First Half 2006 Results
30 August 2006
PT Indosat Tbk
JSX : ISAT
NYSE : IIT
Reuters : ISAT.JK
Bloomberg : ISAT.IJ
Market Capitalization
Rp29.09 trillion (As of 30 June 2006)
Issued shares
5,401,323,500 (after 5:1 Stock Split & Issuance of ESOP)
Share Price
Rp4,275 (As of 30 June 2006)
Hi/Lo (3 mo) Rp5,800/Rp4,050
Major Shareholders(As of 30 June 2006)
Indonesia Communications Ltd 40.20%
Indonesia Communications Pte. 0.86%
Government of Indonesia 14.38%
Public 44.56%
IDR to USD Conversion
1 USD = Rp9,300 (30 June 2006)
Board of Directors
President Director/CEO – N/A
Deputy Pres. Dir. - Kaizad B. Heerjee
Jabotabek & Corporate Sales Dir. – Johnny Swandi Sjam
Marketing Dir. – Wahyu Wijayadi
Regional Sales Dir. – Wityasmoro S. H.
Network Dir. – Raymond Tan
Information Technology Dir– Joseph Chan
Finance Dir./CFO – Wong Heang Tuck
Corporate Svc. Dir. – S. Wimbo S Hardjito
Major Consolidated Subsidiaries
PT Aplikanusa Lintasarta (72.36%)
PT Indosat Mega Media (99.85%)
Indosat Singapore Pte Ltd (100%)
Indosat Finance Company BV (100%)
Indosat International Finance
Company BV (100%)
Financial Summary
For Period Ended 30 June
In Rp Billion | 2005 | 2006 | (%) Change |
Operating Revenues | 5,780.7 | 5,767.1 | -0.2 |
Operating Expense | 3,864.3 | 4,199.3 | 8.7 |
Operating Income | 1,916.4 | 1,567.8 | -18.2 |
Net Income | 786.3 | 548.8 | -30.2 |
EBITDA | 3,393.7 | 3,306.1 | -2.6 |
Financial Ratios
Formula | 1H-2005 | 1H-2006 | |
EBITDA Margin | EBITDA / Operating Revenues | 58.7% | 57.3% |
Interest Coverage | EBITDA/Interest Expense | 578.9% | 536.7% |
Debt to EBITDA | (Debt + Procurement Payable) / EBITDA (Annualized) | 222.5% | 220.8% |
Net Debt to Equity | Net Debt / Total Equity | 42.5% | 56.0% |
Highlights of the 1H-2006
·
Cellular, MIDI (Multimedia, data communications and internet) and fixed telecommunications services contributed 74.4%, 16.1% and 9.5% respectively to operating revenues
·
As of 30 June 2006, our cellular subscriber base reached around 13.9 million or increased by 7.7% year-on-year. The net add subscriber in 2Q 2006 was 903,734 subscribers following several new marketing initiatives launched in April and June 2006.
·
We recorded MIDI services of Rp927.3 billion, or a 13.1% growth compared to the same period last year due to increase demand of MIDI services among others Frame relay, IP-VPN and Internet access.
·
For fixed telecommunication business, our international calltraffic grew by 14.3% compared to the same period last year mainly driven by the increase in incoming minutes. We rolled out additional cities for fixed wireless access and pioneering EV-DO services.
We have rolled out 546 new base stations in first half 2006, increasing our capacity, quality and coverage to reach 95.5% of all cities and 60.2% of all district in Indonesia.
Investor Relations Division PT Indosat Tbk. Jl Medan Merdeka Barat 21 Jakarta – Indonesia | Phone :+62213869614/300030001 Fax : +62 21 3804045 E-mail : investor@indosat.com http://www.indosat.com |
INDOSAT REPORTS FIRST HALF 2006
OPERATING AND FINANCIAL RESULTS WITH LIMITED REVIEW REPORTS
Jakarta, 30 August 2006 PT Indosat Tbk (“Indosat” or “the Company”) released its consolidated first half 2006 operational and financial results with limited review reports from an independent auditor (Purwantono, Sarwoko & Sandjaja, a member of Ernst & Young Global). The Company recorded operating revenues and operating income for the period ended 30 June 2006 amounting to Rp5,767.1 billion and Rp1,567.8billion respectively. Net income was recorded as Rp548.8billion.
For the period ended 30 June 2006, cellular, MIDI, and fixed telecommunication services contributed 74.4%, 16.1% and 9.5% to operating revenues, respectively.
The financial statements were prepared in accordance with the Indonesian Generally Accepted Accounting Principles.
FINANCIAL & OPERATIONAL RESULTS
Profit and Loss Statements (for the period ended 30 June 2006 compared to the period ended 30 June 2005):
Operating revenues
Cellular services revenues. In the first half 2006, we recorded cellular operating revenues of Rp4,290.8 billion, or decrease 0.5% from Rp4,312.4 billion in the first half 2005. As of end June 2006 we had 13,859,914 subscribers consisted of 95% prepaid and 5% postpaid subscribers. Following the new marketing initiatives in April and June, our subscribers increased by 903,734 subscribers and usage revenues increased by 9.4% in the second quarter compared to the first quarter 2006.
Cellular Services | 1Q 2006 | 2Q 2006 |
Total cellular subscriber (sub) Net add subscriber (sub) | 12,956,180 (1,556,273) | 13,859,914 903,734 |
Cellular revenues (Rp billion) · Usage · Features · Others * Total | 1,156.1 723.1 292.7 2,171.9 | 1,264.5 703.5 150.9 2,118.9 |
*includes interconnection income, monthly subscription fee, connection fees, and others
MIDI services. Operating revenues from MIDI services grew 13.1%, from Rp820.1 billion in first half 2005 to Rp927.3 billion in first half 2006, despite the increased competition from domestic and international providers. The increase in MIDI revenues is contributed by growth of IP based services (IP VPN) such as Frame relay, IPVPN and Internet access as well of wholesale services.
Fixed Telecommunication services. Operating revenues from fixed telecommunication services decreased 15.3%, from Rp648.3 billion in first half 2005 to Rp548.9 billion in first half 2006. Our international call (IDD) traffic grew especially the incoming traffic, and this made an increase of IDD revenues in the second quarter 2006.
Fixed Telecommunication Services | 1Q 2006 | 2Q 2006 |
International Calls · Total traffic (minutes) · International calls revenues (Rp billion) | 271,604 209.9 | 262,849 217.9 |
Operating expenses
Operating expenses increased by Rp335.0 billion, or 8.7%, from Rp3,864.3 billion in first half 2005 to Rp4,199.3 billion in first half 2006, primarily due to increased expenses for depreciation and amortization, marketing, leased circuit, and other cost of services. While we were able to manage the other operating expenses items.
Depreciation and amortization expenses.It increased by 17.7% from Rp1,477.3 billion in first half 2005 to Rp1,738.4 billion in first half 2006. The depreciation expense relates primarily to increase in our capital expenditure especially for our cellular equipments.
Leased Circuit expenses.It increased by Rp23.2 billion, or 33.4%, from Rp69.5 billion in first half 2005 to Rp92.6 billion in first half 2006. Leased Circuit expenses increased primarily due to increase for internet circuit and transponder leasing of MIDI and cellular services.
Marketing expenses. It increased by Rp26.9 billion or 17.0%, from Rp158.7 billion in first half 2005 to Rp185.6 billion in first half 2006. The increasing was due to aggressive campaign our product in second quarter 2006.
Other cost of services expenses. It increased by Rp88.7 billion, or 12.4%, from Rp714.0 billion in first half 2005 to Rp802.7 billion in first half 2006. Cost of SIM cards & pulse reload vouchers contributed around 30% of total cost of services, and increased by Rp51.5 billion or 27.2% year on year, due to provision for obsolete and net realizable value of inventory.
Other expenses
We recorded the decreased other expenses from Rp764.7 billion in first half 2005 to Rp744.5 billion in first half 2006.
Interest income. It increased by Rp39.8 billion to Rp119.3 billion due to the increase in the average interest rate in time deposit.
Financing cost. It increased 8.2% from Rp595.4 billion in first half 2005 to Rp644.4 billion in first half 2006, principally due to additional indebtedness due to bonds issuance in June 2005.
Gain (Loss) on Foreign Exchange-Net. It increased from loss of Rp119.3 billion in first half 2005 to gain of Rp141.9 billion in first half 2006 due to the appreciation of the Rupiah against the U.S. dollar in first half 2006 compared to first half 2005 and the higher USD denominated bond and the higher weighted average balance of U.S. dollar-denominated liability in first half 2006. This was partly offset by unrealized loss on derivatives was Rp214.5 billion in first half 2006, mainly due to the derivative transactions that the Company entered into in 2005.
Status of debt
As of 30 June 2006, the Company had outstanding debt of Rp11,633.2 billion which includes Loans payable (including current maturities and unamortized debts issuance cost) of Rp1,698.2 billion and bonds payable (including current maturities, unamortized bonds/notes issuance cost and unamortized notes discount) of Rp9,935.0 billion. The debt composition were USD denominated of 46.43% and Rupiah denominated of 53.57%. We had hedging facility amounting to USD375.0 million or representing 63.78% of our USD denominated borrowings.
While the cash position as at 30 June 2006 was Rp3,671.5 billion, therefore the net debt was Rp7,961.7 billion.
Facility | Amount | Maturity | Interest Rate |
INDOSAT | |||
Bonds II (Rp billion) | 1,075 | 2007 and 2032 | Series A Fixed 15.75% p.a., Series B Fixed 16% p.a. and Series C Floating maximum 18.5% p.a. and minimum 15% p.a. |
Syariah Mudharabah (Rp billion) | 175 | 2007 | Revenue-sharing |
Bonds III (Rp billion) | 2,500 | 2008 and 2010 | Series A Fixed 12.5% p.a. and Series B Fixed 12.875% p.a. |
Bonds IV (Rp billion) | 815 | 2011 | Fixed 12.0% p.a. |
Syariah Ijarah (Rp billion) | 285 | 2011 | Fixed Ijarah Return amounting to Rp8.55 payable on a quarterly basis |
Guaranteed Notes I (US$ Million) | 300 | 2010 | Fixed 7.75% p.a. |
Guaranteed Notes II (US$ Million) | 250 | 2012 | Fixed 7.125% p.a. |
Syndicated Loans – Mandiri (Rp billion) | 120.6 | 2008 | Fixed rate of 9.3% for 2 years, floating rate 3-month time deposits rate guaranteed by BI + 2.5% (min. 10.5%) for the following year |
Syndicated Loans – BNI (Rp billion) | 517.6 | 2008 | Fixed rate of 9.3% for 2 years, floating rate 3-month time deposits rate guaranteed by BI + 2.5% (min. 10.5%) for the following year |
Syndicated Loan – BCA (Rp billion) | 611.8 | 2008 | Fixed rate of 9.3% for 2 years, floating rate 3-month time deposits rate guaranteed by BI + 2.5% (min. 10.5%) for the following year |
Finnish Export Credit Facility (USD Million) | 38.0 | 2011 | 4.15% Fixed Rate |
LINTASARTA | |||
Loans payable from Niaga (Rp billion) | 108.2 | 2007 - 2009 | 3-month time deposit rate guaranteed by BI or annual rate of 3-month Certificate of Bank Indonesia + 2.75% up to 3.5% |
Limited and Convertible Bonds (Rp billion) | 61.9* | 2009 and 2007 | Floating maximum 19% p.a. and minimum 11% p.a. |
*After elimination of limited and convertible bonds issued to the Company
For the purpose of revenue sharing calculation on Indosat’s Syariah Bond, the table below presented consolidated satellite revenue and IM2’s Internet revenues as the basis for revenue sharing calculation.
Revenues In Mio Rp | 1Q-06 | 2Q-06 |
Internet (from IM2) | 88,139 | 99,346 |
Satellite (Indosat Consolidated) | 34,909 | 33,165 |
Capital expenditures
In first half 2006, Indosat committed Rp2.823.1 billion for capital expenditure in first half 2006 with the following breakdown: (i)Rp2,247.4 billion for cellular network, (ii)Rp421.6 billion for fixed telecom, MIDI and Backbone, (iii)Rp104.1 billion for Network and Information Technology and (iv) Rp50.0 billion for Region and Property
For 2006, Indosat plans to spend for the capital expenditure of around US$700 million of which around 80% will be allocated for cellular business.
Marketing initiatives
We launched new cellular marketing initiatives in the second quarter 2006, mainly consist of :
a.
Enhancement of voice offering with free and attractive tariff. This initiative consists of free talk and extended local zone. Free talk offering enables Mentari users to make calls with free of charge to other Mentari subscribers from midnight to 5 am. Meanwhile, with extended local zone, Mentari subscribers can enjoy local tariff for calls in wider zone.
b.
Enhancement of value added services . This initiative consists of I-Ring (Ring Back Tone), I-Say (Voice SMS), and SMS Raja. I-Ring is very popular among our customers as they can upload provided songs by Indosat for their ring tone. I-Say is also attractive as Indosat’s customers can send voice message. While SMS Raja gives IM3 customers a 10 free SMS for every 10 SMS sent (not cumulative)
c.
Bundled offering . Indosat offers customers to have cheapest handset in the market by bundling Nokia hand set with Mentari, and Motorola handset with IM3.
d.
Long live vouchers . This initiative gives IM3 customers to have longer active period up to one year. IM3 customers also have benefit from this program in form of 5 SMS bonuses per week by making at least one call during one week.
Network Development Updates
In the first half 2006, we have installed 546 new BTSs, and as a result, our BTSs as of June 30, 2006 were 6,248. Our coverage with this new BTS installation would have covered 410 cities or 95.4% of total cities in Indonesia and 3009 districts or 60.2% of total districts in Indonesia.
RECENT DEVELOPMENTS
Indosat received Annual Report Award
On 11 August 2006, Indosat received the Annual Report Awards for the 2nd winner for for Non-Financial Private Listed Category. The Award was conducted by the Ministry of State Own Enterprise, Directorate General Tax, Capital Market Supervisory Agency, Bank Indonesia, Jakarta Stock Exchange, National Committee Good Corporate Governance Regulation and Indonesia Accountant Union.
Indosat launched Starone in Palembang
On 5 August 2006, PT Indosat launched Fixed Wireless Access (FWA) through its brand Jagoan and StarOne Postpaid for Palembang area as part of its plan to expand FWA services in . in 15 cities during year 2006. Besides Palembang, currently StarOne is available in 8 cities in Indonesia, Jakarta, Bogor, Surabaya, Malang, Medan, batam, Pekanbaru and Palembang.
Indosat launched Poin Plus Plus Program.
On 29 August 2006, Indosat launched the program so called “Poin Plus Plus”, an appreciation program for all Indosat’s wireless subscribers either those as postpaid subscribers (Matrix, Starone) or prepaid ones (Mentari, IM3, Jagoan), through poin collection based mechanism from usage and voucher reloading as well as the of subscription period.
Disclaimer:
This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of an offering circular that may be obtained from the Company and will contain detailed information about the Company and management, as well as financial statements. The Company does not intend to register any part of the offering in the United States.
This document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of Indosat, that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law.
Forward looking statements are subject to risks and uncertainties that may cause actual events and Indosat's future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by Indosat, or indicated by any such forward looking statements, will be achieved.//
PT Indosat Tbk and Subsidiaries
Key Operational Data
YTD For The Year Ended 30 June 2005 and 2006
Description | Unit | YTD Ended 30 June 2005 | YTD Ended 30 June 2006 | Growth | |
1 | 2 | 3=(2-1)/1 | |||
CELLULAR | |||||
Net add prepaid | subs | 3,117,982 | (713,250) | -122.9% | |
Net add postpaid | subs | 2,374 | 60,711 | 2457.3% | |
Total Net Additions | subs | 3,120,356 | (652,539) | -120.9% | |
Prepaid | subs | 12,332,645 | 13,122,796 | 6.4% | |
-Mentari | subs | 8,085,053 | 7,160,101 | -11.4% | |
-IM3 | subs | 4,247,592 | 5,962,695 | 40.4% | |
Postpaid | subs | 542,318 | 737,118 | 35.9% | |
Total Cellular Subscriber | subs | 12,874,963 | 13,859,914 | 7.7% | |
ARPU Prepaid | Rp | 238,548 | 208,730 | -12.5% | |
ARPU Postpaid | Rp | 64,943 | 50,944 | -21.6% | |
ARPU Blended | Rp | 74,266 | 59,030 | -20.5% | |
Base Stations | 5,108 | 6,248 | 22.3% | ||
Base Station controller | 124 | 167 | 34.7% | ||
Mobile switching centers | 41 | 47 | 14.6% | ||
MIDI | |||||
Indosat : (Accumulated Numbers) |
| ||||
Wholesale | |||||
International High Speed Leased Circuit | cct/64k | 3,342 | 7,816 | 133.9% | |
Domestic High Speed Leased Circuit | cct/64k | 21,618 | 37,638 | 74.1% | |
Satellite Transponder Leased (external usage) | # transp | 12,7 | 12.3 | -3.1% | |
Datacom | |||||
International High Speed Leased Circuit | cct/64k | 581 | 861 | 48.2% | |
Domestic High Speed Leased Circuit | cct/64k | 4,276 | 6,381 | 49.2% | |
Frame Relay | port | 929 | 982 | 5.7% | |
IPVPN | cct/64k | 645 | 4,214 | 553.3% | |
Lintasarta : (Accumulated Numbers) | |||||
High Speed Leased Line (SDL) | link | 1,626 | 1,226 | -24.6% | |
Frame Relay | access | 4,450 | 4,381 | -1.6% | |
VSAT | terminal | 1,736 | 1,775 | 2.2% | |
IPVPN | link | 1,598 | 2,565 | 60.5% | |
IM2 | |||||
Internet Dial Up | user | 29,048 | 28,883 | -0.6% | |
Internet Dedicated | link | 717 | 1,149 | 60.3% | |
IPVPN | link | 319 | 159 | -50.2% | |
FIXED TELECOMMUNICATION | |||||
IDD | |||||
Outgoing Traffic | 000 min | 80,567 | 72,193 | -10.4% | |
Incoming Traffic | 000 min | 387,106 | 462,260 | 19.4% | |
| |||||
Total Traffic | 000 min | 467,675 | 534,453 | 14.3% | |
I/C Ratio | - | 4.80 | 6.40 | 33.3% | |
FWA | |||||
Prepaid | subs | 104,793 | 188,575 | 79.9% | |
Postpaid | subs | 17,442 | 19,476 | 11.7% | |
Total | subs | 122,235 | 208,051 | 70.2% | |
EMPLOYEES | |||||
Indosat and its subsidiaries (including non permanent employees) | person | 7,931 | 7,787 | -1.8% | |
PT INDOSAT Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SIX MONTH ENDED June 30, 2005 & 2006
(Expressed in billions of Indonesian Rupiah and millions of U.S.Dollars, except share data)
DESCRIPTION | Growth(2) | ||||||
Three Months | |||||||
Ended June 30, | |||||||
2005 | 2006 | ||||||
RP | RP | US $(1) | |||||
OPERATING REVENUES | |||||||
Cellular | 4,312.4 | 4,290.8 | 461.4 | -0.5% | |||
Multimedia, Data Communication, Internet ("MIDI") | 820.1 | 927.3 | 99.7 | 13.1% | |||
Fixed Telecommunication | 648.3 | 548.9 | 59.0 | -15.3% | |||
TOTAL OPERATING REVENUES | 5,780.7 | 5,767.1 | 620.1 | -0.2% | |||
OPERATING EXPENSES | |||||||
Depreciation & amortization | 1,477.3 | 1,738.4 | 186.9 | 17.7% | |||
Personnel | 638.3 | 610.2 | 65.6 | -4.4% | |||
Administration and general | 297.7 | 316.0 | 34.0 | 6.1% | |||
Maintenance | 301.7 | 272.1 | 29.3 | -9.8% | |||
Marketing | 158.7 | 185.6 | 20.0 | 17.0% | |||
Compensation to telecommunications carriers & service providers | 207.2 | 181.7 | 19.5 | -12.3% | |||
Leased circuits | 69.4 | 92.6 | 10.0 | 33.5% | |||
Other costs of services | 714.0 | 802.7 | 86.3 | 12.4% | |||
TOTAL OPERATING EXPENSES | 3,864.3 | 4,199.3 | 451.5 | 8.7% | |||
OPERATING INCOME | 1,916.4 | 1,567.8 | 168.6 | -18.2% | |||
OTHER INCOME (EXPENSES) | |||||||
Gain (loss) on foreign exchange - net | (119.3) | 141.9 | 15.3 | 218.9% | |||
Interest income | 79.5 | 119.3 | 12.8 | 50.1% | |||
Financing cost | (595.4) | (644.4) | (69.3) | 8.2% | |||
Loss on change in fair value of derivatives - net | (44.1) | (214.5) | (23.1) | 386.3% | |||
Amortization of goodwill | (113.2) | (113.3) | (12.2) | 0.0% | |||
Loss on sale of other long-term investments | (1.0) | - | - | -100.0% | |||
Others - net | 28.8 | (33.7) | (3.6) | -216.9% | |||
TOTAL OTHER INCOME (EXPENSES) | (764.7) | (744.5) | (80.1) | -2.6% | |||
EQUITY IN NET INCOME OF ASSOCIATED COMPANIES | 0.1 | (0.1) | (0.0) | -199.0% | |||
INCOME BEFOR INCOME TAX | 1,151.7 | 823.2 | 88.5 | -28.5% | |||
INCOME TAX EXPENSE | |||||||
Current | 236.1 | 116.3 | 12.5 | -50.8% | |||
Deferred | 111.6 | 137.6 | 14.8 | 23.3% | |||
TOTAL INCOME TAX EXPENSE | 347.7 | 253.9 | 27.3 | -27.0% | |||
INCOME BEFORE MINORITY INTEREST IN NET INCOME | 804.0 | 569.3 | 61.2 | -29.2% | |||
OF SUBSIDIARIES | |||||||
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES | (17.7) | (20.5) | (2.2) | 16.1% | |||
NET INCOME | 786.3 | 548.8 | 59.0 | -30.2% | |||
BASIC EARNING PER SHARE | 150.33 | 101.99 | 0.01 | -32.2% | |||
DILUTED EARNING PER SHARE | 149.63 | 100.46 | 0.01 | -32.9% | |||
BASIC EARNINGS PER ADS (50 B shares per ADS) | 7,516.40 | 5,099.45 | 0.55 | -32.2% | |||
DILUTED EARNINGS PER ADS | 7,481.60 | 5,022.95 | 0.54 | -32.9% | |||
(1)
Translated into U.S.dollars using the average buying and selling rate published by Bank Indonesia (Central Bank) on June 30, 2006 of Rp9,300 to US$ 1 (in full amounts)
(2)
Percentage changes may vary due to rounding.
PT INDOSAT Tbk AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF June 30, 2005 AND 2006
(Expressed in Billions of Indonesian Rupiah and Milliaons of U.S.Dollars)
DESCRIPTION | 2005 | 2006 | |||||||
Rp | Rp | US$ (1) | |||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and cash equivalents | 6847.5 | 3,671.5 | 394.8 | ||||||
Short-term investments - net of allowance | 44.5 | 9.3 | 1.0 | ||||||
Accounts receivable - net of allowance | |||||||||
Trade | |||||||||
Related parties | |||||||||
PT Telkom Tbk | 167.3 | 67.6 | 7.3 | ||||||
Others | 135.7 | 160.2 | 17.2 | ||||||
Third parties | 1,038.1 | 1,039.8 | 111.8 | ||||||
Others | |||||||||
Third parties | 19.8 | 12.6 | 1.4 | ||||||
Inventories | 177.1 | 71.5 | 7.7 | ||||||
Derivative assets | 21.9 | 23.8 | 2.6 | ||||||
Advances | 46.7 | 27.7 | 3.0 | ||||||
Prepaid taxes | 695.6 | 924.5 | 99.4 | ||||||
Prepaid expenses | 172.5 | 178.7 | 19.2 | ||||||
Other current assets | 15.7 | 26.1 | 2.8 | ||||||
Total Current Assets | 9,382.4 | 6,213.3 | 668.1 | ||||||
NON-CURRENT ASSETS | |||||||||
Due from related parties - net of allowance | 33.5 | 33.2 | 3.6 | ||||||
Deferred tax assets - net | 37.7 | 47.3 | 5.1 | ||||||
Investment in associated companies - net of allowance | 0.5 | 0.4 | 0.0 | ||||||
Other long-term investments - net of allowance | 4.7 | 2.7 | 0.3 | ||||||
Property and equipment - net | 19,236.6 | 23,341.4 | 2,509.8 | ||||||
Goodwill and other intangible assets - net | 2,846.4 | 2,827.6 | 304.0 | ||||||
Long-term receivables | 125.7 | 114.2 | 12.3 | ||||||
Long-term prepaid pension - net of current portion | 168.8 | 235.5 | 25.3 | ||||||
Long-term advance | 194.1 | 241.0 | 25.9 | ||||||
Others | 222.4 | 311.0 | 33.4 | ||||||
Total Non-current Assets | 22,870.4 | 27,154.2 | 2,919.8 | ||||||
TOTAL ASSETS | 32,252.8 | 33,367.5 | 3,587.9 | ||||||
(1)
Translated into U.S. dollars using the average buying and selling rate published by Bank Indonesia (Central Bank)
on June 30, 2006 of Rp9,300 to US$1 (in full amounts).
PT INDOSAT Tbk AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF June 30, 2005 AND 2006
(Expressed in Billions of Indonesian Rupiah and Milliaons of U.S.Dollars)
DESCRIPTION | 2005 | 2006 | ||||
Rp | Rp | US$(1) | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
CURRENT LIABILITIES | ||||||
Accounts payable - trade | ||||||
Related parties | 13.1 | 19.8 | 2.1 | |||
Third parties | 199.0 | 219.5 | 23.6 | |||
Dividend payable | 826.0 | 815.3 | 87.7 | |||
Procurement payable | 2,620.4 | 2,969.0 | 319.2 | |||
Taxes payable | 164.7 | 120.5 | 13.0 | |||
Accrued expenses | 859.9 | 796.4 | 85.6 | |||
Unearned income | 504.8 | 517.9 | 55.7 | |||
Deposits from customers | 25.3 | 75.8 | 8.1 | |||
Derivative liabilities | 23.5 | 96.2 | 10.3 | |||
Current maturities of : | ||||||
Loans payable | 60.9 | 127.9 | 13.8 | |||
Bonds payable | 1,030.5 | 5.5 | 0.6 | |||
Other current liabilities | 10.4 | 26.0 | 2.8 | |||
Total Current Liabilities | 6,338.5 | 5,789.8 | 622.6 | |||
NON-CURRENT LIABILITIES | ||||||
Due to related parties | 34.2 | 12.5 | 1.3 | |||
Deferred tax liabilities - net | 604.5 | 1,006.3 | 108.2 | |||
Loans payable - net of current maturities | ||||||
Related parties | 627.7 | 632.9 | 68.1 | |||
Third parties | 664.9 | 937.4 | 100.8 | |||
Bonds payable - net of current maturities | 10,099.8 | 9,929.5 | 1,067.7 | |||
Other non-current liabilities | 459.5 | 649.5 | 69.8 | |||
Total Non-Current Liabilities | 12,490.6 | 13,168.2 | 1,415.9 | |||
MINORITY INTEREST | 177.1 | 184.7 | 19.9 | |||
STOCKHOLDERS' EQUITY | ||||||
Capital stock | 529.5 | 540.1 | 58.1 | |||
Premium on capital stock | 898.8 | 1,392.1 | 149.7 | |||
Difference in transactions of equity changes in | ||||||
associated companies / subsidiaries | 403.8 | 403.8 | 43.4 | |||
Stock options | 144.8 | 39.6 | 4.3 | |||
Difference in foreign currency translation | 0.3 | 0.3 | 0.0 | |||
Retained Earning | ||||||
Appropriated | 49.9 | 66.2 | 7.1 | |||
Unappropriated | 10,433.2 | 11,234.0 | 1,208.0 | |||
Net income this period | 786.3 | 548.8 | 59.0 | |||
Total Retained Earning | 11,269.4 | 11,848.9 | 1,274.1 | |||
Total Stockholders' Equity | 13,246.6 | 14,224.8 | 1,529.5 | |||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | 32,252.8 | 33,367.5 | 3,587.9 | |||
(2)
Translated into U.S. dollars using the average buying and selling rate published by Bank Indonesia (Central Bank)
on June 30, 2006 of Rp9,300 to US$1 (in full amounts).
