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FINANCIAL ANALYSIS REPORT OF TELKOMUNIKASI INDONESIA,Tbk

Was made By :

1. Barnabas Ragil P (101518417)2. Efendi Kurniawan (100318144)

UNIVERSITAS ATMAJAYA YOGYAKARTA

YOGYAKARTA

2011

Telekomunikasi Indonesia, Tbk

I. Company Profile

PT. Telekomunikasi Indonesia is the telecommunications service provider and the largest

network in Indonesia. Telkom provides fixed wareline, fixed wireless, cellular phone service,

and also internet. Telkom provides all of those things directly and also by subsidiaries.

It was established on October 23rd, 1856 and relaunched on October 23rd, 2009. The main

office is in Bandung, West Java, with Rinaldi Firmansyah as the CEO of Telkomunikasi

Indonesia,Tbk. The revenue of Telkomunikasi Indonesia,Tbk is IDR 68,629 billion in 2010

Telkom is one of the biggest BUMN owned by Indonesia with 9 Subsidiaries Company such as:

PT Telekomunikasi Selular

o Telkomsel Finance B.V.

o Telekomunikasi Selular Finance Limited

PT Multimedia Nusantara

o PT Sigma Cipta Caraka

o PT Finnet Indonesia

o PT Metra-Net

PT Telekomunikasi Indonesia International


http://id.wikipedia.org/wiki/Rupiah

http://id.wikipedia.org/w/index.php?title=Berkas:Green_up.png&filetimestamp=20051208030110

o PT Telekomunikasi Indonesia International Pte Ltd

o Aria West International Finance B.V.

PT Pramindo Ikat Nusantara

PT Infomedia Nusantara

o PT Balebat Dedikasi Prima

PT Dayamitra Telekomunikasi

PT Indonusa Telemedia

PT Graha Sarana Duta

PT Napsindo Primatel Internasional

Until December 31st 2010, the costumer of Telkom is 105,1 million customer or 21,2%. Most

of the stock of Telkom owned by the government of Indonesia and the rest own by the public

stockholder. The share is 51,19% owned by the government, 48,81% owned by the public. From

the public share, 7.66 % owned by The Bank of New York, 0.94 % owned by The Bank of New

York (ADS) and the rest by the domestic investor.

On November 14th, there was the first initial public offering for the share of PT. Telkom.

Since that time, the stock of PT. Telkom registered to trade in Bursa Efek Jakarta (BEJ), Bursa

Efek Surabaya (BES), New York Stock Exchange (NYSE), and London Stock Exchange (LSE).

The stock of Telkom also trade without registration in Tokyo Stock Exchange.

In October 23rd, 2009, Telkom launched “New Telkom” with the change of company

identity.


II. ANALYSIS OF FINANCIAL CONDITION

Analysis 2005

Liquidity analysis

We can analyze the liquidity in 2005 by calculating the current ratio, quick ratio, and

cash ratio. If the current ratio less than 1, it means the company has a problem with short-term

liabilities or obligation. In 2005, Telkomunikasi Indonesia,Tbk has a problem with their short-

term liabilities because their current ratio is only 0,763

Quick ratio calculation almost the same as current ratio calculation. The different is only

about the inventory. In quick ratio, the calculation excludes the inventory. in 2005, the quick

ratio of PT. Telkom is 0,7462. It means that Telkomunikasi Indonesia,Tbk has a problem with

their inventory. Because when they exclude the inventory, the current asset is still bigger than the

current liabilities.

In 2005, the cash ratio of Telkomunikasi Indonesia,Tbk is 0.3977. Cash ratio ignores the

inventory and receivable. Higher cash ratio means better. But in this case, Telkomunikasi

Indonesia,Tbk has 0.3977 and it’s less than 1. But it’s reasonable because it’s very rare of a

company to have cash that can cover all the current liabilities.

Efficiency analysis

We can analyze the efficiency of a company by calculating average collection period,

account receivable turnover, total assets turnover, and fixed assets turnover. In 2005, the ACP of


Telkomunikasi Indonesia,Tbk is 32 days. It means that PT. Telkom needs 32 days to collect all

the account receivable. From that data we can know the account receivable turnover that is

11,2048 times. The higher turnover means better while lower period means better. The total

assets turnover is 0.6724. The last measurement of efficiency analysis is fixed assets turnover.

The fixed assets turnover Telkomunikasi Indonesia,Tbk in 2005 is 0.6724. If the sales are

greater than the fixed assets, it means good because the company can produce more than fixed

assets.

Leverage analysis

By calculating the debt ratio, equity ratio, and debt to equity ratio we can measure the

leverage of a company. In 2005, the debt ratio of Telkomunikasi Indonesia,Tbk is 30.65%. It

means Telkomunikasi Indonesia,Tbk uses 30,65% debt to finance the company. Not always the

lowest debt ratio is better but depends on the profit which get by the company. If the company

get more profit because of the debt so higher dept ratio its ok. We also need to know that higher

percent of debt ratio means higher financial risk. The equity ratio in 2005 is 37,46% which

means 37,46% assets of the company is financed by equity. The last measurement is the debt to

equity. The debt to equity in 2005 is 81,83% and it’s a high debt. Higher debt means higher risk

owned by the company.

Profitability analysis

Higher profitability ratio of a company creates a good impact for the company itself,

because the company gives higher profit. Actually we can analyze the profitability if we know

the dividend, but in this case, we can’t find the data from the financial statement. So, we use

operating profit margin, net profit margin, time interest earned, OIROI, ROE, ROA, and EPS to


analyze the profitability. The operating profit margin is 42,90% and the net profit margin is

27,68%. The return on assets is 28,84%. ROA measures the profit per dollar of assets.

The goal of a company is to maximize the shareholder’s wealth so a company the Return

on Equity is so important. The ROE in 2005 is 49,69%. It means for every rupiah in equity,

Telkomunikasi Indonesia,Tbk generated 49,69% in profit, from accounting perspective.

Analysis 2006

Liquidity analysis



liabilities or obligation. In 2006, Telkomunikasi Indonesia,Tbk has a problem with their short-

term liabilities because their current ratio is only 0,6778.



ratio of Telkomunikasi Indonesia,Tbk is 0,6674. It means that Telkomunikasi Indonesia,Tbk has

a problem with their inventory. Because when they exclude the inventory, the current asset is

still bigger than the current liabilities.

In 2006, the cash ratio of Telkomunikasi Indonesia,Tbk is 0,4049. Cash ratio ignores the


Indonesia,Tbk has 0,4049 and it’s less than 1. But it’s reasonable because it’s very rare of a


Efficiency analysis




Telkomunikasi Indonesia,Tbk is 27 days. It means that Telkomunikasi Indonesia,Tbk needs 27

days to collect all the account receivable. From that data we can know the account receivable

turnover that is 13,2713 times. The higher turnover means better while lower period means

better. The total assets turnover is 0,6826. The last measurement of efficiency analysis is fixed

assets turnover. The fixed assets turnover of Telkomunikasi Indonesia,Tbk in 2006 is 0,9287. If

the sales are greater than the fixed assets, it means good because the company can produce more

than fixed assets.

Leverage analysis


leverage of a company. In 2006, the debt ratio of Telkomunikasi Indonesia,Tbk is 24,41%. It

means Telkomunikasi Indonesia,Tbk uses 24,41% debt to finance the company. Not always the

lowest debt ratio is better but depend on the profit which get by the company. If the company get

more profit because of the debt so higher debt ratio it’s ok. We also need to know that higher

percent of debt ratio means higher financial risk. The equity ratio in 2006 is 37,35% which

means 37,35% assets of the company is financed by equity. The last measurement is the debt to

equity. The debt to equity in 2006 is 65,35% and it’s a high debt. Higher debt means higher risk

owned by the company.












Analysis 2007

Liquidity analysis



liabilities or obligation. In 2007, Telkomunikasi Indonesia,Tbk has no problem with their short-

term liabilities because their current ratio is 1,6958.




no problem with their inventory. Because when they exclude the inventory, the current asset is



inventory and receivable. Higher cash ratio means better. But in this case, PT. Telkom has


0,2132 and it’s less than 1. But it’s reasonable because it’s very rare of a company to have cash

that can cover all the current liabilities.

Efficiency analysis





turnover that is 17 times. The higher turnover means better while lower period means better. The

total assets turnover is 0,7243. The last measurement of efficiency analysis is fixed assets

turnover. The fixed assets turnover of Telkomunikasi Indonesia,Tbk in 2007 is 0,9779. If the

sales are greater than the fixed assets, it means good because the company can produce more

than fixed assets.

Leverage analysis


leverage of a company. In 2007, the debt ratio of PT. Telkom is 22,33%. It means Telkomunikasi

Indonesia,Tbk uses 22,33% debt to finance the company. We need to know that higher percent

of debt ratio means higher financial risk. The equity ratio in 2007 is 41,12% which means

41,12% assets of the company is financed by equity. The last measurement is the debt to equity.

The debt to equity in 2007 is 54.31% and it’s a high debt. Higher debt means higher risk owned

by the company.












Analysis 2008

Liquidity analysis















Efficiency analysis





turnover that is 17times. The higher turnover means better while lower period means better. The

total assets turnover is 0,6650. The last measurement of efficiency analysis is fixed assets

turnover. The fixed assets turnover of Telkomunikasi Indonesia,Tbk in 2008 is 0,8539. If the

sales are greater than the fixed assets, it means good because the company can produce more

than fixed assets.

Leverage analysis



means Telkomunikasi Indonesia,Tbk uses 22.20% debt to finance the company. We need to

know that higher percent of debt ratio means higher financial risk. The equity ratio in 2008 is


37,60% which means 37,60% assets of the company is financed by equity. The last measurement

is the debt to equity. The debt to equity in 2008 is 59,04% and it’s a high debt. Higher debt

means higher risk owned by the company.











Analysis 2009

Liquidity analysis















Efficiency analysis





turnover that is 16,3636 times. The higher turnover means better while lower period means

better. The total assets turnover is 0,6621. The last measurement of efficiency analysis is fixed

assets turnover. The fixed assets turnover of Telkomunikasi Indonesia,Tbk in 2009 is 3,9909. If

the sales are greater than the fixed assets, it means good because the company can produce more

than fixed assets.

Leverage analysis




means Telkomunikasi Indonesia,Tbk uses 21,44% debt to finance the company. We need to


39,96% which means 39,96% assets of the company is financed by equity. The last measurement

is the debt to equity. The debt to equity in 2009 is 53,65% and it’s a high debt. Higher debt

means higher risk owned by the company.











Analysis 2010

Liquidity analysis




term liabilities because their current ratio is 2.301569314




ratio of Telkomunikasi Indonesia,Tbk is 2.28967. It means that Telkomunikasi Indonesia,Tbk

has no problem with their inventory. Because when they exclude the inventory, the current asset

is still bigger than the current liabilities.

In 2010, the cash ratio of PT. Telkom is 0.210407893. Cash ratio ignores the inventory and

receivable. Higher cash ratio means better. But in this case, Telkomunikasi Indonesia,Tbk has

0,1388 and it’s less than 1. But it’s reasonable because it’s very rare of a company to have cash

that can cover all the current liabilities.

Efficiency analysis

We can analyze the efficiency of a company by calculating average collection period, account

receivable turnover, total assets turnover, and fixed assets turnover. In 2010, the ACP of



turnover that is 15.79967281 times. The higher turnover means better while lower period means

better. The total assets turnover is 0.68795358. The last measurement of efficiency analysis is

fixed assets turnover. The fixed assets turnover of Telkomunikasi Indonesia,Tbk in 2010 is

0.90501123. If the sales are greater than the fixed assets, it means good because the company

can produce more than fixed assets.

Leverage analysis



leverage of a company. In 2010, the debt ratio of Telkomunikasi Indonesia,Tbk is 44.52%. It

means Telkomunikasi Indonesia,Tbk uses 44.52% debt to finance the company. We need to


44.52% which means 44.52% assets of the company is financed by equity. The last measurement

is the debt to equity. The debt to equity in 2010 is 1% .

III. ANALYSIS OF COMPANY STOCK

High-low-close graph

1 10 19 28 37 46 55 64 73 82 91 1001091181271361451541631721811901990

1000

2000

3000

4000

5000

6000

7000

8000

9000

HighLowClose


From the high-low-close graph above, we can see so many information to absorb. The red

line represent the low price, the green line represent the close price, and the blue line represent

the high price. We can see some moment that all of the three lines seem like gathering in one

line, but actually they have different value. For example like in January 1 st, the lines look like

one line, but actually, the high price is 8050, the low price is 7900, and the close price is 8000.

The small difference of each price makes all the lines look like one line.

From the graph we can see that the price reach its highest price on January 3rd, 2011 was

8050. When our group searched in the internet about cause of the higher price that reached on

January 3rd, 2001, was capitalization value of the company's stock red plate in the stock market

until the end of 2010 reached Rp 819 trillion. BUMN control 26% of the total market

capitalization (market cap) Indonesia Stock Exchange (IDX) through December 29, 2010.

Market capitalization value of IHSG as a whole is $ 3100 trillion, which the BUMN controls as

much as Rp 819 trillion or 26% of the total market cap. Because of that condition Telkomunikasi

Indonesia,Tbk reached the highest price on January 3rd.

On March 22nd and 23rd,2011. Telkomunikasi Indonesia,Tbk reached the lowest price in

6600. That condition happened because of bad condition in Stock Exchages Market in Indonesia.

Because of that condition BUMN asked to Telkomunikasi Indonesia,tbk shareholder to buyback

all of stock Telkomunikasi Indonesia in SingTel. For now on SingTel hold 35% of stock and the

rest hold by Telkom.


Volume Graph

1 12 23 34 45 56 67 78 89 1001111221331441551661771881990

10000000

20000000

30000000

40000000

50000000

60000000

70000000

80000000

Volume

Volume

This second graph presents the volume of transaction from January 3rd until November

1st, 2011. The volume of transaction means the amount of transaction conducted at that time. The

flow of the graph seems in average but one moment, we can see it reach the highest volume as a

top in August 4th ,in 73493000 but then plummeted immediately. While in May 25th, it reach its

lowest volume in 572350.

AVERAGE, STANDARD DEVIATION, HIGHEST, LOWEST DATA FROM January

3rd, 2011 – November 1st, 2011

highest 8000 8050 7900 8000 73493000 8000lowest 6600 6800 6600 6600 5723500 6600

average7394.63

47477.31

77306.09

87393.41

519356948

.87393.41

46standard deviation

248.4175

240.0166

243.9953

251.2577

12068060.6

251.25772


The highest open price from January 3rd, 2011 – November 1st, 2011 is 8000 and the

lowest is 6600. The highest open price was in January 3rd and January 4th,2011 and the lowest

open price was in March 23th,2011. The average of open price is 7394.634. We get it from the

sum of the entire price divided by 205. The standard deviation is 248.4175.

The highest high price from January 3rd, 2011 – November 1st, 2011 is 8050 and the

lowest is 6800. The highest high price was in January 3rd, 2011 and the lowest high price was in

March 22nd, 2011 and March 23th, 2011. The average of high price is 7477.317. We get it from

the sum of the entire price divided by 205. The standard deviation is 240.0166.

The highest low price from January 3rd, 2011 – November 1st, 2011 is 7900 and the

lowest 6600. The highest low price was in January 3rd, 2011 until January 5th, 2011 and the

lowest low price was in March 22nd, 2011 and March 23th, 2011. The average of low price is

7306.098. We get it from the sum of the entire price divided by 205. The standard deviation is

243.9953.

The highest close price from January 3rd, 2011 – November 1st, 2011 is 8000 and the

lowest is 6600. The highest close price was in January 3rd and January 5th, 2011 and the lowest

close price was in March 22nd, 2011. The average of close price is 7393.415. We get it from the

sum of the entire price divided by 205. The standard deviation is 251.2577.

The volume of transaction means the amount of transaction conducted at that time.The

highest volume from January 3rd, 2011 – November 1st, 2011 73493000 and the lowest is

5723500. The highest volume price was August 4th, 2011 and the lowest volume price was in

May 25th, 2011. The average of volume price is 19356948.8. We get it from the sum of the entire


price divided by 205. The standard deviation is 12068060.6. Higher standard deviation gives

higher risk to the company.

CONCLUSION

We compared Telkomunikasi Indonesia,Tbk financial report year by year from 2005 until

2010 using profitability analysis, we found that it slightly decreasing year by year. We don’t

actually know the reason why it happens, but we just know that from year 2005 untill 2010,

Telkomunikasi Indonesia,Tbk ability to earn profit is decreasing.

From the data that we have collect before and from some calculation about this company’s

financial performance, we found that ROE of Telkomunikasi Indonesia,Tbk is decreasing year

by year. It means that the company’s financial performance is increasing, because we know that

if ROE decreasing it means that the income of the company is increase.

We compared Telkomunikasi Indonesia,Tbk financial report year by year from 2005 until

2010 using liquidity analysis, we found that it is fluctuating. Liquidity is about how fast an asset

can converted to cash. So, it means that Telkomunikasi Indonesia,Tbk their liquidity ability is

not stable.

Leverage is combination of fund or capital used by company or debt equity. We compared

Telkomunikasi Indonesia,Tbk financial report year by year from 2005 until 2010 using leverage

analysis, we found that it decreasing year by year. So, the company’s debt is decreasing year by

year. Telkomunikasi Indonesia,Tbk always make a new program and add its assets as like service

and etc. Thats why Telkomunikasi Indonesia,Tbk can get the profit in year by year than other

competitors.


APPENDIXES

PERUSAHAAN PERSEROAN (PERSERO) P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2009 AND 2010

(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

2009* 2010Notes Rp. Rp. US$ (Note

3)ASSETSCURRENT ASSETSCash and cash equivalents 2c,2e,5,44 7,805,460 9,119,849

1,012,192Temporary investments 2c,2f,44 359,507 370,433

41,114Trade receivables 2c,2g,2s,6,

36,44 Related parties - net of allowance for doubtful

accounts of Rp.93,483 million in 2009 and Rp.151,266 million in 2010 604,768 780,043

86,575Third parties - net of allowance for doubtful

accounts of Rp.1,180,067 million in 2009 and Rp.1,294,078 million in 2010 3,184,916 3,563,666

395,523Other receivables - net of allowance for doubtful

accounts of Rp.9,517 million in 2009 andRp.6,304 million in 2010 2c,2g,44 128,025 90,140

10,005Inventories - net of allowance for obsolescence of

Rp.72,174 million in 2009 and Rp.83,286million in 2010 2h,7,36 435,244 515,536

57,218Advances and prepaid expenses 2c,2i,8,44 2,496,539 3,441,031

381,912Claims for tax refund 2r,38 666,351 133,056

14,768Prepaid taxes 2r,38 379,732 715,698

79,434Other current assets 2c,9,44 125,482 1,175

130Total Current Assets 16,186,024 18,730,627

2,078,871

NON-CURRENT ASSETSLong-term investments - net 2f,10 151,553 253,850

28,174Property, plant and equipment - net of accumulated

depreciation of Rp.72,716,079 million in 2009 2k,2l,2p,4,11,and Rp.83,712,378 million in 2010 18,19,22,46 76,419,897 75,832,408

8,416,471Prepaid pension benefit cost 2c,2q,41,44 497 988

110Advances and other non-current assets 2c,2k,2n,12,

28,44,48 2,488,842 3,052,695338,812

Goodwill and other intangible assets - net ofaccumulated amortization of Rp.7,570,659


million in 2009 and Rp.9,094,032 million in2010 2d,2j,4,13,54 2,428,280 1,784,525

198,061Escrow accounts 2c,14,44 44,114 41,662

4,624Deferred tax assets - net 2r,38 94,953 61,692

6,847Total Non-current Assets 81,628,136 81,027,820

8,993,099TOTAL ASSETS 97,814,160 99,758,447

11,071,970

* as restated, refer to Note 2p

2009* 2010Notes Rp. Rp.

US$ LIABILITIES AND

STOCKHOLDERS' EQUITYCURRENT LIABILITIESTrade payables 2c,2p,15,44

Related parties 1,759,468 1,153,874128,066

Third parties 8,038,586 6,356,921705,541

Other payables 3,162 20,953 2,326Taxes payables 2r,38 1,749,789 735,690 81,653Dividend payables 2u 405,175 255,545 28,362Accrued expenses 2c,2p,16,

34,41,44 4,118,994 3,409,260378,386

Unearned income 2p,17 2,946,532 2,681,483297,612

Advances from customers andsuppliers 111,356 499,705 55,461

Short-term bank loans 2c,18,44 43,850 55,831 6,197Current maturities of long-term 2c,2l,2p,19,

liabilities 44 7,716,213 5,303,636588,639

Total Current Liabilities 26,893,125 20,472,8982,272,243

NON-CURRENT LIABILITIESDeferred tax liabilities - net 2r,38 3,220,510 4,073,814

452,144Unearned income 2p 393,078 312,029 34,631Accrued long service awards 2c,2q,42,44 212,518 242,149 26,876Accrued post-retirement health care

benefits 2c,2q,43,44 1,801,776 1,050,030116,541

Accrued pension and other post-retirement benefits costs 2c,2q,41,44 808,317 536,990 59,599

Long-term liabilities - net of current


maturitiesObligations under finance leases 2l,2p,11,19 541,575 408,867 45,379Two-step loans - related party 2c,19,20,44 3,094,110 2,741,303

304,251Bonds and notes 2c,19,21,44 68,777 3,249,379

360,641Bank loans 2c,19,22,44 11,086,688 10,256,205

1,138,313Deferred consideration for

business combinations 19,23 108,079 - -Total Non-current Liabilities 21,335,428 22,870,766

2,538,375TOTAL LIABILITIES 48,228,553 43,343,664

4,810,618MINORITY INTEREST 24 10,933,347 11,996,041

1,331,414

2009* 2010Notes Rp. Rp. US$

STOCKHOLDERS' EQUITY Capital stock - Rp.250 par value per

Series A Dwiwarna share and Series B share Authorized - 1 Series A Dwiwarna

share and 79,999,999,999 Series B shares

Issued and fully paid - 1 Series A Dwiwarna share and 20,159,999,279 Series B shares 1c,25 5,040,000 5,040,000 559,379

Additional paid-in capital 2t,26 1,073,333 1,073,333 119,127Treasury stock - 490,574,500 shares in

2009 and 2010 2t,27 (4,264,073) (4,264,073 )(473,260)

Difference in value arising from restructuring transactions and other transactions between entities under common control 2d,28 478,000 478,000 53,052

Difference due to change of equity inassociated companies 2f 385,595 385,595 42,796


Unrealized holding gain fromavailable-for-sale securities 2f 18,136 49,695 5,516

Translation adjustment 2f 230,995 233,378 25,902Difference due to acquisition of

minority interest in subsidiaries 1d,2d (439,444) (484,629) (53,788)Retained earnings

Appropriated 15,336,746 15,336,746 1,702,192Unappropriated 2p,2s 20,792,972 26,570,697 2,949,022

Total Stockholders' Equity 38,652,260 44,418,742 4,929,938TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY 97,814,160 99,758,44711,071,970

*

2008* 2009*2010

Notes Rp. Rp. Rp. US$ (Note 3)OPERATING REVENUES

Telephone 2p,29Fixed lines 16,708,647 14,286,212 12,940,007

1,436,183Cellular 26,529,098 28,532,530 29,133,595

3,233,473Interconnection 2c,2p,30,44 4,362,566 3,866,642 3,735,376

414,581Data, internet and information

technology services 2p,31 14,768,183 18,511,587 19,801,0972,197,680

Network 2c,2p,32,44 1,079,475 1,218,013 1,058,159117,443

Other telecommunications services 2p,33 718,460 1,262,534 1,960,947217,641

Total Operating Revenues 64,166,429 67,677,518 68,629,1817,617,001

OPERATING EXPENSESDepreciation and amortization 2k,2l,2p,11,

12,13,54 12,332,076 13,974,804 14,611,4581,621,694

Personnel 2c,2p,2q,16,34,41,42,43,44 9,116,634 8,533,157 7,516,470

834,236Operations, maintenance and

telecommunication services 2c,2p,35,44 12,301,277 14,549,413 16,046,4141,780,956

General and administrative 2g,2h,2p,6,7,36,54 2,366,185 2,643,788 2,352,146261,059

Interconnection 2c,2p,37,44 3,263,560 2,929,260 3,086,355342,548

Marketing 2p 2,349,729 2,259,460 2,525,218280,268

Total Operating Expenses 41,729,461 44,889,882 46,138,0615,120,761

OPERATING INCOME 22,436,968 22,787,63622,491,120 2,496,240

OTHER (EXPENSES) INCOMEInterest income 2c,44 671,834 462,169 421,354

46,765Equity in net (loss) income of associated

companies 2f,10 20,471 (29,715)(13,622) (1,512)

Interest expense 2c,2p,44 (1,641,285) (2,095,978)(1,928,035) (213,988)


Gain (loss) on foreign exchange - net 2o (1,613,759) 972,947 42,9484,767

Others - net 2p 524,742 349,962 402,58644,682

Other expenses - net (2,037,997) (340,615)(1,074,769) (119,286)

INCOME BEFORE TAX 20,398,971 22,447,02121,416,351 2,376,954

TAX (EXPENSE) BENEFIT 2p,2r,38Current (5,823,558) (6,029,701)

(4,669,394) (518,246)Deferred 150,016 (374,422)

(876,645) (97,297)(5,673,542) (6,404,123)

(5,546,039) (615,543)INCOME BEFORE MINORITY

INTEREST IN NET INCOME OFCONSOLIDATED SUBSIDIARIES 14,725,429 16,042,898

15,870,312 1,761,411MINORITY INTEREST IN NET

INCOME OF CONSOLIDATEDSUBSIDIARIES - net 24 (4,053,643) (4,644,072)

(4,333,313) (480,945)NET INCOME 10,671,786 11,398,826

11,536,999 1,280,466BASIC EARNINGS PER SHARE 2v,39

Net income per share 540.38 579.52 586.540.07

calculation 2010 (in million rupiah)

Liquidity analysis current ratio : current assets = 99,758,447 current liabilities 43,343,664 = 2.301569314 quick ratio : current assets - inventories = 99758447- 515,536 current liabilities 43343664 = 2.28967 cash ratio : cash + marketable securities = 9,119,849 current liabilities 43343664 = 0.210407893 efficiency analysis average collection : 365 days = 365 period Account receivable T/R 15.7996 = 23.10185068


= 23 days

Account receivable T/R net sales = 68629181

account receivable 4343709 = 15.79967281 times total assets : sales = 68629181 turnover total assets 99758447 = 0.687953583 fixed assets : sales = 68629181 turnover fixed assets 75,832,408 = 0.905011232 leverage analysis debt ratio (using : total debt = 44,418,742

total debt assumption.) total assets 99758447

= 0.445262966 = 44.52% equity ratio : total equity = 44418742 total assets 99758447 = 0.445262966 = 44.52% debt to equity ratio : total debt = 44418742 total equity 44418742 = 1 = 1.00% Profitability analysis

operating profit margin : operating income = 22,491,120


sales 68629181 = 0.327719487 = 32.77% net profit margin : net income = 11,536,999 sales 68629181 = 0.168106319 = 16.81% times interest earned : operating income = 22491120 interest expense 1,928,035 = 11.66530691 times OIROI : operating income = 22491120 total assets 99758447 = 0.225455795 = 22.54% ROE : net income = 11536999 total equity 44418742 = 0.259732682 = 25.97% ROA : net income = 11536999 total assets 99758447 = 0.115649344 11.56%

EPS net income = 11536999 share outstanding 5,040,000 = 2.289087103


SOURCE

www.idx.co.id

www.finance.yahoo.com

www.wikipedia.com

http://economy.okezone.com/read/2011/04/08/320/443750/menteri-bumn-minta-singtel-lepas-

saham-telkomsel

http://economy.okezone.com/read/2011/03/25/278/438883/telkom-didesak-kuasai-100-saham-

telkomsel

http://finance.detik.com/read/2011/10/01/103606/1734512/6/telkom-buyback-saham-rp-1-triliun-

hingga-september

Corporate Finance Fundamental, McGrwa Hill, seventh edition


http://finance.detik.com/read/2011/10/01/103606/1734512/6/telkom-buyback-saham-rp-1-triliun-hingga-september

http://finance.detik.com/read/2011/10/01/103606/1734512/6/telkom-buyback-saham-rp-1-triliun-hingga-september

http://economy.okezone.com/read/2011/03/25/278/438883/telkom-didesak-kuasai-100-saham-telkomsel

http://economy.okezone.com/read/2011/03/25/278/438883/telkom-didesak-kuasai-100-saham-telkomsel

http://economy.okezone.com/read/2011/04/08/320/443750/menteri-bumn-minta-singtel-lepas-saham-telkomsel

http://economy.okezone.com/read/2011/04/08/320/443750/menteri-bumn-minta-singtel-lepas-saham-telkomsel

http://www.wikipedia.com/

http://www.finance.yahoo.com/

http://www.idx.co.id/

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