6-K 1 u92365e6vk.htm PT TELEKOMUNIKAI 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           July          , 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

PRESS RELEASE

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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                July 30, 2004	By		/s/ Rochiman Sukarno (Signature) Rochiman Sukarno Head of Investor Relation Unit

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PRESS RELEASE
No.TEL.563/PR000/UHI/04

THE COMPANY’S FIRST HALF OF YEAR 2004 RESULT

Jakarta, July 30, 2004 — We hereby announced that today, PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA Tbk., (the “Company”) have filed the Company’s Consolidated Financial Statement for the year ended June 39, 2004, with Bapepam.

A summary of TELKOM’s Consolidated Income Statement, Balance Sheet and Cash Flow for the First Half of Year 2004 is attached to this Press Release. For a complete version of the Company’s Consolidated Financial Statement for the year ended June 30, 2004 please view the Company’s website at http://www.telkom-indonesia.com

We will hold our First Semester Results Conference Call with TELKOM’s Board of Directors on Friday, August 6^th, 2004. (invitation attached).

Please note that the InfoMemo for the 2004 First Semester Result will be distributed on August 5, 2004.

ROCHIMAN SUKARNO
Head of Investor Relations Unit

For further information, please contact:

Investor Relations Unit
PT Telekomunikasi Indonesia, Tbk

Telp : 62-21-5215109
Fax : 62-21-5220500
E-mail : investor@telkom.co.id
Website : www.telkom.co.id

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

						2003
						(Restated)				2004
		Notes				Rp				Rp				US$ (Note 3)
ASSETS
CURRENT ASSETS
Cash and cash equivalents			2c,2f,7				3,954,984				6,983,664				743,734
Temporary investments			2c,2g,8				88,659				52,866				5,630
Trade accounts receivable			2c,2h,9
Related parties — net of allowance for doubtful accounts of Rp150,050 million in 2003, and Rp142,263 million in 2004							1,364,652				468,146				49,856
Third parties — net of allowance for doubtful accounts of Rp331,832 million in 2003, and Rp485,479 million in 2004							2,102,821				2,691,676				286,653
Other accounts receivable — net of allowance for doubtful accounts of Rp33,093 million in 2003, and Rp56,465 million in 2004			2c,2h				277,217				404,225				43,048
Inventories — net of allowance for obsolescence of Rp49,271 million in 2003, and Rp42,027 million in 2004			2i,10				156,198				139,644				14,872
Prepaid expenses			2c,2j,11				692,898				779,105				82,972
Prepaid taxes			44a				—				39,395				4,195
Other current assets			2c,12				103,323				163,302				17,391
Total Current Assets							8,740,752				11,722,023				1,248,351
NON-CURRENT ASSETS
Long-term investments — net			2g,13				172,777				75,318				8,021
Property, plant and equipment — net of accumulated depreciation of Rp21,777,648 million in 2003, and Rp25,756,696 million in 2004			2k,2l,14				29,615,586				35,453,720				3,775,689
Property, plant and equipment under revenue- sharing arrangements — net of accumulated depreciation of Rp893,144 million in 2003, and Rp928,954 million in 2004			2m,16,53				336,095				2,851,110				303,633
Advances and other non-current assets			2c				379,293				261,912				27,893
Intangible assets — net of accumulated amortization of Rp309,640 million in 2003, and Rp374,396 million in 2004			1c,2d,17				3,588,727				4,769,654				507,950
Advance payments for investments in shares of stock			6e				279,083				65,458				6,971
Escrow accounts			18				286,155				624,298				66,485
Total Non-current Assets							34,657,716				44,101,470				4,696,642
TOTAL ASSETS							43,398,468				55,823,493				5,944,993

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

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
AS OF JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

						2003
						(Restated)				2004
		Notes				Rp				Rp				US$ (Note 3)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable			2c,19
Related parties							432,809				767,978				81,787
Third parties							1,598,986				2,633,851				280,495
Other accounts payable							80,447				82,407				8,776
Taxes payable			2s,44b				1,178,911				1,011,351				107,705
Dividends payable							1,295,263				680,270				72,446
Accrued expenses			2c,20				1,351,913				1,887,597				201,022
Unearned income			21				597,563				746,869				79,539
Advances from customers and suppliers			22				238,414				384,147				40,910
Short-term bank loan			2c,23,49				—				773,595				82,385
Current maturities of long-term liabilities			2c,24				1,882,612				2,098,157				223,446
Total Current Liabilities							8,656,918				11,066,222				1,178,511
NON-CURRENT LIABILITIES
Deferred tax liabilities — net			2s,44e				3,090,148				3,536,911				376,668
Unearned income on revenue-sharing arrangements			2m,16,53				113,787				2,706,673				288,251
Unearned initial investor payments under joint operation schemes			2n,37,52				63,446				28,266				3,010
Provision for long service awards			2r,48				481,423				509,432				54,253
Provision for post-retirement health care benefits			2r,49				1,935,869				2,076,509				221,140
Long-term liabilities — net of current maturities
Two-step loans — related party			2c,25				6,950,208				6,750,786				718,933
Guaranteed notes and bonds			26				2,242,750				1,742,959				185,619
Bank loans			2c,27				379,989				2,569,807				273,675
Liabilities for acquisitions of subsidiaries			28				1,623,183				718,290				76,495
Suppliers’ credit loans			29				140,323				—				—
Bridging loan			30				23,684				—				—
Other long-term debt							9,150				9,150				974
Total Non-current Liabilities							17,053,960				20,648,783				2,199,018
MINORITY INTEREST			31				2,899,899				3,912,474				416,664
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			32				5,040,000				5,040,000				536,741
Additional paid-in capital			33				1,073,333				1,073,333				114,306
Difference in value of restructuring transactions between entities under common control			34				(7,288,271	)			(7,288,271	)			(776,173	)
Difference due to change of equity in associated companies			2g				424,020				385,595				41,064
Unrealized loss on investment in securities			2e				—				136				14
Translation adjustment							230,630				232,078				24,715
Retained earnings
Appropriated							1,559,068				1,559,068				166,035
Unappropriated							13,748,911				19,194,075				2,044,098
Total Stockholders’ Equity							14,787,691				20,196,014				2,150,800
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY							43,398,468				55,823,493				5,944,993

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

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

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars, except per share and per ADS data)

						2003
						(Restated)				2004
		Notes				Rp				Rp				US$ (Note 3)
OPERATING REVENUES
Telephone			2p,35
Fixed lines							4,116,043				5,003,204				532,822
Cellular							3,824,432				4,957,675				527,974
Interconnection			2p,36				2,031,622				2,750,678				292,937
Joint operation schemes			2n,37,52				859,871				262,175				27,921
Data and Internet			38				1,310,369				2,144,363				228,367
Network			39				216,004				274,836				29,269
Revenue-sharing arrangements			2m,40,53				124,043				492,939				52,496
Other telecommunications services							102,833				222,735				23,720
Total Operating Revenues							12,585,217				16,108,605				1,715,506
OPERATING EXPENSES
Personnel			41				2,131,748				2,675,323				284,912
Depreciation			2k,2l,2m,14,16				2,140,664				2,970,881				316,388
Operations, maintenance and telecommunication services			42				1,519,085				2,200,010				234,293
General and administrative			43				814,990				1,124,042				119,706
Marketing							217,025				409,587				43,619
Total Operating Expenses							6,823,512				9,379,843				998,918
OPERATING INCOME							5,761,705				6,728,762				716,588
OTHER INCOME (CHARGES)
Interest income							190,219				184,416				19,640
Interest expense							(619,552	)			(695,815	)			(74,102	)
Gain (loss) on foreign exchange — net			2e				383,733				(869,814	)			(92,632	)
Equity in net income (loss) of associated companies			2g,13				4,360				2,824				301
Others — net							272,093				244,179				26,004
Other income (charges) — net							230,853				(1,134,210	)			(120,789	)
INCOME BEFORE TAX							5,992,558				5,594,552				595,799
TAX EXPENSE			2s,44e
Current tax							(1,751,855	)			(1,839,908	)			(195,943	)
Deferred tax							(6,981	)			9,859				1,050
							(1,758,836	)			(1,830,049	)			(194,893	)
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES							4,233,722				3,764,503				400,906
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES			31				(695,641	)			(889,347	)			(94,712	)
NET INCOME							3,538,081				2,875,156				306,194
BASIC EARNINGS PER SHARE			2t,45
Net income per share							351.00				285.23				0.03
Net income per ADS (20 Series B shares per ADS)							7,020.00				5,704.68				0.61

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

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PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

														Difference in
														value of
														restructuring				Difference
														transactions				due to change				Unrealized
										Additional				between entities				of equity				loss on								Retained earnings								Total
						Capital				paid-in				under common				in associated				investment				Translation												stockholders'
Description		Notes				stock				capital				control				companies				in securities				adjustments				Appropriated				Unappropriated				equity
						Rp				Rp				Rp				Rp				Rp				Rp				Rp				Rp				Rp
Balance as of January 1, 2003 - Restated							5,040,000				1,073,333				(7,288,271	)			424,020				—				235,665				745,404				14,383,466				14,613,617
Foreign currency translation of CSM			2g,12				—				—				—				—				—				(5,035	)			—				—				(5,035	)
Resolved during the Annual General Meeting of the Stockholders on May 9, 2003
Declaration of cash dividend			46				—				—				—				—				—				—				—				(3,338,109	)			(3,338,109	)
Appropriation for general reserve			46				—				—				—				—				—				—				813,664				(813,664	)			—
Social contribution			46				—				—				—				—				—				—				—				(20,863	)			(20,863	)
Net income for the year							—				—				—				—				—				—				—				3,538,081				3,538,081
Balance as of June 30, 2003 - Restated							5,040,000				1,073,333				(7,288,271	)			424,020				—				230,630				1,559,068				13,748,911				14,787,691

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

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PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (continued)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

														Difference in
														value of
														restructuring				Difference
														transactions				due to change				Unrealized
										Additional				between entities				of equity				loss on								Retained earnings								Total
						Capital				paid-in				under common				in associated				investment				Translation												stockholders'
Description		Notes				stock				capital				control				companies				in securities				adjustments				Appropriated				Unappropriated				equity
						Rp				Rp				Rp				Rp				Rp				Rp				Rp				Rp				Rp
Balance as of January 1, 2004							5,040,000				1,073,333				(7,288,271	)			385,595				—				224,232				1,559,068				16,318,919				17,312,876
Placement on fixed income mutual fund							—				—				—				—				136				—				—				—				136
Foreign currency translation of CSM			2g,12				—				—				—				—				—				7,846				—				—				7,846
Net income for the year			46				—				—				—				—				—				—				—				2,875,156				2,875,156
Balance as of June 30, 2004			46				5,040,000				1,073,333				(7,288,271	)			385,595				136				232,078				1,559,068				19,194,075				20,196,014

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

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2003 AND 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)      

		2003
		(Restated)				2004
		Rp				Rp				US$ (Note 3)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating revenues
Telephone and interconnection — net
Fixed lines			3,481,519				4,757,797				506,688
Cellular			5,273,027				6,072,449				646,693
Joint operation scheme			535,551				797,598				84,941
Interconnection — net			1,635,391				1,952,305				207,913
Other services			439,587				804,454				85,671
Total cash receipts from operating revenues			11,365,075				14,384,603				1,531,906
Cash payments for operating expenses			5,161,308				(6,168,009	)			(656,870	)
Cash generated from operations			6,203,767				8,216,594				875,036
Interest received			195,301				187,470				19,965
Income tax payments			(1,986,706	)			(2,157,157	)			(229,729	)
Interest paid			(507,497	)			(613,602	)			(65,346	)
Advances from customers			(26,026	)			19,021				2,026
Net Cash Provided by Operating Activities			3,828,839				5,652,326				601,952
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investments and maturity of time deposits			1,647,830				345,594				36,804
Proceeds from sale of property, plant and equipment			47,722				3,544				377
Purchase of marketable securities and placements in time deposits			(601,370	)			(394,454	)			(42,008	)
Acquisition of property, plant and equipment			(3,239,180	)			(2,095,457	)			(223,158	)
Decrease (Increase) in advances and others			285,456				(85,958	)			(9,154	)
Payments of advances for investments in shares of stock			(31,660	)			—				—
Cash dividend receipt			(913,240	)			—				—
Acquisition of subsidiaries			336,288				—				—
Net Cash Used in Investing Activities			(2,468,154	)			(2,226,731	)			(237,139	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of long-term liabilities			(386,712	)			(1,178,344	)			(125,489	)
Purchase of guaranteed notes			—				(490,803	)			(52,269	)
Cash dividends paid			(2,469,569	)			—				—
Security deposits			(38,101	)			(43,194	)			(4,600	)
Received of long-term liabilities			23,370				166,901				17,774
Decrease (Increase) in escrow account			(285,473	)			(104,532	)			(11,132	)
Net Cash Used in Financing Activities			(3,156,485	)			(1,649,972	)			(175,716	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(1,745,800	)			1,775,623				189,097
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENT			1,714				113,569				12,095
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR			5,699,070				5,094,472				542,542
CASH AND CASH EQUIVALENTS AT JUNE 30			3,954,984				6,983,664				743,734

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

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (continued)
FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2004
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollar)

		Rp				US$ (Note 3)
Noncash investing and financing activities in 2004:
Increase in property under construction through the incurrence of long-term debt			741,584				78,975
Initial recognition of property, plant and equipment under revenue sharing arrangement			2,773,375				295,354
Write off property, plant and equipment at Telkomsel			395,429				42,112

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

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PT TELKOM
(NYSE:TLK; LSE:TKID;JSX/SSX:TLKM)

Cordially invites you to participate in our
2004 First Semester Results Conference Call

	With	:	TELKOM’s Board of Directors
	Moderated by	:	Rochiman Sukarno
			Head of Investor Relations
	Date	:	Friday, August 6th, 2004

	Time	15:00 Jakarta Time
	Dial	(61) 2 8244 7100
	Confirmation Code	850723

If you have any questions, please call:
TELKOM’s Investor Relations Unit at (62) 21 521 5109

TAPE PLAYBACK

	When	16.00 Jakarta Time on August 6th, 2004 through 16.00 on August 7th, 2004
	Instant Replay Phone. No	(61) 2 9641 8799
	Instant Replay Passcode	850723

Note:  the 2004 First Semester Result is available also in TELKOM’s homepage: http://www.telkom-indonesia.com