PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
68
28. TREASURY STOCK continued
Based on the resolution on the AGM of Stockholders on June 29, 2007, the stockholders authorized to discontinue the phase I plan to repurchase the Series B shares and authorized the phase II plan to
repurchase the Company’s issued and outstanding Series B shares. The proposals to undertake a stock repurchase programs, under the following terms and conditions: i maximum stock repurchase
would be 215,000,000 of the Company’s issued Series B shares with total cost not to exceed Rp.2,000,000 million; and ii the period determined for the acquisition would not be longer than
18 months June 29, 2007 to December 28, 2008.
Based on the resolution on the AGM of Stockholders on June 20, 2008, the stockholders authorized to discontinue the phase II plan to repurchase the Series B shares and authorized the phase III plan
to repurchase the Company’s issued and outstanding Series B shares. The proposals to undertake a stock repurchase programs, under the following terms and conditions: i maximum stock repurchase
would be 339,443,313 of the Company’s issued Series B shares with total cost not to exceed Rp.3,000,000 million; and ii the period determined for the acquisition would not be longer than
18 months June 20, 2008 to December 20, 2009.
As of September 30, 2007 and 2008, the Company has repurchased 222,340,500 and 480,163,000 shares, respectively, of the Company’s issued and outstanding Series B shares,
representing 1.10 and 2.38, respectively, for a total repurchased amount of Rp.1,945,901 million in 2007 and Rp.4,202,255 million in 2008 including broker’s commissions and custodian fees.
The Company has planned to retain, sell or use the treasury stock for other purposes in accordance with BAPEPAM-LK Regulation No. XI.B.2 and under Law No. 402007 on Limited Liability Companies
Note 52a.
The movement of shares held in treasury arising from the programs for repurchase of shares is as follows:
2007 2008
Number Number
of shares Rp.
of shares Rp.
Balance beginning 118,376,500
952,211 244,740,500 2,176,611 Number of shares acquired
103,964,000 993,690 235,422,500 2,025,644
Balance ending 222,340,500 1,945,901 480,163,000 4,202,255
Historical unit cost of repurchase of treasury shares:
Rp. 2007
2008
Weighted average 8,752
8,751 Minimum
6,633 6,628
Maximum 10,978
11,200 The acquisition cost per share has included all the cost for the shares repurchase programs
i.e. broker’s commissions and custodian fees. Up to the consolidated balance sheet date, none of the shares acquired were sold.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
69
29. DIFFERENCE IN VALUE ARISING FROM RESTRUCTURING TRANSACTIONS AND OTHER TRANSACTIONS BETWEEN ENTITIES UNDER COMMON CONTROL
The balance of this account amounting to Rp.270,000 million arose from the early termination of the Company’s exclusive rights to provide local and domestic fixed line telecommunication services.
As discussed in Note 1a, on December 15, 2005, the Company signed an Agreement on Implementation of Compensation for Termination of Exclusive Rights with the State MoCI - DGPT,
which was amended on October 18, 2006. Pursuant to this agreement, the Government agreed to pay Rp.478,000 million, net of tax, to the Company over a five-year period where Rp.90,000 million
shall be paid from the 2005 State budget, Rp.90,000 million from the 2006 State budget and the remaining Rp.298,000 million shall be paid gradually or in one lump-sum payment based on the
State’s financial ability. In addition, the Company is required by the Government to use the funds received from this compensation for the development of telecommunications infrastructure.
As of September 30, 2007 and 2008, the Company has received an aggregate of Rp.180,000 million and Rp.270,000 million, respectively, in relation to the compensation for the early termination of
exclusivity rights, being Rp.90,000 million each paid on December 30, 2005, December 28, 2006 and December 13, 2007, respectively. The Company recorded these amounts in “Difference in value
arising from restructuring transactions and other transactions between entities under common control” in the Stockholders’ Equity section. These amounts are recorded as a component of Stockholders’
Equity because the Government is the majority and controlling stockholder of the Company. The Company will record the remaining amount of Rp.208,000 million when received.
As of September 30, 2007 and 2008, the development of the related infrastructures amounted to Rp.190,998 million and Rp.296,872 million, respectively.
30. TELEPHONE REVENUES
2007 2008
Fixed lines Local and SLJJ
5,401,757 4,613,580
Monthly subscription charges 2,783,349
2,756,481 Phone cards
819 7,715
Installation charges 88,785
39,857 Others
190,919 114,928
Total 8,465,629
7,452,847
Cellular Usage charges
16,242,014 17,267,588
Features 187,686
524,838 Monthly subscription charges
191,659 290,544
Connection fee charges 95,099
197,771 Total
16,716,458 18,280,741
Total Telephone Revenues 25,182,087
25,733,588
