-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q2VdEBruTRUIVWZQ182Dvk8iRQVrp9KlkvolujWEgtGTP9/dwhR2U98Ieo+cF8IR G/QlvmvbnU4BvdmmfSjXtQ== 0001145549-04-000145.txt : 20040210 0001145549-04-000145.hdr.sgml : 20040210 20040210083908 ACCESSION NUMBER: 0001145549-04-000145 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040229 FILED AS OF DATE: 20040210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK CENTRAL INDEX KEY: 0001001807 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 999999999 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14406 FILM NUMBER: 04579582 6-K 1 u92276e6vk.txt PT TELEKOMUNIKASI INDONESIA 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 FEBRUARY FOR THE MONTH OF ___________________________________________ , 20 04 -- 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 [X] 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 [X] [IF "YES" IS MARKED, INDICATE BELOW THE FILE NUMBER ASSIGNED TO THE REGISTRANT IN CONNECTION WITH RULE 12g3-2(B): 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) FEBRUARY 10, 2004 /s/ Rochiman Sukarno DATE____________________________ BY __________________________________ (SIGNATURE) ROCHIMAN SUKARNO HEAD OF INVESTOR RELATION UNIT PRESS RELEASE No. TEL.77/PR000/UH1/2004 TELKOM AUDITS FINALIZED; WILL FILE 20-F TODAY BANDUNG, FEBRUARY 9, 2004 - PT (PERSERO) Telekomunikasi Indonesia Tbk. ("TELKOM") announced today that Drs. Hadi Sutanto & Rekan, a member firm of PricewaterhouseCoopers ("PwC"), has signed and issued its unqualified audit report for TELKOM's 2002 restated consolidated financial statements, and that its 2001 and 2000 auditor, Hans Tuanakotta Mustafa, a member firm of Deloitte Touche & Tohmatsu ("Deloitte"), has signed and reissued its unqualified audit reports for TELKOM's 2001 and 2000 restated consolidated financial statements. TELKOM has also finalized its Annual Report on Form 20-F and intends to file its Form 20-F with the United States Securities and Exchange Commission on opening of business today in Washington DC. TELKOM also intends to file its amended Annual Report with BAPEPAM in Jakarta later today. Under TELKOM's restated audited consolidated financial statements, TELKOM's consolidated net income after tax under Indonesian GAAP decreased by 3.7% for 2002, 4.3% for 2001 and 7.8% for 2000 from consolidated net income after tax previously reported and TELKOM's stockholders' equity under Indonesian GAAP decreased by 8.1% as of December 31, 2002, 2.6% as of December 31, 2001 and 2.9% as of December 31, 2000 from stockholders' equity previously reported. These percentage changes are within the ranges previously disclosed by TELKOM in prior press releases. The table below sets forth the adjusted and pre-adjusted amounts:
FINAL AUDITED AMOUNT PREVIOUSLY REPORTED PERCENTAGE (IN RP. MILLION) AMOUNT (IN RP. MILLION) INCREASE/(DECREASE) -------------------- ----------------------- ------------------- CONSOLIDATED NET INCOME AFTER TAX FOR THE YEAR ENDED DECEMBER 31, 2002 8,039,709 8,345,274 (3.7%) 2001 4,068,391 4,250,110 (4.3%) 2000 2,775,005 3,010,003 (7.8%) STOCKHOLDERS' EQUITY AS OF DECEMBER 31, 2002 14,613,617 15,899,183 (8.1%) 2001 9,080,961 9,323,575 (2.6%) 2000 14,473,064 14,909,176 (2.9%)
Kristiono, President Director of TELKOM, stated "TELKOM is pleased to be able to finalize its audits and file its Form 20-F with the United States SEC. We are, and have throughout this process been, committed to fulfilling our obligations to our shareholders, including through full compliance with the rules of the U.S. SEC and the NYSE." A summary of TELKOM's consolidated income statement and balance sheet for 2002, 2001 and 2000 is attached to this Press Release. The principal adjustments related to the following items: - Provision for Long Service, Housing and Transport Allowances. TELKOM employees are entitled to long service awards, housing allowances and transport and other allowances after a certain number of years of employment. TELKOM had not previously made provision for these liabilities and so made adjustments to its 2002, 2001 and 2000 and prior years financial statements to provide for these liabilities. The effect of these adjustments was to decrease Consolidated Net Income After Tax by Rp.151,773 million in 2002, Rp.65,675 million in 2001 and Rp.19,116 million in 2000 and Stockholders' Equity by Rp.427,607 million as of December 31, 2002, Rp.275,834 million as of December 31, 2001 and Rp.210,159 million as of December 31, 2000. - Provision for Post-retirement Benefits - Healthcare. TELKOM provides a post-retirement healthcare plan for pensioners who were employed by TELKOM for over 20 years. The calculation of the liabilities associated with such post-retirement benefits is complex and requires actuarial expertise. TELKOM's actuary, in consultation with TELKOM, has re-evaluated the key assumptions used in previous calculations, principally the medical cost trend projections. As a result, TELKOM has made adjustments to its 2002, 2001 and 2000 and prior years financial statements to provide for these liabilities. The effect of these adjustments was to decrease Consolidated Net Income After Tax by Rp.414,564 million in 2002, Rp.186,758 million in 2001 and Rp.141,160 million in 2000 and Stockholders' Equity by Rp.942,428 million as of December 31, 2002, Rp.527,864 million as of December 31, 2001 and Rp.341,106 million as of December 31, 2000. - Deferred Income Tax. TELKOM has identified the need to make certain adjustments in its prior calculations of deferred taxes and so TELKOM is making adjustments to its 2002, 2001 and 2000 and prior years financial statements. The effect of these adjustments was to decrease Consolidated Net Income After Tax by Rp.286,213 million in 2002, increase Consolidated Net Income After Tax by Rp.66,723 million in 2001 and decrease Consolidated Net Income After Tax by Rp.54,027 million in 2000 and to decrease Stockholders' Equity by Rp.136,875 million as of December 31, 2002 and increase Stockholders' Equity by Rp.525,528 million as of December 31, 2001 and Rp.83,588 million as of December 31, 2000. - Acquisition accounting and consolidation of Dayamitra Telekomunikasi ("Dayamitra") and Pramindo Ikat Nusantara ("Pramindo"). TELKOM is making adjustments to its consolidated financial statements for 2002, 2001 and 2000 to correct certain errors in the application of accounting principles to various acquisitions. The principal adjustment is to reflect the consolidation of Pramindo, 100% of which is now consolidated even though TELKOM's present legal ownership is 30%. TELKOM has made this adjustment as it has entered into an agreement to acquire 100% of Pramindo and, pursuant to this agreement, currently exercises control over Pramindo and has the right to all of the future economic benefits of ownership as though TELKOM owned 100% of the shares. Further adjustments were made to properly reflect the allocation of the purchase consideration for the acquisitions of Pramindo and Dayamitra. These adjustments decreased Consolidated Net Income After Tax by Rp.55,763 million in 2002 and Rp.2,008 million in 2001 and had no effect on Consolidated Net Income After Tax in 2000, and decreased Stockholders' Equity by Rp.353,810 million as of December 31, 2002 and Rp.2,008 million as of December 31, 2001 and had no effect on Stockholders' Equity as of December 31, 2000. 2 - - Operating revenues. As a result of a review of certain terms of TELKOM's revenue sharing agreements and other telecommunication service agreements, TELKOM is making adjustments to its consolidated financial statements to correct certain errors in previous calculations relating to the amortization of unearned revenue which resulted in a net overstatement of revenues recorded in the consolidated financial statements for 2001 and an understatement of such revenue in 2002. These adjustments increased Consolidated Net Income After Tax by Rp.18,975 million in 2002, decreased Consolidated Net Income After Tax by Rp.27,359 million in 2001 and Rp. 20,695 million in 2000, and increased Stockholders' Equity by Rp.23,181 million as of December 31, 2002, Rp.4,206 million as of December 31, 2001 and Rp.31,565 million as of December 31, 2000. - - Trade accounts payable. As a result of the reconciliation of balances with other telephone operators in 2002, TELKOM is making adjustments to correct certain errors in trade accounts payable balances that resulted in an overstatement of the trade accounts payable recorded in the consolidated financial statements for 2001 and 2002. These adjustments increased Consolidated Net Income After Tax by Rp.22,167 million in 2002 and Rp.36,323 million in 2001 and increased Stockholders' Equity by Rp.58,490 million as of December 31, 2002 and by Rp.36,323 million as of December 31, 2001. - - Correction of loan balance. As a result of the reconciliation of outstanding loans at the end of 2002, TELKOM is making adjustments to correct a double recording of a loan balance which had a corresponding effect of overstating the foreign exchange loss in the consolidated financial statements for 2002. These adjustments increased Consolidated Net Income After Tax for 2002 and Stockholders' Equity as of December 31, 2002 by Rp. 117,078 million. - - Correction of taxes payable. As a result of a reconciliation of taxes payable at the end of 2002, TELKOM is making adjustments to correct an over-accrual of value-added tax payable. These adjustments increased Consolidated Net Income After Tax for 2002 and Stockholders' Equity as of December 31, 2002 by Rp. 75,796 million. - - Telkomsel equity transactions. TELKOM is making an adjustment to stockholders' equity to reflect the realization of a gain in the 2002 statement of income attributable to past equity transactions in Telkomsel. The adjustment increased the Consolidated Net Income After Tax for 2002 by Rp 65,158 million. - - Other items. TELKOM is making certain other adjustments representing individually insignificant adjustments to correct errors as a result of understatement of depreciation expenses, understatement of allowance for doubtful accounts and amortization of deferred interest and other issues. These adjustments decreased Consolidated Net Income After Tax and Stockholders' Equity as of December 31, 2002 by Rp. 65,503 million. - - Corporate tax. Certain of the above adjustments have also impacted TELKOM's corporate tax calculation for the 2002 and 2001 tax years. As a result, TELKOM has made related adjustments to the corporate tax charge in the restated consolidated financial statements for the respective years. These adjustments increased Consolidated Net Income After Tax by Rp. 36,144 million for 2002, decreased Consolidated Net Income After Tax by Rp. 2,965 million for 2001, increased Stockholders' Equity as of December 31, 2002 by Rp. 33,179 million and decreased Stockholders' Equity as of December 31, 2002 by Rp. 2,965 million. 3 In addition, TELKOM was able to reverse provisions following the settlement of its arbitration with AriaWest in 2003 and, net of settlement amount, the effect was an increase in Consolidated Net Income After Tax for 2002 and Stockholders' Equity as of December 31, 2002 by Rp.332,933 million. In connection with the finalization of TELKOM's 2002 Annual Report on Form 20-F, TELKOM intends to hold an Extraordinary General Meeting of shareholders among others to (i) approve and ratify the restated 2002 consolidated financial statements and (ii) approve the restatements of TELKOM's consolidated financial statements for 2001 and 2000. With the finalization of the amended 2002 Annual Report on Form 20-F, TELKOM intends to focus on the preparation of its 2003 Annual Report on Form 20-F, which is due by June 30, 2004. Forward-looking statements in this press release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release that are not strictly historical statements constitute forward-looking statements which involve risks and uncertainties. WOERYANTO SOERADJI Corporate Secretary For further information, please contact: INVESTOR RELATIONS UNIT PT TELEKOMUNIKASI INDONESIA, TBK JAKARTA TEL: 62-21-5215109 FAX: 61-21-5220500 EMAIL: INVESTOR@TELKOM.CO.ID WEBSITE: WWW.TELKOM.CO.ID 4 ATTACHMENT SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, --------------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2002 ----------- ----------- ------------- ------------- ------------- ------------- (UNAUDITED) (UNAUDITED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (RP. IN BILLION, EXCEPT FOR DATA RELATING TO SHARES, DIVIDENDS AND ADS) US$ CONSOLIDATED INCOME STATEMENT DATA Indonesian GAAP(4) Operating revenues(1) Telephone Fixed lines Local and domestic long- distance usage ............ 2,903 3,571 4,097 5,226 5,448 609 Monthly subscription charges 683 799 887 998 1,475 165 Installation charges ....... 106 68 75 98 130 14 Others ..................... 113 91 119 93 211 24 ------ ------ ------- ------- ------- ------ Total fixed lines revenues 3,805 4,529 5,178 6,415 7,264 812 Cellular Air time charges ........... 852 1,458 2,484 3,988 5,454 610 Monthly subscription charges 212 236 356 581 593 66 Features ................... 5 4 7 10 8 1 Connection fee charges ..... 20 51 43 129 172 19 ------ ------ ------- ------- ------- ------ Total cellular revenues .. 1,089 1,749 2,890 4,708 6,227 696 Total telephone revenues ..... 4,894 6,278 8,068 11,123 13,491 1,508 Joint Operation Scheme Minimum TELKOM Revenue (MTR) . 1,434 1,453 1,557 1,474 1,320 147 Share in distributable TELKOM Revenue (DTR) ........ 143 209 695 733 801 89 Amortization of unearned initial investor payments ... 15 15 15 13 7 1 Total revenue under Joint Operation Scheme .......... 1,592 1,677 2,267 2,220 2,128 237 Interconnection ................ 412 706 981 1,424 2,831 316 Network ........................ 354 343 340 415 316 35 Data and Internet .............. 32 54 108 673 1,552 173 Revenue-Sharing Arrangement .... 285 360 288 264 264 30 Other telecommunications- related services .............. 21 19 138 165 221 25 ------ ------ ------- ------- ------- ------ Total Operating Revenues ..... 7,590 9,437 12,190 16,284 20,803 2,324 ------ ------ ------- ------- ------- ------ Operating expenses Personnel ...................... 1,171 1,349 1,770 2,281 4,388 490 Depreciation ................... 2,468 2,627 2,419 2,870 3,474 388 Operation, maintenance and telecommunication services .... 726 1,146 1,386 2,150 2,290 256 General and administrative ..... 675 571 872 1,343 1,146 128 Marketing ...................... 51 76 147 220 375 42 ------ ------ ------- ------- ------- ------ Total Operating Expenses ..... 5,091 5,769 6,594 8,864 11,673 1,304 ------ ------ ------- ------- ------- ------ Operating Income ................. 2,499 3,668 5,596 7,420 9,130 1,020 Other income (charges) Gain on sale of long term investment in Telkomsel ....... -- -- -- -- 3,196 357 Interest expense ............... (981) (1,492) (817) (1,330) (1,583) (177) Interest income ................ 744 762 692 572 480 54 Gain (loss) on foreign exchange -- net ............... (1,219) 326 (944) (379) 557 62 Equity in net income (loss) of associated companies .......... (62) 137 (232) (86) 5 1 Other -- net ................... 178 101 313 353 (36) (4) Other Income (Charges) -- net .... (1,340) (166) (988) (870) 2,619 293 Income Before Tax ................ 1,159 3,502 4,608 6,550 11,749 1,313 Tax expense ...................... (386) (1,004) (1,520) (2,007) (2,899) (324) Income before minority interest in net income of subsidiaries ... 773 2,498 3,088 4,543 8,850 989 Minority interest in net income of subsidiaries .................... (15) (162) (313) (475) (810) (91) Net Income ....................... 758 2,336 2,775 4,068 8,040 898
5
YEAR ENDED DECEMBER 31, --------------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2002 ----------- ----------- ------------- ------------- ------------- ------------- (UNAUDITED) (UNAUDITED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (RP. IN BILLION, EXCEPT FOR DATA RELATING TO SHARES, DIVIDENDS AND ADS) US$ Weighted average shares outstanding (millions) .......... 9,333 9,644 10,080 10,080 10,080 Net income per share ........... 81.17 242.26 275.30 403.61 797.59 Net income per ADS ............. 1,623.49 4,845.29 5,505.96 8,072.20 15,951.80 Dividend declared per share .... 48.48 50.99 107.76 88.16 210.82 U.S. GAAP(4)(5) Net income ..................... 844 2,679 2,216 4,298 8,587 Net income per share ........... 90.44 277.80 219.87 426.41 851.91 Net income per ADS ............. 1,808.76 5,555.90 4,397.47 8,528.17 17,038.21
AS OF DECEMBER 31, ---------------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2002 ----------- ----------- ------------- ------------- ------------- ------------- (UNAUDITED) (UNAUDITED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (AS RESTATED) (RP. IN BILLION) US$ CONSOLIDATED BALANCE SHEET DATA Indonesian GAAP(4) Total assets ................ 26,040 28,574 32,019 33,036 44,307 4,951 Current liabilities(2) ...... 3,650 4,058 4,138 9,543 9,708 1,085 Other liabilities ........... 2,567 2,630 3,048 3,447 5,383 602 Long-term debt .............. 8,537 8,541 9,546 9,730 12,006 1,341 Total liabilities ........... 14,754 15,229 16,732 22,720 27,097 3,028 Minority interest ........... 360 534 814 1,235 2,596 290 Capital stock(3) ............ 4,667 5,040 5,040 5,040 5,040 563 Total stockholders' equity .. 10,927 12,810 14,473 9,081 14,614 1,633 U.S. GAAP(4) Total assets ................ 24,434 27,236 30,900 32,449 44,623 4,986 Total stockholders' equity .. 9,153 11,419 12,928 7,766 13,911 1,554
- ---------- Notes: (1) For the year ended 2002, TELKOM has reclassified its revenue into eight major revenue categories: fixed-line, cellular, joint operation scheme ("KSO"), interconnection, network, data and internet, revenue-sharing arrangements and other telecommunications services. For the purpose of comparability, TELKOM has also reclassified its revenues for prior periods. (2) Includes current maturities of long-term debt. (3) Issued and Paid-Up Capital Stock consists of one Series A Dwiwarna share having a par value of Rp.500 and 10,079,999,639 Series B shares having a par value of Rp.500 from an authorized capital stock comprising one series A Dwiwarna share and 39,999,999,999 Series B shares. (4) Indonesian GAAP amounts for 2000, 2001, 2002 and prior years reflect adjustments related to long service awards, post-retirement healthcare benefits, deferred taxes, acquisition accounting, operating revenues, trade accounts payable, correction of loan balance, correction of taxes payable and certain other items, including the settlement of our dispute with AriaWest. See "Item 5. Operating and Financial Review and Prospects -- Restatement of Information Previously Reported" and Note 4 to the Company's consolidated financial statements. (5) U.S. GAAP amounts reflect adjustments resulting from differences in the accounting treatment of termination benefits, foreign exchange differences on property under construction, interest capitalized on property under construction, revenue sharing arrangements, revaluation of property, plant and equipment, pension, equity in net income/(loss) of associated companies, amortization of land rights, stock issuance costs, employee bonuses, depreciation of equipment to be installed, revenue recognition, goodwill, capital leases, acquisition of a subsidiary, changes in equity of associates and deferred income taxes. See "Item 5. Operating and Financial Review and Prospects -- Summary of Material Differences between Indonesian GAAP and U.S. GAAP" and Note 57(1) to the Company's consolidated financial statements. 6 -----END PRIVACY-ENHANCED MESSAGE-----