FULL YEAR OF 2019 RESULTS (AUDITED) TICKERS: IDX : TLKM NYSE : TLK SHAREHOLDER COMPOSITION: Government of Indonesia : 52.1% Public : 47.9% CONVERSION RATES (US$ 1.00): Dec 31, 2019 = Rp13,882.5 Dec 31, 2018 = Rp14,380.0 Investor Relations PT Telkom Indonesia (Persero) Tbk Telkom Landmark Tower, 39th Floor Jl. Gatot Subroto Kav. 52, Jakarta 12710 Phone : 62 21 5215109 Fax : 62 21 5220500 Email : [email protected]Website : www.telkom.co.id DISCLAIMER This document contains financial conditions and result of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, which would be treated as forward-looking statements within the meaning of applicable law. Forward looking statements, by their nature, involve risk and uncertainty that could cause actual results and development to differ materially from those expressed or implied in these statements. Telkom Indonesia does not guarantee that any action, which may have been taken in reliance on this document, will bring specific results as expected. Highlights IndiHome continued its strong momentum with revenue increased by 28.1% to Rp18.3 trillion with 7 million subscribers by the end of 2019. Data, Internet, and IT service increased by 16.6% to Rp65.7 trillion in FY19 driven by fast growing mobile data. Telkom Indonesia’s revenue grew by 3.7% YoY. Amidst continuous legacy revenue decline, EBITDA margin still went up by 2.6ppt to 47.8% primarily due to increase of IndiHome’s EBITDA margin from 25.6% in FY18 to 33.9% in FY19. Cash flows from operating activities reached historical high of Rp54.95 trillion or jumped by 20.3% YoY during 2019. Telkomsel deployed c. 23 thousand 4G BTSs during 2019 which brought total BTS on air to c. 212 thousand units. While, Telkom’s fiber-based backbone length reached c. 164,700 Km by the end of 2019. Financial Highlights Operational Highlights FINANCIAL PERFORMANCE Revenue (in Rp. Bn) Share Price (May 26, 2020) Rp3,250 (IDX) and USD21.64 (NYSE) Market Capitalization (May 26, 2020) Rp322 Tn (USD21.8 Bn) Average Daily Trading (30 Days) 102,2 Mn Shares (IDX) & 317,663 DR (NYSE) Source: Bloomberg Key Indicators (Rp. Bn) YoY FY19 FY18 Growth (%) Revenues 135,567 130,784 3.7 Expenses 93,173 91,939 1.3 Operating Profit 42,394 38,845 9.1 EBITDA 64,832 59,181 9.5 EBITDA Margin (%) 47.8 45.3 2.6ppt Net Income 18,663 18,032 3.5 Net Income Margin (%) 13.8 13.8 0.0ppt Subscribers (000) YoY FY19 FY18 Growth (%) Broadband . Fixed Broadband 9,037 7,260 24.5 IndiHome 7,003 5,104 37.2 Non-IndiHome 2,034 2,156 (5.7) Mobile Data User 110,253 106,553 3.5 Cellular Postpaid 6,376 5,400 18.1 Prepaid 164,729 157,587 4.5 Total 171,105 162,988 5.0
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TICKERS: SHAREHOLDER COMPOSITION: CONVERSION RATES … · Public : 47.9% CONVERSION RATES (US$ 1.00): Dec 31, 2019 = Rp13,882.5 Dec 31, 2018 = Rp14,380.0 Investor Relations PT Telkom
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F U L L Y E A R O F 2 0 1 9 R E S U L T S ( A U D I T E D )
This document contains financial conditions and result of operation, and may also contain certain projections, plans, strategies,
and objectives of the Company, which would be treated as forward-looking statements within the meaning of applicable law.
Forward looking statements, by their nature, involve risk and uncertainty that could cause actual results and development to differ
materially from those expressed or implied in these statements. Telkom Indonesia does not guarantee that any action, which may
have been taken in reliance on this document, will bring specific results as expected.
Highlights
IndiHome continued its strong momentum with revenue increased by 28.1% to Rp18.3 trillion with 7 million subscribers by the end of 2019.
Data, Internet, and IT service increased by 16.6% to Rp65.7 trillion in FY19 driven by fast growing mobile data.
Telkom Indonesia’s revenue grew by 3.7% YoY. Amidst continuous legacy revenue decline, EBITDA margin still went up by 2.6ppt to 47.8% primarily due to increase of IndiHome’s EBITDA margin from 25.6% in FY18 to 33.9% in FY19.
Cash flows from operating activities reached historical high of Rp54.95 trillion or jumped by 20.3% YoY during 2019.
Telkomsel deployed c. 23 thousand 4G BTSs during 2019 which brought total BTS on air to c. 212 thousand units. While, Telkom’s fiber-based backbone length reached c. 164,700 Km by the end of 2019.
Financial Highlights
Operational Highlights
FINANCIAL PERFORMANCE
Revenue
(in Rp. Bn)
Share Price (May 26, 2020)
Rp3,250 (IDX) and USD21.64 (NYSE)
Market Capitalization (May 26, 2020)
Rp322 Tn (USD21.8 Bn)
Average Daily Trading (30 Days)
102,2 Mn Shares (IDX) & 317,663 DR (NYSE)
Source: Bloomberg
Key Indicators (Rp. Bn)
YoY
FY19 FY18 Growth
(%) ..
Revenues 135,567 130,784 3.7
Expenses 93,173 91,939 1.3
Operating Profit 42,394 38,845 9.1
EBITDA 64,832 59,181 9.5
EBITDA Margin (%) 47.8 45.3 2.6ppt
Net Income 18,663 18,032 3.5
Net Income Margin (%) 13.8 13.8 0.0ppt
Subscribers (000)
YoY
FY19 FY18 Growth
(%)
Broadband .
Fixed Broadband 9,037 7,260 24.5
IndiHome 7,003 5,104 37.2
Non-IndiHome 2,034 2,156 (5.7)
Mobile Data User 110,253 106,553 3.5
Cellular
Postpaid 6,376 5,400 18.1
Prepaid 164,729 157,587 4.5
Total 171,105 162,988 5.0
2
FULL YEAR OF 2019 RESULTS (AUDITED)
PT TELKOM INDONESIA (PERSERO) Tbk FULL YEAR OF 2019 (AUDITED)
The following analysis and discussion are based on our Indonesian GAAP financial statements for full year of 2019 and 2018. The reports have been submitted to Indonesia Financial Services Authority (OJK).
Revenues
Key Indicators (Rp. Bn)
YoY
FY19. FY18. Growth (%)…
Data, Internet & IT Service 65,725 56,367 16.6
Cellular Voice and SMS 32,153 39,616 (18.8)
IndiHome 18,325 14,310 28.1
Interconnection 6,286 5,463 15.1
Fixed Line Voice 2,888 3,195 (9.6)
Network and Other Telco Services 10,190 11,833 (13.9)
Total 135,567 130,784 3.7
Telkom recorded total revenue of Rp135.6 trillion in 2019, an increase of 3.7% YoY. Mobile data and
IndiHome were the growth drivers for this period. The details of our Revenue lines are as follows:
Data, Internet & IT Services revenues increased by 16.6% YoY, primarily attributable to the high
increase of cellular data revenue which significantly jumped by 23.3% YoY. Our mobile data traffic
increased by 53.6% YoY to 6,558 petabyte mainly fueled by the increasing data users consumption
driven by variety of digital contents.
Cellular Voice and SMS revenues decreased by 18.8% YoY with both voice and SMS services
revenues declined by 17.6% and 23.1%, YoY respectively, due to cannibalization from instant
messaging (OTT) applications as smartphone adoption has been getting higher.
IndiHome revenue grew to Rp18.3 trillion or jumped by 28.1%, as the service reached 7.0 million
subscribers in FY19 or rose by 37.2% YoY from 5.1 million in FY18, supported by effective marketing
strategy and improving technician performance.
Interconnection revenues increased by 15.1% YoY as a result of our initiative to grab overseas
wholesale voice business opportunities.
Fixed Line Voice revenues dropped by 9.6% YoY due to cannibalization from mobile services that
resulted in declining fixed line traffic.
Network and Other Telecommunication Services revenues declined by 13.9% YoY, mainly caused
by device sales which dropped by 40.1%, in line with strategy changes in Enterprise business to focus
we received awards and accolades for various categories from leading institutions at both national and
international level. The awards and accolades that we received during 4Q19 are as follows:
Investor Magazine Awards for Telkom as The Best State-owned Enterprise (SoE) 2019 for category
non-financial telecommunication & broadcasting sector. Telkom also won as The Best Bond Issuer
2019 for non-financial sector category.
CNBC Indonesia Award 2019 for Telkom as The Best Digital Human Capital Development and The
Best Corporate Strategy.
The Indonesia Best Brand Awards 2019 from SWA Networks & MARS Indonesia for Telkom IndiHome
as Platinum Best Fixed Broadband.
Gatra Awards 2019 for Telkom as The Most Expansive State-owned Enterprise (SoE) in investment
category.
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FULL YEAR OF 2019 RESULTS (AUDITED)
Top Digital Awards 2019 for Telkom as Top Digital Implementation on Insurance Sector, Top Leader on
Digital Implementation, Top Digital Transformation Readines, Top Internet Service Provider, and Top
Fixed Internet Provider 2019 for IndiHome.
Employer of Choice Award 2019 from SWA Network for Telkom.
Infobank The Best SoE 2019 from Infobank magazine for Telkom as the Excellence in Financial
Performance Throughout 2018.
Asia-Pacific Best Practices Awards 2019 from Frost & Sullivan for Telkom as 2019 Indonesia IoT
Services Provider of the Year, and for Telkomsel as Indonesia Mobile Data Service Provider of the Year
and Indonesia Telecom Service Provider of the Year.
Indonesia Living Legend Companies 2019 for Telkom as The Indonesian Living Legend Company 2019
since 1856.
Red Hat APAC Innovation Awards 2019 for Telkomsel in Digital Transformation category from Red Hat.
Broadband World Forum 2019 for Telkomsel in Best Wireless Broadband Solution category from
Informa Tech.
World Branding Awards 2019 for Telkomsel as Brand of the Year in Telecommunication Mobile
Indonesia from World Branding Forum.
Influential Brands 2019 for Telkomsel as Top Brand Telecommunication from Brand Alliance.
Indonesia Best Brand Award (IBBA) 2019 for simPATI SIM Card GSM with Best Brand Platinum for its
achievement of Indonesian Best Brand Award for 9 consecutive years from SWA Magazine & MARS
Research.
Indonesia Best Employer Brand Awards 2019 for Telkomsel as Indonesia’s Best Employer Brand from
Employer Branding Institute, World HRD Congress & Stars of the Industry Group.
Wonderful Indonesia Co-Branding Champions 2019 for Telkomsel as The Best Creative Product for
Inbound Traveler from Ministry of Tourism of the Republic of Indonesia.
BUMN Award 2019 for Telkomsel as TOP 10 Popular SOE Subsidiaries in Telecommunication category
from Warta Ekonomi.
BUMN Branding & Marketing Award 2019 for Telkomsel as The Best Branding, Brand Identity & Digital
Marketing from BUMN Track.
Kementerian KOMINFO Award 2019 for Telkomsel as ‘Telecommunication Provider with the Widest
Network Coverage, Quality of Services & The Higher Telecommunication PNPB Payer 2019’ from the
Ministry of Communication and Information Technology.
Indonesia PR of the Year 2019 for Telkomsel with Launching Telkomsel by.U as The Best Marketing
Program 2019 from SWA Magazine and Mix Marketing & Communication
16
FULL YEAR OF 2019 RESULTS (AUDITED)
Table 1 PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2019 (Amounts in the tables expressed in billions of Indonesian Rupiah, unless otherwise stated)
2019 2018 Growth (%) ASSETS
CURRENT ASSETS Cash and cash equivalents 18,242 17,439 4.6 Other current financial assets 554 1,304 (57.5) Trade Receivables - net of provision for impairment of receivables Related parties 1,792 2,126 (15.7) Third parties 10,005 9,288 7.7 Other receivables - net of provision for impairment of receivables 292 727 (59.8) Inventories – net of provision for obsolescence 585 717 (18.4) Assets held for sale 39 340 (88.5) Prepaid taxes 2,569 2,749 (6.5) Claim for tax refund 992 596 66.4 Other current assets 6,652 7,982 (16.7) Total Current Assets 41,722 43,268 (3.6) NON-CURRENT ASSETS Long-term investments 1,944 2,472 (21.4) Property and equipment – net of accumulated depreciation 156,973 143,248 9.6 Intangible assets – net of accumulated amortization 6,446 5,032 28.1 Deferred tax assets – net 2,898 2,504 15.7 Other non-current assets 11,225 9,672 16.1 Total Non-current Assets 179,486 162,928 10.2 TOTAL ASSETS 221,208 206,196 7.3
LIABILITIES AND EQUITY CURRENT LIABILITIES Trade Payables Related parties 819 993 (17.5) Third parties 13,078 13,773 (5.0) Other payables 449 448 0.2 Taxes payable 3,431 1,180 190.8 Accrued expenses 13,736 12,769 7.6 Unearned income – current 7,352 5,190 41.7 Advances from customers 1,289 1,569 (17.8) Short-term bank loans 8,705 4,043 115.3 Current maturities of long-term borrowings 9,510 6,296 51.0 Total Current Liabilities 58,369 46,261 26.2 NON-CURRENT LIABILITIES Deferred tax liabilities – net 1,230 1,252 (1.8) Unearned Income - noncurrent 803 652 23.2 Long service award provisions 1,066 852 25.1 Pension benefits and other post-employment benefits obligations 8,078 5,555 45.4 Long-term borrowings - net of current maturities 33,869 33,748 0.4 Other liabilities 543 573 (5.2) Total Non-current Liabilities 45,589 42,632 6.9
TOTAL LIABILITIES 103,958 88,893 16.9
EQUITY Capital stock 4,953 4,953 - Additional paid-in capital 2,711 2,455 10.4 Other equity 408 507 (19.5) Retained earnings Appropriated 15,337 15,337 - Unappropriated 76,152 75,658 0.7 Net Equity Attributable to: Owners of the Parent Company 99,561 98,910 0.7 Non-Controlling Interests 17,689 18,393 (3.8) TOTAL EQUITY 117,250 117,303 (0.0)
TOTAL LIABILITIES AND EQUITY 221,208 206,196 7.3
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FULL YEAR OF 2019 RESULTS (AUDITED)
Table 2
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2019
(Amounts in the tables expressed in billions of Indonesian Rupiah, unless otherwise stated)
2019
2018 Growth (%)
REVENUES 135,567 130,784 3.7
Operation, maintenance and telecommunication service expenses (42,226) (43,791) (3.6)
Depreciation and amortization expenses (23,178) (21,406) 8.3
Personnel expenses (13,012) (13,178) (1.3)
Interconnection expenses (5,077) (4,283) 18.5
General and administrative expenses (6,696) (6,137) 9.1
Marketing expenses (3,724) (4,214) (11.6)
Gain (loss) on foreign exchange – net (86) 68 (226.5)
Other income - net 826 1,002 (17.6)
OPERATING PROFIT 42,394 38,845 9.1
Finance income 1,092 1,014 7.7
Finance costs (4,240) (3,507) 20.9
Share of profit of associated companies Impairment of associated compaines
(166) (1,172)
53
-
(413.2) 100.0
PROFIT BEFORE INCOME TAX 37,908 36,405 4.1
INCOME TAX (EXPENSE) BENEFIT
Current (10,619) (9,432) 12.6
Deferred 303 6 4950.0
(10,316) (9,426) 9.4
PROFIT FOR THE YEAR 27,592 26,979 2.3
OTHER COMPREHENSIVE INCOME
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Foreign currency translation (105) 146 (171.9)
Change in fair value of available-for-sale financial assets 6 (10) 160.0
Share of other comprehensive income of associated companies 16 (14) 214.3
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Defined benefit actuarial gain (loss) – net (2,109) 4,820 (143.8)
Other comprehensive income – net (2,192) 4,942 (144.4)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 25,400 31,921 (20.4)
Profit for the year attributable to:
Owners of the parent company 18,663 18,032 3.5
Non-controlling interests 8,929 8,947 (0.2)
27,592 26,979 2.3
Total comprehensive income for the year attributable to:
Owners of the parent company 16,624 22,844 (27.2)
Non-controlling interests 8,776 9,077 (3.3)
25,400 31,921 (20.4)
BASIC EARNING PER SHARE (in full amount)
Net Income per share 188,40 182.03 3.5
Net Income per ADS (100 Series B shares per ADS) 18,839.68 18,202.70 3.5
18
FULL YEAR OF 2019 RESULTS (AUDITED)
Table 3
PT TELEKOMUNIKASI SELULAR (TELKOMSEL)
STATEMENTS OF FINANCIAL POSITION
As of December 31, 2019
(Figures are presented in billions of Rupiah)
DEC 2019 DEC 2018 Growth (%)
ASSETS
CURRENT ASSETS
Cash & cash equivalents 8,583 6,497 32.1
Accounts receivables 1,631 2,116 (22.9)
Unbilled Revenue 2,296 1,602 43.3
Current portion of long-term prepayments 5,138 5,250 (2.1)