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
120
51. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES continued
2007 2008
Foreign Foreign
currencies Rupiah
currencies Rupiah
in millions equivalent in millions equivalent
Liabilities Trade payables
Related parties U.S. Dollars
3.42 31,273
19.51 183,975
Singapore Dollars 0.01
21 -
- Euro
- -
0.01 86
Third parties U.S. Dollars
191.95 1,756,388
346.37 3,251,130
Euro 91.57
1,188,029 159.67
2,195,632 Singapore Dollars
0.38 2,337
1.31 8,660
Great Britain Pound sterling 0.01
101 -
- Japanese Yen
- -
0.51 46
Swiss Franc -
- 0.00
14 Myanmar Kyat
- -
0.01 20
Hongkong Dollars -
- 0.01
11 Other payables
U.S. Dollars -
- 0.07
668 Accrued expenses
U.S. Dollars 163.92
1,499,832 11.40
107,554 Euro
87.62 1,136,894
- -
Japanese Yen 156.49
12,403 144.20
12,980 Singapore Dollars
0.38 2,332
0.61 4,008
Great Britain Pound sterling 0.05
844 -
- Advances from customers and suppliers
U.S. Dollars 0.49
4,470 11.44
107,964 Current maturities of long-term liabilities
U.S. Dollars 146.04
1,336,251 124.86
1,177,965 Japanese Yen
1,142.91 90,587
767.90 69,126
Euro 14.63
189,840 -
- Long-term liabilities
U.S. Dollars 414.80
3,795,389 289.64
2,732,788 Japanese Yen
12,670.31 1,004,249
11,902.41 1,071,455
Total liabilities 12,051,240
10,924,082
Net liabilities 8,822,277
8,595,218
The Company and its subsidiaries’ activities expose them to a variety of financial risks, including the effects of changes in debt and equity market prices, foreign currency exchange rates and interest
rates.
The Company and its subsidiaries’ overall risk management programs focus on the unpredictability of financial markets and seek to minimize potential adverse effects on the financial performance of the
Company and its subsidiaries. Management provides written policy for foreign currency risk management mainly through time deposits placements and hedging to cover foreign currency risk
exposures for the time range of 3 up to 12 months.
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
121
52. SUBSEQUENT EVENTS
a. On October 13, 2008, based on BAPEPAM-LK Regulation No. XI.B.3 Attachment Decision of the Chairman of BAPEPAM-LK No. Kep-401BL2008 dated October 9, 2008 concerning the Stock
Repurchase of Stock Issued by the Public Company on Potential Crisis Market Condition, the Company has informed the full disclosure statement in relation with the Company’s plan to
conduct stock repurchase program of the Company’s stock which has been issued and listed in IDX up to 20 of its issued and paid up capital with total cost not to exceed Rp.3,000,000 million
which will be conduct gradually within the acquisition period that would not be longer than 3 months October 13, 2008 to January 12, 2009.
b. On October 28, 2008, Telkomsel’s appeal to the Tax Court for the remaining balances of rejection of withholding taxes article 23 and 26 Note 38f.a was accepted by the Tax Court with a total
refund of Rp.114.8 billion.
53. RECENT ACCOUNTING PRONOUNCEMENTS IN INDONESIA
The recent accounting pronouncement in Indonesia that relevant to the Company and its subsidiaries are as follow:
i PSAK 50 Revised 2006, “Financial Instruments: Presentation and Disclosures”
In December 2006, the DSAK issued PSAK 50 Revised 2006, “Financial Instruments: Presentation and Disclosures” which amends PSAK 50, “Accounting for Investments in Certain
Securities”. PSAK 50 Revised 2006 provides guidance on how to disclose and present financial instruments in the financial statements and whether a financial instrument is a financial liability or
an equity instrument. This standard applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the
classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. PSAK 50 Revised 2006 complements
the principles for recognizing and measuring financial assets and financial liabilities in PSAK 55 Revised 2006. PSAK 50 Revised 2006 shall be effective after January 1, 2009. The
Company and its subsidiaries are currently assessing the impact of the application of PSAK 50 Revised 2006 on the consolidated financial statements.
ii PSAK 55 Revised 2006, “Financial Instruments: Recognition and Measurement” In December 2006, the DSAK issued PSAK 55 Revised 2006, “Financial Instruments:
Recognition and Measurement” which amends PSAK 55 Revised 1999, “Accounting for Derivative Instruments and Hedging Activities”. PSAK 55 Revised 2006 provides guidance on
how to recognize, measure and derecognize financial asset and liability including derivative instruments. It also provides guidance on the recognition and measurement of sales and
purchase contracts of non-financial items. PSAK 55 Revised 2006 shall be effective after January 1, 2009. The Company and its subsidiaries are currently assessing the impact of the
application of PSAK 55 Revised 2006 on the consolidated financial statements.
