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LONG-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2019

LONG-TERM INVESTMENTS

Schedule of long-term investments

		2018
						Adjustment
						on initial										Share of other
		Percentage of		Beginning		application of		Additions		Changes of		Share of net				comprehensive		Ending
		ownership		balance		IFRS 9		(deductions)		net Fair Value		profit (loss)		Dividend		income		balance
Long-term investments in associated companies:
Tiphonea		24.00		1,539		—		—		—		87		(9)		(15)		1,602
Indonusac		20.00		221		—		—		—		(11)		—		—		210
Teltranetg		51.00		18		—		—		—		(19)		—		1		0
ILCSe		49.00		43		—		—		—		1		0		0		44
GSNf		45.00		14		—		—		—		0		—		—		14
Othersh		25.00-32.00		4		—		84		—		(5)		0		0		83
Sub-total				1,839		—		84		—		53		(9)		(14)		1,953
Other long-term investments				309		69		253		78		—		—		—		709
Total long-term invesment				2,148		69		337		78		53		(9)		(14)		2,662

The details of long-term investments as of December 31, 2019 are as follows:

		2019
														Share of other
		Percentage of		Beginning		Additions		Changes of		Share of net				comprehensive				Ending
		ownership		balance		(deductions)		Fair  Value		profit (loss)		Dividend		income		Impairment		balance
Long-term investments in associated companies:
Tiphonea		24.00		1,602		—		—		88		(11)		19		(1,172)		526
Finaryab		26.58		—		484		—		(217)		—		—		—		267
Indonusac		20.00		210		—		—		—		—		—		—		210
Jalind		33.00		—		70		—		7		—		(0)		—		77
ILCSe		49.00		44		—		—		(13)		—		0		—		31
GSNf		45.00		14		—		—		(1)		—		—		—		13
Teltranetg		51.00		0		34		—		(24)		—		1		—		11
Othersh		6.32-32.00		83		(2)		—		(6)		—		—		—		75
Sub-total				1,953		586		—		(166)		(11)		20		(1,172)		1,210
Other long-term investments				709		215		65		—		—		—		—		989
Total long-term invesment				2,662		801		65		(166)		(11)		20		(1,172)		2,199

^a Tiphone was established on June 25, 2008 as PT Tiphone Mobile Indonesia Tbk. Tiphone is engaged in the telecommunication equipment business, such as celullar phone including spare parts, accessories, pulse reload vouchers, repair service and content provider through its subsidiaries. On September 18, 2014, the Company through PINS acquired 25% ownership in Tiphone for Rp1,395 billion.

As of December 31, 2018 and 2019, the fair value of the investment amounted to Rp1,755 billion and Rp1,649 billion, respectively. The fair value was calculated by multiplying the number of shares by the published price quotation as of December 31, 2018 and 2019  amounting to Rp1,000 and Rp940 per share, respectively.

Reconciliation of financial information to the carrying amount of long-term investment in Tiphone as of December 31, 2018 and 2019 is as follows:

		2017		2018
Assets		9,078		8,507
Liabilities		(5,362)		(4,528)
Net assets		3,716		3,979
Group’s proportionate share of net assets (24.00% in 2017 and 2018)		892		955
Goodwill		647		647
Carrying amount of long-term investment		1,539		1,602

^b Indonusa had been a subsidiary of the Company until 2013 when the Company disposed 80% of its interest in Indonusa. On May 14, 2014, based on the Circular Resolution of the Stockholders of Indonusa as covered by notarial deed No. 57 dated April 23, 2014 of FX Budi Santoso Isbandi, S.H., which was approved by the MoLHR in its Letter No. AHU-02078.40.20.2014 dated April 29, 2014, Indonusa’s stockholders approved an increase in its issued and fully paid capital by Rp80 billion. The Company waived its right to own the new shares issued and transferred it to Metra, as the result, Metra’s ownership in Indonusa increased to 4.33% and the Company’s ownership become 15.67%.

^c Investment in Teltranet is accounted for under the equity method, which covered by an agreement between Metra and Telstra Holding Singapore Pte. Ltd. dated August 29, 2014. Teltranet is engaged in communication system services. Metra does not have control to determine the financial and operating policies of Teltranet. The unrecognized share of losses in Teltranet for the year ended December 31, 2019 are Rp11 billion.

^d ILCS is engaged in providing E-trade logistic services and other related services.

^e On August 31, 2017, NSI and third party established GSN which engaged in real estate, residential and apartment marketing business.

^f The unrecognized share of losses in other investments cumulatively as of December 31, 2019 are Rp263 billion.

Schedule of summarized financial information of the Group’s investments accounted for under the equity method

Summarized financial information of the Group’s investments accounted for under the equity method for 2017:

		Tiphone		Indonusa		Teltranet		ILCS		GSN		Others
Statements of financial position
Current assets		7,615		449		269		132		15		223
Non-current assets		892		310		116		47		169		644
Current liabilities		(1,466)		(572)		(269)		(87)		(1)		(687)
Non-current liabilities		(3,062)		(297)		(138)		(2)		(152)		(1,883)
Equity (deficit)		3,979		(110)		(22)		90		31		(1,703)
Statements of profit or loss and other comprehensive income
Revenues		29,228		824		206		164		5		117
Operating expenses		(28,337)		(583)		(264)		(162)		(5)		(279)
Other income (expenses) including finance costs - net		(391)		(39)		(13)		1		0		(43)
Profit (loss) before tax		500		202		(71)		3		0		(205)
Income tax benefit (expense)		(138)		(55)		12		(1)		—		(1)
Profit (loss) for the year		362		147		(59)		2		0		(206)
Other comprehensive income (loss)		(63)		(2)		1		—		—		—
Total comprehensive income (loss) for the year		299		145		(58)		2		0		(206)

Summarized financial information of the Group’s investments accounted for under the equity method for 2018:

		Tiphone		Finarya		Indonusa		Jalin		ILCS		GSN		Teltranet		Others
Statements of financial position
Current assets		8,165		2,382		495		100		119		17		291		629
Non-current assets		778		132		253		222		41		169		66		4,050
Current liabilities		(3,824)		(1,533)		(534)		(78)		(95)		(2)		(356)		(1,099)
Non-current liabilities		(741)		(3)		(278)		(10)		(2)		(155)		(58)		(5,128)
Equity (deficit)		4,378		978		(64)		234		63		29		(57)		(1,548)
Statements of profit or loss and other comprehensive income
Revenues		28,442		38		794		205		206		7		195		797
Operating expenses		(27,621)		(877)		(738)		(148)		(212)		(9)		(242)		(840)
Other income (expenses) including finance costs - net		(321)		17		1		2		(16)		(0)		(15)		(128)
Profit (loss) before tax		500		(822)		57		59		(22)		(2)		(62)		(171)
Income tax benefit (expense)		(138)		1		(10)		(17)		(4)		(0)		(43)		(1)
Profit (loss) for the year		362		(821)		47		42		(26)		(2)		(105)		(172)
Other comprehensive income (loss)		77		—		(1)		(0)		0		—		2		—
Total comprehensive income (loss) for the year		439		(821)		46		42		(26)		(2)		(103)		(172)

Tiphone

LONG-TERM INVESTMENTS

Schedule of reconciliation of financial information to the carrying amount of long-term investment in Tiphone

		2018		2019
Assets		8,507		8,943
Liabilities		(4,528)		(4,565)
Net assets		3,979		4,378
Group’s proportionate share of net assets (24.00% in 2018 and 2019)		955		1,051
Goodwill		647		647
Impaiment		—		(1,172)
Carrying amount of long-term investment		1,602		526

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