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PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Period Ended March 31, 2016 and 2015 unaudited
Figures in tables are expressed in billions of Rupiah, unless otherwise stated
Table of Contents
15. SHORT-TERM BANK LOANS AND CURRENT MATURITIES OF LONG-TERM BORROWINGS continued
b. Current maturities of long-term borrowings
Notes March 31, 2016
December 31, 2015
Bank loans 16c
2,954 2,928
Obligations under finance leases 9
723 641
Two-step loans 16a
225 224
Bonds and notes 16b
47 49
Total 3,949
3,842
Refer to Note 32 for details of related party transactions.
16. LONG-TERM BORROWINGS Notes
2016 2015
Bank loans 16c
15,974 15,434
Bonds and notes 16b
9,483 9,499
Obligations under finance leases 9
3,876 3,939
Two-step loans 16a
1,273 1,296
30,606 30,168
Scheduled principal payments as of March 31, 2016 are as follows:
Year Notes
Total 2017
2018 2019
2020 Thereafter
Bank loans 16c
15,974 2,664
8,074 1,897
1,857 1,482
Bonds and notes 16b
9,483 23
31 251
2,146 7,032
Obligations under finance leases
9 3,876
530 656
600 620
1,470 Two-step loans
16a 1,273
195 203
183 183
509
Total 30,606
3,412 8,964
2,931 4,806
10,493
a. Two-step loans
Two-step loans are unsecured loans obtained by the Government from overseas banks which are then re-loaned to the Company. Loans obtained up to July 1994 are payable in rupiah based on
the exchange rate at the date of drawdown. Loans obtained after July 1994 are payable in their original currencies and any resulting foreign exchange gain or loss is borne by the Company.
March 31, 2016 December 31, 2015
Outstanding Outstanding
Lenders Currency
Original currency
in millions
Rupiah equivalent
Original currency
in millions
Rupiah equivalent
Overseas banks Yen
6,911 816
6,911 792
Rp -
362 -
365 US
24 320
26 363
Total 1,498
1,520 Current maturities Note 15b.i
225 224
Long-term portion Note 17b 1,273
1,296
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PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Period Ended March 31, 2016 and 2015 unaudited
Figures in tables are expressed in billions of Rupiah, unless otherwise stated
Table of Contents
16. LONG-TERM BORROWINGS continued
a. Two-step loans continued
Lenders Currency
Principal payment schedule
Interest payment period
Interest rate per annum
Overseas banks US
Semi-annually Semi-annually
3.85 Rp
Semi-annually Semi-annually
8.25 Yen
Semi-annually Semi-annually
2.95
The loans were intended for the development of telecommunications infrastructure and supporting telecommunications equipment. The loans are due on various dates through 2024.
The Company had used all facilities under the two-step loans program since 2008. Under the loan covenants, the Company is required to maintain financial ratios as follows:
a. Projected net revenue to projected debt service ratio should exceed 1.2:1 for the two-step loans originating from Asian Development Bank “ADB”.
b. Internal financing earnings before depreciation and finance costs should exceed 20 compared to annual average capital expenditures for loans originating from the ADB.
As of March 31, 2016, the Company has complied with the above-mentioned ratios. Refer to Note 32 for details of related party transactions.
b. Bonds and notes The breakdownn of bonds and notes is as follows:
March 31, 2016 December 31, 2015
Outstanding Outstanding
Bonds and notes Currency
Original currency
in millions Rupiah
equivalent Original
currency in millions
Rupiah equivalent
Bonds 2010:
Series B Rp
- 1,995
- 1,995
2015: Series A
Rp -
2,200 -
2,200 Series B
Rp -
2,100 -
2,100 Series C
Rp -
1,200 -
1,200 Series D
Rp -
1,500 -
1,500 Medium Term Notes “MTN”
GSD Series A
Rp -
220 -
220 Series B
Rp -
120 -
120 Finnet
MTN I Rp
- 192
- 200
Promissory notes PT Huawei
US 1
8 1
14 PT ZTE Indonesia “ZTE”
US 1
9 1
14 Total
9,544 9,563
Unamortized debt issuance cost 14
15 9,530
9,548 Current maturities Note 15b.i
47 49
Long-term portion 9,483
9,499
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PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Period Ended March 31, 2016 and 2015 unaudited
Figures in tables are expressed in billions of Rupiah, unless otherwise stated
Table of Contents
16. LONG-TERM BORROWINGS continued
