PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued SEPTEMBER 30, 2005 AND 2006, AND FOR THE NINE MONTHS PERIOD ENDED
SEPTEMBER 30, 2005 AND 2006 Figures in tables are presented in millions of Rupiah, unless otherwise stated
- 57
22. TWO-STEP LOANS
continued As of September 30, 2006, the Company has used all facilities under the two-step loan program and
the draw-down 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 two-step
loans originating from World Bank and Asian Development Bank “ADB”, respectively. b. Internal financing earnings before depreciation and interest expenses should exceed 50 and
20 compared to capital expenditures for loans originating from World Bank and ADB, respectively.
As of September 30, 2006, the Company complied with the above mentioned ratios.
23. NOTES AND
BONDS 2005
2006
Bonds 990,529
995,815 Medium-term Notes
789,123 464,720
Total 1,779,652
1,460,535 Current maturities
179,584 1,460,535
Long-term portion 1,600,068
- a. Bonds
On July 16, 2002, the Company issued bonds amounting to Rp1,000,000 million. The bonds were issued at par value and have a term of five years. The bonds bear interest at a fixed rate of 17 per
annum, payable quarterly beginning October 16, 2002. The bonds are traded on the Surabaya Stock Exchange and will mature on July 16, 2007. The trustee of the bonds is PT Bank Negara
Indonesia Persero Tbk and the custodian is PT Danareksa Sekuritas. Effective January 17, 2006, PT Bank Rakyat Indonesia Tbk became the trustee of the bonds replacing PT Bank Negara
Indonesia Persero Tbk. As of September 30, 2006, the rating for the bonds issued by Pefindo is AAA and by Standard and
Poor’s is BB+. As of September 30, 2005 and 2006, the outstanding principal amount of the bonds and the
unamortized bond issuance costs are as follows:
2005 2006
Principal 1,000,000
1,000,000 Bond issuance costs
9,471 4,185
Net 990,529
995,815
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued SEPTEMBER 30, 2005 AND 2006, AND FOR THE NINE MONTHS PERIOD ENDED
