Financial Highlights (Based on IFAS)

Financial Highlights (Based on IFAS) 

Consolidated Statements of Financial Position
(in billion Rupiah) As of December 31,
  2007* 2008* 2009* 2010 2011
Total Current Assets  15,978  14,622  16,095  18,729  21,258
Total Non- Current Assets 66,078 76,634 81,836 81,772 81,796
Total Assets 82,056 91,256 97,931 100,501 103,054
Total Current Liabilities 21,018 27,218 26,892 20,473 22,189
Total Non-Current Liabilities 18,441  20,444 21,5444 23,613 19,884
Total Liabilities 39,459 47,662 48,436 44,086 42,073
Equity Attributable to Owners of the Parent 33,292 33,910 38,562 44,419 47,510
Non-Controlling Interest 9,305 9,684 10,933 11,996 13,471
Net Working Capital (5,040) (12,596) (10,797) (1,744) (931)

  

Consolidated Statements of Comprehensive Income (in billions of Rupiah, except for Income per Share and Income per ADS
Year ended December 31,
2007* 2008* 2009* 2010 2011
Total Revenues 63,303 64,974 68,220 69,177 71,918
Total Expenses 36,392 43,606 44,139 46,254 49,970
Adjusted EBITDA** 37,521 33,700 38,056 37,535 36,811
PROFIT 26,911 21,368 24,081 22,923 21,948
Total Finance Costs-Net (1,042) (969) (1,634) (1,507) (1,091)
PROFIT BEFORE INCOME TAX 25.869 20,399  22,447 21,416 20,857
Income Tax (Expense) Benefit (8,015) (5,674) (6,404) (5,546) (5,387)
PROFIT FOR THE YEAR 17,854 14,725 16,043 15,870 15,470
Profit for the year attributable to :
Owner of the parent 13,043 10,672 11,399 11,537 10,965
Non-Controlling Interest 4,811 4,053 4,644 4,333 4,505
  17,854 14,725 16,043 15,870 15,470
Income per share of Common Stock 653,40 540,38 579,52 586,54 559,67
Income per ADS (40:1 Common Stock: ADS) 26,135.70 21,615.20 23,180.80 23,461.60 22,386.80

 

 

Consolidated Financial and Operational Ratios
  Year ended December 31,
  2007* 2008* 2009* 2010 2011
Return on Asset (ROA) (%)1 15.9 11.7 11.6 11.5 10.6
Return on Equity (ROE) (%)2 39.2 31.5 29.6 26.0 23.1
Current Ratio (%)3 76.0 53.7 59.9 91.5  95.8
Total Liabilities to Total Assets (%)4 48.1 52.2 49.5 43.9 40.8
Total Liabilities to Equity (%)5 118.5 140.6 125.6 99.3 88.6
Profit Margin (%)6 42.5 32.9 35.3 33.1 30.5
Average Collection Period (day)7 19.4 19.7 19.8 22.9 24.9
Adjusted EBITDA Margin (%)8 59.3 51.9 55.8 54.3 51.2
Net Income Margin (%)9 20.6 16.4 16.7 16.7 15.2
Debt to Equity (%)10 47.4 58.2 56.7 48.2 36.5
Debt to Adjusted EBITDA (%)11 42.0 58.6 57.5 57.0 47.2
Adjusted EBITDA to Interest Expense (times)12 24.0 20.5 18.2 19.5 22.5
Adjusted EBITDA to Net Debt (%)13 686.1 268.6 278.4 316.0 499.6
PRODUCTIVITY RATIOS :
Total Revenue/Employee (in billions of Rupiah) 1.9 2.2 2.4 2.6 2.8
LIS/Employee (line)14 593.4 853.7 1,015.6 1,252.0 1,154.7

  1. ROA represents profit for the year attributable to owners of the parent divided by total assets as of December 31 of that year.
  2. ROE represents profit for the year attributable to owners of the parent divided by equity attributable to owners of the parent as of December 31 of that year.
  3. Current ratio represents current assets divided by current liabilities as of December 31 of that year.
  4. Total liabilities to total assets represent total liabilities divided by total assets as of December 31 of that year.
  5. Total liabilities to equity represent total liabilities divided by equity attributable to owners of the parent as of December 31 of that year.
  6. Profit margin represents profit divided by total revenues.
  7. Average collection period represents trade receivables divided by total revenues times 365 days.
  8. Adjusted EBITDA margin represents adjusted EBITDA divided by total revenues.
  9. Net income margin represents profit for the year attributable to owners of the parent divided by total revenues.
  10. Debt to equity represents total debt exclude obligation under finance lease divided by equity attributable to owner of the parent as of December 31 of that year.
  11. Debt to adjusted EBITDA represents debt exclude obligation under finance lease divided by adjusted EBITDA.
  12. Adjusted EBITDA to interest expense represents adjusted EBITDA divided by interest expense.
  13. Adjusted EBITDA to net debt represents adjusted EBITDA divided by total debt exclude obligation under finance lease minus cash and cash equivalents, available for sale financial assets and escrow accounts as of December 31 of that year.
  14. LIS per employee represents fixed wireline and fixed wireless subscribers divided by total TELKOM’s employees as a parent company.
    *) Reclassified, refer to Note 2a and 47 to our Consolidated Financial Statements.     

 

Reconciliation of Profit to Adjusted EBITDA Year ended December 31,
(in billions of Rupiah) 2007* 2008* 2009* 2010 2011
Profit 26,911 21,368 24,081 22,923 21,948
Add :
 Depreciation 9,440 11,070 12,566 13,085 13,701
 Amortization 1,170 1,262 1,409 1,527 599
 Impairment loss - - - - 563
Adjusted EBITDA 37,521 33,700 38,056 37,535 36,811

 

**) Adjusted EBITDA is defined as profit before depreciation and amortization (including impairment loss). Adjusted EBITDA and the related ratios presented in this Annual Report are supplemental measure of our performance and liquidity that are not required by, or presented in accordance with, IFAS. Adjusted EBITDA is not a measurement of our performance under IFAS and should not be considered as alternative to net profit or any other performance measures derived in accordance with IFAS or as alternative to cash flow from operating activities as a measure of our liquidity. We consider adjusted EBITDA to be a useful measure of our operating performance because it reflects the underlying operating cash cost by eliminating depreciation and amortization. The methods we use to calculate adjusted EBITDA may differ from the use of the term EBITDA or adjusted EBITDA by other companies. The following table shows the reconciliation of our profit to our adjusted EBITDA.

 

OPERATIONAL HIGHLIGHTS
Year ended December 31,
2007* 2008* 2009* 2010 2011
FIXED WIRELINE
Customer base (in thousands) 8,685 8,630 8,377 8,303 8,602
Subscriber pulse production (in millions of pulse)* 75,451 62,940 54,186 9,403 8,054
           
*) in millions of minutes for year ended December 31,2010 and 2011          
           
FIXED WIRELESS (FLEXI)          
Customer base (in thousands) :          
 Classy/Postpaid 828 731 649 546 468
 Trendy/Prepaid 5,535 11,994 14,490 17,615 13,770
Total 6,363 12,725 15,139 18,161 14,238
ARPU (12 months average-in thousands of Rupiah):          
 Postpaid 115 93 84 82 80
 Prepaid 42 32 18 13 9
 Blended 53 38 22 15 10
Network :          
 Base Transceiver Station /BTS (units) 1,911 4,054 5,543 5,641 5,718
 Number of cities in service 238 353 370 370 370
           
CELLULAR          
Base Transceiver Station/BTS (units) 20,858 26,872 30,992 36,557 42,623
Network capacity (in millions of subscribers) 50.5 67.3 85.2 98.6 115.9
Customer base (in millions of subscribers) 47.9 65.3 81.6 94.0 107.0
 Postpaid (kartuHALO) 1.9 1.9 2.0 2.1 2.2
 Prepaid (simPATI) 24.0 43.0 58.0 56.9 51.3
 Prepaid (Kartu As) 22.0 20.3 21.6 35.0 53.5
ARPU-blended (in thousands of Rupiah) 80 59 48 42 39
 Pospaid (kartuHALO) 264 216 214 211 197
 Prepaid (simPATI) 84 63 48 42 45
 Prepaid (Kartu As) 57 37 31 28 24
OTHER
Broadband Internet (Speedy)
 Customer base (in thousands) 241 645 1,145 1,649 1,789
 Number of cities in service 88 375 378 431 456
Dial-up Internet (TelkomNet Instant):
 Average accessed subscribers (in thousands) 662 574 448 103 40
 Subscriber minutes production (in billions) 3.7 2.8 1.5 0.4 0.2
Cable and Pay Television (TelkomVision);
 Customer base (in thousands) 67 210 179 213 1,000