PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010
SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated
56
21. TWO-STEP LOANS continued
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 the
two-step loans originating from the World Bank and Asian Development Bank “ADB”, respectively.
b. Internal financing earnings before depreciation and interest expense should exceed 50 and 20 compared to annual average capital expenditures for loans originating from World Bank and
ADB, respectively.
As of June 30, 2010, the Company complied with the above mentioned ratios. Refer to Note 45 for details of related party transactions.
22. NOTES 2009
2010
Medium-term Notes Metra
30,000 47,000
Sigma -
30,000 Finnet
- 25,000
Supplier financing PT. ZTE Indonesia “ZTE”
- 13,025
PT Huawei Tech Investment “Huawei Tech” -
84,347 Total
30,000 199,372
Current maturities Note 20a 3,000
50,239
Long-term portion Note 20b 27,000
149,133
a. MTN Metra On June 9, 2009, Metra entered into an agreement with PT Bahana Securities “Bahana
Securities” acting as “Arranger” and Bank Mega acting as “Trustee” to issue Medium Term Notes “MTN” for a total principal amount of Rp.50,000 million. PT Kustodian Sentral Efek
Indonesia “KSEI” acting as Collecting Agent and Custodian. Proceeds from issuance of MTN were used to expand the business and as working capital.
MTN are scheduled to be issued in a maximum of 4 four phases to a maximum of Rp.50,000 million. Each phase will be at longest 3 three years from the issuance date. The first
phase which was issued for Rp.30,000 million, will mature on June 19, 2012.
On February 1, 2010, Metra issued the second phase of MTN amounted to Rp.20,000 million, which will mature on February 2, 2013.
Interest on MTN is payable quarterly beginning from the Issuance Date, through the Due Date. The MTN bear floating interest rates, for the first year of 15,05, for the second and third years of
average return yield of 3 three Government Bonds “Surat Utang Negara” or SUN with a remaining period of time equal to the second and third years of MTN plus 4.02 premium.
Repayment of the principal for each 10, 20 and 70 on the first, second and third anniversary of the Issuance Date, respectively.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued JUNE 30, 2009 AND 2010
SIX MONTHS PERIOD ENDED JUNE 30, 2009 AND 2010 Figures in tables are presented in millions of Rupiah, unless otherwise stated
57
22. NOTES continued
a. MTN Metra continued The first interest for second phase MTN is set together by the Issuer and Arranger at 12.01
which will be paid on May 2, 2010, while for the second and forward will be set by the Trustee with considering the requirement stated in the main agreement.
Metra secures with 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.
Based on the agreements, Metra is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to Equity maximum 1.5:1 2. EBITDA to Interest Ratio minimum 2.5.
As of June 30, 2010, Metra complied with the above mentioned ratios.
b. MTN Sigma On October 16, 2009, Sigma entered into an agreement with Bahana Securities acting as
“Arranger” and Bank Mega acting as “Trustee” to issue MTN for a total principal amount of Rp.30,000 million. KSEI acting as Collecting Agent and Custodian. Proceeds from issuance of
MTN were used to expand the business.
MTN are scheduled to be issued in 1 one phase with limited placement for a maximum amount of Rp.30,000 million with repayment at the latest in 5 five years after the Issuance Date, which
will mature on November 17, 2014.
Interest on MTN is payable semi-annually beginning from the Issuance Date, through the Due Date. The MTN bear interest rates, for the first year of 14.5 from the Issuance Date, for the
second up to the fifth years from the Issuance Date based upon the average interest rate on one- month SBI plus 800 basis points premium, calculated on the basis of the average interest rates of
one-month SBI in the last 6 months at the time of the determination of the interest of MTN.
MTN are not secured by a specific collateral, but secured by all Sigma’s assets which are movable property or fixed property, either existing or in the future will become collateral for MTN
holders and at all times ranked pari passu without any preference with other creditor previleges in accordance with prevailing regulations.
Based on the agreements, Sigma is required to comply with all covenants or restrictions including maintaining financial ratios as follows:
1. Debt to Equity maximum 2.5:1 2 Funded debt and maximum of five times EBITDA in 2009, three and a half times in 2010 and
two and a half times in 2011.
As of June 30, 2010, Sigma complied with the above mentioned ratios.
