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 | |||||
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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. | |||||
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Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA,TBK | ||||
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(Registrant) |
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Date |
March 31, 2011 |
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By /s/ Agus Murdiyatno |
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(Signature) |
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Agus Murdiyatno |
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Vice President Investor Relation |
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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:
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FY /2009 |
FY / 2010 |
% Increase (decrease) |
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(In Billion Rp.) | |||
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Total Assets |
97,814 |
99,759 |
1.99 |
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Total Liabilities |
48,229 |
43,343 |
(10.13) |
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Minority Interest |
10,933 |
11,996 |
9.72 |
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Total Equity |
38,652 |
44,419 |
14.92 |
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Operating Revenue |
67,678 |
68,629 |
1.41 |
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Operating Expense |
44,890 |
46,138 |
2.78 |
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Operating Income |
22,788 |
22,491 |
(1.30) |
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Net Income |
11,399 |
11,537 |
1.21 |
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EBITDA |
36,762 |
37,102 |
0.92 |
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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) |
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Line in Service: |
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- Wireline |
Subs (000) |
8,377 |
8,303 |
(0.89) |
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- Wireless |
Subs (000) |
15,139 |
18,161 |
19.96 |
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Total Fixed Lines |
Subs (000) |
23,516 |
26,464 |
12.54 |
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Customer Base Cellular: |
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- Postpaid (kartuHALO) |
Subs (000) |
2,035 |
2,127 |
4.54 |
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- Prepaid (simPATI and Kartu As) |
Subs (000) |
79,609 |
91,884 |
15.42 |
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Total Customer Base Cellular |
Subs (000) |
81,644 |
94,010 |
15.15 |
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ADSL (Speedy) |
Subs (000) |
1,145 |
1,649 |
44.00 |
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MOU Cellular |
Billion minutes |
130.3 |
128.6 |
(1) |
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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.
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)
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2009* |
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2010 |
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Rp. |
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Rp. |
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US$ (Note 3) |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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7,805,460 |
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9,119,849 |
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1,012,192 |
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Temporary investments |
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359,507 |
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370,433 |
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41,114 |
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Trade receivables |
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Related parties - net of allowance for doubtful accounts of Rp.93,483 million in 2009 and Rp.151,266 million in 2010 |
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604,768 |
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780,043 |
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86,575 |
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Third parties - net of allowance for doubtful accounts of Rp.1,180,067 million in 2009 and Rp.1,294,078 million in 2010 |
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3,184,916 |
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3,563,666 |
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395,523 |
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Other receivables - net of allowance for doubtful accounts of Rp.9,517 million in 2009 and Rp.6,304 million in 2010 |
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128,025 |
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90,140 |
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10,005 |
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Inventories - net of allowance for obsolescence of Rp.72,174 million in 2009 and Rp.83,286 million in 2010 |
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435,244 |
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515,536 |
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57,218 |
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Advances and prepaid expenses |
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2,496,539 |
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3,441,031 |
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381,912 |
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Claims for tax refund |
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666,351 |
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133,056 |
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14,768 |
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Prepaid taxes |
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379,732 |
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715,698 |
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79,434 |
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Other current assets |
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125,482 |
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1,175 |
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130 |
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Total Current Assets |
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16,186,024 |
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18,730,627 |
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2,078,871 |
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NON-CURRENT ASSETS |
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Long-term investments - net |
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151,553 |
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253,850 |
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28,174 |
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Property, plant and equipment - net of accumulated depreciation of Rp.72,716,079 million in 2009 and Rp.83,712,378 million in 2010 |
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76,419,897 |
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75,832,408 |
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8,416,471 |
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Prepaid pension benefit cost |
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497 |
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988 |
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110 |
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Advances and other non-current assets |
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2,488,842 |
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3,052,695 |
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338,812 |
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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 |
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2,428,280 |
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1,784,525 |
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198,061 |
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Escrow accounts |
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44,114 |
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41,662 |
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4,624 |
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Deferred tax assets - net |
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94,953 |
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61,692 |
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6,847 |
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Total Non-current Assets |
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81,628,136 |
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81,027,820 |
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8,993,099 |
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TOTAL ASSETS |
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97,814,160 |
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99,758,447 |
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11,071,970 |
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* as restated
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)
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2009* |
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2010 |
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Rp. |
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Rp. |
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US$ (Note 3) |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES |
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Trade payables |
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Related parties |
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1,759,468 |
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1,153,874 |
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128,066 |
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Third parties |
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8,038,586 |
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6,356,921 |
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705,541 |
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Other payables |
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3,162 |
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20,953 |
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2,326 |
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Taxes payables |
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1,749,789 |
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735,690 |
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81,653 |
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Dividend payables |
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405,175 |
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255,545 |
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28,362 |
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Accrued expenses |
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4,118,994 |
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3,409,260 |
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378,386 |
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Unearned income |
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2,946,532 |
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2,681,483 |
|
297,612 |
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Advances from customers and suppliers |
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111,356 |
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499,705 |
|
55,461 |
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Short-term bank loans |
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43,850 |
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55,831 |
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6,197 |
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Current maturities of long-term liabilities |
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7,716,213 |
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5,303,636 |
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588,639 |
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Total Current Liabilities |
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26,893,125 |
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20,472,898 |
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2,272,243 |
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NON-CURRENT LIABILITIES |
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Deferred tax liabilities - net |
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3,220,510 |
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4,073,814 |
|
452,144 |
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Unearned income |
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393,078 |
|
312,029 |
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34,631 |
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Accrued long service awards |
|
212,518 |
|
242,149 |
|
26,876 |
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Accrued post-retirement health care benefits |
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1,801,776 |
|
1,050,030 |
|
116,541 |
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Accrued pension and other post-retirement benefits costs |
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808,317 |
|
536,990 |
|
59,599 |
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Long-term liabilities - net of current maturities |
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Obligations under finance leases |
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541,575 |
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408,867 |
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45,379 |
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Two-step loans - related party |
|
3,094,110 |
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2,741,303 |
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304,251 |
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Bonds and notes |
|
68,777 |
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3,249,379 |
|
360,641 |
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Bank loans |
|
11,086,688 |
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10,256,205 |
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1,138,313 |
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Deferred consideration for business combinations |
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108,079 |
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- |
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- |
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Total Non-current Liabilities |
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21,335,428 |
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22,870,766 |
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2,538,375 |
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TOTAL LIABILITIES |
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48,228,553 |
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43,343,664 |
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4,810,618 |
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MINORITY INTEREST |
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10,933,347 |
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11,996,041 |
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1,331,414 |
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* as restated
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)
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2009* |
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2010 |
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Rp. |
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Rp. |
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US$ (Note 3) |
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STOCKHOLDERS' EQUITY |
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Capital stock - Rp.250 par value per Series A Dwiwarna share and Series B share |
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Authorized - 1 Series A Dwiwarna share and 79,999,999,999 Series B shares |
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Issued and fully paid - 1 Series A Dwiwarna share and 20,159,999,279 Series B shares |
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5,040,000 |
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5,040,000 |
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559,379 |
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Additional paid-in capital |
|
1,073,333 |
|
1,073,333 |
|
119,127 |
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Treasury stock – 490,574,500 shares in 2009 and 2010 |
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(4,264,073 |
) |
(4,264,073 |
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(473,260 |
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Difference in value arising from restructuring transactions and other transactions between entities under common control |
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478,000 |
|
478,000 |
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53,052 |
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Difference due to change of equity in associated companies |
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385,595 |
|
385,595 |
|
42,796 |
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Unrealized holding gain from available-for-sale securities |
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18,136 |
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49,695 |
|
5,516 |
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Translation adjustment |
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230,995 |
|
233,378 |
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25,902 |
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Difference due to acquisition of minority interest in subsidiaries |
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(439,444 |
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(484,629 |
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(53,788 |
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Retained earnings |
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Appropriated |
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15,336,746 |
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15,336,746 |
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1,702,192 |
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Unappropriated |
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20,792,972 |
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26,570,697 |
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2,949,022 |
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Total Stockholders' Equity |
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38,652,260 |
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44,418,742 |
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4,929,938 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
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97,814,160 |
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99,758,447 |
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11,071,970 |
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* as restated
F-4
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)
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2008* |
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2009* |
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2010 |
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Rp. |
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Rp. |
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Rp. |
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US$ (Note 3) |
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OPERATING REVENUES |
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Telephone |
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|
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Fixed lines |
|
16,708,647 |
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14,286,212 |
|
12,940,007 |
|
1,436,183 |
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Cellular |
|
26,529,098 |
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28,532,530 |
|
29,133,595 |
|
3,233,473 |
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Interconnection |
|
4,362,566 |
|
3,866,642 |
|
3,735,376 |
|
414,581 |
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Data, internet and information technology services |
|
14,768,183 |
|
18,511,587 |
|
19,801,097 |
|
2,197,680 |
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Network |
|
1,079,475 |
|
1,218,013 |
|
1,058,159 |
|
117,443 |
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Other telecommunications services |
|
718,460 |
|
1,262,534 |
|
1,960,947 |
|
217,641 |
|
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Total Operating Revenues |
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64,166,429 |
|
67,677,518 |
|
68,629,181 |
|
7,617,001 |
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OPERATING EXPENSES |
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|
|
|
|
|
|
|
|
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Depreciation and amortization |
|
12,332,076 |
|
13,974,804 |
|
14,611,458 |
|
1,621,694 |
|
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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 |
|
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Interconnection |
|
3,263,560 |
|
2,929,260 |
|
3,086,355 |
|
342,548 |
|
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Marketing |
|
2,349,729 |
|
2,259,460 |
|
2,525,218 |
|
280,268 |
|
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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 |
|
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OTHER (EXPENSES) INCOME |
|
|
|
|
|
|
|
|
|
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Interest income |
|
671,834 |
|
462,169 |
|
421,354 |
|
46,765 |
|
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Equity in net (loss) income of associated companies |
|
20,471 |
|
(29,715 |
) |
(13,622 |
) |
(1,512 |
) |
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Interest expense |
|
(1,641,285 |
) |
(2,095,978 |
) |
(1,928,035 |
) |
(213,988 |
) |
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Gain (loss) on foreign exchange - net |
|
(1,613,759 |
) |
972,947 |
|
42,948 |
|
4,767 |
|
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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 |
) |
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Deferred |
|
150,016 |
|
(374,422 |
) |
(876,645 |
) |
(97,297 |
) |
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|
|
(5,673,542 |
) |
(6,404,123 |
) |
(5,546,039 |
) |
(615,543 |
) |
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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