Business Context and Reporting Period
This Form 6-K filing by Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (Telkom) covers the month of September 2019, with the report dated September 24, 2019. Telkom is Indonesia's largest telecommunications and network provider, offering fixed wireline, cellular, internet, and multimedia services under its TIMES portfolio. The filing serves as an announcement to the Indonesian Financial Services Authority regarding additional disclosure on a Conditional Share Subscription Agreement involving PT Fintek Karya Nusantara (Finarya), a payment system services subsidiary of Telkomsel.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory compliance regarding an affiliated transaction and valuation methodology rather than financial performance reporting.
Material Changes
No material changes to financial performance or operational metrics are reported in this filing. The document details the disclosure of an affiliated transaction involving the subscription of shares in Finarya by investors, necessitating additional information on valuation methods to comply with Bapepam-LK Regulation Number IX.E.1.
Guidance, Outlook, and Valuation Methodology
Management commentary is limited to the explanation of the valuation approach used by Certified and Registered Public Appraisal Yanuar Bey dan Rekan ("KJPP Y&R") for the transaction. Key points include:
- Valuation Method: The Replacement Cost New Method was used to value Intangible Assets ("ATB") related to the IT Platform.
- Rationale: The revenue approach was deemed inappropriate because the software assets develop rapidly and do not exist as contracts or marketing networks.
- Cost Approach Constraints: The cost-based approach is only applicable if the intangible asset does not directly generate identifiable revenue or cash flow, and if comparable market data is unavailable.
- Outlook: No forward-looking financial guidance or strategic outlook is provided in this specific filing.
Investor Verification Checklist
- Verify the final terms and closing status of the Conditional Share Subscription Agreement for PT Fintek Karya Nusantara.
- Confirm the total valuation amount assigned to the IT Platform intangible assets in the affiliated transaction.
- Review the full Bapepam-LK Regulation Number IX.E.1 compliance documentation regarding the conflict of interest disclosure.
- Check subsequent filings for any financial impact of the Finarya transaction on Telkom's consolidated statements.