PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK

Foreign Filer Report • Mar 31, 2011

6-K 1 pr_telkom2010doc.htm PT TELEKOMUNIKASI INDONESIA pr_telkom2010doc.htm - Generated by SEC Publisher for SEC Filing

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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 March , 2011

Perusahaan Perseroan (Persero)

PT Telekomunikasi Indonesia Tbk.

(Exact name of Registrant as specified in its charter)

Telecommunications Indonesia

(a state-owned public limited liability company)

(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 ¨

[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 ¨ No þ

[If “yes” is marked, indicate below the file number assigned to the registrant in connection with

Rule 12g3-2(b): 82- ]

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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,TBK
		(Registrant)
Date	March 31, 2011	By /s/ Agus Murdiyatno
		(Signature)
		Agus Murdiyatno
		Vice President Investor Relation

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Press Release

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PRESS RELEASE

No. TEL.62/PR.000/COP-A0070000/2011

TELKOM TODAY FILED ITS AUDITED CONSOLIDATED

FINANCIAL STATEMENTS 2010 AND ANNUAL REPORT 2010

Jakarta, March 31, 2011 – Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. ("TELKOM" or the “Company”) filed its 2010 Annual Report (which included the audited consolidated financial statement for year 2010) to BAPEPAM (Capital Market Supervisory Agency) and the Stock Exchanges, as well as its Annual Report on Form 20-F to the United States Securities and Exchange Commission.

Copies of the Annual Report with TELKOM's balance sheets and income statements for the audited full year 2010 are attached to this Press Release. For a complete version of all the documents above, please visit www.telkom.co.id.

Our results in general were satisfactory, with consolidated operating revenue up to 1.4% against the previous year. The telecommunications portion of our TIME approach is still the dominant revenue source, but the contribution of the other IME (Information, Media, Edutainment) businesses is growing in line with expectations.

Performance Highlight

· Our data, internet and IT services contributed 28.9% to total revenues in 2010.

· We experienced strong growth in TELKOMSpeedy, our broadband service, with a 38.0% increase in revenues and a 44.0% in the number of subscribers.

· Steady growth in Flexi, our fixed wireless product, brought the total subscriber base to approximately 18.2 million, a net increase of 20.0%.

At a time when the overwhelming consumer preference for mobile telephony has led to a slowing in the decline of fixed line revenues, our fixed wireline business managed to outperform expectations by slowing the rate of decline in 2010 to single digits.

Although average revenue per user (“ARPU”) declined 30.2% compared to the previous year, Flexi has upheld its position as the dominant player in this market with a market share of some 56.5%. We responded to the decline in the fixed line voice market by investing in technology and diversifying our business portfolio. In 2010, we successfully grew revenues from our broadband, enterprise and IT services.

Telkomsel remained ahead of the competition. Telkomsel leveraged its continuous product innovation, strong brand positioning and an improved network into a 15.1% growth in number of customers on the strength of its key competitive advantage – the ability to deliver end-to-end service.

In keeping with our positioning as a TIME provider, we have continued to leverage the value of our infrastructure by developing and selling solutions and applications through our growing portfolio of new wave businesses. TELKOM’s strong financial position has enabled us to continue to pursue our program of strategic investment to enhance both the capacity and quality of our core network capability and infrastructure.

A summary of the balance sheet, income statements and operational highlights follows:

	FY /2009	FY / 2010	% Increase (decrease)
	(In Billion Rp.)
Total Assets	97,814	99,759	1.99
Total Liabilities	48,229	43,343	(10.13)
Minority Interest	10,933	11,996	9.72
Total Equity	38,652	44,419	14.92
Operating Revenue	67,678	68,629	1.41
Operating Expense	44,890	46,138	2.78
Operating Income	22,788	22,491	( 1.30)
Net Income	11,399	11,537	1.21
EBITDA	36,762	37,102	0.92
EBITDA Margin (%)	54.3	54.1	(0.37)

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

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	Unit	FY /2009	FY /2010	% Increase (decrease)
Line in Service:
- Wireline	Subs (000)	8,377	8,303	(0.89)
- Wireless	Subs (000)	15,139	18,161	19.96
Total Fixed Lines	Subs (000)	23,516	26,464	12.54
Customer Base Cellular:
- Postpaid ( kartuHALO)	Subs (000)	2,035	2,127	4.54
- Prepaid ( simPATI and Kartu As)	Subs (000)	79,609	91,884	15.42
Total Customer Base Cellular	Subs (000)	81,644	94,010	15.15
ADSL (Speedy)	Subs (000)	1,145	1,649	44.00
MOU Cellular	Billion minutes	130.3	128.6	(1)
ARPU Cellular/month	Rp. ‘000	48	42	(12)

The Consolidated Statements reflect certain changes imposed by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, effective January 1, 2011. Whereas Interconnection revenue in the Statement of Income was previously presented on a net basis, it is now shown on a gross basis. Interconnection expenses are included as operating expenses. Outgoing Interconnection revenue, which was previously classified as Interconnection revenue, is now presented as Fixed Line and Cellular revenue. The 2009 presentation has been reclassified to conform to the current treatment.

Reviewing the 2010 results, TELKOM President Director, Rinaldi Firmansyah, stated that: "In 2010, we executed our strategy as planned, delivering solid growth and exceeding our expectations in some strategic sectors. We kept our cost base under control. We have continued to strengthen the foundation for the future growth.” He also noted that "We are now in a position to realize the benefits of our transformation. We are confident in our capacity for sustained growth and our ability to adapt to the changing landscape in our industry. We now look forward to focusing fully on taking Indonesia forward into this new world of telecommunications, information, media and edutainment.”

By /s/ Agus Murdiyatno

AGUS MURDIYATNO

Vice President Investor Relations

For further information, please contact:

Investor Relations

PT TELEKOMUNIKASI INDONESIA, Tbk

Tel: 62-21-5215109

Fax: 62-21-5220500

Email: investor@telkom.co.id

Website: www.telkom.co.id

PT Telekomunikasi Indonesia, Tbk. (“TELKOM”) is the largest telecommunications and network provider in Indonesia. Serving millions of customers nationwide, we provide a strong portfolio of information and communication services, including fixed wireline and fixed wireless telephone, mobile cellular, data and internet, and network and interconnection services, directly or through our subsidiaries. We have broadened our business portfolio to encompass TIME - telecommunications, information, media and edutainment. TELKOM’s shares are listed in the Indonesian Stock Exchange (IDX: TLKM) and its American Depository Shares are listed in the New York Stock Exchange (NYSE:TLK) and London Stock Exchange (LSE:TKIA)

Disclaimer

This document contains financial conditions and results of operation, and may contain certain projections, plans, strategies, and objectives of the Company, which would be treated as forward looking statements within the meaning of applicable law.

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PERUSAHAAN PERSEROAN (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2009 AND 2010

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

| | 2009* — Rp. | 2010 — Rp. | US$
(Note 3) |
| --- | --- | --- | --- |
| ASSETS | | | |
| CURRENT
ASSETS | | | |
| Cash and
cash equivalents | 7,805,460 | 9,119,849 | 1,012,192 |
| Temporary
investments | 359,507 | 370,433 | 41,114 |
| Trade
receivables | | | |
| Related parties - net of
allowance for doubtful accounts of Rp.93,483 million in 2009 and Rp.151,266
million in 2010 | 604,768 | 780,043 | 86,575 |
| Third parties - net of
allowance for doubtful accounts of Rp.1,180,067 million in 2009 and Rp.1,294,078
million in 2010 | 3,184,916 | 3,563,666 | 395,523 |
| Other receivables - net of
allowance for doubtful accounts of Rp.9,517 million in 2009 and Rp.6,304
million in 2010 | 128,025 | 90,140 | 10,005 |
| Inventories - net of allowance
for obsolescence of Rp.72,174 million in 2009 and Rp.83,286 million in 2010 | 435,244 | 515,536 | 57,218 |
| Advances
and prepaid expenses | 2,496,539 | 3,441,031 | 381,912 |
| Claims
for tax refund | 666,351 | 133,056 | 14,768 |
| Prepaid
taxes | 379,732 | 715,698 | 79,434 |
| Other
current assets | 125,482 | 1,175 | 130 |
| Total
Current Assets | 16,186,024 | 18,730,627 | 2,078,871 |
| NON-CURRENT
ASSETS | | | |
| Long-term
investments - net | 151,553 | 253,850 | 28,174 |
| Property, plant and equipment -
net of accumulated depreciation of Rp.72,716,079 million in 2009 and Rp.83,712,378
million in 2010 | 76,419,897 | 75,832,408 | 8,416,471 |
| Prepaid
pension benefit cost | 497 | 988 | 110 |
| Advances
and other non-current assets | 2,488,842 | 3,052,695 | 338,812 |
| Goodwill and other intangible
assets - net of accumulated amortization of Rp.7,570,659 million in 2009 and
Rp.9,094,032 million in 2010 | 2,428,280 | 1,784,525 | 198,061 |
| Escrow
accounts | 44,114 | 41,662 | 4,624 |
| Deferred
tax assets - net | 94,953 | 61,692 | 6,847 |
| Total
Non-current Assets | 81,628,136 | 81,027,820 | 8,993,099 |
| TOTAL
ASSETS | 97,814,160 | 99,758,447 | 11,071,970 |

• as restated

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PERUSAHAAN PERSEROAN (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (continued)

DECEMBER 31, 2009 AND 2010

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

| | 2009* — Rp. | 2010 — Rp. | US$
(Note 3) |
| --- | --- | --- | --- |
| LIABILITIES
AND STOCKHOLDERS' EQUITY | | | |
| CURRENT
LIABILITIES | | | |
| Trade
payables | | | |
| Related
parties | 1,759,468 | 1,153,874 | 128,066 |
| Third parties | 8,038,586 | 6,356,921 | 705,541 |
| Other
payables | 3,162 | 20,953 | 2,326 |
| Taxes
payables | 1,749,789 | 735,690 | 81,653 |
| Dividend
payables | 405,175 | 255,545 | 28,362 |
| Accrued
expenses | 4,118,994 | 3,409,260 | 378,386 |
| Unearned
income | 2,946,532 | 2,681,483 | 297,612 |
| Advances from
customers and suppliers | 111,356 | 499,705 | 55,461 |
| Short-term
bank loans | 43,850 | 55,831 | 6,197 |
| Current maturities
of long-term liabilities | 7,716,213 | 5,303,636 | 588,639 |
| Total
Current Liabilities | 26,893,125 | 20,472,898 | 2,272,243 |
| NON-CURRENT
LIABILITIES | | | |
| Deferred
tax liabilities - net | 3,220,510 | 4,073,814 | 452,144 |
| Unearned
income | 393,078 | 312,029 | 34,631 |
| Accrued
long service awards | 212,518 | 242,149 | 26,876 |
| Accrued
post-retirement health care benefits | 1,801,776 | 1,050,030 | 116,541 |
| Accrued
pension and other post-retirement benefits costs | 808,317 | 536,990 | 59,599 |
| Long-term liabilities
- net of current maturities | | | |
| Obligations
under finance leases | 541,575 | 408,867 | 45,379 |
| Two-step loans
- related party | 3,094,110 | 2,741,303 | 304,251 |
| Bonds and
notes | 68,777 | 3,249,379 | 360,641 |
| Bank loans | 11,086,688 | 10,256,205 | 1,138,313 |
| Deferred
consideration for business combinations | 108,079 | - | - |
| Total
Non-current Liabilities | 21,335,428 | 22,870,766 | 2,538,375 |
| TOTAL
LIABILITIES | 48,228,553 | 43,343,664 | 4,810,618 |
| MINORITY
INTEREST | 10,933,347 | 11,996,041 | 1,331,414 |

• as restated

Table of Contents

PERUSAHAAN PERSEROAN (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (continued)

DECEMBER 31, 2009 AND 2010

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

| | 2009 * — Rp. | | 2010 — Rp. | | US$
(Note 3) | |
| --- | --- | --- | --- | --- | --- | --- |
| STOCKHOLDERS'
EQUITY | | | | | | |
| Capital stock
- Rp.250 par value per Series A Dwiwarna share and Series B share | | | | | | |
| Authorized - 1
Series A Dwiwarna share and 79,999,999,999 Series B shares | | | | | | |
| Issued and
fully paid - 1 Series A Dwiwarna share and 20,159,999,279 Series B shares | 5,040,000 | | 5,040,000 | | 559,379 | |
| Additional
paid-in capital | 1,073,333 | | 1,073,333 | | 119,127 | |
| Treasury stock
– 490,574,500 shares in 2009 and 2010 | (4,264,073 | ) | (4,264,073 | ) | (473,260 | ) |
| Difference in
value arising from restructuring transactions and other transactions between
entities under common control | 478,000 | | 478,000 | | 53,052 | |
| Difference due
to change of equity in associated companies | 385,595 | | 385,595 | | 42,796 | |
| Unrealized
holding gain from available-for-sale securities | 18,136 | | 49,695 | | 5,516 | |
| Translation
adjustment | 230,995 | | 233,378 | | 25,902 | |
| Difference due
to acquisition of minority interest in subsidiaries | (439,444 | ) | (484,629 | ) | (53,788 | ) |
| Retained
earnings | | | | | | |
| Appropriated | 15,336,746 | | 15,336,746 | | 1,702,192 | |
| Unappropriated | 20,792,972 | | 26,570,697 | | 2,949,022 | |
| Total
Stockholders' Equity | 38,652,260 | | 44,418,742 | | 4,929,938 | |
| TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY | 97,814,160 | | 99,758,447 | | 11,071,970 | |

• as restated

F- 4

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PERUSAHAAN PERSEROAN (PERSERO)

P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2008, 2009 AND 2010

(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars, except per share and per ADS data)

| | 2008 — Rp. | | 2009 — Rp. | | 2010 — Rp. | | US$
(Note 3) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| OPERATING
REVENUES | | | | | | | | |
| Telephone | | | | | | | | |
| Fixed
lines | 16,708,647 | | 14,286,212 | | 12,940,007 | | 1,436,183 | |
| Cellular | 26,529,098 | | 28,532,530 | | 29,133,595 | | 3,233,473 | |
| Interconnection | 4,362,566 | | 3,866,642 | | 3,735,376 | | 414,581 | |
| Data,
internet and information technology services | 14,768,183 | | 18,511,587 | | 19,801,097 | | 2,197,680 | |
| Network | 1,079,475 | | 1,218,013 | | 1,058,159 | | 117,443 | |
| Other
telecommunications services | 718,460 | | 1,262,534 | | 1,960,947 | | 217,641 | |
| Total
Operating Revenues | 64,166,429 | | 67,677,518 | | 68,629,181 | | 7,617,001 | |
| OPERATING
EXPENSES | | | | | | | | |
| Depreciation
and amortization | 12,332,076 | | 13,974,804 | | 14,611,458 | | 1,621,694 | |
| Personnel | 9,116,634 | | 8,533,157 | | 7,516,470 | | 834,236 | |
| Operations,
maintenance and telecommunication services | 12,301,277 | | 14,549,413 | | 16,046,414 | | 1,780,956 | |
| General and
administrative | 2,366,185 | | 2,643,788 | | 2,352,146 | | 261,059 | |
| Interconnection | 3,263,560 | | 2,929,260 | | 3,086,355 | | 342,548 | |
| Marketing | 2,349,729 | | 2,259,460 | | 2,525,218 | | 280,268 | |
| Total
Operating Expenses | 41,729,461 | | 44,889,882 | | 46,138,061 | | 5,120,761 | |
| OPERATING
INCOME | 22,436,968 | | 22,787,636 | | 22,491,120 | | 2,496,240 | |
| OTHER
(EXPENSES) INCOME | | | | | | | | |
| Interest
income | 671,834 | | 462,169 | | 421,354 | | 46,765 | |
| Equity
in net (loss) income of associated companies | 20,471 | | (29,715 | ) | (13,622 | ) | (1,512 | ) |
| Interest
expense | (1,641,285 | ) | (2,095,978 | ) | (1,928,035 | ) | (213,988 | ) |
| Gain
(loss) on foreign exchange - net | (1,613,759 | ) | 972,947 | | 42,948 | | 4,767 | |
| Others
- net | 524,742 | | 349,962 | | 402,586 | | 44,682 | |
| Other
expenses - net | (2,037,997 | ) | (340,615 | ) | (1,074,769 | ) | (119,286 | ) |
| INCOME
BEFORE TAX | 20,398,971 | | 22,447,021 | | 21,416,351 | | 2,376,954 | |
| TAX
(EXPENSE) BENEFIT | | | | | | | | |
| Current | (5,823,558 | ) | (6,029,701 | ) | (4,669,394 | ) | (518,246 | ) |
| Deferred | 150,016 | | (374,422 | ) | (876,645 | ) | (97,297 | ) |
| | (5,673,542 | ) | (6,404,123 | ) | (5,546,039 | ) | (615,543 | ) |
| INCOME
BEFORE MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES | 14,725,429 | | 16,042,898 | | 15,870,312 | | 1,761,411 | |
| MINORITY
INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES - net | (4,053,643 | ) | (4,644,072 | ) | (4,333,313 | ) | (480,945 | ) |
| NET
INCOME | 10,671,786 | | 11,398,826 | | 11,536,999 | | 1,280,466 | |
| BASIC
EARNINGS PER SHARE | | | | | | | | |
| Net
income per share | 540.38 | | 579.52 | | 586.54 | | 0.07 | |
| Net
income per ADS (40
Series B shares per ADS) | 21,615.20 | | 23,180.80 | | 23,461.60 | | 2.80 | |

• as restated