PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2008 AND 2009,
AND SIX MONTHS PERIOD ENDED JUNE 30, 2008 AND 2009 Figures in tables are presented in millions of Rupiah, unless otherwise stated
56
21. TWO-STEP LOANS
a. Two-step loans are unsecured loans obtained by the Government from overseas banks, 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. The details of the two-step loans are as follows:
Interest rate Outstanding
Creditors 2008
2009 2008
2009
Overseas banks 3.10 - 12.27 3.10 - 11.47
3,970,696 3,916,502
Current maturities Note 20a 431,622
468,811
Long-term portion Note 20b 3,539,074
3,447,691
b. The details of two-step loans obtained from overseas banks as of June 30, 2008 and 2009 are as follows:
Interest rate Outstanding
Currencies 2008
2009 2008
2009
U.S. Dollars 4.00 - 7.39 4.00 - 6.67
1,549,503 1,522,894
Rupiah 8.97 - 12.27 11.39 - 11.47
1,309,753 1,119,693
Japanese Yen 3.10
3.10 1,111,440
1,273,915
Total 3,970,696
3,916,502
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. The two-step loans which are payable in Rupiah bear either fixed interest rates and floating
interest rates based upon the average interest rate on three-month Certificate of Bank Indonesia “Sertifikat Bank Indonesia” or “SBI” during the six-months preceding the installment due date
plus 1 per annum, and floating interest rate offered by the lenders plus 5.25 per annum. Two- step loans which are payable in foreign currencies bear either fixed rate interests and the floating
interest rate offered by the lenders, plus 0.5 per annum.
As of June 30, 2009, 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 interest expense should exceed 50 and 20 compared to annual average capital expenditures for loans originating from World Bank and
ADB, respectively. As of June 30, 2009, the Company complied with the above mentioned ratios.
Refer to Note 44 for details of related party transactions.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2008 AND 2009,
