PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2016 and For the Six Months Period Then Ended unaudited
Figures in tables are expressed in billions of rupiah, unless otherwise stated
54
15. SHORT-TERM BANK LOANS AND CURRENT MATURITIES OF LONG-TERM BORROWINGS continued
b. Current maturities of long-term borrowings
June 30, December 31,
Notes 2016
2015
Bank loans 16c
3,366 2,928
Obligations under finance leases 9
769 641
Two-step loans 16a
234 224
Bonds and notes 16b
38 49
Total 4,407
3,842
Refer to Note 32 for details of related party transactions. 16. LONG-TERM BORROWINGS
June 30, December 31, Notes
2016 2015
Bank loans 16c
14,389 15,434
Bonds and notes 16b
9,475 9,499
Obligations under finance leases 9
3,783 3,939
Two-step loans 16a
1,251 1,296
28,898 30,168
Scheduled principal payments as of June 30, 2016 are as follows:
Year Notes
Total 2017 2018 2019 2020 Thereafter
Bank loans 16c 14,389
1,676 6,985 2,114 2,062
1,552 Bonds and notes
16b 9,475
16 31
250 2,146 7,032
Obligations under finance leases 9
3,783 388
666 602
623 1,504
Two-step loans 16a
1,251 116
210 192
192 541
Total 28,898
2,196 7,892 3,158 5,023 10,629
a. Two-step loans Two-step loans are unsecured loans obtained by the Government from overseas banks which are
then re-loaned to the Company. Loans obtained up to July 1994 are payable in rupiah based on the exchange rate at the date of drawdown. Loans obtained after July 1994 are payable in their
original currencies and any resulting foreign exchange gain or loss is borne by the Company.
June 30, 2016 December 31, 2015
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Lenders Currency in millions
equivalent in millions equivalent
Overseas banks Yen
6,527 839
6,911 792
US 24
319 26
363 Rp
- 327
- 365
Total 1,485
1,520 Current maturities Note 15b.i
234 224
Long-term portion Note 17b 1,251
1,296
PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2016 and For the Six Months Period Then Ended unaudited
Figures in tables are expressed in billions of rupiah, unless otherwise stated
55
16. LONG-TERM BORROWINGS continued
a. Two-step loans continued
Principal Interest
Interest payment
payment rate
Lenders Currency
schedule period
per annum
Overseas banks US
Semi-annually Semi-annually 3.85
Rp Semi-annually Semi-annually
8.25 Yen
Semi-annually Semi-annually 2.95
The loans were intended for the development of telecommunications infrastructure and supporting telecommunications equipment. The loans are due on various dates through 2024.
The Company had used all facilities under the two-step loans program since 2008. Under the loan covenants, 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 origin
ating 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 the ADB. As of June 30, 2016, the Company has complied with the above-mentioned ratios.
Refer to Note 32 for details of related party transactions. b. Bonds and notes
The breakdownn of bonds and notes is as follows:
June 30, 2016 December 31, 2015
Outstanding Outstanding
Original Original
currency Rupiah
currency Rupiah
Bonds and notes Currency in millions
equivalent in millions equivalent
Bonds 2010:
Series B Rp
- 1,995
- 1,995
2015: Series A
Rp -
2,200 -
2,200 Series B
Rp -
2,100 -
2,100 Series C
Rp -
1,200 -
1,200 Series D
Rp -
1,500 -
1,500 Medium Term Notes “MTN”
GSD Series A
Rp -
220 -
220 Series B
Rp -
120 -
120 Finnet
MTN I Rp
- 184
- 200
Promissory notes PT Huawei
US -
3 1
14 PT ZT
E Indonesia “ZTE” US
- 5
1 14
Total 9,527
9,563 Unamortized debt issuance cost
14 15
9,513 9,548
Current maturities Note 15b.i 38
49
Long-term portion 9,475
9,499
