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
31
3. TRANSLATION OF RUPIAH INTO UNITED STATES DOLLARS
The consolidated financial statements are stated in Indonesian Rupiah “Rupiah”. The translations of Indonesian Rupiah amounts into U.S. Dollars are included solely for the convenience of the readers
and have been made using the average of the market buy and sell rates of Rp.10,205.5 to US1 as published by Reuters on June 30, 2009. The convenience translations should not be construed as
representations that the Indonesian Rupiah amounts have been, could have been, or could in the future be, converted into United States Dollars at this or any other rate of exchange.
4. ACQUISITIONS OF SIGMA
On February 21, 2008, Metra and Sigma’s stockholders, PT Sigma Citra Harmoni “SCH” and Trozenin Management Plc signed an Amendment to the Sales and Purchase of Shares Agreement
which authorized Metra to acquire 80 of the outstanding common stock of Sigma for US35.2 million or equivalent to Rp.331,052 million, which became effective from February 22, 2008
the “closing date” Note 1d.b. Sigma is an Information Technology “IT” Services company that provides software for banking, multi
finance and manufacturing companies. Through the acquisition, the Company started to broaden its services to adjacent industries especially IT services by combining Sigmas expertise and the
Companys corporate customer base. Goodwill in respect of the acquisition comprises principally the fair value of the skills and expertise of the acquired companys workforce.
Metra and SCH have agreed to support Sigma in achieving an IPO in 24 months from closing date. Pursuant to the agreement, SCH, which holds the remaining 20 ownership in Sigma, has an put
option requiring Metra to purchase the minority. The option price is the higher of the transacted price per share indexed to interest rates and fair value based on an independent appraisal. The option is
valid for 24 months or sooner if an IPO takes place. The acquisition of Sigma has been accounted for using the purchase method of accounting, which
purchase price were allocated to fair value of the acquired assets and assumed liabilities. The allocation of the acquisition cost was as follows:
Rp.
The assets and liabilities arising from the acquisition are as follows: Current assets
150,461 Property, plant and equipments
86,886 Other non-current assets
29,686 Intangible assets
189,405 Current liabilities
75,347 Long-term liabilities
37,570 Deferred tax liabilities
54,636 Minority interests
57,777 Fair value of net assets acquired
231,108 Goodwill
99,944 Total purchase consideration
331,052 Less:
Cash and cash equivalents in subsidiary acquired 43,649
Cash outflow from acquisition 287,403
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
32
4. ACQUISITIONS OF SIGMA continued
