PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2012 AND FOR THE YEAR THEN ENDED
WITH COMPARATIVE FIGURES AS OF DECEMBER 31, 2011 AND FOR THE YEAR THEN ENDED AND AS OF JANUARY 1, 2011
Figures in tables are presented in billions of Rupiah, unless otherwise stated
58
18. TWO-STEP LOANS continued
Since 2008, 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 1.2:1 for the two-step loans
originating from Asian Development Bank “ADB”. b. Internal financing earnings before depreciation and finance costs should exceed 20 compared
to annual average capital expenditures for loans originating from ADB. As of December 31, 2012, the Company complied with the above mentioned ratios.
Refer to Note 37 for details of related party transactions. 19. BONDS AND NOTES
2012 2011
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Bonds and notes Currency in millions
equivalent in millions equivalent
Bonds Series A
Rp -
1,005 -
1,005 Series B
Rp -
1,995 -
1,995 Medium Term Notes “MTN”
PT Finnet Indonesia “Finnet” Rp
- 8
- 18
Metra Rp
- -
59 Sigma
Rp -
- 30
Promissory Notes PT Huawei
US 46
445 60
545 PT ZTE Indonesia “ZTE”
US 22
216 15
134 Total
3,669 3,786
Current maturities Note 17a 440
385
Long-term portion Note 17b 3,229
3,401
a. Bonds
Interest Interest Listed
Issuance Maturity payment
rate Bonds
Principal Issuer
on date
date period per annum
Series A 1,005 The Company
IDX June 25, 2010 July 6, 2015 Quarterly
9.60 Series B
1,995 The Company IDX June 25, 2010 July 6, 2020
Quarterly 10.20
Total 3,000
The bonds are secured by all of the Company’s assets, movable or non-movable, either existing or in the future Note 10d.x. The underwriters of the bonds are Bahana, PT Danareksa Sekuritas
and PT Mandiri Sekuritas and the trustee is PT CIMB Niaga Tbk. The Company received the proceeds of the issuance of bonds on July 6, 2010.
PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2012 AND FOR THE YEAR THEN ENDED
WITH COMPARATIVE FIGURES AS OF DECEMBER 31, 2011 AND FOR THE YEAR THEN ENDED AND AS OF JANUARY 1, 2011
Figures in tables are presented in billions of Rupiah, unless otherwise stated
59
19. BONDS AND NOTES continued
a. Bonds continued The funds received from public offering of bonds net of issuance costs, are to be used for
increasing capital expenditure which consisted of: wave broadband bandwidth, softswitching, datacom, information technology and others, infrastructure backbone, metro network, regional
metro junction, internet protocol, and satellite system and optimizing legacy and supporting facilities fixed wireline and wireless.
As of December 31, 2012, the rating of the bonds issued by PT Pemeringkat Efek Indonesia Pefindo is idAAA stable outlook.
Based on indenture trusts agreement, the Company is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to equity ratio should not exceed 2:1. 2. EBITDA to finance costs ratio should not be less than 5:1.
3. Debt service coverage is 125.
As of December 31, 2012, the Company complied with the above mentioned ratios. b. MTN
Interest Issuance
Maturity payment
Notes Principal Rp
date date
period
MTN Metra I
Phase 1 30
June 9, 2009 June 19, 2012
Quarterly Phase 2
20 February 1, 2010
February 2, 2013 Quarterly
Metra II Phase 1
20 December 28, 2011 December 28, 2014 Quarterly
Phase 2 10 February 22, 2012 February 22, 2015
Quarterly Sigma
30 November 17, 2009 November 17,2014 Semi-annually
Finnet Phase 1
10 October 16, 2009 November 17, 2012 Monthly
Phase 2 15
March 18, 2010 March 24, 2013
Monthly
In December 2012, the MTN was fully repaid by Metra through refinancing with BNI Note 20. In May 2012, the MTN was fully repaid by Sigma.
The Arranger of the Medium Term Notes is Bahana, with Bank Mega acting as Trustee, and KSEI is acting as Collecting Agent and Custodian. Proceeds from the issuance of MTN were used to,
among others expand the business and for working capital. Metra secures a minimum value of 40 of the outstanding MTN principal. The maximum value of
60 of the outstanding MTN principal is unsecured and at all times ranked pari passu with other unsecured debts of Metra. Metra may buy back all or part of the MTN at any time before the
maturity date of the MTN.
The MTN of Sigma and Finnet are not secured by a specific collateral, but secured by all of Sigma’s and Finnet’s assets, movable or non-movable, either existing or in the future Note
10d.x which become a collateral to MTN holders and at all times ranked pari passu without any preference other creditor privileges in accordance with prevailing regulations. Sigma and Finnet
may buy back all or part of the MTN at any time before the maturity date of MTN.
Based on the agreements, Metra, Sigma, and Finnet are required to comply with required covenants including maintaining financial ratios. As of December 31, 2012, Metra, Sigma, and
Finnet complied with the ratios. Refer to Note 37 for details of related party transactions.
