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: June 30, 2003
Context: This filing announces a request for a 15-day extension for the submission of the Annual Report on Form 20-F for the fiscal year ended December 31, 2002. The company explicitly states it will not meet the original June 30 deadline nor the extended July 15 deadline.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document serves as a procedural notice regarding the delay of the financial report rather than a disclosure of financial results.
Material Changes
- Auditor Appointment: TELKOM has appointed PricewaterhouseCoopers (PwC) as the auditor for its U.S. SEC filings.
- Governance Structure: A Special Oversight Committee, comprised of independent Board of Commissioners members not involved in the prior audit, has been established to oversee PwC alongside the Audit Committee.
- Filing Status: The company confirmed it will miss the Form 20-F filing deadline, a significant deviation from standard compliance expectations.
Guidance, Outlook, and Risks
Management Commentary: Senior management, including President Director Kristiono and Corporate Secretary Woeryanto Soeradji, emphasized a commitment to full compliance with U.S. SEC rules despite the delay. The Finance Director, Guntur Siregar, stated there is no current reason to believe financial statements will require restatement, though PwC must complete its audit according to professional standards.
Risks and Contingencies:
- Regulatory Action: The company cannot predict specific actions the U.S. SEC or the New York Stock Exchange (NYSE) may take regarding the late filing.
- Extension Limit: The 15-day extension is the maximum permitted; no further extensions are possible.
- Audit Uncertainty: While management hopes for no restatements, the outcome of the PwC audit remains pending.
Key Facts for Investor Verification
- TELKOM will miss the Form 20-F filing deadline for the 2002 fiscal year.
- PwC has been appointed as the new auditor for U.S. filings.
- A Special Oversight Committee has been formed to ensure independent audit oversight.
- Management currently does not anticipate a restatement of financial statements, but this is subject to the final audit results.
- Investors should refer to the June 11, 2003 press release for details on potential negative consequences of the filing delay.