Business Context and Reporting Period
This Form 6-K filing by Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (PT Telkom) reports on the results of an Extraordinary General Meeting of Shareholders (EGMS) held on March 10, 2004. The filing, dated March 12, 2004, focuses on corporate governance changes and the ratification of restated financial statements for the fiscal years 2000, 2001, and 2002.
Key Financial Metrics
The filing details the redetermination of consolidated net income allocations for three fiscal years following restatements. The filing text does not provide current period revenue, operating margins, cash flow, debt levels, or liquidity metrics for 2004.
| Fiscal Year | Consolidated Net Income (Rp) | Cash Dividend Allocation (Rp) | Dividend % of Net Income |
|---|---|---|---|
| 2000 | 2,304,011,919,376 (Distributable) | 888,653,672,827 | 38.57% |
| 2001 | 4,068,391,123,249 | 2,125,055,120,741 | 52.23% |
| 2002 | 8,039,709,422,626 | 3,338,109,614,234 | 41.52% |
Note: The 2000 net income figure excludes Rp 470.99 billion classified as non-distributable as it did not originate from company operations.
Material Changes
- Financial Restatements: The EGMS approved the replacement of the Annual Report and Consolidated Financial Statements for 2002, as well as restatements for 2000 and 2001. These were re-audited by KAP Hadi Sutanto dan Rekan (PwC affiliate) and KAP Hans Tuanakotta, Mustofa & Halim (Deloitte affiliate), both receiving unqualified opinions.
- Dividend Redetermination: Due to the restatements, the allocation of net income for 2000, 2001, and 2002 was recalculated, altering the amounts designated for reserves, dividends, and retained earnings.
Management Commentary, Governance, and Risks
Board of Commissioners Changes: The meeting approved the honorable dismissal of the entire Board of Commissioners. New appointments include Mr. Tanri Abeng as President Commissioner, with Mr. Anggito Abimanyu and Mr. Gatot Trihargo as Commissioners. Independent Commissioners Mr. Arif Arryman and Mr. P. Sarton were re-appointed. Terms run until the 2006 Annual General Meeting.
Board of Directors Changes: Four directors were honorably dismissed: Mr. Guntur Siregar (Finance), Mr. Suryatin Setiawan (Network), Mr. Garuda Sugardo (Services), and Mr. Agus Utoyo (HR). New appointments include Mr. Rinaldi Firmansyah (Finance), Mr. Abdul Haris (Network), Mr. Suryatin Setiawan (Services), and Mr. Woeryanto Soeradji (HR). Terms run until the 2005 Annual General Meeting.
Acquittal: The ratification of the restated financial statements provides complete acquittal and discharge to the Board of Directors and Board of Commissioners for their actions during the respective years, provided actions did not contravene laws.
Investor Verification Checklist
- Verify the specific accounting adjustments made in the restated financial statements for 2000, 2001, and 2002 to understand the impact on historical performance.
- Confirm the payment schedule and record dates for the redetermined cash dividends for the years 2000, 2001, and 2002.
- Review the full text of the unqualified audit reports from KAP Hadi Sutanto dan Rekan and KAP Hans Tuanakotta, Mustofa & Halim.
- Monitor the transition of the new Board of Directors and Commissioners to assess strategic continuity.