6-K 1 u92335e6vk.htm PT TELEKOMUNIKASI INDONESIA

PT TELEKOMUNIKASI INDONESIA

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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           May          , 2004

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

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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
		(Registrant)
Date                  May 3, 2004		By     /s/ Rochiman Sukarno
		(Signature)
		Rochiman Sukarno Head of Investor Relation Unit

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
MARCH 31, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)

			As restated
			2003				2004
			Rp				Rp				US$ (Note 3)
ASSETS
CURRENT ASSETS
Cash and cash equivalents				6,201,912				5,168,915				603,493
Temporary investments				10,000				—				—
Trade accounts receivable
	Related parties — net of allowance for doubtful accounts of Rp111,780 million in 2003, and Rp82,804 million in 2004			1,080,240				877,855				102,493
	Third parties — net of allowance for doubtful accounts of Rp344,577 million in 2003, and Rp413,726 million in 2004			1,938,364				2,803,208				327,286
Other accounts receivable — net of allowance for doubtful accounts of Rp25,575 million in 2003, and Rp165,737 million in 2004				157,666				335,305				39,148
Inventories — net of allowance for obsolescence of Rp51,002 million in 2003, and Rp40,414 million in 2004				155,462				177,598				20,735
Prepaid expenses				555,564				737,839				86,146
Other current assets				119,910				1,158				135
Total Current Assets				10,219,118				10,101,878				1,179,436
NONCURRENT ASSETS
Long-term investments — net				176,733				136,741				15,965
Property, plant and equipment — net of accumulated depreciation of Rp20,779,052 million in 2003, and Rp26,440,288 million in 2004				29,353,120				34,583,400				4,037,759
Property, plant and equipment under revenue-sharing arrangements — net of accumulated depreciation of Rp863,695 million in 2003, and Rp827,218 million in 2004				356,890				242,154				28,273
Advances and other noncurrent assets				384,510				293,185				34,231
Intangible assets — net of accumulated amortization of Rp130,339 million in 2003, and Rp180,952 million in 2004				4,577,206				5,251,305				613,112
Advance payment for investment in shares of stock				255,505				79,768				9,313
Escrow account				253,945				250,409				29,236
Property not used in operations				6,218				5,292				618
Total Noncurrent Assets				35,364,127				40,842,254				4,768,507
TOTAL ASSETS				45,583,245				50,944,132				5,947,943

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued)
MARCH 31, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollar) — Continued

			As restated
			2003				2004
			Rp				Rp				US$ (Note 3)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable
	Related parties			810,867				676,785				79,018
	Third parties			1,898,017				2,447,132				285,713
Other accounts payable				58,706				53,147				6,205
Taxes payable				516,992				596,350				69,626
Dividends payable				404,094				11,799				1,378
Accrued expenses				1,929,869				1,552,915				181,309
Unearned income				429,829				755,059				88,156
Advances from customers and suppliers				353,139				427,791				49,946
Short-term bank loan				—				999,453				116,690
Current maturities of long-term liabilities				2,649,567				2,095,281				244,633
Total Current Liabilities				9,051,080				9,615,712				1,122,674
NONCURRENT LIABILITIES
Deferred tax liabilities — net				3,043,403				3,834,588				447,704
Unearned income on revenue-sharing arrangements				127,842				61,805				7,216
Unearned initial investor payments under joint operation scheme				64,781				28,496				3,327
Accrued long service award				411,327				428,317				50,008
Accrued postretirement health care benefits				1,833,873				2,508,099				292,831
Long-term liabilities — net of current maturities
	Two-step loans — related party			7,526,634				6,495,522				758,380
	Guaranteed notes and bonds			2,310,206				1,761,501				205,663
	Suppliers’ credit loans			174,547				680				79
	Bank loan			135,101				2,138,447				249,673
	Bridging loan			53,077				517				60
	Project cost payable			12,523				228				27
	Other long-term debt			69,022				9,150				1,068
	Liability for acquisition of subsidiaries			1,149,157				747,491				87,273
Total Noncurrent Liabilities				16,911,493				18,014,841				2,103,309
MINORITY INTEREST IN NET ASSETS OF SUBSIDIARIES				3,359,027				3,724,385				434,838
EQUITY
Capital stock — Rp 500 par value per Series A
	Dwiwarna share and Series B Share
	Authorized — one Series A Dwiwarna share and 39,999,999,999 Series B shares
	Issued and fully paid — one Series A Dwiwarna share and 10,079,999,639 Series B shares			5,040,000				5,040,000				588,441
Additional paid-in capital				1,073,333				1,073,333				125,316
Difference in value of restructuring transactions between entities under common control				(7,288,271	)			(7,288,271	)			(850,936	)
Difference due to change of equity in associated companies				424,020				424,020				49,506
Translation adjustment				234,853				224,229				26,180
Retained earnings
	Appropriated			745,404				1,559,068				182,028
	Unappropriated			16,032,306				18,556,815				2,166,587
Total Equity				16,261,645				19,589,194				2,287,122
TOTAL LIABILITIES AND EQUITY				45,583,245				50,944,132				5,947,943

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE PERIOD ENDED MARCH 31, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)

				As restated
				2003				2004
				Rp				Rp				US$ (Note 3)
OPERATING REVENUES
	Telephone
		Fixed lines			2,006,997				2,581,647				301,418
		Cellular			1,797,072				2,449,493				285,989
	Interconnection				946,073				1,335,802				155,961
	Joint operation scheme				427,362				94,807				11,069
	Data and Internet				579,822				1,009,452				117,858
	Network				122,387				120,726				14,095
	Revenue-sharing arrangements				64,165				59,173				6,909
	Other telecommunications services				48,474				58,803				6,865
	Total Operating Revenues				5,992,352				7,709,903				900,164
OPERATING EXPENSES
	Personnel				993,858				1,384,220				161,614
	Depreciation				994,520				1,443,664				168,554
	Operation, maintenance and telecommunication services				714,464				955,204				111,524
	General and administrative				373,378				538,335				62,853
	Marketing				92,353				166,096				19,392
	Total Operating Expenses				3,168,573				4,487,519				523,937
OPERATING INCOME					2,823,779				3,222,384				376,227
OTHER INCOME (CHARGES)
	Interest income				103,971				53,799				6,281
	Interest expense				(361,835	)			(288,246	)			(33,654	)
	Gain (loss) on foreign exchange — net				68,268				13,015				1,520
	Equity in net gain (loss) of associated companies				357				18				2
	Others — net				8,769				113,820				13,289
	Other income (charges) — net				(180,470	)			(107,594	)			(12,562	)
INCOME BEFORE TAX					2,643,309				3,114,790				363,665
TAX EXPENSE
	Current tax				(724,909	)			(918,832	)			(107,278	)
	Deferred tax				42,486				(3,193	)			(373	)
					(682,423	)			(922,025	)			(107,651	)
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES					1,960,886				2,192,765				256,014
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES					(312,047	)			(434,359	)			(50,713	)
NET INCOME					1,648,839				1,758,406				205,301
BASIC EARNINGS PER SHARE
	Net income per share				163.58				174.45				0.02
	Net income per ADS (20 Series B shares per ADS)				3,271.51				3,488.90				0.41

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