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

For the month of June, 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 x 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 x

[If “yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

TABLE OF CONTENTS


SIGNATURES
PRESS RELEASE
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED STATEMENTS OF INCOME

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	June 30, 2004	By	/s/ Rochiman Sukarno

		(Signature)

		Rochiman Sukarno
		Head of Investor Relation Unit

PRESS RELEASE
No. TEL. 260/PR000/UH1/2004

TELKOM AUDIT 2003 FINALIZED

Bandung, June 30, 2004 — PT (PERSERO) Telekomunikasi Indonesia Tbk. (“TELKOM”) announced today that KAP Siddharta, Siddharta & Widjaja, a member firm of KPMG, has signed and issued its unqualified audit report for TELKOM’s 2003 consolidated financial statements. TELKOM has filed its Annual Report with BAPEPAM in Jakarta today 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’s consolidated income statement and balance sheet for 2003 is attached to this Press Release.

In connection with the finalization of TELKOM’s 2003 Annual Report, TELKOM intends to hold an Annual General Meeting of shareholders on July 30, 2004.

ADEK JULIANWAR
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-indonesia.com*

PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2002 AND 2003
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

ASSETS


	Notes	2002		2003
		Rp		Rp		US$ (Note 3)
CURRENT ASSETS
Cash and cash equivalents	2c,2f,6,49		5,699,070		5,094,472		603,610
Temporary investments	2c,2g,7,49		573,000		4,006		475
Trade accounts receivable	2c,2h,8,49
Related parties — net of allowance for doubtful accounts of Rp95,676 million in 2002, and Rp110,932 million in 2003			886,763		410,923		48,687
Third parties — net of allowance for doubtful accounts of Rp407,313 million in 2002, and Rp332,960 million in 2003			1,919,904		2,422,005		286,967
Other accounts receivable — net of allowance for doubtful accounts of Rp24,253 million in 2002, and Rp45,544 million in 2003	2c,2h,49		198,493		170,121		20,157
Inventories — net of allowance for obsolescence of Rp53,795 million in 2002, and Rp40,489 million in 2003	2i,9		139,682		154,003		18,247
Prepaid expenses	2c,2j,10,49		353,656		717,917		85,061
Prepaid taxes	43a		84,674		212,282		25,152
Other current assets	2c,11,49		691,788		45,083		5,342

Total Current Assets			10,547,030		9,230,812		1,093,698

NON-CURRENT ASSETS
Long-term investments	2g,12		183,147		64,648		7,660
Property, plant and equipment — net of accumulated depreciation of Rp18,886,345 million in 2002, and Rp23,581,560 million in 2003	2k,2l,13		28,448,606		34,775,140		4,120,277
Property, plant and equipment under revenue-sharing arrangements — net of accumulated depreciation of Rp842,964 million in 2002, and Rp791,645 million in 2003	2m,15,52		377,622		305,041		36,142
Advances and other non-current assets	2c,49		306,363		175,954		20,847
Intangible assets — net of accumulated amortization of Rp187,990 million in 2002, and Rp730,659 million in 2003	1c,2d,16		3,898,817		5,144,050		609,485
Advance payments for investments in shares of stock	5e		247,583		65,458		7,756
Escrow accounts	17		297,928		522,146		61,866

Total Non-current Assets			33,760,066		41,052,437		4,864,033

TOTAL ASSETS			44,307,096		50,283,249		5,957,731

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

PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS — (Continued)
DECEMBER 31, 2002 AND 2003
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

LIABILITIES AND STOCKHOLDERS’ EQUITY


	Notes	2002		2003
		Rp		Rp		US$ (Note 3)
CURRENT LIABILITIES
Trade accounts payable	2c,18,49
Related parties			790,227		657,478		77,900
Third parties			2,272,624		3,109,854		368,466
Other accounts payable			215,775		188,112		22,288
Taxes payable	2s,43b		1,109,632		1,513,038		179,269
Dividends payable			1,494		3,779		448
Accrued expenses	2c,19,49		1,949,914		1,215,872		144,061
Unearned income	20		445,561		763,211		90,428
Advances from customers and suppliers	21		293,522		268,148		31,771
Short-term bank loans	2c,22,49		39,205		37,642		4,460
Current maturities of long-term liabilities	2c,23,49		2,590,227		3,443,516		407,999

Total Current Liabilities			9,708,181		11,200,650		1,327,090

NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2s,43e		3,083,166		3,546,770		420,234
Unearned income on revenue-sharing arrangements	2m,15,52		142,797		111,732		13,238
Unearned initial investor payments under joint operation schemes	2n,36,51		66,117		31,584		3,742
Provision for long service awards	2r,47		489,231		473,614		56,115
Provision for post-retirement health care benefits	2r,48		1,602,494		2,063,350		244,474
Long-term liabilities — net of current maturities
Two-step loans — related party	2c,24,49		7,734,033		6,858,910		812,667
Guaranteed notes and bonds	25		2,313,510		2,102,502		249,112
Bank loans	2c,26,49		85,355		2,115,797		250,687
Liabilities for acquisitions of subsidiaries	27		1,618,979		746,974		88,504
Suppliers’ credit loans	28		175,625		671		80
Bridging loan	29		53,405		510		60
Other long-term debt			9,275		9,153		1,084
Project cost payables			15,512		—		—

Total Non-current Liabilities			17,389,499		18,061,567		2,139,997

MINORITY INTEREST	30		2,595,799		3,708,155		439,355

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

PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS — (Continued)
DECEMBER 31, 2002 AND 2003
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

LIABILITIES AND STOCKHOLDERS’ EQUITY


	Notes	2002			2003
		Rp			Rp			US$ (Note 3)
STOCKHOLDERS’ 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	31		5,040,000			5,040,000			597,156
Additional paid-in capital	32		1,073,333			1,073,333			127,172
Difference in value of restructuring transactions between entities under common control	33		(7,288,271	)		(7,288,271	)		(863,539	)
Difference due to change of equity in associated companies	2g		424,020			385,595			45,687
Translation adjustment	2e		235,665			224,232			26,568
Retained earnings
Appropriated			745,404			1,559,068			184,724
Unappropriated			14,383,466			16,318,920			1,933,521

Total Stockholders’ Equity			14,613,617			17,312,877			2,051,289

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			44,307,096			50,283,249			5,957,731

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

PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2001, 2002 AND 2003
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars,
except per share and per ADS data)


	Notes	2001			2002			2003
		Rp			Rp			Rp			US$ (Note 3)
OPERATING REVENUES
Telphone	2p,34
Fixed lines			6,415,156			7,264,099			8,896,865			1,054,131
Cellular			4,707,998			6,226,801			8,458,830			1,002,231
Interconnection	2p,35,49		1,423,686			2,831,334			4,162,148			493,145
Joint operation schemes	2n,36,49,51		2,219,586			2,128,145			1,486,307			176,103
Data and Internet	37		673,184			1,551,626			3,108,562			368,313
Network	38		414,929			316,098			517,865			61,358
Revenue-sharing arrangements	2m,39,52		264,253			263,754			258,464			30,624
Other telecommunications services			165,015			220,961			226,882			26,882

Total Operating Revenues			16,283,807			20,802,818			27,115,923			3,212,787

OPERATING EXPENSES
Personnel	40		2,281,245			4,387,568			4,440,096			526,078
Depreciation	2k,2l,2m,13,15		2,869,772			3,473,370			4,779,520			566,294
Operations, maintenance and telecommunication services	41		2,149,921			2,290,219			3,338,693			395,580
General and administrative	42		1,343,456			1,146,294			2,078,777			246,300
Marketing			220,006			375,152			502,898			59,585

Total Operating Expenses			8,864,400			11,672,603			15,139,984			1,793,837

OPERATING INCOME			7,419,407			9,130,215			11,975,939			1,418,950

OTHER INCOME (EXPENSE)
Gain on sale of long-term investment in Telkomsel	1c		—			3,196,380			—			—
Interest income	49		571,586			479,802			366,024			43,367
Interest expense	49		(1,329,642	)		(1,582,750	)		(1,383,446	)		(163,915	)
Gain (loss) on foreign exchange — net	2e		(378,720	)		556,613			126,121			14,943
Equity in net income (loss) of associated companies	2g,12		(85,686	)		4,598			2,819			334
Others — net			352,946			(35,956	)		364,338			43,169

Other income (expense) — net			(869,516	)		2,618,687			(524,144	)		(62,102	)

INCOME BEFORE TAX			6,549,891			11,748,902			11,451,795			1,356,848
TAX EXPENSE	2s,43e
Current tax			(2,177,366	)		(2,747,762	)		(3,791,280	)		(449,203	)
Deferred tax			170,471			(151,209	)		(69,810	)		(8,271	)

			(2,006,895	)		(2,898,971	)		(3,861,090	)		(457,474	)

INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES			4,542,996			8,849,931			7,590,705			899,374
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES, net	30		(474,605	)		(810,222	)		(1,503,478	)		(178,137	)

NET INCOME			4,068,391			8,039,709			6,087,227			721,237

BASIC EARNINGS PER SHARE	2t,44
Net income per share			403.61			797.59			603.89			0.07

Net income per ADS
(20 Series B shares per ADS)			8,072.20			15,951.80			12,077.83			1.43

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

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