PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND
NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
133
51. FINANCIAL ASSETS AND LIABILITIES continued
1. Financial risk management continued
b. Interest rate risk continued
September 30, 2011 Non
One year More than
interest or less
one year bearing
Total Assets
Cash and cash equivalents 9,340,186
- 24,735
9,364,921 Temporary investments
267,865 -
92,925 360,790
Other current assets 1,014,280
- -
1,014,280 Other non-current assets
- 164,620
55,466 220,086
Total financial assets 10,622,331
164,620 173,126
10,960,077 Liabilities
Short-term bank loans 127,143
- -
127,143 Two-step loans
746,326 2,083,892
- 2,830,218
Bonds and notes 644,277
3,019,700 -
3,663,977 Bank loans
10,619,063 299,570
- 10,918,633
Total financial liabilities 12,136,809
5,403,162 -
17,539,971 Total interest repricing gap
1,514,478 5,238,542
6,579,894
c. Credit risks The Company and its subsidiaries are exposed to credit risk primarily from trade receivables
and other receivables. Credit risk is managed by continuous monitoring outstanding balance and collection of trade and other receivables.
The following table sets out the maximum exposure of credit risk and concentration risk of the Company and its subsidiaries :
Credit risk concentration Maximum
Corporate Others
exposure
Trade receivables 3,903,171
3,122,052 7,025,223
Other receivables 147,188
46,466 193,654
4,050,359 3,168,518
7,218,877
Management is confident in its ability to continue to control and sustain minimal exposure of credit risk given that the Company and its subsidiaries have provided sufficient allowance for
doubtful accounts to cover incurred loss arising from uncollectible receivables based on existing historical loss.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2010 AUDITED AND SEPTEMBER 30, 2011 UNAUDITED AND
NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2010 AND 2011 UNAUDITED Figures in tables are presented in millions of Rupiah, unless otherwise stated
134
51. FINANCIAL ASSETS AND LIABILITIES continued
1. Financial risk management continued d. Liquidity risks
Liquidity risk arises in situations where the Company and its subsidiaries have difficulties in fulfilling financial liabilities when they become due. Prudent liquidity risk management implies
maintaining sufficient cash and cash equivalents in order to fullfil the Company and its subsidiaries’ financial liabilities. The Company and its subsidiaries continuously perform an
analysis to monitor statement of financial position ratios, such as among other things, liquidity ratios, debt equity ratios against debt covenant requirements.
2. Fair value of financial assets and liabilities Fair value is the amount for which an asset could be exchanged, or liability settled, in an arms-
length transaction. The table below sets out the carrying amount and fair value of those financial assets and liabilities
not presented on the Company’s consolidated statement of financial positions at their fair values:
September 30, 2011 Carrying value
Fair value
Two step loans 2,830,218
2,946,613 Bonds and notes
3,663,977 3,891,290
Bank loans 10,918,633
11,133,557 The Company and its subsidiaries consider the fair value of current financial assets and liabilities
approximates their carrying amount, as the impact of discounting is not significant. The fair values of long-term liabilities are estimated by discounting the future cash flows of each liability at rates
currently offered to the Company and its subsidiaries for similar debts of comparable maturities by the bankers of the Company and its subsidiaries, except for bonds which are based on market
prices.
52. SUBSEQUENT EVENTS
a. On October 11, 2011, through ICBC, Sinosure approved Telkomsel’s request to cancel the Facility 2 of US100 million Note 22h.
b. In October 2011, GSD fully repaid the loan facility amounted to Rp.19,000 from Bank CIMB Niaga Note 18b.
c. On October 5, 2011, BSM has agreed to extend the loan facility agreement amounted to
Rp.15,000 million to Balebat Note 18d.