Business Context and Reporting Period
This Form 6-K filing by Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (PT Telkom) reports the results of the Annual General Meeting of Shareholders held on May 9, 2003. The meeting addressed the financial performance and governance matters for the fiscal year ended December 31, 2002.
Key Financial Metrics
- Net Profit (2002): Rp 8,345,274,035,586.
- Dividend Allocation: 40% of net profit (Rp 3,338,109,614,234.40), equating to Rp 331.16 per share.
- Investment Allocation: 50% of net profit (Rp 4,172,637,017,793).
- Reserves Fund: 9.75% of net profit (Rp 813,664,218,469.64).
- Social Development Fund: 0.25% of net profit (Rp 20,863,185,088.97).
- Audit Opinion: Unqualified opinion issued by Eddy Pianto (Grant Thornton International) on March 25, 2003.
The filing does not provide specific values for total revenue, operating margins, cash flow, debt levels, or liquidity ratios.
Material Changes and Governance
The primary material action was the ratification of the 2002 financial statements and the approval of the profit distribution plan. The shareholders granted acquittal and discharge to the Board of Directors and Board of Commissioners for their activities during the 2002 financial year.
Compensation formulas for 2003 were approved, setting the President Director's base compensation at Rp 65,000,000 and tantiem (bonus) at Rp 856,202,600 (post-tax). Other board members' compensation is calculated as a percentage of the President Director's amounts.
Outlook, Risks, and Unusual Items
Dividend Distribution: Cash dividends are scheduled for payment on June 12, 2003. The record date is June 6, 2003. Non-Indonesian shareholders must submit proof of domicile for tax treaty benefits by June 6, 2003, or face a 20% withholding tax.
Audit Appointment: The Board of Commissioners is authorized to appoint a public accountant for the 2003 fiscal year via a tender process, requiring affiliation with an international firm and the inclusion of a management performance audit.
The filing contains no specific forward-looking guidance on revenue or earnings for 2003, nor does it detail specific operational risks beyond standard tax compliance requirements for foreign shareholders.
Investor Verification Checklist
- Verify the ex-dividend dates (June 4, 2003 for Regular/Negotiation Market; June 9, 2003 for Cash Market) to ensure eligibility for the Rp 331.16 per share dividend.
- Confirm the status of the 2003 auditor selection process and the criteria for the management performance audit.
- Review the full 2002 Annual Report (Form 20-F) for detailed revenue, debt, and cash flow figures not included in this summary.
- Check tax treaty documentation requirements for non-Indonesian shareholders to avoid the 20% withholding tax penalty.