6-K 1 pttelkom_infomemo1q11.htm PT TELEKOMUNIKASI INDONESIA TBK pttelkom_infomemo1q11.htm - Generated by SEC Publisher for SEC Filing  

 

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, 2011

 

Perusahaan Perseroan (Persero)

PT Telekomunikasi Indonesia Tbk.

(Exact name of Registrant as specified in its charter)

 

Telecommunications Indonesia

(a state-owned public limited liability company)

(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  ¨ 

 

[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 ¨           No þ 

 

[If “yes” is marked, indicate below the file number assigned to the registrant in connection with  

Rule 12g3-2(b): 82-                    ]   

 

 

 

 
 

 

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,TBK

 

 

 

 

 

 

(Registrant)

 

 

Date

May 4, 2011

 

 

By     /s/ Agus Murdiyatno

 

 

 

 

 

 

 

 

(Signature)

 

 

 

 

 

 

 

 

 

 

Agus Murdiyatno

 

 

 

 

 

Vice President Investor Relation

 

  

 

Infomemo h1_413  

THE FIRST QUARTER 2011 RESULTS (UNAUDITED)

 

 

 

 

 

 

HIGHLIGHTS

 

 

TICKERS:

NYSE     :  TLK

LSE        :  TKIA

IDX        :  TLKM

 

ISSUED SHARES: 

20,159,999,280 shares

 

SHAREHOLDER COMPOSITION:

Govt. of Indonesia                    : 52.47%

Public                                         : 47.53%

(exclude treasury stock 490,574,500 shares)

(As of March 31, 2011)

n Cellular customer base grew strongly by 21.3% year on year (YoY) to 99.4 million customers with net add for 1Q11 was 5.4 million new customers.

 

n Our fixed broadband service, Speedy, recorded a 39.6% growth in the number of subscribers to 1,791K.

 

n Data, internet and IT services also performed well, contributing 32.6% to total revenues in 1Q11 and revenue increased by 14.4%.

 

n Operating expenses decreased by 4.3% on QoQ.

 

n MoU Cellular increased to 53.4% YoY and 16.0% QoQ.

 

n EBITDA reached Rp8,641.6 billion and Income for the period attributable to owner of the parent was Rp2,828.3 billion during the first quarter 2011.

 

n Total revenues grew by 2.1% YoY to Rp16,706 billion, meanwhile income for the period attributable to owner of the parent grew by 1.5% to Rp2,828 billion

 

 

OPERATIONAL HIGHLIGHTS

 

 

CONVERSION RATES (US$ 1.00):

2010 = Rp9,093.50 (March 31,2010)

2011 = Rp8,707.50 (March 31,2011)

 

Fixed Line LIS vs Cellular Subscribers (in million)

 

Financial Indicators (in RpTn)

 

 

 

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 Indonesia does not guarantee that any action, which may have been taken in reliance on this document will bring specific results as expected.

 

Investor Relations

PT Telekomunikasi Indonesia, Tbk

Grha Citra Caraka, 5th 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

 

  

YoY

  

QoQ

 

Descriptions

1Q10

1Q11

Growth

  

2Q10

3Q10

4Q10

1Q11

Growth

 

(‘000)

(‘000)

(%)

  

(‘000)

(‘000)

(‘000)

(‘000)

%

 

Fixed Line:

  

  

  

  

  

  

  

  

  

 

   LIS Wireline

 8,382 

 8,333 

(0.6)

  

 8,397 

 8,334 

 8,303 

 8,333 

0.4 

 

   LIS Wireless (Flexi):

 15,948 

 18,708 

17.3 

  

 15,896 

 16,756 

 18,161 

 18,708 

3.0 

 

   - Postpaid

 594 

 536 

(9.8)

  

 565 

 554 

 546 

 536 

(2.0)

 

   - Prepaid

 15,354 

 18,172 

18.4 

  

 15,330 

 16,202 

 17,615 

 18,172 

3.2 

 

Total

 24,330 

 27,041 

11.1 

  

 24,293 

 25,090 

 26,464 

 27,041 

2.2 

 

Cellular:

  

  

  

  

  

  

  

  

  

 

   - Postpaid

 2,047 

 2,165 

5.8 

  

 2,098 

 2,101 

 2,127 

 2,165 

1.8 

 

   - Prepaid

 79,903 

 97,200 

21.6 

  

 86,218 

 91,034 

 91,884 

 97,200 

5.8 

 

Total

 81,950 

 99,365 

21.3 

  

 88,316 

 93,135 

 94,011 

 99,365 

5.7 

 

Broadband:

  

  

  

  

  

  

  

  

  

 

   - Fixed broadband/Speedy

 1,283 

 1,791 

39.6 

  

 1,416 

 1,530 

 1,649 

 1,791 

8.6 

 

   - Mobile broadband/Flash

 2,139 

 4,336 

102.7 

  

 2,976 

 4,278 

 3,796 

 4,336 

14.2 

 

   - Blackberry

 280 

 1,580 

464.3 

  

 456 

 573 

 966 

 1,580 

63.6 

 

FINANCIAL HIGHLIGHTS  

  

  

  

   

   

   

  

  

 

TELKOM GROUP  

   

  

  

  

   

   

   

  

  

 

Key Indicators  

YoY

  

QoQ

 

1Q10  

1Q11

Growth (%)

  

2Q10  

3Q10  

4Q10  

1Q11

Growth (%)

 

Op. Revenues (Rp Bn)  

 16,356   

 16,706 

 2.1 

  

 17,351   

 17,601   

 17,321   

 16,706 

 (3.5) 

 

Op. Expenses (Rp Bn)  

 11,037   

 11,512 

 4.3 

  

 11,334   

 11,744   

 12,023   

 11,512 

 (4.3) 

 

Op. Income (Rp Bn)  

 5,320   

 5,194 

 (2.4) 

  

 6,017   

 5,858   

 5,296   

 5,194 

 (1.9) 

 

EBITDA (Rp Bn)  

 9,059   

 8,642 

 (4.6) 

  

 9,700   

 9,478   

 8,866   

 8,642 

 (2.5) 

 

EBITDA Margin (%)  

 55.4   

 51.7 

 (3.7) 

  

 55.9   

 53.8   

 51.2   

 51.7 

 0.5 

 

Income for the period attributable to owner

of the parent (Rp Bn)**

 2,786 *

 2,828 

 1.5 

  

 3,246 *

 2,928 *

 2,576 *

 2,828 

 9.8 

 

Income per Share (Rp)**

 142   

 144 

 1.5 

  

 165   

 149   

 132   

 144 

 9.8 

 

Income per ADS (Rp)**

 5,666   

 5,752 

 1.5 

  

 6,601   

 5,955   

 5,240   

 5,752 

 9.8 

 

*changes in net income in 1Q10-4Q10 were resulted from the calculated tax effect by the impact of the restatement during those quarters. The tax allocation was differently presented in the previous Info Memo, however in total amount of Net Income in FY10 remain the same.

 

   

   

  

  

  

   

   

   

  

  

 

TELKOMSEL  

   

  

  

  

   

   

   

  

  

 

Key Indicators  

YoY

  

QoQ

 

1Q10  

1Q11

Growth (%)

  

2Q10  

3Q10  

4Q10  

1Q11

Growth (%)

 

Op. Revenues (Rp Bn)  

 10,775   

 11,297 

 4.8 

  

 11,393   

 11,916   

 11,483   

 11,297 

 (1.6) 

 

Op. Expenses (Rp Bn)  

 6,712   

 7,450 

 11.0 

  

 7,109   

 7,462   

 7,103   

 7,450 

 4.9 

 

Op. Income (Rp Bn)  

 4,063   

 3,847 

 (5.3) 

  

 4,284   

 4,454   

 4,380   

 3,847 

 (12.2) 

 

EBITDA (Rp Bn)  

 6,400   

 6,245 

 (2.4) 

  

 6,597   

 6,841   

 6,760   

 6,245 

 (7.6) 

 

EBITDA Margin (%)  

 59.4   

 55.3 

 (4.1) 

  

 57.9   

 57.4   

 58.9   

 55.3 

 (3.6) 

 

Inc.for the period (Rp Bn)*

 2,838   

 2,856 

 0.6 

  

 3,088   

 3,264   

 3,172   

 2,856 

 (10.0) 

 

**Income for the period is the term used for Net Income based on PSAK 1 (revised 2009) effective on January 2011

 

 

                               
 

 

PT TELEKOMUNIKASI INDONESIA, Tbk.

THE FIRST QUARTER 2011 RESULTS (UNAUDITED)

 

The following analysis and discussion is based on our financial statements for three months of 2010 and 2011, which ended on March 31, 2010 and March 31, 2011 respectively. Those financial statements have been submitted to the BAPEPAM-LK, the Capital Market and Financial Institutions Supervisory Agency and furnished to the US Securities and Exchange Commission. 

 

OPERATIONAL RESULTS

Cellular Service

As we enter the year of “broadband-ready”, we extort all of our effort to keep up with the commitment to expand and strengthen our network capacity and quality. We added 1,273 new BTS in 1Q11, of which 560 units were 3G Node-B. As of end of March 2011, Telkomsel’s total BTS on air reached 37,830 units, including 8,331 units 3G Node-B.

 

This quarter, we revamped our promotional programs in order to increase sales and manage churn rate better. As a result we recorded a strong growth of 5.4 million new customers in 1Q11. Total customer base as at end of March 2011 was 99.4 million customers, representing a market share of approximately 46% of full mobility market.

 

Customer Base  

As the end of March 2011, Telkomsel customer base reached 99.4 million customers, consisting of 2.2 million postpaid and 97.2 million prepaid customers. It grew strongly by 21.3% from a year ago or 5.7% from previous quarter. In the first quarter 2011, Telkomsel added 5.4 million new customers, which was much higher than the net add in 1Q10 and 4Q10. The launch of Kartu As Rp20/minute promotional program in 4Q10, which was repackaged to Rp0/minute promotion, still established a strong response from market and deepened our market penetration in 1Q11.

 

The development of our data services is one of the contributors to the strong customer base growth. Telkomsel’s BlackBerry customers reached 1.6 million or grew by 464.3% YoY or 63.6% QoQ. Meanwhile, our Flash customers were 4.3 million in March 2011 or grew by 102.7% YoY or 14.2% QoQ.

 

Traffic Productions

The chargeable MoU increased by 53.4% YoY to 42.5 billion minutes, which was due to increased in customer base and MoU per customer. It was up 14.9% compared to 4Q10. Revenue per minute (“RPM”) declined to Rp151 in 1Q11, a decline of 39% from the RPM in 1Q10 or 16% lower than the RPM in 4Q10. The declining RPM was due to the alignment with the industry price in Q1 2011

 

We recorded 25.2 billion units chargeable SMS in 1Q11, an increase of 20.0% from 1Q10 and 3.4% lower compared 4Q10. The revenue per SMS (RPS) in 1Q11 increased 5% from 1Q10 to Rp119 and was 8% higher than the RPS in 4Q10, as a result of SMS tariff optimization related to the promotional packages.

 

With the growth of Telkomsel’s data users, data traffic/payload has shown an outstanding growth during the last few quarters. In 1Q11, it grew by 181% from 1Q10 to approximately 5,100 terabytes.  

 

ARPU

Blended ARPU for 1Q11 was Rp37K or 14.8% declined from 1Q10 and 8.4% lower than the ARPU in 4Q10. The ARPU has been declining during the last few years due to the impact of competition and penetration to lower market segments.

 

Network Development

For the first quarter 2011, Telkomsel added 1,273 units new BTS (including 560 units 3G-BTS). As of March 31, 2010, there were 37,830 units BTS (including 8,331 3G Node-B) on air, an increased of 17% from the same period last year.

 

New Products and Programs

§

In January 2011, Rp0/minute promotion for Kartu As for the first 30 seconds was extended. It provides special tariff of Rp0 at the first 30 seconds and Rp10/30 seconds afterwards from 00:00-16:59 hours for new customers that activate the starter pack from December 22, 2010. Additional 5,000 SMS to all operators, Facebook and chatting access are also provided.

§

In March 2011, a new package of free minutes in simPATI  Freedom called simPATI Gratis Nelpon Berjam-jam (Free Talk for Several Hours) was introduced. By activating new starter pack from March 10, 2011 and having chargeable call for one minute (accumulated) to all Telkomsel’s numbers, customers will received free minutes to be used from 00:00-05:59.

§

simPATI Double TalkMania program was modified in March 2011. With a daily registration of Rp2,000 (day time, 01:00-18:00 hours) and Rp2,500 (night time, 17:00-24:00 hours), this program provided 50-100 minutes and additional 100 minutes on-net. The additional 100 minutes will be earned the day after registration to be used from 00:00-06:00.

§

In order to enhance sales, starting from January 2011 Telkomsel has changed its dealer sales incentive scheme, which is tie up with dealer performance. This new scheme increase Marketing & Sales Expenses in 2011 while reducing dealer discount.

 

In the following table, we present a YoY and QoQ comparison for our cellular performance:

  

Unit

YoY

  

QoQ

  

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

CUSTOMER BASE

  

  

  

  

  

  

  

  

  

  

Customer Base

  

  

  

  

  

  

  

  

  

  

     Postpaid (kartuHALO)

Subs (000)

 2,047 

 2,165 

5.8 

  

 2,098 

 2,101 

 2,127 

 2,165 

 1.8 

     Prepaid (simPATI + Kartu As)

Subs (000)

 79,903 

 97,200 

21.6 

  

 86,218 

 91,034 

 91,884 

 97,200 

 5.8 

     Total

Subs (000)

 81,950 

 99,365 

21.3 

  

 88,316 

 93,135 

 94,011 

 99,365 

 5.7 

Net Add

  

  

  

  

  

  

  

  

  

  

     Postpaid (kartuHALO)

Subs (000)

12 

39 

225.0 

  

52 

3 

25 

39 

56.0 

     Prepaid (simPATI + Kartu As)

Subs (000)

 294 

 5,316 

 1,708.7 

  

 6,315 

 4,816 

 847 

 5,316 

527.7 

     Total

Subs (000)

 306 

 5,355 

 1,649.4 

  

 6,367 

 4,819 

 872 

 5,355 

514.1 

MOU (chargeable)

Bn minutes

 28 

 43 

53.4 

  

31 

33 

37 

43 

16.0 

SMS (chargeable)

Bn units

 21 

 25 

20.0 

  

21 

26 

26 

25 

(3.4)

ARPU

  

  

  

  

  

  

  

  

  

  

Total (3 months average)

  

  

  

  

  

  

  

  

  

  

     Postpaid (kartuHALO)

Rp.'000 per mo.

208 

196 

 (5.5) 

  

211 

212 

206 

196 

 (4.8) 

     Prepaid (simPATI + Kartu As)

Rp.'000 per mo.

39 

34 

 (13.0) 

  

39 

39 

36 

34 

 (5.5) 

     Blended

Rp.'000 per mo.

43 

37 

 (14.0) 

  

43 

43 

40 

37 

 (7.5) 

NETWORK DATA

  

  

  

  

  

  

  

  

  

  

Network Capacity

  

  

  

  

  

  

  

  

  

  

     Base stations installed (GSM/DCS/3G)

Unit

 32,243 

 37,830 

 17.3 

  

 34,005 

 35,316 

 36,557 

 37,830 

 3.5 

EMPLOYEE DATA

  

  

  

  

  

  

  

  

  

  

     Total employees *)

person

 4,229 

 4,403 

 4.1 

  

 4,313 

 4,354 

 4,421 

 4,403 

 (0.4) 

     Efficiency ratio

Subs/employee

 19,378 

 22,567 

 16.0 

  

 20,477 

 21,391 

 21,265 

 22,567 

 6.1 

  

  

  

  

  

  

  

  

  

  

  

*) Excluding Board of Directors

  

  

  

  

  

  

  

  

  

  

 

Broadband Services

Fixed Broadband (Speedy)

Customer Base

We have been providing fixed line-based broadband internet access using ADSL technology since 2004 under the brand name “Speedy”. As of March 31, 2011, we had 1.8 million Speedy customers, representing growth of 39.6% from 1.3 million Speedy customers as of March 31, 2010 and 8.6% higher than the number of customers in 4Q10.

 

ARPU

ARPU for the first quarter 2011 was Rp187K, a decrease of 19.7% from Rp233K in the previous year.

 

New Products and Programs

“Home Speedy Home” enabled our customers to enjoy an internet connection at home with the real unlimited access in time and quota. We offered five packages at various speed starting from 384Kbps up to 3Mbps and these packages could be accessed by multi users through Wi-Fi modems.

 

Mobile Broadband (Flash)

Customer Base

Telkomsel also provides a mobile broadband product under the brand name “Flash”. As of March 31, 2011, we had 4.3 million Flash customers, representing growth of 102.7% from the 2.1 million customers as of March 31, 2010 and 14.2% higher than the number of customers in 4Q10.

 

New Products and Programs

For our mobile broadband/Flash customers, we have “Rp50K Flash Unlimited” promotional starting from February 2011 with maximal speed that can be used is 384 Kbps.

 

Fixed Wireline Services

Customer Base

As of March 31, 2011, our total number of fixed wireline in service has remained essentially flat at approximately 8.3 million, representing a decrease of 0.6% YoY but an increase of 0.4% QoQ. We consistently maintained our leading position as the dominant player in the fixed wireline market with approximately 99% of market share.

ARPU

ARPU for this period amounted to Rp103K, it was representing a decrease of 1.4% from the previous quarter.

Customer Retention Program

Our customer retention program called TPRT (“Telkom Point Rejeki Tumpah”) that was started in 2Q 2010 is still continued. TPRT is a continuation of the program TRRT (“Telepon Rumah Rejeki Tumpah”) which was created to retain our customers (PSTN, Speedy and YesTV) through reward points.

 

Fixed Wireless Service (Flexi)

Customer Base  

"TELKOMFlexi" or “Flexi” is our brand for a CDMA-based fixed wireless access with limited mobility product. During 1Q11, Flexi obtained 547K net additional subscribers, bringing total subscribers to 18.7 million. With “FlexIrit” new starter pack promotional program, we have maintained our leading position as a dominant player in the fixed wireless market.

Traffic Productions

Revenue per Minute (“RPM”) amounted to Rp145, a decrease of 24.1% from Rp191 YoY. Total wireless production (MoU) decreased by 22.2% from 3.1 billion minutes in 1Q10 to 2.4 billion minutes.

ARPU

ARPU (blended) for this period amounted to Rp10K, a decrease of 41.2% from 1Q10 and a 23.1% lower than the ARPU in 4Q10.

Network capacity

During first quarter 2011, total BTS units increased by 3.0 % to 5,707 units. As of March 31, 2011, 370 cities are covered by these BTSes, it was the same coverage with the last quarter.

 

New Products and Programs

“Flexi Bebas Bicara” was our Flexi free talk with a tariff of Rp0 to fellow subscribers (on-net) without any conditions. This program is valid from February 25 until December 2011 for prepaid and postpaid customers in the Greater Jakarta area.

In the following table we present comparison YoY and QoQ Flexi performance, as follows:

  

UNIT

YoY

  

QoQ

  

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Customer Base

  

  

  

  

  

  

  

  

  

  

Classy/Postpaid

SSF('000)

 594 

 536 

(9.8)

  

565 

554 

546 

 536 

(1.8)

Trendy/Prepaid

SSF('000)

 15,354 

 18,172 

18.4 

  

15,330 

16,202 

17,615 

 18,172 

3.2 

Total Blended

SSF('000)

 15,948 

 18,708 

17.3 

  

15,896 

16,756 

18,161 

 18,708 

3.0 

Net additional

  

  

  

  

  

  

  

  

  

  

Classy/Postpaid

SSF('000)

 (55) 

 (11) 

(80.0)

  

(29)

(12)

(7)

(11)

57.1 

Trendy/Prepaid

SSF('000)

 864 

 558 

(35.4)

  

(24)

872 

1413 

558 

(60.5)

Total Blended

SSF('000)

 809 

 547 

(32.4)

  

(53)

860 

1406 

547 

(61.1)

ARPU

  

  

  

  

  

  

  

  

  

  

Classy/Postpaid

Rp('000)

 83 

 78 

(6.0)

  

88 

84 

84 

 78 

(7.1)

Trendy/Prepaid

Rp('000)

 15 

 8 

(46.7)

  

14 

14 

11 

 8 

(27.3)

Total Blended

Rp('000)

 17 

 10 

(41.2)

  

17 

16 

13 

 10 

(23.1)

MoU (Minute of use)

mn minutes

 3,073 

 2,392 

(22.2)

  

3,080 

3,045 

2,759 

 2,392 

(13.3)

SMS

mn messages

 1,073 

 916 

(14.6)

  

1,030 

943 

934 

 916 

(1.9)

NETWORK

  

  

  

  

  

  

  

  

  

  

BTS

BTS

 5,543 

 5,707 

3.0 

  

5,552 

5,580 

5,641 

 5,707 

1.2 

Coverage

Cities

 370 

 370 

- 

  

370 

370 

370 

 370 

- 

 

FINANCIAL RESULTS

TELKOM GROUP

Statement of Comprehensive Income

In the following table, we present a YoY and QoQ comparison for our Statement of Comprehensive Income:

Key Indicators

YoY

  

QoQ

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Op. Revenues (Rp Bn)

 16,356 

 16,706 

 2.1 

  

 17,351 

 17,601 

 17,321 

 16,706 

 (3.5) 

Op. Expenses (Rp Bn)

 11,037 

 11,512 

 4.3 

  

 11,334 

 11,744 

 12,023 

 11,512 

 (4.3) 

Op. Income (Rp Bn)

 5,320 

 5,194 

 (2.4) 

  

 6,017 

 5,858 

 5,296 

 5,194 

 (1.9) 

EBITDA (Rp Bn)

 9,059 

 8,642 

 (4.6) 

  

 9,700 

 9,478 

 8,866 

 8,642 

 (2.5) 

EBITDA Margin (%)

 55.4 

 51.7 

 (3.7) 

  

 55.9 

 53.8 

 52.2 

 51.7 

 0.5 

Income for the period attributable to owner of the parent (Rp Bn)

 2,786  

 2,828 

 1.5 

  

 3,246 

 2,928 

 2,576 

 2,828 

 9.8 

Income per Share (Rp)

 142 

 144 

 1.5 

  

 165 

 149 

 132 

 144 

 9.8 

Income per ADS (Rp)

 5,666 

 5,752 

 1.5 

  

 6,601 

 5,955 

 5,240 

 5,752 

 9.8 

 

Since January 1, 2011, TELKOM have adopted several Indonesian Statement of Financial Accounting Standards (Pernyataan Standar Akuntansi Keuangan or “PSAK”), which became effective for financial statement periods beginning on or after January 1, 2011 and is applied prospectively, among other things, that are relevant to TELKOM are: PSAK 1 (Revised 2009), “Presentation of Financial Statements”, PSAK 2 (Revised 2009), “Statements of Cash Flows”, and PSAK 3 (Revised 2010), “Interim Financial Statements”. Those standards significantly influence the presentation of TELKOM‘s Financial Statements, particularly for the presentation and disclosure of the “Statement of Income” that become “Statement of Comprehensive Income”.

 

Operating Revenues

We recorded operating revenues of Rp16,705.8 billion in 1Q11, a 3.5% decreased from Rp17,321.3 billion in 4Q10.

§

Fixed line revenue decreased by 8.2% from Rp3,192.7 billion in 4Q10 to Rp2,929.6 billion in 1Q11, mainly due to a decrease in fixed wireless ARPU from Rp13K to Rp10K and decrease in chargeable traffic.

§

Cellular revenue decreased by 9.3% from Rp7,449.8 billion in 4Q10 to Rp6,754.8 billion in 1Q11 due to decrease in RPM.

§

Interconnection revenue decreased by 11.8% from Rp959.6 billion in 4Q10 to Rp846.1 billion in 1Q11. This was mainly due to decline in domestic interconnection and transit revenue and also international interconnection.

§

Data, internet and information technology services revenues increased by Rp686.2billion or 14.4% from Rp4,765.7 billion in 4Q10 to Rp5,451.9 billion in 1Q11, primarily due to growth in SMS revenue and data communications revenues,

§

Network revenues increased by 97.1% from Rp154.7 billion in 4Q10 to Rp304.9 billion in 1Q11, mainly due to the revenue increase in satellite transponder lease services.

§

Other revenues decreased by 47.5% from Rp797.9 billion in 4Q10 to Rp418.6 billion in 1Q11, mainly caused by revenue from building leased and property development.

 

  

YoY

  

QoQ

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Fixed Line (Rp Bn)

 3,308 

 2,930 

 (11.4) 

  

 3,306 

 3,133 

 3,193 

 2,930 

 (8.2) 

Cellular (Rp Bn)

 6,691 

 6,755 

 0.9 

  

 7,470 

 7,523 

 7,450 

 6,755 

 (9.3) 

Interconnection (Rp Bn)

 1,051 

 846 

 (19.5) 

  

 781 

 943 

 960 

 846 

 (11.8) 

Data, Internet & IT (Rp Bn)

 4,764 

 5,452 

 14.4 

  

 4,939 

 5,332 

 4,766 

 5,452 

 14.4 

Network (Rp Bn)

 277 

 305 

 9.9 

  

 278 

 348 

 155 

 305 

 97.1 

Other (Rp Bn)

 264 

 419 

 58.3 

  

 577 

 322 

 798 

 419 

 (47.5) 

 

Operating Expenses

Total Operating Expenses was Rp11,511.8 billion in 1Q11 decreased by 4.3% from Rp12,023.3 billion in 4Q10.

§

Depreciation and amortization expense decreased by 3.4% from Rp3,568.5 billion to Rp3,447.6 billion, mainly due to decrease in amortization of intangible assets.

§

Personnel expenses decreased by 6.6%, from Rp2,089.2 billion to Rp1,951.4 billion due to decrease in other benefit, as a result of net periodic pension cost.

§

Operation, maintenance and telecommunication services expenses increased by Rp65.8 billion or 1.6% from Rp4,004.0 billion in 4Q10 to Rp4,069.8 billion in 1Q11, mainly due to increase in radio frequency usage charges.

§

General and administrative expenses decreased by 18.2% from Rp625.6 billion in 4Q10 to Rp511.5 billion, due to decrease in general and social contribution expenses.

§

Interconnection expense decreased by 0.4% from Rp809.2 billion in 4Q10 to Rp806.1 billion due to decrease in international interconnection expense.

§

Marketing expenses decreased by 21.8% from Rp926.8 billion in 4Q10 to Rp725.4 billion, mainly due to a decrease in advertising and promotion.

 

  

YoY

  

QoQ

  

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Depr & Amort (Rp Bn)

 3,739 

 3,448 

 (7.8) 

  

 3,683 

 3,620 

 3,568 

 3,448 

 (3.4) 

Personnel (Rp Bn)

 1,874 

 1,951 

 4.1 

  

 1,593 

 1,960 

 2,089 

 1,951 

 (6.6) 

O & M (Rp Bn)

 3,738 

 4,070 

 8.9 

  

 4,160 

 4,145 

 4,004 

 4,070 

 1.6 

G & A (Rp Bn)

 599 

 511 

 (14.7) 

  

 519 

 608 

 626 

 511 

 (18.2) 

Interconnection (Rp Bn)

 670 

 806 

 20.3 

  

 829 

 778 

 809 

 806 

 (0.4) 

Marketing (Rp Bn)

 416 

 725 

 74.2 

  

 550 

 632 

 927 

 725 

 (21.7) 

 

 

EBITDA and EBITDA Margin

During first quarter 2011, EBITDA reached Rp8,641.6 billion, decreased by 2.5% from 4Q10, while EBITDA margin increased by 0.5% to 51.7% in 1Q11.

Income for the Period Attributable to Owner of the Parent

Income for the Period to Owner of the Parent increased QoQ by 9.8% to Rp2,828.3 billion and profit margin decreased by 2.1% to 16.9% in 1Q11. Return on Equity (ROE) and Return on Assets (ROA) for this period reached 4.7% and 2.8%, respectively.

 

Financial Position

  

  

  

  

  

  

  

  

  

In the following table we present a comparison for the Financial Position:

  

 

 

 

 

 

 

 

 

 

 

Financial Position

YoY

  

QoQ

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Total Assets (Rp Tn)

 96.5 

 100.7 

 4.3 

  

 99.0 

 100.0 

 99.8 

 100.7 

 0.9 

Total Liabilities (Rp Tn)

 43.2 

 40.5 

 (6.4) 

  

 49.8 

 46.8 

 43.3 

 40.5 

 (6.7) 

Total Equity (Rp Tn)*

 53.3 

 60.2 

 13.0 

  

 49.2 

 53.2 

 56.4 

 60.2 

 6.8 

*including non-controlling interest

  

  

  

  

  

  

  

  

 

As of March 31, 2011, our total assets increased by Rp0.9 trillion or 0.9% from Rp99.8 trillion on 4Q10 to Rp100.7 trillion on 1Q11. This was mainly contributed by increase in current assets, which were increase in cash and cash equivalent and trade receivable from related parties.

 

Total liabilities decreased by Rp2.9 trillion or 6.7% from Rp43.3 trillion to Rp40.5 trillion, mainly due to:

§ Current Liabilities decreased by 7.2% to Rp19.0 trillion, mainly due to a decrease in trade payables from related and third parties.

§ Non-current Liabilities decreased by 6.2% to Rp21.4 trillion due to a decrease in bank loans.

Total equity increased by Rp3.8 trillion or 6.8% from Rp56.4 trillion at the end of December 31, 2010 to Rp60.2 trillion on March 31, 2011 due to increase in inappropriate retained earnings.

Cash Flows

Total cash and cash equivalents at the end of this period was Rp10.6 trillion, a 57.7% increased compared to the 4Q10, as a result of:

§ Net cash flows from operating activities decreased by Rp0.2 trillion, or 2.3%, primarily due to an decrease in cash receipts from operating revenues;

§ Net cash flows used in investing activities decreased by Rp1.8 trillion, or 37.1%, primarily due to a decrease in acquisition of property, plant and equipment; and

§ Net cash flows used in financing activities increased by Rp0.2 trillion, or 7.9%, primarily due to an increase in cash dividends paid to minority stockholders of subsidiaries.

 

FINANCIAL RATIOS

  

  

  

  

  

  

  

  

  

  

YoY

  

QoQ

  

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Operating Margin (%)

 32.5 

 31.1 

 (1.4) 

  

 34.7 

 33.3 

 30.6 

 31.1 

 0.5 

Profit Margin (%)

 17.0 

 16.9 

 (0.2) 

  

 18.7 

 16.6 

 14.9 

 16.9 

 2.1 

EBITDA Margin(%)

 55.4 

 51.7 

 (3.7) 

  

 55.9 

 53.8 

 51.2 

 51.7 

 0.5 

Current Ratio (%)

 62.2 

 108.6 

 46.4 

  

 57.8 

 77.8 

 91.5 

 108.6 

 17.1 

Return on Asset (%)

 2.9 

 2.8 

 (0.1) 

  

 3.3 

 2.9 

 2.6 

 2.8 

 0.2 

Return on Equity (%)

 5.2 

 4.7 

 (0.5) 

  

 6.6 

 5.5 

 4.6 

 4.7 

 0.1 

Total Liabilities to Equity (%)

 81.0 

 67.2 

 (13.9) 

  

 101.1 

 87.9 

 76.8 

 67.2 

 (9.7) 

Gearing (Net Debt to Equity) (%)

 23.3 

 13.4 

 (9.9) 

  

 19.9 

 24.7 

 21.1 

 13.4 

 (7.6) 

Debt Equity (%)

 36.8 

 31.8 

 (5.0) 

  

 37.5 

 42.3 

 37.9 

 31.8 

 (6.1) 

Debt to EBITDA (%)

 216.3 

 221.7 

 5.4 

  

 190.4 

 237.3 

 241.5 

 221.7 

 (19.8) 

Debt Service Ratio (Times)

 1.1 

 1.9 

 0.7 

  

 1.4 

 1.4 

 1.6 

 1.9 

 0.3 

 

 

TELKOMSEL

Statement of Comprehensive Income

In the following table, we present a YoY and QoQ comparison for our Statement of Comprehensive Income

Key Indicators

YoY

  

QoQ

1Q10

1Q11

Growth (%)

  

2Q10

3Q10

4Q10

1Q11

Growth (%)

Op. Revenues (Rp Bn)

 10,775 

 11,297 

 4.8 

  

 11,393 

 11,916 

 11,483 

 11,297 

 (1.6) 

Op. Expenses (Rp Bn)

 6,712 

 7,450 

 11.0 

  

 7,109 

 7,462 

 7,103 

 7,450 

 4.9 

Op. Income (Rp Bn)

 4,063 

 3,847 

 (5.3) 

  

 4,284 

 4,454 

 4,380 

 3,847 

 (12.2) 

EBITDA (Rp Bn)

 6,400 

 6,245 

 (2.4) 

  

 6,597 

 6,841 

 6,760 

 6,245 

 (7.6) 

EBITDA Margin (%)

 59.4 

 55.3 

 (4.1) 

  

 57.9 

 57.4 

 58.9 

 55.3 

 (3.6) 

Inc.for the period (Rp Bn)

 2,838  

 2,856 

 0.6 

  

 3,088 

 3,264 

 3,172 

 2,856 

 (10.0) 

 

Operating Revenues

Operating revenues of Rp11.30 trillion were recorded in 1Q11, an increase of 5% YoY. The modernized life style towards data access was the main driver of the revenue growth. Compared to last quarter results, it declined 2% mainly due to lower voice revenue as a result of decline in RPM combined with the impact of changes on dealer sales incentive scheme.

§

Postpaid revenue grew slightly decreased 1% YoY to Rp1.1 trillion due to increase in data revenue. It declined 2% QoQ due to decline in traffic;

§

Prepaid revenue increased 5% YoY to Rp9.1 trillion, which was mainly driven by the growth of data revenues. It was relatively stable compared to earlier quarter;

§

International roaming revenue increased 14% YoY to Rp167 billion. It declined 16% QoQ due to decline in outbound traffic. Starting this quarter, revenue received from international roaming partners, as a result of foreign visitors roaming on Telkomsel’s network, are recorded under interconnection revenue;

§

Interconnection revenues increased 4% YoY to Rp771 billion, which was mainly due to increased in interconnection traffic from international calls. It declined 7% QoQ, which was due to changes in interconnection tariff effective January 2011; and

§

Other operating revenues, resulted from network lease and USO compensation fee, increased 2% YoY to Rp128 billion. It declined 19% QoQ. Both mainly impacted by USO compensation fees.

 

Operating Expenses

Operating expenses increased 11% YoY to Rp7.5 trillion. It increased 5% QoQ. Both the YoY and QoQ increase was mainly due to increase of operation & maintenance and other operating expenses:

§

Personnel expenses increased 6% YoY to Rp376 billion, mainly due to increase in number of employee. It decreased by 19% QoQ, as a result of decline in extra allowance and benefits in 4Q10.

§

Operation & maintenance expenses increased 7% YoY to Rp2.6 trillion, mainly due to increases in frequency fees and power supply costs. It grew 24% QoQ, which was mainly due to adjustment on frequency fees in previous quarter;

§

General & administration expenses increased 2% YoY to Rp202 billion. It decreased to 12% QoQ, which was mostly in relation with decrease of travel & transportation expenses and rental expenses;

§

Marketing expenses grew significantly YoY to Rp505 billion in relation with the impact of intensified competition. However, it declined by 2% QoQ, mainly on reduction of advertising and promotion expenses combined with increase of sales support costs. There was also an impact from changes on dealer sales incentive scheme in 1Q11 to the growth of marketing expense.

§

International roaming and Interconnection charges increased slightly 2% to Rp650 billion due to increase in international roaming charges. It decreased 12% QoQ as a result of decline in domestic interconnection traffic and changes in the interconnection tariff applied since January 2011;

§

Other operating expenses grew 44% YoY to Rp721 billion due to increase of cost of cards and devices inline with sales growth and increase in data access fee due to the growth of data business. It increased 7% QoQ, which was mainly due to the increase in data access fee (related with Blackberry services); and

§

Depreciation expenses increased 3% to Rp2.4 trillion and slightly increase 1% from previous quarter.

 

Other (non-operating) expenses declined 90% YoY to Rp25.95 billion and decreased 82% QoQ. Both the YoY and QoQ were largely due to lower financing charges.

 

Financial Position

Total Assets decreased by 0.5% to Rp58.4 trillion. Total liabilities decreased by 14% to Rp21.3 trillion due to loan repayments, while total equity increased 9% to Rp37.06 trillion.

§

Current assets increased 15% to Rp7.7 trillion, mainly due to increase in claims for tax refund; 

§

Fixed assets decreased 4% to Rp48.1 trillion as a result of network infrastructure growth combined with impact of accelerated depreciation of fixed-assets; 

§

Current liabilities decreased 28% to Rp12.1 trillion, in relation with decline in current maturities of medium-term loans due to the acceleration of debt repayment; and

§

Non-current liabilities increased 16% to Rp9.2 trillion, mainly due to increase in medium-term loans and deferred tax liabilities. 

 

As of March 31, 2010 Telkomsel had Rp8.2 trillion loans outstanding after transaction cost, which Rp2.1 trillion was presented as current liabilities and Rp6.10 trillion as non-current liabilities.

 

Cash Flow

Net cash generated from operations in 1Q11 was Rp5.4 trillion, increase 4% compared to 1Q10 due to decrease in payment of license/frequency fees combined with increase in payments for taxes and trade payable. Cash flow for investment activities, which was mostly spent for the acquisition of network infrastructures, decreased 31% to Rp1.9 trillion (approximately USD 212 million). Net cash used in financing activities decreased 52% to Rp1.3 trillion due to loan repayments and also as there was a dividend payment in 1Q10.

(in Rp billion)

YoY

1Q10

1Q11

Cash Flow from Operating Activities

 5,168 

 5,382 

Cash Flow for Investing Activities

 (2,683) 

 (1,845) 

Cash Flow from Financing Activities

 (2,623) 

 (1,265) 

Net Increase in Cash & Cash Equivalents

 (138) 

 2,272 

Effect of Foreign Exchange Rate Changes

 (62) 

 (16) 

Cash and Cash Equivalents at Beginning of Periods

 3,641 

 1,222 

Cash and Cash Equivalents at End of Periods

 3,442 

 3,478 

Addition to Fixed Assets (incl. CIP)

 2,071 

 1,349 

 

ADDITIONAL INFORMATION

 

Capital Expenditure

During the first quarter 2011, Capex payment for TELKOM and Telkomsel amounted to Rp3.5 trillion and Rp1.2 trillion, respectively.

 

Loan/Debt

Consolidated Debt

The following table presents the debt portfolio:

 

Currencies

Original (in million)

Rp (in billion)

Portion (%)

YoY

QoQ

YoY

QoQ

YoY

QoQ

1Q10

1Q11

4Q10

1Q11

1Q10

1Q11

4Q10

1Q11

1Q10

1Q11

4Q10

1Q11

IDR / Rupiah

 16,288,442 

 14,642,676 

 17,052,757 

 14,642,676 

 16,288 

 14,643 

 17,053 

 14,643 

 83.1 

 76.4 

 79.7 

 76.4 

U.S. Dollar

 235 

 389 

 351 

 389 

 2,182 

 3,386 

 3,164 

 3,386 

 11.1 

 17.7 

 14.8 

 17.7 

Japanese Yen

 11,518 

 10,751 

 10,751 

 10,751 

 1,124 

 1,131 

 1,191 

 1,131 

 5.7 

 5.9 

 5.6 

 5.9 

Total

 - 

 - 

 - 

 - 

 19,595 

 19,160 

 21,408 

 19,160 

 100.0 

 100.0 

 100.0 

 100.0 

 

As of March 31, 2011, total consolidated debt amounted to Rp19.2 trillion, consisting of short term and long term debt amounting to Rp4.2 trillion and Rp14.9 trillion, respectively.

Our strategy in facing foreign exchange fluctuation is to provide natural hedging through maintaining cash and cash equivalents of around 50% of current maturity and average payment of Capex/Opex for the next 12 months.

At the end of this period, Net Debt to Equity Ratio (“Gearing”) reached to 13.4% % or 7.6% lower than the previous quarter.

 

In 1Q11, Telkomsel drew down USD58.04 million from our existing facilities. The remaining amount of facilities as at the end of March 2011, including facilities in foreign exchange, was equivalent to Rp6.6 trillion. Telkomsel has to observe certain agreed financial covenants related to its loans/debts. As of March 31, 2011 these covenants were as follows: 

 

Covenants to be maintained

Required

 

Actual

EBITDA to Debt Service

≥ 1.25

 

3.79

Debt to Tangible Net Worth

≤ 2.00

 

0.23

 

Human Resources

As of March 31, 2011, TELKOM had 26,992 employees, with 20,839 employed by TELKOM and 6,153 employed by our subsidiaries. It represented a decrease of 1.4% from 27,366 employees as of March 31, 2010, as a parent Company decreased by 1.4% while on our subsidiaries increased 7.8% compared to the previous quarter.

 

Recent Development

Nusantara Super Highway

"Nusantara Super Highway" is a continuation of our future goals to unite the archipelago through the vision of "Nusantara 21" which has been started since 2001 with satellite-based technology. The development of all "Nusantara Super Highway" ring used the Palapa Ring configurations. The development of “Nusantara Super Highway” was divided into six rings for connecting various islands in Indonesia. Those six rings was in line with the establishment of "Six Economic Corridor" by the Government of the Republic of Indonesia. In 2011, We have begun to build a fiber optic backbone that will connect Manado – Ternate – Ambon - Fak Fak,- Sorong - Manokwari - Jayapura and Fak Fak to Timika.

 

The Proposed Plan to Conduct Shares Buy Back IV

On April 19, 2011, the Company has released a full disclosure statement to the public in relation to the Company’s plan to conduct a phase IV stock repurchase program of the Company’s stock which has been issued and listed in IDX up to 2.07% of its paid up capital with total cost not to exceed Rp3.0 trillion which will be conduct gradually within the acquisition period that would not be longer than 18 months upon approval from the AGM

 

Cost Saving Program

A series of initiatives related to cost saving program are currently running. The program focuses on reductions of routine cash expenses, among others are power/electricity cost, transportation cost, administrative cost, and network maintenance cost.

 

AWARDS

We continued to receive recognition for our innovative products, reliable network and excellent customer service. The following are the awards that we received during the first quarter of 2011:

§

kartuHALO, simPATI, Flexi, Speedy and Flash, our excellent brands of our products achieved “Top Brand Award 2011” initiated by Frontier Consulting Group and Marketing Magazine. Furthermore, Telkomsel also received this award as Blackberry service provider. These awards and recognitions could strengthen TELKOM position as the leading telecommunication company in Indonesia.

§

Best Mobile Learning Innovation for Telkomsel Urban English from Global Mobile Awards 2011.

§

We achieved three awards for emiten group with market capitalization over Rp100 billions in the Indonesia Brand Championship 2011 event held by MarkPlus Insight and Marketers Magazine. The awards presented were for the category of “Most Popular Brand of Stock”, “Most Recommended Brand of Stock” and “Most Customer Brand Choices of Stocks”.  In addition, simPATI, our prepaid cellular, and Flash, our mobile cellular achieved “Brand Equity Champion of Cellular Operator” and “Brand Equity Champion of Mobile Internet Provider”, respectively.

§

We have been named as the Dream Company and The Most Gracious Company in Admired Companies Awards 2011 event held by Warta Ekonomi Magazine.

§

We received three awards from Call Center Award 2011 from Service Excellence Magazine on the telecommunication’s category for call center brand "Telkom Flexi Telkom 147 service", the Pay TV’s category for all center brand "Yes TV Telkom 147 service" and the internet service provider’s category for all center brand "Telkom 147 Data & Internet Services”. For Telkomsel call center, we also received “Excellence Service Performance”. Call Center Service Excellence Award is a prestigious award given to brands that managed the call center provides the most experience quality and fun for customers, based on CCSEI (Call Center Service Excellence Index).

§

Flexi Awarded as “The Most Favorite CDMA Operator” by Forsel Magazine

 

 

 

PERUSAHAAN PERSEROAN (PERSERO)

PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEETS)

DECEMBER 31, 2010 (AUDITED) AND MARCH 31, 2011 (UNAUDITED)

(Figures in tables are presented in millions of Rupiah)

  

  

  

  

Dec 31, 2010

 

March 31, 2011

ASSETS

  

  

  

  

CURRENT ASSETS

  

  

  

  

Cash and cash equivalents

  

 9,119,849 

  

 10,645,475 

Temporary investments

  

 370,433 

  

 380,047 

  

Related parties - net of allowance for doubtful

  

  

  

  

  

  

accounts of Rp.151,266 million in 2010

  

  

  

  

  

  

and Rp.88,897 million in 2011

  

 780,043 

  

 1,124,366 

  

Third parties - net of allowance for doubtful

  

  

  

  

  

  

accounts of Rp.1,294,078 million in 2010

  

  

  

  

  

  

and Rp.1,461,089 million in 2011

  

 3,563,666 

  

 3,611,144 

Other receivables - net of allowance for

  

  

  

  

  

doubtful accounts of Rp.6,304 million in 2010

  

  

  

  

  

and Rp.6,164 million in 2011

  

 90,140 

  

 83,906 

Inventories - net of allowance for obsolescence of

  

  

  

  

  

Rp.83,286 million in 2010 and Rp.87,730

  

  

  

  

  

million in 2011

  

 515,536 

  

 553,137 

Advances and prepaid expenses

  

 3,441,031 

  

 3,298,167 

Claims for tax refund

  

 133,056 

  

 121,686 

Prepaid taxes

  

 715,698 

  

 826,223 

Other current assets

  

 1,175 

  

 1,175 

Total Current Assets

  

 18,730,627 

  

 20,645,326 

NON-CURRENT ASSETS

  

  

  

  

Long-term investments - net

  

 253,850 

  

 251,471 

Property, plant and equipment - net of accumulated

  

  

  

  

  

depreciation of Rp.83,712,378 million in 2010

  

  

  

  

  

and Rp.83,071,756 million in 2011

  

 75,832,408 

  

 74,684,267 

Prepaid pension benefit cost

  

 988 

  

 932 

Advances and other non-current assets

  

 3,052,695 

  

 3,307,615 

Goodwill and other intangible assets - net of

  

  

  

  

  

in 2010 and Rp.9,245,179 million in 2011

  

 1,784,525 

  

 1,705,775 

Escrow accounts

  

 41,662 

  

 40,307 

Deffered tax assets - net

  

 61,692 

  

 49,785 

Total Non-current Assets

  

 81,027,820 

  

 80,040,152 

TOTAL ASSETS

  

 99,758,447 

  

 100,685,478 

 

 

PERUSAHAAN PERSEROAN (PERSERO)

P T TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEETS) (continued)

DECEMBER 31, 2010 (AUDITED) AND MARCH 31, 2011 (UNAUDITED)

(Figures in tables are presented in millions of Rupiah)

  

  

  

  

Dec 31,2010

 

March 31, 2011

LIABILITIES AND STOCKHOLDERS' EQUITY

  

  

  

  

CURRENT LIABILITIES

  

  

  

  

Trade payables

  

  

  

  

  

Related parties

  

 1,153,874 

  

 702,918 

  

Third parties

  

 6,356,921 

  

 5,806,443 

Other payables

  

 20,953 

  

 28,187 

Taxes payables

  

 735,690 

  

 933,993 

Dividend payables

  

 255,545 

  

 5,460 

Accrued expenses

  

 3,409,260 

  

 3,933,530 

Unearned income

  

 2,681,483 

  

 2,855,948 

Advances from customers and suppliers

  

 499,705 

  

 297,700 

Short-term bank loans

  

 55,831 

  

 66,440 

Current maturities of long-term liabilities

  

 5,303,636 

  

 4,373,982 

Total Current Liabilities

  

 20,472,898 

  

 19,004,601 

NON-CURRENT LIABILITIES

  

  

  

  

Deferred tax liabilities - net

  

 4,073,814 

  

 4,043,894 

Unearned income

  

 312,029 

  

 295,105 

Accrued long service awards

  

 242,149 

  

 242,177 

Accrued post-retirement health care benefits

  

 1,050,030 

  

 991,865 

Accrued pension and other post-retirement benefits costs

  

 536,990 

  

 588,895 

Long-term liabilities - net of current maturities

  

  

  

  

  

Obligations under finance leases

  

 408,867 

  

 376,041 

  

Two-step loans - related party

  

 2,741,303 

  

 2,531,541 

  

Bonds and Notes

  

 3,249,379 

  

 3,280,730 

  

Bank loans

  

 10,256,205 

  

 9,099,750 

Total Non-current Liabilities

  

 22,870,766 

  

 21,449,998 

TOTAL LIABILITIES

  

 43,343,664 

  

 40,454,599 

STOCKHOLDERS' EQUITY

  

  

  

  

STOCKHOLDERS' EQUITY ATTRIBUTABLE TO EQUITY HOLDERS

  

  

  

  

  

OF THE COMPANY

  

  

  

  

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 - 490,574,500 shares in 2010 and 2011

  

 (4,264,073) 

  

 (4,264,073) 

Difference in value arising from restructuring transactions and other

  

  

  

  

  

transactions between entities under common control

  

 478,000 

  

 478,000 

Difference due to change of equity in associated

  

  

  

  

  

companies

  

 385,595 

  

 385,595 

Unrealized holding gain from available-for-sale securities

  

 49,695 

  

 46,671 

Translation adjustment

  

 233,378 

  

 228,867 

Difference due to acquisition of minority interest in subsidiaries

  

 (484,629) 

  

 (484,629) 

Retained earnings

  

  

  

  

  

Appropriated

  

 15,336,746 

  

 15,336,746 

  

Unappropriated

  

 26,570,697 

  

 29,399,000 

Total Stockholders' Equity attributable to owners of the Parent

  

 44,418,742 

  

 47,239,510 

Non-Controlling Interests

  

 11,996,041 

  

 12,991,369 

TOTAL STOCKHOLDERS' EQUITY

  

 56,414,783 

  

 60,230,879 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  

 99,758,447 

  

 100,685,478 
 

 

PERUSAHAAN PERSEROAN (PERSERO)

PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011 (UNAUDITED)

(Figures in tables are presented in millions of Rupiah, except per share and per ADS data)

  

  

  

  

2010 *

 

2011

OPERATING REVENUES

  

  

  

  

  

Telephone

  

  

  

  

  

  

Fixed lines

  

 3,308,062 

  

 2,929,579 

  

  

Cellular

  

 6,691,220 

  

 6,754,777 

  

Interconnection

  

 1,050,682 

  

 846,083 

  

Data, internet and information technology services

  

 4,764,426 

  

 5,451,873 

  

Network

  

 277,470 

  

 304,873 

  

Other telecommunications services

  

 264,476 

  

 418,575 

  

Total Operating Revenues

  

 16,356,336 

  

 16,705,760 

OPERATING EXPENSES

  

  

  

  

  

Depreciation and amortization

  

 3,739,090 

  

 3,447,594 

  

Personnel

  

 1,874,100 

  

 1,951,393 

  

Operations, maintenance and telecommunication services

  

 3,737,601 

  

 4,069,777 

  

General and administrative

  

 599,338 

  

 511,471 

  

Interconnection

  

 670,220 

  

 806,101 

  

Marketing

  

 416,459 

  

 725,421 

  

Total Operating Expenses

  

 11,036,808 

  

 11,511,757 

OPERATING INCOME

  

 5,319,528 

  

 5,194,003 

OTHER (EXPENSES) INCOME

  

  

  

  

  

Interest income

  

 79,674 

  

 120,140 

  

Equity in net (loss) income of associated companies

  

 437 

  

 (1,136) 

  

Interest expense

  

 (504,235) 

  

 (405,239) 

  

Gain on foreign exchange - net

  

 164,054 

  

 152,428 

  

Others - net

  

 77,005 

  

 74,058 

  

Other expenses - net

  

 (183,065) 

  

 (59,749) 

INCOME BEFORE TAX

  

 5,136,463 

  

 5,134,254 

TAX (EXPENSE) BENEFIT

  

  

  

  

  

Current

  

 (1,011,852) 

  

 (1,328,635) 

  

Deferred

  

 (348,368) 

  

 18,012 

  

Total Tax (Expense) Benefit

  

 (1,360,220) 

  

 (1,310,623) 

INCOME FOR THE PERIOD

  

 3,776,243 

  

 3,823,631 

OTHER COMPREHENSIVE (EXPENSE) INCOME

  

  

  

  

  

Foreign currency translation

  

 (169) 

  

 (4,511) 

  

Change in fair value of available-for-sale financial assets - net of tax

  

 16,977 

  

 (3,024) 

  

Total Other Comprehensive (Expense) Income

  

 16,808 

  

 (7,535) 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

  

 3,793,051 

  

 3,816,096 

Income for the period attributable to:

  

  

  

  

  

Owners of the parent

  

 2,786,263 

  

 2,828,303 

  

Non-controlling interests

  

 989,980 

  

 995,328 

  

Total Income for the period

  

 3,776,243 

  

 3,823,631 

Total comprehensive income attributable to:

  

  

  

  

  

Owners of the parent

  

 2,803,071 

  

 2,820,768 

  

Non-controlling interests

  

 989,980 

  

 995,328 

  

Tota Comprehensive income for the period

  

 3,793,051 

  

 3,816,096 

BASIC EARNINGS PER SHARE

  

  

  

  

  

Net income per share

  

 142 

  

 144 

  

Net income per ADS (40 Series B shares per ADS)

  

 5,666 

  

 5,752 

  

  

  

  

  

  

  

*as restated, refer to our Consolidated Financial Statements Note 2p and 2s
 

 

PERUSAHAAN PERSEROAN (PERSERO)

PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011 (UNAUDITED)

(Figures in tables are presented in millions of Rupiah)

  

  

  

  

  

2010 *

 

2011

CASH FLOWS FROM OPERATING ACTIVITIES

  

  

  

  

  

Cash receipts from operating revenues

  

  

  

  

  

  

Telephone

  

  

  

  

  

  

  

Fixed lines

  

 3,100,796 

  

 2,290,546 

  

  

  

Cellular

  

 6,619,502 

  

 6,724,684 

  

  

Interconnection

  

 1,115,342 

  

 1,086,609 

  

  

Data, internet and information technology services

  

 4,564,935 

  

 5,462,912 

  

  

Other services

  

 534,639 

  

 734,552 

  

  

Total cash receipts from operating revenues

  

 15,935,214 

  

 16,299,303 

  

Cash payments for operating expenses

  

 (6,255,243) 

  

 (5,371,854) 

  

Cash payments to employees

  

 (1,824,292) 

  

 (1,906,065) 

  

Cash paid (refund) from (to) customers

  

 143,852 

  

 (203,740) 

Cash generated from operations

  

 7,999,531 

  

 8,817,644 

  

Interest received

  

 87,614 

  

 122,703 

  

Interest paid

  

 (439,121) 

  

 (423,474) 

  

Income tax paid

  

 (662,922) 

  

 (1,374,517) 

Net cash provided by operating activities

  

 6,985,102 

  

 7,142,356 

CASH FLOWS FROM INVESTING ACTIVITIES

  

  

  

  

  

Proceeds from sale of temporary investments and

  

  

  

  

  

  

maturity of time deposits

  

 23,236 

  

 4,362 

  

Purchases of temporary investments

  

  

  

  

  

  

and placements in time deposits

  

 (5,660) 

  

 (17,000) 

  

Proceeds from sale of property, plant and equipment

  

 1,451 

  

 3,291 

  

Acquisition of property, plant and equipment

  

 (4,361,856) 

  

 (2,783,315) 

  

Increase in advances for purchases of

  

  

  

  

  

  

property, plant and equipment

  

 (647,912) 

  

 (226,935) 

  

(Increase) decrease in advances, other assets and escrow accounts

  

 144,812 

  

 (39,010) 

  

Business combinations, net of cash acquired

  

 (111,676) 

  

 - 

  

Acquisition of intangible assets

  

 (19,342) 

  

 (72,397) 

  

Acquisition of long-term investments

  

 (3,905) 

  

 - 

Net cash used in investing activities

  

 (4,980,852) 

  

 (3,131,004) 

CASH FLOWS FROM FINANCING ACTIVITIES

  

  

  

  

  

Cash dividends paid

  

 - 

  

 (250,085) 

  

Cash dividends paid to minority stockholders of subsidiaries

  

 (405,585) 

  

 - 

  

Proceeds from short-term borrowings

  

 21,483 

  

 27,942 

  

Repayments of short-term borrowings

  

 (14,928) 

  

 (17,333) 

  

Proceeds from medium-term Notes

  

 35,000 

  

 - 

  

Repayment of medium-term Notes

  

 - 

  

 (3,050) 

  

Proceeds from long-term borrowings

  

 422,565 

  

 434,300 

  

Repayment of long-term borrowings

  

 (2,623,094) 

  

 (2,662,172) 

  

Proceeds from promissory notes

  

 - 

  

 95,317 

  

Repayment of promissory notes

  

 - 

  

 (9,981) 

  

Repayment of obligations under finance leases

  

 (77,110) 

  

 (47,517) 

Net cash used in financing activities

  

 (2,641,669) 

  

 (2,432,579) 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

  

 (637,419) 

  

 1,578,773 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

  

 (416,982) 

  

 (53,147) 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

  

 7,805,460 

  

 9,119,849 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

  

 6,751,059 

  

 10,645,475 

SUPPLEMENTAL CASH FLOW INFORMATION

  

  

  

  

Non-cash investing and financing activities:

  

  

  

  

  

Acquisition of property, plant and equipment through incurrence of payables

  

 5,703,508 

  

 4,171,681 

  

Acquisition of property, plant and equipment through finance leases

  

 5,967 

  

 9,799 

*as restated, refer to our Consolidated Financial Statements Note 2p and 2s
 

PT TELEKOMUNIKASI SELULAR (TELKOMSEL) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2010 (AUDITED) AND MARCH 31, 2011 (UNAUDITED)

(Figures in tables are presented in billions of Rupiah)

  

2010

 

2011

ASSETS

  

  

  

CURRENT ASSETS

  

  

  

   Cash and cash equivalents

 1,222 

  

 3,477 

   Accounts receivables and unbilled revenues

 840 

  

 974 

   Prepayments

 2,856 

  

 2,339 

   Others

 869 

  

 945 

   Total Current Assets

 5,787 

  

 7,735 

  

  

  

  

NON-CURRENT ASSETS

  

  

  

   Long-term Investment

 20 

  

 20 

   Fixed assets - net of accumulated

 49,118 

  

 48,069 

   Advances for the purchase of fixed assets

 304 

  

 453 

   Equipment no used in operations - net

 - 

  

- 

   Intangible assets - net

 1,019 

  

 993 

   Others

 1,095 

  

 1,079 

   Total Non-Current Assets

 51,556 

  

 50,614 

TOTAL ASSETS

 57,343 

  

 58,349 

  

  

  

  

LIABILITIES AND STOCKHOLDERS' EQUITY

  

  

  

CURRENT LIABILITIES

 - 

  

 - 

   Accounts payable & Accrued Liabilities

 7,547 

  

 6,830 

   Taxes payable

 524 

  

 624 

   Unearned revenue

 2,467 

  

 2,553 

   Current maturities of medium-term & long-term loans

 2,955 

  

 2,114 

   Total Current Liabilities

 13,493 

  

 12,121 

  

  

  

  

NON-CURRENT LIABILITIES

 - 

  

 - 

   Medium-term & long term loans - net of current maturities

 6,604 

  

 6,100 

   Deferred tax liabilities

 2,672 

  

 2,657 

   Others

 368 

  

 409 

   Total Non-current Liabilities

 9,644 

  

 9,166 

  

  

  

  

STOCKHOLDERS' 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

 32,518 

  

 35,374 

   Total Equity

 34,206 

  

 37,062 

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

 57,343 

  

 58,349 
 

 

PT TELEKOMUNIKASI SELULAR (TELKOMSEL) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS PERIOD ENDED MARCH 31, 2010 AND 2011

(Figures are presented in billions of Rupiah)

  

2010*

 

2011

  

Rp

  

Rp

OPERATING REVENUES

  

  

  

     Post-paid

 1,077 

  

 1,086 

     Prepaid

 8,689 

  

 9,145 

     International roaming revenues

 146 

  

 167 

     Interconnection revenues

 738 

  

 771 

     Other (USO compensation & network lease)

 125 

  

 128 

Total Operating Revenues

 10,775 

  

 11,297 

  

  

  

  

OPERATING COSTS AND EXPENSES

  

  

  

     Personnel

 356 

  

 376 

     Operation & maintenance

 2,431 

  

 2,598 

     General & administrative

 199 

  

 202 

     Marketing

 252 

  

 505 

     Interconnection & international charges

 639 

  

 650 

     Other operating expenses

 499 

  

 721 

     Depreciation

 2,336 

  

 2,398 

Total Operating Expenses

 6,712 

  

 7,450 

  

  

  

  

EBIT (EARNINGS BEFORE INTEREST & TAXES)

 4,063 

  

 3,847 

OTHER INCOME/(EXPENSES)

  

  

  

     Interest income & financing charges

 (258) 

  

 (142) 

     Foreign exchange gain

 61 

  

 93 

     Others - net

 (52) 

  

 23 

     Other income/(expenses) - net

 (249) 

  

 (26) 

  

  

  

  

INCOME BEFORE TAX

 3,815 

  

 3,821 

INCOME TAX EXPENSE

 977 

  

 965 

PROFIT FOR THE PERIODS

 2,838 

  

 2,856 

  

  

  

  

EBITDA

 6,400 

  

 6,245 

EBITDA Margin - over oper. revenues

59%

  

55%

  

  

  

  

ROA

24%

  

21%

ROE

42%

  

35%

  

  

  

  

* the 2010 figures were reclassified to conform with the 2011 presentation