Business Context and Reporting Period
This Form 6-K filing, dated May 2, 2018, summarizes the minutes of the Annual General Meeting of Shareholders (AGM) held on April 27, 2018, for Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (Telkom). The meeting addressed resolutions for the 2017 financial year, including the approval of annual reports, financial statements, and dividend distributions.
Key Financial Metrics and Resolutions
- Net Profit (2017): Rp22,144,990,327,956 (approx. 22.14 trillion IDR).
- Dividend Payout: Shareholders approved a total payout of 75% of net profit, split into:
- Cash Dividend: 60% of net profit (Rp13,286,997,175,681.50), equating to Rp134.1278 per share.
- Special Dividend: 15% of net profit (Rp3,321,754,247,031.20), equating to Rp33.5320 per share.
- Retained Earnings: 25% of net profit (Rp5,536,238,905,243.30) was retained.
- Capital Reduction: Approved withdrawal of 1,737,779,800 treasury shares, reducing issued and paid-up capital from Rp5,039,999,820,000 to Rp4,953,110,830,000.
- Auditor: Purwantono, Sungkoro & Surja (Ernst & Young Global Limited) was reappointed for the 2018 financial year.
Material Changes and Corporate Actions
- Board Composition Changes: The AGM confirmed the dismissal of three board members (Devy Wildasari, Hadiyanto, Mas'ud Khamid) due to new appointments at other state-owned enterprises. Three new members were appointed: Siti Choiriana (Consumer Service Director), Edwin Hidayat Abdullah (Commissioner), and Isa Rachmatarwata (Commissioner).
- Articles of Association: Amendments were approved to reflect the capital reduction and other structural changes.
- Dividend Schedule: The record date is set for May 11, 2018, with payment scheduled for May 31, 2018.
Outlook, Risks, and Contingencies
The filing does not provide specific forward-looking guidance, revenue forecasts, or management commentary on future market conditions. The primary focus is on the ratification of past performance and the execution of shareholder resolutions. A noted contingency is that the capital reduction resolution (Sixth Agenda) will be automatically null and void if approval is not obtained from the Ministry of Law and Human Rights of the Republic of Indonesia.
Investor Verification Checklist
- Verify the ex-dividend dates (May 7, 2018 for Regular/Negotiation Market; May 14, 2018 for Cash Market) to ensure eligibility for the 2017 dividend payout.
- Confirm the final approval of the capital reduction by the Ministry of Law and Human Rights to validate the reduction in authorized capital.
- Review the updated Board of Directors and Commissioners list to understand the new leadership structure effective immediately.
- Check tax compliance requirements (NPWP registration or DGT forms) by May 11, 2018, to avoid higher withholding tax rates on dividends.