PT TELEKOMUNIKASI INDONESIA TBK

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 , 20 09

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): 82- ]

Enclosure: 2007 Annual Report of Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA

TABLE OF CONTENTS


SIGNATURES

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 31, 2009	By	/s/ Heri Supriadi
		(Signature)

		Heri Supriadi
		VP Investor Relations/ Corporate Secretary

PRESS RELEASE

No. TEL. 129/PR000/COM-10/2009

TELKOM TODAY FILED ITS FIRST HALF UNAUDITED CONSOLIDATED
FINANCIAL STATEMENTS 2009

Jakarta, July 31, 2009— Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) has filed its un-audited Financial Statements for the six months period ended June 30, 2009 to BAPEPAM-LK (Capital Market Supervisory Agency), which consists of Consolidated Balance Sheets, Consolidated Statement of Income, Consolidated Statement of Changes in Equity, and Statement of Cash Flows prepared in accordance with Generally Accepted Accounting Principles in Indonesia.

Complete Copies of both balance sheets and income statements for the un-audited first half 2009 re attached to this Press Release. For complete version of all the documents above, please visit www.telkom-indonesia.com .

Summary of the balance sheet and income statements as attached to this Press Release, are as follows :


	1H/2008			1H/ 2009			% Increase (decrease)
	(In Billion Rp.)
Total Assets		85,930			94,171			9.6
Total Liabilities		47,646			51,564			8.2
Minority Interest		7,898			8,496			7.6
Total Equity		30,386			34,111			12.3
Operating Revenue		30,211			30,673			1.5
Operating Expense		17,743			19,096			7.6
Operating Income		12,468			11,577			(7.1	)
Net Income		6,298			6,044			(4.0	)
EBITDA		18,211			18,253			0.2
EBITDA Margin (%)		60.3	%		59.5	%		(0.8	)

The Financial Statements are prepared in according with Generally Accepted Accounting Standard in Indonesia


						% Increase
	Unit	1H 2008		1H 2009		(decrease)
Line in Service:
— Wire line	Subs (000)		8,654		8,706		1
— Wireless	Subs (000)		7,392		13,491		82
Total Fixed Lines	Subsc (000)		16,046		22,197		38
Customer Base Cellular:
— kartuHALO	Subs (000)		1,894		2,017		6
— simPATI	Subs (000)		29,581		53,613		81
— Kartu As	Subs (000)		20,968		20,384		(3	)
Total Customer Base Cellular	Subs (000)		52,443		76,014		45
ADSL (Speedy)	Subs (000)		393		816		107
MOU Cellular	Billion minutes		32.1		68.1		112
ARPU Cellular/month	Rp. ‘000		63		47		(25	)

On June 30, 2009, The Company total assets increased by Rp.8,241 billion or 9.6% as compared to prior period (restatement) from Rp.85,930 billion to Rp.94,171 billion. The Company recorded an increased in operating revenues by cellular revenues, data, internet and information technology service revenues Rp.462 billion or 1.5% as compared to prior period from Rp.30,211 billion to Rp.30,673 billion which was mainly resulted from increase in network revenues and other telecommunications services revenues

In the 1^st half 2009, Cellular revenue increased by Rp1,349 billion or 11.1% as compared to prior period. Meanwhile, Fixed Line and Interconnection revenue decreased by Rp996 billion or 18.9% and Rp548 billion or 12.5%, respectively. Data, Internet and IT Services revenue and other telecommunications service revenues increased by Rp497 billion and Rp197 billion. Overall, Total Operating Revenue increased by Rp462 billion or 1.5% as compared to prior period.

In the 1^st half 2009, operating expenses increased by Rp1,353 billion or 7.6% as compared to prior period. The increase was mainly contributed by increase in depreciation and maintenance and operational expenses by Rp902 billion and Rp806 billion, respectively. However, The Company recorded a decrease in personnel expenses by Rp523 billion.

In the 1^st half 2009, The Company’s operating income decreased by Rp891 billion or 7.1% from Rp12,468 billion to Rp11,577 billion and a decrease in Consolidated Net Income by Rp.254 billion or 4.0% as compared to prior period from Rp.6,298 billion to Rp.6,044 billion. On the other hand, EBITDA increased by Rp42 billion or 0.2% from Rp18,211 billion to Rp18,253 billion.

TELKOM’s President Director, Rinaldi Firmansyah, stated that: “We are able to constantly enhance our network capacity and quality, which contributed to the growth of our operating revenue, even despite the significantly lower tariff in 1H/2009 compared to same period in 2008.

TELKOM’s Director of Finance, Sudiro Asno, added that: “In addition to operating performance, the strengthening of the Rupiah exchange rate have also provided a positive impact to the Company’s bottom line with exchange profit amounting Rp. 550 billion in 1H/2009.”
.

HERI SUPRIADI
Acting Vice President Investor Relations & Corporate Secretary

For further information, please contact:

Investor Relations Unit
PT TELEKOMUNIKASI INDONESIA, Tbk
Tel: 62-21-5215109
Fax: 62-21-5220500
Email: investor@telkom.co.id
Website: www.telkom-indonesia.com

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) is the biggest full service and network provider in Indonesia. TELKOM’s majority-owned subsidiary Telkomsel is also the largest Indonesian mobile cellular operator, as measured by subscribers and revenues. The Company also provides a wide range of other telecommunication services including interconnection, network, data and internet services, and other telecommunications services. 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)

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
JUNE 30, 2008 AND 2009
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)


		*2008)**		2009
	Notes	Rp.		Rp.		US$
ASSETS

CURRENT ASSETS
Cash and cash equivalents	2c,2e,5,44		10,942,829		8,276,168		810,793
Temporary investments	2c,2f,44		182,685		281,785		27,606
Trade receivables	2c,2g,6,37,44
Related parties — net of allowance for doubtful accounts of Rp.148,797 million in 2008 and Rp.105,465 million in 2009			536,235		779,849		76,400
Third parties — net of allowance for doubtful accounts of Rp.1,061,773 million in 2008 and Rp.1,361,231 million in 2009			2,768,072		2,959,173		289,902
Other receivables — net of allowance for doubtful accounts of Rp.11,163 million in 2008 and Rp.9,299 million in 2009	2c,2g,44		189,163		56,359		5,521
Inventories — net of allowance for obsolescence of Rp.58,954 million in 2008 and Rp.70,547 million in 2009	2h,7,37		295,442		449,673		44,053
Prepaid expenses	2c,2i,8,44		1,338,464		2,200,836		215,610
Claims for tax refund	38, 53		408,011		222,544		21,802
Prepaid taxes	38, 53		96,584		809,900		79,344
Other current assets	2c,9,44		21,244		24,217		2,372

Total Current Assets			16,778,729		16,060,504		1,573,403

NON-CURRENT ASSETS
Long-term investments — net	2f,10		137,802		165,587		16,222
Property, plant and equipment — net of accumulated depreciation of Rp.57,280,422 million in 2008 and Rp.67,802,439 million in 2009	2k,2l,4,11, 19,20,23,53		62,932,875		72,780,789		7,130,129
Property, plant and equipment under Revenue-Sharing Arrangements — net of accumulated depreciation of Rp.540,831 million in 2008 and Rp.254,940 million in 2009	2m,12,34,46		631,488		449,055		43,993
Prepaid pension benefit cost	2i,2r,41		398		256		25
Advances and other non-current assets	2c,2k,2o,13, 29,44,48		1,811,306		2,135,888		209,247
Goodwill and other intangible assets — net of accumulated amortization of Rp.5,688,858 million in 2008 and Rp.6,913,373 million in 2009	2d,2j,4, 14,37,53		3,594,746		2,530,166		247,873
Escrow accounts	2c,15,44		42,859		48,491		4,750

Total Non-current Assets			69,151,474		78,110,232		7,652,239

TOTAL ASSETS			85,930,203		94,170,736		9,225,642


*)		As restated (Note 53)

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 (UNAUDITED) (continued)
JUNE 30, 2008 AND 2009
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)


		2008		2009
	Notes	Rp.		Rp.		US$(Note 3)
LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES
Trade payables	2c,16,44
Related parties			1,398,689		2,051,102		200,941
Third parties			6,058,388		7,914,503		775,362
Other payables			35,172		17,957		1,759
Taxes payable	2s,38		1,646,401		1,203,203		117,873
Dividend payable			11,751,595		9,057,086		887,297
Accrued expenses	2c,17,35,44		2,896,082		2,614,705		256,155
Unearned income	2q,18		1,882,883		2,175,184		213,097
Advances from customers and suppliers			121,002		877,494		85,966
Short-term bank loans	2c,19,44		70,984		53,339		5,226
Current maturities of long-term liabilities	2c,2l,20,44		5,281,675		6,701,604		656,537

Total Current Liabilities			31,142,871		32,666,177		3,200,213

NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2s,38,53		3,165,801		3,393,450		332,447
Unearned income on Revenue-Sharing Arrangements	2m,12,44		392,647		228,431		22,379
Accrued long service awards	2c,2r,42,44		79,655		114,215		11,189
Accrued post-retirement health care benefits	2c,2r,43,44		2,719,583		2,236,372		219,091
Accrued pension and other post-retirement benefits costs	2c,2r,41,44		1,286,572		943,660		92,448
Long-term liabilities — net of current maturities
Obligations under finance leases	2l,11,20		225,764		251,170		24,606
Two-step loans — related party	2c,20,21,44		3,539,074		3,447,691		337,761
Notes	20, 22		—		27,000		2,645
Bank loans	2c,20,23,44		3,247,074		7,483,279		733,116
Deferred consideration for business combinations	20,24		1,847,389		773,043		75,733

Total Non-current Liabilities			16,503,559		18,898,311		1,851,415

MINORITY INTEREST	25,53		7,897,548		8,495,516		832,282


*)		As restated (Note 53)

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

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued)
JUNE 30, 2008 AND 2009
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)


		*2008)**			2009
	Notes	Rp.			Rp.			US$(Note 3)
STOCKHOLDERS’ EQUITY
Capital stock — Rp.250 par value per Series A Dwiwarna share and Series B share
Authorized — 1 Series A Dwiwarna share and 79,999,999,999 Series B shares
Issued and fully paid — 1 Series A Dwiwarna share and 20,159,999,279 Series B shares	1c,26		5,040,000			5,040,000			493,755
Additional paid-in capital	2u,27		1,073,333			1,073,333			105,151
Treasury stock — 426,290,500 shares in 2008 and 490,574,500 shares in 2009	2u,28		(3,798,701	)		(4,264,162	)		(417,748	)
Difference in value arising from restructuring transactions and other transactions between entities under common control	2d,29		270,000			360,000			35,268
Difference due to change of equity in associated companies	2f		385,595			385,595			37,776
Unrealized holding gain from available-for-sale securities	2f		8,981			6,171			604
Translation adjustment	2f		228,914			244,017			23,906
Difference due to acquisition of minority interest in subsidiary	1d,2d		—			(437,290	)		(42,840	)
Retained earnings
Appropriated			10,557,984			15,336,746			1,502,498
Unappropriated			16,620,119			16,366,322			1,603,362

Total Stockholders’ Equity			30,386,225			34,110,732			3,341,732

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			85,930,203			94,170,736			9,225,642

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

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
SIX MONTHS PERIOD ENDED JUNE 30, 2008 AND 2009
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars,
except per share and per ADS data)


		2008			2009
	Notes	Rp.			Rp.			US$(Note 3)
OPERATING REVENUES
Telephone	2q,30
Fixed lines			5,260,686			4,264,651			417,796
Cellular			12,176,568			13,525,630			1,325,068
Interconnection	2c,2q,31,44
Revenues			5,864,545			5,321,975			521,379
Expenses			(1,463,002	)		(1,468,893	)		(143,903	)

Net			4,401,543			3,853,082			377,476
Data, internet and information technology services	2q,32,53		7,433,678			7,930,988			776,977
Network	2c,2q,33,44,53		465,206			529,716			51,895
Revenue-Sharing Arrangements	2m,12,34,46		184,779			82,611			8,093
Other telecommunications services	2q,53		288,618			486,054			47,617

Total Operating Revenues			30,211,078			30,672,732			3,004,922

OPERATING EXPENSES
Depreciation	2k,2l,2m,
	11,12,13,53		5,147,454			6,049,027			592,606
Personnel	2c,2r,17,35,
	41,42,43,44		4,293,842			3,770,724			369,407
Operations, maintenance and telecommunication services	2c,2q,36,44		5,643,801			6,449,659			631,855
General and administrative	2g,2h,2q,6,
	7,14,37,53		1,767,853			1,874,319			183,622
Marketing	2q		890,167			951,906			93,256

Total Operating Expenses			17,743,117			19,095,635			1,870,746

OPERATING INCOME			12,467,961			11,577,097			1,134,176

OTHER (EXPENSES) INCOME
Interest income	2c,44		330,873			231,265			22,656
Equity in net loss of associated companies	2f,10		(1,390	)		(2,969	)		(291	)
Interest expense	2c,44		(573,805	)		(938,093	)		(91,902	)
Gain on foreign exchange — net	2p		35,776			550,454			53,926
Others — net			236,159			120,197			11,775

Other (expenses) income — net			27,613			(39,146	)		(3,836	)

INCOME BEFORE TAX			12,495,574			11,537,951			1,130,340

TAX EXPENSE	2s,38
Current			(3,862,317	)		(2,802,894	)		(274,592	)
Deferred			(77,065	)		(488,577	)		(47,865	)

			(3,939,382	)		(3,291,471	)		(322,457	)

INCOME BEFORE MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES			8,556,192			8,246,480			807,883
MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES — net	25		(2,258,582	)		(2,202,667	)		(215,789	)

NET INCOME			6,297,610			6,043,813			592,094

BASIC EARNINGS PER SHARE	2w,39
Net income per share			317.83			306.04			0.03
Net income per ADS (40 Series B shares per ADS)			12,713.20			12,241.60			1.20

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