NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued JUNE 30, 2012 UNAUDITED AND DECEMBER 31, 2011 AUDITED
AND SIX MONTHS PERIOD ENDED JUNE 30, 2012 AND 2011 UNAUDITED Figures in tables are presented in billions of Rupiah, unless otherwise stated
51
16. MATURITIES OF LONG-TERM LIABILITIES continued
b. Long-term portion Scheduled principal payments as of June 30, 2012, are as follows:
In billions of Rupiah Notes
Total 2013 2014 2015 2016 Later
Bank loans 19
7,588 2,298 3,450
1,274 460
106 Bonds and notes
18 3,389
168 198
1,021 7 1,995
Two-step loans 17
1,937 100
202 205
208 1,222 Obligations under finance leases 9
289 140
68 34
21 26
Total 13,203
2,706 3,918 2,534
696 3,349
17. TWO-STEP LOANS
Two-step loans are unsecured loans obtained by the Government, which are then re-loaned to the Company. The loans entered into up to July 1994 were recorded and payable in Rupiah based on the
exchange rate at the date of drawdown. Loans entered into after July 1994 are payable in their original currencies and any resulting foreign exchange gain or loss is borne by the Company.
June 30, 2012 December 31, 2011
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Lenders Currency in millions
equivalent in millions equivalent
Overseas bank Yen
9,599 1,135
9,983 1,167
Rp. -
646 -
717 US
42 393
44 400
Total 2,174
2,284 Current maturities Note 17a
237 272
Long-term portion Note 17b 1,937
2,012 Interest
Interest Payment
payment rate
Lenders Currency schedule
period per annum
Overseas bank US
Semi-annually Semi-annually 4.00
Rp. Semi-annually Semi-annually
7.46 Yen
Semi-annually Semi-annually 3.10
The loans are intended for the development of telecommunications infrastructure and supporting equipment. The loans are payable in semi-annual installments and are due on various dates through
2024.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued JUNE 30, 2012 UNAUDITED AND DECEMBER 31, 2011 AUDITED
AND SIX MONTHS PERIOD ENDED JUNE 30, 2012 AND 2011 UNAUDITED Figures in tables are presented in billions of Rupiah, unless otherwise stated
52
17. TWO-STEP LOANS continued
Since 2008, the Company has used all facilities under the two-step loans program and the drawdown period for the two-step loans has expired.
The Company is required to maintain financial ratios as follows: a. Projected net revenue to projected debt service ratio should exceed 1.5:1 and 1.2:1 for the
two-step loans originating from the World Bank and Asian Development Bank “ADB”, respectively.
b. Internal financing earnings before depreciation and finance costs should exceed 50 and 20 compared to annual average capital expenditures for loans originating from World Bank and
ADB, respectively. As of June 30, 2012, the Company complied with the above mentioned ratios.
Refer to Note 36 for details of related party transactions. 18. BONDS AND NOTES
June 30, 2012 December 31, 2011
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Bonds and notes Currency in millions
equivalent in millions equivalent
Bonds Series A
Rp. -
1,005 -
1,005 Series B
Rp. -
1,995 -
1,995 Medium Term Notes “MTN”
Metra Rp.
- 44
- 59
PT Finnet Indonesia “Finnet” Rp.
- 15
- 18
Sigma Rp.
- -
30 Promissory Notes
Huawei Tech US
60 565
60 545
PT. ZTE Indonesia “ZTE” US
25 232
15 134
Total 3,856
3,786 Current maturities Note 16a
467 385
Long-term portion Note 16b 3,389
3,401
a. Bonds
Interest Interest Listed
Issuance Maturity payment rate
Bonds Principal
Issuer on
date date
method per annum
Series A 1,005 The Company
IDX June 25, 2010 July 6, 2015 Quarterly
9.60 Series B
1,995 The Company IDX June 25, 2010 July 6, 2020
Quarterly 10.20
Total 3,000
The bonds are secured by all assets owned by the Company. The underwriter of the bonds are PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas. And the trustee is PT
CIMB Niaga Tbk. The Company received the proceeds of the issuance of bonds on July 6, 2010.
