PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 UNAUDITED AND FOR SIX MONTHS PERIOD ENDED
WITH COMPARATIVE FIGURES AS OF DECEMBER 31, 2012 AUDITED AND FOR SIX MONTHS PERIOD ENDED JUNE 30, 2012 UNAUDITED
Figures in tables are presented in billions of Rupiah, unless otherwise stated
59
18. 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 1.2:1 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 ADB. As of June 30, 2013, the Company complied with the above mentioned ratios.
Refer to Note 37 for details of related party transactions.
19. BONDS AND NOTES
June 30, 2013 December 31, 2012
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
PT Finnet Indonesia Finnet Rp
- -
8 -
8 Promissory Notes
PT Huawei US
29 291
46 445
PT ZTE Indonesia ZTE US
16 155
22 216
Total 3,446
3,669 Current maturities Note 17a
335 440
Long-term portion Note 17b 3,111
3,229
a. Bonds
Interest Interest
Listed Issuance
Maturity payment
rate Bonds
Principal Issuer
on date
date period
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 of the Company s assets, movable or non-movable, either existing or in the future Note 10c.x. The underwriters of the bonds are Bahana, 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.
PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2013 UNAUDITED AND FOR SIX MONTHS PERIOD ENDED
WITH COMPARATIVE FIGURES AS OF DECEMBER 31, 2012 AUDITED AND FOR SIX MONTHS PERIOD ENDED JUNE 30, 2012 UNAUDITED
Figures in tables are presented in billions of Rupiah, unless otherwise stated
60
19. BONDS AND NOTES continued
a. Bonds continued The funds received from public offering of bonds net of issuance costs, are to be used for
increasing capital expenditure which consisted of: wave broadband bandwidth, softswitching, datacom, information technology and others, infrastructure backbone, metro network, regional
metro junction, internet protocol, and satellite system and optimizing legacy and supporting facilities fixed wireline and wireless.
As of June 30, 2013, the rating of the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on indenture trusts agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to finance costs ratio should not be less than 5:1.
3. Debt service coverage is 125.
As of June 30, 2013, the Company complied with the above mentioned ratios. b. MTN
Interest Issuance
Maturity payment
Notes Principal Rp
date date
period
MTN Metra I
Phase 1 30
June 9, 2009 June 19, 2012
Quarterly Phase 2
20 February 1, 2010
February 2, 2013 Quarterly
Metra II Phase 1
20 December 28, 2011
December 28, 2014 Quarterly
Phase 2 10
February 22, 2012 February 22, 2015
Quarterly Sigma
30 November 17, 2009
November 17,2014 Semi-annually
Finnet Phase 1
10 October 16, 2009
November 17, 2012 Monthly
Phase 2 15
March 18, 2010 March 24, 2013
Monthly
In December 2012, the MTN was fully repaid by Metra through refinancing with BNI Note 20. In May 2012, the MTN was fully repaid by Sigma.
In March 2013, the MTN was fully repaid by Finnet
The Arranger of the Medium Term Notes is Bahana, with Bank Mega acting as Trustee, and KSEI is acting as Collecting Agent and Custodian. Proceeds from the issuance of MTN were used to,
among others expand the business and for working capital. Metra secures a minimum value of 40 of the outstanding MTN principal. The maximum value of
60 of the outstanding MTN principal is unsecured and at all times ranked pari passu with other unsecured debts of Metra. Metra may buy back all or part of the MTN at any time before the
maturity date of the MTN.
The MTN of Sigma and Finnet are not secured by a specific collateral, but secured by all of Sigma s and Finnet s assets, movable or non-movable, either existing or in the future Note 10c.x
which become a collateral to MTN holders and at all times ranked pari passu without any preference other creditor privileges in accordance with prevailing regulations. Sigma and Finnet
may buy back all or part of the MTN at any time before the maturity date of MTN.
Refer to Note 37 for details of related party transactions.
