDATED DEBT
As of December 31, 2004, breakdown of debt portfolio (short-term and long-term) in foreign currencies and Rupiah equivalents was as follows:
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Consolidated debt composition:
| Currencies | Years | Rp Equivalent — (bn) | Portion (%) |
|---|---|---|---|
| IDR/ Rupiah | 2003 2004 | 4,485.1 4,550.0 | 29.3 27.4 |
| Foreign Crncy | 2003 2004 | 10,830.6 12,066.4 | 70.7 72.6 |
| Total | 2003 2004 | 15,315.7 16,616.3 | 100.0 100.0 |
TELKOMs DEBTs (unconsolidated)
As of December 31, 2004, breakdown of debt portfolio (short-term and long-term) in original currencies and Rupiah equivalents was as follows:
| Currencies | Years | Rp Equivalent — (bn) | Portion (%) |
|---|---|---|---|
| IDR/ Rupiah | 2003 2004 | 4,433.3 4,527.9 | 34.0 30.9 |
| Foreign Crncy | 2003 2004 | 8,599.7 10,117.5 | 66.0 69.1 |
| Total | 2003 2004 | 13,033.0 14,645.4 | 100.0 100.0 |
TELKOM hedges its foreign currencies exposures through time deposit placement, mainly in US Dollar. As of December 31, 2004, the Companys deposit covered approximately 4.02% of foreign debts from January 1, 2005 to December 31, 2005.
OPERATIONAL RESULTS
Fixed-Lines in Service (including Fixed Wireless)
As of December 31, 2004 TELKOM, including KSO VII, recorded 9.99 mn fixed lines in service, consisting of 8.56 mn fixed wireline and 1.43 mn fixed wireless. Net additional lines in service during the full year 2004 reached the amount of 1.51 mn lines, which was higher than the figure of last year amounted to 0.73 mn lines. Penetration rate for the year 2004 was 3.82 or increased by 7.93% compared to same period last year.
Fixed-Wireless CDMA Services
During 2004, net add of LIS Flexi reached 1,16 mn lines
As of December 31, 2004, TELKOMFlexi contributed to TELKOM revenues in the amount of Rp.606.7 bn which was generated from voice, SMS, and interconnection.
TELKOMFlexi performance as of December 31, 2004 are as follows:
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TELKOM Flexi has covered 192 cities in 2004
| Descriptions | Unit | ||||
|---|---|---|---|---|---|
| Line in service | |||||
| Classy/Postpaid | Subs | 228,114 | 683,963 | 199.8 | |
| Trendy/Prepaid | Subs | 36,673 | 745,405 | 1,932.6 | |
| Total | Subs | 264,787 | 1,429,368 | 439.8 | |
| Sales | |||||
| Classy/Postpaid | Subs | 227,612 | 595,427 | 161.6 | |
| Trendy/Prepaid | Subs | 36,673 | 888,724 | 2,323.4 | |
| Total | Subs | 264,285 | 1,484,151 | 461.6 | |
| ARPU (12 months average) | |||||
| Classy/Postpaid | Rp.(000) | 154 | 94 | (39.2 | ) |
| Trendy/Prepaid | Rp.(000) | 24 | 20 | (16.7 | ) |
| Blended | Rp.(000) | 141 | 60 | (57.5 | ) |
| NETWORK | |||||
| BTS | unit | 396 | 1,139 | 187.6 | |
| Number of city in service | city | 38 | 192 | 405.3 |
TELKOM International Call 007 (TIC-007) As of December 31, 2004, TIC-007 generated revenues with the figure as follows:
| Description — Traffic | Unit — mn. minutes | 224.1 | 62.0 | 286.1 |
|---|---|---|---|---|
| Revenue | Rp. Bn | 169.1 | 340.6 | 509.7 |
Cellular Services
Telkomsel still dominates cellular market
Telkomsel is the largest mobile communication company in Indonesia with 54% subscribers market share and total subscribers of 16.3 mn as of 31 December 2004.
Data and Internet Services
SMS is key driver of the growth
As of December 31, 2004, the total access to TELKOMNet Instan connectivity amounted to 2,389.2 mn minutes or increased by 49.5% from the same period last year. Meanwhile, the use of TELKOMSave and TELKOMGlobal access through VoIP respectively amounted 11.4 mn minutes and 59.8 mn minutes or increased by 9.6% and 18.5%, respectively. The total number of Telkomsels SMS production increased by 56.5% to 11.0 mn SMS.
HUMAN RESOURCES
Early retirement program is still continued
As of December 31, 2004, the total number of TELKOMs (as a single entity) employees was 29,375 persons consisting of 25,823 persons in TELKOM Regions and 3,552 persons in KSO Region. Productivity per employee as measured by the number of fixed lines in service per employee as of December 31, 2004 was 340 compare to 255 for 2003. During the year 2004, 1,186 employees have participated in the Companys early retirement program, with total compensation Rp 450 bn (including tax).
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RECENT DEVELOPMENTS
INTERIM DIVIDEND FOR THE YEAR 2004
On December 8, 2004, TELKOM announced the distribution of interim dividend for the year 2004 in the amount of Rp. 7.112 (seven rupiah and one-hundred and twelve per one thousand rupiah) with nominal value of Rp.250 (two-hundred fifty rupiah) per share to all of its registered shareholders. The interim dividend was approved based upon the result of the Companys Financial Statement ended on September 30, 2004.
TELKOM ACQUIRE THE REMAINING 9.68% SHARE OF TOMEN AT PT DAYAMITRA TELEKOMUNIKASI
On December 14, 2004 TELKOM and TM Communication have signed a Sales and Purchase Agreement for the sales of the remaining 9.68% shares owned by TM Comm in PT Dayamitra Telekomunikasi (DMT), KSO Partner in regional division VI Kalimantan.
Payment for the shares in the amount of USD 16.2 mn will be paid on March 26, 2006 through an escrow account in Citibank Singapore. TELKOM is obligated to make a monthly payment of USD 787,390 to the escrow account starting from December 26, 2004 until March 26, 2006.
TELKOM ISSUES IDR 1.125 TRILLION MEDIUM-TERM NOTE
On December 17, 2004, TELKOM announced the issuance of IDR 1,125 bn Medium Term Notes (MTN), earmarked to refinance some of the Companys obligation which are mostly denominated in foreign currencies. The MTN is issued through a private placement mechanism and are broken down into four tranches with maturities in June 15, 2005; December 15, 2005; June 15, 2006; and June 15, 2007, respectively.
Corporate Secretary,
ADEK JULIANWAR
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Table 1 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2003 AND 2004
| Rp. mn | Rp. mn | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | 5,094,472 | 4,856,123 |
| Temporary investments | 4,006 | 19,949 |
| Trade accounts receivable | ||
| Related | ||
| parties - net of allowance for doubtful | ||
| accounts of Rp110,932 million in 2003, | ||
| and Rp64,928 million in 2004 | 410,923 | 419,104 |
| Third | ||
| parties - net of allowance for doubtful | ||
| accounts of Rp332,960 million in 2003, | ||
| and Rp457,138 million in 2004 | 2,422,005 | 2,899,999 |
| Other | ||
| accounts receivable - net of allowance for | ||
| doubtful accounts of Rp45,544 million in 2003, | ||
| and Rp9,236 million in 2004 | 170,121 | 55,769 |
| Inventories - net of allowance for obsolescence of | ||
| Rp40,489 million in 2003, and Rp54,733 million in 2004 | 154,003 | 203,085 |
| Prepaid expenses | 429,695 | 628,069 |
| Prepaid taxes | 212,282 | 77,228 |
| Other current assets | 45,083 | 44,608 |
| Total Current Assets | 8,942,590 | 9,203,934 |
| NON-CURRENT ASSETS | ||
| Long-term | ||
| investments - net | 64,648 | 82,613 |
| Property, | ||
| plant and equipment - net of accumulated | ||
| depreciation of Rp23,581,559 million in 2003, | ||
| and Rp29,297,163 million in 2004 | 34,775,140 | 39,572,099 |
| Property, plant and equipment under revenue- | ||
| sharing arrangements - net of accumulated | ||
| depreciation of Rp791,645 million in 2003, | ||
| and Rp694,570 million in 2004 | 305,041 | 499,127 |
| Prepaid pension benefit costs | 288,222 | 91,262 |
| Advances and other non-current assets | 175,954 | 1,372,351 |
| Goodwill and | ||
| other intangible assets - net of | ||
| accumulated amortization of Rp973,704 million | ||
| in 2003, and Rp1,846,034 million in 2004 | 5,144,050 | 5,411,425 |
| Advance payments for investments in shares of stock | 65,458 | |
| Escrow accounts | 522,146 | 36,281 |
| Total Non-current Assets | 41,340,659 | 47,065,158 |
| TOTAL ASSETS | 50,283,249 | 56,269,092 |
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Table 1 (continued) PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2003 AND 2004
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||
| CURRENT LIABILITIES | ||||
| Trade accounts payable | ||||
| Related parties | 657,478 | 643,094 | ||
| Third parties | 3,109,854 | 3,611,456 | ||
| Other accounts payable | 187,938 | 5,073 | ||
| Taxes payable | 1,513,038 | 1,592,479 | ||
| Dividends payable | 3,779 | 62,689 | ||
| Accrued expenses | 1,185,210 | 1,051,366 | ||
| Unearned income | 763,211 | 1,030,000 | ||
| Advances from customers and suppliers | 268,148 | 278,430 | ||
| Short-term bank loans | 37,642 | 1,101,633 | ||
| Current maturities of long-term liabilities | 3,443,516 | 2,300,822 | ||
| Total Current Liabilities | 11,169,814 | 11,677,042 | ||
| NON-CURRENT LIABILITIES | ||||
| Deferred tax liabilities net | 3,546,770 | 3,352,171 | ||
| Unearned income on revenue-sharing arrangements | 111,732 | 360,332 | ||
| Unearned initial investor payments under joint | ||||
| operation schemes | 31,584 | 20,453 | ||
| Provision for long service awards | 491,037 | 572,303 | ||
| Provision for post-retirement benefits | 2,063,524 | 1,841,146 | ||
| Accrued pension and other post-retirement benefits costs | 13,239 | 32,007 | ||
| Long-term liabilities net of current maturities | ||||
| Two-step loans related party | 6,858,910 | 5,363,283 | ||
| Notes and bonds | 2,102,502 | 2,331,465 | ||
| Bank loans | 2,115,797 | 1,775,799 | ||
| Liabilities of business acquisitions | 746,974 | 3,743,317 | ||
| Suppliers credit loans | 671 | | ||
| Bridging loan | 510 | | ||
| Other long-term debt | 9,153 | | ||
| Total Non-current Liabilities | 18,092,403 | 19,392,276 | ||
| MINORITY INTEREST | 3,708,155 | 4,938,432 | ||
| STOCKHOLDERS EQUITY | ||||
| Capital stock 1) Rp250 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 | ||
| Additional paid-in capital | 1,073,333 | 1,073,333 | ||
| Difference in value of restructuring transactions | ||||
| between entities under common control | (7,288,271 | ) | (7,288,271 | ) |
| Difference due to change of equity in associated | ||||
| companies | 385,595 | 385,595 | ||
| Unrealized holding gain on available-for-sale securities | | 884 | ||
| Translation adjustment | 224,232 | 229,595 | ||
| Retained earnings | ||||
| Appropriated | 1,559,068 | 1,680,813 | ||
| Unappropriated | 16,318,920 | 19,139,393 | ||
| Total Stockholders Equity | 17,312,877 | 20,261,342 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 50,283,249 | 56,269,092 |
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Table 2 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2004
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| OPERATING REVENUES | ||||
| Telephone | ||||
| Fixed lines | 8,896,865 | 10,645,021 | ||
| Cellular | 8,458,830 | 10,421,298 | ||
| Interconnection | 4,162,148 | 6,187,981 | ||
| Joint operation schemes | 1,486,307 | 656,614 | ||
| Data and Internet | 3,108,562 | 4,808,742 | ||
| Network | 517,865 | 654,309 | ||
| Revenue-sharing arrangements | 258,464 | 280,576 | ||
| Other telecommunications services | 226,882 | 293,225 | ||
| Total Operating Revenues | 27,115,923 | 33,947,766 | ||
| OPERATING EXPENSES | ||||
| Personnel | 4,440,096 | 5,570,778 | ||
| Depreciation | 4,779,520 | 6,438,557 | ||
| Operations, maintenance and telecommunication | ||||
| services | 3,338,693 | 4,529,587 | ||
| General and administrative | 2,078,777 | 2,599,847 | ||
| Marketing | 502,898 | 881,930 | ||
| Total Operating Expenses | 15,139,984 | 20,020,699 | ||
| OPERATING INCOME | 11,975,939 | 13,927,067 | ||
| OTHER INCOME (CHARGES) | ||||
| Gain on sale of long-term investment in Telkomsel | | | ||
| Interest income | 366,024 | 317,941 | ||
| Interest expense | (1,383,446 | ) | (1,270,136 | ) |
| Gain | ||||
| (loss) on foreign exchange - net | 126,121 | (1,220,760 | ) | |
| Equity in net income of associated companies | 2,819 | 3,420 | ||
| Others - net | 364,338 | 331,050 | ||
| Other income | ||||
| (charges) - net | (524,144 | ) | (1,838,485 | ) |
| INCOME BEFORE TAX | 11,451,795 | 12,088,582 | ||
| TAX EXPENSE | ||||
| Current tax | (3,791,280 | ) | (4,267,111 | ) |
| Deferred tax | (69,810 | ) | 264,039 | |
| (3,861,090 | ) | (4,003,072 | ) | |
| INCOME BEFORE MINORITY INTEREST IN NET | ||||
| INCOME OF SUBSIDIARIES | 7,590,705 | 8,085,510 | ||
| MINORITY INTEREST IN NET INCOME OF | ||||
| SUBSIDIARIES, net | (1,503,478 | ) | (1,956,301 | ) |
| NET INCOME | 6,087,227 | 6,129,209 | ||
| BASIC EARNINGS PER SHARE 1) | ||||
| Net income per share (Rp) | 301.95 | 304.03 | ||
| Net income per ADS (Rp) | ||||
| (40 Series B shares per ADS) | 12,077.83 | 12,161.13 |
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Table 3 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2002, 2003 AND 2004
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Cash receipts from operating revenues | ||||
| Telephone | ||||
| Fixed lines | 8,201,928 | 10,084,558 | ||
| Cellular | 8,925,503 | 10,497,763 | ||
| Joint operation schemes | 1,195,563 | 547,487 | ||
| Interconnection - net | 4,203,802 | 5,766,444 | ||
| Other services | 3,932,084 | 6,663,500 | ||
| Total cash receipts from operating revenues | 26,458,880 | 33,559,752 | ||
| Cash payments for operating expenses | (8,861,797 | ) | (12,270,643 | ) |
| Cash generated from operations | 17,597,083 | 21,289,109 | ||
| Interest received | 369,982 | 321,677 | ||
| Income tax paid | (3,905,317 | ) | (4,132,359 | ) |
| Interest paid | (1,178,332 | ) | (1,348,919 | ) |
| Cash receipt (refund) from/to customers and advances | (30,884 | ) | (78,028 | ) |
| Net Cash Provided by Operating Activities | 12,852,532 | 16,051,480 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Proceeds from investments and maturity of | ||||
| time deposits | 1,895,199 | 285,264 | ||
| Proceeds from sale of property, plant and equipment | 255,750 | 67,196 | ||
| Purchase of marketable securities and placements | ||||
| in time deposits | (679,500 | ) | (404,268 | ) |
| Sale of 12.72% of Telkomsel | | | ||
| Payment for cross-ownership transactions | | | ||
| Acquisition of businesses, net of cash acquired | 141,985 | (27,797 | ) | |
| Acquisition of property, plant and equipment | (9,007,186 | ) | (8,568,862 | ) |
| Payment of advances for the purchase of property, plant and equipment | | (1,063,382 | ) | |
| Decrease in advances and others | 96,830 | 123,026 | ||
| Payments of advances for investments in shares of stock | (14,338 | ) | | |
| Acquisition of long-term investments | | (9,290 | ) | |
| Sale of long-term investments | 5,398 | | ||
| Acquisition of intangible assets | | | ||
| Net Cash Used in Investing Activities | (7,305,862 | ) | (9,598,113 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Payments for debt issuance cost | | (2,394 | ) | |
| Proceeds from bonds | | | ||
| Proceeds from Medium-term Notes | | 1,080,000 | ||
| Repayments of long-term liabilities | (1,536,941 | ) | (5,963,659 | ) |
| Repayments of promissory notes | (1,513,064 | ) | (1,637,917 | ) |
| Cash dividends paid | (3,738,586 | ) | (3,811,591 | ) |
| (Increase) decrease in escrow accounts | (224,219 | ) | 485,866 | |
| Redemption of Telkomsels notes | (160,509 | ) | (504,101 | ) |
| Proceeds from borrowings | 995,903 | 3,448,931 | ||
| Net Cash Used in Financing Activities | (6,177,416 | ) | (6,904,865 | ) |
| NET INCREASE (DECREASE) IN CASH AND | ||||
| CASH EQUIVALENTS | (630,746 | ) | (451,498 | ) |
| EFFECT OF EXCHANGE RATE CHANGES | ||||
| ON CASH AND CASH EQUIVALENTS | 26,148 | 213,149 | ||
| CASH AND CASH EQUIVALENTS AT BEGINNING | ||||
| OF YEAR | 5,699,070 | 5,094,472 | ||
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 5,094,472 | 4,856,123 |
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Table 4 FINANCIAL RATIOS FOR THE YEAR ENDED DECEMBER 31, 2003 & 2004
| 1 | 2003 — 2 | 2004 — 3 | Growth (%) — 4=(3-2)/2 | |
|---|---|---|---|---|
| Contribution of pulses to total fixed-phone revenue: | ||||
| Local Calls (%) | 26.45 | 30.01 | 3.57 | |
| Domestic Long Distance Calls (%) | 47.27 | 39.87 | (7.40 | ) |
| Monthly subscription charges (%) | 21.94 | 27.57 | 5.63 | |
| Installation charges (%) | 2.51 | 1.89 | (0.62 | ) |
| Phone-card | 0.39 | 0.15 | (0.24 | ) |
| Others (%) | 1.45 | 0.51 | (0.94 | ) |
| Contribution to total operating revenues: | ||||
| Cellular (%) | 31.20 | 30.70 | (0.50 | ) |
| Fixed-phone (%) | 32.76 | 31.36 | (1.40 | ) |
| Revenue under JOS (%) | 5.53 | 1.93 | (3.60 | ) |
| Interconnection (%) | 14.84 | 18.23 | 3.38 | |
| Network (%) | 2.41 | 1.93 | (0.49 | ) |
| Data dan internet (%) | 11.46 | 14.17 | 2.70 | |
| Revenue under RSA (%) | 0.95 | 0.83 | (0.13 | ) |
| Other telecommunications services (%) | 0.84 | 0.86 | 0.03 | |
| Average Fixed Phone Revenue (ARPU) per user/month (Rp) | 163,612 | 177,571 | 8.53 | |
| EBITDA (Rp mn) | 17,486,118 | 21,237,954 | 21.46 | |
| EBITDA margin (%) | 64.49 | 62.56 | (1.93 | ) |
| Operating margin (%) | 44.17 | 41.02 | (3.14 | ) |
| Profit Margin (%) | 22.45 | 18.05 | (4.31 | ) |
| Current ratio (%) | 80.06 | 78.82 | (1.24 | ) |
| Return on Assets (%) | 12.11 | 10.89 | (1.22 | ) |
| Return on Equity (%) | 35.16 | 30.25 | (4.91 | ) |
| Total Liabilities to Equity (%) | 169.02 | 153.34 | (15.68 | ) |
| Gearing (Net Debt to Equity) (%) | 58.80 | 52.51 | (6.29 | ) |
| Debt to Equity (%) | 88.25 | 76.57 | (11.68 | ) |
| Debt to EBITDA (%) | 87.37 | 73.05 | (14.32 | ) |
| Debt Service Ratio (Times) | 3.6 | 5.9 | 2.31 | |
| EBITDA to Interest Expense (times) | 12.6 | 16.7 | 4.08 | |
| EBITDA to Net Debt (%) | 171.8 | 199.6 | 27.85 |
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Table 5 FIXED TELEPHONE LINE AS OF DECEMBER 31, 2003 and 2004
| 2003 | 2004 | GROWTH — ( % ) | |||
|---|---|---|---|---|---|
| 1 | 2 | 3a | 3b | 4 | 5=(4-3b)/3b |
| Exchange Capacity TELKOM Division | |||||
| Wireline | Lines | 7,810,766 | 8,581,055 | 8,786,887 | 2.40 % |
| Wireless | Lines | 666,050 | 666,050 | 1,952,644 | 193.17 % |
| TELKOM Division | Lines | 8,476,816 | 9,247,105 | 10,739,531 | 16.14 % |
| Exchange Capacity KSO Division | |||||
| Wireline | Lines | 1,608,455 | 838,166 | 954,465 | 13.88 % |
| Wireless | Lines | 61,550 | 61,550 | 179,700 | 191.96 % |
| KSO Division | Lines | 1,670,005 | 899,716 | 1,134,165 | 26.06 % |
| Exchange Capacity TELKOM & KSO Division | |||||
| Wireline | Lines | 9,419,221 | 9,419,221 | 9,741,352 | 3.42 % |
| Wireless | Lines | 727,600 | 727,600 | 2,132,344 | 193.07 % |
| Total Exchange Cap. TELKOM & KSO (Wireline & Wireless) | Lines | 10,146,821 | 10,146,821 | 11,873,696 | 17.02 % |
| Installed Lines TELKOM Division | |||||
| Wireline | Lines | 7,235,035 | 7,974,212 | 8,264,999 | 3.65 % |
| Wireless | Lines | 659,497 | 712,847 | 2,309,212 | 223.94 % |
| TELKOM Division | Lines | 7,894,532 | 8,687,059 | 10,574,211 | 21.72 % |
| Installed Lines KSO Division | |||||
| Wireline | Lines | 1,548,070 | 808,893 | 931,999 | 15.22 % |
| Wireless | Lines | 116,150 | 62,800 | 176,717 | 181.40 % |
| KSO Division | Lines | 1,664,220 | 871,693 | 1,108,716 | 27.19 % |
| Installed Lines TELKOM & KSO Division | |||||
| Wireline | Lines | 8,783,105 | 8,783,105 | 9,196,998 | 4.71 % |
| Wireless | Lines | 775,647 | 775,647 | 2,485,929 | 220.50 % |
| Total Installed Lines TELKOM & KSO (Wireline & Wireless) | Lines | 9,558,752 | 9,558,752 | 11,682,927 | 22.22 % |
| Subscribers TELKOM Division | |||||
| Wireline | Lines | 6,441,973 | 7,079,532 | 7,323,304 | 3.44 % |
| Wireless | Lines | 237,200 | 237,200 | 1,313,978 | 453.95 % |
| TELKOM Division | Lines | 6,679,173 | 7,316,732 | 8,637,282 | 18.05 % |
| Subscribers KSO Division | |||||
| Wireline | Lines | 1,365,114 | 727,555 | 816,208 | 12.19 % |
| Wireless | Lines | 27,038 | 27,038 | 111,695 | 313.10 % |
| KSO Division | Lines | 1,392,152 | 754,593 | 927,903 | 22.97 % |
| Subscribers TELKOM & KSO Division | |||||
| Wireline | Lines | 7,807,087 | 7,807,087 | 8,139,512 | 4.26 % |
| Wireless | Lines | 264,238 | 264,238 | 1,425,673 | 439.54 % |
| Total Subscribers -TELKOM & KSO Division (Wireline & Wireless) | Lines | 8,071,325 | 8,071,325 | 9,565,185 | 18.51 % |
| Public Phone TELKOM Division | |||||
| Wireline | Lines | 350,327 | 381,029 | 391,673 | 2.79 % |
| Wireless | Lines | 549 | 549 | 3,695 | 573.04 % |
| TELKOM Division | Lines | 350,876 | 381,578 | 395,368 | 3.61 % |
| Public Phone KSO Division | |||||
| Wireline | Lines | 56,914 | 26,212 | 28,165 | 7.45 % |
| Wireless | Lines | | | | 0.00 % |
| KSO Division | Lines | 56,914 | 26,212 | 28,165 | 7.45 % |
| Public Phone TELKOM & KSO Division | |||||
| Wireline | Lines | 407,241 | 407,241 | 419,838 | 3.09 % |
| Wireless | Lines | 549 | 549 | 3,695 | 573.04 % |
| Total Public Phone TELKOM & KSO Division (Wireline & Wireless) | Lines | 407,790 | 407,790 | 423,533 | 3.86 % |
| Lis Fixed TELKOM Division | |||||
| Wireline | Lines | 6,792,300 | 7,460,561 | 7,714,977 | 3.41 % |
| Wireless | Lines | 237,749 | 237,749 | 1,317,673 | 454.23 % |
| TELKOM Division | Lines | 7,030,049 | 7,698,310 | 9,032,650 | 17.33 % |
| Lis Fixed KSO Division | |||||
| Wireline | Lines | 1,422,028 | 753,767 | 844,373 | 12.02 % |
| Wireless | Lines | 27,038 | 27,038 | 111,695 | 313.10 % |
| KSO Division | Lines | 1,449,066 | 780,805 | 956,068 | 22.45 % |
| Lis Fixed TELKOM & KSO Division | |||||
| Wireline | Lines | 8,214,328 | 8,214,328 | 8,559,350 | 4.20 % |
| Wireless | Lines | 264,787 | 264,787 | 1,429,368 | 439.82 % |
| Total Lines In Services TELKOM & KSO Division | Lines | 8,479,115 | 8,479,115 | 9,988,718 | 17.80 % |
| Column 3a | Column 3b | Column 4 |
|---|---|---|
| TELKOM Division includes : | TELKOM Division includes : | TELKOM Division includes : |
| Regional Division - I Sumatera | Regional Division - I Sumatera | Regional Division - I Sumatera |
| Regional Division - II Jakarta | Regional Division - II Jakarta | Regional Division - II Jakarta |
| Regional Division - III West Java | Regional Division - III West Java | Regional Division - III West Java |
| Regional Division - V East Java | Regional Division - IV Central Java | Regional Division - IV Central Java |
| Regional Division - VI kalimantan | Regional Division - V East Java | Regional Division - V East Java |
| Regional Division - VI kalimantan | Regional Division - VI kalimantan |
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Table 6
PULSE PRODUCTION AS OF DECEMBER 31, 2003 and 2004
| 2003 | 2004 | GROWTH — ( % ) | |||
|---|---|---|---|---|---|
| 1 | 2 | 3 a | 3b | 4 | 5=(4-3)/3 |
| Production : | |||||
| Subscriber | |||||
| -TELKOM Division | |||||
| Wireline | Pulses | 50,847,568,131 | 55,657,861,311 | 58,313,938,481 | 4.77 % |
| Wireless (exclude data & sms) | 214,407,400 | 214,407,400 | 59,345,925,249 | ||
| Total | |||||
| Subscriber Production - TELKOM Division | Pulses | 51,061,975,531 | 55,872,268,711 | ||
| Subscriber | |||||
| -KSO Division | |||||
| Wireline | Pulses | 11,413,258,296 | 6,602,965,116 | 6,838,280,419 | 3.56 % |
| Wireless (exclude data & sms) | 4,221,250 | 4,221,250 | 7,526,023,968 | ||
| Total | |||||
| Subscriber Production - KSO Division | Pulses | 11,417,479,546 | 6,607,186,366 | ||
| Subscriber | |||||
| TELKOM & KSO Division | |||||
| Wireline | Pulses | 62,260,826,427 | 62,260,826,427 | 65,152,218,900 | 4.64 % |
| Wireless (exclude data & sms) | 218,628,650 | 218,628,650 | 66,871,949,217 | ||
| Total | |||||
| Subscriber Production - TELKOM & KSO Division | Pulses | 62,479,455,077 | 62,479,455,077 | ||
| Public | |||||
| Phone -TELKOM Division | |||||
| Wireline | Pulses | 13,795,904,238 | 15,907,818,683 | 13,850,294,140 | -12.93 % |
| Wireless (exclude data & sms) | 2,444,370 | 2,444,370 | 1,849,564,741 | ||
| Total | |||||
| Public Phone Production - TELKOM Division | Pulses | 13,798,348,608 | 15,910,263,053 | ||
| Public | |||||
| Phone - KSO Division | |||||
| Wireline | Pulses | 4,463,141,925 | 2,351,227,479 | 2,328,265,664 | -0.98 % |
| Wireless (exclude data & sms) | | | 164,375,078 | ||
| Total | |||||
| Public Phone Production - KSO Division | Pulses | 4,463,141,925 | 2,351,227,479 | ||
| Public | |||||
| Phone - TELKOM & KSO Division | |||||
| Wireline | Pulses | 18,259,046,162 | 18,259,046,162 | 16,178,559,804 | -11.39 % |
| Wireless (exclude data & sms) | 2,444,370 | 2,444,370 | 2,013,939,819 | ||
| Total | |||||
| Public Phone Production - TELKOM & KSO Division | Pulses | 18,261,490,532 | 18,261,490,532 | ||
| Lines in | |||||
| Services - Production | |||||
| Wireline | Pulses | 80,519,872,590 | 80,519,872,590 | 81,330,778,704 | 1.01 % |
| Wireless (exclude data & sms) | 221,073,020 | 221,073,020 | 68,885,889,036 | ||
| Total LISs Pulse Production TELKOM & KSO Division | Pulses | 80,740,945,609 | 80,740,945,609 | ||
| Productivity | |||||
| Per Average Subscriber Line | |||||
| Wireline | Pulses/Line | 8,222 | 8,222 | 8,171 | -0.61 % |
| Wireless (* 2003 Pulse/Line, 2004 Second/Line) | 1,603 | 1,603 | 79,143 | ||
| Pulses Per Avrg,Subscr,Line ( TELKOM & KSO Division ) | Pulses/Line | 8,104 | 8,104 | ||
| Productivity | |||||
| Per Average LIS | |||||
| Wireline | Pulses/Line | 10,093 | 10,093 | 9,697 | -3.92 % |
| Wireless | 1,618 | 1,618 | 96,386 | ||
| Pulses Per Average LIS ( TELKOM & KSO Division ) | Pulses/Line | 9,950 | 9,950 | |
| Wireless production : 2003 (pulsa), 2004 | Column 3a | Column 3b | Column 4 |
|---|---|---|---|
| (second) | TELKOM Division includes : | TELKOM Division includes : | TELKOM Division includes : |
| Regional Division - I Sumatera | Regional Division - I Sumatera | Regional Division - I Sumatera | |
| Regional Division - II Jakarta | Regional Division - II Jakarta | Regional Division - II Jakarta | |
| Regional Division - III West Java | Regional Division - III West Java | Regional Division - III West Java | |
| Regional Division - V East Java | Regional Division - IV Central Java | Regional Division - IV Central Java | |
| Regional Division - VI kalimantan | Regional Division - V East Java | Regional Division - V East Java | |
| Regional Division - VI kalimantan | Regional Division - VI kalimantan |
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Table 7 PT. TELKOMSEL BALANCE SHEETS AS OF DECEMBER 31, 2003 AND 2004
| Rp. Mn | Rp. Mn | Growth | |||
|---|---|---|---|---|---|
| CURRENT ASSETS | |||||
| Cash and cash equivalents | 1,696,751 | 2,958,606 | 74 % | ||
| Short-term investment | | 44,955 | | ||
| Acct. | |||||
| receivable - net of allow. for doubtful acct. | 197,093 | 191,763 | -3 % | ||
| Accrued income | 370,063 | 436,300 | 18 % | ||
| Inventories | 49,365 | 93,113 | 89 % | ||
| Prepayments | 296,629 | 328,766 | 11 % | ||
| Claim for tax refund | 37,045 | 39,413 | | ||
| Others | 28,445 | 5,705 | -80 % | ||
| Total Current Assets | 2,675,391 | 4,098,621 | 53 % | ||
| LONG-TERM INVESTMENT | | 9,290 | | ||
| PROPERTY, PLANT AND EQUIPMENT | |||||
| Fixed assets | 16,536,443 | 21,004,836 | 27 % | ||
| Work in progress | 212,245 | 216,370 | 2 % | ||
| Accumulated depreciation | (4,053,567 | ) | (6,254,176 | ) | -54 % |
| PPE - Net Book Value | 12,695,121 | 14,967,030 | 18 % | ||
| OTHER ASSETS | |||||
| Advances | | 439,257 | | ||
| Others | 39,350 | 34,557 | -12 % | ||
| Total Other Assets | 39,350 | 473,814 | 1104 % | ||
| TOTAL ASSETS | 15,409,862 | 19,548,755 | 27 % | ||
| CURRENT LIABILITIES | |||||
| Accounts payable | 221,060 | 107,625 | -51 % | ||
| Accrued liabilities | 1,101,910 | 1,257,606 | 14 % | ||
| Taxes payable | 548,043 | 615,602 | 12 % | ||
| Unearned income | 729,170 | 995,702 | 37 % | ||
| Curr. maturities of long-term loan | 190,215 | 329,486 | 73 % | ||
| Total Current Liabilities | 2,790,398 | 3,306,021 | 18 % | ||
| NON-CURRENT LIABILITIES | |||||
| Deferred tax liabilities | 497,703 | 745,839 | 50 % | ||
| Long term | |||||
| loan - net of current maturities | 665,753 | 841,741 | 26 % | ||
| Guaranteed | |||||
| notes - net | 1,121,224 | 736,174 | -34 % | ||
| Others | 23,716 | 41,583 | 75 % | ||
| Total Non-current Liabilities | 2,308,396 | 2,365,337 | 2 % | ||
| EQUITY | |||||
| Capital | |||||
| stock - Rp 1,000,000 par value | |||||
| Authorized - 650,000 shares | |||||
| Issued and fully paid - 182,570 shares | 182,570 | 182,570 | 0 % | ||
| Additional paid-in capital | 1,504,854 | 1,504,854 | 0 % | ||
| Retained earnings | 8,623,644 | 12,189,973 | 41 % | ||
| Total Equity | 10,311,068 | 13,877,397 | 35 % | ||
| TOTAL LIAB. & STOCKHOLDERS EQUITY | 15,409,862 | 19,548,755 | 27 % |
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Table 8 PT. TELKOMSEL STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2004
| Rp. Mn | Rp. Mn | Growth | |||
|---|---|---|---|---|---|
| OPERATING REVENUES | |||||
| Post-paid | 3,453,077 | 3,699,561 | 7 % | ||
| Prepaid | 7,200,385 | 10,283,277 | 43 % | ||
| International roaming | 387,833 | 429,618 | 11 % | ||
| Interconnection revenues (outpayment) - net | 104,826 | 352,626 | 236 % | ||
| Total Operating Revenues | 11,146,121 | 14,765,082 | 32 % | ||
| OPERATING EXPENSES | |||||
| Personnel | 406,678 | 486,928 | 20 % | ||
| Operation & maintenance | 1,652,626 | 1,984,134 | 20 % | ||
| General & administrative | 383,824 | 577,495 | 50 % | ||
| Marketing & selling | 181,708 | 355,829 | 96 % | ||
| Rev. dependent & other cost of services | 494,881 | 689,132 | 39 % | ||
| Depreciation and amortization | 1,680,553 | 2,651,028 | 58 % | ||
| Total Operating Expenses | 4,800,270 | 6,744,546 | 41 % | ||
| EBIT (EARNINGS BEFORE INTEREST & TAXES) | 6,345,851 | 8,020,536 | 26 % | ||
| OTHER INCOME/(CHARGES) | |||||
| Interest income/(expenses) | (126,863 | ) | (99,461 | ) | 22 % |
| Foreign exchange gain/(loss) | (73,017 | ) | (62,029 | ) | 15 % |
| Others - net | (16,300 | ) | (26,102 | ) | -60 % |
| Other | |||||
| income/(charges) - net | (216,180 | ) | (187,592 | ) | 13 % |
| INCOME BEFORE TAX | 6,129,671 | 7,832,944 | 28 % | ||
| PROVISION FOR INCOME TAX | 1,892,821 | 2,359,965 | 25 % | ||
| NET INCOME | 4,236,850 | 5,472,979 | 29 % | ||
| EBITDA | 8,026,404 | 10,671,564 | 33 % | ||
| EBITDA MARGIN | 72 | % | 72 | % | 0 % |
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Table 9 PT. TELKOMSEL OPERATIONAL INDICATORS AS OF DEC 31, 2003 & 2004
| Unit | ||||
|---|---|---|---|---|
| CUSTOMER BASE | ||||
| Net Additions | ||||
| kartuHALO | Subscriber (000) | 84 | 321 | 282 % |
| simPATI | Subscriber (000) | 3,494 | 2,976 | -15 % |
| KARTU As | Subscriber (000) | | 3,405 | |
| Total | Subscriber (000) | 3,578 | 6,702 | 87 % |
| Customer base | ||||
| kartuHALO | Subscriber (000) | 1,007 | 1,328 | 32 % |
| simPATI | Subscriber (000) | 8,582 | 11,558 | 35 % |
| KARTU As | Subscriber (000) | | 3,405 | |
| Total | Subscriber (000) | 9,589 | 16,291 | 70 % |
| ARPU | ||||
| Total (12 months average) | ||||
| kartuHALO | Rp.'000 per mo. | 314 | 304 | -3 % |
| simPATI | Rp.'000 per mo. | 95 | 84 | -12 % |
| KARTU As | Rp.'000 per mo. | | 48 | |
| Blended | Rp.'000 per mo. | 123 | 102 | -17 % |
| Non-voice/SMS (12 months average) | ||||
| kartuHALO | Rp.'000 per mo. | 30 | 41 | 37 % |
| simPATI | Rp.'000 per mo. | 23 | 23 | 0 % |
| KARTU As | Rp.'000 per mo. | | 17 | |
| Blended | Rp.'000 per mo. | 23 | -100 % | |
| Blended | Rp.'000 per mo. | 24 | 24 | 0 % |
| AERPU (net revenues/average subscribers/12) | Rp.'000 per mo. | 119 | 95 | -20 % |
| SMS | ||||
| # messages/sub/month kartuHALO | message | 113 | 130 | 15 % |
| # messages/sub/month simPATI | message | 69 | 68 | -1 % |
| # messages/sub/month KARTU As | message | | 35 | |
| NETWORK DATA | ||||
| Network capacity | ||||
| Base stations installed | Unit | 4,820 | 6,205 | 29 % |
| Overall capacity all network elements | Subs. '000 | 10,800 | 17,900 | 66 % |
| Quality of service | ||||
| Call success rate | % | 94.62 % | 95.19 % | 0.57 % |
| Call completion rate | % | 99.19 % | 99.26 % | 0.07 % |
| EMPLOYEE DATA | ||||
| Total employees | person | 2,869 | 3,331 | 16 % |
| Efficiency ratio | Subs/employee | 3,342 | 4,891 | 46 % |
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PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk., and SUBSIDIARIES Breakdown of the Statement of Income (Audited) For the Year Ended December 31, 2003 and 2004
| 2003 — (Rp. Million) | 2004 — (Rp. Million) | Growth — (%) | ||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 = (3-2)/2 | |
| OPERATING REVENUE | ||||
| Fixed Lines (wireline + wireless) | ||||
| Local | 2,349,449 | 3,194,977 | 35.99 | |
| Long distance | 4,212,351 | 4,244,333 | 0.76 | |
| Monthly subscription charges | 1,948,830 | 2,934,899 | 50.60 | |
| Instalation charges | 223,130 | 201,313 | (9.78 | ) |
| Phone cards | 34,371 | 15,561 | (54.73 | ) |
| Others | 128,734 | 53,938 | (58.10 | ) |
| Total Fixed lines Revenues | 8,896,865 | 10,645,021 | 19.65 | |
| Cellular | 8,458,830 | 10,421,298 | 23.20 | |
| Interconnection | ||||
| Cellular | 3,908,292 | 5,351,613 | 36.93 | |
| International | 184,097 | 641,210 | 248.30 | |
| Other | 69,759 | 195,158 | 179.76 | |
| Total Interconnection Revenues | 4,162,148 | 6,187,981 | 48.67 | |
| Joint Operation Scheme Revenues | 1,486,307 | 656,614 | (55.82 | ) |
| Data and Internet | ||||
| SMS | 2,205,058 | 3,562,726 | 61.57 | |
| Multimedia | 494,747 | 813,330 | 64.39 | |
| VoIP | 328,284 | 318,854 | (2.87 | ) |
| ISDN | 80,473 | 113,832 | 41.45 | |
| Total Data and Internet Revenues | 3,108,562 | 4,808,742 | 54.69 | |
| Network | ||||
| Leased lines | 247,005 | 443,408 | 79.51 | |
| Satellite transponder lease | 270,860 | 210,901 | (22.14 | ) |
| Total Network Revenues | 517,865 | 654,309 | 26.35 | |
| Revenue Sharing Arrangement Revenues | 258,464 | 280,576 | 8.56 | |
| Other Telecommunications Services (OTS) | ||||
| Directory assistance | 218,008 | 282,464 | 29.57 | |
| Others | 8,874 | 10,761 | 21.28 | |
| Total OTS Revenues | 226,882 | 293,225 | 29.24 | |
| TOTAL OPERATING REVENUES | 27,115,923 | 33,947,766 | 25.19 | |
| OPERATING EXPENSES | ||||
| Personnel | 4,440,096 | 5,570,778 | 25.47 | |
| Depreciation | 4,779,520 | 6,438,557 | 34.71 | |
| Operation, maintenance and telecommunications services | ||||
| Operations and maintenance | 1,744,806 | 2,398,159 | 37.45 | |
| Cost of phone cards | 181,272 | 366,661 | 102.27 | |
| Lisence (Concession fees & radio frequency usage charges) | 610,719 | 807,309 | 32.19 | |
| Electricity, gas and water | 300,432 | 385,662 | 28.37 | |
| Insurance and Others | 501,464 | 571,796 | 14.03 | |
| Total O & M | 3,338,693 | 4,529,587 | 35.67 | |
| General and administrative | ||||
| Provision for doubtful accounts and inventory obsolescence | 326,419 | 357,695 | 9.58 | |
| Training, education and recruitment | 126,927 | 228,524 | 80.04 | |
| Research, development and consultant | 124,708 | 150,581 | 20.75 | |
| Collection expenses | 273,767 | 358,957 | 31.12 | |
| Amortization of Intangible assets | 730,659 | 872,330 | 19.39 | |
| Others | 496,297 | 631,760 | 27.29 | |
| Total G & A | 2,078,777 | 2,599,847 | 25.07 | |
| Marketing | 502,898 | 881,930 | 75.37 | |
| TOTAL OPERATING EXPENSES | 15,139,984 | 20,020,699 | 32.24 | |
| OPERATING INCOME | 11,975,939 | 13,927,067 | 16.29 |
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PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk., and SUBSIDIARIES Breakdown of the Statements of Income Audited (Continued) For the Year Ended December 31, 2003 and 2004
| 2003 — (Rp. Million) | (Rp. Million) | (%) | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 = (3-2)/2 | |||
| OPERATING INCOME | 11,975,939 | 13,927,067 | 16.29 | |||
| OTHER INCOME (CHARGES) | ||||||
| Interest income | 366,024 | 317,941 | (13.14 | ) | ||
| Interest expense | (1,383,446 | ) | (1,270,136 | ) | (8.19 | ) |
| Gain (loss) on foreign exchange - net | 126,121 | (1,220,760 | ) | (1,067.93 | ) | |
| Equity in net income (loss) of associated companies | 2,819 | 3,420 | 21.31 | |||
| Income from supporting activities | 169,444 | 112,504 | (33.60 | ) | ||
| Others - net | 194,894 | 218,547 | 12.14 | |||
| Total Other Income (Charges) - net | (524,144 | ) | (1,838,485 | ) | 250.76 | |
| INCOME BEFORE TAX | 11,451,795 | 12,088,582 | 5.56 | |||
| TAX EXPENSE | (3,861,090 | ) | (4,003,072 | ) | 3.68 | |
| INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES | 7,590,705 | 8,085,510 | 6.52 | |||
| MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES | (1,503,478 | ) | (1,956,301 | ) | 30.12 | |
| NET INCOME | 6,087,227 | 6,129,209 | 0.69 | |||
| NET INCOME PER SHARE (FULL AMOUNT) | 301.95 | 304.03 | 0.69 | |||
| NET INCOME PER ADS (40 SERIES B SHARE PER ADS) (FULL AMOUNT) | 12,077.83 | 12,161.13 | 0.69 |
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| ● |
| --- |
| (Unaudited) |
| Date : May 6, 2005 |
| No: C.TEL 139/PR110/UHI/2005 |
| This document contains certain financial
conditions and results of operation, and may
also contain certain projections, plans,
strategies, and objectives of the Company,
which would be treated as forward looking
statements within the meaning of applicable
law. Forward looking statements, by their
nature, involve risk and uncertainty that
could cause actual results and development
to differ materially from those expressed or
implied in these statements. TELKOM do not
guarantee that any action, which should have
been taken in reliance on this document will
bring specific results as expected. |
Tickers
NYSE : TLK LSE : TKIA JSX : TLKM
Divisions Telkom Regions: I, II,III, IV,V, VI KSO Region : VII
Shares in issues 20,159,999,280 shares
Major Shareholders Govt. of Indonesia : 51.19% Public : 48.81%
Conversion Rates (US$ 1.00) 2004 =Rp.8,565.0 (March 31, 2004) 2005 =Rp.9,471.5 (March 31, 2005)
FINANCIAL HIGHLIGHTS
| Q104 | Q105 | Growth | |
|---|---|---|---|
| Key Indicators | (Rp. Bn) | (Rp. Bn) | (%) |
| Operating Revenues | 7,756 | 9,347 | 20.5 |
| Operating Expenses | 4,539 | 5,652 | 24.5 |
| Operating Income | 3,217 | 3,695 | 14.8 |
| EBITDA | 4,927 | 5,483 | 11.3 |
| Net Income | 1,651 | 1,703 | 3.2 |
| Net Income/share (Rp) | 81.88 | 84.48 | 3.2 |
| Net Income/ADR (Rp) | 3,275.33 | 3,379.14 | 3.2 |
| EBITDA Margin (%) | 63.5 % | 58.7 % | -4.9 % |
OPERATIONAL HIGHLIGHTS
| Description | |||||
|---|---|---|---|---|---|
| TELKOM | |||||
| LIS Wireline | (000 | ) | 8,308 | 8,611 | 3.6 |
| LIS Wireless | (000 | ) | 422 | 1,844 | 337.4 |
| Total | (000 | ) | 8,729 | 10,455 | 19.8 |
| TELKOM | |||||
| Customer: | |||||
| Postpaid | (000 | ) | 1,033 | 1,374 | 33.0 |
| Prepaid | (000 | ) | 9,710 | 12,102 | 24.6 |
| KARTU As | (000 | ) | | 4,391 | |
| Total | (000 | ) | 10,743 | 17,867 | 66.3 |
HIGHLIGHTS
| § | During the 1Q-05, 1,017 TELKOMs employees have participated in the early retirement program, with total compensation of Rp 512 bn (excluding tax) |
|---|---|
| § | TELKOMFlexis subscribers grew by 337%, covering 216 cities |
| § | Total TELKOMs subscribers (fixed wireline and wireless) reached 10.5 mn |
| § | Telkomsel remains as a market leader with 55% market share |
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PT. TELEKOMUNIKASI INDONESIA, Tbk. ANNOUNCEMENT FOR THE FIRST QUARTER 2005 RESULTS (Un-audited)
Jakarta, May 6, 2005 - PT Telekomunikasi Indonesia, Tbk. (TELKOM or the Company), has announced its audited consolidated financial statements and operational results for the first quarter 2005. All figures in this report are prepared in accordance with Generally Accepted Accounting Principles in Indonesia (Indonesian GAAP).
FINANCIAL RESULTS
Profit and Loss Statement
Revenues contribution :
Financial results as of March 31, 2005 compared to the same period ended March 31, 2004: Operating Revenues increased by Rp. 1,590.6 bn or 20.5% compared to the same period last year, summarized as follows:
§ Data and Internet Revenues increased by Rp. 410.4 bn or 40.7% compared to the same figure of last year, mainly due to the growth in TelkomNet Instan usage by 144.7% to 1.3 bn minutes and growth in SMS production by 51.4% to 3.5 bn.
§ Interconnection Revenues increased by Rp.512.4 bn or 38.4% compared to the same figure of last year, mainly due to the growth in cellular subscribers, long distance usage and international traffic.
§ Cellular Revenues increased by Rp. 570.4 bn or 23.3% compared to the same figure of last year, mainly due to the increase in total Telkomsels subscribers by 66.3%.
§ Fixed phone Revenues increased by Rp.99.0 bn or 3.8% compared to the same figure of last year, mainly due to the growth in LIS wireline by 3.6%.
Operating Expenses increased by Rp. 1,113.3 bn or 24.5%, summarized as follows:
§ Personnel Expense increased by Rp.683.7 or 49.4%, mainly due to the increase in early retirement cost from Rp.380 mn in 1Q-04 to Rp.511 bn in 1Q-05.
§ Operation & Maintenance Expense increased by Rp. 313.2 bn or 32.8%, mainly due to the increase in Concession fees and Radio Frequency charges as a result from the increase in BTS and RBS.
§ General & Administrative, Marketing and Depreciation Expenses increased slightly by 8.4%, 8.1% and 3.9%, respectively.
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As of the period ended March 31, 2005, TELKOM recorded Operating Income of Rp.3,694.7 bn or increased by 14.8% compared to the same period last year and EBITDA of Rp. 5,483.4 bn or increased by 11.3%.
Other Charges increased by 38.6% from Rp.216.6 bn to Rp.300.1 bn in 1Q-05, mainly due to the Loss on Foreign Exchange.
Net Income
F or the first quarter 2005, the Company recorded an increase in Net Income by 3.2% to Rp.1,703.0 bn.
CAPITAL EXPENDITURE
For the year 2005, TELKOM group budgeted Rp 13,708.9 bn on CAPEX, primarily consisting of Rp 6,140.7 bn for TELKOM and approximately USD 650-750 mn for TELKOMSEL.
TELKOM (unconsolidated)
During the first quarter 2005, the Company has spent Rp.286.1 bn for CAPEX (payment based), which consist of:
| Infrastructure | 258.1 |
|---|---|
| Commercial services | 16.2 |
| Supporting services | 11.8 |
| Long Term investment | |
| Total | 286.1 |
TELKOMSEL
From January to March 2005, Telkomsel added Rp.1,170.0 bn (US$126 mn) to fixed-assets for network infrastructures and other investments. Cash spending on capex for 1Q-05 was Rp.1,170.0 bn (US$ 126 mn). There were 731 new BTSs installed and 1.7 mn subscribers capacity added in 1Q-05. Overall network capacity as of end of March 2005 was approximately 19.6 mn subscribers.
CONSOLIDATED DEBT
As of March 31, 2005, breakdown of debt portfolio (short-term and long-term) in foreign currencies and Rupiah equivalents were as follows:
Consolidated debt composition:
| Currencies | Years | Rp Equivalent — (bn) | Portion (%) |
|---|---|---|---|
| IDR/ Rupiah | 2004 | 4,124.8 | 28.5 |
| 2005 | 4,688.6 | 28.2 | |
| Foreign Crncy | 2004 | 10,323.7 | 71.5 |
| 2005 | 11,920.4 | 71.8 | |
| Total | 2004 | 14,448.5 | 100.0 |
| 2005 | 16,609.0 | 100.0 |
TELKOMs DEBTs (unconsolidated)
As of March 31, 2005, breakdown of debt portfolio (short-term and long-term) in original currencies and Rupiah equivalents were as follows:
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| Currencies | Years | Rp Equivalent — (bn) | Portion |
|---|---|---|---|
| IDR/ Rupiah | 2004 | 4,062.0 | 33.1 |
| 2005 | 4,508.2 | 30.3 | |
| Foreign Crncy | 2004 | 8,207.7 | 66.9 |
| 2005 | 10,372.6 | 69.7 | |
| Total | 2004 | 12,269.7 | 100.0 |
| 2005 | 14,880.8 | 100.0 |
TELKOM hedges its foreign currencies exposures through time deposit placement, mainly in US Dollar. As of March 31, 2005, the Companys deposit covered approximately 1.36% of foreign debts from April 1, 2005 to March 31, 2006.
OPERATIONAL RESULTS
Fixed-Lines in Service (including Fixed Wireless)
As of March 31, 2005, TELKOM including KSO VII, recorded 10.45 mn fixed lines in service, consisting of 8.61 mn of wire-lines and 1.84 mn of fixed-wireless.
Net additional lines in service during the 1Q-05 reached 0.47 mn lines, which was higher than the figure of the 1Q-04 of 0.25 mn lines.
Fixed-Wireless CDMA Services
Flexi still recorded high growth in LIS(337.8%)
As of March 31, 2005, TELKOMFlexi contributed Rp.381.4 bn to TELKOM revenues, mainly generated from voice, SMS, and interconnection.
TELKOMFlexi performances as of March 31, 2005 are as follows:
| Descriptions | Unit | ||||
|---|---|---|---|---|---|
| Line in service | |||||
| Classy/Postpaid | Subs | 335,453 | 765,612 | 128.2 | |
| Trendy/Prepaid | Subs | 85,635 | 1,078,077 | 1,158.9 | |
| Total | Subs | 421,088 | 1,843,689 | 337.8 | |
| Sales | |||||
| Classy/Postpaid | Subs | 128,597 | 155,835 | 21.2 | |
| Trendy/Prepaid | Subs | 48,961 | 542,715 | 1,008.5 | |
| Total | Subs | 177,558 | 698,550 | 293.4 | |
| ARPU (3 months average) | |||||
| Classy/Postpaid | Rp.(000) | 183 | 134 | (26.8 | ) |
| Trendy/Prepaid | Rp.(000) | 32 | 33 | 2.2 | |
| Blended | Rp.(000) | 153 | 78 | (49.1 | ) |
| NETWORK | |||||
| BTS | unit | 412 | 1,256 | 204.9 | |
| Number of city in service | city | 43 | 216 | 402.3 |
TELKOM International Call 007 (TIC-007)
As of March 31, 2005, TIC-007 generated revenues Rp. 158 bn with the figure as follows:
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| Description — Traffic | Unit — mn. minutes | 82.5 | 33.8 | 116.3 |
|---|---|---|---|---|
| Revenue | Rp. bn | 61.0 | 97.0 | 158.0 |
Cellular Services
Telkomsel subscribers market share reached 55%
Telkomsel is the largest mobile communication company in Indonesia with 55% subscribers market share and total subscribers of 17.9 mn at the end of March 2005.
Data and Internet Services
As of March 31, 2005, the total access to TELKOMNet Instan connectivity amounted to 1,318 mn minutes or increased by 144.7% from the same period last year. Meanwhile, the total of Telkomsels SMS production increased by 51.4% to 3.53 bn SMS.
HUMAN RESOURCES
Total compensation for early retirement program during 1Q-05 amount Rp 512 bn (excluding tax )
As of March 31, 2005, the total number of TELKOMs (as a single entity) employees was 28,420 persons, consisting of 25,097 persons in TELKOM Regions and 3,323 persons in KSO Region. Productivity per employee as measured by the number of fixed lines in service per employee as of March 31, 2005 was 356 compare to 287 for 2004. During the 1Q-05, 1,017 TELKOMs employees have participated in early retirement program, with total compensation of Rp 512 bn (excluding tax).
RECENT DEVELOPMENTS
Implementation of DLD Access Code
On April 1, 2005, the Ministry of Communication and Information have issued Release no. 92/M.Kominfo/2005 regarding Implementation of Domestic Long Distance (DLD) Access Code. TELKOM is ready to implement interconnection and open Indosats DLD access code in several location as mentioned in the Release after reaching technical and business arrangements formulated under Interconnection Agreement between both parties.
Buy Back of Telkomsels Guaranteed Notes.
Telkomsel has per April 30 th 2005 executed the call option (at 102.5%) for the full remaining outstanding amount of the Guaranteed Notes issued in 2002. The Notes have effectively been called and settled on May 4 th and the re-called Notes will be cancelled.
Corporate Secretary,
ADEK JULIANWAR
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Table 1 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2004 AND 2005
| Rp. mn | Rp. mn | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | 5,168,914 | 6,180,470 |
| Temporary investments | | 46,220 |
| Trade accounts receivable | ||
| Related parties - net of allowance for doubtful | ||
| accounts of Rp82,804 in 2004, | ||
| and Rp99,523 in 2005 | 676,908 | 678,393 |
| Third parties - net of allowance for doubtful | ||
| accounts of Rp413,726 in 2004 | ||
| and Rp508,301 in 2005 | 2,895,600 | 3,200,061 |
| Other accounts receivable - net of allowance for | ||
| doubtful accounts of Rp55,737 in 2004 | ||
| and Rp14,553 in 2004 | 38,150 | 54,731 |
| Inventories - net of allowance for obsolescence of | ||
| Rp40,414 in 2004 and Rp56,940 in 2005 | 177,598 | 172,343 |
| Prepaid expenses | 643,390 | 995,512 |
| Prepaid taxes | 90,654 | 68,605 |
| Other current assets | 40,534 | 44,455 |
| Total Current Assets | 9,731,748 | 11,440,790 |
| NON-CURRENT ASSETS | ||
| Long-term investments - net | 136,741 | 85,389 |
| Property, plant and equipment - net of accumulated | ||
| depreciation of Rp26,497,621 in 2004 | ||
| and Rp30,879,083 in 2005 | 36,307,769 | 39,732,501 |
| Property, plant and equipment under revenue-sharing arrangements - net of accumulated | ||
| depreciation of Rp809,772 in 2004 | ||
| and Rp668,053 in 2005 | 286,914 | 468,293 |
| Prepaid pension cost | 233,563 | 69,387 |
| Advances and other non-current assets | 288,645 | 1,432,433 |
| Goodwill and other intangible assets - net of | ||
| accumulated amortization of Rp1,182,787 | ||
| in 2004 and Rp2,075,572 in 2005 | 5,843,560 | 5,181,887 |
| Advance payments for investment in shares of stock | 65,458 | |
| Escrow account | 250,409 | 59,325 |
| Total Non-current Assets | 43,413,059 | 47,029,215 |
| TOTAL ASSETS | 53,144,807 | 58,470,005 |
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Table 1 (continued) PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2004 AND 2005
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||
| CURRENT LIABILITIES | ||||
| Trade accounts payable | ||||
| Related parties | 623,367 | 951,699 | ||
| Third parties | 2,331,355 | 2,780,341 | ||
| Other accounts payable | 61,188 | 133,142 | ||
| Taxes payable | 714,840 | 1,276,180 | ||
| Dividends payable | 11,799 | 62,690 | ||
| Accrued expenses | 1,775,433 | 1,757,707 | ||
| Unearned income | 755,059 | 1,089,655 | ||
| Advances from customers and suppliers | 427,791 | 413,855 | ||
| Short-term bank loans | 1,037,644 | 1,109,153 | ||
| Current maturities of long-term liabilities | 2,358,319 | 3,043,517 | ||
| Total Current Liabilities | 10,096,795 | 12,617,939 | ||
| NON-CURRENT LIABILITIES | ||||
| Deferred tax | ||||
| liabilities - net | 3,515,565 | 3,063,582 | ||
| Unearned income on revenue-sharing arrangements | 111,184 | 333,842 | ||
| Unearned initial investor payments under joint | ||||
| operation scheme | 28,497 | 19,330 | ||
| Provision for long service award | 512,954 | 584,720 | ||
| Provision for post-retirement health care benefits | 2,007,930 | 1,857,813 | ||
| Provision for other post-retirement benefits | 11,402 | 21,677 | ||
| Long-term | ||||
| liabilities - net of current maturities | ||||
| Two-step loans - related party | 6,495,522 | 5,241,761 | ||
| Notes and bonds | 1,761,501 | 1,596,167 | ||
| Bank loans | 2,138,446 | 2,026,238 | ||
| Liabilities for acquisition of business | 3,766,407 | 3,592,182 | ||
| Suppliers credit loans | 680 | | ||
| Bridging loan | 517 | | ||
| Other long-term debt | 9,378 | | ||
| Total Non-current Liabilities | 20,359,983 | 18,337,312 | ||
| MINORITY INTEREST IN NET ASSETS OF SUBSIDIARIES | 3,724,385 | 5,549,979 | ||
| EQUITY | ||||
| Capital | ||||
| stock - Rp250 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 | ||
| Additional paid-in capital | 1,073,333 | 1,073,333 | ||
| Difference in value of restructuring transactions | ||||
| between entities under common control | (7,288,271 | ) | (7,288,271 | ) |
| Difference due to change of equity in associated | ||||
| companies | 385,595 | 385,595 | ||
| Unrealized loss on decline in value of securities | | 1,290 | ||
| Translation adjustment | 224,232 | 229,595 | ||
| Retained earnings | ||||
| Appropriated | 1,559,068 | 1,680,813 | ||
| Unappropriated | 17,969,687 | 20,842,420 | ||
| Total Equity | 18,963,644 | 21,964,775 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | 53,144,807 | 58,470,005 |
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Table 2 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE PERIOD ENDED MARCH 31, 2004 AND 2005
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| OPERATING REVENUES | ||||
| Telephone | ||||
| Fixed lines | 2,628,041 | 2,727,068 | ||
| Cellular | 2,449,493 | 3,019,873 | ||
| Interconnection | 1,335,802 | 1,848,186 | ||
| Joint operation schemes | 94,807 | 166,746 | ||
| Data and Internet | 1,009,452 | 1,419,869 | ||
| Network | 120,726 | 108,955 | ||
| Revenue-sharing arrangements | 59,173 | 29,897 | ||
| Other telecommunications services | 58,801 | 26,299 | ||
| Total Operating Revenues | 7,756,295 | 9,346,893 | ||
| OPERATING EXPENSES | ||||
| Personnel | 1,384,220 | 2,067,943 | ||
| Depreciation | 1,500,998 | 1,559,218 | ||
| Operations, maintenance and telecommunication | ||||
| services | 955,204 | 1,268,444 | ||
| General and administrative | 532,423 | 577,012 | ||
| Marketing | 166,096 | 179,621 | ||
| Total Operating Expenses | 4,538,941 | 5,652,238 | ||
| OPERATING INCOME | 3,217,354 | 3,694,655 | ||
| OTHER INCOME (CHARGES) | ||||
| Gain on sale of long-term investment in Telkomsel | | | ||
| Interest income | 53,799 | 57,295 | ||
| Interest expense | (333,734 | ) | (312,807 | ) |
| Gain | ||||
| (loss) on foreign exchange - net | (50,470 | ) | (176,382 | ) |
| Equity in net income (loss) of associated companies | 18 | 2,778 | ||
| Others - net | 113,820 | 129,027 | ||
| Other income | ||||
| (charges) - net | (216,567 | ) | (300,089 | ) |
| INCOME BEFORE TAX | 3,000,787 | 3,394,566 | ||
| TAX EXPENSE | ||||
| Current tax | (946,668 | ) | (1,347,588 | ) |
| Deferred tax | 31,007 | 288,500 | ||
| (915,661 | ) | (1,059,088 | ) | |
| INCOME BEFORE MINORITY INTEREST IN NET | ||||
| INCOME OF SUBSIDIARIES | 2,085,126 | 2,335,478 | ||
| MINORITY INTEREST IN NET INCOME OF | ||||
| SUBSIDIARIES | (434,359 | ) | (632,451 | ) |
| NET INCOME | 1,650,767 | 1,703,027 | ||
| BASIC EARNINGS PER SHARE | ||||
| Net income per share -Rp | 81.88 | 84.48 | ||
| Net income per ADS-Rp (40 Series B shares per ADS) | 3,275.33 | 3,379.14 |
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Table 3 PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED MARCH 31, 2004 AND 2005
| Rp. mn | Rp. mn | |||
|---|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Cash receipts from operating revenues | ||||
| Telephone | ||||
| and interconnection - net | ||||
| Fixed lines | 2,455,558 | 2,677,841 | ||
| Cellular | 2,066,558 | 3,019,537 | ||
| Joint operation scheme | 79,687 | 239,204 | ||
| Interconnection - net | 1,534,187 | 1,727,858 | ||
| Other services | 874,718 | 1,545,020 | ||
| Total cash receipts from operating revenues | 7,010,708 | 9,209,460 | ||
| Cash payments for operating expenses | (2,220,604 | ) | (2,824,119 | ) |
| Cash generated from operations | 4,790,104 | 6,385,341 | ||
| Interest received | 54,190 | 57,492 | ||
| Income tax payments | (1,873,559 | ) | (1,800,340 | ) |
| Interest paid | (315,641 | ) | (190,894 | ) |
| Cash receipt (refund) from/to customers and advances | 84,489 | 135,425 | ||
| Net Cash Provided by Operating Activities | 2,739,583 | 4,587,024 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Proceeds from sale of property, plant and equipment | 2,719 | 5,312 | ||
| Purchase of marketable securities and placements | ||||
| in time deposits | | (25,865 | ) | |
| Acquisition of businesses, net of cash acquired | | 168,171 | ||
| Acquisition of property, plant and equipment | (1,489,239 | ) | (2,583,361 | ) |
| Decrease in advances and others | 112,021 | 66,945 | ||
| Net Cash Used in Investing Activities | (1,374,499 | ) | (2,368,798 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Payment for debt issuance cost | (520,234 | ) | (1,039,143 | ) |
| Repayments of promissory notes | (1,582,618 | ) | | |
| Cash dividends paid | 8,019 | | ||
| Increase in escrow accounts | (271,738 | ) | (23,045 | ) |
| Receipts from loan | 1,159,706 | 299,867 | ||
| Net Cash Used in Financing Activities | (1,206,865 | ) | (762,321 | ) |
| NET INCREASE (DECREASE) IN CASH AND | ||||
| CASH EQUIVALENTS | 158,219 | 1,455,905 | ||
| EFFECT OF EXCHANGE RATE CHANGES | ||||
| ON CASH AND CASH EQUIVALENTS | 13,015 | (131,559 | ) | |
| CASH AND CASH EQUIVALENTS AT BEGINNING | ||||
| OF YEAR | 4,997,680 | 4,856,124 | ||
| CASH AND CASH EQUIVALENTS AT END OF YEAR | 5,168,914 | 6,180,470 |
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Table 4 FINANCIAL RATIOS AS OF MARCH 31, 2004 and 2005
| 1 | 2004 — 2 | 2005 — 3 | Growth (%) — 4=(3-2)/2 | |
|---|---|---|---|---|
| Contribution of pulses to total fixed-phone revenue: | ||||
| Local Calls (%) | 26.14 | 30.99 | 4.85 | |
| Domestic Long Distance Calls (%) | 48.19 | 35.73 | (12.47 | ) |
| Monthly subscription charges (%) | 22.71 | 29.29 | 6.59 | |
| Installation charges (%) | 2.10 | 1.85 | (0.25 | ) |
| Phone-card | 0.15 | 0.09 | (0.06 | ) |
| Others (%) | 0.71 | 2.05 | 1.34 | |
| Contribution to total operating revenues: | ||||
| Cellular (%) | 31.58 | 32.31 | 0.73 | |
| Fixed-phone (%) | 33.88 | 29.18 | (4.71 | ) |
| Revenue under JOS (%) | 1.22 | 1.78 | 0.56 | |
| Interconnection (%) | 17.22 | 19.77 | 2.55 | |
| Network (%) | 1.56 | 1.17 | (0.39 | ) |
| Data dan internet (%) | 13.01 | 15.19 | 2.18 | |
| Revenue under RSA (%) | 0.76 | 0.32 | (0.44 | ) |
| Other telecommunications services (%) | 0.76 | 0.28 | (0.48 | ) |
| Average Fixed Phone Revenue per user/month | 171,782 | 165,936 | (3.40 | ) |
| EBITDA (Rp million) *) | 4,927,435 | 5,483,411 | 11.28 | |
| EBITDA margin (%) | 63.53 | 58.67 | (4.86 | ) |
| Operating margin (%) | 41.48 | 39.53 | (1.95 | ) |
| Profit Margin (%) | 21.28 | 18.22 | (3.06 | ) |
| Current ratio (%) | 96.38 | 90.88 | (5.50 | ) |
| Return on Assets (%) | 3.11 | 2.91 | (0.19 | ) |
| Return on Equity (%) | 8.70 | 7.74 | (0.96 | ) |
| Total Liabilities to Equity (%) | 160.61 | 140.61 | (19.99 | ) |
| Gearing (Net Debt to Equity) (%) | 64.07 | 46.94 | (17.13 | ) |
| Debt to Equity (%) | 92.64 | 75.52 | (17.13 | ) |
| Debt to EBITDA (%) | 356.54 | 302.90 | (53.65 | ) |
| Debt Service Ratio (Times) | 1.3 | 1.2 | (0.09 | ) |
| EBITDA to Interest Expense (times) | 14.8 | 17.5 | 2.77 | |
| EBITDA to Net Debt (%) | 40.6 | 53.1 | 12.56 |
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Table 5 FIXED TELEPHONE LINE AS OF MARCH, 2004 and 2005
| 1 | 2 | 2003 — 3 | 2004 — 4 | Growth (%) — 5=(4-3)/3 |
|---|---|---|---|---|
| Exchange Capacity TELKOM Division | ||||
| Wireline | Lines | 8,580,788 | 8,852,419 | 3.17 % |
| Wireless | Lines | 713,150 | 1,952,644 | 173.81 % |
| Total Exchange Cap. TELKOM (Wireline & Wireless) | Lines | 9,293,938 | 10,805,063 | 16.26 % |
| Exchange Capacity KSO Division | ||||
| Wireline | Lines | 885,094 | 970,763 | 9.68 % |
| Wireless (MSC) | Lines | 61,550 | 179,700 | 191.96 % |
| Total Exchange Cap. KSO (Wireline & Wireless) | Lines | 946,644 | 1,150,463 | 21.53 % |
| Exchange Capacity TELKOM & KSO Division | ||||
| Wireline | Lines | 9,465,882 | 9,823,182 | 3.77 % |
| Wireless | Lines | 774,700 | 2,132,344 | 175.25 % |
| Total Exchange Cap. TELKOM & KSO (Wireline & Wireless) | Lines | 10,240,582 | 11,955,526 | 16.75 % |
| Installed Lines TELKOM Division | ||||
| Wireline | Lines | 8,055,199 | 8,326,801 | 3.37 % |
| Wireless | Lines | 697,650 | 2,628,502 | 276.77 % |
| Total Installed Lines TELKOM (Wireline & Wireless) | Lines | 8,752,849 | 10,955,303 | 25.16 % |
| Installed Lines KSO Division | ||||
| Wireline | Lines | 837,547 | 941,578 | 12.42 % |
| Wireless | Lines | 61,550 | 199,097 | 223.47 % |
| Total Installed Lines KSO (Wireline & Wireless) | Lines | 899,097 | 1,140,675 | 26.87 % |
| Installed Lines TELKOM & KSO Division | ||||
| Wireline | Lines | 8,892,746 | 9,268,379 | 4.22 % |
| Wireless | Lines | 759,200 | 2,827,599 | 272.44 % |
| Total Installed Lines TELKOM & KSO (Wireline & Wireless) | Lines | 9,651,946 | 12,095,978 | 25.32 % |
| Subscribers TELKOM Division | ||||
| Wireline | Lines | 7,148,307 | 7,368,775 | 3.08 % |
| Wireless | Lines | 380,761 | 1,700,433 | 346.59 % |
| Total Subscribers TELKOM Division (Wireline & Wireless) | Lines | 7,529,068 | 9,069,208 | 20.46 % |
| Subscribers KSO Division | ||||
| Wireline | Lines | 749,057 | 819,312 | 9.38 % |
| Wireless | Lines | 39,732 | 137,620 | 246.37 % |
| Total Subscribers KSO Division (Wireline & Wireless) | Lines | 788,789 | 956,932 | 21.32 % |
| Subscribers TELKOM & KSO Division | ||||
| Wireline | Lines | 7,897,364 | 8,188,087 | 3.68 % |
| Wireless | Lines | 420,493 | 1,838,053 | 337.12 % |
| Total Subscribers -TELKOM & KSO Division (Wireline & Wireless) | Lines | 8,317,857 | 10,026,140 | 20.54 % |
| Public Phone TELKOM Division | ||||
| Wireline | Lines | 384,410 | 394,224 | 2.55 % |
| Wireless | Lines | 1,124 | 5,636 | 401.42 % |
| Total Public Phone TELKOM Division (Wireline & Wireless) | Lines | 385,534 | 399,860 | 3.72 % |
| Public Phone KSO Division | ||||
| Wireline | Lines | 26,042 | 28,620 | 9.90 % |
| Wireless | Lines | | | 0.00 % |
| Total Public Phone KSO Division (Wireline & Wireless) | Lines | 26,042 | 28,620 | 9.90 % |
| Public Phone TELKOM & KSO Division | ||||
| Wireline | Lines | 410,452 | 422,844 | 3.02 % |
| Wireless | Lines | 1,124 | 5,636 | 401.42 % |
| Total Public Phone TELKOM & KSO Division (Wireline & Wireless) | Lines | 411,576 | 428,480 | 4.11 % |
| Lis Fixed TELKOM Division | ||||
| Wireline | Lines | 7,532,717 | 7,762,999 | 3.06 % |
| Wireless | Lines | 381,885 | 1,706,069 | 346.75 % |
| Total Lines In Services TELKOM (Wireline & Wireless) | Lines | 7,914,602 | 9,469,068 | 19.64 % |
| Lis Fixed KSO Division | ||||
| Wireline | Lines | 775,099 | 847,932 | 9.40 % |
| Wireless | Lines | 39,732 | 137,620 | 246.37 % |
| Total Lines In Services KSO (Wireline & Wireless) | Lines | 814,831 | 985,552 | 20.95 % |
| Lis Fixed TELKOM & KSO Division | ||||
| Wireline | Lines | 8,307,816 | 8,610,931 | 3.65 % |
| Wireless | Lines | 421,617 | 1,843,689 | 337.29 % |
| Total Lines In Services TELKOM & KSO Division (Wireline & Wireless) | Lines | 8,729,433 | 10,454,620 | 19.76 % |
| Column 3 | Column 4 |
|---|---|
| TELKOM Division includes : | TELKOM Division includes : |
| Regional Division - I Sumatera | Regional Division - I Sumatera |
| Regional Division - II Jakarta | Regional Division - II Jakarta |
| Regional Division - III West Java | Regional Division - III West Java |
| Regional Division - IV Central Java | Regional Division - IV Central Java |
| Regional Division - V East Java | Regional Division - V East Java |
| Regional Division - VI kalimantan | Regional Division - VI kalimantan |
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Table 6 PULSE PRODUCTION AS OF MARCH 31, 2004 and 2005
| 1 | 2 | 2003 — 3 | 2004 — 4 | Growth (%) — 5=(4-3)/3 |
|---|---|---|---|---|
| Production : | ||||
| Subscriber -TELKOM Division | ||||
| Wireline | Pulses | 14,614,945,172 | 14,378,079,438 | -1.62 % |
| Wireless (exclude data & sms) | second | 9,254,001,493 | 37,042,263,308 | 300.28 % |
| Total Subscriber Production - TELKOM (Division Wireline & Wireless) | ||||
| Subscriber -KSO Division | ||||
| Wireline | Pulses | 1,694,413,761 | 2,274,620,927 | 34.24 % |
| Wireless (exclude data & sms) | second | 2,485,334,449 | 3,916,311,810 | 57.58 % |
| Total Subscriber Production - KSO Division (Wireline & Wireless) | ||||
| Subscriber TELKOM & KSO Division | ||||
| Wireline | Pulses | 16,309,358,933 | 16,652,700,365 | 2.11 % |
| Wireless (exclude data & sms) | second | 11,739,335,942 | 40,958,575,118 | 248.90 % |
| Total Subscriber Production - TELKOM & KSO Division (Wireline & Wireless) | ||||
| Public Phone -TELKOM Division | ||||
| Wireline | Pulses | 3,566,954,451 | 3,010,380,131 | -15.60 % |
| Wireless (exclude data & sms) | second | 113,374,213 | 1,190,442,786 | 950.01 % |
| Total Public Phone Production - TELKOM Division (Wireline & Wireless) | ||||
| Public Phone - KSO Division | ||||
| Wireline | Pulses | 558,832,181 | 503,106,982 | -9.97 % |
| Wireless (exclude data & sms) | second | 2,792,503 | 55,077,854 | 1872.35 % |
| Total Public Phone Production - KSO Division (Wireline & Wireless) | ||||
| Public Phone - TELKOM & KSO Division | ||||
| Wireline | Pulses | 4,125,786,632 | 3,513,487,113 | -14.84 % |
| Wireless (exclude data & sms) | second | 116,166,716 | 1,245,520,640 | 972.18 % |
| Total Public Phone Production - TELKOM & KSO Division (Wireline & Wireless) | ||||
| Lines in Services - Production | ||||
| Wireline | Pulses | 20,435,145,564 | 20,166,187,478 | -1.32 % |
| Wireless (exclude data & sms) | second | 11,928,025,422 | 42,204,095,758 | 253.82 % |
| Total LISs Pulse Production TELKOM & KSO Division (Wireline & Wireless) | ||||
| Productivity Per Average Subscriber Line | ||||
| Wireline | Pulses/Line | 2,077 | 2,082 | 0.25 % |
| Wireless (* 2003 Pulse/Line, 2004 Detik/Line) | second/Line | 55,836 | 44,567 | -20.18 % |
| Pulses Per Avrg,Subscr,Line ( TELKOM & KSO Division ) | ||||
| Productivity Per Average LIS | ||||
| Wireline | Pulses/Line | 2,474 | 2,397 | -3.09 % |
| Wireless | second/Line | 56,582 | 45,782 | -19.09 % |
| Pulses Per Average LIS ( TELKOM & KSO Division ) |
| Column 3 | Column 4 |
|---|---|
| TELKOM Division includes : | TELKOM Division includes : |
| Regional Division - I Sumatera | Regional Division - I Sumatera |
| Regional Division - II Jakarta | Regional Division - II Jakarta |
| Regional Division - III West Java | Regional Division - III West Java |
| Regional Division - IV Central Java | Regional Division - IV Central Java |
| Regional Division - V East Java | Regional Division - V East Java |
| Regional Division - VI kalimantan | Regional Division - VI kalimantan |
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Table 7 PT . TELKOMSEL BALANCE SHEETS AS OF MARCH 31, 2004 and 2005
| Rp. Mn | Rp. Mn | Growth | |||
|---|---|---|---|---|---|
| CURRENT ASSETS | |||||
| Cash and cash equivalents | 2,173,547 | 4,215,471 | 94 % | ||
| Short-term investment | | 44,955 | | ||
| Acct. receivable - net of allow for doubtful acct. | 243,637 | 262,561 | 8 % | ||
| Accrued income | 375,715 | 441,439 | 17 % | ||
| Advances | 30,673 | 8,345 | -73 % | ||
| Inventories | 16,569 | 67,301 | 306 % | ||
| Prepayments | 298,422 | 475,455 | 59 % | ||
| Claim for tax refund | 29,651 | 39,413 | | ||
| Others | 7,613 | | -100 % | ||
| Total Current Assets | 3,175,827 | 5,554,940 | 75 % | ||
| LONG-TERM INVESTMENT | | 9,290 | | ||
| PROPERTY, PLANT AND EQUIPMENT | |||||
| Fixed assets | 17,676,943 | 22,179,388 | 25 % | ||
| Work in progress | 218,774 | 422,790 | 93 % | ||
| Accumulated depreciation | (4,696,132 | ) | (6,875,534 | ) | -46 % |
| PPE - Net Book Value | 13,199,585 | 15,726,644 | 19 % | ||
| OTHER ASSETS | |||||
| Advances for PPE | | 499,669 | | ||
| Others | 35,039 | 34,445 | - 2 % | ||
| Total Other Assets | 35,039 | 534,114 | 1424 % | ||
| TOTAL ASSETS | 16,410,451 | 21,824,988 | 33 % | ||
| CURRENT LIABILITIES | |||||
| Short-term loan | | 170,000 | | ||
| Accounts payable | 273,896 | 291,309 | 6 % | ||
| Accrued liabilities | 1,289,191 | 1,432,029 | 11 % | ||
| Taxes payable | 360,729 | 499,079 | 38 % | ||
| Unearned income | 741,592 | 1,063,860 | 43 % | ||
| Guaranteed notes - net | | 751,313 | | ||
| Curr. maturities of long-term loan | 191,144 | 326,515 | 71 % | ||
| Total Current Liabilities | 2,856,552 | 4,534,105 | 59 % | ||
| NON-CURRENT LIABILITIES | |||||
| Deferred tax liabilities | 565,689 | 777,511 | 37 % | ||
| Long term loan - net of current maturities | 669,003 | 834,682 | 25 % | ||
| Guaranteed notes - net | 779,782 | | - 100 % | ||
| Others | | | | ||
| Total Non-current Liabilities | 2,014,474 | 1,612,193 | -20 % | ||
| EQUITY | |||||
| Capital stock - Rp 1,000,000 par value | |||||
| Authorized - 650,000 shares | |||||
| Issued and fully paid - 182,570 shares | 182,570 | 182,570 | 0 % | ||
| Additional paid-in capital | 1,504,854 | 1,504,854 | 0 % | ||
| Retained earnings | 9,852,001 | 13,991,266 | 42 % | ||
| Total Equity | 11,539,425 | 15,678,690 | 36 % | ||
| TOTAL LIAB . & STOCKHOLDERS EQUITY | 16,410,451 | 21,824,988 | 33 % |
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Table 8 PT. TELKOMSEL STATEMENTS OF INCOME AS OF MARCH 31, 2004 and 2005
| Rp. Mn | Rp. Mn | Growth | |||
|---|---|---|---|---|---|
| OPERATING REVENUES | |||||
| Post-paid | 922,805 | 1,073,157 | 16 % | ||
| Prepaid | 2,517,132 | 3,428,359 | 36 % | ||
| International roaming | 155,685 | 197,363 | 27 % | ||
| Interconnection revenues | 487,377 | 666,953 | 37 % | ||
| Gross Operating Revenues | 4,082,999 | 5,365,832 | 31 % | ||
| Less: | |||||
| - Dealer Discounts/Commissions | 241,022 | 353,709 | 47 % | ||
| - Interconnect / Intl. roaming / Data provider Outpayment | 512,352 | 599,884 | 17 % | ||
| Net Operating Revenues | 3,329,625 | 4,412,239 | 33 % | ||
| OPERATING EXPENSES | |||||
| Personnel | 117,990 | 139,766 | 18 % | ||
| Operation & maintenance | 470,152 | 603,434 | 28 % | ||
| General & administrative | 125,064 | 126,682 | 1 % | ||
| Marketing & selling | 73,896 | 91,943 | 24 % | ||
| Rev. dependent & other cost of services | 163,050 | 248,811 | 53 % | ||
| Depreciation and amortization | 642,565 | 621,358 | -3 % | ||
| Total Operating Expenses | 1,592,717 | 1,831,994 | 15 % | ||
| EBIT (EARNINGS BEFORE INTEREST & TAXES) | 1,736,908 | 2,580,245 | 49 % | ||
| OTHER INCOME/(CHARGES) | |||||
| Interest income & financing charges | (63,334 | ) | (8,725 | ) | 86 % |
| Foreign exchange gain/(loss) | 57,814 | (10,465 | ) | -118 % | |
| Others - net | 8,063 | 12,893 | 60 % | ||
| Other income/(charges) - net | 2,543 | (6,297 | ) | 348 % | |
| INCOME BEFORE TAX | 1,739,451 | 2,573,948 | 48 % | ||
| PROVISION FOR INCOME TAX | 511,094 | 772,655 | 51 % | ||
| NET INCOME | 1,228,357 | 1,801,293 | 47 % | ||
| EBITDA | 2,379,473 | 3,201,603 | 35 % | ||
| EBITDA Margin - over net revenues | 71 | % | 73 | % | 2 % |
| EBITDA Margin - over gross revenues | 58 | % | 60 | % | 2 % |
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Table 9 PT. TELKOMSEL OPERATIONAL INDICATORS AS OF MARCH 31, 2004 & 2005
| Unit | ||||
|---|---|---|---|---|
| CUSTOMER BASE | ||||
| Net Additions | ||||
| kartuHALO | Subscriber (000) | 25 | 46 | 84 % |
| simPATI | Subscriber (000) | 1,129 | 544 | -52 % |
| KARTU As | Subscriber (000) | | 986 | |
| Total | Subscriber (000) | 1,154 | 1,576 | 37 % |
| Customer base | ||||
| kartuHALO | Subscriber (000) | 1,033 | 1,374 | 33 % |
| simPATI | Subscriber (000) | 9,710 | 12,102 | 25 % |
| KARTU As | Subscriber (000) | | 4,391 | |
| Total | Subscriber (000) | 10,743 | 17,867 | 66 % |
| ARPU | ||||
| Total (3 months average) | ||||
| kartuHALO | Rp.'000 per mo. | 327 | 289 | -12 % |
| simPATI | Rp.'000 per mo. | 90 | 79 | -12 % |
| KARTU As | Rp.'000 per mo. | | 44 | |
| Blended | Rp.'000 per mo. | 115 | 88 | -23 % |
| Non-voice/SMS (3 months average) | ||||
| kartuHALO | Rp.'000 per mo. | 35 | 45 | 29 % |
| simPATI | Rp.'000 per mo. | 24 | 23 | -4 % |
| KARTU As | Rp.'000 per mo. | | 15 | |
| Blended | Rp.'000 per mo. | 25 | 19 | -24 % |
| Effective ARPU (net booked revenues / | ||||
| average subs /) | Rp. '000 per mo. | 109 | 86 | -21 % |
| SMS | ||||
| # messages/sub/month kartuHALO | message | 123 | 137 | 11 % |
| # messages/sub/month simPATI | message | 71 | 66 | -7 % |
| # messages/sub/month KARTU As | message | | 58 | |
| NETWORK DATA | ||||
| Network capacity | ||||
| Base stations installed | Unit | 5,118 | 6,936 | 36 % |
| Overall capacity all network elements | Subs. '000 | 12,000 | 19,600 | 63 % |
| Quality of service | ||||
| Call success rate | % | 96.02 % | 95.35 % | -0.67 % |
| Call completion rate | % | 99.29 % | 99.25 % | -0.04 % |
| EMPLOYEE DATA | ||||
| Total employees | person | 3,001 | 3,391 | 13 % |
| Efficiency ratio | Subs/employee | 3,580 | 5,269 | 47 % |
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PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk., and SUBSIDIARIES Breakdown of the Statement of Income For the Three month Ended March 31, 2004 and 2005
| 2004 — (Rp. Million) | 2005 — (Rp. Million) | Growth — (%) | ||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 = (3-2)/2 | |
| OPERATING REVENUE | ||||
| Fixed Lines (wireline + wireless) | ||||
| Local | 687,052 | 845,195 | 23.02 | |
| Long distance | 1,266,507 | 974,265 | (23.07 | ) |
| Monthly subscription charges | 596,705 | 798,860 | 33.88 | |
| Instalation charges | 55,308 | 50,520 | (8.66 | ) |
| Phone cards | 3,926 | 2,415 | (38.49 | ) |
| Others | 18,543 | 55,813 | 200.99 | |
| Total Fixed lines Revenues | 2,628,041 | 2,727,068 | 3.77 | |
| Cellular | 2,449,493 | 3,019,873 | 23.29 | |
| Interconnection | ||||
| Cellular | 1,185,434 | 1,555,099 | 31.18 | |
| International | 114,704 | 254,000 | 121.44 | |
| Other | 35,664 | 39,087 | 9.60 | |
| Total Interconnection Revenues | 1,335,802 | 1,848,186 | 38.36 | |
| Joint Operation Scheme Revenues | 94,807 | 166,746 | 75.88 | |
| Data and Internet | ||||
| SMS | 748,642 | 1,071,497 | 43.13 | |
| VoIP | 146,305 | 246,730 | 68.64 | |
| Multimedia | 88,544 | 54,649 | (38.28 | ) |
| ISDN | 25,961 | 46,993 | 81.01 | |
| Total Data and Internet Revenues | 1,009,452 | 1,419,869 | 40.66 | |
| Network | ||||
| Leased lines | 69,089 | 56,531 | (18.18 | ) |
| Satellite transponder lease | 51,637 | 52,424 | 1.52 | |
| Total Network Revenues | 120,726 | 108,955 | (9.75 | ) |
| Revenue Sharing Arrangement Revenues | 59,173 | 29,897 | (49.48 | ) |
| Other Telecommunications Services (OTS) | ||||
| Directory assistance | 56,250 | 24,292 | (56.81 | ) |
| Others | 2,551 | 2,007 | (21.35 | ) |
| Total OTS Revenues | 58,801 | 26,299 | (55.27 | ) |
| TOTAL OPERATING REVENUES | 7,756,295 | 9,346,893 | 20.51 | |
| OPERATING EXPENSES | ||||
| Personnel | 1,384,220 | 2,067,943 | 49.39 | |
| Depreciation | 1,500,998 | 1,559,218 | 3.88 | |
| Operation, maintenance and telecommunications services | ||||
| Operations and maintenance | 446,211 | 599,234 | 34.29 | |
| Cost of phone cards | 83,302 | 133,878 | 60.71 | |
| Lisence (Concession fees & radio frequency usage charges) | 196,613 | 279,682 | 42.25 | |
| Electricity, gas and water | 91,901 | 99,371 | 8.13 | |
| Insurance and Others | 137,177 | 156,278 | 13.92 | |
| Total O & M | 955,204 | 1,268,444 | 32.79 | |
| General and administrative | ||||
| Provision for doubtful accounts and inventory obsolescence | 98,348 | 119,359 | 21.36 | |
| Training, education and recruitment | 32,833 | 27,382 | (16.60 | ) |
| Research, development and consultant | 26,457 | 15,973 | (39.63 | ) |
| Collection expenses | 49,600 | 80,351 | 62.00 | |
| Amortization of Intangible assets | 209,083 | 229,538 | 9.78 | |
| Others | 116,102 | 104,409 | (10.07 | ) |
| Total G & A | 532,423 | 577,012 | 8.37 | |
| Marketing | 166,096 | 179,621 | 8.14 | |
| TOTAL OPERATING EXPENSES | 4,538,941 | 5,652,238 | 24.53 | |
| OPERATING INCOME | 3,217,354 | 3,694,655 | 14.84 |
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PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk., and SUBSIDIARIES Breakdown of the Statements of Income (Continued) For the Three month Ended March 31, 2004 and 2005
| 2004 — (Rp. Million) | (Rp. Million) | (%) | ||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 = (3-2)/2 | |||
| OPERATING INCOME | 3,217,354 | 3,694,655 | 14.84 | |||
| OTHER INCOME (CHARGES) | ||||||
| Interest income | 53,799 | 57,295 | 6.50 | |||
| Interest expense | (333,734 | ) | (312,807 | ) | (6.27 | ) |
| Gain (loss) on foreign exchange - net | (50,470 | ) | (176,382 | ) | 249.48 | |
| Equity in net income (loss) of associated companies | 18 | 2,778 | 15,568.24 | |||
| Income from supporting activities | 47,144 | 44,005 | (6.66 | ) | ||
| Others - net | 66,676 | 85,022 | 27.51 | |||
| Total Other Income (Charges) - net | (216,567 | ) | (300,089 | ) | 38.57 | |
| INCOME BEFORE TAX | 3,000,787 | 3,394,566 | 13.12 | |||
| TAX EXPENSE | (915,661 | ) | (1,059,088 | ) | 15.66 | |
| INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES | 2,085,126 | 2,335,478 | 12.01 | |||
| MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES | (434,359 | ) | (632,451 | ) | 45.61 | |
| NET INCOME | 1,650,767 | 1,703,027 | 3.17 | |||
| NET INCOME PER SHARE (FULL AMOUNT) | 81.88 | 84.48 | 3.17 | |||
| NET INCOME PER ADS (40 SERIES B SHARE PER ADS) (FULL AMOUNT) | 3,275.33 | 3,379.14 | 3.17 |
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