Business Context and Reporting Period
Company: PERUSAHAAN PERSEROAN (PERSERO) PT TELEKOMUNIKASI INDONESIA TBK (TELKOM)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: March 29, 2006
Subject: Announcement of a delay in filing the audited financial statements for the fiscal year ended December 31, 2005.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document serves as a notification regarding the timing of the financial report rather than a disclosure of financial performance data.
Material Changes and Delays
- Filing Delay: TELKOM will not meet the March 31, 2006 deadline set by Bapepam Regulation No. X.K.2 for filing its 2005 audited financial statements.
- Cause of Delay: Adoption of the new Indonesian accounting standard, PSAK 38 (2004 Revision), issued by the Indonesian Institute of Accountants (IAI).
- Impact: The new standard requires retrospective adjustments to previously issued financial statements.
Management Commentary and Risks
Accounting Adjustments: The retrospective adjustments under PSAK 38 specifically concern:
- The cross-ownership transaction with INDOSAT in 2001.
- The sale of 12.72% of shares in Telkomsel to Singapore Telecom Mobile Pte, Ltd.
- The change in the common control relationship with Indosat in 2002 following the Government's sale of its shares to a third party.
Current Status: TELKOM is currently in discussions with various parties, including its current auditor, to ensure the retrospective adjustments comply with both Bapepam and US SEC regulations.
Investor Verification Checklist
- Verify the revised filing date for the 2005 audited financial statements once announced.
- Monitor the magnitude of retrospective adjustments to the 2005 financial statements resulting from PSAK 38 adoption.
- Review the specific accounting treatment applied to the 2001 INDOSAT cross-ownership and 2002 common control changes.
- Confirm the final approval of the adjusted statements by the company's auditor and regulatory bodies.