PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • Jun 12, 2006

6-K 1 u92776e6vk.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 June , 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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TABLE OF CONTENTS

SIGNATURES
PRESS RELEASE
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS

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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	June 8, 2006	By:	/s/ Hartono
			(Signature) Hartono Acting Vice President Investor Relation & Corporate Secretary

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link1 "PRESS RELEASE"

PRESS RELEASE

No. TEL.255/PR000/COM-00/2006

TELKOM FILED ITS YEAR END 2005 AUDITED RESULT TO BAPEPAM

Jakarta, June 8, 2005 — Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) filed its audited consolidated year end 2005 to BAPEPAM (Capital Market Supervisory Agency) and the Stock Exchanges.

Copies of both balance sheets and income statements are attached to this Press Release.

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)

HARTONO Acting VP Investor Relations and 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) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

link1 "CONSOLIDATED BALANCE SHEETS"

CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2004 AND 2005 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

Notes	Rp	Rp	US$ (Note 3)
	(As restated)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	2c,2f,6,45	4,856,123	5,374,684	546,763
Temporary investments	2c,2g,45	19,949	22,064	2,245
Trade accounts receivable	2c,2h,7,45
Related parties — net of allowance for doubtful
accounts of Rp64,928 million in 2004
and Rp84,275 million in 2005		419,104	530,370	53,954
Third parties — net of allowance for doubtful
accounts of Rp457,138 million in 2004
and Rp601,393 million in 2005		2,899,999	3,047,539	310,024
Other accounts receivable — net of allowance for
doubtful accounts of Rp9,236 million in 2004
and Rp4,402 million in 2005	2c,2h,45	55,769	153,247	15,589
Inventories — net of allowance for obsolescence of
Rp54,733 million in 2004 and Rp48,347
million in 2005	2i,8	203,085	220,327	22,413
Prepaid expenses	2c,2j,9,45	628,069	777,869	79,132
Prepaid taxes	39a	77,228	18,913	1,924
Other current assets	2c,10,45	44,608	159,537	16,230
Total Current Assets		9,203,934	10,304,550	1,048,274
NON-CURRENT ASSETS
Long-term investments — net	2g,11	82,613	101,400	10,315
Property, plant and equipment — net of accumulated
depreciation of Rp29,297,163 million in 2004
and Rp37,092,663 million in 2005	2k,2l,12	39,572,099	45,643,243	4,643,260
Property, plant and equipment under revenue-sharing arrangements — net of accumulated
depreciation of Rp694,570 million in 2004
and Rp458,234 million in 2005	2m,13,48	499,127	549,405	55,891
Prepaid pension benefit costs	2q,42	1,362	640	65
Advances and other non-current assets	2c,14,45	1,372,351	946,037	96,240
Goodwill and other intangible assets — net of
accumulated amortization of Rp1,846,034
million in 2004 and Rp2,764,187 million in 2005	1c,2d,15	5,411,425	4,493,272	457,098
Escrow accounts	16,45	36,281	132,497	13,479
Total Non-current Assets		46,975,258	51,866,494	5,276,348
TOTAL ASSETS		56,179,192	62,171,044	6,324,622

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

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

CONSOLIDATED BALANCE SHEETS (continued) AS OF DECEMBER 31, 2004 AND 2005 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

Notes	Rp		Rp		US$ (Note 3)
	(As restated)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable	2c,17,45
Related parties		643,094		1,014,389		103,193
Third parties		3,611,456		4,281,285		435,533
Other accounts payable		5,073		6,677		679
Taxes payable	2r,39b	1,592,479		2,469,765		251,248
Dividends payable		62,689		3,276		333
Accrued expenses	2c,18,45	1,051,366		1,521,247		154,756
Unearned income	19	1,030,000		1,592,718		162,026
Advances from customers and suppliers		278,430		223,086		22,694
Short-term bank loans	2c,20,45	1,101,633		173,800		17,681
Current maturities of long-term liabilities	2c,21,45	2,300,822		2,226,925		226,544
Total Current Liabilities		11,677,042		13,513,168		1,374,687
NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2r,39e	2,927,567		2,391,810		243,317
Unearned income on revenue-sharing arrangements	2m,13,48	360,332		425,484		43,284
Unearned initial investor payments under joint
operation scheme	2n,47	20,453		7,311		744
Accrued long service awards	2c,2q,43,45	449,841		524,524		53,360
Accrued post-retirement health care benefits	2c,2q,44,45	2,983,707		3,048,021		310,073
Accrued pension and other post-retirement benefit costs	42	1,479,918		1,330,664		135,368
Long-term liabilities — net of current maturities
Two-step loans — related party	2c,22,45	5,363,283		4,760,199		484,252
Notes and bonds	23	2,331,465		1,456,669		148,186
Bank loans	2c,24,45	1,775,799		1,752,104		178,240
Liabilities of business acquisitions	25	3,743,317		3,127,959		318,205
Obligations under capital leases	2l,12	—		235,537		23,961
Total Non-current Liabilities		21,435,682		19,060,282		1,938,990
MINORITY INTEREST	26	4,938,432		6,305,193		641,423
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		512,716
Additional paid-in capital	28	1,073,333		1,073,333		109,190
Difference in value of restructuring transactions
between entities under common control	29	(7,288,271	)	90,000		9,156
Difference due to change of equity in associated
companies	2g	385,595		385,595		39,226
Unrealized holding gain (loss) on available-for-sale securities	2g	884		(748	)	(76	)
Translation adjustment	2g	229,595		233,253		23,729
Retained earnings
Appropriated		1,680,813		1,803,397		183,458
Unappropriated		17,006,087		14,667,571		1,492,123
Total Stockholders’ Equity		18,128,036		23,292,401		2,369,522
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		56,179,192		62,171,044		6,324,622

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

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

link1 "CONSOLIDATED STATEMENTS OF INCOME"

CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2005 (Figures in tables 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	2p,30
Fixed lines		10,645,021		10,781,252		1,096,770
Cellular		10,421,298		14,570,958		1,482,295
Interconnection	2p,31,45	6,187,981		7,742,084		787,598
Joint operation schemes	2n,32,47	656,614		588,647		59,883
Data and Internet	33	4,808,742		6,934,324		705,425
Network	34	654,309		586,636		59,678
Revenue-sharing arrangements	2m,35,48	280,576		302,282		30,751
Other telecommunications services		293,225		301,001		30,620
Total Operating Revenues		33,947,766		41,807,184		4,253,020
OPERATING EXPENSES
Personnel	36	4,909,965		6,563,047		667,655
Depreciation	2k,2l,2m,12,13	6,438,557		7,570,739		770,167
Write-down of assets	2k,12	—		616,768		62,743
Loss on procurement commitments	12	—		79,359		8,073
Operations, maintenance and telecommunication
services	37	4,529,587		5,916,341		601,866
General and administrative	38	2,599,847		2,763,951		281,175
Marketing		881,930		1,126,229		114,571
Total Operating Expenses		19,359,886		24,636,434		2,506,250
OPERATING INCOME		14,587,880		17,170,750		1,746,770
OTHER INCOME (EXPENSES)
Interest income	45	317,941		344,686		35,065
Interest expense	45	(1,270,136	)	(1,177,268	)	(119,763	)
Loss on foreign exchange — net	2e	(1,220,760	)	(516,807	)	(52,574	)
Equity in net income of associated companies	2g,11	3,420		10,879		1,107
Others — net		331,050		409,184		41,626
Other income (expenses) — net		(1,838,485	)	(929,326	)	(94,539	)
INCOME BEFORE TAX		12,749,395		16,241,424		1,652,231
TAX EXPENSE	2r,39c
Current tax		(4,267,111	)	(5,719,644	)	(581,856	)
Deferred tax		88,585		535,757		54,502
		(4,178,526	)	(5,183,887	)	(527,354	)
INCOME BEFORE MINORITY INTEREST IN NET
INCOME OF SUBSIDIARIES		8,570,869		11,057,537		1,124,877
MINORITY INTEREST IN NET INCOME OF
SUBSIDIARIES, net	26	(1,956,301	)	(3,063,971	)	(311,696	)
NET INCOME		6,614,568		7,993,566		813,181
BASIC EARNINGS PER SHARE	2s,40
Net income per share		328.10		396.51		0.04
Net income per ADS (40 Series B shares per ADS)		13,124.14		15,860.25		1.61

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

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

link1 "CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY"

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2005 (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					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, 2004		5,040,000	1,073,333	(7,288,271	)	385,595	—	224,232	1,559,068	16,318,920		17,312,877
Cumulative effect due to change in method of
accounting for employee benefits, net of tax effect
of Rp600,059 million	2q,4	—	—	—		—	—	—	—	(2,618,665	)	(2,618,665	)
Balance as of January 1, 2004, as restated		5,040,000	1,073,333	(7,288,271	)	385,595	—	224,232	1,559,068	13,700,255		14,694,212
Unrealized holding gain on
available-for-sale securities	2g	—	—	—		—	884	—	—	—		884
Foreign currency translation of CSM	2g,11	—	—	—		—	—	5,363	—	—		5,363
Resolved during the Annual General Meeting
of the Stockholders on July 30,
2004
Declaration of cash dividends	41	—	—	—		—	—	—	—	(3,043,614	)	(3,043,614	)
Appropriation for general reserve	41	—	—	—		—	—	—	121,745	(121,745	)	—
Declaration of interim cash dividends		—	—	—		—	—	—	—	(143,377	)	(143,377	)
Net income for the year		—	—	—		—	—	—	—	6,614,568		6,614,568
Balance as of December 31, 2004, as restated		5,040,000	1,073,333	(7,288,271	)	385,595	884	229,595	1,680,813	17,006,087		18,128,036

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

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

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (continued) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2005 (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 restated		5,040,000	1,073,333	(7,288,271	)	385,595	884		229,595	1,680,813	17,006,087		18,128,036
Change in method of accounting
for restructuring transactions
between
entities under common control	4	—	—	7,288,271		—	—		—	—	(7,288,271	)	—
Unrealized holding loss on
available-for-sale securities	2g	—	—	—		—	(1,632	)	—	—	—		(1,632	)
Foreign currency translation of CSM	2g,11	—	—	—		—	—		3,658	—	—		3,658
Compensation for early termination of
exclusive rights	29	—	—	90,000		—	—		—	—	—		90,000
Resolved during the Annual General Meeting
of the Stockholders on June 24, 2005
Declaration of cash dividends	41	—	—	—		—	—		—	—	(2,921,227	)	(2,921,227	)
Appropriation for general reserve	41	—	—	—		—	—		—	122,584	(122,584	)	—
Net income for the year		—	—	—		—	—		—	—	7,993,566		7,993,566
Balance as of December 31, 2005		5,040,000	1,073,333	90,000		385,595	(748	)	233,253	1,803,397	14,667,571		23,292,401

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

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

link1 "CONSOLIDATED STATEMENTS OF CASH FLOWS"

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2005 (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	10,084,558		10,668,915		1,085,342
Cellular	10,497,763		14,825,437		1,508,183
Interconnection — net	5,766,444		7,403,322		753,136
Joint operation schemes	547,487		614,652		62,528
Data and Internet	4,973,559		6,952,323		707,256
Other services	1,689,941		1,445,668		147,067
Total cash receipts from operating revenues	33,559,752		41,910,317		4,263,512
Cash payments for operating expenses	(12,270,643	)	(14,954,742	)	(1,521,337	)
Cash generated from operations	21,289,109		26,955,575		2,742,175
Interest received	321,677		341,848		34,776
Income tax paid	(4,132,359	)	(4,938,916	)	(502,433	)
Interest paid	(1,348,919	)	(1,200,484	)	(122,125	)
Cash refund to customers and advances	(78,028	)	(55,343	)	(5,630	)
Net Cash Provided by Operating Activities	16,051,480		21,102,680		2,146,763
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of temporary investments and
maturity of time deposits	285,264		227,633		23,157
Purchase of temporary investments and placements
in time deposits	(404,268	)	(226,054	)	(22,996	)
Proceeds from sale of property, plant and equipment	67,196		84,621		8,608
Proceeds from insurance claim	—		27,580		2,806
Acquisition of property, plant and equipment	(8,568,862	)	(12,106,930	)	(1,231,631	)
Payment of advances for the purchase of
property, plant and equipment	(1,063,382	)	(212,187	)	(21,586	)
Decrease in advances and others	123,026		874		89
Acquisition of businesses, net of cash acquired	(27,797	)	(4,000	)	(407	)
Acquisition of long-term investments	(9,290	)	(4,250	)	(432	)
Net Cash Used in Investing Activities	(9,598,113	)	(12,212,713	)	(1,242,392	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid	(3,129,225	)	(2,980,640	)	(303,219	)
Cash dividends paid to minority shareholders of subsidiaries	(682,366	)	(1,694,261	)	(172,356	)
Increase in escrow accounts	(1,341,546	)	(96,216	)	(9,788	)
Proceeds from (repayments of) short-term borrowings	1,062,183		(994,709	)	(101,191	)
Payments for debt issuance cost	(2,394	)	—		—
Proceeds from Medium-term Notes	1,080,000		—		—
Repayments of Medium-term Notes	—		(470,000	)	(47,813	)
Redemption of Telkomsel’s notes	(504,101	)	(780,565	)	(79,406	)
Proceeds from long-term borrowings	2,386,748		569,995		57,985
Repayments of long-term borrowings	(5,734,156	)	(1,723,126	)	(175,293	)
Repayments of promissory notes	(40,008	)	(164,186	)	(16,703	)
Repayments of obligations under capital leases	—		(5,643	)	(574	)
Net Cash Used in Financing Activities	(6,904,865	)	(8,339,351	)	(848,358	)
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS	(451,498	)	550,616		56,013
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS	213,149		(32,055	)	(3,261	)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF YEAR	5,094,472		4,856,123		494,011
CASH AND CASH EQUIVALENTS AT END OF YEAR	4,856,123		5,374,684		546,763

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

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2005 (Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

Rp	Rp	US$ (Note 3)
SUPPLEMENTAL CASH FLOW INFORMATION
Noncash investing and financing activities:
Payment of insurance premium through
the incurrence of long-term debt	11,658	—	—
Acquisition of minority interest through the issuance
of Promissory Notes	126,692	—	—
Acquisition of business through the incurrence
of long-term liability	3,257,566	—	—
Acquisition of property, plant and equipment through
capital leases	—	257,380	26,183

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