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 November , 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- ]

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 November 9, 2009	By	/s/ Heri Supriadi
		(Signature)

		Heri Supriadi
		VP Investor Relations/Corporate Secretary

November 5, 2009

TICKERS :
NYSE : TLK
LSE : TKIA
IDX : TLKM

ISSUED SHARES:
20,159,999,280 shares

SHAREHOLDERS COMPOSITION:
Govt. of Indonesia : 51.18%
Public : 46.39%
Treasury Stock : 2.43%
(As of Sept 30, 2009)

CONVERSION RATES (US$1.00):
2008 = Rp 9,430.0 (Sept 30,2008)
2009 = Rp 9,665.0 (Sept 30,2009)

notable figures

n		Based on YoY comparison, financial performance showed positive results: Operating revenues, Operating income and EBITDA increased by 5.5%, 4.5% and 8.3%, respectively. Net income grew by 4.3% and EBITDA Margin reached 59.7% or grew by 1.5%

n		In line with our strategy to strengthen the core and grow new wave, our new wave products, Speedy subs and Flash user grew significantly by 65.2% and 1,013% respectively.

FIXED LINE LIS vs CELLULAR SUBSCRIBERS 9M09
(in million)

OPERATIONAL HIGHLIGHTS:

9M08

9M09

Descriptions

(‘000)

Growth (%)

Fixed Line:

LIS Wireline

8,580

8,703

1.4

LIS Wireless (Flexi):

9,151

14,886

62.7

- Post paid

751

664

-11.5

- Prepaid

8,400

14,222

69.3

Total

17,731

23,589

33.0

Cellular:

- Postpaid

1,947

2,051

5.3

- Prepaid

58,556

77,723

32.7

Total

60,503

79,774

31.9

Broadband:

- Speedy (subscribers)

593

979

65.2

- Flash (user)

123

1,375

1,013


*		LIS (Line in Service) = Subscribers + Public Phone

TELKOM FINANCIAL
INDICATORS – Q3/09 (in RpTn)

FINANCIAL HIGHLIGHTS (Consolidated)


Key Indicators	9M08		9M09		Growth (%)
Op. Revenues (Rp bn)		44,650		47,114		5.5
Op. Expenses (Rp bn)		27,471		29,160		6.1
Op. Income (Rp bn)		17,179		17,954		4.5
EBITDA (Rp bn)		25,980		28,136		8.3
Net Inc. (Rp bn)		8,920		9,300		4.3
Net Inc./Share(Rp)		451.1		472.8		4.8
Net Inc./ADS(Rp)		18,043.2		18,913.6		4.8
EBITDA Margin (%)		58.2		59.7		1.5

DISCLAIMER

This document contains financial conditions and result of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements, by their nature, involve risk and uncertainty that could cause actual results and development to differ materially from those expressed or implied in these statements. TELKOM does not guarantee that any action, which should have been taken in reliance on this document will bring specific results as expected.

Investor Relations/Corporate Secretary

PT. TELEKOMUNIKASI INDONESIA Tbk
Grha Citra Caraka, 5^th floor
Jl. Gatot Subroto No.52, Jakarta
Phone : 62 21 5215109
Fax : 62 21 5220500
Email : investor@telkom.co.id
Website : www.telkom.co.id

The Third Quarter of 2009 Result (Unaudited)

PT. TELEKOMUNIKASI INDONESIA, Tbk.
ANNOUNCEMENT FOR
THE THIRD QUARTER OF 2009 RESULTS (Unaudited)

Jakarta, November 5, 2009 - PT Telekomunikasi Indonesia, Tbk. (“Telkom Indonesia” or “the Company”), has announced its operational and unaudited consolidated financial statements for the third quarter of 2009. All financial figures in this report are prepared in accordance with Generally Accepted Accounting Principles in Indonesia (Indonesian GAAP).

The following analysis and discussion is based on the Company’s un-audited financial statements for the nine month periods ended September 30, 2009 and September 30, 2008 which had been submitted to the capital market authorities.

OPERATIONAL RESULTS

Fixed-Lines in Service (including Fixed Wireless)

As of September 30, 2009, TELKOM recorded 23.6 million fixed lines in service, consisting of 8.7 million fixed wireline and 14.9 million fixed wireless.

Fixed-Wireless Services

As of September 30, 2009, total Flexi’s BTS reached 5,296 units. During 9M09, TELKOMFlexi obtained 2.2 million net add subscribers, with the total subscribers 14.9 million reflecting around 59% market share. TELKOMFlexi consistently maintained its leading position as a dominant player in the fixed wireless market. ARPU (blended) for this period amounted to Rp23K. Meanwhile, the total wireless production grew by 29.5% from 9.6 billion minutes in 9M08 to 12.4 billion minutes.

Detail information of TELKOMFlexi performance as of September 30, 2009, is shown on Table-7.

Cellular Services

As of September 30, 2009, Telkomsel maintained its leading position in the cellular market with total subscribers 79.8 millions reflecting around 51% market share, resulted from a strong net add 14.5 million subscribers in nine months.

Until the end of September 2009, Telkomsel added 2,909 new BTS (including 3G-BTS). Total Telkomsel’s BTS on air grew by 18.7% to 29,781 units, with a total network capacity of 82.9 million subscribers.

The Third Quarter of 2009 Result (Unaudited)

Broadband Services

As of September 30, 2009, there were 979K subs of internet access (Speedy) grew by 65.2% from 593K subscribers recorded in the same period last year. Meanwhile. In the same period, Telkomsel’s mobile broadband service (Flash) user grew by 1,013% from 123K as of September 30, 2008 to 1,375K.

During 9M09, broadband services (Speedy and Flash) have grown significantly

FINANCIAL RESULTS

The 2008’s balance sheet has been restated in relation with changes in the allocation of Sigma acquisition cost.

Total Assets (Rp. Tn)

Balance Sheet

As of September 30, 2009, TELKOM’s total assets increased by 10.7 % from Rp86.0 trillion at September 30, 2008 to Rp95.2 trillion, mainly due to the increase of fixed assets as a result of additional capital expenditures for network infrastructures.

Total liabilities increased by 7.5% as of September 30, 2008 to Rp47.9 trillion, mainly due to increase in bank loans amounted to Rp 5.2 trillion.

Total equities increased by 15.1% from Rp32.6 trillion at the end of September, 2008 to Rp37.5 trillion.

Profit and Loss Statement

Operating Revenues

The Company recorded operating revenues of Rp47.1 trillion, increased by Rp2.5 trillion or 5.5% compared to the same period last year, summarized as follows:

n		Cellular revenues increased by 15.1% from Rp18.3 trillion in 9M08 to Rp21.0 trillion, mainly due to the growth in Telkomsel’s Minutes of Usage (MoU) by 71.4% to 100.8 billion minutes.

n		Fixed line revenues decreased by 14.5% from Rp7.5 trillion in 9M08 to Rp6.4 trillion, mainly due to decreasing in wireline pulse production (local and long distance) by 20% from 50.4 billion pulses to 40.3 billion pulses.

n		Interconnection revenues. On a net basis, the interconnection revenues decreased by Rp899.1 billion, or 13.5%. Net interconnection revenue consists of interconnection revenues from fixed line network and interconnection revenues from mobile cellular network and also from incoming international long distance (TIC-007). The decrease in this revenue was primarily due to the change in life style where customers seem to be likely using on-net call (mobile to mobile call) from the same operators which offered new services with very low tariff.

In line with our strategy to strengthen the core and grow new wave, we have undertaken various actions to maintain our strong position for all products and services, which result in improving performance amid increasingly business competition

Revenues contribution 9M09:

The Third Quarter of 2009 Result (Unaudited)

n		Data, internet and information technology services revenues increased by Rp1.5 trillion or 14.1% primarily due to significant growth in SMS production (Flexi and cellular). Internet connectivity revenues also increased by 48.6% as a result of significant growth in Speedy subscribers. Speedy services generated revenue amounted to Rp1.9 trillion in 9M09, increased significantly by 91.7% compared to the same figure last year.

n		Network revenues increased by Rp20.7 billion or 2.8%, mainly due to increase in leased line services.

n		Sharing agreement revenues decreased by Rp149.7 billion or 55.9% due to the termination of several sharing agreement contracts.

Operating Expenses

Total Operating Expenses was Rp29.2 trillion, increased by Rp1.7 trillion or 6.1% compared to the 9M08 figure, summarized as follows:

n		Depreciation expenses increased by Rp1.4 trillion or 16.7%, mainly due to increase in depreciation expenses of Telkomsel by 23% in line with the expansion of network infrastructures.

n		Operation & maintenance expenses increased by Rp1.1 trillion or 12.5% mainly due to network infrastructure growth. Total BTS (Flexi and Telkomsel), grew by 24.1% from 28,270 to 35,077 units, which affected transmission cost, frequency fees and power supply costs.

n		General and administrative expenses increased by Rp104.5 billion, or 3.8%, mainly due to an increase in amortization of goodwill and other intangible assets, collections expenses, and general and social contribution expenses.

n		Marketing expenses decreased by Rp82.7 billion or 5.2%, mainly due to decrease in Telkomsel’s promotion and advertising during this period related to more benign competition.

n		During 9M09, personnel expenses decreased by Rp748.6 billion, or 11.5%. Decreasing in these expenses mainly caused by increasing on discount rate for actuarial pension benefits, despite of reduction on the number of head count resulted from prior ERP program.

Expenses contribution 9M09:

For the period ending September 30, 2009, operating income increased by 4.5% from Rp17.2 trillion in 9M08 to Rp18.0 trillion.

EBITDA increased by 8.3% from Rp25.6 trillion in 9M08 to Rp28.1 trillion in 9M09.

Capital Expenditure

During 9M09, Capex allocation for TELKOM and Telkomsel amounted to Rp4.4 trillion and Rp8.1 trillion, respectively.

The Third Quarter of 2009 Result (Unaudited)

Consolidated Debt

To minimize effect on forex fluctuation, company has reduced foreign debt portion, from 28.1% in 9M08 to 17.8% in 9M09

The following table presents the debt portfolio as of September 30, 2009.


	Original (in million)				Rp (in billion)				Portion (%)
Currencies	9M08		9M09		9M08		9M09		9M08			9M09
IDR / Rupiah		12,913,165		19,355,311		12,913		19,355		71.9	%		82.3	%
U.S. Dollar		415		299		3,911		2,887		21.8	%		12.3	%
Japanese Yen		12,670		11,902		1,141		1,287		6.3	%		5.5	%
EURO		—		—		—		—		—			—
Total						17,964		23,529		100.0	%		100.0	%

To strengthen our strategy facing forex fluctuation, we provide natural hedging through maintaining cash and cash equivalent around 50% from current maturity and average payment of capex/opex for the next 12 months.

Human Resources

As of September 30, 2009, the total number of employees at TELKOM (as a parent company) were 23,337 persons or decreased by 7% compared to the same period last year, as a result of normal pension and Early Retirement Program (ERP). Meanwhile, in the same period, Telkomsel’s employees grew by 2.2% to 4,163 persons.

In October 2009 TELKOM introduced an Early Retirement Program (“ERP”) for all of its employees. The Company offered this program to increase human resources productivity and to make our business more competitive. The program was offered on a voluntary basis to all employees meeting the eligibility criteria (e.g., education, age, tenure, performance).

Recent Developments

Telkom’s transformation by launched new corporate identity with new business portfolio, new positioning and new tagline: “The world in your hand”

Telkom’s has launched new corporate identity on October 23, 2009

As part of company transformation process, Telkom has changed its corporate identity to increase company impression to entire stakeholders, This new corporate identity was launched on October 23, 2009 and consists of brand and tagline.

PT. Dayamitra Telekomunikasi is in process of acquiring a majority stake up to 80% of the shares of Indonesiatower

On August 18, 2009, PT. Dayamitra signed a CSPA with PT Solusindo Kreasi Pratama’s (“Indonesiatower”) stockholders to acquire 66.7% of outstanding common stock of Solusindo at the closing date and subsequently to subscribe shares issued by Solusindo at issuance date to obtain 80% of ownership for a maximum total amount of Rp624.4 billion. Indonesiatower is the pioneer in the tower industry in Indonesia and is one

The Third Quarter of 2009 Result (Unaudited)

of the leading independent tower companies with more than 800 towers across Indonesia. In 2008, Indonesiatower has grown its customer base to more than 1,400 tenants throughout Indonesia with earning approximately Rp300 billion.

TELKOM through its 100% subsidiary TII has increased ownership in Scicom to 11.9%

As a part of company strategy to develop un-organic business and to strengthen our corporate business segment, TII has made a strategic investment into SCICOM, a leading Business Process Outsourcing & Contact Center in Malaysia. These businesses are a strategic adjacent business sector that enhances the long term value and sustainable growth of TELKOMGroup

As of September 30, 2008, TII’s acquired 9.81% ownership in Scicom. On July 31, 2008, Scicom issued 35,000 new shares. As a result, TII’s ownership in Scicom diluted to 9.80%.

On October 1, 2009, TII purchased additional 5,500,000 Scicom shares with transaction value amounted to US$0.54 million (equivalent to Rp5,226 million), which make ownership in Scicom increased to 11.9%.

VP Investor Relations/Corporate Secretary,

AGUS MURDIYATNO

The Third Quarter of 2009 Result (Unaudited)

Table 1
PT TELEKOMUNIKASI INDONESIA Tbk and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2008 and 2009
(in million Rupiah)


	2008*		2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents		7,545,364		7,212,193
Temporary investments		273,618		286,648
Trade receivables
Related parties — net of allowance for doubtful accounts Rp.181,774 million in 2008 and Rp.124,432 million in 2009		393,465		751,997
Third parties — net of allowance for doubtful accounts Rp.1,056,359 million in 2008 and Rp.1,457,400 million in 2009		2,780,263		3,136,896
Other receivables — net of allowance for doubtful accounts Rp.11,969 million in 2008 and Rp.10,732 million in 2009		173,037		118,144
Inventories — net of allowance for obsolescence of Rp.62,462 million in 2008 and Rp.73,541 million in 2009		399,916		437,877
Prepaid expenses		1,860,933		2,696,294
Claims for tax refund		408,011		216,326
Prepaid taxes		160,549		850,732
Other current assets		21,044		34,877

Total Current Assets		14,016,200		15,741,984

NON-CURRENT ASSETS
Long-term investments — net		141,559		146,323
Property, plant and equipment — net of accumulated depreciation Rp.59,993,339 million in 2008 and Rp.70,843,414 million in 2009		65,940,943		73,922,446
Property, plant and equipment under Revenue- Sharing Arrangements — net of accumulated depreciation Rp.549,620 million in 2008 and Rp.194,729 million in 2009		570,878		404,275
Prepaid pension benefit cost		697		782
Advances and other non-current assets		1,957,756		2,347,208
Goodwill and other intangible assets — net of accumulated amortization Rp.5,999,184 million in 2008 and Rp.7,303,266 million in 2009		3,356,763		2,606,678
Escrow accounts		43,861		46,236

Total Non-current Assets		72,012,457		79,473,948

TOTAL ASSETS		86,028,657		95,215,932


*)		As restated (Note 53)

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

The Third Quarter of 2009 Result (Unaudited)

Table 1 (continued)
PT TELEKOMUNIKASI INDONESIA Tbk and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2008 and 2009
(in million Rupiah)


	*2008)**			2009
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade payables
Related parties		1,516,110			1,479,657
Third parties		7,445,795			7,809,197
Other payables		23,353			18,397
Taxes payable		1,105,281			1,922,821
Dividend payable		2,855,632			405,175
Accrued expenses		2,874,725			2,896,662
Unearned income		3,135,568			2,703,086
Advances from customers and suppliers		197,090			235,462
Short-term bank loans		53,449			35,800
Current maturities of long-term liabilities		6,450,582			8,268,247

Total Current Liabilities		25,657,585			25,774,504

NON-CURRENT LIABILITIES
Deferred tax liabilities — net		2,923,598			3,304,478
Unearned income on Revenue-Sharing Arrangements		336,534			205,727
Accrued long service awards		83,630			165,431
Accrued post-retirement health care benefits		2,645,150			2,019,054
Accrued pension and other post-retirement benefits costs		1,213,422			854,761
Long-term liabilities — net of current maturities
Obligations under finance leases		228,380			221,308
Two-step loans — related party		3,468,125			3,256,906
Notes		—			27,000
Bank loans		6,439,296			11,681,098
Deferred consideration for business combinations		1,609,746			432,997
Total Non-current Liabilities		18,947,881			22,168,760

MINORITY INTEREST		8,829,928			9,766,000

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		5,040,000			5,040,000
Additional paid-in capital		1,073,333			1,073,333
Treasury stock - 480,163,000 shares in 2008 and 490,574,500 shares in 2009		(4,202,255	)		(4,264,214	)
Difference in value arising from restructuring transactions and other transactions between entities under common control		270,000			478,000
Difference due to change of equity in associated companies		385,595			385,595
Unrealized holding gain from available-for-sale securities		(2,596	)		16,127
Translation adjustment		228,805			244,468
Difference due to acquisition of minority interest in subsidiary		—			(426,358	)
Retained earnings
Appropriated		10,557,985			15,336,746
Unappropriated		19,242,396			19,622,971

Total Stockholders’ Equity		32,593,263			37,506,668

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		86,028,657			95,215,932


*)		As restated (Note 53)

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

The Third Quarter of 2009 Result (Unaudited)

Table 2
PT TELEKOMUNIKASI INDONESIA Tbk and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2008 and 2009
(in million Rupiah)


	*2008)**			2009
OPERATING REVENUES
Telephone
Fixed lines		7,452,847			6,374,364
Cellular		18,280,741			21,041,240
Interconnection
Revenues		9,022,406			7,919,112
Expenses		(2,383,169	)		(2,179,021	)
Net		6,639,237			5,740,091

Data, internet and information technology services		10,895,280			12,428,788
Network		741,042			761,716
Revenue-Sharing Arrangements		267,518			117,849
Other telecommunications services		372,860			650,342

Total Operating Revenues		44,649,525			47,114,390

OPERATING EXPENSES
Depreciation		7,883,034			9,202,664
Personnel		6,490,783			5,742,177
Operations, maintenance and telecommunication services		8,787,531			9,883,896
General and administrative		2,732,194			2,836,705
Marketing		1,577,315			1,494,657

Total Operating Expenses		27,470,857			29,160,099

OPERATING INCOME		17,178,668			17,954,291

OTHER (EXPENSES) INCOME
Interest income		495,233			341,785
Equity in net (loss) income of associated companies		2,476			(21,320	)
Interest expense		(1,001,438	)		(1,471,769	)
Gain (loss) on foreign exchange — net		(63,806	)		774,784
Others — net		326,769			206,701

Other expenses — net		(240,766	)		(169,819	)

INCOME BEFORE TAX		16,937,902			17,784,472

TAX (EXPENSE) INCOME
Current		(4,987,058	)		(4,597,272	)
Deferred		165,138			(399,605	)
		(4,821,920	)		(4,996,877	)
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES		12,115,982			12,787,595

MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES — net		(3,196,094	)		(3,487,133	)

NET INCOME		8,919,888			9,300,462

BASIC EARNINGS PER SHARE
Net income per share		451.08			472.84
Net income per ADS
(40 Series B shares per ADS)		18,043.20			18,913.60

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

The Third Quarter of 2009 Result (Unaudited)

Table 3
PT TELEKOMUNIKASI INDONESIA Tbk and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2008 and 2009
(in million Rupiah)


	*2008)**			2009
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from operating revenues
Telephone
Fixed lines		6,798,282			5,937,912
Cellular		19,156,910			20,732,360
Interconnection — net		7,005,844			5,638,314
Data, internet and information technology services		10,964,969			12,417,186
Other services		1,054,964			1,454,700
Total cash receipts from operating revenues		44,980,969			46,180,472
Cash payments for operating expenses		(18,840,674	)		(19,707,171	)
Cash receipt from customers		55,640			94,280

Cash generated from operations		26,195,935			26,567,581

Interest received		486,231			358,088
Interest paid		(887,720	)		(1,416,526	)
Income tax paid		(6,769,770	)		(3,246,756	)

Net cash provided by operating activities		19,024,676			22,262,387

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of temporary investments and maturity of time deposits		18,256			38,148
Purchases of temporary investments and placements in time deposits		(135,298	)		(22,559	)
Proceeds from sale of property, plant and equipment		9,919			6,088
Proceeds from insurance claims		11,159			—
Acquisition of property, plant and equipment		(11,855,305	)		(15,056,495	)
Increase in advances for purchases of property, plant and equipment		(554,005	)		(1,054,568	)
(Increase) decrease in advances and other assets		141,261			(39,031	)
Business combinations, net of cash paid		(287,403	)		—
Acquisition of intangible assets		(21,630	)		(462,192	)
Acquisition of long-term investments		(28,249	)		—
Acquisition of minority interest of subsidiary		—			(598,000	)
Cash dividends received		1,020			822
Advance for acquisition of long-term investments		(674	)		—
Decrease (increase) in escrow accounts		(42,458	)		53,145

Net cash used in investing activities		(12,743,407	)		(17,134,642	)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid		(6,105,963	)		(5,840,708	)
Cash dividends paid to minority stockholders of subsidiaries		(2,802,945	)		(2,829,472	)
Proceeds from short-term borrowings		29,235			83,023
Proceeds from Medium-term Notes		—			30,000
Repayments of short-term borrowings		(549,746	)		(91,929	)
Proceeds from long-term borrowings		6,038,695			9,525,243
Repayment of long-term borrowings		(3,252,317	)		(5,096,735	)
Payment for purchases of treasury stock		(2,025,644	)		—
Repayment of promissory notes		(200,813	)		(123,927	)
Repayment of obligations under finance leases		(32,188	)		(209,954	)

Net cash used in financing activities		(8,901,686	)		(4,554,459	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,620,417	)		573,286

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		24,990			(251,038	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		10,140,791			6,889,945

CASH AND CASH EQUIVALENTS AT END OF PERIOD		7,545,364			7,212,193

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

The Third Quarter of 2009 Result (Unaudited)

Table 4
FINANCIAL RATIOS
September 30, 2008 and 2009


	2008		2009		Growth (%)
Contribution to total fixed lines revenue:
Local & SLJJ (%)		60.1		51.5		-8.6	%
Monthly subscription charges (%)		37.0		44.4		7.4	%
Installation charges (%)		1.2		1.1		-0.1	%
Phone Cards (%)		0.1		0.4		0.3	%
Others (%)		1.5		2.6		1.0	%
Contribution to total operating revenues:
Cellular (%)		40.9		44.7		3.7	%
Fixed lines (%)		16.7		13.5		-3.2	%
Interconnection (%)		14.9		12.2		-2.7	%
Data, internet and information technology		24.4		26.4		2.0	%
Network (%)		1.7		1.6		0.0	%
Revenue-Sharing Arrangements (%)		0.6		0.3		-0.3	%
Other telecommunications services (%)		0.8		1.4		0.5	%
ARPU Wireline (Rp.’000)		137.6		111.6		-18.9	%
EBITDA (Rp billion)		25,980.2		28,135.9		8.3	%
EBITDA margin (%)		58.2		59.7		1.5	%
Operating margin (%)		38.5		38.1		-0.4	%
Profit Margin (%)		20.0		19.7		-0.2	%
Current ratio (%)		54.6		61.1		6.4	%
Return on Assets (%)		10.4		9.8		-0.6	%
Return on Equity (%)		27.4		24.8		-2.6	%
Total Liabilities to Equity (%)		136.9		127.8		-9.0	%
Gearing (Net Debt to Equity) (%)		31.0		42.6		11.6	%
Debt to Equity (%)		55.1		62.7		7.6	%
Debt to EBITDA (%)		69.1		83.6		14.5	%
Debt Service Ratio (Times)		3.5		2.9		-0.6	%
EBITDA to Interest Expense (times)		25.9		19.1		-6.8	%
EBITDA to Net Debt (%)		257.2		176.0		-81.2	%

The Third Quarter of 2009 Result (Unaudited)

Table 5
LEGACY and NEW WAVE REVENUES
As of September 30, 2008 and 2009


	Revenues (Rp. Bn)							Portion (%)
	2008		2009		Growth (%)			2008		2009
LEGACY REVENUES		41,859		42,926		2.6	%		93.7		91.1
Wireline		10,694		8,713		-18.5	%		24.0		18.5
Telephony *)		10,694		8,713		-18.5	%		24.0		18.5
Fixed Wireless		2,451		2,373		-3.2	%		5.5		5.0
Telephony *)		2,080		1,916		-7.9	%		4.7		4.1
SMS		371		457		23.3	%		0.8		1.0
Cellular		26,033		28,733		10.4	%		58.3		61.0
Telephony *)		17,822		20,533		15.2	%		39.9		43.6
SMS		8,211		8,200		-0.1	%		18.4		17.4
Interconnection-Net		1,624		1,680		3.4	%		3.6		3.6
Network service		737		825		11.9	%		1.7		1.8
Others		320		604		88.5	%		0.7		1.3

NEW WAVES REVENUES		2,791		4,188		50.1	%		6.3		8.9
Data & Communication		984		1,115		13.4	%		2.2		2.4
Internet		1,650		2,755		67.0	%		3.7		5.8
IT Service & Application		157		316		101.9	%		0.4		0.7
Others		0.3		1.3		351.9	%		0.0		0.0

TOTAL		44,650		47,114		5.5	%		100.0		100.0


*)		Telephony revenue includes outgoing Off-net revenue

Note: These revenues segmentation may slightly be different from segmentation in the financial statement

The Third Quarter of 2009 Result (Unaudited)

Table 6
FIXED TELEPHONE LINES
September 30, 2008 and 2009


		2008		2009		Growth (%)
Exchange Capacity :
Wireline	Lines (’000)		10,655		11,078		4.0	%
Wireless	Lines (’000)		15,413		23,394		51.8	%
Total Exchange Capacity	Lines (’000)		26,069		34,472		32.2	%

Installed Lines :
Wireline	Lines (’000)		9,775		10,409		6.5	%
Wireless	Lines (’000)		14,562		26,627		82.9	%
Total Installed Lines	Lines (’000)		24,337		37,036		52.2	%

Subscribers:
Wireline	Lines (’000)		8,229		8,351		1.5	%
Wireless	Lines (’000)		9,124		14,862		62.9	%
Total Subscribers	Lines (’000)		17,353		23,213		33.8	%

Public Phone:
Wireline	Lines (’000)		351		352		0.4	%
Wireless	Lines (’000)		28		24		-13.4	%
Total Public Phone	Lines (’000)		378		376		-0.6	%

LIS Fixed line:
Wireline	Lines (’000)		8,580		8,703		1.4	%
Wireless	Lines (’000)		9,151		14,886		62.7	%
Total Lines In Services	Lines (’000)		17,731		23,589		33.0	%

Table 7
FLEXI PERFORMANCE
September 30, 2008 and 2009


	UNIT	2008			2009			Growth (%)
Customer Base
Classy/Postpaid	SSF(’000)		751			664			-11.5	%
Trendi/Prepaid	SSF(’000)		8,400			14,222			69.3	%
Total Blended	SSF(’000)		9,151			14,886			62.7	%

Net additional
Classy/Postpaid	SSF(’000)		(77	)		(67	)		-13.5	%
Trendi/Prepaid	SSF(’000)		2,866			2,228			-22.3	%
Total Blended	SSF(’000)		2,789			2,161			-22.5	%

ARPU
Classy/Postpaid	Rp(’000)		96			85			-11.5	%
Trendi/Prepaid	Rp(’000)		33			19			-41.7	%
Total Blended	Rp(’000)		40			23			-43.3	%

MoU (Minute of use)	mn minutes		9,600			12,435			29.5	%
SMS	mn messages		2,376			3,854			62.2	%

NETWORK
BTS	BTS		3,181			5,296			66.5	%
Coverage	Cities		321			321			—

The Third Quarter of 2009 Result (Unaudited)

Table 8
PT. TELEKOMUNIKASI SELULAR (TELKOMSEL)
BALANCE SHEET
September 30, 2008 and 2009
(In billion rupiah)


	2008		2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents		3,374		2,607
Acct. /Unbilled receivables		515		735
Prepayments		1,310		2,093
Others		547		807
Total Current Assets		5,746		6,242

NON-CURRENT ASSETS
Long-term Investment		20		20
Fixed assets — net		43,954		49,041
Advances for fixed assets		16		1
Equipment not used in operations — net		46		14
Intangible assets — net		343		728
Others		896		1,050
Total Non-Current Assets		45,275		50,854
TOTAL ASSETS		51,021		57,096

CURRENT LIABILITIES
Accounts payable & Accr. Liabilities		9,101		9,199
Taxes payable		150		1,478
Unearned revenue		2,786		2,389
Dividend payable		2,645		1,142
Curr. maturities of med/long-term loan		4,558		5,584
Curr. maturities of oblig. under finance lease		3		52
Total Current Liabilities		19,244		19,844

NON-CURRENT LIABILITIES
Medium-term loan — net of current maturities		4,920		6,876
Deferred tax liabilities		2,037		2,371
Others		182		289
Total Non-current Liabilities		7,140		9,536

EQUITY
Capital stock — Rp 1,000,000 par value
Authorized - 650,000 shares
Issued and fully paid - 182,570 shares		183		183
Additional paid-in capital		1,505		1,505
Retained earnings		22,949		26,028
Total Equity		24,637		27,716

TOTAL LIAB. & STOCKHOLDERS’ EQUITY		51,021		57,096

The Third Quarter of 2009 Result (Unaudited)

Table 9
PT. TELEKOMUNIKASI SELULAR (TELKOMSEL)
INCOME STATEMENT
The Nine Months Ended September 30, 2008 and 2009
(In billion rupiah)


	2008			2009
OPERATING REVENUES
Post-paid		3,199			3,215
Prepaid		23,326			26,378
International roaming		482			540
Interconnection : — Revenues		2,290			1,855
— Expense		(1,933	)		(1,772	)
Other (network lease)		27			129
Net Operating Revenues		27,391			30,345

OPERATING EXPENSES
Personnel		972			993
Operation & maintenance		5,898			6,223
General & administrative		576			566
Marketing		875			803
Other operating expenses		1,369			1,609
Depreciation		4,975			6,116
Total Operating Expenses		14,665			16,310

EBIT (EARNINGS BEFORE INTEREST & TAXES)		12,726			14,035
OTHER INCOME/(EXPENSES)
Interest income & financing charges		(370	)		(696	)
Foreign exchange gain		31			272
Others — net		(5	)		7
Other income/(expenses) — net		(344	)		(417	)

INCOME BEFORE TAX		12,382			13,618
INCOME TAX EXPENSE		3,356			3,797
NET INCOME		9,026			9,821

EBITDA		17,701			20,151
EBITDA Margin — over net oper. revenues		64.6	%		66.4	%

ROA		27.2	%		22.6	%
ROE		54.0	%		46.7	%

The Third Quarter of 2009 Result (Unaudited)

Table 10
PT. TELEKOMUNIKASI SELULAR (TELKOMSEL)
OPERATIONAL INDICATORS
September 30, 2008 and 2009


	Unit	2008			2009			Growth (%)
CUSTOMER BASE
Customer Base
kartuHALO	Subsc (000)		1,947			2,051			5.3	%
simPATI	Subsc (000)		38,076			56,863			49.3	%
Kartu As	Subsc (000)		20,480			20,860			1.9	%
Total	Subsc (000)		60,503			79,774			31.9	%
Net Add
kartuHALO	Subsc (000)		34			111			226.5	%
simPATI	Subsc (000)		14,091			13,830			-1.9	%
Kartu As	Subsc (000)		(1,511	)		533			135.3	%
Total	Subsc (000)		12,613			14,474			14.8	%

MOU (excluding free & incoming mins)	Bn minutes		58.8			100.8			71.4	%

ARPU
Total (9 months average)
kartuHALO	Rp.’000/month		217			211			-2.8	%
simPATI	Rp.’000/month		65			48			-26.2	%
Kartu As	Rp.’000/month		39			30			-23.1	%
Blended	Rp.’000/month		60			48			-20.0	%
Non-voice/Data (9 months average)
kartuHALO	Rp.’000/month		40			47			17.5	%
simPATI	Rp.’000/month		17			14			-17.6	%
Kartu As	Rp.’000/month		19			15			-21.1	%
Blended	Rp.’000/month		19			15			-21.1	%

NETWORK DATA
Network Capacity
Base stations installed (GSM/DCS/3G)	Unit		25,089			29,781			18.7	%
Overall capacity all network elements	Subs. mln.		62.4			82.9			32.9	%
Quality of Service
Call success rate	%		93.97	%		95.41	%		1.4	%
Call completion rate	%		98.61	%		98.81	%		0.2	%

EMPLOYEE DATA
Total employees	person		4,074			4,163			2.2	%
Efficiency ratio	Subs/employee		14,851			19,163			29.0	%

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