PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • May 2, 2006

6-K 1 u92749e6vk.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 April, 2006

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

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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: April 28, 2006	By	/s/ Harsya Denny Suryo
		(Signature)
	Harsya Denny Suryo
	Vice President Investor Relation & Corporate Secretary

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PRESS RELEASE

No. TEL.161/PR000/COM-10/2006

TELKOM FILED ITS FIRST QUARTER UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 2006

Jakarta, April 28, 2006 – Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) filed its un-audited consolidated first 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, pleaser visit www.telkom-indonesia.com

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

Q1 06	Q1 05	Q1 06/05
(In Billion Rp.)
Total Assets	63,950	58,345	9.61 %
Total Liabilities	29,923	32,882	-9.00 %
Minority Interest	7,272	5,550	31.02 %
Total Equity	26,755	19,913	34.36 %
Operating Revenue	11,817	9,347	26.43 %
Operating Expense	6,239	5,608	11.26 %
Operating Income	5,578	3,739	49.18 %
Net Income	3,460	1,785	93.87 %
EBITDA	7,890	5,584	41.30 %
EBITDA Margin	66.77 %	59.74 %	7.03 %

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF MARCH 31, 2005 AND 2006 (Figures in table are presented in millions of Rupiah and thousands of United States Dollars)

Notes	Rp	Rp	US$ (Note 3)
(as restated - Notes 2 and 4)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	2c,2f,6,45	6,180,470	6,998,989	772,515
Temporary investments	2c,2g,45	46,220	23,507	2,595
Trade accounts receivable	2c,2h,7,45
Related parties — net of allowance for doubtful
accounts of Rp99,523 million in 2005
and Rp89,533 million in 2006		678,393	545,190	60,175
Third parties — net of allowance for doubtful
accounts of Rp508,301 million in 2005
and Rp603,454 million in 2006		3,200,061	3,057,131	337,432
Other accounts receivable — net of allowance for
doubtful accounts of Rp14,553 million in 2005
and Rp3,290 million in 2006	2c,2h,45	54,731	163,119	18,004
Inventories — net of allowance for obsolescence of
Rp56,940 million in 2005 and Rp50,252
million in 2006	2i,8	172,343	305,677	33,739
Prepaid expenses	2c,2j,9,45	995,512	1,243,650	137,268
Prepaid taxes	39a	68,605	9,265	1,023
Other current assets	2c,10,45	44,455	154,016	17,000
Total Current Assets		11,440,790	12,500,544	1,379,751
NON-CURRENT ASSETS
Long-term investments — net	2g,11	85,389	102,559	11,320
Property, plant and equipment — net of accumulated
depreciation of Rp30,935,879 million in 2005
and Rp39,120,067 million in 2006	2k,12	39,675,705	45,572,072	5,030,030
Property, plant and equipment under revenue-
sharing arrangements — net of accumulated
depreciation of Rp668,053 million in 2005
and Rp475,983 million in 2006	2m,13,48	468,293	531,343	58,647
Property, plant and equipment under capital lease
- net of accumulated depreciation of Rp35,298
million in 2006	2l,12	—	222,082	24,512
Prepaid pension benefit cost	42	1,182	460	51
Advances and other non-current assets	2c,14,45	1,432,433	319,063	35,217
Goodwill and other intangible assets — net of
accumulated amortization of Rp2,075,572
million in 2005 and Rp3,000,992 million in 2006	1c,2d,15	5,181,887	4,692,467	517,932
Escrow accounts	16	59,325	9,626	1,062
Total Non-current Assets		46,904,214	51,449,672	5,678,771
TOTAL ASSETS		58,345,004	63,950,216	7,058,522

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued) AS OF MARCH 31, 2005 AND 2006 (Figures in table are presented in millions of Rupiah and thousands of United States Dollars)

Notes	Rp	Rp	US$ (Note 3)
(as restated - Notes 2 and 4)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable	2c,17,45
Related parties		951,699	899,175	99,247
Third parties		2,780,341	2,898,319	319,903
Other accounts payable		133,142	43,340	4,784
Taxes payable	2r,39b	1,276,180	1,604,126	177,056
Dividends payable		62,690	3,276	362
Accrued expenses	2c,18,45	1,734,034	1,779,153	196,374
Unearned income	19	1,089,655	1,709,330	188,668
Advances from customers and suppliers		413,855	284,269	31,376
Short-term bank loans	2c,20,45	1,109,153	6,800	750
Current maturities of long-term liabilities	2c,21,45	3,043,517	2,191,582	241,896
Total Current Liabilities		12,594,266	11,419,370	1,260,416
NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2r,39e	2,601,453	2,427,478	267,934
Unearned income on revenue-sharing arrangements	2m,13,48	333,842	394,511	43,544
Unearned initial investor payments under joint
operation scheme	2n,47	19,330	4,979	550
Provision for long service award	2c,2q,43,45	469,514	534,146	58,956
Provision for post-retirement health care benefits	2c,2q,44,45	2,999,786	3,058,973	337,635
Accrued pension and other post-retirement benefits costs	2q,42	1,407,151	1,272,084	140,407
Long-term
liabilities — net of current maturities
Obligation under capital lease		—	227,179	25,075
Two-step loans — related party	2c,22,45	5,241,761	4,383,425	483,822
Notes and bonds	23	1,596,167	1,458,024	160,930
Bank loans	2c,24,45	2,026,238	2,053,425	226,647
Liabilities of business acquisitions	25	3,592,182	2,689,627	296,868
Total Non-current Liabilities		20,287,424	18,503,851	2,042,368
MINORITY INTEREST	26	5,549,979	7,271,762	802,623
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	556,291
Additional paid-in capital	28	1,073,333	1,073,333	118,469
Difference in value of restructuring transactions
between entities under common control	29	—	90,000	9,934
Difference due to change of equity in associated
companies		385,595	385,595	42,560
Unrealized holding (loss) available-for-sale securities	2g	1,290	236	26
Translation adjustment	2g	229,595	233,241	25,744
Retained earnings
Appropriated		1,680,813	1,803,397	199,050
Unappropriated		11,502,709	18,129,431	2,001,041
Total Stockholders’ Equity		19,913,335	26,755,233	2,953,115
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		58,345,004	63,950,216	7,058,522

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

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 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 - Notes 2 and 4)
OPERATING REVENUES
Telephone	2p,30
Fixed lines		2,727,068		2,731,908		301,535
Cellular		3,019,873		4,507,915		497,562
Interconnection	2p,31,45	1,848,186		2,044,258		225,636
Joint operation schemes	2n,32,47	166,746		161,690		17,847
Data and Internet	33	1,419,869		2,150,867		237,403
Network	34	108,955		134,749		14,873
Revenue-sharing arrangements	2m,35,48	29,897		75,465		8,329
Other telecommunications services		26,299		10,099		1,115
Total Operating Revenues		9,346,893		11,816,951		1,304,300
OPERATING EXPENSES
Personnel	36	1,966,895		1,677,299		185,132
Depreciation	2k,2l,2m,12,13	1,616,014		2,083,228		229,937
Operations, maintenance and telecommunication
services	37	1,268,444		1,570,424		173,336
General and administrative	38	577,012		702,946		77,588
Marketing		179,621		205,558		22,689
Total Operating Expenses		5,607,986		6,239,455		688,682
OPERATING INCOME		3,738,907		5,577,496		615,618
OTHER INCOME (CHARGES)
Interest income		57,295		152,337		16,814
Interest expense		(312,807	)	(280,504	)	(30,961	)
Gain (loss) on foreign exchange — net	2e	(176,382	)	773,825		85,411
Equity in net income (loss) of associated companies	2g,11	2,778		(855	)	(94	)
Others — net		129,027		77,080		8,508
Other income (charges) — net		(300,089	)	721,883		79,678
INCOME BEFORE TAX		3,438,818		6,299,379		695,296
TAX EXPENSE	2r,39c
Current tax		(1,347,588	)	(1,840,844	)	(203,184	)
Deferred tax		326,113		(35,584	)	(3,928	)
		(1,021,475	)	(1,876,428	)	(207,112	)
INCOME BEFORE MINORITY INTEREST IN NET
INCOME OF SUBSIDIARIES		2,417,343		4,422,951		488,184
MINORITY INTEREST IN NET INCOME OF
SUBSIDIARIES	26	(632,451	)	(962,511	)	(106,237	)
NET INCOME		1,784,892		3,460,440		381,947
BASIC EARNINGS PER SHARE	2s,40
Net income per share		88.54		171.65		0.02
Net income per ADS
(40 Series B shares per ADS)		3,541.45		6,865.95		0.67

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

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 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	)	—
Cummulative 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		—	—	—		—	406	—	—	—		406
Net income for the year		—	—	—		—	—	—	—	1,784,892		1,784,892
Balance as of March 31, 2005		5,040,000	1,073,333	—		385,595	1,290	229,595	1,680,813	11,502,709		19,913,335

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

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (continued) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 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, 2006		5,040,000	1,073,333	90,000	385,595	(748	)	233,253		1,803,397	14,668,991	23,293,821
Unrealized holding gain (loss) on
available-for-sale securities	2g	—	—	—	—	984		—		—	—	984
Foreign currency translation of CSM	2g,11	—	—	—	—	—		(12	)	—	—	(12	)
Declaration of interim cash dividends		—	—	—	—	—		—		—	—	—
Net income for the year		—	—	—	—	—		—		—	3,460,440	3,460,440
Balance as of March 31, 2006		5,040,000	1,073,333	90,000	385,595	236		233,241		1,803,397	18,129,431	26,755,233

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 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	2,677,841		3,184,187		351,456
Cellular	3,019,537		4,006,907		442,263
Joint operation schemes	239,204		157,658		17,402
Interconnection — net	1,727,858		2,127,606		234,835
Other services	1,545,020		2,306,939		254,629
Total cash receipts from operating revenues	9,209,460		11,783,297		1,300,585
Cash payments for operating expenses	(2,824,119	)	(2,650,034	)	(292,498	)
Cash generated from operations	6,385,341		9,133,263		1,008,087
Interest received	57,492		135,766		14,985
Income tax paid	(1,800,340	)	(3,889,069	)	(429,257	)
Interest paid	(190,894	)	(214,559	)	(23,682	)
Cash receipt (refund) from/to customers and advances	135,425		119,262		13,164
Net Cash Provided by Operating Activities	4,587,024		5,284,663		583,297
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments and maturity of
time deposits	(25,865	)	(458	)	(51	)
Proceeds from sale of property, plant and equipment	5,312		1,695		187
Acquisition of businesses, net of cash acquired	168,171		—		—
Acquisition of property, plant and equipment	(2,583,361	)	(3,482,781	)	(384,413	)
(Increase) decrease in advance for acquisition of
property, plant and equipment	—		88,112		9,725
Decrease (increase) in advances and others	66,945		97,312		10,741
Acquisition of intangible assets	—		(436,000	)	(48,124	)
Net Cash Used in Investing Activities	(2,368,798	)	(3,732,120	)	(411,935	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds (Purchase) from Medium-term Notes — net	—		—		—
Repayments of long-term liabilities	(971,443	)	(442,105	)	(48,797	)
Repayments of promissory notes	(67,700	)	(144,342	)	(15,932	)
Repayment of obligation under capital lease	—		(7,597	)	(839	)
(Increase) decrease in escrow accounts	(23,045	)	(14,026	)	(1,548	)
Proceeds from borrowings	299,867		720,595		79,536
Net Cash Used in Financing Activities	(762,321	)	112,525		12,420
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS	1,455,905		1,665,068		183,782
EFFECT OF EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS	(131,559	)	(40,763	)	(4,499	)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD	4,856,124		5,374,684		593,232
CASH AND CASH EQUIVALENTS AT END OF PERIOD	6,180,470		6,998,989		772,515

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

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