PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • Nov 1, 2006

6-K 1 u92874e6vk.htm PT TELEKOMUNIKASI TBK PT TELEKOMUNIKASI TBK PAGEBREAK

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

For the month of October , 20 06

Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA

(Translation of registrant’s name into English)

Jalan Japati No. 1 Bandung-40133 INDONESIA

(Address of principal executive office)

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

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

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

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SIGNATURES
PRESS RELEASE
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (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	October 31, 2006	By	/s/
Harsya Denny Suryo
			(Signature)
			Harsya Denny Suryo Vice President Investor Relation & Corporate Secretary

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link1 "PRESS RELEASE"

PRESS RELEASE

No. TEL. 603/PR000/COM-10/2006

TELKOM FILED ITS THIRD QUARTER UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 2006

Jakarta, October 31, 2006 — Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) filed its un-audited consolidated third quarter 2006 Financial Statements to BAPEPAM (Capital Market Supervisory Agency) and the Stock Exchanges.

Complete Copies of both balance sheets and income statements are attached to this Press Release. For complete version, please visit www.telkom-indonesia.com

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

Q3/06	Q3/05	Q3 06/05%
(In Billion Rp.)
Total Assets	68,352	58,723	16%
Total Liabilities	33,647	31,952	5%
Minority Interest	7,195	5,879	22%
Total Equity	27,509	20,891	32%
Operating Revenue	37,200	30,154	23%
Operating Expense	20,017	17,544	14%
Operating Income	17,183	12,610	36%
Net Income	9,222	5,677	62%
EBITDA	24,498	18,452	33%
EBITDA Margin	65.9 %	61.2 %	4.7%

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

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

HARSYA DENNY SURYO

Vice President Investor Relations & Corporate Secretary

For further information, please contact:

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED BALANCE SHEETS (UNAUDITED)"

CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF SEPTEMBER 30, 2005 AND 2006

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

	Notes	2005 — Rp	2006 — Rp	US$ (Note 3)
		(As restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	2c,2f,6,46	5,447,032	8,308,894	901,182
Temporary investments	2c,2g,46	28,624	45,911	4,980
Trade accounts receivable	2c,2h,7,46
Related
parties — net of allowance for doubtful
accounts of Rp129,618 million in 2005
and Rp101,991 million in 2006		441,035	695,501	75,434
Third parties — net of allowance for doubtful
accounts of Rp591,933 million in 2005
and Rp657,172 million in 2006		3,009,885	3,036,325	329,319
Other
accounts receivable — net of allowance for
doubtful accounts of Rp9,545 million in 2005
and Rp2,222 million in 2006	2c,2h,46	82,977	149,406	16,205
Inventories — net of allowance for obsolescence of
Rp52,780 million in 2005 and Rp52,346
million in 2006	2i,8	212,115	187,774	20,366
Prepaid expenses	2c,2j,9,46	1,054,681	1,531,029	166,055
Prepaid taxes	40a	20,320	15,768	1,710
Other current assets	2c,10,46	13,606	276,677	30,008
Total Current Assets		10,310,275	14,247,285	1,545,259
NON-CURRENT ASSETS
Long-term investments — net	2g,11	101,733	101,193	10,975
Property, plant and equipment — net of accumulated
depreciation of Rp34,136,437 million in 2005
and Rp43,229,048 million in 2006	2k,12	41,572,101	48,383,846	5,240,799
Property, plant and equipment under revenue
sharing arrangements — net of accumulated
depreciation of Rp486,858 million in 2005
and Rp522,937 million in 2006	2m,13,49	472,296	495,481	53,740
Property, plant and equipment under capital lease
— net of accumulated depreciation of Rp125,092
million in 2006	2l,12	—	141,058	22,206
Prepaid pension benefit cost	43	1,362	640	69
Advances and other non-current assets	2c,14,46	1,428,887	757,326	82,139
Goodwill and other intangible assets — net of
accumulated amortization of Rp2,534,648
million in 2005 and Rp3,239,653 million in 2006	1c,2d,15	4,722,811	4,218,685	457,559
Escrow accounts	16	113,122	6,446	699
Total Non-current Assets		48,412,312	54,104,675	5,868,186
TOTAL ASSETS		58,722,587	68,351,960	7,413,445

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED STATEMENTS OF CASH FLOWS"

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2005 AND 2006

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

Rp		Rp		US$ (Note 3)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating revenues
Telephone
Fixed lines	8,392,177		7,882,107		854,892
Cellular	10,520,320		15,111,876		1,639,032
Joint operation schemes	1,147,955		343,261		37,230
Interconnection — net	5,362,258		6,497,771		704,747
Other services	5,083,528		7,384,686		800,942
Total cash receipts from operating revenues	30,506,238		37,219,701		4,036,844
Cash
payments for operating expenses	(11,498,669	)	(11,976,811	)	(1,299,003	)
Cash generated from operations	19,007,569		25,242,890		2,737,841
Interest received	217,592		464,712		50,403
Income tax paid	(3,165,418	)	(5,318,733	)	(576,869	)
Interest paid	(933,298	)	(780,379	)	(84,640	)
Cash receipt (refund) from/to customers and advances	(9,810	)	(2,146	)	(233	)
Net Cash
Provided by Operating Activities	15,116,635		19,606,344		2,126,502
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from (purchase) of investment and
maturity of time deposits — net	(8,675	)	(18,374	)	(1,993	)
Proceeds
from sale of property, plant and equipment	120,589		23,915		2,594
Proceeds
from sale of long-term investment	—		22,561		2,447
Cash dividend received	—		1,024		111
Acquisition
of property, plant and equipment	(7,410,978	)	(10,597,131	)	(1,149,363	)
(Increase) decrease in advance for acquisition of
property, plant and equipment	(38,034	)	73,444		7,966
Decrease (increase) in advances and others	26,725		(53,387	)	(5,790	)
Acquisition of intangible assets	—		(436,000	)	(47,289	)
Net Cash
Used in Investing Activities	(7,310,373	)	(10,983,948	)	(1,191,317	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of Medium-term Notes	(290,000	)	(145,000	)	(15,727	)
Repayments
of long-term liabilities and capital lease obligation	(2,688,862	)	(1,608,121	)	(174,417	)
Cash dividends paid	(4,202,184	)	(6,973,856	)	(756,384	)
(Increase) decrease in escrow accounts	(76,842	)	126,051		13,671
Redemption of Telkomsel’s notes	(780,565	)	—		—
Payment for purchase of treasury stock	—		(611,186	)
Proceeds from borrowings	1,029,092		3,589,610		389,329
Net Cash
Used in Financing Activities	(7,009,361	)	(5,622,502	)	(543,528	)
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS	796,901		2,999,894		325,368
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS	(205,993	)	(65,684	)	(7,124	)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR	4,856,124		5,374,684		582,938
CASH AND CASH EQUIVALENTS AT END OF YEAR	5,447,032		8,308,894		901,182

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED BALANCE SHEETS (UNAUDITED)"

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued) AS OF SEPTEMBER 30, 2005 AND 2006 (Figures in table are presented in millions of Rupiah and thousands of United States Dollars)

	Notes	2005 — Rp	2006 — Rp	US$ (Note 3)
		(As restated)
LIABILITIES
AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable	2c,17,46
Related parties		744,772	964,176		104,574
Third parties		3,005,503	3,692,822		400,523
Other accounts payable		44,299	41,869		4,541
Taxes payable	2s,40b	1,833,742	2,496,066		270,723
Dividends payable		33,712	1,380		150
Accrued expenses	2c,18,46	1,631,433	2,060,715		223,505
Unearned income	19	1,599,150	1,982,158		214,985
Advances from customers and suppliers		250,326	222,546		24,137
Short-term bank loans	2c,20,46	675,190	1,021,100		110,748
Current maturities of long-term liabilities	2c,21,46	2,088,094	4,510,337		489,190
Total Current Liabilities		11,906,221	16,993,169		1,843,076
NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2s,40e	2,564,262	2,162,928		234,591
Unearned income on revenue-sharing arrangements	2m,13,49	346,158	347,010		37,637
Unearned initial investor payments under joint
operation scheme	2n,48	19,681	4,455		483
Provision for long service award	2c,2r,44,46	500,069	596,096		64,652
Provision for post-retirement health care benefits	2c,2r,45,46	3,031,942	2,937,396		318,590
Accrued pension and other post-retirement benefits costs	2r,43	1,424,313	1,148,856		124,605
Long-term liabilities — net of current maturities
Obligation under capital lease		—	220,643		23,931
Two-step loans — related party	2c,22,46	5,095,273	4,177,274		453,067
Notes and bonds	23	1,600,068	—		—
Bank loans	2c,24,46	1,900,100	2,670,250		289,615
Liabilities of business acquisitions	25	3,564,041	2,389,413		259,155
Total Non-current Liabilities		20,045,907	16,654,321		1,806,326
MINORITY INTEREST	26	5,879,149	7,195,424		780,415
STOCKHOLDERS’ 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	1b,27	5,040,000	5,040,000		546,638
Additional paid-in capital	28	1,073,333	1,073,333		116,414
Less: cost of treasury stock (55,443,500 shares)	29	—	(611,186	)	(66,289	)
Difference in value of restructuring transactions
between entities under common control	30	—	90,000		9,761
Difference due to change of equity in associated
companies		385,595	385,595		41,822
Unrealized
holding gain available-for-sale securities	2g	5,471	4,724		512
Translation adjustment	2g	232,728	233,231		25,296
Retained earnings
Appropriated		1,803,397	1,803,397		195,596
Unappropriated		12,350,786	19,489,952		2,113,878
Total Stockholders’ Equity		20,891,310	27,509,046		2,983,628
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		58,722,587	68,351,960		7,413,445

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)"

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2005 AND 2006 (Figures in table are presented in millions of Rupiah and thousands of United States Dollars, except per share and per ADS data)

Notes	Rp		Rp		US$ (Note 3)
	(As restated)
OPERATING REVENUES
Telephone	2q,31
Fixed lines		8,313,529		8,073,223		875,621
Cellular		9,937,763		14,899,143		1,615,959
Interconnection	2q,32,46	5,746,259		6,366,453		690,505
Joint operation schemes	2n,33,48	479,839		485,342		52,640
Data and Internet	34	4,857,210		6,369,172		690,800
Network	35	425,256		460,864		49,985
Revenue-sharing arrangements	2m,36,49	174,645		306,347		33,225
Other telecommunications services		219,451		239,400		25,965
Total Operating Revenues		30,153,952		37,199,944		4,034,700
OPERATING EXPENSES
Personnel	37	5,112,527		4,960,987		538,068
Depreciation	2k,2l,2m,12,13	5,153,286		6,633,280		719,445
Operations, maintenance and telecommunication
services	38	4,511,496		5,350,590		580,324
General and administrative	39	2,051,961		2,217,373		240,496
Marketing		714,322		854,830		92,716
Total Operating Expenses		17,543,592		20,017,060		2,171,049
OPERATING INCOME		12,610,360		17,182,884		1,863,651
OTHER INCOME (CHARGES)
Interest income		221,655		448,337		48,627
Interest expense		(918,165	)	(862,038	)	(93,497	)
Gain (loss) on foreign exchange — net	2e	(886,578	)	677,754		73,509
Equity in net income (loss) of associated companies	2g,11	10,350		(184	)	(20	)
Others — net		390,394		117,923		12,790
Other income (charges) — net		(1,182,344	)	381,792		41,409
INCOME BEFORE TAX		11,428,016		17,564,676		1,905,060
TAX EXPENSE	2s,40c
Current tax		(4,002,983	)	(5,617,263	)	(609,248	)
Deferred tax		363,305		230,251		24,973
		(3,639,678	)	(5,387,012	)	(584,275	)
INCOME BEFORE MINORITY INTEREST IN NET
INCOME OF SUBSIDIARIES		7,788,338		12,177,664		1,320,785
MINORITY
INTEREST IN NET INCOME OF SUBSIDIARIES	26	(2,111,559	)	(2,955,193	)	(320,520	)
NET INCOME		5,676,779		9,222,471		1,000,265
BASIC EARNINGS PER SHARE	2t,41
Net income per share		281.59		458.12		49.69
Net income per ADS
(40 Series B shares per ADS)		11,263.45		18,324.80		1,987.51

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)"

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2005 AND 2006 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

				Difference in
				value of
				restructuring	Difference
				transactions	due to change	Unrealized
			Additional	between entities	of equity	holding gain (loss)					Total
		Capital	paid-in	under common	in associated	on available-for-sale	Translation	Retained earnings			stockholders’
Description	Notes	stock	capital	control	companies	securities	adjustment	Appropriated	Unappropriated		equity
		Rp	Rp	Rp	Rp	Rp	Rp	Rp	Rp		Rp
Balance as of January 1, 2005, as previously reported		5,040,000	1,073,333	(7,288,271	)	385,595	884	229,595	1,680,813	19,139,393		20,261,342
Difference in value of transactions between entities
under common control				7,288,271						(7,288,271	)	—
Cumulative
effect due to change in accounting policy — accounting for employee benefits, net of tax effect
of Rp2,133,305 million		—	—	—		—	—	—	—	(2,133,305	)	(2,133,305	)
Balance as of January 1, 2005, as restated		5,040,000	1,073,333	—		385,595	884	229,595	1,680,813	9,717,817		18,128,037
Unrealized holding gain (loss) on	2g
available-for-sale securities		—	—	—		—	4,587	—	—	—		4,587
Foreign currency translation of CSM	2g	—	—	—		—	—	3,133	—	—		3,133
Resolved during the Annual General Meeting
of the Stockholders on June 24, 2005
Declaration of cash dividend	42	—	—	—		—	—	—	—	(2,921,226	)	(2,921,226	)
Appropriation for general reserve	42	—	—	—		—	—	—	122,584	(122,584	)	—
Net income for the year		—	—	—		—	—	—	—	5,676,779		5,676,779
Balance as of September 30, 2005, as restated		5,040,000	1,073,333	—		385,595	5,471	232,728	1,803,397	12,350,786		20,891,310

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

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PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)"

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (continued) FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2005 AND 2006 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

					value of
					restructuring	Difference
					transactions	due to change	Unrealized
			Additional		between entities	of equity	holding gain (loss)							Total
		Capital	paid-in		under common	in associated	on available-for-sale		Translation		Retained earnings			stockholders’
Description	Notes	stock	capital	Treasury stock	control	companies	securities		adjustment		Appropriated	Unappropriated		equity
		Rp	Rp	Rp	Rp	Rp	Rp		Rp		Rp	Rp		Rp
Balance as of January 1, 2006		5,040,000	1,073,333	—		90,000	385,595	(748	)	233,253		1,803,397	14,667,571		23,292,401
Unrealized holding gain (loss) on
available-for-sale securities	2g	—	—	—		—	—	5,472		—		—	—		5,472
Foreign currency translation of CSM	2g,11	—	—	—		—	—	—		(22	)	—	—		(22	)
Cash receipts from compensation for early
termination of exclusive rights		—	—	—		—	—	—		—		—	—		—
Resolved during the Annual General Meeting
of the Stockholders on June 30, 2006
Declaration of cash dividends	42	—	—	—		—	—	—		—		—	(4,400,090	)	(4,400,090	)
Treasury stock acquired — at cost	29	—	—	(611,186	)	—	—	—		—		—	—		(611,186	)
Net income for the year		—	—	—		—	—	—		—		—	9,222,471		9,222,471
Balance as of September 30, 2006		5,040,000	1,073,333	(611,186	)	90,000	385,595	4,724		233,231		1,803,397	19,489,952		27,509,046

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

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