PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2004 AND 2005, AND FOR YEARS ENDED
DECEMBER 31, 2004 AND 2005 Figures in tables are presented in millions of Rupiah, unless otherwise stated
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18. ACCRUED EXPENSES
2004 2005
Salaries and benefits 321,237
452,413 Operations, maintenance and telecommunications services
324,329 411,075
General, administrative and marketing 242,597
444,101 Interest and bank charges
163,203 134,299
Loss on procurement commitments Note 12 -
79,359 Total
1,051,366 1,521,247
19. UNEARNED INCOME
2004 2005
Prepaid pulse reload vouchers 1,017,530
1,582,762 Other telecommunication services
7,669 3,917
Other 4,801
6,039 Total
1,030,000 1,592,718
20. SHORT-TERM BANK
LOANS
2004 2005
Bank Central Asia 455,700
170,000 ABN AMRO Bank
604,500 -
Bank Mandiri 41,433
- Bank Niaga
- 3,800
Total 1,101,633
173,800
a. Bank Central Asia On December 27, 2004, the Company entered into a loan agreement with Bank Central Asia for a
short-term loan with a maximum facility of US49.0 million. The facility was unsecured and bore interest at a rate equal to the 1-month LIBOR plus 2.85 i.e., 5.27 as of December 31, 2004.
Principal outstanding as of December 31, 2004 amounted to Rp455,700 million US49.0 million. On April 15, 2005, the loan was repaid in full and the loan agreement was terminated.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued DECEMBER 31, 2004 AND 2005, AND FOR YEARS ENDED
DECEMBER 31, 2004 AND 2005 Figures in tables are presented in millions of Rupiah, unless otherwise stated
- 59
20. SHORT-TERM BANK
LOANS continued
a. Bank Central Asia continued On December 3, 2004, Telkomsel entered into a loan agreement with Deutsche Bank AG, Jakarta
as “Arranger” and “Agent” and Bank Central Asia as “Lender” and “Transferor” with a total facility of Rp170,000 million. Under the agreement, the Lender may transfer its rights, benefits and
obligations to any bank or financial institution by delivering the Transfer Agreement to the Agent and notifying Telkomsel. The facility bears interest at a rate equal to the 3-month Certificates of
Bank Indonesia plus 1 i.e., 13.09 as of December 31, 2005 payable in arrears. The loan is due on February 1, 2006. As of December 31, 2004 and 2005, the principal outstanding amounted to
nil and Rp170,000 million, respectively. On February 1, 2006, Telkomsel repaid the entire loan balance and the loan agreement was terminated.
b. ABN AMRO Bank On January 28, 2004, the Company signed a short-term loan agreement with ABN AMRO Bank
N.V., Jakarta Branch for a facility of US129.7 million. The loan was used to settle the outstanding promissory notes at March 15, 2004 which were issued for the acquisition of Pramindo
Note 5b. The principal and interest were payable in 10 monthly installments from March 2004 to December 2004. The loan bore interest at a rate equal to the LIBOR plus 2.75. As of December
31, 2004, the loan was repaid in full and the loan agreement was terminated on January 6, 2005. On December 21, 2004, the Company entered into a loan agreement with ABN AMRO Bank N.V.
for a short-term loan with a maximum facility of US65.0 million. The loan principal of US30.0 million and US35.0 million was due on March 31, 2005 and June 30, 2005, respectively. The loan
was unsecured and bore interest at a rate equal to the 3-month U.S. Dollar LIBOR plus 2.5 5.02 as of December 31, 2004. Principal outstanding as of December 31, 2004 was Rp604,500
million US65.0 million. On March 31, 2005 and June 30, 2005, principal repayments of US30.0 million and US35.0 million, respectively, were made in accordance with the loan
agreement. On June 30, 2005, the loan agreement was terminated.
c. Bank Mandiri On August 28, 2001, Napsindo entered into a loan agreement with Bank Mandiri for a facility of
US1.8 million for a one-year term. The loan is secured with the Company’s time deposits Note 10 with interest rate at 2 above the pledged time deposits interest rate 2.65 as of December
31, 2004. The loan facility has been extended several times, the most recent of which was on September 23, 2004 where the loan facility was extended for another one-year term and expired on
August 28, 2005.
On April 24, 2003, Napsindo also entered into a loan agreement with Bank Mandiri for a facility of US2.7 million for a one-year term. On May 4, 2004, the facility was extended for another one
year term and expired on April 24, 2005. The loan was secured by the Company’s time deposits Note 10 and bore interest at 2 above the pledged time deposits interest rate 2.65 as of
December 31, 2004.
