IMPORTANT NOTICE IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached Offering Circular received by e-mail or otherwise received as a result of electronic communication, and you are therefore advised to read this disclaimer page carefully before reading, accessing or making any other use of the attached Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. Confirmation of Your Representation: By accepting the email and accessing the attached Offering Circular you will be deemed to have represented to each of DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited (collectively, the “Joint Lead Managers”), that (i) you are (a) outside the United States and (b) not a U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) and, to the extent you purchase the securities described in the attached Offering Circular, you will be doing so pursuant to Regulation S under the Securities Act and (ii) that you consent to delivery of the attached Offering Circular and any amendments or supplements thereto by electronic transmission. This Offering Circular has been sent to you in electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and consequently none of the Issuer, the Guarantor, the Joint Lead Managers, the Trustee (as defined in this Offering Circular), the Agents (as defined in this Offering Circular) or any person who controls, or is a director, officer, employee, agent, representative or affiliate of, any such person accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic form and the hard copy version available to you on request from the Joint Lead Managers. Restrictions: The attached Offering Circular is being furnished in connection with an offering exempt from registration under the Securities Act solely for the purpose of enabling a prospective investor to consider the purchase of the securities described in the Offering Circular. You are reminded that the information in the attached document is not complete and may be changed. Any investment decision should be made on the basis of a complete final Offering Circular. Nothing in this electronic transmission constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD WITHIN THE U.S., EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL SECURITIES LAWS. You are reminded that you have accessed the attached Offering Circular on the basis that you are a person into whose possession this Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not nor are you authorized to deliver or forward this document, electronically or otherwise, to any other person. If you have gained access to this transmission contrary to the foregoing restrictions, you will be unable to purchase any of the securities described therein. Actions that You May Not Take: You should not reply by e-mail to this electronic transmission, and you may not purchase any securities by doing so. Any reply e-mail communications, including those you generate by using the “Reply” function on your e-mail software, will be ignored or rejected. THE ATTACHED OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED. You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature.
Offering Circular
Protelindo Finance B.V. (incorporated in The Netherlands with limited liability)
S$180,000,000 3.25% SENIOR UNSECURED GUARANTEED BONDS DUE 2024 UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY
Credit Guarantee and Investment Facility (established as a trust fund of the Asian Development Bank) The S$180,000,000 aggregate principal amount of 3.25% Senior Unsecured Guaranteed Bonds due 2024 (the “Bonds”) to be issued by Protelindo Finance B.V. (the “Issuer”) will mature on November 27, 2024. Interest at the rate of 3.25% per annum will accrue from and including November 27, 2014, and be payable semiannually in arrear on May 27 and November 27 of each year, commencing on May 27, 2015. The Bonds will constitute direct, unconditional, unsubordinated and (subject to Condition 3 (Negative Pledge) of the Terms and Conditions of the Bonds) unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all other unsecured and unsubordinated indebtedness of the Issuer, present and future. The payment obligations of the Issuer in respect of the Bonds and the Trust Deed (as defined in “Terms and Conditions of the Bonds”) will be unconditionally and irrevocably guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (“CGIF” or the “Guarantor”, and such guarantee, the “CGIF Guarantee”) to the extent of, and in accordance with and subject to the terms of, the CGIF Guarantee. Such obligations of the Guarantor under the CGIF Guarantee are direct, unconditional and general obligations of the Guarantor and rank pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law. The Bonds and the CGIF Guarantee are herein collectively referred to as the “Securities”. The ability of the Trustee (as defined in “Terms and Conditions of the Bonds”) or any Bondholder (as defined in “Terms and Conditions of the Bonds”) to accelerate under the Bonds is limited pursuant to the terms of the Trust Deed. For a description of this and certain other restrictions of the CGIF Guarantee, see “Description of the CGIF Guarantee” and “Risks relating to the Guarantor and the CGIF Guarantee”. The Issuer is a wholly-owned indirect subsidiary of PT Profesional Telekomunikasi Indonesia (the “Company”). The Issuer will use the net cash proceeds of the offering and issuance of the Bonds, after deducting management fees and commissions and other estimated expenses associated with the offering and issuance of the Bonds, to refinance a portion of its existing debt. See “Use of Proceeds” and “The Issuer”. The Bonds may be redeemed at the option of the Issuer in whole or in part on any Interest Payment Date, on the Issuer giving not less than fifteen nor more than thirty days’ notice to the Bondholders, which notice shall be irrevocable, at the Make-Whole Redemption Amount (as defined in Condition 6(d)(i)) if, immediately before giving such notice, the Issuer satisfies certain conditions as described in Condition 6(d) (Redemption and Purchase — Redemption at the option of the Issuer) of the Terms and Conditions of the Bonds. The Bonds may also be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than fifteen nor more than thirty days’ notice to the Bondholders, which notice shall be irrevocable, at their principal amount (together with interest accrued to the date fixed for redemption) in the event of certain tax changes if, immediately before giving such notice, the Issuer satisfies the Trustee certain conditions as described in Condition 6(b) (Redemption and Purchase — Redemption for tax reasons) of the Terms and Conditions of the Bonds. In addition, at any time following the occurrence of a CGIF Acceleration (as defined in “Terms and Conditions of the Bonds”), the Guarantor may at its discretion require the Issuer to redeem the Bonds in whole, but not in part, at their principal amount, together with interest accrued to the date fixed for redemption on giving not less than seven nor more than fifteen days’ notice to the Issuer, following which the Issuer shall immediately, or if the Issuer fails to do so the Guarantor may, give notice to the Bondholders (which notice shall be irrevocable). Prior to a CGIF Acceleration, CGIF will deliver to the Trustee a CGIF Acceleration Notice (as defined in “Terms and Conditions of the Bonds”) which will, among other things, contain a written confirmation that CGIF will pay all Guaranteed Amounts in respect of the Bonds on the date fixed for redemption. For a description of these and certain further restrictions on offers, sales and resales of the Securities and the distribution of this Offering Circular, see “Plan of Distribution” and “Transfer Restrictions”. The Bonds are expected to be rated “AA” by Standard and Poor’s Ratings Group, a division of McGraw-Hill Companies, Inc. (“S&P”). A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing in the Bonds involves risks. For a description of certain risks to be considered in connection with an investment in the Bonds, see “Risk Factors” beginning on page 19. Price: 100.0% This Offering Circular has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (“MAS”) and the Bonds are offered by the Issuer pursuant to exemptions provided by Sections 274 and 275 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”). Accordingly, this Offering Circular and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Bonds may not be circulated or distributed, nor may the Bonds be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the SFA; (ii) to a relevant person pursuant to Section 275(1), or to any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. The Issuer has received approval-in-principle from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing of and quotation for the Bonds on the Official List of the SGX-ST. The SGX-ST assumes no responsibility for the accuracy of any of the statements made or opinions or reports contained in this Offering Circular. Admission of the Bonds to the Official List of the SGX-ST is not an indication of the merits of the Issuer, the Guarantor or the Bonds. The Bonds will be traded on the SGX-ST in a minimum board lot size of S$250,000 for so long as the Bonds are listed on the SGX-ST and the rules of the SGX-ST so require. There is currently no market for the Bonds. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction. The Securities may not be offered, sold, pledged or otherwise transferred within the United States (as defined in Regulation S under the Securities Act (“Regulation S”)), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The offering is being made outside the United States in offshore transactions to non-U.S. persons in reliance on Regulation S. For a description of certain restrictions on resale or transfer see “Plan of Distribution.” This offering does not constitute a public offering in Indonesia under Law No. 8 of 1995 regarding Capital Markets. This Offering Circular may not be distributed in Indonesia and the Bonds may not be offered or sold in Indonesia or to Indonesian citizens, wherever they are domiciled, or to Indonesian residents, in a manner which constitutes a public offer under the laws of Indonesia.
Sole Financial Advisor
DBS Bank Ltd. Joint Lead Managers and Joint Bookrunners
DBS Bank Ltd. The date of this Offering Circular is November 20, 2014
Oversea-Chinese Banking Corporation Limited
TABLE OF CONTENTS Page
Summary ..................................................................................................................................
1
Corporate Structure ....................................................................................................................
8
Summary of the Offering .............................................................................................................
9
Summary Consolidated Financial Information and Operating Data ......................................................
13
Risk Factors ..............................................................................................................................
19
Terms and Conditions of the Bonds ...............................................................................................
41
The Global Certificate .................................................................................................................
58
Use of Proceeds .........................................................................................................................
61
Exchange Rates and Exchange Controls .........................................................................................
62
Capitalization ............................................................................................................................
64
Selected Consolidated Financial Information and Operating Data ........................................................
65
The Issuer .................................................................................................................................
71
Protelindo Netherlands B.V. and Protelindo Towers B.V. ..................................................................
72
Business ...................................................................................................................................
74
Management .............................................................................................................................
88
Principal Shareholders ................................................................................................................
94
Related Party Transactions ...........................................................................................................
95
Information on the Guarantor .......................................................................................................
96
Description of the CGIF Guarantee................................................................................................
102
Taxation ...................................................................................................................................
104
Plan of Distribution ....................................................................................................................
109
Transfer Restrictions...................................................................................................................
113
Legal Matters ............................................................................................................................
114
Independent Auditors ..................................................................................................................
115
Ratings ....................................................................................................................................
116
Appendix A: Form of CGIF Guarantee ...........................................................................................
A-1
Index to the Consolidated Financial Statements................................................................................
F-1
The Company and the Issuer accept responsibility for the information contained in this Offering Circular. Having made all reasonable enquiries, the Company and the Issuer confirm that this Offering Circular contains all information with respect to the Company, the Issuer and the Securities that is material in the context of the issuance and the offering of the Securities (including all information required by applicable laws and the information which, according to the particular nature of the Issuer, the Company and the Securities that is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects of the Company, the Issuer and of the rights attaching to the Bonds) that the information in this Offering Circular is true and accurate in all material respects, that the opinions and intentions expressed in this Offering Circular are honestly held, are not misleading in any material respect, have been reached after considering all relevant circumstances and are based on reasonable assumptions, that neither the Company nor the Issuer is aware of any other facts the omission of which in the Company’s or the Issuer’s reasonable opinion might make this Offering Circular as a whole or any of such information or the expression of any such opinions or intentions materially misleading, that all reasonable inquiries have been made by the Company and the Issuer to verify the accuracy of such information, and that this Offering Circular does not contain an untrue statement of a material fact or omit to state a material fact required to be stated herein or that is necessary in order to make the statements herein, in the light of the circumstances under which they are made, not misleading. This Offering Circular has been prepared by the Company and the Issuer solely for use in connection with the issuance and offering of the Bonds described herein. DBS Bank Ltd. and Oversea-Chinese Banking Corporation
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Limited, as Joint Lead Managers, reserve the right, for any reason, to reject any offer to subscribe for the Bonds, in whole or in part, and to subscribe for less than all of the Bonds offered hereby. The distribution of this Offering Circular and the offering, sale or delivery of the Bonds in certain jurisdictions may be restricted by law. The Company, the Issuer and the Joint Lead Managers require persons who acquire this Offering Circular to inform themselves about and to observe any such restrictions. See “Plan of Distribution”. No action is being taken to permit a public offering of the Bonds or the distribution of this Offering Circular in any jurisdiction where action would be required for such purposes. Nothing contained in this Offering Circular is, or shall be relied upon as a promise or representation, whether as to the past or the future. The Bonds will be represented by beneficial interests in a global certificate (the “Global Certificate”) in registered form, without interest coupons attached, which will be registered in the name of a nominee of, and shall be deposited on the closing of the offering of the Bonds with a common depositary for, Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”). This Offering Circular is not a prospectus for the purposes of the European Union’s Directive 2003/71 (and amendments thereto, including Directive 2010/73/EU) as implemented in member states of the European Economic Area. The communication of this Offering Circular and any other documents or materials relating to the issuance of the Bonds is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom’s Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of Investment Professionals (as defined in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Financial Promotion Order”)) or within article 49(2)(a) to (d) of the Financial Promotion Order, or to any other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to as “Relevant Persons”). In the United Kingdom, the Bonds are only available to, and any investment or investment activity to which this Offering Circular relates will be engaged in only with, Relevant Persons. Any person in the United Kingdom who is not a Relevant Person should not act or rely on this Offering Circular or any of its contents. No person has been authorized to give any information or to make any representation other than those included in this Offering Circular in connection with the issuance or sale of the Bonds and, if given or made, such information or representation must not be relied upon as having been authorized by the Company, the Issuer or the Joint Lead Managers. Neither the delivery of this Offering Circular nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the Company’s or the Issuer’s affairs or that there has been no adverse change in the Company’s or the Issuer’s financial position since the date hereof or the date upon which this Offering Circular has been most recently amended or supplemented or that any other information supplied in connection with the Bonds is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same. Information in respect of the Guarantor contained in this Offering Circular has been provided by CGIF and the Company and the Issuer take no responsibility, express or implied, for any information contained in the section entitled “Information on the Guarantor”. The Company and the Issuer have not taken any steps to verify the accuracy of any of the information contained in the section entitled “Information on the Guarantor”, and no representation or warranty, express or implied, is made by the Company or the Issuer as to the accuracy or completeness of the information contained in that section. Information in respect of the Company and the Issuer contained in this Offering Circular has not been verified by the Guarantor. None of the Guarantor, its management nor its employees take any responsibility, express or implied, for any information contained in this Offering Circular, other than the information contained in the section entitled “Information on the Guarantor”. In addition, none of the foregoing parties has taken any steps to verify the accuracy of any of the information included in this Offering Circular, other than the information contained in the section entitled “Information on the Guarantor”, and no representation or warranty, express or implied, is made by any such parties as to the accuracy or completeness of the information contained in this Offering Circular. The Joint Lead Managers, the Trustee and the Agents (each as defined in “Terms and Conditions of the Bonds”) do not make any representation or warranty, express or implied, as to the accuracy or completeness of the
ii
information contained in this Offering Circular. None of the Joint Lead Managers, the Trustee and the Agents has independently verified any of such information and assumes no responsibility for its accuracy or completeness. Each person receiving this Offering Circular acknowledges that such person has not relied on the Joint Lead Managers, the Trustee and the Agents or any person affiliated with any of them in connection with its investigation of the accuracy of such information or its investment decision. Each person contemplating making an investment in the Bonds must make its own investigation and analysis of the Company’s and the Issuer’s creditworthiness and its own determination of the suitability of any such investment, with particular reference to its own investment objectives and experience and any other factors which may be relevant to it in connection with such investment. No person should construe the contents of this Offering Circular as legal, business or tax advice and each person should be aware that it may be required to bear the financial risks of any investment in the Bonds for an indefinite period of time. Each person should consult its own counsel, accountant and other advisors as to legal, tax, business, financial and related aspects of an investment in the Bonds. To the fullest extent permitted by law, none of the Joint Lead Managers, the Trustee and the Agents accepts any responsibility for the contents of or any omission from this Offering Circular or for any statement made or purported to be made by it or on its behalf with respect to the Company or the Issuer or the offering and issuance of the Bonds. Each of the Joint Lead Managers, the Trustee and the Agents accordingly disclaims any and all liability whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Offering Circular. This Offering Circular does not constitute an offer of, or an invitation by or on behalf of the Company, the Issuer, the Joint Lead Managers or any affiliate or representative of any of the Company or them to subscribe for or purchase, any Bonds in any jurisdiction or in any circumstances in which such offer, invitation or solicitation is not authorized or to any person to whom it is unlawful to make such offer, invitation or solicitation. Neither the Company, the Issuer, the Joint Lead Managers nor any affiliate or representative of the Company or any of them makes any representation to any investor regarding the legality of an investment by such investor under applicable laws. The Company, the Issuer and the Joint Lead Managers are relying on exemptions from registration under the Securities Act for offers and sales of securities in the United States that do not involve a public offering. The Bonds offered hereby have not been registered under the Securities Act or the securities laws of any other jurisdiction and, unless so registered, may be offered or sold only in transactions that are exempt from or not subject to, the registration requirements of the Securities Act and any other applicable laws. Each purchaser of the Bonds must comply with all applicable laws and regulations in force in each jurisdiction in which it purchases, offers or sells such Bonds or possesses or distributes this Offering Circular and must obtain any consent, approval or permission required by it for the purchase, offer or sale by it of such Bonds under the laws and regulations in force in any jurisdictions to which it is subject or in which it makes such purchases, offers or sales and neither the Company, the Issuer nor the Joint Lead Managers shall have any responsibility therefor. CERTAIN DEFINED TERMS AND CONVENTIONS All references to the “Issuer” are references to Protelindo Finance B.V. Unless the context requires otherwise, all references to the “Company” are to PT Profesional Telekomunikasi Indonesia. All references to “Indonesia” are to the Republic of Indonesia. All references to “Government” are to the Government of the Republic of Indonesia. All references to the “United States” or “U.S.” are to the United States of America. All references to “United Kingdom” are to the United Kingdom of Great Britain and Northern Ireland. The Company and the Issuer use certain terms in this Offering Circular that are used in the telecommunications industry in Indonesia and in general to analyze companies, although they may be defined in different ways. In this Offering Circular, the following key terms have the following meanings: •
“3G” means International Mobile Telecommunications-2000 standards for mobile telecommunications including UMTS and W-CDMA that allow simultaneous use of voice and data services.
•
“4G” means enhancements to 3G, including the implementation of LTE for 3G UMTS and WiMax, to create a mobile broadband system with enhanced multimedia services.
iii
•
“build-to-suit” means tower sites constructed by the Company pursuant to an order issued by a telecommunications operator.
•
“IMB” means Izin Mendirikan Bangunan, a permit to construct or build a telecommunications tower issued by local authorities in Indonesia.
•
“independent tower provider” means a tower provider that owns and operates towers and is not affiliated with a telecommunications operator.
•
“LTE” means Long Term Evolution, a high performance air interface standard for cellular mobile communication systems designed to increase the capacity and speed of mobile telephone network for the development of 4G.
•
“MLA” means Master Lease Agreement.
•
“telecommunications operator” means a company licensed by the Government to provide voice and data communications services in Indonesia.
•
“tenancy” means tower space leased to a telecommunications operator for installation of its Base Transceiver Station and related transmission equipment (antennas and microwave dishes).
•
“tenancy ratio” means the total number of the Company’s tenants divided by the total number of the Company’s towers.
•
“tower sites” means ground-based towers and rooftop towers and installations constructed and owned by the Company on real property (including a rooftop) which is owned or leased by the Company.
•
“UMTS” means Universal Mobile Telecommunications System.
•
“VoIP” means Voice over Internet Protocol, a transmission technology that is used for transmitting voice and multimedia communications over networks such as the Internet.
•
“WiMax” means Worldwide Interoperability for Microwave Access, a telecommunications protocol that provides fixed and fully mobile internet access.
PRESENTATION OF FINANCIAL INFORMATION The financial information included in this Offering Circular has been derived from the Company’s audited consolidated financial statements as of and for the years ended December 31, 2011, 2012, 2013 and the ninemonth period ended September 30, 2013 and the Company’s unaudited interim consolidated financial statements as of and for the nine-month period ended September 30, 2014, prepared in accordance with Indonesian Financial Accounting Standards (“Indonesian FAS”) and presented in Indonesian Rupiah, which is the functional and reporting currency of the Company. Unless otherwise indicated, financial information in this Offering Circular has been prepared in accordance with Indonesian FAS, which differ in certain material respects from the generally accepted accounting principles in the United States (“U.S. GAAP”). Unless otherwise indicated or required by the context, all references in this Offering Circular to “Rupiah” or “Rp.” are to the lawful currency of Indonesia. References to “U.S. dollars” or “US$” are to United States dollars, the lawful currency of the United States. References to “Singapore dollars” or “S$” or “SGD” are to Singapore dollars, the lawful currency of the Republic of Singapore. Rounding adjustments have been made in calculating some of the financial information included in this Offering Circular. As a result, numerical figures shown as totals in some tables may not be exact arithmetic aggregations of the figures that precede them. For convenience, certain Rupiah amounts have been converted into U.S. dollar amounts based on the prevailing exchange rate on September 30, 2014 of Rp.12,212 = US$1.00, being the average of buying and selling rates of exchange for Rupiah against U.S. dollars quoted by Bank Indonesia on that date. Such conversions should not be construed as representations that Rupiah or U.S. dollar amounts referred to could have been, or could be, converted into Rupiah or U.S. dollars, as the case may be, at that or any other rate or at all. See “Exchange Rates and Exchange Controls” for further information regarding rates of exchange between the Rupiah and the U.S. dollar.
iv
STATISTICAL DATA AND NON-INDONESIAN FAS AND NON-U.S. GAAP FINANCIAL MEASURES The Company has included in this Offering Circular various statistical data relating to its tower leasing services, such as the number of tower sites and number of tenancies, and have described the manner in which the Company calculated these data in this Offering Circular. This data is derived from management estimates and is not part of the Company’s financial statements and has not been audited or reviewed by auditors, consultants and experts. You should note that other companies in the tower leasing industry may calculate and present these data in a different manner and, therefore, you should use caution in comparing the Company’s data with data presented by other companies, as the data may not be directly comparable. EBITDA as well as related ratios presented in this Offering Circular are supplemental measures of the Company’s performance and liquidity that are not required by, or presented in accordance with, Indonesian FAS or U.S. GAAP. EBITDA is not a measurement of financial performance or liquidity under Indonesian FAS or U.S. GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with Indonesian FAS or U.S. GAAP or as an alternative to cash flow from operating activities as a measure of liquidity. In addition, EBITDA is not a standardized term, hence a direct comparison between companies using such a term may not be possible. The Company believes that EBITDA facilitates comparisons of operating performance across periods and companies by eliminating potential differences caused by variations in capital structures (affecting interest expense and finance charges), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and booked depreciation and amortization of assets (affecting relative depreciation and amortization of expense). EBITDA has been presented because the Company believes that it is frequently used by securities analysts, investors and other interested parties in evaluating similar companies, many of whom present such non-GAAP financial measures when reporting their results. Finally, EBITDA is presented as a supplemental measure of the Company’s ability to service its debt. Nevertheless, EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of, the Company’s financial condition or results of operations, as reported under Indonesian FAS. Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to the Company to invest in the growth of its business. See “Selected Financial Information and Operating Data” for a reconciliation of the Company’s net income under Indonesian FAS to its definition of EBITDA. ENFORCEABILITY Each of the Issuer, Protelindo Netherlands B.V., a majority-owned indirect subsidiary of the Company (“Protelindo Netherlands”) and Protelindo Towers B.V., a majority-owned indirect subsidiary of the Company (“Protelindo Towers”) is incorporated as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of The Netherlands. One of the directors of each of them resides in The Netherlands and the other resides in Switzerland. All or substantially all of the Issuer’s, Protelindo Netherlands’ and Protelindo Towers’ assets are located in The Netherlands. As a result, it may be difficult to enforce against the Issuer, Protelindo Netherlands and Protelindo Towers, or such persons judgments obtained in non-Dutch courts. FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS This Offering Circular includes words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate” “will”, “aim” and “anticipate” and similar expressions that constitute “forward-looking statements” as that term is defined under U.S. federal securities laws. Such statements are subject to certain risks and uncertainties because they relate to and depend on events and circumstances that may or may not occur. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual financial condition, results of operations and cash flows, and prospects for the telecommunications industry in Indonesia, may differ materially from those made in or suggested by the forward-looking statements included in this Offering Circular. In addition, even if the Company’s financial condition, results of operations and cash flows, and the prospects for the telecommunications industry in Indonesia, are consistent with such statements, those results or developments may not be indicative of results or prospects in subsequent periods. Actual results may differ materially from
v
information contained in such forward-looking statements as a result of a number of factors, many of which are beyond the Company’s control, including: •
the anticipated demand for and selling prices of the Company’s services and related capital expenditures and investments;
•
the Company’s financial condition, business strategy, budgets and projected financial and operating data;
•
changes in the Company’s relationship with its customers;
•
changes in the Company’s relationships with regional governments and regulators in Indonesia;
•
the effects of competition or potential consolidation in the telecommunications tower industry in Indonesia;
•
the effects of increased tower sharing among telecommunications operators;
•
the effects of changes in the business and risk profile of the Company’s customers;
•
the Company’s ability to maintain its licenses and permits for its towers and other licenses and permits necessary for the conduct of the Company’s business;
•
technological changes in cellular and other telecommunications equipment used by the Company’s tenants;
•
the Company’s ability to expand and manage its growth, including through acquisitions;
•
the ability of third parties to perform in accordance with contractual terms and specifications;
•
changes in the Company’s senior management team or the loss of key employees;
•
the Company’s ability to raise additional financing and to generate sufficient cash to service its debt and to control and finance its capital expenditures and operations;
•
the effects of changes in laws, regulations, including tariffs, taxation or accounting standards or practices;
•
general political and economic conditions including changes to the global, regional or domestic economy affecting the Company’s costs of financing and operations; and
•
the Company’s success at managing the risks of the above factors and the other financial, business and operating risks referred to elsewhere in this Offering Circular.
The occurrence of one or more of these factors, among others, could cause the Company’s actual results to vary materially from those estimated, anticipated or projected. Although the Company believes that its management’s expectations as reflected in such forward-looking statements are reasonable based on information currently available to the Company, it cannot assure you that such expectations will be realized. Accordingly, prospective purchasers are cautioned to not place undue reliance on such forward-looking statements and to carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environment in which the Company operates. Such forward-looking statements speak only as of their dates, and the Issuer and the Company undertake no obligation to revise any of them, whether as a result of new information, future events or otherwise, subject to compliance with all applicable laws, including the rules of the SGX-ST. The Issuer and the Company urge you to read this Offering Circular, including the sections entitled “Risk Factors” and “Business” for a more complete discussion of the factors that could affect the Company’s performance.
vi
Summary This summary highlights selected information contained in this Offering Circular and may not contain all of the information that may be relevant to you. This summary is qualified by, and must be read in conjunction with, the more detailed information and financial statements and related notes appearing elsewhere in this Offering Circular, including the section entitled “Risk Factors.” The Company is one of the two largest independent owners and operators of towers for telecommunications operators in Indonesia in terms of the number of owned and managed towers. As of September 30, 2014, the Company owned and operated 10,956 towers in Indonesia, including 5,697 towers in Java, Indonesia’s most densely populated island. The Company has a diversified customer base that includes the 9 major telecommunications operators in Indonesia: Telkomsel, PT Hutchison 3 Indonesia (“H3I”), XL, Telkom Flexi, Smartfren, Indosat, Esia, Smart and Sampoerna. The Company currently has MLAs with all of its customers which cover an aggregate of 20,075 site leases in Indonesia as of September 30, 2014. The Company was established in 2003 in Bandung with an initial build-to-suit contract to construct and own 232 towers between establishment and March 2007. The Company has grown significantly since its current senior management team assumed control over the Company’s operations in March 2007 and have increased the Company’s tower portfolio from 232 towers to 10,956 towers as of September 30, 2014 through a combination of acquisitions and the construction of new towers. Between May 2008 and December 31, 2013, the Company acquired a total of 5,085 towers from H3I, with H3I as the anchor tenant for an initial term of 10 or 12 years. The Company also acquired towers from small tower provider companies. In addition to acquisitions, the Company has constructed new towers for its customers to enhance its tower portfolio and meet their network requirements. The Company’s primary business is leasing space at its tower sites to telecommunications operators. This leased space consists of both vertical space on the Company’s towers, on which the Company’s customers can install RF antennas and microwave antennas, as well as ground space at each site for shelters and cabinets that house electronic equipment and power supplies. The Company’s customers require such equipment to be installed at numerous geographic locations across their targeted service area and area of existing coverage in order to provide wireless communications services to their end users. The Company’s customers generally lease additional space from the Company in order to expand and improve their wireless network coverage and service capabilities. The Company believes that it provides critically important services to its customers that enable them to meet their current and future network requirements and service the needs and expectations of their subscribers. The Company believes Indonesia’s tower industry has significant growth opportunities as a result of rapidly increasing mobile phone usage (particularly smart phone usage) due to the low level of fixed line usage penetration in Indonesia, improved access to wireless data services including wireless internet, the desire among telecommunications operators to redeploy capital from investments in passive infrastructure to network expansion and improvement, and increasing affordability due to continued macroeconomic growth and declining handset prices. These favorable conditions provide an impetus for wireless telecommunications operators to expand and improve their respective networks, and have positive effects on the growth of the tower leasing industry in Indonesia. The Company’s tower rental business is characterized by significant operating flexibility and low cash flow volatility. Factors that the Company believes will assist it in continuing to grow its business include the following: •
Long-term site leases with rent escalators. The Company’s leases with telecommunications operators companies generally have an initial term of six, ten or 12 years, with multiple five, six or ten-year renewal terms thereafter. The leases can only be canceled for cause and require payment on a monthly, quarterly or annual basis to be made in advance. Substantially all of the Company’s lease agreements have annual lease payment escalators tied to the Indonesian rate of inflation as measured by increases in the consumer price index.
•
Fixed operating expenses. Incremental operating costs associated with adding wireless tenants to a tower are typically minimal. Therefore, as additional tenants are added to a tower, which the Company refers to as “co-location”, a substantial majority of incremental revenue flows through to operating profit.
•
Low maintenance capital expenditures. On average, low annual capital expenditure is required to improve and maintain a tower site. Such low level of maintenance capital expenditure is primarily due to the low
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average age of the Company’s towers. The industry accepted usable life of a tower is approximately 20 years, or longer if properly maintained. •
Strong lease renewals. Telecommunications operators tend to renew existing site leases as opposed to moving to new tower sites because suitable alternative tower sites may not be available and relocation is expensive and may adversely affect their network operations and quality.
•
Indispensable service. As one of the Company’s customers’ key assets, their networks, are installed on its towers, the Company believes it provides an indispensable service that helps preserve the full function of the Company’s customers’ networks and allows them to provide services to their subscribers. Towers are an integral component of the wireless communications supply chain.
The Company’s tower portfolio is one of the largest, newest and most geographically expansive portfolios held by any independent tower provider in Indonesia as of September 30, 2014. Furthermore, the majority of the Company’s towers are not located near competing towers. The Company’s wide network of tower sites enables it to address the needs of national, regional, local and emerging telecommunications operators. This network, together with the Company’s relatively diversified customer base among the major Indonesian telecommunications operators, provides the Company with a diverse source of new business opportunities. The Company’s tower portfolio also provides it with growth potential because the Company has the ability to add new co-location tenants and add new equipment for existing tenants on the Company’s towers. The Company has significant incremental capacity on its existing tower portfolio to grow with additional co-locations. In December 2012, the Company also acquired 261 towers in The Netherlands, providing it with access to potential new opportunities. The Company’s revenues were Rp.3,074.9 billion (US$251.8 million) for the nine months ended September 30, 2014. The Company’s EBITDA was Rp.2,530.9 billion (US$207.2 million) for the nine months ended September 30, 2014. The shares of the Company’s parent company, PT Sarana Menara Nusantara, Tbk (“PT SMN”), were listed on March 8, 2010 on the Indonesia Stock Exchange under the symbol TOWR. COMPETITIVE STRENGTHS The Company believes that the strengths outlined below set it apart from its competitors and are important differentiating factors in the implementation of the Company’s business strategies. Leading independent tower provider in Indonesia with strong track record of growth The Company is one of the two largest independent tower owners and operators in Indonesia, with a portfolio of 10,956 towers as of September 30, 2014. The Company’s customers consist of the 9 major telecommunications operators in Indonesia. Approximately 93.4% of the Company’s towers are located in Indonesia’s four most populous regions: Java, Sumatra, Kalimantan and Sulawesi, with approximately 52.0% of the Company’s towers located on the Java island alone, which is the region with the highest population and population density in Indonesia. The following table shows the distribution of the Company’s tower sites in the major regions of Indonesia as of September 30, 2014: Number of Tower Sites
Percentage of Total Tower Sites (%)
Java ..................................................................................................... Sumatra ................................................................................................ Kalimantan ........................................................................................... Sulawesi ............................................................................................... Bali ..................................................................................................... Riau Islands .......................................................................................... Nusa Tenggara ....................................................................................... Bangka Belitung Islands .......................................................................... Other ...................................................................................................
5,697 2,305 1,157 1,070 309 127 117 62 112
52.0 21.0 10.6 9.8 2.8 1.2 1.1 0.6 0.9
Total ...................................................................................................
10,956
100.0
Region
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The Company has experienced strong historical growth in the size of its tower portfolio and the Company’s results of operations through acquisitions of tower portfolios, construction of towers and increasing the number of co-locations on the Company’s towers. As an independent tower provider, the Company is not owned by, or affiliated with, any telecommunications operator and therefore do not compete with its customers, who may be unwilling to lease space on towers from other telecommunications operators. Thus, the Company is able to target its services to all telecommunications operators in Indonesia. The Company has a young tower portfolio, with the majority of the Company’s towers built for tenancy of four or more tenants, which can be added to at minimal expense. Furthermore, the Company’s towers are strategically located to ensure minimal overlap with towers operated by other tower and wireless communication companies. The Company is focused on building its tower portfolio primarily through construction under build-to-suit arrangements and apply strict performance criteria to any new towers to ensure that the Company will achieve its targeted returns. Furthermore, the Company continues to operate a conservative tower construction policy whereby it only commits to build a new tower once an anchor tenant contract has been signed. The Company believes that it enjoys an “early mover advantage” as barriers to entry in the Indonesian tower industry are significant due to: •
the significant amount of initial capital required to build or acquire towers;
•
the high financial cost to telecommunications operators of moving equipment to a new tower site;
•
the operational risks from disruptions that telecommunications operators face when switching to a different tower site;
•
the necessity of attaining a portfolio of towers with substantial scale and geographic diversity in order to attract telecommunications operators;
•
regulatory restrictions, including restrictions on foreign investment and the process in obtaining relevant permits and licenses; and
•
significant amount of time incurred in negotiating MLAs with telecommunications operators.
The Company’s existing tower portfolio has significant incremental capacity to grow with additional colocations. The Company acquires and builds its towers with co-location in mind. Co-locations create economies of scale, especially with respect to tower maintenance, and provide the Company with a critical mass of towers to support the network requirements of customers. Accordingly, co-location improves the Company’s operating margins and return on invested capital. The Company’s proven operational model and leverage supports strong sustained profitability. The Company believes its increasing tenancy rates, long term contracts cancellable only for cause and young tower portfolio with relatively low capital maintenance provides the Company with strong revenue, EBITDA and cash flow growth. The Company’s EBITDA margins have remained generally stable. The Company’s EBITDA margins in the years ended December 31, 2011, 2012, 2013 and for the nine months ended September 30, 2013 and 2014 were 84.0%, 83.6%, 82.4%, 82.6% and 82.3%, respectively. In addition, the Company has a strong cash conversion rate, averaging 102.3% in the years ended December 31, 2011, 2012 and 2013 and for the nine months ended September 30, 2014. The cash conversion rate is calculated by dividing free cash flow by EBITDA. Free cash flow is determined based on the formula defined in the Term Loan and Revolving Credit Facility Agreement among the Company and certain creditors (as listed in Note 16 to the consolidated financial statements included in this Offering Circular) dated May 20, 2013. Defensive business model characterized by clear visibility of future revenue and predictable cash flow The Company was the first significant large scale Indonesian independent owner and operator of towers with long-term customer site leases (initial terms are usually six, ten or 12 years), which are cancellable only for cause, with options to renew for additional terms and rent escalation provisions. This strong contractual foundation provides the Company with a stable operating basis and predictable cash flow. The Company’s MLAs provide that certain expenses relating to operation of the towers are passed through to the Company’s customers, such as electricity costs and certain government tariffs. The MLAs generally provide for
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annual inflation escalators on a portion of the lease payments and the ability to charge rent for additional equipment placed on towers in excess of a customer’s base loading allowance. In addition, the Company maintains a stable and controlled customer base as customers are generally restricted from assigning or transferring any of their obligations without the Company’s consent. The Company believes its operational model provides it with strong credit protection. Telecommunications operators typically pay the Company in advance on a monthly, quarterly or annual basis. The Company has effective enforcement mechanisms to ensure its customers pay it promptly, including the ability to disconnect equipment or terminate the relevant site lease and collect remaining revenue streams as liquidated damages. These mechanisms effectively result in the Company’s business sitting at the top of its customers’ payment waterfall, which the Company believes will assist it in maintaining stable cash flows. The Company provides a key customer service and have strong and diversified customer relationships with leading operators in Indonesia The Company’s position within the wireless communications supply chain means that it provides a key customer service. A fully functioning network is critical to the ability of wireless communications operators to service customers. Accordingly, the Company’s towers will continue to play an important role in the foreseeable future in the growth of Indonesia’s wireless communications services industry. The Company provides these pivotal services to the leading telecommunications operators in Indonesia. These operators are well established operators, have strong credit history, and have continued to support the Company’s business. The following table shows the percentage revenue contribution of certain key telecommunications operators for the years ended December 31, 2011, 2012 and 2013 and the period ended September 30, 2014. Revenue Contribution
For the year ended December 31,
For the nine months ended September 30,
2011
2012
2013
(unaudited) 2014
%
%
%
%
H3I ................................................................................................ XL(1) .............................................................................................. Telkomsel ....................................................................................... Smartfren........................................................................................ Esia ............................................................................................... Indosat ........................................................................................... Axis(1) ............................................................................................ Telkom Flexi ...................................................................................
43.3 15.4 5.9 11.3 10.4 3.8 5.0 3.0
39.0 17.5 11.9 9.3 7.7 5.1 5.6 2.1
36.4 16.8 15.3 8.8 5.6 4.6 5.8 1.8
37.9 20.1 18.7 7.4 4.3 4.8 — 1.1
Total .............................................................................................
98.1
98.2
95.1
94.3
(1)
On April 8, 2014, XL and Axis effectuated a merger of Axis into XL, with XL as the surviving entity.
Technological advancements in the wireless telecommunications industry are a positive factor to the Company’s business. New technologies, such as 4G, require the upgrading of existing equipment or the addition of new equipment by telecommunications operators. These upgrades and new installations have the potential to increase the demand for tower space, which means increased revenues for leasing space on the Company’s towers. The Company does not incur any additional expenditure in the replacement or upgrading of technologically redundant equipment on the Company’s towers, the costs of which are borne by the Company’s tenants. Furthermore, as the Company’s towers are not tied to any particular technology, its services will not become stale or redundant in the tower-based wireless telecommunications industry. This provides the Company with long term sustained cashflows, notwithstanding constant changes in the wireless telecommunications industry. Highly experienced management team with proven track record globally and strong shareholders The Company is led by an experienced senior management team and technical advisors who are experts in the tower industry. Members of the Company’s senior management team and technical advisors are pioneers in the
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tower business, having started one of the first tower-related businesses in the industry in the United States in 1991, Gearon Communications. In 1997, Gearon Communications merged with American Radio, which became the cornerstone for American Tower Corporation. American Tower Corporation has grown to be one of the largest tower operators in the world. The Company’s senior management and advisory team includes former employees and officers of American Tower Corporation who are accustomed to managing a publicly listed company on the New York Stock Exchange. While working at American Tower Corporation, the Company’s senior management and advisory team helped grow the business from 300 towers to more than 22,500 towers over a 10 year period and operated towers for major telecommunications operators in the United States, Brazil and Mexico. The Company believes that the knowledge, experience and expertise that the Company’s senior management and advisory team gained while working at American Tower Corporation provides the Company with a competitive advantage as it develops and expands its business in Indonesia. Members of the Company’s senior management and advisory team also pioneered the tower industry in Indonesia and have been able to successfully acquire, construct and operate a large portfolio of towers throughout Indonesia. The Company’s senior management and advisory team’s in-depth knowledge of the tower business across many markets in the world and extensive local knowledge is unrivalled by any competitor. The Company started operations in 2003 as one of the first independent tower companies in Indonesia. Most of the members of the current senior management and advisory team joined the Company in March 2007 and, together with the local employees and managers have successfully adapted and developed the tower business in Indonesia. The Company’s successful senior management team has grown the Company’s business from a small independent tower owner and operator with 232 towers in March 2007 to a professionally run tower company with one of the largest portfolios in Indonesia of 10,956 towers as of September 30, 2014. Over the past seven years of operations, the Company has hired and trained over 700 full-time employees in the fundamentals of the tower business. The Company’s local managers and employees have an in-depth knowledge of Indonesian regulations and the customs and practices relating to the acquisition, construction, operation and maintenance of towers throughout Indonesia. In addition, the Company’s management team successfully completed the first initial public offering of an Indonesian tower company through the listing of the Company’s parent company, PT SMN, on March 8, 2010 on the Indonesia Stock Exchange. The Company is also supported by a longstanding, reliable and experienced shareholder, the Djarum Group/ Hartono family, which is known for the establishment of high standards of corporate governance and business ethics across their group companies. Operations underpinned by strong Indonesian economy and robust industry growth prospects The independent tower business has developed into a significant component of the overall wireless system in Indonesia, driven by an increase in demand for wireless access to data services over the internet and increasing mobile phone usage (particularly smart phone usage) due to the low level of fixed line usage penetration in Indonesia, which is also underpinned by the rapidly increasing middle class in Indonesia. Indonesia’s GDP grew at an annual rate of 6.5% in 2011, 6.2% in 2012, and 5.8% in 2013 according to Biro Pusat Statistik (Statistics Indonesia). The Company believes that the telecommunication companies are currently focusing on an asset-light strategy, where they prefer to lease towers rather than incur capital expenditure to construct or acquire their own towers, which will positively benefit tower leasing. An increase in demand for 3G and 4G services is expected to drive demand for tower space, as higher frequency networks provide a lower radius of coverage and require additional towers to attain the same coverage for an area of the same size. Growth in data services will also require more network capacity than basic voice services, thereby requiring an increase in the number of towers to maintain coverage and quality of service. STRATEGIES The Company believes that its extensive network of towers, the design and location of its towers, its broad customer base and resulting strong cash flow generation will allow it to strengthen its position in the Indonesian tower industry. The Company believes its towers are strongly positioned and have the capacity to capture large numbers of co-location tenants. In addition, the Company intends to utilize several business strategies to strengthen its position in the industry and expand its network of towers through construction and acquisitions.
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Maximize co-locations on the Company’s existing towers The Company believes that it can grow its business substantially through the concept of co-locations, which refers to leasing available space on the Company’s existing towers to multiple tenants. The costs of operating a tower are largely fixed and the Company faces relatively low costs for adding tenants. The “asset-light” strategy which telecommunications operators are focusing on supports increasing co-locations. Accordingly, leasing available space to additional telecommunications operators will significantly improve the Company’s operating margins and return on invested capital. The Company actively markets co-locations to telecommunications operators and continually educate the market of the benefits of co-location to telecommunications operators. Growth by construction Historically, telecommunications operators have constructed the vast majority of towers for their own use and outsourced only discrete aspects such as site acquisition and construction. However, since 2010, Indonesian telecommunications operators have increasingly transitioned towards an “asset-light” strategy, where they have increasingly contracted independent tower operators like the Company to build and own towers and they secure space on such towers under long-term lease agreements, rather than building and operating their own tower portfolios. These arrangements are known as “build-to-suit” arrangements. Since March 31, 2007, the Company has constructed 5,422 towers under such build-to-suit arrangements. The Company believes that a factor in its growth to date arises from the reliable construction of its towers. The Company has grown its business by focusing its construction activities on such build-to-suit projects that meet the Company’s minimum return criteria. Under these arrangements, the Company typically agrees to work with a telecommunications operator to build and own a network of tower sites that are constructed in the telecommunications operator’s chosen locations according to their network design specifications. The telecommunications operator then becomes the anchor tenant on these towers under a long-term site lease agreement and the Company will continue to market such towers to other operators to secure co-location revenues. The Company does not construct towers without securing in advance a site lease with an anchor tenant. The Company continues to build a significant portion of its new towers under such arrangements. The Company has demonstrated that it has the systems and processes in place to build several hundred towers per month. By providing this service, the Company will continue to increase the size of its tower portfolio and create additional revenue streams from both anchor tenants and co-location tenants. Growth by acquisition The Company achieved its leading industry position in Indonesia primarily through tower acquisitions, and intend to utilize acquisitions as a principal growth strategy. The Company plans to continue to explore strategic acquisitions that meet its minimum return criteria, including transactions with large telecommunications operators and smaller independent tower companies who are seeking to sell their towers. As telecommunications operators move towards an “asset light” strategy, potential acquisition opportunities may increasingly arise. The Company evaluates potential acquisitions using many criteria, including return on invested capital, potential co-location demand, degree of overlap with the Company’s existing tower portfolio, tower location, tower design, existing capacity utilization, local population density and potential growth, and applicable laws and regulations relating to new tower development. The Company will continue to explore available cost-effective funding, including effectively managing its capital structure. Focus on quality of service The Company utilizes targeted sales and marketing techniques to increase co-locations on its towers, the majority of which are built for a tenancy of four or more tenants. The Company believes that the key to success of this strategy is its ability to develop long-term relationships with telecommunications operators and consistently meet its customers’ needs. The Company seeks to be recognized as a company that makes commercially reasonable commitments to its customers and then delivers on these commitments in a timely manner. The Company believes that its ability to help telecommunications operators quickly enter new regional areas and expand their network coverage and capacity will help increase the Company’s tenancy ratio. The Company therefore targets telecommunications operators that are expanding or improving their existing network infrastructure as well as those deploying new technologies and expanding geographically. The Company believes that it has established a large enough tower base to sustain its targeted growth in the foreseeable future primarily through co-locations.
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Prudent financial policies The Company intends to continue to place strong emphasis on implementing prudent financial policies by managing its indebtedness at a reasonable level and exercising capital discipline. The Company plans to continue to reduce its leverage when it conducts tower acquisitions. The Company also intends to continually reduce costs, manage its working capital and enhance its margins and profitability. Recent Developments The Company intends to refinance the remainder of its existing US Dollar and Euro denominated debt on or around the closing of the offering of the Bonds. The Company does not expect any material increase in its outstanding debt on a consolidated basis as a result of the refinancing. General Information The Company’s registered address is Surapati Core Blok AB (Anggrek Boulevard) No. 16, JI. PHH. Mustopa, Bandung 40192, Indonesia.
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Corporate Structure The following chart sets forth the Company’s corporate structure as of the date of this Offering Circular.
PT Sapta Adhikari Investama
Public
32.72%
67.28% PT Sarana Menara Nusantara, Tbk. 99.9994% PT Profesional Telekomunikasi Indonesia 100%
Management Tower Europe S.à.r.l
100% Protelindo Luxembourg S.à.r.l.
56.0% 44.0% Protelindo Netherlands B.V.
100%
Protelindo Towers B.V.
8
Protelindo Finance B.V.
Summary of the Offering The following is a general summary of the terms of the Bonds and the CGIF Guarantee and it is qualified in its entirety by reference to, and should be read in conjunction, with the general summary section entitled “Terms and Conditions of the Bonds” and the Trust Deed. The Trust Deed prevails to the extent of any inconsistency with the general summary set forth in this section. Terms used in this summary and not otherwise defined have the meanings given to such terms in “Terms and Conditions of the Bonds.” Issuer ................................................................. Protelindo Finance B.V. Guarantor ........................................................... Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. Bonds Offered ..................................................... S$180,000,000 in aggregate principal amount of 3.25% Senior Unsecured Guaranteed Bonds due 2024. Issue Price .......................................................... 100.0% of the principal amount of the Bonds. Maturity Date ...................................................... November 27, 2024. Interest ............................................................... The Bonds will bear interest from, and including November 27, 2014 at the rate of 3.25% per annum, payable semi-annually in arrear. Interest Payment Dates .......................................... May 27 and November 27 of each year, commencing May 27, 2015. Status of the Bonds ............................................... The Bonds will constitute direct, unconditional, unsubordinated and (subject to Condition 3 (Negative Pledge) of the Terms and Conditions of the Bonds) unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all other unsecured and unsubordinated indebtedness of the Issuer, present and future. Guarantee ........................................................... The payment obligations of the Issuer under the Bonds and the Trust Deed will be unconditionally and irrevocably guaranteed by the Guarantor to the extent of, and in accordance with and subject to, the terms of the CGIF Guarantee. Such obligations of the Guarantor under the CGIF Guarantee are direct, unconditional and general obligations of the Guarantor and rank pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law. The CGIF Guarantee does not cover any relevant amounts of principal or accrued interest that become payable by the Issuer on the exercise by it of an early redemption, including as a result of the Issuer’s redemption for tax reasons and the Issuer’s optional redemption of the Bonds (Condition 6(b) (Redemption and Purchase — Redemption for tax reasons) and
9
Condition 6(d) (Redemption and Purchase — Redemption at the option of the Issuer) of the Terms and Conditions of the Bonds). In order to mitigate any risk of the Issuer not paying the relevant amount of principal and/or accrued interest arising out of or in connection with the Issuer exercising any of its rights of early redemption, the Issuer, in exercising its rights for redemption for tax reasons and/or redemption at the option of the Issuer, is required to (i) pre-fund the Trustee with an amount sufficient to redeem the Bonds at their principal amount together with any interest accrued to the relevant date fixed for redemption and (ii) deliver to the Trustee and the Guarantor a Solvency Certificate. The Company, the Issuer and the Guarantor have entered into a reimbursement and indemnity agreement which, among other things, specifies the payment of guarantee fees and other amounts in respect of the CGIF Guarantee and the basis on which amounts paid by the Guarantor under the CGIF Guarantee are to be reimbursed and indemnified by Issuer and the Company. For further information on the terms of the CGIF Guarantee, see “Description of the CGIF Guarantee” and Appendix A. Use of Proceeds ................................................... The Issuer will use the net cash proceeds of the offering and issuance of the Bonds, after deducting management fees and commissions and other estimated expenses associated with the offering and issuance of the Bonds, to refinance a portion of its existing debt. See “Use of Proceeds.” Optional Redemption ............................................ The Bonds may be redeemed at the option of the Issuer in whole or in part, on any Interest Payment Date, prior to the Maturity Date, on the Issuer giving not less than 15 nor more than 30 days’ notice to the Bondholders in accordance with Condition 15 (Notices) (which notice shall be irrevocable) at the Make-Whole Amount (as defined in Condition 6(d)(i) (Redemption and Purchase — Redemption at the option of the Issuer)) (together with interest accrued to (but excluding) the date fixed for redemption) if, immediately before giving such notice, the Issuer satisfies certain conditions as described in Condition 6(d) (Redemption and Purchase — Redemption at the option of the Issuer). Tax Redemption................................................... The Bonds may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 15 nor more than 30 days’ notice to the Bondholders, which notice shall be irrevocable, at their principal amount (together with interest accrued to the date fixed for redemption) in the event of certain tax changes if, immediately before giving such notice, the Issuer satisfies certain conditions as described in Condition 6(b) (Redemption and Purchase — Redemption for tax reasons) of the Terms and Conditions of the Bonds.
10
Redemption in the event of a CGIF Acceleration: ....... At any time following the occurrence of a CGIF Acceleration, the Guarantor may at its discretion require the Issuer to redeem the Bonds in whole, but not in part, at their principal amount, together with interest accrued to the date fixed for redemption on giving not less than seven nor more than fifteen days’ notice to the Issuer, following which the Issuer shall immediately, or if the Issuer fails to do so the Guarantor may, give notice to the Bondholders (which notice shall be irrevocable). Prior to a CGIF Acceleration, CGIF will deliver to the Trustee a CGIF Acceleration Notice which will, among other things, contain a written confirmation that CGIF will pay all Guaranteed Amounts in respect of the Bonds on the date fixed for redemption. Negative Pledge ................................................... The terms of the Bonds contain a negative pledge provision as further described in Condition 3 (Negative Pledge) of the Terms and Conditions of the Bonds. Events of Default ................................................. The terms of the Bonds contain certain events of default provisions as further described in Condition 9 (Events of Default) of the Terms and Conditions of the Bonds. Selling and Transfer Restrictions ............................. The Bonds will not be registered under the Securities Act or under any state securities laws of the United States or of any other jurisdiction, and will be subject to customary restrictions on transfer and resale. See “Plan of Distribution” and “Transfer Restrictions”. Clearing System ................................................... Upon issue, the Bonds will be evidenced by the Global Certificate, which will be registered in the name of a nominee for, and deposited with, a common depositary for Euroclear and Clearstream, Luxembourg, and will be exchangeable for individual Certificates only in the circumstances set out therein. Each Bondholder shall (except as otherwise required by law) be treated as the absolute owner of such Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing on the Global Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous loss or theft of such Global Certificate) and no person shall be liable for so treating such Holder. Subject to the provisions of the Terms and Conditions of the Bonds, a Bond may be transferred upon surrender of the relevant Certificate, with the endorsed form of transfer duly completed and executed, at the Specified Office of the Registrar or any Transfer Agent, together with such evidence as the Registrar or (as the case may be) such Transfer Agent may require to prove the title of the transferor and the authority of the individuals who have executed the form of transfer. Delivery of the Bonds ........................................... The Issuer expects to make delivery of the Bonds, against payment in same-day funds, on or about November 27, 2014. You should note that initial trading of the Bonds may be affected by the extended settlement. See “Plan of Distribution.”
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Trustee ............................................................... DB Trustees (Hong Kong) Limited Principal Paying Agent and Transfer Agent ............... Deutsche Bank AG, Hong Kong Branch Registrar............................................................. Deutsche Bank Luxembourg S.A. ISIN Number....................................................... XS1143279724 Common Code..................................................... 114327972 Listing ............................................................... Approval-in-principle has been received for the listing and quotation of the Bonds on the Official List of the SGX-ST. The Bonds will be traded on the SGX-ST in a minimum board lot size of S$250,000 for so long as the Bonds are listed on the SGX-ST and the rules of the SGX-ST so require. So long as the Bonds are listed on the SGX-ST and the rules of the SGX-ST so require, the Issuer shall appoint and maintain a paying agent in Singapore, where such Bonds may be presented or surrendered for payment or redemption, in the event that the Global Certificate representing such Bonds is exchanged for definitive certificates. In addition, an announcement of such exchange will be made through the SGX-ST. Such announcement will include all material information with respect to the delivery of the definitive certificates or, as the case may be, certificates including details of the paying agent in Singapore. Governing Law .................................................... The Bonds, the CGIF Guarantee, the Trust Deed and any non-contractual obligations arising out of or in connection therewith will be governed by, and will be construed in accordance with, the laws of England and Wales and any disputes arising thereunder are subject to arbitration in Singapore under the Rules of Arbitration of the Singapore International Arbitration Center. Ratings............................................................... The Bonds are expected to be rated “AA” by S&P. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organization. No guarantee is made that such ratings will not be adversely revised or withdrawn either before or after delivery of the Bonds. See “Risk Factors — Risk Relating to the Securities.” Risk Factors ........................................................ For a discussion of certain factors that should be considered in evaluating an investment in the Bonds, see “Risk Factors.”
12
Summary Consolidated Financial Information and Operating Data You should read the summary consolidated financial information and operating data presented below in conjunction with the Company’s financial statements and the notes thereto included in this Offering Circular. The following tables present the Company’s summary consolidated financial information and operating data as of the dates and for each of the periods indicated. The Company has derived the summary consolidated financial information presented in the tables below from: (i) the audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years then ended and the nine-month period ended September 30, 2013, and (ii) the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended, included elsewhere in this Offering Circular. The audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years ended December 31, 2011, 2012, and 2013, and the nine-month period ended September 30, 2013, have been audited by Purwantono, Suherman & Surja (“PSS”) (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with Standards on Auditing established by the Indonesian Institute of Certified Public Accountants (“IICPA”), as stated in their audit report appearing elsewhere in this Offering Circular. The unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended have been reviewed by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (“SRE 2410”), established by the IICPA, as stated in their review report appearing elsewhere in this Offering Circular. A review conducted in accordance with SRE 2410 established by the IICPA is substantially less in scope than an audit conducted in accordance with Standards on Auditing established by the IICPA and consequently, does not enable PSS to obtain assurance that they would become aware of all significant matters that might be identified in an audit. Accordingly, they do not express an audit opinion on the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended. The summary consolidated financial information of the Company as of September 30, 2014 and for the ninemonth periods ended September 30, 2013 and 2014 is not indicative of the results that may be expected for any other interim period or for the entire financial year. The audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years ended December 31, 2011, 2012, and 2013, and the nine-month period ended September 30, 2013, and the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended, which are prepared in accordance with Indonesian FAS and presented in Rupiah, are not intended to present our consolidated financial position, financial performance, or cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than those in Indonesia. Indonesian FAS differ in certain significant respects from U.S. GAAP. In making an investment decision, you should rely upon your own examination of the terms of the offering of the Bonds and the financial information contained in this Offering Circular. You should consult your own professional advisors for an understanding of the differences between Indonesian FAS and U.S. GAAP, and how those differences could affect the financial information contained in this Offering Memorandum.
13
For the years ended December 31, 2011
2012
2013
For the nine months ended September 30, 2013
2014
(unaudited) (unaudited) Rp. Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions, except per share amounts)
COMPREHENSIVE INCOME STATEMENT DATA Revenues ....................................................... Depreciation and amortization ........................... Other cost of revenues ...................................... Cost of revenues.............................................. Gross income.................................................
1,650.9 2,265.3 (483.8) (584.8) (90.0) (137.5) (573.8) 1,077.1
3,197.1 (930.4) (207.1)
(722.3) (1,137.5) 1,543.0
2,059.6
261.8 (76.2) (17.0) (93.2) 168.6
2,295.3 (684.1) (143.9)
3,074.9 251.8 (799.0) (65.4) (204.3) (16.8)
(827.9) (1,003.3) (82.2) 1,467.3
2,071.6
169.6
Selling and marketing expenses.......................... General and administrative expenses ................... Other losses, net ..............................................
(22.6) (151.7) (82.0)
(29.1) (205.5) (324.5)
(36.1) (319.2) (947.9)
(3.0) (26.1) (77.6)
(24.4) (230.7) (711.9)
Operating Income ..........................................
820.8
983.9
756.4
61.9
500.3
Finance income ............................................... Finance charges ..............................................
1.1 (443.4)
11.9 (534.2)
4.0 (551.4)
0.3 (45.1)
3.5 (376.0)
5.5 0.5 (484.4) (39.7)
Income before corporate income tax expense ........ Corporate income tax expense ...........................
378.5 (96.8)
461.6 (115.0)
209.0 (59.1)
17.1 (4.8)
127.8 (33.2)
1,177.4 96.4 (296.6) (24.2)
Income for the year ........................................
281.6
346.6
149.9
12.3
94.6
880.8
72.2
—
2.4
83.6
6.9
58.5
(29.1)
(2.4)
— — (20.9)
— — (1.7)
— — (14.6)
— — 7.3
— — 0.6
Other comprehensive income: Exchange rate difference from translation of financial statements ...................................... Differences arising from changes in revaluation surplus on tower .......................................... Other reserve .................................................. Related deferred tax .........................................
(3.7) 2,014.9 (0.3) 51.2 13.7 (517.1)
(37.2) (3.0) (302.5) (24.8) (75.6) (6.2) 1,656.3
135.6
Other comprehensive income, net of tax ...........
9.7
1,551.4
62.7
5.2
43.9
(21.8)
(1.8)
Total comprehensive income for the year, net of tax ............................................................
291.3
1,898.0
212.7
17.5
138.5
858.9
70.4
14
As of December 31,
FINANCIAL POSITION DATA ASSETS Current Assets Cash and cash equivalents ......................................... Trade Receivables: Third parties, net of allowance for impairment of Rp.184.1 (2011: Rp.26.0, 2012: Rp.7.5, 2013: Rp.44.0) .......................................................... Other receivables: Related parties ..................................................... Third parties ........................................................ Inventories ............................................................. Refundable taxes ..................................................... Prepaid expenses ..................................................... Advances ............................................................... Total Current Assets...............................................
2011
2012
Rp.
Rp.
As of September 30,
2013
2014
(unaudited) (unaudited) Rp. US$ Rp. US$ (Rp. billions and US$ millions)
644.3
1,124.1
1,501.8
123.0
2,408.3
197.2
194.6
261.6
673.8
55.2
674.2
55.2
11.2 — 0.9 42.0 7.2 6.9
14.4 — 0.5 28.5 12.1 15.6
— — 0.5 — 16.5 17.5
— — — — 1.3 1.4
— — 0.5 23.1 19.3 23.4
— — — 1.9 1.6 1.9
907.1
1,456.8
2,210.1
180.9
3,148.9
257.9
Non Current Assets Net investment in finance lease................................... Fixed assets, less accumulated depreciation of Rp.1,283.9 (2011: Rp.392.0, 2012: Rp.36.1, 2013: Rp.723.3) ............................................................ Goodwill ................................................................ Refundable taxes ..................................................... Intangible assets ...................................................... Long-term site rentals ............................................... Deferred tax assets ................................................... Other non-current assets ............................................
1.1
0.4
0.1
—
—
—
7,012.9 — — — 541.8 — 165.1
10,431.9 158.2 — 590.3 823.8 8.0 180.2
11,202.3 207.7 80.4 721.6 1,009.7 — 146.0
917.3 17.0 6.6 59.1 82.7 — 12.0
11,966.9 191.3 80.4 629.0 1,228.6 0.9 65.2
979.9 15.7 6.6 51.5 100.6 0.1 5.3
Total Non-Current Assets........................................
7,720.9
12,192.7
13,367.8
1,094.7
14,162.3
1,159.7
Total Assets ...........................................................
8,628.1
13,649.5
15,577.9
1,275.6
17,311.2
1,417.6
15
As of December 31,
As of September 30,
2011
2012
2013
2014
Rp.
Rp.
LIABILITIES AND EQUITY Current Liabilities Tower construction and other payables: Third parties ........................................................ Related parties ..................................................... Other payables — third parties ................................... Taxes payable ......................................................... Unearned revenue .................................................... Short-term employee benefit liabilities ......................... Accrued expenses .................................................... Current portion of long-term loans — third parties .........
165.1 — 33.3 16.9 264.1 28.4 170.5 494.9
386.7 — 40.6 32.1 351.7 26.0 264.9 100.5
484.8 5.8 49.8 23.9 481.7 44.0 244.4 1,086.4
39.7 0.5 4.1 2.0 39.4 3.6 20.0 89.0
469.3 12.2 38.0 288.9 1,206.7 36.3 317.0 1,041.6
38.4 1.0 3.1 23.7 98.8 3.0 25.9 85.3
Total Current Liabilities .........................................
1,173.2
1,202.5
2,420.7
198.3
3,410.1
279.2
(unaudited) (unaudited) Rp. US$ Rp. US$ (Rp. billions and US$ millions)
Non-Current Liabilities Unearned revenue .................................................... Long-term loans net of current portion Third parties ........................................................ Related parties ..................................................... Bonds payable......................................................... Long-term employee benefit liabilities ......................... Interest rate swap payables ........................................ Deferred tax liabilities, net......................................... Long-term provision .................................................
26.6
25.4
177.4
14.5
163.1
13.3
5,090.7 312.8 — 13.0 51.2 307.6 72.2
7,946.6 — — 23.3 — 844.7 126.1
8,221.3 — — 36.9 — 880.5 150.0
673.2 — — 3.0 — 72.1 12.3
7,170.4 — 988.0 46.4 — 814.8 168.2
587.2 — 80.9 3.8 — 66.7 13.8
Total Non-Current Liabilities ..................................
5,874.1
8,966.0
9,466.1
775.1
9,351.0
765.7
Total Liabilities ......................................................
7,047.3
10,168.5
11,886.8
973.4
12,761.1
1,044.9
EQUITY Equity attributable to the owners of the parent entity: Share capital: Common shares: Par value of Rp.100 (full amount) per share Authorized — 10,000,000,000 shares Issued and fully paid — 3,322,620,187 shares Retained earnings .................................................... Appropriated ....................................................... Unappropriated .................................................... Other comprehensive income .....................................
332.3 — 677.8 570.7
332.3 — 1,063.9 2,083.2
332.3 — 1,345.1 2,018.7
27.2 — 110.1 165.3
332.3 0.1 2,323.3 1,900.9
27.2 — 190.2 155.7
Total equity attributable to the owners of the parent entity .................................................................
1,580.8
3,479.3
3,696.1
302.6
4,556.6
373.1
Non-controlling interests ...........................................
—
1.6
Total Equity ..........................................................
1,580.8
3,481.0
3,691.1
302.2
4,550.0
372.6
Total Liabilities and Equity .....................................
8,628.1
13,649.5
15,577.9
1,275.6
17,311.2
1,417.6
16
(5.0)
(0.4)
(6.6)
(0.5)
For the nine months ended September 30,
For the years ended December 31, 2011
CASH FLOW DATA Net Cash Provided by Operating Activities......................................... Net Cash Used In Investing Activities ...... Net Cash (Used In)/Provided By Financing Activities .......................... Effects from Changes in Foreign Exchange Rate on Cash and Cash Equivalents ...................................... Net Increase in Cash and Cash Equivalents ...................................... Cash and Cash Equivalents at the Beginning of the Year ........................ Cash and Cash Equivalents at the End of the Year ..........................................
2012
Rp.
Rp.
1,570.5 (1,706.6)
1,991.2 (2,728.7)
2013
2013
(unaudited) Rp. US$ Rp. (Rp. billions and US$ millions)
2014 (unaudited) Rp. US$
2,432.0 (1,776.4)
199.1 (145.5)
2,075.8 (1,428.2)
3,043.3 (1,707.2)
249.2 (139.8)
(637.6)
(52.2)
(420.2)
(488.4)
(40.0)
428.7
1,184.6
1.2
32.8
359.7
29.6
254.5
58.9
4.8
293.8
479.9
377.7
31.0
481.9
906.5
74.2
350.5
644.3
1,124.1
92.0
1,124.1
1,501.8
123.0
644.3
1,124.1
1,501.8
123.0
1,606.0
2,408.3
197.2
Annualized numbers for the nine months ended September 30, 2013 and 2014 have been calculated by dividing the actual results from such periods by three and multiplying that number by four. As of and for the years ended December 31, 2011 Rp.
OTHER FINANCIAL DATA (UNAUDITED) EBITDA(1) ........................................... EBITDA Margin (%)(2) .......................... Interest Expense(3) ................................. Capital Expenditures(4) ........................... Total Debt(5) ........................................ Net Debt(6) ........................................... EBITDA to Interest Expense (X)(7) ........... Total Debt to EBITDA (X)(8) .................. Net Debt to EBITDA (X)(9) .....................
(1)
1,386.6 84.0 374.6 1,536.2 6,152.6 5,508.3 3.7 4.4 4.0
2012
As of and for the nine months ended September 30,
2013
2013
2014
Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions unless otherwise indicated) (unaudited) (unaudited)
1,893.2 83.6 430.6 2,496.1 8,290.1 7,166.0 4.4 4.4 3.8
2,634.6 82.4 447.5 1,530.6 9,724.9 8,223.1 5.9 3.7 3.1
215.8 82.4 36.6 125.3 796.3 673.4 5.9 3.7 3.1
2,528.4 82.6 411.5 1,647.2 9,416.5 7,810.5 6.1 3.7 3.1
3,374.5 82.3 545.3 1,811.5 9,567.1 7,158.8 6.2 2.8 2.1
276.3 82.3 44.7 148.3 783.4 586.2 6.2 2.8 2.1
(a)
The Company defines EBITDA as gross income less selling and marketing expenses and general and administrative expenses, plus depreciation and amortization, as reported in the financial statements included in this Offering Circular prepared under Indonesian FAS.
(b)
EBITDA is not a standard measure under Indonesian FAS.
(c)
EBITDA is a widely used financial indicator of a company’s ability to service and incur debt.
(d)
EBITDA should not be considered in isolation or construed as an alternative to cash flows, net income or any other measure of performance or as an indicator of operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities.
(e)
EBITDA does not account for taxes, interest expense or other non-cash operating expenses.
(f)
In evaluating EBITDA, the Company believes that investors should consider, among other things, the components of EBITDA such as revenues and operating expenses and the amount by which EBITDA exceeds capital expenditures and other charges.
(g)
The Company has included EBITDA because the Company believes that EBITDA facilitates comparisons of operating performance from period to period and company to company by eliminating potential differences caused by variations in capital structures (affecting interest expense and finance charges), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the age and booked depreciation and amortization of assets (affecting relative depreciation and amortization of expense).
17
(h)
EBITDA presented herein may not be comparable to similarly titled measures presented by other companies.
(i)
You should not compare EBITDA presented by the Company to EBITDA presented by other companies because not all companies use the same definition.
The following table reconciles gross income to EBITDA:
For the years ended December 31, 2011
2012
2013
For the nine months ended September 30, 2013
2014
Rp. Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions unless otherwise indicated) (unaudited) (unaudited) Gross income .......................................................... Less: Selling and Marketing Expenses ................................. General and Administrative Expenses .......................... Add: Depreciation and Amortization ...................................
1,077.1
1,543.0
2,059.6
168.7
1,956.4
2,762.1
226.2
22.6 151.7
29.1 205.5
36.2 319.2
3.0 26.1
32.5 307.6
49.6 403.3
4.1 33.0
483.8
584.8
930.4
76.2
912.1
1,065.3
87.2
EBITDA (unaudited) ................................................
1,386.6
1,893.2
2,634.6
215.8
2,528.4
3,374.5
276.3
(2)
EBITDA Margin is calculated by dividing EBITDA by Revenues.
(3)
Includes interest capitalized into fixed assets.
(4)
Capital expenditure includes expenditure on land, building, equipment related towers, ground lease renewal and subsidiaries acquisition.
(5)
Total debt is calculated by adding the current and non-current portions of long-term loans, excluding unamortized costs of loans.
(6)
Net debt is calculated by total debt less cash and cash equivalents.
(7)
EBITDA to interest expense is calculated by dividing EBITDA by interest expense, as referred to in footnote (3) above.
(8)
Total Debt to EBITDA is calculated by dividing total debt by EBITDA.
(9)
Net Debt to EBITDA is calculated by dividing net debt by EBITDA.
As at December 31,
OPERATING DATA Number of Operational Towers .................................................................. Number of Tenants ..................................................................................
18
As at September 30,
2011
2012
2013
2014
6,363 10,798
8,460 14,849
9,746 18,322
11,216 20,723
Risk Factors An investment in the Bonds is subject to a number of risks. You should carefully consider all the information contained in this Offering Circular including the risks described below before making an investment decision. The Issuer’s and the Company’s business, financial condition and results of operations could be materially and adversely affected by any of these risks. The market price of the Bonds could decline due to any of these risks and you may lose all or part of your investment. The risks described below are not the only ones that may affect the Issuer, the Company or the Bonds. This Offering Circular contains forward-looking statements relating to events that involve risks and uncertainties. The Company’s actual results may differ materially from those anticipated in forward-looking statements as a result of various factors, including the risks faced by the Company described below and elsewhere in this Offering Circular. RISKS RELATING TO THE STRUCTURE OF THE OFFERING Bondholders will not have any direct contractual claim against the Company and, therefore, should not place significant reliance on the disclosure relating to the Company contained in this Offering Circular. The Issuer is an indirect wholly-owned subsidiary of the Company. The Bonds will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer. The Company is not guaranteeing the obligations of the Issuer under the Bonds. As a result, Bondholders will not have any direct contractual claim against the Company should the Issuer default under its obligations under the Bonds. The relevance of the Company as described in this Offering Circular to the Bonds is limited to the Company’s ability to meet its payment obligations under any of its intercompany loans with Protelindo Towers, which would affect the ability of Protelindo Towers to pay dividends and/or distribute share premium and/or other reserves to Protelindo Netherlands. If Protelindo Towers does not, or is unable to, make payments or distribute dividends or reserves to Protelindo Netherlands, then Protelindo Netherlands may not be able to meet its payment obligations under its intercompany loans with the Issuer, and this will in turn, affect the Issuer’s ability to meet its payment obligations under the Bonds. As such, potential investors are cautioned not to place significant reliance upon the disclosure relating to the Company contained in this Offering Circular when considering an investment in the Bonds. For further information relating to the Issuer, CGIF and the Offering, see “Terms and Conditions of the Bonds”, “The Issuer”, “Information on the Guarantor” and “Description of the CGIF Guarantee”. RISKS RELATING TO THE COMPANY’S BUSINESS The Company faces substantial competition and pricing pressure in the tower leasing industry. The Company faces substantial competition and pricing pressure in the tower leasing industry. The Company’s customers have numerous alternatives for leasing tower space, including from major Indonesian telecommunications operators that own and lease space on their towers, such as Telkomsel and XL, and independent tower providers such as PT Tower Bersama Infrastructure, Tbk, PT Solusi Tunas Pratama Tbk, PT Inti Bangun Sejahtera Tbk and PT Retower Asia (Retower). The Company believes competition in the Indonesian tower leasing industry is primarily based on the location of towers, relationships with telecommunications operators, tower quality and speed to market of new towers. All major telecommunications operators in Indonesia are larger than the Company is and may have greater financial resources than it does. Some of these telecommunications operators may also have larger tower portfolios than the Company does. Indonesian telecommunications operators may increasingly share towers of other Indonesian telecommunications operators or their respective affiliates rather than leasing tower space from independent tower operators like the Company. For example, Telkomsel, Indosat and XL have, in recent years, begun leasing space on their towers to other telecommunications operators. Any adverse change in the demand for tower space from independent tower operators could adversely affect the Company’s business, prospects, results of operations and financial condition. Pricing pressures in the tower leasing industry could adversely affect the Company’s business, prospects, results of operations and financial condition. Failure to retain or attract new customers due to pricing or other factors could adversely affect the Company’s business and prospects, and increased competition could make the acquisition of high quality tower assets more costly. The Company cannot assure you that it will be able to successfully compete within this increasingly competitive industry.
19
A substantial portion of the Company’s revenue is derived from a small number of customers and the Company is exposed to risks related to the creditworthiness of the Company’s customers. A substantial portion of the Company’s revenues is derived from a small number of customers. For the nine months ended September 30, 2014, the Company’s eight largest customers contributed 94.3% of the Company’s revenues. If any of the Company’s major customers is unwilling or unable to perform their obligations under the Company’s agreements with them, the Company’s business, prospects, results of operations and financial condition could be materially and adversely affected. In the ordinary course of business, the Company occasionally experience disputes with its customers generally regarding the interpretation of terms in the Company’s leases and other agreements with customers. If the Company is forced to litigate such disputes, its relationship with the customers involved could be damaged, which could lead to a decrease in growth of the Company’s revenues and a material and adverse effect on the Company’s business, prospects, results of operations and financial condition. Further, due to the long-term nature of the Company’s leases, the Company will also depend on the continued operational and financial strength of its customers. If one or more of the Company’s major customers experiences financial difficulties, it may experience significant uncollectible deferred or uncollectible accounts receivable. In particular, because the Company receives a significant portion of its revenues from a limited number of customers, any events adversely affecting such customers’ creditworthiness and their ability to meet their financial obligations to the Company would adversely affect the Company’s business, prospects, results of operations and financial condition. The Company has, in the past, experienced payment delays from certain customers and there can be no assurance that this will not occur again in the future. See “Business — Customer Leases”. A decrease in demand for wireless communications or a decrease in demand for tower space could materially and adversely affect the Company’s business, prospects, results of operations and financial condition. The Company’s business strategy and planned capital expenditures are based on the expectation that the number of wireless communications services subscribers and wireless data usage in Indonesia will continue to increase. If the Indonesian wireless communications services industry does not continue to grow or grows at a slower than expected rate, the Company’s business, prospects, results of operations and financial condition will be adversely affected. Factors which may cause a decrease in demand for the Company’s services include: •
a decrease in telecommunication operators’ capital expenditure;
•
decreased growth in data usage or in the wireless communications industry generally;
•
adverse developments with respect to governmental licensing of spectrum and telecommunications and other regulations;
•
mergers or consolidations among telecommunications operators;
•
increased use of network sharing, roaming or resale arrangements among telecommunications operators;
•
delays or changes in the deployment of 3G, 4G, WiMax or other communications technologies;
•
adverse shifting in the strategies of telecommunications operators with respect to owning or sharing space on towers;
•
adverse developments in regard to zoning, environmental, health and other government regulations;
•
decreased consumer demand for wireless communications services; and
•
deterioration in the general financial condition of telecommunications operators as a result of declining tariffs, media convergence or other factors.
20
Merger or consolidation among the Company’s customers could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company believes that Indonesia’s wireless communication industry is beginning to experience consolidation and will continue to do so in the foreseeable future. Significant consolidation among the Company’s existing or potential customers may result in reduced aggregate capital expenditures because the existing networks and expansion plans of many telecommunications operators overlap. If any such consolidation occurs, certain segments of the Company’s existing or potential customers’ merged networks may be deemed to be redundant and these customers may attempt to eliminate such redundancies. The Company’s results of operations and its growth prospects could be negatively impacted if a significant number of the Company’s existing leases are not renewed in the event that such consolidations occur. Similar consequences may occur if telecommunications operators begin to engage in extensive sharing, roaming or resale arrangements instead of leasing towers from independent tower providers. The Company cannot assure you that Indonesian telecommunications operators will not experience further consolidation, which could result in a decline in growth and would adversely affect the Company’s business, prospects, results of operations and financial condition. The Company may be unable to retain and attract key management and skilled personnel. The Company’s success depends, to a large extent, on its ability to retain the services of its key management and operational personnel. If the Company is unable to retain or attract high-quality managerial and technical personnel, its business, prospects, results of operations and financial condition may be adversely affected. Attracting and retaining top-quality managerial talent is a significant challenge facing companies in Indonesia and in the Company’s industry in particular, due to its rapid development and the entry of new competitors. Any failure to attract or retain high-quality management and operational personnel in key positions and functions could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company’s business activities may be negatively affected by any adverse changes in the interpretation and implementation of regional regulations and uncertain legislation. Indonesia’s tower leasing industry is subject to various laws and regulations to regulate the development and use of towers. On March 17, 2008 the Minister of Communication and Information Technology (currently named Minister of Communication and Informatics) (“MOCI”) promulgated MOCI Regulation No. 2/PER/ M.KOMINFO/3/2008 regarding Guidelines on the Construction and Utilization of Shared Telecommunications Towers (the “MOCI Regulation”), and on March 30, 2009 the Ministry of Domestic Affairs, the Ministry of Public Works, the Ministry of Informatics and Communication and the Head of the Capital Investment Board passed regulations No. 07/PRT/M/2009, No. 19/PER/M.KOMINFO/03/2009, and No.3/P/2009 regarding Guidelines for the Construction and Shared Utilization of Telecommunication Towers (the “Joint Regulation”). Such regulations have caused, and will continue to cause, uncertainty in the Company’s industry because limited precedent or guidance exists regarding their interpretation and implementation. New regulations or the adverse implementation and interpretation of existing regulations, could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company endeavors to apply for and obtain all IMBs and other required permits for the construction of its towers in DKI Jakarta. However, as is common among tower operators, it has been unable to obtain all required permits. On February 2014, the Governor of DKI Jakarta promulgated Governor Regulation No. 14 of 2014 regarding Implementation of Telecommunication Towers Activity in the province of DKI Jakarta (“Regulation No. 14/2014”). Regulation No. 14/2014 is intended to be a guideline for carrying out the operations of telecommunication towers and is aimed at achieving among others, legal certainty in connection with the needs of the telecommunication operators to construct telecommunication towers within the location and form as determined by the relevant regional government authority. Regulation No. 14/2014 stipulates among others that any construction of towers in the province of DKI Jakarta must be within the “Master Plan” for the city’s zoning. A telecommunication tower that is located outside the city’s zoning Master Plan and which is yet to obtain an IMB, will be granted a transition period of one year of operation, following the lapse of which, the relevant authority will enforce and dismantle such telecommunication towers. Regulation No 14/2014 also regulates the Reference Map for the Distribution of Shared Telecommunications Towers for the Placement of Macro Cellular Antennas (macrocell) in DKI Jakarta. The Company has been unable to obtain a copy of the “Master Plan” from the DKI Jakarta government to determine how the regulation may affect the Company’s portfolio and future plans.
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The Company has attempted and will continue to attempt to comply with the requirements of Regulation No. 14/2014; however, there is no guarantee that the Company’s towers will conform to the regulation or be included in the Master Plan. If the Company is required to remove 10% or more of its towers during any consecutive six month period, that might give rise to an event of default under certain of the Company’s indebtedness, potentially causing an acceleration of such loans. In addition, certain of the Company’s lease agreements require that it obtain and maintain the validity of the necessary licenses, permits, consents or permissions required by law in relation to the operation of its towers. Any of the above activities could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. Additionally, on September 15, 2009, the Government passed Law No. 28/2009 regarding Local Taxes and Local Retribution (“Law No. 28/2009”) with implementing regulations introduced on October 10, 2010 under Government Regulation No. 69 of 2010 on Procedures to Grant and Utilize Incentives for Regional Tax and Levy Collection (“GR 69/2010”). Under Law No. 28/2009, local governments can collect retribution payments for utilization of regional space for towers at a maximum rate of 2% of the sale value of the tower. Local governments can also collect retribution payments as a service payment for both IMB and nuisance permits issued to a private entity. Local governments calculate retribution payments for IMBs based on local laws. The formula for calculating retribution payments for nuisance permits is currently unclear. These new laws may increase the Company’s costs. Further, the Company cannot assure you that the implementation of Law No. 28/2009, or local retribution collection regulations which are expected to be issued by local governments, will not further increase its costs. This could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. Failure to obtain financing on reasonable terms may adversely affect the Company’s business and growth strategy. The Company requires substantial amounts of capital to acquire, build and expand its tower portfolio. The amount and timing of future capital requirements may differ from the Company estimates as a result of, among other things, unforeseen delays or cost overruns, unanticipated expenses, or engineering/technical and regulatory changes. The Company intends to utilize debt financing to implement some of its expansion plans, and the Company’s ability to obtain such financing on favorable commercial terms will depend on a number of factors, including the Company’s financial condition, results of operations and cash flows, general market conditions in the tower leasing industry and economic, political and other conditions in Indonesia. Certain of the Company’s financing agreements may contain certain covenants and other restrictions which may limit its ability to borrow additional funds, make capital expenditures and investments, declare dividends, engage in mergers or consolidations or incur liens. The Company may also need the consent of some or all of its lenders to undertake some or all of these activities. The Company is subject to a number of risks associated with debt financing, including the risk that its cash flow from operations will be insufficient to meet required payments of principal and interest, foreign exchange risks with respect to the Company foreign currency-denominated debt, interest rate risk, and the risk that the Company may not be able to secure its indebtedness on favorable terms. The Company cannot assure you that it will be successful in negotiating with banks to roll-over or refinance existing debt or obtain sufficient credit, which may result in liquidity problems for the Company and a need to find alternate sources of funding. Any inability by the Company to obtain financing on reasonable terms could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company does not have, and may have difficulty obtaining the required licenses and permits for some of its towers, and the Company’s existing licenses and permits may be inadequate, amended, revoked or not renewed. Development and operation of a vast majority of the Company towers, including the construction of towers, requires licenses and permits issued by regional and local authorities, including but not limited to, building permits and environmental permits, aviation permits, antenna and mast deployment approvals, community permits (Izin Warga), nuisance permits, non-objection statements from the local or regional government and the surrounding community, permits from the relevant public utilities and various other licenses and permits. These licenses and permits are subject to review, interpretation, modification and termination by the relevant authorities and the Company may experience difficulties in obtaining and/or maintaining certain of these licenses and permits, which may require the Company to seek alternative sites and/or incur considerable effort and expense if a suitable alternative tower site is not available.
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Although the Company generally seeks and obtain the requisite consents and local community permits prior to the commencement of tower construction, due to the long time period between submission of an application and obtaining licenses and permits, the Company, consistent with what the Company believes is the common practice in its industry, sometimes proceed with, and often completes, tower construction, before all required licenses and permits have been obtained. The Company does this in order to meet specific goals for customer delivery. Authorities in DKI Jakarta, Bali, Bandung, Yogyakarta and other regions have recently taken enforcement action against other tower providers by forcing such tower providers to dismantle non-compliant towers. The Company cannot assure you that it will not be required to dismantle or remove towers and/or be subject to sanctions, if the Company does not obtain the relevant licenses or permits, or for any actual or alleged non-compliance with local regulations. Such consequences or sanctions could have a material adverse effect on the Company business, prospects, results of operation, and financial condition. The Company’s licenses and permits are subject to review, interpretation, modification or termination by the relevant authorities. If such licenses and permits are not obtained, the local authorities may issue notices for the Company towers to be dismantled and removed, and the Company may be placed on blacklist and be prohibited from constructing towers in the region for up to one year. The Company cannot assure you that local authorities will not require the Company to dismantle its towers and impose other penalties on it, such as reprimands, warnings and fines, for non-compliance with the relevant licensing and approval requirements. Also, a failure to obtain and/or maintain all such approvals and licenses may constitute a breach of the Company’s obligations under certain of its tenant lease agreements giving rise to a right to terminate by the tenant of the relevant site if such breach is not remedied within the period allocated to remedy such breach. If the Company is required to relocate a material number of its towers and cannot locate replacement sites which are acceptable to its customers or if a material number of its tenant lease agreements are terminated, this could materially and adversely affect the Company’s revenue and cash flow, which in turn could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. If the Company loses or is unable to renew any of its licenses or permits, the Company’s business, prospects, results of operations and financial condition could be materially and adversely affected. See “Business — Properties and Licenses.” The Company’s ability to construct new towers depends on a number of factors beyond its control, such as the availability of, and its ability to lease, ground or rooftop space. The Company’s ability to construct new tower sites depends on a number of factors, including the Company’s ability to successfully locate and lease ground space or acquire at commercially reasonable prices suitable locations for such towers, the availability of capital, customer network planning and the Company’s ability to obtain necessary licenses and permits. Identifying a location to establish a site requires expertise in communications infrastructure engineering, tower management and network consultancy. The Company cannot assure you that it will be successful in obtaining the right site location and constructing and acquiring new tower sites at the rate required to meet the Company’s and its customers’ expansion plans. These factors could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company may be unable to effectively manage its growth, including through increasing the number of tenancies and the construction and acquisition of towers. The Company’s strategy for the growth of its business involves several components, including increasing the Company’s number of co-locations, constructing new tower sites and acquiring tower sites from independent tower providers and telecommunications operators. The execution of this strategy will depend on a number of factors, including the Company’s ability to identify and meet the network expansion requirements of telecommunications operators, the Company’s ability to construct towers in a timely and cost-effective manner, the Company’s ability to identify and reach agreement for suitable acquisitions on commercially reasonable terms, and the Company’s ability to secure financing to complete larger acquisitions or investments. The Company cannot assure you that its search for and examination of acquisition opportunities, and any related discussions with third parties, will lead to future acquisitions. The Company’s ability to grow through further acquisitions will also depend on a number of factors, including factors beyond its control, such as the willingness of large Indonesian telecommunications operators to engage with the Company in sale and leaseback transactions for their tower portfolios on terms that meet the Company’s return on investment criteria and its ability to maintain its relationships with the regulatory authorities to obtain any governmental approvals required for the expansion of its tower portfolio. In addition, an acquisition or investment transaction may expose the Company to unknown liabilities or risks without sufficient indemnities or other legal protections.
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The execution of the Company’s growth strategy will be subject to risks and uncertainties, including the Company’s ability with respect to the following: •
identify and meet the network expansion requirements of the telecommunications operators;
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deploy build-to-suit towers in a timely and cost-effective manner;
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identify and reach agreement for suitable acquisitions on commercially reasonable terms;
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secure financing to complete larger acquisitions on commercially reasonable terms or at all;
•
generate sufficient cash to service the Company’s debt and control and finance its capital expenditures and operations;
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retain and acquire customers and accurately assess and meet their needs and market demands;
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competitively price the Company’s products and services;
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respond to changes in the regulatory environment in the tower-leasing industry; and
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attract, retain and train qualified personnel.
The success of the Company’s growth strategy depends on a number of external factors that are beyond its control. If the Company is unsuccessful in addressing any of the above risks and uncertainties, its business, prospects, results of operations and financial condition would be materially and adversely affected. In addition, the Company expects its growth will place significant demands on its management and operational resources. In order to manage growth effectively, the Company may be required to implement and improve operational systems, procedures and internal controls on a timely basis. If the Company fails to do so, or if there are any present or future weaknesses in the Company’s internal control and monitoring systems that could result in inconsistent internal standard operating procedures, the Company may not be able to service its customers’ needs, hire and retain new employees, pursue new business or operate its business effectively. Any inability to protect the Company’s real property rights could adversely affect its business and operating results. The Company leases the substantial majority of the parcels of land and property on which its towers are located. In general, the term of such lease arrangements are between five and 20 years, with renewal options, and grant the Company the right to use the leased premises for its business. Any termination of the Company’s lease agreements, including, as a result of the Company’s actual or alleged non-compliance with their terms or any inability to renew such lease agreements on commercially reasonable terms, would interfere with the Company’s ability to operate its business and to generate revenues. The cost of dismantling and relocating its towers is significant and the Company may not be able to pass these costs on to its customers or prevent the disruption of the Company’s or their operations. If the Company is unable to secure, renew or protect its leasehold interest on which its tower sites are located on commercially acceptable terms for these or other reasons, the Company’s business, prospects, results of operations and financial condition would be adversely affected. For various reasons, such as lack of or delays in obtaining necessary documentation, the Company may not always have the ability to access, analyze and verify all information regarding land title and related matters prior to entering into lease arrangements for its tower sites. In the event of disputes relating to land title or other related matters, the Company’s ability to access and operate tower sites may be adversely affected. Any termination of the Company’s ground lease agreements may interfere with its ability to operate and generate revenues. If this were to happen at a material number of sites, the Company’s business, prospects, results of operations and financial condition would be adversely affected. If the ownership or operation of the towers becomes invalid due to expiry of the ground lease or otherwise, this may give rise to issues such as breach or termination of the Company’s customers under the MLAs. Further,
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failure to obtain a renewal of any ground lease in respect of a site with a current and valid site lease may result in costs associated with relocating the tenants under the site leases, or a refund of any unused portion of prepaid rent costs. The tenant will also generally have a right to cancel the site lease under such circumstances. Such consequences or sanctions could have a material adverse effect on the Company’s business, prospects, results of operation, and financial condition. The Company’s towers and related infrastructure may be damaged by natural disasters and other unforeseen events for which the Company’s insurance may not provide adequate coverage. The Company’s towers and related infrastructure are subject to damage from natural disasters, such as wind storms, floods, earthquakes, mudslides and lightning strikes, as well as other unforeseen events. Any damage to or destruction of the Company’s towers or other assets as a result of the occurrence of these or other events could adversely impact the Company’s business, prospects, results of operation and financial condition. While the Company maintains insurance to reduce the potential impact of these risks, it may not have adequate insurance coverage to meet the associated repair, reconstruction and general liability costs. Any inability to provide the Company’s services to its customers as a result of any damage to, or destruction of, its towers and related infrastructure, could have a material and adverse effect on the Company’s business, prospects, results of operations and financial condition. The Company may experience local community opposition to some of its tower sites. The Company has experienced, and may in the future experience, local community opposition to its existing sites or the construction of new tower sites for various reasons, including aesthetic and alleged health concerns. As a result of such opposition, the Company could be required by the local authorities to dismantle and relocate certain towers. If the Company is required to relocate a material number of its towers and cannot locate replacement sites that are acceptable to its customers, it could materially and adversely affect the Company’s business, prospects, results of operations and financial condition. The Company is exposed to interest rate risk. The Company maintains cash deposits at various domestic and international banks and financial institutions and manage interest rate risk by varying the maturities and interest rate terms of such deposits. However, the Company’s hedging policy may not adequately cover its exposure to interest rate fluctuations and this may result in a large interest expense and an adverse effect on the Company’s business, prospects, results of operations and financial condition. In addition, the swap arrangements that the Company may enter into in the future could expose the Company to the risk of losses, including as a result of counterparties defaulting on their obligations to perform under the relevant contract. The Company’s costs are affected by commodity prices. The Company’s contractors purchase or rely on the purchase of commodities such as steel to construct towers. Volatility in either local or global commodity prices, and in particular metal prices, will make it more difficult for the Company and its contractors to accurately forecast the costs of constructing a tower pursuant to the Company’s expansion plans. Increases in such commodity prices will likely increase the amount of capital expenditure required for the Company’s expansion plans. Any significant increase in the required capital expenditure could have a material and adverse effect on the Company’s business, prospects, results of operations and financial condition. Allegations of health risks from or related to radio emissions, and any lawsuits and publicity relating to them, regardless of merit, could adversely affect the Company’s operations. There has been public speculation about potential health risks to individuals from exposure to electromagnetic fields from towers and wireless communications equipment. The Company cannot assure you that future studies of these health risks will not suggest a link between electromagnetic fields and health problems. This may subject the Company to legal action from individuals or otherwise adversely affect its business. Any negative public perception could slow the general growth of telecommunications operators and the tower industry. The potential connection between radio emissions and certain negative health effects has been the subject of substantial study by the scientific community in recent years, and numerous health-related lawsuits have been filed around the world against wireless carriers and wireless device manufacturers. These factors could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition because it may lead to increased legal fees and reduced profits, or a disruption of the Company’s operations. The Company does not maintain any significant insurance with respect to these risks.
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New technologies could make the Company’s tower leasing business less desirable to potential tenants and result in slower growth. The development and implementation of new technologies designed to enhance wireless network efficiency could reduce the demand for tower-based wireless services and decrease telecommunications operators’ demand for tower space. Such technologies include spectrally efficient technologies which could relieve network capacity problems and reduce the demand for antenna space on towers, and VoIP, which could result in a decrease in voice traffic on the Company’s customers’ networks and the demand for space on its towers. The Company’s business operations depend on the availability of an adequate and uninterrupted supply of electrical power. The equipment on the Company’s towers requires an adequate and uninterrupted supply of electrical power to properly function. The Company’s customers primarily depend on power supplied by PT Perusahaan Listrik Negara (Persero) (“PLN”). However, there are several areas in Indonesia where the electricity supply provided by PLN is inadequate. The Company is required to provide, and bear a portion of the cost of, constant and uninterrupted power supply to its tower sites in the event of an interruption in electrical power supplied by PLN. In such an event, the Company relies on batteries and generators, which run on diesel fuel. The Company’s inability to secure adequate and uninterrupted supply of backup electrical power could result in the interruption of the Company’s, and its customers’ services, and could result in a material adverse effect on the Company’s business, financial condition, results of operations and liquidity. The Company’s indebtedness could adversely affect its business, prospects, results of operations and financial condition. As of September 30, 2014, the Company’s total indebtedness was Rp.9,567.1 billion (US$783.4 million). The Company’s financing agreements permit it to incur additional debt, subject to certain limitations. The Company’s current and future financing arrangements may subject its business to various restrictions and risks, including the following: •
the Company may be required to dedicate a substantial portion of its cash flow from operations to required payments of indebtedness, thereby reducing the availability of cash flow for working capital, capital expenditures and other general corporate activities;
•
covenants relating to the Company’s indebtedness may limit its ability to obtain additional financing for working capital, capital expenditures and other general corporate activities;
•
covenants relating to the Company’s indebtedness may limit its flexibility in planning for, or reacting to, changes in its business and the tower leasing industry;
•
the Company may be unable to obtain funding for acquisitions of new businesses and projects;
•
the Company may be more vulnerable than its competitors to the impact of economic downturns and adverse developments in the Company’s business;
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the Company may be placed at a competitive disadvantage against any less leveraged competitors;
•
the Company may be subject to restrictions on paying dividends; and
•
the Company’s business may not generate sufficient cash to meet its debt or other financial obligations, resulting in defaults and cross defaults under its financing agreements.
The occurrence of any of these events could have a material adverse effect on the Company’s business, prospects, results of operations and financial condition. Depreciation or volatility in the value of the Rupiah may adversely affect the Company’s business, prospects, results of operations and financial condition. One of the most important immediate causes of the Asian economic crisis which began in Indonesia in mid-1997 was the depreciation and volatility of the value of the Rupiah against other currencies, such as the U.S. dollar.
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Although the Rupiah has appreciated considerably from its low of approximately Rp.17,000 per U.S. dollar in January 1998, the Rupiah continues to experience significant volatility. For example, the middle Rupiah-U.S. dollar exchange rate has fluctuated from a high of Rp.9,634 = US$1.00 in 2013 to a low of Rp.12,267 = US$1.00 in the first nine months of 2014, representing a 27.3% variation in the Rupiah-U.S. dollar exchange rate. See “Exchange Rates and Exchange Controls” for further information on the exchange rate between the Rupiah and the U.S. dollar in recent periods. The Rupiah has generally been freely convertible and transferable (except that Indonesian banks may not transfer Rupiah to accounts held by a bank within or outside of Indonesia by non-Indonesians who lack a bona fide trade or investment purpose). However, from time to time, Bank Indonesia has intervened in the currency exchange markets by buying or selling Rupiah or by using its foreign currency. The Company cannot assure you that the Rupiah will not be subject to depreciation and continued volatility, that the current floating exchange rate policy of Bank Indonesia will not be modified, that the Rupiah will not depreciate against other currencies, including the U.S. dollar, or that the Government will not take additional action to stabilize, maintain or increase the value of the Rupiah, or that any of these actions, if taken, will be successful. A change in Indonesia’s floating exchange rate policy could result in significantly higher domestic interest rates, liquidity shortages, the imposition of capital or exchange controls or the withholding of additional financial assistance by multinational lenders. This could result in a reduction of economic activity, a failure of Indonesia companies to meet their financial obligations and an economic recession, loan defaults or declining interest by the Company’s customers, and as a result, the Company may also face difficulties in funding its capital expenditure and in implementing its business strategy. The occurrence of any of the foregoing events could materially and adversely affect the Company’s and its customers, business, prospects, results of operations and financial conditions. Exchange rate fluctuations can have a significant impact on the Company’s results of operations since its borrowings are primarily denominated in U.S. dollars and the Company’s accounting records and financial statements are carried and expressed in Rupiah. If the Rupiah experiences significant or prolonged depreciation against the U.S. dollar, the Company’s business, prospects, results of operations and financial condition could be adversely affected. The Company is exposed to risks related to the non-performance of third-party contractors, who provide the Company with various services. The Company engages third-party contractors to provide it with various services in connection with the construction, access management, maintenance and security of its towers. The Company is exposed to risks that the services rendered by its third-party contractors will not always be satisfactory with respect to the Company and its customers’ expectations. As a result, the Company’s customers may be unsatisfied with the Company’s services and may terminate or not renew their contracts with it, which could adversely affect the Company’s business, prospects, results of operations and financial condition. The appraisal report may not be accurate or complete, and you will not have access to it. The independent appraiser is relying upon the accuracy and completeness of the information, including certain projections, that the Company provided to the independent appraiser. The appraisal report will be based on certain assumptions, including certain assumptions with respect to the terms of the Bonds, and projections, which, by their nature, are subjective and uncertain and may differ from actual results. The independent appraiser has not independently verified such information, and assumes no responsibility for and expresses no view to any, such information, projections or the assumptions on which they were based. The Company’s independent auditors have not examined, reviewed or compiled the projections and accordingly, do not express an opinion or any other form of assurance with respect thereto. Unanticipated results of, or changes in, the Company’s business or the tower industry, or changes in general or local economic conditions or other relevant factors, could affect such projections and the conclusions in the appraisal report. After the issuance of the Bonds, the Company expressly disclaims any duty to, and neither the Company nor the independent appraiser will, provide an update to the report of the differences between the projections or the assumptions made in the appraisal report. Accordingly, the appraisal report is not a prediction or an indication of the Issuer’s or the Company’s actual ability to perform their obligations under the Bonds. Accordingly, when making an investment decision, investors should not rely on the requirement to obtain an appraisal report. The full appraisal report, including the
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detailed projections underlying the analysis and the assumptions on which the appraiser’s conclusions are based, is confidentially submitted to the Indonesian Financial Services Authority, or Otoritas Jasa Keuangan (“OJK”), and not available to shareholders or to you for review. The summary of the appraisal report will only be published in a local newspaper two days following closing of the offering and will not include a full statement of all of the relevant facts, information and assumptions on which the appraiser based its conclusions. RISKS RELATING TO INDONESIA The Company is incorporated in Indonesia and substantially all of its assets and operations are located in Indonesia. As a result, future Government policies and political, economic, legal and social conditions in Indonesia could materially and adversely affect the Company’s business, prospects, financial condition and results of operations, and the Issuer’s ability to pay interest on, and repay the principal of, the Bonds. Emerging markets such as Indonesia are subject to greater risks than more developed markets, and if those risks were to materialize, their consequences could disrupt the Company’s business and you could suffer a significant loss to your investment. The Company has historically derived substantially all of its revenue from operations in Indonesia and the Company anticipates that it will continue to derive substantially all of its revenue from Indonesia. These markets have historically been characterized by significant volatility, and their political, social and economic conditions can differ significantly from those in more developed economies. Specific risks that could have a material impact on the Company’s business, results of operations, cash flows and financial condition include: •
political, social and economic instability;
•
acts of warfare, terrorism and civil conflicts;
•
state intervention, including tariffs, protectionism and subsidies;
•
regulatory, taxation and legal structure changes;
•
difficulties and delays in obtaining or renewing licenses, permits and authorizations;
•
arbitrary or inconsistent governmental action;
•
deficiencies in transportation, energy and other infrastructure; and
•
expropriation of assets.
Generally, investing in emerging markets is only suitable for sophisticated investors who fully appreciate the significance of the risks involved in investing in such markets. You should also note that political and related social developments in Indonesia have been unpredictable in the past, are subject to rapid change and, consequently, the information set out in this Offering Circular may become outdated relatively quickly. If any of the risks associated with investing in emerging markets, and in Indonesia in particular, were to materialize, the Company’s business, results of operations and financial condition could be materially adversely affected, and the value of your investment could decline significantly. The Indonesian legal system is subject to considerable discretion and uncertainty. Indonesian legal principles and their practical implementation by Indonesian courts differ materially from those that would apply within the United States or the European Union. Indonesia’s legal system is a civil law system based on written statutes as well as judicial and administrative decisions that do not constitute binding precedent and are not systematically published or made publicly available. Indonesia’s commercial and civil laws were historically based on Dutch law as in effect prior to Indonesia’s independence in 1945, and some have not been revised to reflect the complexities of modern financial transactions and instruments. Indonesian courts may be unfamiliar with sophisticated commercial or financial transactions, leading in practice to uncertainty in the interpretation and application of Indonesian legal principles.
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The application of Indonesian law depends upon subjective criteria such as the good faith of the parties to the transaction and principles of public policy, the practical effect of which is difficult or impossible to predict. Indonesian judges operate in an inquisitorial system, have very broad fact-finding powers and a high level of discretion in relation to the manner in which those powers are exercised. In practice, Indonesian court decisions may omit a clear articulation of the legal and factual analysis of the issues presented in a case. As a result, the administration and enforcement of laws and regulations by Indonesian courts and Indonesian governmental agencies may be subject to considerable discretion and uncertainty, which may render the Company’s judgments inaccurate on enforcement of certain contracts it enters into, or the impacts a development or interpretation of Indonesian laws may have on the Company. In addition, there is no certainty as to how long it will take for proceedings in Indonesian courts to be concluded, and the outcome of proceedings in Indonesian courts may be more uncertain than that of similar proceedings in other jurisdictions. Accordingly, it may not be possible for investors to obtain swift and equitable enforcement of their legal rights. The interpretation and implementation of legislation on regional governance in Indonesia is uncertain and may adversely affect the Company. Indonesia is a large and diverse nation, covering a multitude of ethnicities, religions, languages, traditions and customs. Prior to 1999, the central Government controlled almost all aspects of national and regional administration. The period following the end of the administration of former President Soeharto was marked by widespread demand for greater regional autonomy. In response to such demand, in 1999, the Indonesian Parliament passed Law No. 22 of 1999 on Regional Government, which was later replaced by Law No. 8 of 2005 regarding the First Amendment of Law No. 32/2004 on Regional Autonomy and Law No. 12 of 2008 regarding the Second Amendment of Law No. 32/2004. This Law No. 32/2004 was recently revoked and replaced by Law No. 23 of 2014 regarding Regional Government (“Law No. 23/2014”), as further amended by Government Regulation in lieu of Law No. 2 of 2014 as Amendment of Law No. 23/2014 (“Law No. 2/2014”), and Law No. 25 of 1999 on Financial Balances Between the Central and Regional Governments, which was later replaced by Law No. 33 of 2004 on the same subject matter. Under these laws, regional autonomy was expected to give regional governments greater powers and responsibilities over the use of national assets and to create a balanced and equitable financial relationship between the central and regional governments. Regional autonomy laws and regulations have changed the regulatory environment for companies in Indonesia by decentralizing certain regulatory, taxing and other powers from the Government to regional governments, and this creates uncertainty. These uncertainties include a lack of implementing regulations on areas of regional autonomy and a lack of government personnel with relevant sector experience at some regional government levels. Moreover, limited precedent or other guidance exists on the interpretation and implementation of the regional autonomy laws and regulations. In addition, pursuant to the regional autonomy laws, regional governments are given the authority to adopt their own regulations and under the pretext of regional autonomy, certain regional governments have put in place various restrictions, taxes and levies which may differ from restrictions, taxes and levies put in place by other regional governments and/or are in addition to restrictions, taxes and levies stipulated by the central Government. The Company’s business and operations are located throughout Indonesia and may be adversely affected by conflicting or additional restrictions, taxes and levies that may be imposed by the applicable regional authorities. Political and social instability in Indonesia may adversely affect the Company. Since the collapse of President Soeharto’s regime in 1998, Indonesia has experienced a process of democratic change, resulting in political and social events that have highlighted the unpredictable nature of Indonesia’s changing political landscape. As a new democratic country, Indonesia continues to face various socio-political issues and has, from time to time, experienced political instability and social and civil unrest. Such instances of unrest have highlighted the unpredictable nature of Indonesia’s changing political landscape. Indonesia also has many political parties, without any one party winning a clear majority to date. These events have resulted in political instability, as well as general social and civil unrest on certain occasions in recent years. For example, since 2000, thousands of Indonesians have participated in demonstrations in Jakarta and other Indonesian cities both for and against former President Wahid, former President Megawati, and current President Yudhoyono as well as in response to specific issues, including fuel subsidy reductions, privatization of state assets, anti-corruption measures, decentralization and provincial autonomy and the American-led military campaigns in Afghanistan and Iraq. Although demonstrations in Indonesia since 2000 have been generally peaceful, some have turned violent. There can be no assurance that such demonstrations or future sources of discontent will not lead to further political and social instability. In addition, separatist movements and clashes between religious and ethnic groups have resulted in social and civil unrest in parts of Indonesia.
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In 2004, Indonesians directly elected the President, Vice-President and representatives in the Indonesian Parliament for the first time. Indonesians have also begun directly electing heads and representatives of local and regional governments. It is likely that increased electoral activity will be accompanied by increased political activity in Indonesia. In April 2009, elections were held to elect the representatives in the Indonesian Parliament (including national, regional and local representatives). The Indonesian Presidential elections, held in July 2009, resulted in the re-election of President Yudhoyono. Although the April 2009 and July 2009 elections were conducted in a peaceful manner, political campaigns in Indonesia may bring a degree of political and social uncertainty to Indonesia. Indonesia has recently had another general election. The results of such election were challenged in constitutional court. This court challenge was subsequently settled in favor of the elected President, Joko Widodo and Vice-President, Jusut Kala. The President-elect and Vice-President elect were officially inaugurated on October 20th, 2014. However, there can be no assurance that further challenges will not take place and lead to possible political or social instability. Political and related social developments in Indonesia can result in civil disturbances that could directly or indirectly, materially and adversely affect the Company’s business, financial condition, results of operations and prospects. Labor activism and strikes, or failure to maintain satisfactory labor relations may adversely affect the Company. Laws and regulations which facilitate the formation of labor unions, combined with weak economic conditions, have resulted, and may continue to result, in labor unrest and activism in Indonesia. In 2000, the Indonesian government issued Law No. 21/2000 (the “Labor Union Law”). The Labor Union Law permits employees to form unions without the employer, the government, a political party or any other party intervention. On February 25, 2003, a committee of the Indonesian Parliament, the People’s Representative Council, or Dewan Perwakilan Rakyat (“DPR”) passed Law No. 13/2003 (the “Labor Law”). The Labor Law took effect on March 25, 2003 and requires further implementation of regulations that may substantively affect labor relations in Indonesia. The Labor Law, among other things, increased the amount of mandatory severance, service and compensation payments payable to terminated employees. The Labor Law took effect in March 2003 and requires further implementation of regulations that may substantively affect labor relations in Indonesia. The Labor Law requires companies with 50 or more employees to establish bipartite forums with participation from employers and employees and the participation of more than 50% of the employees of a company in order for a collective labor agreement to be negotiated and creates procedures that are more permissive to the staging of strikes. Under the Labor Law, employees who voluntarily resign are also entitled to payments for, among other things, (i) unclaimed annual leave; and (ii) relocation expenses. Employees have the right to refuse to continue their employment if there is a change in the legal status of the entity, change of ownership, merger or consolidation of a company. Following the enactment, several labor unions urged the Indonesian Constitutional Court to declare the Labor Law unconstitutional and order the government to revoke it. The Indonesian Constitutional Court declared the Labor Law valid except for certain provisions, including (i) the procedures for termination of employment of an employee who commits a serious mistake, (ii) criminal sanctions against an employee who instigates or participates in an illegal labor strike whether in the form of imprisonment of, or imposition of a monetary penalty, (iii) for labor unions in companies which have more than one labor union, the need for 50.0% employee representation before such labor unions are eligible to conduct negotiations with the employer, (iv) the ability of businesses to enter into outsourcing arrangements with specified terms that do not contain provisions that protect outsourced employees upon the replacement of the outsourcing company, and (v) the statutory time limit for workers to demand severance package entitlements. Accordingly, the Company may not be able to rely on certain provisions of the Labor Law. The Government subsequently proposed to amend the Labor Law in a manner which, in the view of labor activists, would result in reduced pension benefits, the increased use of outsourced employees and prohibitions on unions to conduct strikes. In April 2006, thousands of workers across Indonesia protested against these proposed revisions to the Labor Law. In January 2007, the Government attempted to formulate a draft regulation relating to termination payments which would redefine the entitlement of employees to termination payments. The proposed regulation would have introduced salary caps that would limit the eligibility of employees to termination payments under the Labor Law. This initiative also met with significant opposition from labor unions and workers’ interest groups. Discussions relating to the proposed regulation have been suspended indefinitely.
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Indonesia is located in an earthquake zone and is subject to significant geological risk that could lead to social unrest and economic loss. The Indonesian archipelago is one of the most volcanically active regions in the world. Because Indonesia is located in the convergence zone of three major lithospheric plates, it is subject to significant seismic activity that can lead to destructive earthquakes and tsunamis, or tidal waves. In recent years, a number of natural disasters have occurred in Indonesia, including major earthquakes, which resulted in tsunamis and volcanic activity. In addition to these geological events, Indonesia has also been struck by other natural disasters such as heavy rains and flooding. All of the above resulted in loss of life, the displacement of large numbers of people and widespread destruction of property. While these events did not have a significant economic impact on the Indonesian capital markets, the Government has had to expend significant amounts of resources on emergency aid and resettlement efforts. Most of these costs have been underwritten by foreign governments and international aid agencies. However, such aid may not continue to be forthcoming, and may not be delivered to recipients on a timely basis. If the Government is unable to deliver foreign aid to affected communities in a timely manner, political and social unrest could result. Additionally, recovery and relief efforts are likely to continue to strain the Government’s finances and may affect its ability to meet its obligations on its sovereign debt. Any such failure on the part of the Government, or declaration of a moratorium on its sovereign debt, could trigger an event of default under numerous private-sector borrowings, impacting the Company’s operations and those of its customers and suppliers, thereby materially and adversely affecting the Company’s business, financial condition, results of operations and prospects. Future geological occurrences could significantly impact the Indonesian economy. A significant earthquake or other geological disturbance in any of Indonesia’s more populated cities could severely disrupt the Indonesian economy and undermine investor confidence, thereby materially and adversely affecting the Company’s business, financial condition, results of operations and prospects. Terrorist activities in Indonesia and certain destabilizing events in Southeast Asia have led to substantial and continuing economic and social volatility, which may materially and adversely affect the Company’s business. In Indonesia during the last decade, there have been various bombings directed towards the Government, foreign governments and public and commercial buildings frequented by foreigners, including the Jakarta Stock Exchange Building. In 2002, over 200 people were killed in a bombing at a tourist area in Bali. In 2003, a bomb exploded at the JW Marriott Hotel in Jakarta, killing at least 13 people and injuring 149 others. In 2004, a car bomb exploded at the Australian Embassy in Jakarta, killing more than six people. In 2005, bomb blasts in Central Sulawesi killed at least 22 people and injured at least 60 people. Also in 2005, bomb blasts in Bali killed at least 23 people and injured at least 101 others. Indonesian, Australian and U.S. government officials have indicated that these bombings may be linked to an international terrorist organization. Demonstrations have also taken place in Indonesia in response to plans for and subsequent to U.S., British and Australian military action in Iraq. On July 17, 2009, bombs exploded at the Ritz Carlton and JW Marriott Hotel in Jakarta, killing seven people and injuring more than 50 others. There can be no assurance that further terrorist acts will not occur in the future. Such terrorist acts could destabilize Indonesia and increase internal divisions within the Government as it considers responses to such instability and unrest, thereby adversely affecting investors’ confidence in Indonesia and the Indonesian economy. Violent acts arising from and leading to instability and unrest have in the past had, and could continue to have, a material adverse effect on investment and confidence in, and the performance of, the Indonesian economy, and in turn the Company’s business. In addition, future terrorist acts may target the Company’s assets or those of the Company’s customers and the Company’s insurance policies generally do not cover terrorist attacks. Any terrorist attack, including damage to the Company’s infrastructure or that of the Company’s customers, could interrupt parts of the Company’s business and materially and adversely affect its business, financial condition, results of operations and prospects. The outbreak of any severe communicable disease in Indonesia or elsewhere may have an adverse effect on the economies of certain Asian countries and may adversely affect the Company’s results of operations. The outbreak of an infectious disease in Asia (including Indonesia) and elsewhere, together with any resulting travel restrictions or quarantines, could have a negative impact on the economy and business activity in Indonesia
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and thereby adversely affect the Company’s business, financial condition, results of operations and prospects. Examples include the outbreak in 2003 of Severe Acute Respiratory Syndrome (“SARS”), the outbreak in 2004 and 2005 of Avian influenza, or “bird flu”, in Asia and, in April 2009, an outbreak of the Influenza A (H1N1) virus which originated in Mexico but spread globally including confirmed reports in Indonesia, Hong Kong, Japan, Malaysia, Singapore, and elsewhere in Asia. An outbreak of avian flu, SARS, the Influenza A (H1N1) virus or another contagious disease or the measures taken by the governments of affected countries, including Indonesia, against such potential outbreaks, could seriously interrupt the Company’s operations or the services or operations of the Company’s suppliers and customers, which could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects. The perception is that an outbreak of avian flu, SARS, the Influenza A (H1N1) virus or another contagious disease that may occur may also have an adverse effect on the economic conditions of countries in Asia, including Indonesia. Indonesian accounting standards differ from those in other jurisdictions. The Company’s consolidated financial statements are prepared in accordance with Indonesian FAS, which differ in certain respects from IFRS and U.S. GAAP. As a result, the Company’s consolidated financial statements and reported earnings could be different from those which would be reported under IFRS or U.S. GAAP. Such differences may be material. This Offering Circular does not contain a numerical reconciliation of the Company’s consolidated financial statements to IFRS or U.S. GAAP, nor does it include any information in relation to the quantitative differences between Indonesian FAS and IFRS or U.S. GAAP. Had the Company’s consolidated financial statements and other financial information been prepared in accordance with IFRS or U.S. GAAP, the consolidated financial position, financial performance, or cash flows may have been materially different. Because differences exist between Indonesian FAS and IFRS or U.S. GAAP, the financial information in respect of the Company contained in this Offering Circular may not be an effective means to compare the Company with other companies that prepare their financial information in accordance with IFRS or U.S. GAAP. In making an investment decision, investors must rely upon their own examination of the Company, the terms of the Offering and the financial information contained in this Offering Circular. Potential investors should consult their own professional advisors for an understanding of the differences between Indonesian FAS and IFRS or U.S. GAAP, and how such differences might affect the financial information contained herein. Downgrades of the credit ratings of Indonesia and Indonesian companies could materially and adversely affect the Company and the market price of the Bonds. Currently, Indonesia’s sovereign foreign currency long-term debt is rated “Baa3 (stable)” by Moody’s, “BB+ (positive)” by Standard & Poor’s, and “BBB- (stable)” by Fitch. These ratings reflect an assessment of the Government’s overall financial capacity to pay its obligations and its ability or willingness to meet its financial commitments as they become due. While the recent trend in Indonesian sovereign ratings has been positive, no assurance can be given that Moody’s, Standard & Poor’s, Fitch or any other rating agencies will not downgrade the credit ratings of Indonesia or Indonesian companies in general in the future. These rating agencies have in the past downgraded Indonesia’s sovereign rating and the credit ratings of various credit instruments of the Government and a large number of Indonesian banks and other companies. Any such downgrade could have an adverse impact on liquidity in the Indonesian financial markets, the ability of the Government and Indonesian companies, including the Company, to raise additional financing and the interest rates and other commercial terms at which such additional financing is available. This could have a material adverse effect on the Company and the market price of the Bonds. Regional autonomy may adversely affect the Company’s business through imposition of local restrictions, taxes and levies. Indonesia is a large and diverse nation covering a multitude of ethnicities, languages, traditions and customs. During the administration of the former President Soeharto, the central Government controlled and exercised decision-making authorities on almost all aspects of national and regional administration, including the allocation of revenues generated from extraction of national resources in the various regions. This control led to a demand for greater regional autonomy, in particular with respect to the management of local economic and financial resources. In response to such demand, the Indonesian Parliament in 1999 passed Law No. 22 of 1999 regarding Regional Autonomy (“Law No. 22/1999”) and Law No. 25 of 1999 regarding Fiscal Balance between the Central and the Regional Governments (“Law No. 25/1999”). Law No. 22/1999 has been revoked and replaced by the provisions of regional autonomy Law No. 32 of 2004 (“Law No. 32/2004”) as amended by Law No. 8 of 2005 regarding the First Amendment of Law No. 32/2004 on Regional Autonomy and Law No. 12 of 2008 regarding the Second Amendment of Law No. 32/2004. This Law No. 32/2004 was recently revoked and replaced by Law No. 23/2014, as further amended by Government Regulation in lieu of Law No. 2/2014. Law No. 25/1999 has
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been revoked and replaced by Law No. 33 of 2004 regarding the Fiscal Balance between the Central and the Regional Governments, respectively. Under these regional autonomy laws, regional autonomy was expected to give the regional governments greater powers and responsibilities over the use of “national assets” and to create a balanced and equitable financial relationship between central and regional governments. However, under the pretext of regional autonomy, certain regional governments have put in place various restrictions, taxes and levies which may differ from restrictions, taxes and levies put in by other regional governments and/or are in addition to restrictions, taxes and levies stipulated by the central government. The Company’s business and operations are located throughout Indonesia and may be adversely affected by conflicting or additional restrictions, taxes and levies that may be imposed by the applicable regional authorities. RISKS RELATING TO THE SECURITIES The Issuer is a finance company whose only material assets are and will be intercompany loans to Protelindo Netherlands and Protelindo Towers. The Issuer was formed for engaging in financing transactions, including the issuance of Bonds in this offering and future securities offerings and bank financings. There is no direct contractual claim or obligation between the Issuer and the Company, and as such, the Issuer’s cash flows and ability to meet its payment obligations under the Bonds will be dependent upon the receipt of payments from Protelindo Netherlands under intercompany loans with the Issuer and payment of dividends from Protelindo Towers, payments by the Company under intercompany loans (or similar arrangements). As of the date of this Offering Circular, Protelindo Netherlands has no material operations and, immediately upon completion of the offering of Bonds, will have no material assets other than the share capital of Protelindo Towers. The Issuer is a financing company that has no other business operations and upon completion of this offering of Bonds, the Issuer’s only material assets are and will be several intercompany loans to Protelindo Netherlands and Protelindo Towers. See “The Issuer”. Protelindo Netherlands wholly owns Protelindo Towers, which has entered into several intercompany loans with the Company. Protelindo Netherlands’ ability to service its debts under the aforementioned intercompany loans depends on it receiving funds from Protelindo Towers. Protelindo Towers engages in tower leasing activities through its telecommunications towers in The Netherlands and such activities may give rise to obligations that may cause it to be unable to make payments to Protelindo Netherlands. Furthermore, there is no contractual requirement obligating Protelindo Towers to pay dividends, or repay any shareholder loans, to Protelindo Netherlands and there can be no assurance that Protelindo Towers will make any payments to Protelindo Netherlands. Moreover, payment of dividends and/or repayment of share premium and/or other reserves by Protelindo Towers to Protelindo Netherlands may only be made to the extent Protelindo Towers’ net assets exceed the sum of the amount of the paid and called up portion of its capital and the reserves, which it must maintain under Dutch law or its articles of association, and the directors of Protelindo Towers must also be satisfied that any payment will not foreseeably cause Protelindo Towers to become unable to satisfy its debts or otherwise prejudice its creditors. There can be no assurance that these conditions will be met. If Protelindo Towers does not, or is unable to, make payments or distribute dividends or reserves to Protelindo Netherlands, then Protelindo Netherlands will not be able to service its debt obligations under loans it has obtained from the Issuer, which could result in a default or cross default under the Bonds. Moreover, the loans made by Protelindo Towers to the Company may be found to be non-compliant with the Indonesia-Dutch tax treaty and applicable Indonesian tax regulations. Under these circumstances, there can be no assurance that the Indonesian tax authorities will not unilaterally apply a 20.0% withholding tax rate upon the Company. This would effectively increase the Company’s debt servicing obligations with respect to the Bonds, and it cannot be assured that the Company could satisfy such increased obligations. See “Risk Factors — The Indonesia-Netherlands tax treaty may change and/or be applied in a manner adverse to the interests of the Bondholders.” Any failure by the Company to meet its payment obligations under any of the intercompany loans may, in turn, affect the ability of Protelindo Towers to make payments or distributions to Protelindo Netherlands. This may affect Protelindo Netherlands’ ability to meet its payment obligations under the intercompany loans with the Issuer, and in turn, the Issuer’s ability to meet its payment obligations under the Bonds.
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The Securities may not be a suitable investment for you. You must determine the suitability of the Securities in light of your own circumstances. In particular, you should: •
have sufficient knowledge and experience to make a meaningful evaluation of the Securities, the merits and risks of investing in the Securities and the information contained in this offering circular;
•
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of your particular financial situation, an investment in the Securities and the impact such investment will have on your overall investment portfolio;
•
have sufficient financial resources and liquidity to bear all of the risks of an investment in the Securities;
•
understand thoroughly the terms of the Securities; and
•
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect your investment and your ability to bear the applicable risks.
Additionally, your investment activities may be subject to legal investment laws and regulations, or review or regulation by certain authorities. You should consult your legal advisors to determine whether and to what extent (1) the Securities are legal investments for you, (2) the Securities can be used as collateral for various types of borrowing and (3) other restrictions apply to your purchase of any Securities. Financial institutions should consult their legal advisors or the appropriate regulators to determine the appropriate treatment of Securities under any applicable risk-based capital or similar rules. The Securities are subject to transfer restrictions. The Securities will not be registered under the Securities Act or any state securities laws and may not be offered or sold within the United States. They may only be sold to certain persons in offshore transactions in reliance on Regulation S, or, if available, pursuant to another exemption from, or in another transaction not subject to, the registration requirements of the Securities Act and, in each case, in accordance with applicable state securities laws. In addition, subject to the conditions set forth in the Trust Deed, a Bond may be transferred only if the principal amount of Bonds transferred and, where not all of the Bonds held by a Bondholder are being transferred, the principal amount of the balance of Bonds not transferred is at least S$250,000. For a further discussion of the transfer restrictions applicable to the Securities, see “Terms and Conditions of the Bonds”, “Plan of Distribution” and “Transfer Restrictions”. There is no existing trading market for the Securities and, therefore, the Securities offer limited liquidity. The Securities constitute a new issue of securities for which there is no existing market. In addition, the Securities will not be listed on any securities exchange or on any automated dealer quotation system. Although the Joint Lead Managers have advised the Company that they currently intend to make a market in the Securities, they are not obligated to do so, and any market-making activity with respect to the Securities, if commenced, may be discontinued at any time without notice in their sole discretion. For a further discussion of the Joint Lead Managers’ planned market-making activities, see “Plan of Distribution”. No assurance can be given as to the liquidity of, or the development and continuation of an active trading market for, the Securities. If an active trading market for the Securities does not develop or is not maintained, the market price and liquidity of the Securities may be adversely affected. If such a market were to develop, the Securities could trade at prices that may be higher or lower than the price at which the Securities are issued depending on many factors, including: •
prevailing interest rates;
•
the Company’s results of operations and financial condition;
•
the rate of exchange between the U.S. dollar and the currency of the Bonds;
•
the market conditions for similar securities; and
•
the financial condition and stability of financial and other sectors.
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In addition, there may be a limited number of buyers when you decide to sell your Securities. This may affect the prices, if any, offered for your Securities or your ability to sell your Securities when desired or at all. Bondholders are bound by decisions of defined majorities in respect of any modification and waivers. The Trust Deed contains provisions for calling meetings of Bondholders to consider matters affecting their interests generally. These provisions permit defined majorities to bind all Bondholders including Bondholders who did not attend and vote at the relevant meeting and Bondholders who voted in a manner contrary to the majority. Also, Condition 13 (Meetings of Bondholders; Modification and Waiver) provides that the Trustee may, without the consent of Bondholders but with the consent of CGIF, agree (but shall not be obligated) (i) to any modification of the Terms and Conditions of the Bonds or the Trust Deed (other than in respect of a Reserved Matter (as defined in “Terms and Conditions of the Bonds”)) which is proper to make if, in the opinion of the Trustee, such modification will not be materially prejudicial to the interests of Bondholders and (ii) to any modification of the Bonds or the Trust Deed which is of a formal, minor or technical nature or is to correct a manifest error. In addition, the Trustee may, with the consent of CGIF but without the consent of the Bondholders, authorize or waive any proposed breach or breach of the Bonds or the Trust Deed (other than a proposed breach or breach relating to the subject of a Reserved Matter) if, in the opinion of the Trustee, the interests of the Bondholders will not be materially prejudiced thereby, provided that the Trustee shall not be obligated to do so. The Trustee’s ability to accelerate the Bonds is limited pursuant to the terms of the Trust Deed. Under the terms of the Trust Deed, the Trustee shall agree with CGIF on behalf of the Bondholders that it shall not take steps to declare any Bond to be or become immediately due and payable except in limited circumstances. Unless the prior written consent of CGIF is obtained, these circumstances are strictly limited to the failure by CGIF to make payment of a Guaranteed Amount in accordance with the CGIF Guarantee such that a Non-Payment Event has occurred and is continuing (a “Guaranteed Party Acceleration”). In particular, you should be aware that the Trustee is not permitted by the Terms and Conditions of the Bonds, the Trust Deed or the CGIF Guarantee to take steps to declare any Bond to be or become immediately due and payable if an Event of Default arising in relation to Conditions 9(a)(ii) to 9(a)(xi) has occurred and is continuing, unless with the prior written consent of CGIF. In certain circumstances, including without limitation the giving of a Guaranteed Party Acceleration Notice to the Guarantor pursuant to clause 3.3 (Acceleration) of the Trust Deed and taking enforcement steps pursuant to Condition 14 (Enforcement), the Trustee may, at its sole discretion, request holders of the Bonds to provide an indemnity and/or security and/or prefunding to its satisfaction before it takes actions on behalf of holders of the Bonds. The Trustee shall not be obliged to take any such actions if not indemnified and/or secured and/or prefunded to its satisfaction. Negotiating and agreeing to an indemnity and/or security and/or prefunding can be a lengthy process and may impact on when such actions can be taken. The Trustee may not be able to take actions, notwithstanding the provision of an indemnity or security or prefunding to it, in breach of the terms of the Trust Deed or the Conditions or in circumstances where there is uncertainty or dispute as to the applicable laws or regulations and, to the extent permitted by the agreements and the applicable law, it will be for the holders of the Bonds to take such actions directly. The ratings assigned to the Securities may be lowered or withdrawn in the future. The Securities are expected to be rated “AA” by S&P. The ratings address the Issuer’s and the Guarantor’s ability to perform their obligations under the Terms and Conditions of the Bonds and credit risks in determining the likelihood that payments will be made when due under the Securities. A rating is not a recommendation to buy, sell or hold the Securities and may be subject to revision, suspension or withdrawal at any time. There is no assurance that a rating will remain for any given period of time or that a rating will not be lowered or withdrawn entirely by the relevant rating agency if in its judgment circumstances in the future so warrant. The Issuer and/or the Guarantor has no obligation to inform holders of the Securities of any such revision, downgrade or
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withdrawal. A suspension, reduction or withdrawal at any time of the rating assigned to the Securities may adversely affect the market price of the Securities. The Bonds will be represented by the Global Certificate and holders of a beneficial interest in the Global Certificate must rely on the procedures of the relevant Clearing System(s). Bonds issued will be represented by the Global Certificate. Such Global Certificate will be deposited with a common depositary for Euroclear and Clearstream, Luxembourg (each of Euroclear and Clearstream, Luxembourg, a “Clearing System”). Except in the circumstances described in the relevant Global Certificate, Bondholders will not be entitled to receive definitive bond certificates. The relevant Clearing System(s) will maintain records of the beneficial interests in the Global Certificate. While the Bonds are represented by the Global Certificate, Bondholders will be able to trade their beneficial interests only through the Clearing Systems. While the Bonds are represented by the Global Certificate, the Issuer (or failing which, the Guarantor under the Guarantee) will discharge its payment obligations under the Bonds by making payments to the relevant Clearing System for distribution to their account holders. A holder of a beneficial interest in the Global Certificate must rely on the procedures of the relevant Clearing System(s) to receive payments under the relevant Bonds. Neither the Issuer nor the Guarantor has any responsibility or liability for the records relating to, or payments made in respect of, beneficial interests in the Global Certificate. Holders of beneficial interests in the Global Certificate will not have a direct right to vote in respect of the relevant Bonds. Instead, such holders will be permitted to act only to the extent that they are enabled by the relevant Clearing System(s) to appoint appropriate proxies. The Issuer may be unable to redeem the Bonds. On certain dates, including the occurrence of an early redemption event and at maturity of the Bonds, and under certain circumstances, including if the Issuer has or will become obliged to pay certain taxes, or at the Issuer’s election, the Issuer may, and at maturity, will be required to redeem all of the Bonds. If such an event were to occur, the Issuer may not have sufficient cash in hand and may not be able to arrange financing to redeem the Bonds in time, or on acceptable terms, or at all. The Issuer’s ability to redeem the Bonds in such event may also be dependent on the receipt of the relevant Guaranteed Amounts from the Guarantor. Failure by the Issuer to pay any amount of principal in respect of the Bonds on the scheduled redemption at maturity or on an early redemption, would constitute an event of default under the Bonds. A change in English law which governs the Bonds, the Trust Deed and the CGIF Guarantee may adversely affect Bondholders. The Bonds, the Trust Deed and the CGIF Guarantee are governed by English law. No assurance can be given as to the impact of any possible judicial decision or change to English law or administrative practice after the date of issue of the Bonds. Enforceability of Arbitral Awards. The CGIF Guarantee, the Trust Deed, Agency Agreement and the Certificates are governed by English law and the parties to the CGIF Guarantee have agreed that disputes arising thereunder are subject to arbitration in Singapore under the Rules of Arbitration of the Singapore International Arbitration Centre (“SIAC”). CGIF is established by the Association of Southeast Asian Nations members, China, Japan (Japan Bank for International Cooperation (“JBIC”)), Korea (the “CGIF Member Countries”) and the Asian Development Bank as a key component of the Asian Bond Markets Initiative. All of CGIF’s assets are located outside Singapore. Therefore, even though the Trustee may obtain an arbitral award in Singapore against CGIF in arbitration proceedings under the CGIF Guarantee (an “Award”) and the Award may be enforced in Singapore, with the leave of the High Court of Singapore, in the same manner as a judgment or order to the same effect, CGIF may not have sufficient assets in Singapore to satisfy the Award. In this regard, pursuant to Article 2.2 of CGIF’s Articles of Agreement, CGIF may only undertake its functions within the CGIF Member Countries and all CGIF Member Countries are parties to the New York Convention. Accordingly, any arbitration award obtained in a state which is party to the New York Convention should be
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recognized and enforceable in all CGIF Member Countries provided the conditions for enforcement set out in the New York Convention are met and certain conditions and requirements under the applicable laws of the relevant jurisdictions relating to such enforcement are complied with. Enforcing Bondholders’ rights under the Bonds or the CGIF Guarantee across multiple jurisdictions may be difficult. The Bonds will be issued by the Issuer, which is incorporated under the laws of The Netherlands, and guaranteed by the CGIF, which is a trust fund established under public international law. The Bonds and the Trust Deed will be governed by the laws of England and Wales. In the event of a bankruptcy, insolvency or similar event, proceedings could be initiated in The Netherlands and Singapore. Such multi-jurisdictional proceedings are likely to be complex and costly for creditors and otherwise may result in greater uncertainty and delay regarding the enforcement of the rights of Bondholders. Bondholders’ rights under the Bonds and the CGIF Guarantee will be subject to the insolvency and administrative laws of several jurisdictions and there can be no assurance that Bondholders will be able to effectively enforce their rights in such complex multiple bankruptcy, insolvency or similar proceedings. Furthermore, the bankruptcy, insolvency, administrative and other laws of The Netherlands and England and Wales may be materially different from, or be in conflict with, each other and those with which Bondholders may be familiar, including in the areas of rights of creditors, priority of governmental and other creditors, ability to obtain post-petition interest and duration of the proceedings. The application of these laws, or any conflict among them, could call into question whether the laws of any particular jurisdiction should apply, adversely affect Bondholders, and their ability to enforce their rights under the Bonds and the CGIF Guarantee in the relevant jurisdiction or limit any amounts that Bondholders may receive. The Indonesia-Netherlands tax treaty may change and/or be applied in a manner adverse to the interests of the Bondholders. The statutory rate of withholding tax in Indonesia in respect of payments of interest by the Company to Protelindo Towers under the intercompany loans is currently 20.0%. Under the tax treaty between Indonesia and The Netherlands adopted on January 1, 2004, payments of interest under the intercompany loans may be exempt from such withholding tax provided certain Indonesian tax regulations are complied with. There is a risk that the Indonesian tax authorities will find that Protelindo Towers does not comply with the applicable Indonesian tax regulations, in which case they could disallow Protelindo Towers to benefit from the tax treaty and require payment of withholding tax and impose applicable penalties. On August 30, 2013, the Dutch government announced that it will offer to 23 developing countries that have concluded a tax treaty with The Netherlands to include anti-abuse rules in such tax treaty. If the relevant tax treaty is out of date, it may also be modernized. The Dutch government is expected to contact these countries in this respect before the end of 2014. In their press release dated July 11, 2014, the Dutch government confirmed Indonesia is one of the mentioned 23 countries. Any changes to the tax treaty between The Netherlands and Indonesia may have adverse consequences on, among other things, the exemption from Indonesian withholding taxes on interest payments under the intercompany loans. The Company is controlled by its principal shareholders, who may take actions that are contrary to the best interests of the Bondholders, and face risks associated with potential conflicts with the Company’s principal shareholders and their affiliates. As of September 30, 2014, substantially all of the Company’s outstanding shares were held by PT SMN, which is held as to 32.7% by PT Sapta Adhikari Investama (“PT SAI”) and 67.3% by the public. For more information relating to the ownership of the Company’s shares, see “Principal Shareholders.” PT SAI may be able to effectively control certain matters requiring approval by the Company’s shareholders, depending on participation at the Company’s shareholder meetings, including the power to: •
approve any merger, consolidation or dissolution of the Company;
•
exercise significant influence over the Company’s business policies and affairs; and
•
elect a majority of the commissioners and directors.
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As such, circumstances may arise in which the interests of PT SAI may conflict with your interest as a Bondholder. In addition, the Company’s principal shareholders and their affiliates may have other business interests outside of the Company’s business, and may take actions which may or may not involve the Company that prefer or benefit the principal shareholders, their affiliates or other companies over the Company, which could materially and adversely affect the Company’s business, financial condition, results of operations and prospects. In addition, as of September 30, 2014, 44.0% of Protelindo Netherlands was held by an entity owned by certain members of the management team. There can be no assurance that circumstances in which the interests of the management team may conflict with your interest as a Bondholder will not arise. Investment in the Bonds may subject Bondholders to foreign exchange risks. The Bonds are denominated and payable in Singapore dollars. If you measure your investment returns by reference to a currency other than Singapore dollars, an investment in the Bonds entails foreign exchange-related risks, including possible significant changes in the value of the Singapore dollars relative to the currency by reference to which you measure your returns, due to, among other things, economic, political and other factors over which the Company has no control. Depreciation of the Singapore dollar against the currency by reference to which you measure your investment returns could cause a decrease in the effective yield of the Bonds below their stated coupon rates and could result in a loss to you when the return on the Bonds is translated into the currency by reference to which you measure your investment returns. In addition, there may be tax consequences for you as a result of any foreign exchange gains resulting from any investment in the Bonds. Bondholders are exposed to risks relating to Singapore taxation. The Bonds to be issued are, pursuant to the Income Tax Act, Chapter 134 of Singapore (“ITA”) and the MAS Circular FSD Cir 02/2013 entitled “Extension and Refinement of Tax Concessions for Promoting the Debt Market” issued by the Monetary Authority of Singapore (“MAS”) on June 28, 2013, intended to be “qualifying debt securities” for the purposes of the ITA, subject to the fulfillment of certain conditions more particularly described in the section “Taxation — Singapore Taxation”. However, there is no assurance that the Bonds will continue to be “qualifying debt securities” or that the tax concessions in connection therewith will apply throughout the tenure of the Bonds should the relevant tax laws or MAS circulars be amended or revoked at any time. RISKS RELATING TO THE GUARANTOR AND THE CGIF GUARANTEE Other than principal amounts, scheduled interest and certain other amounts, not all amounts due in respect of the Bonds are guaranteed by CGIF. Pursuant to the terms of the CGIF Guarantee, CGIF shall irrevocably and unconditionally guarantee to the Trustee on behalf of the Bondholders the full and punctual payment of each Guaranteed Amount. For the purposes of the CGIF Guarantee, “Guarantee Amount” includes the principal amount of the Bonds and any scheduled interest which is overdue and unpaid (whether in whole or in part) by the Issuer under the Conditions, any additional accrued interest and certain Trustee expenses (in each case as defined in the CGIF Guarantee) arising under the Trust Deed. A Guaranteed Amount does not include any increased costs, tax-related indemnity (but for the avoidance of doubt includes any additional amounts required to be paid to the Bondholders due to a tax deduction and the operation of Condition 8 (Taxation), provided that the Guaranteed Amount will only include the original amount which would have been due from the Issuer if no tax deduction were required), default interest, fees or any other amounts save as provided above. The CGIF Guarantee does not cover any amounts payable by the Issuer on the exercise by it of an early redemption pursuant to Condition 6(b) (Redemption for tax reasons) or Condition 6(d) (Redemption at the option of the Issuer). The Issuer has the option, pursuant to the Terms and Conditions of the Bonds, to redeem the Bonds, in whole but not in part, before the scheduled redemption for the Bonds on November 27, 2024 (the “Maturity Date” in accordance, inter alia, with Condition 6(b) (Redemption for tax reasons) and Condition 6(d) (Redemption at the option of the Issuer) (see “Terms and Conditions of the Bonds”). The Guarantor, in accordance with and pursuant to the terms of the CGIF Guarantee does not have an obligation to pay any amounts where the relevant amount of
38
principal or accrued interest became payable under the Terms and Conditions of the Bonds on an accelerated basis at the instigation of the Issuer, including as a result of the Issuer’s voluntary redemption of the Bonds prior to the Maturity Date as provided for in Condition 6(b) (Redemption for tax reasons) and Condition 6(d) (Redemption at the option of the Issuer). In order to mitigate the risk of the Issuer not paying the relevant amount of principal and/or accrued interest arising out of or in connection with the Issuer exercising any of its rights of early redemption, the Issuer, in exercising its rights pursuant to Condition 6(b) (Redemption for tax reasons) and/ or Condition 6(d) (Redemption at the option of the Issuer), is required to (i) pre-fund the Trustee in an amount sufficient to redeem the Bonds at their principal amount together with any interest accrued to the relevant date fixed for redemption and (ii) deliver to the Trustee and the Guarantor a Solvency Certificate, in each case in accordance with the Terms and Conditions of the Bonds. The obligations of the Guarantor under the CGIF Guarantee are secondary obligations only, dependent on the existence of the obligations of the Issuer under the Bonds. The CGIF Guarantee is governed by English law. Under English law, a guarantee is a secondary obligation only and, if the primary obligation which is the subject of the relevant guarantee ceases to exist for any reason, the guarantor cannot be liable for it because the guarantee is dependent on the primary obligation. In order to provide for those circumstances, English law guarantees customarily include provisions (such as an indemnity) to provide that the guarantor will be liable as a primary obligor in the event that the original guaranteed obligations were to be set aside for any reason. Potential investors should note that neither the CGIF Guarantee nor the Trust Deed contain any such provisions which constitute primary obligations upon which the Trustee (or, failing whom, Bondholders) could rely in order to recover from the Guarantor in the event that the Issuer’s obligations under the Bonds, the Trust Deed and/or the Agency Agreement (i.e., the primary obligations which are the subject of the CGIF Guarantee) cease to exist for any reason (for example, because they are held to be void for lack of capacity, or illegality). Accordingly, in those circumstances the Trustee may not be able to make a claim under the CGIF Guarantee for any Guaranteed Amount. CGIF’s obligation to make payments under the CGIF Guarantee. Subject to clause 2 (Guarantee) of the CGIF Guarantee, clause 3.2 (Missed Payment Event) and clause 3.3 (Acceleration) of the Trust Deed, if a Missed Payment Event (as defined in “Terms and Conditions of the Bonds”) has occurred and is continuing, CGIF shall pay the Guaranteed Amount relating to the Missed Payment Event to the Guaranteed Party within 30 calendar days of such Missed Payment Event. In addition, upon the occurrence of a Guaranteed Party Acceleration and if the Guaranteed Amounts are not paid by the Issuer in accordance with the Terms and Conditions of the Bonds and the Trust Deed following such acceleration, the Trustee may at its sole discretion and, if so requested in writing by holders of at least 25% of the aggregate principal amount of the outstanding Bonds or if so directed by an Extraordinary Resolution, shall (subject to the Trustee having been indemnified and/or provided with security and/or pre-funded to its satisfaction) deliver in accordance with the CGIF Guarantee a Guaranteed Party Acceleration Notice (as defined in “Terms and Conditions of the Bonds”) in respect of the aggregate of the unpaid Guaranteed Amounts and the Guarantor Default Interest Amount (if any) (as defined in “Terms and Conditions of the Bonds”) to be paid by CGIF in accordance with the CGIF Guarantee. CGIF’s right to accelerate following a CGIF Acceleration. Prospective investors should be aware that the Bonds may be redeemed in certain circumstances at the election of CGIF. At any time following the occurrence of a CGIF Acceleration, CGIF may at its discretion require the Issuer to redeem the Bonds in whole, but not in part, at their principal amount, together with interest accrued to the date fixed for redemption on giving not less than seven nor more than 15 days’ notice to the Issuer, following which the Issuer shall immediately, or if the Issuer fails to do so CGIF may, give notice to the Bondholders (which notice shall be irrevocable). A “CGIF Acceleration” occurs if the Issuer or CGIF notifies the Trustee that immediately before the giving of such notice that a Missed Payment Event has occurred and is continuing and irrespective of whether or not CGIF has already paid any Guaranteed Amounts in respect of such Missed Payment Event and CGIF has delivered a CGIF Acceleration Notice to the Trustee in accordance with the Trust Deed. The CGIF Acceleration Notice will, among other things, contain a written confirmation that CGIF will pay all Guaranteed Amounts in respect of the Bonds on the date fixed for redemption.
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Obligations of CGIF do not constitute an obligation of the Asian Development Bank. The obligations of CGIF under the CGIF Guarantee do not constitute an obligation of the Asian Development Bank or any other contributors to CGIF. Your recourse to CGIF under the CGIF Guarantee and any Bond Document (as defined in the CGIF Guarantee) is therefore limited solely to the assets of CGIF, which are all property and assets of CGIF held in trust in accordance with the Articles of Agreement of CGIF and available from time to time to meet the liabilities of CGIF (“CGIF Assets”) and you have no recourse to any assets of the Asian Development Bank or any other contributors to CGIF. For the avoidance of doubt, CGIF Assets do not include any assets of the Asian Development Bank or any other contributors to CGIF. Neither the Asian Development Bank nor any other contributors to CGIF or the officers, employees or agents of any contributor to CGIF are subject to any personal liability whatsoever to any third party including the Trustee in connection with the operation of CGIF or under the CGIF Guarantee or any Bond Document (as defined in the Trust Deed). Neither you nor the Trustee may bring any actions against the Asian Development Bank as the trustee of CGIF or as contributor to CGIF or against any other contributors to CGIF or any of their respective officers, employees or agents in connection with the CGIF Guarantee.
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Terms and Conditions of the Bonds The following is the text of the Terms and Conditions of the Bonds (the “Conditions”) which (subject to modification and except for the paragraphs in italics) will be endorsed on the Certificates issued in respect of the Bonds: The S$180,000,000 in aggregate principal amount of 3.25 per cent. senior unsecured guaranteed bonds due 2024 (the “Bonds”) of Protelindo Finance B.V. (the “Issuer”) are constituted by, are subject to, and have the benefit of, a trust deed dated November 27, 2014 (as amended, restated, replaced or supplemented from time to time, the “Trust Deed”) between the Issuer, Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (“CGIF” or the “Guarantor”) and DB Trustees (Hong Kong) Limited as trustee (the “Trustee”, which expression includes all persons for the time being trustee or trustees appointed under the Trust Deed) and are the subject of a guarantee agreement dated November 27, 2014 (as amended, restated, replaced or supplemented from time to time, the “CGIF Guarantee”) between the Guarantor and the Trustee, and an agency agreement dated November 27, 2014 (as amended, restated, replaced or supplemented from time to time, the “Agency Agreement”) between the Issuer, Deutsche Bank Luxembourg S.A. as registrar (the “Registrar”, which expression includes any successor registrar appointed from time to time in connection with the Bonds), Deutsche Bank AG, Hong Kong Branch as principal paying agent (the “Principal Paying Agent”, which expression includes any successor principal paying agent appointed from time to time in connection with the Bonds), the transfer agents named therein (the “Transfer Agents”, which expression includes any successor or additional transfer agents appointed from time to time in connection with the Bonds) and the Trustee. References herein to the “Agents” (as defined below) are to the Registrar, the Principal Paying Agent, the Transfer Agents and the Paying Agents and any reference to an “Agent” is to any one of them. Certain provisions of these terms and conditions (the “Conditions”) are summaries of the Trust Deed, the CGIF Guarantee and the Agency Agreement and subject to their detailed provisions. The Bondholders (as defined below) are bound by, and are deemed to have notice of, all the provisions of the Trust Deed, the CGIF Guarantee and the Agency Agreement applicable to them. Copies of the Trust Deed, the CGIF Guarantee and the Agency Agreement are available for inspection by Bondholders during normal business hours at the Specified Offices of each of the Agents, the initial Specified Offices of which are set out below. 1.
FORM, DENOMINATION, STATUS AND GUARANTEE
(a)
Form and denomination: The Bonds are in registered form in the denomination of S$250,000 (an “Authorised Denomination”).
(b)
Status of the Bonds: The Bonds constitute direct, unconditional, unsubordinated and (subject to Condition 3 (Negative Pledge)) unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Bonds shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all other unsecured and unsubordinated indebtedness of the Issuer, present and future.
(c)
Guarantee of the Bonds: The payment obligations of the Issuer under the Bonds and the Trust Deed are unconditionally and irrevocably guaranteed by the Guarantor to the extent of, and in accordance with and subject to the terms of, the CGIF Guarantee. Such obligations of the Guarantor under the CGIF Guarantee are direct, unconditional and general obligations of the Guarantor and rank pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law.
(d)
Limitation on the Guarantor’s Liabilities: The recourse of the Bondholders in respect of the CGIF Guarantee is limited solely to the CGIF Assets. By its holding of a Bond each Bondholder will be deemed to acknowledge and accept that it, and the Trustee on its behalf, only has recourse to the CGIF Assets and neither the Trustee nor any Bondholder has recourse to any assets of the Asian Development Bank or any other contributors to the Guarantor and any obligation under the CGIF Guarantee shall not constitute an obligation of the Asian Development Bank or any other contributors to the Guarantor.
By its holding of a Bond each Bondholder will be deemed to further acknowledge and accept that neither the Asian Development Bank nor any other contributors to the Guarantor or the officers, employees or agents of any contributor to the Guarantor shall be subject to any personal liability whatsoever to any third party in connection with the operation of the Guarantor or under the CGIF Guarantee and they may not bring any action against the
41
Asian Development Bank, as the trustee of the Guarantor or as contributor to the Guarantor, or against any other contributors to the Guarantor or any of their respective officers, employees or agents. 2.
REGISTER, TITLE AND TRANSFERS
(a)
Register: The Registrar will maintain a register outside the United Kingdom (the “Register”) in respect of the Bonds in accordance with the provisions of the Agency Agreement. A certificate (each, a “Certificate”) will be issued to each Bondholder in respect of its registered holding. Each Certificate will be numbered serially with an identifying number which will be recorded in the Register. Upon issue, the Bonds will be evidenced by a global certificate (the “Global Certificate”) substantially in the form scheduled to the Trust Deed. The Global Certificate will be registered in the name of a nominee for, and deposited with, a common depositary for Euroclear and Clearstream, Luxembourg, and will be exchangeable for individual Certificates only in the circumstances set out therein. The Bonds will be traded on the Singapore Exchange Securities Trading Limited (“SGX-ST”) in a minimum board lot size of S$250,000 for as long as the Bonds are listed on the SGX-ST.
(b)
Title: The Holder of each Bond shall (except as otherwise required by law) be treated as the absolute owner of such Bond for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any other interest therein, any writing on the Certificate relating thereto (other than the endorsed form of transfer) or any notice of any previous loss or theft of such Certificate) and no person shall be liable for so treating such Holder. No person shall have any right to enforce any term or condition of the Bonds or the Trust Deed under the Contracts (Rights of Third Parties) Act 1999.
(c)
Transfers: Subject to paragraphs (f) (Closed periods) and (g) (Regulations concerning transfers and registration) below, a Bond may be transferred upon surrender of the relevant Certificate, with the endorsed form of transfer duly completed and executed, at the Specified Office of the Registrar or any Transfer Agent, together with such evidence as the Registrar or (as the case may be) such Transfer Agent may require to prove the title of the transferor and the authority of the individuals who have executed the form of transfer; provided, however, that a Bond may not be transferred unless the principal amount of Bonds transferred and (where not all of the Bonds held by a Holder are being transferred) the principal amount of the balance of Bonds not transferred are Authorised Denominations. Where not all the Bonds represented by the surrendered Certificate are the subject of the transfer, a new Certificate in respect of the balance of the Bonds will be issued to the transferor. Transfers of interests in the Bonds evidenced by the Global Certificates will be effected in accordance with the rules of the relevant clearing systems.
(d)
Registration and delivery of Certificates: Within five (5) business days of the surrender of a Certificate in accordance with paragraph (c) (Transfers) above, the Registrar will register the transfer in question and deliver a new Certificate of a like principal amount to the Bonds transferred to each relevant Holder at its Specified Office or (as the case may be) the Specified Office of any Transfer Agent or (at the request and risk of any such relevant Holder) by uninsured first class mail (airmail if overseas) to the address specified for the purpose by such relevant Holder. In this paragraph, “business day” means a day on which commercial banks are open for general business (including dealings in foreign currencies) in the city where the Registrar or (as the case may be) the relevant Transfer Agent has its Specified Office.
(e)
No charge: The transfer of a Bond will be effected without charge by or on behalf of the Issuer, the Registrar or any Transfer Agent but (i) against such indemnity as the Registrar or (as the case may be) such Transfer Agent may require in respect of any tax or other duty of whatsoever nature which may be levied or imposed in connection with such transfer, (ii) upon the Registrar or (as the case may be) such Transfer Agent being satisfied in its absolute discretion with the documents of title or identity of the person making the application, and (iii) upon the Issuer and/or the Registrar and/or the relevant Transfer Agent being satisfied that the Regulations (as defined in the Agency Agreement) concerning the transfer of Bonds have been complied with.
(f)
Closed periods: Bondholders may not require transfers to be registered during the period of fifteen (15) days ending on the due date for any payment of principal or interest in respect of the Bonds.
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(g)
Regulations concerning transfers and registration: All transfers of Bonds and entries on the Register are subject to the detailed regulations concerning the transfer of Bonds scheduled to the Agency Agreement. The regulations may be changed by (i) the Issuer with the prior written approval of the Trustee and the Registrar or (ii) the Registrar with prior written approval of the Issuer and the Trustee. A copy of the current regulations will be mailed (free of charge to the Holder and at the Issuer’s expense) by the Registrar to any Bondholder who requests in writing a copy of such regulations.
If and for so long as the Bonds are listed on the SGX-ST, and the rules of the SGX-ST so require, in the event that the Global Certificate is exchanged for Certificates in individual registered form, the Issuer will appoint and maintain a paying agent in Singapore where the Bonds may be presented or surrendered for payment or redemption. In the event that the Global Certificate is exchanged for Certificates in individual registered form, an announcement of such exchange shall be made by or on behalf of the Issuer through the SGX-ST and such announcement will include all material information with respect to the delivery of the individual registered Certificates, including details of the Singapore paying agent by way of an announcement to the SGX-ST, for so long as the Bonds are listed on the SGX-ST. 3.
NEGATIVE PLEDGE
So long as any Bond remains outstanding (as defined in the Trust Deed), the Issuer shall not and shall procure that neither PT Profesional Telekomunikasi Indonesia (the “Parent”) nor any of its Subsidiaries will, create or permit to subsist any Security Interest upon the whole or any part of its present or future property, assets or revenues (including uncalled share capital) to secure any Relevant Indebtedness or Guarantee of Relevant Indebtedness without (a) at the same time or prior thereto securing the Bonds equally and rateably therewith to the satisfaction of the Trustee or (b) providing such other security for the Bonds (x) that is not materially less beneficial to the interests of the Bondholders or (y) as may be approved by an Extraordinary Resolution (as defined in the Trust Deed) of Bondholders. 4.
COVENANTS
(a)
Relationship with Parent: So long as any Bonds remain outstanding, the Issuer shall remain a Subsidiary of the Parent.
(b)
Use of Proceeds: The Issuer, Protelindo Netherlands, Protelindo Towers and the Parent (as applicable) shall apply the net proceeds received from the issue of Bonds as set forth in the section entitled “Use of Proceeds” in the Offering Memorandum.
(c)
Provision of Financial Statements and Reports: So long as any of the Bonds remain outstanding, the Issuer shall provide to the Trustee in the English language: (i)
as soon as they are available, but in any event within one-hundred and twenty (120) calendar days after the end of the fiscal year of the Parent, copies of the Parent’s financial statements (on a consolidated basis) in respect of such financial year (including a statement of comprehensive income, statement of financial position and cash flow statement) audited by a member firm of an internationally recognised firm of independent accountants;
(ii)
as soon as they are available, but in any event within sixty (60) calendar days after the end of each of the first, second and third fiscal quarters of the Parent, copies of the Parent’s financial statements (on a consolidated basis) in respect of such quarterly period (including a statement of comprehensive income, statement of financial position and cash flow statement), together with a certificate signed by the person then authorised to sign financial statements on behalf of the Parent to the effect that such financial statements present fairly the financial position, results of its operation and cash flows of the Parent for or as at the end of, as applicable, such quarterly period; and
(iii) as soon as possible and in any event within fourteen (14) days after the Issuer becomes aware of the occurrence thereof, written notice of the occurrence of any event or condition which constitutes an Event of Default (as defined below) or Default (as defined below) and an Officer’s Certificate of the Issuer setting forth the details thereof and the action the Issuer is taking or proposes to take with respect thereto, provided that, if at any time the Common Stock of PT Sarana Menara Nusantara Tbk. is listed for trading on a recognised stock exchange (each such exchange, a “Relevant Exchange”), the Issuer shall only be obligated to provide to the Trustee in the English language, as soon as they are available but in any event
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not more than ten (10) calendar days after any financial or other reports of PT Sarana Menara Nusantara Tbk. are filed with any such Relevant Exchange, true and correct copies of any financial or other report filed with such Relevant Exchange. 5.
INTEREST
(a)
Accrual of interest: The Bonds bear interest from November 27, 2014 (the “Issue Date”) at the rate of 3.25 per cent. per annum, (the “Rate of Interest”) payable semi-annually in arrear on May 27 and November 27, in each year, commencing May 27, 2015 (each, an “Interest Payment Date”), subject as provided in Condition 7 (Payments).
(b)
Default interest: Each Bond will cease to bear interest from the due date for redemption unless, upon due presentation, payment of principal is improperly withheld or refused, in which case it will continue to bear interest at such rate aforesaid per annum (both before and after an arbitral decision, judgment or other order of a court of competent jurisdiction) until whichever is the earlier of (i) the day on which all sums due in respect of such Bond up to that day are received by or on behalf of the relevant Bondholder and (ii) the day which is seven (7) days after the Principal Paying Agent or the Trustee has notified the Bondholders that it has received all sums due in respect of the Bonds up to such seventh (7th) day (except to the extent that there is any subsequent default in payment).
(c)
Broken Amounts: Interest in respect of any Bond shall be calculated per Calculation Amount. The amount of interest payable per Calculation Amount for each Interest Period shall be the product of (x) the Rate of Interest, (y) the Calculation Amount and (z) the actual number of days in the Interest Period divided by 365, and rounding the resulting figure to the nearest Singapore cent. (half a Singapore cent. being rounded upwards).
6.
REDEMPTION AND PURCHASE
(a)
Scheduled redemption: Unless previously redeemed, or purchased and cancelled, the Bonds will be redeemed at 100 per cent. of their principal amount on November 27, 2024, subject as provided in Condition 7 (Payments).
(b)
Redemption for tax reasons: The Bonds may be redeemed at the option of the Issuer in whole, but not in part only, at any time, on giving not less than fifteen (15) nor more than thirty (30) days’ notice to the Bondholders in accordance with Condition 15 (which notice shall be irrevocable) at their principal amount, together with interest accrued to the date fixed for redemption, if, (i)
immediately before giving such notice, the Issuer notifies the Trustee that: (A)
the Issuer has or will become obliged to pay Additional Amounts as provided or referred to in Condition 8 (Taxation) or, in the case of any payment by any Group Obligor with respect to the Intercompany Funding Arrangements, such payment has or will become subject to a withholding or deduction for or on account of any taxes, duties, assessments or governmental charges of whatever nature, in each case as a result of any change in, or amendment to, the laws or regulations of the Relevant Taxing Jurisdiction or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after November 27, 2014 and such obligation cannot be avoided by the Issuer or, as the case may be, relevant Group Obligor taking reasonable measures available to it; or
(B)
the Guarantor has or will become obliged to pay Additional Amounts as provided or referred to in Condition 8 (Taxation) or the CGIF Guarantee, as the case may be, as a result of any change in, or amendment to, the laws or regulations of the Republic of the Philippines (the “Philippines”) or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after November 27, 2014 and such obligation cannot be avoided by the Guarantor taking reasonable measures available to it; provided, however, that (1)
where any such requirement to pay Additional Amounts (or withhold or deduct an amount from any payment with respect to the Intercompany Funding Arrangements) is
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due to taxes of the Republic of Indonesia (or any political subdivision or any authority thereof or therein having power to tax), this Condition 6(b) shall only have effect to permit the Bonds to be redeemed by the Issuer in the event that the rate of withholding or deduction in respect of which Additional Amounts are required (or in respect of which withholding or deduction is required on payments on the Intercompany Funding Arrangements) is in excess of 20 per cent.; and (2)
(ii)
in any event, no such notice of redemption shall be given earlier than one hundred and eighty (180) days prior to the earliest date on which the Issuer or the Guarantor would be obliged to pay such Additional Amounts if a payment in respect of the Bonds were then due; and
not less than five (5) business days prior to the publication of any notice of redemption pursuant to this Condition 6(b), the Issuer shall deliver or procure that there is delivered to the Trustee and the Guarantor: (A)
an Officer’s Certificate of the Issuer stating that the circumstances referred to in paragraphs (b)(i)(A) above prevail and setting out the details of such circumstances or (as the case may be) a certificate signed by an authorised officer of the Guarantor stating that the circumstances referred to in paragraphs (b)(i)(B) above prevail and setting out details of such circumstances; and
(B)
an Officer’s Certificate of (1) the Issuer stating that no Event of Default has occurred and is continuing and (2) each of the Issuer and, as procured by the Issuer, the Parent and Protelindo Netherlands that each of them and their Subsidiaries is, and immediately following the contemplated redemption of the Bonds, will be, Solvent (a “Solvency Certificate”); and
(C)
any such opinions of independent legal counsel of international standing in such form and as to such matters as the Trustee may reasonably require.
The Trustee shall be entitled to accept and rely upon (without further enquiry) any such Officers’ Certificate, Solvency Certificate and/or opinion as sufficient evidence of the satisfaction of the circumstances set out above, in which event they shall be conclusive and binding on the Bondholders: (iii) not less than one (1) Business Day prior to the publication of any notice of redemption pursuant to this Condition 6(b), the Issuer shall irrevocably transfer to a Singapore dollar account maintained by the Trustee for the benefit of Holders an amount in Singapore dollars in immediately available cleared funds sufficient to redeem the Bonds at their principal amount together with any interest accrued to the relevant date fixed for redemption. (iv) If the Issuer fails to comply with any of the requirements of the foregoing provisions of this Condition 6(b) any notice of redemption purported to be delivered pursuant to this Condition 6(b) shall be void and of no effect, but this shall not affect, release or otherwise discharge any of the Issuer’s or the Guarantor’s other obligations under these Conditions, the Trust Deed or the CGIF Guarantee. (v)
(c)
Upon the expiry of any such notice as is referred to in this Condition 6(b) and satisfaction of the other requirements specified in this Condition 6(b), the Issuer shall be bound to redeem the Bonds in accordance with this Condition 6(b) and the Trustee shall apply all monies delivered to it pursuant to Condition 6(b)(iii) above in redemption of the Bonds in accordance with these Conditions and the Trust Deed.
Redemption in the event of a CGIF Acceleration: (i)
At any time following the occurrence of a CGIF Acceleration, the Guarantor may at its discretion, on giving not less than seven (7) nor more than fifteen (15) days’ notice to the Issuer and the Trustee, require the Issuer to redeem the Bonds in whole, but not in part only, at their principal amount, together with interest accrued to the date fixed for redemption following which the Issuer shall immediately, or if the Issuer fails to do so the Guarantor may, give notice to the Bondholders in accordance with Condition 15 (Notices) (which notice shall be irrevocable).
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(ii)
For the purposes of this Condition 6(c), a “CGIF Acceleration” occurs if the Issuer or the Guarantor notifies the Trustee immediately before the giving of such notice that a Missed Payment Event has occurred and is continuing and irrespective of whether or not the Guarantor has already paid any Guaranteed Amounts in respect of such Missed Payment Event and the Guarantor has delivered a CGIF Acceleration Notice to the Trustee in accordance with the Trust Deed.
(iii) In this Condition 6(c), a “CGIF Acceleration Notice” shall mean a written notice delivered by the Guarantor to the Trustee pursuant to, and substantially in the form set out in, the Trust Deed. (iv) The Trustee shall be entitled to accept and rely upon (without further enquiry) a CGIF Acceleration Notice as sufficient evidence of the Guarantor’s agreement to pay all outstanding Guaranteed Amounts, and such CGIF Acceleration Notice shall be conclusive and binding on the Bondholders. (v)
(d)
Upon the relevant date fixed for redemption specified in any CGIF Acceleration Notice and notified to the Bondholder in accordance with Condition 15 (Notices), the Issuer shall be bound to redeem the Bonds in accordance with this Condition 6(c) and the Guarantor shall be bound to pay all Guaranteed Amounts outstanding as set out in the CGIF Acceleration Notice.
Redemption at the option of the Issuer: (i)
The Bonds may, subject to the provisions in paragraphs (ii) to (v) below, be redeemed at the option of the Issuer in whole or in part, on any Interest Payment Date, prior to the Maturity Date, on the Issuer giving not less than 15 nor more than 30 days’ notice to the Bondholders in accordance with Condition 15 (Notices) (which notice shall be irrevocable) at their Make-Whole Amount (together with interest accrued to (but excluding) the date fixed for redemption). For the purpose of this Condition 6(d), the “Make-Whole Amount” means an amount equal to the greater of: (i)
(ii)
an amount equal to the sum of: (a)
the present value of the principal amount of the Bonds discounted from the Maturity Date; and
(b)
the present value of all remaining scheduled interest payments with respect to the Bonds to and including the Maturity Date; and
100 per cent. of the principal amount of the Bonds.
For the purposes of this Condition 6(d) the “present value” of any amount of principal or interest shall be calculated by discounting the relevant amounts of principal or interest (as the case may be) to the date of redemption of the Bonds at the rate (as reported in writing to the Issuer, the Trustee and the Principal Paying Agent by an investment manager selected by the Issuer (the “Investment Manager”)) equal to the sum of: (1)
the closing Singapore dollar swap offer rate appearing on: (A)
in the case of Singapore dollar swap offer rates corresponding to durations of less than one year, Reuters Screen ABSFIX01 Page as of 11:00 a.m. London time under the column headed “SGD SOR” (or its replacement page); and
(B)
in the case of Singapore dollar swap offer rates corresponding to durations of one year and above, Reuters Screen PYSGD1 Page at 6:00 p.m. Singapore time under the left hand side of the column headed “TULLET PREBON Asia — SEMI/ACT 365 — SGD/ SGD” (or its replacement page),
corresponding to the duration of the remaining period to the Maturity Date of the Bonds expressed on a semi-annual compounding basis (rounded up, if necessary, to four decimal places) on the eighth business day prior to the relevant date for redemption of the Bonds;
46
provided, however, that in the event that, no rate is available on Reuters Screen PYSGD1 Page at 6:00 p.m. Singapore time under the left hand side of the column headed “TULLET PREBON Asia — SEMI/ACT 365 — SGD/SGD” (or its replacement page), the rate per annum (expressed as a percentage) equal to the swap offer rate as determined by the Investment Manager, such rate to be determined by such Investment Manager to be the rate per annum equal to the arithmetic mean (rounded up, if necessary, to the nearest 1/16 per cent.) of quotation(s) of the Reference Banks’ swap offer rates for a period equivalent to the duration of the remaining period to the Maturity Date of the Bonds expressed on a semi-annual compounding basis (or if only one of the Reference Banks provides the Investment Manager with such quotation, such rate quoted by that Reference Bank), which the Investment Manager will request from the principal Singapore offices of the Reference Banks at the close of business on the eighth business day prior to the relevant date for redemption of the Bonds; provided further that if the Investment Manager selected by the Issuer is unable to obtain a rate for a period corresponding to the duration of the remaining period to the Maturity Date of the Bonds, the swap offer rate used will be the interpolated interest rate as calculated using the swap offer rates available from the sources above for the two periods most closely approximating the duration of the remaining period to the Maturity Date; and (2)
0.30 per cent.
None of the Trustee or the Agents shall be responsible for calculating or verifying the Make-Whole Amount. For the purposes of this Condition 6(d) “Reference Banks” means the three major banks in the Singapore inter-bank market selected by the Investment Manager that is most closely connected with the Singapore dollar swap offer rate. (ii)
Not less than five (5) business days prior to the publication of any notice of redemption pursuant to this Condition 6(d), the Issuer shall deliver or procure that there is delivered to the Trustee (1) a Solvency Certificate and (2) any such opinions of independent legal counsel of international standing in such form and as to such matters as the Trustee may reasonably require. The Trustee shall be entitled to accept and rely upon (without further enquiry) any such Solvency Certificate and opinions in which event they shall be conclusive and binding on the Bondholders.
(iii) Not less than one (1) business day prior to the publication of any notice of redemption pursuant to this Condition 6(d), the Issuer shall irrevocably transfer to a Singapore dollar account maintained by the Trustee for the benefit of Holders an amount in Singapore dollars in immediately available cleared funds sufficient to redeem the Bonds at their principal amount together with interest accrued to the relevant date fixed for redemption. (iv) If the Issuer fails to comply with any of the requirements of the foregoing provisions of this Condition 6(d) any notice of redemption purported to be delivered pursuant to this Condition 6(d) shall be void and of no effect, but this shall not affect, release or otherwise discharge any of the Issuer’s or the Guarantor’s other obligations under these Conditions, the Trust Deed or the CGIF Guarantee. (v)
Upon the expiry of any such notice as is referred to in this Condition 6(d) and satisfaction of the other requirements specified in this Condition 6(d), the Issuer shall be bound to redeem the Bonds in accordance with this Condition 6(d) and the Trustee shall apply all monies delivered to it pursuant to Condition 6(d)(iii) above in redemption of the Bonds in accordance with these Conditions and the Trust Deed.
(e)
Purchase: The Issuer, the Parent or any of its Subsidiaries may at any time purchase Bonds in the open market or otherwise and at any price.
(f)
Cancellation: All Bonds so redeemed or purchased by the Parent, Issuer or any of its Subsidiaries shall be cancelled and may not be reissued or resold.
(g)
No other redemption: The Issuer shall not be entitled to redeem the Bonds otherwise than as provided in paragraphs (a) to (d) above.
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7.
PAYMENTS
(a)
Principal: Payments of principal shall be made by Singapore dollar cheque drawn on, or, upon application by a Holder of a Bond to the Specified Office of the Principal Paying Agent not later than the fifteenth (15th) day before the due date for any such payment, by transfer to a Singapore dollar account maintained by the payee with, a bank and (in the case of redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates at the Specified Office of any Paying Agent.
(b)
Interest: Payments of interest shall be made by Singapore dollar cheque drawn on, or, upon application by a Holder of a Bond to the Specified Office of the Principal Paying Agent not later than the fifteenth (15th) day before the due date for any such payment, by transfer to a Singapore dollar account maintained by the payee with, a bank and (in the case of interest payable on redemption) upon surrender (or, in the case of part payment only, endorsement) of the relevant Certificates at the Specified Office of any Paying Agent.
(c)
Payments subject to fiscal laws: Without prejudice to the provisions of Condition 8 (Taxation), payments will be subject in all cases to (i) any fiscal or other laws and regulations applicable thereto in the place of payment, (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof or (iii) any law implementing an intergovernmental approach thereto. No commissions or expenses shall be charged to the Bondholders in respect of such payments made pursuant to this Condition 7(c).
(d)
Payments on business days: Where payment is to be made by transfer to a Singapore dollar account, payment instructions (for value the due date, or, if the due date is not a business day, for value the next succeeding business day) will be initiated and, where payment is to be made by Singapore dollar cheque, the cheque will be mailed (i) (in the case of payments of principal and interest payable on redemption) on the later of the due date for payment and the day on which the relevant Certificate is surrendered (or, in the case of part payment only, endorsed) at the Specified Office of a Paying Agent and (ii) (in the case of payments of interest payable other than on redemption) on the due date for payment provided that if such date falls on a day which is not a business day it shall be postponed to the next day which is a business day. A Holder of a Bond shall not be entitled to any interest or other payment in respect of any delay in payment resulting from (i) the due date for a payment not being a business day or (ii) a cheque mailed in accordance with this Condition 7 (Payments) arriving after the due date for payment or being lost in the mail. In this paragraph, “business day” means any day (other than a Sunday or a Saturday) on which commercial banks are open for general business (including dealings in foreign currencies) in Singapore, Manila, Amsterdam, Jakarta, Hong Kong, New York and Luxembourg and, in the case of surrender (or, in the case of part payment only, endorsement) of a Certificate, in the place in which the Certificate is surrendered (or, as the case may be, endorsed).
(e)
Partial payments: If a Paying Agent makes a partial payment in respect of any Bond, the Issuer shall procure that the amount and date of such payment are noted on the Register and, in the case of partial payment upon presentation of a Certificate, that a statement indicating the amount and the date of such payment is endorsed on the relevant Certificate.
(f)
Record date: Each payment in respect of a Bond will be made to the person shown as the Holder in the Register at the opening of business in the place of the Registrar’s Specified Office on the fifteenth (15th) day before the due date for such payment (the “Record Date”). Where payment in respect of a Bond is to be made by cheque, the cheque will be mailed to the address shown as the address of the Holder in the Register at the opening of business on the relevant Record Date.
So long as the Global Certificate is held on behalf of Euroclear, Clearstream, Luxembourg or any other clearing system, each payment in respect of the Global Certificate will be made to the person shown as the holder in the Register at the close of business of the relevant clearing system on the Clearing System Business Day before the due date for such payments, where “Clearing System Business Day” means a weekday (Monday to Friday, inclusive) except 25 December and 1 January. 8.
TAXATION
All payments of principal and interest in respect of the Bonds by or on behalf of the Issuer or the Guarantor shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes,
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duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of the Netherlands (in the case of the Issuer), the Philippines (in the case of the Guarantor) or any political subdivision thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In the event that any such withholding or deduction is so required by law, the Issuer or (as the case may be) the Guarantor shall pay such additional amounts (“Additional Amounts”) as will result in receipt by the Bondholders after such withholding or deduction of such amounts as would have been received by them had no such withholding or deduction been required, except that no such Additional Amounts shall be payable in respect of any Bond: (a)
held by a Holder which is liable to such taxes, duties, assessments or governmental charges in respect of such Bond or, as the case may be, payments made by the Guarantor by reason of its having some connection with the jurisdiction by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Bond; or
(b)
where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, this Directive; or
(c)
held by a Holder who would have been able to avoid such withholding or deduction by arranging to receive the relevant payment through another Paying Agent in a member state of the European Union; or
(d)
where (in the case of a payment of principal or interest on redemption) the relevant Certificate is surrendered for payment more than thirty (30) days after the Relevant Date except to the extent that the relevant Holder would have been entitled to such Additional Amounts if it had surrendered the relevant Certificate on the last day of such period of thirty (30) days.
In these Conditions, “Relevant Date” means whichever is the later of (1) the date on which the payment in question first becomes due and (2) if the full amount payable has not been received by the Principal Paying Agent or the Trustee on or prior to such due date, the date on which (the full amount having been so received) notice to that effect has been given to the Bondholders. If any such deduction or withholding shall be required and if the Issuer or (as the case may be) the Guarantor therefore becomes liable to pay any Additional Amounts, then at least five (5) Business Days prior to each payment date, the Issuer or (as the case may be) the Guarantor shall furnish the Paying Agents with a certificate that specifies the amount required to be withheld on such payment date to Holders of the Bonds and the Additional Amounts due to Holders of the Bonds and that the Issuer or (as the case may be) the Guarantor shall pay in a timely manner such amount to be withheld to the appropriate government agency, and the Issuer or (as the case may be) the Guarantor will pay to the Paying Agents such Additional Amounts as shall be required to be paid to such Holders. Any reference in these Conditions to principal or interest shall be deemed to include any additional amounts in respect of principal or interest (as the case may be) which may be payable under this Condition 8 (Taxation) or any undertaking given in addition to or in substitution of this Condition 8 (Taxation) pursuant to the Trust Deed. If the Issuer or the Guarantor, as the case may be, becomes subject at any time to any taxing jurisdiction other than the Netherlands (in the case of the Issuer) or the Philippines (in the case of the Guarantor), references in these Conditions to the Netherlands or the Philippines shall be construed as references to the Netherlands or the Philippines (as the case may be) and/or such other jurisdiction. 9.
EVENTS OF DEFAULT
(a)
If any of the following events occurs and is continuing (each, an “Event of Default”), then the Trustee shall comply with the limitations on acceleration as set out in Conditions 9(b) to (d) below to the extent applicable: (i)
Non-payment: the Issuer or the Guarantor fails to pay any amount of principal in respect of the Bonds or fails to pay any amount of interest in respect of the Bonds, in each case within thirty (30) calendar days after the due date for payment thereof; or
(ii)
Breach of other obligations: the Issuer defaults in the performance or observance of any of its other obligations under or in respect of the Bonds or the Trust Deed and (A) such default is incapable of
49
remedy or (B) being a default which is capable of remedy remains unremedied for thirty (30) calendar days after the Trustee has given written notice thereof to the Issuer; or (iii) Cross-default of Issuer or any Material Affiliate: (A)
any indebtedness of the Issuer or any of its Material Affiliates is not paid when due or (as the case may be) within any originally applicable grace period; or
(B)
any such indebtedness becomes due and payable prior to its stated maturity otherwise than at the option of (x) the Issuer or the relevant Material Affiliate or (y) (provided that no event of default, howsoever described, has occurred) any person entitled to such indebtedness; or
(C)
the Issuer or any of its Material Affiliates fails to pay when due any amount payable by it under any Guarantee of any indebtedness;
provided that the amount of indebtedness referred to in sub-paragraph (A) and/or sub-paragraph (B) above and/or the amount payable under any Guarantee referred to in sub-paragraph (C) above, individually or in the aggregate, exceeds U.S.$40,000,000 (or its equivalent in any other currency or currencies); or (iv) Unsatisfied judgment: one or more judgment(s) or order(s) for the payment of an individual amount in excess of U.S.$40,000,000 (or its equivalent in any other currency or currencies) is rendered against the Issuer or any of its Material Affiliates, is not subject to any further ability to object or appeal and continue(s) unsatisfied and unstayed for a period of thirty (30) calendar days after the date(s) thereof or, if later, the date therein specified for payment; or (v)
Security enforced: a secured party takes possession, or a receiver, manager or other similar officer is appointed, of the whole or (as confirmed by a financial advisor appointed by the Trustee at the Issuer’s expense) a substantial part of the undertaking, assets and revenues of the Issuer or any of its Material Affiliates (considering the Issuer and the Group Obligors as a whole); or
(vi) Insolvency, etc.: (A) the Issuer or any of its Material Affiliates becomes insolvent or is unable to pay all or a substantial part of its debts as they fall due; (B) an administrator or liquidator is appointed (or application for any such appointment is made) in respect of the Issuer or any of its Material Affiliates or the whole or (as confirmed by a financial advisor appointed by the Trustee at the Issuer’s expense) a substantial part of the undertaking, assets and revenues of the Issuer or any of its Material Affiliates (considering the Issuer and the Group Obligors as a whole); (C) the Issuer or any of its Material Affiliates takes any proceeding under any law for a readjustment or deferment of all or any substantial part of its obligations (considering the Issuer and the Group Obligors as a whole) or makes a general assignment or an arrangement or composition with or for the benefit of its creditors or declares a moratorium in respect of all or any substantial part (considering the Issuer and the Group Obligors as a whole) of its indebtedness or any Guarantee of any such indebtedness given by it; or (D) an order is made or an effective resolution is passed for the winding up, liquidation or dissolution of the Issuer or any Material Affiliate which has not been discharged or stayed within sixty (60) calendar days (otherwise than, in the case of a Material Affiliate for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent) or the Issuer or any Material Affiliate ceases to carry on all or a substantial part of its business (otherwise than, in the case of a Material Affiliate, for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent or as a result of disposal on arm’s length terms or as approved by an Extraordinary Resolution of the Bondholders); (vii) Analogous event: any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in paragraphs (iv) (Unsatisfied judgment) to (vi) (Insolvency, etc.) above; or (viii) Failure to take action, etc.: any action, condition or thing at any time required to be taken, fulfilled or done in order (A) to enable the Issuer lawfully to enter into, exercise its rights and perform and comply with its obligations under and in respect of the Bonds or the Trust Deed; and (B) to ensure that those obligations are legal, valid, binding and enforceable is not taken, fulfilled or done; or
50
(ix) Unlawfulness: it is or will become unlawful for the Issuer to perform or comply with any of its obligations under or in respect of the Bonds or the Trust Deed; or (x)
Guarantee not in force: the CGIF Guarantee is not (or is claimed by the Guarantor not to be) in full force and effect; or
(xi) Government intervention: (A) all or (as confirmed by a financial advisor appointed by the Trustee at the Issuer’s expense) any substantial part of the undertaking, assets and revenues (considering the Issuer and the Group Obligors as a whole) of the Issuer or any of its Material Affiliates is condemned, seized or otherwise appropriated by any person acting under the authority of any national, regional or local government or (B) the Issuer or any of its Material Affiliates is prevented by any such person from exercising normal control over all or any substantial part of its undertaking, assets and revenues (considering the Issuer and the Group Obligors as a whole). (b)
Subject to clause 2.1 (Guarantee) of the CGIF Guarantee and clause 3.2 (Missed Payment Event) and clause 3.3 (Acceleration) of the Trust Deed, if a Missed Payment Event has occurred and is continuing, the Guarantor shall pay the Guaranteed Amount relating to the Missed Payment Event to the Guaranteed Party within thirty (30) calendar days of such Missed Payment Event.
(c)
The Trustee has undertaken in the Trust Deed that it shall not take an Acceleration Step unless the Guarantor has failed to make payment of a Guaranteed Amount such that a Non-Payment Event has occurred and is continuing (a “Guaranteed Party Acceleration”). Pursuant to the Trust Deed, neither the Trustee nor any Bondholder shall be entitled to take an Acceleration Step against the Issuer or the Guarantor unless a Guaranteed Party Acceleration has occurred or with the prior written consent of the Guarantor and, in the event that an Acceleration Step is taken in contravention of such provision, the Guarantor shall not be required to pay any amounts in respect of such Acceleration Step.
(d)
Upon the occurrence of a Guaranteed Party Acceleration and if the Guaranteed Amounts are not paid by the Issuer in accordance with these Conditions and the Trust Deed following such Guaranteed Party Acceleration, the Trustee may at its sole discretion and, if so requested in writing by holders of at least 25 per cent. of the aggregate principal amount of the outstanding Bonds, or if so directed to do so by an Extraordinary Resolution, shall (subject to the Trustee having been indemnified and/or provided with security and/or pre-funded to its satisfaction in all cases) deliver in accordance with the Trust Deed a Guaranteed Party Acceleration Notice in respect of the aggregate of the unpaid Guaranteed Amounts and the Guarantor Default Interest Amount (if any) to be paid by CGIF in accordance with the CGIF Guarantee.
10.
PRESCRIPTION
Claims for principal and interest on redemption shall become void unless the relevant Certificates are surrendered for payment within a period of ten years (in the case of principal) and five years (in the case of interest) after the appropriate Relevant Date. 11.
REPLACEMENT OF CERTIFICATES
If any Certificate is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Registrar, subject to all applicable laws and stock exchange requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer or the Registrar may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued. 12.
TRUSTEE AND AGENTS
Pursuant to the Trust Deed, the Trustee is entitled to be indemnified and/or secured and/or pre-funded and relieved from responsibility in certain circumstances and to be paid its fees, costs and expenses in priority to the claims of the Bondholders. In addition, the Trustee is entitled to enter into business transactions with the Issuer, the Guarantor and any entity relating to the Issuer or the Guarantor without accounting for any profit. In the exercise of its powers and discretions under these Conditions, the Trust Deed and the CGIF Guarantee, the Trustee will have regard to the interests of the Bondholders as a class and will not be responsible for any
51
consequence for individual Holders of Bonds as a result of such Holders being connected in any way with a particular territory or taxing jurisdiction. In acting under the Agency Agreement and in connection with the Bonds, the Agents act solely as agents of the Issuer and (to the extent provided therein) the Trustee and do not assume any obligations towards or relationship of agency or trust for or with any of the Bondholders. The Issuer and the Guarantor reserve the right (with the prior written approval of the Trustee) at any time to vary or terminate the appointment of any Agent and to appoint a successor registrar or principal paying agent and additional or successor paying agents and transfer agents; provided, however, that the Issuer shall at all times maintain (a) a registrar outside of the United Kingdom, and (b) a principal paying agent. Notice of any change in any of the Agents or in their Specified Offices shall promptly be given to the Bondholders. 13.
MEETINGS OF BONDHOLDERS; MODIFICATION AND WAIVER
(a)
Meetings of Bondholders: The Trust Deed contains provisions for convening meetings of Bondholders to consider matters relating to the Bonds, including the modification of any provision of these Conditions or the Trust Deed or the Agency Agreement. Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may be convened by the Issuer, the Guarantor or by the Trustee and shall be convened by the Issuer upon the request in writing of Bondholders holding not less than onetenth of the aggregate principal amount of the outstanding Bonds and if the Issuer defaults for a period of seven days in its obligation to convene such a meeting the same may be convened by the Trustee. The quorum at any meeting convened to vote on an Extraordinary Resolution will be one or more persons holding or representing one more than half of the aggregate principal amount of the outstanding Bonds or, at any adjourned meeting, one or more persons being or representing Bondholders whatever the principal amount of the Bonds held or represented; provided, however, that certain proposals (including any proposal (i) to change any date fixed for payment of principal or interest in respect of the Bonds, (ii) to reduce the amount of principal or interest payable on any date in respect of the Bonds, (iii) to alter the method of calculating the amount of any payment in respect of the Bonds or the date for any such payment, (iv) to change the currency of payments under the Bonds, (v) sanctioning, or directing the Trustee to concur in, the amendment of the terms of the CGIF Guarantee, (vi) to change the quorum requirements relating to meetings or (vii) to change the majority required to pass an Extraordinary Resolution (each, a “Reserved Matter”)) may only be sanctioned by an Extraordinary Resolution passed at a meeting of Bondholders at which one or more persons holding or representing not less than two-thirds or, at any adjourned meeting, one quarter of the aggregate principal amount of the outstanding Bonds form a quorum. Any Extraordinary Resolution duly passed at any such meeting shall be binding on all the Bondholders, whether present or not. In addition, a resolution in writing signed by or on behalf of Bondholders who for the time being are entitled to receive notice of a meeting of Bondholders under the Trust Deed and who hold not less than 90 per cent. of the aggregate principal amount of the Bonds outstanding shall for all purposes be as valid and effective as an Extraordinary Resolution passed at a meeting of Bondholders duly convened and held. Such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one or more Bondholders.
(b)
Modification and waiver: The Trustee may, with the consent of the Guarantor but without the consent of the Bondholders, agree (but shall not be obliged) (i) to any modification of these Conditions, the Trust Deed or the Agency Agreement (other than in respect of a Reserved Matter) if such modification will not be materially prejudicial to the interests of Bondholders and (ii) to any modification of the Bonds, these Conditions, the Trust Deed or the Agency Agreement which is of a formal, minor or technical nature or is to correct a manifest error or which is necessary to comply with mandatory provisions of law. In addition, the Trustee may with the consent of the Guarantor but without the consent of the Bondholders, authorise or waive any proposed breach or breach of the Bonds, these Conditions, the Trust Deed or the Agency Agreement (other than a proposed breach or breach relating to the subject of a Reserved Matter) if the interests of the Bondholders will not be materially prejudiced thereby, provided that the Trustee will not do so in contravention of an express direction given by an Extraordinary Resolution or a request made pursuant to Condition 9 (Events of Default).
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Any such authorisation, waiver or modification shall be binding on the Bondholders and unless the Trustee agrees otherwise, any such authorisation, waiver or modification shall be notified to the Bondholders in accordance with Condition 15 (Notices) as soon as reasonably practicable thereafter. 14.
ENFORCEMENT
Subject to the terms of the Trust Deed and Condition 9(c), the Trustee may at any time, at its discretion and without notice, institute such actions, steps and proceedings as it thinks fit to enforce its rights under the Trust Deed in respect of the Bonds, but it shall not be bound to do so unless: (a)
it has been so requested in writing by the Holders of at least one quarter of the aggregate principal amount of the outstanding Bonds or has been so directed by an Extraordinary Resolution; and
(b)
it has been indemnified and/or provided with security and/or pre-funded to its satisfaction.
No Bondholder may proceed directly against the Issuer unless the Trustee, having become bound to do so, fails to do so within a reasonable time and such failure is continuing. 15.
NOTICES
Notices to the Bondholders will be sent to them by first class mail (or its equivalent) or (if posted to an overseas address) by airmail at their respective addresses on the Register. Any such notice shall be deemed to have been given on the fourth (4th) day after the date of mailing. Until such time as any individual Certificates are issued and so long as the Global Certificate is held in its entirety on behalf of Euroclear and Clearstream, Luxembourg, any notice to the holders of the Bonds shall be validly given by the delivery of the relevant notice to Euroclear and Clearstream, Luxembourg, for communication by the relevant clearing system to entitled accountholders in substitution for notification as required by the Conditions and shall be deemed to have been given on the date of delivery to such clearing system. 16.
CURRENCY INDEMNITY
If any sum due from the Issuer in respect of the Bonds or any order or judgment given or made in relation thereto has to be converted from the currency (the “first currency”) in which the same is payable under these Conditions or such order or judgment into another currency (the “second currency”) for the purpose of (a) making or filing a claim or proof against the Issuer, (b) obtaining an order or judgment in any court or other tribunal or (c) enforcing any order or judgment given or made in relation to the Bonds, the Issuer shall indemnify the Trustee, each Agent and each Bondholder, on the written demand of the Trustee or such Bondholder addressed to the Issuer and delivered to the Issuer, against any loss suffered as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange at which the Trustee, such Agent or such Bondholder may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. This indemnity constitutes a separate and independent obligation of the Issuer and shall give rise to a separate and independent cause of action. 17.
GOVERNING LAW, ARBITRATION AND JURISDICTION
(a)
Governing law: The Bonds, the Trust Deed, the Agency Agreement and the CGIF Guarantee and any noncontractual obligations arising out of or in connection with them are governed by, and shall be construed in accordance with, English law.
(b)
Arbitration: Any dispute, controversy or claim arising out of or in connection with the Bonds, the Trust Deed, the Agency Agreement or the CGIF Guarantee, including any question regarding their existence, validity or termination (each a “Dispute”) shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this
53
Condition 17(b). The arbitral tribunal shall consist of three (3) arbitrators to be appointed in accordance with the SIAC Rules (the “Arbitral Tribunal”). The language of the arbitration shall be English and all arbitrators shall be fluent in English. The seat of the arbitration shall be in Singapore. Any notice of arbitration, response or other communication given to or by a party to the arbitration shall be given and deemed received in accordance with the SIAC Rules. The costs of the arbitration shall be determined and paid by the parties to the arbitration in accordance with the SIAC Rules. Each party hereto agrees that it shall not institute any legal proceedings arising out of or in connection with the Bonds, the Trust Deed, the Agency Agreement or the CGIF Guarantee, except only, if necessary, to enforce in any court of competent jurisdiction any arbitral award rendered by the Arbitral Tribunal. The arbitral authority (tribunal or any emergency arbitrator) shall not be authorised to take or provide, and each of the Trustee and the Issuer agree that notwithstanding any provisions of the SIAC Rules or any other applicable rules or regulations, it shall not seek from the arbitral authority or any judicial authority, (i) any order of whatsoever nature against the Asian Development Bank and other contributors to the Guarantor, and any of their respective officers, employees or agents; or (ii) any interim measures of protection or pre award relief to sell, attach, freeze or otherwise enforce against the CGIF Assets. (c)
Binding arbitration: The Arbitral Tribunal shall render its arbitral award within three months of the close of the arbitration proceedings and the Arbitral Tribunal is authorised to assess costs against a party who has caused delay in the arbitration or who has failed to comply with any rules of the arbitration. The parties hereto agree and recognise that an arbitral award rendered by the Arbitral Tribunal in an arbitration commenced pursuant to Conditions 17(b) and 17(c) shall be final, valid, binding and may be enforceable with the status of a court judgement, and the arbitral award cannot constitute the subject matter or the ground of an appeal, in the Netherlands, the Republic of Indonesia or any other jurisdiction in the world. Each of the parties hereto expressly agrees to waive Section 48.1 of the Indonesia Arbitration Law (No. 30 of Year 1999) so that the mandate of the Arbitral Tribunal is duly constituted in accordance with the terms herein.
(d)
No immunity: The Issuer irrevocably and unconditionally agrees that to the extent that it may in any jurisdiction claim for itself or its assets or revenues immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets or revenues such immunity (whether or not claimed), it shall not claim and irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction.
18.
LIMITED RECOURSE
Notwithstanding any other provisions of these Conditions, the recourse of the Bondholders to CGIF under these Conditions is limited solely to the CGIF Assets. The Bondholders acknowledge and accept that they only have recourse to CGIF Assets and they have no recourse to any assets of Asian Development Bank or any other contributors to CGIF. Any obligation under these Conditions of CGIF shall not constitute an obligation of Asian Development Bank or any other contributors to CGIF. 19.
NO PERSONAL LIABILITY
Notwithstanding any other provisions of these Conditions, neither Asian Development Bank nor any other contributors to CGIF or the officers, employees or agents of any contributor to CGIF shall be subject to any personal liability whatsoever to any third party including the Bondholders in connection with the operation of CGIF or under these Conditions. No action may be brought against Asian Development Bank as the trustee of CGIF or as contributor to CGIF or against any other contributors to CGIF or any of their officers, employees or agents by any third party in connection with these Conditions. 20.
NO WAIVER
Nothing in these Conditions, or any agreement, understanding or communication relating to these Conditions, shall constitute or be construed as an express or implied waiver, renunciation, exclusion or limitation of any of the immunities, privileges, or exemptions accorded to the Asian Development Bank under the Agreement Establishing Asian Development Bank, any other international convention or any applicable law, or accorded to CGIF under the Articles of Agreement of CGIF.
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21.
CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
No person shall have any right to enforce any term or condition of the Bonds under the Contracts (Rights of Third Parties) Act 1999, but this shall not affect any right or remedy which exists or is available apart from such Act. Notwithstanding the foregoing, the Asian Development Bank and other contributors to CGIF, and any of their respective officers, employees or agents, may enforce Condition 18 (Limited Recourse), 19 (No Personal Liability), 17(b) (Arbitration), 17(c) (Binding Arbitration) and 20 (No Waiver). 22.
DEFINITIONS
In these Conditions: “Acceleration Step” has the meaning given to it in the Trust Deed; “Articles of Agreement of CGIF” means the articles of agreement of CGIF dated 27 November 2013 (as may be amended or supplemented from time to time); “business day” means any day (other than a Sunday or a Saturday) on which commercial banks are open for general business (including dealings in foreign currencies) in Singapore, Amsterdam, Manila, Jakarta, Hong Kong, New York and Luxembourg; “Calculation Amount” means S$250,000; “CGIF Assets” means all property and assets of CGIF held in trust in accordance with the Articles of Agreement of CGIF and available from time to time to meet the liabilities of CGIF. For the avoidance of doubt, a CGIF Asset does not include any assets of the Asian Development Bank or any other contributors to CGIF; “Common Stock” means, with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock or ordinary shares, whether or not outstanding on the Issue Date, and include, without limitation, all series and classes of such common stock or ordinary shares; “Default” means an event or circumstance which would, with the giving of notice, lapse of time, the issuing of a certificate and/or fulfilment of any other requirement provided for in Condition 9 (Events of Default) become an Event of Default; “Extraordinary Resolution” has the meaning given to it in Schedule 3 of the Trust Deed; “Group Obligors” means each of Protelindo Netherlands, Protelindo Towers and the Parent; “Guarantee” means, in relation to any indebtedness of any Person, any obligation of another Person to pay such indebtedness including (without limitation): (a)
any obligation to purchase such indebtedness;
(b)
any obligation to lend money, to purchase or subscribe shares or other securities or to purchase assets or services in order to provide funds for the payment of such indebtedness;
(c)
any indemnity against the consequences of a default in the payment of such indebtedness; and
(d)
any other agreement to be responsible for such indebtedness;
“Guaranteed Amount” has the meaning given to such term in Clause 2.1 of the CGIF Guarantee; “Guaranteed Party Acceleration Notice” means a written notice delivered by the Trustee to CGIF pursuant to, and substantially in the form set out in the Trust Deed; “Guarantor Default Interest Amount” means certain default interest payable by the Guarantor in the amount and at the rate as calculated in accordance with the CGIF Guarantee;
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“Holder” of a Bond means the person in whose name such Bond is for the time being registered in the Register (or, in the case of a joint holding, the first named thereof) and “Bondholder” shall be construed accordingly; “Interest Period” means each period beginning on (and including) the Issue Date or any Interest Payment Date and ending on (and excluding) the next Interest Payment Date; “Intercompany Funding Arrangements” means any arrangement (whether by way of loan or equity contribution and howsoever described) pursuant to which the net proceeds from the issue of the Bonds or debt refinanced by the Bonds are or were applied by the Issuer in accordance with the applicable conditions of such financing or refinancing; “Investment Manager” has the meaning set forth in Condition 6(d)(i) (Redemption and Purchase — Redemption at the option of the Issuer); “Make-Whole Amounts” has the meaning set forth in Condition 6(d)(i) (Redemption at the option of the Issuer”); “Material Affiliate” means (1) the Parent and each Subsidiary of the Parent, other than Protelindo Netherlands or Protelindo Towers, whose assets (excluding any intra-group Dutch structure loans) or EBITDA is greater than or equal to 10 per cent. of the total assets (excluding any intra-group Dutch structure loans) or EBITDA of the Parent and its subsidiaries on a consolidated basis; “Maturity Date” means November 27, 2024; “Missed Payment Event” means the non-payment (not taking into account any grace period) of any Guaranteed Amount by the Issuer in accordance with these Conditions and the Trust Deed; “Non-Payment Event” means the occurrence of an Event of Default thirty (30) calendar days after the occurrence of a Missed Payment Event in accordance with Condition 9(a)(i) (Non-payment) of these Conditions; “Offering Memorandum” means the offering memorandum dated November 20, 2014 prepared by the Issuer, the Parent and the Guarantor in connection with the issue and offering of the Bonds; “Officer’s Certificate” means a certificate signed by one director or authorized officer of the Issuer; “Paying Agent(s)” means the Principal Paying Agent and any other paying agent appointed pursuant to the Agency Agreement; “Person” means any individual, company, corporation, firm, partnership, joint venture, association, organisation, state or agency of a state or other entity, whether or not having separate legal personality; “present value” has the meaning set forth in Condition 6(d)(i) (Redemption and Purchase — Redemption at the option of the Issuer); “Protelindo Luxembourg” means Protelindo Luxembourg S.à.r.l., a private company with limited liability incorporated under the laws of Luxembourg; “Protelindo Netherlands” means Protelindo Netherlands B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands; “Protelindo Towers” means Protelindo Towers B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, The Netherlands; “Reference Banks” has the meaning set forth in Condition 6(d)(i) (Redemption and Purchase — Redemption at the option of the Issuer);
56
“Relevant Indebtedness” means any indebtedness which is in the form of or represented by any bond, note, loan stock, certificate or other investment securities which is, or is capable of being, listed, quoted or traded on any stock exchange or in any securities market (including, without limitation, any over-the-counter market) but shall not include (a) any indebtedness denominated in or payable in Indonesian Rupiah or (b) indebtedness under any secured loan facility (which term shall, for the avoidance of doubt, mean any agreement for or in respect of indebtedness for borrowed money entered into with one or more banks, financial institutions and/or providers of mezzanine or subordinated financing); “Relevant Taxing Jurisdiction” means the European part of the Kingdom of the Netherlands, the Grand Duchy of Luxembourg or the Republic of Indonesia, as applicable, or, in each such case, any political subdivision or any authority thereof or therein having power to tax; “Security Interest” means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction, but excluding any security interest created pursuant to the terms of the Reimbursement and Indemnity Agreement dated November 27, 2014 between the Issuer, the Parent and the Guarantor in connection with the Bonds; “Solvent” means, with respect to (1) an entity other than the Issuer, on a particular date, that on such date (a) the fair market value of the assets of such entity is greater than the total amount of liabilities (including contingent liabilities) of such entity (in the case of Protelindo Netherlands, on a consolidated basis with Protelindo Towers), (b) the present fair saleable value of the assets of the entity (in the case of Protelindo Netherlands, on a consolidated basis with Protelindo Towers) is greater than the amount that will be required to pay the probable liabilities of such entity on its debt as they become absolute and mature, and (c) it is reasonably foreseeable that the entity is able to pay its debts and other liabilities (including contingent obligations) as they become due; and (2) with respect to the Issuer, on a particular date, that on such date the statements in clause (c) of this definition are correct; “Specified Offices” means, in the case of the Principal Paying Agent and the Transfer Agent, Level 52, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong and, in the case of the Registrar, 2 Boulevard Konrad Adenauer, L1115, Luxembourg, Luxembourg; and “Subsidiary” means, in relation to any Person (the “first Person”) at any particular time, any other Person (the “second Person”): (a)
whose affairs and policies the first Person controls or has the power to control, whether by ownership of share capital, contract, the power to appoint or remove members of the governing body of the second Person or otherwise; or
(b)
whose financial statements are, in accordance with applicable law and generally accepted accounting principles, consolidated with those of the first Person.
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The Global Certificate Capitalized terms used in this section and not otherwise defined shall have the meanings given to them in “Terms and Conditions of the Bonds”. The Bonds will initially be represented by a Global Certificate. The Global Certificate will be deposited with and registered in the name of BT Globenet Nominees Limited as nominee of Deutsche Bank AG, London Branch as common depositary for Euroclear and Clearstream, Luxembourg (the “Common Depositary”), and Euroclear and Clearstream, Luxembourg will credit their respective account holders with the respective principal amounts of the individual interests represented by such Global Certificate. Such accounts will be designated initially by or on behalf of the representative of the Joint Lead Managers. Ownership of beneficial interests in the Global Certificate will be limited to persons who have accounts with Euroclear or Clearstream, Luxembourg or persons who hold interests through such account holders. Ownership of beneficial interests in the Global Certificate will be shown on, and the transfer of that ownership will be effected only through, the records maintained by Euroclear and Clearstream, Luxembourg (with respect to interests of their respective account holders) and the records of such account holders (with respect to interests of persons other than such account holders). The Global Certificate (and any Bonds issued in exchange thereof) will be subject to certain restrictions on transfer set forth therein and described under “Transfer Restrictions”. Except in the limited circumstances described below under “— Definitive Certificates”, owners of beneficial interests in the Global Certificate will not be entitled to receive physical delivery of certificates representing their Bonds. The laws of certain jurisdictions require that certain purchasers of the Bonds take physical delivery of such Bonds in certificated form. Accordingly, the ability of beneficial owners to own, transfer or pledge beneficial interests in the Global Certificate may be limited by such laws. Payments in respect of the Bonds represented by the Global Certificate will be made to the Common Depositary or its nominee as the registered owner thereof. None of us, the Trustee, the Common Depositary or any Agent for such Bonds will have any responsibility or liability for the accuracy of any of the records relating to, or payments made on account of, ownership interests in the Global Certificate or for any notice permitted or required to be given to persons with beneficial interests in the Global Certificate or any consent given or actions taken by such persons. The Issuer expects that the Common Depositary, upon receipt of any payment in respect of any Bonds represented by the Global Certificate held by it or its nominee, will promptly credit the accounts of the participants of Euroclear and Clearstream, Luxembourg with payments proportionate to their respective interests in the principal amount of the Bonds represented by the Global Certificate as shown on its records. Transfers of book-entry interests in the Bonds will be effected through the records of Euroclear and Clearstream, Luxembourg and their respective participants in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg and their respective direct and indirect participants. Although Euroclear and Clearstream, Luxembourg have agreed to the foregoing procedures in order to facilitate transfers of interests in the Global Certificate among participants and account holders of Euroclear and Clearstream, Luxembourg, they are under no obligation to perform or continue to perform such procedures, and such procedures may be discontinued at any time. None of us, the Trustee, the Common Depositary or any Agent will have any responsibility for the performance by Euroclear, Clearstream, Luxembourg or their respective participants, indirect participants or account holders, of their respective obligations under the rules and procedures governing their operations. Euroclear and Clearstream, Luxembourg each hold the Bonds for participating organizations and facilitate the clearance and settlement of Bond transactions between its respective participants through electronic book- entry changes in accounts of such participants. Euroclear and Clearstream, Luxembourg provide to their respective participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Participants of Euroclear and Clearstream, Luxembourg are financial institutions throughout the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Indirect access to Euroclear and Clearstream, Luxembourg is also available to others, such as banks, brokers, dealers and trust companies which clear through or maintain a custodial relationship with a participant of Euroclear or Clearstream, Luxembourg, either directly or indirectly.
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DEFINITIVE CERTIFICATES Owners of interests in the Bonds in respect of which the Global Certificate is issued will be entitled to have title to the Bonds registered in their names and to receive individual definitive Certificates (“Definitive Certificates”): (i)
if the Bonds represented by the Global Certificate are held on behalf of Clearstream or Euroclear or any other clearing system (an “Alternative Clearing System”) and any such clearing system is closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise) or announces an intention permanently to cease business or does in fact do so; or
(ii)
upon or following any failure to pay principal in respect of any Bonds when it is due and payable; or
(iii) with the consent of the Issuer. In such circumstances, the Company will cause sufficient individual Definitive Certificates to be executed and delivered to the Registrar for completion, authentication and dispatch to the relevant holders of the Bonds. A person with an interest in the Bonds in respect of which this Global Certificate is issued must provide the Registrar with a written order containing instructions and such other information as the Company and the Registrar may require to complete, execute and deliver such individual definitive Certificates. THE CLEARING SYSTEMS Euroclear Euroclear was created in 1968 to hold securities for its participants and to clear and settle transactions between its participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including securities lending and borrowing, and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank S.A./N.V. (the “Euroclear Operator”), under contract with Euroclear Clearance Systems, S.C., a Belgian cooperative corporation (the “Cooperative”). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not the Cooperative. The Cooperative establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include the representative of the Joint Lead Managers. Indirect access to Euroclear is also available to others that clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. The Euroclear Operator was granted a banking license by the Belgian Banking and Finance Commission in 2000, authorizing it to carry out banking activities on a global basis. It took over operation of Euroclear from the Brussels, Belgium office of Morgan Guaranty Trust Company of New York on December 31, 2000. Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law (collectively, the “Terms and Conditions”). The Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear participants and has no record of or relationship with persons holding through Euroclear participants. Distributions with respect to Bonds held beneficially through Euroclear will be credited to the cash accounts of Euroclear participants in accordance with the Terms and Conditions, to the extent received by Euroclear. Clearstream, Luxembourg Clearstream, Luxembourg was incorporated under the laws of The Grand Duchy of Luxembourg as a professional depositary. Clearstream, Luxembourg holds securities for its participants and facilitates the clearance and settlement of securities transactions between its participants through electronic book-entry changes in accounts of its participants, thereby eliminating the need for physical movement of certificates. Clearstream,
59
Luxembourg provides to its participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream, Luxembourg interfaces with domestic markets in several countries. As a professional depositary, Clearstream, Luxembourg is subject to regulation by the Luxembourg Monetary Institute. Clearstream, Luxembourg participants are financial institutions around the world, including securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the Joint Lead Managers. Indirect access to Clearstream, Luxembourg is also available to others that clear through or maintain a custodial relationship with a Clearstream, Luxembourg participant either directly or indirectly. Distributions with respect to Bonds held beneficially through Clearstream, Luxembourg will be credited to cash accounts of Clearstream, Luxembourg participants in accordance with its rules and procedures, to the extent received by Clearstream, Luxembourg. INITIAL SETTLEMENT Initial settlement for the Bonds will be made in immediately available funds. All Bonds will be represented by a Global Certificate which will be deposited with the Common Depositary, as custodian for Euroclear and Clearstream, Luxembourg. Euroclear and Clearstream, Luxembourg will hold such Bonds on behalf of their participants, which are financial institutions. As a result, investors’ interests in Bonds held in book-entry form through Euroclear and Clearstream, Luxembourg will be held through accounts at financial institutions acting on their behalf as direct and indirect participants in Euroclear and Clearstream, Luxembourg. Investors will follow the settlement procedures applicable to conventional Eurobonds in registered form. Bonds will be credited to the securities custody accounts of Euroclear Holders and of Clearstream, Luxembourg Holders on the business day following the settlement date against payment for value on the settlement date. SECONDARY MARKET TRADING Secondary market trading between Euroclear participants and/or Clearstream, Luxembourg participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream, Luxembourg and Euroclear and will be settled using the procedures applicable to conventional Eurobonds in same-day funds.
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Use of Proceeds The Issuer will use the net cash proceeds of the offering and issuance of the Bonds as described herein, after deducting management fees and commissions and other estimated expenses associated with the offering and issuance of the Bonds, to refinance a portion of its existing debt.
61
Exchange Rates and Exchange Controls EXCHANGE RATES Bank Indonesia is the sole issuer of the Rupiah and is responsible for maintaining the stability of the Rupiah. Since 1970, Indonesia has implemented three exchange rate systems: (i) a fixed rate between 1970 and 1978, (ii) a managed floating exchange rate system between 1978 and 1997 and (iii) a free floating exchange rate system since August 14, 1997. Under the second system, Bank Indonesia maintained stability of the Rupiah through a trading band policy, pursuant to which Bank Indonesia would enter the foreign currency market and buy or sell Rupiah, as required, when trading in the Rupiah exceeded bid and offer prices announced by Bank Indonesia on a daily basis. On August 14, 1997, Bank Indonesia terminated the trading band policy and permitted the exchange rate for the Rupiah to float without an announced level at which it would intervene, which resulted in a substantial decrease in the value of Rupiah relative to the U.S. dollar. Under the current system, the exchange rate of Rupiah is determined solely by the market, reflecting the interaction of supply and demand in the market. Bank Indonesia may take measures, however, to maintain a stable exchange rate. The following table shows the exchange rate of Rupiah to U.S. dollars based on the middle exchange rates at the end of each month during the periods indicated. The Rupiah middle exchange rate is calculated based on Bank Indonesia’s buying and selling rates. Neither the Company, the Issuer nor the Joint Lead Managers make any representation that the U.S. dollar amounts referred to in this Offering Circular could have been or could be converted into Rupiah at the rate indicated or any other rate or at all. Middle Exchange Rates High(1)
Low(1)
Average(1)
Period End
(Rp. Per US$)
2010 ..................................................................................................... 2011 ..................................................................................................... 2012 ..................................................................................................... 2013 ..................................................................................................... January 2014 ....................................................................................... February 2014 ..................................................................................... March 2014......................................................................................... April 2014 .......................................................................................... May 2014 ........................................................................................... June 2014 ........................................................................................... July 2014............................................................................................ August 2014........................................................................................ September 2014 ................................................................................... October 2014 ...................................................................................... November 2014 (up to November 12, 2014) ..............................................
(1)
9,413 9,185 9,707 12,270 12,267 12,251 11,647 11,608 11,633 12,103 11,963 11,822 12,212 12,241 12,205
8,888 8,460 8,892 9,634 12,047 11,620 11,272 11,271 11,351 11,740 11,498 11,591 11,710 11,993 12,092
9,085 8,779 9,380 10,451 12,180 11,935 11,427 11,436 11,526 11,893 11,689 11,707 11,891 12,145 12,145
8,991 9,068 9,670 12,189 12,226 11,634 11,404 11,532 11,611 11,969 11,591 11,717 12,212 12,082 12,205
For full years, the high and low amounts are determined, and the average shown is calculated, based upon the middle exchange rate announced by Bank Indonesia on the last day of each month during the year indicated. For the nine months ended September 30, 2014, the high and low amounts are determined, and the average shown is calculated, based on the daily middle exchange rate announced by Bank Indonesia during the month indicated.
Source: Statistik Ekonomi dan Keuangan Indonesia (Indonesian Financial Statistics) published monthly by Bank Indonesia; Internet website of Bank Indonesia.
The middle exchange rate between the Rupiah and the U.S. dollar on September 30, 2014 was Rp.12,212 = US$1.00. The Federal Reserve Bank of New York does not certify for customs purposes a noon buying rate for cable transfers in Rupiah. EXCHANGE CONTROLS No exchange control restrictions exist in Indonesia. The Rupiah has been, and in general is, freely convertible within or from Indonesia. However, to maintain the stability of Rupiah and to prevent the utilization of the Rupiah for speculative purposes by non-residents, Bank Indonesia has introduced regulations to restrict the movement of Rupiah from banks within Indonesia to offshore banks, an offshore branch of an Indonesian bank, or any investment denominated in Rupiah with foreign parties and/or Indonesian parties domiciled or permanently residing outside Indonesia, thereby limiting offshore trading to existing sources of liquidity. In
62
addition, Bank Indonesia has the authority to request information and data concerning the foreign exchange activities of all persons and legal entities that are domiciled, or who plan to be domiciled, in Indonesia for at least one year. Bank Indonesia regulations also require banking institutions, non-bank financial institutions, non-financial institutions, state/regional-owned companies, private companies, business entities and individuals to submit a report to Bank Indonesia on their foreign exchange activities. The report is required to include: (i) trade activities in goods, services and other transactions between residents and non-residents of Indonesia; (ii) the position and changes in the balance of foreign financial assets and/or foreign financial liabilities; and (iii) any plan to incur foreign debt and/or implementation of such plan. Bank Indonesia also introduced Bank Indonesia Regulation No. 10/28/PBI/2008 dated November 12, 2008 as implemented by Circular Letter of Bank Indonesia No. 10/42/DPD, as amended by Circular Letter No. 14/11/DPM (“PBI No. 10/2008”), that limits the conversion of the Rupiah into foreign currency to a maximum of US$100,000 per month (or its equivalent) by any company (including the purchase of foreign currencies for derivative transactions). Foreign exchange conversions that are equal to or less than US$100,000 per month need to be supported by a written declaration by the Indonesian companies purchasing foreign currency. Any foreign exchange conversion that exceeds such maximum limit will be required to submit certain supporting documents to the selling bank, including, among others, the relevant underlying transaction document and a duly stamped statement confirming that the underlying agreement is valid and that the foreign currency purchased will only be used for settlement of the payment obligations under the underlying agreement. For purchases of foreign currency not exceeding the equivalent of US$100,000, such company must declare in a duly stamped letter that its aggregate foreign currency purchases do not exceed the equivalent of US$100,000 per month in the Indonesian banking system. Further the maximum amount of such foreign exchange conversion cannot exceeds the value of the underlying transaction, under PBI No. 10/2008, the conversion of the Rupiah into foreign currency or the purchase of the foreign currency can only be made for the same foreign currency as stated in the underlying transaction document, except for foreign currency for which liquidity is not available in the domestic financial market.
63
Capitalization The table below sets forth the Company’s unaudited capitalization and indebtedness as of September 30, 2014 on an actual basis and as adjusted to give effect to this offering and the application of the proceeds of the offering described in “Use of Proceeds”. The amounts stated in the “Actual” column presented in table below are derived from the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended included elsewhere in this Offering Circular. The unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended have been reviewed by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with SRE 2410 established by the IICPA, as stated in their review report appearing elsewhere in this Offering Circular. A review conducted in accordance with SRE 2410 established by the IICPA is substantially less in scope than an audit conducted in accordance with Standards on Auditing established by the IICPA and consequently, does not enable PSS to obtain assurance that they would become aware of all significant matters that might be identified in an audit. Accordingly, they do not express an audit opinion on the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended. You should read this table in conjunction with the Company’s unaudited interim consolidated financial statements as of September 30, 2014 and for the nine month period then ended, including the Bonds thereto, found elsewhere in this Offering Circular. As of September 30, 2014 Pro Forma Adjusted for Proposed Bonds Issuance
Actual (unaudited) Rp.
(unaudited) (unaudited) (unaudited) US$ Rp. US$ (Rp. billions and US$ millions)
Current Borrowings, excluding unamortized costs of loans: Current Portion of Long-term Loans — third parties...................... Non-current Borrowings, excluding unamortized costs of loans: Long-term Loans Net of Current Portion ..................................... Bonds issued in this offering(1) .................................................. Bonds payable .......................................................................
1,105.4
90.5
1,105.4
90.5
7,461.7 — 1,000.0
611.0 — 81.9
5,772.1 1,689.6 1,000.0
472.6 138.4 81.9
Total Borrowings .....................................................................
9,567.1
783.4
9,567.1
783.4
Shareholder’s Equity(2) ............................................................ Retained Earnings................................................................... Total Equity ............................................................................
2,226.6 2,323.4 4,550.0
182.3 190.3 372.6
2,226.6 2,323.4 4,550.0
182.3 190.3 372.6
Total Capitalization(3) ...............................................................
14,117.1
1,156.0
14,117.1
1,156.0
(1)
This amount does not take into account management fees and commissions and other estimated expenses associated with the offering and issuance of the Bonds. The principal amount of the Bonds has been translated into US dollars at a rate of US$1.00 = S$1.301, the rate under the Company’s hedging arrangements. This US dollar amount has been translated into Rupiah at a rate of US$1.00 = Rp.12,212.
(2)
Shareholder’s equity consists of issued and fully paid share capital, other comprehensive income and non-controlling interests.
(3)
Total capitalization is calculated by adding Total Borrowings and Total Equity.
Except as disclosed in this Offering Circular, there has been no material change in the Company’s capitalization since September 30, 2014.
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Selected Consolidated Financial Information and Operating Data You should read the selected consolidated financial information and operating data presented below in conjunction with the Company’s consolidated financial statements and the notes thereto included in this Offering Circular. The following tables present the Company’s selected consolidated financial information and operating data as of the dates and for each of the periods indicated. The Company has derived the selected consolidated financial information presented in the tables below from: (i) the audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years then ended and the nine-month period ended September 30, 2013, and (ii) the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended, included elsewhere in this Offering Circular. The audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years ended December 31, 2011, 2012, and 2013, and the nine-month period ended September 30, 2013, have been audited by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with Standards on Auditing established by the IICPA, as stated in their audit report appearing elsewhere in this Offering Circular. The unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended have been reviewed by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with SRE 2410, established by the IICPA, as stated in their review report appearing elsewhere in this Offering Circular. A review conducted in accordance with SRE 2410 established by the IICPA is substantially less in scope than an audit conducted in accordance with Standards on Auditing established by the IICPA and consequently, does not enable PSS to obtain assurance that they would become aware of all significant matters that might be identified in an audit. Accordingly, they do not express an audit opinion on the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended. The selected consolidated financial information of the Company as of September 30, 2014 and for the nine-month periods ended September 30, 2013 and 2014 is not indicative of the results that may be expected for any other interim period or for the entire financial year. The audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years ended December 31, 2011, 2012, and 2013, and the nine-month period ended September 30, 2013, and the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended, which are prepared in accordance with Indonesian FAS and presented in Rupiah, are not intended to present our consolidated financial position, financial performance, or cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than those in Indonesia. Indonesian FAS differ in certain significant respects from U.S. GAAP. In making an investment decision, you should rely upon your own examination of the terms of the offering of the Bonds and the financial information contained in this Offering Circular. You should consult your own professional advisors for an understanding of the differences between Indonesian FAS and U.S. GAAP, and how those differences could affect the financial information contained in this Offering Memorandum.
65
The Company’s financial statements have been prepared and presented in accordance with Indonesian FAS, which differs in certain material respects from U.S. GAAP. For the years ended December 31, 2011
2012
2013
For the nine months ended September 30, 2013
2014
(unaudited) (unaudited) Rp. Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions, except per share amounts)
COMPREHENSIVE INCOME STATEMENT DATA Revenues ....................................................... Depreciation and amortization ........................... Other cost of revenues ...................................... Cost of revenues.............................................. Gross income.................................................
1,650.9 2,265.3 (483.8) (584.8) (90.0) (137.5) (573.8) 1,077.1
3,197.1 (930.4) (207.1)
(722.3) (1,137.5) 1,543.0
2,059.6
261.8 (76.2) (17.0) (93.2) 168.6
2,295.3 (684.1) (143.9)
3,074.9 251.8 (799.0) (65.4) (204.3) (16.8)
(827.9) (1,003.3) (82.2) 1,467.3
2,071.6
169.6
Selling and marketing expenses.......................... General and administrative expenses ................... Other losses, net ..............................................
(22.6) (151.7) (82.0)
(29.1) (205.5) (324.5)
(36.1) (319.2) (947.9)
(3.0) (26.1) (77.6)
(24.4) (230.7) (711.9)
Operating Income ..........................................
820.8
983.9
756.4
61.9
500.3
Finance income ............................................... Finance charges ..............................................
1.1 (443.4)
11.9 (534.2)
4.0 (551.4)
0.3 (45.1)
3.5 (376.0)
5.5 0.5 (484.4) (39.7)
Income before corporate income tax expense ........ Corporate income tax expense ...........................
378.5 (96.8)
461.6 (115.0)
209.0 (59.1)
17.1 (4.8)
127.8 (33.2)
1,177.4 96.4 (296.6) (24.2)
Income for the year ........................................
281.6
346.6
149.9
12.3
94.6
880.8
72.2
—
2.4
83.6
6.9
58.5
(29.1)
(2.4)
— — (20.9)
— — (1.7)
— — (14.6)
— — 7.3
— — 0.6
Other comprehensive income: Exchange rate difference from translation of financial statements ...................................... Differences arising from changes in revaluation surplus on tower .......................................... Other reserve .................................................. Related deferred tax .........................................
(3.7) 2,014.9 (0.3) 51.2 13.7 (517.1)
(37.2) (3.0) (302.5) (24.8) (75.6) (6.2) 1,656.3
135.6
Other comprehensive income, net of tax ...........
9.7
1,551.4
62.7
5.2
43.9
(21.8)
(1.8)
Total comprehensive income for the year, net of tax ............................................................
291.3
1,898.0
212.7
17.5
138.5
858.9
70.4
66
As of December 31,
FINANCIAL POSITION DATA ASSETS Current Assets Cash and cash equivalents ......................................... Trade Receivables: Third parties, net of allowance for impairment of Rp.184.1 (2011: Rp.26.0, 2012: Rp.7.5, 2013: Rp.44.0) .......................................................... Other receivables: Related parties ..................................................... Third parties ........................................................ Inventories ............................................................. Refundable taxes ..................................................... Prepaid expenses ..................................................... Advances ............................................................... Total Current Assets...............................................
2011
2012
Rp.
Rp.
As of September 30,
2013
2014
(unaudited) (unaudited) Rp. US$ Rp. US$ (Rp. billions and US$ millions)
644.3
1,124.1
1,501.8
123.0
2,408.3
197.2
194.6
261.6
673.8
55.2
674.2
55.2
11.2 — 0.9 42.0 7.2 6.9
14.4 — 0.5 28.5 12.1 15.6
— — 0.5 — 16.5 17.5
— — — — 1.3 1.4
— — 0.5 23.1 19.3 23.4
— — — 1.9 1.6 1.9
907.1
1,456.8
2,210.1
180.9
3,148.9
257.9
Non Current Assets Net investment in finance lease................................... Fixed assets, less accumulated depreciation of Rp.1,283.9 (2011: Rp.392.0, 2012: Rp.36.1, 2013: Rp.723.3) ............................................................ Goodwill ................................................................ Refundable taxes ..................................................... Intangible assets ...................................................... Long-term site rentals ............................................... Deferred tax assets ................................................... Other non-current assets ............................................
1.1
0.4
0.1
—
—
—
7,012.9 — — — 541.8 — 165.1
10,431.9 158.2 — 590.3 823.8 8.0 180.2
11,202.3 207.7 80.4 721.6 1,009.7 — 146.0
917.3 17.0 6.6 59.1 82.7 — 12.0
11,966.9 191.3 80.4 629.0 1,228.6 0.9 65.2
979.9 15.7 6.6 51.5 100.6 0.1 5.3
Total Non-Current Assets........................................
7,720.9
12,192.7
13,367.8
1,094.7
14,162.3
1,159.7
Total Assets ...........................................................
8,628.1
13,649.5
15,577.9
1,275.6
17,311.2
1,417.6
67
As of December 31,
LIABILITIES AND EQUITY Current Liabilities Tower construction and other payables: Third parties ........................................................ Related parties ..................................................... Other payables — third parties ................................... Taxes payable ......................................................... Unearned revenue .................................................... Short-term employee benefit liabilities ......................... Accrued expenses .................................................... Current portion of long-term loans — third parties ......... Total Current Liabilities ......................................... Non-Current Liabilities Unearned revenue .................................................... Long-term loans net of current portion Third parties ........................................................ Related parties ..................................................... Bonds payable......................................................... Long-term employee benefit liabilities ......................... Interest rate swap payables ........................................ Deferred tax liabilities, net......................................... Long-term provision ................................................. Total Non-Current Liabilities .................................. Total Liabilities ...................................................... EQUITY Equity attributable to the owners of the parent entity: Share capital: Common shares: Par value of Rp.100 (full amount) per share Authorized — 10,000,000,000 shares Issued and fully paid — 3,322,620,187 shares Retained earnings .................................................... Appropriated ....................................................... Unappropriated .................................................... Other comprehensive income ..................................... Total equity attributable to the owners of the parent entity ................................................................. Non-controlling interests ........................................... Total Equity .......................................................... Total Liabilities and Equity .....................................
As of September 30,
2011
2012
2013
Rp.
Rp.
165.1 — 33.3 16.9 264.1 28.4 170.5 494.9 1,173.2
386.7 — 40.6 32.1 351.7 26.0 264.9 100.5 1,202.5
484.8 5.8 49.8 23.9 481.7 44.0 244.4 1,086.4 2,420.7
39.7 0.5 4.1 2.0 39.4 3.6 20.0 89.0 198.3
469.3 12.2 38.0 288.9 1,206.7 36.3 317.0 1,041.6 3,410.1
38.4 1.0 3.1 23.7 98.8 3.0 25.9 85.3 279.2
26.6
25.4
177.4
14.5
163.1
13.3
5,090.7 312.8 — 13.0 51.2 307.6 72.2 5,874.1 7,047.3
7,946.6 — — 23.3 — 844.7 126.1 8,966.0 10,168.5
8,221.3 — — 36.9 — 880.5 150.0 9,466.1 11,886.8
673.2 — — 3.0 — 72.1 12.3 775.1 973.4
7,170.4 — 988.0 46.4 — 814.8 168.2 9,351.0 12,761.1
587.2 — 80.9 3.8 — 66.7 13.8 765.7 1,044.9
332.3 — 677.8 570.7
332.3 — 1,063.9 2,083.2
332.3 — 1,345.1 2,018.7
27.2 — 110.1 165.3
332.3 0.1 2,323.3 1,900.9
27.2 — 190.2 155.7
1,580.8 — 1,580.8 8,628.1
3,479.3 1.6 3,481.0 13,649.5
3,696.1 (5.0) 3,691.1 15,577.9
302.6 (0.4) 302.2 1,275.6
(unaudited) (unaudited) Rp. US$ Rp. US$ (Rp. billions and US$ millions)
For the years ended December 31, 2011
2012
Rp.
Rp.
2013 Rp.
4,556.6 373.1 (6.6) (0.5) 4,550.0 372.6 17,311.2 1,417.6
For the nine months ended September 30, 2013
(unaudited) US$ Rp. (Rp. billions and US$ millions)
CASH FLOW DATA Net Cash Provided by Operating Activities.......................................... 1,570.5 1,991.2 2,432.0 Net Cash Used In Investing Activities ....... (1,706.6) (2,728.7) (1,776.4) Net Cash (Used In)/Provided By Financing Activities.......................................... 428.7 1,184.6 (637.6) Effects from Changes in Foreign Exchange Rate on Cash and Cash Equivalents ....... 1.2 32.8 359.7 Net Increase in Cash and Cash Equivalents ....................................... 293.8 479.9 377.7 Cash and Cash Equivalents at the Beginning of the Year ......................... 350.5 644.3 1,124.1 Cash and Cash Equivalents at the End of the Year ........................................... 644.3 1,124.1 1,501.8
68
2014
2014 (unaudited) Rp. US$
199.1 (145.5)
2,075.8 (1,428.2)
3,043.3 (1,707.2)
249.2 (139.8)
(52.2)
(420.2)
(488.4)
(40.0)
29.6
254.5
58.9
4.8
31.0
481.9
906.5
74.2
92.0
1,124.1
1,501.8
123.0
123.0
1,606.0
2,408.3
197.2
Annualized numbers for the nine months ended September 30, 2013 and 2014 have been calculated by dividing the actual results from such periods by three and multiplying that number by four. As of and for the years ended December 31, 2011 Rp.
OTHER FINANCIAL DATA (UNAUDITED) EBITDA(1) ..................................... EBITDA Margin (%)(2) .................... Interest Expense(3) ........................... Capital Expenditures(4) ..................... Total Debt(5) ................................... Net Debt(6) ..................................... EBITDA to Interest Expense (X)(7) ..... Total Debt to EBITDA (X)(8) ............. Net Debt to EBITDA (X)(9) ............... (1)
1,386.6 84.0 374.6 1,536.2 6,152.6 5,508.3 3.7 4.4 4.0
2012
2013
As of and for the nine months ended September 30, 2013
2014
Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions unless otherwise indicated) (unaudited) (unaudited)
1,893.2 83.6 430.6 2,496.1 8,290.1 7,166.0 4.4 4.4 3.8
2,634.6 82.4 447.5 1,530.6 9,724.9 8,223.1 5.9 3.7 3.1
215.8 82.4 36.6 125.3 796.3 673.4 5.9 3.7 3.1
2,528.4 82.6 411.5 1,647.2 9,416.5 7,810.5 6.1 3.7 3.1
3,374.5 82.3 545.3 1,811.5 9,567.1 7,158.8 6.2 2.8 2.1
276.3 82.3 44.7 148.3 783.4 586.2 6.2 2.8 2.1
(a)
The Company defines EBITDA as gross income less selling and marketing expenses and general and administrative expenses, plus depreciation and amortization, as reported in the financial statements included in this Offering Circular prepared under Indonesian FAS.
(b)
EBITDA is not a standard measure under Indonesian FAS.
(c)
EBITDA is a widely used financial indicator of a company’s ability to service and incur debt.
(d)
EBITDA should not be considered in isolation or construed as an alternative to cash flows, net income or any other measure of performance or as an indicator of operating performance, liquidity, profitability or cash flows generated by operating, investing or financing activities.
(e)
EBITDA does not account for taxes, interest expense or other non-cash operating expenses.
(f)
In evaluating EBITDA, the Company believes that investors should consider, among other things, the components of EBITDA such as revenues and operating expenses and the amount by which EBITDA exceeds capital expenditures and other charges.
(g)
The Company has included EBITDA because the Company believes that EBITDA facilitates comparisons of operating performance from period to period and company to company by eliminating potential differences caused by variations in capital structures (affecting interest expense and finance charges), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the age and booked depreciation and amortization of assets (affecting relative depreciation and amortization of expense).
(h)
EBITDA presented herein may not be comparable to similarly titled measures presented by other companies.
(i)
You should not compare EBITDA presented by the Company to EBITDA presented by other companies because not all companies use the same definition.
The following table reconciles gross income to EBITDA:
For the years ended December 31, 2011 Rp.
2012
2013
For the nine months ended September 30, 2013
2014
Rp. Rp. US$ Rp. Rp. US$ (Rp. in billions and US$ in millions unless otherwise indicated) (unaudited) (unaudited)
Gross income ............................................. Less: Selling and Marketing Expenses..................... General and Administrative Expenses ............. Add: Depreciation and Amortization ......................
1,077.1
1,543.0
2,059.6
168.7
1,956.4
2,762.1
226.2
22.6 151.7
29.1 205.5
36.2 319.2
3.0 26.1
32.5 307.6
49.6 403.3
4.1 33.0
483.8
584.8
930.4
76.2
912.1
1,065.3
87.2
EBITDA (unaudited) ...................................
1,386.6
1,893.2
2,634.6
215.8
2,528.4
3,374.5
276.3
(2)
EBITDA Margin is calculated by dividing EBITDA by Revenues.
(3)
Includes interest capitalized into fixed assets.
69
(4)
Capital expenditure includes expenditure on land, building, equipment related towers, ground lease renewal and subsidiaries acquisition.
(5)
Total debt is calculated by adding the current and non-current portions of long-term loans, excluding unamortized costs of loans.
(6)
Net debt is calculated by total debt less cash and cash equivalents.
(7)
EBITDA to interest expense is calculated by dividing EBITDA by interest expense, as referred to in footnote (3) above.
(8)
Total Debt to EBITDA is calculated by dividing total debt by EBITDA.
(9)
Net Debt to EBITDA is calculated by dividing net debt by EBITDA. As at December 31,
As at September 30,
2011
2012
2013
2014
6,363 10,798
8,460 14,849
9,746 18,322
11,216 20,723
OPERATING DATA
Number of Operational Towers ........................................................... Number of Tenants ...........................................................................
70
The Issuer GENERAL The Issuer of the Bonds, Protelindo Finance B.V., was incorporated under the laws of The Netherlands on November 28, 2012 as a private company with limited liability. The Issuer has its corporate seat at Amsterdam, The Netherlands. The registered office of the Issuer is located at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands, and its telephone number at that address is +31(0)20-540-5800. The Issuer has been registered with the trade registry of the Chamber of Commerce under No. 56564996. BUSINESS ACTIVITY The principal objects of the Issuer are set out in Article 3 of its Articles of Association and are, inter alia, to lend and borrow money, whether in the form of securities or otherwise, to finance enterprises and companies, to grant security in respect of its obligations or those of its group companies and to grant guarantees in respect of obligations of its group companies and third parties. As such, the Issuer is, inter alia, authorized to issue the Bonds, to finance the business of the Company, including entering into the Subscription Agreement, the Trust Deed and the other transaction documents to which it is or will be a party. The Issuer has not engaged, since its incorporation, in any business activities except for attracting external debt financing, the entering into several intercompany loans and the proposed issue of the Bonds and the authorization of documents and agreements referred to in this Offering Circular to which it is or will be a party. The issuance of the Bonds was approved by the Management Board on behalf of the Issuer on October 22, 2014. MANAGEMENT The Managing Directors of the Issuer are Peter Egbertsen and Guido Robert Wagenaar, each of whose business address for the purpose of his directorship of the Issuer is Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands. CAPITALIZATION The Issuer has no authorized share capital, which means it can issue an unlimited number of shares in its capital. As of the date of this Offering Circular, a total of 100 ordinary shares, with a nominal value of US$1 per share, have been issued and paid up. All issued ordinary shares are or will be registered, and no share certificates are or will be issued. As of the date of this Offering Circular, the Issuer has no borrowings or indebtedness in the nature of borrowings (including loan capital issued, or created but unused), term loans, liabilities under acceptances or acceptance credits, mortgages, charges or guarantees or other contingent liabilities, except as otherwise described in this Offering Circular.
71
Protelindo Netherlands B.V. and Protelindo Towers B.V. PROTELINDO NETHERLANDS B.V. General Protelindo Netherlands was incorporated on November 28, 2012 as a private company with limited liability under the laws of The Netherlands and its registration number with the trade registry of the Chamber of Commerce is 56564767. Its corporate seat is at Amsterdam, The Netherlands and the registered office of Protelindo Netherlands is located at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands. Protelindo Netherlands is a majority-owned subsidiary of the Company. Business Activity The principal objects of Protelindo Netherlands are set out in Article 3 of its Articles of Association and are, inter alia, to lend and borrow money, whether in the form of securities or otherwise, to finance enterprises and companies, to grant security in respect of its obligations or those of its group companies and to grant guarantees in respect of obligations of its group companies and third parties. Management The Directors of Protelindo Netherlands are Peter Egbertsen and Guido Robert Wagenaar, each of whose address for the purpose of their directorships of Protelindo Netherlands is Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands. Capitalization Protelindo Netherlands has an issued and paid-up share capital of €0.02 comprising two ordinary shares. As of the date of this Offering Circular, Protelindo Netherlands has no borrowings or indebtedness in the nature of borrowings (including loan capital issued, or created but unused), term loans, liabilities under acceptances or acceptance credits, mortgages, charges or guarantees or other contingent liabilities, except as otherwise described in this Offering Circular. PROTELINDO TOWERS B.V. General Protelindo Towers was incorporated on November 29, 2012 as a private company with limited liability under the laws of The Netherlands and its registration number with the trade registry of the Chamber of Commerce is 56575890. Its corporate seat is at Amsterdam, The Netherlands, and the registered office of Protelindo Towers is located at Dr. Lelykade 22, 2583 CM ‘s-Gravenhage, The Netherlands. Protelindo Towers is a majority-owned indirect subsidiary of the Company. Business Activity Protelindo Towers engages in tower leasing activities through its 260 telecommunications towers Netherlands. In that context, Protelindo Towers has entered into lease agreements with telecommunications companies regarding the use of the tower facilities, inter alia, for the benefit of telecommunication and broadcast services and for the benefit of installing and operating telecommunication equipment. Protelindo Towers has also made several loans to the Company.
in The several mobile mobile
The principal objects of Protelindo Towers are set out in Article 3 of its Articles of Association and are, inter alia, to engage in commercial activities and to lend and borrow money, whether in the form of securities or otherwise, to finance enterprises and companies. Management The Directors of Protelindo Towers are Peter Egbertsen and Alfred Arthur Leopold van Bunge, Esq., each of whose address for the purpose of their directorships of Protelindo Towers is Dr. Lelykade 22, 2583 CM ‘s-Gravenhage, The Netherlands.
72
Capitalization Protelindo Towers has an issued and paid-up share capital of €0.01 comprising one ordinary shares. As of the date of this Offering Circular, Protelindo Towers has no borrowings or indebtedness in the nature of borrowings (including loan capital issued, or created but unused), term loans, liabilities under acceptances or acceptance credits, mortgages, charges or guarantees or other contingent liabilities, except as otherwise described in this Offering Circular.
73
Business The Company is one of the two largest independent owners and operators of towers for telecommunications operators in Indonesia in terms of the number of owned and managed towers. As of September 30, 2014, the Company owned and operated 10,956 towers in Indonesia, including 5,697 towers in Java, Indonesia’s most densely populated island. The Company has a diversified customer base that includes the 9 major telecommunications operators in Indonesia: Telkomsel, H3I, XL, Telkom Flexi, Smartfren, Indosat, Esia, Smart and Sampoerna. The Company currently has MLAs with all of its customers which cover an aggregate of 20,075 site leases in Indonesia as of September 30, 2014. The Company was established in 2003 in Bandung with an initial build-to-suit contract to construct and own 232 towers between establishment and March 2007. The Company has grown significantly since its current senior management team assumed control over the Company’s operations in March 2007 and have increased the Company’s tower portfolio from 232 towers to 10,956 towers as of September 30, 2014 through a combination of acquisitions and the construction of new towers. Between May 2008 and December 31, 2013, the Company acquired a total of 5,085 towers from H3I, with H3I as the anchor tenant for an initial term of 10 or 12 years. The Company also acquired towers from small tower provider companies. In addition to acquisitions, the Company has constructed new towers for its customers to enhance its tower portfolio and meet their network requirements. The Company’s primary business is leasing space at its tower sites to telecommunications operators. This leased space consists of both vertical space on the Company’s towers, on which the Company’s customers can install RF antennas and microwave antennas, as well as ground space at each site for shelters and cabinets that house electronic equipment and power supplies. The Company’s customers require such equipment to be installed at numerous geographic locations across their targeted service area and area of existing coverage in order to provide wireless communications services to their end users. The Company’s customers generally lease additional space from the Company in order to expand and improve their wireless network coverage and service capabilities. The Company believes that it provides critically important services to its customers that enable them to meet their current and future network requirements and service the needs and expectations of their subscribers. The Company believes Indonesia’s tower industry has significant growth opportunities as a result of rapidly increasing mobile phone usage (particularly smart phone usage) due to the low level of fixed line usage penetration in Indonesia, improved access to wireless data services including wireless internet, the desire among telecommunications operators to redeploy capital from investments in passive infrastructure to network expansion and improvement, and increasing affordability due to continued macroeconomic growth and declining handset prices. These favorable conditions provide an impetus for wireless telecommunications operators to expand and improve their respective networks, and have positive effects on the growth of the tower leasing industry in Indonesia. The Company’s tower rental business is characterized by significant operating flexibility and low cash flow volatility. Factors that the Company believes will assist it in continuing to grow its business include the following: •
Long-term site leases with rent escalators. The Company’s leases with telecommunications operators companies generally have an initial term of six, ten or 12 years, with multiple five, six or ten-year renewal terms thereafter. The leases can only be canceled for cause and require payment on a monthly, quarterly or annual basis to be made in advance. Substantially all of the Company’s lease agreements have annual lease payment escalators tied to the Indonesian rate of inflation as measured by increases in the consumer price index.
•
Fixed operating expenses. Incremental operating costs associated with adding wireless tenants to a tower are typically minimal. Therefore, as additional tenants are added to a tower, which the Company refers to as “co-location”, a substantial majority of incremental revenue flows through to operating profit.
•
Low maintenance capital expenditures. On average, low annual capital expenditure is required to improve and maintain a tower site. Such low level of maintenance capital expenditure is primarily due to the low average age of the Company’s towers. The industry accepted usable life of a tower is approximately 20 years, or longer if properly maintained.
•
Strong lease renewals. Telecommunications operators tend to renew existing site leases as opposed to moving to new tower sites because suitable alternative tower sites may not be available and relocation is expensive and may adversely affect their network operations and quality.
74
•
Indispensable service. As one of the Company’s customers’ key assets, their networks, are installed on its towers, the Company believes it provides an indispensable service that helps preserve the full function of the Company’s customers’ networks and allows them to provide services to their subscribers. Towers are an integral component of the wireless communications supply chain.
The Company’s tower portfolio is one of the largest, newest and most geographically expansive portfolios held by any independent tower provider in Indonesia as of September 30, 2014. Furthermore, the majority of the Company’s towers are not located near competing towers. The Company’s wide network of tower sites enables it to address the needs of national, regional, local and emerging telecommunications operators. This network, together with the Company’s relatively diversified customer base among the major Indonesian telecommunication operators, provides the Company with a diverse source of new business opportunities. The Company’s tower portfolio also provides it with growth potential because the Company has the ability to add new co-location tenants and add new equipment for existing tenants on the Company’s towers. The Company has significant incremental capacity on its existing tower portfolio to grow with additional co-locations. In December 2012, the Company also acquired 261 towers in The Netherlands, providing it with access to potentially new opportunities. The Company’s revenues were Rp.3,074.9 billion (US$251.8 million) for the nine months ended September 30, 2014. The Company’s EBITDA was Rp.2,530.9 billion (US$207.2 million) for the nine months ended September 30, 2014. The shares of the Company’s parent company, PT SMN, were listed on March 8, 2010 on the Indonesia Stock Exchange under the symbol TOWR. COMPETITIVE STRENGTHS The Company believes that the strengths outlined below set it apart from its competitors and are important differentiating factors in the implementation of the Company’s business strategies. Leading independent tower provider in Indonesia with strong track record of growth The Company is one of the two largest independent tower owners and operators in Indonesia with a portfolio of 10,956 towers as of September 30, 2014. The Company’s customers consist of the 9 major telecommunications operators in Indonesia. Approximately 93.4% of the Company’s towers are located in Indonesia’s four most populous regions: Java, Sumatra, Kalimantan and Sulawesi, with approximately 52.0% of the Company’s towers located on the Java island alone, which is the region with the highest population and population density in Indonesia. The following table shows the distribution of the Company’s tower sites in the major regions of Indonesia as of September 30, 2014: Number of Tower Sites
Percentage of Total Tower Sites (%)
Java ..................................................................................................... Sumatra ................................................................................................ Kalimantan ........................................................................................... Sulawesi ............................................................................................... Bali ..................................................................................................... Riau Islands .......................................................................................... Nusa Tenggara ....................................................................................... Bangka Belitung Islands .......................................................................... Other ...................................................................................................
5,697 2,305 1,157 1,070 309 127 117 62 112
52.0 21.0 10.6 9.8 2.8 1.2 1.1 0.6 0.9
Total ...................................................................................................
10,956
100.0
Region
The Company has experienced strong historical growth in the size of its tower portfolio and the Company’s results of operations through acquisitions of tower portfolios, construction of towers and increasing the number of co-locations on the Company’s towers. As an independent tower provider, the Company is not owned by, or affiliated with, any telecommunications operator and therefore do not compete with its customers, who may be unwilling to lease space on towers from other telecommunications operators. Thus, the Company is able to target its services to all telecommunications operators in Indonesia. The Company has a young tower portfolio, with the majority of the Company’s towers built for tenancy of four or more tenants, which can be added to at minimal expense. Furthermore, the Company’s towers are strategically
75
located to ensure minimal overlap with towers operated by other tower and wireless communication companies. The Company is focused on building its tower portfolio primarily through construction under build-to-suit arrangements and apply strict performance criteria to any new towers to ensure that the Company will achieve its targeted returns. Furthermore, the Company continues to operate a conservative tower construction policy whereby it only commits to build a new tower once an anchor tenant contract has been signed. The Company believes that it enjoys an “early mover advantage” as barriers to entry in the Indonesian tower industry are significant due to: •
the significant amount of initial capital required to build or acquire towers;
•
the high financial cost to telecommunications operators of moving equipment to a new tower site;
•
the operational risks from disruptions that telecommunications operators face when switching to a different tower site;
•
the necessity of attaining a portfolio of towers with substantial scale and geographic diversity in order to attract telecommunications operators;
•
regulatory restrictions, including restrictions on foreign investment and the process in obtaining relevant permits and licenses; and
•
significant amount of time incurred in negotiating MLAs with telecommunications operators.
The Company’s existing tower portfolio has significant incremental capacity to grow with additional colocations. The Company acquires and builds its towers with co-location in mind. Co-locations create economies of scale, especially with respect to tower maintenance, and provide the Company with a critical mass of towers to support the network requirements of customers. Accordingly, co-location improves the Company’s operating margins and return on invested capital. The Company’s proven operational model and leverage supports strong sustained profitability. The Company believes its increasing tenancy rates, long term contracts cancellable only for cause and young tower portfolio with relatively low capital maintenance provides the Company with strong revenue, EBITDA and cash flow growth. The Company’s EBITDA margins have remained generally stable. The Company’s EBITDA margins in the years ended December 31, 2011, 2012, 2013 and for the nine months ended September 30, 2013 and 2014 were 84.0%, 83.6%, 82.4%, 82.6% and 82.3%, respectively. In addition, the Company has a strong cash conversion rate, averaging 102.3% in the years ended December 31, 2011, 2012 and 2013 and for the nine months ended September 30, 2014. Defensive business model characterized by clear visibility of future revenue and predictable cash flow The Company was the first significant large scale Indonesian independent owner and operator of towers with long-term customer site leases (initial terms are usually six, ten or 12 years), which are cancellable only for cause, with options to renew for additional terms and rent escalation provisions. This strong contractual foundation provides the Company with a stable operating basis and predictable cash flow. The Company’s MLAs provide that certain expenses relating to operation of the towers are passed through to the Company’s customers, such as electricity costs and certain government tariffs. The MLAs generally provide for annual inflation escalators on a portion of the lease payments and the ability to charge rent for additional equipment placed on towers in excess of a customer’s base loading allowance. In addition, the Company maintains a stable and controlled customer base as customers are generally restricted from assigning or transferring any of their obligations without the Company’s consent. The Company believes its operational model provides it with strong credit protection. Telecommunications operators typically pay the Company in advance on a monthly, quarterly or annual basis. The Company has effective enforcement mechanisms to ensure its customers pay it promptly, including the ability to disconnect equipment or terminate the relevant site lease and collect remaining revenue streams as liquidated damages. These mechanisms effectively result in the Company’s business sitting at the top of its customers’ payment waterfall, which the Company believes will assist it in maintaining stable cash flows.
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The Company provides a key customer service and have strong and diversified customer relationships with leading operators in Indonesia The Company’s position within the wireless communications supply chain means that it provides a key customer service. A fully functioning network is critical to the ability of wireless communications operators to service customers. Accordingly, the Company’s towers will continue to play an important role in the foreseeable future in the growth of Indonesia’s wireless communications services industry. The Company provides these pivotal services to the leading telecommunications operators in Indonesia. These operators are well established operators, have strong credit history, and have continued to support the Company’s business. The following table shows the percentage revenue contribution of certain key telecommunications operators for the years ended December 31, 2011, 2012 and 2013 and the period ended September 30, 2014. Revenue Contribution
For the year ended December 31,
For the nine months ended September 30,
2011
2012
2013
(unaudited) 2014
%
%
%
%
H3I ................................................................................................ XL(1) .............................................................................................. Telkomsel ....................................................................................... Smartfren........................................................................................ Esia ............................................................................................... Indosat ........................................................................................... Axis(1) ............................................................................................ Telkom Flexi ...................................................................................
43.3 15.4 5.9 11.3 10.4 3.8 5.0 3.0
39.0 17.5 11.9 9.3 7.7 5.1 5.6 2.1
36.4 16.8 15.3 8.8 5.6 4.6 5.8 1.8
37.9 20.1 18.7 7.4 4.3 4.8 — 1.1
Total .............................................................................................
98.1
98.2
95.1
94.3
(1)
On April 8, 2014, XL and Axis effectuated a merger of Axis into XL, with XL as the surviving entity.
Technological advancements in the wireless telecommunications industry are a positive factor to the Company’s business. New technologies, such as 4G, require the upgrading of existing equipment or the addition of new equipment by telecommunications operators. These upgrades and new installations have the potential to increase the demand for tower space, which means increased revenues for leasing space on the Company’s towers. The Company does not incur any additional expenditure in the replacement or upgrading of technologically redundant equipment on the Company’s towers, the costs of which are borne by the Company’s tenants. Furthermore, as the Company’s towers are not tied to any particular technology, its services will not become stale or redundant in the tower-based wireless telecommunications industry. This provides the Company with long term sustained cashflows, notwithstanding constant changes in the wireless telecommunications industry. Highly experienced management team with proven track record globally and strong shareholders The Company is led by an experienced senior management team and technical advisors who are experts in the tower industry. Members of the Company’s senior management team and technical advisors are pioneers in the tower business, having started one of the first tower-related businesses in the industry in the United States in 1991, Gearon Communications. In 1997, Gearon Communications merged with American Radio, which became the cornerstone for American Tower Corporation. American Tower Corporation has grown to be one of the largest tower operators in the world. The Company’s senior management and advisory team includes former employees and officers of American Tower Corporation who are accustomed to managing a publicly listed company on the New York Stock Exchange. While working at American Tower Corporation, the Company’s senior management and advisory team helped grow the business from 300 towers to more than 22,500 towers over a 10 year period and operated towers for major telecommunications operators in the United States, Brazil and Mexico. The Company believes that the knowledge, experience and expertise that the Company’s senior management and advisory team gained while working at American Tower Corporation provides the Company with a competitive advantage as it develops and expands its business in Indonesia.
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Members of the Company’s senior management and advisory team also pioneered the tower industry in Indonesia and have been able to successfully acquire, construct and operate a large portfolio of towers throughout Indonesia. The Company’s senior management and advisory team’s in-depth knowledge of the tower business across many markets in the world and extensive local knowledge is unrivalled by any competitor. The Company started operations in 2003 as one of the first independent tower companies in Indonesia. Most of the members of the current senior management and advisory team joined the Company in March 2007 and, together with the local employees and managers have successfully adapted and developed the tower business in Indonesia. The Company’s successful senior management team has grown the Company’s business from a small independent tower owner and operator with 232 towers in March 2007 to a professionally run tower company with one of the largest portfolios in Indonesia of 10,956 towers as of September 30, 2014. Over the past seven years of operations, the Company has hired and trained over 700 full-time employees in the fundamentals of the tower business. The Company’s local managers and employees have an in-depth knowledge of Indonesian regulations and the customs and practices relating to the acquisition, construction, operation and maintenance of towers throughout Indonesia. In addition, the Company’s management team successfully completed the first initial public offering of an Indonesian tower company through the listing of the Company’s parent company, PT SMN, on March 8, 2010 on the Indonesia Stock Exchange. The Company is also supported by a longstanding, reliable and experienced shareholder, the Djarum Group/Hartono family, which is known for the establishment of high standards of corporate governance and business ethics across their group companies. Operations underpinned by strong Indonesian economy and robust industry growth prospects The independent tower business has developed into a significant component of the overall wireless system in Indonesia, driven by an increase in demand for wireless access to data services over the internet and increasing mobile phone usage (particularly smart phone usage) due to the low level of fixed line usage penetration in Indonesia, which is also underpinned by the rapidly increasing middle class in Indonesia. Indonesia’s GDP grew at an annual rate of 6.5% in 2011, 6.2% in 2012, and 5.8% in 2013 according to Badan Pusat Statistik Statistics Indonesia. The Company believes that the telecommunication companies are currently focusing on an asset-light strategy, where they prefer to lease towers rather than incur capital expenditure to construct or acquire their own towers, which will positively benefit tower leasing. An increase in demand for 3G and 4G services is expected to drive demand for tower space, as higher frequency networks provide a lower radius of coverage and require additional towers to attain the same coverage for an area of the same size. Growth in data services will also require more network capacity than basic voice services, thereby requiring an increase in the number of towers to maintain coverage and quality of service. STRATEGIES The Company believes that its extensive network of towers, the design and location of its towers, its broad customer base and resulting strong cash flow generation will allow it to strengthen its position in the Indonesian tower industry. The Company believes its towers are strongly positioned and have the capacity to capture large numbers of co-location tenants. In addition, the Company intends to utilize several business strategies to strengthen its position in the industry and expand its network of towers through construction and acquisitions. Maximize co-locations on the Company’s existing towers The Company believes that it can grow its business substantially through the concept of co-locations, which refers to leasing available space on the Company’s existing towers to multiple tenants. The costs of operating a tower are largely fixed and the Company faces relatively low costs for adding tenants. The “asset-light” strategy which telecommunications operators are focusing on supports increasing co-locations. Accordingly, leasing available space to additional telecommunications operators will significantly improve the Company’s operating margins and return on invested capital. The Company actively markets co-locations to telecommunications operators and continually educate the market of the benefits of co-location to telecommunications operators. Growth by construction Historically, telecommunications operators have constructed the vast majority of towers for their own use and outsourced only discrete aspects such as site acquisition and construction. However, since 2010, Indonesian
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telecommunications operators have increasingly transitioned towards an “asset-light” strategy, where they have increasingly contracted independent tower operators like the Company to build and own towers and they secure space on such towers under long-term lease agreements, rather than building and operating their own tower portfolios. These arrangements are known as “build-to-suit” arrangements. Since March 31, 2007, the Company has constructed 5,422 towers under such build-to-suit arrangements. The Company believes that a factor in its growth to date arises from the reliable construction of its towers. The Company has grown its business by focusing its construction activities on such build-to-suit projects that meet the Company’s minimum return criteria. Under these arrangements, the Company typically agrees to work with a telecommunications operator to build and own a network of tower sites that are constructed in the telecommunications operator’s chosen locations according to their network design specifications. The telecommunications operator then becomes the anchor tenant on these towers under a long-term site lease agreement and the Company will continue to market such towers to other operators to secure co-location revenues. The Company does not construct towers without securing in advance a site lease with an anchor tenant. The Company continues to build a significant portion of its new towers under such arrangements. The Company has demonstrated that it has the systems and processes in place to build several hundred towers per month. By providing this service, the Company will continue to increase the size of its tower portfolio and create additional revenue streams from both anchor tenants and co-location tenants. Growth by acquisition The Company achieved its leading industry position in Indonesia primarily through tower acquisitions, and intend to utilize acquisitions as a principal growth strategy. The Company plans to continue to explore strategic acquisitions that meet its minimum return criteria, including transactions with large telecommunications operators and smaller independent tower companies who are seeking to sell their towers. As telecommunications operators move towards an “asset light” strategy, potential acquisition opportunities may increasingly arise. The Company evaluates potential acquisitions using many criteria, including return on invested capital, potential co-location demand, degree of overlap with the Company’s existing tower portfolio, tower location, tower design, existing capacity utilization, local population density and potential growth, and applicable laws and regulations relating to new tower development. The Company will continue to explore available cost-effective funding, including effectively managing its capital structure. Focus on quality of service The Company utilizes targeted sales and marketing techniques to increase co-locations on its towers, the majority of which are built for a tenancy of four or more tenants. The Company believes that the key to success of this strategy is its ability to develop long-term relationships with telecommunications operators and consistently meet its customers’ needs. The Company seeks to be recognized as a company that makes commercially reasonable commitments to its customers and then delivers on these commitments in a timely manner. The Company believes that its ability to help telecommunications operators quickly enter new regional areas and expand their network coverage and capacity will help increase the Company’s tenancy ratio. The Company therefore targets telecommunications operators that are expanding or improving their existing network infrastructure as well as those deploying new technologies and expanding geographically. The Company believes that it has established a large enough tower base to sustain its targeted growth in the foreseeable future primarily through co-locations. Prudent financial policies The Company intends to continue to place strong emphasis on implementing prudent financial policies by managing its indebtedness at a reasonable level and exercising capital discipline. The Company plans to continue to reduce its leverage when it conducts tower acquisitions. The Company also intends to continually reduce costs, manage its working capital and enhance its margins and profitability. TOWER PORTFOLIO Telecommunications Towers A tower can be either self-supporting or supported by guy wires. There are two types of self-supporting towers: lattice and monopole. A lattice tower is generally tapered from the base upwards and has three or four legs. A
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monopole is a tubular structure that is generally used in places where there are space constraints or aesthetic concerns. Generally, a tower site consists of a compound located on the ground or rooftop enclosing the tower and an equipment shelter that houses a variety of transmitting, receiving and switching equipment used by telecommunications operators. Rooftop towers are more common in urban areas where tall buildings are more common and high traffic density generally requires multiple towers. One advantage of a rooftop tower is that it can typically be installed without undergoing an extensive permitting and approval processes. In addition, the installation of free-standing tower structures in urban areas is often undesirable or difficult due to zoning restrictions, land availability and relatively higher site acquisition costs. A tower’s location, height and loading capacity in terms of the number of antennae that can be supported by the tower at certain wind speeds, determine its desirability to telecommunications operators. An antenna’s height on a tower and the tower’s location determine the line-of-sight of such an antenna with the horizon. The technology and type of transmitting equipment used by the telecommunications operator determine the transmitted signal distance. The specific equipment used by telecommunications operators is also an important factor in determining the requisite height for a tower. In light of the above factors, the tower’s location is the most important factor in determining its desirability and functionality for a telecommunications operator. The pictures below illustrate the general configurations of free-standing lattice towers and rooftop towers:
As of September 30, 2014, the Company’s tower site portfolio and related assets in Indonesia consisted of 9,093 free-standing ground based towers, 1,854 rooftop towers, six shelter only sites and three indoor repeaters.
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Locations of Towers The most important factor that affects the demand for space on a tower is the location of the tower. The Company’s tower portfolio was one of the largest, newest and most expansive portfolios in Indonesia of any independent owner and operator of towers as of September 30, 2014. The majority of the Company’s tower sites are not located near competing tower sites. Competition between sites is affected, in part, by whether the towers are located in dense urban, urban, suburban or rural areas. As of September 30, 2014, the Company owned and operated 10,956 towers in Indonesia, including 5,697 towers in Java, Indonesia’s most populous island and where its capital, Jakarta, is located. Below is a map showing the distribution of the Company’s tower sites in Indonesia and a table setting out the number of tower sites that the Company has in each of the major regions in Indonesia as of September 30, 2014:
Number of Tower Sites
Percentage of Total Tower Sites (%)
Java ..................................................................................................... Sumatra ................................................................................................ Kalimantan ........................................................................................... Sulawesi ............................................................................................... Bali ..................................................................................................... Riau Islands .......................................................................................... Nusa Tenggara ....................................................................................... Bangka Belitung Islands .......................................................................... Other ...................................................................................................
5,697 2,305 1,157 1,070 309 127 117 62 112
52.0 21.0 10.6 9.8 2.8 1.2 1.1 0.6 0.9
Total ...................................................................................................
10,956
100.0
Region
Age of Tower Portfolio As of September 30, 2014, the Company’s tower portfolio was one of the youngest in Indonesia. As the industry accepted usable life of a tower is 20 years, or more if properly maintained, the Company’s towers will not have to be replaced for some time. In addition, the Company has greater co-location potential because there is a minimum overlap of coverage with tower portfolios owned by other tower operators. The vast majority of the Company’s towers were designed for multiple tenants and medium to heavy equipment loading and are therefore capable of accommodating four or more tenants and are generally easier to upgrade to accommodate additional tenants at minimal expense.
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Size of Tower Portfolio The Company has grown significantly in terms of the number of towers owned and operated by it since its current senior management team took charge of the Company’s operations in March 2007. Since 2007, the Company has acquired several small tower portfolios from small-scale independent tower providers. More significantly, the Company has purchased 5,085 towers from H3I since March 2008 pursuant to two tower transfer agreements. The first tower transfer agreement was entered into in March 2008 to acquire up to 3,692 towers over a two year period, under which the Company acquired 3,603 towers. The second tower transfer agreement was entered into in December 2010, as amended most recently by Amendment No. 2 dated December 27, 2013, whereby the Company agreed to acquire 1,482 tower sites in Indonesia from H3I. In December 2013, the Company entered into a closing agreement pursuant to which the number of tower sites to be acquired by the Company from H3I was increased to 1,500. The acquisition of all such tower sites was be completed by December 2013. In 2012, the Company acquired a portfolio of 261 towers from Royal KPN N.V., a leading telecommunications service provider in The Netherlands. The consideration for the purchase of the towers was €75 million (plus transfer taxes). As of September 30, 2014, the Company holds 56% of the equity interest of Protelindo Towers. Pursuant to the terms of the sale and purchase agreement dated October 29, 2012, KPN guaranteed revenue payments for a period of 15 years, with lease payments made annually, as well as payment escalators tied to the rate of inflation in The Netherlands as measured by increases in the consumer price index. In addition, as of September 30, 2014, the Company had acquired 189 tower sites from PT Central Investindo (“CI”) and PT Mitra Karya Propertindo (“MKP”), pursuant to an asset purchase agreement entered into among CI, MKP and their respective shareholders. In addition to towers that the Company has acquired in the past five years, as of September 30, 2014, the Company has also built 5,422 towers since March 2007. The table below summarizes the number of towers the Company has built and acquired since March 2007 up to September 30, 2014. Number of Towers
Average months in operation
As of March 31, 2007 .................................................................................... Acquisition of towers from small tower providers ............................................... Acquisition of towers from H3I ....................................................................... Towers built for telecommunications operators, such as Telkomsel, Smartfren, XL, Indosat and H3I ........................................................................................ Repeaters ....................................................................................................
113 339 5,079
89.4 36.6 57.0
5,422 3
27.8 106.4
As of September 30, 2014 .............................................................................
10,956
42.3
THE COMPANY’S SERVICES The Company’s experience in the tower industry has helped it tailor its services to the needs of telecommunications operators. Site Rental The Company rents space on its towers to all major telecommunications operators in Indonesia. The Company’s towers are rented with accompanying ground space at each tower site for shelters and cabinets that house electronic equipment and power supplies. The Company’s subsidiary in The Netherlands rents space to three telecommunications operators. Network Design and Site Development The Company designs, builds (with the assistance of contractors), owns and operates its towers. The Company has developed in-house expertise with respect to value-added services that it offers to the wireless communications industry. Such services include network design and site selection, site acquisition, site development and site construction. Because the Company provides total infrastructure systems with “end-to-end” design, construction and operating expertise, the Company offers its customers the flexibility of choosing between the provision of a complete ready-to-operate network infrastructure that the Company owns, or any of the value-added component services involved therein.
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The Company’s senior management team has extensive experience in assisting telecommunications operators to design and engineer their networks to ensure compatibility with the Company’s tower portfolio. The Company maintains sophisticated network design services that are primarily aimed at supporting the site selection and construction of towers. Site Acquisition The Company engages in site acquisition activities for its own tower development purposes. Based on data generated in the network design and site selection process, a “search ring” is issued to the site acquisition department for verification of land acquisition candidates within the search ring. Most of the land upon which the Company’s towers are built is acquired through long-term ground leases with the land owner. Within each search ring, geographic information systems specialists select the most suitable sites based on available space, demographics, traffic patterns and signal characteristics of the technology used. Once a site is selected and the terms of a ground lease for the site have been negotiated and agreed, a survey is prepared and a site plan is created. Applications are then submitted to the local authorities for the necessary permits and approvals and, upon receipt of such permits and approvals, a pre-approved contractor commences construction of the tower. Site Development and Construction For over 20 years, the Company’s senior management team has collectively provided site development and construction services to the wireless communications industries of various countries, including the United States, Mexico, Brazil and Indonesia. As a result, the Company has extensive experience in the development and construction of tower sites and portfolios. The Company’s site development and construction services include clearing sites, laying foundations and electrical and telecommunications lines, and constructing equipment shelters and towers through third-party contractors. The Company is well-equipped to provide cost-effective and timely completion of construction projects in part because its site development personnel have experience in all areas of site development, construction and engineering and the Company relies on pre-approved contractors in Indonesia with whom it has conducted thorough technical, financial and legal due diligence screening and whom it periodically evaluates and reviews. Generally, the Company require 30 to 60 days to install a co-location and 120 to 180 days to construct a build-to-suit tower. CUSTOMER LEASES The Company receives lease fees for the rental of space on its towers for the equipment and antennas of telecommunications operators. As of September 30, 2014, the Company had 20,075 site leases in Indonesia with its customers. Since the Company only builds or acquires towers for which it has secured an anchor tenant, all of its operational towers currently have one or more tenants and thus all of the Company’s towers have at least one tenant that is generating revenue. In addition, the Company derives additional revenue from each tower by leasing available space to other tenants. The Company has MLAs and associated site leases with all major telecommunications operators in Indonesia. These MLAs govern each underlying site lease with the Company’s customers with respect to the installation of equipment at a tower site. The Company’s site leases generally have initial non-cancelable terms of six, ten or 12 years with typical renewal terms of five, six or ten years at the option of the telecommunications operator. Lease fees from customers are paid in advance either annually, quarterly or monthly depending on the terms of the relevant MLA. The Company expects its customers to renew their site leases with the Company because suitable alternative towers may not be available and relocating their equipment is expensive and often requires reconfiguring several other towers within their network. Repositioning a tower site may adversely impact the telecommunications operator’s network quality and coverage due to the resulting gaps in network coverage and network disruptions and may also require the telecommunications operator to obtain additional governmental permits. The amount and currency denomination of the lease fees are set forth in the respective MLA for each customer. The majority of the Company’s MLAs and site leases include escalation provisions that result in a periodic increase in the lease fee, typically on an annual basis, and are based on the rate of inflation in Indonesia as measured by the increase in the consumer price index. TOWER CAPACITY AND CO-LOCATIONS A substantial portion of the Company’s existing and future revenues depend on the increased demand for space on its towers from co-location tenants other than the anchor tenants on such towers. The Company actively
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markets available space on its towers to telecommunications operators, the demand for which is influenced by several factors, including: •
existing network coverage and expansion plans;
•
the speed at which telecommunications operators expand coverage and increase capacity in a particular location, as co-location on an existing tower owned by an independent tower operator is much faster than building a new tower;
•
increasing consumer demand for wireless services resulting in demands on, and need to expand, network capacity;
•
desire by telecommunication operators to improve network quality;
•
the financial condition of the telecommunications operator and their preference for leasing compared to owning tower space, as less capital expenditure is required for co-locating on an existing tower compared to constructing, owning and operating new towers;
•
applicable regulations;
•
economic conditions in Indonesia and the wireless communications industry, including the growth of the wireless communications industry, industry consolidation and availability of financing;
•
the willingness of telecommunications operators to share their towers or active equipment with other telecommunications operators; and
•
the willingness of telecommunications operators to co-locate equipment on towers owned by competing telecommunications operators.
The number of tenants that the Company’s towers can accommodate varies depending on their location, height, and structural capacity at certain wind speeds. A significant number of the Company’s towers have capacity for the installation of additional equipment and do not require investments in structural improvements. Due to the expertise and experience of the Company’s engineering team, nearly all of the Company’s towers can be upgraded to accommodate additional tenants. As the costs to upgrade a tower are minimal, the payback period for the Company’s net additional capital investment is generally short. CUSTOMERS The Company’s customers include all major telecommunications operators in Indonesia: Telkomsel, XL, H3I, Telkom Flexi, Smartfren, Esia, Indosat, Smart and Sampoerna.
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The following table shows the percentage revenue contribution of the Company’s top eight customers during the years ended December 31, 2011, 2012 and 2013 and the period ended September 30, 2014: Revenue Contribution
For the year ended December 31,
For the nine months ended September 30,
2011
2012
2013
(unaudited) 2014
%
%
%
%
H3I ................................................................................................ Telkomsel ....................................................................................... XL(1) .............................................................................................. Smartfren........................................................................................ Indosat ........................................................................................... Axis(1) ............................................................................................ Esia ............................................................................................... Telkom Flexi ...................................................................................
43.3 5.9 15.4 11.3 3.8 5.0 10.4 3.0
39.0 11.9 17.5 9.3 5.1 5.6 7.7 2.1
36.4 15.3 16.8 8.8 4.6 5.8 5.6 1.8
37.9 18.7 20.1 7.4 4.8 — 4.3 1.1
Total .............................................................................................
98.1
98.2
95.1
94.3
(1)
On April 8, 2014, XL and Axis effectuated a merger of Axis into XL, with XL as the surviving entity.
94.3% of the Company’s total revenues for the nine months ended September 30, 2014 were derived from eight customers. Historically, H3I had contributed the largest proportion of the Company’s total revenues. However, the contributions by other telecommunication operators to the Company’s total revenues have been increasing recently. The Company expects the proportion of its revenues from H3I to decrease in the future as its tenancy profile becomes more diversified, especially on the 6,480 towers on which H3I is currently the anchor tenant. For a discussion of certain risks associated with the concentration of the Company’s customer base, see “Risk Factors — Risks Relating to The Company’s Business — A substantial portion of the Company’s revenue is derived from a concentrated number of customers” and “— Due to the long-term expectations of revenue from tenant leases, the tower industry is sensitive to the creditworthiness of its tenants.” SALES AND MARKETING The Company markets available co-locations on its towers to existing potential customers in order to maximize the number of customers installed on each tower and earn additional revenues. The Company gathers data for each telecommunications operator’s network expansion plans and, using the Company’s proprietary software, determine which of its existing towers are located in areas that meet network expansion plans and subsequently providing these operators with the relevant information. The Company believes its proprietary database and ability to perform mapping and network design services provide key strategic advantages when seeking to increase co-locations on its towers. The Company develops marketing strategies that are specific to each telecommunications operator and regularly meet with each telecommunications operator’s network design teams to understand their requirements and market available space on its towers. The Company presents each telecommunications operator with timelines for implementing their co-locations and the installation of their equipment and it strives to meet such timelines and outperform the Company’s competitors. The Company aims to provide suitable tower space in response to every request for installation it receives from a telecommunications operator. The Company has 52 marketing sales and leasing staff to whom it provides ongoing training in sales and mapping to maximize the co-location opportunities on the Company’s towers. COMPETITION The Company faces substantial competition and pricing pressure in the tower leasing industry. The Company’s customers have numerous alternatives for leasing tower space, including from major Indonesian
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telecommunications operators that own and lease space on their towers, such as Telkomsel and XL, and independent tower providers such as PT Tower Bersama Infrastructure, Tbk, PT Solusi Tunas Pratama Tbk, PT Retower Asia (Retower) and PT Inti Bangun Sejahtera Tbk. As the tower industry is capital intensive, requires strong operational capabilities and strong relationships with telecommunications operators, there are significant barriers to entry to the Company’s business and operations. See “Business — Competitive Strengths — Leading independent tower provider in Indonesia with strong track record of growth.” As a result, the Company does not expect significant competition from potential entrants to the tower industry. The Company believes competition in the tower industry is primarily driven by the availability of tower locations to satisfy the network capacity, coverage and expansion requirements of telecommunications operators. Therefore, the Company’s strategy is to understand the telecommunications operator’s coverage and capacity needs and offer available space on its towers that meets their requirements. CONTRACTORS The Company hires a large number of contractors who perform construction, consultancy, electrical connection, site acquisition, engineering, tower reinforcement, shelter, maintenance and security services. These contractors are based throughout Indonesia and the Company believes that its relationships with them give it access to some of the most qualified workers in Indonesia. Each of the Company’s contractors undergoes a strict screening process that involves technical, financial and legal evaluations before they are hired in addition to periodical reviews. Based on the Company’s extensive experience in the tower business, the Company has established a proprietary scope of work and a set of quality control procedures for each of its contractors to follow. All contractors sign the Company’s standard umbrella contract under which specific assignments and prices are agreed to in individual purchase orders. MAINTENANCE AND SECURITY Maintenance of the Company’s towers is performed under a proprietary scope of work that the Company has developed and is supervised by the Company’s management personnel. The day-to-day maintenance of the Company’s towers, which encompasses both preventive and corrective maintenance, is outsourced under monthly, fixed-fee contracts. The Company conducts individual site audits on a periodic basis for quality control purposes and to ensure that its towers are functioning properly and being maintained to its standards. The Company’s security team implements a crisis management protocol in conjunction with its external security partners, which provide the Company with corporate risk management as well as field security services. As of September 30, 2014, the Company had contracts with approximately 1,400 site keepers who monitor and manage its tower sites, as well as other partners which the Company has outsourced field security to on a site by site basis. In order to ensure that the Company’s operations, maintenance and customer service are conducted in the most efficient manner possible, the Company groups its towers into regional clusters. PROPERTIES AND LICENSES The Company is responsible for obtaining ground leases for each of its towers. The initial term of the Company’s ground leases is generally between five and 20 years and the Company generally prepays for a period of five to 10 years in advance, with the option to renew. As of September 30, 2014, the Company had 11,224 ground leases and the average remaining term of those leases (including the optional renewal terms) was approximately 13.3 years. The average ground space covered by the Company’s ground leases is approximately 178 square meters. The Company is also responsible for securing licenses for each of its towers. In general, most telecommunications towers in Indonesia require a construction permit, and the Company has a team dedicated to obtaining and maintaining these permits. See “Risk Factors — Risks Relating to The Company’s Business — The Company does not have, and may have difficulty obtaining, the required licenses and permits for some of its towers, and its existing licenses and permits may be amended or revoked or may not be renewed.” All tower providers are required to possess, for each ground-based tower, a license to build and operate the tower in the form of a building permit, or IMB. The construction and operation of a rooftop tower does not require an
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IMB. An IMB is issued by the relevant Regent/Major or, in the case of Jakarta, by the Governor in line with the zoning regulations for the relevant areas. The Joint Regulation also states that an IMB for a ground-based tower does not expire in so far as there are no changes to the construction of the tower. However, the tower provider is required to assess annually the “construction worthiness” of the tower and report the findings to the authorities. The construction of a telecommunications tower requires the prior approval of each household in the surrounding community that is entirely or partially located within a radius from the tower equal to the height of the tower. Once all requisite household approvals have been obtained, an application is made to the local authorities for separate licenses and approvals for the towers. The tower provider company is required to seek and obtain the requisite consent from the households prior to the commencement of tower construction. If such consent is not obtained, the local authorities may issue notices for the towers to be dismantled and removed. LEGAL PROCEEDINGS The Company is periodically involved in legal proceedings that arise in the ordinary course of business. While the outcome of such proceedings cannot be predicted with certainty, the Company does not expect an adverse decision with respect to any pending matters to have a material adverse effect on the Company’s financial condition or results of operations. EMPLOYEES As of September 30, 2014, the Company had 579 permanent employees, of which 193 were in administrative positions, 52 were in marketing, sales and leasing positions, and 334 were in technical positions. INSURANCE The Company industry specific risk insurance policies for its towers and related assets. The Company also carries terrorism and sabotage insurance and public liability insurance underwritten. For its towers in The Netherlands, the Company carries general third party liability insurance policies. The Company considers such insurance coverage to be adequate and in accordance with customary industry practices. INTELLECTUAL PROPERTY The Company has registered its trademarks and service marks that it believes are necessary to operate its business.
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Management In accordance with Indonesian law, the Company has both a Board of Commissioners and a Board of Directors. The two boards are separate and no individual may serve as a member on both boards. The rights and obligations of each member of the Board of Commissioners and Board of Directors are regulated by the Company’s articles of association (the “Articles”) and by the decisions of the Company’s shareholders in general meetings. Under the Articles, the Board of Directors must consist of at least one member, and if more than one member is appointed, then one of them may be appointed as the President Director. In general, the President Director can legally bind the Company. In the absence of the President Director, any one director can legally bind the Company. Under the Articles, the Board of Commissioners must consist of at least one member, and if more than one member is appointed, then one of them may be appointed as the President Commissioner. All of the members of the Board of Commissioners must act together in order to act on or behalf of the Board of Commissioners. BOARD OF COMMISSIONERS The Board of Commissioners acts as an overall supervisory and monitoring body for the Company. Members of the Board of Commissioners cannot initiate action with regard to the management of the Company and it cannot legally represent the Company, unless in certain circumstances where all members of the Board of Directors are unable or legally prevented to do so. Members of the Board of Commissioners are appointed and removed by a vote at the General Meeting of Shareholders. Currently, the Board of Commissioners is comprised of three members, including the President Commissioner. The current members of the Board of Commissioners are as follows: Name
Ario Wibisono ....................................................................... Kenny Harjo .......................................................................... Bacelius Ruru ........................................................................
Position
Age
Position Held Since
President Commissioner Commissioner Independent Commissioner
52 57 66
2014 2014 2013
BOARD OF DIRECTORS The Board of Directors is responsible for overseeing the operations of the Company and making management decisions affecting the Company. The Board of Directors also works with key management personnel to formulate business strategy and to monitor and oversee its implementation. Each member of the Board of Directors has the authority to legally bind the Company in agreements with third parties. Members of the Board of Directors are appointed and removed by a vote at the General Meeting of Shareholders. Currently, the Board of Directors comprises five directors, including the President Director. The current members of the Board of Directors are as follows: Name
Position
Adam Gifari .......................................................................... Carmen Birgitta Soedarmawan.................................................. Rinaldy Santosa ..................................................................... Indra Gunawan ...................................................................... Onggo Wijaya .......................................................................
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President Director Director Director Independent Director Director
Age
Position Held Since
37 45 46 40 38
2007 2014 2010 2013 2012
SENIOR MANAGEMENT AND ADVISORY TEAM Name
J. Michael Gearon, Jr. ................................................................... Murillo Penchel ........................................................................... Peter Egbertsen ............................................................................ Michael Bucey............................................................................. Ricardo Wilke ............................................................................. Blake Rosen ................................................................................ Marcia Cabral .............................................................................. Ivan Alexander Ramirez ................................................................ Stephen D. Weiss .........................................................................
Steven J. Mudder ......................................................................... James Young ............................................................................... Arif Pradana ................................................................................
Office/Division
Age
Position Held Since
International Chairman Financing & Accounting Corporate Finance Director of PT SMN Development and Operations Sales & Marketing Administration Financial Reporting Chief Financial Officer & Independent Director of PT SMN Director of PT SMN & General Counsel Information and Technology Corporate Secretary
49
2007
51 46 44
2007 2007 2007
36 44 40 41
2007 2007 2007 2008
59
2012
42
2007
46 31
2012 2007
COMMISSIONERS Ario Wibisono Mr. Ario Wibisono has been a member of the Company’s Board of Commissioners since August 2008 as well as a member of the Board of Commissioners of PT SMN since June 2011. He was the President Director of PT Andalan Artha Advisindo Sekuritas from 2006 until 2007, after serving as a director from 1999 until 2006. He has also served as a Director of Peregrine Sewu Securities and at the same time served as an Assistant Director of Peregrine Fixed Income Limited — Hong Kong from 1996 to 1999. Mr. Wibisono graduated with a Civil Engineering degree from the Institut Teknologi Bandung, Indonesia in 1985 and a Graduate Degree in Operations Management from the Institut Pendidikan & Pembinaan Manajemen, Indonesia in 1986. Kenny Harjo Mr. Kenny Harjo has been a member of the Company’s Board of Commissioners since June 17, 2011, prior to which he served as a member of the Company’s Board of Directors since August 2008. Mr. Harjo has also served as a Director of PT SMN since November 2009 and as a member of PT Ecogreen Oleochemical’s Board of Commissioners since 2004. Mr. Harjo was a Manager of the Non-Cigarette Business Development at PT Djarum from 2002 to 2004; Deputy Director of Dharmala Group, Jakarta from 1990 to 2001; Deputy Controller of PT Kalimantan Plantation Development, Jakarta from 1988 to 1989; Senior Accountant of PT Marathon Petroleum Indonesia, Jakarta from 1985 to 1987; and an Auditor with Price Waterhouse & Co. in Pittsburgh, USA from 1981 to 1983. Mr. Harjo graduated with a Bachelors of Arts Degree in Accountancy from the University of Southern California, United States in 1980 and obtained his Certified Public Accountant designation in the State of Colorado, United States and the State of Montana, United States in 1984. Bacelius Ruru Mr. Ruru has been a member of the Company’s Board of Commissioners since May 2013. Mr. Ruru has held several senior positions in the Indonesian government, such as in the Department of Finance from 1983 to 1998, including as the expert staff in the Ministry of Finance from 1990 to 1993, Head of The Capital Market Supervisory Boards (Bapepam) from 1993 to 1995, and the Ministry of State Own Enterprises (BUMN) from 1998 to 2004, including as the Secretary of State Ministry, Deputy of State Ministry, Assistant to Ministry and the Directorate General of Development. He has been active in the private sector since 2001. In addition to his current position as the Company’s Independent Commissioner, he also serves as an Independent Commissioner of PT Agung Podomoro Land, Tbk.; President Commissioner of PT Jababeka, Tbk, since 2007; President Commissioner of PT Polychem Indonesia, since 2005; and President Commissioner of PT Tuban Petrochemical Industries, since 2003. He also been active in several organizations, including head of the Ethic Boards of Indonesian Emitent Association since 2008, a member of Santo Carolus Association and head of the Indonesian Capital Market Arbitration Board (BAPMI) since 2007. Mr. Ruru earned his Bachelors Degree in International Law from the University of Indonesia, Depok in 1975, and his Lex Legibus Magister (LLM) from Harvard Law School in 1981.
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DIRECTORS Adam Gifari Mr. Adam Gifari has been President of the Company’s Board of Directors since April 2007 as well as the President Director of PT SMN since November 2009. Prior to joining the Company, he worked at PT Andalan Artha Advisindo Sekuritas in the Investment Banking Division from 2003 to 2007 and as an analyst from 1999 to 2002. Mr. Gifari graduated with a Bachelors Degree in Financial Management from the University of Indonesia, Indonesia in 1999. Carmen Birgitta Soedarmawan Ms. Soedarmawan has been a Director of the Company since June 2014. She joined the Company in May 2011 as the Vice President of Legal, and since that time she has managed the Company’s legal and risk management functions, including overseeing the Company’s asset acquisition transactions and property management activities. Prior to joining the Company, she practiced law for more than 10 years in prominent international law firms in Jakarta and Singapore, and also served as the Country Head of Legal for Standard Chartered Bank in Indonesia. Ms. Soedarmawan received her undergraduate degree in Public International Law from the University of Indonesia in 1995 and earned her Masters of Law Degree in Asian Comparative Laws from the Graduate School of the University of Washington in Seattle, Washington in 2000. She is a member of PERADI (Indonesian Advocates Association). Rinaldy Santosa Mr. Rinaldy Santosa has been a Director of the Company since July 2010 and was a Director of PT SMN from June 2010 to 2014. Prior to joining the Company, he held management positions in the finance areas of multinational companies after working with PricewaterhouseCoopers from 1993 to 2002, including as a Director for Indopacific Public Relations from 2002 to 2003, a Financial Specialist for Conoco Phillips from 2003 to 2004, a Principal consultant for LM Faculty of Economics University of Indonesia from 2004 to 2005, and Chief Financial Officer for EyeCorp Media Indonesia from 2005 to 2007. Mr. Santosa was the Vice President of Finance of the Company from 2007 to 2009. Mr. Santosa earned his Bachelors of Arts Degree in Accounting from Trisakti University in 1993 and received a Masters Degree in Finance from the University of Technology, Sydney, Australia in 1997. Indra Gunawan Mr. Indra Gunawan has been an Independent Director of the Company since May 2013. Prior to joining the Company, Mr. Gunawan worked with PT Siemens Indonesia since 1997 in several managerial roles. In August 2003, he started his career with the Company as the General Manager of Operations and was then promoted to the Vice President of Inter-Carrier and External Relations of the Company. Mr. Gunawan graduated with a Bachelors Degree in Electrical Engineering from the Institut Teknologi Sepuluh Nopember, Surabaya in 1997 and holds a Masters Degree in Economics from the University of Indonesia, Depok in 2005. Mr. Gunawan earned his Doctoral Degree in Business and Management from the University of Padjadjaran, Bandung in 2012. Onggo Wijaya Mr. Onggo Wijaya has been a Director of the Company since April 2012. Prior to joining the Company, Mr. Wijaya worked at PT Siemens Indonesia from 2001 to 2007, with his last position as Project Control Manager, PT Nokia Siemens Network as Cost and Progress Manager in 2007 and PT Mobile-8 Telecom Tbk from 2007 to 2008 as Senior Project Manager. He joined the Company in May 2008 as Project Director and was then promoted to Vice President Development of the Company in April 2010. Mr. Wijaya graduated with a Bachelors Degree in Electrical Engineering from the University of Brawijaya in 2000. SENIOR MANAGEMENT AND ADVISORY TEAM J. Michael Gearon, Jr. Mr. Michael Gearon has been the Company’s International Chairman since March 2007. Mr. Gearon has approximately 23 years of experience in the tower industry. Prior to joining the Company, he was Vice Chairman of American Tower Corporation from 2000 to 2006 and President of its international division. Mr. Gearon also
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served on the Board of Directors of American Tower Corporation from 1998 to 2004 and on the Board of Directors of TV Azteca from 2000 to 2005. Prior to that, Mr. Gearon was the founder, Chief Executive Officer and principal stockholder of Gearon Communications and had pioneered the tower business model since 1991. Mr. Gearon merged his company into American Tower Corporation (AMT-NYSE) in January 1998. Ernst & Young/USA Today named Mr. Gearon Entrepreneur of the Year in 1997 and Gearon Communications ranked No. 23 in INC. Magazine’s fastest growing private companies in the US in 1997. Mr. Gearon is currently a coowner of the National Basketball Association’s Atlanta Hawks. Mr. Gearon graduated Cum Laude with a Bachelors of Inter-Disciplinary Studies from Georgia State University, United States. Murillo Penchel Mr. Murillo Penchel joined the Company as its Financial Advisor in July 2007. Prior to joining the Company, he was Chief Financial Officer of the international division of American Tower Corporation from 2001 to 2007 with responsibility for directing and monitoring the finance division and participating in viability analysis of new potential business in foreign countries. Prior to that, Mr. Penchel served in high level management positions with Crown Castle, a United States based tower company; Brightpoint, a service and accessories provider for the telecommunications industry; and Metrophone, a Comcast subsidiary cellular operator. Mr. Penchel also worked at Deloitte & Touche for 11 years in North and South America and in Europe. He is a registered U.S. Certified Public Accountant. Mr. Penchel graduated with a Bachelors of Arts Degree in Accounting from Faculdades Moraes Junior in Rio de Janeiro, Brazil. Peter Egbertsen Mr. Peter Egbertsen joined the Company as its Corporate Finance Advisor in March 2007. Prior to joining the Company, he was a Director at PT Andalan Artha Advisindo Sekuritas from 2002 to 2006 and a Director at PricewaterhouseCoopers from 1999 to 2001. He served as a Commissioner for the Company from 2007 until August 2008. Mr. Egbertsen was an undergraduate in Economics at the Erasmus University Rotterdam and received his Propadeuse Certificate in 1988. Mr. Egbertsen also received a Master of Business Economics Degree from Erasmus University Rotterdam in 1991. Michael Bucey Mr. Michael Bucey joined the Company as its Development & Operations Advisor in March 2007. He has been a Director of PT SMN since June 2011. Mr. Bucey has approximately 16 years of experience in the tower industry. Prior to joining the Company, he was the Vice President of Development in Brazil at American Tower Corporation, responsible for the construction of all new towers. Prior to that, Mr. Bucey was Director of Site Acquisition for Gearon Communications in 1997. From 1998 to 2000, he worked as a Site Acquisition Consultant for Nokia on deployment projects in Switzerland, Slovakia, Taiwan, Italy, and the United Kingdom. Mr. Bucey graduated with a Bachelors of Science Degree in Business Economics from Miami University of Ohio, United States. Ricardo Wilke Mr. Ricardo Wilke joined the Company as its Co-locations Advisor in March 2007. Mr. Wilke has approximately 17 years of experience in the telecommunications industry. Prior to joining the Company, Mr. Wilke worked for the international division of American Tower Corporation where, since 2001, he acted as a Regional Manager for Operations and Development and also participated in several international projects. Before working for American Tower Corporation, Mr. Wilke worked as Infrastructure Manager for GVT, a Brazilian fixed wireless telecommunications operator. Prior to that, he also worked in various fields of the telecommunications industry. Mr. Wilke graduated as a Civil Engineer from Universidade Federal Tecnologica do Parana, Brazil in 2000. He also holds a degree as a Construction Technician, as well as various academic certifications in the field of civil engineering. Blake Rosen Mr. Blake Rosen joined the Company as its Sales & Marketing Advisor in March 2007. Mr. Rosen has approximately 20 years of experience in the tower industry. Prior to joining the Company, he was an Executive Consultant for American Tower International from 2002 to 2007 and a Director of Business Development and a Director of Sales and Marketing for American Tower Corporation from 1998 to 2002. Prior to working at American Tower Corporation, Mr. Rosen served as Vice President, Business Development with Gearon Communications from 1994 until its merger with American Tower Corporation in 1998. Mr. Rosen graduated with a Bachelors of Arts Degree in Communications from The State University of New York at Plattsburgh, United States.
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Marcia Cabral Ms. Marcia Cabral joined the Company as its Human Resources Advisor in July 2007. Prior to joining the Company, she was Human Capital Manager at Softtek Mexico (a global provider of IT and business process solutions with approximately 6,000 associates across 30 offices in North America, Latin America, Europe and Asia), responsible for internal communication, culture and talent development. Prior to that, Ms. Cabral was Human Resources Brazil Head at Mercado Livre (Ebay subsidiary in Brazil) and Human Resources Advisor at American Tower do Brazil with responsibility of implementing and integrating human capital values in to the business environment. Prior to those assignments she served at CrownCastle as a Human Resources Analyst. Ms. Cabral has a degree in Psychology from Universidade Estadual Paulista. She also holds Post Graduate Degrees in Mental Health from Sedes Sapientae Brazil Institute, Brazil and in Marketing from Armando Alvares Penteado Institute, Brazil. Ivan Ramirez Mr. Ivan Ramirez joined the Company as its Quality Control for Financial Reporting and Information Technology in May 2008, specializing in internal controls and external and internal audits, both financial and operational. Prior to joining the Company, he was with American Tower Corporation as Internal Auditor for two years overseeing Sarbanes-Oxley implementation & compliance, an International Controller for two years, and finally the Director of Finance and Administration for the Mexico division for two years. He earned his Bachelors of Arts Degree in Economics from Brandeis University, United States with a concentration in international business and finance. Stephen D. Weiss Mr. Stephen Weiss joined the Company in January 2012 and has been the Chief Financial Officer and an Independent Director of PT SMN since June 2014. Prior to joining the Company, Mr. Weiss was in the banking industry for 15 years with his last position as head of the TMT and Renewable Energy Sector for The Royal Bank of Scotland in Asia. Mr. Weiss has also worked for First Interstate Bank, Standard Chartered Bank, and ABN Amro Bank in banking roles and Indosat in Indonesia and Tele2 in Sweden in corporate roles. Before that, Mr. Weiss was a Foreign Service Officer with the US Department of State serving in Turkey and Egypt. He earned his Bachelors of Science Degree in Economics from Stanford University and his Masters of Business Administration from the Anderson School of Management at University of California at Los Angeles. Steven J. Mudder Mr. Steven Mudder served as a member of the Company’s Board of Directors from January 2011 to June 2014, and has held the position of General Counsel at the Company since May 2007. He has also served as a member of the Board of Directors of PT SMN since June 2014. Prior to joining the Company, he was Vice President, International-Legal for American Tower Corporation with the primary responsibility for overseeing and managing American Tower Corporation’s legal affairs in Mexico, Brazil, India, and Mauritius. Prior to joining American Tower Corporation, Mr. Mudder was a partner in the Atlanta-based firm Cohen, Cooper, Estep & Mudder and prior to that a corporate associate in the internationally recognized law firms King & Spalding and Gunderson Dettmer based in Atlanta, Georgia and the Silicon Valley, California, respectively. Mr. Mudder earned his Juris Doctorate degree from Harvard Law School, United States, Cum Laude, in 1998 and received his Bachelors of Science Degree from Florida State University, United States, in Finance, Summa Cum Laude, in 1995. He holds several distinctions for his achievements in the field of corporate law. James Young Mr. James Young joined the Company in October 2012 as its Information and Technology Advisor, and since March 2013 he also assumed a key role in the Company’s Sales and Marketing Department. Prior to joining the Company, Mr. Young was the Managing Partner of Platinum Capital Technology for three years, and before that Mr. Young worked as a member of the management team of American Tower Corporation from 1998 to 2008. Mr. Young has also worked for several media organizations, digital and print, and for the United States Department of Defense. Mr. Young received a Bachelors of Science degree in Computer Information Systems from Capitol University, British Virgin Islands, United Kingdom in 2000. Mr. Young has also received several technology and leadership certifications from, among others, Non-Commissioned Officers Leadership School, Cherry Point, North Carolina, United States in 1988, and U.S. Naval Management Information Systems Graduate, Norfolk, Virginia, United States in 1992, both with honors.
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Arif Pradana Mr. Arif Pradana has been the Company’s Corporate Secretary since February 2014. He has also served as PT SMN Vice President Legal since May 2014 and Corporate Secretary since September 2011, resuming this role he previously held after spending a year earning his Masters of Law Degree at the University of Groningen, The Netherlands. Prior to attending his Masters of Law program, Arif worked for three years as a legal officer of the Company, and acted as the Corporate Secretary of PT SMN since it went public in March 2010. Prior to joining the Company, Arif practiced law for four years at an international law firm, Hadiputranto, Hadinoto & Partners, and a prominent notary office, both in Jakarta, Indonesia. Arif is a member of PERADI (Indonesian Advocates Association). Mr. Pradana has approximately 10 years experience in capital markets and corporate law. He graduated with a Bachelors of Law Degree from the University of Padjadjaran, Indonesia in 2005 and Masters of Law Degree from the University of Groningen, The Netherlands in 2011, both with honors. COMPENSATION Payment of compensation to the Commissioners and Directors is determined at the annual general meeting of shareholders. During the years ended December 31, 2011, 2012, and 2013 and the nine months ended September 30, 2014, the aggregate compensation (including bonuses) paid to the Commissioners and Directors of the Company was Rp.4.0 billion, Rp.4.3 billion, Rp.9.1 billion (US$0.7 million) and Rp.9.0 billion (US$0.7 million), respectively.
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Principal Shareholders SWH
RSH
7,192 Shares (25%)
TND
7,192 Shares (25%)
CGS
VRH
VARH
7,192 Shares (25%)
7,191 Shares (25%)
11,460 Shares 38.28%
3,337,954,200 Shares (32.72%)
Public
AWH
11,460 Shares 38.28%
TMG
6,711,000 Shares (49%)
SAI
MBH
7,018 Shares 23.44%
6,984,920 Shares (51%)
6,864,970,800 Shares (67.28%)
SMN 10,000 Shares (0.0003%)
3,322,600,187 Shares (99.9994%)
10,000 Shares (0.0003%)
Protelindo (100%)
MTE (44%)
PLS (56%)
PNBV (100%)
PTBV
ABBREVIATIONS: SWH : Stefanus Wijaya Hartono RSH : Roberto Setiabudi Hartono TND : Tessa Natalia Damayanti Hartono VARH : Vanessa Ratnasari Hartono VRH : Victor Rachmat Hartono MBH : Martin Basuki Hartono AWH : Armand Wahyudi Hartono CGS : PT Caturguwiratna Sumapala TMG : PT Tricipta Mandhala Gumilang SMN : PT Sarana Menara Nusantara, Tbk Protelindo : PT Profesional Telekomunikasi Indonesia PLS : Protelindo Luxembourg S.à r.l. (Luxembourg) PNBV : Protelindo Netherlands B.V. (The Netherlands) PFBV : Protelindo Finance B.V. (The Netherlands) PTBV : Protelindo Towers B.V. (The Netherlands) MTE : Management Tower Europe S.à r.l. (Luxembourg) SAI : PT Sapta Adhikari Investama
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(100%)
PFBV
Related Party Transactions OVERVIEW The Company has summarized below the material related party transactions that it has entered into with its related parties. The Company believes each of these arrangements as described below have been entered into on arm’s-length terms or on terms that it believes have been at least as favorable to the Company as similar transactions with non-related parties. The related parties with whom the Company has entered into business transactions are: •
PT SMN;
•
PT Bank Central Asia, Tbk; and
•
PT Grand Indonesia.
MARKETING AND LICENSE FEES Pursuant to a marketing and licensing agreement dated August 1, 2009, as most recently amended by a second amendment of the marketing and licensing agreement dated July 26, 2013, the Company pays marketing and license fees and reimbursable expenses to its shareholder PT SMN. For the years ended December 31, 2011, 2012, 2013 and for the nine months ended September 30, 2014, the Company paid PT SMN Rp.12.0 billion, Rp.12.0 billion, Rp.36.0 billion (US$2.9 million) and Rp.27.0 billion (US$2.2 million), respectively, under the marketing and licensing agreement described above. LOANS The Company has also deposited cash and cash equivalents with PT Bank Central Asia Tbk. The Company’s ultimate shareholders have family relationships with the ultimate shareholders of PT Bank Central Asia Tbk. As of the date of this Offering Circular, the Company no longer has any loan arrangements with PT Bank Central Asia Tbk. For the years ended December 31, 2011, 2012, 2013 and for the nine months ended September 30, 2014, the total amount of current and long-term loans owing to PT Bank Central Asia Tbk. was Rp.320.1 billion, nil, nil and nil, respectively. For the same aforementioned periods, the Company paid PT Bank Central Asia Tbk Rp.33.6 billion, Rp.25.1 billion, nil, and nil, respectively, by way of interest expense. As of December 31, 2011, 2012, 2013 and September 30, 2014, the total amount of cash and cash equivalents deposited with PT Bank Central Asia Tbk was Rp.606.1 billion, Rp.685.4 billion, Rp.168.2 billion (US$13.8 million), and Rp.98.1 billion (US$8.0 million), respectively. OFFICE SPACE RENTAL The Company leases office space located at Menara BCA from PT Grand Indonesia under: (i) Deed of Lease Agreement No. 57, dated May 5, 2011, made before Dr. Irawan Soerodjo, S.H., M.Si., Notary in Jakarta; and (ii) a lease agreement dated March 9, 2012, as most recently amended by a third amendment dated December 18, 2013. The lease expires on August 31, 2016. For the years ended December 31, 2011, 2012, 2013 and for the nine months ended September 30, 2014, the Company paid PT Grand Indonesia a total of Rp.2.1 billion, Rp.8.0 billion, Rp.11.7 billion (US$1.0 million), and Rp.14.3 billion (US$1.2 million), respectively, under the rental agreement described above.
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Information on the Guarantor 1.
OVERVIEW OF CGIF
1.1
Establishment
Credit Guarantee and Investment Facility (“CGIF” or the “Guarantor”), a trust fund of the Asian Development Bank, was established by the ten members of the Association of Southeast Asian Nations (ASEAN) together with the PRC, Japan (Japan Bank for International Cooperation (JBIC)), Korea (ASEAN+3) and the Asian Development Bank (ADB). The ten members of ASEAN consist of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. CGIF was established in November 2010 to promote economic development, stability and resilience of financial markets in the ASEAN+3 region (the “Region”). The main function of CGIF is to provide credit guarantees for local currency denominated bonds issued in the Region by corporations from ASEAN+3 countries. 1.2
Shareholding Structure
CGIF’s guarantees are backed by US$700 million of paid-in capital from its sovereign government contributors and ADB. Neither the ADB nor the other contributors are liable for the obligations of CGIF. CGIF Shareholding Structure CGIF Contributors
Contribution (U.S. dollars)
Shareholding Percentage (%)
People’s Republic of China ................................................................................ Japan (JBIC) ................................................................................................... Asian Development Bank .................................................................................. Korea ............................................................................................................ Indonesia........................................................................................................ Malaysia ........................................................................................................ Philippines...................................................................................................... Singapore ....................................................................................................... Thailand ......................................................................................................... Brunei Darussalam ........................................................................................... Vietnam ......................................................................................................... Cambodia ....................................................................................................... Lao PDR ........................................................................................................ Myanmar........................................................................................................
200,000,000 200,000,000 130,000,000 100,000,000 12,600,000 12,600,000 12,600,000 12,600,000 12,600,000 5,600,000 1,000,000 100,000 100,000 100,000
28.57% 28.57% 18.57% 14.29% 1.80% 1.80% 1.80% 1.80% 1.80% 0.80% 0.14% 0.02% 0.02% 0.02%
Total ..........................................................................................................
699,900,000
100.00%
1.2.1 Governance Structure CGIF has a governance structure comprising of oversight by the (i) Meeting of Contributors, (ii) Broad of Directors, and (iii) Board Committees (Internal Control and Risk Management, Nomination and Remuneration and Audit). The Board of Directors is comprised of eight Contributor-appointed members, including the Chief Executive Officer. Each of the PRC and Japan are entitled to nominate two Directors. Korea is entitled to nominate one Director. One nomination each is entitled for the Asian Development Bank, and the ASEAN countries representing Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
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The Board of Directors is accountable and reports to the Contributors on the operations and performance of management and of CGIF. Board of Directors
Mr. Liange Liu (Chairman) ............... Ms. JunHong Chang ........................ Mr. Nao Kawakami ......................... Mr. Atsushi Inoue ........................... Mr. June Shik Moon ........................ Mr. Robert Pakpahan ....................... Ms. Christine Annette Engstrom ........ Mr. Kiyoshi Nishimura ....................
Members Represented
People’s Republic of China People’s Republic of China Japan (JBIC) Japan (JBIC) Korea ASEAN — Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam Asian Development Bank CGIF Management
CGIF is led by an internationally recruited management team with experience in development banking, risk management, and credit assessment through senior positions in European Bank for Reconstruction and Development (“EBRD”), Japan Bank for International Cooperation (“JBIC”), International Monetary Fund, Export-Import of Japan, Bank of the Philippines Islands, Danajamin Nasional Berhad, Hong Leong Bank Berhad, Standard Chartered Bank and Citibank. The executive decision-making powers of CGIF, and the day-to-day management of CGIF, are mandated and vested to the Chief Executive Officer. The Chief Executive Officer is recommended by the Board of Directors and approved by the Meeting of Contributors. He is the legal representative of CGIF. The Chief Executive Officer heads the management team currently comprising the Chief Risk Officer, Vice President Operations, Chief Financial Officer, General Counsel, Controller/Head BPMS and Internal Auditor. Name
Position
Mr. Kiyoshi Nishimura .................... Mr. Aarne Dimanlig ........................ Mr. Boo Hock Khoo ........................ Mr. Tongsop (Tim) Song.................. Mr. Gene Soon Park ........................ Mr. Hou Hock Lim ......................... Ms. Jackie Jeong-Ae Bang................
Chief Executive Officer Chief Risk Officer Vice President Operations Chief Financial Officer General Counsel Controller and Head of Budget, Personnel and Management Systems Internal Auditor
1.2.2 Credit Strength CGIF is rated by international and domestic credit rating agencies. Credit Rating Agency
Standard & Poor’s ........................ Standard & Poor’s ........................ RAM Ratings .............................. MARC (Malaysian Rating Corporation Berhad) .................. TRIS Ratings ...............................
1.3
Scale
Rating
Outlook
Date Reviewed
Global Long Term / Short Term) ASEAN Global / ASEAN / National
AA / A-1+ axAAA gAAA / seaAAA / AAA
Stable Stable Stable
June 18, 2014 June 18, 2014 January 27, 2014
National National
AAA AAA
Stable Stable
February 18, 2014 August 28, 2014
Guarantee Business
CGIF’s guarantee portfolio is limited to a leverage ratio of 2 to 2.5 times of its paid in capital of US$700 million plus (a) retained earnings, less (b) credit loss reserves and foreign exchange loss reserves, less (c) all illiquid investments. CGIF conducts its guarantee operations by adhering to its risk management framework consisting of (i) credit and monitoring analysis, (ii) prudential limits to manage key credit, market, sector and currency risks, and (iii) guarantee underwriting policy.
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1.3.1 Guarantee Portfolio As of September 30, 2014, CGIF has provided guarantees to the following corporate issuers in the ASEAN region:
Issue Date
August 21, 2014 ...................... March 18, 2014 ....................... December 4, 2013 .................... April 26, 2013 .........................
(1)
Issuer
Note Issuance Venue
Issue Size(1)
% Guaranteed by CGIF
Kolao Holdings PT BCA Finance PT BCA Finance Noble Group Ltd
Singapore Indonesia Indonesia Thailand
SGD 60 million IDR 120 billion IDR 300 billion THB 2.85 billion
100% 100% 100% 100%
Issue Rating
Tenor
AA (S&P) Unrated Unrated AAA(tha) — Fitch Ratings Thailand
3 years 3 years 3 years 3 years
IDR refers to Indonesian Rupiah and THB to Thai Baht.
1.3.2 Guarantee Structure CGIF’s bond guarantee operation is aimed at supporting ASEAN+3 corporations to access the Region’s bond markets to achieve the following benefits: •
expand and diversify their sources of debt capital
•
raise funds in matching currencies and tenors
•
transcend country sovereign ceilings for cross-border transactions
•
gain familiarity in new bond markets and broader investor groups
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The guarantees issued by CGIF are irrevocable and unconditional commitments to pay bondholders upon nonpayment by the issuers throughout the original tenor of the bonds. This commitment is backed by CGIF’s equity capital which has been fully paid-in by all of its contributors. CGIF’s general bond guarantee structure is illustrated below.
Bond issuances that can be considered for CGIF guarantees are limited to the following parameters: •
Up to US$140 million equivalent for a single issuance
•
Bond tenor of up to 10 years
•
For foreign currency denominated issuance, the currency of issuance should be adequately hedged with the corporate entity’s export receipts, inward foreign currency remittances, or via financial hedge arrangements
CGIF started its guarantee operations with a full guarantee for standard corporate bonds issued by corporations in the region. With the experience gained from offering a full wrap guarantee, CGIF may also explore other alternatives including partial guarantees depending on the market opportunities and acceptability of such an arrangement. CGIF also intends to guarantee project bonds to help develop them in the relevant markets in the Region.
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1.4
Capital and Liquidity Guidelines
CGIF has investment strategies and liquidity guidelines for the management of its capital resources, where investments are focused on low-risk and highly liquid assets, such as government-related securities and/or highly rated securities which are internationally rated “AA-” or higher for long-term instruments and “A-1” or higher for short-term instruments. 1.5
Selected Financial Information
A summary of the statement of financial position, income statement, and cash flows as of, and for the years ended, December 31, 2012 and 2013 have been extracted from CGIF’s financial statements and presented as follows: Statement of Financial Position Summary As of December 31, 2012
2013
(in thousands of U.S. dollars)
Statement of Financial Position: Assets: Cash .................................................................................................................... Investments .......................................................................................................... Accrued revenue .................................................................................................... Guarantee fee receivable ......................................................................................... Other assets .......................................................................................................... Total assets .......................................................................................................
US$
1,709 709,091 2,903 — 993
US$
3,053 709,374 3,226 1,183 1,137
US$ 714,696
US$ 717,973
Liabilities and Member’s equity: Guarantee liability.................................................................................................. Other liabilities......................................................................................................
US$
— 835
US$
1,765 976
Total liabilities ...................................................................................................
US$
835
US$
2,741
Member’s equity: Capital stock ......................................................................................................... Unrealized gain on available for sale investments ......................................................... Reserve & retained earnings..................................................................................... Total member’s equity .........................................................................................
US$ 700,000 3,220 10,641 US$ 713,861
US$ 700,000 1,873 13,359 US$ 715,232
Total liabilities and members’ equity ......................................................................
US$ 714,696
US$ 717,973
Statement of Net Income and Comprehensive Income Summary As of December 31, 2012
2013
(in thousands of U.S. dollars)
Statement of Net Income: Interest income on investments ................................................................................. Income on guarantees ............................................................................................. Other income ........................................................................................................
US$ 8,008 — 1
US$ 7,645 421 66
Total revenue .....................................................................................................
8,009
8,132
Total expenses ................................................................................................... Total operating income ........................................................................................
3,904 US$
4
5,400 US$
(14)
Translation (loss) gain ............................................................................................ Net income ........................................................................................................
4 US$ 4,109
(14) US$ 2,718
Statement of Comprehensive Income: Unrealized (loss) gain on AFS investments ................................................................. Total comprehensive income ................................................................................
4,271 US$ 8,380
(1,347) US$ 1,371
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Statement of Cash Flow Summary As of December 31, 2012
2013
(in thousands of U.S. dollars)
Statement of Cash Flow: Cash flows from operating activities Net cash used in operating activities ............................................................................... Cash flows from investment activities Net cash provided (used) in investing activities ................................................................ Cash flows from financing activities Net cash provided by financing activities ........................................................................ Effect of exchange rate changes on cash ......................................................................... Net Increase in cash .................................................................................................... Cash at beginning of period.......................................................................................
18,901 5 384 US$ 1,325
— (11) 1,344 US$ 1,709
Cash at end of period ...............................................................................................
US$ 1,709
US$ 3,053
1.6
US$ (4,257) US$(3,775) (14,265)
5,130
Audited Financial Statement for the Years ended December 31, 2012 and 2013
CGIF’s financial statements are prepared and presented in accordance with IFRS. The Independent Auditors’ Report and Financial Statements for the years ended December 31, 2012 and 2013 of CGIF are available at the following website: http://www.cgif-abmi.org/investors/financial-statements All of the information on the Guarantor under this Section is provided by CGIF. Information in respect of the Issuer contained in this offering circular has not been verified by the Guarantor. None of the Guarantor, its management nor its employees take any responsibility, expressed or implied, for any information contained in this offering circular, other than the information contained in this Section entitled “Information on the Guarantor”. In addition, none of the foregoing parties has taken any steps to verify the accuracy of any of the information included in this offering circular, other than the information contained in this Section entitled “Information on the Guarantor”, and no representation or warranty, express or implied, is made by any such parties as to the accuracy or completeness of the information contained in this offering circular.
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Description of the CGIF Guarantee The following contains summaries of certain key provisions of the CGIF Guarantee and related provisions of the Trust Deed. Such statements do not purport to be complete and are qualified in their entirety by reference to the CGIF Guarantee and the Trust Deed. Defined terms used in this section shall have the meanings given to them in the CGIF Guarantee and the Trust Deed. GUARANTEED AMOUNTS Pursuant to the CGIF Guarantee, CGIF will irrevocably and unconditionally guarantee to the Trustee the full and punctual payment of each Guaranteed Amount. For the purposes of the CGIF Guarantee, “Guaranteed Amount” means: •
any Principal Amount and any Scheduled Interest which is overdue and unpaid (whether in whole or in part) by the Issuer under the Conditions and the Trust Deed;
•
any Additional Accrued Interest; and
•
any Trustee Expenses,
(in each case as defined in the CGIF Guarantee). The Guaranteed Amount does not include, and the CGIF Guarantee will not cover, any amounts that become payable under the Bonds on an accelerated basis at the instigation of the Issuer, including, without limitation, as a result of the Issuer’s voluntary redemption of the Bonds pursuant to Condition 6(b) (Redemption for Tax Reasons) or Condition 6(d) (Redemption at the option of the Issuer). MISSED PAYMENT EVENT Subject to clause 2.1 (Guarantee) of the CGIF Guarantee and clause 3.2 (Missed Payment Event) and clause 3.3 (Acceleration) of the Trust Deed, if a Missed Payment Event (as defined in “Terms and Conditions of the Bonds”) has occurred and is continuing, CGIF shall pay the Guaranteed Amount relating to the Missed Payment Event to the Guaranteed Party or to its order within 30 calendar days of such Missed Payment Event. If CGIF fails to make a payment in accordance with the preceding paragraph, CGIF will pay interest on the overdue Guaranteed Amount for the period from (and including) the date the relevant Non-Payment Event (as defined in “Terms and Conditions of the Bonds”) occurred to (but excluding) the date of actual receipt by the Trustee in respect of a Guaranteed Amount at the default rates specified in the CGIF Guarantee. CGIF will pay interest on the overdue Trustee Expenses from the period from (and including) the date the relevant Non-Payment Event occurred to (but excluding) the Guarantor Payment Date at the rate of the Trustee’s cost of funds, provided that the Trustee furnishes evidence as to its cost of funds to the reasonable satisfaction of CGIF. Notwithstanding the above, following the receipt by CGIF of a Missed Payment Notice (as defined in the Trust Deed) in accordance the Trust Deed and at any time prior to the date on which a Guaranteed Amount is due for payment: •
if the Principal Paying Agent subsequently receives payment in full or in part in respect of a Guaranteed Amount from a source other than CGIF, the Principal Paying Agent shall as soon as reasonably practicable notify the Issuer, CGIF and the Trustee; and
•
upon receipt of the notice referred to above, the obligation of CGIF to pay the Guaranteed Amount specified in the relevant Missed Payment Notice shall, in respect of any payment received in part, be reduced by the corresponding amount received by the Principal Paying Agent or, in respect of any payment received in full, be terminated.
GUARANTEED PARTY ACCELERATION The Trustee has undertaken in the Trust Deed that it shall not take an Acceleration Step (as defined in the Trust Deed) unless CGIF has failed to make payment of a Guaranteed Amount such that a Non-Payment Event has
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occurred and is continuing (a “Guaranteed Party Acceleration”). Pursuant to the Trust Deed, neither the Trustee nor any Bondholder shall be entitled to take an Acceleration Step against the Issuer or CGIF unless a Guaranteed Party Acceleration has occurred or with the prior written consent of the Guarantor and, in the event that any such Acceleration Step is taken in contravention of such provision, CGIF shall not be required to pay amounts in respect of such Acceleration Step. Upon the occurrence of a Guaranteed Party Acceleration and if the Guaranteed Amounts are not paid by the Issuer in accordance with these Conditions and the Trust Deed following such acceleration, the Trustee may at its sole discretion and, if so requested in writing by holders of at least 25% of the aggregate principal amount of the outstanding Bonds or if so directed by an Extraordinary Resolution, shall (subject to the Trustee having been indemnified and/or provided with security and/or pre-funded to its satisfaction) deliver in accordance with the Trust Deed a Guaranteed Party Acceleration Notice (as defined in “Terms and Conditions of the Bonds”) in respect of the aggregate of the unpaid Guaranteed Amounts and the Guarantor default interest amount (if any) to be paid by CGIF in accordance with the CGIF Guarantee. LIMITED RIGHTS OF ACCELERATION The Trustee’s and the Bondholders’ acceleration rights against the Issuer and CGIF are limited pursuant to the Trust Deed, as described under “Guaranteed Party Acceleration” above. In particular, potential investors should note that the Trustee and the Bondholders are not permitted to accelerate upon the occurrence of any of the Events of Default set out in Condition 9. CGIF’S OBLIGATIONS UNDER THE CGIF GUARANTEE ARE NOT IMPACTED BY ITS OR THE ISSUER’S INSOLVENCY OR WINDING-UP CGIF has agreed under the CGIF Guarantee that its obligations will not be affected by any act, omission or thing which would reduce, release or prejudice any of its obligations under the CGIF Guarantee including, among other things, in the event of any insolvency or similar proceedings affecting the Issuer, the Company or CGIF. Investors should, however, note that the CGIF Guarantee is a secondary obligation only. In the event that the Issuer’s obligations under the Bonds, the Trust Deed and/or the Agency Agreement (being the primary obligations which are the subject of the CGIF Guarantee) cease to exist for any reason (for example, because they are held to be void for lack of capacity, or illegality) the Trustee and the Bondholders may not be able to make a claim under the CGIF Guarantee for any Guaranteed Amount. See “Risk Factors — The obligations of the Guarantor under the CGIF Guarantee are secondary obligations only, dependent on the existence of the obligations of the Issuer under the Bonds”). CGIF ACCELERATION At any time following the occurrence of a CGIF Acceleration, CGIF may at its discretion require the Issuer to redeem the Bonds in whole, but not in part only, at their principal amount, together with interest accrued to the date fixed for redemption on giving not less than seven (7) nor more than fifteen (15) days’ notice to the Issuer, following which the Issuer shall immediately, or if the Issuer fails to do so CGIF may, give notice to the Bondholders (which notice shall be irrevocable). A “CGIF Acceleration” occurs if the Issuer or CGIF notifies the Trustee that a Missed Payment Event has occurred and is continuing and irrespective of whether or not CGIF has already paid any Guaranteed Amounts in respect of such Missed Payment Event and CGIF has delivered a CGIF Acceleration Notice to the Trustee in accordance with the Trust Deed. The CGIF Acceleration Notice will, among other things, contain a written confirmation that CGIF will pay all Guaranteed Amounts in respect of the Bonds on the date fixed for redemption. REIMBURSEMENT AND INDEMNITY AGREEMENT The Company, the Issuer and the Guarantor have entered into a reimbursement and indemnity agreement which, among other things, specifies the payment of guarantee fees and other amounts in respect of the CGIF Guarantee and the basis on which amounts paid by the Guarantor under the CGIF Guarantee are to be reimbursed and indemnified by Issuer and the Company.
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Taxation The following summary is based on tax laws of The Netherlands and Singapore as in effect on the date of this Offering Circular, and is subject to changes in Dutch and/or Singapore laws, including changes that could have retroactive effect. The following summary does not take into account or discuss the tax laws of any countries other than The Netherlands and Singapore. Prospective purchasers in all jurisdictions are advised to consult their own tax advisors as to Dutch, Singapore or other tax consequence of the acquisition, ownership and disposition of the Bonds. DUTCH TAXATION Introduction The following summary does not purport to be a comprehensive description of all Dutch tax considerations that could be relevant to holders of the Bonds. This summary is intended for general information only. Each prospective holder should consult a professional tax adviser with respect to the tax consequences of an investment in the Bonds. This summary is based on Dutch tax legislation and published case law in force as of the date of this document. It does not take into account any developments or amendments thereof after that date, whether or not such developments or amendments have retroactive effect. For the purposes of this section, “the Netherlands” shall mean that part of the Kingdom of the Netherlands that is in Europe. Scope Regardless of whether or not a holder of Bonds is, or is treated as being, a resident of the Netherlands, with the exception of the section on withholding tax below, this summary does not address the Netherlands tax consequences for such a holder: (i)
if such holder, and, in the case of an individual, such holder’s partner or certain of their relatives by blood or marriage in the direct line (including foster children), has a substantial interest (aanmerkelijk belang) or deemed substantial interest in the Issuer within the meaning of the Netherlands Income Tax Act 2001 (Wet inkomstenbelasting 2001); generally speaking, a holder of securities in a company is considered to hold a substantial interest in such company, if such holder alone, or, in the case of an individual, together with his/ her partner (as defined in the Netherlands Income Tax Act 2001), directly or indirectly, holds (A) an interest of 5% or more of the total issued and outstanding capital of that company or of 5% or more of the issued and outstanding capital of a certain class of shares of that company; or (B) rights to acquire, directly or indirectly, such interest; or (C) certain profit sharing rights in that company that relate to 5% or more of the company’s annual profits and/or to 5% or more of the company’s liquidation proceeds. A deemed substantial interest arises if a substantial interest (or part thereof) in a company has been disposed of, or is deemed to have been disposed of, on a non-recognition basis;
(ii)
who is a private individual and who may be taxed in box 1 for the purposes of Netherlands income tax (inkomstenbelasting) as an entrepreneur (ondernemer) having an enterprise (onderneming) to which the Bonds are attributable, or who may otherwise be taxed in box 1 with respect to benefits derived from the Bonds;
(iii) which is a corporate entity and a taxpayer for the purposes of Netherlands corporate income tax (vennootschapsbelasting), having a participation (deelneming) in the Issuer (such a participation is generally present in the case of an interest of at least 5% of the Issuer’s nominal paid-in capital); (iv) which is a corporate entity and an exempt investment institution (vrijgestelde beleggingsinstelling) or investment institution (beleggingsinstelling) for the purposes of Netherlands corporate income tax, a pension fund, or otherwise not a taxpayer or exempt for tax purposes; (v)
which is a corporate entity and a resident of Aruba, Curaçao or Sint Maarten; or
(vi) which is not considered the beneficial owner (uiteindelijk gerechtigde) of the Bonds and/or the benefits derived from the Bonds. This summary does not describe the Netherlands tax consequences for a person to whom the Bonds are attributed on the basis of the separated private assets provisions (afgezonderd particulier vermogen) in the Netherlands Income Tax Act 2001 (Wet inkomstenbelasting 2001) and/or the Netherlands Gift and Inheritance Tax Act 1956 (Successiewet 1956).
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Withholding tax All payments made by the Issuer under the Bonds may be made free of withholding or deduction for any taxes of whatsoever nature imposed, levied, withheld or assessed by the Netherlands or any political subdivision or taxing authority thereof or therein. Income tax Resident holders: A holder who is a private individual and a resident, or treated as being a resident of the Netherlands for the purposes of Netherlands income tax, must record Bonds as assets that are held in box 3. Taxable income with regard to the Bonds is then determined on the basis of a deemed return on income from savings and investments (sparen en beleggen), rather than on the basis of income actually received or gains actually realized. This deemed return is fixed at a rate of 4% of the holder’s yield basis (rendementsgrondslag) at the beginning of the calendar year, insofar as the yield basis exceeds a certain threshold (heffingvrij vermogen). Such yield basis is determined as the fair market value of certain qualifying assets held by the holder of the Bonds, less the fair market value of certain qualifying liabilities at the beginning of the calendar year. The fair market value of the Bonds will be included as an asset in the holder’s yield basis. The deemed return on income from savings and investments is taxed at a rate of 30%. Non-resident holders: A holder who is a private individual and neither a resident, nor treated as being a resident, of the Netherlands for the purposes of Netherlands income tax, will not be subject to such tax in respect of benefits derived from the Bonds, unless such holder is entitled to a share in the profits of an enterprise or a coentitlement to the net worth of an enterprise which is effectively managed in the Netherlands, to which enterprise the Bonds are attributable. Corporate income tax Resident holders: A holder which is a corporate entity and, for the purposes of Netherlands corporate income tax, a resident, or treated as being a resident, of the Netherlands, is taxed in respect of benefits derived from the Bonds at rates of up to 25%. Non-resident holders: A holder which is a corporate entity and, for the purposes of Netherlands corporate income tax, is neither a resident, nor treated as being a resident, of the Netherlands, will not be subject to corporate income tax, unless such holder has an interest in an enterprise that is, in whole or in part, carried on through a permanent establishment or a permanent representative in the Netherlands, a Netherlands Enterprise (Nederlandse onderneming), to which Netherlands Enterprise the Bonds are attributable, or such holder is (other than by way of securities) entitled to a share in the profits of an enterprise or a co-entitlement to the net worth of an enterprise, which is effectively managed in the Netherlands and to which enterprise the Bonds are attributable. Such holder is taxed in respect of benefits derived from the Bonds at rates of up to 25%. Gift and inheritance tax Resident holders: Netherlands gift tax or inheritance tax (schenk- of erfbelasting) will arise in respect of an acquisition (or deemed acquisition) of Bonds by way of a gift by, or on the death of, a holder of Bonds who is a resident, or treated as being a resident, of the Netherlands for the purposes of Netherlands gift and inheritance tax. Non-resident holders: No Netherlands gift tax or inheritance tax will arise in respect of an acquisition (or deemed acquisition) of Bonds by way of a gift by, or on the death of, a holder of Bonds who is neither a resident, nor treated as being a resident, of the Netherlands for the purposes of Netherlands gift and inheritance tax. Other taxes No Netherlands turnover tax (omzetbelasting) will arise in respect of any payment in consideration for the issue of Bonds, with respect to any cash settlement of Bonds or with respect to the delivery of Bonds. Furthermore, no Netherlands registration tax, capital tax, transfer tax or stamp duty (nor any other similar tax or duty) will be payable in connection with the issue or acquisition of the Bonds.
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Residency A holder will not become a resident, or a deemed resident, of the Netherlands for Netherlands tax purposes by reason only of holding the Bonds. EU Directive on the Taxation of Savings Income The EU has adopted a directive regarding the taxation of savings income (the “EU Savings Directive”). The EU Savings Directive requires Member States to provide to the tax authorities of other Member States details of payments of interest and other similar income paid by a person to an individual or to certain other persons in another Member State, except that Austria and Luxembourg instead impose a 35% withholding tax (under the responsibility of the relevant paying agent) for a transitional period (subject to a procedure whereby, on meeting certain conditions, the beneficial owner of the interest or other income may request that no tax be withheld), unless during such period they elect otherwise. The Luxembourg government has announced its intention to elect out of the withholding system in favor of automatic exchange of information with effect from January 1, 2015. The indications are that the Austrian government will also elect out of the withholding system in favor of an automatic exchange of information but no effective date has been announced. A number of third countries and territories, including Switzerland, have adopted similar measures to the EU Savings Directive. On March 24, 2014, the Council of the European Union adopted a Directive amending the EU Savings Directive (the “Amending Directive”), which, when implemented, will amend and broaden the scope of the requirements described above. In particular, the Amending Directive will broaden the circumstances in which information must be provided or tax withheld pursuant to the EU Savings Directive, and will require additional steps to be taken in certain circumstances to identify the beneficial owner of interest (and other income) payments. EU Member States have until January 1, 2016 to adopt national legislation necessary to comply with this Amending Directive, which legislation must apply from January 1, 2017. Investors should inform themselves of, and where appropriate take advice on, the impact of the Directives referred to above on their investment. FATCA Withholding A 30% withholding tax will be imposed on certain payments to certain non-U.S. financial institutions that fail to comply with information reporting requirements or certification requirements in respect of their direct and indirect U.S. shareholders and/or U.S. accountholders. The Issuer may be required to withhold on a portion of any payment under any Bond that is made to a non-U.S. financial institution that has not agreed to comply with these information reporting requirements. Such withholding may be imposed at any point in a chain of payments if a non-U.S. payee fails to comply with U.S. information reporting, certification and related requirements. Accordingly, Bonds held through a non-compliant institution may be subject to withholding even if the holder of the Bond otherwise would not be subject to withholding. Such withholding would generally not apply to payments made before January 1, 2017 and such withholding will only apply to bonds issued at least six months after the date on which final U.S. Treasury regulations implementing such rule are published in final form. It is impossible to determine at this time what impact, if any, these rules will have on holders of the Bonds. Prospective investors should consult their tax advisors and their banks or brokers regarding the possibility of this withholding. SINGAPORE TAXATION The statements made herein regarding taxation are general in nature and based on certain aspects of the current tax laws of Singapore and administrative guidelines and circulars issued by the MAS in force as of the date of this Offering Circular and are subject to any changes in such laws, administrative guidelines or circulars, or in the interpretation of these laws, guidelines or circulars, occurring after such date, which changes could be made on a retrospective basis. These laws, guidelines and circulars are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with the explanations or conclusions set out below. Neither these statements nor any other statements in this Offering Circular are intended or are to be regarded as advice on the tax position of any Bondholder or of any person acquiring, selling or otherwise dealing with the Bonds or on any tax implications arising from the acquisition, sale or other dealings in respect of the Bonds. The statements made herein do not purport to be a comprehensive or exhaustive description of all the tax considerations that may be relevant to a decision to subscribe for, purchase, own or dispose of the Bonds and do
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not purport to deal with the tax consequences applicable to all categories of investors some of which (such as dealers in securities or financial institutions in Singapore which have been granted the relevant Financial Sector Incentive(s)) may be subject to special rules or tax rates. Prospective Bondholders are advised to consult their own tax advisers as to the Singapore or other tax consequences of the acquisition, ownership or disposition of the Bonds, including, in particular, the effect of any foreign, state or local tax laws to which they are subject to. It is emphasized that none of the Issuer, the Guarantor, the Joint Lead Managers and any other persons involved in the issuance of the Bonds accepts responsibility for any tax effects or liabilities resulting from the subscription for, purchase, holding or disposal of the Bonds. The tax disclosure below has also been drafted on the assumption that payments of interest and other income under the Bonds are not derived from Singapore under Section 12(6) of the Income Tax Act, Chapter 134 of Singapore. Interest and Other Payments As the issue of the Bonds is jointly lead-managed by DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited, and each of which is a Financial Sector Incentive (Capital Market) Company or Financial Sector Incentive (Standard Tier) Company (as defined in the Income Tax Act, Chapter 134 of Singapore (“ITA”)), and the Bonds are issued as debt securities prior to December 31, 2018, the Bonds would be, pursuant to the ITA and the MAS Circular FSD Cir 02/2013 entitled “Extension and Refinement of Tax Concessions for Promoting the Debt Market” issued by the MAS on June 28, 2013, qualifying debt securities (“QDS”) for the purposes of the ITA, to which the following treatment shall apply. Subject to certain conditions having been fulfilled (including the furnishing of a return on debt securities for the Bonds in the prescribed format within such period as the relevant authorities may specify and such other particulars in connection with the Bonds as the relevant authorities may require to the MAS and such other relevant authorities as may be prescribed), interest, discount income (not including discount income arising from secondary trading), prepayment fee, redemption premium and break cost (collectively, the “Qualifying Income”) from the Bonds paid by the Issuer and derived by any company or body of persons (as defined in the ITA) in Singapore is subject to tax at a concessionary rate of 10.0% (except for holders of the relevant Financial Sector Incentive(s) who may be taxed at different rates). Notwithstanding the foregoing: (A)
if during the primary launch of the Bonds, the Bonds are issued to fewer than four persons and 50% or more of the issue of the Bonds is beneficially held or funded, directly or indirectly, by related parties of the Issuer, the Bonds would not qualify as QDS; and
(B)
even though the Bonds are QDS, if, at any time during the tenure of the Bonds, 50% or more of the issue of the Bonds is held beneficially or funded, directly or indirectly, by any related party(s) of the Issuer, Qualifying Income derived from the Bonds held by: (i)
any related party of the Issuer; or
(ii)
any other person where the funds used by such person to acquire the Bonds are obtained, directly or indirectly, from any related party of the Issuer,
shall not be eligible for the concessionary rate of tax as described above. The term “related party”, in relation to a person, means any other person who, directly or indirectly, controls that person, or is controlled, directly or indirectly, by that person, or where he and that other person, directly or indirectly, are under the control of a common person. The terms “prepayment fee”, “redemption premium” and “break cost” are defined in the ITA as follows: “prepayment fee”, in relation to debt securities and qualifying debt securities, means any fee payable by the issuer of the securities on the early redemption of the securities, the amount of which is determined by the terms of the issuance of the securities; “redemption premium”, in relation to debt securities and qualifying debt securities, means any premium payable by the issuer of the securities on the redemption of the securities upon their maturity; and
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“break cost”, in relation to debt securities and qualifying debt securities, means any fee payable by the issuer of the securities on the early redemption of the securities, the amount of which is determined by any loss or liability incurred by the holder of the securities in connection with such redemption. References to “prepayment fee”, “redemption premium” and “break cost” in this Singapore tax disclosure have the same meaning as defined in the ITA. All foreign-sourced income received in Singapore on or after January 1, 2004 by Singapore tax-resident individuals will be exempt from income tax, provided such foreign-sourced income is not received through a partnership in Singapore. Where interest, discount income, prepayment fee, redemption premium or break cost (i.e. the Qualifying Income) is derived from the Bonds by any person who is not resident in Singapore and who carries on any operations in Singapore through a permanent establishment in Singapore, any tax exemption available for QDS under the ITA shall not apply if such person acquires the Bonds using the funds and profits of such person’s operations through a permanent establishment in Singapore. Any person whose interest, discount income, prepayment fee, redemption premium or break cost (i.e. the Qualifying Income) derived from the Bonds is not exempt from tax is required to include such income in a return of income made under the ITA. Capital Gains Any gains considered to be in the nature of capital made from the sale of the Bonds will not be taxable in Singapore. However, any gains derived by any person from the sale of the Bonds which are gains from any trade, business, profession or vocation carried on by that person, if accruing in or derived from Singapore, may be taxable as such gains are considered revenue in nature. Holders of the Bonds who apply or who are required to apply Singapore Financial Reporting Standard 39 (“FRS 39”) may, for Singapore income tax purposes, be required to recognize gains or losses (not being gains or losses in the nature of capital) on the Bonds, irrespective of disposal, in accordance with FRS 39. Please see the section below on “Adoption of FRS 39 Treatment for Singapore Income Tax Purposes”. Adoption of FRS 39 Treatment for Singapore Income Tax Purposes The Inland Revenue Authority of Singapore has issued a circular entitled “Income Tax Implications Arising from the Adoption of FRS 39 — Financial Instruments: Recognition and Measurement” (the “FRS 39 Circular”). The ITA has since been amended to give effect to the FRS 39 Circular. The FRS 39 Circular generally applies, subject to certain “opt-out” provisions, to taxpayers who are required to comply with FRS 39 for financial reporting purposes. Holders of the Bonds who may be subject to the tax treatment under the FRS 39 Circular should consult their own accounting and tax advisers regarding the Singapore income tax consequences of their acquisition, holding or disposal of the Bonds. Estate Duty Singapore estate duty has been abolished with respect to all deaths occurring on or after February 15, 2008.
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Plan of Distribution Subject to the terms and conditions contained in a subscription agreement dated November 20, 2014 (the “Subscription Agreement”) among the Issuer, the Company, the Guarantor and DBS Bank Ltd. and OverseaChinese Banking Corporation Limited, as the joint lead managers (the “Joint Lead Managers”), the Issuer has agreed to sell to the Joint Lead Managers, and each of the Joint Lead Managers has agreed, severally, not jointly, to purchase from the Issuer, the principal amount of the Bonds set forth opposite its name below: Joint Lead Managers
Principal Amount of Bonds
DBS Bank Ltd. ............................................................................................................. Oversea-Chinese Banking Corporation Limited ...................................................................
S$ 90,000,000 S$ 90,000,000
Total ..........................................................................................................................
S$180,000,000
The Subscription Agreement provides that the obligation of the Joint Lead Managers to purchase the Bonds is subject to the approval of certain legal matters by their counsels and to certain other conditions. The Joint Lead Managers have agreed, severally and not jointly, to purchase all of the Bonds if any are taken. If a Joint Lead Manager fails to subscribe and/or pay for its commitment, the Subscription Agreement provides that the nondefaulting Joint Lead Manager shall have the option, but no obligation to subscribe all of the Bonds which the defaulting Joint Lead manager agreed but failed to purchase or the Subscription Agreement will terminate, without any liability to any non-defaulting Joint Lead Manager, the Issuer, the Company or the Guarantor. The initial offering price is set forth on the cover page of this Offering Circular. After the Bonds are released for sale, the Joint Lead Managers may change the offering price and other selling terms. In addition, each of the Issuer and the Company has agreed with the Joint Lead Managers that certain private banks will be paid a commission in connection with the purchase of the Bonds by their private bank clients. The Joint Lead Managers reserve the right to withdraw, cancel or modify offers to investors and to reject orders in whole or in part. Each of the Issuer and the Company has agreed not to, for the period beginning on the date of this Offering Circular to and (including) the date falling 30 days after the closing of the offering, without the prior written consent of the Joint Lead Managers, offer, sell, pledge, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Issuer or the Company that are substantially similar to the Bonds (other than the Bonds and any yen-denominated bonds). Each of the Issuer and the Company has agreed to indemnify each of the Joint Lead Managers against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the Joint Lead Managers may be required to make in respect of any of such liabilities. The Bonds will constitute a new class of securities with no established trading market. Approval-in-principle has been received for the listing and quotation of the Bonds on the Official List of the SGX-ST. The offering and settlement of the Bonds is not conditioned upon obtaining the listing. The Issuer does not intend to apply for listing or quotation of the Bonds on any national securities exchange in the United States or through Nasdaq. However, there can be no assurance that the prices at which the Bonds will sell in the market after this offering will not be lower than the initial offering price or that an active trading market for the Bonds after the completion of the offering will develop and continue after this offering. The Joint Lead Managers have advised the Company that they currently intend to make a market in the Bonds. However, they are not obligated to do so and may discontinue any market-making activities with respect to the Bonds at any time without notice. In addition, market-making activity will be subject to the limits imposed by applicable law. Accordingly, there can be no assurance that the trading market for the Bonds will have any liquidity. The Bonds have not been registered under the Securities Act and, unless so registered, may not be offered or sold within the United States except in certain transactions exempt from, or not subject to, the registration requirements of the Securities Act. The Joint Lead Managers may, from time to time, engage in transactions with and perform services for the Issuer or the Company in the ordinary course of its business. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the Joint Lead Managers or any of its affiliates is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the Joint Lead Managers or its affiliate on behalf of the Issuer in such jurisdiction. Delivery of the Bonds is expected on or about November 27, 2014. Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in three business days, unless the parties to any
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such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Bonds on the date of pricing or the next succeeding business day will be required, because the Bonds initially will not settle in three business days, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers who wish to trade the Bonds on the pricing date or the next succeeding business day should consult their own advisers. SELLING RESTRICTIONS General None of the Issuer, the Company, the Guarantor or any Joint Lead Manager makes any representation that any action will be taken in any jurisdiction by the Joint Lead Managers, the Issuer, the Company or the Guarantor that would permit a public offering of the Bonds, or possession or distribution of the Offering Circular (in preliminary, proof or final form) or any other offering or publicity material relating to the Bonds (including roadshow materials and investor presentations), in any country or jurisdiction where action for that purpose is required. No Joint Lead Manager is authorized to make any representation or use any information in connection with the issue, subscription and sale of the Bonds other than as contained in, or which is consistent with, the Offering Circular or any amendment or supplement to it. United States The Bonds and the Guarantee have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit or, U.S. Persons (as defined in Regulation S), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Bonds and the Guarantee are being offered and sold only outside the United States to non-U.S. persons in offshore transactions in compliance with Regulation S under the Securities Act. United Kingdom This Offering Circular is for distribution in the United Kingdom only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This Offering Circular is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Offering Circular relates is available only to relevant persons and will be engaged in only with relevant persons. Each Joint Lead Manager represents, warrants and agrees that: (a)
it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of any Bonds in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer, the Company or the Guarantor; and
(b)
it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Bonds in, from or otherwise involving the United Kingdom.
European Economic Area This Offering Circular has been prepared on the basis that any offer of Bonds in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Bonds. The expression “Prospectus Directive” means Directive 2003/71/EC (and
110
amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU. Hong Kong The Bonds may not be offered or sold in Hong Kong, by means of any document, other than (i) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (ii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the Bonds may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Bonds which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder. Each Joint Lead Manager represents and agrees that: (a)
it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Bonds other than (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and
(b)
it has not issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the Bonds, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Bonds which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the Securities and Futures Ordinance and any rules made under that Ordinance.
Indonesia The offering of the Bonds does not constitute a public offering in Indonesia under Law No. 8 of 1995 regarding Capital Markets and its implementing regulations. This Offering Circular may not be distributed in Indonesia and the Bonds may not be offered to more than 100 Indonesian parties and/or sold to more than 50 Indonesian parties wherever they are domiciled, or to Indonesian residents, in a manner which constitutes a public offering under the laws and regulations of Indonesia. Singapore Each Joint Lead Manager has acknowledged that this Offering Circular has not been and will not be registered as a prospectus with the MAS. Accordingly, each Joint Lead Manager represents, warrants and agrees that it has not circulated or distributed or will it circulate or distribute this Offering Circular or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Bonds and has not offered or sold or caused the Bonds to be made the subject of an invitation for subscription or purchase and will not offer or sell any Bonds or cause the Bonds to be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person pursuant to Section 275(1), or to any person pursuant Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
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Where the Bonds are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a)
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six (6) months after that corporation or that trust has acquired the Bonds pursuant to an offer made under Section 275 of the SFA except: (a)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(b)
where no consideration is or will be given for the transfer;
(c)
where the transfer is by operation of law;
(d)
as specified in Section 276(7) of the SFA; or
(e)
as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Japan The Bonds have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended, the “Financial Instruments and Exchange Act”). Accordingly, each Joint Lead Manager represents and agrees that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell any Bonds in Japan or to, or for the account or benefit of, any Resident of Japan or to others for re-offering or re-sale, directly or indirectly, in Japan or to, or for the account or benefit of, any Resident of Japan except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan. For these purposes “Resident of Japan” means any person resident in Japan, as defined under item 5, Paragraph 1, Article 6 of the Foreign Exchange and Foreign Trade Act (Act No. 228 of 1949, as amended). People’s Republic of China Each of the Joint Lead Managers represents, warrants and agrees that the Bonds are not being offered or sold and may not be offered or sold, directly or indirectly, in the People’s Republic of China (for such purposes, not including Hong Kong and Macau Special Administrative Regions or Taiwan), except as permitted by the securities laws of the People’s Republic of China. The Netherlands The Bonds have not been and will not be offered in the Netherlands other than to persons or entities which are qualified investors (gekwalificeerde beleggers) as defined in Section 1:1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
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Transfer Restrictions Because of the following restrictions, purchasers are advised to consult legal counsel prior to making any offer, sale, resale, pledge or other transfer of the Securities. Each purchaser of the Securities, by accepting the delivery of this Offering Circular, will be deemed to have represented and agreed as follows (terms used in this paragraph that are defined in Regulation S are used herein as defined therein): 1.
it is purchasing the Securities for its own account or an account with respect to which it exercises sole investment discretion, and it and any such account is outside the United States (as defined in Regulation S);
2.
it understands and acknowledges that the Securities have not been and will not be registered under the Securities Act;
3.
that unless so registered, the Securities may not be sold or otherwise transferred except under an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or any other applicable securities laws;
4.
that the Securities are being offered and sold only outside the United States to non-U.S. persons in an offshore transaction in compliance with Rule 903 under the Securities Act; and
5.
that it is purchasing the Securities for its own account, or for one or more investor accounts for which it is acting as a fiduciary or agent, in each case not with a view to, or for offer or sale in connection with, any distribution of the Securities in violation of the Securities Act.
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Legal Matters Certain legal matters with respect to the Bonds will be passed upon for the Issuer by Milbank, Tweed, Hadley & McCloy LLP as to matters of English law and U.S. law, Makes & Partners as to matters of Indonesian law, Linklaters LLP as to matters of Dutch law and Allen & Gledhill LLP as to matters of Singapore law. Certain legal matters will be passed upon for the Joint Lead Managers by Sidley Austin LLP as to matters of English law and U.S. law and Hiswara, Bunjamin & Tandjung as to matters of Indonesian law. Certain legal matters will be passed upon for CGIF by Allen & Overy as to matters of English law.
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Independent Auditors The audited consolidated financial statements of the Company as of December 31, 2011, 2012, and 2013, and for the years ended December 31, 2011, 2012, and 2013, and the nine-month period ended September 30, 2013, have been audited by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with Standards on Auditing established by the IICPA, as stated in their audit report appearing elsewhere in this Offering Circular. The unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended have been reviewed by PSS (a member firm of Ernst & Young Global Limited), independent auditors, in accordance with SRE 2410, established by the IICPA, as stated in their review report appearing elsewhere in this Offering Circular. A review conducted in accordance with SRE 2410 established by the IICPA is substantially less in scope than an audit conducted in accordance with Standards on Auditing established by the IICPA and consequently, does not enable PSS to obtain assurance that they would become aware of all significant matters that might be identified in an audit. Accordingly, they do not express an audit opinion on the unaudited interim consolidated financial statements of the Company as of September 30, 2014 and for the nine-month period then ended.
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Ratings The Bonds are expected to be rated “AA” by S&P. A security rating is not a recommendation to purchase, hold or sell the Bonds inasmuch as such rating does not comment as to market price or suitability for a particular investor. There can be no assurance that the ratings will remain in effect for any given period or that the ratings will not be revised by the rating agencies in the future if, in their judgment, circumstances so warrant. See “Risk Factors — Risks Relating to the Securities — The ratings assigned to the Bonds may be lowered or withdrawn.”
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Appendix A Form of CGIF Guarantee
A-1
GUARANTEE AGREEMENT November 27, 2014 CREDIT GUARANTEE AND INVESTMENT FACILITY, A TRUST FUND OF THE ASIAN DEVELOPMENT BANK and
DB TRUSTEES (HONG KONG) LIMITED as Guaranteed Party as trustee for and on behalf of all Bondholders relating to
SGD180,000,000 3.25% Senior Unsecured Guaranteed Bonds due 2024 issued by Protelindo Finance B.V.
Allen & Overy LLP
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CONTENTS Page
Clause 1.
Interpretation ....................................................................................................................
A-4
2.
Guarantee ........................................................................................................................
A-7
3.
Payment under this Guarantee .............................................................................................
A-9
4.
Subrogation and Transfers ..................................................................................................
A-10
5.
Application of Funds and Recoveries ....................................................................................
A-11
6.
Taxes ..............................................................................................................................
A-11
7.
Payments .........................................................................................................................
A-12
8.
Amendments and Waivers ..................................................................................................
A-12
9.
Assignment ...................................................................................................................... A-13
10.
Termination ..................................................................................................................... A-13
11.
Set-off.............................................................................................................................
A-13
12.
Severability ......................................................................................................................
A-13
13.
Counterparts..................................................................................................................... A-13
14.
Notices............................................................................................................................
A-13
15.
Contracts (Rights of Third Parties) Act 1999 ..........................................................................
A-15
16.
Governing law ..................................................................................................................
A-15
17.
Dispute Resolution ............................................................................................................ A-15
18.
Disclosure of information ...................................................................................................
A-18
Schedule 1.
Form of CGIF Certificate ...................................................................................................
A-20
Signatories .............................................................................................................................
A-21
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THIS GUARANTEE (this Agreement) is dated November 27, 2014 and is made BETWEEN: (1)
CREDIT GUARANTEE AND INVESTMENT FACILITY, a trust fund of the Asian Development Bank with its principal office in Manila, the Philippines, as guarantor (CGIF); and
(2)
DB TRUSTEES (HONG KONG) LIMITED (Guaranteed Party, which expression includes, where the context admits, all persons for the time being the trustee or trustees for and on behalf of the Bondholders), (each a Party and collectively the Parties).
BACKGROUND: (A)
At the request of the Issuer, CGIF has agreed, subject to the terms and conditions of this Agreement, to issue a guarantee in favour of the Guaranteed Party in respect of the Bonds (as defined below).
(B)
It is intended that this document takes effect as a deed notwithstanding the fact that a party may only execute this document under hand.
IT IS AGREED as follows: 1.
INTERPRETATION
1.1
Definitions In this Agreement: Additional Accrued Interest means the amount of interest in respect of any Bond for the Additional Accrual Period at the Bond Interest Rate. Additional Accrual Period means, where CGIF is required to pay any Guaranteed Amounts in respect of principal due on the Bond Maturity Date, the period from (and including) the Bond Maturity Date to (but excluding) the earlier of (1) the Guarantor Payment Date, and (2) the Non-Payment Event; or otherwise, on an acceleration of the redemption of the Bonds pursuant to Guaranteed Party Acceleration or CGIF Acceleration, the period from (and including) the immediately preceding Bond Interest Payment Date until the date of redemption upon such acceleration. Agency Agreement has the meaning given to such term in the Bond Conditions. Articles of Agreement means the articles of agreement of CGIF dated 27 November 2013 (as may be amended or supplemented from time to time). Bond Conditions has the meaning given to the term Conditions in the Trust Deed. Bond Documents means the Bond Conditions, Trust Deed, the Agency Agreement and the Certificates and all other documentation (excluding the Guarantee Documents) related to the issuance of the Bonds. Bond Interest Payment Date has the meaning given to the term Interest Payment Date under the Bond Conditions. Bond Interest Rate has the meaning given to the term Rate of Interest under the Bond Conditions. Bond Maturity Date means the maturity date of the Bonds as set out in Condition 6(a) of the Bond Conditions. Bondholders has the meaning given to such term in the Bond Conditions. Bonds means the SGD180,000,000 3.25% Senior Unsecured Guaranteed Bonds due 2024 to be issued by the Issuer shortly following the date of this Agreement.
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Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in Jakarta, Manila, New York, Singapore, Hong Kong and Amsterdam. Certificates has the meaning set out in the Bond Conditions. CGIF Assets means all property and assets of CGIF held in trust in accordance with the Articles of Agreement of CGIF and available from time to time to meet the liabilities of CGIF. For the avoidance of doubt, a CGIF Asset does not include any assets of the Asian Development Bank or any other contributors to CGIF. CGIF Certificate means the certificate to be issued by CGIF to the Guaranteed Party certifying it has received (or waived receipt of) the documents and evidence set out in Schedule 1 (Conditions Precedent) to the Indemnity Agreement in form and substance satisfactory to CGIF, substantially in the form set out in Schedule 1 (Form of CGIF Certificate). Governmental Agency means any government or any governmental agency, semi-governmental or judicial entity or authority (including, without limitation, any stock exchange or any self-regulatory organization established under statute). Guarantee means the guarantee provided by CGIF pursuant to, and subject to the terms and conditions of this Agreement. Guarantee Documents means this Agreement, the Indemnity Agreement and any other document or agreement entered into between any of CGIF, the Obligors and the Guaranteed Party in connection with any of those documents. Guarantee Term has the meaning given to it in Clause 2.2 (Term of this Guarantee). Guaranteed Amount has the meaning given to it in Clause 2.1 (Guarantee). Guarantor Default Interest Amount means any amount payable by CGIF pursuant to Clause 3.3 (Guarantor Default Interest). Guarantor Default Rate means the Bond Interest Rate plus 2 per cent. per annum. Guarantor Payment Date means the date of actual receipt by the Guaranteed Party in respect of a Guaranteed Amount. Indemnity Agreement means the reimbursement and indemnity agreement dated on or about the date of this Agreement entered into between CGIF and the Obligors in connection with this Agreement. Issue Date has the same meaning given to the term Issue Date under the Bond Conditions. Issuer means Protelindo Finance B.V., a private company with limited liability incorporated under the laws of the Netherlands, with its corporate seat at Amsterdam, The Netherlands and its office located at Teleportboulevard 140, 1043 EJ Amsterdam, The Netherlands. Missed Payment Event means the non-payment (not taking into account any grace period) of any Guaranteed Amount by the Issuer in accordance with the Bond Conditions. Non-Payment Event means the occurrence of an Event of Default (as defined in the Bond Conditions) 30 calendar days after the occurrence of a Missed Payment Event in accordance with Condition 9(a)(i) (Non-payment) of the Bond Conditions. Obligors means the Parent and the Issuer. Paid Guaranteed Amount has the meaning given to it in Clause 4.1 (Subrogation). Parent means PT Profesional Telekomunikasi Indonesia, a company incorporated under the laws of Indonesia, with its registered office located in Surapati Core Blok AB (Anggrek Boulevard) No. 16, Jl. PHH. Mustopa, Bandung 40192, Indonesia.
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Principal Amount means the outstanding principal amount in respect of the Bonds at any time. Scheduled Interest means scheduled interest on the Bonds payable at the Bond Interest Rate on each Bond Interest Payment Date (excluding, for the avoidance of doubt, default interest). Security means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. SGD means Singapore Dollars, the lawful currency of Singapore in general circulation from time to time. Subsidiary has the meaning given to such term in the Bond Conditions. Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any related penalty or interest). Tax Deduction means a deduction or withholding for or on account of Tax from a payment under this Agreement. Trust Deed means the trust deed entered into between, among others, the Issuer, the Guaranteed Party and CGIF on or about the date of this Agreement in relation to the Bonds. Trustee Expenses means the remuneration, costs, charges, expenses and interests and claims for reimbursement and indemnification due and payable to the Guaranteed Party in accordance with the Trust Deed and the remuneration, costs, charges, expenses and interests and claims for reimbursement and indemnification due and payment to the agents named in the Agency Agreement relating to the Bonds in accordance with such Agency Agreement. US$, USD or US Dollar means the lawful currency of the United States of America in general circulation from time to time. 1.2
Construction (a)
In this Agreement, terms not defined herein have the meaning as set out in the Bond Conditions and unless the contrary intention appears, a reference to: (i)
an amendment includes a supplement, novation, extension (whether of maturity or otherwise), restatement, re-enactment or replacement (however fundamental and whether or not more onerous) and amended will be construed accordingly;
(ii)
assets includes present and future properties, revenues and rights of every description;
(iii) a Clause, a Subclause or a Schedule is a reference to a clause or subclause of, or a schedule to, this Agreement; (iv) a currency is a reference to the lawful currency for the time being of the relevant country; (v)
a Bond Document or other document or security includes (without prejudice to any prohibition on amendments) any amendment to that Bond Document or other document or security;
(vi) a provision of law is a reference to that provision as extended, applied, amended or re-enacted and includes any subordinate legislation; (vii) a Party or any other person includes its successors in title, permitted assigns and permitted transferees; (viii) a person includes any individual, company, corporation, unincorporated association or body (including a partnership, trust, fund, joint venture or consortium), government, state, agency, organisation or other entity, whether or not having separate legal personality; (ix) a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person to which it applies is accustomed to comply) of any governmental, inter-governmental
A-6
or supranational body, agency, department or regulatory, self-regulatory or other authority or organization; (x)
a successor shall be construed so as to include an assignee or successor in title of such party and any person who under the laws of its jurisdiction of incorporation or domicile has assumed the rights and obligations of such party under this Agreement or to which, under such laws, such rights and obligations have been transferred;
(xi) a time of day is a reference to Manila time; and (xii) the winding-up, dissolution or administration of a company or corporation shall be construed so as to include any equivalent or analogous proceedings under the law of the jurisdiction in which such company or corporation is established or incorporated or any jurisdiction in which such company or corporation carries on business including the seeking of liquidation, winding-up, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors. (b)
Unless the contrary intention appears, a reference to a month or months is a reference to a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: (i)
if the numerically corresponding day is not a Business Day, the period will end on the next Business Day in that month (if there is one) or the preceding Business Day (if there is not);
(ii)
if there is no numerically corresponding day in that month, that period will end on the last Business Day in that month; and
(iii) notwithstanding subparagraph (i) above, a period which commences on the last Business Day of a month will end on the last Business Day in the next month or the calendar month in which it is to end, as appropriate. (c)
The headings in this Agreement are provided for convenience only and do not affect the construction or interpretation of any provision of this Agreement.
2.
GUARANTEE
2.1
Guarantee (a)
Subject to the provisions of this Agreement, CGIF irrevocably and unconditionally guarantees to the Guaranteed Party the full and punctual payment of each Guaranteed Amount.
Subject to this Clause 2.1, in this Agreement, Guaranteed Amount means: (i)
any Principal Amount and any Scheduled Interest which is overdue and unpaid (whether in whole or in part) by the Issuer under the Bond Conditions and the Trust Deed:
(ii)
any Additional Accrued Interest; and
(iii) any Trustee Expenses. (b)
For the avoidance of doubt, a Guaranteed Amount does not include any increased costs, tax-related indemnity (but for the avoidance of doubt includes any additional amounts required to be paid to the Bondholders due to a tax deduction and the operation of Condition 8 (Taxation), provided that the Guaranteed Amount will only include the original amount which would have been due from the Issuer if no tax deduction were required), default interest, fees, or any other amounts other than any Principal Amount, any Scheduled Interest, any Additional Accrued Interest and any Trustee Expenses payable by the Issuer to the Guaranteed Party or any Bondholders.
(c)
If the Bonds become payable on an accelerated basis: (i)
as a result of the Guaranteed Party declaring the Bonds payable on an accelerated basis, CGIF shall pay any Guaranteed Amounts in accordance with clause 3.3 (Acceleration) of the Trust Deed; and/or
A-7
(ii)
as a result of CGIF exercising its rights pursuant to Condition 6(c) (Redemption in the event of a CGIF Acceleration) of the Bond Conditions, CGIF shall pay any Guaranteed Amount in accordance with Clause 3.2 (Payment of Guaranteed Amount); and
(iii) CGIF shall have no obligation to pay any amounts pursuant to this Agreement where the relevant amount of principal or accrued interest became payable under the Bond Conditions on an accelerated basis at the instigation of the Issuer, including, without limitation, as a result of the Issuer’s voluntary redemption of the Bonds (whether in full or in part) prior to the Bond Maturity Date. 2.2
Term of this Guarantee (a)
The Guarantee shall be effective as of the first date on which both (i) the Issue Date has taken place and (ii) CGIF has issued the CGIF Certificate.
(b)
Subject to Clause 2.8 (Reinstatement) and Clause 10.2 (Termination), the Guarantee will expire on the earlier of: (i)
the date on which all Guaranteed Amounts have been paid, repaid or prepaid in full, or the payment obligations of the Issuer in respect of all Guaranteed Amounts have been otherwise discharged or released pursuant to the Bond Documents or any other arrangement between the Issuer and the Guaranteed Party;
(ii)
the date of full redemption, prescription or cancellation of the Bonds; and
(iii) the effective date of any termination of this Guarantee pursuant to Clause 10 (Termination), (such period of effectiveness of this Guarantee being the Guarantee Term). 2.3
Continuing guarantee This Guarantee is a continuing guarantee and will extend to the ultimate balance of all Guaranteed Amounts payable by the Issuer under the Bond Documents and this Agreement, regardless of any intermediate payment or discharge in whole or in part or where the payment of a Guaranteed Amount has been made but further Guaranteed Amounts are still due and payable or where the Bonds are outstanding.
2.4
Guaranteed Amounts following amendments to the Bond Documents If, without the prior written consent of CGIF, the Guaranteed Party concurs in any amendment, modification, variation, novation, waiver or termination of:
2.5
(a)
any term of a Bond Document, except a term relating to the maturity of the Bonds, CGIF will irrevocably and unconditionally guarantee to the Guaranteed Party the Guaranteed Amount as per the terms of the Bond Documents and this Agreement in force as at the date of this Agreement; and
(b)
any term of a Bond Document relating to the maturity of the Bonds such that the maturity date of the Bonds is extended beyond ten years from the Issue Date, CGIF will irrevocably and unconditionally guarantee to the Guaranteed Party the Guaranteed Amount until the original maturity date of the Bonds, being November 27, 2024.
Limited recourse Notwithstanding any other provisions of this Agreement or any Bond Document, the recourse of the Guaranteed Party to CGIF under this Agreement and any Bond Document is limited solely to the CGIF Assets. The Guaranteed Party acknowledges and accepts that it only has recourse to the CGIF Assets and it has no recourse to any assets of Asian Development Bank or any other contributors to CGIF. Any obligation under this Agreement of CGIF shall not constitute an obligation of Asian Development Bank or any other contributors to CGIF.
2.6
No personal liability of Asian Development Bank or any other contributors to CGIF Notwithstanding any other provisions of this Agreement or any Bond Document, neither the Asian Development Bank nor any other contributors to CGIF or the officers, employees or agents of Asian
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Development Bank or any contributor to CGIF shall be subject to any personal liability whatsoever to any third party including the Guaranteed Party in connection with the operation of CGIF or under this Agreement, any Bond Document or any Guarantee Document. No action may be brought against Asian Development Bank as the trustee of CGIF or as contributor to CGIF or against any other contributors to CGIF or any of their respective officers, employees or agents by any third party including the Guaranteed Party in connection with this Agreement. 2.7
Waiver of defences The obligations of CGIF under this Agreement will not be affected by and shall remain in force notwithstanding any act, omission, event or thing of any kind which, but for this provision, would reduce, release or prejudice any of its obligations under this Agreement. This includes:
2.8
(a)
any time, waiver or any other concession or consent granted to, or composition with, any person;
(b)
the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person;
(c)
any failure to realise the full value of any security;
(d)
any incapacity, or lack of power, authority or legal personality of any person;
(e)
any termination, amendment, variation, novation, replacement or supplement of or to a Bond Document or any other document or security relating thereto, but subject to Clauses 2.4 and 8.1 hereof;
(f)
any unenforceability, illegality or, invalidity of any obligation of any person under any Bond Document or any other document or security;
(g)
any insolvency or similar proceedings affecting CGIF, the Parent or the Issuer;
(h)
any change in the taxation status of CGIF, the Parent or the Issuer; or
(i)
the replacement of the Guaranteed Party as trustee for and on behalf of the Bondholders.
Reinstatement If any discharge, release or arrangement (whether in respect of the obligations of the Issuer and/or CGIF or any security for those obligations or otherwise) is made by the Guaranteed Party in whole or in part in respect of a Guaranteed Amount on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, then the liability of CGIF under Clauses 2 (Guarantee) and 3 (Payment under this Guarantee) will continue or be reinstated as if the discharge, release or arrangement had not occurred.
2.9
Additional Security This Agreement is in addition to and is not in any way prejudiced by any other security in respect of the Issuer’s and/or Parent’s obligations under the Bond Documents now or subsequently held by the Guaranteed Party (or any trustee or agent on its behalf).
2.10 Pari Passu Ranking Without limiting any other provision contained in this Agreement or any other Bond Documents, CGIF’s payment obligations under this Agreement rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law (if any). 3.
PAYMENT UNDER THIS GUARANTEE
3.1
General CGIF agrees that the Guaranteed Party is not required to proceed against, enforce any other rights or security, or claim payment from any person before claiming from CGIF under this Agreement, irrespective
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of any law or any provision of any Bond Document to the contrary, provided that CGIF shall only be required to make payments to the Guaranteed Party in accordance with the terms of this Agreement and the Bond Conditions. 3.2
Payment of Guaranteed Amount Subject to Clause 2.1 (Guarantee) and clauses 3.2 (Missed Payment Event) and 3.3 (Acceleration) of the Trust Deed, if a Missed Payment Event has occurred and is continuing, CGIF shall pay the Guaranteed Amount relating to the Missed Payment Event to the Guaranteed Party or to its order within 30 calendar days of such Missed Payment Event.
3.3
Guarantor Default Interest (a)
Subject to paragraph (b) below, if CGIF fails to make a payment in accordance with Clause 3.2 (Payment of Guaranteed Amount), CGIF will pay interest on the overdue Guaranteed Amount (other than any Trustee Expenses) for the period from (and including) the date the relevant Non-Payment Event occurred to (but excluding) the Guarantor Payment Date at the Guarantor Default Rate.
(b)
CGIF will pay interest on the overdue Trustee Expenses from the period from (and including) the date the relevant Non-Payment Event occurred to (but excluding) the Guarantor Payment Date at the rate of the Trustee’s cost of funds, provided that the Trustee furnishes evidence as to its cost of funds to the reasonable satisfaction of CGIF.
4.
SUBROGATION AND TRANSFERS
4.1
Subrogation (a)
Immediately upon the receipt by the Guaranteed Party under this Agreement of all or any part of the Guaranteed Amount in accordance with the Agreement (a Paid Guaranteed Amount), CGIF shall be subrogated to: (i)
all of the rights, powers and remedies of the Guaranteed Party, on behalf of the Bondholders, and of the Bondholders themselves, in respect of the Bonds and each Bond Document (in each case, to the extent relating and proportionate to that Paid Guaranteed Amount), against any relevant person, including (and to the extent relating and proportionate to that Paid Guaranteed Amount) any rights or claims, whether accrued, contingent or otherwise; and
(ii)
all of the Guaranteed Party’s privileges, rights and security against the Issuer or with respect to the Bonds,
in each case insofar as they extend to an amount equal to that Paid Guaranteed Amount.
4.2
(b)
The Guaranteed Party shall use its reasonable endeavours to, at the written request and CGIF’s expense, execute such instruments or documents and take such other actions as CGIF may require to give effect to, facilitate or evidence the subrogation referred to in this Clause 4 and to perfect the rights of CGIF to receive such amounts equal to the Paid Guaranteed Amount under the Bond Documents.
(c)
For the avoidance of doubt, no Bondholder shall be obliged to transfer or assign any rights or any legal title in the Bonds, except to the extent that it has received payment of any amounts from CGIF in respect thereof.
Transfer (a)
Upon the receipt by the Guaranteed Party of a Paid Guaranteed Amount, the Guaranteed Party shall, to the extent available to it, at the written request and the expense of CGIF and in consideration of such payment: (i)
transfer and assign, free from any Security, to CGIF all its rights: (A)
under the Bond Documents; and
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(B)
in respect of any Security securing the Bonds or any other amounts payable under the Bond Documents (including any right, title and interest to any asset which has arisen as a result of enforcement of such Security),
insofar as those rights relate and are proportionate to that Paid Guaranteed Amount; and (ii)
(b)
execute such instruments or documents and take such other actions as necessary for CGIF to give effect to, facilitate or evidence the transfer and assignment referred to in this Clause 4 and to perfect the rights of CGIF to receive such amounts equal to the Paid Guaranteed Amount under the Bond Documents.
The Guaranteed Party shall not do anything that could lessen or impair any of the rights referred to in subparagraph (a)(i) above, CGIF’s rights of subrogation or any other right of CGIF to recover any Paid Guaranteed Amount, unless the Guaranteed Party is acting in accordance with the terms of the Trust Deed.
5.
APPLICATION OF FUNDS AND RECOVERIES
5.1
Application of funds Following payment by CGIF of any Paid Guaranteed Amount or payment by CGIF under this Agreement of all or any part of the Guarantor Default Interest Amount pursuant to the terms of this Agreement, the Guaranteed Party must hold such amounts on trust for itself and the Bondholders on the terms set out in the Trust Deed and must (as soon as practicable after receipt) apply them in or towards payment of the Guaranteed Amount(s) relating to such Paid Guaranteed Amount in accordance with the terms of the Trust Deed.
5.2
Recoveries (a)
After the occurrence of a Missed Payment Event, if the Guaranteed Party recovers any money or asset from the Issuer or any other person in respect of any Guaranteed Amount relating to that Missed Payment Event (a Recovered Amount), the Guaranteed Party must as soon as reasonably practicable (and in any case within ten calendar days from the date of its receipt of such Recovered Amount) supply details of the recovery to CGIF and pay to CGIF (or any other person at the instruction of CGIF) an amount equal to such Recovered Amount.
(b)
Following payment by CGIF of any Paid Guaranteed Amount, if CGIF discovers that the Guaranteed Party had no right to receive a payment of the relevant Guaranteed Amount (or any portion thereof) to which such Paid Guaranteed Amount relates, CGIF shall be entitled, upon notice to the Guaranteed Party, to recover from the Guaranteed Party the relevant payment (or the relevant portion thereof) to the extent that the Guaranteed Party still holds such amounts itself or to its order (and provided only that it has the ability to direct the relevant amounts).
(c)
To the extent any part of a Guaranteed Amount has been recovered from any source (it being recognised that the Guaranteed Party is under no duty whatsoever to seek to recover from any such source), the Guaranteed Party may not seek to recover such amounts from CGIF under this Agreement.
6.
TAXES
6.1
CGIF shall make all payments to be made by it under this Agreement without any Tax Deduction, unless a Tax Deduction is required by law. If a Tax Deduction is required by law to be made by CGIF, the amount of the payment due from CGIF under this Agreement shall be increased to an amount which (after making the relevant Tax Deduction) would result in the recipient receiving an amount equal to the payment which would have been due if no Tax Deduction had been required.
6.2
If CGIF is aware that it must make a Tax Deduction (or that there is a change in the rate or the basis of a Tax Deduction), it must promptly notify the Guaranteed Party.
6.3
If CGIF is required to make a Tax Deduction, it must make the minimum Tax Deduction allowed by law and must make any payment required in connection with that Tax Deduction within the time allowed by law.
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6.4
Nothing in this Clause 6 shall be considered to constitute a waiver of the privileges, immunities and exemptions applicable to CGIF pursuant to the Articles of Agreement.
7.
PAYMENTS
7.1
Payment by CGIF and other Parties
7.2
(a)
A payment by CGIF of a Paid Guaranteed Amount or a payment by CGIF under this Agreement of all or any part of the Guarantor Default Interest Amount in accordance with this Agreement will discharge the payment obligations of CGIF under this Agreement to the extent of such payment, whether or not such payment is properly applied by or on behalf of the Guaranteed Party.
(b)
All payments to be made by a Party under this Agreement must be made on the due date for payment in immediately available funds to such account as the receiving Party may direct, such account to be notified by the receiving Party to the other Party at least five Business Days’ prior to the relevant due date for payment.
Currency All payments to be made by a Party under this Agreement must be made in the currency in which the amounts are incurred in relation to costs, fees, expenses, liabilities and other indemnities.
7.3
Certificates and determinations Any certification, determination or notification by a Party of a rate or amount made pursuant to the terms of this Agreement will be, in the absence of manifest error, conclusive evidence of the matters to which it relates.
7.4
Business Days If a payment under this Agreement is due on a day which is not a Business Day, the due date for that payment will instead be the preceding Business Day.
8.
AMENDMENTS AND WAIVERS
8.1
No amendments to Bond Documents The Guaranteed Party shall not, without the prior written consent of CGIF concur in any amendment, modification, variation, novation, waiver or termination of any term of a Bond Document unless permitted under the Trust Deed (including the Bond Conditions).
8.2
Amendments Any term of this Agreement may be amended or waived with the written agreement of the Parties and the Issuer.
8.3
Waivers and remedies cumulative (a)
The rights and remedies of each Party under this Agreement: (i)
may be exercised as often as necessary;
(ii)
are cumulative and not exclusive of its rights and remedies under the general law; and
(iii) may be waived only in writing and specifically. (b)
No delay in exercising or non-exercise by a Party of any right or remedy under this Agreement shall operate as a waiver of that right or remedy, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy other than where any rights (including, without limitation, the right to require payment of any Guaranteed Amount) are to be exercised in accordance with specified requirements under this Agreement.
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9.
ASSIGNMENT No Party may assign or transfer any of its rights and obligations under this Agreement without the prior consent of the other Party.
10.
TERMINATION
10.1 Except as otherwise provided in Subclause 2.5 (Limited recourse), Subclause 2.6 (No personal liability of Asian Development Bank or any other contributors to CGIF), Clause 4 (Subrogation and Transfers), Clause 16 (Governing law) and Clause 17 (Dispute Resolution), all rights and obligations of each Party will cease and expire on the last day of the Guarantee Term. 10.2 Termination or expiry of this Guarantee pursuant to the terms of this Agreement is without prejudice to the rights of any Party which have accrued prior to such termination or expiry, whether arising under this Agreement, at law or otherwise. 11.
SET-OFF No Party may set off any obligation owed to it by the other Party under this Agreement against any obligation owed by it to that other Party.
12.
SEVERABILITY If a term of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any jurisdiction, it shall not affect:
13.
(a)
the legality, validity or enforceability in that jurisdiction of any other term of this Agreement; or
(b)
the legality, validity or enforceability in other jurisdictions of that or any other term of this Agreement.
COUNTERPARTS This Agreement may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.
14.
NOTICES
14.1 In writing (a)
Any communication in connection with this Agreement must be in writing, with a copy sent to the Issuer and the Parent, and, unless otherwise stated, may be given: (i)
in person, by post or fax; or
(ii)
to the extent agreed by the Parties making and receiving communication, by email or other electronic communication.
(b)
For the purpose of this Agreement, an electronic communication will be treated as being in writing.
(c)
Unless it is agreed to the contrary, any consent or agreement required under this Agreement must be given in writing.
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14.2 Contact details (a)
The contact details of CGIF for all notices in connection with this Agreement are:
Address:
Fax number: Email: Attention: (b)
The contact details of the Guaranteed Party for all notices in connection with this Agreement are:
Address:
DB Trustees (Hong Kong) Limited Level 52, International Commerce Centre 1 Austin Road West Kowloon Hong Kong Managing Director +852 2203 7320
Attention: Fax: (c)
The contact details of the Issuer for all notices in connection with this Agreement are:
Address:
Telephone number: Email: Attention: (d)
CGIF 37th floor, Joy-Nostalg Center, 17 ADB Avenue, Pasig City, 1600 Metro Manila the Philippines +632-988-3940
[email protected] CEO and Vice President, Operations
Protelindo Finance B.V. Teleportboulevard 140 1043 EJ Amsterdam The Netherland +31(0)20-540-5800
[email protected] Management Board
The contact details of the Parent for all notices in connection with this Agreement are:
Address:
Fax number: Email: Attention:
PT Profesional Telekomunikasi Indonesia Menara BCA, 55th Floor Jl. M.H, Thamrin No. 1 Jakarta 10310 Indonesia +62 (21) 2358 6446
[email protected] Board of Directors Telephone no.: +62 (21) 2358 5500
(e)
Any Party may change its contact details by giving five Business Days’ notice to the other Party.
(f)
Where a Party nominates a particular department or officer to receive a communication, a communication will not be effective if it fails to specify that department or officer.
14.3 Effectiveness (a)
Except as provided below, any communication in connection with this Agreement will be deemed to be given as follows: (i)
if delivered in person, at the time of delivery;
(ii)
if posted, when received;
(iii) if by fax, when received in legible form; and (iv) if by email or any other electronic communication, when received in legible form.
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(b)
A communication given under paragraph (a) above but received on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in that place.
(c)
A communication to CGIF will only be effective on actual receipt by it. Upon receipt by CGIF of any communication, CGIF will promptly acknowledge receipt to the sender. Failure by CGIF to acknowledge receipt to the sender will not affect the effectiveness of the communication.
14.4 English Language
15.
(a)
Any notice given in connection with this Agreement must be in English.
(b)
Any other document provided in connection with this Agreement must be: (i)
in English; or
(ii)
in the language of the jurisdiction in which the Bonds are issued, accompanied by a certified English translation. In this case, the English translation prevails unless the document is a statutory or other publicly available official document.
CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 Unless expressly provided to the contrary in a Guarantee Document, a person who is not a party to a Guarantee Document may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999 and, notwithstanding any term of any Guarantee Document, no consent of any third party is required for any amendment (including any release or compromise of any liability) or termination of any Guarantee Document. Notwithstanding the foregoing, the Asian Development Bank and other contributors to CGIF, and any of their respective officers, employees or agents may enforce Clauses 2.5 (Limited recourse), 2.6 (No personal liability of Asian Development Bank or any other contributors to CGIF) and 17.2 (Arbitration) of this Agreement.
16.
GOVERNING LAW This Agreement and any non-contractual obligations arising out of or in connection with this Agreement, shall be governed by English law.
17.
DISPUTE RESOLUTION
17.1 This Clause 17 and any non-contractual obligations arising out of or in connection with it, shall be governed by English law. 17.2 Arbitration (a)
Any dispute, claim, difference or controversy arising out of, relating to or having any connection with this Agreement (which includes this Clause 17) and any Guarantee Document other than this Agreement (each such agreement, a Linked Agreement), including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it (for the purpose of this Clause 17, a Dispute), shall be referred to and be finally resolved by arbitration under the Rules of Arbitration of the Singapore International Arbitration Centre (SIAC) in force when the notice of arbitration is received by SIAC (other than as set out in this Clause 17) (for the purpose of this Clause 17, the Rules).
(b)
The Rules are incorporated by reference into this Clause 17 and capitalised terms used in this Clause 17 (which are not otherwise defined in this Agreement) shall have the meaning given to them in the Rules.
(c)
The number of arbitrators shall be three. The arbitrators nominated by the parties in accordance with the Rules shall jointly nominate the third arbitrator who, subject to confirmation by the President of the Court of Arbitration of SIAC (the President), will act as president of the arbitral tribunal. If the third arbitrator is not chosen by the two arbitrators nominated by the parties within 30 days of the date of appointment of the later of the two party-appointed arbitrators to be appointed, the third arbitrator shall be appointed by the President.
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(d)
The seat or legal place of arbitration shall be Singapore.
(e)
Except as modified by the provisions of this Clause 17 and the Rules, Part II of the International Arbitration Act (Cap. 143A) shall apply to any arbitration proceedings commenced under this Clause 17. Neither party shall be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant to the Dispute.
(f)
The language used in the arbitral proceedings shall be English. All documents submitted in connection with the proceedings shall be in the English language, or, if in another language, accompanied by an English translation and in which case, the English translation shall prevail.
(g)
The arbitration award(s) rendered by the arbitral tribunal shall be final and binding on the parties. To the fullest extent permitted under any applicable law, the parties irrevocably exclude and agree not to exercise any right to refer points of law or to appeal to any court or other judicial authority.
(h)
The arbitral tribunal and any emergency arbitrator appointed in accordance with the Rules, shall not be authorized to order, and the Guaranteed Party agrees that it shall not seek from any arbitral tribunal or judicial authority: (i)
any order of whatsoever nature against the Asian Development Bank and other contributors to CGIF, and any of their respective officers, employees or agents; or
(ii)
any interim order to sell, attach, freeze or otherwise enforce against CGIF Assets.
(i)
The Rules shall not prohibit CGIF from disclosing any information relating to any arbitral proceedings and/or arbitral award arising out of this Clause 17 to the Board of Directors of CGIF (the CGIF Board) as part of its approval process and portfolio administration, or to Asian Development Bank or any other contributors in CGIF or any of their respective officers, employees, advisors, agents and representatives. The members of CGIF Board may seek instructions from their constituents for the purpose of CGIF Board approval and portfolio administration and the Board documents and other relevant information may be distributed to any representatives of the relevant member countries of CGIF for the said purpose only, provided that such information and documents distributed to the CGIF Board insofar as they relate to any arbitral proceedings and/or arbitral award shall be clearly marked “CONFIDENTIAL”.
(j)
Nothing in this Agreement, or any agreement, understanding or communication relating to this Agreement (whether before or after the date of this agreement), shall constitute or be construed as an express or implied waiver, renunciation, exclusion or limitation of any of the immunities, privileges or exemptions accorded to Asian Development Bank under the Agreement Establishing the Asian Development Bank, any other international convention or any applicable law, or accorded to CGIF under the Articles of Agreement of CGIF.
(k)
Each Party agrees that the operation of Article 70 of the (Indonesian) Arbitration Law (Law No. 30 of 1999) is excluded.
17.3 Joinder of Parties and Consolidation of Disputes (a)
Each Party agrees that the arbitration agreement set out in this Clause 17 and the arbitration agreement contained in each Linked Agreement shall together be deemed to be a single arbitration agreement that binds each party to this Agreement and each party to each Linked Agreement.
(b)
Definitions In Clauses 17.4 (Joinder of Parties) and 17.5 (Consolidation of Disputes): Consolidation Order means an order by a Tribunal that a Primary Dispute and a Linked Dispute be resolved in the same arbitral proceedings. Existing Dispute means any Dispute and/or any dispute, claim, difference or controversy arising out of, relating to or having any connection with any Linked Agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it.
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Joinder means the joining of a party to this Agreement or a Linked Agreement to an Existing Dispute. Joinder Order means an order for Joinder made by a Tribunal. Linked Dispute means any Dispute and/or any dispute, claim, difference or controversy arising out of, relating to or having any connection with any Linked Agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it where a Notice of Arbitration is served after a Notice of Arbitration has been served in respect of a Primary Dispute. Primary Dispute means any Dispute and/or any dispute, claim, difference or controversy arising out of, relating to or having any connection with any Linked Agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or in connection with it, where a Notice of Arbitration has been served before a Notice of Arbitration has been served in relation to a Linked Dispute. Tribunal means any arbitral tribunal appointed under this Agreement or any Linked Agreement. 17.4 Joinder of Parties (a)
Prior to the constitution of the Tribunal in an Existing Dispute, any party to such Existing Dispute may effect a Joinder by serving notice on the party it seeks to join at the address given for the sending of Notices under this Agreement at Clause 14 (Notices) and in a manner provided for in that Clause 14.
(b)
After the constitution of a Tribunal in an Existing Dispute, any party to that Existing Dispute may apply to the Tribunal for a Joinder Order. The Tribunal in the Existing Dispute may, if it considers it appropriate in all the circumstances including the factors set out in Clause 17.7 below, make a Joinder Order upon an application brought under this Clause 17.
(c)
The party seeking Joinder under Clause 17.4(a) or (b) must promptly notify all parties to the Existing Dispute of any Joinder or application for a Joinder Order (as applicable), including the party it seeks to join.
(d)
If a Tribunal appointed in relation to an Existing Dispute makes a Joinder Order it must order that notice of the Joinder Order and its effect be given immediately to (i) all parties to the Existing Dispute, including the party joined to the Existing Dispute by way of the Joinder Order; and (ii) the Registrar of SIAC.
(e)
Each party to this Agreement consents to Joinder in accordance with the procedure set out in this Clause 17.4 and agrees to be bound by any Joinder and any award made by the Tribunal in an Existing Dispute to which it is joined.
17.5 Consolidation of Disputes (a)
Any party to a Primary Dispute and a Linked Dispute may apply to the Tribunal appointed in relation to the Primary Dispute for a Consolidation Order in relation to any Linked Dispute.
(b)
The applicant party must promptly notify all parties to the Primary Dispute and the Linked Dispute and the Tribunal appointed in relation to the Linked Dispute of any application under Clause 17.5(a).
(c)
The Tribunal appointed in relation to the Primary Dispute may, if it considers it appropriate in all the circumstances including the factors set out in Clause 17.7 below, make a Consolidation Order upon an application brought under Clause 17.5(a).
(d)
If the Tribunal makes a Consolidation Order: (i)
It will immediately, to the exclusion of other Tribunals, have jurisdiction to resolve finally the Linked Dispute in addition to its jurisdiction in relation to the Primary Dispute.
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(ii)
It must order that notice of the Consolidation Order and its effect be given immediately to: (A) any arbitrators already appointed in relation to the Linked Dispute; (B) all parties to the Linked Dispute; (C) all parties to the Primary Dispute; and (D) the Registrar of SIAC.
(iii) Any appointment of an arbitrator in relation to the Linked Dispute before the date of the Consolidation Order will terminate immediately and that arbitrator will be deemed to be functus officio. The termination is without prejudice to:
(e)
(A)
The validity of any act done or order made by that arbitrator or by the court in support of that arbitration before his appointment is terminated, which act done or order made will be treated as if it had been made in the arbitration of the Primary Dispute.
(B)
His entitlement to be paid his proper fees and disbursements.
(C)
The date when any claim or defence was raised for the purpose of applying any limitation bar or any similar rule or provision.
If a Tribunal appointed under a Linked Agreement makes a Consolidation Order which confers on that Tribunal jurisdiction to resolve a Linked Dispute arising under this Agreement, that Consolidation Order and the award of that Tribunal will bind the parties to the Primary Dispute and the Linked Dispute being heard by that Tribunal.
17.6 Enforcement of awards in the event of Joinder or Consolidation Order (a)
For the avoidance of doubt, where a Tribunal is appointed under this Agreement or any Linked Agreement, the whole of its award (including any part relating to a Linked Dispute or following Joinder) is deemed for the purposes of the New York Convention on the Recognition and Enforcement of Arbitral Awards 1958 to be contemplated by this Agreement and that Linked Agreement.
(b)
Each of the parties waives any objection, on the basis of Joinder, a Joinder Order or a Consolidation Order, to the validity and/or enforcement of any arbitral award made by a Tribunal following any Joinder, Joinder Order or Consolidation Order.
17.7 Factors the Tribunal should consider when deciding whether to make a Consolidation Order or a Joinder Order In determining whether to make a Joinder Order or a Consolidation Order, the Tribunal must take account of:
18.
(a)
The likelihood and consequences of inconsistent decisions if a Joinder Order or a Consolidation Order is not made.
(b)
Any failure on the part of the party seeking the Joinder Order or the Consolidation Order to make a timely application.
(c)
The likely consequences of the Joinder Order or the Consolidation Order in terms of cost and time.
(d)
Whether any award made by the Tribunal following the Joinder Order or the Consolidation Order will be enforceable in any relevant jurisdiction.
(e)
In relation to a Joinder Order, whether the party which is the subject of the application is, in the opinion of the Tribunal, an appropriate party to the Existing Dispute.
DISCLOSURE OF INFORMATION CGIF understands that the Guaranteed Party is a global financial organisation that operates in and provides services and products to clients through affiliates and subsidiaries located in multiple jurisdictions (the Guaranteed Party Group). CGIF also understands that the Guaranteed Party Group may centralise in one or more affiliates, subsidiaries or unaffiliated service providers certain activities, including audit,
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accounting, administration, risk management, legal, compliance, sales, marketing, relationship management, and the storage, maintenance, aggregation, processing and analysis of information and data regarding the Issuer and CGIF. Consequently, CGIF hereby consents and authorises the Guaranteed Party to disclose, on a need to know basis, to other members of the Guaranteed Party Group (and its officers, directors and employees) information and data regarding CGIF, its employees and representatives, and any accounts or payments made pursuant to this Agreement on the basis that such other members and persons will maintain the confidentiality of the information divulged to them. To the extent that information and data includes personal data encompassed by relevant data protection legislation applicable to CGIF, CGIF acknowledges and agrees that it is authorised to provide the foregoing consents and authorisations and that the disclosure to the Guaranteed Party will comply with the relevant data protection legislation. CGIF acknowledges and agrees that information concerning the CGIF may be disclosed to unaffiliated service providers and other third parties who are required to maintain the confidentiality of such information, to governmental and regulatory authorities in jurisdictions where the Guaranteed Party Group operates, and otherwise as required by law. THIS AGREEMENT has been executed as a deed by the Parties hereto and is intended to be and is hereby delivered on the date first above written.
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SCHEDULE 1 FORM OF CGIF CERTIFICATE To:
DB Trustees (Hong Kong) Limited in its capacity as trustee for and on behalf of the Bondholders (Guaranteed Party)
From:
Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (CGIF)
Copy:
Protelindo Finance B.V. (the Issuer) and PT Profesional Telekomunikasi Indonesia (the Parent)
Date:
November 27, 2014
Dear Sirs, Protelindo Finance B.V. (the Issuer) — Indemnity Agreement dated November 27, 2014 (the Indemnity Agreement) between the Issuer, the Parent and CGIF in connection with the Issuer’s SGD180,000,000 3.25% Senior, Unsecured Guaranteed bonds due 2024 (the Bonds) I refer to the Indemnity Agreement and the guarantee agreement dated November 27, 2014 between CGIF and the Guaranteed Party (the Guarantee Agreement). I am a duly authorised officer of CGIF. I am authorised to give this certificate and certify that CGIF has received (or waived receipt of) all of the documents and evidence set out in schedule 1 (Conditions Precedent) to the Indemnity Agreement in form and substance satisfactory to CGIF. This also serves as notification to the Guaranteed Party in accordance with Clause 2.2 (Term of this Guarantee) of the Guarantee Agreement that the guarantee pursuant to the Guarantee Agreement is in effect, subject to the issuance of the Bonds, and to the Issuer that CGIF has no objection to the issuance of the Bonds. Unless we notify you to the contrary in writing, you may assume that this certificate remains true and correct. This certificate, and any non-contractual obligations arising out of or in connection to it, should be governed by and construed in accordance with English law. For CREDIT GUARANTEE AND INVESTMENT FACILITY, a trust fund of the Asian Development Bank
Name: Title:
A-20
SIGNATORIES CGIF, A TRUST FUND OF THE ASIAN DEVELOPMENT BANK EXECUTED as a DEED under SEAL by CREDIT GUARANTEE AND INVESTMENT FACILITY, A TRUST FUND OF THE ASIAN DEVELOPMENT BANK and SIGNED and DELIVERED as a DEED on its behalf by
in the presence of:
) )
)
) ) ) )
[affix seal]
Witness’ signature:
Witness’ name:
Witness’ address:
THE GUARANTEED PARTY EXECUTED as a DEED THE COMMON SEAL OF ) DB TRUSTEES (HONG KONG) LIMITED ) was affixed to this DEED in the presence of: )
Authorized Signatory Authorized Signatory
A-21
Index to the Consolidated Financial Statements Page Report on review of interim financial information with respect to the unaudited interim consolidated financial statements as of September 30, 2014 and for the nine-month period then ended ...................
F-5
Independent auditors’ report with respect to the audited consolidated financial statements as of December 31, 2013, 2012, and 2011, and for the years ended December 31, 2013, 2012, and 2011, and the nine-month period ended September 30, 2013 .......................................................................
F-7
Consolidated statements of financial position as of September 30, 2014 and December 31, 2013, 2012, and 2011 .............................................................................................................................
F-10
Consolidated statements of comprehensive income for the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 ................................................
F-13
Consolidated statements of changes in equity for the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 ......................................................
F-15
Consolidated statements of cash flows for the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 .............................................................
F-17
Notes to the consolidated financial statements as of September 30, 2014 and December 31, 2013, 2012, and 2011, and for the nine-month periods ended September 30, 2014 and 2013, and the years ended December 31, 2013, 2012, and 2011 .........................................................................................
F-18
F-1
F-2
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2014 (UNAUDITED) AND DECEMBER 31, 2013, 2012, AND 2011 AND FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2014 (UNAUDITED) AND 2013 AND THE YEARS ENDED DECEMBER 31, 2013, 2012, AND 2011 WITH REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION AND INDEPENDENT AUDITORS‘ REPORT
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA TANGGAL 30 SEPTEMBER 2014 (TIDAK DIAUDIT) DAN TANGGAL 31 DESEMBER 2013, 2012, DAN 2011 SERTA UNTUK PERIODE SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL-TANGGAL 30 SEPTEMBER 2014 (TIDAK DIAUDIT) DAN 2013 DAN TAHUN YANG BERAKHIR PADA TANGGALTANGGAL 31 DESEMBER 2013, 2012, DAN 2011 BESERTA LAPORAN ATAS REVIU INFORMASI KEUANGAN INTERIM DAN LAPORAN AUDITOR INDEPENDEN
Daftar Isi
Table of Contents
Halaman/ Page Surat Pernyataan Direksi
Statement of Directors
Laporan Reviu atas Informasi Keuangan Interim
Report on Review of Interim Financial Information
Laporan Posisi Keuangan Konsolidasian …………………………………
1-3
Consolidated Statements of ..………………………………..Financial Position
Laporan Laba Rugi Komprehensif Konsolidasian................................................
4-5
Consolidated Statements of ..................................... Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian ...............................................
6-7
Consolidated Statements of .............................................. Changes in Equity
Laporan Arus Kas Konsolidasian ……..………….
8
………… Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian ...............................................
9-138
Notes to the ....................Consolidated Financial Statements
**************************
F-3
F-4
F-5
F-6
F-7
F-8
F-9
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of September 30, 2014 and December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 dan tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
Catatan/ Notes
30 September/ September 30, 2014 (Tidak Diaudit)/ (Unaudited)
Desember/December 31, 2013
2012
2011
ASET
ASSETS
ASET LANCAR Kas dan setara kas Piutang usaha Pihak ketiga, setelah dikurangi cadangan penurunan nilai sebesar Rp184.097 (2013: Rp44.007) 2012: Rp7.537, 2011: Rp26.008) Piutang lain-lain Pihak berelasi Pihak ketiga Persediaan Pajak dibayar dimuka Beban dibayar dimuka Uang muka
CURRENT ASSETS 2e,2q,4,36 38,39,40
2.408.325
1.501.784
1.124.113
644.256
2q,5,38,39,40
674.242
673.753
261.601
194.602
36 40 2f,6 2m,19a 7
508 23.144 19.261 23.394
55 48 508 16.468 17.482
14.444 508 28.502 12.085 15.560
11.208 937 41.952 7.238 6.947
Cash and cash equivalents Trade receivables Third parties, net of allowance for impairment of Rp184,097 (2013: Rp44,007, 2012: Rp7,537, 2011: Rp26,008) Other receivables Related parties Third parties Inventories Refundable taxes Prepaid expenses Advances
3.148.874
2.210.098
1.456.813
907.140
TOTAL CURRENT ASSETS
46
125
372
1.092
11.966.867 191.345 80.380 628.969 1.228.649 852 65.180
11.202.278 207.730 80.380 721.585 1.009.732 146.016
10.431.885 158.190 590.253 823.796 8.041 180.181
7.012.938 541.785 165.134
NON-CURRENT ASSETS Net investment in finance lease Fixed assets, less accumulated depreciation of Rp1,283,896 (2013: Rp723,278, 2012: Rp36,065, 2011: Rp392,033) Goodwill Refundable taxes Intangible assets Long-term site rentals Deferred tax assets Other non-current assets
TOTAL ASET TIDAK LANCAR
14.162.288
13.367.846
12.192.718
7.720.949
TOTAL NON-CURRENT ASSETS
TOTAL ASET
17.311.162
15.577.944
13.649.531
8.628.089
TOTAL ASSETS
TOTAL ASET LANCAR ASET TIDAK LANCAR Investasi sewa pembiayaan neto Aset tetap, setelah dikurangi akumulasi penyusutan sebesar Rp1.283.896 (2013: Rp723.278, 2012: Rp36.065, 2011: Rp392.033) Goodwill Pajak dibayar dimuka Aset takberwujud Sewa lokasi jangka panjang Aset pajak tangguhan Aset tidak lancar lainnya
2g,8
2h,9 2b,2c,2s,3,10 2m,19a 2t,11 2g,12 2m,3,19e,19f 2q,13,39,40
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
1
F-10
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) As of September 30, 2014 and December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) Tanggal 30 September 2014 dan tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
Catatan/ Notes
30 September/ September 30, 2014 (Tidak Diaudit)/ (Unaudited)
Desember/December 31, 2013
2012
2011
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang pembangunan menara dan lainnya Pihak ketiga Pihak berelasi Utang lain-lain - pihak ketiga Utang pajak Pendapatan diterima dimuka Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga
LIABILITIES AND EQUITY
2q,14,38,39,40 36 2q,20,39,40 2m,19b 22
469.319 12.203 37.986 288.913 1.206.739
484.822 5.782 49.774 23.931 481.691
386.636 40.638 32.107 351.717
165.117 33.294 16.922 264.105
CURRENT LIABILITIES Tower construction and other payables Third parties Related parties Other payables - third parties Taxes payable Unearned revenue
2j,2q,39,40 2q,15,38,39,40
36.331 317.016
43.956 244.390
25.976 264.903
28.368 170.524
Short-term employee benefit liabilities Accrued expenses
2q,16,38,39,40
1.041.576
1.086.355
100.529
494.901
Current portion of long-term loans Third parties
3.410.083
2.420.701
1.202.506
1.173.231
TOTAL CURRENT LIABILITIES
163.132
177.428
25.386
26.557
NON-CURRENT LIABILITIES Unearned revenue
7.170.422 988.014
8.221.252 -
7.946.558 -
5.090.722 312.830 51.232 -
Long-term loans net of current portion Third parties Related Party Interest rate swap payables Bonds payable
46.416 814.837 168.228
36.926 880.515 150.025
23.341 844.682 126.073
12.971 307.552 72.207
Long-term employee benefit liabilities Deferred tax liabilities, net Long-term provision
TOTAL LIABILITAS JANGKA PANJANG
9.351.049
9.466.146
8.966.040
5.874.071
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITAS
12.761.132
11.886.847
10.168.546
7.047.302
TOTAL LIABILITIES
TOTAL LIABILITAS JANGKA PENDEK LIABILITAS JANGKA PANJANG Pendapatan diterima dimuka 22 Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga 2q,16,38,39,40 Pihak berelasi 2r,16,36,38,39,40 Utang swap tingkat bunga 2o,2q,34,40 Utang obligasi 17,39,40 Liabilitas imbalan kerja jangka panjang 2j,21 Liabilitas pajak tangguhan, neto 2m,19e,19f Provisi jangka panjang 2h,2r,18
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
2
F-11
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) Tanggal 30 September 2014 dan tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
Catatan/ Notes
30 September/ September 30, 2014 (Tidak Diaudit)/ (Unaudited)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued) As of September 30, 2014 and December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
Desember/December 31, 2013
2012
2011
EKUITAS
EQUITY
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk: Modal saham: Saham biasa: Nilai nominal - Rp100 (angka penuh) per saham Modal dasar - 10.000.000.000 saham Modal ditempatkan dan disetor penuh 3.322.620.187 saham 24 Saldo laba Telah ditentukan penggunaannya 26 Belum ditentukan penggunaannya Pendapatan komprehensif lainnya 25
332.262
332.262
332.262
332.262
100 2.323.304 1.900.915
1.345.094 2.018.718
1.063.862 2.083.214
677.810 570.715
Issued and fully paid 3,322,620,187 shares Retained earnings Appropriated Unappropriated Other comprehensive income
Total ekuitas yang dapat diatribusikan kepada pemilik entitas induk
4.556.581
3.696.074
3.479.338
1.580.787
Total equity attributable to the owners of the parent entity
Kepentingan non-pengendali TOTAL EKUITAS TOTAL LIABILITAS DAN EKUITAS
23
Equity attributable to the owners of the parent entity: Share capital: Common shares: Par value - Rp100 (full amount) per share Authorized - 10,000,000,000 shares
(6.551)
(4.977)
1.647
-
Non-controlling interests
4.550.030
3.691.097
3.480.985
1.580.787
TOTAL EQUITY
17.311.162
15.577.944
13.649.531
8.628.089
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
3
F-12
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN Untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 30 September/September 30, Catatan/ Notes
PENDAPATAN
2g,2l,27
DEPRESIASI DAN AMORTISASI BEBAN POKOK PENDAPATAN LAINNYA
2014 (Tidak Diaudit)/ (Unaudited) 3.074.908
31 Desember/December 31,
2013
2013
2.295.279
2012
3.197.139
2.265.260
2011
1.650.906
REVENUES
2h,2l,28
(798.987)
(684.081)
(930.402)
(584.835 )
(483.754)
DEPRECIATION AND AMORTIZATION
2l,29
(204.320)
(143.866)
(207.156)
(137.454 )
(90.017)
OTHER COST OF REVENUES
(1.003.307)
(827.947)
(1.137.558)
(573.771)
COST OF REVENUES
2.071.601
1.467.332
1.077.135
GROSS INCOME
BEBAN POKOK PENDAPATAN LABA BRUTO
2.059.581
(722.289 ) 1.542.971
BEBAN PENJUALAN DAN PEMASARAN
2l,30
(37.209)
(24.324)
(36.157)
(29.060 )
BEBAN UMUM DAN ADMINISTRASI
2l,31
(302.496)
(230.744)
(319.205)
(205.523 )
KERUGIAN LAIN-LAIN, NETO
2l,33
(75.576)
(711.928)
(947.870)
(324.456 )
(82.008)
OTHER LOSSES, NET
1.656.320
500.336
756.349
983.932
820.779
OPERATING INCOME
5.499
3.472
4.001
11.873
1.056
FINANCE INCOME
LABA USAHA PENDAPATAN KEUANGAN BIAYA KEUANGAN LABA SEBELUM BEBAN PAJAK PENGHASILAN BEBAN PAJAK PENGHASILAN LABA PERIODE BERJALAN
32
2m,19c,19d 19c,19d
(484.408)
(376.025)
(551.345)
(534.213 )
(22.630)
SELLING AND MARKETING EXPENSES
GENERAL AND (151.718) ADMINISTRATIVE EXPENSES
(443.388)
FINANCE CHARGES
1.177.411
127.783
209.005
461.592
378.447
INCOME BEFORE CORPORATE INCOME TAX EXPENSE
(296.637)
(33.233)
(59.075)
(114.977 )
(96.836)
CORPORATE INCOME TAX EXPENSE
880.774
94.550
149.930
346.615
281.611
INCOME FOR THE PERIOD
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
4
F-13
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued) For the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN (lanjutan) Untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
30 September/September 30, Catatan/ Notes
LABA PERIODE BERJALAN
2014 (Tidak Diaudit)/ (Unaudited) 880.774
31 Desember/December 31,
2013
2013
94.550
2012
149.930
2011
346.615
281.611
Pendapatan komprehensif lain:
INCOME FOR THE PERIOD Other comprehensive income:
Selisih kurs dari penjabaran laporan keuangan Selisih atas perubahan surplus revaluasi atas menara Cadangan lain-lain Pajak tangguhan terkait
58.549
83.640
7.281
(14.638)
(20.910)
2.014.864 51.232 (517.130 )
PENDAPATAN KOMPREHENSIF LAIN, SESUDAH PAJAK
(21.841)
43.911
62.730
1.551.391
9.701
OTHER COMPREHENSIVE INCOME, NET OF TAX
TOTAL LABA KOMPREHENSIF PERIODE BERJALAN, SESUDAH PAJAK
858.933
138.461
212.660
1.898.006
291.312
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX
882.531 (1.757)
99.952 (5.402)
153.785 (3.855)
347.170 (555 )
Net income/(loss) attributable to: 281.611 Equity holders of the parent entity Non-controlling interests
880.774
94.550
149.930
346.615
281.611
Laba/(rugi) neto yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali
23
2.425
Exchange rate difference from translation of financial statements Difference arising from changes in (3.728) revaluation surplus on tower (311) Other reserve 13.740 Related deferred tax
(29.122)
-
Total laba/(rugi) komprehensif yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali
Laba neto per saham dasar yang dapat diatribusikan kepada pemilik entitas induk (angka penuh)
23
2p,41
860.507 (1.574)
144.333 (5.872)
216.736 (4.076)
1.898.551 (545 )
291.312 -
858.933
138.461
212.660
1.898.006
291.312
266
30
46
104
85
Total comprehensive income/(loss) attributable to: Equity holders of the parent entity Non-controlling interests
Basic earnings per share attributable to equity holders of parent entity (full amount)
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
5
F-14
F-15
Transfer depresiasi atas menara
1.345.094
-
1.953.958
-
(127.447)
2.081.405
(38.882)
1.511.148
-
609.139
(38.882)
(2.796)
650.817
Surplus revaluasi atas menara/ Revaluation surplus on tower
6
-
-
-
-
-
-
38.424
-
(38.424 )
-
12.497
(50.921 )
Cadangan lain-lain/ Other reserve
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
332.262
-
Saldo 31 Desember 2013
127.447
-
Transfer depresiasi atas menara
Pembayaran dividen oleh entitas anak
-
153.785
1.063.862
38.882
347.170
-
677.810
38.882
281.611
357.317
Saldo laba belum ditentukan penggunaannya/ Unappropriated retained earnings
-
Total laba rugi komprehensif periode berjalan, sesudah pajak
332.262
-
Total laba rugi komprehensif tahun berjalan, sesudah pajak
Saldo 31 Desember 2012
-
Akuisisi entitas anak
332.262
-
Transfer depresiasi atas menara
Saldo 31 Desember 2011
-
332.262
Total laba rugi komprehensif tahun berjalan, sesudah pajak
Saldo 31 Desember 2010
Modal saham ditempatkan dan disetor penuh/ Issued and fully paid share capital
64.760
-
-
62.951
1.809
-
1.809
-
-
-
-
-
Selisih kurs dari penjabaran laporan keuangan/ Exchange rate differences from translation of financial statements
Pendapatan komprehensif lainnya/ Other comprehensive income
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/ Equity attributable to the owners of the parent entity
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
-
-
-
-
(4.977)
(2.548)
-
(4.076)
1.647
-
(545)
2.192
Kepentingan non-pengendali/ Non-controlling interest
3.691.097
(2.548)
-
212.660
3.480.985
-
1.898.006
2.192
1.580.787
-
291.312
1.289.475
Total ekuitas/ Total equity
Balance as of December 31, 2013
Dividend payment by subsidiaries
Depreciation transfer for towers
Total comprehensive income for the period, net of tax
Balance as of December 31, 2012
Depreciation transfer for towers
Total comprehensive income for the year, net of tax
Acquisition of subsidiaries
Balance as of December 31, 2011
Depreciation transfer for towers
Total comprehensive income for the year, net of tax
Balance as of December 31, 2010
The accompanying notes form an integral part of these consolidated financial statements..
3.696.074
-
-
216.736
3.479.338
-
1.898.551
-
1.580.787
-
291.312
1.289.475
Total/ Total
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
The original consolidated financial statements included herein are in the Indonesian language.
F-16 -
Transfer depresiasi atas menara 100
-
100
-
2.323.304
95.779
(100)
882.531
1.345.094
1.259.971
-
96.157
99.952
1.063.862
Belum ditentukan penggunaannya / Unappropriated
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
332.262
-
Pembentukan cadangan wajib (Catatan 26)
Saldo 30 September 2014 (tidak diaudit)
-
-
332.262
Total laba/rugi komprehensif periode berjalan, sesudah pajak
Saldo 31 Desember 2013
-
-
Pembayaran dividen oleh entitas anak
-
-
-
Cadangan umum/ Appropriated for general reserve
Saldo Laba/Retained Earnings
332.262
-
Transfer depresiasi atas menara
Saldo 30 September 2013
-
332.262
Total laba/rugi komprehensif periode berjalan, sesudah pajak
Saldo 31 Desember 2012
Modal saham ditempatkan dan disetor penuh/Issued and fully paid share capital
7
42.736
-
-
(22.024 )
64.760
46.190
-
-
44.381
1.809
Selisih kurs dari penjabaran laporan keuangan/ Exchange rate difference from translation of financial statements
1.858.179
(95.779)
-
-
1.953.958
1.985.248
-
(96.157)
-
2.081.405
Selisih atas perubahan ekuitas entitas anak dan surplus revaluasi atas menara/ Differences arising from changes in subsidiary’s equity and revaluation surplus on towers
Pendapatan Komprehensif Lainnya/ Other Comprehensive income
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/ Equity attributable to the owners of the parent entity
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN (lanjutan) Untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
(6.551)
-
-
(1.574)
(4.977)
(6.431)
(2.206)
-
(5.872)
1.647
Kepentingan non-pengendali/ Non-controlling interests
Depreciation transfer for towers
Retained Earnings Appropriation (Note 26)
Comprehensive Income/loss for the period, net of tax
Balance, as of December 31, 2013
Balance, as of September 30, 2013
Dividend payment by subsidiaries
Depreciation transfer for towers
Comprehensive income/loss for the period, net of tax
Balance, as of December 31, 2012
4.550.030 Balance, as of September 30, 2014 (unaudited)
-
-
858.933
3.691.097
3.617.240
(2.206)
-
138.461
3.480.985
Total ekuitas/ Total equity
The accompanying notes form an integral part of these consolidated financial statements..
4.556.581
-
-
860.507
3.696.074
3.623.671
-
-
144.333
3.479.338
Total/ Total
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued) For the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
The original consolidated financial statements included herein are in the Indonesian language.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA LAPORAN ARUS KAS KONSOLIDASIAN Untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine-month periods ended September 30, 2014 and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
30 September/September 30, Catatan/ Notes
ARUS KAS DARI AKTIVITAS OPERASI: Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok Pembayaran kas kepada karyawan Kas yang dihasilkan dari operasi Penghasilan bunga yang diterima Pembayaran pajak penghasilan dan pajak lainnya Pengembalian pajak Lain-lain Arus kas yang diperoleh dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI: Penerimaan investasi sewa pembiayaan Pembelian aset tetap Pembayaran sewa tanah jangka panjang Pembayaran dividen oleh entitas anak Hasil dari penjualan aset tetap Pembayaran untuk akuisisi bisnis
2014 (Tidak Diaudit)/ (Unaudited)
2012
2011
2.750.730 (429.488) (104.753)
3.420.684 (668.463) (132.702)
2.459.083 (277.650 ) (107.204 )
1.786.385 (247.841) (78.711)
3.331.554 5.484
2.216.489 3.289
2.619.519 3.806
2.074.229 11.723
1.459.833 1.056
(338.658) 39.222 5.668
(251.097) 105.107 2.038
(298.610) 105.107 2.154
3.043.270
2.075.826
2.431.976
(98.676 ) 3.889 1.991.165
(109.116) 224.885 (6.190) 1.570.468
Net cash provided by operating activities
232 (1.165.553)
246 (1.433.717)
774 (1.347.519 )
726 (1.454.802)
(406.587)
(260.547)
(340.223)
(390.228 )
(253.150)
(2.350)
(2.716)
450
-
-
-
-
-
(1.428.218)
(1.776.410)
-
-
-
631
(991.703 )
(2.728.676 )
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers Cash paid to suppliers Cash paid to employees Cash flows from operations Interest received Income taxes and other taxes paid Tax refund Others
79 (1.301.116)
(1.707.174)
ARUS KAS DARI AKTIVITAS PENDANAAN: Penerimaan utang jangka panjang Pihak ketiga Pihak berelasi Pembayaran utang jangka panjang Pihak ketiga Pihak berelasi Pembayaran biaya pinjaman Penerimaan dari penerbitan obligasi
2013
4.026.337 (561.978) (132.805)
-
Arus kas yang diperoleh dari/ (digunakan untuk) aktivitas investasi
31 Desember/December 31,
2013
-
(1.706.595)
CASH FLOWS FROM INVESTING ACTIVITIES: Receipt from investment in finance lease Acquisition of fixed assets Payments for long-term site rentals Dividend payment by subsidiary Proceeds from sale of fixed assets Payment for business acquisitions Net cash provided by/ (used in) investing activities
4.596.965 -
5.160.365 -
8.533.477 -
4.587.932 320.125
(1.092.794) (4.895) 1.000.000
(4.673.465) (55.363) -
(5.303.315) (56.653) -
(6.533.503 ) (320.125 ) (60.867 ) -
(3.596.150) (323.375) (160.881) -
Pembayaran biaya penerbitan obligasi Pembayaran bunga obligasi Pembayaran beban bunga
(12.371) (52.500) (325.880)
(288.356)
(438.001)
(434.416 )
(398.956)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds of long-term loans Third parties Related parties Payments of long-term loans Third parties Related parties Payments of borrowing costs Proceeds from bonds issuance Payments of bonds issuance costs Payments of bonds interest Interest paid
Arus kas yang digunakan untuk aktivitas pendanaan
(488.440)
(420.219)
(637.604)
428.695
Net cash used in financing activities
-
Pengaruh perubahan kurs mata uang pada kas dan setara kas KENAIKAN BERSIH KAS DAN SETARA KAS KAS DAN SETARA KAS AWAL PERIODE/TAHUN KAS DAN SETARA KAS AKHIR PERIODE/TAHUN
4
1.184.566
58.885
254.522
359.709
32.802
1.217
Effects from changes in foreign exchange rates on cash and cash equivalents
906.541
481.911
377.671
479.857
293.785
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT 350.471 BEGINNING OF PERIOD/YEAR
1.501.784
1.124.113
1.124.113
644.256
2.408.325
1.606.024
1.501.784
1.124.113
644.256
CASH AND CASH EQUIVALENTS AT END OF PERIOD/YEAR
The accompanying notes form an integral part of these consolidated financial statements.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian ini.
8
F-17
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM a.
GENERAL a.
Pendirian dan Informasi Umum
Establishment and General Information
PT Profesional Telekomunikasi Indonesia (“Perseroan”) adalah sebuah perseroan terbatas yang didirikan di Indonesia berdasarkan Akta Pendirian No. 2 tanggal 8 November 2002, dibuat di hadapan Hildayanti, S.H., Notaris di Bandung. Akta Pendirian Perusahaan disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia dalam Surat Keputusan No. C-00079 HT.01.01.TH.2003 tanggal 3 Januari 2003 dan telah diumumkan dalam Berita Negara No. 21 tanggal 14 Maret 2003, Tambahan No. 2095 (“Anggaran Dasar“). Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan, terakhir dengan Akta Pernyataan Keputusan Pemegang Saham No. 195 tanggal 22 Maret 2010, dibuat di hadapan Dr. Irawan Soerodjo, S.H. MSi., Notaris di Jakarta, mengenai peningkatan modal dasar, modal ditempatkan dan disetor. Perubahan anggaran dasar tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dengan Surat Keputusan No. AHU-22676.AH.01.02.Tahun 2010 tanggal 3 Mei 2010 dan telah diumumkan dalam Berita Negara No. 26 tanggal 1 April 2011, Tambahan No. 9027.
PT Profesional Telekomunikasi Indonesia (the “Company”) is a limited liability company established in Indonesia based on Deed of Establishment No. 2 dated November 8, 2002 drawn up in the presence of Hildayanti, S.H., Notary in Bandung. The Company’s Deed of Establishment was approved by the Minister of Justice and Human Rights through letter No. C-00079 HT.01.01.TH.2003 dated January 3, 2003 and was published in State Gazette No. 21 dated March 14, 2003. Supplement No. 2095 (“Articles of Association”). The Company’s Articles of Association has been amended several times, the latest amendment was stated in the Deed No. 195 dated March 22, 2010,regarding Statement of Shareholders’ Resolutions, drawn up in the presence of Dr. Irawan Soerodjo, S.H. MSi., Notary in Jakarta, regarding the increase of authorized, issued and paid-up capital. This amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia through letter No. AHU-22676.AH.01.02.Tahun 2010 dated May 3, 2010 and was published in State Gazette No. 26 dated April 1, 2011, Supplement No. 9027.
Berdasarkan Pasal 3 dari Anggaran Dasar Perseroan, ruang lingkup usaha Perseroan adalah berusaha dalam bidang jasa penunjang telekomunikasi di Indonesia. Perseroan memulai kegiatan usahanya pada tanggal 4 Juni 2003.
In accordance with Article 3 of the Company’s Articles of Association, the scope of its activities involves telecommunication supporting services in Indonesia. The Company started commercial operations on June 4, 2003.
Kantor pusat Perseroan berlokasi di Surapati Core Blok AB (Anggrek Boulevard) No. 16, Jalan P.H.H Mustopa, Bandung, Indonesia dan kantor cabangnya berlokasi di Menara BCA lantai 53 dan 55, Jl. M.H. Thamrin No. 1, Jakarta 10310, Indonesia.
The Company’s head office is located at Surapati Core Blok AB (Anggrek Boulevard) No. 16, Jalan P.H.H Mustopa, Bandung, Indonesia and its branch office is located at rd th Menara BCA 53 and 55 floors, Jl. M.H. Thamrin No. 1, Jakarta 10310, Indonesia.
Entitas induk terakhir Perseroan PT Sarana Menara Nusantara Tbk.
The Company’s ultimate parent entity is PT Sarana Menara Nusantara Tbk.
adalah
9
F-18
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan)
GENERAL (continued) b.
b. Dewan Komisaris, Direksi dan Karyawan Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 30 September 2014, dan 31 Desember 2013, 2012 dan 2011 adalah sebagai berikut: 30 September/ September 30, 2014 Komisaris Utama Komisaris Komisaris Independen Direktur Utama Direktur Direktur Direktur Direktur Direktur tidak terafiliasi
Ario Wibisono Kenny Harjo Bacelius Ruru Adam Gifari Carmen Birgitta Soedarmawan Rinaldy Santosa Onggo Wijaya Indra Gunawan
Boards of Commissioners, Directors and Employees The composition of the Company’s Boards of Commissioners and Directors as of September 30, 2014 and December 31, 2013, 2012 and 2011 was as follows:
31 Desember/ December 31, 2013 Kenny Harjo Ario Wibisono Bacelius Ruru Adam Gifari Steven James Mudder Rinaldy Santosa Onggo Wijaya Indra Gunawan
31 Desember/ December 31, 2012
31 Desember/ December 31, 2011
Kenny Harjo Ario Wibisono Adam Gifari Steven James Mudder
Kenny Harjo Ario Wibisono Adam Gifari Steven James Mudder
Rinaldy Santosa Onggo Wijaya Indra Gunawan -
Rinaldy Santosa -
President Commissioner Commissioner Independent Commissioner President Director Director Director Director Director Un-affiliated Director
Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 30 September 2014 berdasarkan Akta Pernyataan Keputusan Rapat No. 595 tanggal 27 Juni 2014, mengenai Pernyataan Keputusan Pemegang Saham, dibuat di hadapan Dr. Irawan Soerodjo, S.H., MSi., Notaris di Jakarta
The composition of the Company’s Boards of Commissioners and Directors as of September 30, 2014 is based on Deed No. 595 dated June 27, 2014 regarding Statement of Shareholders’ Resolutions, drawn up in the presence of Dr. Irawan Soerodjo, S.H., MSi., Notary in Jakarta
Berdasarkan Keputusan Direksi Perseroan tanggal 31 Mei 2013, Perseroan menunjuk Arif Pradana sebagai Sekretaris Perseroan.
Based on the Directors’ Resolutions dated May 31, 2013, the Company appointed Arif Pradana as the Company’s Corporate Secretary.
Komite Audit Perseroan dibentuk pada tanggal 28 Februari 2014. Susunan Komite Audit pada tanggal 30 September 2014 adalah sebagai berikut:
The Company’s Audit Committee was established on February 28, 2014. The composition of the Audit Committee as of September 30, 2014 was as follow:
30 September 2014/ September 30, 2014
___________________________________
Ketua Anggota Anggota
Bacelius Ruru Anang Yudiansyah Setiawan Patricia Marina Sugondo
Berdasarkan Keputusan Direksi Perseroan tanggal 31 Mei 2013, Direksi memutuskan pengangkatan Johannes Edwin sebagai Kepala Departemen Audit Internal.
Chairman Member Member
Based on the Directors’ Resolutions dated May 31, 2013, the Boards of Directors decided the appointment of Johannes Edwin as the Head of Internal Audit Department.
10
F-19
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan)
GENERAL (continued) c.
c. Entitas anak (lanjutan)
Subsidiaries (continued)
Pada tanggal 30 September 2014, Perseroan dan entitas anaknya mempekerjakan 579 karyawan tetap dan 164 karyawan kontrak (tidak diaudit) (31 Desember 2013: 533 karyawan tetap dan 158 karyawan kontrak; 31 Desember 2012: 470 karyawan tetap dan 124 karyawan kontrak; 31 Desember 2011: 314 karyawan tetap dan 101 karyawan kontrak) (tidak diaudit).
As of September 30, 2014, the Company and its subsidiaries employed 579 permanent employees and 164 contractual employees (unaudited) (December 31, 2013: 533 permanent employees and 158 contract employees; December 31, 2012: 470 permanent employees and 124 contract employees; December 31, 2011: 314 permanent employees and 101 contract employees) (unaudited).
Kepemilikan saham Perseroan pada entitasentitas anak yang dimiliki secara langsung maupun tidak langsung yang dikonsolidasi adalah sebagai berikut:
The Company’s share ownership, directly or indirectly, in its consolidated subsidiaries is as follows:
Persentase kepemilikan/ Percentage of ownership Domisili/ Domicile Entitas anak/Subsidiaries
Jenis usaha/ Nature of business
30 Sep./ Sep 30, 2014
31 Des./ Dec 31, 2013
31 Des./ Dec 31, 2012
Dimulainya kegiatan komersial/ Start of commercial operations
Jumlah aset sebelum eliminasi/ Total assets before eliminations 30 Sep./ Sep 31 Des./ 31 Des./ 30, Dec 31, Dec 31, 2014 2013 2012
Pemilikan langsung/ Direct Ownership Protelindo Luxembourg S.à r.l 100% dimiliki oleh Perseroan/100% owned by the Company
Luxembourg
Perusahaan Investasi/ Investment Company
100%
100%
100%
27 November/ November 27, 2012
344.750
369.129
283.257
Protelindo Finance B.V. 100% dimiliki oleh Protelindo Luxembourg S.à r.l/100% owned by Protelindo Luxembourg S.à r.l
Amsterdam
Perusahaan Induk Keuangan/ Financial Holding Company
100%
100%
100%
28 November/ November 28, 2012
5.531.312
5.530.260
5.133.848
Protelindo Netherlands B.V. 56% dimiliki oleh Protelindo Luxembourg S.à r.l/56% owned by Protelindo Luxembourg S.à r.l
Amsterdam
Perusahaan Induk Keuangan/ Financial Holding Company
56%
56%
56%
28 November/ November 28, 2012
5.412.474
5.736.285
5.160.356
Protelindo Towers B.V. 100% dimiliki oleh Protelindo Netherlands B.V/100% owned by Protelindo Netherlands B.V
Gravenhage
Perusahaan Induk Keuangan/ Financial Holding Company
56%
56%
56%
29 November/ November 29, 2012
6.290.459
6.321.962
4.901.721
Pemilikan tidak langsung/ Indirect ownership
11
F-20
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan)
GENERAL (continued) c.
c. Entitas anak (lanjutan)
Subsidiaries (continued)
<
Entitas anak/Subsidiaries
Persentase kepemilikan/ Percentage of ownership 30 Sep./ 31 Des./ 31 Des./ Sep. 30, Dec.31, Dec.31, 2014 2013 2012
Dimulainya kegiatan komersial/ Start of commercial operations
Jumlah aset sebelum eliminasi/ Total assets before eliminations 30 Sep./ 31 Des./ 31 Des./ Sep. 30, Dec.31, Dec.31, 2014 2013 2012
Domisili/ Domicile
Jenis usaha/ Nature of business
Amsterdam
Perusahaan Operasional/ Operating Company
-
-
56%
19 Desember/ December 19, 2012
-
-
338.170
Amsterdam
Perusahaan Operasional/ Operating Company
-
-
56%
19 Desember/ December 19, 2012
-
-
116.441
Amsterdam
Perusahaan Operasional/ Operating Company
-
-
56%
19 Desember/ December 19, 2012
-
-
399.515
Amsterdam
Perusahaan Operasional/ Operating Company
-
-
56%
19 Desember/ December 19, 2012
-
-
182.923
Pemilikan tidak langsung/ Indirect Ownership
Antenna Mast Company(I) B.V. 100% dimiliki oleh Protelindo Towers B.V. dan kemudian melebur dengan Protelindo Towers B.V./100% owned by Protelindo Towers B.V.and subsequently merged into Protelindo Towers B.V. Antenna Mast Company (II) B.V. 100% dimiliki oleh Protelindo Towers B.V. dan kemudian melebur dengan Protelindo Towers B.V./100% owned by Protelindo Towers B.V. and subsequently merged into Protelindo Towers B.V. Antenna Mast Company (III) B.V. 100% dimiliki oleh Protelindo Towers B.V. dan kemudian melebur dengan Protelindo Towers B.V./100% owned by Protelindo Towers B.V. and subsequently merged into Protelindo Towers B.V. Antenna Mast Company (IV) B.V. 100% dimiliki oleh Protelindo Towers B.V. dan kemudian melebur dengan Protelindo Towers B.V./100% owned by Protelindo Towers B.V. and subsequently merged into Protelindo Towers B.V.
Untuk memperluas bisnis sewa menara, pada bulan Desember 2012, Perseroan secara tidak langsung mendirikan dan mengakuisisi beberapa anak perusahaan di Luxembourg dan Belanda yaitu Protelindo Luxembourg S.à r.l., Protelindo Netherlands B.V., Protelindo Finance B.V., Protelindo Towers B.V., Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V. dan Antenna Mast Company (IV) B.V.
To expand the business of tower leased in December 2012, the Company indirectly established and acquired several subsidiaries in Luxembourg and the Netherlands, namely Protelindo Luxembourg S.à r.l., Protelindo Netherlands B.V., Protelindo Finance B.V., Protelindo Towers B.V., Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V. and Antenna Mast Company (IV) B.V.
12
F-21
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan)
GENERAL (continued) c.
c. Entitas anak (lanjutan)
Subsidiaries (continued)
i.
Protelindo Luxembourg S.à r.l. (sebelumnya dikenal sebagai Aither S.à r.l.) didirikan menurut hukum Grand Duchy of Luxembourg pada tanggal 4 Juni 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas, dengan nomor registrasi B169.262. Kantor terdaftar dari Protelindo Luxembourg S.à r.l. terletak di 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg. Pada tanggal 27 November 2012, Perseroan mengakuisisi seluruh saham Protelindo Luxembourg S.à r.l. dimana pada akhirnya Protelindo Luxembourg S. à r.l. menjadi anak perusahaan yang sepenuhnya dimiliki oleh Perseroan.
i.
Protelindo Luxembourg S.à r.l. (formerly known as Aither S.à r.l) was incorporated under the laws of the Grand Duchy of Luxembourg on June 4, 2012 as a private company with limited liability and its registration number is B 169.262. The registered office of Protelindo Luxembourg S.à r.l. is located at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg. On November 27, 2012, the Company acquired all shares of Protelindo Luxembourg S.à r.l. as a result of which Protelindo Luxembourg S.à r.l. became a wholly owned subsidiary of the Company.
ii.
Protelindo Finance B.V. didirikan menurut hukum Belanda pada tanggal 28 November 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56564996. Kantor terdaftar dari Protelindo Finance B.V. terletak di Teleport, Boulevard 140, 1043 EJ, Amsterdam. Protelindo Finance B.V. dimiliki sepenuhnya oleh Protelindo Luxembourg S.à r.l.
ii.
Protelindo Finance B.V. was incorporated under the laws of the Netherlands on November 28, 2012 as a private company with limited liability and its trade register registration number is 56564996. The registered office of Protelindo Finance B.V. is located at Teleport Boulevard 140, 1043 EJ, Amsterdam. Protelindo Finance B.V. is a wholly owned subsidiary of Protelindo Luxembourg S.à r.l.
iii.
Protelindo Netherlands B.V. didirikan menurut hukum Belanda pada tanggal 28 November 2012 sebagai perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56564767. Kantor terdaftar dari Protelindo Netherlands B.V. terletak di Teleport, Boulevard 140, 1043 EJ, Amsterdam. Protelindo Netherlands B.V. secara tidak langsung dimiliki sebagian besar oleh Perseroan.
iii.
Protelindo Netherlands B.V. was incorporated under the laws of the Netherlands on November 28, 2012 as a private company with limited liability and its trade register registration number is 56564767. The registered office of Protelindo Netherlands B.V. is located at Teleport Boulevard 140, 1043 EJ, Amsterdam. Protelindo Netherlands B.V. is a majority owned indirect subsidiary of the Company.
13
F-22
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan) c.
GENERAL (continued) c.
Entitas anak (lanjutan)
Subsidiaries (continued)
iv. Protelindo Towers B.V. didirikan menurut hukum Belanda pada tanggal 29 November 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56575890. Kantor terdaftar dari Protelindo Towers B.V. terletak di Dr. Lelykade 22, 2583 CM’s-Gravenhage. Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung di Protelindo Towers B.V.
iv. Protelindo Towers B.V. was incorporated under the laws of the Netherlands on November 29, 2012 as a private company with limited liability and its trade register registration number is 56575890. The registered office of Protelindo Towers B.V. is located at Dr. Lelykade 22, 2583 CM’sGravenhage. The Company has an indirect capital and voting interest of 56% in Protelindo Towers B.V.
v.
v.
Antenna Mast Company (I) B.V. was incorporated under the laws of the Netherlands on December 19, 2012 as a private company with limited liability and its trade register registration number was 56685602. The registered office of Antenna Mast Company (I) B.V. was located at Kingsfordweg 151, 1043GR Amsterdam. The Company had an indirect capital and voting interest of 56% in Antenna Mast Company (I) B.V.
vi.
Antenna Mast Company (II) B.V. was incorporated under the laws of the Netherlands on December 19, 2012 as a private company with limited liability and its trade register registration number was 56686137. The registered office of Antenna Mast Company (II) B.V. was located at Kingsfordweg 151, 1043GR Amsterdam. The Company had an indirect capital and voting interest of 56% in Antenna Mast Company (II) B.V.
Antenna Mast Company (I) B.V. didirikan menurut hukum Belanda pada tanggal 19 Desember 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56685602. Kantor terdaftar dari Antenna Mast Company (I) B.V. terletak di Kingsfordweg 151, 1043GR Amsterdam. Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung di Antenna Mast Company (I) B.V. vi. Antenna Mast Company (II) B.V. didirikan menurut hukum Belanda pada tanggal 19 Desember 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56686137. Kantor terdaftar dari Antenna Mast Company (II) B.V. terletak di Kingsfordweg 151, 1043GR Amsterdam. Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung di Antenna Mast Company (II) B.V.
14
F-23
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan) c.
GENERAL (continued) c.
Entitas anak (lanjutan)
Subsidiaries (continued)
Antenna Mast Company (III) B.V. didirikan menurut hukum Belanda pada tanggal 19 Desember 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56686668. Kantor terdaftar dari Antenna Mast Company (III) B.V. terletak di Kingsfordweg 151, 1043GR Amsterdam. Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung di Antenna Mast Company (III) B.V.
vii. Antenna Mast Company (III) B.V. was incorporated under the laws of the Netherlands on December 19, 2012 as a private company with limited liability and its trade register registration number was 56686668. The registered office of Antenna Mast Company (III) B.V. was located at Kingsfordweg 151, 1043GR Amsterdam. The Company had an indirect capital and voting interest of 56% in Antenna Mast Company (III) B.V.
viii. Antenna Mast Company (IV) B.V. didirikan
viii. Antenna Mast Company (IV) B.V. was incorporated under the laws of the Netherlands on December 19, 2012 as a private company with limited liability and its trade register registration number was 56687079. The registered office of Antenna Mast Company (IV) B.V. was located at Kingsfordweg 151, 1043GR Amsterdam. The Company had an indirect capital and voting interest of 56% in Antenna Mast Company (IV) B.V.
vii.
menurut hukum Belanda pada tanggal 19 Desember 2012 sebagai sebuah perusahaan swasta dengan kewajiban terbatas dan nomor registrasi dagangnya adalah 56687079. Kantor terdaftar dari Antenna Mast Company (IV) B.V. terletak di Kingsfordweg 151, 1043GR Amsterdam. Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung di Antenna Mast Company (IV) B.V. Pada tanggal 19 Desember 2012, Protelindo Towers B.V. menyelesaikan akuisisi 261 menara dari KPN B.V. ("KPN"), penyedia layanan telekomunikasi terkemuka di Belanda dengan membeli seluruh saham Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V., dan Antenna Mast Company (IV) B.V., ("Mast Companies"). Besarnya pembayaran untuk pembelian menara adalah €75.000.000 (ditambah pajak-pajak transfer). Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung terhadap setiap Mast Companies. Mast Companies didirikan menurut hukum Belanda pada tanggal 19 Desember 2012 sebagai hasil dari pengambilalihan menara melalui proses demerger dari KPN.
On December 19, 2012, Protelindo Towers B.V. completed the acquisition of 261 towers from KPN B.V. (“KPN”), a leading telecommunications service provider in the Netherlands, by purchasing all of the shares of Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V., and Antenna Mast Company (IV) B.V. (the “Mast Companies”). The consideration paid for the purchase of the towers was €75,000,000 (plus transfer taxes). The Company has an indirect capital and voting interest of 56% in each of the Mast Companies.The Mast Companies were incorporated under the laws of the Netherlands on December 19, 2012 as a result of, and acquired the towers by means of, a legal demerger of KPN.
Transaksi akuisisi ini menimbulkan pengakuan goodwill dan aset takberwujud lainnya masingmasing sebesar Rp157.155 dan Rp586.376 yang merupakan selisih atas harga beli dengan nilai wajar aset dan kewajiban Mast Companies yang dapat diidentifikasi.
This acquisition transaction resulted in recognizing goodwill and intangible assets of Rp157,155 and Rp586,376, respectively derived from the difference between the purchase price consideration and the fair value of identifiable assets and liabilities of the Mast Companies.
15
F-24
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM(lanjutan) c.
GENERAL (continued) c.
Entitas anak (lanjutan)
Subsidiaries (continued)
Aset yang diperoleh dan liabilitas yang diambil alih
Assets acquired and liabilities assumed
Nilai wajar aset dan liabilitas Mast Companies yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:
The fair value of the identifiable assets and liabilities of Mast Companies as at the date of acquisition were:
Nilai wajar yang diakui pada saat akuisisi/ Fair value recognized on acquisition Aset Tanah Menara Beban dibayar dimuka Aset pajak tanguhan Hubungan pelanggan (Catatan 11)
14.406 278.661 1.781 8.005 586.376
Assets Land Towers Prepayments Deferred tax assets Customers relationship (Note 11)
889.229 Liabilitas Estimasi liabilitas restorasi aset
32.031
Liabilities Estimated liabilities for assets restoration
Jumlah aset neto teridentifikasi pada nilai wajar
857.198
Total identifiable net assets at fair value
Goodwill yang timbul pada saat akuisisi (Catatan 10)
157.155
Goodwill arising on acquisition (Note 10)
1.014.353
Purchase consideration transferred
Imbalan yang dialihkan Goodwill sebesar Rp157.155 merupakan nilai sinergi yang diharapkan timbul dari akuisisi melalui perolehan skala ekonomis atas sewa menara.
The goodwill of Rp157,155 reflects the synergies value expected arising from the acquisition through economies of scale of tower leases.
KNP diukur berdasarkan proporsi kepemilikan KNP atas aset neto yang teridentifikasi dari entitas yang diakuisisi.
The NCI is measured using the proportion of NCI’s ownership of net identifiable assets of the acquired entity.
Pada tanggal 11 Februari 2013, Protelindo Towers B.V. dan Mast Companies menandatangani Akta Merger dihadapan deputi B.J. Kuck, civil law notary di Amsterdam. Berdasarkan Akta Merger tersebut, Mast Companies melebur dengan dan menjadi Protelindo Towers B.V., yang berlaku efektif pada tanggal 12 Februari 2013.
On February 11, 2013, Protelindo Towers B.V. and the Mast Companies executed a Deed of Merger before a deputy of B.J. Kuck, civil law notary in Amsterdam. Pursuant to the Deed of Merger, the Mast Companies merged with and into Protelindo Towers B.V., which became effective on February 12, 2013.
16
F-25
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 1.
1.
UMUM (lanjutan) c.
d.
GENERAL (continued) c.
Entitas anak (lanjutan)
Subsidiaries (continued)
Berdasarkan berita acara rapat managing board dari Protelindo Netherlands B.V. yang diadakan pada tanggal 22 Juli 2013, para pemegang saham Protelindo Netherlands B.V. telah menyetujui entitas anak tersebut untuk melakukan pembagian dividen tunai sebesar €211.532 (setara Rp2.801) kepada Protelindo Luxembourg S.à r.l. dan sebesar €166.545 (setara Rp2.205) kepada Management Tower Europe S.à r.l.
Based on minutes of the meeting of the managing board of Protelindo Netherlands B.V. on July 22, 2013, the shareholders of Protelindo Netherlands B.V. have approved for the subsidiary to distribute cash dividends in the amount of €211,532 (equivalent to Rp2,801) to Protelindo Luxembourg S.à r.l. and €166,545 (equivalent to Rp2,205) to Management Tower Europe S.à r.l.
Berdasarkan berita acara rapat managing board dari Protelindo Netherlands B.V. tanggal 21 Oktober 2013, para pemegang saham Protelindo Netherlands B.V. telah menyetujui perseroan tersebut untuk melakukan pembagian dividen tunai sebesar EUR27.974,70 (setara Rp434) kepada Protelindo Luxembourg S.à r.l. dan sebesar EUR22.025,30 (setara Rp341) kepada Management Tower Europe S.à r.l..
Based on minutes of the meeting of the managing board of Protelindo Netherlands B.V. on October 21, 2013, the shareholders of Protelindo Netherlands B.V. have approved the company to distribute cash dividend in the amount of EUR27,974.70 (equivalent to Rp434) to Protelindo Luxembourg S.à r.l. and EUR22,025.30 (equivalent to Rp341) to Management Tower Europe S.à r.l..
Berdasarkan berita acara rapat managing board dari Protelindo Towers B.V. tanggal 21 Oktober 2013, pemegang saham tunggal Protelindo Towers B.V. telah menyetujui perseroan tersebut untuk melakukan pembagian dividen tunai sebesar EUR405.799,59 (setara Rp6.300) kepada Protelindo Netherlands B.V..
Based on minutes of the meeting of the managing board of Protelindo Towers B.V. on October 21, 2013, the sole shareholder of Protelindo Towers B.V. has approved the company to distribute cash dividend in the amount of EUR405,799.59 (equivalent to Rp6,300) to Protelindo Netherlands B.V..
Berdasarkan keputusan manajer tunggal dari Protelindo Luxembourg S.à r.l. tanggal 23 Desember 2013, manajer tunggal Protelindo Luxembourg S.à r.l. telah menyetujui perseroan tersebut untuk melakukan pembagian dividen tunai sebesar EUR10.000 (setara Rp166) kepada Perseroan.
Based on written resolutions of the sole manager of Protelindo Luxembourg S.à r.l. on December 23, 2013, the sole manager of Protelindo Luxembourg S.à r.l. has approved the company to distribute cash dividend in the amount of EUR10,000 (equivalent to Rp166) to the Company’s. d. Completion of the consolidated financial statements
Penyelesaian laporan keuangan konsolidasian Laporan keuangan konsolidasian ini diselesaikan dan disetujui untuk diterbitkan oleh Direksi Perseroan pada tanggal 28 Oktober 2014.
These consolidated financial statements were completed and authorized for issuance by the Board of Directors of the Company October 28, 2014.
17
F-26
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING
SUMMARY OF SIGNIFICANT POLICIES
ACCOUNTING
Laporan keuangan konsolidasian telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) yang mencakup Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia dan peraturan-peraturan serta pedoman dan penyajian dan pengungkapan laporan keuangan yang diterbitkan oleh BAPEPAM-LK No. Kep347/BL/2012.
The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards in Indonesia (“SAK”) comprise of the Statements of Financial Accounting Standards (PSAK) and Interpretation to Financial Accounting Standards (ISAK) issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants and the regulations and the guidelines on financial statements and disclosures issued by BAPEPAMLK No. Kep-347/BL/2012.
Kebijakan akuntansi yang signifikan yang diterapkan secara konsisten dalam penyusunan laporan keuangan konsolidasian untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014 (tidak diaudit) dan 2013 dan untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012 dan 2011 adalah sebagai berikut:
The significant accounting policies were applied consistently in the preparation of the consolidated financial statements as of and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and as of and years ended December 31, 2013, 2012 and 2011 are as follows:
a.
a.
Dasar penyusunan konsolidasian
laporan
keuangan
Basis of preparation financial statements
of
consolidated
Laporan keuangan konsolidasian disusun berdasarkan konsep akrual, dan dasar pengukuran dengan menggunakan konsep biaya historis, kecuali laporan arus kas konsolidasian dan beberapa akun tertentu yang disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.
The consolidated financial statements have been prepared on the accrual basis using the historical cost concept, except for the consolidated statements of cash flows and certain accounts which are measured on the bases described in the related accounting policies for those accounts.
Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas atas dasar kegiatan operasi, investasi dan pendanaan.
The consolidated statements of cash flows are prepared based on the direct method by classifying cash flows on the basis of operating, investing and financing activities.
Seluruh angka dalam laporan keuangan konsolidasian dibulatkan menjadi jutaan Rupiah, kecuali dinyatakan lain.
Amounts in the consolidated financial statements are rounded to and stated in millions of Rupiah, unless otherwise stated.
Transaksi-transaksi yang termasuk dalam laporan keuangan pada setiap entitas Perseroan diukur dengan mata uang lingkungan ekonomi utama di mana entitas beroperasi (“mata uang fungsional”). Laporan keuangan konsolidasian disajikan dalam Rupiah, yang merupakan mata uang fungsional dan penyajian Perseroan.
Items included in the financial statements of each of the Company's entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Rupiah, which is the Company’s functional and presentation currency.
18
F-27
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) b.
SUMMARY OF SIGNIFICANT POLICIES (continued) b.
Prinsip-prinsip konsolidasi
ACCOUNTING
Principles of consolidation
Kebijakan akuntansi yang digunakan dalam penyusunan laporan keuangan konsolidasian telah diterapkan secara konsisten oleh Perseroan dan entitas anaknya, kecuali dinyatakan lain.
The accounting policies adopted in preparing the consolidated financial statements have been consistently applied by the Company and its subsidiaries, unless otherwise stated.
Laporan keuangan konsolidasian meliputi laporan keuangan entitas anak seperti yang disebutkan pada Catatan 1c, dimana Perseroan baik secara langsung atau tidak langsung, memiliki lebih dari 50% kepemilikan saham.
The consolidated financial statements include the financial statements of the subsidiaries as mentioned in Note 1c, in which the Company owns more than 50% share ownership, either directly or indirectly.
Semua saldo dan transaksi antar Perseroan yang material, termasuk keuntungan atau kerugian yang belum direalisasi, jika ada, dieliminasi untuk mencerminkan posisi keuangan dan hasil operasi Perseroan dan entitas anaknya sebagai satu kesatuan usaha.
All material intercompany accounts and transactions, including unrealized gains or losses, if any, are eliminated to reflect the financial position and the results of operations of the Company and its subsidiaries as one business entity.
Entitas anak dikonsolidasi secara penuh sejak tanggal akuisisi, yaitu tanggal Perseroan memperoleh pengendalian, sampai dengan tanggal entitas induk kehilangan pengendalian. Pengendalian dianggap ada ketika Perseroan memiliki secara langsung atau tidak langsung melalui entitas anak, lebih dari setengah kekuasaan suara entitas.
Subsidiary is fully consolidated from the dates of acquisition, being the date on which the Company obtained control, and continue to be consolidated until the date such control ceases. Control is presumed to exist if the Company owns, directly or indirectly through subsidiary, more than half of the voting power of an entity.
Rugi entitas anak yang tidak dimiliki secara penuh diatribusikan pada Kepentingan NonPengendali (KNP) bahkan jika hal ini mengakibatkan KNP mempunyai saldo defisit.
Losses of a non-wholly owned subsidiary are attributed to the Non-Controlling Interests (NCI) even if such losses result in a deficit balance for the NCI.
Perubahan dalam bagian kepemilikan entitas induk pada entitas anak yang tidak mengakibatkan hilangnya pengendalian dicatat sebagai transaksi ekuitas.
Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
19
F-28
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) b.
SUMMARY OF SIGNIFICANT POLICIES (continued) b.
Prinsip-prinsip konsolidasi (lanjutan)
Principles of consolidation (continued)
Jika kehilangan pengendalian atas suatu entitas anak, maka Perseroan dan entitas anaknya:
In case of loss of control over a subsidiary, the Company and its subsidiaries:
•
•
• • • • • •
menghentikan pengakuan aset (termasuk setiap goodwill) dan liabilitas entitas anak; menghentikan pengakuan jumlah tercatat setiap KNP; menghentikan pengakuan akumulasi selisih penjabaran, yang dicatat di ekuitas, bila ada; mengakui nilai wajar pembayaran yang diterima; mengakui setiap sisa investasi pada nilai wajarnya mengakui setiap perbedaan yang dihasilkan sebagai keuntungan atau kerugian dalam laba rugi, dan mereklasifikasi bagian induk atas komponen yang sebelumnya diakui sebagai pendapatan komprehensif ke laba rugi, atau mengalihkan secara langsung ke saldo laba.
• • • • • •
derecognizes the assets (including goodwill) and liabilities of the subsidiary; derecognizes the carrying amount of any NCI; derecognizes the cumulative translation differences, recorded in equity, if any; recognizes the fair value of the consideration received; recognizes the fair value of any investment retained; recognizes any surplus or deficit in profit or loss; and reclassifies the parent’s share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate.
NCI represents the portion of the profit or loss and net assets of the subsidiaries not attributable directly or indirectly to the Company, which are presented in the consolidated statements of comprehensive income and under the equity section of the consolidated statements of financial position, respectively, separately from the corresponding portion attributable to the owner of the parent entity.
KNP mencerminkan bagian atas laba atau rugi dan aset neto dari entitas anak yang tidak dapat diatribusikan secara langsung maupun tidak langsung pada Perseroan, yang masingmasing disajikan dalam laporan laba rugi komprehensif konsolidasian dan dalam ekuitas dalam laporan posisi keuangan konsolidasian, terpisah dari bagian yang dapat diatribusikan kepada pemilik entitas induk. c.
ACCOUNTING
c.
Kombinasi Bisnis Kombinasi bisnis dicatat dengan menggunakan metode akuisisi. Biaya perolehan dari sebuah akuisisi diukur pada nilai agregat imbalan yang dialihkan, diukur pada nilai wajar pada tanggal akuisisi, dan jumlah setiap KNP pada pihak yang diakuisisi. Untuk setiap kombinasi bisnis, pihak pengakuisisi mengukur KNP pada entitas yang diakuisisi baik pada nilai wajar maupun pada proporsi kepemilikan KNP atas aset neto yang teridentifikasi dari entitas yang diakuisisi. Biaya-biaya akuisisi yang timbul dibebankan langsung dan disertakan dalam beban administrasi.
Business Combination Business combination is recorded by using the acquisition method. Cost from acquisition is measured at the sum value of the consideration transferred, measured at fair value at the acquisition date, and the amount of each NCI on acquired parties. For each business combination, the acquirer measures the NCI on the acquired entity either at fair value or the proportion of NCI’s ownership of net identifiable assets of the acquired entity. Costs incurred in respect of acquisition charged directly and included in administrative expenses.
20
F-29
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) c.
SUMMARY OF SIGNIFICANT POLICIES (continued) c.
Kombinasi Bisnis (lanjutan)
ACCOUNTING
Business Combination (continued)
Ketika melakukan akuisisi atas sebuah bisnis, Perseroan dan entitas anaknya mengklasifikasikan dan menentukan aset keuangan yang diperoleh dan liabilitas keuangan yang diambil alih berdasarkan pada persyaratan kontraktual, kondisi ekonomi, dan kondisi terkait lain yang ada pada tanggal akuisisi. Hal ini termasuk pemisahan derivatif melekat dalam kontrak utama oleh pihak yang diakuisisi.
When the Company and its subsidiaries acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.
Imbalan kontinjensi yang dialihkan oleh pihak pengakuisisi diakui pada nilai wajar tanggal akuisisi.
Contingent consideration transferred by the acquirer is recognized at fair value on the acquisition date.
Perubahan nilai wajar atas imbalan kontinjensi setelah tanggal akuisisi yang diklasifikasikan sebagai aset atau liabilitas, akan diakui dalam laba rugi atau pendapatan komprehensif lainnya sesuai dengan PSAK 55 (Revisi 2011), ”Instrument Keuangan: Pengakuan dan Pengukuran”. Jika diklasifikasikan sebagai ekuitas, imbalan kontinjensi tidak diukur kembali sampai penyelesaian selanjutnya diperhitungkan dalam ekuitas.
Change in fair value of contingent consideration after the acquisition date, which is classified as an asset or liability, will be recognized in profit or loss or other comprehensive income in accordance with PSAK No. 55 (Revised 2011),”Financial Instruments: Recognition and Measurement”. If classified as equity, contingent consideration is not measured again until the next settlement accounted in equity.
Pada tanggal akuisisi, goodwill awalnya diukur pada harga perolehan yang merupakan selisih lebih nilai agregat dari imbalan yang dialihkan dan jumlah setiap KNP atas selisih jumlah dari aset teridentifikasi yang diperoleh dan liabilitas yang diambil alih. Jika imbalan tersebut kurang dari nilai wajar aset neto entitas anak yang diakuisisi, selisih tersebut diakui dalam laba rugi.
At the date of acquisition, goodwill is initially measured at cost which represents the excess of the sum value of the consideration transferred and the amount of any difference in the number of NCI on the acquired identifiable assets and liabilities acquired. If the compensations are less than the fair value of the net assets of the subsidiary acquired, thedifference is recognized in profit or loss.
Setelah pengakuan awal, goodwill diukur pada harga perolehan dikurangi akumulasi kerugian penurunan nilai. Untuk tujuan uji penurunan nilai, goodwill yang diperoleh dari suatu kombinasi bisnis, sejak tanggal akuisisi dialokasikan kepada setiap Unit Penghasil Kas (“UPK”) dari Perseroan dan entitas anaknya yang diharapkan akan bermanfaat dari sinergi kombinasi tersebut, terlepas dari apakah aset atau liabilitas lain dari pihak yang diakuisisi ditetapkan atas UPK tersebut.
After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired from a business combination, since the date of the acquisition is allocated to each Cash Generating Unit ("CGU") of the Company and its subsidiaries which is expected to benefit from the synergy of the combination, irrespective of whether other assets or liabilities of the acquired CGU is set up.
21
F-30
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) c.
SUMMARY OF SIGNIFICANT POLICIES (continued) c.
Kombinasi Bisnis (lanjutan) Jika goodwill telah dialokasikan pada suatu UPK dan operasi tertentu atas UPK tersebut dihentikan, maka goodwill yang diasosiasikan dengan operasi yang dihentikan tersebut termasuk dalam jumlah tercatat operasi tersebut ketika menentukan keuntungan atau kerugian dari pelepasan. Goodwill yang dilepaskan tersebut diukur berdasarkan nilai relatif operasi yang dihentikan dan porsi UPK yang ditahan.
d.
ACCOUNTING
Business Combination (continued) If goodwill has been allocated to CGU and specific operation on CGU is discontinued, the goodwill associated with discontinued operations are included in the carrying amount of the operation when determining the gain or loss on disposal. The goodwill disposal is measured based on the relative value of discontinued operations and the portion retained CGU.
d.
Transaksi dengan pihak-pihak berelasi
Transactions with related parties The Company and its subsidiaries adopted PSAK No. 7 (Revised 2010) “Related Party Disclosure”. The revised PSAK requires disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated as well as individual financial statements. There is no significant impact of the adoption of the revised PSAK on the consolidated financial statements.
Perseroan dan entitas anaknya menerapkan PSAK No. 7 (Revisi 2010), “Pengungkapan Pihak-pihak Berelasi”. PSAK revisi ini mensyaratkan pengungkapan hubungan, transaksi dan saldo pihak-pihak berelasi, termasuk komitmen, dalam laporan keuangan konsolidasian dan juga diterapkan terhadap laporan keuangan secara individual. Tidak terdapat dampak signifikan dari penerapan PSAK yang direvisi tersebut terhadap laporan keuangan konsolidasian. Pihak-pihak berelasi adalah orang atau entitas yang terkait dengan entitas pelapor:
Related party represents a person or an entity who is related to the reporting entity:
a) Orang atau anggota keluarga terdekat mempunyai relasi dengan entitas pelapor jika orang tersebut : i. memiliki pengendalian atau pengendalian bersama atas entitas pelapor; ii. memiliki pengaruh signifikan atas entitas pelapor; atau iii. personil manajemen kunci entitas pelapor atau entitas induk entitas pelapor.
a) A person or a close member of the person’s family is related to a reporting entity if that person: i. has control or joint control over the reporting entity; ii. has significant influence over the reporting entity; or iii. member of the key management personnel of the reporting entity or of a parent of the reporting entity.
22
F-31
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) d.
Transaksi (lanjutan)
dengan
pihak-pihak
SUMMARY OF SIGNIFICANT POLICIES (continued) d.
berelasi
b) Suatu entitas berelasi dengan entitas pelapor jika memenuhi salah satu hal berikut: i. Entitas dan entitas pelapor adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain). ii. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya). iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama. iv. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga. v. Entitas tersebut adalah suatu program imbalan pascakerja untuk imbalan kerja dari salah satu entitas pelapor atau entitas yang terkait dengan entitas pelapor. Jika entitas pelapor adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan entitas pelapor. vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a). vii. Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).
Transactions (continued)
with
ACCOUNTING
related
parties
b) An entity is related to a reporting entity if any of the following conditions applies: i. The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). iii. Both entities are joint venture of the same third party. iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. v. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. vi. The entity is controlled or jointly controlled by a person identified in (a). vii. A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
Seluruh transaksi dan saldo yang signifikan dengan pihak-pihak berelasi telah diungkapkan dalam catatan atas laporan keuangan konsolidasian.
All significant transactions and balances with related parties are disclosed in the relevant notes to the consolidated financial statements.
23
F-32
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) e.
Kas dan setara kas
SUMMARY OF SIGNIFICANT POLICIES (continued) e.
Kas dan setara kas terdiri atas kas dan bank dan deposito berjangka dengan jangka waktu 3 bulan atau kurang sejak saat penempatan atau pembelian dan tidak dibatasi penggunaannya. f.
Cash and cash equivalents Cash and cash equivalents comprise cash on hand and in banks and short-term deposits with an original maturity of 3 months or less at the time of placements and not restricted as to use.
f. Inventories
Persediaan Persediaan diakui sebesar nilai yang lebih rendah antara biaya perolehan dan nilai realisasi bersih. Harga perolehan ditentukan dengan menggunakan metode first-in, first-out (FIFO). Nilai realisasi bersih adalah taksiran harga jual dalam kegiatan usaha normal. Perseroan dan entitas anaknya menentukan penyisihan persediaan usang berdasarkan hasil penelaahan terhadap keadaan persediaan pada akhir tahun.
g.
ACCOUNTING
Inventories are stated at the lower of cost or net realizable value. Cost is determined based on the first-in, first-out (FIFO) method. Net realizable value is the estimated selling price in the ordinary course of business. The Company and its subsidiaries provide a provision for inventory obsolescence based on a review of the usability of inventories at the end of the year. g.
Sewa
Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Leases that transfer to the lessee substantially all of the risks and rewards incidental to ownership of the leased item are classified as finance leases. Leases which do not transfer substantially all of the risks and rewards incidental to ownership of the leased item are classified as operating leases.
Penentuan apakah suatu perjanjian merupakan perjanjian sewa atau perjanjian yang mengandung sewa didasarkan atas substansi perjanjian pada tanggal awal sewa dan apakah pemenuhan perjanjian tergantung pada penggunaan suatu aset dan perjanjian tersebut memberikan suatu hak untuk menggunakan aset tersebut. Sewa yang mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset, diklasifikasikan sebagai sewa pembiayaan. Selanjutnya, suatu sewa diklasifikasikan sebagai sewa operasi, jika sewa tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset.
24
F-33
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) g.
g.
Sewa (lanjutan) Perseroan dan entitas anaknya lessee
SUMMARY OF SIGNIFICANT POLICIES (continued)
Dalam sewa pembiayaan, Perseroan dan entitas anaknya mengakui aset dan liabilitas dalam laporan posisi keuangan konsolidasian pada awal masa sewa, sebesar nilai wajar aset sewa pembiayaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Pembayaran sewa dipisahkan antara bagian yang merupakan biaya keuangan dan bagian yang merupakan pelunasan liabilitas sewa. Biaya keuangan dialokasikan pada setiap periode selama masa sewa, sehingga menghasilkan tingkat suku bunga periodik yang konstan atas saldo liabilitas. Sewa kontinjen dibebankan pada periode terjadinya. Biaya keuangan dicatat dalam laporan laba rugi komprehensif konsolidasian. Aset sewa pembiayaan (disajikan sebagai bagian aset tetap) disusutkan selama jangka waktu yang lebih pendek antara umur manfaat aset sewa pembiayaan dan periode masa sewa, jika tidak ada kepastian yang memadai bahwa Perseroan dan entitas anaknya akan mendapatkan hak kepemilikan aset pada akhir masa sewa.
ii)
Dalam sewa operasi, Perseroan dan entitas anaknya mengakui pembayaran sewa sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa.
Leases (continued) The Company and its subsidiaries as lessee
sebagai
i)
ACCOUNTING
25
F-34
i)
Under a finance lease, the Company and its subsidiaries are required to recognize assets and liabilities in its consolidated statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Minimum lease payments are required to be apportioned between finance charges and the reduction of the outstanding liability. The finance charges are required to be allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are required to be charged as expenses in the periods in which they are incurred. Finance charges are reflected in the consolidated statement of comprehensive income. Capitalized leased assets (presented as part of fixed assets) are depreciated over the shorter of the estimated useful life of the asset and the lease term, if there is no reasonable certainty that the Company and its subsidiaries will obtain ownership of the asset by the end of the lease term.
ii)
Under an operating lease, the Company and its subsidiaries recognize lease payments as an expense on a straight-line basis over the lease term.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) g.
h.
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
Sewa (lanjutan)
ACCOUNTING
Leases (continued)
Perseroan dan entitas anaknya sebagai lessor
The Company and its subsidiaries as lessors
i)
Dalam sewa pembiayaan Perseroan dan entitas anaknya mengakui aset berupa piutang sewa pembiayaan di laporan posisi keuangan konsolidasian sebesar jumlah yang sama dengan investasi sewa neto. Penerimaan piutang sewa diperlakukan sebagai pembayaran pokok dan pendapatan sewa pembiayaan. Pengakuan pendapatan sewa pembiayaan didasarkan pada suatu pola yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih Perseroan dan entitas anaknya sebagai lessor dalam sewa pembiayaan.
i)
Under finance lease, The Company and its subsidiaries are required to recognize assets held under a finance lease in its consolidated statement of financial position and present them as a receivable at an amount equal to the net investment in the lease. Lease payments received are treated as repayments of principal and finance lease income. The recognition of finance lease income is based on a pattern reflecting a constant periodic rate of return on the Company and its subsidiaries net investments in the finance lease.
ii)
Perseroan dan entitas anaknya mengakui aset untuk sewa operasi di laporan posisi keuangan konsolidasian sesuai sifat aset tersebut. Biaya langsung awal sehubungan proses negosiasi sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui sebagai beban selama masa sewa dengan dasar yang sama dengan pendapatan sewa operasi (Catatan 2l). Sewa kontinjen, apabila ada, diakui sebagai pendapatan pada periode terjadinya. Pendapatan sewa operasi diakui sebagai pendapatan atas dasar garis lurus selama masa sewa.
ii)
The Company and its subsidiaries are required to present assets subject to operating leases in its consolidated statement of financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as operating rental income (Note 2l). Contingent rents, if any, are recognized as revenue in the periods in which they are earned. Lease income from operating leases is recognized as income on a straight-line basis over the lease term.
h.
Aset tetap dan penyusutan
Fixed assets and depreciation
Perseroan dan entitas anaknya telah memilih model revaluasi untuk menara dan model biaya untuk aset tetap lainnya.
The Company and its subsidiaries have chosen the revaluation model for towers and the cost model for other fixed assets.
Menara dinyatakan sebesar nilai wajar dikurangi akumulasi penyusutan dan rugi penurunan nilai yang terjadi setelah tanggal revaluasi.
Towers are measured at fair value less accumulated depreciation and impairment losses recognized after the date of the revaluation.
Penilaian dilakukan secara berkala untuk memastikan bahwa nilai wajar dari aset yang dinilai kembali tidak berbeda material dari nilai tercatatnya.
Valuations are performed periodically to ensure that their fair value of a revalued asset does not differ materially from its carrying amount.
26
F-35
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) h.
SUMMARY OF SIGNIFICANT POLICIES (continued) h.
Aset tetap dan penyusutan (lanjutan)
ACCOUNTING
Fixed assets and depreciation (continued)
Setiap surplus revaluasi dikreditkan ke akun surplus revaluasi menara di bagian ekuitas dari laporan posisi keuangan konsolidasian kecuali kenaikan tersebut harus diakui dalam laporan laba rugi hingga sebesar jumlah penurunan nilai aset akibat revaluasi yang pernah diakui sebelumnya dalam laporan laba rugi. Penurunan nilai akibat revaluasi diakui dalam laporan laba rugi kecuali penurunan nilai akibat revaluasi tersebut mengurangi jumlah selisih revaluasi yang ada untuk aset yang sama yang diakui di akun surplus revaluasi menara dalam ekuitas.
Any revaluation surplus is credited to the revaluation surplus on towers account in the equity section of the consolidated statements of financial position, except to the extent that it reverses a revaluation decrease of the same assets previously recognized in the statement of income, in which case such portion of the increase is recognized in the statement of income. A revaluation deficit is recognized in the statement of income, except to the extent that it offsets an existing surplus on the same assets recognized in the revaluation surplus on towers in equity.
Surplus revaluasi menara yang dipindahkan secara berkala setiap tahun ke saldo laba adalah sebesar perbedaan antara jumlah penyusutan berdasarkan nilai revaluasian aset dengan jumlah penyusutan berdasarkan biaya perolehan aset tersebut. Selanjutnya, akumulasi penyusutan pada tanggal revaluasian dieliminasi terhadap jumlah tercatat bruto dari aset dan jumlah tercatat neto setelah eliminasi disajikan kembali sebesar jumlah revaluasian dari aset tersebut. Pada saat penghentian aset, surplus revaluasi untuk aset tetap yang dijual dipindahkan ke saldo laba.
A periodic annual transfer from the asset revaluation surplus on towers to retained earnings is made for the difference between depreciation based on the revalued carrying amount of the assets and depreciation based on the original cost of the assets. Additionally, accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the net asset amount is restated to the revalued amount of the asset. Upon disposal, any revaluation surplus relating to the particular asset being sold is transferred to retained earnings.
Dalam laporan keuangan konsolidasian surplus revaluasi menara diakui sebagai pendapatan komprehensif lain.
In the consolidated financial statements, revaluation surplus on towers is recognized as other comprehensive income.
Aset tetap lainnya, selain tanah, dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan rugi penurunan nilai. Biaya perolehan termasuk biaya penggantian bagian aset tetap saat biaya tersebut terjadi, jika memenuhi kriteria pengakuan. Selanjutnya, pada saat inspeksi yang signifikan dilakukan, biaya inspeksi itu diakui ke dalam jumlah tercatat (“carrying amount”) aset tetap sebagai suatu penggantian jika memenuhi kriteria pengakuan. Semua biaya pemeliharaan dan perbaikan yang tidak memenuhi kriteria pengakuan diakui dalam laba rugi konsolidasian pada saat terjadinya.
Other fixed assets, except land, are stated at cost less accumulated depreciation and impairment losses. Such cost includes the cost of replacing part of the fixed assets when that cost is incurred, if the recognition criteria are satisfied. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs that do not meet the recognition criteria are recognized in consolidated profit or loss as incurred.
27
F-36
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) h.
SUMMARY OF SIGNIFICANT POLICIES (continued) h.
Aset tetap dan penyusutan (lanjutan) Penyusutan dihitung dengan menggunakan metode garis lurus selama umur manfaat aset tetap yang diestimasi sebagai berikut:
ACCOUNTING
Fixed assets and depreciation (continued) Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Tahun/ Years Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
20 8 4 8 4 3-5
Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Tanah dinyatakan sebesar biaya perolehan dan tidak disusutkan.
Land is stated at cost and is not depreciated.
Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau saat tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset (dihitung sebagai perbedaan antara jumlah neto hasil pelepasan dan jumlah tercatat dari aset) dimasukkan dalam laba rugi konsolidasian pada periode aset tersebut dihentikan pengakuannya.
An item of fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognized.
Pada setiap akhir periode pelaporan, nilai residu, umur manfaat dan metode penyusutan di-reviu, dan jika sesuai dengan keadaan, disesuaikan secara prospektif.
The residual values, useful lives and methods of depreciation of fixed assets are reviewed, and adjusted prospectively if appropriate, at the end of each financial period.
Aset dalam penyelesaian merupakan akumulasi biaya bahan dan biaya lainnya sampai dengan tanggal dimana aset tersebut telah selesai dan siap untuk digunakan. Biayabiaya tersebut direklasifikasi ke aset tetap yang bersangkutan ketika aset tersebut telah siap dipakai.
Construction in progress represents the accumulated costs of materials and other relevant costs up to the date when the asset is complete and ready for use. These costs are reclassified to the respective fixed asset accounts when the asset has been made ready for use.
28
F-37
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) h.
i.
SUMMARY OF SIGNIFICANT POLICIES (continued) h.
Aset tetap dan penyusutan (lanjutan)
ACCOUNTING
Fixed assets and depreciation (continued)
Bila nilai tercatat suatu aset melebihi taksiran jumlah yang dapat diperoleh kembali, maka nilai tersebut diturunkan ke jumlah yang dapat diperoleh kembali tersebut, yang ditentukan sebagai nilai tertinggi antara harga jual neto dan nilai pakai.
When the carrying amount of an asset exceeds its estimated recoverable amount, the asset is written down to its estimated recoverable amount, which is determined as the higher of the net selling price or value in use.
Nilai menara termasuk estimasi awal biaya pembongkaran dan pemindahan menara, dan untuk restorasi lokasi menara. Liabilitas tersebut dicatat sebagai provisi biaya pembongkaran asset dalam akun provisi jangka panjang.
The value of the tower includes the initial estimated cost for dismantling and relocating the tower and for restoration of the tower location. This liability is recorded as assets retirement obligation under long-term provision. i.
Penurunan nilai aset non-keuangan
Impairment of non-financial assets
Pada setiap akhir periode pelaporan, Perseroan dan entitas anaknya menilai apakah terdapat indikasi suatu aset mengalami penurunan nilai. Jika terdapat indikasi tersebut atau pada saat pengujian tahunan penurunan nilai aset (yaitu, aset takberwujud dengan umur manfaat tidak terbatas, aset takberwujud yang belum dapat digunakan, atau goodwill yang diperoleh dalam suatu kombinasi bisnis) diperlukan, maka Perseroan dan entitas anaknya membuat estimasi formal atas jumlah terpulihkan aset tersebut.
The Company and its subsidiaries assess at each end of reporting period whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset (i.e. an intangible asset with an indefinite useful life, an intangible asset not yet available for use, or goodwill acquired in a business combination) is required, the Company and its subsidiaries make formal estimate of the asset’s recoverable amount.
Jumlah terpulihkan yang ditentukan untuk aset individual adalah jumlah yang lebih tinggi antara nilai wajar aset atau Unit Penghasil Kas (UPK) dikurangi biaya untuk menjual dengan nilai pakainya, kecuali aset tersebut tidak menghasilkan arus kas masuk yang sebagian besar independen dari aset atau kelompok aset lain. Jika nilai tercatat aset lebih besar daripada nilai terpulihkannya, maka aset tersebut dipertimbangkan mengalami penurunan nilai dan nilai tercatat aset diturunkan nilainya menjadi sebesar nilai terpulihkannya. Rugi penurunan nilai dari operasi yang berkelanjutan diakui pada laporan laba rugi komprehensif konsolidasian sebagai laba rugi sesuai kategori biaya yang konsisten dengan fungsi dari aset yang diturunkan nilainya, kecuali menara yang sebelumnya direvaluasi diakui pada pendapatan komprehensif lainnya. Dalam kasus ini, penurunan ini juga diakui dalam pendapatan komprehensif lain sampai dengan jumlah revaluasi sebelumnya.
An asset’s recoverable amount is the higher of an asset’s or Cash Generating Unit (CGU)’s fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognized in consolidated statement of comprehensive income as profit or loss under expense categories that are consistent with the functions of the impaired asset, except for tower revalued when the revaluation was taken to other comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.
29
F-38
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) i.
j.
Penurunan (lanjutan)
nilai
aset
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
non-keuangan
Impairment (continued)
of
ACCOUNTING
non-financial
assets
Dalam menghitung nilai pakai, estimasi arus kas masa depan neto didiskontokan ke nilai kini dengan menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar kini dari nilai waktu uang dan risiko spesifik atas aset. Dalam menentukan nilai wajar dikurangi biaya untuk menjual, digunakan harga penawaran pasar terakhir, jika tersedia. Jika tidak terdapat transaksi tersebut, Perseroan dan entitas anaknya menggunakan model penilaian yang sesuai untuk menentukan nilai wajar aset. Perhitungan-perhitungan ini dikuatkan oleh penilaian berganda atau indikator nilai wajar yang tersedia.
In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used to determine the fair value of the assets. These calculations are corroborated by valuation multiples or other available fair value indicators.
Goodwill diuji untuk penurunan nilai setiap tahun dan ketika keadaan yang mengindikasikan kemungkinan penurunan nilai tercatat. Penurunan nilai goodwill ditetapkan dengan menentukan jumlah tercatat setiap UPK (atau kelompok UPK) dimana goodwill terkait. Ketika jumlah terpulihkan dari UPK kurang dari jumlah tercatatnya, rugi penurunan nilai diakui. Kerugian penurunan nilai atas goodwill tidak dapat dibalik pada periode berikutnya.
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
Liabilitas imbalan kerja
j.
Perseroan dan entitas anaknya mengakui liabilitas atas imbalan kerja sesuai dengan PSAK No. 24 (Revisi 2010) mengenai “Akuntansi Imbalan Kerja” sesuai dengan Undang-undang Ketenagakerjaan No.13/2003 tanggal 25 Maret 2003 (“UU No. 13/2003”).
Employee benefits liabilities The Company and its subsidiaries recognize employee benefits liabilities in accordance with PSAK No. 24 (Revised 2010), regarding “Accounting for Employee Benefits” based on Labor Law No. 13/2003 dated March 25, 2003 (“the Law”).
30
F-39
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) j.
k.
SUMMARY OF SIGNIFICANT POLICIES (continued) j.
Liabilitas imbalan kerja (lanjutan)
ACCOUNTING
Employee benefits liabilities (continued)
Biaya untuk penyediaan imbalan kerja berdasarkan UU No. 13/2003 ditentukan dengan menggunakan metode penilaian aktuaria “Projected Unit Credit”. Keuntungan dan kerugian aktuarial diakui sebagai pendapatan atau beban apabila akumulasi bersih dari keuntungan dan kerugian aktuarial yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini imbalan pasti pada tanggal tersebut. Keuntungan dan kerugian aktuarial ini diakui dengan menggunakan metode garis lurus selama sisa masa kerja masing-masing karyawan.
The cost of providing employee benefits under the Law is determined using the “Projected Unit Credit” actuarial valuation method. Actuarial gains and losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses for each individual plan at the end of the previous reporting year exceeded 10% of the present value of the defined benefit obligation at that date. These gains or losses are recognized on a straight-line basis over the remaining working lives of each employee.
Laba atau rugi kurtailmen diakui apabila terdapat komitmen untuk melakukan pengurangan jumlah karyawan dalam jumlah yang material yang ditanggung oleh suatu program atau apabila terdapat perubahan ketentuan-ketentuan pada suatu program imbalan pasti, dimana bagian material dari jasa yang diberikan karyawan pada masa depan tidak lagi memberikan imbalan, atau memberikan imbalan yang lebih rendah. Laba atau rugi penyelesaian diakui apabila terdapat transaksi yang menghapuskan semua kewajiban hukum atau konstruktif atas sebagian atau seluruh imbalan dalam program manfaat pasti.
Gains or losses on curtailment are recognized when there is a commitment to make a material reduction in the number of employee covered by a plan or when there is an amendment of a defined benefit plan terms such that a material element of future services to be provided by current employees will no longer qualify for benefits, or will qualify only for reduced benefits. Gains or losses on settlement are recognized when there is a transaction that eliminates all further legal or constructive obligation for part or all of the benefits provided under a defined benefit plan.
Transaksi dan saldo dalam mata uang asing
k.
Laporan keuangan konsolidasian disajikan dalam Rupiah, yang juga merupakan mata uang fungsional entitas induk. Setiap entitas anak menentukan mata uang fungsional dan transaksi-transaksi yang termasuk dalam laporan keuangan pada setiap entitas diukur dengan mata uang fungsional tersebut.
Foreign balances
currency
transactions
and
The Company’s consolidated financial statements are presented in Rupiah, which is also the parent company’s functional currency. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.
31
F-40
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) k.
SUMMARY OF SIGNIFICANT POLICIES (continued) k.
Transaksi dan saldo dalam mata uang asing (lanjutan)
Foreign currency balances (continued)
ACCOUNTING
transactions
and
Transaksi dalam mata uang asing yang pada awal pengakuan dicatat oleh Perseroan dan entitas anaknya dengan mata uang fungsional menggunakan kurs yang berlaku pada tanggal transaksi. Aset dan liabilitas moneter dalam mata uang asing dijabarkan sesuai dengan rata-rata kurs jual dan beli yang diterbitkan oleh Bank Indonesia pada tanggal transaksi perbankan terakhir untuk periode yang bersangkutan, dan laba atau rugi kurs yang timbul, dikreditkan atau dibebankan pada operasi periode kini.
Transactions in foreign currencies are initially recorded by the Company and its subsidiaries at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are adjusted to reflect the average of the selling and buying rates of exchange prevailing at the last banking transaction date of the period, as published by Bank Indonesia, and any resulting gains or losses are credited or charged to operations of the current period.
Transaksi-transaksi non-moneter dalam mata uang asing yang diukur dengan metode biaya historis dijabarkan menggunakan kurs pada tanggal terjadinya transaksi. Transaksitransaksi non-moneter yang diukur pada nilai wajar dalam mata uang asing dijabarkan menggunakan kurs pada tanggal penentuan nilai wajar tersebut.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Nonmonetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.
Keuntungan dan kerugian dari selisih kurs yang timbul dari transaksi dalam mata uang asing dan penjabaran aset dan liabilitas moneter dalam mata uang asing ke mata uang Rupiah, dibebankan pada laba rugi periode berjalan, kecuali keuntungan dan kerugian selisih kurs yang timbul dari aset keuangan dalam mata uang asing yang merupakan lindung nilai atas komitmen pengeluaran modal. Keuntungan dan kerugian selisih kurs tersebut akan diakui dalam ekuitas hingga pengakuan atas aset tersebut, pada saat itu keuntungan dan kerugian selisih kurs tersebut akan diakui sebagai bagian dari biaya perolehan aset.
Exchange gains and losses arising on foreign currency transactions and on the translation of foreign currency monetary assets and liabilities into Rupiah are recognized in the current period’s profit or loss, with the exception of exchange differences on foreign currency financial assets that provide a hedge against capital expenditure commitment. These are recognized directly to equity until the recognition of the assets, at which time they are recognized as part of the assets acquisition costs.
32
F-41
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) k.
Transaksi dan saldo dalam mata uang asing (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) k.
Foreign currency balances (continued)
ACCOUNTING
transactions
and
Untuk tujuan penyajian laporan keuangan konsolidasian, aset dan liabilitas operasi luar negeri dijabarkan ke dalam mata uang Rupiah dengan menggunakan kurs yang berlaku pada tanggal pelaporan dan akun-akun laba rugi dijabarkan menggunakan kurs yang berlaku pada saat terjadinya transaksi. Selisih kurs yang timbul atas penjabaran tersebut diakui pada pendapatan komprehensif lainnya.
For consolidation purpose, the assets and liabilities of foreign operations are translated into Rupiah at the rate of exchange prevailing at the reporting date and their income statements are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on the translation are recognized in other comprehensive income.
Kurs yang digunakan untuk penjabaran pada tanggal 30 September 2014 dan 31 Desember 2013 adalah sebagai berikut:
The exchange rates used as of September 30, 2014 and December 31, 2013 were as follows: 31 Desember/December 31,
30 September/ September 30, 2014 Rupiah/1 Dolar AS Rupiah/1 EUR
l.
2013 (angka penuh)/ (full amount)
12.212 15.495
2012 (angka penuh)/ (full amount)
12.189 16.821
9.670 12.810
l.
Pengakuan pendapatan dan beban
2011 (angka penuh)/ (full amount) 9.068 11.739
Rupiah/US Dollar 1 Rupiah/EUR 1
Revenue and expense recognition
Pendapatan dari sewa operasi diakui pada saat diperoleh.
Rental income is recognized when earned.
Beban diakui pada saat terjadinya.
Expenses are recognized as incurred.
Pendapatan bunga
Interest income
Untuk semua instrumen keuangan yang diukur pada biaya perolehan diamortisasi, pendapatan dan biaya bunga dicatat dengan menggunakan metode Suku Bunga Efektif, yaitu suku bunga yang secara tepat mendiskonto estimasi pembayaran atau penerimaan kas di masa depan selama perkiraan umur dari instrumen keuangan, atau jika lebih tepat, digunakan periode yang lebih singkat, untuk nilai tercatat neto dari aset dan liabilitas keuangan.
For all financial instruments measured at amortized cost, interest income or expense is recorded using the Effective Interest Rate, which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial assets or liabilities.
33
F-42
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
m. Taxation
m. Perpajakan Beban pajak kini ditentukan berdasarkan taksiran laba kena pajak dalam periode/tahun yang berjalan. Penghasilan kena pajak berbeda dengan laba yang dilaporkan dalam laporan laba rugi komprehensif konsolidasian karena penghasilan kena pajak tidak termasuk itemitem pendapatan atau beban yang dikenakan pajak atau dikurangkan di tahun-tahun lainnya dan tidak termasuk item-item yang tidak pernah dikenakan pajak atau dikurangkan. Pajak penghasilan badan kini yang terutang dihitung dengan menggunakan tarif pajak berdasarkan peraturan perpajakan yang telah ditetapkan atau secara substansial ditetapkan pada akhir periode pelaporan.
Current tax expense is provided based on the estimated taxable income for the period/year. Taxable profit differs from profit as reported in the consolidated statements of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current corporate income tax is calculated using tax rates based on tax laws that have been enacted or substantively enacted as at the reporting dates.
Pajak tangguhan dicatat dengan menggunakan metode liabilitas untuk semua perbedaan temporer yang timbul antara aset dan liabilitas berbasis fiskal dengan nilai tercatatnya menurut laporan keuangan. Pajak tangguhan dihitung dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada akhir periode pelaporan. Perubahan nilai tercatat aset dan liabilitas pajak tangguhan yang disebabkan oleh perubahan tarif pajak dibebankan pada laba rugi berjalan, kecuali untuk transaksi-transaksi yang sebelumnya telah langsung dibebankan atau dikreditkan ke ekuitas. Aset pajak tangguhan yang berhubungan dengan saldo rugi fiskal diakui apabila besar kemungkinan bahwa jumlah laba fiskal di masa mendatang akan memadai untuk dikompensasi dengan rugi fiskal.
Deferred income tax is provided using the liability method for all temporary differences arising between the tax basis of assets and liabilities and their carrying value for financial reporting purposes. Deferred income tax is calculated at the tax rates that have been enacted or substantively enacted at the reporting date. Changes in the carrying amount of deferred tax assets and liabilities due to a change in tax rates are credited or charged to the current profit or loss, except to the extent that the changes relate to items previously charged or credited to equity. Deferred income tax assets relating to the carry forward of tax losses are recognized to the extent that it is probable that in the future, taxable income will be available against which the tax losses can be utilized.
34
F-43
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan)
ACCOUNTING
m. Taxation (continued)
m. Perpajakan (lanjutan)
n.
SUMMARY OF SIGNIFICANT POLICIES (continued)
Koreksi terhadap liabilitas perpajakan dicatat pada saat surat ketetapan pajak diterima atau jika Perseroan dan entitas anaknya mengajukan banding, apabila: (1) pada saat hasil dari banding tersebut ditetapkan, kecuali bila terdapat ketidakpastian yang signifikan atas hasil banding tersebut, maka koreksi berdasarkan surat ketetapan pajak terhadap liabilitas perpajakan tersebut dicatat pada saat pengajuan banding dibuat, atau (2) pada saat dimana berdasarkan pengetahuan dari perkembangan atas kasus lain yang serupa dengan kasus Perseroan dan entitas anaknya yang sedang dalam proses banding, berdasarkan ketentuan dari Pengadilan Pajak atau Mahkamah Agung, dimana hasil yang diharapkan dari proses banding Perseroan secara signifikan tidak pasti, maka pada saat tersebut perubahan liabilitas perpajakan berdasarkan ketetapan pajak diakui.
Amendments to taxation obligations are recorded when an assessment is received or, for assessment amounts appealed against by The Company and its subsidiaries, when: (1) the result of the appeal is determined, unless there is significant uncertainty as to the outcome of such appeal, in which case the impact of the amendment of tax obligations based on an assessment is recognized at the time making such appeal, or (2) at the time based on knowledge of developments in similar cases involving matters appealed by the Company and its subsidiaries, based on rulings by the Tax Court or the Supreme Court, that a positive outcome of the Company’s appeal is adjudged to be significantly uncertain, in which event the impact of an amendment of tax obligations based on the assessment amounts appealed is recognized.
Aset pajak tangguhan dan liabilitas pajak tangguhan dapat saling menghapuskan jika secara legal dapat saling menghapuskan antara aset pajak kini terhadap liabilitas pajak kini dan aset pajak tangguhan terhadap liabilitas pajak tangguhan yang berkaitan untuk entitas yang sama, atau Perseroan bermaksud untuk menyelesaikan aset dan liabilitas lancar berdasarkan jumlah neto.
Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to offset current tax assets against current tax liabilities, or the deferred tax assets and the deferred tax liabilities relate to the same taxable entity, or the Company intends to settle its current assets and liabilities on a net basis.
Segmen operasi
n.
Operating segments
Perseroan dan entitas anaknya menerapkan PSAK No. 5 (Revisi 2009), “Segmen Operasi”.
The Company and its subsidiaries adopted PSAK No. 5 (Revised 2009), “Operating Segments”.
Segmen adalah bagian khusus dari Perseroan dan entitas anaknya yang terlibat baik dalam menyediakan produk dan jasa (segmen usaha), maupun dalam menyediakan produk dan jasa dalam lingkungan ekonomi tertentu (segmen geografis), yang memiliki risiko dan imbalan yang berbeda dari segmen lainnya.
A segment is a distinguishable component of the Company and its subsidiaries that is engaged either in providing certain products and services (business segment) or in providing products and services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those in other segments.
35
F-44
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) n.
SUMMARY OF SIGNIFICANT POLICIES (continued) n.
Segmen operasi (lanjutan) Pendapatan, beban, hasil, aset dan liabilitas segmen termasuk item-item yang dapat diatribusikan langsung kepada suatu segmen serta hal-hal yang dapat dialokasikan dengan dasar yang sesuai kepada segmen tersebut. Segmen ditentukan sebelum saldo dan transaksi antar Perseroan dan entitas anaknya dieliminasi sebagai bagian dari proses konsolidasi.
o.
Instrumen keuangan akuntansi lindung nilai
derivatif
ACCOUNTING
Operating segments (continued) Segment revenue, expenses, results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment. They are determined before the intra-company and its subsidiaries balances and intra-group transactions are eliminated as part of consolidation process.
o.
dan
Derivative financial instruments and hedge accounting
Perseroan dan entitas anaknya menggunakan instrumen keuangan derivatif seperti swap atas tingkat bunga untuk melindungi risiko atas kenaikan tingkat bunga.
The Company and its subsidiaries uses derivative financial instruments such as interest rate swaps to hedge its interest rate risks.
Instrumen keuangan derivatif diakui baik sebagai aset maupun liabilitas dalam laporan posisi keuangan konsolidasian dan dicatat pada nilai wajar.
Derivative financial instruments are recognized as either assets or liabilities in the consolidated statements of financial position and are carried at fair value.
Instrumen keuangan derivatif tersebut pada awalnya diukur menggunakan nilai wajar pada tanggal dimana kontrak derivatif itu terjadi dan setelah itu diukur kembali pada nilai wajarnya. Derivatif diakui sebagai aset keuangan jika nilai wajarnya positif sedangkan jika negatif diakui sebagai liabilitas keuangan.
Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
Keuntungan atau kerugian yang timbul dari perubahan nilai wajar dalam derivatif selama periode berjalan yang tidak memenuhi kualifikasi akuntansi lindung nilai dan porsi tidak efektif dari suatu lindung nilai yang efektif harus dibebankan dalam laba rugi.
Gains or losses arising from changes in the fair value of derivatives during the period that do not qualify for hedge accounting and the ineffective portion of an effective hedge are recognized directly in profit or loss.
Nilai wajar atas kontrak swap tingkat bunga ditetapkan dengan mengacu pada nilai pasar atas instrumen sejenis.
The fair value of interest rate swap contracts is determined by reference to market values for similar instruments.
36
F-45
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) o.
Instrumen keuangan derivatif akuntansi lindung nilai (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) o.
dan
ACCOUNTING
Derivative financial instruments and hedge accounting (continued)
Pada saat dimulainya lindung nilai, Peseroan dan entitas anak melakukan penetapan dan pendokumentasian formal atas hubungan lindung nilai dan tujuan manajemen risiko entitas serta strategi pelaksanaan lindung nilai. Pendokumentasian tersebut meliputi identifikasi instrumen lindung nilai, item atau transaksi yang dilindung nilai, sifat dari risiko yang dilindung nilai, dan cara yang akan digunakan entitas untuk menilai efektivitas instrumen lindung nilai tersebut dalam rangka saling hapus eksposur yang berasal dari perubahan dalam nilai wajar item yang dilindung nilai atau perubahan arus kas yang dapat diatribusikan pada risiko yang dilindung nilai. Lindung nilai diharapkan akan sangat efektif dalam rangka saling hapus atas perubahan nilai wajar atau perubahan arus kas dan dapat dinilai secara berkelanjutan untuk menentukan bahwa lindung nilai tersebut sangat efektif diseluruh periode pelaporan keuangan sesuai dengan tujuannya.
At the inception of a hedge relationship, the Company and its subsidiaries formally designates and documents the hedge relationship to which the Company and its subsidiaries wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.
Lindung nilai atas arus kas
Cash flow hedges
Bagian dari keuntungan atau kerugian atas instrumen lindung nilai yang ditetapkan sebagai lindung nilai yang efektif diakui secara langsung dalam ekuitas, sementara itu bagian yang tidak efektif atas keuntungan atau kerugian dari instrumen lindung nilai diakui dalam laba rugi.
The effective portion of gains or losses on hedging instrument is recognized directly in equity, while any ineffective portion is recognized immediately in profit or loss.
Jumlah yang sebelumnya telah diakui di ekuitas dipindahkan ke laba rugi Perseroan dan entitas anaknya ketika transaksi lindung nilai tersebut mempengaruhi laba rugi, misalnya pada saat pendapatan atau beban keuangan lindung nilai tersebut diakui atau pada saat prakiraan penjualan terjadi. Jika suatu item lindung nilai menimbulkan pengakuan aset non keuangan atau liabilitas non keuangan, maka jumlah yang sebelumnya telah diakui di ekuitas dipindahkan ke dalam biaya perolehan awal atas nilai tercatat aset atau liabilitas non keuangan tersebut.
Amounts recognized in equity are transferred to the Company and its subsidiaries’ profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. Where the hedged item is the cost of a non-financial asset or a non-financial liability, the amounts recognized in equity are transferred to the initial carrying amount of the non-financial asset or liability.
37
F-46
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) o.
p.
Instrumen keuangan derivatif akuntansi lindung nilai (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) o.
dan
Derivative financial instruments and hedge accounting (continued)
Lindung nilai atas arus kas (lanjutan)
Cash flow hedges (continued)
Jika prakiraan transaksi atau komitmen tidak lagi diharapkan akan terjadi maka jumlah yang sebelumnya diakui dalam ekuitas harus dipindahkan ke dalam laba rugi. Jika instrumen lindung nilai kadaluarsa atau dijual, dihentikan atau dilaksanakan tanpa penggantian atau perpanjangan atau jika tujuan lindung nilai untuk dibatalkan maka jumlah yang diakui dalam ekuitas tetap diakui dalam ekuitas hingga prakiraan transaksi atau komitmen tersebut terjadi.
If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or roll-over, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction or firm commitment affects profit or loss.
Laba neto per saham dasar
p.
Laba neto per saham dasar dihitung dengan membagi laba neto periode berjalan dengan jumlah rata-rata tertimbang saham yang beredar pada periode yang bersangkutan. Rata-rata tertimbang jumlah saham yang beredar untuk periode sembilan bulan berakhir pada tanggal 30 September 2014 dan tahun yang berakhir pada pada tanggal-tanggal 31 Desember 2013, 2012 dan 2011 masingmasing berjumlah 3.322.620.187 saham. q.
ACCOUNTING
Earning per share Net income per share is computed by dividing net income for the period by the weighted average number of shares outstanding during the period. The weighted average number of shares outstanding for the nine-month periods ended on September 30, 2014, and years ended December 31, 2013, 2012 and 2011 was 3,322,620,187 shares each of.
q.
Instrumen keuangan
Financial instruments i.
i. Aset keuangan
Financial assets
Pengakuan awal dan pengukuran
Initial recognition and measurement
Aset keuangan diklasifikasikan sebagai aset keuangan yang dinilai pada nilai wajar melalui laporan laba atau rugi, pinjaman yang diberikan dan piutang, investasi yang dimiliki hingga jatuh tempo, aset keuangan tersedia untuk dijual, atau sebagai derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif, jika sesuai. Perseroan dan entitas anaknya menentukan klasifikasi aset keuangan pada saat pengakuan awal.
Financial assets are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company and its subsidiaries determine the classification of its financial assets at initial recognition.
38
F-47
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Instrumen keuangan (lanjutan)
Financial instruments (continued) i.
i. Aset keuangan (lanjutan)
ACCOUNTING
Financial assets (continued)
Pengakuan awal dan pengukuran (lanjutan)
Initial recognition (continued)
Pada saat pengakuan awal, aset keuangan diukur pada nilai wajarnya, ditambah, dalam hal aset keuangan tidak diukur pada nilai wajar dalam laporan laba rugi, biaya transaksi yang dapat diatribusikan secara langsung dengan perolehan atau penerbitan aset keuangan tersebut.
When financial assets are recognized initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.
Seluruh pembelian dan penjualan yang lazim pada aset keuangan diakui atau dihentikan pengakuannya pada tanggal perdagangan seperti contohnya tanggal pada saat Perseroan dan entitas anaknya berkomitmen untuk membeli atau menjual aset. Pembelian atau penjualan yang lazim adalah pembelian atau penjualan aset keuangan yang mensyaratkan penyerahan aset dalam kurun waktu umumnya ditetapkan dengan peraturan atau kebiasaan yang berlaku di pasar.
All regular way purchases and sales of financial assets are recognized or derecognized on the trade date, i.e., the date that the Company and its subsidiaries commit to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the market place concerned.
Perseroan dan entitas anaknya menentukan klasifikasi aset keuangan pada saat pengakuan awal dan, jika diperbolehkan dan sesuai, akan dievaluasi kembali setiap akhir periode keuangan.
The Company and its subsidiaries determine the classification of its financial assets at initial recognition and, where allowed and appropriate, re-evaluate this designation at each end of financial period.
Aset keuangan Perseroan dan entitas anaknya terdiri dari kas dan setara kas, piutang usaha - pihak ketiga, piutang lainlain dan aset tidak lancar lainnya - uang jaminan yang termasuk dalam kategori pinjaman yang diberikan dan piutang.
The Companyand its subsidiaries’ financial assets include cash and cash equivalents, trade receivables - third parties, other receivables, and other non-current assets deposits which fall under the loans and receivables category.
39
F-48
and
measurement
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Financial instruments (continued) i.
i. Aset keuangan (lanjutan)
ACCOUNTING
Financial assets (continued)
Pengukuran setelah pengakuan awal
Subsequent measurement
Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut dicatat pada biaya perolehan diamortisasi menggunakan metode suku bunga efektif dikurangi penurunan nilai. Keuntungan atau kerugian diakui pada laba rugi pada saat pinjaman yang diberikan dan piutang tersebut dihentikan pengakuannya atau mengalami penurunan nilai, serta melalui proses amortisasi.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such financial assets are subsequently measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in the profit or loss when the loans and receivables are derecognized or impaired, as well as through the amortization process.
Penghentian pengakuan
Derecognition
Penghentian pengakuan atas suatu aset keuangan (atau, apabila dapat diterapkan untuk bagian dari aset keuangan atau bagian dari kelompok aset keuangan sejenis) terjadi bila: (1) hak kontraktual atas arus kas yang berasal dari aset keuangan tersebut berakhir; atau (2) Perseroan dan entitas anaknya memindahkan hak untuk menerima arus kas yang berasal dari aset keuangan tersebut atau menanggung liabilitas untuk membayar arus kas yang diterima tersebut tanpa penundaan yang signifikan kepada pihak ketiga melalui suatu kesepakatan penyerahan dan salah satu diantara (a) Perseroan dan entitas anaknya secara substansial memindahkan seluruh risiko dan manfaat atas kepemilikan aset keuangan tersebut, atau (b) Perseroan dan entitas anaknya secara substansial tidak memindahkan dan tidak memiliki seluruh risiko dan manfaat atas kepemilikan aset keuangan tersebut, namun telah memindahkan pengendalian atas aset tersebut.
A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: (1) the rights to receive cash flows from the asset have expired; or (2) the Company and its subsidiaries have transferred its rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Company and its subsidiaries have transferred substantially all the risks and rewards of the asset, or (b) the Company and its subsidiaries have neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Penurunan nilai aset keuangan
Impairment of financial assets
Pada setiap akhir periode pelaporan, Perseroan dan entitas anaknya mengevaluasi apakah terdapat bukti yang obyektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai.
The Company and its subsidiaries assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired.
40
F-49
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Instrumen keuangan (lanjutan)
Financial instruments (continued) i.
i. Aset keuangan (lanjutan)
ACCOUNTING
Financial assets (continued)
Penurunan nilai aset keuangan (lanjutan)
Impairment of financial assets (continued)
Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, Perseroan dan entitas anaknya terlebih dahulu menentukan bahwa terdapat bukti obyektif mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang tidak signifikan secara individual. Jika Perseroan dan entitas anaknya menentukan tidak terdapat bukti obyektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan yang memiliki karakteristik risiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset yang penurunan nilainya dinilai secara individual dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif.
For loans and receivables carried at amortized cost, the Company and its subsidiaries first assess whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company and its subsidiaries determine that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, the asset is included in a group of financial assets with similar credit risk characteristics and collectively assessed for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment.
If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.
Jika terdapat bukti obyektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk kerugian kredit di masa mendatang yang belum terjadi). Nilai kini estimasi arus kas masa datang didiskonto dengan menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan memiliki suku bunga variabel, maka tingkat diskonto yang digunakan untuk mengukur setiap kerugian penurunan nilai adalah suku bunga efektif yang berlaku.
41
F-50
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Financial instruments (continued) i.
i. Aset keuangan (lanjutan)
ACCOUNTING
Financial assets (continued)
Penurunan nilai aset keuangan (lanjutan)
Impairment of financial assets (continued)
Nilai tercatat atas aset keuangan dikurangi melalui penggunaan pos cadangan penurunan nilai dan jumlah kerugian yang terjadi diakui dalam laba rugi. Pendapatan bunga selanjutnya diakui sebesar nilai tercatat yang diturunkan nilainya berdasarkan tingkat suku bunga efektif awal dari aset keuangan. Pinjaman yang diberikan dan piutang beserta dengan cadangan terkait dihapuskan jika tidak terdapat kemungkinan yang realistis atas pemulihan di masa mendatang dan seluruh agunan telah terealisasi atau dialihkan kepada Perseroan dan entitas anaknya. Jika, pada periode berikutnya, nilai estimasi kerugian penurunan nilai aset keuangan bertambah atau berkurang karena peristiwa yang terjadi setelah penurunan nilai diakui, maka kerugian penurunan nilai yang diakui sebelumnya bertambah atau berkurang dengan menyesuaikan pos cadangan penurunan nilai. Jika di masa mendatang penghapusan tersebut dapat dipulihkan, jumlah pemulihan tersebut diakui pada laba atau rugi.
The carrying amount of the financial asset is reduced through the use of an allowance for impairment account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the financial asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company and its subsidiaries. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance for impairment account. If a future write-off is later recovered, the recovery is recognized in profit or loss.
ii. Liabilitas keuangan
ii. Financial liabilities
Pengakuan awal dan pengukuran
Initial recognition and measurement
Liabilitas keuangan diklasifikasikan sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba atau rugi, liabilitas keuangan pada biaya perolehan diamortisasi atau derivatif yang telah ditetapkan untuk tujuan lindung nilai yang efektif, jika sesuai. Perseroan dan entitas anaknya menentukan klasifikasi liabilitas keuangan pada saat pengakuan awal.
Financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortized cost, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Company and its subsidiaries determine the classification of their financial liabilities at initial recognition.
Saat pengakuan awal, liabilitas keuangan diukur pada nilai wajar dan, dalam hal liabilitas keuangan yang diukur pada biaya perolehan diamortisasi, termasuk biaya transaksi yang dapat diatribusikan secara langsung.
Financial liabilities are recognized initially at fair value and, in the case financial liabilities measured at amortized cost, inclusive of directly attributable transaction costs.
42
F-51
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
ACCOUNTING
Financial instruments (continued) ii. Financial liabilities (continued)
ii. Liabilitas keuangan (lanjutan) Pengakuan awal dan pengukuran (lanjutan)
Initial recognition (continued)
Liabilitas keuangan Perseroan dan entitas anaknya terdiri dari utang pembangunan menara dan lainnya, utang lain-lain - pihak ketiga, liabilitas imbalan kerja jangka pendek, beban akrual dan utang jangka panjang yang termasuk dalam kategori liabilitas keuangan pada biaya perolehan diamortisasi.
The Company and its subsidiaries financial liabilities include tower construction and other payables, other payables - third parties, short-term employee benefit liabilities, accrued expenses and long-term loans which falls under financial liabilities measured at amortized cost category.
Pengukuran setelah pengakuan awal
Subsequent measurement
Setelah pengakuan awal, liabilitas keuangan diukur pada biaya perolehan diamortisasi menggunakan tingkat bunga efektif. Keuntungan dan kerugian diakui dalam laba rugi pada saat liabilitas dihentikan pengakuannya atau diturunkan nilainya melalui proses amortisasi suku bunga efektif.
Subsequent to initial recognition, all financial liabilities are measured at amortized cost using the effective interest method. Gains and losses are recognized in profit or loss when liabilities are derecognized as well as through the effective interest method amortization process.
Utang swap tingkat bunga setelah pengakuan awal diukur pada nilai wajar (Catatan 2o).
Interest rate swap payables are subsequently measured at fair value (Note 2o).
and
measurement
Penghentian pengakuan
Derecognition
Liabilitas keuangan dihentikan pengakuannya ketika liabilitas yang ditetapkan dalam kontrak dihentikan atau dibatalkan atau kadaluwarsa.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or has expired.
Ketika liabilitas keuangan awal digantikan dengan liabilitas keuangan lain dari pemberi pinjaman yang sama dengan ketentuan yang berbeda secara substansial, atau modifikasi secara substansial atas liabilitas keuangan yang saat ini ada, maka pertukaran atau modifikasi tersebut dicatat sebagai penghapusan liabilitas keuangan awal dan pengakuan liabilitas keuangan baru dan selisih antara nilai tercatat liabilitas keuangan tersebut diakui sebagai laba atau rugi.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in profit or loss.
43
F-52
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) q.
Instrumen keuangan (lanjutan)
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Financial instruments (continued) iii. Offsetting of financial instruments
iii. Saling hapus instrumen keuangan Aset keuangan dan liabilitas keuangan saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan konsolidasi jika, dan hanya jika, terdapat hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dari aset keuangan dan liabilitas keuangan tersebut dan terdapat intensi untuk menyelesaikan dengan menggunakan dasar neto, atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan.
Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.
iv. Fair value of financial instruments
iv. Nilai wajar instrumen keuangan
The fair value of financial instruments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business at the end of the reporting period. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using a recent arm’s-length market transaction, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis, or other valuation models.
Nilai wajar instrumen keuangan yang secara aktif diperdagangkan di pasar keuangan ditentukan dengan mengacu pada kuotasi harga pasar yang berlaku pada penutupan pasar pada akhir periode pelaporan. Untuk instrumen keuangan yang tidak diperdagangkan di pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian tersebut meliputi penggunaan transaksi pasar terkini yang dilakukan secara wajar (arm’s-length market transactions), referensi atas nilai wajar terkini dari instrumen lain yang secara substantial sama, analisis arus kas yang didiskonto, atau model penilaian lainnya. r.
ACCOUNTING
r.
Provisi Provisi diakui jika Perseroan dan entitas anaknya memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) yang akibat peristiwa masa lalu besar kemungkinannya penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya yang mengandung manfaat ekonomi dan estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.
Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
44
F-53
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (lanjutan) r.
SUMMARY OF SIGNIFICANT POLICIES (continued) r.
Provisi (lanjutan) Provisi ditelaah pada setiap akhir periode pelaporan dan disesuaikan untuk mencerminkan estimasi kini terbaik. Jika tidak terdapat kemungkinan arus keluar sumber daya yang mengandung manfaat ekonomi untuk menyelesaikan kewajiban tersebut, provisi dibatalkan.
s.
t.
ACCOUNTING
Provisions (continued) Provisions are reviewed at each reporting date and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
Goodwill
s. Goodwill
Goodwill merupakan selisih lebih antara biaya perolehan dan bagian Perseroan atas nilai wajar aset neto entitas anak yang diakuisisi pada tanggal akuisisi. Goodwill diuji penurunan nilainya setiap tahun dan dicatat sebesar harga perolehan dikurangi dengan akumulasi kerugian penurunan nilai. Kerugian penurunan nilai atas goodwill tidak dapat dipulihkan. Keuntungan dan kerugian pelepasan entitas mencakup jumlah tercatat goodwill yang terkait dengan entitas yang dijual.
Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill dialokasikan pada unit penghasil kas dalam rangka menguji penurunan nilai. Alokasi dibuat untuk unit penghasil kas atau kelompok unit penghasil kas yang diharapkan mendapat manfaat dari kombinasi bisnis dimana goodwill tersebut timbul.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.
Aset takberwujud
t.
Aset takberwujud terdiri dari hubungan pelanggan yang diperoleh sebagai bagian dari kombinasi bisnis diakui sebesar nilai wajar pada tanggal perolehannya. Hubungan pelanggan memiliki masa manfaat yang terbatas dan dicatat sebesar harga perolehan dikurangi akumulasi amortisasi. Amortisasi dihitung dengan menggunakan metode garis lurus untuk mengalokasikan harga perolehan hubungan pelanggan selama estimasi masa manfaatnya antara 2 sampai 15 tahun.
Intangible assets Intangible assets consist of customer relationship acquired in a business combination are recognized at fair value at the acquisition date. Customer relationship have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of customer relationship over their estimated useful lives of 2 to 15 years.
45
F-54
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI
JUDGMENTS AND ESTIMATION
Penyusunan laporan keuangan konsolidasian sesuai dengan Standar Akuntansi Keuangan di Indonesia mewajibkan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah-jumlah yang dilaporkan dalam laporan keuangan. Sehubungan dengan adanya ketidakpastian yang melekat dalam membuat estimasi, hasil sebenarnya yang dilaporkan di masa mendatang dapat berbeda dengan jumlah estimasi yang dibuat.
The preparation of consolidated financial statements, in conformity with Indonesian Financial Accounting Standards, requires management to make judgments, estimations and assumptions that affect amounts reported therein. Due to inherent uncertainty in making estimates, actual results reported in future periods may differ from those estimates.
Pertimbangan
Judgments
Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Perseroan dan entitas anaknya yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan konsolidasian:
The following judgments are made by management in the process of applying the Company and its subsidiaries accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements:
Klasifikasi Aset dan Liabilitas Keuangan
Classification of Financial Assets and Financial Liabilities
Perseroan dan entitas anaknya menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan mempertimbangkan definisi yang ditetapkan PSAK No. 55 (Revisi 2011) dipenuhi. Dengan demikian, aset keuangan dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi Perseroan dan entitas anaknya seperti diungkapkan pada Catatan 2q.
The Company and its subsidiaries determine the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 55 (Revised 2011). Accordingly, the financial assets and financial liabilities are accounted for in accordance with the Company and its subsidiaries’ accounting policies disclosed in Note 2q.
Cadangan atas Penurunan Nilai Piutang Usaha
Allowance for Impairment of Trade Receivables
Perseroan dan entitas anaknya mengevaluasi akun tertentu yang diketahui bahwa para pelanggannya tidak dapat memenuhi kewajiban keuangannya. Dalam hal tersebut, Perseroan dan entitas anaknya mempertimbangkan, berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas pada, jangka waktu hubungan dengan pelanggan dan status kredit dari pelanggan berdasarkan catatan kredit pihak ketiga yang tersedia dan faktor pasar yang telah diketahui, untuk mencatat provisi spesifik atas pelanggan terhadap jumlah terutang guna mengurangi jumlah piutang yang diharapkan dapat diterima oleh Perseroan dan entitas anaknya.
The Company and its subsidiaries evaluate specific accounts where it has information that certain customers are unable to meet their financial obligations. In these cases, the Company and its subsidiaries use judgment, based on available facts and circumstances, including but not limited to, the length of its relationship with the customer and the customer’s current credit status based on any available third party credit reports and known market factors, to record specific provisions for customers against amounts due to reduce its receivable amounts that the Company and its subsidiaries expected to collect.
46
F-55
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI (lanjutan)
JUDGMENTS AND ESTIMATION (continued)
Pertimbangan (lanjutan)
Judgments(continued)
Cadangan atas Penurunan Nilai Piutang Usaha (lanjutan)
Allowance for Impairment of Trade Receivables (continued)
Provisi spesifik ini dievaluasi kembali dan disesuaikan jika tambahan informasi yang diterima mempengaruhi jumlah cadangan penurunan nilai piutang. Penjelasan lebih lanjut diungkapkan dalam Catatan 5.
These specific provisions are re-evaluated and adjusted as additional information received affects the amounts of allowance for impairment of accounts receivable. Further details are shown in Note 5.
Penentuan Mata Uang Fungsional
Determination of Functional Currency
Mata uang fungsional Perseroan dan entitas anaknya merupakan mata uang dalam lingkungan ekonomi dimana entitas beroperasi. Mata uang tersebut adalah mata uang yang paling mempengaruhi pendapatan dan beban pokok pendapatan. Berdasarkan penilaian manajemen Perseroan dan entitas anaknya, mata uang fungsional Perseroan adalah dalam Rupiah, Protelindo Finance B.V. mata uang fungsionalnya adalah AS Dolar sedangkan entitas anak lainnya yang berdomisili di Belanda dan Luxembourg mata uang fungsionalnya adalah Euro.
The functional currencies of the Company and its subsidiaries are the currency of the primary economic environment in which each entity operates. It is the currency that mainly influences the revenue and cost of rendering services. Based on the Company and its subsidiaries management assessment, Protelindo’s functional currency is in Rupiah, Functional currency for Protelindo Finance B.V. is US Dollar while functional currency for other subsidiaries domiciled in Netherland and Luxembourg are Euro.
Alokasi Harga Beli dan Penurunan Nilai Goodwill
Purchase Price Impairment
Akuntansi akuisisi mensyaratkan penggunaan estimasi akuntansi secara ekstensif dalam mengalokasikan harga beli berdasarkan nilai pasar wajar aset dan liabilitas yang diakuisisi, termasuk aset takberwujud. Akuisisi bisnis tertentu oleh Perseroan dan entitas anaknya menimbulkan goodwill. Sesuai PSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”, goodwill tidak diamortisasi dan diuji penurunan nilai setiap tahunnya. Nilai tercatat goodwill Perseroan dan entitas anaknya pada tanggal 30 September 2014 adalah Rp191.345 (31 Desember 2013: Rp207.730; 31 Desember 2012: Rp158.190; 31 Desember 2011: Rp nihil). Penjelasan lebih rinci diungkapkan dalam Catatan 10.
Acquisition accounting requires extensive use of accounting estimates to allocate the purchase price to the fair market values of the assets and liabilities purchased, including intangible assets. Certain business acquisitions of the Company and its subsidiaries have resulted in goodwill. Under PSAK No. 22 (Revised 2010), “Business Combinations”, such goodwill is not amortized and subject to an annual impairment testing. The carrying amount of the Company and its subsidiaries’ goodwill as of September 30, 2014 was Rp191,345 (December 31, 2013: Rp207,730; December 31, 2012: Rp158,190; December 31, 2011: Rp nil). Further details are disclosed in Note 10.
47
F-56
Allocation
and
Goodwill
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI (lanjutan)
JUDGMENTS AND ESTIMATION (continued)
Pertimbangan (lanjutan)
Judgments(continued)
Alokasi Harga Beli dan Penurunan Nilai Goodwill (lanjutan)
Purchase Price Allocation Impairment (continued)
Goodwill diuji untuk penurunan nilai setiap tahunnya dan jika terdapat indikasi penurunan nilai, manajemen harus menggunakan pertimbangan dalam mengestimasi nilai terpulihkan dan menentukan adanya indikasi penurunan nilai.
In case of goodwill, such assets are subject to annual impairment test and whenever there is an indication that such asset may be impaired, management has to use its judgment in estimating the recoverable value and determining if there is any indication of impairment.
Sewa Pembiayaan
Leases
Perseroan dan entitas anaknya menyewakan menara berdasarkan perjanjian sewa operasi, dengan sewa yang dinegosiasikan dalam jangka waktu tertentu. Perseroan dan entitas anaknya telah menentukan, berdasarkan evaluasi dari syarat dan ketentuan dari perjanjian, bahwa tidak terjadi perpindahan atas semua risiko yang signifikan dan hak kepemilikan menara yang disewakan atas sewa operasi.
The Company and its subsidiaries lease their towers under an operating lease arrangement, with the lease negotiated for a specific terms. The Company and its subsidiaries have determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of ownership of the towers which are leased out on operating leases.
Estimasi dan Asumsi
Estimates and Assumptions
Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada akhir periode pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun/periode berikutnya, diungkapkan dibawah ini. Perseroan dan entitas anaknya mendasarkan asumsi dan estimasi pada parameter yang tersedia pada saat laporan keuangan konsolidasian disusun. Asumsi dan situasi mengenai perkembangan masa depan, mungkin berubah akibat perubahan pasar atau situasi diluar kendali Perseroan. Perubahan tersebut dicerminkan dalam asumsi terkait pada saat terjadinya.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year/period are disclosed below. The Company and its subsidiaries based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions as they occur.
48
F-57
and
Goodwill
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI (lanjutan)
JUDGMENTS AND ESTIMATION (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Imbalan Kerja
Employee Benefits
Penentuan liabilitas imbalan kerja Perseroan dan entitas anaknya bergantung pada pemilihan asumsi yang digunakan oleh aktuaris independen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk antara lain, tingkat diskonto, tingkat kenaikan gaji tahunan, tingkat pengunduran diri karyawan tahunan, tingkat kecacatan, umur pensiun dan tingkat kematian. Hasil aktual yang berbeda dari asumsi yang ditetapkan Perseroan dan entitas anaknya yang memiliki pengaruh lebih dari 10% kewajiban imbalan pasti, ditangguhkan dan diamortisasi secara garis lurus selama ratarata sisa masa kerja karyawan. Sementara Perseroan dan entitas anaknya berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai, perbedaan signifikan pada hasil aktual dan perubahan signifikan dalam asumsi yang ditetapkan Perseroan dan entitas anaknya dapat mempengaruhi secara material liabilitas imbalan kerja dan beban imbalan kerja bersih. Penjelasan lebih rinci diungkapkan dalam Catatan 21.
The determination of the Company and its subsidiaries’ employee benefits liabilities is dependent on its selection of certain assumptions used by the independent actuaries in calculating such amounts. Those assumptions include, among others, discount rates, annual salary increase rate, annual employee turn-over rate, disability rate, retirement age and mortality rate. Actual results that differ from the Company and its subsidiaries’ assumptions which effects are more than 10% of the defined benefit obligations are deferred and being amortized on a straight-line basis over the expected average remaining service years of the qualified employees. While the Company and its subsidiaries believes that its assumptions are reasonable and appropriate, significant differences in the Company and its subsidiaries‘ actual results or significant changes in the Company and its subsidiaries’ assumptions may materially affect its employee benefits liabilities and net employee benefits expense. Further details are discussed in Note 21.
Penentuan liabilitas imbalan kerja Perseroan dan entitas anaknya bergantung pada pemilihan asumsi yang digunakan oleh aktuaris independen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk antara lain, tingkat diskonto, tingkat kenaikan gaji tahunan, tingkat pengunduran diri karyawan tahunan, tingkat kecacatan, umur pensiun dan tingkat kematian. Hasil aktual yang berbeda dari asumsi yang ditetapkan Perseroan dan entitas anaknya yang memiliki pengaruh lebih dari 10% kewajiban imbalan pasti, ditangguhkan dan diamortisasi secara garis lurus selama ratarata sisa masa kerja karyawan. Sementara Perseroan dan entitas anaknya berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai, perbedaan signifikan pada hasil aktual dan perubahan signifikan dalam asumsi yang ditetapkan Perseroan dan entitas anaknya dapat mempengaruhi secara material liabilitas imbalan kerja dan beban imbalan kerja bersih. Penjelasan lebih rinci diungkapkan dalam Catatan 21.
The determination of the Company and its subsidiaries’ employee benefits liabilities is dependent on its selection of certain assumptions used by the independent actuaries in calculating such amounts. Those assumptions include, among others, discount rates, annual salary increase rate, annual employee turn-over rate, disability rate, retirement age and mortality rate. Actual results that differ from the Company and its subsidiaries’ assumptions which effects are more than 10% of the defined benefit obligations are deferred and being amortized on a straight-line basis over the expected average remaining service years of the qualified employees. While the Company and its subsidiaries believes that its assumptions are reasonable and appropriate, significant differences in the Company and its subsidiaries‘ actual results or significant changes in the Company and its subsidiaries’ assumptions may materially affect its employee benefits liabilities and net employee benefits expense. Further details are discussed in Note 21.
49
F-58
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI (lanjutan)
JUDGMENTS AND ESTIMATION (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Penyusutan Aset Tetap
Depreciation of Fixed Assets
Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 3 sampai dengan 20 tahun. Ini adalah umur secara umum diharapkan dalam industri dimana Perseroan dan entitas anaknya menjalankan bisnisnya. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi. Penjelasan lebih rinci diungkapkan dalam Catatan 9.
The costs of fixed assets are depreciated on a straight-line basis over their estimated useful lives. Management properly estimates the useful lives of these fixed assets to be within 3 to 20 years. These are common life expectations applied in the industries where the Company and its subsidiaries conduct its businesses. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual value of these assets, and therefore future depreciation charges could be revised. Further details are disclosed in Note 9.
Pajak Penghasilan
Income Tax
Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti sepanjang kegiatan usaha normal. Perseroan dan entitas anaknya mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah terdapat tambahan pajak penghasilan badan. Penjelasan lebih rinci diungkapkan dalam Catatan 19.
Significant judgment is involved in determining provision for corporate income tax. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company and its subsidiaries recognize liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due. Further details are disclosed in Note 19.
Instrumen Keuangan
Financial Instruments
Perseroan dan entitas anaknya mencatat aset dan liabilitas keuangan tertentu pada nilai wajar, yang mengharuskan penggunaan estimasi akuntansi. Sementara komponen signifikan atas pengukuran nilai wajar ditentukan menggunakan bukti obyektif yang dapat diverifikasi, jumlah perubahan nilai wajar dapat berbeda bila Perseroan dan entitas anaknya menggunakan metodologi penilaian yang berbeda. Perubahan nilai wajar aset dan liabilitas keuangan tersebut dapat mempengaruhi secara langsung laba atau rugi Perseroan dan entitas anaknya. Penjelasan lebih rinci diungkapkan dalam Catatan 40.
The Company and its subsidiaries carry certain financial assets and liabilities at fair value, which requires the use of accounting estimates. While significant components of fair value measurement were determined using verifiable objective evidences, the amount of changes in fair value would differ if the Company and its subsidiaries utilized different valuation methodology. Any changes in a fair value of these financial assets and liabilities would directly affect the Company and its subsidiaries’ profit or loss. Further details are disclosed in Note 40.
50
F-59
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 3.
3.
PERTIMBANGAN DAN ESTIMASI (lanjutan)
JUDGMENTS AND ESTIMATION (continued)
Estimasi dan Asumsi (lanjutan)
Estimates and Assumptions (continued)
Aset Pajak Tangguhan
Deferred Tax Assets
Aset pajak tangguhan diakui atas seluruh perbedaan temporer yang dapat dikurangkan, sepanjang besar kemungkinannya bahwa penghasilan kena pajak akan tersedia sehingga perbedaan temporer tersebut dapat digunakan. Estimasi signifikan oleh manajemen disyaratkan dalam menentukan total aset pajak tangguhan yang dapat diakui, berdasarkan saat penggunaan dan tingkat penghasilan kena pajak serta strategi perencanaan pajak masa depan. Penjelasan lebih rinci diungkapkan dalam Catatan 19e.
Deferred tax assets are recognized for all deductible temporary differences, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences are used. Significant management estimates are required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of the future taxable profits together with future tax planning strategies. Further details are disclosed in Note 19e.
Revaluasi Aset Tetap - Menara
Revaluation on Fixed Assets - Towers
Revaluasi aset tetap menara Perseroan bergantung pada pemilihan asumsi yang digunakan oleh penilai independen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk antara lain: tingkat diskonto, nilai tukar, tingkat inflasi dan tingkat kenaikan pendapatan dan biaya. Perseroan berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai, perbedaan signifikan dalam asumsi yang ditetapkan Perseroan dapat mempengaruhi secara material nilai aset tetap menara yang direvaluasi. Penjelasan lebih rinci diungkapkan dalam Catatan 9.
The Company’s fixed assets - towers revaluation depends on its selection of certain assumptions used by the independent appraisal in calculating such amounts. Those assumptions include, among others, discount rate, exchange rate, inflation rate and revenue and cost increase rate. The Company believes that its assumptions are reasonable and appropriate and significant differences in the Company’s assumptions may materially affect the valuation of its fixed asset - towers. Further details are disclosed in Note 9.
51
F-60
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 4.
4.
KAS DAN SETARA KAS 30 September/ September 30, 2014 Kas Rekening giro Bank - pihak ketiga Rupiah: PT Bank Negara Indonesia (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Standard Chartered Bank, Indonesia PT Bank Syariah Mandiri Dolar AS: DBS Bank Ltd, Singapura JPMorgan Chase, N.A., Singapura Bank of America, Singapura ING Bank N.V. PT Bank Negara Indonesia (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. CIMB Berhad, Singapura Standard Chartered Bank, Indonesia ABN Amro Bank N.V. Euro: ING Bank N.V.
Bank - pihak berelasi (Catatan 36) Rupiah: PT Bank Central Asia Tbk.
CASH AND CASH EQUIVALENTS
31 Desember/December 31, 2013
2.238
2012 2.081
30.244 6.258 97 -
21.288 9.089 98 103
2011 1.726
399 1.199 3.428
1.112
Cash on hand
2.556 816
Current account Cash in banks - third parties Rupiah: PT Bank Negara Indonesia (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. Standard Chartered Bank, Indonesia PT Bank Syariah Mandiri
36.599
30.578
5.026
3.372
1.071.015 615.180 304.136 107.384
516.552 609.720 8.221
228.047 -
31.822 -
141.292
-
72.367 2.594 122 118 -
67.094 1.415 120 -
3.697
1.894
1
-
2.172.916
1.203.122
373.037
33.716
98.496
97.813
58.924
-
2.308.011
1.331.513
436.987
37.088
98.076
168.190
685.400
606.056
98.076
168.190
685.400
606.056
2.408.325
1.501.784
1.124.113
644.256
US Dollars: DBS Bank Ltd, Singapore JPMorgan Chase, N.A., Singapore Bank of America, Singapore ING Bank N.V. PT Bank Negara Indonesia (Persero) Tbk. PT Bank Mandiri (Persero) Tbk. CIMB Berhad, Singapore Standard Chartered Bank, Indonesia ABN Amro Bank N.V. Euro: ING Bank N.V.
Cash in banks - related party (Note 36) Rupiah: PT Bank Central Asia Tbk.
For the nine-month period ended September 30, 2014, current account in banks earned interest at the rates of 2.00% per annum for Rupiah (year ended December 31, 2013: 2.05% per annum; year ended December 31, 2012: 2.05% per annum year ended December 31, 2011: 2.5% per annum), 0.10% per annum for US Dollars (year ended December 31, 2013: 0.25% per annum; year ended December 31, 2012: 0.0%; year ended December 31, 2011: 0.0% per annum) and 0.10% per annum for Euro (year ended December 31, 2013: 0.40% per annum; year ended December 31, 2012: 0.65% per annum).
Untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014, tingkat bunga untuk rekening giro di bank adalah sebesar 2,00% per tahun untuk rekening Rupiah (tahun yang berakhir 31 Desember 2013: 2,05% per tahun; tahun yang berakhir 31 Desember 2012: 2,05% per tahun; tahun yang berakhir 31 Desember 2011: 2,5%), 0,10% per tahun untuk rekening Dolar AS (tahun yang berakhir pada tanggal 31 Desember 2013: 0,25% per tahun; tahun yang berakhir 31 Desember 2012: 0,0% per tahun; tahun yang berakhir 31 Desember 2011: 0,0% per tahun) dan 0,10% per tahun untuk rekening Euro (tahun yang berakhir 31 Desember 2013: 0,40% per tahun; tahun yang berakhir 31 Desember 2012: 0,65% per tahun).
52
F-61
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 5.
5.
PIUTANG USAHA Rincian piutang usaha berdasarkan mata uang adalah sebagai berikut: 30 September/ September 30, 2014 Pihak ketiga: Rupiah Dolar AS Euro Dikurangi: Cadangan penurunan nilai
The details of trade receivables per currency are as follows: 31 Desember/December 31, 2013
2012
553.366 125.124 39.270
213.364 54.946 828
219.622 988 -
858.339
717.760
269.138
220.610
(184.097)
(44.007)
(7.537)
(26.008)
674.242
673.753
261.601
194.602
30 September/ September 30, 2014
Dikurangi: Cadangan penurunan nilai
Dikurangi: Cadangan penurunan nilai
Less: Allowance for impairment
31 Desember/December 31, 2013
2012
2011
343.024 246.487 107.981 57.519 33.075 22.152 14.347 12.687
200.717 164.624 143.023 9.983 19.223 2.229 1.978 7.524
54.455 86.927 69.112 12.209 16.331 495 -
40.631 54.713 5.558 27.579 4.569 75.674 -
9.721 4.033 3.394 1.790 1.191 938 -
23.523 19.479 17.813 1.732 526 105.386 -
11.739 442 386 1.719 2.023 8.402 4.898
9.376 70 1 1.386 1.053 -
858.339 (184.097)
717.760 (44.007)
269.138 (7.537)
220.610 (26.008)
674.242
673.753
261.601
194.602
30 September/ September 30, 2014
Third parties: Rupiah US Dollars Euro
The details of trade receivables per customer are as follows:
Umur piutang usaha adalah sebagai berikut:
Belum jatuh tempo Lewat jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
2011
747.827 88.738 21.774
Rincian piutang usaha berdasarkan nama pelanggan adalah sebagai berikut:
PT Bakrie Telecom Tbk. PT Telekomunikasi Selular PT Hutchison 3 Indonesia PT XL Axiata Tbk. PT Indosat Tbk. PT Smartfren Telecom Tbk. KPN B.V. PT Internux PT Telekomunikasi Indonesia (Persero) Tbk. T-Mobile, Netherlands B.V. Vodafone Libertel N.V. PT Sampoerna Telecom Indonesia PT Smart Telecom PT Berca Global-Access PT Axis Telekom Indonesia PT First Media Tbk.
TRADE RECEIVABLES
PT Bakrie Telecom Tbk. PT Telekomunikasi Selular PT Hutchison 3 Indonesia PT XL Axiata Tbk. PT Indosat Tbk. PT Smartfren Telecom Tbk. KPN B.V. PT Internux PT Telekomunikasi Indonesia (Persero) Tbk. T-Mobile, Netherlands B.V. Vodafone Libertel N.V. PT Sampoerna Telecom Indonesia PT Smart Telecom PT Berca Global-Access PT Axis Telekom Indonesia PT First Media Tbk. Less: Allowance for impairment
The aging of trade receivables is as follows: 31 Desember/December 31, 2013
2012
2011
453.196
431.025
205.453
174.605
59.626 49.731 17.598 278.188
44.879 66.220 3.030 172.606
30.164 19.864 2.437 11.220
19.781 16.686 7.703 1.835
858.339
717.760
269.138
220.610
(184.097)
(44.007)
(7.537)
(26.008)
674.242
673.753
261.601
194.602
53
F-62
Current Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Less: Allowance for impairment
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 5.
5.
PIUTANG USAHA (lanjutan) Mutasi cadangan penurunan nilai adalah sebagai berikut: 30 September/ September 30, 2014
Movements in the allowance for impairment are as follows: 31 Desember/December 31,
2013
2012
44.007
7.537
26.008
362
140.090 -
36.470 -
1.971 (20.442)
1.386 -
-
-
-
24.260
Beginning balance Additional of allowance for impairment Write off of receivable Transfer from/(to) other non-current assets
Saldo akhir
184.097
44.007
7.537
26.008
Ending balance
Management believes that the allowance for impairment is adequate to cover possible losses on uncollectible accounts. Management also believes that there are no significant concentrations of credit risk in trade receivables.
6.
PERSEDIAAN 30 September/ September 30, 2014 Persediaan suku cadang pemancar
508
2012 508
Asuransi dibayar dimuka Sewa kantor Lainnya
2011 508
937
Repeater spare parts inventories
Management believes that the repeater spare parts inventories can be used and a provision for obsolete inventories was not considered necessary.
7.
BEBAN DIBAYAR DIMUKA 30 September/ September 30, 2014
INVENTORIES
31 Desember/December 31, 2013
Manajemen berkeyakinan bahwa semua persediaan suku cadang pemancar dapat digunakan dan penyisihan persediaan usang tidak diperlukan.
7.
2011
Saldo awal Penambahan cadangan penurunan nilai Penghapusan piutang Pemindahan dari/(ke) aset tidak lancar lainnya
Manajemen berkeyakinan bahwa cadangan penurunan nilai cukup untuk menutup kerugian yang mungkin timbul dari tidak tertagihnya piutang usaha tersebut. Manajemen juga berkeyakinan bahwa tidak ada konsentrasi risiko kredit yang signifikan atas piutang kepada pihak ketiga.
6.
TRADE RECEIVABLES (continued)
PREPAID EXPENSES
31 Desember/December 31, 2013
2012
2011
13.191 4.664 1.406
13.299 3.169 -
9.852 2.233 -
5.876 1.362 -
19.261
16.468
12.085
7.238
54
F-63
Prepaid insurance Prepaid office rental Others
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 8.
8.
INVESTASI SEWA PEMBIAYAAN NETO 30 September/ September 30, 2014 Pihak ketiga: Piutang sewa pembiayaan Pendapatan sewa pembiayaan yang belum diakui
NET INVESTMENT IN FINANCE LEASE
31 Desember/December 31, 2013
2012
2011 1.881
Third parties: Finance lease receivable
54
148
471
(8)
(23)
(99)
Investasi sewa pembiayaan neto
46
125
372
1.092
Net investment in finance lease
Angsuran piutang sewa pembiayaan yang akan diterima menurut tanggal jatuh tempo dalam: Kurang dari satu tahun Satu sampai lima tahun
54 -
147 1
454 17
1.553 328
Installments of finance lease receivable due within: Less than one year One to five years
54
148
471
1.881
(789)
Unearned finance lease income
Berdasarkan perjanjian No. K.TEL.43/HK.810/ DFW-23/2004 tanggal 12 Februari 2004, Perseroan menyewakan beberapa sistem pemancar dan jaringan indoor base transceiver station repeaters kepada PT Telekomunikasi Indonesia (Persero) Tbk. untuk jangka waktu sewa selama 9 tahun sejak tanggal penandatanganan Berita Acara Uji Fungsi. Sistem pemancar tersebut akan diserahkan ke PT Telekomunikasi Indonesia (Persero) Tbk. pada akhir masa sewa yaitu mulai Desember 2012 sampai dengan November 2014. Lihat Catatan 35m.
Based on agreement No. K.TEL.43/HK.810/DFW23/2004 dated February 12, 2004, the Company leases repeater systems and indoor base transceiver station networks (repeaters) to PT Telekomunikasi Indonesia (Persero) Tbk. with lease terms of 9 years starting from various commencement dates based on the results of acceptance of operation (“Berita Acara Uji Fungsi”). The repeaters will be transferred to PT Telekomunikasi Indonesia (Persero) Tbk. at the end of the lease periods starting in December 2012 through November 2014. See Note 35m.
Pemancar-pemancar tersebut telah diasuransikan kepada PT AIG Insurance Indonesia (dahulu PT Chartis Insurance Indonesia) dan PT Asuransi Bintang Tbk., terhadap risiko kebakaran, pencurian dan risiko lainnya dengan jumlah pertanggungan di tahun 2014 sebesar Rp1.086 (2013: Rp2.998; 2012: Rp 8.955 dan 2011: Rp8.955). Manajemen berkeyakinan bahwa jumlah pertanggungan asuransi tersebut mencukupi untuk menutup kemungkinan kerugian atas risiko tersebut.
The repeaters are insured with PT AIG Insurance Indonesia (formerly PT Chartis Insurance Indonesia) and PT Asuransi Bintang Tbk. against fire, theft and other possible risks in 2014 for Rp1,086 (2013: Rp2,998; 2012: Rp 8,955; 2011: Rp8,955). The management believes that the insurance coverage is adequate to cover possible losses arising from possible risks.
55
F-64
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 9.
9.
ASET TETAP
Nine month-period ended September 30, 2014
Periode sembilan bulan yang berakhir pada 30 September 2014 Saldo 31 Des./ Balance Penambahan/ Dec. 31, 2013 Additions
Pengurangan/ Deductions
FIXED ASSETS
Reklasifikasi/ Reclassifications
Saldo Selisih kurs/ 30 Sep./ Foreign Balance exchange Sep. 30, 2014
Revaluasi/ Revaluations
Harga perolehan Pemilikan langsung Biaya/penilaian kembali: Tanah Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Aset dalam penyelesaian
Akumulasi penyusutan: Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Nilai buku neto
Acquisition cost
19.732 11.686.775 70 50.262 3.547 18.097 37.932
92.898 10.422 1.270 1.496 363
(22.952) (574) (751) -
11.816.415
106.449
(24.277)
109.141
1.273.640
11.925.556
1.380.089
668.392 25 22.532 1.169 6.069 25.091 723.278
-
1.215.260 677 4.045
-
(1.502) (29.096) (6) -
18.230 12.942.885 70 60.781 4.066 19.593 42.340
1.219.982
-
(30.604)
13.087.965
(1.219.982)
-
(1)
162.798
(24.277)
-
-
(30.605)
13.250.763
552.408 7 8.998 396 1.756 7.409
(7.316) (560) (625) -
-
-
(1.855) -
1.211.629 32 30.970 940 7.825 32.500
570.974
(8.501)
-
-
(1.855)
11.202.278
Saldo 31 Des./ Balance Penambahan/ Dec. 31, 2012 Additions
Aset dalam penyelesaian
Akumulasi penyusutan: Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Nilai buku neto
Accumulated depreciation: Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Net book value
Year ended December 31, 2013
Pengurangan/ Deductions
Reklasifikasi/ Reclassifications
Saldo Selisih kurs/ 31 Des./ Foreign Balance exchange Dec. 31, 2013
Revaluasi/ Revaluations
Harga perolehan Pemilikan langsung Biaya/penilaian kembali: Tanah Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Construction in progress
1.283.896 11.966.867
Tahun yang berakhir pada 31 Desember 2013
Direct Ownership Cost/revaluation: Land Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Acquisition cost
15.031 10.252.986 70 27.622 3.801 18.097 33.190
160 231.302 12.333 1.384
(13.520) (86) (254) -
10.350.797
245.179
(13.860)
117.153
1.133.875
-
4.541 87.842 29 -
19.732 11.686.775 70 50.262 3.547 18.097 37.932
1.141.887
-
92.412
11.816.415
(1.141.887)
-
-
109.141
10.467.950
1.379.054
(13.860)
-
-
92.412
11.925.556
16 13.799 969 3.803 17.478
669.223 9 8.741 451 2.266 7.613
(4.190) (10) (251) -
-
-
3.359 2 -
668.392 25 22.532 1.169 6.069 25.091
36.065
688.303
(4.451)
-
-
3.361
723.278
-
1.128.165 10.364 3.358
10.431.885
11.202.278
56
F-65
Direct Ownership Cost/revaluation: Land Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Construction in progress
Accumulated depreciation: Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Net book value
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 9.
9.
ASET TETAP (lanjutan)
Year ended December 31, 2012
Tahun yang berakhir pada 31 Desember 2012 Saldo 31 Des 2011/ Balance Dec 31, 2011
Penambahan/ Additions
Pengurangan/ Deductions
FIXED ASSETS (continued)
Saldo Selisih kurs/ 31 Des 2012/ Foreign Balance exchange Dec 31, 2012
Reklasifikasi*/ ReclassifiRevaluasi/ cations* Revaluations
Harga perolehan
Acquisition cost
Pemilikan langsung Biaya/penilaian kembali: Tanah Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
530 7.275.428 70 18.242 1.005 17.611 23.750
14.469 1.387.149 9.778 2.796 486 8.022
(1.165) (398) -
(423.775) 1.418
2.014.863 -
32 486 -
15.031 10.252.986 70 27.622 3.801 18.097 33.190
Direct Ownership Cost/revaluation: Land Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Aset dalam penyelesaian
7.336.636 68.335
1.422.700 428.800
(1.563) -
(422.357) (379.982)
2.014.863 -
518 -
10.350.797 117.153
Construction in progress
7.404.971
1.851.500
(1.563)
(802.339)
2.014.863
518
10.467.950
368.185 7 9.749 642 1.579 11.871
434.454 9 4.206 327 2.224 5.607
(300) (156) -
(802.339) -
-
-
16 13.799 969 3.803 17.478
392.033
446.827
(456)
(802.339)
-
-
36.065
Akumulasi penyusutan: Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Nilai buku neto
7.012.938
10.431.885
Tahun yang berakhir pada 31 Desember 2011 Saldo 31 Des 2010/ Balance Dec 31, 2010
Penambahan/ Additions
Pengurangan/ Deductions
Accumulated depreciation: Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Net book value
Year ended December 31, 2011
Reklasifikasi/ Reclassifications
Saldo 31 Des 2011/ Balance Dec 31, 2011
Selisih kurs/ Foreign exchange
Revaluasi/ Revaluations
Pemilikan langsung Biaya/penilaian kembali: Tanah Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
6.082.000 12.401 1.005 2.744 10.515
530 476.436 70 5.841 14.867 13.235
(6.469) -
723.461 -
-
-
530 7.275.428 70 18.242 1.005 17.611 23.750
Direct Ownership Cost/revaluation: Land Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Aset dalam penyelesaian
6.108.665 40.641
510.979 751.155
(6.469) -
723.461 (723.461)
-
-
7.336.636 68.335
Construction in progress
6.149.306
1.262.134
(6.469)
-
-
-
7.404.971
6.253 518 199 7.576
368.907 7 3.496 124 1.380 4.295
(722) -
-
-
-
368.185 7 9.749 642 1.579 11.871
14.546
378.209
(722)
-
-
-
Akumulasi penyusutan: Menara-menara Mesin Peralatan kantor Kendaraan bermotor Peralatan proyek Perabotan kantor
Nilai buku neto
6.134.760
392.033 7.012.938
57
F-66
Accumulated depreciation: Towers Machinery Office equipment Motor vehicles Field equipment Furniture and fixtures
Net book value
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 9.
9.
ASET TETAP (lanjutan) Pada tanggal 31 Desember 2012, Perseroan merevaluasi menara berdasarkan penilaian yang dilakukan oleh KJPP Nirboyo A., Dewi A. & Rekan, penilai independen tertanggal 20 Februari 2013. Nilai wajar menara dihitung menggunakan nilai rata-rata tertimbang dari pendekatan arus kas yang didiskontokan dan biaya pengganti yang disusutkan. Berikut ini asumsi-asumsi yang dipakai oleh penilai dalam menghitung nilai wajar atas menara:
FIXED ASSETS (continued) As of December 31, 2012, the Company revalued its towers based on a valuation performed by KJPP Nirboyo A., Dewi A. & Rekan, an independent appraiser dated February 20, 2013. The fair value of the towers was determined using a weighted average of discounted cash flows and depreciated replacement cost approach. The following assumptions have been used to determine the fair value of the towers:
31 Des./Dec. 31, 2012 Tingkat diskonto (per tahun) Tingkat inflasi (per tahun) Umur manfaat menara
12,6% 6,1% - 7,0% 20 tahun/years
Discount rate (per annum) Inflation rate (per annum) Useful lives of towers
Berdasarkan laporan penilaian tanggal 20 Februari 2013, nilai wajar menara pada tanggal 31 Desember 2012 sebesar Rp9.973.000. Nilai wajar ini tidak termasuk nilai wajar menara di Belanda yang berasal dari akuisisi entitas anak per tanggal 19 Desember 2012.
Based on the appraisal report dated February 20, 2013, the fair value of towers as of December 31, 2012 was Rp9,973,000. This fair value exclude fair value of towers in Netherland from acquisition by subsidiary on December 19, 2012.
Jika menara diukur dengan model biaya perolehan, jumlah tercatat menara adalah sebagai berikut:
If the towers were measured using the cost model, the carrying amounts would be as follows:
30 September/ September 30, 2014 Biaya perolehan Akumulasi depresiasi
31 Desember/December 31, 2013
2012
2011
11.498.368 (2.217.216)
10.230.637 (1.812.017)
8.790.720 (1.317.154)
7.026.172 (934.843)
9.281.152
8.418.620
7.473.566
6.091.329
Acquisition cost Accumulated depreciation
Pada tanggal 30 September 2014, seluruh aset tetap, kecuali tanah, telah diasuransikan kepada PT AIG Insurance Indonesia (dahulu PT Chartis Insurance Indonesia), PT Asuransi Bintang dan Amlin Europe terhadap risiko kebakaran, pencurian dan risiko lainnya dengan jumlah pertanggungan sebesar Rp6.834.916 (31 Desember 2013: Rp7.163.578; 31 Desember 2012: Rp5.012.715, dan 2011: Rp4.511.217). Manajemen berpendapat bahwa jumlah pertanggungan asuransi memadai untuk menutup kemungkinan kerugian atas risiko tersebut.
As of September 30, 2014, all of fixed assets, except land, are insured with PT AIG Insurance Indonesia (formerly PT Chartis Insurance Indonesia), PT Asuransi Bintang and Amlin Europe against fire theft and other possible risks for Rp6,834,916 (December 31, 2013: Rp7,163,578 and December 31, 2012: Rp5,012,715, and 2011: Rp4,511,217). Management believes that the insurance coverage is adequate to cover possible losses arising from such risks.
Penyusutan yang dibebankan untuk periode yang berakhir pada tanggal 30 September 2014 adalah sebesar Rp570.974 (tahun yang berakhir pada tanggal-tanggal 31 Desember 2013: Rp688.303; 31 Desember 2012: Rp446.827 dan 31 Desember 2011: Rp378.209) (Catatan 28).
Depreciation expense charged during the period ended September 30, 2014 amounted to Rp570,974 (years ended December 31, 2013: Rp688,303; December 31, 2012: Rp446,827 and December 31, 2011: Rp378,209) (Note 28).
58
F-67
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 9.
9.
ASET TETAP (lanjutan) Rincian aset dalam penyelesaian beserta persentase penyelesaian terhadap nilai kontrak yang berlokasi di Jawa, Sumatera dan pulau lainnya di Indonesia adalah sebagai berikut:
FIXED ASSETS (continued) The details of the construction in progress with the percentage of completion of the contract value which are located in Java, Sumatra and other island in Indonesia are as follows:
30 September 2014:
September 30, 2014: Persentase penyelesaian/ Percentage of completion
Akumulasi biaya/ Accumulated costs
Menara-menara
50%
24.810
Menara-menara
25%
137.943
Perangkat lunak
10%
45
Estimasi penyelesaian/ Estimated completion November/ November 2014 Desember/ December 2014 Januari/ January 2015
Towers Towers Software
162.798 31 Desember 2013:
December 31, 2013: Persentase penyelesaian/ Percentage of completion
Akumulasi biaya/ Accumulated costs
Menara -menara
75%
51.640
Menara-menara
50%
33.616
Menara-menara
25%
23.885
Estimasi penyelesaian/ Estimated completion Januari/ January 2014 Februari/ February 2014 Maret/ March 2014
Towers Towers Towers
109.141
31 Desember 2012:
December 31, 2012: Persentase penyelesaian/ Percentage of completion
Akumulasi biaya/ Accumulated costs
Menara-menara
75%
10.864
Menara-menara
50%
35.968
Menara-menara
25%
16.195
Menara-menara
10%
45.828
Perangkat lunak
10%
8.298 117.153
59
F-68
Estimasi penyelesaian/ Estimated completion Januari/ January 2013 Februari/ February 2013 Maret/ March 2013 April/ April 2013 April/ April 2013
Towers Towers Towers Towers Software
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 9.
9.
ASET TETAP (lanjutan)
FIXED ASSETS (continued)
31 Desember 2011:
December 31, 2011: Persentase penyelesaian/ Percentage of completion
Akumulasi biaya/ Accumulated costs
Menara-menara
75%
15.831
Menara-menara
50%
15.152
Menara-menara
25%
11.302
Menara-menara
10%
26.050
Estimasi penyelesaian/ Estimated completion Januari/ January 2012 Februari/ February 2012 Maret/ March 2012 April/ April 2012
Towers Towers Towers Towers
68.335
Pada tanggal 30 September 2014, dan 31 Desember 2013, 2012 dan 2011, manajemen berkeyakinan bahwa tidak ada indikasi penurunan nilai aset tetap.
As of September 30, 2014, and December 31, 2013, 2012 and 2011, management believes that there was no indication of impairment in the value of fixed assets.
10. GOODWILL Periode sembilan September 2014
10. GOODWILL bulan
yang
berakhir
31 Desember/ December 31, 2013 Harga perolehan: Goodwill
pada
Akuisisi entitas anak/ Acquisition of subsidiary
207.730
30
Nine month-period ended September 30, 2014
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
-
-
Tahun yang berakhir pada 31 Desember 2013
31 Desember/ December 31, 2012 Harga perolehan: Goodwill
158.190
(16.385)
30 September/ September 30 2014
191.345
Acquisition cost: Goodwill
Year ended December 31, 2013
Akuisisi entitas anak/ Acquisition of subsidiary
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
-
-
60
F-69
49.540
31 Desember/ December 31, 2013
207.730
Acquisition cost: Goodwill
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 10. GOODWILL (lanjutan)
10. GOODWILL (continued)
Tahun yang berakhir pada 31 Desember 2012 Akuisisi entitas anak/ Acquisition of subsidiary
31 Desember/ December 31, 2011 Harga perolehan: Goodwill
Year ended December 31, 2012
-
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
157.155
-
1.035
31 Desember/ December 31, 2012
158.190
Acquisition cost: Goodwill
Goodwill berasal dari transaksi akuisisi entitas anak Perseroan, Mast Companies pada tanggal 19 Desember 2012 sebesar Rp157.155 yang merupakan selisih atas harga beli dengan nilai wajar aset neto Mast Companies yang dapat diidentifikasi (Catatan 1c). Goodwill ini dicatat pada entitas anak perusahaan, Protelindo Tower B.V.
Goodwill was resulted from acquisition of the Company’s subsidiaries, the Mast Companies, on December 19, 2012 of Rp157,155 which was derived from the difference between the purchase price consideration and the fair value of identifiable net assets of the Mast Companies (Note 1c).The Goodwill is recorded in the subsidiary, Protelindo Tower B.V.
Entias anak melakukan pengujian penurunan setiap tahun untuk unit penghasil kas tersebut berdasarkan nilai wajar dikurangi biaya untuk menjual dengan menggunakan proyeksi arus kas yang didiskontokan. Pengujian penurunan nilai menggunakan proyeksi arus kas yang telah disetujui manajemen. Asumsi-asumsi penting yang digunakan dalam pengujian penurunan nilai adalah sebagai berikut:
The subsidiary performed its annual impairment tests on this CGU based on fair value less cost to sell using discounted cash flow projections. The impairment tests used management approved cash flows projections, and the following key assumptions:
30 September 2014/ 31 Desember 2013/ September 30, 2014 December 31, 2013
Tingkat diskonto Tingkat pertumbuhan berkelanjutan
8.3% 3%-7.5%
8.3% 3%-7.5%
Pada tanggal 30 September 2014 dan 31 Desember 2013 and 2012 manajemen berkeyakinan bahwa tidak ada penurunan nilai goodwill.
As of September 30, 2014 and December 31, 2013 and 2012 the management believes that there was no impairment in the value of goodwill.
11. INTANGIBLE ASSETS
11. ASET TAKBERWUJUD Periode sembilan 30 September 2014
Discount rate Perpetuity growth rate
bulan
yang
31 Desember/ December 31, 2013
berakhir
pada
Akuisisi entitas anak/ Acquisition of subsidiary
Nine month-period ended September 30, 2014
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
30 September/ September 30, 2014
Harga perolehan: Hubungan pelanggan
775.098
-
-
(61.138)
713.960
Acquisition cost: Customers relationship
Amortisasi: Akumulasi amortisasi hubungan pelanggan
(53.513)
-
(36.679)
5.201
(84.991)
Amortization: Accumulated amortization of customers relationship
721.585
-
(36.679)
(55.937)
628.969
61
F-70
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
11. INTANGIBLE ASSETS (continued)
11. ASET TAKBERWUJUD (lanjutan) Tahun yang berakhir pada 31 Desember 2013 Akuisisi entitas anak/ Acquisition of subsidiary
31 Desember/ December 31, 2012 Harga perolehan: Hubungan pelanggan
Year ended December 31, 2013
590.253
Amortisasi: Akumulasi amortisasi hubungan pelanggan
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
-
-
184.845
31 Desember/ December 31, 2013
775.098
Acquisition cost: Customers relationship Amortization: Accumulated amortization of customers relationship
-
-
(44.207)
(9.306)
(53.513)
590.253
-
(44.207)
175.539
721.585
Tahun yang berakhir pada 31 Desember 2012 Akuisisi entitas anak/ Acquisition of subsidiary
31 Desember/ December 31, 2012 Harga perolehan: Hubungan pelanggan
Year ended December 31, 2012
-
Selisih kurs/ Foreign Exchange
Penambahan/ Additions
586.376
-
3.877
31 Desember/ December 31, 2013
590.253
Acquisition cost: Customers relationship
Hubungan pelanggan berasal dari transaksi akuisisi entitas anak Perseroan, Mast Companies pada tanggal 19 Desember 2012 sebesar Rp586.376 yang merupakan hubungan dengan pelanggan yaitu KPN B.V., Vodafone Libertel N.V., dan T-Mobile, Netherlands B.V.
Customer relationship was resulted from acquisition of the Company’s subsidiaries, namely the Mast Companies, on December 19, 2012 of Rp586,376 which represents customer relationship with KPN B.V., Vodafone Libertel N.V., dan TMobile, Netherlands B.V.
Amortisasi atas hubungan pelanggan dimulai sejak 1 Januari 2013. Pada tanggal 30 September 2014 alokasi jumlah amortisasi ke dalam laporan laba rugi adalah Rp36.679 (30 September 2013: Rp31.936) (Catatan 28).
Amortization on customer relationship started on January 1, 2013. As of September 30, 2014, the allocation of amortization to profit or loss amounted to Rp36,679 (September 30, 2013: Rp31,936) (Note 28).
12. SEWA LOKASI JANGKA PANJANG
12. LONG-TERM SITE RENTALS
Akun ini merupakan beban sewa dibayar dimuka atas tanah atau bangunan untuk menara dan pemancar yang berlokasi di Jawa, Sumatera, pulau lainnya di Indonesia dan Belanda. Masa sewa lokasi adalah 3 tahun sampai 10 tahun.
This account represents land or building rental prepayments for towers and repeaters which are located in Java, Sumatra, other islands in Indonesia and Netherlands. The rental periods are from 3 years to 10 years.
Sewa lokasi jangka panjang ini diamortisasi secara garis lurus selama masa sewa.
These long-term site rentals are amortized on a straight-line basis over the rental period.
30 September 2014/September 30, 2014 31 Desember/ December 31, 2013 Sewa tanah di lokasi menara Sewa lokasi pemancar
Penambahan/ Additional
Amortisasi/ Amortization
Selisih kurs/ Foreign Exchange
30 September/ September 30, 2014
1.009.493 239
402.425 -
(183.354) (189)
35 -
1.228.599 50
1.009.732
402.425
(183.543)
35
1.228.649
62
F-71
Tower site rentals Repeater site rentals
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
12. LONG-TERM SITE RENTALS (continued)
12. SEWA LOKASI JANGKA PANJANG (lanjutan)
31 Desember 2013/December 31, 2013 31 Desember/ December 31, 2012 Sewa tanah di lokasi menara Sewa lokasi pemancar
Penambahan/ Additional
Amortisasi/ Amortization
Selisih kurs/ Foreign Exchange
31 Desember/ December 31, 2013
823.176 620
372.503 355
(186.614) (736)
428 -
1.009.493 239
823.796
372.858
(187.350)
428
1.009.732
Tower site rentals Repeater site rentals
31 Desember/December 31, 2012 31 Desember/ December 31, 2011 Sewa tanah di lokasi menara Sewa lokasi pemancar
Penambahan/ Additional
Amortisasi/ Amortization
Selisih kurs/ Foreign Exchange
31 Desember/ December 31 2012
540.783 1.002
410.402 473
(128.009) (855)
-
823.176 620
541.785
410.875
(128.864)
-
823.796
Tower site rentals Repeater site rentals
31 Desember/December 31, 2011 31 Desember/ December 31, 2010 Sewa tanah di lokasi menara Sewa lokasi pemancar
Penambahan/ Additional
Amortisasi/ Amortization
259.091 144
(96.992) (812)
-
540.783 1.002
380.354
259.235
(97.804)
-
541.785
Tower site rentals Repeater site rentals
13. OTHER NON-CURRENT ASSETS
30 September/ September 30, 2014
31 Desember/December 31, 2013
49.395 7.769 5.214
2012
2011
81.970 14.858 4.291
2.933 24.639 2.582
3.023 10.133 1.951
2.802
44.897
150.027
150.027
65.180
146.016
180.181
165.134
Uang muka pembelian aset tetap merupakan pembayaran dimuka yang dilakukan oleh Perseroan kepada kontraktor untuk pembangunan menara dan rumah panel dengan perincian sebagai berikut: 30 September/ September 30, 2014 Pihak ketiga: PT Citramas Heavy Industries PT Karunia Berca Indonesia PT Bukaka Teknik Utama PT Bach Multi Global PT Handal Karya Abadi PT Marsa Kanina Bestari PT Serang Berkah Mandiri PT Sarana Artha Lestari PT A Dua Sakti PT Danusari Mitra Sejahtera Lain-lain (kurang dari Rp1.500)
31 Desember/ December 31 2011
378.684 1.670
13. ASET TIDAK LANCAR LAINNYA
Uang muka pembelian aset tetap Beban ditangguhkan Uang jaminan Klaim restitusi pajak penghasilan Pasal 4(2) (Catatan 19g)
Selisih kurs/ Foreign Exchange
Advances for purchase of fixed assets Deferred charges Deposits Claims for refundable income tax - Article 4(2) (Note 19g)
Advances for purchase of fixed assets represents payments in advance made by the Company to contractors to construct towers and shelters with details as follows: 31 Desember/December 31,
2013
2012
2011
4.797 4.795 4.501 3.989 1.335 1.319 991 923 321 26.424
36.000 172 3.927 5.297 1.729 1.610 2.200 1.524 1.688 3.387 24.436
497 119 134 68 51 10 22 342 1.690
3.023
49.395
81.970
2.933
3.023
63
F-72
Third parties: PT Citramas Heavy Industries PT Karunia Berca Indonesia PT Bukaka Teknik Utama PT Bach Multi Global PT Handal Karya Abadi PT Marsa Kanina Bestari PT Serang Berkah Mandiri PT Sarana Artha Lestari PT A Dua Sakti PT Danusari Mitra Sejahtera Others (below Rp1,500)
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 14. UTANG PEMBANGUNAN LAINNYA - PIHAK KETIGA
MENARA 30 September/ September 30, 2014
Rincian per mata uang: Pihak ketiga: Rupiah Euro Dolar AS
Rincian per vendor: PT Bach Multi Global PT Smart Telecom PT Marsa Kanina Bestari PT Serang Berkah Mandiri PT Sarana Artha Lestari CV Tirta Kusuma PT A Dua Sakti PT Dwi Pilar Pratama PT Mitraselaras Inti Prima CV Buana Pilar Mandiri PT Amala Tn. Harsa Tanaya Rully PT Trikarya Mulia Perkasa Tn. Novan Soekarno KPN B.V. PT Handal Karya Abadi PT Aneka Jaya Langgeng Sentosa PT Pas Perkasa PT Bukaka Teknik Utama PT Pilar Gapura Nusa Jardine Llyod Thompson PT Dwijaya Cipta Persada PT Hwl Construction CV Multi Engineering PT Danakar PT Delvin Mitra Persada PT Insani Daya Kreasi CV Lintas Reka Cipta PT Sempurna Delapan PT Protech Mitra Perkasa PT Maxima Arta PT Cakra Hexa Swadaya PT Puncak Monterado PT Kudaka Automation Indonesia PT Karunia Berca Indonesia PT Bahana Sandisat Global CV Bhuztan Teknik Sandhika PT Semangat Putratama PT Kartika Asri Prima PT Ciptakomunindo Pradipta PT Inti Pindad Mitra Sejati PT Central Investindo PT Adyawinsa Telecommunication dan Electrical PT Menara Indra Utama CV Karunia Pertiwi Tn. Banindria Nigroho PT Sapta Sarana Sejahtera PT Griya Cipta Kreasi PT Amantara Kalyana Tn. Aries Munandar, SE, MM CV Bali Inovatif PT Citramas Heavy Industries PT Wibel Nusantara Indah PT Nabila Timur Indonesia PT Wira Jaya PT Prasetia Dwidharma PT Citicon Adinugraha PT Hobashita Taketama PT Duta Hita Jaya PT Primatama Konstruksi PT Neogennindo Perdana Saldo dipindahkan
14. TOWER CONSTRUCTION PAYABLES - THIRD PARTIES
DAN
AND
OTHER
31 Desember/December 31, 2013
2012
2011 Detail per currency: Third parties: Rupiah Euro US Dollars
461.521 7.280 518
271.378 2.270 211.174
174.365 10 212.261
164.510 607
469.319
484.822
386.636
165.117
47.369 17.205 16.719 16.645 13.578 12.568 11.196 10.753 9.408 9.329 8.297 8.220 7.844 7.320 7.248 6.833 6.551 6.397 6.059 5.999 5.404 5.230 4.892 4.793 4.753 4.670 4.329 4.267 4.251 4.217 4.094 4.038 3.931 3.897 3.872 3.831 3.820 3.608 3.437 3.368 3.239 3.177
29.669 19.620 5.485 10.487 6.490 15.233 2.341 643 2.175 2.348 7.799 2.899 5.139 2.059 859 2.527 10.624 2.410 3.704 242 2.928 2.230 3.944 7.393 3.090 343 2.416 4.247 1.511 520 65 2.664 873 1.533 1.854 123 1.864 4.232
12.226 1.327 7.351 5.754 4.577 5.055 2.402 24 2.070 3.516 3.099 200 3.809 1.231 5.938 1.706 1.360 2.282 4.400 1.180 352 2.000 1.257 1.380 533 684 2.584 63 8.649
9.965 1.558 2.510 3.934 3.558 1.119 5.646 1.393 869 4.425 128 3.296 52 1.125 4.746 284 2.607 1.305 2.163 2.989 1.790 344 1.794 131 3.285 215 -
3.051 3.007 2.777 2.678 2.658 2.540 2.489 2.308 2.270 2.209 2.162 2.129 2.069 1.900 1.431 1.222 1.131 876 736
572 80 143 2.152 2.769 10 368 597 1.557 94 1.048 605 1.791 5.492 2.057 2.189 409 2.341
87 942 70 100 252 1.485 560 2.096 5.147 210 545 1.227 1.954
2.784 507 112 618 657 514 1.368 9.251 1.738 2.279 -
Detail per vendor: PT Bach Multi Global PT Smart Telecom PT Marsa Kanina Bestari PT Serang Berkah Mandiri PT Sarana Artha Lestari CV Tirta Kusuma PT A Dua Sakti PT Dwi Pilar Pratama PT Mitraselaras Inti Prima CV Buana Pilar Mandiri PT Amala Mr. Harsa Tanaya Rully PT Trikarya Mulia Perkasa Mr. Novan Soekarno KPN B.V. PT Handal Karya Abadi PT Aneka Jaya Langgeng Sentosa PT Pas Perkasa PT Bukaka Teknik Utama PT Pilar Gapura Nusa Jardine Llyod Thompson PT Dwijaya Cipta Persada PT Hwl Construction CV Multi Engineering PT Danakar PT Delvin Mitra Persada PT Insani Daya Kreasi CV Lintas Reka Cipta PT Sempurna Delapan PT Protech Mitra Perkasa PT Maxima Arta PT Cakra Hexa Swadaya PT Puncak Monterado PT Kudaka Automation Indonesia PT Karunia Berca Indonesia PT Bahana Sandisat Global CV Bhuztan Teknik Sandhika PT Semangat Putratama PT Kartika Asri Prima PT Ciptakomunindo Pradipta PT Inti Pindad Mitra Sejati PT Central Investindo PT Adyawinsa Telecommunication and Electrical PT Menara Indra Utama CV Karunia Pertiwi Mr. Banindria Nigroho PT Sapta Sarana Sejahtera PT Griya Cipta Kreasi PT Amantara Kalyana Mr. Aries Munandar, SE, MM CV Bali Inovatif PT Citramas Heavy Industries PT Wibel Nusantara Indah PT Nabila Timur Indonesia PT Wira Jaya PT Prasetia Dwidharma PT Citicon Adinugraha PT Hobashita Taketama PT Duta Hita Jaya PT Primatama Konstruksi PT Neogennindo Perdana
366.299
198.857
101.684
81.059
Balance carried forward
64
F-73
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 14. UTANG PEMBANGUNAN MENARA LAINNYA - PIHAK KETIGA (lanjutan) 30 September/ September 30, 2014 Rincian per vendor: (lanjutan) Saldo dipindahkan PT Dharma Honoris Raksa Paramitha PT Danusari Mitra Sejahtera PT Hutchison 3 Indonesia PT Citramas Jaya Teknik Mandiri PT Kopnatel Jaya Milbank. Tweed. Hadley & McCloy LLP PT Parker Van Den Bergh PT Armindo Catur Pratama Nokia Siemens Networks Lain-lain (kurang dari Rp2.000)
14. TOWER CONSTRUCTION AND OTHER PAYABLES - THIRD PARTIES (continued)
DAN
31 Desember/December 31, 2013
2012
366.299
198.857
101.684
81.059
528 496 235 231 85
1.692 10.674 211.571 297 85
2.264 257 227.804 758 422
3.074 11.515 6.169
101.445
61.646
3.096 949 49.402
5.732 2.746 9.744 45.078
469.319
484.822
386.636
165.117
Umur utang pembangunan menara adalah sebagai berikut: 30 September/ September 30, 2014 Belum jatuh tempo Lewat jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
2011 Detail per vendor: (continued) Balance carried forward PT Dharma Honoris Raksa Paramitha PT Danusari Mitra Sejahtera PT Hutchison 3 Indonesia PT Citramas Jaya Teknik Mandiri PT Kopnatel Jaya Milbank. Tweed. Hadley & Mccloy LLP PT Parker Van Den Bergh PT Armindo Catur Pratama Nokia Siemens Networks Others (below Rp2,000)
The aging of tower construction payables is as follows: 31 Desember/December 31,
2013
2012
2011
459.000
476.267
108.993
164.833
1.036 44 1.559 7.680
1.999 373 1.816 4.367
273.369 1.856 2.418
59 48 177
469.319
484.822
386.636
165.117
Utang pembangunan menara dan lainnya - pihak ketiga tidak dijamin, tidak berbunga dan dilunasi dalam jangka waktu normal selama 30 - 60 hari.
Current Overdue: 1 - 30 days 31 - 60 days 61 - 90 days Over 90 days
Tower construction and other payable - third parties are unsecured, interest free and normally settled on terms between 30 to 60 days.
P
15. ACCRUED EXPENSES
15. BEBAN AKRUAL 30 September/ September 30, 2014 Pajak pengalihan aset Jasa profesional Perizinan dan lisensi Bunga pinjaman dan biaya bank Penalti Pemeliharaan Bunga obligasi Sewa lahan Pemasaran Pajak properti Uang muka pelanggan Lainnya (kurang dari Rp1.000)
31 Desember/December 31, 2013
2012
2011
74.201 70.541 64.960 53.821 16.225 11.862 9.625 6.681 1.436 1.122 6.542
75.696 17.868 51.811 38.664 36.749 8.778 6.546 396 822 7.060
57.644 27.198 88.691 20.278 18.944 9.195 18.020 532 15.313 9.088
26.605 56.954 38.236 22.503 18.857 1.133 6.236
317.016
244.390
264.903
170.524
65
F-74
Tax for assets transfer Professional fees Permits and licences Loan interest and bank fees Penalties Maintenance Bonds interest Ground lease Marketing Property tax Advance from customer Others (below Rp1,000)
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS
16. UTANG JANGKA PANJANG
30 September 2014 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: International Finance Corporation cabang Washington Amerika Serikat (AS$50.000.000) DBS Bank Ltd., cabang Singapura (AS$25.385.842 dan EUR10.000.000) ING Bank N.V., cabang Singapura (AS$25.385.842 dan EUR10.000.000) Oversea-Chinese Banking Corporation Limited, cabang Singapura (AS$23.371.653 dan EUR10.000.000) PT Indonesia Infrastructure Finance, cabang Jakarta (AS$36.883.434) Standard Chartered Bank, cabang Inggris (AS$14.881.356 dan EUR10.000.000) BNP Paribas, cabang Singapura (AS$21.709.272) Bank of America, N.A., cabang Singapura (AS$21.709.272) CIMB Bank Berhad, cabang Singapura (AS$21.709.272) Sumitomo Mitsui Banking Corporation, cabang Singapura (AS$21.709.272) Aozora Asia Pacific Finance Limited, cabang Hong Kong (AS$16.982.253) Mega International Commercial Bank Co., Ltd., cabang Malaysia (AS$16.457.029) The Korea Development Bank, cabang Korea (AS$15.756.730) The Bank of East Asia, Limited, cabang Singapura (AS$12.255.234) PT Bank Chinatrust Indonesia, cabang Jakarta (AS$12.000.000) JPMorgan Chase Bank, N.A., cabang Singapura (AS$10.942.174) Chang Hwa Commercial Bank, Ltd., cabang Singapura (AS$10.504.487) Bank of the Philippine Islands, cabang Filipina (AS$10.504.487) Saldo dipindahkan
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
-
610.600
610.600
49.060
415.897
464.957
49.060
415.897
464.957
62.256
378.104
440.360
119.282
331.138
450.420
28.760
307.917
336.677
41.955
223.158
265.113
41.955
223.158
265.113
41.955
223.158
265.113
41.955
223.158
265.113
32.820
174.567
207.387
31.805
169.168
200.973
30.452
161.970
192.422
23.685
125.976
149.661
38.564
107.980
146.544
21.147
112.479
133.626
20.301
107.980
128.281
20.301
107.980
128.281
695.313
4.420.285
5.115.598
66
F-75
September 30, 2014 Long-term loans Facility loans: Third parties: International Finance Corporation USA Washington branch (US$50,000,000) DBS Bank Ltd., Singapore branch (US$25,385,842 and EUR10,000,000) ING Bank N.V., Singapore branch (US$25,385,842 and EUR10,000,000) Oversea-Chinese Banking Corporation Limited, Singapore branch (US$23,371,653 and EUR10,000,000) PT Indonesia Infrastructure Finance, Jakarta branch (US$36,883,434) Standard Chartered Bank, UK branch (US$14,881,356 and EUR10,000,000) BNP Paribas, Singapore branch (US$21,709,272) Bank of America, N.A., Singapore branch (US$21,709,272) CIMB Bank Berhad, Singapore branch (US$21,709,272) Sumitomo Mitsui Banking Corporation, Singapore branch (US$21,709,272) Aozora Asia Pacific Finance Limited, Hong Kong branch (US$16,982,253) Mega International Commercial Bank Co., Ltd., Malaysia branch (US$16,457,029) The Korea Development Bank, Korea branch (US$15,756,730) The Bank of East Asia, Limited, Singapore branch (US$12,255,234) PT Bank Chinatrust Indonesia, Jakarta branch (US$12,000,000) JPMorgan Chase Bank, N.A., Singapore branch (US$10,942,174) Chang Hwa Commercial Bank, Ltd., Singapore branch (US$10,504,487) Bank of the Philippine Islands, Philippines branch (US$10,504,487) Balance carried forward
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan)
30 September 2014 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: Saldo pindahan BDO Unibank, Inc., cabang Hong Kong (AS$10.504.487) The Royal Bank of Scotland N.V., cabang Jakarta (AS$10.000.000) The Bank of Tokyo-Mitsubishi UFJ, Ltd., cabang Jakarta (AS$9.000.000) PT Bank ICBC Indonesia, cabang Jakarta (AS$8.842.105) First Commercial Bank, cabang Singapura (AS$7.878.365) Taiwan Cooperative Bank, cabang Taiwan (AS$7.878.365) Hua Nan Commercial Bank, Ltd., cabang Singapura (AS$7.440.678) Bank of China Limited, cabang Jakarta (AS$6.000.000) PT Bank Commonwealth, cabang Jakarta (AS$6.000.000) Banca Monte Dei Paschi di Siena S.p.A., cabang Hong Kong (AS$5.252.243) Bank of Taiwan, cabang Singapura (AS$5.252.243) Land Bank of Taiwan, cabang Singapura (AS$5.252.243) PT Bank Rakyat Indonesia, (Persero) Tbk., cabang New York (AS$5.252.243) Taipei Fubon Commercial Bank Co., Ltd., cabang Taiwan (AS$5.252.243) Taichung Commercial Bank Co.,Ltd.,cabang Taiwan (AS$4.421.053) E.Sun Commercial Bank, Ltd., cabang Singapura (AS$2.626.123) Saldo dipindahkan
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
September 30, 2014
5.074
26.995
32.069
Long-term loans Facility loans: Third parties: Balance brought forward BDO Unibank, Inc., Hong Kong branch (US$10,504,487) The Royal Bank of Scotland N.V., Jakarta branch (US$10,000,000) The Bank of Tokyo-Mitsubishi UFJ, Ltd., Jakarta branch (US$9,000,000) PT Bank ICBC Indonesia, Jakarta branch (US$8,842,105) First Commercial Bank, Singapore branch (US$7,878,365) Taiwan Cooperative Bank, Taiwan branch (US$7,878,365) Hua Nan Commercial Bank, Ltd., Singapore branch (US$7,440,678) Bank of China Limited, Jakarta branch (US$6,000,000) PT Bank Commonwealth, Jakarta branch (US$6,000,000) Banca Monte Dei Paschi di Siena S.p.A., Hong Kong branch (US$5,252,243) Bank of Taiwan, Singapore branch (US$5,252,243) Land Bank of Taiwan, Singapore branch (US$5,252,243) PT Bank Rakyat Indonesia (Persero) Tbk., New York branch (US$5,252,243) Taipei Fubon Commercial Bank Co.,Ltd.,Taiwan branch (US$5,252,243) Taichung Commercial Bank Co.,Ltd.,Taiwan branch (US$4,421,053) E.Sun Commercial Bank, Ltd., Singapore branch (US$2,626,123)
915.899
5.504.583
6.420.482
Balance carried forward
695.313
4.420.285
5.115.598
20.301
107.980
128.281
32.137
89.983
122.120
28.923
80.985
109.908
-
107.980
107.980
15.226
80.985
96.211
15.226
80.985
96.211
14.380
76.485
90.865
19.282
53.990
73.272
19.282
53.990
73.272
10.151
53.990
64.141
10.151
53.990
64.141
10.151
53.990
64.141
10.151
53.990
64.141
10.151
53.990
64.141
-
53.990
53.990
67
F-76
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan)
30 September 2014 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: Saldo pindahan PT Bank Negara Indonesia (Persero) Tbk.,cabang Jakarta (Rp1.879.706) Management Tower Europe S.à r.l. (EUR17.227.723) Dikurangi: Biaya pinjaman yang belum diamortisasi
31 Desember 2013 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: International Finance Corporation cabang Washington Amerika Serikat (AS$50.000.000) DBS Bank Ltd., cabang Singapura (AS$25.385.842 and EUR10.000.000) ING Bank N.V., Cabang Singapura (AS$25.385.842 dan EUR10.000.000) Oversea-Chinese Banking Corporation Limited, cabang Singapura (AS$23.371.653 dan EUR10.000.000) PT Indonesia Infrastructure Finance, cabang Jakarta (AS$36.883.434) Standard Chartered Bank, cabang Inggris (AS$14.881.356 dan EUR10.000.000) BNP Paribas, cabang Singapura (AS$21.709.272) Bank of America, N.A., cabang Singapura (AS$21.709.272) CIMB Bank Berhad, cabang Singapura (AS$21.709.272) Sumitomo Mitsui Banking Corporation, cabang Singapura (AS$21.709.272) Saldo dipindahkan
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
915.899
5.504.583
6.420.482
189.524
1.690.182
1.879.706
-
266.937
266.937
1.105.423
7.461.702
8.567.125
(63.847)
(291.280)
1.041.576
7.170.422
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
(355.127 )
Jumlah/ Total
609.450
609.450
48.968
428.674
477.642
48.968
428.674
477.642
62.139
390.952
453.091
119.058
330.514
449.572
28.706
320.898
349.604
41.876
222.738
264.614
41.876
222.738
264.614
41.876
222.738
264.614
41.876
222.738
264.614
475.343
3.400.114
3.875.457
F-77
Long-term loans Facility loans: Third parties: Balance brought forward PT Bank Negara Indonesia (Persero) Tbk., Jakarta branch (Rp1,879.706) Management Tower Europe S.à r.l. (EUR17,227,723) Less: Unamortized costs of loans
8.211.998
-
68
September 30, 2014
December 31, 2013 Long-term loans Facility loans: Third parties: International Finance Corporation USA Washington branch (US$50,000,000) DBS Bank Ltd., Singapore branch (US$25,385,842 and EUR10,000,000) ING Bank N.V., Singapore branch (US$25,385,842 and EUR10,000,000) Oversea-Chinese Banking Corporation Limited Singapore branch (US$23,371,653 and EUR10,000,000) PT Indonesia Infrastructure Finance, Jakarta branch (US$36,883,434) Standard Chartered Bank, UK branch (US$14,881,356 and EUR10,000,000) BNP Paribas, Singapore branch (US$21,709,272) Bank of America, N.A., Singapore branch (US$21,709,272) CIMB Bank Berhad, Singapore branch (US$21,709,272) Sumitomo Mitsui Banking Corporation, Singapore branch (US$21,709,272) Balance carried forward
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan)
31 Desember 2013 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: Saldo pindahan Aozora Asia Pasific Finance Limited, cabang Hong Kong (AS$16.982.253) Mega International Commercial Bank Co., Ltd., cabang Malaysia (AS$16.457.029) The Korea Development Bank, cabang Korea (AS$15.756.730) JP Morgan Chase Bank, N.A., cabang Singapura (AS$10.942.174) The Bank of East Asia, Limited, cabang Singapura (AS$12.255.234) PT Bank Chinatrust Indonesia, cabang Jakarta (AS$12.000.000) Chang Hwa Commercial Bank, Ltd., cabang Singapura (AS$10.504.487) Bank of the Philippine Islands, cabang Filipina (AS$10.504.487) BDO Unibank, Inc., cabang Hong Kong (AS$10.504.487) The Royal Bank of Scotland N.V., cabang Jakarta (AS$10.000.000) The Bank of Tokyo-Mitsubishi UFJ, Ltd., cabang Jakarta (AS$9.000.000) PT Bank ICBC Indonesia, cabang Jakarta (AS$8.842.105) First Commercial Bank, cabang Singapura (AS$7.878.365) Taiwan Cooperative Bank, cabang Taiwan (AS$7.878.365) Hua Nan Commercial Bank, Ltd., cabang Singapura (AS$7.440.678) Bank of China Limited, cabang Jakarta (AS$6.000.000) PT Bank Commonwealth, cabang Jakarta (AS$6.000.000) Banca Monte Dei Paschi di Siena S.p.A.,cabang Hong Kong (AS$5.252.243) Saldo dipindahkan
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
December 31, 2013
475.343
3.400.114
3.875.457
32.758
174.239
206.997
31.745
168.850
200.595
30.394
161.665
192.059
21.107
112.267
133.374
23.640
125.739
149.379
38.492
107.776
146.268
20.263
107.776
128.039
20.263
107.776
128.039
20.263
107.776
128.039
32.076
89.814
121.890
28.869
80.832
109.701
-
107.776
107.776
15.197
80.832
96.029
15.197
80.832
96.029
14.353
76.342
90.695
19.246
53.888
73.134
19.246
53.888
73.134
10.131
53.888
64.019
868.583
5.252.070
6.120.653
69
F-78
Long-term loans Facility loans: Third parties: Balance brought forward Aozora Asia Pasific Finance Limited, Hong Kong branch (US$16,982,253) Mega International Commercial Bank Co., Ltd., Malaysia branch (US$16,457,029) The Korea Development Bank, Korea branch (US$15,756,730) JP Morgan Chase Bank, N.A., Singapore branch (US$10,942,174) The Bank of East Asia, Limited, Singapore branch (US$12,255,234) PT Bank Chinatrust Indonesia, Jakarta branch (US$12,000,000) Chang Hwa Commercial Bank, Ltd., Singapore branch (US$10,504,487) Bank of the Philippine Islands, Philippines branch (US$10,504,487) BDO Unibank, Inc., Hong Kong branch (US$10,504,487) The Royal Bank of Scotland N.V., Jakarta branch (US$10,000,000) The Bank of Tokyo-Mitsubishi UFJ, Ltd., Jakarta branch (US$9,000,000) PT Bank ICBC Indonesia, Jakarta branch (US$8,842,105) First Commercial Bank, Singapore branch (US$7,878,365) Taiwan Cooperative Bank, Taiwan branch (US$7,878,365) Hua Nan Commercial Bank, Ltd., Singapore branch (US$7,440,678) Bank of China Limited, Jakarta branch (US$6,000,000) PT Bank Commonwealth, Jakarta branch (US$6,000,000) Banca Monte Dei Paschi di Siena S.p.A., Hong Kong branch (US$5,252,243) Balance carried forward
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan)
31 Desember 2013 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: Saldo pindahan Bank of Taiwan, cabang Singapura (AS$5.252.243) Land Bank of Taiwan, cabang Singapura (AS$5.252.243) PT Bank Rakyat Indonesia, (Persero) Tbk., cabang New York (AS$5.252.243) Taipei Fubon Commercial Bank Co.,Ltd., cabang Taiwan (AS$5.252.243) Taichung Commercial Bank Co.,Ltd.,cabang Taiwan (AS$4.421.053) E.Sun Commercial Bank, Ltd., cabang Singapura (AS$2.626.123) PT Bank Negara Indonesia (Persero) Tbk.,cabang Jakarta (Rp2.972.500) Management Tower Europe S.à r.l. (EUR17.227.723) Dikurangi: Biaya pinjaman yang belum diamortisasi
31 Desember 2012 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: PT Bank Negara Indonesia (Persero) Tbk., cabang Jakarta (Rp3.080.000) DBS Bank Ltd., cabang Singapura (AS$ 154.327.902 dan EUR 13.333.334) ING Bank N.V., cabang Singapura (AS$ 154.327.903 dan EUR 13.333.333) Standard Chartered Bank, cabang Inggris (AS$ 154.327.903 dan EUR 13.333.333) Management Tower Europe S.à r.l. (EUR 17.227.723) Dikurangi: Biaya pinjaman yang belum diamortisasi
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
December 31, 2013
868.583
5.252.070
6.120.653
10.131
53.888
64.019
10.131
53.888
64.019
10.131
53.888
64.019
10.131
53.888
64.019
-
53.888
53.888
5.068
26.948
32.016
244.000
2.728.500
2.972.500
-
289.795
289.795
1.158.175
8.566.753
9.724.928
(71.820)
(345.501)
1.086.355
8.221.252
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
(417.321 )
Jumlah/ Total
2.972.500
3.080.000
-
1.663.149
1.663.149
-
1.663.149
1.663.149
-
1.663.148
1.663.148
-
220.685
220.685
107.500
8.182.631
8.290.131
(6.971)
(236.073)
100.529
7.946.558
F-79
Less: Unamortized costs of loans
9.307.607
107.500
70
Long-term loans Facility loans: Third parties: Balance brought forward Bank of Taiwan, Singapore branch (US$5,252,243) Land Bank of Taiwan, Singapore branch (US$5,252,243) PT Bank Rakyat Indonesia (Persero) Tbk., New York branch (US$5,252,243) Taipei Fubon Commercial Bank Co.,Ltd.,Taiwan branch (US$5,252,243) Taichung Commercial Bank Co.,Ltd.,Taiwan branch (US$4,421,053) E.Sun Commercial Bank, Ltd., Singapore branch (US$2,626,123) PT Bank Negara Indonesia (Persero) Tbk., Jakarta branch (Rp2,972,500) Management Tower Europe S.à r.l. (EUR17,227,723)
(243.044 ) 8.047.087
December 31, 2012 Long-term loans Facility loans: Third parties: PT Bank Negara Indonesia (Persero)Tbk., Jakarta branch (Rp3,080,000) DBS Bank Ltd., Singapore Branch (US$154,327,902 and EUR13,333,334) ING Bank N.V., Singapore branch (US$ 154,327,903 and EUR 13,333,333) Standard Chartered Bank, UK Branch (US$154,327,903 and EUR13,333,333) Management Tower Europe S.à r.l. (EUR17,227,723) Less: Unamortized costs of loans
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan)
31 Desember 2011 Utang jangka panjang Pinjaman Fasilitas: Pihak ketiga: PT Bank Negara Indonesia (Persero) Tbk., cabang Jakarta (AS$ 20.000.000 dan Rp713.250) Oversea-Chinese Banking Corporation Limited (AS$82.389.449) DBS Bank Ltd. (AS$78.020.220) PT Bank Panin Tbk. (AS$54.931.120) Sumitomo Mitsui Banking Corporation cabang Singapura (AS$53.280.084) Standard Chartered Bank (AS$40.179.080) The Royal Bank of Scotland N.V., cabang Singapura (AS$39.501.423) ING Bank N.V., cabang Singapura (AS$35.000.000) Bank of China Limited (AS$15.550.631 dan Rp149.275) CIMB Bank Berhad cabang Singapura (AS$31.905.440) Standard Chartered Bank. cabang Jakarta (AS$12.005.650) PT Bank Commonwealth (AS$10.000.000) The Royal Bank of Scotland N.V., cabang Jakarta (US$7.162.500) Credit Agricole Corporate and Investment Bank cabang Singapura (AS$6.905.440) PT Bank Mizuho Indonesia (AS$6.905.440) Chinatrust Commercial Bank Co. Ltd., cabang Singapura (AS$6.732.804) China Development Bank Corporation (AS$6.042.260) PT Bank Sumitomo Mitsui Indonesia (AS$3.280.084) PT Bank Negara Indonesia (Persero) Tbk., cabang Singapura (AS$2.589.540) PT Bank China Trust Indonesia PT Bank ICBC Indonesia PT Bank Danamon Indonesia Tbk. Dikurangi: Biaya pinjaman yang belum diamortisasi
Bank loan Pinjaman Fasilitas: Pihak berelasi (Catatan 36): PT Bank Central Asia Tbk. Dikurangi: Biaya pinjaman yang belum diamortisasi
Jatuh tempo dalam 1 tahun/ Current Portion
Jatuh tempo lebih dari 1 tahun/ Non-current Portion
Jumlah/ Total
December 31, 2011
5.000
889.610
894.610
59.177 61.545 79.386
687.930 645.942 418.729
747.107 707.487 498.115
13.148
469.996
483.144
20.760
343.584
364.344
18.044
340.155
358.199
-
317.380
317.380
45.300
244.989
290.289
27.681
261.638
289.319
48.125 -
60.742 90.680
108.867 90.680
8.161
56.788
64.949
27.681
34.938
62.619
27.681
34.938
62.619
26.988
34.065
61.053
24.220
30.571
54.791
13.148
16.596
29.744
10.380 -
13.102 127.950 100.000 95.684
23.482 127.950 100.000 95.684
516.425
5.316.007
5.832.432
(21.524)
(225.285)
(246.809)
494.901
5.090.722
5.585.623
Long-term loans Facility loans: Third parties: PT Bank Negara Indonesia (Persero) Tbk.. Jakarta branch (US$20,000,000 and Rp713,250) Oversea-Chinese Banking Corporation Limited (US$82,389,449) DBS Bank Ltd. (US$78,020,220) PT Bank Panin Tbk. (US$54,931,120) Sumitomo Mitsui Banking Corporation Singapore branch (US$53,280,084) Standard Chartered Bank (US$40,179,080) The Royal Bank of Scotland N.V., Singapore branch (US$39,501,423) ING Bank N.V., Singapore branch (US$35,000,000) Bank of China Limited (US$15,550,631 and Rp149,275) CIMB Bank Berhad. Singapore branch (US$31,905,440) Standard Chartered Bank. Jakarta branch (US$12,005,650) PT Bank Commonwealth (US$10,000,000) The Royal Bank of Scotland N.V., Jakarta branch (US$7,162,500) Credit Agricole Corporate and Investment Bank Singapore branch (US$6,905,440) PT Bank Mizuho Indonesia (US$6,905,440) Chinatrust Commercial Bank Co. Ltd., Singapore branch (US$6,732,804) China Development Bank Corporation (US$6,042,260) PT Bank Sumitomo Mitsui Indonesia (US$3,280,084) PT Bank Negara Indonesia (Persero) Tbk., Singapore branch (US$2,589,540) PT Bank China Trust Indonesia PT Bank ICBC Indonesia PT Bank Danamon Indonesia Tbk.
Less: Unamortized costs of loans
-
320.125
320.125
Bank loan Facility loan: Related party (Note 36): PT Bank Central Asia Tbk.
-
(7.295)
(7.295)
Less: Unamortized cost of loan
-
312.830
312.830
Biaya pinjaman merupakan biaya ditangguhkan yang berasal dari biaya komitmen, biaya perolehan pinjaman dan biaya provisi sehubungan dengan perolehan pinjaman dan diamortisasi selama masa pinjaman.
Cost of loans represents deferred charges arising from commitment fees, upfront fees and provision fees in relation to obtaining loans and is amortized over the respective loan periods.
71
F-80
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Amortisasi atas biaya pinjaman yang diakui di periode sembilan bulan yang berakhir pada tanggal 30 September 2014 adalah sebesar Rp69.911 (30 September 2013: Rp49.328) dan tahun yang berakhir pada tanggal 31 Desember 2013: Rp71.371 (2012: Rp87.912 dan 2011: Rp57.195) (Catatan 32).
Amortization of the cost of loans recognized in the nine-month period ended September 30, 2014 was Rp69,911 (September 30, 2013: Rp49,328) and years ended December 31, 2013: Rp71,371 ( 2012: Rp87,912 and 2011: Rp57,195) (Note 32).
Perjanjian Fasilitas IFC
The IFC Facility Agreement
Pada tanggal 23 Juli 2013, Protelindo Finance B.V. dan Perseroan menandatangani Perjanjian Fasilitas Pinjaman Berjangka Sampai Dengan AS$50.000.000 (“Perjanjian Fasilitas IFC”) dengan International Finance Corporation (“IFC”). Sehubungan dengan Perjanjian Fasilitas IFC tersebut, Protelindo Finance B.V. menerima suatu fasilitas pinjaman dalam jumlah sampai dengan AS$50.000.000 (“Fasilitas Pinjaman IFC”) dan Perseroan memberikan jaminan perusahaan untuk menjamin pemenuhan kewajiban Protelindo Finance B.V. atas fasilitas ini. Tujuan Perjanjian Fasilitas IFC adalah untuk membiayai kegiatan usaha Perseroan sehubungan dengan, antara lain : (i) akuisisi site telekomunikasi, (ii) akuisisi saham kepemilikan dalam suatu perusahaan yang memiliki site telekomunikasi, dan (iii) proyek pembangunan build to suit di site telekomunikasi.
On July 23, 2013, Protelindo Finance B.V. and the Company entered into the Up To US$50,000,000 Term Loan Facility Agreement (the “IFC Facility Agreement”) with the International Finance Corporation (“IFC”). In connection with the IFC Facility Agreement, Protelindo Finance B.V. obtained a loan facility in an amount of up to US$50,000,000 (the “IFC Loan Facility”) and the Company provides a corporate guarantee to secure the fulfillment of Protelindo Finance B.V.’s liabilities for this facility. The purpose of the IFC Loan Facility is to fund the Company’s business activities related to, among other things: (i) the acquisition of telecommunications site, (ii) the acquisition of an ownership interest in a telecommunication site company, and (iii) build to suit projects.
Fasilitas IFC adalah amortizing loan yang akan jatuh tempo dan wajib dilunasi pada tanggal 23 Juli 2023. Fasilitas Pinjaman IFC dikenakan tingkat suku bunga yang sama dengan LIBOR ditambah marjin yang berlaku yaitu 4,05%, 3,80% atau 3,60% per tahun tergantung pada pemenuhan rasio keuangan tertentu. Fasilitas IFC telah dicairkan seluruhnya pada tanggal 24 Oktober 2013.
The IFC Loan Facility is an amoritizing loan with final repayment due on July 23, 2023. The IFC Loan Facility is subject to an interest rate equal to LIBOR plus an applicable margin of 4.05%, 3.80% or 3.60% per annum depending on the fulfillment of certain financial ratios.The IFC Loan Facility was fully drawn down on October 24, 2013.
Tingkat bunga efektif untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014 berkisar antara 3,92% sampai 4,40% per tahun (31 Desember 2013: 4,39% per tahun). Perseroan diwajibkan memenuhi ketentuan-ketentuan finansial, yaitu debt service coverage ratio dan net debt to running EBITDA.
The effective interest rates for nine-month period ended September 30, 2014 ranged from 3.92% to 4.40% per annum (December 31, 2013: 4.39% per annum).The Company is required to comply with financial covenants, i.e. debt service coverage ratio and net debt to running EBITDA.
Pada tanggal 30 September 2014 dan 31 Desember 2013, Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan.
As of September 30, 2014, and December 31, 2013 the Company was in compliance with all of the financial ratio covenants.
72
F-81
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Fasilitas-Fasilitas Pinjaman 2013
The 2013 Loan Facilities
Pada tanggal 20 Mei 2013, Protelindo Finance B.V. dan Perseroan menandatangani Perjanjian Fasilitas Pinjaman Berjangka Sampai Dengan AS$350.000.000, Pinjaman Berjangka €40.000.000 dan Kredit Berulang AS$125.000.000 dengan grup kreditor yang terdiri dari DBS Bank Ltd., ING Bank N.V., Cabang Singapura, Standard Chartered Bank, Oversea-Chinese Banking Corporation Limited, Bank of America, N.A., BNP Paribas, CIMB Bank Berhad, Cabang Singapura, Sumitomo Mitsui Banking Corporation, The Royal Bank of Scotland PLC, JPMorgan Chase Bank, N.A., Cabang Singapura, PT Indonesia Infrastructure Finance dan beberapa lembaga keuangan lainnya yang berdasarkan perjanjian tersebut Protelindo Finance B.V. dan Perseroan memperoleh fasilitasfasilitas pinjaman sindikasi sejumlah sampai dengan AS$475.000.000 dan €40.000.000 (“Fasilitas-Fasilitas Pinjaman 2013”). Perseroan memberikan jaminan perusahaan untuk fasilitasfasilitas tersebut. Tujuan dari Fasilitas-Fasilitas Pinjaman 2013 adalah untuk melunasi seluruh saldo yang terutang dari Pinjaman Bridge dan untuk tujuan-tujuan umum perusahaan. Perseroan diwajibkan memenuhi ketentuan-ketentuan finansial, yaitu debt service coverage ratio dan net debt to running EBITDA. Pada tanggal 30 September 2014 dan 31 Desember 2013, Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan.
On May 20, 2013, Protelindo Finance B.V. and the Company entered into a US$350,000,000 Term Loan, a €40,000,000 Term Loan and a US$125,000,000 Revolving Credit Facility Agreement with a lender group consisting of DBS Bank Ltd., ING Bank N.V., Singapore Branch, Standard Chartered Bank, Oversea-Chinese Banking Corporation Limited, Bank of America, N.A., BNP Paribas, CIMB Bank Berhad, Singapore Branch, Sumitomo Mitsui Banking Corporation, The Royal Bank of Scotland PLC, JPMorgan Chase Bank, N.A., Singapore Branch, PT Indonesia Infrastructure Finance and certain other financial institutions pursuant to which Protelindo Finance B.V. and the Company obtained syndicated loan facilities in an amount of up to US$475,000,000 and €40,000,000 (the “2013 Loan Facilities”). The Company provides a corporate guarantee for these facilities. The purpose of the 2013 Loan Facilities is to prepay all amounts outstanding under the Bridge Loan and for corporate general purposes. The Company is required to comply with financial covenants, i.e. debt service coverage ratio and net debt to running EBITDA. As of September 30, 2014 and December 31, 2013, the Company was in compliance with all of the financial ratio covenants.
Fasilitas-Fasilitas Pinjaman 2013 akan jatuh tempo pada tanggal 20 Mei 2018. Porsi dari FasilitasFasilitas Pinjaman 2013 dalam mata uang Dolar AS dikenakan bunga sebesar LIBOR ditambah dengan margin sebesar 3,40%, 3,15% atau 2,95% per tahun tergantung pada pemenuhan beberapa rasio-rasio finansial. Porsi dari Fasilitas-Fasilitas Pinjaman 2013 dalam mata uang Euro dikenakan bunga sebesar EURIBOR ditambah dengan margin sebesar 2,50% per tahun. Tingkat bunga efektif untuk pinjaman dalam Dollar AS dan Euro selama periode sembilan bulan yang berakhir pada tanggal 30 September 2014 masing-masing berkisar antara 3,18% sampai 3,38% dan 2,67% sampai 2,82% per tahun (30 September 2013: 3,67% dan 2,70% per tahun dan 31 Desember 2013 masing-masing berkisar antara 3,19% sampai 3,67% dan 2,70% sampai 2,73% per tahun).
The 2013 Loan Facilities are due in one payment on May 20, 2018. The portion of the 2013 Loan Facilities denominated in US Dollars is subject to interest at the rate of LIBOR plus an applicable margin of 3.40%, 3.15% or 2.95% per annum depending on the fulfillment of certain financial ratios. The portion of the 2013 Loan Facilities denominated in Euros is subject to interest at the rate of EURIBOR plus an applicable margin of 2.50% per annum. The effective interest rates for loans denominated in US Dollars and Euro in the nine-month period ended September 30, 2014 range from 3.18% to 3.38% and 2.67% to 2.82% per annum, respectively (September 30, 2013: 3.67% and 2.70% per annum and December 31, 2013 range from 3.19% to 3.67% and 2.70% to 2.73% per annum, respectively).
73
F-82
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Fasilitas-Fasilitas Pinjaman 2013 (lanjutan)
The 2013 Loan Facilities (continued)
Berdasarkan Transfer Certificate tanggal 24 Juli 2013 antara JPMorgan Chase Bank N.A. dan The Bank of East Asia Limited, JPMorgan Chase Bank N.A. mengalihkan sebagian FasilitasFasilitas Pinjaman 2013 kepada The Bank Of East Asia Limited, sebesar AS$5.000.000.
Based on a Transfer Certificate dated July 24, 2013 between JPMorgan Chase Bank N.A. and The Bank of East Asia Limited, JPMorgan Chase Bank N.A. assigned and transferred a portion of its interest in the 2013 Loan Facilities to PT Bank Of East Asia Limited in the amount of US$5,000,000.
Berdasarkan Transfer Certificate tanggal 24 Juli 2013 antara JPMorgan Chase Bank N.A. dan Hua Nan Commercial Bank, Ltd., cabang Singapura, JPMorgan Chase Bank N.A. mengalihkan sebagian Fasilitas-Fasilitas Pinjaman 2013 kepada Hua Nan Commercial Bank, Ltd., cabang Singapura, sebesar AS$2.500.000.
Based on a Transfer Certificate dated July 24, 2013, between JPMorgan Chase Bank N.A. and Hua Nan Commercial Bank, Ltd., Singapore branch, JPMorgan Chase Bank N.A. assigned and transferred a portion of its interest in the 2013 Loan Facilities to Hua Nan Commercial Bank, Ltd., Singapore branch in the amount of US$2,500,000.
Berdasarkan Transfer Certificate tanggal 21 Mei 2013 antara The Royal Bank of Scotland PLC dan Aozora Asia Pacific Finance Limited, The Royal Bank of Scotland PLC mengalihkan sebagian Fasilitas-Fasilitas Pinjaman 2013 kepada Aozora Asia Pacific Finance Limited sebesar AS$7.400.000.
Based on a Transfer Certificate dated May 21, 2013, between The Royal Bank of Scotland PLC and Aozora Asia Pacific Finance Limited, The Royal Bank of Scotland PLC assigned and transferred a portion of its interest in the 2013 Loan Facilities to Aozora Asia Pacific Finance Limited in the amount of US$7,400,000.
Berdasarkan Transfer Certificate tanggal 20 Mei 2013 antara The Royal Bank of Scotland PLC dan Mega International Commercial Bank Co., Ltd., cabang Labuan, The Royal Bank of Scotland PLC mengalihkan sebagian Fasilitas-Fasilitas Pinjaman 2013 kepada Mega International Commercial Bank Co., Ltd., cabang Labuan sebesar AS$7.400.000.
Based on a Transfer Certificate dated May 20, 2013, between The Royal Bank of Scotland PLC and Mega International Commercial Bank Co., Ltd., Labuan branch, The Royal Bank of Scotland PLC assigned and transferred a portion of its interest in the 2013 Loan Facilities to Mega International Commercial Bank Co., Ltd., Labuan branch in the amount of US$7,400,000.
Berdasarkan Transfer Certificate tanggal 29 Mei 2013 antara Standard Chartered Bank dan PT Indonesia Infrastructure Finance, Standard Chartered Bank mengalihkan sebagian FasilitasFasilitas Pinjaman 2013 kepada PT Indonesia Infrastructure Finance sebesar AS$12.000.000.
Based on a Transfer Certificate dated May 29, 2013, between Standard Chartered Bank and PT Indonesia Infastructure Finance, Standard Chartered Bank assigned and transferred a portion of its interest in the 2013 Loan Facilities to PT Indonesia Infrastructure Finance in the amount of US$12,000,000.
74
F-83
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Pinjaman Fasilitas BNI 2012
The BNI Facility Agreement 2012
Pada tanggal 20 Desember 2012, Perseroan menandatangani Perjanjian Fasilitas sampai dengan Rp1.100.000 dengan PT Bank Negara Indonesia (Persero) Tbk. sebagaimana diubah dengan Perjanjian Perubahan Pertama tanggal 20 Mei 2013 dan Perjanjian Perubahan Kedua tanggal 25 Februari 2014 (“Perjanjian Fasilitas BNI 2012”). Seluruh dana dari Perjanjian Fasilitas BNI 2012 telah digunakan untuk membayar Pinjaman Antar Perusahaan kepada Protelindo Towers B.V., Protelindo Towers B.V., selanjutnya, telah mendistribusikan dana yang diterima kepada Protelindo Netherlands B.V. yang selanjutnya telah digunakan untuk melunasi sebagian pinjaman dari Protelindo Finance B.V. Selanjutnya Protelindo Finance B.V. menggunakan dana yang diterima untuk membayar sebagian Fasilitas Pinjaman Bridge yang diterimanya.
On December 20, 2012, the Company entered into the up to Rp1,100,000 Facility Agreement with PT Bank Negara Indonesia (Persero) Tbk. as amended by the First Amendment Agreement dated May 20, 2013 and the Second Amendment Agreement dated February 25, 2014 (the “BNI Facility Agreement 2012”). All funds from the BNI Facility Agreement 2012 were used to repay a portion of the Intercompany Loan for Protelindo Towers B.V., which, in turn, distributed the funds received to Protelindo Netherlands B.V. which, in turn, used the funds received to repay a portion of the loan from Protelindo Finance B.V. Subsequently, Protelindo Finance B.V. used the funds received to repay a portion of the Bridge Loan Facility.
Pinjaman Fasilitas Desember 2012 ini akan dibayar secara kuartalan mulai 31 Desember 2012 sampai dengan 19 Desember 2019 dan dikenakan bunga sebesar JIBOR ditambah margin yang berlaku sebesar 2,95% per tahun. Tingkat bunga efektif untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 berkisar antara 10,19% sampai 10,90% per tahun (30 September 2013 dan 31 Desember 2013 masing masing berkisar antara 7,50% sampai dengan 7,94% dan 7,50% sampai 10,45%) per tahun.
The December 2012 Loan Facility is payable in quarterly installments starting on December 31, 2012 through December 19, 2019 and subject to interest at JIBOR plus an applicable margin of 2.95% per annum. The effective interest rates in the nine-month period ended September 30, 2014 ranged from 10.19% to 10.90% per annum (September 30, 2013 and December 31, 2013 ranged from 7.50% to 7.94% and 7.50% to 10.45%) per annum, respectively.
Pinjaman Bridge
The Bridge Loan
Pada tanggal 10 Desember 2012, Protelindo Finance B.V. menandatangani Perjanjian Fasilitas Pinjaman Bridge dengan tiga kreditor terdiri dari DBS Bank Ltd., ING Bank N.V. cabang Singapura dan Standard Chartered Bank dimana Protelindo Finance B.V. mendapatkan Pinjaman Bridge sejumlah AS$575.000.000 (fasilitas A) dan €40.000.000 (fasilitas B) (“Pinjaman Bridge”). Perseroan menyediakan jaminan perusahaan terhadap pinjaman ini. Perseroan diminta untuk memenuhi rasio-rasio keuangan yaitu debt service coverage ratio dan net debt to running EBITDA. Pada tanggal 30 September 2013 dan 31 Desember 2012, Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan. Pinjaman Bridge ini jatuh tempo pada Juni 2013 dan telah dilunasi dengan Fasilitas-Fasilitas Pinjaman 2013 pada tanggal 20 Juni 2013.
On December 10, 2012, Protelindo Finance B.V. entered into the Bridge Loan Facility Agreement with three lenders consisting of DBS Bank Ltd., ING Bank N.V. Singapore Branch and Standard Chartered Bank pursuant to which it obtained a Bridge Loan of US$575,000,000 (Facility A) and €40,000,000 (Facility B) (the “Bridge Loan”). The Company provides a corporate guarantee for this loan. The Company is required to comply with financial covenants, i.e. debt service coverage ratio and net debt to running EBITDA. As of September 30, 2013 and December 31, 2012, the Company was in compliance with all of the financial ratio covenants. The Bridge Loan was repaid in June 2013 through the 2013 Loan Facilities on June 20, 2013.
75
F-84
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Pinjaman Management Tower Europe
The Management Tower Europe Loan Facility
Pada tanggal 19 Desember 2012, Management Tower Europe S.à r.l. memberikan pinjaman sebesar €17 juta kepada Protelindo Netherlands B.V., yang akan jatuh tempo pada bulan November 2022 dengan suku bunga 8% per tahun dan dibayar setiap tahun.
On December 19, 2012 Management Tower Europe S.à r.l. loaned €17 million to Protelindo Netherlands B.V., which is due to be repaid in full in November 2022 and is subject to interest at 8% per annum paid annually.
Pinjaman Fasilitas Desember 2011
The December 2011 Loan Facility
Pada tanggal 23 Desember 2011, Perseroan memperoleh Pinjaman Fasilitas dari PT Bank Negara Indonesia (Persero) Tbk. dengan nilai maksimum sampai dengan sebesar Rp2.000.000 sebagaimana diubah dengan Perjanjian Perubahan tanggal 10 Desember 2012, Perjanjian Perubahan Kedua tanggal 20 Desember 2012, Perjanjian Perubahan Ketiga tanggal 20 Mei 2013, dan dengan Perjanjian Perubahan Keempat tertanggal 25 Februari 2014 (“Pinjaman Fasilitas Desember 2011”). Pinjaman fasilitas ini digunakan untuk (i) membayar biaya-biaya dan beban-beban yang terkait, (ii) untuk membiayai akuisisi menara, akuisisi kepemilikan saham perusahaan perusahaan menara telekomunikasi, membiayai pembangunan build to suit untuk lokasi menara yang baru, dan (iii) untuk melunasi fasilitas yang ada sebatas diijinkan berdasarkan Pinjaman Fasilitas Mei 2010, Pinjaman Fasilitas Mei 2011 dan Pinjaman Fasilitas Desember 2010. Pada tanggal 30 September 2014, dan 31 Desember 2013 dan 2012 Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan. Pinjaman ini telah dicairkan seluruhnya pada tanggal 2 November 2012.
On December 23, 2011, the Company obtained a Loan Facility from PT Bank Negara Indonesia (Persero) Tbk. for a maximum amount up to Rp2,000,000, as amended by an Amendment Agreement dated December 10, 2012 and by a Second Amendment Agreement dated December 20, 2012 and by a Third Amendment Agreement dated May 20, 2013, and by the Fourth Amendment Agreement dated February 25, 2014 (the “December 2011 Loan Facility”). The purposes of this loan were (i) to pay any transaction fees and expenses, (ii) to fund acquisition of towers, acquisition of ownership interests in tower companies, and the build to suit construction of new tower sites, and (iii) to repay the existing facilities to the extent permitted under the May 2010 Loan Facility, the May 2011 Loan Facility and the December 2010 Loan Facility. As of September 30, 2014, and December 31, 2013 and 2012, the Company was in compliance with all of the financial ratio covenants. The loan was fully drawn down on November 2, 2012.
Pinjaman Fasilitas Desember 2011 ini dibayar secara kuartalan mulai 31 Desember 2012 sampai dengan 22 Desember 2018. Pinjaman Fasilitas Desember 2011 ini dikenakan bunga sebesar JIBOR ditambah margin yang berlaku sebesar 2,95% per tahun. Tingkat bunga efektif untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 berkisar antara 10,19% sampai 10,90% (30 September 2013 dan 31 Desember 2013 masing - masing berkisar antara 7,50% sampai dengan 7,94% dan 7,50% sampai 10,45%) per tahun.
The December 2011 Loan Facility was payable in quarterly installments starting on December 31, 2012 through December 22, 2018. The December 2011 Loan Facility was subject to interest at JIBOR plus an applicable margin of 2.95% per annum. The effective interest rates in the nine-month period ended September 30, 2014 ranged from 10.19% to 10.90% (September 30, 2013 and December 31, 2013 ranged from 7.50% to 7.94% and 7.50% to 10.45%) per annum, respectively.
76
F-85
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG-TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Pinjaman Fasilitas Desember 2011 (lanjutan)
The December 2011 Loan Facility (continued)
Pada tanggal 10 Desember 2012, Perseroan menandatangani Perjanjian Perubahan dengan PT Bank Negara Indonesia (Persero) Tbk., (“Perjanjian Perubahan”) yang merupakan perubahan perjanjian Pinjaman Fasilitas Desember 2011. Perjanjian Perubahan mengubah ketentuan, diantaranya, mengenai jaminan yang diberikan oleh Perseroan kepada PT Bank Negara Indonesia (Persero) Tbk., dimana seluruh jaminan sebelumnya yang diberikan oleh Perseroan kepada PT Bank Negara Indonesia (Persero) Tbk. telah dilepaskan.
On December 10, 2012, the Company signed an Amendment Agreement with PT Bank Negara Indonesia (Persero) Tbk. (the “Amendment Agreement”) as an amendment to the December 2011 Loan Facility Agreement. The Amendment Agreement amended, among others,the provision regarding security granted by the Company to PT Bank Negara Indonesia (Persero) Tbk. whereby all previous security granted by the Company to PT Bank Negara Indonesia (Persero) Tbk. had been released.
Perseroan diminta untuk memenuhi rasio-rasio keuangan yaitu debt service coverage ratio dan net debt to running EBITDA. Pada tanggal 30 September 2014, dan 31 Desember 2013 dan 2012 Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan.
The Company is required to comply with financial covenants, i.e. debt service coverage ratio and net debt to running EBITDA. As of September 30, 2014, and December 31, 2013 and 2012 the Company is in compliance with all of the financial ratio covenants.
Pinjaman Fasilitas Mei 2011
The May 2011 Loan Facility
Pada tanggal 3 Mei 2011, Perseroan memperoleh Pinjaman Fasilitas dari grup kreditor yang terdiri dari DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank dan The Royal Bank of Scotland N.V., cabang Hongkong dengan nilai awal sebesar AS$250.000.000 (“Pinjaman Fasilitas Mei 2011”).
On May 3, 2011, the Company obtained a Loan Facility from a group of lenders consisting of DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank and The Royal Bank of Scotland N.V., Hongkong branch for an initial amount of US$250,000,000 (the “May 2011 Loan Facility”).
Pinjaman Fasilitas Mei 2011 digunakan untuk membayar sebagian Pinjaman Fasilitas tanggal 27 Mei 2010 sebesar AS$214.290.422 dan Rp1.006.284, membayar secara penuh Pinjaman Fasilitas subordinasi dari Stewart Island Investment Pte. Ltd., membayar biaya-biaya dan beban-beban yang terjadi, dan untuk membiayai akuisisi dan pembangunan menara-menara.
The purposes of the May 2011 Loan Facility were to partially repay the existing May 27, 2010 Loan Facility in the amounts of US$214,290,422 and Rp1,006,284, to repay in full the Subordinated Loan from Stewart Island Investment Pte. Ltd., to pay fees and expenses and to fund acquisition and construction of towers.
Pada tanggal 19 Desember 2012, Perseroan telah melunasi seluruh Pinjaman Fasilitas 3 Mei 2011, oleh karena itu seluruh jaminan dan pembebanan telah diselesaikan.
On December 19, 2012, the Company fully repaid the May 3, 2011 Loan Facility, and therefore all security and encumbrances had been released and discharged.
77
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG -TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Pinjaman Fasilitas 23 Desember 2010
The December 23, 2010 Loan Facility
Pada tanggal 23 Desember 2010, Perseroan memperoleh Pinjaman Fasilitas dari kreditor yang terdiri dari ABN AMRO Bank N.V., cabang Jakarta, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited dan Standard Chartered Bank dengan nilai maksimum sebesar AS$30.000.000. Pinjaman Fasilitas ini digunakan untuk membiayai pembelian menara telekomunikasi, membiayai akuisisi kepemilikan saham perusahaan menara telekomunikasi dan membiayai konstruksi build to suit untuk menara telekomunikasi yang baru. Perseroan diminta untuk memenuhi rasio-rasio keuangan yaitu debt service coverage ratio dan net debt to running EBITDA. Pada tanggal 31 Desember 2012 dan 2011, Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan. Pinjaman ini dicairkan oleh Perseroan pada tanggal 18 Januari 2011 sebesar AS$30.000.000.
On December 23, 2010, the Company obtained a Loan Facility from lenders consisting of ABN AMRO Bank N.V., Jakarta branch, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank for a maximum amount of US$30,000,000. The purposes of this loan were to fund acquisitions of towers, to fund the acquisition of any ownership interest in a tower company and to fund the build to suit construction of new towers. The Company was required to comply with financial covenants, i.e. debt service coverage ratio and net debt to running EBITDA. As of December 31, 2012 and 2011, the Company was in compliance with all of the financial covenants. This loan was fully drawn down on January 18, 2011 amounting to US$30,000,000.
Pada tanggal 19 Desember 2012, Perseroan telah melunasi seluruh Pinjaman Fasilitas 23 Desember 2010, oleh karena itu seluruh jaminan dan pembebanan telah diselesaikan.
On December 19, 2012, the Company fully repaid the December 23, 2010 Loan Facility, and therefore all security and encumbrances had been released and discharged.
Pinjaman Fasilitas 27 Mei 2010
The May 27, 2010 Loan Facility
Pada tanggal 27 Mei 2010, Perseroan memperoleh Pinjaman Fasilitas dari grup kreditor yang terdiri dari DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, The Royal Bank of Scotland N.V., cabang Singapura, PT Bank Central Asia Tbk., PT Bank DBS Indonesia, PT Bank OCBC Indonesia dan Standard Chartered Bank, cabang Jakarta (“Kreditor Asli”), dengan nilai maksimum sebesar AS$375.000.000 dan Rp926.900. Pinjaman Fasilitas tersebut digunakan untuk membayar kembali secara penuh Fasilitas Senior dan Fasilitas Mezanin (termasuk bunga pinjaman, jasa, biaya dan beban) dan untuk membayar biaya-biaya dan beban-beban yang terjadi sehubungan dengan pinjaman fasilitas tersebut.
On May 27, 2010, The Company obtained a Loan Facility from a lender group consisting of DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, The Royal Bank of Scotland N.V., Singapore branch, PT Bank Central Asia Tbk., PT Bank DBS Indonesia, PT Bank OCBC Indonesia and Standard Chartered Bank, Jakarta branch (the "Original Lenders") for a maximum amount of US$375,000,000 and Rp926,900. The purposes of the Loan Facility were to repay in full the Existing Senior Facility and the Mezzanine Loan Facility (including related accrued interest, fees, costs and expenses) and to pay fees and expenses due under the Loan Facility.
78
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
16. LONG -TERM LOANS (continued)
16. UTANG JANGKA PANJANG (lanjutan) Pinjaman Fasilitas 27 Mei 2010 (lanjutan)
The May 27, 2010 Loan Facility (continued)
Perseroan diminta untuk memenuhi rasio-rasio keuangan yaitu debt service coverage ratio dan net debt to running EBITDA. Pada tanggal 31 Desember 2012, Perseroan telah memenuhi semua rasio keuangan yang dipersyaratkan.
The Company was required to comply with financial covenants such as debt service coverage ratio and net debt to running EBITDA. As of December 31, 2012, the Company was in compliance with all of the financial ratio covenants.
Pinjaman Fasilitas ini dijamin dengan seluruh kepemilikan saham pemegang saham Perseroan (Catatan 24), seluruh aset tetap Perseroan (Catatan 9) dan piutang usaha Perseroan (Catatan 5). Pada tanggal 19 Desember 2012, Perseroan telah melunasi seluruh Pinjaman Fasilitas 27 Mei 2010, oleh karena itu seluruh jaminan dan pembebanan telah diselesaikan.
The Loan Facility was secured by all of the Company’s issued shares (Note 24), all of the Company’s fixed assets (Note 9) and all of the Company’s trade receivables (Note 5). On December 19, 2012, the Company fully repaid the May 27, 2010 Loan Facility, and therefore all security and encumbrances had been released and discharged. 17. BONDS PAYABLE
17. UTANG OBLIGASI
Mata uang/ Currency Utang Obligasi: Seri I
Rp
Jumlah
30 September 2014/ September 30, 2014
31 Desember 2013/ December 31, 2013
Saldo terutang/Amount payable
Saldo terutang/Amount payable
Mata uang asal Mata uang asal (dalam jutaan)/ (dalam jutaan)/ Original currency Setara Rupiah/ Original currency Setara Rupiah/ (in million) Rupiah equivalent (in million) Rupiah equivalent 1.000.000
1.000.000
-
-
Bonds Payable: Series I
1.000.000
1.000.000
-
-
Total
Bagian jangka pendek
-
-
Current portion
Bagian jangka panjang
1.000.000
-
Non-current portion
(11.986)
-
Unamortized costs of bonds
988.014
-
Dikurangi: Biaya obligasi yang belum diamortisasi
Less:
Tanggal Emisi/ Date of issue Utang Obligasi: Seri I
Jatuh tempo/ Maturity
28 Februari/ 28 Februari/ February 28, 2014 February 28, 2017
Penerbit/ Issuer Perseroan/ Company
79
F-88
Periode Tingkat bunga pembayaran bunga/ per tahun/ Interest Interest rate payment period per year Kuartalan/ Quarterly
10,5%
Bonds Payable: Series I
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
17. BONDS PAYABLE (continued)
17. UTANG OBLIGASI (lanjutan) Pada tanggal 20 Februari 2014, Perseroan telah memperoleh pernyataan efektif dari OJK melalui surat No.S-95/D.04/2014 dalam rangka Penawaran Umum Obligasi Protelindo I Tahun 2014 (“Obligasi”) dengan nilai nominal sebesar Rp1.000.000 yang dicatatkan di Bursa Efek Indonesia pada tanggal 3 Maret 2014. Obligasi ini dikeluarkan dengan tingkat bunga tetap sebesar 10,5% per tahun, berjangka waktu 3 tahun dan akan jatuh tempo pada tanggal 28 Februari 2017. Wali amanat sehubungan dengan penawaran umum ini adalah PT Bank Permata Tbk. PT Bank Permata Tbk tidak mempunyai hubungan afiliasi dan tidak memiliki hubungan kredit dengan Perseroan. Pada tanggal 28 Januari 2014, Obligasi mendapat peringkat AA(idn) dari PT Fitch Ratings Indonesia.
On February 20, 2014, the Company received an effective statement from OJK based on its letter No.S-95/D.04/2014 in conjunction with the Public Offering of Protelindo Bonds I Year 2014 (the “Bonds”) with a nominal value of Rp1,000,000 which were listed on the Indonesia Stock Exchange on March 3, 2014. The Bonds were issued with a fixed interest rate of 10.5% per annum and a term of three years, and will be due on February 28, 2017. PT Bank Permata, Tbk is the trustee in connection with this public offering. PT Bank Permata, Tbk is not an affiliated party nor a lender of the Company. On January 28, 2014, the Bond were rated AA-(idn) by PT Fitch Ratings Indonesia.
Dana yang diperoleh dari hasil penerbitan Obligasi telah dipergunakan untuk pembayaran lebih awal sebagian saldo utang Perseroan dari PT Bank Negara Indonesia (Persero) Tbk.
The proceeds from the Bond issuance has been used for early repayment of part of the Company’s outstanding loans from PT Bank Negara Indonesia (Persero) Tbk.
Bunga dari Obligasi akan dibayarkan setiap tiga bulan sekali dengan pembayaran pertama yang jatuh tempo pada tanggal 28 Mei 2014 dan pembayaran terakhir dilakukan bersamaan dengan pelunasan pokok Obligasi. Perjanjian perwaliamanatan mengatur beberapa ketentuan yang harus dipenuhi oleh Perseroan, termasuk, tetapi tidak terbatas pada: a. Larangan untuk memberikan pinjaman kepada pihak manapun, termasuk kepada Afiliasi Perseroan, dalam jumlah lebih dari 20% dari ekuitas Perseroan kecuali, antara lain, untuk pinjaman yang diberikan terkait dengan kegiatan usaha Perseroan;
Interest on the Bonds will be paid on a quarterly basis with the first payment was due on May 28, 2014 and the last payment will be made along with the repayment principal. The trustee agreement provides for several covenants of the Company, including, without limitation:
b. Memelihara perbandingan total Pinjaman Bersih dengan Running EBITDA ("Rasio Pinjaman") tidak lebih dari 5:1, kecuali dalam hal tertentu, Perseroan diperbolehkan memiliki Rasio Pinjaman sampai dengan 7:1; dan
b. To maintain a ratio of the total Net Debt to Running EBITDA (“Debt Ratio”) of not more than 5:1, except in certain conditions, the Company is allowed to have a Debt Ratio up to 7:1; and
c. Memelihara perbandingan antara Running EBITDA dengan Beban Bunga Kas tidak kurang dari 1,5:1.
c. To maintain a ratio of Running EBITDA to Cash Interest Expense of not less than 1.5:1.
a. A prohibition to provide loans to any party, including to Company’s Affiliates, in an amount more than 20% of the equity of the Company except for, among others, loans related to the business activities of the Company;
80
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
17. BONDS PAYABLE (continued)
17. UTANG OBLIGASI (lanjutan) Pada tanggal 30 September 2014, Perseroan telah memenuhi ketentuan tersebut.
As of September 30, 2014, the Company is in compliance with the covenants.
Perseroan dapat melakukan pembelian kembali (buy back) Obligasi untuk sebagian atau seluruhnya setiap saat setelah ulang tahun pertama tanggal penjatahan.
The Company may buy back the Bonds in part or in whole at any time after the first anniversary of the allotment date.
Obligasi ini tidak dijamin dengan suatu agunan khusus.
This Bonds is not secured by any specific collateral. 18. LONG-TERM PROVISION
18. PROVISI JANGKA PANJANG Periode sembilan 30 September 2014
bulan
yang
Saldo 31 Des./ Balance Dec 31, 2013 Estimasi biaya pembongkaran aset tetap
berakhir
pada
Provisi tambahan/ Additional provision
150.025
Nine month-period ended September 30, 2014
Jumlah yang terjadi dan dibebankan/ Amount realized and expense
21.830
(448)
Tahun yang berakhir pada 31 Desember 2013 Saldo 31 Des./ Balance Dec 31, 2012 Estimasi biaya pembongkaran aset tetap
Jumlah yang terjadi dan dibebankan/ Amount realized and expense
16.587
(389)
Tahun yang berakhir pada 31 Desember 2012 Saldo 31 Des 2011/ Balance Dec 31, 2011 Estimasi biaya pembongkaran aset tetap
Jumlah yang terjadi dan dibebankan/ Amount realized and expense
53.887
(21)
Tahun yang berakhir pada 31 Desember 2011 Saldo 31 Des 2010/ Balance Dec 31, 2010 Estimasi biaya pembongkaran aset tetap
59.185
168.228
Estimated cost of dismantling of fixed assets
Selisih kurs/ Foreign exchange
7.754
Saldo 31 Des./ Balance Dec 31, 2013
150.025
Estimated cost of dismantling of fixed assets
Year ended December 31, 2012
Provisi tambahan/ Additional provisionl
72.207
(3.179)
Saldo 30 Sep/ Balance Sep 30, 2014
Year ended December 31, 2013
Provisi tambahan/ Additional provision
126.073
Selisih kurs/ Foreign exchange
Peningkatan selama tahun jalan/ Increase during the year -
Saldo 31 Des 2012/ Balance Dec 31, 2012 126.073
Estimated cost of dismantling of fixed assets
Year ended December 31, 2011
Provisi tambahan/ Additional provisionl
Jumlah yang terjadi dan dibebankan/ Amount realized and expense
13.022
-
Pembongkaran aset tetap akan dilakukan pada saat selesainya masa sewa lahan terkait aset tetap tersebut.
Peningkatan selama tahun jalan/ Increase during the year -
Saldo 31 Des 2011/ Balance Dec 31, 2011 72.207
Estimated cost of dismantling of fixed assets
Dismantling of fixed assets will be realized at the end of land rent period of related fixed assets.
81
F-90
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION
19. PERPAJAKAN a.
a. Refundable taxes
Pajak dibayar dimuka 30 September/ September 30, 2014
31 Desember/December 31, 2013
2012
Aset lancar Perseroan: Pajak pertambahan nilai
23.094
-
27.701
41.952
Current assets The Company Value added tax
Entitas anak: Pajak pertambahan nilai
50
-
801
-
The subsidiaries: Value added tax
23.144
-
28.502
41.952
Aset tidak lancar Perseroan: Lebih bayar pajak penghasilan badan - 2013
80.380
80.380
-
Pada tanggal 9 Februari 2011, Perseroan menerima Surat Ketetapan Pajak atas pajak pertambahan nilai tahun 2009. Surat Ketetapan Pajak ini mencerminkan lebih bayar sebesar Rp224.885 yang nilainya lebih rendah dibandingkan dengan nilai yang diklaim oleh Perseroan sebesar Rp224.914. Perseroan menerima hasil Surat Ketetapan Pajak tersebut dan membebankan pajak pertambahan nilai yang tidak dapat dikembalikan sebesar Rp29 di laporan laba rugi komprehensif konsolidasian tahun 2011. b.
2011
On February 9, 2011, the Company received a tax assessment in relation to 2009 value added tax. The tax assessment reflected an overpayment of Rp224,885, which was lower than the Company’s claim amount of Rp224,914. The Company accepted the tax assessment result and charged the unrefunded value added tax of Rp29 to 2011 consolidated statements of comprehensive income.
Utang pajak
b. 30 September/ September 30, 2014
Perseroan: Pajak pertambahan nilai Pajak penghasilan karyawan - Pasal 21 Pemotongan pajak penghasilan - Pasal 23/26 Pemotongan pajak penghasilan - Pasal 4(2) Pajak penghasilan - 2011 Pajak penghasilan - 2012 Pajak penghasilan - 2013 Pajak penghasilan - 2014
Entitas anak: Pajak pertambahan nilai Pajak penghasilan karyawan Pajak pengalihan properti Pajak penghasilan - 2012 Pajak penghasilan - 2013 Pajak penghasilan - 2014
-
Non-current assets The Company: Refundable corporate income tax - 2013
Taxes payable
31 Desember/December 31, 2013
2012
2011
-
14.061
-
-
2.687
1.097
848
1.364
1.273
707
2.203
4.728
6.335 278.311
3.626 1.687 -
4.589 23.121 -
1.577 9.253 -
288.606
21.178
30.761
16.922
84 5 199 19
2.436 113 5 199 -
467 874 5 -
-
307
2.753
1.346
-
288.913
23.931
32.107
16.922
82
F-91
The Company: Value added tax Employee income tax - Article 21 Withholding income tax - Articles23/26 Withholding income tax - Article 4(2) Corporate income tax - 2011 Corporate income tax - 2012 Corporate income tax - 2013 Corporate income tax - 2014
The subsidiaries: Value added tax Employee income tax Property transfer tax Corporate income tax - 2012 Corporate income tax - 2013 Corporate income tax - 2014
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) b.
b.
Utang pajak (lanjutan) Rekonsiliasi antara laba sebelum pajak penghasilan yang ditunjukkan dalam laporan keuangan konsolidasian dengan taksiran laba kena pajak, beban pajak penghasilan dan utang pajak penghasilan adalah sebagai berikut:
The reconciliations between income before corporate income tax as shown in the consolidated statements of income, taxable income, current tax expense and corporate income tax payable are as follows:
30 September/September 30, 2014 Laba konsolidasian sebelum beban pajak penghasilan Rugi entitas anak sebelum pajak penghasilan Laba sebelum pajak penghasilan - Perseroan
Beban pajak kini perseroan atas laba kena pajak dengan tarif pajak yang berlaku Beban pajak penghasilan final Beban pajak kini entitas anak Dikurangi pembayaran pajak dimuka - Perseroan: Pasal 23 Pasal 25 Pajak final Pajak dibayar dimuka entitas anak
(Piutang)/Utang pajak penghasilan badan: Perseroan Entitas anak
31 Desember/December 31,
2013
2013
2012
2011
1.177.411
127.783
209.005
461.592
378.447
(5.251)
(14.482)
(9.178)
(2.198)
-
Consolidated income before corporate income tax Subsidiaries losses before corporate income tax
1.182.662
142.265
218.183
463.790
378.447
Income before corporate income tax - the Company
9.491 (5.349) 57.295 13.149 16.659
10.477 4.968 (174.801) 3.480 15.743
13.585 13.490 (164.494) (36.880) 23.272
10.370 (4.513) (3.447) 31.737 (95.675)
5.101 9.960 (119.317) 29.614 (64.648)
140.090 4.311 -
13.727 (4.249) -
36.471 5.701 (9.837)
(18.471) -
1.386 -
(5.434)
(3.227)
(3.739)
(11.873)
(1.056)
Ditambah/(dikurangi): Perbedaan temporer: Provisi imbalan kerja Akrual bonus karyawan Biaya pinjaman Provisi biaya perijinan dan lisensi Depresiasi aset tetap Cadangan penurunan nilai piutang usaha Provisi untuk potongan harga Provisi biaya pemeliharaan Perbedaan permanen: Pendapatan bunga telah dikenakan pajak penghasilan final - disajikan bersih Beban yang tidak dapat dikreditkan Penghasilan kena pajak
Taxes payable (continued)
14.146
8.104
28.158
11.174
9.638
1.427.020
16.487
123.910
383.092
249.125
356.755 267
4.122 -
30.978 759
95.773 -
62.281 -
69
232
236
-
-
357.091
4.354
31.973
95.773
62.281
65.784 12.660 267
49.229 31.235 -
65.776 45.582 759
44.929 27.723 -
31.879 21.149 -
50
36
37
-
-
78.761
80.500
112.154
72.652
53.028
278.311 19
(76.342) 196
(80.380) 199
23.121 5
9.253 -
278.330
(76.146)
(80.181)
23.126
9.253
83
F-92
Add/(less): Temporary differences: Employee benefit liabilities Accrued employee bonuses Cost of loans Provision for permit and licenses Fixed assets depreciation Allowance for impairment of trade receivables Provision for discount Provision for general maintanance Permanent differences: Interest income subject to final income tax, reported on a net of tax basis Non-deductible expenses Taxable Income Current corporate income tax expense on income subject to tax at statutory rate Final income tax Current corporate income tax subsidiaries
Less prepaid taxes- the Company: Article 23 Article 25 Final income tax Prepaid taxes subsidiaries
Corporate income tax (receivable)/payable: The Company The subsidiaries
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) b.
b.
Utang pajak (lanjutan) Sesuai dengan Undang-Undang Perpajakan Indonesia, pajak penghasilan badan dihitung secara tahunan untuk Perseroan dan masingmasing entitas anak sebagai entitas hukum yang terpisah (laporan keuangan konsolidasian tidak dapat digunakan untuk menghitung pajak penghasilan badan).
c.
In accordance with Indonesia Taxation Law, corporate income tax is calculated for the Company and each of its subsidiaries in the understanding that they are separate legal entities (consolidated financial statements are not permitted for computing corporate income tax) on an annual basis. c.
Analisa beban pajak penghasilan 30 September/September 30, 2014 Perseroan Beban pajak final Beban pajak kini (Manfaat)/beban pajak tangguhan
Entitas anak Beban pajak kini Manfaat pajak tangguhan
Konsolidasian Beban pajak final Beban pajak kini (Manfaat)/beban pajak tangguhan
d.
2013
2013
2012
4.122 32.664
31.737 29.673
95.773 20.000
62.281 34.555
298.110
36.786
61.410
115.773
96.836
69 (1.542)
232 (3.785)
236 (2.571)
(796)
-
(1.473)
(3.553)
(2.335)
(796)
-
267 356.824 (60.454)
4.354 28.879
31.973 27.102
95.773 19.204
62.281 34.555
296.637
33.233
59.075
114.977
96.836
d.
2014
Total beban pajak penghasilan badan
2013
The Company Final income tax expense Current tax expense Deferred tax (benefit)/expense
The subsidiaries Current tax expense Deferred tax benefit
Consolidated Final income tax expense Current tax expense Deferred tax (benefit)/expense
Reconciliation of corporate income tax expense Reconciliations between income tax expense as shown in the consolidated statements of comprehensive income and income tax expense calculated using prevailing tax rates on the consolidated income before income tax are as follows:
30 September/September 30,
Efek pajak atas perbedaan permanen: Pendapatan lainnya telah dikenakan pajak penghasilan final Beban yang tidak dapat dikreditkan Lainnya
2011
267 356.755 (58.912)
Rekonsiliasi antara beban pajak penghasilan seperti yang tercantum dalam laporan laba rugi komprehensif konsolidasian dengan hasil perkalian laba akuntansi sebelum pajak penghasilan Perseroan dan tarif pajak yang berlaku adalah sebagai berikut:
Beban pajak dihitung dengan tarif 25% yang berlaku umum
Analysis of corporate income tax expense
31 Desember/December 31,
Rekonsiliasi pajak penghasilan badan
Laba konsolidasian sebelum beban pajak penghasilan
Taxes payable (continued)
31 Desember/December 31, 2013
2012
2011
1.177.411
127.783
209.005
461.592
378.447
Consolidated income before corporate income tax
294.353
31.946
52.251
115.398
94.612
Tax expense calculated at statutory rates of 25% Tax effect of permanent differences:
(2.553)
(807)
(176)
(2.968)
(264)
Other income subject to final income tax
4.837 -
2.026 68
7.040 (40)
2.547 -
2.409 79
Non-deductible expenses Other
296.637
33.233
59.075
114.977
96.836
Total corporate income tax expense
84
F-93
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) e.
e.
Aset/(liabilitas) pajak tangguhan, neto Analisa saldo (liabilitas)/aset pajak tangguhan, neto adalah sebagai berikut: 30 September/ September 30, 2014 Perseroan: Aset pajak tangguhan: Provisi biaya perijinan dan lisensi Revaluasi lindung nilai arus kas Provisi imbalan kerja Provisi potongan harga Provisi biaya pemeliharaan Akrual bonus karyawan Cadangan penurunan nilai piutang usaha Liabilitas pajak tangguhan: Aset tetap Biaya pinjaman
Entitas anak: Liabilitas pajak tangguhan: Selisih penjabaran transaksi mata uang Liabilitas pajak tangguhan, neto Entitas anak: Aset pajak tangguhan: Aset tetap Kompensasi rugi fiskal Liabilitas pajak tangguhan: Selisih penjabaran transaksi mata uang Aset takberwujud
Aset/(liabilitas) pajak tangguhan, neto
Deferred tax assets/(liabilities), net An analysis of the deferred (liabilities)/assets, net is as follows:
tax
31 Desember/December 31, 2013
2012
2011
16.240 11.547 2.503 6.863
12.953 9.174 1.425 8.200
46.025
11.002
1.884
6.502
83.178
42.754
37.121
45.149
(804.294) (93.721)
(808.459) (108.044)
(814.277) (66.920)
(286.642) (66.059)
(898.015)
(916.503)
(881.197)
(352.701)
(814.837)
(873.749)
22.173 5.778 2.459 4.827
(606) (844.682)
14.239 12.808 3.186 2.458 5.956
(307.552)
7.943 12.739
9.072 9.154
8.041 -
-
20.682
18.226
8.041
-
(14.236) (5.594)
(21.516) (3.476)
-
-
(19.830)
(24.992)
-
-
(6.766)
8.041
-
852
Aset pajak tangguhan diakui apabila besar kemungkinan bahwa jumlah penghasilan kena pajak pada masa mendatang akan memadai untuk dikompensasi dengan perbedaan temporer yang dapat dikurangkan. Manajemen Perseroan dan entitas anaknya berkeyakinan bahwa aset pajak tangguhan dapat dimanfaatkan dimasa mendatang.
The Company: Deferred tax assets: Provision for permit and licenses Revaluation of cash flow hedge Provision for employee benefits Provision for discount Provision for maintenance Accrued employee bonuses Impairment allowance of trade receivables Deferred tax liabilities: Fixed assets Cost of loans
The subsidiaries: Deferred tax liabilities: Exchange difference from translation of financial statements Deferred tax liabilities, net The subsidiaries: Deferred tax assets: Fixed assets Tax loss carried forward Deferred tax liabilities: Exchange difference from translation of financial statements Intangible assets
Deferred tax assets/ (liabilities), net
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. The Company and its subsidiaries management believe that the deferred tax assets can be utilized in the future.
85
F-94
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) f.
Analisa perubahan aset/(liabilitas) pajak tangguhan 30 September/ September 30, 2014 Entitas anak Saldo awal aset pajak tangguhan Manfaat pajak tangguhan pada periode berjalan Efek aset pajak tangguhan atas ekuitas Saldo akhir aset pajak tangguhan - konsolidasian Perseroan Saldo awal liabilitas pajak tangguhan Manfaat/(beban) pajak tangguhan pada periode berjalan Efek liabilitas pajak tangguhan atas ekuitas Saldo akhir liabilitas pajak tangguhan - Perseroan Entitas anak Saldo awal liabilitas pajak tangguhan Efek liabilitas pajak tangguhan atas ekuitas Beban pajak tangguhan pada periode berjalan Saldo akhir liabilitas pajak tangguhan -entitas anak Saldo liabilitas pajak tangguhan - konsolidasian
g.
Analysis of changes assets/(liabilities)
f.
in
deferred
tax
31 Desember/December 31, 2013
2012
2011
-
8.041
-
-
852
13.475
8.041
-
-
-
The subsidiaries Deferred tax assets beginning balance Deferred tax benefit for the period Deferred tax assets effect on equity
8.041
-
Consolidated deferred tax assets - ending balance
-
(21.516)
852
(873.749)
-
(844.076)
58.912
(873.749)
(6.766)
(606)
7.281
606
(515)
13.740
Deferred tax effect on equity
(844.076)
(307.552)
Deferred tax liabilities ending balance - the Company
(606)
(6.766)
(814.837)
(34.555)
(516.524)
(286.737)
(29.673)
(814.837)
(20.000)
The Company Deferred tax liabilities beginning balance Deferred tax benefit/(expense) for the period
(307.552)
-
(6.766)
(606)
(880.515)
(844.682)
Lain-lain
g.
-
The subsidiaries Deferred tax liabilities beginning balance Deferred tax liabilities effect on equity Deferred tax expense for the period
-
Deferred tax liabilities ending balance - the subsidiaries
-
(307.552)
Consolidated deferred tax liabilities - ending balance
Others
Klaim pengembalian pajak penghasilan Pasal 4(2) sebesar Rp150.027 merupakan klaim atas pajak dibayar dimuka pasal 4(2) yang terdiri dari Rp37.158 untuk tahun pajak 2009 dan Rp112.869 untuk tahun pajak 2008 dan 2007 sehubungan dengan perubahan perlakuan pajak atas pendapatan penyewaan menara Perseroan yang sebelumnya dikenakan pajak final menjadi pajak penghasilan badan dengan tarif standar. Lihat Catatan 13.
Claims for refunds of withholding income tax Article 4(2) of Rp150,027 represents refundable amounts of Rp37,158 for 2009 and Rp112,869 for 2008 and 2007 as a consequence of the changes in the tax treatment of Company’s tower rental income from a final tax basis to taxable income from tower rental activities being subject to corporate income tax at standard statutory rates. See Note 13.
Berdasarkan surat dari Direktorat Jenderal Pajak No. S-693/PJ.03/2009 tanggal 23 Juni 2009, pendapatan Perseroan dari penyewaan menara dikenakan pajak penghasilan badan dengan tarif pajak standar.
Based on the Directorate General of Tax letter No. S-693/PJ.03/2009 dated June 23, 2009, the Company’s income from tower rentals activities is subject to corporate income tax at standard statutory rates.
86
F-95
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) g.
Lain-lain (lanjutan)
g.
Others (continued)
Sebelum menerima aturan ini, pendapatan Perseroan dari penyewaan menara diyakini dikenakan pajak dengan tarif pajak final sebesar 10% yang dipotong oleh para penyewa menara. Oleh karena itu, Perseroan melakukan pembetulan Surat Pemberitahuan Tahunan (SPT) atas pajak penghasilan badan untuk tahun pajak 2007 dan 2008 untuk mencerminkan perubahan dasar pengenaan pajak atas pendapatan penyewaan menara.
Prior to receiving this ruling, the Company’s income from tower rental activities was believed to be subject to final income tax at the rate of 10%, which tax was withheld by the towers' lessees. Accordingly, the Company revised its corporate income tax returns (SPT) for the 2007 and 2008 tax years to reflect the change in basis of tax on tower rental income.
Berdasarkan ketentuan perpajakan yang berlaku, Perseroan tidak dapat melakukan perbaikan atas SPT pajak penghasilan badan untuk 2006 dan sebelumnya. Manajemen Perseroan berpendapat bahwa tidak terdapat liabilitas kontinjensi sehubungan dengan pemenuhan liabilitas pajak penghasilan badan atas pendapatan penyewaan menara untuk tahun 2006 dan sebelumnya.
Based on the current tax regulations, the Company can not revise its corporate income tax returns for 2006 and the prior tax years. The Company's management believes that there are no contingent liabilities that will arise in respect to the 2006 and prior tax years in relation to taxation on tower rental income.
Perseroan telah mengajukan restitusi kepada Kantor Pelayanan Pajak Madya Bandung (“KPP Madya Bandung”) atas pajak penghasilan Pasal 4(2) yang dipotong selama tahun 2007 dan 2008 sebesar Rp112.869 yang telah dipotong dan disetorkan kepada kantor pajak oleh penyewa menara. Pada tanggal 9 September 2009, KPP Madya Bandung menolak permohonan restitusi Perseroan karena KPP Madya Bandung berpendapat bahwa permintaan restitusi ini harus ditujukan kepada kantor pelayanan pajak dimana para penyewa menara, sebagai pemotong pajak, terdaftar.
The Company has applied for refunds to the Bandung Madya Tax Office (“KPP Madya Bandung”) of withholding income tax Article 4(2) for the years 2007 and 2008 of Rp112,869, which amounts were withheld and paid to the tax authorities by the lessees of the towers. On September 9, 2009, the KPP Madya Bandung refused the Company's application for tax refunds as the KPP Madya Bandung is of the opinion that the refunds should be applied to the tax offices where the lessees, as the withholders of tax, are registered.
87
F-96
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 19. PERPAJAKAN (lanjutan) g.
19. TAXATION (continued) g.
Lain-lain (lanjutan)
Others (continued)
Perseroan berpendapat bahwa penolakan KPP Madya Bandung ini bertentangan dengan ketentuan dalam Peraturan Menteri Keuangan No. 190/ PMK.03/2007, dan oleh karena itu Perseroan pada tanggal 16 September 2009 telah mengajukan permohonan gugatan kepada Pengadilan Pajak untuk memerintahkan KPP Madya Bandung/ Direktorat Jenderal Pajak untuk membayarkan restitusi. Perseroan telah memperoleh pendapat dari konsultan pajak independen untuk mendukung tindakan Perseroan untuk membetulkan SPT dan restitusi atas pajak penghasilan yang telah dipotong oleh penyewa menara selama tahun 2007 dan 2008. Perseroan mengakui pendapatan pajak sebagai akibat dari pembetulan Surat Pemberitahuan Tahunan (SPT) atas pajak penghasilan badan untuk tahun pajak 2007 dan 2008 sebesar Rp61.270 ke laporan laba rugi tahun yang berakhir tanggal 31 Desember 2009.
The Company believes that KPP Madya Bandung’s decision is not in compliance with the Minister of Finance Regulation No. 190/PMK.03/2007, and, therefore, the Company on September 16, 2009 filed a request to the Tax Court to issue an instruction to the KPP Madya Bandung/Directorate General of Tax to pay the requested refunds to the Company. The Company has received a tax opinion from a tax consultant to support the Company’s actions with respect to the revision of its corporate income tax returns and claims for refund of taxes that have been withheld by the tower lessees during 2007 and 2008. The Company has recognized a corporate income tax adjustment related to the revision of its corporate income tax returns (SPT) for the 2007 and 2008 tax years of Rp61,270 in the statement of comprehensive income for the year ended December 31, 2009.
Pada tanggal 18 Agustus 2010, Perseroan menerima keputusan dari pengadilan pajak yang mendukung keputusan KPP Madya Bandung.
On August 18, 2010, the Company received a decision from the Tax Court which upheld the decision of KPP Madya Bandung.
Pada tanggal 3 November 2010, Perseroan mengajukan permintaan kepada Mahkamah Agung untuk melakukan penelaahan yuridis sehubungan dengan keputusan pengadilan pajak mengenai mekanisme pengembalian pajak. Manajemen Perseroan berkeyakinan bahwa restitusi tersebut dapat diperoleh. Pada tanggal 9 Mei 2012, Perseroan menerima salinan putusan Mahkamah Agung No. 99/B/PK/PJK/2011 tanggal 15 September 2011 yang membatalkan keputusan Pengadilan Pajak dan memerintahkan Direktur Jendral Pajak (DJP) untuk memproses restitusi pajak Perseroan.
On November 3, 2010, the Company requested for the Supreme Court to perform a judicial review on the Tax Court decision regarding the mechanism of the tax refund. The Company’s management believes that the claimed tax refund is refundable. On May 9, 2012, the Company received a letter of the Supreme Court decision No. 99/B/PK/PJK/2011 dated September 15, 2011 from the Tax Court which disqualify the Tax Court decision and ordered Directorate General of Tax (DGT) to process of the Company’s tax refund.
88
F-97
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
19. TAXATION (continued)
19. PERPAJAKAN (lanjutan) g.
h.
g.
Lain-lain (lanjutan)
Others (continued)
Pada tanggal 18 Juni 2013, Perseroan menerima Surat Ketetapan Pajak Lebih Bayar (“SKPLB”) atas pajak penghasilan final pasal 4(2) yang seharusnya tidak terutang untuk tahun pajak 2007 dan 2008 dengan jumlah sebesar Rp105.130. Jumlah tersebut berbeda sebesar Rp7.739 dari jumlah yang sudah dibukukan Perseroan. Pada tanggal 15 Juli 2013 Perseroan menerima pembayaran atas SKPLB tersebut. Pada tanggal 20 Agustus 2013 Perseroan mengajukan keberatan sehubungan dengan perbedaan jumlah SKPLB dengan jumlah yang sudah dibukukan oleh Perseroan.
On June 18, 2013, The Company received overpayment tax assessment letters (“SKPLB”) reflecting final income tax article 4(2) suppose not to be underpaid for fiscal year 2007 and 2008 totaling of Rp105,130. The amount was difference of Rp7,739 compared with the amount as recorded by the Company. On July 15, 2013 the Company received the payment of such SKPLB. On August 20, 2013 the Company has applied objection letter on the difference between SKPLB and the Company’s record.
Pada tanggal 11 Februari 2014, Perseroan menerima SKPLB atas pajak penghasilan final pasal 4(2) yang seharusnya tidak terutang untuk tahun pajak 2009 dengan jumlah sebesar Rp34.286. Perseroan menerima hasil SKPLB tersebut dan menerima pembayaran pada tanggal 12 Maret 2014.
On February 11, 2014, the Company received SKPLB reflecting final income tax article 4(2) suppose not to be underpaid for fiscal year 2009 totaling of Rp34,286. The Company accepted the SKPLB and received the payment on March 12, 2014.
Pada tanggal 18 Agustus 2014, Perseroan menerima Surat Keputusan DJP yang mengabulkan sebagian keberatan PPh 4(2) untuk tahun pajak 2007 yaitu sebesar Rp4.936 sedangkan untuk tahun pajak 2008 DJP menolaknya. Sampai dengan tanggal penyelesaian laporan keuangan konsolidasian ini, Perseroan masih dalam proses mengajukan permohonan banding atas Surat Keputusan tersebut.
On August 18, 2014, the Company received Decision Letter from DGT which accepted a portion of the Company’s objection for fiscal year 2007 amounting to Rp4,936 and for fiscal year 2008 has been rejected by the DGT. As the completion date of the consolidated financial statements, the Company is still in process to submit an appeal letter against the Decision Letter. h. Administration
Administrasi Berdasarkan peraturan perpajakan Indonesia, Perseroan menghitung, menetapkan, dan membayar sendiri jumlah pajak yang terutang. SPT konsolidasian tidak diperkenankan dalam peraturan perpajakan di Indonesia. Berdasarkan peraturan pajak yang berlaku mulai tahun 2008, DJP dapat menetapkan dan mengubah liabilitas pajak dalam batas waktu lima tahun sejak tanggal terutangnya pajak.
Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self assessment. Consolidated SPT are not allowed by the local taxation loans. Based on taxation laws which are applicable starting in year 2008, the DGT may assess or amend taxes within five years from the date the tax becomes due.
89
F-98
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
20. OTHER PAYABLES - THIRD PARTIES
20. UTANG LAIN-LAIN - PIHAK KETIGA
This account mostly represents Company’s accruals of discounts due to PT Telekomunikasi Indonesia (Persero) Tbk. and PT Smartfren Telecom Tbk. in relation to the reduction of tower rental rates of between 5% to 35% due to additional lessees for the towers (as second and third tenants) involving PT Telekomunikasi Selular, PT Bakrie Telecom Tbk., PT XL Axiata Tbk., PT Hutchison 3 Indonesia (formerly PT Hutchison CP Telecommunications), PT Smartfren Telecom Tbk., PT Berca Global-Access, PT Axis Telekom Indonesia, PT Sampoerna Telekomunikasi Indonesia, PT First Media Tbk. and PT Indosat Tbk.
Akun ini sebagian besar merupakan akrual Perseroan atas pengurangan utang sewa PT Telekomunikasi Indonesia (Persero) Tbk. dan PT Smartfren Telecom Tbk. sebesar 5% sampai 35% karena adanya penambahan penyewa menara (sebagai penyewa kedua dan ketiga) oleh PT Telekomunikasi Selular, PT Bakrie Telecom Tbk., PT XL Axiata Tbk., PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications), PT Smartfren Telecom Tbk., PT Berca GlobalAccess, PT Axis Telekom Indonesia, PT Sampoerna Telekomunikasi Indonesia, PT First Media Tbk., dan PT Indosat Tbk. 21. LIABILITAS PANJANG
IMBALAN
KERJA
JANGKA
21. LONG-TERM EMPLOYEE BENEFIT LIABILITIES
Perusahaan memberikan imbalan kerja manfaat pasti untuk karyawannya yang telah mencapai usia pensiun normal pada umur 55 tahun sesuai dengan Undang-undang No. 13/2003 tanggal 25 Maret 2003. Provisi imbalan kerja tersebut tidak didanai.
The Company provides defined benefit plan for its employees who achieve the retirement age of 55 based on the provisions of Labor Law No. 13/2003 dated March 25, 2003. The provision for employee service entitlements is unfunded.
Liabilitas imbalan kerja jangka panjang yang diakui pada tanggal 30 September 2014 dan 31 Desember 2013, 2012 dan 2011 berdasarkan proyeksi perhitungan aktuaris independen, PT Dayamandiri Dharmakonsilindo dalam laporannya masing-masing tanggal 7 Juli 2014, 9 Januari 2014, 3 Januari 2013, dan 4 Januari 2012.
Long-term employee benefits liabilities recognized as of September 30, 2014 and December 31, 2013, 2012 and 2011 are based on actuarial calculations prepared by PT Dayamandiri Dharmakonsilindo, an independent actuary, as per its reports dated July 7, 2014, January 9, 2014, January 3, 2013, and January 4, 2012, respectively.
Asumsi yang digunakan dalam menentukan liabilitas imbalan kerja jangka panjang untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012 dan 2011 adalah:
The assumptions used in determining the long-term employee benefits liabilities for the nine-month period ended September 30, 2014 and for the years ended December 31, 2013, 2012 and 2011 are as follows:
Tingkat diskonto Tingkat kenaikan gaji Usia pensiun Tingkat kematian Metode
30 September/ September 30, 2014
31 Desember/December 31, 2013
8,75% per annum 10% per annum 55 years of age TMI 2011 Projected unit crédit
8,75% per annum 10% per annum 55 years of age TMI 2011 Projected unit crédit
2012
Perincian beban imbalan kerja yang diakui dalam laporan laba rugi komprehensif konsolidasian pada periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 and 2013, dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012 dan 2011 (Catatan 31) adalah sebagai berikut:
6% per annum 10% per annum 55 years of age TMI 2011 Projected Unit credit
2011 6,6% per annum 10% per annum 55 years of age TMI 1999 Projected Unit credit
Discount rate Wages and salary increase Retirement age Mortality rate Method
The details of the employee benefits expense recognized for the nine-month periods ended September 30, 2014 and 2013, and for the years ended December 31, 2013, 2012 and 2011 consolidated statements of comprehensive income (Note 31) are as follows:
90
F-99
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 21. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
21. LONG-TERM EMPLOYEE BENEFIT LIABILITIES (continued)
JANGKA
30 September/September 30, 2014 Biaya jasa kini Biaya bunga Amortisasi biaya jasa lalu yang tidak diakui-belum menjadi hak Amortisasi (keuntungan)/rugi aktuaria yang belum diakui
31 Desember/December 31,
2013 7.271 2.273
2013 8.430 1.714
(3)
2012
10.931 2.331
(3)
(40) 9.501
2011 8.441 1.546
(4)
4.055 962
(4)
(4)
342
342
399
103
10.483
13.600
10.382
5.116
Perincian liabilitas imbalan kerja jangka panjang pada 30 September 2014 dan 31 Desember 2013, 2012 dan 2011 adalah sebagai berikut: 30 September/ September 30, 2014
Current service cost Interest cost Amortization of unrecognized past services cost-non vested Amortization of unrecognized actuarial (gain)/ loss
The details of long-term employee benefit liabilities as of September 30, 2014 and December 31, 2013, 2012 and 2011 are as follows: 31 Desember/December 31,
2013
2012 32.801
2011
Nilai kini liabilitas Biaya jasa lalu yang tidak diakui - belum menjadi hak Keuntungan/(kerugian) aktuarial yang belum diakui
41.908 39
44
4.469
4.081
(13.343)
(8.231)
Unrecognized actuarial gains/(losses)
Liabilitas imbalan kerja jangka panjang
46.416
36.926
23.341
12.971
Long-term employee benefit liabilities
Perubahan satu poin persentase asumsi tingkat diskonto akan memiliki efek sebagai berikut:
48
52
Present value of obligation Unrecognized past service cost - non vested
Penurunan/ Decrease
(1.012)
1.216
(5.715)
6.828
Mutasi nilai kini liabilitas adalah sebagai berikut:
30 September/ September 30, 2014
21.150
A one percentage point change in the assumed discount rate would have the following effects:
Kenaikan/ Increase Pengaruh keseluruhan biaya jasa kini Pengaruh terhadap nilai kini liabilitas
36.636
Effect on the aggregate current service cost Effect on present value of obligation
The movement of present value of obligation is as follows: 31 Desember/December 31, 2013
2012
2011
Pada awal tahun Biaya jasa kini Biaya bunga Imbalan yang dibayarkan Keuntungan/(kerugian) aktuaria
32.801 7.271 2.273 (80) (357)
36.636 10.931 2.331 (76) (17.021)
21.150 8.441 1.546 (87) 5.586
9.974 4.055 962 (57) 6.216
At beginning of year Current service cost Interest cost Expected benefit payment Actuarial (gain)/loss
Pada akhir periode
41.908
32.801
36.636
21.150
At end of period
91
F-100
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 21. LIABILITAS IMBALAN PANJANG (lanjutan)
KERJA
21. LONG-TERM EMPLOYEE LIABILITIES (continued)
JANGKA
Perbandingan nilai kini liabilitas:
BENEFITS
Comparison of present value of obligation: Nilai kini liabilitas/ Present value of obligation
30 September 2014 31 Desember 2013 31 Desember 2012 31 Desember 2011 31 Desember 2010
41.908 32.801 36.636 21.150 9.974
Perubahan saldo liabilitas imbalan kerja jangka panjang untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014 dan tahun yang berakhir pada tanggal 31 Desember 2013, 2012 dan 2011 adalah sebagai berikut: 30 September/ September 30, 2014
September 30, 2014 December 31,2013 December 31, 2012 December 31, 2011 December 31, 2010
The changes in the long-term employee benefits liabilities for the nine-month period ended September 30, 2014 and year ended December 31, 2013, 2012 dans 2011 are as follows: 31 Desember/December 31,
2013
2012
2011
Saldo awal Penambahan di periode berjalan Pembayaran imbalan kerja
36.926 9.501 (11)
23.341 13.600 (15)
12.971 10.382 (12)
7.870 5.116 (15)
Beginning balance Addition during the period Benefits paid
Saldo akhir
46.416
36.926
23.341
12.971
Ending balance
22. PENDAPATAN DITERIMA DIMUKA
22. UNEARNED REVENUE
30 September/ September 30, 2014 PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications) PT Telekomunikasi Selular PT XL Axiata Tbk. PT Indosat Tbk. KPN B.V. PT Internux PT Axis Telekom Indonesia PT Berca Global Access PT Smartfren Telecom Tbk. PT Smart Telecom PT Bakrie Telecom Tbk. PT Sampoerna Telekomunikasi Indonesia PT Telekomunikasi Indonesia (Persero) Tbk. Techno-Sciences. Inc.
Bagian jangka pendek Bagian jangka panjang
31 Desember/December 31, 2013
2012
2011
895.487 213.587 165.826 50.641 22.700 20.037 666 603 98 94 68
467.778 163.995 1.883 11.384 12.731 494 532 65 73 68
284.789 84.677 636 1.002 3.905 181 1.787 -
64 -
116 -
126 -
PT Hutchison 3 Indonesia (formerly PT Hutchison CP 262.963 Telecommunications) 24.272 PT Telekomunikasi Selular 771 PT XL Axiata Tbk. PT Indosat Tbk. KPN B.V. PT Internux 1.903 PT Axis Telekom Indonesia PT Berca Global Access 324 PT Smartfren Telecom Tbk. 41 PT Smart Telecom 9 PT Bakrie Telecom Tbk. - PT Sampoerna Telekomunikasi Indonesia PT Telekomunikasi Indonesia 199 (Persero) Tbk. 180 Techno-Sciences. Inc.
1.369.871
659.119
377.103
290.662
(1.206.739)
(481.691)
(351.717)
(264.105)
Current portion
163.132
177.428
25.386
26.557
Non-current portion
92
F-101
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
22. UNEARNED REVENUE (continued)
22. PENDAPATAN DITERIMA DIMUKA (lanjutan) Periode penerimaan pendapatan diterima dimuka untuk PT Hutchison 3 Indonesia diakui setiap bulan Januari dan April, PT XL Axiata Tbk., diakui setiap bulan Januari (satu tahun sekali), PT Telekomunikasi Selular dan KPN B.V diakui secara tahunan, PT Indosat Tbk., diakui setiap bulan Februari dan Agustus (enam bulan sekali), PT Telekomunikasi Indonesia (Persero) Tbk., diakui secara bulanan, dan PT Smart Telecom diakui setiap tiga bulan sekali di depan.
Unearned revenue period for PT Hutchison 3 Indonesia is recognized every January and April, PT XL Axiata Tbk., is recognized every January (once a year), PT Telekomunikasi Selular and KPN B.V are recognized on yearly basis, PT Indosat Tbk., is recognized every February and August (once every six months), PT Telekomunikasi Indonesia (Persero) Tbk., is recognized monthly, and PT Smart Telecom is recognized every three months in advance.
Pada tahun 2013 dan 2014, Perseroan juga menerima pembayaran dimuka untuk jangka waktu 5 tahun dari PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications) atas sewa operasi menara.
In 2013 and 2014, the Company also received payments in advance for 5 years from PT Hutchison 3 Indonesia (formerly PT Hutchison CP Telecommunications) for leases of towers under operating lease arrangements. 23. NON-CONTROLLING INTERESTS
23. KEPENTINGAN NON-PENGENDALI a.
30 September/ September 30, 2014 Protelindo Netherlands B.V. Nilai tercatat - awal Bagian rugi neto Pembayaran deviden Selisih kurs dari penjabaran laporan keuangan
(4.977) (1.757) -
2012 1.647 (3.855) (2.548)
183
Bagian rugi komprehensif diatribusikan kepada kepentingan pengendali
Protelindo Netherlands B.V. Bagian rugi neto Selisih kurs dari penjabaran laporan keuangan
(1.757) 183 (1.574)
interests
in
equity
of
10
-
(4.977)
1.647
-
b.
Protelindo Netherlands B.V. Carrying amount - beginning Equity in net loss Payment of dividend Exchange difference from translation of financial statements
-
(221)
yang non-
2013 (9 months)
2011 2.192 (555) -
30 September/September 30, 2014 (9 months)
Non-controlling subsidiaries
31 Desember/December 31, 2013
(6.551)
b.
a.
Kepentingan non-pengendali atas ekuitas entitas anak
Comprehensive loss attributable to noncontrolling interests
31 Desember/December 31, 2013 (12 months)
(5.402)
(3.855)
(470)
(221)
(5.872)
(4.076)
93
F-102
2012 (12 months)
2011 (12 months)
(555)
-
10
-
(545)
-
Protelindo Netherlands B.V. Equity in net loss Exchange difference from translation of financial statements
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
24. SHARE CAPITAL
24. MODAL SAHAM Komposisi pemegang saham Perseroan, jumlah dan nilai saham yang ditempatkan dan disetor penuh sebagai berikut:
The composition of the Company’s shareholders, the number of issued and paid-up shares and the related value were as follows:
30 September 2014
Pemegang saham - PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
September 30, 2014 Jumlah saham (angka penuh)/ Number of shares issued (full amount)
Persentase kepemilikan/ Percentage of ownership
Modal disetor/ Issued and paid-up capital
3.322.600.187 10.000 10.000
99,9994% 0,0003% 0,0003%
332.260 1 1
3.322.620.187
100,0000%
332.262
- PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
Jumlah saham (angka penuh)/ Number of shares issued (full amount)
Persentase kepemilikan/ Percentage of ownership
Modal disetor/ Issued and paid-up capital
3.322.600.187 10.000 10.000
99,9994% 0,0003% 0,0003%
332.260 1 1
3.322.620.187
100,0000%
332.262
- PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
Jumlah saham (angka penuh)/ Number of shares issued (full amount)
Persentase kepemilikan/ Percentage of ownership
Modal disetor/ Issued and paid-up capital
3.322.600.187 10.000 10.000
99,9994% 0,0003% 0,0003%
332.260 1 1
3.322.620.187
100.0000%
332.262
- PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
- PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
Shareholders - PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
December 31, 2011
31 Desember 2011
Pemegang saham
Shareholders
December 31, 2012
31 Desember 2012
Pemegang saham
- PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
December 31, 2013
31 Desember 2013
Pemegang saham
Shareholders
Jumlah saham (angka penuh)/ Number of shares issued (full amount)
Persentase kepemilikan/ Percentage of ownership
Modal disetor/ Issued and paid-up capital
3.322.600.187 10.000 10.000
99,9994% 0,0003% 0,0003%
332.260 1 1
3.322.620.187
100.0000%
332.262
94
F-103
Shareholders - PT Sarana Menara Nusantara Tbk. - PT Tricipta Mandhala Gumilang - PT Caturguwiratna Sumapala
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
25. OTHER COMPREHENSIVE INCOME
25. PENDAPATAN KOMPREHENSIF LAINNYA Akun ini merupakan selisih transaksi perubahan ekuitas Perseroan yang terdiri dari surplus revaluasi menara Perseroan dan selisih kurs dari penjabaran laporan keuangan, sesudah pajak, sebagai berikut: 30 September/ September 30, 2014 Keuntungan /(kerugian) bersih dari lindung nilai arus kas Surplus revaluasi menara Selisih kurs dari penjabaran laporan keuangan Saldo akhir
This account represents differences arising from transactions resulting in changes in equity of the Company which consist of the Company’s revaluation surplus on towers and exchange difference from translation of financial statements, net of tax, as follow: 31 Desember/December 31,
2013
2012
2011
1.858.179
1.953.958
2.081.405
42.736
64.760
1.809
-
Net gain/(loss) on cash flow hedges Revaluation surplus on towers Exchange difference from translation of financial statements
1.900.915
2.018.718
2.083.214
570.715
Ending balance
26. SALDO LABA YANG TELAH DITENTUKAN PENGGUNAANNYA
(38.424) 609.139
26. APPROPRIATED RETAINED EARNINGS
Berdasarkan Undang-Undang No. 40 tahun 2007 tentang Perseroan Terbatas, Perseroan wajib menyisihkan jumlah tertentu dari laba bersih setiap tahun buku untuk cadangan. Penyisihan cadangan tersebut mencapai paling sedikit 20% dari jumlah modal yang ditempatkan dan disetor.
Based on Law No.40 year 2007 on Limited Liability Companies, the Company is required to allocate a specific amount from its net profit every financial year as a reserve fund. The reserve fund reaches at least 20% of the issued and paid-up capital.
Pemegang saham Perseroan menyetujui untuk menyisihkan Rp100 sebagai cadangan dari laba bersih tahun buku 2013 melalui Keputusan Pemegang Saham Perseroan Sebagai Pengganti Rapat Umum Pemegang Saham Tahunan tertanggal 27 Juni 2014.
The Company’s shareholders approved the appropriation of statutory reserve amounting Rp100 from net income of 2013 through a Shareholders’ Resolutions of the Company In Lieu of The Annual General Meeting of Shareholders dated June 27, 2014.
Saldo laba dicadangkan pada tanggal 30 September 2014 dan 31 Desember 2013 masingmasing sebesar Rp100 dan Rp Nihil.
Appropriated retained earnings as of September 30, 2014 and December 31, 2013 amounted to Rp100 and Rp Nil, respectively.
27. REVENUES
27. PENDAPATAN 30 September/September 30, 2014 Pihak ketiga: Sewa menara (sewa operasi) Sewa pemancar (sewa pembiayaan)
2013
3.073.696
31 Desember/December 31, 2013
2.293.003
2012
3.195.372
2011
2.257.717
1.642.860
1.212
2.276
1.767
7.543
8.046
3.074.908
2.295.279
3.197.139
2.265.260
1.650.906
Perincian pelanggan dengan nilai pendapatan melebihi 10% dari jumlah pendapatan adalah sebagai berikut:
Third parties: Tower rentals (operating leases) Repeater rentals (finance leases)
Details of customers which represent more than 10% of the total revenues are as follows:
95
F-104
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
27. REVENUES (continued)
27. PENDAPATAN (lanjutan)
Pendapatan/Revenue 30 September/September 30, 2014 Pelanggan PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications) PT XL Axiata Tbk. PT Telekomunikasi Selular PT Smartfren Telecom Tbk. PT Bakrie Telecom Tbk.
2013
31 Desember/December 31, 2013
2012
2011
1.165.011 619.942 574.265 228.456 133.146
817.615 395.150 345.089 205.726 135.061
1.162.466 537.751 490.184 280.156 179.831
882.828 397.487 269.759 210.501 173.372
715.470 255.045 97.528 186.741 172.258
2.720.820
1.898.641
2.650.388
1.933.947
1.427.042
Customers PT Hutchison 3 Indonesia (formerly PT Hutchison CP Telecommunications) PT XL Axiata Tbk. PT Telekomunikasi Selular PT Smartfren Telecom Tbk. PT Bakrie Telecom Tbk.
Persentase dari jumlah penjualan/ Percentage of total revenue 30 September/September 30, 2014 Pelanggan PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications) PT XL Axiata Tbk. PT Telekomunikasi Selular PT Smartfren Telecom Tbk. PT Bakrie Telecom Tbk.
2013
31 Desember/December 31, 2013
2012
2011
38% 20% 19% 7% 4%
36% 17% 15% 9% 6%
36% 17% 15% 9% 6%
39% 18% 12% 9% 8%
43% 15% 6% 11% 10%
88%
83%
83%
86%
85%
Customers PT Hutchison 3 Indonesia (formerly PT Hutchison CP Telecommunications) PT XL Axiata Tbk. PT Telekomunikasi Selular PT Smartfren Telecom Tbk. PT Bakrie Telecom Tbk.
Pendapatan yang diperoleh dari Axis pada periode 2014 adalah hanya dari tanggal 1 Januari 2014 sampai 8 April 2014.
Revenue earned form Axis in period of 2014 was just from January 1, 2014 to April 8, 2014.
Pada tanggal 8 April 2014, XL dan Axis telah melakukan penggabungan usaha (merger). Pada merger tersebut, Axis bergabung dan menjadi XL. Akibatnya, seluruh aset dan liabilitas Axis akan beralih seluruhnya kepada XL sebagai perusahaan penerima penggabungan. Sejak tanggal 8 April 2014, seluruh aktifitas dengan Axis dan XL akan dikonsolidasikan dengan XL.
On April 8, 2014, XL and Axis has accomplished a merger. In this merger, Axis merged with and into XL. As a result, all assets and liabilities of Axis will be transferred entirely to XL as the surviving company. As of April 8, 2014, all of the acitivity with Axis and XL will be consolidated with XL.
28. DEPRECIATION AND AMORTIZATION
28. DEPRESIASI DAN AMORTISASI 30 September/September 30, 2014 Depresiasi aset tetap (Catatan 9) Amortisasi sewa tanah dan lainnya Amortisasi aset takberwujud (Catatan 11) Amortisasi asuransi Amortisasi lain-lain
2013
31 Desember/December 31, 2013
2012
2011
570.974 183.802
508.102 136.311
688.303 187.801
446.827 130.071
378.209 98.965
36.679 7.424 108
31.936 7.732 -
44.207 10.091 -
7.937 -
6.580 -
798.987
684.081
930.402
584.835
483.754
96
F-105
Depreciation of fixed assets (Note 9) Amortization of site rentals and others Amortization of intangible assets (Note 11) Amortization of insurance Amortization of others
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
29. OTHER COST OF REVENUES
29. BEBAN POKOK PENDAPATAN LAINNYA 30 September/September 30, 2014 Perawatan lokasi Listrik Perjalanan dinas Lain-lain (kurang dari Rp1.000)
2013
31 Desember/December 31, 2013
2012
107.282 28.993 7.588 3
152.833 44.118 10.204 1
110.053 19.744 7.499 158
78.127 4.657 6.973 260
204.320
143.866
207.156
137.454
90.017
Selama periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 dan 2013, dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012 dan 2011, tidak ada transaksi dari satu pemasok yang jumlah pembelian kumulatifnya melebihi 10% dari pendapatan usaha konsolidasian.
30. SELLING AND MARKETING EXPENSES
30 September/September 30, 2014
2013
31 Desember/December 31, 2013 12.830 12.967 10.311 49
7.334 12.998 8.728 -
3.994 9.690 8.946 -
37.209
24.324
36.157
29.060
22.630
Entertainment and representation Salaries and employee welfare Travel and transportation Others
31. GENERAL AND ADMINISTRATIVE EXPENSES
30 September/September 30, 2013
31 Desember/December 31, 2013
2012
2011
148.884 101.001 26.109 14.930 9.501 2.071
110.462 73.763 25.506 8.023 10.483 2.507
188.123 101.336 1.630 11.170 13.600 3.346
86.606 58.962 40.198 8.027 10.382 1.348
63.947 41.095 33.545 7.002 5.116 1.013
302.496
230.744
319.205
205.523
151.718
32. BIAYA KEUANGAN
Professional fees Salaries and employee welfare Permits and licenses Office supplies Employee benefits (Note 21) Others (below Rp1,000)
32. FINANCE CHARGES 30 September/September 30, 2014
Beban bunga bank Amortisasi biaya pinjaman (Catatan 16) Beban bunga obligasi Beban keuangan lain
2011
8.123 9.212 6.940 49
31. BEBAN UMUM DAN ADMINISTRASI
Jasa profesional Gaji dan kesejahteraan karyawan Perizinan dan lisensi Keperluan kantor Imbalan kerja (Catatan 21) Lain-lain (kurang Rp1.000)
2012
13.610 12.062 11.537 -
2014
Site maintenance Electricity Business trip Others (below Rp1,000)
During the nine-month periods ended September 30, 2014 and 2013, and the years ended December 31, 2013, 2012 and 2011, there were no purchases made from any single supplier with a cumulative amount exceeding 10% of the consolidated revenues.
30. BEBAN PENJUALAN DAN PEMASARAN
Representasi dan jamuan Gaji dan kesejahteraan karyawan Perjalanan dan transportasi Lainnya
2011
140.486 55.324 8.326 184
2013
31 Desember/December 31, 2013
2012
2011
346.849
308.636
447.474
430.610
374.614
69.911 62.125 5.523
49.328 18.061
71.371 32.500
87.912 15.691
57.195 11.579
484.408
376.025
551.345
534.213
443.388
97
F-106
Bank interest expense Amortization of cost of loans (Note 16) Bond interest expense Other finance charges
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
33. OTHER GAIN/(LOSSES), NET
33. KEUNTUNGAN/(KERUGIAN) LAIN-LAIN, NETO 30 September/September 30, 2014 Keuntungan/(kerugian) selisih kurs, neto Beban penurunan nilai (Catatan 5) Penalti Lainnya
2013
31 Desember/December 31, 2013
2012
69.356 (140.090) (814) (4.028)
(683.973) (18.418) (32.557) 23.020
(887.902) (36.470) (32.982) 9.484
(282.706) (32.035) (9.715)
(48.341) (1.386) (25.181) (7.100)
(75.576)
(711.928)
(947.870)
(324.456)
(82.008)
30 September/September 30, 2014
2013
Foreign exchange gains/(losses), net Impairment expense (Note 5) Penalty Others
Detail foreign exchange gains/(losses), net:
Rincian keuntungan/(kerugian) selisih kurs, neto:
Keuntungan/(kerugian) selisih kurs yang berasal dari: Pinjaman fasilitas Pinjaman Steward Island Investment Pte. Ltd Lainnya
2011
31 Desember/December 31, 2013
2012
2011
(10.803)
((908.312)
(1.168.037)
(312.662)
(85.378)
80.159
224.339
280.135
29.956
43.097 (6.060)
69.356
(683.973)
(887.902)
(282.706)
Foreign exchange gains/(losses) in relation to: Facility loan Loan from Steward Island Investment Pte.Ltd Others
(48.341)
34. INTEREST RATE SWAP PAYABLES
34. UTANG SWAP TINGKAT BUNGA Pada tanggal 28 Juni 2010, Perseroan menandatangani kontrak swap tingkat bunga dengan DBS Bank Ltd. (“DBS”) dan The Royal Bank of Scotland N.V. Cabang Jakarta (“RBS”), yang ditujukan sebagai sarana lindung nilai terhadap pembayaran bunga tiga bulanan dalam dollar Amerika Serikat sehubungan dengan Pinjaman Fasilitas Mei 2010. Perseroan menerapkan akuntansi lindung nilai arus kas untuk transaksi derivatif ini dengan pertimbangan transaksi derivatif ini merupakan instrumen lindung nilai yang efektif.
On June 28, 2010, the Company entered into new interest rate swap contracts with DBS Bank Ltd. (“DBS”) and The Royal Bank of Scotland N.V. Jakarta Branch (“RBS”), to hedge quarterly payments of interest denominated in United States Dollars related to the May 2010 Loan Facility. The Company has applied cash flow hedge accounting to these derivatives as they are considered to be effective hedge instruments.
Pada tanggal 30 November 2012, Perseroan mengakhiri transaksi swap tingkat bunga dengan DBS. Selanjutnya pada tanggal 6 Desember 2012, Perseroan mengakhiri transaksi swaps tingkat bunga dengan RBS.
On November 30, 2012, the Company terminated the interest rate swap transaction with DBS. Further, on December 6, 2012, the Company and RBS terminated the interest rate swap transaction with RBS.
Di bawah ini adalah informasi sehubungan dengan kontrak tingkat bunga swap dan nilai wajarnya pada tanggal 30 September 2014 dan 31 Desember 2013, 2012 dan 2011.
Information related to the interest rate swap contracts and their fair values as of September 30, 2014 and December 31, 2013, 2012 and 2011 is as follows:
98
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
34. INTEREST RATE SWAP PAYABLES (continued)
34. UTANG SWAP TINGKAT BUNGA (lanjutan)
Interest rate swap contracts
Kontrak - kontrak swap tingkat bunga
Nilai wajar/Fair value Kontrak-kontrak swap tingkat bunga DBS Bank Ltd. The Royal Bank of Scotland, Jakarta branch
No.
Counter parties
Periode kontrak efektif/ Effective Contract period
1
The Royal Bank of Scotland,(A BN AMRO Bank N.V.) Jakarta branch
7 September/ September 2010 - 6 Desember/ December 2012
2
DBS Bank Ltd.
7 September/ September 2010 - 30 November/ November 2012
Jumlah nosional/ 30 September/ Notional amount September 30, (US$) 2014
31 Desember/December 31, 2013
2012
2011
Interest rate swap contracts
80.778.275
-
-
-
(25.315)
75.862.500
-
-
-
(25.917)
156.640.775
-
-
-
(51.232)
Tingkat bunga swap tahunan/Annual Interest rate swap 2,54% dari AS$85.000.000 dengan jumlah nosional yang akan menurun berdasarkan jadwal yang telah ditetapkan sebelumnya, sebagai pertukaran untuk LIBOR dolar AS/2.54% of US$85,000,000, the notional amount of which will decrease based on a predetermined schedule, in exchange for US Dollar LIBOR.
2,53% dari AS$90.507.871 dengan jumlah nosional yang akan menurun berdasarkan jadwal yang telah ditetapkan sebelumnya, sebagai pertukaran untuk LIBOR dolar AS/2.53% of US$90,507,871, the notional amount of which will decrease based on a predetermined schedule, in exchange for US Dollar LIBOR.
Tanggal penerimaan pendapatan/(beban) swap/Swap income/(expense) receipt date Setiap tanggal terakhir bulan Maret, Juni, September dan Desember setiap tahun mulai dan termasuk 7 Desember 2010 sampai dengan 6 Desember 2012/Last business day of March, June, September and December of each year from and including December 7, 2010 to December 6, 2012.
Setiap tanggal terakhir bulan Maret, Juni, September dan Desember setiap tahun mulai dan termasuk 7 Desember 2010 sampai dengan 30 November 2012/Last business day of March, June, September and December of each year from and including December 7, 2010 to November 30, 2012.
99
F-108
DBS Bank Ltd. The Royal Bank of Scotland, Jakarta branch
Jumlah pendapatan (beban) swap diterima (dibayar)/Amount of swap income (expense) received (paid) September/September 2014
2013
-
-
-
-
Desember/December 2013
2012
2011
-
(13.424)
(16.212)
(11.010)
(10.094)
(17.185)
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS
35. PERJANJIAN-PERJANJIAN PENTING a.
Pada tanggal 4 Juni 2003, Perseroan menandatangani perjanjian dengan PT Telekomunikasi Indonesia (Persero) Tbk. (“Telkom”) Divisi Fixed Wireless mengenai pemanfaatan infrastruktur menara untuk penempatan peralatan telekomunikasi, sebagaimana telah diubah dalam perjanjian terakhir tanggal 2 Juli 2009. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian adalah 10 tahun sejak tanggal Berita Acara Penggunaan Site untuk masingmasing lokasi menara dan dapat diperpanjang sesuai dengan perjanjian.
a. The Company entered into an agreement with PT Telekomunikasi Indonesia (Persero) Tbk. (“Telkom”) Fixed Wireless Division dated June 4, 2003, regarding rental of tower infrastructure for placement of telecommunications equipment, amended lastly by an agreement dated July 2, 2009. The initial period of the site leases signed under this agreement is for 10 years with a commencement date upon the minutes of site utilization for each tower site which can be extended with mutual agreement.
b.
Pada tanggal 14 Agustus 2006, Perseroan menandatangani perjanjian dengan PT Bakrie Telecom Tbk. (“Bakrie”) tentang sewa pemanfaatan infrastruktur menara untuk penempatan peralatan telekomunikasi. Jangka waktu awal perjanjian adalah sejak ditandatanganinya perjanjian ini sampai dengan berakhirnya jangka waktu sewa lokasi yang tercantum dalam berita acara sewa terakhir.
b. On August 14, 2006, the Company entered into an agreement with PT Bakrie Telecom Tbk. (“Bakrie”) regarding rental of tower infrastructure for placement of telecommunications equipment. The initial period of this agreement is from the execution date until the end of the lease term noted in the latest site lease.
Pada tanggal 2 Juli 2007, Perseroan dan Bakrie menandatangani Perjanjian Sewa Induk sebagaimana telah diubah dengan amandemen pertama tanggal 20 Juli 2007 dan dengan amandemen perjanjian kedua tanggal 8 Mei 2009 mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi. Selanjutnya, Bakrie akan melakukan pembayaran atas biaya tambahan untuk pemakaian listrik bulanan.
On July 2, 2007, the Company and Bakrie entered into a Master Lease Agreement as subsequently amended by a first amendment dated July 20, 2007 and by a second amendment dated May 8, 2009 regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial period of the site leases signed under this agreement is for 10 years with a commencement date upon the date of the Ready For Installation Certificate for each site. In addition, Bakrie will pay an additional charge for pass-through of monthly electricity costs.
100
F-109
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) c.
d.
Perseroan menandatangani sejumlah perjanjian dengan PT Telekomunikasi Selular (“Telkomsel”) mengenai pemanfaatan infrastruktur menara untuk penempatan peralatan telekomunikasi. Jangka waktu awal dari site leases yang ditandatangani dalam perjanjian adalah 10 tahun sejak tanggal penandatanganan Berita Acara Penggunaan Site untuk masing-masing lokasi menara.
c. The Company entered into several agreements with PT Telekomunikasi Selular (“Telkomsel”) regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial period of the site leases signed under these agreements is 10 years with a commencement date upon the Minutes of Site Utilization for each site.
Pada tanggal 27 Oktober 2009, Perseroan dan Telkomsel menandatangani Perjanjian Sewa Induk untuk Co-location tentang sewa menyewa infrastruktur menara untuk penempatan peralatan telekomunikasi. Jangka waktu awal dari site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun yang akan diperpanjang 2 kali masingmasing untuk jangka waktu 10 tahun, kecuali jika Telkomsel memberitahu Perseroan secara tertulis bahwa Telkomsel tidak bersedia untuk memperpanjang jangka waktu sewa. Jangka waktu sewa dihitung sejak tanggal Sertifikat Siap Instalasi untuk tiap lokasi. Selanjutnya, Telkomsel akan melakukan pembayaran atas biaya tambahan pemakaian listrik bulanan.
On October 27, 2009, the Company and Telkomsel entered into a Master Lease Agreement for Co-location regarding the rental of tower infrastructure for the placement of telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods, unless Telkomsel informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site. In addition, Telkomsel will pay an additional charge for pass-through of monthly electricity cost. d.
Pada tanggal 15 Maret 2007, Perseroan dan PT Smartfren Telecom Tbk. (dahulu PT Mobile-8 Telecom Tbk.) (“Smartfren”) menandatangani Perjanjian Sewa Induk sebagaimana telah diubah dalam perjanjian terakhir tanggal 1 November 2007 mengenai pemanfaatan infrastruktur menara untuk penempatan peralatan telekomunikasi. Jangka waktu awal sewa lokasi adalah 11 tahun dan dapat diperpanjang berdasarkan kesepakatan tertulis dari masing-masing pihak. Selanjutnya, Smartfren akan melakukan pembayaran atas biaya tambahan pemakaian listrik bulanan.
101
F-110
On March 15, 2007, the Company and PT Smartfren Telecom Tbk. (formerly PT Mobile-8 Telecom Tbk.) (“Smartfren”) entered into a Master Lease Agreement as subsequently amended by latest amendment dated November 1, 2007 regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial term of the sites leases is 11 years, which period may be extended based on written agreements between the parties. In addition, Smartfren will pay an additional charge for pass-through of monthly electricity costs.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) Pada tanggal 17 Desember 2009, Perseroan dan Smartfren menandatangani Perjanjian Pembayaran mengenai pembayaran cicilan piutang Smartfren kepada Perseroan.
On December 17, 2009, the Company and Smartfren entered into a Payment Agreement involving the settlement of Smartfren’s receivables owing to the Company by means of installment payments.
Pada tanggal 5 Februari 2010, Perseroan menandatangani perjanjian gadai sejumlah 2.233.100.165 saham yang dimiliki oleh Corporate United Investments Limited selaku pemegang saham Smartfren. Gadai saham ini digunakan untuk menjamin pembayaran piutang Smartfren kepada Perseroan (Catatan 5). Pada tanggal 16 Januari 2013, Perseroan mengirimkan surat kepada Corporate United Investments Limited dan Smartfren untuk melepas gadai saham.
On February 5, 2010, the Company signed a pledge agreement involving 2,233,100,165 shares owned by Corporate United Investments Limited as a shareholder of Smartfren. The pledged shares represent collateral in relation to Smartfren’s outstanding receivables owing to the Company (Note 5). On January 16, 2013, the Company sent a letter to Corporate United Investments Limited and Smartfren to release the pledged shares.
Pada tanggal 31 Agustus 2010, Perseroan dan Smartfren telah menandatangani Perjanjian Ambil atau Bayar 1.000 Lokasi (“TOPA”) sebagaimana telah diubah dengan Amandemen No. 1 tanggal 7 Juni 2012 dan Amandemen No. 2 tanggal 18 Juli 2014 dimana Smartfren setuju untuk menyewa 1.000 lokasi sebelum 31 Agustus 2015 sesuai dengan Perjanjian Sewa Induk Perseroan dengan Smartfren sebagaimana diubah dengan TOPA. Jangka waktu awal dari site leases yang ditandatangani dalam TOPA adalah 6 tahun dan jangka waktu tersebut dapat diperpanjang untuk 2 periode secara otomatis dengan jangka waktu pembaharuan masing-masing selama 5 tahun kecuali jika Smartfren memberitahu Perseroan untuk tidak memperpanjang.
On August 31, 2010, the Company and Smartfren entered into a 1,000 Site Take or Pay Agreement ("TOPA") as subsequently amended by Amendment No.1 dated June 7, 2012 and Amendment No. 2 dated July 18, 2014 whereby Smartfren agreed to lease an additional 1,000 sites before August 31, 2015 in accordance with terms set forth in the Company’s Master Lease Agreement with Smartfren as amended by the TOPA. The initial term of the site leases executed under the TOPA is 6 years, and such term is automatically extended for two renewal periods of 5 years each unless Smartfren notifies the Company that it does not wish to renew.
Pada tanggal 7 Juni 2012 Perseroan dan Smartfren menandatangani Perjanjian Sewa Induk untuk sewa menara atas lokasi-lokasi yang dibeli oleh Perseroan dari penyediapenyedia menara lain dimana Smartfren adalah penyewa yang telah ada.
On June 7, 2012, the Company and Smartfren entered into a Master Lease Agreement for acquired sites regarding the rental of tower sites acquired by the Company from other tower providers on which Smartfren is an existing tenant.
Pada tanggal 31 Agustus 2012 Perseroan dan Smarfren menandatangani suatu perjanjian mengenai, antara lain, mengubah TOPA dan Perjanjian Pembayaran tanggal 17 Desember 2009.
On August 31, 2012 the Company and Smarfren entered into an agreement that, among other things, amends the TOPA and Payment Agreement dated December 17, 2009.
102
F-111
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) e.
Pada tanggal 15 Agustus 2007, Perseroan dan PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications) (“Hutchison”) menandatangani Perjanjian Sewa Induk, sebagaimana telah diubah dengan Amandemen No. 1 tanggal 17 Desember 2007, Amandemen No. 2 tanggal 24 Agustus 2010 dan Amandemen No. 3 tanggal 9 Agustus 2012, mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang secara langsung untuk 2 kali masing-masing untuk jangka waktu 5 tahun, kecuali apabila Hutchison tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi. Selanjutnya, Hutchison akan melakukan pembayaran atas biaya penambahan pemakaian listrik bulanan.
e. On August 15, 2007, the Company and PT Hutchison 3 Indonesia (formerly PT Hutchison CP Telecommunications) (“Hutchison”) entered into a Master Lease Agreement, as subsequently amended by Amendment No. 1 dated December 17, 2007, Amendment No. 2 dated August 24, 2010 and Amendment No. 3 dated August 9, 2012, regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial period of the site leases signed under this agreement is for 10 years, which period will automatically be extended for two 5 year periods, unless Hutchison informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site. In addition, Hutchison will pay an additional charge amount for passthrough of monthly electricity costs.
Pada tanggal 18 Maret 2008, Perseroan dan Hutchison menandatangani Perjanjian Pengalihan Menara mengenai persetujuan pembelian sebanyak sampai dengan 3.692 menara milik Hutchison oleh Perseroan. Jangka waktu perjanjian ini adalah 18 Maret 2008 hingga 18 Maret 2010. Perseroan menyelesaikan Perjanjian Pengalihan Menara pada bulan Maret 2010 dimana Perseroan memperoleh sebanyak 3.603 menara dari Hutchison.
On March 18, 2008, the Company and Hutchison entered into a Tower Transfer Agreement regarding the agreement of the Company to acquire up to 3,692 towers from Hutchison. The term of this agreement is from March 18, 2008 until March 18, 2010. The Company concluded this Tower Transfer Agreement in March 2010, whereby the Company acquired a total of 3,603 towers from Hutchison.
Pada tanggal 18 Maret 2008, Perseroan dan Hutchison menandatangani Perjanjian Sewa Induk, sebagaimana telah diubah dengan Amandemen No. 1 tanggal 24 November 2009, Amandemen No. 2 tanggal 28 Desember 2010 dan Amandemen No. 3 tanggal 9 Agustus 2012, (“Purchase MLA”) mengenai sewa pemanfaatan infrastruktur menara yang diperlukan untuk pengoperasian peralatan komunikasi terhadap lokasi-lokasi yang diperoleh berdasarkan Perjanjian Pengalihan Menara 2008. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 12 tahun, dan dapat diperpanjang untuk jangka waktu 6 tahun. Sebagai tambahan, Hutchison akan membayar biaya tambahan untuk biaya listrik bulanan.
On March 18, 2008, the Company and Hutchison entered into a Master Lease Agreement as subsequently amended by Amendment No. 1 dated November 24, 2009, Amendment No. 2 dated December 28, 2010, and Amendment No. 3 dated August 9, 2012, (the “Purchase MLA”) regarding the rental of tower infrastructure for placement of telecommunications equipment for sites acquired under the 2008 Tower Transfer Agreement. The initial period of the site leases signed under this agreement is 12 years, which period may be extended for 6 years. In addition, Hutchison will pay an additional charge for pass-through of monthly electricity costs.
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) Pada tanggal 9 Maret 2010, Perseroan dan Hutchison menandatangani Closing Agreement mengenai akuisisi atas menaramenara milik Hutchison berdasarkan Perjanjian Pengalihan Menara 2008. Closing Agreement ini telah diubah pada tanggal 19 September 2011 dan diubah lagi pada tanggal 15 Maret 2012.
On March 9, 2010, the Company and Hutchison entered into a Closing Agreement regarding the acquisition of telecommunication towers owned by Hutchison pursuant to the 2008 Tower Transfer Agreement. This Closing Agreement was amended on September 19, 2011 and amended again on March 15, 2012.
Pada tanggal 28 Desember 2010, Perseroan dan Hutchison menandatangani Perjanjian Pengalihan Menara, sebagaimana telah diubah dalam Amandemen No. 1 tanggal 21 Desember 2012 (“Perjanjian Awal”) dan terakhir kali diubah dengan Amandemen No. 2 tanggal 27 Desember 2013 (“Amandemen Kedua”) mengenai persetujuan pembelian sebanyak sampai dengan 1.500 menara milik Hutchison oleh Perseroan. Perjanjian Awal dan Amandemen Kedua secara bersama-sama akan disebut sebagai Perjanjian Pengalihan Menara 2010. Jangka waktu perjanjian ini adalah sejak 28 Desember 2010 hingga tanggal 30 Juni 2014. Pada tanggal 27 Desember 2013, Perseroan telah menyelesaikan pembelian 150 menara tambahan, secara total terdapat 1.482 menara yang dibeli berdasarkan Perjanjian Pengalihan Menara 2010. ”Purchase MLA” secara khusus diperbaharui oleh Amandemen No. 2 tanggal 28 Desember 2010 yang mengatur untuk penyewaan kembali menara yang diperoleh dari Perjanjian Pengalihan Menara 2010. Periode awal dari sewa menara yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali masingmasing untuk jangka waktu 5 tahun, kecuali apabila Hutchison tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan.
On December 28, 2010, the Company and Hutchison entered into a Tower Transfer Agreement, as amended by Amendment No. 1 dated December 21, 2012 (“Initial Agreement”) and lastly amended by Amendment No. 2 dated December 27, 2013 (“Second Amendment”) regarding the agreement of the Company to acquire up to 1,500 towers from Hutchison. The Initial Agreement and the Second Amendment shall be referred collectively as the “2010 Tower Transfer Agreement”. The term of this agreement is from December 28, 2010 until June 30, 2014. On December 27, 2013, the Company concluded the purchase of an additional 150 towers, making a total of 1,482 towers acquired under the 2010 Tower Transfer Agreement. The Purchase MLA, specifically as amended by Amendment No. 2 dated December 28, 2010, governs the lease back of the towers acquired under the 2010 Tower Transfer Agreement. The initial period of the site leases signed under this agreement is 10 years, which period will automatically be extended for two 5 year periods, unless Hutchison informs the Company in writing that it does not wish to extend the lease term.
Pada tanggal 30 Desember 2013, Perseroan dan Hutchison menandatangani Closing Agreement mengenai akuisisi atas menaramenara dari Hutchison berdasarkan Perjanjian Pengalihan Menara 2008 dan Perjanjian Pengalihan Menara 2010. Closing Agreement ini sekaligus menggantikan Closing Agreement yang telah ditandatangi pada tanggal 9 Maret 2010, dan perubahannya.
On December 30, 2013, the Company and Hutchison entered into a Closing Agreement regarding the acquisition of telecommunication towers from Hutchison pursuant to the 2008 Tower Transfer Agreement and 2010 Tower Transfer Agreement. This Closing Agreement also superseded the Closing Agreement signed on March 9, 2010, as amended.
104
F-113
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) f.
g.
f.
Pada tanggal 4 Desember 2007, Perseroan dan PT XL Axiata Tbk. (sebelumnya PT Excelcomindo Pratama Tbk.) (“XL”) menandatangani Perjanjian Sewa Induk, sebagaimana telah diubah dalam perjanjian Amandemen No. 1 tanggal 18 April 2008, Amandemen No. 2 tanggal 5 Januari 2010, Amandemen tanggal 7 November 2011, Amandemen terhadap Perjanjian Sewa Induk BTS dan Colo, tanggal 1 November 2012, tanggal 20 September 2013 dan terakhir kali dengan Perjanjian tanggal 19 Mei 2014. Jangka waktu awal untuk site leases dalam perjanjian ini adalah 10 tahun, dan akan diperpanjang 1 kali jangka waktu perpanjangan 5 tahun. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi. Sebagai tambahan, XL akan membayar biaya tambahan untuk biaya listrik bulanan.
On December 4, 2007, the Company and PT XL Axiata Tbk. (formerly PT Excelcomindo Pratama Tbk.) (“XL”) entered into a Master Lease Agreement, as amended by Amendment No. 1 dated April 18, 2008, by Amendment No. 2 dated January 5, 2010, an Amendment dated November 7, 2011, by the Amendment to the BTS and Colo Master Lease Agreements dated November 1, 2012, dated September 20, 2013 and lastly by an Agreement dated May 19, 2014.The initial term for site leases signed under this agreement is 10 years, which period will be extended for a 5 year renewal period. The lease period starts upon the date of the Ready For Installation Certificate for each site. In addition, XL will pay an additional charge for pass-through of monthly electricity costs.
Pada tanggal 19 Juli 2010, Perseroan dan XL menandatangani Perjanjian Build to Suit dan Perjanjian Sewa Induk sebagaimana diubah pada tanggal 7 November 2011, 1 November 2012, 19 Februari 2013, 26 Agustus 2013 dan 20 September 2013. Jangka waktu untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali masing-masing untuk jangka waktu 5 tahun, kecuali apabila XL tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
On July 19, 2010, the Company and XL entered into a Build to Suit and Master Lease Agreement as amended on November 7, 2011, November 1, 2012, February 19, 2013, August 26, 2013 and September 20, 2013. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 5 year periods, unless XL informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
Pada tanggal 7 Desember 2007, Perseroan dan PT Sampoerna Telekomunikasi Indonesia (“Sampoerna”) menandatangani Perjanjian Sewa Induk (“MLA”) mengenai sewa pemanfaatan lokasi yang diperlukan untuk pengoperasian peralatan komunikasi. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun, dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Sampoerna tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi.
g. On December 7, 2007, the Company and PT Sampoerna Telekomunikasi Indonesia (“Sampoerna”) entered into a Master Lease Agreement regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended, for two 10 year periods unless Sampoerna notifies the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
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F-114
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) Pada tanggal 7 Desember 2007, Perseroan dan Sampoerna menandatangani Perjanjian Build to Suit dan Co-location. Berdasarkan Perjanjian tersebut, Perseroan ditunjuk oleh Sampoerna untuk mengakuisisi, mengembangkan dan membangun BTS di lokasi yang dibutuhkan oleh Sampoerna, mengidentifikasi dan mengembangkan lokasi yang ada dan menyediakan jasa berdasarkan kebutuhan masing-masing pihak.
On December 7, 2007, the Company and Sampoerna entered into a Build to Suit and Co-location Agreement. Pursuant to the agreement, the Company has been engaged by Sampoerna to acquire, develop and build BTS sites required by Sampoerna, to identify and develop space on existing sites and to perform services based on the needs of the parties.
h.
Pada tanggal 14 Desember 2007, Perseroan dan PT Axis Telekom Indonesia (sebelumnya PT Natrindo Telepon Seluler) (“Axis”) menandatangani Perjanjian Sewa Induk untuk Co-location mengenai sewa pemanfaatan lokasi yang diperlukan untuk pengoperasian peralatan komunikasi (“MLA Axis”) sebagaimana diubah oleh XL, sebagai penerus yang sah dari MLA Axis, melalui Perjanjian tanggal 19 Mei 2014 dengan Perseroan. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun, dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Axis tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
h. On December 14, 2007, the Company and PT Axis Telekom Indonesia (formerly PT Natrindo Telepon Seluler) (“Axis”) entered into a Master Lease Agreement for Colocations regarding the rental of tower infrastructure for placement of telecommunications equipment (“Axis MLA”) as amended by XL, as the rightful successor in interest of Axis MLA, through an Agreement dated May 19, 2014 with the Company. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods unless Axis notifies the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
i.
Pada tanggal 2 Juli 2008, Perseroan dan PT Indosat Tbk. (“Indosat”) menandatangani Perjanjian Sewa Induk untuk Co-location sebagaimana telah diubah dalam perjanjian Amandemen pertama tanggal 22 Juni 2009, Amandemen Kedua tanggal 13 Mei 2011 dan terakhir oleh Amandemen Ketiga tanggal 5 Maret 2012 mengenai sewa pemanfaatan lokasi yang diperlukan untuk pengoperasian peralatan komunikasi. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Indosat tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
i.
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On July 2, 2008, the Company and PT Indosat Tbk. (“Indosat”) entered into a Master Lease Agreement for Co-locations as amended by the First Amendment dated June 22, 2009, by the Second Amendment dated May 13, 2011 and lastly by the Third Amendment dated March 5, 2012 regarding the rental of tower infrastructure for placement of telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods, unless Indosat informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) Pada tanggal 13 Mei 2011, Perseroan dan Indosat menandatangani Perjanjian Build to Suit. Jangka waktu untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Indosat tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
On May 13, 2011, the Company and Indosat entered into a Build to Suit Agreement. The period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods unless Indosat informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
j. Pada tanggal 1 Maret 2010, Perseroan dan PT Smart Telecom (“Smart”) menandatangani Perjanjian Sewa Induk untuk Co-location mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi. Jangka waktu awal dari site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Smart tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi. k.
Pada tanggal 17 Juni 2010, Perseroan dan PT Berca Hardayaperkasa dan PT Berca Global-Access (“Berca”) menandatangani Perjanjian Sewa Induk untuk Co-location mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila Berca tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masing-masing lokasi.
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j.
On March 1, 2010, the Company and PT Smart Telecom (“Smart”) entered into a Master Lease Agreement for Co-locations regarding the rental of tower infrastructure for the placement of telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods, unless Smart informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
k.
On June 17, 2010, the Company and PT Berca Hardayaperkasa and PT Berca Global-Access (“Berca”) entered into a Master Lease Agreement for Co-locations regarding the rental of tower infrastructure for placement of Berca’s telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods, unless Berca informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) l.
Pada tanggal 25 Juni 2010, Perseroan dan PT First Media Tbk. (“First Media”) menandatangani Perjanjian Sewa Induk untuk Co-location mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi. Jangka waktu awal untuk site leases dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 5 tahun, kecuali apabila First Media tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
l.
On June 25, 2010, the Company and PT First Media Tbk. (“First Media”) entered into a Master Lease Agreement for Co-locations regarding the rental of tower infrastructure for the placement of First Media’s telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 5 year periods, unless First Media informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
Perseroan telah menandatangani Perjanjian Pengalihan dengan PT First Media, Tbk (“First Media”), dan PT Internux (“Internux”), tertanggal 11 Oktober 2013 (“Perjanjian Pengalihan”). Berdasarkan Perjanjian Pengalihan, First Media mengalihkan seluruh hak, kewajiban dan kepentingannya berdasarkan Perjanjian Sewa Induk untuk Colocation tertanggal 25 Juni 2010 yang dibuat antara Perseroan dan First Media (“MLA”) sehubungan dengan penyewaan 139 lokasi menara milik Perseroan (“Sewa Lokasi yang Telah Ada”) kepada Internux. First Media setuju untuk menjamin kewajiban-kewajiban sehubungan dengan Sewa Lokasi yang Telah Ada berdasarkan MLA untuk suatu periode waktu tertentu.
The Company has entered into an Assignment Agreement with First Media, and PT Internux (“Internux”), dated October 11, 2013 (“Assignment Agreement”). Under the Assignment Agreement, First Media assigns all of its rights, title, obligations and interests under the Master Lease Agreement For Colocation dated June 25, 2010 made between the Company and First Media (“MLA”) regarding the lease of 139 tower sites owned by the Company (“Existing Site Leases”) to Internux. First Media agreed to guarantee the obligations related to the Existing Site Leases under the MLA for a certain period of time.
Perseroan dan First Media menandatangani Perjanjian Sewa Induk untuk Co-location yang baru mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi yang berlaku efektif sejak tanggal 18 Juli 2014. Jangka waktu awal untuk site leases dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 5 tahun, kecuali apabila First Media tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi.
The Company and First Media executed a new Master Lease Agreement for Co-locations regarding the rental of tower infrastructure for the placement of First Media’s telecommunications equipment which was effective as of July 18, 2014. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 5 year periods, unless First Media informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan)
m. On February 12, 2004, the Company entered into an agreement with PT Telekomunikasi Indonesia (Persero) Tbk. - Fixed Wireless Division as amended by a first amendment dated on October 26, 2007, in relation to the lease of repeater systems and indoor base transceiver stations. The initial period of the site lease signed under this agreement is 9 years, commencing upon the minutes of Lease Object Submission for each site (Note 8).
m. Pada tanggal 12 Februari 2004, Perseroan menandatangani perjanjian, sebagaimana diubah dengan amandemen pertama tanggal 26 Oktober 2007, dengan PT Telekomunikasi Indonesia (Persero) Tbk. - Fixed Wireless Division tentang penyewaan repeater system and indoor base transceiver station. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian adalah 9 tahun sejak tanggal Berita Acara Penyerahan Objek Sewa-Menyewa untuk masing-masing lokasi menara (Catatan 8). n.
n.
Pada tanggal 1 April 2011, Perseroan dan Techno-Sciences, Inc. (“TSI”) menandatangani Perjanjian Sewa Induk untuk Co-location mengenai sewa pemanfaatan infrastruktur menara untuk penempatan peralatan komunikasi milik TSI. Jangka waktu awal untuk site leases yang ditandatangani dalam perjanjian ini adalah 10 tahun dan akan diperpanjang 2 kali untuk jangka waktu 10 tahun, kecuali apabila TSI tidak ingin memperpanjang masa sewa dan menginformasikan secara tertulis kepada Perseroan. Jangka waktu sewa dimulai sejak tanggal Sertifikat Siap Instalasi di masingmasing lokasi. Pada tanggal 18 April 2012, dua site leases dengan TSI telah dibatalkan.
o.
On April 1, 2011, the Company and TechnoSciences, Inc. (“TSI”) entered into a Master Lease Agreement for Co-location regarding the rental of tower infrastructure for placement of TSI’s telecommunications equipment. The initial period of the site leases signed under this agreement is 10 years, which period will be extended for two 10 year periods, unless TSI informs the Company in writing that it does not wish to extend the lease term. The lease period starts upon the date of the Ready For Installation Certificate for each site.
On April 18, 2012, the two site leases with TSI were cancelled.
Pada tanggal 29 Oktober 2012, Perseroan menandatangani Sale and Purchase Agreement (the “SPA”) dengan KPN B.V. (“KPN”), sebuah penyedia jasa telekomunikasi ternama di Belanda, sehubungan dengan rencana Perseroan untuk membeli 261 menara telekomunikasi dari KPN dengan cara membeli saham-saham pada perusahaan-perusahaan yang telah didirikan oleh KPN. Pada tanggal 3 Desember 2012, Perseroan menunjuk anak perusahaan tidak langsungnya, Protelindo Towers B.V., sebagai pembeli dalam SPA sebagai pengganti dari Perseroan.
o.
109
F-118
On October 29, 2012, the Company signed a Sale and Purchase Agreement (the “SPA”) with KPN B.V. (“KPN”), a leading telecommunications service provider in the Netherlands, in relation to the Company’s plan to purchase 261 telecommunications towers from KPN by purchasing shares in companies that were established by KPN. On December 3, 2012, the Company appointed its indirect subsidiary, Protelindo Towers B.V., as the purchaser under the SPA instead of itself.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan)
p.
Pada tanggal 19 Desember 2012, Perseroan Towers B.V. menyelesaikan akuisisi atas 261 menara-menara dari KPN berdasarkan SPA dengan membeli saham-saham dari Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V., dan Antenna Mast Company (IV) B.V.. Mast Companies didirikan berdasarkan hukum Belanda pada tanggal 19 Desember 2012 sebagai hasil dari pengambilalihan menara melalui proses demerger oleh KPN. Harga pembelian untuk saham-saham dalam Mast Companies adalah sebesar €75.000.000 (ditambah pajak pengalihan). Perseroan memiliki 56% kepemilikan saham dan hak suara secara tidak langsung terhadap Mast Companies.
On December 19, 2012, Protelindo Towers B.V. completed the acquisition of 261 towers from KPN pursuant to the SPA by purchasing all of the shares of Antenna Mast Company (I) B.V., Antenna Mast Company (II) B.V., Antenna Mast Company (III) B.V., and Antenna Mast Company (IV) B.V.. The Mast Companies were incorporated under the laws of the Netherlands on December 19, 2012 as a result of, and acquired the towers by means of, a legal demerger by KPN. The purchase price for the shares in the Mast Companies was €75,000,000 (plus transfer taxes). The Company has an indirect capital and voting interest of 56% in the Mast Companies.
Sehubungan dengan akuisisi 261 menara oleh Protelindo Towers B.V., dibawah ini adalah perjanjian-perjanjian penting yang ditandatangani dengan klien-klien di Belanda.
With respect to Protelindo Towers B.V.’s acquisition of 261 towers from KPN, below are significant agreements entered with the customers in the Netherlands.
Pada tanggal 19 Desember 2012, Mast Companies menandatangani Perjanjian Sewa Induk dengan KPN mengenai sewa ruang oleh KPN untuk keperluan jasa telekomunikasi mobile dan penyiaran. Jangka waktu awal untuk perjanjian-perjanjian sewa lokasi yang ditandatangani dalam perjanjian ini adalah 15 tahun, dan akan diperpanjang untuk 5 tahun dan kemudian untuk jangka waktu 1 tahun pada suatu waktu, kecuali salah satu pihak mengakhiri perjanjian sewa lokasi. Jangka waktu sewa dimulai sejak tanggal dimulainya untuk setiap lokasi.
p.
110
F-119
On December 19, 2012, Mast Companies entered into a Master Lease Agreement with KPN regarding the lease of space by KPN for the benefit of mobile telecommunication and broadcast services. The initial period of the site lease agreements signed under this agreement is 15 years, which period will be extended for 5 years and thereafter for a term of 1 year at a time, unless one party terminates the site lease agreement. The lease period starts upon the commencement date for each location.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) q.
Pada tanggal 19 Juli 2004, KPN Telecom B.V. (kini dikenal sebagai KPN B.V.) terakhir kali mengubah Perjanjian Framework Collocation dengan T-Mobile Netherlands B.V. (“T-Mobile”) mengenai sewa ruang oleh T-Mobile untuk keperluan pemasangan dan pengoperasian perangkat telekomunikasi mobile miliknya. Setiap perjanjian sewa lokasi yang terkait untuk penggunaan fasilitas-fasilitas menara akan berlaku pada saat ditandatanganinya perjanjian tersebut oleh para pihak dan akan berlaku untuk jangka waktu minimal selama 1 tahun terhitung sejak tanggal penyelesaian pemasangan perangkat milik T-Mobile. Sehubungan dengan legal demerger KPN melalui pendirian Mast Companies, seluruh hak dan kewajiban atas aset yang dipindahkan kepada Mast Companies beralih kepada Mast Companies sesuai dengan ketentuan hukum di Negeri Belanda.
q.
On July 19, 2004, KPN Telecom B.V. (now known as KPN B.V.) lastly amended a Collocation Framework Agreement with TMobile Netherlands B.V. (“T-Mobile”) regarding the lease of space by T-Mobile for the benefit of installing and operating its mobile telecommunication equipment. Each underlying site lease agreement for the use of the tower facilities will take effect on the date it is signed by both parties and will be entered into for a minimum term of 1 year following the date of completion of the installation of TMobile’s equipment. Following the legal demerger of KPN to establish the Mast Companies, all right and obligations on the transferred assets to the Mast Companies were assigned to the Mast Companies by operation of law of the Netherlands.
r.
Pada tanggal 3 Maret 2005, KPN B.V. terakhir kali mengubah Perjanjian Framework Collocation dengan Vodafone Libertel N.V. (“Vodafone”) mengenai sewa ruang oleh Vodafone untuk keperluan pemasangan dan pengoperasian perangkat telekomunikasi mobile miliknya. Setiap perjanjian sewa lokasi yang terkait untuk penggunaan fasilitas-fasilitas menara akan berlaku pada saat ditandatanganinya perjanjian tersebut oleh para pihak dan akan berlaku untuk jangka waktu minimal selama 1 tahun terhitung sejak tanggal penyelesaian pemasangan perangkat milik Vodafone. Sehubungan dengan legal demerger KPN melalui pendirian Mast Companies, seluruh hak dan kewajiban atas aset yang dipindahkan kepada Mast Companies beralih kepada Mast Companies sesuai dengan ketentuan hukum di Negeri Belanda.
r.
On March 3, 2005, KPN B.V. lastly amended a Collocation Framework Agreement with Vodafone Libertel N.V. (“Vodafone”) regarding the lease of space by Vodafone for the benefit of installing and operating its mobile telecommunication equipment. Each underlying site lease agreement for the use of the tower facilities will take effect on the date it is signed by both parties and will be entered into for a minimum term of 1 year following the date of completion of the installation of Vodafone’s equipment. Following the legal demerger of KPN to establish the Mast Companies, all rights and obligations regarding the transferred assets to the Mast Companies were assigned to the Mast Companies by operation of law of the Netherlands.
Jumlah estimasi pembayaran sewa minimum di masa depan untuk perjanjian-perjanjian sewa induk di atas adalah sebagai berikut:
Total estimated future minimum lease payments for the above master lease agreements are as follows:
111
F-120
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
35. SIGNIFICANT AGREEMENTS (continued)
35. PERJANJIAN-PERJANJIAN PENTING (lanjutan) 30 September/ September 30, 2014 Estimasi pembayaran sewa minimum di masa depan: Sampai dengan satu tahun Lebih dari satu tahun sampai dengan lima tahun Lebih dari lima tahun
31 Desember/December 31, 2013
2012
3.083.033
3.187.613
2.331.821
1.604.428
16.245.447 10.491.727
14.201.281 9.908.421
10.476.165 7.672.598
9.063.888 3.967.729
29.820.207
27.297.315
20.480.584
14.636.045
Tabel di bawah ini memuat rincian jumlah telecommunication sites dan total sewa per tanggal 30 September 2014, dan 31 Desember 2013, 2012 dan 2011.
30 September/September 30, 2014 Jumlah telecommunication sites /Number of telecommunication sites
Jumlah sewa/ Number of total site leases
11.216
20.723
9.746
31 Desember/December 31, 2012
Jumlah sewa/ Number of total site leases
Jumlah telecommunication sites /Number of telecommunication sites
18.322
8.460
Tabel di bawah ini memuat rincian jumlah telecommunication sites perseroan yang disewakan kepada masing-masing pelanggan per tanggal 30 September 2014 dan 31 Desember 2013, 2012 dan 2011. Pelanggan/Customer
1 2 3 4
PT Telekomunikasi Indonesia (Persero) Tbk. PT Bakrie Telecom Tbk. PT Telekomunikasi Selular PT Smartfren Telecom Tbk.
5
PT Hutchison 3 Indonesia (dahulu PT Hutchison CP Telecommunications ) PT XL Axiata Tbk. PT Sampoerna Telekomunikasi Indonesia PT Axis Telekom Indonesia PT Indosat Tbk. PT Smart Telecom PT Berca Global-Access PT First Media Tbk. / PT Internux PT Telekomunikasi Indonesia (Persero) Tbk. (Repeater dan Indoor base transceiver stations) Techno-Sciences, Inc. KPN B.V. T-Mobile Netherlands B.V. Vodafone Libertel N.V. Jumlah/Total
6 7 8 9 10 11 12 13 14 15 16 17
Estimated future minimum lease payments: Within one year From one year to five years More than five years
The table below contains the number of telecommunication sites and total site leases as of September 30, 2014, and December 31, 2013, 2012 and 2011.
31 Desember/December 31, 2013 Jumlah telecommunication sites/Number of telecommunication sites
No
2011
Jumlah sewa/ Number of total site leases 14.849
31 Desember/December 31, 2011 Jumlah telecommunication sites /Number of telecommunication sites 6.363
Jumlah sewa/ Number of total site leases 10.798
The table below contains the number of leases on the Company’s telecommunication site portfolio per customer as of September 30, 2014 and December 31, 2013, 2012 and 2011.
Catatan/ Notes 35a 35b 35c 35d
30 Sep/Sep 30, 2014 Sewa/Leases 243 874 4.154 1.685
31 Des/Dec 31, 2013 Sewa/Leases 337 882 2.529 1.675
31 Des/Dec 31, 2012 Sewa/Leases 288 853 1.585 1.150
31 Des/Dec 31, 2011 Sewa/Leases 288 855 727 1.098
35e
7.470
6.969
6.037
5.206
35f 35g 35h 35i 35j 35k 35l
3.075 97 919 911 60 14 570
3.046 97 925 728 61 14 395
2.448 97 908 643 51 14 90
1.525 88 446 453 42 14 16
35m
3
13
34
38
35n 35o 35q 35r
483 86 79 20.723
484 86 81 18.322
484 86 81 14.849
2 -
112
F-121
10.798
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. INFORMASI BERELASI
MENGENAI
36. RELATED PARTIES INFORMATION
PIHAK-PIHAK
Saldo dengan pihak-pihak berelasi:
Balances with related parties:
30 September/ September 30, 2014 Aset Pihak-pihak berelasi lainnya: Kas dan setara kas Rupiah: PT Bank Central Asia Tbk. (Catatan 4)
2012
2011
98.077
168.190
685.400
606.056
Assets Other related parties: Cash and cash equivalents Rupiah: PT Bank Central Asia Tbk. (Note 4)
-
55
14.444
11.208
Parent Entity: Other receivables PT Sarana Menara Nusantara Tbk.
98.077
168.245
699.844
617.264
17.311.162
15.577.944
13.649.531
8.628.089
Total assets
1%
1%
5%
7%
Percentage of total assets involving related party to total assets
Perusahaan Induk: Piutang lain-lain PT Sarana Menara Nusantara Tbk.
Total aset
31 Desember/December 31, 2013
Persentase jumlah aset dari pihak-pihak berelasi dengan total aset
Liabilitas Perusahaan Induk: Utang pembangunan menara dan lainnya PT Sarana Menara Nusantara Tbk.
Liabilities
12.203
5.782
-
-
Parent Entity: Tower construction and other payables PT Sarana Menara Nusantara Tbk.
-
-
-
312.830
Other related parties: PT Bank Central Asia Tbk.
12.203
5.782
-
312.830
12.761.132
11.886.847
10.168.546
7.047.302
Total liabilities
0%
0%
-
-
Percentage of total assets involving related party to total assets
Pihak-pihak berelasi lainnya: PT Bank Central Asia Tbk.
Total liabilitas Persentase jumlah aset dari pihak-pihak berelasi dengan total aset
Transaksi dengan pihak-pihak berelasi:
Transactions with related parties:
30 September/ September 30, 2014 Pihak-pihak berelasi lainnya: Beban bunga Persentase beban bunga dari pihak berelasi dengan total beban bunga
31 Desember/December 31, 2013
2012
2011
-
-
25.053
33.612
0%
0%
6%
9%
Other related parties: Interest expense Percentage of interest expense involving related parties to total interest expenses Operating expense: Parent entity: Marketing and licensing fee
Beban usaha: Perusahaan induk: Biaya pemasaran dan perijinan
27.000
36.000
12.000
12.000
Pihak-pihak berelasi lainnya: Sewa kantor
14.325
11.653
8.021
2.141
41.325
47.653
20.021
14.141
12%
13%
9%
8%
Persentase beban usaha dari pihak berelasi dengan total beban usaha
113
F-122
Other related parties: Office lease
Percentage of operating expense involving related parties to total operating expenses
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. INFORMASI MENGENAI BERELASI (lanjutan)
36. RELATED PARTY INFORMATION (continued)
PIHAK-PIHAK
Sifat hubungan dengan pihak-pihak berelasi
Nature of relationships with related parties
Pihak-pihak berelasi/ Related parties
Transaksi/ Transactions
x Pemegang Saham/Shareholder
- PT Sarana Menara Nusantara Tbk.
Biaya pemasaran dan perijinan, penggantian biaya (perjanjian pemasaran dan perijinan pada tanggal 1 Agustus 2009 sebagaimana telah diubah terakhir kali dengan Perubahan Kedua pada tanggal 26 Juli 2013)/Marketing and licensing fee, reimbursable expenses (the marketing and licensing agreement dated August 1, 2009 as lastly amended by second amendment dated July 26, 2013)
x Pemegang saham Perseroan dan pemegang saham tidak langsung PT Sarana Menara Nusantara Tbk./Shareholders of the Company and indirect shareholders of PT Sarana Menara Nusantara Tbk.
- PT Tricipta Mandhala Gumilang
-
- PT Caturguwiratna Sumapala
-
x Hubungan keluarga dengan pemegang saham pengendali PT Bank Central Asia Tbk./Family relationship with ultimate shareholders of PT Bank Central Asia Tbk.
- PT Bank Central Asia Tbk.
Kas dan setara kas/Cash and cash equivalents
x Hubungan afiliasi berdasarkan komposisi kepemilikan saham/Affiliated party based on shareholding composition
- PT Grand Indonesia
Pembayaran sewa kantor/Payment of office lease
Sifat hubungan/Relationship
x Pihak-pihak berelasi lainnya/Other related parties:
Transaksi dengan pihak-pihak berelasi menggunakan kebijakan harga dan syarat transaksi yang disepakati oleh para pihak.
All transactions with related parties are based on terms and conditions agreed among the parties.
Personil manajemen kunci Perseroan meliputi Dewan Komisaris dan Direksi. Total kompensasi personil manajemen kunci dalam Perseroan dan entitas anaknya:
Key management personnel of the Company are the Boards of Commisioners and Directors. Compensation of key management personnel of the Company and its subsidiaries:
30 September/September 30, 2014 Imbalan kerja jangka pendek: Dewan Komisaris Direksi
2013
31 Desember/December 31, 2013
2012
2011
2.200 6.820
1.638 5.591
2.339 6.797
1.687 2.625
1.725 2.265
9.020
7.229
9.136
4.312
3.990
114
F-123
Short-term employee benefits: Board of Commisioners Directors
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 36. INFORMASI MENGENAI BERELASI (lanjutan)
36. RELATED PARTY INFORMATION (continued)
PIHAK-PIHAK
The amounts disclosed in the table are the amounts recognized as an expense during the reporting period related to the key management personnel.
Jumlah dalam tabel di atas merupakan jumlah yang diakui sebagai beban selama periode pelaporan sehubungan dengan kompensasi yang diberikan kepada personil manajemen kunci. 37. SEGMEN OPERASI
37. OPERATING SEGMENTS
Segmen bisnis
Business segments
Perseroan dan entitas anaknya pada saat ini melakukan kegiatan usaha sebagai berikut:
The Company and its subsidiaries are presently engaged in the following business activities:
a. Penyewaan menara b. Penyewaan pemancar
a. Tower rental b. Repeater leasing
Berikut ini adalah informasi segmen berdasarkan segmen bisnis:
Segment information based on business segments is presented below:
Periode sembilan September 2014
Nine month-period ended September 30, 2014
bulan yang
berakhir
pada 30
Sewa menara/ Tower rental
Sewa pemancar/ Repeater leasing
Jumlah/ Total
PENDAPATAN Pendapatan sewa pada pihak ketiga
3.073.696
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
2.070.785 (37.194) (302.377) (75.546)
816 (15) (119) (30)
2.071.601 (37.209) (302.496) (75.576)
Laba usaha
1.655.668
652
1.656.320
Pendapatan keuangan Biaya keuangan Laba sebelum beban pajak penghasilan Beban pajak penghasilan Laba neto
1.212
5.497 (484.217)
2 (191)
1.176.948
463
3.074.908
5.499 (484.408) 1.177.411
(296.520)
(117)
(296.637)
880.428
346
880.774
17.304.341
6.821
17.311.162
(12.756.104)
(5.028)
(12.761.132)
LAPORAN POSISI KEUANGAN Total aset segmen Total liabilitas segmen INFORMASI LAINNYA Penyusutan Arus kas yang diperoleh dari aktivitas operasi
REVENUES Rental/leasing revenues from third parties Gross income Selling and marketing expenses General and administrative expenses Other losses, net Operating income Finance income Finance charges Income before corporate income tax expense Corporate income tax expense Net income STATEMENT OF FINANCIAL POSITION Total segment assets Total segment liabilities
570.749
225
570.974
OTHER INFORMATION Depreciation
3.042.072
1.198
3.043.270
Net cash provided by operating activities
Arus kas yang digunakan untuk aktivitas investasi
(1.706.501)
(673)
(1.707.174)
Net cash used in investing activities
Arus kas yang digunakan untuk aktivitas pendanaan
(488.248)
(192)
(488.440)
Net cash used in financing activities
115
F-124
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 37. SEGMEN OPERASI (lanjutan)
37. OPERATING SEGMENTS (continued)
Segmen bisnis (lanjutan)
Business segments (continued)
Periode sembilan September 2013
bulan yang
berakhir
pada 30
Sewa menara/ Tower rental
Nine month-period ended September 30, 2013
Sewa pemancar/ Repeater leasing
Jumlah/ Total
PENDAPATAN Pendapatan sewa pada pihak ketiga
2.293.003
2.276
REVENUE 2.295.279 Rental/leasing revenue from third parties
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
1.465.877 (24.300) (230.515) (711.222)
1.455 (24) (229) (706)
1.467.332 (24.324) (230.744) (711.928)
499.840
496
500.336
Operating income
Pendapatan keuangan Biaya keuangan
3.469 (375.652)
3 (373)
3.472 (376.025)
Finance income Finance charges
Laba sebelum beban pajak penghasilan
127.657
126
127.783
Beban pajak penghasilan
(33.200)
(33)
(33.233)
94.457
93
94.550
507.598
504
508.102
Depreciation
2.073.767
2.059
2.075.826
Cash flows provided by operating activities
Arus kas yang digunakan untuk aktivitas investasi
(1.426.801)
(1.417)
(1.428.218)
Cash flows used in investing activities
Arus kas yang digunakan untuk aktivitas pendanaan
(419.802)
(417)
(420.219)
Cash flows used in financing activities
Laba usaha
Laba neto
INFORMASI LAINNYA Penyusutan Arus kas yang diperoleh dari aktivitas operasi
Gross income Selling and marketing expenses General and administrative expenses Other losses, net
Income before corporate income tax expense Corporate income tax expense Net income
OTHER INFORMATION
116
F-125
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 37. SEGMEN OPERASI (lanjutan)
37. OPERATING SEGMENTS (continued)
Segmen bisnis (lanjutan)
Business segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2013
Year ended December 31, 2013
Sewa menara/ Tower rental
Sewa pemancar/ Repeater leasing
Jumlah/ Total
PENDAPATAN Pendapatan sewa pada pihak ketiga
3.195.372
1.767
3.197.139
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
2.058.442 (36.137) (319.029) (947.346)
1.139 (20) (176) (524)
2.059.581 Gross income (36.157) Selling and marketing expenses (319.205) General and administrative expenses (947.870) Others losses, net
755.930
419
756.349
Operating income
Pendapatan keuangan Biaya keuangan
3.999 (551.040)
2 (305)
4.001 (551.345)
Finance income Finance charges
Laba sebelum beban pajak penghasilan
208.889
116
209.005
Beban pajak penghasilan
(59.042)
(33)
(59.075)
Laba neto
149.847
83
149.930
15.569.335
8.609
15.577.944
(11.880.278)
(6.569)
(11.886.847)
Laba usaha
LAPORAN POSISI KEUANGAN Total aset segmen Total liabilitas segmen INFORMASI LAINNYA Penyusutan Arus kas yang diperoleh dari aktivitas operasi
REVENUES Rental/leasing revenues from third parties
Income before corporate income tax expense Corporate income tax expense Net income STATEMENT OF FINANCIAL POSITION Total segment assets Total segment liabilities
687.923
380
688.303
OTHER INFORMATION Depreciation
2.430.632
1.344
2.431.976
Net cash provided by operating activities
Arus kas yang digunakan untuk aktivitas investasi
(1.775.428)
(982)
(1.776.410)
Net cash used in investing activities
Arus kas yang digunakan untuk aktivitas pendanaan
(637.252)
(352)
(637.604)
Net cash used in financing activities
117
F-126
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 37. SEGMEN OPERASI (lanjutan)
37. OPERATING SEGMENTS (continued)
Segmen bisnis (lanjutan)
Business segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2012
Year ended December 31, 2012
Sewa menara/ Tower rental
Sewa pemancar/ Repeater leasing
Jumlah/ Total
PENDAPATAN Pendapatan sewa pada pihak ketiga
2.257.717
7.543
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
1.537.833 (28.964) (204.838) (323.376)
5.138 (96) (685) (1.080)
1.542.971 (29.060) (205.523) (324.456)
980.655
3.277
983.932
Operating income
Pendapatan keuangan Biaya keuangan
11.833 (532.434)
40 (1.779)
11.873 (534.213)
Finance income Finance charges
Laba sebelum beban pajak penghasilan
460.054
1.538
461.592
Laba usaha
Beban pajak penghasilan Laba neto
(114.594)
(383)
345.460
1.155
REVENUE 2.265.260 Rental/leasing revenue from third parties
Total aset segmen Total liabilitas segmen
Income before corporate income tax expense
(114.977) 346.615
LAPORAN POSISI KEUANGAN
Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang diperoleh dari aktivitas pendanaan
Corporate income tax expense Net income
STATEMENT OF FINANCIAL POSITION 13.604.081
54.450
13.649.531
(10.134.687)
(33.859)
(10.168.546)
INFORMASI LAINNYA Penyusutan
Gross income Selling and marketing expenses General and administrative expenses Other losses, net
Total segment assets Total segment liabilities OTHER INFORMATION
445.339
1.488
446.827
Depreciation
1.984.535
6.630
1.991.165
Cash flows provided by operating activities
(2.719.590)
(9.086)
(2.728.676)
1.180.622
3.944
1.184.566
118
F-127
Cash flows used in investing activities Cash flows provided by financing activities
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 37. SEGMEN OPERASI (lanjutan)
37. OPERATING SEGMENTS (continued)
Segmen bisnis (lanjutan)
Business segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2011
Year ended December 31, 2011
Sewa menara/ Tower rental
Sewa pemancar/ Repeater leasing
Jumlah/ Total
PENDAPATAN Pendapatan sewa pada pihak ketiga
1.642.860
8.046
1.650.906 Rental/leasing revenue from third parties
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
1.071.886 (22.520) (150.979) (81.608)
5.249 (110) (739) (400)
1.077.135 (22.630) (151.718) (82.008)
816.779
4.000
820.779
Operating income
Pendapatan keuangan Biaya keuangan
1.051 (441.227)
5 (2.161)
1.056 (443.388)
Finance income Finance charges
Laba sebelum beban pajak penghasilan
376.603
1.844
378.447
Beban pajak penghasilan
(96.364)
Laba neto
280.239
Laba usaha
REVENUE
(472) 1.372
Total aset segmen Total liabilitas segmen
Income before corporate income tax expense
(96.836) 281.611
LAPORAN POSISI KEUANGAN
Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang diperoleh dari aktivitas pendanaan
Corporate income tax expense Net income
STATEMENT OF FINANCIAL POSITION 8.586.038
42.051
8.628.089
(7.012.955)
(34.347)
(7.047.302)
INFORMASI LAINNYA Penyusutan
Gross income Selling and marketing expenses General and administrative expenses Other losses, net
Total segment assets Total segment liabilities OTHER INFORMATION
376.366
1.843
378.209
Depreciation
1.562.814
7.654
1.570.468
Cash flows provided by operating activities
(1.698.278)
(8.317)
(1.706.595)
426.606
2.089
119
F-128
428.695
Cash flows used in investing activities Cash flows provided by financing activities
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
37. OPERATING SEGMENTS (continued)
37. SEGMEN OPERASI (lanjutan) Segmen geografis
Geographical segments
Tabel berikut menunjukkan distribusi akun-akun di laporan laba rugi dan laporan posisi keuangan konsolidasian dan informasi lainnya berdasarkan segmen geografis:
The following table shows the distribution of the consolidated income statement and statement of financial position accounts and other information by geographical segment:
Periode sembilan 30 September 2014
Nine month-period ended September 30, 2014
bulan
yang
berakhir
Indonesia/ Indonesia PENDAPATAN Pendapatan sewa pada pihak ketiga
pada Luar negeri/ Overseas
Eliminasi/ Eliminations
Jumlah/ Total
2.981.007
93.901
-
3.074.908
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
2.040.486 (37.177)
31.115 (32)
-
2.071.601 (37.209)
(293.015) (73.568)
(9.481) (2.008)
-
(302.496) (75.576)
Laba usaha
1.636.726
19.594
-
Pendapatan keuangan Biaya keuangan Laba/(rugi) sebelum (beban)/manfaat pajak penghasilan (Beban)/manfaat pajak penghasilan Laba/(rugi) neto
5.433 (459.497) 1.182.662 (298.110) 884.552
124.511 (149.356)
(124.445) 124.445
1.656.320 5.499 (484.408)
Total liabilitas segmen
Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang digunakan untuk aktivitas pendanaan
Operating income Finance income Finance charges
-
1.177.411
Income/(loss) before corporate income tax (expense)/benefit
1.473
-
(296.637)
Corporate income tax (expense)/benefit
(3.778)
-
880.774
Net Income/(loss) STATEMENT OF FINANCIAL POSITION
16.223.085
6.247.425
(5.159.348)
17.311.162
(11.703.382)
(5.935.698)
4.877.948
(12.761.132)
INFORMASI LAINNYA Penyusutan
Gross income Selling and marketing expenses General and administrative expenses Other losses, net
(5.251)
LAPORAN POSISI KEUANGAN Total aset segmen
REVENUES Rental/leasing revenue from third parties
Total segment assets Total segment liabilities OTHER INFORMATION
557.874
13.100
-
570.974
Depreciation
2.920.087
123.183
-
3.043.270
Net cash provided by operating activities
(1.701.508)
(5.666)
-
(1.707.174)
Net cash used in investing activities
(478.880)
(9.560)
-
(488.440)
Net cash used in financing activities
120
F-129
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
37. OPERATING SEGMENTS (continued)
37. SEGMEN OPERASI (lanjutan)
Geographical segments (continued)
Segmen geografis (lanjutan) Periode sembilan 30 September 2013
bulan
yang
berakhir
Indonesia/ Indonesia PENDAPATAN Pendapatan sewa pada pihak ketiga Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi (Kerugian)/keuntungan lain-lain, neto Laba usaha Pendapatan keuangan Biaya keuangan
pada
Nine month-period ended September 30, 2013
Di luar Indonesia/ Eliminasi/ Overseas Eliminations
Jumlah/ Total
2.225.004
70.275
-
2.295.279
1.448.162 (24.324)
19.170 -
-
1.467.332 (24.324)
(220.128) (711.741)
(11.249) 446
491.969
8.367
633 (633) (95.111) 95.111
(230.744) (711.928)
REVENUE Rental/leasing revenue from third parties Gross income Selling and marketing expenses General and administrative expenses Other (losses)/gain, net
500.336
Operating income
3.472 (376.025)
Finance income Finance charges
3.226 (352.930)
95.357 (118.206)
Laba/(rugi) sebelum beban pajak penghasilan
142.265
(14.482)
-
127.783
Income before corporate income tax expense
(Beban)/manfaat pajak penghasilan
(36.586)
3.353
-
(33.233)
Corporate income tax (expense)/benefit
Laba neto
105.679
(11.129)
-
94.550
Net Income
INFORMASI LAINNYA Penyusutan Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang digunakan untuk aktivitas pendanaan
OTHER INFORMATION 497.230
10.872
-
508.102
Depreciation
2.012.878
62.948
-
2.075.826
Cash flows provided by operating activities
(1.425.400)
(2.818)
-
(1.428.218)
Cash flows used in investing activities
(261.955)
(157.866)
(420.219)
Cash flows used in financing activities
121
F-130
(398)
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
37. OPERATING SEGMENTS (continued)
37. SEGMEN OPERASI (lanjutan) Segmen geografis (lanjutan)
Geographical segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2013
Year ended December 31, 2013
Indonesia PENDAPATAN Pendapatan sewa pada pihak ketiga Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi (Kerugian)/keuntungan lain-lain, neto Laba usaha Pendapatan keuangan Biaya keuangan
Luar negeri/ Overseas
Eliminasi/ Eliminations
Jumlah/ Total
3.097.433
99.706
-
3.197.139
2.031.893 (36.153)
27.688 (4)
-
2.059.581 (36.157)
(310.543) (947.470)
(9.295) 400
633 (800)
(319.205) (947.870)
737.727
18.789
(167)
756.349
Operating income
3.738 (523.282)
141.571 (169.371)
(141.308) 141.308
4.001 (551.345)
Finance income Finance charges
(9.011)
(167)
2.335
-
(6.676)
(167)
Laba/(rugi) sebelum beban pajak penghasilan
218.183
(Beban)/manfaat pajak penghasilan
(61.410)
Laba/(rugi) neto
156.773
209.005 (59.075) 149.930
LAPORAN POSISI KEUANGAN Total aset segmen Total liabilitas segmen
Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang digunakan untuk aktivitas pendanaan
Gross income Selling and marketing expenses General and administrative expenses Other (losses)/gain, net
Income/(loss) before corporate income tax expense Corporate income tax (expense)/benefit Net Income/(loss) STATEMENT OF FINANCIAL POSITION
14.420.041
6.297.447
(5.139.544)
15.577.944
(10.784.892)
(5.960.100)
4.858.145
(11.886.847)
INFORMASI LAINNYA Penyusutan
REVENUES Rental/leasing revenue from third parties
Total segment assets Total segment liabilities OTHER INFORMATION
673.077
15.226
-
688.303
Depreciation
2.373.388
58.588
-
2.431.976
Net cash provided by operating activities
(1.771.544)
(4.866)
-
(1.776.410)
Net cash used in investing activities
(427.641)
(209.963)
-
(637.604)
Net cash used in financing activities
122
F-131
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
37. OPERATING SEGMENTS (continued)
37. SEGMEN OPERASI (lanjutan) Segmen geografis (lanjutan)
Geographical segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2012
Year ended December 31, 2012
Sumatera/ Sumatra PENDAPATAN Pendapatan sewa pada pihak ketiga
Luar Jawa dan Sumatera/ Outside Java and Sumatra
Jawa/ Java
Jumlah/ Total REVENUES Rental/leasing revenues from third parties
466.408
1.206.951
591.901
2.265.260
Laba bruto Beban penjualan dan pemasaran
317.692
822.109
403.170
1.542.971
(5.983)
(15.483)
(7.594)
(29.060)
Beban umum dan administrasi Kerugian lain-lain, neto
(42.316) (66.804)
(109.505) (172.873)
(53.702) (84.779)
(205.523) (324.456)
Gross Income Selling and marketing expenses General and administrative expenses Other losses, net
Laba usaha
202.589
524.248
257.095
983.932
Operating Income
Pendapatan keuangan Biaya keuangan
2.445 (109.992)
6.326 (284.634)
3.102 (139.587)
11.873 (534.213 )
Finance Income Finance charges
Laba sebelum pajak penghasilan
95.042
245.940
120.610
461.592
Income before corporate income tax
(23.673)
(61.261)
(30.043)
(114.977)
Corporate income tax expense
71.369
184.679
90.567
346.615
Net Income
Beban pajak penghasilan Laba neto LAPORAN POSISI KEUANGAN Total aset segmen Total liabilitas segmen
STATEMENT OF FINANCIAL POSITION 2.810.386
7.272.595
3.566.550
13.649.531
Total segment assets
(2.093.664)
(5.417.894 )
(2.656.988)
(10.168.546)
Total segment liabilities
INFORMASI LAINNYA Penyusutan Arus kas diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas diperoleh dari untuk aktivitas pendanaan
OTHER INFORMATION 92.000
238.074
116.753
446.827
Depreciation Cash flows provided by operating activities
409.973
1.060.911
520.281
1.991.165
(561.824)
(1.453.863 )
(712.989)
(2.728.676 )
309.520
1.184.566
243.898
631.148
123
F-132
Cash flows used in investing activities Cash flows provided by financing activities
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
37. OPERATING SEGMENTS (continued)
37. SEGMEN OPERASI (lanjutan) Segmen geografis (lanjutan)
Geographical segments (continued)
Tahun yang berakhir pada tanggal 31 Desember 2011
Year ended December 31, 2011
Sumatera/ Sumatra PENDAPATAN Pendapatan sewa pada pihak ketiga
Luar Jawa dan Sumatera/ Outside Java and Sumatra
Jawa/ Java
Jumlah/ Total REVENUE Rental/leasing revenue from third parties
336.569
923.549
390.788
1.650.906
Laba bruto Beban penjualan dan pemasaran Beban umum dan administrasi Kerugian lain-lain, neto
219.594 (4.614)
602.570 (12.660)
254.971 (5.356)
1.077.135 (22.630)
(30.930) (16.719)
(84.873) (45.877)
(35.915) (19.412)
(151.718) (82.008)
Laba usaha
167.331
459.160
194.288
820.779
Operating income
Pendapatan keuangan Biaya keuangan
215 (90.393)
591 (248.040)
250 (104.955)
1.056 (443.388)
Finance income Finance charges
Laba sebelum beban pajak penghasilan
77.153
211.711
89.583
378.447
(19.742)
(54.172)
(22.922)
(96.836)
57.411
157.539
66.661
281.611
Beban pajak penghasilan Laba neto LAPORAN POSISI KEUANGAN Total aset segmen Total liabilitas segmen INFORMASI LAINNYA Penyusutan Arus kas yang diperoleh dari aktivitas operasi Arus kas yang digunakan untuk aktivitas investasi Arus kas yang diperoleh dari aktivitas pendanaan
Gross income Selling and marketing expenses General and administrative expenses Other losses, net
Income before corporate income tax expense Corporate income tax expense Net Income STATEMENT OF FINANCIAL POSITION
1.759.000
4.826.725
2.042.364
8.628.089
(1.436.726)
(3.942.401)
(1.668.175)
(7.047.302)
Total segment assets Total segment liabilities
77.105
211.578
89.526
378.209
OTHER INFORMATION Depreciation
320.170
878.551
371.747
1.570.468
Cash flows provided by operating activities
(347.922)
(954.703)
(403.970)
(1.706.595)
87.398
239.820
101.477
124
F-133
428.695
Cash flows used in investing activities Cash flows provided by financing activities
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
38. ASET DAN LIABILITAS MONETER DALAM MATA UANG ASING
38. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Aset dan liabilitas moneter dalam mata uang asing pada tanggal laporan posisi keuangan adalah sebagai berikut:
The monetary assets and liabilities denominated in foreign currencies as of the statement of financial position dates are as follows: 31 Desember/December 31,
30 September/September 30, 2014 Mata uang asing (angka penuh)/ Foreign currency (full amount) Aset: Kas dan setara kaspihak ketiga Piutang usaha - pihak ketiga Piutang lain-lain pihak berelasi Aset tidak lancar lainnya Total aset
Liabilitas: Utang pembangunan menara dan lainnya - pihak ketiga Utang lain-lain - pihak ketiga Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Beban akrual
Total liabilitas
Liabilitas bersih
Ekuivalen Ruipiah/ Equivalent in Rupiah
2013 Mata uang asing (angka penuh)/ Foreign currency (full amount)
2012 Mata uang asing (angka penuh)/ Foreign currency (full amount)
Ekuivalen Rupiah/ Equivalent in Rupiah
2011 Mata uang asing (angka penuh)/ Foreign currency (full amount)
Ekuivalen Rupiah/ Equivalent in Rupiah
Ekuivalen Rupiah/ Equivalent in Rupiah
AS$177.932.782 EUR 6.356.828
2.172.916 98.496
98.705.580 5.814.830
1.203.121 97.813
38.576.653 4.599.942
373.037 58.924
3.718.215 -
33.716 -
AS$ 7.266.508 EUR 1.405.289
88.738 21.774
10.265.330 2.334.514
125.124 39.270
5.682.142 64.599
54.946 828
108.907 -
988 -
396.043
4.836
-
-
-
-
1.026.148 -
AS$185.595.333 EUR 7.762.117
2.266.490 120.270
108.970.910 8.149.344
1.328.245 137.083
44.258.795 4.664.541
427.983 59.752
4.853.270 -
AS$ AS$
Assets: Cash and cash equivalents third parties Trade receivables - third parties
Other receivables 9.305 related parties - Other non current assets 44.009 -
Total assets
Liabilities: Tower construction and other payables - third parties
AS$ EUR
42.431 469.859
518 7.280
17.325.000 134.965
211.174 2.270
21.950.499 816
212.261 10
66.947 -
607 -
AS$ EUR
1.416 128.309
17 1.988
-
-
-
-
-
-
AS$ 75.000.000
915.900
75.000.000
914.175
-
-
56.398.775
511.424
AS$400.000.000 EUR 57.227.723 AS$ 14.274.697 EUR 6.687.667
4.884.800 886.720 174.323 103.623
400.000.000 57.227.723 3.654.940 5.273.861
4.875.600 962.653 44.550 88.714
462.983.707 57.227.723 2.238.890 3.581.472
4.477.052 733.079 21.650 45.878
455.982.387 6.003.120 -
4.134.848 54.436 -
AS$489.318.544 EUR 64.513.558
5.975.558 999.611
495.979.940 62.636.549
6.045.499 1.053.637
487.173.096 60.810.011
4.710.963 778.967
518.451.229 -
4.701.315 -
Total liabilities
4.657.306
Net liabilities
4.588.409
39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN
5.633.808
5.002.195
Other payables - third parties Current portion of long-term loans Third parties Long-term loans, net of current portion Third parties Accrued expenses
RISIKO
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES
Liabilitas keuangan Perseroan dan entitas anaknya, terdiri dari utang pembangunan menara dan lainnya - pihak berelasi dan pihak ketiga, utang lain-lain - pihak ketiga, liabilitas imbalan kerja jangka pendek, beban akrual, utang jangka panjang - pihak ketiga dan utang obligasi. Tujuan utama dari liabilitas keuangan tersebut adalah untuk mengumpulkan dana untuk keperluan operasi Perseroan dan entitas anaknya. Perseroan dan entitas anaknya memiliki kas dan setara kas, piutang usaha - pihak ketiga, piutang lain-lain, dan aset tidak lancar lainnya - uang jaminan yang timbul dari kegiatan usaha Perseroan dan entitas anaknya.
The Company and its subsidiaries’ financial liabilities, are comprised of tower construction and other payables - related party and third parties, other payables - third parties, short-term employee benefit liabilities, accrued expenses, long-term loans - third parties and bonds payable. The main purpose of these financial liabilities is to raise finances for the Company and its subsidiaries’ operations. The Company and its subsidiaries have cash and cash equivalents, trade receivables-third parties, other receivables, and other non-current assets - deposits that arise directly from its operations.
125
F-134
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) RISIKO
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
Liabilitas keuangan Perseroan dan entitas anaknya, selain derivatif, terdiri dari pinjaman jangka panjang - pihak ketiga dan pihak berelasi, utang pembangunan menara dan lainnya - pihak ketiga, utang lain-lain - pihak ketiga, liabilitas imbalan kerja jangka pendek dan beban akrual. Tujuan utama dari liabilitas keuangan tersebut adalah untuk mengumpulkan dana untuk keperluan operasi Perseroan dan entitas anaknya. Perseroan dan entitas anaknya memiliki piutang usaha - pihak ketiga, piutang lain-lain - pihak ketiga dan pihak berelasi, kas dan setara kas dan aset tidak lancar lainnya - uang jaminan yang timbul dari kegiatan usaha Perseroan dan entitas anaknya.
The Company and its subsidiaries’ financial liabilities, other than derivatives, are comprised of long-term loans - third parties and related party, tower construction and other payables - third parties, other payables - third parties, short-term employee benefit liabilities and accrued expenses. The main purpose of these financial liabilities is to raise finances for the Company and its subsidiaries’ operations. The Company and its subsidiaries have trade receivables-third parties, other receivables - third parties and related parties, cash and cash equivalents and other non-current assets - deposits that arise directly from its operations.
Perseroan dan entitas anaknya terpengaruh terhadap risiko pasar, risiko kredit dan risiko likuiditas. Manajemen senior Perseroan dan entitas anaknya mengawasi manajemen risiko atas risikorisiko tersebut. Manajemen senior Perseroan dan entitas anaknya didukung oleh Komite Risiko Keuangan yang memberikan saran atas risiko keuangan dan kerangka pengelolaan risiko keuangan yang tepat untuk Perseroan dan entitas anaknya. Komite Risiko Keuangan memberikan kepastian kepada Manajemen senior Perseroan dan entitas anaknya bahwa aktivitas keuangan Perseroan dan entitas anaknya dikelola sesuai kebijakan dan prosedur yang tepat dan risiko keuangan diidentifikasi, diukur dan dikelola sesuai dengan kebijakan dan risk appetite.
The Company and its subsidiaries are exposed to market risk, credit risk and liquidity risk. The Company and its subsidiaries senior management oversee the management of these risks. The Company and its subsidiaries senior management are supported by a Financial Risk Committee that advises on financial risks and the appropriate financial risk governance framework for the Company and its subsidiaries. The Financial Risk Committee provides assurance to the Company and its subsidiaries’ senior management that the Company and its subsidiaries’ financial activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with policies and risk appetite.
Semua transaksi derivatif untuk tujuan manajemen risiko dilakukan oleh tim spesialis yang memiliki keahlian, pengalaman dan pengawasan yang memadai. Kebijakan entitas anak termasuk tidak ada transaksi derivatif dengan tujuan untuk spekulasi.
All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the and its subsidiaries’ policy that no trading in derivatives for speculative purposes shall be undertaken.
Direksi menelaah dan menyetujui kebijakan pengelolaan risiko-risiko sebagaimana dirangkum di bawah ini.
The Directors review and agree on policies for managing each of these risks which are summarized below.
39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
126
F-135
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RISIKO
Risiko pasar
Market risk
Risiko pasar adalah risiko nilai wajar arus kas masa depan suatu instrumen keuangan akan berfluktuasi karena perubahan harga pasar yang menggambarkan risiko tingkat suku bunga dan risiko mata uang asing. Harga pasar mengandung dua tipe risiko: risiko tingkat suku bunga dan risiko nilai tukar mata uang asing. Instrumen keuangan yang terpengaruh oleh risiko pasar termasuk kas dan setara kas, piutang usaha - pihak ketiga, piutang lain-lain - pihak ketiga dan pihak berelasi utang pembangunan menara dan lainnya - pihak ketiga, utang jangka panjang, dan beban akrual.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices which represent interest rate risk and foreign currency risk. Financial instruments affected by market risk include cash and cash equivalent, trade receivables - third parties, other receivables - third party and related parties, tower construction and other payables - third parties, long-term loans, and accrued expenses.
x
Risiko tingkat suku bunga
x
Risiko tingkat suku bunga adalah risiko di mana nilai wajar arus kas di masa depan akan berfluktuasi karena perubahan tingkat suku bunga pasar. Perseroan dan entitas anaknya terpengaruh risiko perubahan suku bunga pasar terutama terkait dengan pinjaman jangka panjang dengan suku bunga mengambang. Perseroan dan entitas anaknya mengelola risiko ini dengan melakukan transaksi swap tingkat bunga dengan The Royal Bank of Scotland N.V. (ABN AMRO Bank N.V.) cabang Jakarta dan DBS Bank Ltd. yang mana entitas anak setuju bertukar, pada interval yang ditentukan, perbedaan antara jumlah bunga yang dihitung pada tingkat bunga tetap dan variable berdasarkan jumlah nosional yang disepakati sebesar AS$nihil (31 Desember 2012: AS$nihil, 2011: AS$156.640.775). Swap tingkat bunga ini ditujukan untuk lindung nilai liabilitas utang jangka panjang yang mendasarinya
Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company and its subsidiaries’ exposure to the risk of changes in market interest rates related primarily to the Company and its subsidiaries’ long-term loans with floating interest rates. The Company and its subsidiaries manage this risk by entering into interest rate swaps contracts with The Royal Bank of Scotland N.V. (ABN AMRO Bank N.V.) Jakarta branch and DBS Bank Ltd., in which the Company and its subsidiaries agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreedupon notional principle amount of US$nil (December 31, 2012: US$ nil, 2011: and US$156,640,775). This interest rate swap is designated to hedge the interest of the underlying long-term loan.
127
F-136
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan) x
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RISIKO
Risiko tingkat suku bunga (lanjutan)
x
Tabel berikut ini menunjukan sensitivitas kemungkinan perubahan tingkat suku bunga pinjaman. Dengan asumsi variabel lain konstan, laba sebelum beban pajak konsolidasian dipengaruhi oleh tingkat suku bunga mengambang sebagai berikut:
Interest rate risk (continued) The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans. With all other variables held constant, the consolidated income before tax expense is affected by the impact on floating rate loans as follows:
Kenaikan/ penurunan dalam satuan poin/ Increase/ decrease in basis point
Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
30 September 2014 Dolar AS Dolar AS Rupiah Rupiah Euro Euro
+100 -100 +100 -100 +100 -100
(58.007 ) 58.007 (28.797 ) 28.797 (8.867 ) 8.867
September 30, 2014 US Dollar US Dollar Rupiah Rupiah Euro Euro
30 September 2013 Dolar AS Dolar AS Rupiah Rupiah Euro Euro
+100 -100 +100 -100 +100 -100
(55.162 ) 55.162 (30.035 ) 30.035 (8.968 ) 8.968
September 30, 2013 US Dollar US Dollar Rupiah Rupiah Euro Euro
31 Desember 2013 Dolar AS Dolar AS Rupiah Rupiah Euro Euro
+100 -100 +100 -100 +100 -100
(57.898 ) 57.898 (29.725 ) 29.725 (9.627 ) 9.627
December 31, 2013 US Dollar US Dollar Rupiah Rupiah Euro Euro
31 Desember 2012 Dolar AS Dolar AS Rupiah Rupiah Euro Euro
+100 -100 +100 -100 +100 -100
(44.771 ) 44.771 (30.800 ) 30.800 (7.331 ) 7.331
December 31, 2012 US Dollar US Dollar Rupiah Rupiah Euro Euro
31 Desember 2011 Dolar AS Dolar AS Rupiah Rupiah
+100 -100 +100 -100
(50.166 ) (14.058 ) (15.063 ) 15.063
December 31, 2011 US Dollar US Dollar Rupiah Rupiah
128
F-137
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan) x
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RISIKO
Risiko mata uang asing
x
Foreign currency risk
Risiko mata uang asing adalah risiko nilai wajar arus kas di masa depan yang berfluktuasi karena perubahan kurs pertukaran mata uang asing. Perseroan dan entitas anaknya terpengaruh risiko perubahan mata uang asing terutama berkaitan dengan pinjaman jangka panjang dalam mata uang AS Dolar dan Euro. Perseroan dan entitas anaknya mengelola risiko ini dengan melakukan perjanjian sewa menara dengan jangka waktu 10 tahun dan 12 tahun dengan Hutchison dalam mata uang Dolar AS dan perjanjian sewa menara jangka panjang dengan pelanggan-pelanggan entitas anak di Belanda dalam mata uang Euro. Manajemen Perseroan dan entitas anaknya berpendapat strategi atas manajemen risiko yang diterapkan, memberikan manfaat jangka pendek dan jangka panjang bagi Perseroan dan entitas anaknya.
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company and its subsidiaries’ exposure to the risk of changes in foreign exchange rates relates primarily to the Company and its subsidiaries’ US Dollar and Euro long-term loans.The Company and its subsidiaries manage this risk by entering into 10-year and 12-year tower rental agreements with Hutchison which are denominated in US Dollars and long-term tower rental agreements with subsidiary’s customer in Netherlands which are denominated in Euro. The Company and its subsidiaries’ management believe that this risk management strategy results in a positive benefit for the Company and its subsidiaries both in the short-term and longterm.
Tabel berikut ini menunjukan sensitivitas skemungkinan perubahan tingkat pertukaran Rupiah terhadap Dolar AS dan Euro, dengan asumsi variabel lain konstan, dampak terhadap laba sebelum beban pajak penghasilan konsolidasian sebagai berikut:
The following table demonstrates the sensitivity to a reasonably possible change in the Rupiah exchange rate againts the US Dollar and Euro, with all other variables held constant, with the effect to the income before corporate income tax expense as follows: Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
Perubahan tingkat Rp/ Change in Rp rate 30 September 2014 Dolar AS Dolar AS Euro Euro
1% -1% 1% -1%
(37.091 ) 37.091 (8.793 ) 8.793
September 30, 2014 US Dollar US Dolar Euro Euro
30 September 2013 Dolar AS Dolar AS Euro Euro
1% -1% 1% -1%
(39.915 ) 39.915 (8.496 ) 8.496
September 30, 2013 US Dollar US Dolar Euro Euro
31 Desember 2013 Dolar AS Dolar AS Euro Euro
1% -1% 1% -1%
(47.173 ) 47.173 (9.166 ) 9.166
December 31, 2013 US Dollar US Dolar Euro Euro
129
F-138
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RiSIKO
Dampak terhadap laba sebelum beban pajak/ Effect on income before tax expenses
Perubahan tingkat Rp/ Change in Rp rate 31 Desember 2012 Dolar AS Dolar AS EUR EUR
1% -1% 1% -1%
(42.830) 42.830 (6.795) 6.795
December 31, 2012 US Dollar US Dollar EUR EUR
31 Desember 2011 Dolar AS Dolar AS
1% -1%
(46.573) 46.573
December 31, 2011 US Dollar US Dollar
Risiko kredit
Credit risk
Risiko kredit adalah risiko dimana lawan transaksi tidak akan memenuhi liabilitasnya berdasarkan instrumen keuangan atau kontrak pelanggan, yang menyebabkan kerugian keuangan. Perseroan dan entitas anaknya terkena risiko kredit dari kegiatan operasi yang berhubungan dengan sewa menara. Risiko kredit pelanggan dikelola oleh komite kredit sesuai kebijakan entitas anak, prosedur dan pengendalian yang telah ditetapkan yang berkaitan dengan manajemen risiko kredit pelanggan. Posisi piutang pelanggan dipantau secara teratur.
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company and its subsidiaries are exposed to credit risk from its operating activities related to tower rent. Customer credit risk is managed by a Credit Committe subject to the Company and its subsidiaries’ established policies, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored.
Maksimum risiko kredit yang dihadapi oleh Perseroan kurang lebih sebesar nilai tercatat neto dari piutang usaha sebagaimana diungkapkan dalam Catatan 5.
The Company’s maximum exposure of the credit risk approximates net carrying amounts of trade receivables as disclosed in Note 5.
Tabel berikut ini menyajikan piutang usaha yang mengalami penurunan nilai, piutang usaha yang telah jatuh tempo tetapi tidak mengalami penurunan nilai serta piutang usaha yang belum jatuh tempo dan tidak mengalami penurunan nilai:
The following table presents the impaired trade receivables, trade receivables past due but not impaired and trade receivables neither past due nor impaired:
30 September/ September 30, 2014 Belum jatuh tempo dan tidak mengalami penurunan nilai Telah jatuh tempo dan tidak mengalami penurunan nilai Mengalami penurunan nilai Dikurangi: Cadangan kerugian penurunan nilai piutang
31 Desember/December 31, 2013
2012
2011
453.196
431.025
205.453
174.605
Neither past due nor impaired
221.046 184.097
242.728 44.007
56.148 7.537
19.997 26.008
Past due nor impaired Impaired
858.339
717.760
269.138
220.610
(184.097)
(44.007)
(7.537)
674.242
673.753
261.601
130
F-139
(26.008) 194.602
Less: Allowance for impairment losses of receivables
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RiSIKO
Risiko likuiditas
Liquidity risk
Risiko likuiditas timbul apabila Perseroan dan entitas anaknya mengalami kesulitan untuk memenuhi liabilitas keuangan ketika liabilitas keuangan tersebut jatuh tempo.
Liquidity risk arise in situations where the Company and subsidiaries have difficulties in fulfilling financial liabilities when they become due.
Manajemen risiko likuiditas yang hati-hati berarti mempertahankan kas dan setara kas yang memadai untuk mendukung kegiatan bisnis secara tepat waktu. Perseroan dan entitas anaknya menjaga keseimbangan antara kesinambungan penagihan piutang serta melalui fleksibilitas penggunaan pinjaman bank untuk mengelola risiko likuiditas.
Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents to support business activities on a timely basis. The Company and its subsidiaries maintain a balance between continuity of accounts receivable collections and flexibility through the use of bank loans in order to manage liquidity risk.
Perseroan dan entitas anaknya memonitor risiko likuiditas dengan menggunakan alat perencanaan likuiditas. Kebijakan Perseroan dan entitas anaknya adalah menjaga rasio-rasio sebagai berikut:
The Company and its subsidiaries monitor its risk of a shortage of funds by using a recurring liquidity planning tool. The Company and its subsidiaries maintains the following ratios:
x x
Net debt to running EBITDA (Maksimum 5,00) Debt Service Coverage Ratio (Minimum 1,3)
Net debt to running EBITDA (Maximum 5.00) Debt Service Coverage Ratio (Minimum 1.3)
x x
Pada tanggal 30 September 2014, dan 31 Desember 2013, 2012 dan 2011, Perseroan dan entitas anaknya dapat menjaga rasio-rasio yang telah ditetapkan.
As of September 30, 2014 and December 31, 2013, 2012 and 2011, the Company and its subsidiaries were in compliance to maintain those ratios level.
Tabel berikut ini menunjukan profil jangka waktu pembayaran liabilitas Perseroan dan entitas anaknya berdasarkan pembayaran dalam kontrak.
The table below summarizes the maturity profile of the Company and its subsidiaries’ financial liabilities based on contractual payments.
< 1 tahun/ < 1 year 30 September 2014 Utang pembangunan menara dan lainnya pihak ketiga Utang lain-lain pihak ketiga Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang obligasi
1 - 2 tahun/ 1 - 2 years
2 - 3 tahun/ 2 - 3 years
>3 tahun/ >3 years
Jumlah/ Total
37.986
-
-
-
37.986
36.331 317.016
-
-
-
36.331 317.016
September 30, 2014 Tower construction and other payables third parties Other payables third parties Short-term employee benefit liabilities Accrued expenses
1.105.423
-
-
-
1.105.423
Current portion of long-term loans Third parties Long-term loans net of current portion Third parties Bonds payable
469.319
-
-
-
469.319
-
283.365 -
411.931 1.000.000
6.766.406 -
7.461.702 1.000.000
1.966.075
283.365
1.411.931
6.766.406
10.427.777
131
F-140
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RISIKO
Liquidity risk (continued)
Risiko likuiditas (lanjutan) < 1 tahun/ < 1 year 31 Desember 2013 Utang pembangunan menara dan lainnya pihak ketiga Utang lain-lain pihak ketiga Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga
1 - 2 tahun/ 1 - 2 years
2 - 3 tahun/ 2 - 3 years
>3 tahun/ >3 years
Jumlah/ Total
49.774
-
-
-
49.774
43.956 244.390
-
-
-
43.956 244.390
December 31, 2013 Tower construction and other payables third parties Other payables third parties Short-term employee benefit liabilities Accrued expenses
1.158.175
-
-
-
1.158.175
Current portion of long-term loans Third parties Long-term loans - net of current portion Third parties
484.822
-
-
-
484.822
-
325.236
485.709
7.755.808
8.566.753
1.981.117
325.236
485.709
7.755.808
10.547.870
1 - 2 tahun/ 1-2 years
< 1 tahun/ < 1 year 31 Desember 2012 Utang pembangunan menara dan lainnya - pihak ketiga Utang lain-lain - pihak ketiga Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga
31 Desember 2011 Utang pembangunan menara dan lainnya - pihak ketiga Utang lain-lain - pihak ketiga Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Pihak berelasi
2 - 3 tahun/ 2 -3 years
> 3 tahun/ > 3 years
Jumlah/ Total December 31, 2012
386.636 40.638
-
-
-
386.636 40.638
25.976 264.903
-
-
-
25.976 264.903
Tower construction and other payables - third parties Other payables - third parties Short-term employee benefit liabilities Accrued expenses
107.500
-
-
-
107.500
Current portion of long-term loans Third parties Long-term loans net of current portion Third parties
-
61.000
183.000
7.938.631
8.182.631
825.653
61.000
183.000
7.938.631
9.008.284
.
December 31, 2011 165.117 33.294
-
-
-
165.117 33.294
28.368 170.524
-
-
-
28.368 170.524
Tower construction and other payables - third parties Other payables - third parties Short-term employee benefit liabilities Accrued expenses
516.425
-
-
-
516.425
Current portion of long-term loans Third parties
-
689.055 -
113.929 -
4.513.023 320.125
5.316.007 320.125
Long-term loans net of current portion Third parties Related party
913.728
689.055
113.929
4.833.148
6.549.860
132
F-141
.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) 39. TUJUAN DAN KEBIJAKAN MANAJEMEN KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVE AND POLICIES (continued)
RISIKO
Manajemen modal
Capital management
Tujuan utama pengelolaan modal Perseroan dan entitas anaknya adalah untuk memastikan pemeliharaan rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham.
The primary objective of the Company and its subsidiaries’ capital management are to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value.
Perseroan dan entitas anaknya mengelola struktur permodalan dan melakukan penyesuaian berdasarkan perubahan kondisi ekonomi. Untuk memelihara dan menyesuaikan struktur permodalan, Perseroan dan entitas anaknya dapat menyesuaikan pembayaran dividen kepada pemegang saham atau menerbitkan saham baru. Tidak ada perubahan atas tujuan, kebijakan maupun proses dalam manajemen modal untuk periode sembilan bulan yang berakhir pada tanggal 30 September 2014 dan tahun yang berakhir 31 Desember 2013, 2012 dan 2011.
The Company and its subsidiaries manage its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company and its subsidiaries may adjust the dividend payment to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during nine-month period ended September 30, 2014 and the year ended December 31, 2013, 2012 and 2011.
Dalam pemenuhan kewajiban terhadap bank atas fasilitas kredit yang diterima, rasio yang dipersyaratkan adalah net debt to running EBITDA dengan nilai rasio yang disyaratkan tidak lebih dari 5,00 dan debt service coverage ratio (DSCR) dengan nilai rasio yang disyaratkan lebih besar dari 1,30. Sampai saat ini Perseroan memenuhi semua persyaratan rasio tersebut. Tidak ada rasio yang disyaratkan terkait dengan struktur permodalan.
In fulfillment of obligations towards the bank loan obtained, the required ratio is net debt to running EBITDA ratio which ratioshall not exceed 5.00 and debt service coverage ratio (DSCR) which ratio is to be greater than 1.30. Until now the Company has fulfilled all of the requirements of these ratios. There is no required ratio associated with capital structure.
133
F-142
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
40. FINANCIAL INSTRUMENTS
40. INSTRUMEN KEUANGAN
The table below is a comparison by class of the carrying amounts and fair value of the Company and its subsidiaries’ financial instrument that are carried in the consolidated financial statements:
Tabel di bawah ini menyajikan perbandingan atas nilai tercatat dengan nilai wajar dari instrumen keuangan Perseroan dan entitas anaknya yang tercatat dalam laporan keuangan konsolidasian:
31 Desember/December31, 30 September/September 30, 2014 Nilai buku/ Carrying amount
2013 Nilai buku/ Carrying amount
Nilai wajar/ Fair value
2012 Nilai buku/ Carrying amount
Nilai wajar/ Fair value
2011 Nilai buku/ Carrying amount
Nilai wajar/ Fair value
Nilai wajar/ Fair value
Aset keuangan Pinjaman yang diberikan dan piutang Kas dan setara kas Piutang usaha - pihak ketiga Piutang lain-lain Pihak berelasi Pihak ketiga Aset tidak lancar lainnya
Financial Assets
2.408.325
2.408.325
1.501.784
1.501.784
1.124.113
1.124.113
644.256
644.256
674.242
674.242
673.753
673.753
261.601
261.601
194.602
194.602
-
-
55 48
55 48
14.444 -
14.444 -
11.208 -
11.208 -
5.214
5.214
4.291
4.291
2.582
2.582
1.951
1.951
Liabilitas keuangan
Financial Liabilities Financial liabilities measured at amortized cost:
Liabilitas keuangan pada biaya perolehan diamortisasi: Utang pembangunan menara dan lainnya Pihak ketiga Pihak berelasi Utang lain-lain - pihak ketiga Liabilitas imbalan kerja jangka pendek Beban akrual Bagian utang jangka panjang yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Utang jangka panjang setelah dikurangi bagian yang akan jatuh tempo dalam waktu satu tahun Pihak ketiga Pihak berelasi Utang obligasi Liabilitas keuangan yang diukur pada nilai wajar melalui laba atau rugi: Utang swap tingkat bunga
37.986
37.986
49.774
49.774
40.638
40.638
33.294
33.294
36.331 317.016
36.331 317.016
43.956 244.390
43.956 244.390
25.976 264.903
25.976 264.903
28.368 170.524
28.368 170.524
Tower construction and other payables Third parties Related party Other payables third parties Short-term employee benefit liabilities Accrued expenses
1.105.424
1.105.424
1.158.175
1.158.175
100.529
100.529
494.901
494.901
Current portion of long term loans Third parties
7.461.702 1.000.000
7.461.702 1.000.000
8.566.753 -
8.566.753 -
7.946.558 -
7.946.558 -
5.090.722 312.830 -
5.090.722 312.830 -
-
-
-
-
-
-
51.232
469.319 12.203
469.319 12.203
484.822 5.782
484.822 5.782
Berikut metode dan asumsi yang digunakan untuk estimasi nilai wajar: x
Loans and receivables: Cash and cash equivalents Trade receivables third parties Other receivables related party Third parties Other non-current assets
386.636 -
386.636 -
165.117 -
165.117 -
Long term loans net of current portion Third parties Related party Bonds payable Financial liabilities at fair value through profit and loss: Interest rate swap 51.232 payables
The following methods and assumptions are used to estimate the fair value:
Nilai wajar kas dan setara kas, piutang usaha pihak ketiga, piutang lain-lain - pihak berelasi dan pihak ketiga, aset tidak lancar lainnya uang jaminan, utang pembangunan menara dan lainnya - pihak berelasi dan pihak ketiga, utang lain-lain - pihak ketiga, liabilitas imbalan kerja jangka pendek dan beban akrual mendekati nilai tercatat karena jangka waktu jatuh tempo yang singkat atas instrumen keuangan tersebut.
x
134
F-143
Cash and cash equivalents, trade receivables third parties, other receivables - third party and related parties, other non-current assets deposits, tower construction and other payables - related parties and third parties, other payables - third parties, short-term employee benefit liabilities and accrued expenses approximate their carrying amounts largerly due to the short-term maturities of these instruments.
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
40. FINANCIAL INSTRUMENTS (continued)
40. INSTRUMEN KEUANGAN (lanjutan) x
Nilai wajar dari aset tidak lancar lainnya piutang usaha, utang jangka panjang - pihak berelasi dan pihak ketiga dan utang obligasi dinilai menggunakan arus kas yang didiskontokan menggunakan tingkat suku bunga pasar.
x
The fair value of other non-current assets trade receivables,long-term loans - third parties and related party, and bond payables are calculated using discounted cash flows using market interest rate.
x
Nilai wajar dari utang swap tingkat bunga menggunakan nilai pasar.
x
The fair value of interest rate swaps payables is using the marked to market value.
41. BASIC EARNINGS PER SHARE
41. LABA NETO PER SAHAM DASAR Perhitungan laba per saham dasar adalah sebagai berikut:
The computation of basic earnings per share is as follows:
30 September/September 30, 2014 Laba neto yang dapat diatribusikan kepada pemilik entitas induk untuk perhitungan laba neto per saham dasar Total rata-rata tertimbang saham yang beredar (lembar) Laba neto per saham dasar, yang dapat diatribusikan kepada pemilik entitas induk (angka penuh)
2013
31 Desember/December 31, 2013
2012
2011
882.531
99.952
153.785
347.170
281.611
Net income attributable to the equity holders of parent entity for computation of basic earnings per share
3.322.620.187
3.322.620.187
3.322.620.187
3.322.620.187
3.322.620.187
Weighted average number of shares outstanding (shares)
85
Basic earnings per share, attributable to the equity holders of parent entity (full amount)
266
30
46
42. IKATAN
104
42. COMMITMENTS
1.
Pada tanggal 28 Desember 2010, Perseroan telah menandatangani Perjanjian Pengalihan Menara dengan Hutchison, yang diubah dengan amandemen tanggal 21 Desember 2012, dimana Perseroan setuju untuk membeli sampai dengan 1.500 menara dari Hutchison dengan nilai transaksi sebesar AS$165.000.000. Pada tanggal 30 September 2013, Perseroan telah menyelesaikan Perjanjian Pengalihan Menara ini dimana Perseroan membeli 1.332 lokasi menara dari Hutchison.
1.
On December 28, 2010, the Company entered into a Tower Transfer Agreement with Hutchison, as amended on December 21, 2012, pursuant to which Company agreed to acquire up to 1,500 towers from Hutchison for a total purchase price amount of US$165,000,000. As of September 30, 2013, the Company concluded this Tower Transfer Agreement whereby the Company acquired a total at 1,332 tower sites from Hutchison.
2.
Pada tanggal 25 Juli 2012, Perseroan telah menandatangani perjanjian pembelian aset dengan PT Central Investindo (“CI”), PT Mitra Karya Propertindo (“MKP”) dan Para Pemegang Saham CI dan MKP untuk membeli sampai dengan 200 lokasi menara dari CI dan MKP dengan nilai transaksi total sebesar Rp376.000. Pada tanggal 30 September 2013, Perseroan telah membeli 189 lokasi menara.
2.
On July 25, 2012, the Company entered into an Asset Purchase Agreement with PT Central Investindo (“CI”), PT Mitra Karya Propertindo (“MKP”) and the Shareholders of CI and MKP to acquire up to 200 tower sites from CI and MKP for a total purchase price amount of Rp376,000. As of September 30, 2013, the Company acquired 189 tower sites.
135
F-144
The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
43. NON-CASH TRANSACTIONS
43. TRANSAKSI NON-KAS Transaksi non-kas Perseroan dan entitas anaknya adalah sebagai berikut:
Non-cash transactions of the Company and it subsidiaries are as follow:
30 September/September 30, 2014 Beban gaji dan overhead proyek pembangunan menara dikapitalisasi Kapitalisasi estimasi biaya pembongkaran aset tetap
2013
150.942
78.546
21.300
11.600
172.242
90.146
31 Desember/December 31, 2013
2012
101.296
2011
91.446
50.349
16.512
22.735
15.069
117.808
114.181
65.418
Capitalized salaries and overhead costs for tower construction Capitalization of the estimated cost of dismantling of fixed assets
44. TUJUAN PENYUSUNAN DAN PENERBITAN LAPORAN KEUANGAN KONSOLIDASIAN
44. PURPOSE OF PREPARATION AND ISSUANCE OF CONSOLIDATED FINANCIAL STATEMENTS
Laporan keuangan konsolidasian ini disusun dan diterbitkan dengan tujuan untuk dicantumkan dalam dokumen penawaran sehubungan dengan rencana penawaran umum efek utang entitas anak Perseroan di Bursa Efek Singapura.
These consolidated financial statements were prepared and issued solely for inclusion in the offering document in connection with the proposed offering of the debt securities of a subsidiary of the Company on Singapore Exchange.
45. STANDAR AKUNTANSI YANG TELAH DISAHKAN NAMUN BELUM BERLAKU EFEKTIF
45. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE (continued)
Berikut ini adalah beberapa standar akuntansi yang telah disahkan oleh Dewan Standar Akuntansi Keuangan (“DSAK”) yang dipandang relevan terhadap pelaporan keuangan Perusahaan dan entitas anak namun belum berlaku efektif untuk laporan keuangan tahun 2014:
The following are several issued accounting standards by the Indonesian Financial Accounting Standards Board (“DSAK”) that are considered relevant to the financial reporting of the Company and its subsidiaries but not yet effective for 2014 financial statements:
x
PSAK 1 (2013): Penyajian Laporan Keuangan, yang diadopsi dari IAS 1, berlaku efektif 1 Januari 2015
x
PSAK 1 (2013): Presentation of Financial Statements, adopted from IAS 1, effective January 1, 2015 This PSAK change the grouping of items presented in Other Comprehensive Income. Items that could be reclassified to profit or loss would be presented separately from items that will never be reclassified.
PSAK ini mengubah penyajian kelompok pospos dalam Penghasilan Komprehensif Lain. Pos-pos yang akan direklasifikasi ke laba rugi disajikan terpisah dari pos-pos yang tidak akan direklasifikasi ke laba rugi.
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
45. STANDAR AKUNTANSI YANG TELAH DISAHKAN NAMUN BELUM BERLAKU EFEKTIF (lanjutan)
45. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
Berikut ini adalah beberapa standar akuntansi yang telah disahkan oleh Dewan Standar Akuntansi Keuangan (“DSAK”) yang dipandang relevan terhadap pelaporan keuangan Perusahaan dan entitas anak namun belum berlaku efektif untuk laporan keuangan tahun 2014:
The following are several issued accounting standards by the Indonesian Financial Accounting Standards Board (“DSAK”) that are considered relevant to the financial reporting of the Company and its subsidiaries but not yet effective for 2014 financial statements:
x
PSAK 4 (2013): Laporan Keuangan Tersendiri, yang diadopsi dari IAS 4, berlaku efektif 1 Januari 2015
x
This PSAK prescribe only the accounting requirements when a parent entity prepares separate financial statements as additional information. Accounting for consolidated financial statements is determined in PSAK 65.
PSAK ini hanya mengatur persyaratan akuntansi ketika entitas induk menyajikan laporan keuangan tersendiri sebagai informasi tambahan. Pengaturan akuntansi untuk laporan keuangan konsolidasian diatur dalam PSAK 65. x
PSAK 24 (2013): Imbalan Kerja, yang diadopsi dari IAS 19, berlaku efektif 1 Januari 2015
x
PSAK 65: Laporan Keuangan Konsolidasi, yang diadopsi dari IFRS 10, berlaku efektif 1 Januari 2015
x
PSAK 65: Consolidated Financial Statements, adopted from IFRS 10, effective January 1, 2015 This PSAK replaces the portion of PSAK 4 (2009) that addresses the accounting for consolidated financial statements, establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.
PSAK ini menggantikan porsi PSAK 4 (2009) yang mengenai pengaturan akuntansi untuk laporan keuangan konsolidasian, menetapkan prinsip penyusunan dan penyajian laporan keuangan konsolidasian ketika entitas mengendalikan satu atau lebih entitas lain. x
PSAK 24 (2013): Employee Benefits, adopted from IAS 19, effective January 1, 2015 This PSAK, among other, removes the corridor mechanism and contingent liability disclosures to simple clarifications and disclosures.
PSAK ini, antara lain, menghapus mekanisme koridor dan pengungkapan atas informasi liabilitas kontinjensi untuk menyederhanakan klarifikasi dan pengungkapan. x
PSAK 4 (2013): Separate Financial Statements, adopted from IAS 4, effective January 1, 2015
PSAK 67: Pengungkapan Kepentingan dalam Entitas Lain, yang diadopsi dari IFRS 12, berlaku efektif 1 Januari 2015
x
PSAK 67: Disclosure of Interest in Other Entities, adopted from IFRS 12, effective January 1, 2015 This PSAK includes all of the disclosures that were previously in PSAK 4 (2009), PSAK 12 (2009) and PSAK 15 (2009). This disclosures relate to an entity’s interests in other entities.
PSAK ini mencakup semua pengungkapan yang diatur sebelumnya dalam PSAK 4 (2009), PSAK 12 (2009) dan PSAK 15 (2009). Pengungkapan ini terkait dengan kepentingan entitas dalam entitas-entitas lain.
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The original consolidated financial statements included herein are in the Indonesian language.
PT PROFESIONAL TELEKOMUNIKASI INDONESIA DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 30 September 2014 (tidak diaudit) dan tanggal 31 Desember 2013, 2012, dan 2011 serta untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2014 (tidak diaudit) dan 2013 dan tahun yang berakhir pada tanggal-tanggal 31 Desember 2013, 2012, dan 2011 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)
PT PROFESIONAL TELEKOMUNIKASI INDONESIA AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2014 (unaudited) and December 31, 2013, 2012, and 2011 and for the nine-month periods ended September 30, 2014 (unaudited) and 2013 and the years ended December 31, 2013, 2012, and 2011 (Expressed in millions of Indonesian Rupiah, unless otherwise stated)
45. STANDAR AKUNTANSI YANG TELAH DISAHKAN NAMUN BELUM BERLAKU EFEKTIF (lanjutan)
45. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE (continued)
x
PSAK 68: Pengukuran Nilai Wajar, yang diadopsi dari IFRS 13, berlaku efektif 1 Januari 2015
x
PSAK 68: Fair Value Measurement, adopted from IFRS 13, effective January 1, 2015 This PSAK provides guidance on how to measure fair value when fair value is required or permitted.
PSAK ini memberikan panduan tentang bagaimana pengukuran nilai wajar ketika nilai wajar disyaratkan atau diizinkan.. Perusahaan dan entitas anak sedang mengevaluasi dampak dari standar akuntansi tersebut dan belum menentukan dampaknya terhadap laporan keuangan konsolidasian Perusahaan.
The Company and its subsidiaries are presently evaluating and has not yet determined the effects of these accounting standards on its consolidated financial statements.
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REGISTERED OFFICE OF THE ISSUER Protelindo Finance B.V. Teleportboulevard 140, 1043 EJ Amsterdam The Netherlands REGISTERED OFFICE OF THE COMPANY PT Profesional Telekomunikasi Indonesia Surapati Core Blok AB (Anggrek Boulevard) No. 16, Jl. PHH. Mustopa Bandung 40192 Indonesia Acting Through the Company’s Branch Office in Jakarta PT Profesional Telekomunikasi Indonesia Menara BCA, 55th Floor Jl. M.H. Thamrin No. 1 Jakarta 10310 Indonesia GUARANTOR Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank 37/F Joy-Nostalg Center 17 ADB Avenue, Pasig City 1600 Metro Manila, Philippines TRUSTEE
PRINCIPAL PAYING AND TRANSFER REGISTRAR AGENT Deutsche Bank Luxembourg S.A. Deutsche Bank AG, DB Trustees 2 Boulevard Konrad Adenauer Hong Kong Branch (Hong Kong) Limited L-1115 Luxembourg Level 52, International Commerce Level 52, International Commerce Centre Luxembourg Centre 1 Austin Road West 1 Austin Road West Kowloon Kowloon Hong Kong Hong Kong
LEGAL ADVISORS TO THE ISSUER AND THE COMPANY as to U.S. and English law
as to Indonesian law
as to Dutch law
Milbank, Tweed, Hadley & McCloy LLP 12 Marina Boulevard Marina Bay Financial Centre #36-03 Tower 3 Singapore 018982
Makes & Partners Menara Batavia, 7th Floor Jl. KH. Mas Mansyur Kav. 126 Jakarta 10220 Indonesia
Linklaters LLP WTC Amsterdam Zuidplein 180 1077 XV Amsterdam The Netherlands
LEGAL ADVISORS TO THE JOINT LEAD MANAGERS as to English law
as to U.S. law
as to Indonesian law
Sidley Austin LLP 25 Basinghall Street London EC2V 5HA United Kingdom
Sidley Austin LLP Level 31 6 Battery Road Singapore 049909
Hiswara, Bunjamin & Tandjung 23rd Floor, Gedung BRI II Jl. Jend. Sudirman Kav 44-46 Jakarta 10210 Indonesia
LEGAL ADVISORS TO THE GUARANTOR Allen & Overy 9th Floor Three Exchange Square Central Hong Kong INDEPENDENT AUDITORS Purwantono, Suherman & Surja (a member firm of Ernst & Young Global Limited) Indonesia Stock Exchange Building Tower 2, 7th Floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 Indonesia
