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Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. and its subsidiaries Consolidated financial statements as of March 31, 2025 and for the three months period then ended (unaudited)
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PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2025 AND FOR THE THREE MONTHS PERIOD THEN ENDED
(UNAUDITED)
TABLE OF CONTENTS
Page
Statement of the Board of Directors
Consolidated Statements of Financial Position 1
Consolidated Statements of Profit or Loss and Other Comprehensive Income 2
Consolidated Statements of Changes in Equity 3-4
Consolidated Statements of Cash Flows 5
Notes to the Consolidated Financial Statements 6-110
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Statement of the Board of Directors
regarding the Board of Director’s Responsibility for
Consolidated Financial Statements
as of March 31, 2025 and for the three months period ended
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk and its Subsidiaries
On behalf of the Board of Directors, we the undersigned:
1. Name : Ririek Adriansyah
Business address : Jl. Japati No.1 Bandung 40133
Address : Jl. Karang Tengah Raya Pertanian I/99 RT 05 RW 04
Kelurahan Lebak Bulus, Kecamatan Cilandak, Jakarta Selatan
Phone : (022) 452 7101
Position : President Director
2. Name : Heri Supriadi
Business address : Jl. Japati No.1 Bandung 40133
Address : Jl. Birah II No. 16 RT 05 RW 06
Kelurahan Rawa Barat Kecamatan Kebayoran Baru, Jakarta Selatan
Phone : (022) 452 7201/ (021) 520 9824
Position : Director of Finance and Risk Management
hereby state as follows:
1. We are responsible for the preparation and presentation of the consolidated financial statements of
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (the “Company”) and its subsidiaries
as of March 31, 2025 and for three period ended;
2. The Company and its subsidiaries’ consolidated financial statements as of March 31, 2025 and for three
months period ended have been prepared and presented in accordance with Indonesian Financial
Accounting Standards;
3. All information has been fully and correctly disclosed in the Company and its subsidiaries’ consolidated
financial statements;
4. The Company and its subsidiaries’ consolidated financial statements do not contain false material
information or facts, nor do they omit any material information or facts;
5. We are responsible for the Company and its subsidiaries’ internal control system.
This statement is considered to be true and correct.
Jakarta, April 30, 2025
for and behalf of
PT Telkom Indonesia (Persero) Tbk.
Ririek Adriansyah Heri Supriadi
President Director Director of Finance and Risk Management
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of March 31, 2025 (unaudited) and December 31, 2024 (audited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes March 31, 2025 December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,32,37 34,410 33,905
Other current financial assets 4,32,37 1,452 1,285
Trade receivables - net allowance for expected
credit losses
Related parties 5,32,37 2,251 2,350
Third parties 5,37 10,293 9,843
Contract assets 6,32 2,299 2,449
Inventories 7 1,130 1,096
Contract costs 9 1,176 1,134
Claim for tax refund and prepaid taxes 27 2,697 2,844
Other current assets 8,32 7,771 8,174
Total Current Assets 63,479 63,080
NON-CURRENT ASSETS
Contract assets 6,32 127 129
Long-term investments 10,37 8,696 8,335
Contract costs 9 1,525 1,596
Property and equipment 11,32,35a 178,905 180,566
Right-of-use assets 12a 27,284 26,910
Intangible assets 14 9,432 9,442
Deferred tax assets 27f 3,630 3,409
Other non-current assets 13,27,32 6,468 6,208
Total Non-current Assets 236,067 236,595
TOTAL ASSETS 299,546 299,675
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
Related parties 15,32,37 748 626
Third parties 15,37 14,237 14,710
Contract liabilities 17a,32 7,607 7,738
Other payables 37 413 454
Taxes payable 27c 3,688 3,293
Accrued expenses 16,32,37 13,559 14,192
Customer deposits 32 3,052 2,872
Short-term bank loans 18,32,37 9,671 11,525
Current maturities of long-term
loans and other borrowings 19,32,37 11,993 15,866
Current maturities of lease liabilities 12a,37 6,733 5,491
Total Current Liabilities 71,701 76,767
NON-CURRENT LIABILITIES
Deferred tax liabilities 27f 997 992
Contract liabilities 17b,32 2,414 2,484
Long service award provisions 31 1,251 1,192
Pension benefits and other post-employment
benefits obligations 30 11,825 11,540
Long-term loans and other borrowings 19,32,37 23,640 25,518
Lease liabilities 12a,37 17,119 18,468
Other non-current liabilities 297 224
Total Non-current Liabilities 57,543 60,418
TOTAL LIABILITIES 129,244 137,185
EQUITY
Capital stock 21 4,953 4,953
Additional paid-in capital 2,310 2,310
Other equity 22 10,115 9,898
Retained earnings
Appropriated 29 15,337 15,337
Unappropriated 115,404 109,596
Net equity attributable to:
Owners of the parent company 148,119 142,094
Non-controlling interests 20 22,183 20,396
TOTAL EQUITY 170,302 162,490
TOTAL LIABILITIES AND EQUITY 299,546 299,675
The accompanying notes form an integral part of these consolidated financial statements.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Three Months Period Ended March 31, 2025 and 2024 (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2025 2024
REVENUES 23,32 36,639 37,429
COST AND EXPENSES
Operation, maintenance, and telecommunication
service expenses 25,32 (9,608) (9,625)
Depreciation and amortization expenses 11,12a,14 (8,055) (8,085)
Personnel expenses 24 (4,158) (4,128)
Interconnection expenses 32 (2,064) (1,937)
General and administrative expenses 26,32 (1,811) (1,524)
Marketing expenses 32 (766) (794)
Unrealized gain (loss) on changes in fair value of investments 10 308 (403)
Other expenses - net (76) (2)
Gain on foreign exchange - net 79 77
OPERATING PROFIT 10,488 11,008
Finance income - net 32 420 335
Finance cost 32 (1,316) (1,199)
Share of loss of long-term investment in associates 10 (2) (1)
PROFIT BEFORE INCOME TAX 9,590 10,143
INCOME TAX (EXPENSE) BENEFIT 27d
Current (2,205) (1,646)
Deferred 212 (677)
(1,993) (2,323)
PROFIT FOR THE PERIOD 7,597 7,820
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss) to be reclassified to profit or
loss in subsequent periods:
Foreign currency translation 22 217 119
Other comprehensive income (loss) not to be reclassified to profit
or loss in subsequent periods:
Defined benefit actuarial gain (loss) - net 30 (2) 0
Other comprehensive income - net 215 119
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 7,812 7,939
Profit for the period attributable to:
Owners of the parent company 5,810 6,053
Non-controlling interests 20 1,787 1,767
7,597 7,820
Total comprehensive income for the period attributable to:
Owners of the parent company 6,025 6,173
Non-controlling interests 1,787 1,766
7,812 7,939
BASIC EARNINGS PER SHARE
(in full amount) 28
Profit per share 58.65 61.10
Profit per ADS (100 Series B shares per ADS) 5,865.00 6,110.30
The accompanying notes form an integral part of these consolidated financial statements.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Period Ended March 31, 2025 and 2024 (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Additional Non-controlling
Description Notes Capital stock paid-in capital Other equity Appropriated Unappropriated Net interests Total equity
Balance, January 1, 2025 4,953 2,310 9,898 15,337 109,596 142,094 20,396 162,490
Profit for the period 20 - - - - 5,810 5,810 1,787 7,597
Other comprehensive income (loss) - net - - 217 - (2) 215 - 215
Balance, March 31, 2025 4,953 2,310 10,115 15,337 115,404 148,119 22,183 170,302
The accompanying notes form an integral part of these consolidated financial statements.
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Page 7
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Period Ended March 31, 2025 and 2024 (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Additional Non-controlling
Description Notes Capital stock paid-in capital Other equity Appropriated Unappropriated Net interests Total equity
Balance, January 1, 2024 4,953 2,711 9,639 15,337 103,104 135,744 20,818 156,562
Changes in non-controlling interest - - - - - - (9) (9)
Repurchase of non-controlling interest shares 1e - - - - - - (78) (78)
Profit for the period 20 - - - - 6,053 6,053 1,767 7,820
Other comprehensive income - net - - 119 - 1 120 (1) 119
Balance, March 31, 2024 4,953 2,711 9,758 15,337 109,158 141,917 22,497 164,414
The accompanying notes form an integral part of these consolidated financial statements.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Period Ended March 31, 2025 and 2024 (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other operators 35,751 36,326
Cash receipts from interests 432 323
Cash receipts from tax refund 58 552
Cash payments for expenses (11,525) (12,040)
Cash payments to employees (4,296) (3,952)
Cash payments for corporate and final income taxes (2,748) (2,924)
Cash payments for finance costs (1,342) (1,281)
Cash payments for short-term and low-value lease assets 12a (870) (843)
Cash increase (decrease) for value added taxes - net 959 (293)
Cash receipts (payments) from others - net 357 (38)
Net cash provided by operating activities 16,776 15,830
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from insurance claims 11 10 38
Purchase of property and equipment 11,39 (5,101) (5,466)
Purchase of intangible assets 14,39 (735) (793)
Increase of other assets (336) (14)
Proceeds from (placement in) other current financial assets - net (304) 181
Addition of long-term investment in financial instrument (55) -
Net cash used in investing activities (6,521) (6,054)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and other borrowings 18,19 8,927 6,328
Repayments of loans and other borrowings 18,19 (16,538) (13,133)
Repayments of principal portion of lease liabilities 39 (2,312) (2,556)
Shares buyback of subsidiary 1e - (78)
Net cash used in financing activities (9,923) (9,439)
NET INCREASE IN CASH AND CASH EQUIVALENTS 332 337
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 174 178
ALLOWANCE FOR EXPECTED CREDIT LOSSES (1) (1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 3 33,905 29,007
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 3 34,410 29,521
The accompanying notes form an integral part of these consolidated financial statements.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL
a. Establishment and general information
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) was
originally part of “Post en Telegraafdienst”, which was established and operated commercially in
1884 under the framework of Decree No. 7 dated March 27, 1884 of the Governor General of the
Dutch Indies which was published in State Gazette No. 52 dated April 3, 1884.
In 1991, based on Government Regulation No. 25 of 1991, the status of the Company was changed
into a state-owned limited liability corporation (“Persero”). The ultimate parent of the Company is
the Government of the Republic of Indonesia (the “Government”).
The Company was established based on Notarial Deed of Imas Fatimah, S.H., No. 128 dated
September 24, 1991. The deed of establishment was approved by the Ministry of Justice of the
Republic of Indonesia in its Decision Letter No. C2-6870.HT.01.01.Th.1991 dated
November 19, 1991 and was published in State Gazette No. 5 dated January 17, 1992, Supplement
No. 210. The Company's Articles of Association had been amended several times, with the latest
amendments made is in relation with adjustments of the Company’s business activities in the
Articles of Association with the Standard Classification of Indonesian Business Fields in 2020.
Amendments to the Company’s Articles of Association as stated in the Notary Deed of Ashoya
Ratam, S.H., M.Kn., No. 37 dated June 22, 2022 has been received and approved by the Minister
of Law and Human Rights of the Republic of Indonesia (“MoLHR”) based on letter
No. AHU-0044650.AH.01.02. Year of 2022 dated June 29, 2022 concerning the Acceptance of
Notification Approval of Amendment to the Articles of Association of Perusahaan Perseroan
(Persero) PT Telekomunikasi Indonesia Tbk.
In accordance with Article 3 of the Company’s Articles of Association, the scope of the Company’s
activities is to provide telecommunication network and telecommunication and information services,
and to optimize the Company’s resources to provide high quality and competitive goods and/or
services to gain/pursue profit in order to increase the value of the Company by applying the Limited
Liability Company principle. To achieve these objectives, the Company is involved in the following
activities:
i. Main business:
(a) Planning, building, providing, developing, operating, marketing or selling or leasing, and
maintaining telecommunications and information networks in a broad sense in
accordance with the prevailing laws and regulations;
(b) Planning, developing, providing, marketing or selling, and improving telecommunications
and information services in a broad sense in accordance with the prevailing laws and
regulations;
(c) Investing, including in the form of equity contribution in other companies, in line with and
to achieve the purposes and objectives of the Company.
ii. Supporting business:
(a) Providing payment transactions and money transfer services through
telecommunications and information networks;
(b) Performing other activities and undertakings in connection with the optimization of the
Company's resources, which includes the utilization of the Company's property and
equipment and movable assets, information systems, education and training, and repair
and maintenance facilities;
(c) Collaborating with other parties in order to optimize the information and communication
or technology resources owned by other service provider in information, communication
and technology industry to achieve the purposes and objectives of the Company.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
a. Establishment and general information (continued)
The Company is domiciled and headquartered in Bandung, West Java, located at Jalan Japati
No.1, Bandung.
The Company was granted several networks and/or services provision licenses by the Government
which are valid for an unlimited period of time, given that the Company complies with the prevailing
laws and regulations and fulfills the obligation stated in those licenses. For every license issued by
the Ministry of Communication and Information (“MoCI”), an evaluation is performed annually and
an overall evaluation is performed every five years. The Company is obliged to submit reports of
networks and/or services annually to the Indonesian Directorate General of Post and Informatics
(“DGPI”), replacing the previously known as Indonesian Directorate General of Post and
Telecommunications (“DGPT”).
The reports comprise of several information, such as network development progress, service
quality standard achievement, number of customers, license payment, and universal service
contribution. Meanwhile, for internet telephone services for public purpose, internet interconnection
service, and internet access service, additional information is required, such as operational
performance, customer segmentation, traffic, and gross revenue.
Details of these licenses are as follows:
Grant date/latest
License License No. Type of service renewal date
License to operate internet 127/KEP/DJPPI/ Internet telephone March 30, 2016
telephone services for KOMINFO/3/2016 services for public
public purpose purpose
License to operate internet 2176/KEP/M.KOMINFO/ Internet service December 30, 2016
service provider 12/2016 provider
License to operate content 1040/KEP/M.KOMINFO/ Content service May 16, 2017
service provider 16/2017 provider
License for the 1004/KEP/M.KOMINFO/ Internet interconnection December 26, 2018
implementation of internet 2018 services
interconnection services
License to operate data 046/KEP/M.KOMINFO/ Data communication August 3, 2020
communication system 02/2020 system services
services
License of electronic Bank Indonesia License Electronic money and July 1, 2021
money issuer and money 23/587/DKSP/Srt/B money transfer service
transfer
License to operate fixed 073/KEP/M.KOMINFO/ Fixed network long August 23, 2021
network long distance 02/2021 distance direct line
direct line
License to operate fixed 082/KEP/M.KOMINFO/ Fixed international October 8, 2021
international network 02/2021 network
License to operate fixed 094/KEP/M.KOMINFO/ Fixed closed network December 9, 2021
closed network 02/2021
License to operate circuit 095/KEP/M.KOMINFO/ Circuit switched-based December 9, 2021
switched-based local 02/2021 and packet
fixed line network switched-based
local fixed line
network
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees
i. Boards of Commissioners and Directors
Based on the resolutions made at Annual General Meeting (“AGM”) of Stockholders of the
Company as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 58 dated
May 28, 2024, the composition of the Company’s Boards of Commissioners and Directors as
of March 31, 2025 and December 31, 2024, respectively, were as follows:
March 31, 2025 December 31, 2024
President Commissioner/ Bambang Permadi Bambang Permadi
Independent Commissioner Soemantri Brojonegoro* Soemantri Brojonegoro
Independent Commissioner Wawan Iriawan Wawan Iriawan
Independent Commissioner Bono Daru Adji Bono Daru Adji
Commissioner Arya Mahendra Sinulingga Arya Mahendra Sinulingga
Commissioner Marcelino Rumambo Pandin Marcelino Rumambo Pandin
Commissioner Ismail Ismail
Commissioner Rizal Mallarangeng Rizal Mallarangeng
Commissioner Isa Rachmatarwata Isa Rachmatarwata
Commissioner Silmy Karim Silmy Karim
President Director Ririek Adriansyah Ririek Adriansyah
Director of Enterprise
and Business Service F.M. Venusiana R. F.M. Venusiana R.
Director of Digital Business Muhamad Fajrin Rasyid Muhamad Fajrin Rasyid
Director of Human
Capital Management Afriwandi Afriwandi
Director of Finance and
Risk Management Heri Supriadi Heri Supriadi
Director of Network and IT Solution Herlan Wijanarko Herlan Wijanarko
Director of Strategic Portfolio Budi Setyawan Wijiaya Budi Setyawan Wijiaya
Director of Wholesale and
International Services Bogi Witjaksono Bogi Witjaksono
Director of Group
Business Development Honesti Basyir Honesti Basyir
*Based on the Notification Letter from the Vice President of Investor Relations No. Tel.28/UM000/COP-K0F00000/2025, dated April 11, 2025,
regarding the resignation of the President Commissioner/Independent Commissioner of the Company, effective April 14, 2025, Mr. Bambang
Permadi Soemantri Brodjonegoro will no longer serve as President Commissioner/Independent Commissioner of the Company.
ii. Audit Committee, Corporate Secretary, and Internal Audit
The composition of the Company’s Audit Committee, Corporate Secretary, and Internal Audit
as of March 31, 2025 and December 31, 2024, respectively, were as follows:
March 31, 2025 December 31, 2024
Chairman Bono Daru Adji Bono Daru Adji
Member Bambang Permadi Bambang Permadi
Soemantri Brojonegoro* Soemantri Brojonegoro
Member Wawan Iriawan Wawan Iriawan
Member Emmanuel Bambang Emmanuel Bambang
Suyitno Suyitno
Member Edy Sihotang Edy Sihotang
Corporate Secretary Octavius Oky Prakarsa Octavius Oky Prakarsa
Internal Audit Mohamad Ramzy Mohamad Ramzy
*Based on the resignation letter of Mr. Bambang Permadi Brodjonegoro as President Commissioner/Independent Commissioner of the Company,
effective April 14, 2025, Mr. Bambang Permadi Soemantri Brodjonegoro is no longer active or able to serve as a Member of the Company's Audit
Committee.
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Page 12
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. The Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees (continued)
iii. Employees
As of March 31, 2025, and December 31, 2024, the Company and its subsidiaries (collectively
referred to as “the Group”) had 19,712 employees and 19,695 employees (unaudited),
respectively.
c. Public offering of securities of the Company
The Company’s number of shares prior to its Initial Public Offering (“IPO”) totalled 8,400,000,000,
consisting of 8,399,999,999 Series B shares and 1 Series A Dwiwarna share, and were wholly-
owned by the Government. On November 14, 1995, 933,333,000 new Series B shares and
233,334,000 Series B shares owned by the Government were offered to the public through an IPO
and listed on the Indonesia Stock Exchange (“IDX”) and 700,000,000 Series B shares owned by
the Government were offered to the public and listed on the New York Stock Exchange (“NYSE”)
and the London Stock Exchange (“LSE”) in the form of American Depositary Shares (“ADS”). There
were 35,000,000 ADS and each ADS represented 20 Series B shares at that time.
In December 1996, the Government had a block sale of its 388,000,000 Series B shares, and
in 1997, Government distributed 2,670,300 Series B shares as incentive to the Company’s
stockholders who did not sell their shares within one year from the date of the IPO. In May 1999,
the Government further sold 898,000,000 Series B shares.
To comply with Law No. 1/1995 on Limited Liability Companies, at the AGM of Stockholders of
the Company on April 16, 1999, the Company’s stockholders resolved to increase the Company’s
issued share capital by the distribution of 746,666,640 bonus shares through the capitalization of
certain additional paid-in capital, which was made to the Company’s stockholders in August 1999.
On August 16, 2007, Law No. 1/1995 on Limited Liability Companies was amended by the
issuance of Law No. 40/2007 on Limited Liability Companies which became effective on the same
date. Law No. 40/2007 has no effect on the public offering of shares of the Company.
The Company has complied with Law No. 40/2007.
In December 2001, the Government had another block sale of 1,200,000,000 shares or
11.9% of the total outstanding Series B shares. In July 2002, the Government further sold a block
of 312,000,000 shares or 3.1% of the total outstanding Series B shares.
Based on the results of the Company's AGM Stockholders as stated in the Notarial Deed of
A. Partomuan Pohan, S.H., LLM., No. 26 dated July 30, 2004, the Company’s stockholders
approved the Company’s 2-for-1 stock split for Series A Dwiwarna and Series B share. The Series
A Dwiwarna share with par value of Rp500 per share was split into 1 Series A Dwiwarna share with
par value of Rp250 per share and 1 Series B share with par value of Rp250 per share. The stock
split resulted in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna
share and 39,999,999,999 Series B shares to 1 Series A Dwiwarna share and
79,999,999,999 Series B shares, and the issued capital stock from 1 Series A Dwiwarna share and
10,079,999,639 Series B shares to 1 Series A Dwiwarna share and 20,159,999,279 Series B
shares. After the stock split, each ADS represented 40 Series B shares.
During the Extraordinary General Meeting (“EGM”) held on December 21, 2005 and the AGMs held
on June 29, 2007, June 20, 2008, and May 19, 2011, the Company’s stockholders approved
phase I, II, III, and IV plan, respectively, of the Company’s program to repurchase its issued
Series B shares.
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Page 13
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
c. Public offering of securities of the Company (continued)
During the period of December 21, 2005 to June 20, 2007, the Company had bought back
211,290,500 shares from the public (stock repurchase program phase I). On July 30, 2013, the
Company had sold all such shares.
At the AGM held on April 19, 2013 as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 38 dated April 19, 2013, the stockholders approved the changes to the Company’s plan on the
treasury stock acquired under phase III. At the AGM held on April 19, 2013, the minutes of which
were covered by Notarial Deed No. 38 of Ashoya Ratam, S.H., M.Kn., the stockholders approved
the Company’s 5-for-1 stock split for Series A Dwiwarna and Series B shares. Series A Dwiwarna
share with par value of Rp250 per share was split into 1 Series A Dwiwarna share with par value
of Rp50 per share and 4 Series B shares with par value of Rp50 per share. The stock split resulted
in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna and
79,999,999,999 Series B shares to 1 Series A Dwiwarna and 399,999,999,999 Series B shares.
The issued capital stock increased from 1 Series A Dwiwarna and 20,159,999,279 Series B shares
to 1 Series A Dwiwarna and 100,799,996,399 Series B shares. After the stock split, each ADS
represented 200 Series B shares. Effective from October 26, 2016, the Company has changed the
ratio of Depositary Receipt from 1 ADS representing 200 series B shares to become 1 ADS
representing 100 series B shares. Profit per ADS information have been retrospectively adjusted
to reflect the changes in the ratio of ADS.
On May 16 and June 5, 2014, the Company deregistered from Tokyo Stock Exchange (“TSE”)
and delisted from the LSE, respectively.
On December 21, 2015, the Company sold the remaining shares of treasury shares phase III.
On June 29, 2016, the Company sold the treasury shares phase IV.
At the AGM held on April 27, 2018, as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 35 dated May 15, 2018, the stockholders approved the changes of the Company’s plan on the
transfer of shares from the repurchase through the withdrawal of 1,737,779,800 shares of treasury
stock, by reducing the issued and paid-up capital from the initial amount of Rp5,040 billion into
amount of Rp4,953 billion. Thus, in order to comply with the provisions of Article 33
UU No. 40 of 2007 concerning Limited Liability Companies, the AGM approved the reduction of the
Company's authorized capital from the original Rp20,000 billion to Rp19,500 billion, so the
Company's total authorized share capital became 1 Series A Dwiwarna and 389,999,999 Series B
shares.
As of March 31, 2025, all of the Company’s Series B shares are listed on the IDX and
43,008,744.80 ADS or equivalent to 4,300,874,480 Series B shares are listed on the NYSE (Note
21).
On June 16, 2015, the Company issued Continuous Bonds I Telkom Phase I 2015, with nominal
of Rp2,200 billion for Series A with a seven-year period, Rp2,100 billion for Series B with a ten-
year period, Rp1,200 billion for Series C with a fifteen-year period, and Rp1,500 billion for Series
D with a thirty-year period, all of which are listed on the IDX (Note 19a).
10
Page 14
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries
As of March 31, 2025 and December 31, 2024, the Company has consolidated the financial
statements of all subsidiaries, both directly and indirectly owned, as follows (Notes 2b and 2d):
i. Direct subsidiaries:
Total assets before
Start year of Percentage of ownership* elimination
operation March 31, December 31, March 31, December 31,
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Telekomunikasi Mobile 1995 70 70 115,608 117,403
Selular telecommunication,
(“Telkomsel”) fixed broadband,
network service, and
internet protocol
television ("IPTV")
PT Dayamitra Leasing of towers 1995 72 72 58,745 58,140
Telekomunikasi Tbk. and digital support
(“Mitratel”) services for mobile
infrastructure
PT Multimedia Network 1998 100 100 18,420 17,995
Nusantara telecommunication
(“Metra”) services and
multimedia
PT Telekomunikasi International 1995 100 100 17,528 17,173
Indonesia telecommunication
International and information
(“Telin”) services
PT Telkom Satelit Telecommunication - 1996 100 100 8,880 8,858
Indonesia provides satellite
(“Telkomsat”) communication
system and its
related services
PT Telkom Data Data center 1996 100 100 8,613 8,461
Ekosistem
(“TDE”)
PT Sigma Cipta Hardware and software 1988 100 100 5,840 6,207
Caraka computer consultation
(“Sigma”) service
PT Graha Sarana Duta Developer, trade, service 1982 100 100 5,429 5,485
("GSD") and transportation
PT Telkom Akses Construction, service 2013 100 100 4,032 4,480
(“Telkom Akses”) and trade in the field
of telecommunication
PT Telkom Network 2024 100 100 3,331 3,048
Infrastruktur telecommunication
Indonesia and information
(“TIF”) services
PT Metra-Net Multimedia portal service 2009 100 100 2,057 2,096
(“Metra-Net”)
PT Infrastruktur Developer service and 2014 100 100 1,146 1,359
Telekomunikasi trading in the field
Indonesia of telecommunication
(“Telkom Infra”)
PT PINS Indonesia Trade in telecommunication 1995 100 100 738 733
(“PINS”) devices
PT Napsindo Telecommunication - 1999; ceased 60 60 5 5
Primatel provides Network operations on
Internasional Access Point ("NAP"), January 13,
(“Napsindo”) Voice Over Data 2006
("VOD") and other
related services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
All direct subsidiaries are domiciled in Indonesia.
11
Page 15
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries:
Total assets before
Start year of Percentage of ownership* elimination
operation March 31, December 31, March 31, December 31,
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Metra Digital Trading, information 2013 100 100 9,120 9,110
Investama Ventura and multimedia
(“MDI”) technology,
entertainment
and investment
services
Telekomunikasi Telecommunication 2008 100 100 6,585 6,090
Indonesia and related
International Pte. Ltd. services
("Telin Singapore"),
domiciled in
Singapore
Telekomunikasi Investment 2010 100 100 3,662 3,624
Indonesia holding and
International Ltd. telecommunication
("Telin Hong Kong"), services
domiciled in
Hong Kong
NeutraDC Data center 2024 100 100 2,255 2,081
Singapore Pte. Ltd.
(“NeutraDC
Singapore”)
domiciled in
Singapore
PT Infomedia Information provider 1984 100 100 2,240 2,198
Nusantara services, contact
(“Infomedia”) center and content
directory
PT Telkom Landmark Property development 2012 55 55 2,106 2,120
Tower and management
(“TLT”) services
PT Finnet Indonesia Information 2006 60 60 1,761 1,383
(“Finnet”) technology
services
PT Persada Sokka Leasing of towers 2008 100 100 1,649 1,621
Tama and other
("PST") telecommunication
services
PT Nuon Digital Digital content 2010 100 100 1,484 1,393
Indonesia exchange hub
(“Nuon”) services
PT Teknologi Data Telecommunication 2013 60 60 1,426 1,444
Infrastruktur service and
(“TDI”) data center
Telekomunikasi Telecommunication 2012 100 100 1,102 1,035
Indonesia networks, mobile,
International (TL) S.A. internet, and
("Telkomcel"), data services
domiciled in
Timor Leste
PT Telkomsel Mitra Business 2019 100 100 1,038 1,040
Inovasi management
(“TMI”) consulting and
investment
services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
12
Page 16
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Total assets before
Start year of Percentage of ownership* elimination
operation March 31, December 31, March 31, December 31,
Subsidiary Nature of business commencement 2025 2024 2025 2024
PT Metra Digital Telecommunication 2013 100 100 839 876
Media information and
(“MD Media”) other information
services
PT Administrasi Health insurance 2002 100 100 790 702
Medika administration
(“Ad Medika”) services
PT Telkomsel Business management 2021 100 100 439 451
Ekosistem Digital consulting services
("TED") and investment
and/or investment
in other companies
PT Digital Aplikasi Communication 2014 100 100 431 441
Solusi system services
("Digiserve")
PT Ultra Mandiri Telecommunication 2019 100 100 389 366
Telekomunikasi network infrastructure
("UMT")** services
PT Swadharma Cash replenishment 2001 51 51 387 387
Sarana Informatika services and
(“SSI”) Automated Teller
Machines ("ATM")
maintenance
TS Global Satellite services 1996 70 70 331 357
Network Sdn. Bhd.
(“TSGN”),
domiciled in Malaysia
PT Nusantara Sukses Service and trading 2014 100 100 288 288
Investasi
(“NSI”)
PT Graha Yasa Tourism and 2012 51 51 282 277
Selaras hospitality services
(”GYS”)
Telekomunikasi Telecommunication 2014 100 100 261 267
Indonesia and information
International (USA) Inc. services
(“Telin USA”),
domiciled in USA
PT Collega Inti Trading and services 2001 70 70 217 196
Pratama
("CIP")
PT Nutech Integrasi System integrator 2001 60 60 205 225
(“Nutech”) service
PT Graha Telkomsigma Management and 1999 100 100 167 167
("GTS") consultation
services
Telekomunikasi Telecommunication 2013 70 70 149 144
Indonesia International and information
(Malaysia) Sdn. Bhd. services
(”Telin Malaysia”),
domiciled in Malaysia
PT Media Nusantara Consultation services 2012 55 55 139 134
Data Global of hardware, software,
("MNDG") data center, and
internet exchange
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
**UMT was acquired by Mitratel in December 2024 (Note 1e).
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
13
Page 17
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Total assets before
Start year of Percentage of ownership* elimination
operation March 31, December 31, March 31, December 31,
Subsidiary Nature of business commencement 2025 2024 2025 2024
Telekomunikasi Telecommunication 2013 100 100 53 52
Indonesia and information
International services
(Australia) Pty. Ltd.
(“Telin Australia”),
domiciled in
Australia
PT Metra TV Subscription 2013 100 100 49 57
(“Metra TV”) broadcasting
Services
PT Pojok Celebes Travel agent services 2008 100 100 30 69
Mandiri
("PCM")
PT Metraplasa Network and 2012; ceased 60 60 29 29
(“Metraplasa”) e-commerce operations on
services October, 2020
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
e. Other important information
i. Mitratel
Share buyback
On March 6, 2023, Mitratel announced another share buyback owned by the public, with a
maximum number of 7.88% of Mitratel’s issued and fully paid shares. The share buyback
period is 18 (eighteen) months starting from April 14, 2023, to October 13, 2024. As of
December 31, 2024, Mitratel has conducted share buyback amounting to 1,095,945,900
shares or equivalent to Rp704 billion.
Acquisition of entity under common control
Based on Notarial Deed of Shinta Dewi, S.H., No. 2 and No. 3 dated December 2, 2024,
Mitratel entered into Share Purchase Agreement with PT Pembangunan Perumahan
Infrastruktur ("PPIN") and Yayasan Kesejahteraan Karyawan Pembangunan Perumahan
("YKPP") for the acquisition of 100% shares of UMT. This transaction represents a business
combination of entities under common control, where the ultimate controlling shareholder of
both Mitratel and UMT is the Government. As a result of this transaction, Mitratel obtained
control of UMT.
The difference between the consideration transferred and the carrying amount of the
investment acquired from this transaction has been recognized as Additional Paid-in Capital
within the Consolidated Statements of Changes in Equity, with the following details:
Consideration paid 650
Book value of UMT’s equity at the acquisition date (91)
Difference in value of restructuring transactions of entities under common control 559
14
Page 18
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Other important information (continued)
ii. NeutraDC Singapore
Based on Accounting and Corporate Regulatory Authority Singapore (“ACRA”), on February
28, 2024, TDE added capital contribution to NeutraDC Singapore Pte. Ltd. with 219,411,975
shares at a par value of US$219 million, amounting to Rp3,448 billion.
iii. TIF
Based on Notarial Deed of Aulia Taufani, S.H., No. 7 dated July 3, 2024, all shareholders
approved the issuance of 19,240,001 new shares with nominal value per share of Rp100,000.
Of this issuance, the Company acquired 19,240,000 shares or amounted to Rp1,924 billion
and Metra acquired 1 share or amounted to Rp100,000.
iv. TDI
Based on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 313 dated October 14, 2024,
all shareholders of TDI approved the issuance of 8,050,000 new shares. Of this share
issuance, TDE acquired 4,830,000 shares, amounting to Rp483 billion; Nxera ID Pte. Ltd.
(formerly known as ST Dynamo ID Pte. Ltd.) acquired 2,817,500 shares or amounting to
Rp282 billion; and PT Medco Power Indonesia acquired 402,500 shares or amounting to
Rp40 billion. This additional capital contribution did not result in any change in TDE’s
ownership.
v. The Company
Changes of the Company’s series B shares ownership owned by the Government
Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 121, dated March 22, 2025,
the Government transferred its ownership of 51,602,353,559 Series B shares, representing
52.09% of the Company's total shares, to PT Biro Klasifikasi Indonesia (“BKI”) through
“inbreng” capital contribution.
This share transfer was conducted in accordance with prevailing legal regulations, specifically:
(a) Government Regulation Number 15 Year 2025 regarding the Addition of Capital
Participation of the Republic of Indonesia into the Share Capital of BKI for the
Establishment of an Operational Holding;
(b) Government Regulation Number 16 Year 2025 regarding the Addition of State Capital
Participation of the Republic of Indonesia into the Daya Anagata Nusantara Investment
Management Agency (“Danantara”).
BKI, as the transferee, serves as the Operational Holding Company, with all of its shares
owned by the Government through the Minister of State-Owned Enterprises and Danantara.
The Government retains its position as the Company's Ultimate Beneficial Owner through its
direct ownership of 1 Series A Dwiwarna share with special rights and its indirect ownership
of BKI's Series B shares through Danantara. The information regarding changes in
the Company's shareholding structure is detailed in Note 21.
f. Completion and authorization for the issuance of the consolidated financial statements
The Company’s management is responsible for the preparation and fair presentation of these
consolidated financial statements in accordance with Indonesian Financial Accounting Standards,
which have been completed and authorized for issuance by the Board of Directors of the Company
on April 30, 2025.
15
Page 19
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION
The Group consolidated financial statements have been prepared in accordance with Indonesian
Financial Accounting Standards which includes Statements of Financial Accounting Standards
("Pernyataan Standar Akuntansi Keuangan" or “PSAK”) and Interpretations of Financial Accounting
Standards ("Interpretasi Standar Akuntansi Keuangan" or “ISAK”) published by the Financial
Accounting Standards Board of the Institute of Indonesian Chartered Accountants (Dewan Standar
Akuntansi Keuangan Ikatan Akuntan Indonesia or “DSAK IAI”) and Regulation No. VIII.G.7 of the
Capital Market and Financial Institution Supervisory Agency (“Bapepam-LK”) regarding the
Presentation and Disclosure of Financial Statements of Issuers or Public Companies, enclosed in the
decision letter KEP-347/BL/2012.
a. Basis of preparation of the consolidated financial statements
The consolidated financial statements, except for the consolidated statements of cash flows, are
prepared on the accrual basis. The measurement basis used is historical cost, except for certain
accounts which are measured using the basis mentioned in the relevant notes herein.
The consolidated statements of cash flows are prepared using the direct method and present the
changes in cash and cash equivalents from operating, investing, and financing activities.
The reporting currency in the consolidated financial statements is the Indonesian Rupiah (“Rp”)
which is also the functional currency of the Group, except for subsidiaries whose functional
currencies are the U.S. Dollar, Australian Dollar, Singapore Dollar, and Malaysian Ringgit.
Figures in the consolidated financial statements containing values under Rp1 billion and US$1
million are presented with zero.
New accounting standards
On January 1, 2025, the Group adopted the new and revised statement of financial accounting
standards and interpretations of financial accounting standards effective from that date.
Adjustments to the Group's accounting policies have been made as required, in accordance with
the transitional provisions of the respective standards and interpretations. The adoption of the new
and revised standards and interpretations did not result in major changes to the Group's accounting
policies and had no material effect on the amounts reported for the current or prior financial year:
Amendment PSAK 221: Effect of Changes in Foreign Exchange Rate
This amendment clarifies the criteria for interchangeability between two currencies and requires
disclosure of information that enables users of financial statements to understand the impact of a
currency not being exchangeable. These amendments are not expected to have an impact to the
Group’s consolidated financial statement.
Accounting standards issued but not yet effective
Effective January 1, 2026:
Amendments to PSAK 109: Financial Instruments and PSAK 107: Financial Instruments:
Disclosures
These amendments provide clarifications regarding derecognition of financial liabilities settled
through electronic payment systems, classification of financial assets, disclosures related to
investments in equity instruments designated to be measured at fair value through other
comprehensive income, and disclosures related to contractual requirements that modify the timing
or amount of contractual cash flows. These amendments are not expected to have an impact to
the Group’s consolidated financial statement.
16
Page 20
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
b. Principles of consolidation
The consolidated financial statements consist of the financial statements of the Company and
the subsidiaries over which it has control. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. Specifically, the Group controls an investee if and only
if the Group has power over the investee, exposure, or rights, to variable returns from its
involvement with the investee, and the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has
power over an investee, including:
i. The contractual arrangement with the other vote holders of the investee,
ii. Rights arising from other contractual arrangements, and
iii. The Group's voting rights and potential voting rights.
The Group re-assesses whether it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses
control over the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statements of financial position and
the consolidated statements of profit or loss and other comprehensive income from the date the
Group gains financial control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the
equity holders of the Company and to the non-controlling interests, even if this results in the non-
controlling interests having a deficit balance.
All intra-Group assets and liabilities, equity, revenue and expenses, and cash flow relating to
transactions within Group are fully eliminated on consolidation.
In case of loss of control over a subsidiary, the Group:
i. derecognizes the assets (including goodwill) and liabilities of the subsidiary at the carrying
amounts on the date when it loses control;
ii. derecognizes the carrying amounts of any non-controlling interests of its former subsidiary on
the date when it loses control;
iii. recognizes the fair value of the consideration received (if any) from the transaction, events, or
condition that caused the loss of control;
iv. recognizes the fair value of any investment retained in the subsidiary at fair value on the date
of loss of control; and
v. recognizes any surplus or deficit in profit or loss that is attributable to the Group.
17
Page 21
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
c. Transactions with related parties
The Group has transactions with related parties. The definition of related parties used is in
accordance with the Bapepam-LK’s Regulation No. VIII.G.7 regarding the Presentations and
Disclosures of Financial Statements of Issuers or Public Companies, enclosed in the decision letter
No. KEP-347/BL/2012. The party which is considered a related party is a person or entity that is
related to the entity that is preparing its financial statements.
Under the Regulation of Bapepam-LK No. VIII.G.7, a government-related entity is an entity that is
controlled, jointly controlled or significantly influenced by the government. Government in this
context is the Minister of Finance or the Local Government, as the shareholder of the entity.
Key management personnel are identified as the persons having authority and responsibility for
planning, directing, and controlling the activities of the entity, directly or indirectly, including any
director (whether executive or otherwise) of the Group. The related party status extends to the key
management of the subsidiaries to the extent they direct the operations of subsidiaries with minimal
involvement from the Company’s management.
d. Business combinations and goodwill
Business combination is accounted for using the acquisition method. The consideration transferred
is measured at fair value, which is the aggregate of the fair value of the assets transferred, liabilities
incurred or assumed, and the equity instruments issued in exchange for control of the acquiree.
For each business combination, non-controlling interest is measured at fair value or at the
proportionate share of the acquiree’s identifiable net assets. The measurement basis is selected
on a transaction-by-transaction basis. Acquisition-related costs are expensed as incurred. The
acquiree’s identifiable assets and liabilities are recognized at their fair values at the acquisition
date.
Goodwill is initially measured at cost, which represents the excess of the aggregate consideration
transferred and the amount recognized for non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities assumed. If the fair value of the acquired net
assets exceeds the aggregate consideration transferred, the Group re-assesses whether it has
correctly identified all of the assets acquired and all of the liabilities assumed, and reviews the
procedures used to measure the amounts to be recognized at the acquisition date. If the re-
assessment still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
When the determination of consideration from a business combination includes contingent
consideration, it is measured at its fair value on acquisition date. Contingent consideration is
classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair value recognized in profit or loss when
adjustments are recorded outside the measurement period. Changes in the fair value of the
contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments made against goodwill. A measurement period
adjustments refers to adjustments arising from additional information obtained during the
measurement period, which cannot exceed one year from the acquisition date, about facts and
circumstances that existed at the acquisition date.
18
Page 22
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
d. Business combinations and goodwill (continued)
If the initial accounting for a business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group shall report in its consolidated financial statements
provisional amounts for the items for which the accounting is incomplete. During the measurement
period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition
date to reflect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the amounts recognized
as of that date. The measurement period ends immediately after the Company receives the
information about the facts and circumstances that existed at the acquisition date or learns that
additional information cannot be obtained. However, the measurement period must not exceed one
year from the date of acquisition.
In a business combination achieved in stages, the acquirer remeasures its previously held equity
interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if
any, in profit or loss.
Based on PSAK 338: Business Combination of Entities Under Common Control, the transfer of
assets, liabilities, shares or other ownership instruments among the companies under common
control would not result in a gain or loss for the Company or individual entity in the same group.
Since the restructuring transaction between entities under common control does not result in a
change of the economic substance of the ownership of assets, liabilities, shares, or other
instruments of ownership, which are exchanged, assets or liabilities transferred are recorded at
book value using the pooling-of-interests method.
In applying the pooling-of-interests method, the components of the financial statements for the
period during the restructuring occurred must be presented in such a manner as if the restructuring
has occurred since the beginning of the earliest period presented. The excess of consideration paid
or received over the carrying value of interest acquired, net of income tax, is directly recognized to
equity and presented as “Additional Paid-in Capital” under the equity section of the consolidated
statements of financial position.
At the initial application of PSAK 338, all balances of the Difference In Value of Restructuring
Transactions of Entities under Common Control was reclassified to “Additional Paid-in Capital” in
the consolidated statements of financial position.
e. Cash and cash equivalents
Cash and cash equivalents in the consolidated statements of financial position comprise cash in
banks and on hand and short-term highly liquid deposits with a maturity of three months or less,
that are readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value.
For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist
of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Group’s cash management.
Time deposits with maturities of more than three months but not more than one year are
presented as part of “Other current financial assets” in the consolidated statements of financial
position.
19
Page 23
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
f. Inventories
Inventories consist of components, which represent telephone terminals, cables, and other spare
parts. Inventories also include Subscriber Identification Module ("SIM") cards, handsets, wireless
broadband modems, and prepaid vouchers which are expensed upon sale.
Inventories are valued at the lower of cost and net realizable value. Net realizable value is
determined by either estimating the selling price in the ordinary course of business, less estimated
cost to sell or determining the prevailing replacement costs.
The costs of inventories consist of the purchase price, import duties, other taxes, transport,
handling, and other costs directly attributable to their acquisition.
Cost is determined using the weighted average method.
The amounts of any write-down of inventories below cost to net realizable value and all losses
of inventories are recognized as an expense in the period in which the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net
realizable value, is recognized as a reduction in the amount of general and administrative expenses
in the year in which the reversal occurs.
Provision for obsolescence is primarily based on the estimated forecast of future usage of these
inventory items.
g. Prepaid expenses
Prepaid expenses are amortized over their future beneficial periods using the straight-line method.
Prepaid expenses are presented in the consolidated statements of financial position as part of other
current assets and other non-current assets.
20
Page 24
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
h. Intangible assets
Intangible assets are recognized if it is highly probable that the expected future economic benefits
that are attributable to each asset will flow to the Group, and the cost of the asset can be reliably
measured.
Intangible assets are stated at cost less accumulated amortization and impairment losses (if any).
Intangible assets are amortized over their estimated useful lives. The amortization period and the
amortization method for an intangible asset with a finite useful life are reviewed at least at the end
of the reporting period. The Group estimates the recoverable value of its intangible assets. When
the carrying amount of an intangible asset exceeds its estimated recoverable amount, the asset is
written down to its estimated recoverable amount.
Intangible assets except goodwill, are amortized using the straight-line method, based on the
estimated useful lives of the intangible assets as follows:
Years
Software 3-6
License 3-20
Other intangible assets 3-30
Intangible assets are derecognized on disposal, or when no further economic benefits are
expected, either from further use or from disposal. The difference between the carrying amount
and the net proceeds received from disposal is recognized in the consolidated statements of profit
or loss and other comprehensive income.
i. Property and equipment
Property and equipment are stated at cost less accumulated depreciation, and impairment losses,
(if any).
The cost of an item of property and equipment includes: (a) purchase price; (b) any costs directly
attributable to bringing the asset to its location and condition; and (c) the initial estimate of the costs
of dismantling and removing the item and restoring the site on which it is located. Each part of an
item of property and equipment with a cost that is significant in relation to the total cost of the item
is depreciated separately.
Property and equipment, except land rights, are depreciated using the straight-line method based
on the estimated useful lives of the assets as follows:
Years
Buildings 15-50
Leasehold improvements 2-10
Switching equipment 3-15
Telegraph, telex, and data communication equipment 5-15
Transmission installation and equipment 3-40
Satellite, earth station, and equipment 3-20
Cable network 5-25
Power supply 3-20
Data processing equipment 3-20
Vehicles 4-8
Other telecommunication peripherals 5
Office equipment 2-5
Other equipment 2-5
21
Page 25
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
i. Property and equipment (continued)
Significant expenditures related to leasehold improvements are capitalized and depreciated over
the lease term.
The depreciation method, useful life, and residual value of an asset are reviewed at least at each
financial year-end and adjusted, if appropriate. The residual value of an asset is the estimated
amount that the Group would currently obtain from disposal of the asset, after deducting the
estimated costs of disposal, if the asset is already of the age and in the condition expected at the
end of its useful life.
Property and equipment acquired in exchange for a non-monetary asset or for a combination of
monetary and non-monetary assets are measured at fair value unless, (i) the exchange transaction
lacks commercial substance; or (ii) the fair value of neither the asset received, nor the asset given
up is measured reliably.
Major spare parts and standby equipment that are expected to be used for more than 12 months
are recorded as part of property and equipment.
When assets are retired or otherwise disposed of, their cost and the related accumulated
depreciation are derecognized from the consolidated statements of financial position and the
resulting gains or losses on the disposal or sale of the property and equipment are recognized in
the consolidated statements of profit or loss and other comprehensive income.
Certain computer hardware cannot be used without the availability of certain computer software.
In such circumstance, the computer software is recorded as part of the computer hardware. If the
computer software is independent from its computer hardware, it is recorded as part of intangible
assets.
The cost of maintenance and repairs are charged to the consolidated statements of profit or loss
and other comprehensive income as incurred. Significant renewals and improvements are
capitalized to related property and equipment account.
Property under construction is stated at cost less impairment (if any), until the construction is
completed, at which time it is reclassified to the property and equipment account to which it relates.
During the construction period and until the property is ready for its intended use or sale, borrowing
costs, which include interest expense and foreign currency exchange differences incurred on loans
obtained to finance the construction of the asset, as long as it meets the definition of a qualifying
asset are, capitalized in proportion to the average amount of accumulated expenditures during the
period. Capitalization of borrowing cost ceases when the construction is completed, and the asset
is ready for its intended use or sale.
22
Page 26
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term corresponds to the non-cancellable period of each contract,
except in cases where the Group is reasonably certain of exercising renewal options contractually
foreseen.
The Group has made use of the package of practical expedients available within PSAK 116, which
among other things:
• the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
• the accounting for operating leases with a remaining lease term of less than 12 months as
short-term leases;
• the exemption of initial direct costs for the measurement of the right-of-use asset (“ROU”) as
short-term leases;
• the use of hindsight in determining the lease term where the contract contains options to
extend or terminate the lease;
• not separating non-lease components from lease components, and instead, account for both
as a single lease component; and
• not recognizing a lease liability and a ROU asset for leases where the underlying assets are
low-value assets (i.e. underlying assets with a maximum value of US$5,000 or Rp50 million
when it is new).
The Group applies the definition of a lease and related guidance set out in PSAK 116 to all lease
contracts.
i. The Group as lessee
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognizes lease liabilities to
make lease payments and ROU assets representing the right to use the underlying assets.
The Group recognizes ROU assets at the commencement date of the lease. ROU assets are
measured at cost, less any accumulated amortization and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease
liabilities recognized, initial direct costs incurred, restoration costs and lease payments made
at or before the commencement date less any lease incentives received.
23
Page 27
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases (continued)
i. The Group as lessee (continued)
ROU assets are amortized on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows:
Years
Land rights 1-33
Buildings 1-30
Transmission installation and equipment 1-25
Vehicles 1-6
Others 1-6
If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The ROU assets are subject to impairment in accordance with
PSAK 236: Impairment of Assets.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing
rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the lease payments, or a change in the assessment of
an option to purchase the underlying asset.
Short-term leases with a duration of less than 12 months and low-value assets leases, as well
as those lease elements, partially or totally not complying with the principles of recognition
defined by PSAK 116 will be treated similarly to operating leases. The Group will recognize
those lease payments on a straight-line basis over the lease term in the consolidated
statements of profit or loss and other comprehensive income.
24
Page 28
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases (continued)
ii. The Group as lessor
Under PSAK 116, a lessor continues to classify leases as either finance leases or operating
leases and account for those two types of leases differently. Leases in which the Group
transfers substantially all the risks and rewards incidental to ownership of an asset are
classified as finance leases, otherwise it will be classified as operating leases. Lease
classification is made at the inception date and is reassessed only if there is a lease
modification.
At the commencement date, the Group recognizes assets held under a finance lease at an
amount equal to the net investment in the lease and present it as finance lease receivable.
The net investment in the lease includes fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and residual value guarantees provided to the lessor by the lessee. The lease
payments also include the exercise price of a purchase option reasonably certain to be
exercised by the lessee and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate.
As required by PSAK 109, an allowance for expected credit loss has been recognized on the
finance lease receivables and presented under “Other receivables” (Note 8).
Rental income arising from operating leases is accounted for on a straight-line basis over the
lease terms and is included in revenue in the consolidated statements of profit or loss and
other comprehensive income due to its operating nature. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the
underlying asset and recognized over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
If an arrangement contains lease and non-lease components, the Group applies PSAK 115
Revenue from Contracts with Customers to allocate the consideration in the contract. Revenue
arising from operating lease is recorded as revenue from lessor transactions (Note 2n).
k. Deferred charges - land rights
Costs incurred to process the initial legal land rights are recognized as part of the property and
equipment and are not amortized. Costs incurred to process the extension or renewal of legal land
rights are deferred and amortized using the straight-line method over the shorter of the legal term
of the land rights or the economic life of the land.
25
Page 29
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
l. Borrowings
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are
subsequently carried at amortized cost; any difference between the proceeds (net of transaction
costs) and the redemption value is recognized in the consolidated statements of profit or loss and
other comprehensive income over the period of the borrowings using the effective interest method.
Fees paid on obtaining loan facilities are recognized as transaction costs of the loan to the extent
that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred
until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of
the facilities will be drawn down, the fee is capitalized as a prepayment for liquidity services and
amortized over the period of the facilities to which it relates.
m. Foreign currency translations
Transactions in foreign currencies are translated into Indonesian Rupiah at the Reuters’ mid rates
of exchange prevailing at transaction date. At the consolidated statements of financial position
dates, monetary assets and liabilities denominated in foreign currencies are translated into
Indonesian Rupiah based on the buy and sell rates quoted by Reuters prevailing at the consolidated
statements of financial position dates, as follows (in full amount):
March 31, 2025 December 31, 2024
Buy Sell Buy Sell
United States Dollar (“US$”) 1 16,556 16,567 16,090 16,100
Australian Dollar (“AU$”) 1 10,451 10,461 9,995 10,009
Singapore Dollar (“SGD”) 1 12,359 12,371 11,815 11,829
New Taiwan Dollar (“TWD”) 1 499.76 500.14 490.07 490.52
Euro (“EUR”) 1 17,840 17,852 16,761 16,775
Japanese Yen ("JPY") 1 109.90 109.97 103.02 103.11
Malaysian Ringgit ("MYR") 1 3,732 3,738 3,591 3,601
Hong Kong Dollar (“HKD”) 1 2,129 2,130 2,072 2,074
Myanmar Kyat (“MMK”) 1 7.86 7.91 7.64 7.69
The result of foreign exchange gains or losses, realized and unrealized, are credited or charged to
the consolidated statements of profit or loss and other comprehensive income of the current period,
except for foreign exchange differences incurred on borrowings during the construction of qualifying
assets which are capitalized to the extent that the borrowings can be attributed to the construction
of those qualifying assets (Note 2i).
26
Page 30
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition
Revenue from contract with customers
PSAK 115 establishes a comprehensive framework to determine how, when, and how much
revenue is to be recognized. The standard provides a single principles-based five-step model for
the determination and recognition of revenue to be applied to all contracts with customers. The
standard also provides specific guidance requiring certain types of costs to obtain and/or fulfill a
contract to be capitalized and amortized on a systematic basis that is consistent with the transfer
to the customer of the goods or services to which the capitalized cost relates.
Below is the summary of the Group’s revenue recognition accounting policy for each revenue
stream:
i. Mobile
Revenue from mobile primarily comprises of revenue from cellular service which among
others: telephone service, interconnection service, internet and data service and Short
Messaging Services (“SMS”) service. Those services are offered on postpaid or prepaid basis.
For prepaid services, initial package sales (also known as SIM cards and initial charging
vouchers) and top-up vouchers are initially recognized as contract liabilities. The Group
recognizes contract assets for the services from postpaid customers that have not been billed.
All mobile services revenues are recognized based on output method, either per actual usage
or allowance unit used (if the services are sold in plan basis), because the customer
simultaneously receives and consumes the benefits provided by the Group.
For services sold in bundled plan, total consideration is allocated to performance obligations
based on stand-alone selling price for each of the product and/or service. The Group estimates
the stand-alone selling price using the price enacted if the services are sold on a stand-alone
basis. Most bundled plans sold by the Group only include services which are generally
satisfied over the same period of time. Therefore, the revenue recognition pattern is generally
not impacted by the allocation.
The consideration that is received is allocated between the telecommunication services sold
and the points issued, with the consideration allocated to points that are equal to its fair value.
The fair value of the points that are issued is deferred and recognized as revenue when the
points are redeemed, expired, or when the program is terminated.
ii. Consumer
Revenue from consumer primarily comprises of revenue from IndiHome services. Revenues
from IndiHome service are derived from customer who subscribes to internet services or to
bundled package with combination of consumer service (i.e. telephone, internet and data, and
paid TV). Those services are offered on a postpaid basis and billed in the following month.
The Group applies terms and conditions that requires the customer to pay substantive early
termination penalty if the customer’s contract is ended at the customer’s request and/or fault
within the first 12 months after the service is activated. After the initial 12-month period, the
customer can decide to stop subscribing in accordance with the applicable terms and
conditions without incurring any penalties. In accordance with PSAK 115, the contract period
is 12 months, which is then followed by a monthly contract.
All consumer services are recognized using the output method based on the customer's actual
usage or time elapsed basis as the customer simultaneously receives and consumes the
benefits provided by the Group.
27
Page 31
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
ii. Consumer (continued)
Customers are required to pay an upfront fee at the commencement of the contract. The
upfront fee is considered to be a material right because the customer is not required to pay an
upfront fee when the customer renews the service beyond the original contract period. The
Group values the renewal option in the amount of the consideration received from the upfront
fee for the installation service. The Group defers the amount of renewal option as contract
liabilities and recognizes it as revenue on a straight-line basis over the expected customer life.
The Group estimates the expected customer life based on the historical information and
customer trends and updates the evaluation on an annual basis.
iii. Enterprise
Revenue from enterprise customers primarily comprises of revenue from providing telephone
service, internet and data, information technologies, and other services (e.g. manage service,
call center service, e-health, e-payment, and others). Some of the contracts with enterprise
customers are bespoke in nature.
Revenues from enterprise customers are recognized overtime using output method based on
actual usage or time elapsed if the provision of service does not depend on usage (i.e. minute
of voice, kilobyte of data, etc.), except for sales of goods which are recognized at a point in
time, because the customer simultaneously receives and consumes the benefits provided by
the Group. Revenues for performance obligations that are satisfied at a point in time is
recognized when control of goods is transferred to the customer, typically when the customer
has physical possession of the goods.
Some of the arrangements in enterprise customers are offered as bundled arrangements. For
bundled arrangements, the product and/or service in the contract is accounted for as a single
performance obligation when it is separately identifiable from other promises in the contract
and the customer can benefit from the product/service on its own. The total consideration is
allocated to each distinct performance obligation that has been included in the contract, based
on its stand-alone selling price. The stand-alone selling price is determined according to the
observable prices at which individual product and/or service are sold separately, adjusted for
market conditions and normal discounts as appropriate. Alternatively, when the observable
prices are not available, the expected cost-plus margin approach is used to determine the
stand-alone selling prices.
Certain contracts with enterprise customers may give rise to variable consideration as the
contract price depends on a future event (e.g. usage based contract or revenue-share based
contract). In estimating the variable consideration, the Group is required to use either the
expected value method or the most likely amount method based on the method that better
predicts the amount of consideration to which it will be entitled. The Group determines that the
most expected value method is the appropriate method to use in estimating the variable
consideration for a single contract with a large number of possible outcomes.
Before including any amount of variable consideration in the transaction price, the Group
considers whether the amount of variable consideration is constrained. The Group determines
that the estimates of variable consideration are not constrained based on its historical
experience, business forecast, and the current economic conditions and only includes variable
consideration to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognized will not occur when the uncertainty associated with the
variable consideration is subsequently resolved.
28
Page 32
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
iii. Enterprise (continued)
When another party is involved in providing products and/or services to a customer, the Group
is the principal if it controls the specified products and/or services before those products and/or
services are transferred to the customer. Revenues are recorded on the net amount that has
been retained (the amount paid by the customer less the amount paid to the suppliers), when,
in substance, the Group has acted as agent and earned commission from the suppliers of the
products and/or services sold.
iv. Wholesale and International Business (“WIB”)
Revenue from WIB is mainly comprises of interconnections service for interconnection of other
telecommunications carriers’ subscriber calls to the Group’s subscribers (incoming call) and
calls between other telecommunications carriers subscribers through the Group’s network
(transit) and network service with other telecommunications carriers. All of these services are
recognized based on the output method using the basis of the actual recorded traffic for the
month.
Contract assets
A contract asset is initially recognized for revenue earned from delivery of goods or services
because the receipt of consideration is conditional on certain milestones or upon completion of the
project. Upon completion of the milestones or the project, the amount recognized as contract assets
is reclassified to trade receivables.
Contract assets are subject to impairment assessment.
Contract liabilities
A contract liability is recognized if a payment is received or a payment is due (whichever is earlier)
from a customer before the Group transfers the related goods or services. Contract liabilities are
recognized as revenue when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer).
Incremental cost of obtaining and cost of fulfilling contract
The incremental costs of obtaining/fulfilling contracts with customers, which principally are
comprised of sales commissions and contract fulfilment costs, are initially recognized on the
consolidated statements of financial position as contract costs. These costs are subsequently
amortized on a systematic basis that is consistent with the period and pattern of transfer to the
customer of the related products or services. Costs that do not qualify as costs of obtaining/fulfilling
contract with customers are expensed as incurred or in accordance with other relevant standards.
At the end of each reporting year, the Group evaluates whether there is an indication that
capitalized contract costs may be impaired. An impairment exists when the carrying amount of the
contract costs exceeds the amount expected to be received in exchange for goods and services.
When impairment exists, an impairment loss is recognized in consolidated statements of profit or
loss and other comprehensive income.
29
Page 33
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from lessor transactions
Revenue from lessor transactions comprises of revenue from telecommunication tower operating
leases and other rental. Rental income is recognized on a straight-line basis over the lease term
and is included in revenue in the statement of profit or loss due to its operating nature.
Expenses
Expenses are recognized as they are incurred.
o. Employee benefits
i. Short-term employee benefits
All short-term employee benefits which consist of salaries and related benefits, vacation pay,
incentives and other short-term benefits are recognized as expense on undiscounted basis
when employees have rendered service to the Group.
ii. Post-employment benefit plans and other long-term employee benefits
Post-employment benefit plans consist of funded and unfunded defined benefit pension plans,
defined contribution pension plan, other post-employment benefits, post-employment health
care benefit plan, defined contribution health care benefit plan and obligations under the Labor
Law.
Other long-term employee benefits consist of Long Service Awards (“LSA”), Long Service
Leave (“LSL”), and pre-retirement benefits.
The cost of providing benefits under post-employment benefit plans and other long-term
employee benefits calculation is performed by an independent actuary using the projected unit
credit method.
The net obligations in respect of the defined pension benefit plans and post-retirement health
care benefit plan are calculated at the present value of estimated future benefits that the
employees have earned in return for their service in the current and prior periods less the fair
value of plan assets. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of Government bonds that
are denominated in the currencies in which the benefits will be paid and that have terms to
maturity approximating the terms of the related retirement benefit obligation. Government
bonds are used as there are no deep markets for high quality corporate bonds.
Plan assets are assets owned by defined benefit pension plan and post-retirement health care
benefits plan as well as qualifying insurance policy. The assets are measured at fair value as
of reporting dates. The fair value of qualifying insurance policy is deemed to be the present
value of the related obligations (subject to any reduction required if the amounts receivable
under the insurance policies are not recoverable in full).
30
Page 34
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
o. Employee benefits (continued)
ii. Post-employment benefit plans and other long-term employee benefits (continued)
Remeasurement, comprising of actuarial gains and losses, the effect of the asset ceiling
(excluding amounts included in net interest on the net defined benefit liability (asset) and the
return on plan assets (excluding amounts included in net interest on the net defined benefit
liability (asset)) are recognized immediately in the consolidated statements of financial position
with a corresponding debit or credit to retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognized immediately in profit or loss on the earlier of:
(a) the date of plan amendment or curtailment; and
(b) the date that the Group recognized restructuring-related costs.
Net interest is calculated by applying the discount rate to the net defined benefit liabilities or
assets.
Gains or losses on curtailment are recognized when there is a commitment to make a material
reduction in the number of employees covered by a plan or when there is an amendment of
defined benefit plan terms such as that a material element of future services to be provided by
current employees will no longer qualify for benefits, or will qualify only for reduced benefits.
Gains or losses on settlement are recognized when there is a transaction that eliminates all
further legal or constructive obligation for part, or all of the benefits provided under a defined
benefit plan (other than the payment of benefit in accordance with the program and included
in the actuarial assumptions).
For defined contribution plans, the regular contributions constitute net periodic costs for the
period in which they are due and, as such, are included in “personnel expenses” as they
become payable.
The Group attributed benefits under the defined benefit plan’s benefit formula to periods of
service from the date when employee service first leads to benefits under the plan until the
date when further employee service will lead to no material amount of further benefits under
the plan.
iii. Early retirement benefit
Early retirement benefits are accrued at the time the Group makes a commitment to provide
early retirement benefits as a result of an offer made in order to encourage voluntary
resignation. A commitment to a termination arises when, and only when a detailed formal plan
for the early retirement cannot be withdrawn.
31
Page 35
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Taxes
Income tax
Current and deferred income taxes are recognized as income or expense and included in the
consolidated statements of profit or loss and other comprehensive income, except to the extent
that the income tax arises from a transaction or event which is recognized directly in equity, in
which case, the income tax is recognized directly in equity.
Current income tax assets and liabilities are measured at the amounts expected to be recovered
or paid by using the tax rates and tax laws that have been enacted or substantively enacted at
each reporting date. Management periodically evaluates positions taken in Annual Tax Returns
("Surat Pemberitahuan Tahunan"/"SPT Tahunan") with respect to situations in which applicable tax
regulation is subject to interpretation. Where appropriate, management establishes provisions
based on the amounts expected to be paid to the Tax Authorities.
Tax assessments
Amendment to taxation obligation is recorded when an assessment letter (“Surat Ketetapan Pajak”
or “SKP”) is received or, if appealed against, when the results of the appeal have been determined.
The additional taxes and penalty imposed through SKP are recognized as revenue or expense in
the current year profit or loss, unless objection/appeal is taken. The additional taxes and penalty
imposed through SKP are deferred as long as they meet the asset recognition criteria.
Deferred tax
The Group recognizes deferred tax assets and liabilities for temporary differences between the
financial and tax bases of assets and liabilities at each reporting date. The Group also recognizes
deferred tax assets resulting from the recognition of future tax benefits, such as the benefit of tax
losses carried forward to the extent their future realization is probable. Deferred tax assets and
liabilities are measured using enacted or substantively enacted tax rates and tax laws at each
reporting date which are expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is
no longer probable that sufficient taxable profit will be available to compensate part, or all of the
benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each
reporting date and recognized if it is probable that future taxable profits will be available for
recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from
estimates of future taxable income.
Deferred tax transactions which are recognized outside profit or loss. Therefore, deferred taxes on
these transactions are recognized either in other comprehensive income or recognized directly in
equity.
Deferred tax assets and liabilities are offset in the consolidated statements of financial position, if
and only if it has a legally enforceable right to set off current tax assets and liabilities and the
deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either
the same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax assets or liabilities are expected to be
recovered or settled.
32
Page 36
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Taxes (continued)
Value added tax (“VAT”)
Revenues, expenses and assets are recognized net of the VAT amount except:
i. VAT arising from the purchase of assets or services that cannot be credited by the Tax Office,
which VAT is recognized as part of the acquisition cost of the asset or as part of the applied
expenses; and
ii. Receivables and payables are presented including the amount of VAT.
Uncertainty over income tax treatments
ISAK 123: Uncertainty Over Income Tax Treatments stated that the recognition and measurement
of tax assets and liabilities that contain uncertainty over income tax are determined by considering
whether to be treated separately or together, the assumptions used in the examination of tax
treatments by the Tax Authorities, consideration the probability that the Tax Authorities will accept
uncertain tax treatment and re-consideration or estimation if there is a change in facts and
circumstances.
If the acceptance of the tax treatment by the Tax Authorities is probable, the measurement is in
line with income tax fillings. If the acceptance of the tax treatment by the Tax Authorities is not
probable, the Group measures its tax balances using the method that provides the better prediction
of resolution (i.e. most likely amount or expected value).
Final tax
Indonesian tax regulations impose final tax on several types of transactions based on the gross
value of the transaction. Therefore, final tax which is charged based on such transaction remains
subject to tax even though the taxpayer incurred a loss on the transaction.
The final tax is scoped out from PSAK 212: Income Tax. Final tax on construction services and
leases are presented as part of “other income - net”.
q. Financial instruments
The Group classifies financial instruments into financial assets and financial liabilities. A financial
instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
i. Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, and subsequently measured at amortized
cost, fair value through OCI (“FVTOCI”), and fair value through profit or loss (“FVTPL”).
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them. With
the exception of trade receivables that do not contain a significant financing component or for
which the Group has applied the practical expedient, the Group initially measures a financial
asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs.
Trade receivables that do not contain a significant financing component or for which the Group
has applied the practical expedient are measured at the transaction price determined under
PSAK 115.
33
Page 37
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i. Financial assets (continued)
Initial recognition and measurement (continued)
In order for a financial asset to be classified and measured at amortized cost or FVTOCI, it
needs to give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding. This assessment is referred to as the solely payments of
principal and interest test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the marketplace (regular way trades) are recognized
on the trade date, i.e., the date that the Group commits to sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
(a) Financial assets at amortized cost (debt instruments)
The Group measures financial assets at amortized cost if both of the following conditions
are met:
• The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets at amortized cost are subsequently measured using the effective interest
rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in
profit or loss when the asset is derecognized, modified or impaired. The Group’s financial
assets at amortized cost consist of cash and cash equivalents, other current financial
assets, trade and other receivables, and other non-current assets.
(b) Financial assets at FVTOCI with recycling of cumulative gains and losses (debt
instruments)
The Group measures debt instruments at FVTOCI if both of the following conditions are
met:
• The financial asset is held within a business model with the objective of both holding
to collect contractual cash flows and selling; and
• The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
For debt instruments at FVTOCI, interest income, foreign exchange revaluation, and
impairment losses or reversals are recognized in the statement of profit or loss and
computed in the same manner as for financial assets measured at amortized cost. The
remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative
fair value change recognized in OCI is recycled to profit or loss.
34
Page 38
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i. Financial assets (continued)
Subsequent measurement (continued)
(c) Financial assets designated at FVTOCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at FVTOCI when they meet the definition of equity under
PSAK 232, Financial Instruments: Presentation and are not held for trading. The
classification is determined on an instrument-by-instrument basis. Gains and losses on
these financial assets are never recycled to consolidated statements of profit or loss and
other comprehensive income. Dividends are recognized as other income in the statement
of profit or loss when the right of payment has been established, except when the Group
benefits from such proceeds as a recovery of part of the cost of the financial asset, in
which case, such gains are recorded in OCI. Equity instruments designated at FVTOCI
are not subject to impairment assessment. The Group’s financial assets at this category
consists of long-term investments in financial instruments.
(d) Financial assets at FVTPL
Financial assets at FVTPL include financial assets held for trading, financial assets
designated upon initial recognition at FVTPL, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term. Derivatives, including
separated embedded derivatives, are also classified as held for trading unless they are
designated as effective hedging instruments. Financial assets with cash flows that are
not solely payments of principal and interest are classified and measured at FVTPL,
irrespective of the business model. Notwithstanding the criteria for debt instruments to be
classified at amortized cost or at FVTOCI, as described above, debt instruments may be
designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces,
an accounting mismatch.
Financial assets at FVTPL are carried in the consolidated statements of financial position
at fair value with net changes in fair value recognized in the consolidated statements of
profit or loss and other comprehensive income. The Group’s financial assets at FVTPL
consists of other long-term investments in financial instruments and other current financial
assets.
Expected credit losses (“ECL”)
The Group recognizes an allowance for ECL for all debt instruments not held at FVTPL. ECL
are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash
flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
35
Page 39
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i. Financial assets (continued)
Expected credit losses (“ECL”) (continued)
ECL are recognized in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECL are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL).
For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining
life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECL. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECL at each reporting date. The Group has
established an allowance for expected credit loss methodology that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
The Group considers a financial asset in default when contractual payments are 90 days past
due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements
held by the Group. Trade receivables are written-off when there is a low possibility of
recovering the contractual cash flow, after all collection efforts have been done and have been
fully provided for allowance.
ii. Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loan and
borrowings and payables, net of directly attributable transaction costs.
The Group classifies its financial liabilities as: (i) financial liabilities at FVTPL or (ii) financial
liabilities measured at amortized costs.
The Group’s financial liabilities include trade and other payables, accrued expenses, customer
deposits, interest-bearing loans, and lease liabilities. Interest-bearing loans consist of short-
term bank loans, bonds, and long-term bank loans.
36
Page 40
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
ii. Financial liabilities (continued)
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
(a) Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at FVTPL. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the
Group that are not designated as hedging instruments in hedge relationships. Separated
embedded derivatives are also classified as held for trading unless they are designated
as effective hedging instruments. Gains or losses on liabilities held for trading are
recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at FVTPL are designated at the
initial date of recognition, and only if the criteria in PSAK 109 are satisfied. The Group
has not designated any financial liability as at FVTPL.
(b) Financial liabilities measured at amortized cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and other borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process. Amortized cost is
calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the statement of profit or loss. This category generally applies to interest-bearing
loans. For more information, refer to Note 19.
iii. Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the consolidated
statements of financial position when there is a legally enforceable right to offset the
recognized amounts and there is an intention to settle them on a net basis, or realize the
assets and settle the liabilities simultaneously. The right of offset must not be contingent on a
future event and must be legally enforceable in all of the following circumstances:
(a) the normal course of business;
(b) the event of default; and
(c) the event of insolvency or bankruptcy of the Group and all of the counterparties.
iv. Derecognition of financial instruments
The Group derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or when the Group transfers substantially all the risks and rewards
of ownership of the financial asset.
The Group derecognizes a financial liability when the obligation specified in the contract is
discharged or cancelled or has expired.
37
Page 41
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Treasury stock
Reacquired Company’s shares of stock are accounted for at their reacquisition cost and classified
as “Treasury Stock” and presented as a deduction in equity. The cost of treasury stock
sold/transferred is accounted for using the weighted average method. Any difference between the
carrying amount and consideration from future re-sale of treasury stocks, is recognized as part of
additional paid-in-capital in the equity.
s. Dividends
Dividend for distribution to the stockholders is recognized as a liability in the consolidated financial
statements in the year in which the dividend is approved by the stockholders. The interim dividend
is recognized as a liability based on the Board of Directors’ decision supported by the approval
from the Board of Commissioners.
t. Basic earnings per share and earnings per ADS
Basic earnings per share is computed by dividing profit for the year attributable to owners of the
parent company by the weighted average number of shares outstanding during the year. Income
per ADS is computed by multiplying the basic earnings per share by 100, the number of shares
represented by each ADS.
u. Segment information
The Group's segment information is presented based upon identified operating segments. An
operating segment is a component of an entity:
i. that engages in business activities from which it may earn revenues and incur expenses
(including revenues and expenses relating to transactions with other components of the same
entity);
ii. whose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker
(“CODM”) i.e., the Directors, to make decisions about resources to be allocated to the segment
and assess its performance; and
iii. for which discrete financial information is available.
v. Provisions
Provisions are recognized when the Group has present obligations (legal or constructive) arising
from past events and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligations and the amount can be measured reliably.
Provisions for onerous contracts are recognized when the contract becomes onerous for the lower
of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill
the contract.
w. Impairment of non-financial assets
At the end of each reporting period, the Group assesses whether there is an indication that an non-
financial assets may be impaired. These assets include property and equipment, current assets,
and other non-current assets, including intangible assets. If such indication exists, the recoverable
amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount
of the individual asset, the Group determines the recoverable amount of the Cash-Generating Unit
(“CGU”) to which the asset belongs (“the asset’s CGU”).
38
Page 42
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
w. Impairment of non-financial assets (continued)
The recoverable amount of an asset (either individual asset or CGU) is the higher of the asset’s
fair value less costs to sell and its value in use (“VIU”). Where the carrying amount of the asset
exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. In assessing the value in use, the estimated net future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
In determining fair value less costs to sell, recent market transaction prices are taken into account,
if available. If no such transactions can be identified, the Group uses an appropriate valuation
model to determine the fair value of the asset. These calculations are corroborated by multiple
valuations or other available fair value indicators.
Impairment losses of continuing operations are recognized in the consolidated statements of profit
or loss and other comprehensive income.
At the end of each reporting period, the Group assesses whether there is any indication that
previously recognized impairment losses for an asset, other than goodwill, may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss for an asset, other than goodwill, is reversed only if there has been a
change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognized. The reversal is limited such that the carrying amount of the asset
does not exceed its recoverable amount, nor exceeds the carrying amount that would have been
determined, net of depreciation, had no impairment been recognized for the asset in prior periods.
Reversal of an impairment loss is recognized in consolidated statements of profit or loss and other
comprehensive income.
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value
may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of
each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is recognized. Impairment loss relating
to goodwill cannot be reversed in future periods.
x. Current and non-current classifications
The Group presents assets and liabilities in the statement of financial position based on current/
non-current classification. An asset is presented as current when it is:
i. expected to be realized or intended to be sold, or consumed in the normal operating cycle;
ii. held primarily for the purpose of trading;
iii. expected to be realized within twelve months after the reporting period; or
iv. cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.
Assets which do not meet above criteria are classified as non-current assets.
A liability is presented as current when:
i. it is expected to be settled in the normal operating cycle;
ii. it is held primarily for the purpose of trading;
iii. it is due to be settled within twelve months after reporting period;
iv. there is no right by the end of reporting period to defer the settlement of the liability for at least
twelve months after the reporting period.
The terms of liability that could, at the option of counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.
Liabilities which do not meet above criteria are classified as long-term liabilities.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
39
Page 43
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions
The preparation of the Group's consolidated financial statements requires management to make
judgements, estimates, and assumptions that affect the reporting amounts of revenue, expenses,
assets and liabilities, and the accompanying disclosures, and disclosures of contingent liabilities,
at the end of the reporting period.
Uncertainty about these assumptions and estimates can produce results that require a material
adjustment to the carrying amounts of assets and liabilities affected in the coming periods.
i. Judgements
The following judgements were made by management in applying the Group's accounting
policies that have the most significant influence on the amounts recognized in the consolidated
financial statements:
Income taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax
laws, and the amount and timing of future taxable income could necessitate future adjustments
to tax income and expense already recorded. Judgement is also involved in determining the
provision for corporate income tax. There are certain transactions and computation for which
the ultimate tax determination is uncertain during the ordinary course of business.
The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether
additional taxes will be due. Where the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the current and deferred
income tax assets and liabilities in the year in which such determination is made.
ii. Estimates and assumptions
Estimates and assumption are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable
under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and
assumptions at the reporting date that have a significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are addressed
below.
(a) Retirement benefits
The present value of the retirement benefit obligations depends on a number of factors
that are determined on an actuarial basis using a number of assumptions. The
assumptions used in determining the net cost (income) for pensions include the discount
rate and return on investment (“ROI”). Any changes in these assumptions will impact the
carrying amount of the retirement benefit obligations.
The Group determines the appropriate discount rate at the end of each reporting period.
This is the interest rate that should be used to determine the present value of estimated
future cash outflows expected to be required to settle the obligations. In determining the
appropriate discount rate, the Group considers the interest rates of Government bonds
that are denominated in the currency in which the benefits will be paid and that have
terms to maturity approximating the terms of the related retirement benefit obligations.
If there is an improvement in the ratings of such Government bonds or a decrease in
interest rates as a result of improving economic conditions, there could be a material
impact on the discount rate used in determining the post-employment benefit obligations.
Other key assumptions for retirement benefit obligations are based in part on current
market conditions. Additional information is disclosed in Notes 30 and 31.
40
Page 44
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii. Estimates and assumptions (continued)
(b) Useful lives of property and equipment
The Group estimates the useful lives of its property and equipment based on expected
asset utilization, considering strategic business plans, expected future technological
developments, and market behavior. The estimates of useful lives of property and
equipment are based on the Group’s collective assessment of industry practice, internal
technical evaluation, and experience with similar assets.
The Group reviews its estimates of useful lives at least each financial year-end and such
estimates are updated if expectations differ from previous estimates due to changes in
expectation of physical wear and tear, technical or commercial obsolescence, and legal
or other limitations on the continuing use of the assets. The amounts of recorded
expenses for any year will be affected by changes in these factors and circumstances. A
change in the estimated useful lives of the property and equipment is a change in
accounting estimates and is applied prospectively in profit or loss in the period of the
change and future periods.
(c) Determining the lease term of contracts with renewal and termination options - Group as
lessee
The Group determines the lease term as the non-cancellable term of the lease, together
with any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
The Group has several lease contracts that include extension and termination options.
The Group applies judgement in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease. That is, it considers all relevant
factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Group reassesses the lease term if there
is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate.
(d) Allowance for expected credit losses for financial assets
The Group applies a simplified approach in calculating ECLs for trade receivables and
contract assets. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECLs at each reporting date. For other
receivables, the Group assesses whether there is objective evidence that other
receivables have been impaired at the end of each reporting period.
The Group has established an allowance for expected credit losses methodology for trade
receivables and contract assets that is based on its historical credit loss experience and
latest supportable data to better reflect the current change in circumstances, adjusted for
forward-looking factors specific to the debtors, and the economic environment. Methods
and approaches will continue to be monitored and updated if additional reasonable and
supportable data and information are available.
41
Page 45
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii. Estimates and assumptions (continued)
(e) Revenue
(i) Critical judgements in determining the performance obligation, timing of revenue
recognition and revenue classification
The Group provides information technology services that are bespoke in nature.
Bespoke products consist of various goods and/or services bundled together in order
to provide integrated solution services to customers. In addition to the bespoke
service, the Group also provides multiple standard products as bundling product in
contract with customer. Significant judgement is required in determining the number
and nature of performance obligations promised to customers in those contracts.
The number and nature of performance obligations will determine the timing of
revenue recognition for such contract.
The Group reviews the determination of performance obligations on a contract-by-
contract basis. When a contract consisting of several goods and/or service is
assessed to have one performance obligation, the Group applies a single method of
measuring progress for the performance obligation based on the measurement
method that best depicts the economics of the contract, which in most cases is over
time.
The Group also presents the revenue classification using consistent approach.
When a contract consisting of several goods and/or service is assessed to have one
performance obligation, the Group presents that performance obligations in one
financial statement line items which best represent the main service of the Group,
which in most cases is the internet, data communication and information technology
services.
(ii) Critical judgements in determining the stand-alone selling price
The Group provides wide array of products related to telecommunication and
technology. To determine the stand-alone selling price for goods and/or services that
do not have any readily available observable price, the Group uses the expected
cost-plus margin approach. The Group determines the appropriate margin based on
historical achievement.
(f) Test for impairment of non-current assets and goodwill
The application of the acquisition method in a business combination requires the use of
accounting estimates in allocating the purchase price to the fair market value of the assets
and liabilities acquired, including intangible assets. Certain business acquisitions by the
Group resulted goodwill, which is not amortized but is tested for impairment annually and
every indication of impairment exists.
The calculation of future cash flows in determining the fair value of property and
equipment and other non-current assets of the acquired entity at the acquisition date
involves significant estimation. Although management believes that the assumptions
used are appropriate, significant changes to those assumptions can materially affect the
evaluation of recoverable amounts and may result in impairment according to PSAK 236.
42
Page 46
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii. Estimates and assumptions (continued)
(g) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the statement
of financial position cannot be measured based on quoted prices in active markets, their
fair value is measured using valuation techniques including the discounted cash flow
(“DCF”) model. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs such as liquidity risk, credit risk
and volatility. Changes in assumptions relating to these factors could affect the reported
fair value of financial instruments.
(h) Acquisition
The Group evaluates each acquisition transaction to determine whether it will be treated
as an asset acquisition or business combination. For transactions that are treated as an
asset acquisition, the purchase price is allocated to the assets obtained, without the
recognition of goodwill. For acquisitions that meet the business combination definition,
the Group applies the accounting for business acquisiton method for assets acquired and
liabilities assumed which are recorded at fair value at the acquisition date, and the results
of operations are included with the Group's results from the date of each acquisition.
Any excess from the purchase price paid for the amount recognized for assets acquired
and liabilities incurred is recorded as goodwill. The Group continues to evaluate
acquisitions that are counted as a business combination for a period not exceeding one
year after the applicable acquisition date of each transaction to determine whether
additional adjustments are needed to allocate the purchase price paid for the assets
acquired and liabilities assumed. The fair value of assets acquired and liabilities incurred
are usually determined using either an estimated replacement cost or a discounted cash
flow valuation method. When determining the fair value of tangible assets acquired, the
Group estimates the cost of replacing assets with new assets by considering factors such
as the age, condition, and economic useful lives of the assets. When determining the fair
value of the intangible assets obtained, the Group estimates the applicable discount rate
and the time and amount of future cash flows, including the rates and terms for the
extension and reduction.
Rienc
43
Page 47
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS
March 31, 2025 December 31, 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Cash on hand - 38 - 14
Cash in banks
Related parties
PT Bank Rakyat Indonesia (Persero) Tbk. (“BRI”) Rp - 3,635 - 3,278
US$ 236 3,906 229 3,678
TWD 12 6 2 1
PT Bank Mandiri (Persero) Tbk. (“Bank Mandiri”) Rp - 6,227 - 4,715
US$ 35 575 45 718
EUR 2 40 2 37
JPY 6 1 6 1
HKD 2 5 2 4
AU$ 0 0 0 0
PT Bank Negara Indonesia (Persero) Tbk. (“BNI”) Rp - 4,807 - 4,180
US$ 50 831 31 506
SGD 0 0 0 0
EUR 0 0 0 0
GBP 0 1 0 1
PT Bank Tabungan Negara (Persero) Tbk. ("BTN") Rp - 3,742 - 4,097
Others Rp - 67 - 51
US$ 0 0 0 0
Sub-total 23,843 21,267
Third parties
The Hongkong and Shanghai Banking Corporation Ltd.
("HSBC Hongkong") US$ 28 460 6 102
HKD 6 13 9 19
DBS Bank (Hong Kong) Ltd. ("DBS Hong Kong") US$ 24 398 19 308
HKD 0 1 0 1
PT Bank Maybank Indonesia Tbk. ("Maybank") Rp - 318 - 355
MYR 3 10 1 5
PT Bank CIMB Niaga Tbk. (”Bank CIMB Niaga”) Rp - 139 - 181
US$ 3 44 2 40
PT Bank Central Asia Tbk. (“BCA”) Rp - 132 - 131
US$ 0 3 0 3
EUR 0 0 - -
PT Bank Mega Tbk. ("Bank Mega") Rp - 134 - 342
Others (each below Rp100 billion) Rp - 251 - 251
US$ 11 188 16 254
SGD 8 102 7 75
TWD 33 16 28 14
MYR 1 5 0 2
AU$ 0 3 0 3
EUR 0 2 0 1
MMK 113 1 167 1
Sub-total 2,220 2,088
Total of cash in banks 26,063 23,355
Time deposits
Related parties
BTN Rp - 2,000 - 1,400
US$ - - 7 104
BRI Rp - 1,277 - 647
US$ 10 166 18 283
TWD - - 6 3
PT Bank Syariah Indonesia Tbk. (“BSI”) Rp - 1,253 - 1,688
BNI Rp - 509 - 566
US$ 12 199 10 162
Bank Mandiri Rp - 156 - 97
US$ 6 99 - -
Sub-total 5,659 4,950
44
Page 48
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS (continued)
March 31, 2025 December 31, 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits (continued)
Third parties
Bank Pembangunan Daerah ("BPD") Rp - 942 - 962
PT Bank Mega Tbk. (“Bank Mega”) Rp - 523 - 1,922
US$ - - 18 287
Maybank Rp - 123 - 254
US$ 13 222 26 418
PT Bank China Construction Bank Indonesia Tbk.
("CCB Indonesia") US$ 16 257 10 153
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
("BJB") Rp - 154 - 370
US$ - - 12 195
PT Bank Pan Indonesia Tbk. ("Bank Panin") Rp - 121 - 274
Others (each below Rp100 billion) Rp - 197 - 246
US$ 4 62 29 464
SGD 3 41 3 35
MYR 3 9 2 7
Sub-total 2,651 5,587
Total of time deposits 8,310 10,537
Allowance for expected credit losses (1) (1)
Total 34,410 33,905
Interest rates per annum on time deposits are as follows:
March 31, 2025 December 31, 2024
Rupiah 0.53% - 7.25% 0.53% - 7.25%
Foreign currencies 0.10% - 7.08% 2.55% - 6.00%
The Group placed the majority of its cash and cash equivalents in state-owned banks (related party)
because they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks.
45
Page 49
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
4. OTHER CURRENT FINANCIAL ASSETS
March 31, 2025 December 31, 2024
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits
Related parties
BRI Rp - 285 - 415
US$ 14 232 - -
Bank Mandiri Rp - 40 - 65
US$ 5 83 5 81
Others (each below Rp100 billion) Rp - 80 - 268
Third parties
United Overseas Bank Limited Singapore
("UOB Singapore") US$ 23 382 12 195
SGD 3 33 - -
Others (each below Rp100 billion) Rp - - - 3
US$ 4 66 - -
Total time deposits 1,201 1,027
Escrow accounts Rp - 146 - 144
US$ 0 8 1 19
Total escrow accounts 154 163
Mutual funds
Related parties
Others Rp - 91 - 89
Total mutual funds 91 89
Others Rp - 6 - 5
MYR 0 0 0 1
Total others 6 6
Allowance for expected credit losses (0) (0)
Total 1,452 1,285
The time deposits have maturities of more than three months but not more than one year, with interest
rates as follows:
March 31, 2025 December 31, 2024
Rupiah 2.50% - 7.25% 2.50% - 7.25%
Foreign currencies 2.10% - 4.90% 4.57% - 4.61%
46
Page 50
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
5. TRADE RECEIVABLES
Trade receivables arise from services provided to both retail and non-retail customers, with details as
follows:
a. By debtor
(i) Related parties
March 31, 2025 December 31, 2024
State-owned enterprises 1,912 1,935
Indosat 887 738
PT Indonusa Telemedia ("Indonusa") 386 386
Others (each below Rp100 billion) 292 409
Total 3,477 3,468
Allowance for expected credit losses (1,226) (1,118)
Net 2,251 2,350
(ii) Third parties
March 31, 2025 December 31, 2024
Individual and business subscribers 14,083 13,613
Overseas international carriers 1,257 1,176
Total 15,340 14,789
Allowance for expected credit losses (5,047) (4,946)
Net 10,293 9,843
b. By age
March 31, 2025 December 31, 2024
Allowance for Expected Allowance for Expected
expected credit expected credit
Gross credit losses loss rate Gross credit losses loss rate
Not past due 6,525 624 9.6% 7,319 417 5.7%
Past due up to 3 months 4,879 500 10.2% 3,602 329 9.1%
Past due more than 3 to 6 months 1,310 262 20.0% 1,305 285 21.8%
Past due more than 6 months 6,103 4,887 80.1% 6,031 5,033 83.5%
Total 18,817 6,273 18,257 6,064
The Group has made allowance for expected credit losses based on the collective assessment of
historical impairment rates and individual assessment of its customers’ credit history, adjusted for
forward-looking factors specific from the customers and the economic environment. The Group
does not apply a distinction between related party and third party receivables in assessing amounts
past due. As of March 31, 2025 and December 31, 2024, the carrying amounts of trade receivables
of the Group considered past due but not impaired amounted to Rp6,643 billion and Rp5,291 billion,
respectively. Management believes that receivables past due but not impaired, along with trade
receivables that are neither past due nor impaired, are due from customers with good credit history
and are expected to be recoverable.
c. By currency
March 31, 2025 December 31, 2024
Rupiah 16,517 15,775
U.S. Dollar 1,886 2,180
Singapore Dollar 361 273
Others 53 29
Total 18,817 18,257
Allowance for expected credit losses (6,273) (6,064)
Net 12,544 12,193
47
Page 51
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
5. TRADE RECEIVABLES (continued)
d. Movements in the allowance for expected credit losses
March 31, 2025 December 31, 2024
Beginning balance 6,064 5,561
Allowance for expected credit losses 675 904
Receivables written-off (466) (401)
Ending balance 6,273 6,064
The receivables written-off relate to both related parties and third parties trade receivables.
Management believes that the allowance for expected credit losses of trade receivables is adequate
to cover losses on uncollectible trade receivables.
As of March 31, 2025 and December 31, 2024, certain trade receivables of the subsidiaries
amounting to Rp2,139 billion and Rp2,137 billion, respectively, have been pledged as collateral
under lending agreements (Notes 18 and 19b).
6. CONTRACT ASSETS
The breakdown of contract assets is as follows:
March 31, 2025 December 31, 2024
Contract assets 2,570 2,603
Allowance for expected credit losses (144) (25)
Net 2,426 2,578
Current portion (2,299) (2,449)
Non-current portion 127 129
Management believes that the allowance for expected credit losses is adequate to cover losses on
uncollectible contract assets.
Refer to Note 32 for details of related party transactions.
7. INVENTORIES
Inventories, all recognized at net realizable value, consist of:
March 31, 2025 December 31, 2024
SIM cards and prepaid vouchers 611 676
Others (each below Rp100 billion) 578 480
Total 1,189 1,156
Provision for obsolescence (59) (60)
Net 1,130 1,096
Management believes the provision is adequate to cover losses from the decline in inventory value
due to obsolescence.
The inventories recognized as expenses included in operations, maintenance, and telecommunication
service expenses in March 31, 2025 and 2024 amounted to Rp114 billion and Rp146 billion,
respectively (Note 25).
There were no inventories pledged as collateral under lending agreements as of March 31, 2025 and
December 31, 2024.
48
Page 52
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
8. OTHER CURRENT ASSETS
The breakdown of other current assets is as follows:
March 31, 2025 December 31, 2024
Prepaid frequency license fees - current
portion (Note 35c.i) 5,465 6,245
Prepaid salaries 635 281
Advances 555 451
Other receivables 330 621
Others (each below Rp100 billion) 786 576
Total 7,771 8,174
9. CONTRACT COSTS
Movements of contract costs for the three months period ended March 31, 2025 and for the years
ended December 31, 2024 are as follows:
March 31, 2025
Cost to obtain Cost to fulfill Total
At January 1, 2025 1,666 1,064 2,730
Addition during the period 129 179 308
Amortization during the period (127) - (127)
Expense during the period - (210) (210)
At March 31, 2025 1,668 1,033 2,701
Current (406) (770) (1,176)
Non-current 1,262 263 1,525
December 31, 2024
Cost to obtain Cost to fulfill Total
At January 1, 2024 1,641 580 2,221
Addition current year 479 1,318 1,797
Amortization during the year (454) - (454)
Expense during the year - (831) (831)
Impairment - (3) (3)
At December 31, 2024 1,666 1,064 2,730
Current (407) (727) (1,134)
Non-current 1,259 337 1,596
49
Page 53
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
10. LONG-TERM INVESTMENTS
The breakdown of long-term investment is as follows:
March 31, 2025 December 31, 2024
Financial instruments
At fair value through profit or loss:
Equity 8,133 7,797
Convertible bonds 404 377
At fair value through other comprehensive income:
Equity 27 27
Convertible bonds 24 24
8,588 8,225
Associates
PT Jalin Pembayaran Nusantara ("Jalin") 108 110
Others - -
108 110
Total long-term investments 8,696 8,335
Investments in equity at fair value through profit or loss are long-term investments in the form of shares
in various start-up companies engaged in information and technology. The Group does not have
significant influence in these start-up companies.
Investments in equity at fair value through profit or loss include:
(i) Telkomsel's investment in PT GoTo Gojek Tokopedia Tbk. (“GOTO”).
As of March 31, 2025 and 2024, Telkomsel assessed the fair value of the investment in GOTO
using level 1 based on GOTO’s market value of Rp83 per share and Rp70 per share, respectively.
The total unrealized gain (loss) from changes in fair value of Telkomsel’s investment in GOTO for
the three months period ended March 31, 2025 and 2024 amounted to Rp308 billion and (Rp403
billion), respectively. These amounts were presented as unrealized gain (loss) on changes in fair
value of investments in the consolidated statements of profit or loss.
(ii) Investments by MDI in several start-up entities engaged in the information and technology sector.
The additional investments by MDI amounted to Rp28 billion during the period.
Investments in convertible bonds at fair value through profit or loss represent long-term investments
owned by Telkomsel and MDI in the form of convertible bonds in various start-up companies engaged
in information and technology. These convertible bonds provide the holders with an option to convert
the bonds into shares upon maturity, in accordance with the agreed terms and conditions. In the event
that the conversion option is not exercised, the bondholders are entitled to receive the principal
repayment of the bonds.
The unrecognized share in losses in other investments cumulatively as of March 31, 2025 and
December 31, 2024 was amounting to Rp323 billion and Rp323 billion, respectively.
50
Page 54
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT
The details of property and equipment are as follows:
December 31, Reclassifications/
2024 Additions Deductions Translations March 31, 2025
At cost:
Directly acquired assets
Land rights 1,981 - - 3 1,984
Buildings 20,907 23 - 87 21,017
Leasehold improvements 1,795 2 - 8 1,805
Switching equipment 19,470 28 (512) 226 19,212
Telegraph, telex, and data communication
equipment 5 - - - 5
Transmission installation and equipment 182,170 256 (339) 1,326 183,413
Satellite, earth station, and equipment 14,795 23 (3) 40 14,855
Cable network 81,575 1,123 - (513) 82,185
Power supply 25,604 7 (79) 505 26,037
Data processing equipment 21,940 42 (73) 186 22,095
Other telecommunication peripherals 12,238 35 - - 12,273
Office equipment 2,719 275 - 8 3,002
Vehicles 530 - - - 530
Other equipment 60 1 - 2 63
Property under construction 2,930 3,144 - (2,355) 3,719
Total 388,719 4,959 (1,006) (477) 392,195
Accumulated depreciation:
Directly acquired assets
Buildings 7,461 147 - 50 7,658
Leasehold improvements 1,347 50 - - 1,397
Switching equipment 14,795 395 (512) 10 14,688
Telegraph, telex, and data communication
equipment 4 - - - 4
Transmission installation and equipment 106,321 2,825 (338) 69 108,877
Satellite, earth station, and equipment 7,377 194 (3) 23 7,591
Cable network 23,797 870 - 4 24,671
Power supply 18,720 521 (77) 93 19,257
Data processing equipment 16,532 439 (73) 3 16,901
Other telecommunication peripherals 9,216 128 - - 9,344
Office equipment 2,284 307 - 3 2,594
Vehicles 250 8 - - 258
Other equipment 49 1 - - 50
Total 208,153 5,885 (1,003) 255 213,290
Net book value 180,566 178,905
51
Page 55
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
The details of property and equipment are as follows (continued):
December 31, Reclassifications/ December 31,
2023 Acquisition Additions Deductions Translations 2024
At cost:
Directly acquired assets
Land rights 1,955 - 13 - 13 1,981
Buildings 19,596 - 221 (32) 1,122 20,907
Leasehold improvements 1,675 - 40 (94) 174 1,795
Switching equipment 19,636 - 228 (1,090) 696 19,470
Telegraph, telex, and data communication
equipment 1,583 - - (1,578) - 5
Transmission installation and equipment 180,664 - 1,393 (9,972) 10,085 182,170
Satellite, earth station, and equipment 10,941 - 50 (114) 3,918 14,795
Cable network 76,769 314 4,731 (15) (224) 81,575
Power supply 24,348 - 559 (730) 1,427 25,604
Data processing equipment 21,893 - 332 (1,577) 1,292 21,940
Other telecommunication peripherals 11,087 - 412 (4) 743 12,238
Office equipment 2,696 0 84 (74) 13 2,719
Vehicles 593 0 15 (42) (36) 530
Other equipment 53 - 3 - 4 60
Property under construction 6,240 - 16,368 (31) (19,647) 2,930
Total 379,729 314 24,449 (15,353) (420) 388,719
Accumulated depreciation:
Directly acquired assets
Buildings 6,818 - 650 (27) 20 7,461
Leasehold improvements 1,312 - 128 (86) (7) 1,347
Switching equipment 14,121 - 1,756 (1,088) 6 14,795
Telegraph, telex, and data communication
equipment 1,582 - - (1,578) - 4
Transmission installation and equipment 104,347 - 11,713 (9,787) 48 106,321
Satellite, earth station, and equipment 6,726 - 719 (114) 46 7,377
Cable network 20,393 - 3,383 (15) 36 23,797
Power supply 17,387 - 2,014 (710) 29 18,720
Data processing equipment 16,149 - 2,031 (1,545) (103) 16,532
Other telecommunication peripherals 7,700 - 1,517 (1) - 9,216
Office equipment 2,136 - 278 (68) (62) 2,284
Vehicles 256 - 38 (27) (17) 250
Other equipment 47 - 4 - (2) 49
Total 198,974 - 24,231 (15,046) (6) 208,153
Net book value 180,755 180,566
The property and equipment group consists of (1) switching equipment; (2) telegraph, telex, and data
communication equipment; (3) transmission installation and equipment; (4) satellite, earth station, and
equipment; (5) cable network; (6) power supply; (7) data processing equipment; and (8) other
telecommunication peripherals are the main telecommunication infrastructure of the Group.
a. Gain on sale of property and equipment
2025 2024
Proceeds from sale of property and equipment 0 10
Net book value 0 (4)
Gain on disposal or sale of property and equipment 0 6
b. Others
(i) During 2024, the CGUs that independently generate cash inflows are fixed wireline, cellular,
and others. Management believes that there is no indication of impairment in the assets of
such CGUs as of December 31, 2024.
(ii) Interest capitalized to property under construction amounted to Rp0 billion and Rp40 billion for
the three months period ended March 31, 2025 and 2024, respectively. The capitalization rate
used to determine the amount of borrowing costs eligible for capitalization ranged from 4.70%
and 2.50% to 8.20% for the three months period ended March 31, 2025 and 2024,
respectively.
52
Page 56
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(iii) No foreign exchange loss was capitalized as part of property under construction for the three
months period ended March 31, 2025 and for the year ended December 31, 2024.
(iv) During the three months period ended March 31, 2025 and 2024, the Group obtained proceeds
from the insurance claim on lost and damaged property and equipment, with a total value of
Rp10 billion and Rp38 billion, respectively, and were recorded as part of “Other income - net”
in the consolidated statements of profit or loss and other comprehensive income. During the
three months period ended March 31, 2025 and 2024, the net carrying values of these assets
amounted to Rp6 billion and Rp38 billion, respectively, were charged to the consolidated
statements of profit or loss and other comprehensive income.
(v) The Group owns several pieces of land located throughout Indonesia with Right to Build
(“Hak Guna Bangunan” or “HGB”) for a period of 8 to 50 years which will expire between 2025
and 2071. Management believes that there will be no issue in obtaining the extension of the
land rights when they expire.
(vi) As of March 31, 2025 and December 31, 2024, the Group’s property and equipment excluding
land rights, with a net carrying amount of Rp176,329 billion and Rp178,692 billion,
respectively, were insured against fire, theft, earthquake and other specified risks, including
business interruption. The total blanket policies as of March 31, 2025 and December 31, 2024,
amounted to Rp40,473 billion and Rp44,143 billion, HKD10 million and HKD10 million,
SGD215 billion and SGD219 million, respectively. The total policies for first loss basis as of
March 31, 2025 and December 31, 2024, amounted to Rp2,751 billion and Rp2,750 billion,
respectively. Management believes that the insurance coverage is adequate to cover potential
losses from the insured risks.
(vii) As of March 31, 2025 and December 31, 2024, the percentage of completion of property under
construction was approximately 55.75% and 53.29%, respectively, of the total contract value
or Rp4,547 billion and Rp3,064 billion are recorded as expenditures in property under
construction, respectively. The estimated completion dates are until December 2026 and
December 2026, respectively. The balance of property under construction mainly consists of
buildings, transmission installation and equipment, cable network, and power supply.
Management believes that there is no impediment to the completion of the construction in
progress.
(viii) As of March 31, 2025 and December 31, 2024, all assets owned by the Company have been
pledged as collateral for bonds (Note 19a) while certain property and equipment of the
Company’s subsidiaries with gross carrying value amounting to Rp2,139 billion and Rp2,190
billion, respectively, have been pledged as collateral under borrowing agreements (Notes 18
and 19b).
(ix) As of March 31, 2025 and December 31, 2024, the cost of fully depreciated property and
equipment of the Group that are still used in operations amounted to Rp92,400 billion and
Rp89,480 billion, respectively. The Group is currently conducting modernization of network
assets to replace the fully depreciated property and equipment.
(x) In 2024, the total fair values of land rights and buildings of the Group amounted to
Rp53,262 billion.
53
Page 57
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
12. LEASES
a. The Group as a lessee
The Group leases several assets including land rights, building, transmission installation and
equipment, vehicles, and others which used in operations, which generally have lease term
between 1 and 33 years.
The carrying amounts of right-of-use assets recognized and the movements during the period are
as follows:
Transmission
installation and
Land rights Buildings equipment Vehicles Others Total
As at January 1, 2024 4,691 582 15,868 522 921 22,584
Additions 1,725 198 7,337 241 920 10,421
Deductions and reclassifications (167) (0) (409) (4) (16) (596)
Depreciation expense (1,074) (192) (3,699) (266) (268) (5,499)
As at December 31, 2024 5,175 588 19,097 493 1,557 26,910
Additions 465 45 1,174 255 13 1,952
Deductions and reclassifications (49) 16 (136) (0) (4) (173)
Depreciation expense (271) (51) (892) (64) (127) (1,405)
As at March 31, 2025 5,320 598 19,243 684 1,439 27,284
The carrying amounts of the lease liabilities and the movements during the period are as follows:
March 31, 2025 December 31, 2024
Beginning balance 23,959 20,425
Accretion of interest 356 1,335
Additions (Note 39a) 1,952 10,421
Deductions (2,415) (8,222)
Ending balance 23,852 23,959
Current (6,733) (5,491)
Non-current 17,119 18,468
The maturity analysis of lease payments is as follows:
March 31, 2025 December 31, 2024
No later than a year 8,057 6,824
Later than 1 year and no later than 5 years 12,379 14,356
Later than 5 years 8,688 8,081
Total lease payments 29,124 29,261
Interest (5,272) (5,302)
Net present value of lease payments 23,852 23,959
Current (6,733) (5,491)
Non-current 17,119 18,468
54
Page 58
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
12. LEASES (continued)
a. The Group as a lessee (continued)
The Group also has certain leases with lease terms of twelve months or less and low-value leases.
The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for
these leases. There are no lease contracts with variable lease payments.
The following are the amounts recognized in profit or loss:
2025 2024
Depreciation expense of right-of-use assets 1,405 1,363
Expense relating to short-term leases 865 837
Interest expense on lease liabilities 356 297
Expense relating to leases of low-value assets 5 6
b. The Group as a lessor
The Group entered into non-cancelable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with
terms ranging from 1 to 28 years and with expiry dates between 2025 and 2037. Periods may be
extended based on the agreement by both parties.
The minimum amount of future lease payments and receipts for operating lease agreements are
as follows:
March 31, 2025 December 31, 2024
No later than 1 year 6,036 6,222
Later than 1 year and no later than 5 years 8,331 8,502
Later than 5 years 3,595 3,518
Total 17,962 18,242
13. OTHER NON-CURRENT ASSETS
The breakdown of other non-current assets is as follows:
31 March, 2025 31 December, 2024
Claims for tax refund - net of current portion (Note 27b) 2,853 2,818
Prepaid frequency license fees -
net of current portion (Note 35c.i) 1,496 1,594
Prepaid expenses 1,174 1,056
Advances 403 205
Security deposits 221 234
Others (each below Rp100 billion) 321 301
Total 6,468 6,208
55
Page 59
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
14. INTANGIBLE ASSETS
The details of intangible assets are as follows:
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2025 1,474 20,531 647 1,703 24,355
Additions - 703 20 1 724
Deductions - - - - -
Reclassifications/translations - (20) 2 - (18)
Balance, March 31, 2025 1,474 21,214 669 1,704 25,061
Accumulated amortization:
Balance, January 1, 2025 (479) (13,086) (277) (1,071) (14,913)
Amortization - (671) (24) (15) (710)
Deductions - - - - -
Reclassifications/translations - (5) (1) - (6)
Balance, March 31, 2025 (479) (13,762) (302) (1,086) (15,629)
Net book value 995 7,452 367 618 9,432
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2024 1,492 21,642 550 1,694 25,378
Additions - 3,415 94 9 3,518
Deductions (18) (4,489) - - (4,507)
Reclassifications/translations - (37) 3 - (34)
Balance, December 31, 2024 1,474 20,531 647 1,703 24,355
Accumulated amortization and
impairment losses:
Balance, January 1, 2024 (413) (15,034) (200) (1,000) (16,647)
Amortization - (2,515) (76) (71) (2,662)
Impairment (77) - - - (77)
Deductions 11 4,472 - - 4,483
Reclassifications/translations - (9) (1) - (10)
Balance, December 31, 2024 (479) (13,086) (277) (1,071) (14,913)
Net book value 995 7,445 370 632 9,442
(i) Goodwill resulted from the acquisition by Mitratel, Metranet, Metra, Sigma, TDE, and Telkomsat
amounted to Rp467 billion, Rp220 billion, Rp85 billion, Rp78 billion, Rp77 billion, and Rp68 billion,
respectively.
(ii) The remaining amortization periods of software for the periods ended March 31, 2025 and
December 31, 2024 are from 1 to 6 years, respectively. The amortization expense is presented
as part of “Depreciation and amortization expenses” in the consolidated statements of profit or
loss and other comprehensive income.
(iii) As of March 31, 2025 and December 31, 2024, the cost of fully amortized intangible assets that
are still utilized in operations amounted to Rp8,759 billion and Rp8,345 billion, respectively.
56
Page 60
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
15. TRADE PAYABLES
The breakdown of trade payables is as follows:
March 31, 2025 December 31, 2024
Related parties
Purchases of equipment, materials, and services 589 378
Payables to other telecommunication providers 159 248
Sub-total 748 626
Third parties
Purchases of equipment, materials, and services 8,646 9,729
Payables to other telecommunication providers 2,906 2,350
Radio frequency usage charges, concession fees,
and Universal Service Obligation (“USO”) charges 2,685 2,631
Sub-total 14,237 14,710
Total 14,985 15,336
Trade payables by currency are as follows:
March 31, 2025 December 31, 2024
Rupiah 12,846 13,217
U.S. Dollar 2,043 2,059
Others 96 60
Total 14,985 15,336
Terms and conditions of the above trade payables:
a. The Group’s trade payables are non-interest bearing and normally settled within 1 year term.
b. Refer to Note 32c for details on related party transactions.
c. Refer to Note 37b.v for the Group’s liquidity risk management.
GSD, Telkom Akses, and Mitratel entered into supply chain financing with several banks. Those
facilities can be used by the GSD, Telkom Akses and Mitratel's supplier to obtain payment of invoices
that have been approved to be paid by the bank in accordance with certain terms and conditions. As
of March 31, 2025 and December 31, 2024, the carrying amount of liabilities under supplier finance
arrangement is as follows:
March 31, 2025 December 31, 2024
Liabilities under supplier finance arrangement 437 475
Total amount of which the supplier has received payment
from finance provider 437 473
Range of payment due dates 1-3 month 1-3 month
There were no material business combinations or foreign exchange differences that would affect the
liabilities under the supplier finance arrangement in either period. There were non-cash transfers from
trade payables to liabilities under the supplier finance arrangement in March 31, 2025 and
December 31, 2024 amounted to Rp132 billion and Rp115 billion, respectively.
57
Page 61
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
16. ACCRUED EXPENSES
The breakdown of accrued expenses is as follows:
March 31, 2025 December 31, 2024
Operation, maintenance,
and telecommunication services 6,461 6,424
Salaries and benefits 3,630 3,856
General, administrative, and marketing expenses 3,249 3,665
Interest and bank charges 219 247
Total -
13,559 14,192
Refer to Note 32 for details of related party transactions.
17. CONTRACT LIABILITIES
The breakdown of contract liabilities is as follows:
a. Current
March 31, 2025 December 31, 2024
Advances from customers for Mobile 3,129 3,285
Advances from customers for Enterprise 2,210 2,306
Advances from customers for WIB 1,504 1,322
Advances from customers for Consumer 242 244
Advances from customers for others 522 581
Total 7,607 7,738
b. Non-Current
March 31, 2025 December 31, 2024
Advances from customers for WIB 890 948
Advances from customers for Consumer 581 602
Advances from customers for Enterprise 270 247
Advances from customers for others 673 687
Total 2,414 2,484
Refer to Note 32 for details of related party transactions.
58
Page 62
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS
March 31, 2025 December 31, 2024
Outstanding Outstanding
Foreign Foreign
currency Rupiah currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Related parties
Bank Mandiri Rp - 3,548 - 3,755
BNI Rp - 820 - 1,799
BRI Rp - 400 - -
Sub-total 4,768 5,554
Third parties
PT Bank HSBC Indonesia ("HSBC") Rp - 2,520 - 2,440
MUFG Bank ("MUFG") Rp - 1,805 - 1,805
PT Bank DBS Indonesia ("DBS") Rp - 420 - 440
PT Bank Maspion Indonesia Tbk. ("Bank Maspion") Rp - 97 - 167
Bank of China Rp - - - 1,000
UOB Indonesia Rp - - - 100
Others Rp - 18 - 19
US$ 3 43 - -
Sub-total 4,903 5,971
Total 9,671 11,525
Other significant information relating to short-term bank loans as of March 31, 2025 is as follows:
Total
facility
(in Interest Interest rate per
Borrower Currency billions)* Maturity date rate annum Security**
Bank Mandiri
2020 - 2023 Finnet, PST Rp 600 April 28, 2025 - Monthly, 1 month None
May 21, 2025 Quarterly JIBOR + 1.30%
3 months
JIBOR + 1,25%
2021 - 2022 Nutech, Mitratel Rp 3,550 July 25, 2025 - Monthly 6.00% - 9.00% Trade
September 21, 2025 receivables
and property
and
equipment
BNI
2014 - 2017 Sigma, GSD Rp 350 November 8, 2025 - Monthly 7.91% - 8.50% Trade
January 9, 2026 receivables
and property
and
equipment
2017 - 2021 Infomedia, Rp 1,135 June 6, 2025 - Monthly 1 month JIBOR + Trade
Metranet, March 28, 2026 1.75% - 2.50% receivables
Telkom Infra
BRI
2025 Nutech Rp 500 March 19, 2026 Monthly 7.00% - 7.20% None
HSBC
a
2014 Sigma Rp 400 November 6, 2025 Monthly Under BLR Trade
7.40% receivables
2018 - 2023 Sigma, Metra, Rp 2,723 May 23, 2025 - Monthly, 1 month JIBOR + None
PINS, Metranet, December 16, 2025 Quarterly 0.35% - 0.80%
Telkomsat, 3 months
GSD, TDE JIBOR + 2.00%
MUFG
2018 - 2019 Infomedia, Rp 2,176 April 30, 2025 - Monthly, 1 month JIBOR + None
Metra, GSD, October 31, 2025 Quarterly 0.25% - 0.80%
Telkom Infra, 3 months JIBOR +
Telkomsat 0.25% - 0.80%
DBS
2018 Telkom Infra, Rp 440 July 31, 2025 Monthly 1 month None
Infomedia JIBOR + 1.20%
Bank Maspion
2023 Metranet Rp 170 October 26, 2025 Monthly 7.25% None
* In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
a
Unsettled loan will be automatically extended.
59
Page 63
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS (continued)
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as limitation that the Company must have a majority shareholding of at least 51% of the subsidiaries
and must maintain certain level of financial ratios. As of December 31, 2024, the Group has complied
with all covenants regarding these financial ratios, except for Sigma which its current ratio and debt
service coverage ratio are still lower than required. As of December 31, 2024, the Group obtained
waiver for loan amounting to Rp758 billion from HSBC for the non-fulfillment financial ratios in Sigma.
The waiver from HSBC was received on December 18, 2024 and effective for the 12 months after
reporting period. As of March 31, 2025, the Group has complied with all covenants regarding these
financial ratios.
The credit facilities were obtained by the Group for working capital purposes.
19. LONG-TERM LOANS AND OTHER BORROWINGS
Current maturities of long-term loans and other borrowings consist of the following:
Notes March 31, 2025 December 31, 2024
Bonds 19a 2,349 2,347
Bank loans 19b 9,644 13,519
Total 11,993 15,866
Long-term loans and other borrowings consist of the following:
Notes March 31, 2025 December 31, 2024
Bonds 19a 2,696 2,696
Bank loans 19b 20,944 22,822
Total 23,640 25,518
Scheduled principal payments as of March 31, 2025 are as follows:
Year
Notes Total 2026 2027 2028 2029 Thereafter
Bonds 19a 2,696 - - - - 2,696
Bank loans 19b 20,944 4,819 4,905 4,145 3,743 3,332
Total 23,640 4,819 4,905 4,145 3,743 6,028
a. Bonds
Outstanding
Bonds March 31, 2025 December 31, 2024
Bonds Telkom 2015
Series B 2,100 2,100
Series C 1,200 1,200
Series D 1,500 1,500
Bonds Mitratel 2024 240 240
Sukuk Mitratel 2024 10 10
Total 5,050 5,050
Unamortized debt issuance cost (5) (7)
Long-term portion 5,045 5,043
Current maturities (2,349) (2,347)
Long-term portion 2,696 2,696
60
Page 64
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
a. Bonds (continued)
i. Bonds Telkom 2015
Listed Issuance Interest Interest rate
Bonds Principal Issuer on date Maturity date payment period per annum
Series A 2,200 The Company IDX June 23, 2015 June 23, 2022 Quarterly 9.93%
Series B 2,100 The Company IDX June 23, 2015 June 23, 2025 Quarterly 10.25%
Series C 1,200 The Company IDX June 23, 2015 June 23, 2030 Quarterly 10.60%
Series D 1,500 The Company IDX June 23, 2015 June 23, 2045 Quarterly 11.00%
Total 7,000
The bonds are not secured by specific security but by all of the Company’s assets, movable
or non-movable, either existing or in the future (Note 11b.viii). The underwriters of the bonds
are PT Bahana TCW Management Investment (“Bahana TCW”), PT BRI Danareksa Sekuritas,
PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk., and the trustee is Bank
Permata. The Company received the proceeds from the issuance of bonds on June 23, 2015.
The funds received from the public offering of bonds net of issuance costs, were used to
finance capital expenditures which consisted of broadband, backbone, metro network,
regional metro junction, information technology application and support, and acquisition of
some domestic and international entities.
As of March 31, 2025, the rating of the bonds issued by Pefindo is idAAA (Triple A).
Based on the Indenture Trusts Agreement, the Company is required to comply with all
covenants or restrictions, including maintaining financial ratios as follows:
(a) Debt to equity ratio should not exceed 2:1;
(b) EBITDA to interest ratio should not be less than 4:1;
(c) Debt service coverage is at least 125%.
As of March 31, 2025, the Company has complied with the above-mentioned ratios.
ii. Bonds Mitratel 2024
On July 4, 2024, Mitratel issued shelf register bonds phase I amounting Rp240 billion. Bonds
has annual interest rate 6.50% that will be paid quarterly. Bonds will mature on July 14, 2025.
BTN was appointed as trustee for the issuance of the Bonds. The rating of the Bonds issued
by Pemeringkat Efek Indonesia is idAAA.
iii. Sukuk Mitratel 2024
On July 4, 2024, Mitratel issued sukuk Ijarah shelf register phase I amounting Rp10 billion.
Sukuk has annual interest rate 6.50% that will be paid quarterly. Sukuk will mature on
July 14, 2025.
BTN was appointed as trustee for the issuance of Sukuk. The rating of Sukuk issued by
PT Pemeringkat Efek Indonesia is AAAsy.
61
Page 65
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bank loans
March 31, 2025 December 31, 2024
Outstanding Outstanding
Foreign Foreign
currency Rupiah currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Related parties
BNI Rp - 5,583 - 6,030
BSI Rp - 2,083 - 2,083
Bank Mandiri Rp - 2,078 - 6,355
BRI Rp - 1,475 - 1,475
Sub-total 11,219 15,943
Third parties
BCA Rp - 8,980 - 9,755
DBS Rp - 4,283 - 4,800
Bank of China Rp - 1,900 - 1,900
Bank CIMB Niaga Rp - 1,695 - 1,710
US$ 6 102 6 99
Bank Permata Rp - 979 - 1,021
HSBC Rp - 892 - 1,000
PT Bank Sinarmas Tbk. (“Bank Sinarmas”) Rp - 500 - -
Bank Danamon Rp - 109 - 110
Syndication of banks US$ - - 4 60
PT Bank ANZ Indonesia ("Bank ANZ") Rp - - - 22
Others Rp - 3 - 3
MYR 7 27 7 27
Sub-total 19,470 20,507
Total 30,689 36,450
Unamortized debt issuance cost (101) (109)
30,588 36,341
Current maturities (9,644) (13,519)
Long-term portion 20,944 22,822
Other significant information relating to bank loans as of March 31, 2025, is as follows:
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
BNI
2013 - 2024 The Rp 13,350 381 2018 - 2033 Monthly, 1 month JIBOR + Trade
Company, Quarterly 0.25% - 2.25%; receivables
TLT, Sigma, 3 months JIBOR + and
Mitratel, 0.25% - 1.50% property
UMT and
equipment
2024 Mitratel Rp 2,000 - 2024 - 2031 Monthly 7.00% None
BSI
2024 Mitratel Rp 2,292 - 2024 - 2029 Semi- 7.82% None
annually
Bank Mandiri
2019 - 2024 The Rp 9,200 200 2021 - 2031 Quarterly 3 months JIBOR + None
Company, 0.25% - 1.50%
GSD, PST,
Mitratel
BRI
2019 - 2023 The Rp 3,000 - 2021 - 2030 Quarterly 3 months None
Company, JIBOR + 0.75%
Mitratel
BCA
2020 - 2023 The Rp 9,186 506 2020 - 2031 Quarterly 3 months JIBOR + None
Company, 1.00% - 1.50%
PST, GSD
2020 - 2024 The Rp 9,500 270 2024 - 2032 Quarterly 6.75% - 7.00% None
Company,
Mitratel
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
62
Page 66
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bank loans (continued)
Other significant information relating to bank loans as of March 31, 2025, is as follows
(continued):
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
DBS
2021 Mitratel Rp 3,500 350 2022 - 2028 Quarterly 3 months None
JIBOR + 1.20%
2023 - 2024 The Rp 7,000 167 2024 - 2031 Quarterly 6.50% - 6.90% None
Company,
Mitratel
Bank of China
2019 Telkomsel Rp 1,900 - 2021 - 2025 Monthly 4.90% None
Bank CIMB
Niaga
2019 - 2022 PINS, Rp 2,300 14 2022 - 2029 Quarterly 3 months JIBOR + None
Mitratel 1.30% - 1.95%
2021 - 2022 Telin US$ 0 - 2025 - 2030 Semi- 6 months None
annually SOFR + 1.82%
Bank Permata
2020 - 2022 Mitratel Rp 2,000 42 2021 - 2029 Quarterly 3 months None
JIBOR + 1.30%
HSBC
2021 - 2023 Mitratel Rp 1,250 108 2023 - 2030 Quarterly 3 months JIBOR + None
0.50% - 1.85%
Bank Danamon
2022 Mitratel Rp 636 - 2022 - 2025 Quarterly 3 months None
JIBOR + 1.50%
2024 SSI Rp 24 1 2024 - 2029 Monthly 8.75% None
Bank Sinarmas
2024 Telkomsel Rp 1,000 2,000 2024 - 2026 Weekly 1 week None
JIBOR
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as dividend distribution, obtaining new loans, and maintaining financial ratios. As of
December 31, 2024, the Group has complied with all covenants regarding these financial ratios,
except for TLT, Sigma, and GSD which its current ratio and debt service coverage ratio are still
lower than required. As of December 31, 2024, the Group obtained waiver from lenders for the non-
fulfillment financial ratios in TLT, Sigma, and GSD for loan amounting Rp660 billion, Rp106 billion,
and Rp231 billion, respectively. Waivers from BNI and BCA were received on December 10, 2024,
December 12, 2024, and December 31, 2024, respectively, except for GSD’s bank loan from Bank
Mandiri that did not receive before December 31, 2024, so that the entire balance of GSD’s long-
term loan amounting to Rp13 billion has been classified as short-term. The waivers are effective
for the 12 months after reporting period. As of March 31, 2025, the Group has complied with all
covenants regarding these financial ratios.
The credit facilities were obtained by the Group for working capital purposes and investment
purposes.
63
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS
The details of non-controlling interests are as follows:
March 31, 2025 December 31, 2024
Non-controlling interests in net assets of subsidiaries:
Telkomsel 12,637 11,022
Mitratel 8,588 8,440
Others (each below Rp100 billion) 958 934
Total 22,183 20,396
2025 2024
Non-controlling interests in profit (loss)
in current period of subsidiaries:
Telkomsel 1,616 1,608
Mitratel 148 147
Others 23 12
Total 1,787 1,767
Material partly-owned subsidiaries
The non-controlling interests which are considered material to the Company are the non-controlling
interests in Telkomsel and Mitratel. On March 31, 2025 and December 31, 2024, the non-controlling
interests in Telkomsel holds 30.10% and Mitratel holds 28.16%.
The summarized financial informations of Telkomsel and Mitratel are provided below. These
informations are based on amounts before intercompany eliminations and adjustments.
Summarized statements of financial position:
Telkomsel Mitratel
March 31, December 31, March 31, December 31,
2025 2024 2025 2024
Current assets 17,510 19,374 4,320 3,447
Non-current assets 98,098 98,029 54,425 54,693
Current liabilities (38,790) (41,199) (13,023) (12,286)
Non-current liabilities (40,479) (45,216) (11,809) (12,467)
Total equity 36,339 30,988 33,913 33,387
Attributable to:
Owners of the parent company 23,702 19,966 25,325 24,947
Non-controlling interests 12,637 11,022 8,588 8,440
64
Page 68
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS (continued)
Material partly-owned subsidiaries (continued)
Summarized statements of profit or loss and other comprehensive income:
Telkomsel Mitratel
2025 2024 2025 2024
Revenues 27,229 28,530 2,262 2,205
Operation expenses (20,342) (20,539) (1,247) (1,046)
Other expenses - net (194) (955) (468) (592)
Profit before income tax 6,693 7,036 547 567
Income tax expense - net (1,342) (1,662) (21) (46)
Profit for the period 5,351 5,374 526 521
Other comprehensive income - net 0 0 - -
Total comprehensive income
for the period 5,351 5,374 526 521
Attributable to
non-controlling interests 1,616 1,608 148 147
Dividends paid to
non-controlling interests - - - -
Summarized statements of cash flows:
Telkomsel Mitratel
2025 2024 2025 2024
Operating 10,485 10,258 4,082 4,058
Investing (2,482) (3,222) (316) (275)
Financing (8,674) (7,367) (2,809) (3,320)
Net increase (decrease) in
cash and cash equivalents (671) (331) 957 463
CF
65
Page 69
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
21. CAPITAL STOCK
March 31, 2025
Percentage of Total paid-in
Description Number of shares
ownership capital
Series A Dwiwarna share
Government 1 0 0
Series B shares
BKI 51,602,353,559 52.09 2,580
The Bank of New York Mellon Corporation* 4,300,874,480 4.34 215
Directors (Note 1b):
Ririek Adriansyah 9,336,755 0 0
Bogi Witjaksono 6,952,700 0 0
Afriwandi 6,995,200 0 0
Heri Supriadi 7,242,700 0 0
F.M. Venusiana R. 10,629,200 0 0
Herlan Wijanarko 6,995,200 0 0
Muhamad Fajrin Rasyid 6,952,700 0 0
Budi Setyawan Wijaya 7,407,700 0 0
Honesti Basyir 3,632,844 0 0
Commissioners (Note 1b):
Isa Rachmatarwata 3,312,700 0 0
Marcelino Rumambo Pandin 3,312,700 0 0
Ismail 3,312,700 0 0
Arya Mahendra Sinulingga 3,359,500 0 0
Rizal Mallarangeng 3,312,700 0 0
Silmy Karim 1,344,700 0 0
Public (individually less than 5%) 43,074,888,561 43.57 2,158
Total 99,062,216,600 100.00 4,953
December 31, 2024
Percentage of Total paid-in
Description Number of shares
ownership capital
Series A Dwiwarna share
Government 1 0 0
Series B shares
Government 51,602,353,559 52.09 2,580
The Bank of New York Mellon Corporation* 4,185,694,580 4.23 209
Directors (Note 1b):
Ririek Adriansyah 9,336,755 0 0
Bogi Witjaksono 6,952,700 0 0
Afriwandi 6,995,200 0 0
Heri Supriadi 7,242,700 0 0
F.M. Venusiana R. 10,629,200 0 0
Herlan Wijanarko 6,995,200 0 0
Muhamad Fajrin Rasyid 6,952,700 0 0
Budi Setyawan Wijaya 7,407,700 0 0
Honesti Basyir 3,250,844 0 0
Commissioners (Note 1b):
Isa Rachmatarwata 3,312,700 0 0
Marcelino Rumambo Pandin 3,312,700 0 0
Ismail 3,312,700 0 0
Arya Mahendra Sinulingga 3,359,500 0 0
Rizal Mallarangeng 3,312,700 0 0
Silmy Karim 1,344,700 0 0
Public (individually less than 5%) 43,190,450,461 43.68 2,164
Total 99,062,216,600 100.00 4,953
* The Bank of New York Mellon Corporation serves as the Depositary of the registered ADS holders for the Company’s ADSs.
The Company issued only 1 Series A Dwiwarna share which is held by the Government of the Republic
of Indonesia and cannot be transferred to any party, and has a veto right in the General Meeting of
Stockholders of the Company with respect to the election and removal of the Boards of Commissioners
and Directors, issuance of new shares, and amendments of the Company’s Articles of Association.
66
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
22. OTHER EQUITY
March 31, 2025 December 31, 2024
Difference from the acquisition of non-controlling
interests in subsidiaries 8,364 8,364
Exchange rate translation adjustment 1,319 1,102
Effect of changes in associates’ equity 386 386
Unrealized gain on available-for-sale securities 9 9
Other equity components 37 37
Total 10,115 9,898
23. REVENUES
The Group derives revenues in the following major product lines:
2025 Mobile Consumer Enterprise WIB Others Consolidated revenue
Telephone revenues
Cellular 1,419 - - 48 - 1,467
Fixed lines - - 125 17 - 142
Total telephone revenues 1,419 - 125 65 - 1,609
Interconnection revenues 90 - - 2,306 - 2,396
Data, internet, and information
technology service revenues
Cellular data and internet 16,800 - - - - 16,800
Internet, data communication, and
information technology services - - 2,751 711 - 3,462
SMS 952 - 9 - - 961
Others 4 - 430 353 282 1,069
Total data, internet, and information
technology service revenues 17,756 - 3,190 1,064 282 22,292
Network revenues 1 - 358 500 - 859
IndiHome revenues - 6,663 - - - 6,663
Other services
Call center service - - 342 - - 342
E-payment - - 335 - - 335
Manage service and terminal - - 208 2 - 210
E-health - - 180 - - 180
Others 490 4 291 77 148 1,010
Total other services 490 4 1,356 79 148 2,077
Total revenues from
contract with customer 19,756 6,667 5,029 4,014 430 35,896
Revenues from lessor transactions - - - 743 - 743
Total revenues 19,756 6,667 5,029 4,757 430 36,639
Adjustments and eliminations - 7 3 (3) (103)
Total external revenues as reported in
note operating segment 19,756 6,674 5,032 4,754 327
2024 Mobile Consumer Enterprise WIB Others Consolidated revenue
Telephone revenues
Cellular 1,583 - - 46 - 1,629
Fixed lines - - 93 26 - 119
Total telephone revenues 1,583 - 93 72 - 1,748
Interconnection revenues 75 - - 2,500 - 2,575
Data, internet, and information
technology service revenues
Cellular data and internet 17,702 - - - - 17,702
Internet, data communication, and
information technology services 79 - 2,748 643 27 3,497
SMS 759 - 2 - - 761
Others 658 - 343 247 97 1,345
Total data, internet, and information
technology service revenues 19,198 - 3,093 890 124 23,305
Network revenues 1 - 294 390 - 685
IndiHome revenues - 6,441 - - - 6,441
Other services
Call center service - - 374 - - 374
Manage service and terminal - - 288 3 - 291
E-payment - - 249 - - 249
E-health - - 182 - - 182
Others 234 - 316 80 154 784
Total other services 234 - 1,409 83 154 1,880
Total revenues from
contract with customer 21,091 6,441 4,889 3,935 278 36,634
Revenues from lessor transactions - - - 795 - 795
Total revenues 21,091 6,441 4,889 4,730 278 37,429
Adjustments and eliminations - (1) 5 30 (152)
Total external revenues as reported in
note operating segment 21,091 6,440 4,894 4,760 126
67
Page 71
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
23. REVENUES (continued)
Management expects that most of the transaction price allocated to the unsatisfied contracts as of
March 31, 2025 will be recognized as revenue during the next reporting periods. Unsatisfied
performance obligations as of March 31, 2025, which management expects to be realised within one
year is Rp6,474 billion, and more than one year is Rp4,186 billion.
The Group entered into non-cancellable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with terms
ranging from 1 to 28 years and with expiry dates between 2025 and 2037. Periods may be extended
based on the agreement by both parties.
Refer to Note 32 for details of related parties transactions.
24. PERSONNEL EXPENSES
The breakdown of personnel expenses is as follows:
2025 2024
Salaries and related benefits 2,525 2,474
Vacation pay, incentives, and other benefits 1,107 1,085
Pension and other post-employment
benefits (Note 30) 440 480
LSA expense (Note 31) 80 78
Others 6 11
Total 4,158 4,128
Refer to Note 32 for details of related parties transactions.
25. OPERATION, MAINTENANCE, AND TELECOMMUNICATION SERVICE EXPENSES
The breakdown of operation, maintenance, and telecommunication service expenses is as follows:
2025 2024
Operation and maintenance 5,613 5,574
Radio frequency usage charges (Note 35c.i) 1,913 1,915
Leased lines and Customer Premise Equipment ("CPE") 825 776
Concession fees and USO charges (Note 15) 722 702
Electricity, gas, and water 259 234
Cost of SIM cards, vouchers, and
sales of peripherals (Note 7) 114 146
Others (each below Rp100 billion) 162 278
Total 9,608 9,625
Refer to Note 32 for details of related parties transactions.
68
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
26. GENERAL AND ADMINISTRATIVE EXPENSES
The breakdown of general and administrative expenses is as follows:
2025 2024
Allowance for expected credit losses
trade receivables (Note 5) 675 446
General expenses 473 478
Professional fees 103 112
Others (each below Rp100 billion) 560 488
Total 1,811 1,524
Refer to Note 32 for details of related parties transactions.
27. TAXATION
a. Prepaid income taxes
March 31, 2025 December 31, 2024
The Company:
Income Tax
Article 22 - Withholding tax on goods delivery
and imports - -
Article 23 - Withholding tax on service delivery 260 260
VAT 239 -
Subsidiaries:
Income Tax
Corporate income tax 37 1
Article 22 - Withholding tax on goods delivery
and imports 1 -
Article 4(2) - Final tax 17 17
Article 23 - Withholding tax on service delivery 250 79
VAT 1,635 2,076
Total prepaid taxes 2,439 2,433
Current portion (2,439) (2,433)
Non-current portion - -
b. Claims for tax refund
March 31, 2025 December 31, 2024
The Company
Corporate income tax 668 641
Article 21 - Individual income tax 154 154
VAT 166 168
Subsidiaries
Income Tax
Corporate income tax 1,623 1,553
Article 23 - Witholding tax on services delivery 25 -
Article 21 - Individual income tax - 7
VAT 475 706
Total claims for tax refund 3,111 3,229
Current portion (258) (411)
Non-current portion (Note 13) 2,853 2,818
69
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
c. Taxes payable
March 31, 2025 December 31, 2024
The Company:
Income taxes
Article 4(2) - Final tax 27 11
Article 21 - Individual income tax 194 1
Article 22 - Withholding tax on goods delivery
and imports 3 1
Article 23 - Withholding tax on services 29 45
Article 25 - Installment of corporate income tax 78 78
VAT - 109
VAT - Tax collector 129 114
460 359
Subsidiaries:
Income taxes
Article 4(2) - Final tax 127 644
Article 21 - Individual income tax 436 160
Article 22 - Withholding tax on goods delivery
and imports 5 6
Article 23 - Withholding tax on services 28 33
Article 25 - Installment of corporate income tax 497 587
Article 26 - Withholding tax on non-resident
income 87 178
Article 29 - Corporate income tax 289 203
VAT 969 473
VAT - Tax collector 790 650
3,228 2,934
Total taxes payable 3,688 3,293
d. The components of consolidated income tax expense (benefit) are as follows:
2025 2024
Current
The Company 416 459
Subsidiaries 1,789 1,187
2,205 1,646
Deferred
The Company 73 (18)
Subsidiaries (285) 695
(212) 677
Net income tax expense 1,993 2,323
70
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
d. The components of consolidated income tax expense (benefit) are as follows (continued):
The reconciliation between the profit before income tax and the estimated taxable income of
the Company for three months period ended March 31, 2025 and 2024 are as follows:
2025 2024
Profit before income tax consolidation 9,590 10,142
Add back consolidation eliminations 5,745 5,495
Consolidated profit before income tax and eliminations 15,335 15,637
Less: profit before income tax of the subsidiaries (8,589) (9,124)
Profit before income tax attributable to the Company
before deduction of income subject to final tax 6,746 6,513
Less: income subject to final tax (225) (210)
Profit before income tax attributable to the Company
after deduction of income subject to final tax 6,521 6,303
Temporary differences:
Allowance for expected credit losses (59) 296
Deferred installation fee 1 24
Leases (27) (25)
Provision for employee benefits 386 318
Land rights, intangible assets, and other 12 16
Net periodic pension and other post-employment
benefits costs (15) 56
Difference between accounting and tax bases
of property and equipment (691) (562)
Accrued expenses 9 (22)
Others 3 -
Net temporary differences (381) 101
Permanent differences:
Net periodic post-retirement health care benefit costs 92 91
Donations 43 56
Employee benefits 3 3
Expense related to income subject to final tax 40 36
Equity in net income of associates and subsidiaries (4,400) (4,379)
Others 78 45
Net permanent differences (4,144) (4,148)
Taxable income of the Company 1,996 2,256
Current corporate income tax expense 379 428
Final income tax expense 37 31
Total current income tax expense of the Company 416 459
Current income tax expense of the subsidiaries 1,789 1,187
Total current income tax expense 2,205 1,646
71
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
d. The components of income tax expense (benefit) are as follows (continued):
The reconciliation between the income tax expense calculated by applying the applicable tax rate
of 19% to the profit before income tax less income subject to final tax, and the net income tax
expense as shown in the consolidated statements of profit or loss and other comprehensive income
is as follows:
2025 2024
Profit before income tax consolidation 9,590 10,142
Less consolidated income subject to final tax - net (613) (1,892)
8,977 8,250
Income tax expense calculated at the Company’s
applicable statutory tax rate 1,706 1,568
Difference in applicable statutory tax rate for
subsidiaries 218 187
Non-deductible expenses (74) 440
Final income tax expense 37 31
Deferred tax adjustment (6) (14)
Unrecognized deferred tax 5 9
Others 107 102
Net income tax expense 1,993 2,323
In Law No. 7 of 1983 concerning Income Tax as amended several times, most recently by Law
No. 6 of 2023 concerning Stipulation of Government Regulations in Lieu of Law No. 2 of 2022
concerning Job Creation becomes Law, Article 17 paragraph (1) letter b which stipulates that the
tax rate applied to Taxable Income for domestic corporate taxpayers and permanent
establishments is 22%, which comes into force in the 2022 fiscal year, and in article 17 paragraph
(2b) stipulates that for corporate taxpayers in the form of a limited liability company with a total
number of paid-up shares is traded on a stock exchange in Indonesia of at least 40% and meeting
certain requirements can receive 3% tax rate lower than the expected rate.
The Company applied the tax rate of 19% for the three months period ended March 31, 2025 and
for the year ended December 31, 2024. The subsidiaries applied the tax rate of 22% for the three
months period ended March 31, 2025 and for the year ended December 31, 2024.
e. Tax assessments
(i) The Company
In the year ended December 31, 2024, the Company received a number of tax assessments
from tax audits for the 2019, 2020 and 2021 fiscal years, where from all of these tax
assessments the Company received a net refund of Rp7.7 billion after being deducted by other
types of tax collection letters and assessments. The Company disagreed and submitted an
approval for the tax assessment of Rp35.7 billion. In addition to the restitution from the tax
audit results, the Company also received a restitution of Rp37.9 billion for the decision to
approve the cancellation of the 2015 and 2016 VAT Tax Collection Letters.
In July 2024, the Company received a Field Audit Notification Letter for all types of taxes in
2023. In September 2024, the Company received a VAT Field Audit Notification Letter for
2022. As of the date of issuance of this financial report, the tax audit process is still ongoing.
72
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(i) The Company (continued)
In the year ended December 31, 2023, the Company received a number of tax assessments
and rulings. The Company received a tax assessment from the VAT audit for the period of
May 2020 and has received a restitution of Rp0.3 billion and has approved and charged a tax
assessment of Rp0.7 billion to the 2023 income statement. The Company also received
Supreme Court Decision Number 1365/B/PK/Pjk/2023 which rejected the Directorate General
of Taxes (“DGT”)'s request for a judicial review of the 2015 Corporate Income Tax dispute,
with the Decision, all types of taxes for 2015 have permanent legal force. In addition, the
Company received a Tax Audit Notification Letter for Corporate Income Tax and
Withholding/Collection Income Tax for 2019 and 2020, VAT for 2020 (except for the May
Period) and for all types of taxes for 2021. Until the period ending on December 31, 2023,
there were no tax assessments for which objections and/or appeals were filed.
(ii) Telkomsel
As of March 31, 2025 and December 31, 2024, Telkomsel has a number of tax assessments
that are in the appeal process. The details of claims for tax refund, both associated with tax
assessments or that have not been determined by the Tax Authority, including tax assessment
exposure that are not accompanied by tax claims by Telkomsel, are as follows:
March 31, 2025
Appeal Others Total
Claims for tax refund which are not yet
confirmed by the Tax Authority
Corporate Income Tax
2024 fiscal year - 791 791
Tax assessment with claims for
tax refund
Corporate Income Tax
2018 fiscal year 35 - 35
2015 fiscal year 294 - 294
2014 fiscal year 2 - 2
Witholding tax
2015 fiscal year - - -
VAT
2014 fiscal year - 0 0
331 791 1,122
Tax assesment with no associated
claims for tax refund
Corporate Income Tax
2014 fiscal year 35 - 35
As of December 31, 2024, Telkomsel received a number of tax examination notification letters
for 2019, 2021, 2022 and 2023 fiscal year. On September 30, 2024, Telkomsel received
underpayment SKP amounting to Rp6 billion (including penalty amounting to Rp2 billion) for
2019 fiscal year Prepaid VAT, where Telkomsel acted as the VAT Collector. Telkomsel
accepted the entire tax assessment result and compensated the tax underpayments
amounting to Rp4 billion to prepaid VAT under prevailing tax regulation, and booked an
additional tax expenses for the penalty. As of the authorization date of these consolidated
financial statements, the tax examinations for the remaining fiscal years are still in progress.
73
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(ii) Telkomsel (continued)
As of December 31, 2023, Telkomsel received official verdicts from Supreme Court in February
to May 2023, which fully rejected the judicial review claimed by the Tax Authorities for the Tax
Court’s verdicts on appeal for 2014 and 2015 fiscal year VAT amounting to Rp8 billion and
Rp24 billion, respectively. Therefore, these cases have been legally enforced (“in-kracht”) and
no additional tax payables for 2014 and 2015 fiscal years VAT. In October 2023, Telkomsel
also received objection decision letters from Tax Authorities, which partially accepted
Telkomsel’s objection for withholding and VAT as well as rejected the entire Telkomsel’s
objection for corporate income tax; both were related to 2018 fiscal year. As the result,
Telkomsel has fully received tax refund amounting to Rp22 billion and charged the rejected
portion of withholding and VAT amounting to Rp0.20 billion as expense in 2023 consolidated
statement of profit or loss.
Management believes that Telkomsel has a strong case to defend its position. Telkomsel
determines an allowance related to the tax assessments is not necessary.
f. Deferred tax assets and liabilities
The details of the Group's deferred tax assets and liabilities are as follows:
Deferred tax asset and liabilities (Charged) credited to
in financial position profit or loss
March 31, December 31,
2025 2024 2025 2024
The Company
Allowance for expected credit losses 759 770 (11) 57
Net periodic pension and other
post-employment benefit costs 778 781 (3) 10
Difference between accounting and tax
bases of property and equipment (180) (51) (129) (110)
Provision for employee benefits 347 276 71 62
Deferred installation fee 25 25 - 5
Land rights, intangible assets and others 44 42 2 3
Accrued expenses 2 - 2 (4)
Leases (4) 1 (5) (5)
Others 73 73 - -
Total deferred tax assets - net 1,844 1,917 (73) 18
Telkomsel
Provision for employee benefits 1,498 1,445 53 43
Allowance for expected credit losses 383 324 59 64
Leases 707 481 226 (749)
Contract liabilities 374 370 3 (21)
Fair value measurement of financial
instruments (3) (8) 5 -
Difference between accounting and tax bases of
property and equipment (1,390) (1,361) (36) 1
License amortization (174) (174) - -
Contract cost (23) (23) - 6
Other financial instruments (258) (242) (16) (14)
Deferred tax assets of Telkomsel - net 1,114 812 294 (670)
Deferred tax assets of the other subsidiaries - net 672 680 (8) (6)
Deferred tax liabilities of the other subsidiaries - net (997) (992) (1) (19)
Deferred tax expense (income) 212 (677)
Total deferred tax assets - net 3,630 3,409
Total deferred tax liabilities - net (997) (992)
74
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
f. Deferred tax assets and liabilities (continued)
As of March 31, 2025 and December 31, 2024 the aggregate amounts of temporary differences
associated with investments in subsidiaries and associated companies, for which deferred tax
liabilities are not recognized were Rp33,547 billion and Rp84,310 billion, respectively.
Realization of the deferred tax assets is dependent upon the Group’s capability in generating future
profitable operations. Although realization is not assured, the Group believes that it is probable that
these deferred tax assets will be realized through reduction of future taxable income when
temporary differences reverse. The amount of deferred tax assets is considered realizable;
however, it can be reduced if actual future taxable income is lower than estimates.
g. Administration
In June 2023, the Government issued Minister of Finance Regulation No. 66/PMK.03/2023
concerning Income Tax Treatment of Reimbursement or Compensation in Relation to Work or
Services Received or Obtained in Kind and/or Enjoyment. The Company ensures administrative
and legal aspects of transactions, and builds intensive coordination between related units to
implement these rules.
In December 2023, the Government issued Government Regulation No. 58 of 2023 concerning
Income Tax Withholding Rates Article 21 on Income in Connection with Work, Services or Activities
of Individual Taxpayers as well as Regulation of the Minister of Finance No. 168 of 2023 concerning
Guidelines for Implementing Tax Deductions on Income in Connection with Work, Services or
Individual Activities which will comes into effect from January 1, 2024. With this provision, there is
a change in the mechanism for calculating Income Tax Article 21 for Employees which previously
used progressive rates in accordance with Article 17 of the Law. The Income Tax Law uses the
average effective rate (TER) for Article 21 Income Tax deductions as regulated in the government
regulation. The Company ensures that there is intensive coordination between related units to
implement these regulations.
In December 2023, the Government issued Regulation of the Minister of Finance No. 172 of 2023
concerning the Application of the Principle of Fairness and Business Custom in Transactions
Influenced by Special Relationships which will be the basis for preparing transfer pricing documents
starting from the 2024 tax year.
In December 2024, the Government issued the Decree of the Minister of Finance No. 465
concerning the Implementation of the Core Tax Administration System and the Regulation of the
Minister of Finance concerning Tax Provisions in the Framework of the Implementation of the Core
Tax Administration System No. 81 of 2024. The Company ensures coordination with related units,
the IT Team and the tax authorities so that the tax administration process carried out through the
Core Tax Administration System application runs smoothly.
In response to the implementation of the Organisation for Economic Co-operation and
Development (“OECD”) Pillar Two framework, on December 31, 2024, Indonesian Government
implemented Pillar Two framework through Regulation of the Minister of Finance No. 136/2024
(PMK 136/2024). The Pillar Two model rules as implemented under PMK 136/2024 will take effect
for fiscal years beginning on or after January 1, 2025.
Various countries have enacted or intend to enact tax legislation to comply with Pillar Two model
rules, including Indonesia. The Group is within the scope of PMK 136/2024, which did not impact
2024 consolidated financial statements but may impact the Group’s consolidated financial
statements from January 1, 2025 onward.
75
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration (continued)
PMK 136/2024 applies new taxing mechanisms under which a Multinational Enterprises (“MNE”)
would pay a top-up tax in a jurisdiction whenever the effective tax rate, determined on a
jurisdictional basis under the Pillar Two rules is below a 15% minimum rate. PMK 136/2024 sets
out the mechanics for determining which entity or entities in an MNE Group should apply the top-
up tax and the portion of such tax that is charged to each relevant entity.
For the year ended December 31, 2024, the Group has applied amendment to PSAK 212, which
provides mandatory temporary exception from recognizing or disclosing deferred taxes related to
Pillar Two rules such that there is no impact to the 2024 consolidated financial statements. The
future impact of Pillar Two rules for the Group is currently not reasonably estimable.
The Pillar Two model rules are complex and the Group is still in the process of assessing potential
impact to the consolidated financial statements, if any. Based on currently available information,
the Group does not expect any material impact to the consolidated financial statements.
Related to the implementation of the provisions of Article 222 of the Minister of State-owned
Enterprise Regulation Number PER-2/MBU/03/2023 concerning Guidelines for Governance and
Significant Corporate Activities of State-owned Enterprise. State-owned enterprise is required to
convey the realization of contributions to the state. Details of contributions to the state as of
March 31, 2025 are as follow:
March 31, 2025
Tax
Income tax 4,479
VAT and VAT on luxury goods 2,571
Import/exit duties, customs, and stamp duties 1
Regional taxes and levies, including
property tax for urban and rural 2
Total tax contribution 7,053
Non-tax contribution
Other non-tax contribution 1,633
Total other non-tax contribution 1,633
Total contribution to the state 8,686
28. BASIC EARNINGS PER SHARE
Basic earnings per share is computed by dividing profit for the period attributable to owners of the
parent company amounting to Rp5,810 billion and Rp6,053 billion by the weighted average number of
shares outstanding during the period totaling 99,062,216,600 shares for the three months period
ended March 31, 2025 and 2024, respectively. The weighted average number of shares takes into
account the weighted average effect of changes in treasury stock transaction during the period.
Basic earnings per share amounting to Rp58.65 and Rp61.10 (in full amount) for the three months
period ended March 31, 2025 and 2024, respectively. The Company does not have potentially dilutive
financial investments the three months period ended March 31, 2025 and 2024.
76
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
29. CASH DIVIDENDS AND GENERAL RESERVE
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 04 dated
May 3, 2024 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of
cash dividend for 2023 amounting to Rp17,683 billion (Rp178.50 per share). The Company paid cash
dividend on May 29, 2024.
Under the Limited Liability Company Law, the Company is required to establish a statutory reserve
amounting to at least 20% of its issued and paid-up capital.
The balance of the appropriated retained earnings of the Company as of March 31, 2025 and
December 31, 2024 is Rp15,337 billion, respectively.
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The details of pension and other post-employment benefit liabilities are as follows:
Notes March 31, 2025 December 31, 2024
Pension benefit and other post-employment
benefit obligations
Pension benefit
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 3,519 3,543
Additional pension benefit obligation 30a.i.a.ii 39 42
The Company - unfunded 30a.i.b 219 215
Telkomsel 30a.ii 5,118 4,950
Projected pension benefit obligations 8,895 8,750
Net periodic post-employment health care
benefit 30b 1,643 1,550
Other post-employment benefit 30c 178 175
Long service employee benefit 30d 0 1
Obligation under the Labor Law 30e 1,109 1,064
Total 11,825 11,540
The details of net pension benefit expense recognized in the consolidated statements of profit or loss
and other comprehensive income is as follows:
Notes 2025 2024
Pension benefit cost
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 118 164
Additional pension benefit obligation 30a.i.a.ii 1 1
The Company - unfunded 30a.i.b 6 7
Telkomsel 30a.ii 170 165
Total periodic pension benefit cost 24 295 337
Net periodic post-employment health care
benefit cost 24,30b 93 91
Other post-employment benefit cost 24,30c 4 4
Long service employee benefit cost 24,30d 0 0
Obligation under the Labor Law 24,30e 48 48
Total 440 480
77
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in projected pension benefit obligation and post-employment
health care benefit obligations, changes in pension benefit and post-employment health care benefit
plan assets, funded status of the pension plan and post-employment health care benefit plan, and net
amount recognized in the consolidated statements of financial position as of March 31, 2025 and
December 31, 2024, under the defined benefit pension plan:
Funded Post-employment
Defined pension benefit obligation health care benefit
The Company Telkomsel The Company
Projected
Projected Projected post-employment Post-employment
pension Pension pension Pension health care health care
benefit benefit benefit benefit benefit benefit
obligations plan assets obligations plan assets obligation plan assets Total
Balance, January 1, 2025 22,377 (18,834) 6,089 (1,139) 14,152 (12,602) 10,043
Service costs 47 - 81 - - - 128
Interest costs (income) 375 (318) 97 (8) 243 (215) 174
Plan administration cost (32) 32 - 0 - 65 65
Additional welfare benefits 17 - - - - - 17
Cost recognized in the consolidated
statement of profit or loss 407 (286) 178 (8) 243 (150) 384
Actuarial (gain) loss on:
Experience adjustments (12) - - - (356) 356 (12)
Return on plan assets
(excluding amount included in
net interest expense) - 12 - - - - 12
Cost recognized in OCI (12) 12 - - (356) 356 -
Employer’s contributions - (128) - (3) - - (131)
Pension plan participants’ contributions 3 (3) 1 (0) - - 1
Benefits paid from plan assets (461) 461 - - (146) 146 -
Benefits paid by employer (17) - - - - - (17)
Balance, March 31, 2025 22,297 (18,778) 6,268 (1,150) 13,893 (12,250) 10,280
Projected pension benefit
obligation at end of period 3,519 5,118 1,643 10,280
Funded Post-employment
Defined pension benefit obligation health care benefit
The Company Telkomsel The Company
Projected
Projected Projected post-employment Post-employment
pension Pension pension Pension health care health care
benefit benefit benefit benefit benefit benefit
obligations plan assets obligations plan assets obligation plan assets Total
Balance, January 1, 2024 23,718 (20,052) 5,796 (1,070) 14,624 (13,154) 9,862
Service costs 279 - 346 - - - 625
Transferred employees costs (2) 1 2 (2) - - (1)
Interest costs (income) 1,533 (1,304) 381 (65) 966 (866) 645
Plan administration cost (115) 115 - 1 - 182 183
Additional welfare benefits 34 - - - - - 34
Cost recognized in the consolidated
statement of profit or loss 1,729 (1,188) 729 (66) 966 (684) 1,486
Actuarial (gain) loss on:
Experience adjustments (609) - (121) - 65 - (665)
Changes in demographic assumptions (1) - - - 0 - (1)
Changes in financial assumptions (491) - (314) - (863) - (1,668)
Return on plan assets
(excluding amount included in
net interest expense) - 1,029 - 15 - 596 1,640
Cost recognized in OCI (1,101) 1,029 (435) 15 (798) 596 (694)
Employer’s contributions - (558) - (18) - - (576)
Pension plan participants’ contributions 13 (13) 1 (1) - - -
Benefits paid from plan assets (1,948) 1,948 (2) 1 (640) 640 (1)
Benefits paid by employer (34) - - - - - (34)
Balance, December 31, 2024 22,377 (18,834) 6,089 (1,139) 14,152 (12,602) 10,043
Projected pension benefit
obligation at end of year 3,543 4,950 1,550 10,043
78
Page 82
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in unfunded projected pension benefit obligations, additional
pension benefit obligations, other post-employment benefit obligations and obligations under the Labor
Law, changes in additional pension benefit plan assets, and net amount recognized in the consolidated
statements of financial position as of March 31, 2025 and December 31, 2024, under the defined
benefit pension plan:
The Company
The Company and its subsidiaries
Other
Additional post-employment Long service Obligations
pension benefit benefit employee under
Unfunded obligations obligations benefit the Labor Law Total
Balance, January 1, 2025 215 42 175 1 1,064 1,497
Service costs 2 0 1 0 41 44
Interest costs 4 1 3 - 7 15
Cost recognized in the consolidated
statement of profit or loss 6 1 4 0 48 59
Benefits paid by employer (2) (4) (1) (1) (3) (11)
Balance, March 31, 2025 219 39 178 - 1,109 1,545
The Company
The Company and its subsidiaries
Other
Additional post-employment Long service Obligations
pension benefit benefit employee under
Unfunded obligations obligations benefit the Labor Law Total
Balance, January 1, 2024 258 44 244 1 1,005 1,552
Service costs 9 0 6 0 204 219
Past service costs - - 1 - 18 19
Interest costs 14 3 13 - 10 40
Transferred employees costs (0) (0) (0) - (0) -
Early retirement settlement costs (50) - 0 (0) (0) (50)
Cost recognized in the consolidated
statement of profit or loss (27) 3 20 0 232 228
Actuarial (gain) loss recognized in OCI 53 (1) (6) (0) (107) (61)
Benefits paid by employer (69) (4) (83) - (62) (218)
Divestment - - - - (4) (4)
Balance, December 31, 2024 215 42 175 1 1,064 1,497
The components of net periodic pension benefit cost for the three months period ended
March 31, 2025 and 2024 are as follows:
The Company
The Company Telkomsel and its subsidiaries
Post- Other
Defined Additional employment post- Long Defined
penison penison health care employment service penison Obligations
benefit benefit benefit benefit employee benefit under
2025 obligations obligations Unfunded cost obligations benefit obligations the Labor Law Total
Service costs 47 0 2 - 1 0 81 41 172
Interest costs 57 1 4 28 3 - 89 7 189
Plan administration cost - - - 65 - - 0 - 65
Additional welfare benefits 17 - - - - - - - 17
Net periodic pension benefit cost 121 1 6 93 4 0 170 48 443
Amount charged to subsidiaries
under contractual agreements (3) - - - - - - - (3)
Net periodic pension benefit
cost less charged
to subsidiaries 118 1 6 93 4 0 170 48 440
79
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The components of net periodic pension benefit cost for the three months period ended
March 31, 2025 and 2024 are as follows (continued):
The Company
The Company Telkomsel and its subsidiaries
Post- Other
Defined Additional employment post- Long Defined
penison penison health care employment service penison Obligations
benefit benefit benefit benefit employee benefit under
2024 obligations obligations Unfunded cost obligations benefit obligations the Labor Law Total
Service costs 74 0 3 - 1 0 86 46 210
Interest costs 57 1 4 25 3 - 79 2 171
Plan administration cost - - - 66 - - - - 66
Additional welfare benefits 34 - - - - - - - 34
Net periodic pension benefit cost 165 1 7 91 4 0 165 48 481
Amount charged to subsidiaries
under contractual agreements (1) - - - - - - - (1)
Net periodic pension
benefit coss less
charged to subsidiaries 164 1 7 91 4 0 165 48 480
a. Pension benefit costs
i. The Company
(a) Funded pension plan
(i) Defined pension benefit obligation
The Company sponsors a defined benefit pension plan for employees with permanent
status prior to July 1, 2002. The plan is governed by the pension laws in Indonesia and
managed by Telkom Pension Fund (“Dana Pensiun Telkom” or “Dapen”). Pension Fund
Management in accordance with the Pension Fund and Investment Directives
Regulations determined by the Founder is carried out by the Board of Management.
The Board of Management is monitored by the Oversight Board consisting of
representatives of the Company and participants.
The pension benefits are paid based on the participating employees’ latest basic salary
at retirement and the number of years of their service. The participating employees
contribute 18% (before March 2003: 8.4%) of their basic salaries to the pension fund.
The Company made contributions to the pension fund amounted to Rp128 billion and
Rp558 billion, for the three months period ended March 31, 2025 and for the year ended
December 31, 2024, respectively.
Risks exposed to defined benefit programs are risks such as asset volatility and
changes in bond yields. The project liabilities are calculated using a discount rate that
refers to the level of government bond yields, if the return on program assets is lower,
it will result in a program deficit. A decrease in the yield of government bonds will
increase the program liabilities, although this will be offset in part by an increase in the
value of the program bonds held. The Company ensures that the investment position is
set within the framework of asset-liability matching ("ALM") that has been formed to
achieve long-term results that are in line with the liabilities in the defined benefit pension
plan. Within the ALM framework, the Company's objective is to adjust its pension assets
and liabilities by investing in a well diversified portfolio to produce an optimal rate of
return, taking into account the level of risk. Investment in the program has been well
diversified, so that one investment's poor performance will not have a material impact
on all asset groups.
80
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
As of March 31, 2025 and December 31, 2024, plan assets consist of:
March 31, 2025 December 31, 2024
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 980 - 921 -
Equity instruments:
Financials 1,144 - 1,265 -
Consumer non-cyclicals 54 - 48 -
Basic material 182 - 203 -
Infrastructures 450 - 510 -
Energy 129 - 146 -
Technology 128 - 91 -
Industrials 231 - 239 -
Consumer cyclicals 361 - 448 -
Properties and real estate 92 - 110 -
Healthcare 145 - 175 -
Transportation and logistic 3 - 4 -
Equity-based mutual fund 167 - 193 -
Fixed income instruments:
Corporate bonds - 2,059 - 2,034
Government bonds 10,358 - 10,608 -
Fixed income mutual funds ("RDPT") - 67 - 66
Medium-term notes ("MTN") - 100 - 100
Asset-backed securities ("EBA") - 6 - 7
Sukuk - 939 - 935
Non-public equity:
Direct placement - 377 - 377
Property - 202 - 202
Others - 373 - 356
Total 14,424 4,123 14,961 4,077
Pension plan assets include Series B shares issued by the Company with fair values
totaling to Rp261 billion and Rp294 billion, representing 1.42% and 1.54% of total plan
assets as of March 31, 2025 and December 31, 2024, respectively, and bonds issued
by the Company with fair value totaling to Rp338 billion and Rp338 billion representing
1.84% and 1.78% of total plan assets as of March 31, 2025 and December 31, 2024,
respectively.
The expected return is determined based on market expectation for returns over the
entire life of the obligation by considering the portfolio mix of the plan assets. The actual
return on plan assets was Rp(132) billion and Rp275 billion for the three months period
ended March 31, 2025 and for the year ended December 31, 2024, respectively. Based
on the Company’s policy issued on January 14, 2014 regarding Dapen’s Funding Policy,
the Company will not contribute to Dapen when Dapen’s Funding Sufficiency Ratio
(“FSR”) is above 105%. Based on Dapen’s financial statements as of
December 31, 2024, Dapen’s FSR is below 105%. Therefore, the Company will
contribute to the defined benefit pension plan.
81
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
Based on the Company Regulations issued on September 30, 2022, regarding the
Pension Fund Regulations from the Telkom Pension Fund, the Company stipulates
those retirees who quit other than because of Disciplinary Punishment, Early
Retirement, and at their own request and receive Pension Benefits of less than
Rp1 million per month are given increase in monthly Pension Benefits to Rp1 million. In
2025 and 2024, the Company provided employee welfare benefit to pensioners and
pension beneficiaries who entered their retirement period before June 30, 2002
amounting to Rp17 billion and Rp34 billion, respectively.
The actuarial valuation for the defined benefit pension plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025, and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for
December 31, 2024 and 2023 are as follows:
2024 2023
Discount rate 7.00% 6.75%
Rate of compensation increases 8.00% 8.00%
Indonesian mortality table 2019 2019
(ii) Additional pension benefit obligation
Based on the Company Regulations issued on September 30, 2022, regarding the
Regulations on Pension Funds from Telkom Pension Funds, the Company organizes a
Defined Contribution Other Benefit Program (“PMLIP”) in the form of Additional Benefits.
PMLIP participants are entitled to receive Periodic Pension Benefits every month in
accordance with the provisions in the Pension Fund Regulations. Additional Benefit
Funds are sourced from Employer Additional Benefit contributions and provision for
investment development proceeds if the FSR is achieved above 102% and the rate of
Return on Investment (“ROI”) is above the actuarial interest rate for funding. The
employer's additional benefit contribution for each PMLIP participant is set at
Rp120 thousand for a 12-month contribution period which is calculated proportionally
according to the amount received.
82
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(ii) Additional pension benefit obligation (continued)
The actuarial valuation for additional pension benefit plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025 and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for
December 31, 2024 and 2023 are as follows:
2024 2023
Discount rate 7.00% 6.75%
Indonesian mortality table 2019 2019
Additional pension benefit obligation has been set aside since 2018 according to the
approval by the Oversight Board. As of December 31, 2024, there are no additional
obligations set aside because the requirements for recognizing additional benefits as
mentioned above have not been fulfilled.
(b) Unfunded pension plan
The Company sponsors unfunded defined benefit pension plans and a defined contribution
pension plan for its employees. The defined contribution pension plan is provided to
employees with permanent status hired on or after July 1, 2002. The plan is managed by
Financial Institutions Pension Fund (Dana Pensiun Lembaga Keuangan or “DPLK”). The
Company’s contribution to DPLK is determined based on a certain percentage of the
participants’ salaries and amounted to Rp12 billion and Rp52 billion, for the three months
period ended March 31, 2025 and for the years ended December 2024, respectively.
Since 2007, the Company has provided pension benefit based on uniformization for both
participants prior to and from April 20, 1992 effective for employees retiring beginning
February 1, 2009. In 2010, the Company replaced the uniformization with Manfaat Pensiun
Sekaligus (“MPS”). MPS is given to those employees reaching retirement age, upon death
or upon becoming disabled starting from February 1, 2009.
The Company also provides benefits to employees during a pre-retirement period in which
they are inactive for 6 months prior to their normal retirement age of 56 years, known as
pre-retirement benefits (Masa Persiapan Pensiun or “MPP”). During the pre-retirement
period, the employees still receive benefits provided to active employees, which include,
but are not limited to, regular salary, health care, annual leave, bonus, and other benefits.
Since April 1, 2012, the employee is required to file a request for MPP and if the employee
does not file the request, such employee is required to work until the retirement date.
The actuarial valuation for the unfunded defined benefit pension plan was performed,
based on the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025 and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The
principal actuarial assumptions used by the independent actuary as of December 31, 2024
and 2023 are as follows:
2024 2023
Discount rate 7.00% 6.75%
Rate of compensation increases 6.00%-8.00% 6.10%-8.00%
Indonesian mortality table 2019 2019
83
Page 87
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
ii. Telkomsel
Telkomsel provides a defined benefit pension plan to its employees. Under this plan, employees
are entitled to pension benefits determined based on their latest basic salary or take-home pay
(exclusive of functional allowances) and number of service years. The plan is managed by
PT Asuransi Jiwasraya (Persero) (“Jiwasraya”), a state-owned life insurance company, through
an annuity insurance contract. Until 2004, employees contributed 5% of their monthly salaries
to the plan, while Telkomsel contributed the remaining part required under the plan. Beginning
in 2005, Telkomsel has been taking responsibility for the full amount of the contributions.
On April 23, 2021, Telkomsel and Jiwasraya agreed to terminate the insurance program contract
(as mentioned above) and entered into restructuring agreement. The agreement replaced the
benefit plan from annuities to lumpsum benefit. Based on this agreement, both parties agreed
to determine the Cash Value (“CV”) at the termination date which divided into CV for active
participant and passive participant amounting to Rp857 billion and Rp73 billion, respectively.
There was a 5% cut from CV for active participant, hence the 95% of Rp857 billion (or equal to
Rp814 billion) plus Rp73 billion will be the amount that subsequently taken over by PT Asuransi
Jiwa IFG (“IFG Life”) when the agreement with IFG Life become effective and accordingly, the
restructuring agreement will be terminated. As of November 30, 2023, the cash fund had been
completely taken over by IFG Life with no changes was applied to the terms of the plan and
cash value being transferred at the transfer date, and accordingly, the restructuring agreement
was terminated.
On June 27, 2023, the Company and Telkomsel signed an agreement regarding Dapen to
appoint Telkomsel as a Partner of the Company as the sole Founder, which resulted in rights
and obligations to Telkomsel as governed in the Pension Fund Agreement effective from the
business transfer of IndiHome consumer business segment to Telkomsel.
Effective from the business transfer of IndiHome consumer business segment to Telkomsel,
Telkomsel sponsors a defined benefit pension plan for transferring employees hired prior to
July 1, 2002. The plan is governed by the pension laws in Indonesia and managed by Dapen.
Dapen is managed in accordance with the Pension Fund and Investment Directives
Regulations, which is determined by the Company as the Founder and is carried out by the
Board of Management. The Board of Management is monitored by the Oversight Board,
appointed by the Founder.
The pension benefits are paid based on the participating employee’s latest basic salary at
retirement and the number of years of their service. The participating employees contribute 18%
of their basic salaries to the pension fund. Telkomsel’s contribution to the pension fund for the
three months period ended March 31, 2025 was amounting to Rp3 billion (2024: Rp18 billion).
The actuarial valuation for the defined benefit pension plan was performed based on the
measurement date as of December 31, 2024 and 2023 with reports dated March 6, 2025, and
March 5, 2024, respectively, by KKA Halim and Partner, an independent actuary in association
with Milliman. The principal actuarial assumptions used by the independent actuary as of
December 31, 2024 and 2023, are as follows:
2024 2023
Discount rate 7.10% 6.70%
Rate of compensation increases 7.25% - 8.00% 7.50% - 8.00%
Indonesian mortality table 2019 2019
84
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
b. Post-employment health care benefit cost
The Company provides post-employment health care benefits to all its employees hired before
November 1, 1995 who have worked for the Company for 20 years or more when they retire, and
to their eligible dependents. The requirement to work for 20 years does not apply to employees
who retired prior to June 3, 1995. The employees hired by the Company starting from
November 1, 1995 are no longer entitled to this plan. The plan is managed by Yayasan Kesehatan
Telkom (“Yakes Telkom”).
The defined contribution post-employment health care benefit plan is provided to employees with
permanent status hired on or after November 1, 1995 or employees with terms of service less than
20 years at the time of retirement. The Company did not make contributions to Yakes Telkom for
the three months period ended March 31, 2025 and for the years ended December 31, 2024. As of
March 31, 2025 and December 31, 2024, plan assets consists of:
March 31, 2025 December 31, 2024
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 515 - 375 -
Equity instruments:
Financials 985 - 1,070 -
Consumer non-cyclicals 85 - 78 -
Basic material 175 - 197 -
Infrastructures 456 - 517 -
Energy 142 - 164 -
Technology 87 - 43 -
Industrials 233 - 242 -
Consumer cyclicals 291 - 355 -
Properties and real estate 80 - 96 -
Healthcare 95 - 118 -
Transportation and logistic 4 - 4 -
Equity-based mutual funds 276 - 313 -
Fixed income instruments:
Government obligations 1,834 - 1,837 -
Corporate obligations 248 - 196 -
Fixed income mutual funds 6,240 - 6,484 -
Exchange Traded Fund ("ETF") - - 24 -
Index mutual funds - - 5 -
Unlisted shares:
Private placement - 527 - 507
Total 11,746 527 12,118 507
Yakes Telkom plan assets also include Series B shares issued by the Company with fair value
totaling Rp193 billion and Rp217 billion, representing 1.58% and 1.72% of total plan assets as of
March 31, 2025 and December 31, 2024, respectively. Bonds issued by The Company with a fair
value of Rp70 billion and Rp69 billion represent 0.57% and 0.55% of total assets as of March 31,
2025 and December 31, 2024. The expected return is determined based on market expectation for
the returns over the entire life of the obligation by considering the portfolio mix of the plan assets.
The actual return on plan assets was Rp(164) billion and Rp270 billion for the three months period
ended March 31, 2025 and for the years ended December 31, 2024, respectively.
The actuarial valuation for the post-employment health care benefits plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated March 19, 2025 and
March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial assumptions
used by the independent actuary for December 31, 2024 and 2023 are as follows:
2024 2023
Discount rate 7.00% 6.75%
Health care costs trend rate assumed for next year 7.00% 7.00%
Ultimate health care costs trend rate 7.00% 7.00%
Year that the rate reaches the ultimate trend rate 2024 2023
Indonesian mortality table 2019 2019
85
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
c. Other post-employment benefits cost
The Company provides other post-employment benefits in the form of cash paid to employees on
their retirement or termination. These benefits consist of final housing allowance (Biaya Fasilitas
Perumahan Terakhir or “BFPT”) and home passage leave (Biaya Perjalanan Pensiun dan
Purnabhakti or “BPP”) and death allowance (Meninggal Dunia or “MD” allowance) is given to
employees who have passed away with an amount of 12 times from the last salary.
The actuarial valuation for the other post-employment benefits plan was performed based on
measurement date as of December 31, 2024 and 2023, with reports date March 19, 2025 and
March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial assumptions
used by the independent actuary for December 31, 2024 and 2023 are as follows:
2024 2023
Discount rate 7.00% 6.50%
Indonesian mortality table 2019 2019
d. Long service employee benefits
The Company provides long service employee benefits to employee hired before July 1, 2002 and
have a service period of more than 30 years and retired after September 19, 2019. Total obligation
recognized as of March 31, 2025 and December 31, 2024 amounted to Rp0 billion and
Rp1 billion, respectively. The related long service employee benefits cost charged to expense
amounted to Rp0 billion and Rp0 billion for the three months period ended March 31, 2025 and
2024, respectively.
e. Obligation under the Labor Law
Under Law No. 11 Year 2020, the Group is required to provide minimum pension benefits, if not
covered yet by the sponsored pension plans, to its employees upon retirement. Total obligation
recognized as of March 31, 2025 and December 31, 2024 amounted to Rp1,109 billion and
Rp1,064 billion, respectively. The related pension employee benefits cost charged to expense
amounted to Rp48 billion and Rp48 billion for the three months period ended March 31, 2025 and
2024, respectively.
f. Maturity Profile of Defined Benefit Obligation (“DBO”)
The timing of benefits payments and weighted average duration of DBO for March 31, 2025 and
December 31, 2024 are as follows:
Expected Benefits Payment
The Company
Funded
Defined Additional Post-employment Other post- Post-employment
pension benefit pension benefit health care employment benefits
Time Period obligation obligation Unfunded Telkomsel benefits benefits UUCK (Telkom)
March 31, 2025
Within next 10 years 19,646 35 274 9,404 8,007 202 118
Within 10-20 years 15,035 28 110 13,131 13,311 118 488
Within 20-30 years 8,744 15 212 8,449 13,927 66 610
Within 30-40 years 3,079 5 20 410 7,896 2 41
Within 40-50 years 539 1 - - 2,142 - -
Within 50-60 years 37 - - - 340 - -
Within 60-70 years 1 - - - 62 - -
Within 70-80 years - - - - 7 - -
Weighted average
duration of DBO 8.16 years 8.16 years 6.48 years 8.49 years 13.39 years 5.18 years 10.71 years
86
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
f. Maturity Profile of Defined Benefit Obligation (“DBO”) (continued)
The timing of benefits payments and weighted average duration of DBO for March 31, 2025 and
December 31, 2024 are as follows (continued):
Expected Benefits Payment
The Company
Funded
Defined Additional Post-employment Other post- Post-employment
pension benefit pension benefit health care employment benefits
Time Period obligation obligation Unfunded Telkomsel benefits benefits UUCK (Telkom)
December 31, 2024
Within next 10 years 20,107 39 277 9,404 8,153 202 118
Within 10-20 years 15,035 28 110 13,131 13,311 118 488
Within 20-30 years 8,744 15 212 8,449 13,927 66 610
Within 30-40 years 3,079 5 20 410 7,896 2 41
Within 40-50 years 539 1 - - 2,142 - -
Within 50-60 years 37 - - - 340 - -
Within 60-70 years 1 - - - 62 - -
Within 70-80 years - - - - 7 - -
Weighted average
duration of DBO 8.16 years 8.16 years 6.48 years 8.49 years 13.39 years 5.18 years 10.71 years
g. Sensitivity Analysis
As of March 31, 2025 and December 31, 2024, 1% change in discount rate and rate of
compensation would have effect on DBO, are as follows:
Discount Rate Rate of Compensation
1% Increase 1% Decrease 1% Increase 1% Decrease
Increase (decrease) in amounts Increase (decrease) in amounts
Sensitivity
March 31, 2025
Funded:
Defined pension benefit obligation (1,802) 2,105 152 (146)
Unfunded (11) 12 13 (13)
Telkomsel (544) 615 675 (605)
Post-employment health care benefits (1,632) 1,994 1,908 (1,594)
Other post-employment benefits (9) 10 3 (3)
Post-employment benefits UUCK (Telkom) (13) 14 39 (34)
December 31, 2024
Funded:
Defined pension benefit obligation (1,809) 2,113 153 (146)
Unfunded (11) 12 13 (12)
Telkomsel (502) 568 623 (559)
Post-employment health care benefits (1,663) 2,031 1,943 (1,624)
Other post-employment benefits (9) 10 3 (3)
Post-employment benefits UUCK (Telkom) (12) 14 37 (32)
The sensitivity analysis was determined based on a method that extrapolates the impact on DBO
as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity results above determine the individual impact on the Plan’s DBO at the end of the
year. In reality, the Plan is subject to multiple external experience items which may move the DBO
in similar or opposite directions, and the Plan’s sensitivity to such changes can vary over time.
There are no changes in the methods and assumptions used in preparing the sensitivity analysis
from the previous period.
87
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
31. LONG SERVICE AWARDS (“LSA”) PROVISIONS
Telkomsel and Telkomsat provide certain cash awards or certain number of days leave benefits to
28. their employees based on the employees’ length of service requirements, including LSA and Long
Service Leaves (“LSL”). LSA are either paid at the time the employees reach certain years of
employment, or at the time of termination. LSL are either certain number of days leave benefit or cash,
subject to approval by management, provided to employees who meet the requisite number of years
of service and reach a certain minimum age.
The obligation with respect to these awards which was determined based on an actuarial valuation
using the Projected Unit Credit method amounted to Rp1,251 billion and Rp1,192 billion as of
March 31, 2025 and December 31, 2024, respectively. The related benefit costs charged to expense
amounted Rp80 billion and Rp78 billion for the three period ended March 31, 2025 and 2024,
respectively (Note 24).
32. RELATED PARTIES TRANSACTIONS
a. Nature of relationships and accounts/transactions with related parties
Details of the nature of relationships and accounts/transactions with significant related parties are
as follows:
Related parties Nature of relationships parties Nature of accounts/transactions
The Government Majority stockholder Internet and data service revenues, other
Ministry of Finance telecommunication service revenues, finance costs,
and investment in financial instruments
State-owned enterprises
Indosat Entity under common control Interconnection revenues, leased lines revenues,
satellite transponder usage revenues, interconnection
expenses, telecommunication facilities usage
expenses, operating and maintenance expenses, and
usage of data communication network system
expenses
PT Pertamina (Persero) Entity under common control Internet and data service revenues and other
(“Pertamina”) telecommunication service revenues
State-owned banks Entity under common control Finance income and finance costs
BNI Entity under common control Internet and data service revenues, other
telecommunication service revenues, consultant
expenses, medical expenses, finance income, and
finance costs
BRI Entity under common control Internet and data service revenues, other
telecommunication service revenues, finance income,
and finance costs
Bank Mandiri Entity under common control Internet and data service revenues, other
telecommunication service revenues, finance income,
and finance costs
PT Perusahaan Listrik Negara Entity under common control Internet and data service revenues, other
(Persero) (“PLN”) telecommunication service revenues, and electricity
expenses
Bahana TCW Entity under common control Mutual funds
Sarana Multi Infrastruktur Entity under common control Other borrowing and finance costs
Other state-owned enterprises Entity under common control Internet and data service revenues, other
telecommunication services revenues, operating
expenses, and purchase of property and equipments
PT Kereta Cepat Indonesia China Associated company
Other related entities Other telecommunication service revenue
(“KCIC”)
Directors Key management personnel Honorarium and facilities
Commissioners Supervisory personnel Honorarium and facilities
88
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
a. Nature of relationships and accounts/transactions with related parties (continued)
The outstanding balances of trade receivables and payables as of March 31, 2025 and
December 31, 2024 are unsecured and interest-free and the settlement occurs in cash. There have
been no guarantees provided or received for any related party receivables or payables. As of
March 31, 2025 and December 31, 2024, the Group recorded an increase of impairment loss from
trade receivables of related party amounted to Rp108 billion and Rp29 billion, respectively.
b. Significant transactions with related parties
The following table presents significant transactions with related parties:
2025 2024
% of total % of total
Amount revenues Amount revenues
Revenues
Majority Stockholder
Ministry of Finance 29 0.08 94 0.25
Entities under common control
Indosat 293 0.80 590 1.58
Pertamina 166 0.45 173 0.46
BNI 153 0.42 142 0.38
Others (each below Rp100 billion) 329 0.90 397 1.06
Sub-total 941 2.57 1,302 3.48
Other related entities 56 0.15 98 0.26
Associated companies 1 0.00 3 0.01
Total 1,027 2.80 1,497 4.00
2025 2024
% of total % of total
Amount expenses Amount expenses
Expenses
Entities under common control
PLN 760 2.87 667 2.56
Indosat 152 0.57 163 0.62
Others (each below Rp100 billion) 66 0.25 164 0.63
Sub-total 978 3.69 994 3.81
Other related entities 99 0.37 148 0.57
Associated companies 16 0.06 41 0.16
Total 1,093 4.12 1,183 4.54
2025 2024
% of total % of total
Amount finance income Amount finance income
Finance income
Entities under common control
State-owned banks 96 22.86 95 28.36
Total 96 22.86 95 28.36
89
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
b. Significant transactions with related parties (continued)
The following table presents significant transactions with related parties (continued):
2025 2024
% of total % of total
Amount finance cost Amount finance cost
Finance cost
Majority stockholder
Ministry of Finance - - 1 0.08
Entities under common control
State-owned banks 307 23.33 287 23.94
Sarana Multi Infrastruktur - - 7 0.58
Total 307 23.33 295 24.60
2025 2024
% of total % of total
Amount purchases Amount purchases
Purchase of property
and equipment
Entities under common control 5 0.10 12 0.24
Total 5 0.10 12 0.24
2025 2024
% of total % of total
Amount revenues Amount revenue
Distribution of SIM
card and voucher
Associated companies 17 0.05 33 0.09
Total 17 0.05 33 0.09
c. Balance of accounts with related parties
The following table presents significant transactions with related parties:
March 31, 2025 December 31, 2024
% of total % of total
Amount assets Amount assets
Cash and cash equivalents
(Note 3) 29,502 9.85 26,217 8.75
Other current financial
asset (Note 4) 811 0.27 918 0.31
Trade receivables
(Note 5) 2,251 0.75 2,350 0.78
Contract assets
Majority stockholder
Ministry of Finance 16 0.01 16 0.01
Entities under common control 200 0.07 193 0.06
Associated companies 1 0.00 1 0.00
Other related entities 4 0.00 3 0.00
Total 221 0.08 213 0.07
Other current asset 191 0.06 138 0.05
Other non-current asset 15 0.01 12 0.00
90
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
c. Balance of accounts with related parties (continued)
The following table presents significant transactions with related parties (continued):
March 31, 2025 December 31, 2024
% of total % of total
Amount liabilities Amount liabilities
Trade payables (Note 15)
Majority stockholder
Ministry of Finance 21 0.02 17 0.01
Entities under common control
State-owned enterprises 520 0.40 317 0.23
Indosat 138 0.11 212 0.15
Others 2 0.00 - -
Sub-total 660 0.51 529 0.38
Associated companies 5 0.00 20 0.01
Other related entities 62 0.05 60 0.04
Total 748 0.58 626 0.44
Accrued expenses
Entities under common control
State-owned enterprises 192 0.15 209 0.15
State-owned banks 45 0.03 81 0.06
Others 1 0.00 - -
Sub-total 238 0.18 290 0.21
Associated companies 0 0.00 1 0.00
Total 238 0.18 291 0.21
Contract liabilities
Majority stockholder
Ministry of Finance 88 0.07 90 0.07
Entities under common control
State-owned enterprises 455 0.35 474 0.35
Others 2 0.00 1 0.00
Sub-total 457 0.35 475 0.35
Associated companies 13 0.01 7 0.01
Other related entities
KCIC 1,038 0.80 1,113 0.81
Others 3 0.00 4 0.00
Sub-total 1,041 0.80 1,117 0.81
Total 1,599 1.23 1,689 1.24
Customer deposits 19 0.01 19 0.01
Short-term bank loans (Note 18) 4,768 3.69 5,554 4.05
Long-term bank loans (Note 19b) 11,219 8.68 15,943 11.62
91
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
d. Significant agreements with related parties
Indosat
The Company has an agreement with Indosat to provide international telecommunications services
to the public.
The Company has also entered into an interconnection agreement between the Company’s fixed
line network (Public Switched Telephone Network or “PSTN”) and Indosat’s Global System for
Mobile (“GSM”) cellular telecommunications network in connection with the implementation of
Indosat Multimedia Mobile services and the settlement of related interconnection rights and
obligations.
The Company also has an agreement with Indosat for the interconnection of Indosat's GSM mobile
cellular telecommunications network with the Company's PSTN, which enable each party’s
customers to make domestic calls between Indosat’s GSM mobile network and the Company’s
fixed line network, as well as enabling Indosat’s mobile customers to access the Company’s
International Direct Dialing (“IDD”) service by dialing “007”.
Indosat's owner, Ooredoo, has merged with Tri, CK Hutchison Holdings (“CKHH”) by merging their
companies into Indosat Ooredoo Hutchison. With this merger and the latest MoCI Regulation
No. 5 of 2021, the Company has amended the interconnection cooperation agreement for fixed-
line networks (local, Sambungan Langsung Jarak Jauh ("SLJJ"), and international) and mobile
networks on May 30, 2023 in order to implement cost-based tariff obligations based on the 2014
Interconnection Offering Document.
The Company also provides leased lines to Indosat and its subsidiaries, namely PT Aplikanusa
Lintasarta (“Lintasarta”). The leased lines can be used by these companies for telephone,
telegraph, data, telex, facsimile, or other telecommunication services.
e. Remuneration of key management and supervisory personnel
Key management personnel consists of the Board of Directors of the Company and supervisory
personnel consists of the Board of Commissioners.
The Company provides remuneration in the form of salaries/honorarium and facilities to support
the governance and oversight duties of the Board of Commissioners along with the leadership and
management duties of the Board of Directors. Total of such remuneration is as follows:
2025 2024
% of total % of total
Amount expenses Amount expenses
Board of Directors 139 0.53% 116 0.44%
Board of Commissioners 53 0.20% 50 0.19%
The amounts disclosed in the table above are amounts recognized as general and administration
expense during the reporting periods.
92
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS
The Group has four primary reportable segments, namely mobile, consumer, enterprise, and WIB. The
mobile segment provides mobile voice, SMS, value added services, and mobile broadband. The
consumer segment provides IndiHome services (bundled service of fixed wireline, pay TV, and
internet) and other telecommunication services to residential customers. The enterprise segment
provides end-to-end solution to corporate and institutional customers. The WIB segment provides
interconnection services, broadband access, information technology services, data, and internet
services to other licensed telecommunication operator and international customers. Other segment
provides digital content products (music and game), big data, Business-to-Business (“B2B”)
Commerce, and financial services to individual and corporate customers. There are no operating
segments that have been aggregated to form the reportable segments.
Management monitors the operating results of the business units separately for the purpose of
decision-making about resource allocation and performance assessment. Segment performance is
evaluated based on operating profit or loss and is measured consistently with operating profit or loss
in the consolidated financial statements. However, the financing activities and income taxes are
managed on group basis and are not separately monitored and allocated to operating segments.
Segment revenues and expenses include inter-segment transactions and are accounted at prices that,
management believes, represent market prices.
2025
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segment elimination consolidated
Segment results
Revenues
External revenues 19,756 6,674 5,032 4,754 327 36,543 96 36,639
Inter-segment revenues 781 (14) 5,553 5,007 212 11,539 (11,539) -
Total segment revenues 20,537 6,660 10,585 9,761 539 48,082 (11,443) 36,639
Segment results 6,201 2,409 430 2,255 (155) 11,140 (1,550) 9,590
Other information
Capital expenditures (2,550) (1,324) (421) (617) (1) (4,913) (46) (4,959)
Depreciation and
amortization (5,112) (1,483) (750) (1,724) (4) (9,073) 1,018 (8,055)
Provision recognized in
current period (111) (161) (390) (25) (4) (691) 16 (675)
2024
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segment elimination consolidated
Segment results
Revenues
External revenues 21,091 6,440 4,894 4,760 126 37,311 118 37,429
Inter-segment revenues 802 102) 6,101 4,848 522 12,375 (12,375) -
Total segment revenues 21,893 6,542 10,995 9,608 648 49,686 (12,257) 37,429
Segment results 6,360 2,300 154 2,537 (233) 11,118 (975) 10,143
Other information
Capital expenditures (2,181) (1,579) (622) (695) (1) (5,078) (24) (5,102)
Depreciation and
amortization (5,173) (1,468) (925) (1,563) (4) (9,133) 1,048 (8,085)
Provision recognized in
current period (166) (113) (192) (5) (4) (480) 34 (446)
93
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
Adjustments and eliminations:
a. Revenue reconciliation
2025 2024
Total segment revenues 48,082 49,686
Revenue from other non-operating segments 96 118
Adjustment and inter-segment elimination (11,539) (12,375)
Consolidated revenues 36,639 37,429
b. Segment results reconciliation
2025 2024
Total segment results 11,140 11,118
Loss from other non-operating segments (960) (515)
Adjustment and inter-segment elimination 308 405
Finance income 420 335
Finance cost (1,316) (1,199)
Share of loss of long-term investment in associates (2) (1)
Consolidated profit before income tax 9,590 10,143
c. Capital expenditure reconciliation
2025 2024
Total segment capital expenditure (4,913) (5,078)
Capital expenditure from
other non-operating segments (46) (24)
Consolidated capital expenditure (4,959) (5,102)
d. Depreciation and amortization reconciliation
2025 2024
Total segment depreciation and amortization (9,073) (9,133)
Depreciation and amortization from
other non-operating segments (49) (53)
Adjustment and inter-segment elimination 1,067 1,101
Consolidated depreciation and amortization (8,055) (8,085)
e. Provision recognized in current period reconciliation
2025 2024
Total segment provision (691) (480)
Provision recognized from other
non-operating segments (1) 1
Adjustment and inter-segment elimination 17 33
Consolidated provision recognized
in current period (675) (446)
94
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
Geographic information:
2025 2024
External revenues
Indonesia 34,208 35,097
Abroad 2,431 2,332
Total 36,639 37,429
The revenue information above is based on the location of the customers.
There are no revenue from major customer which exceeds 10% of total revenues for the three months
period ended March 31, 2025 and 2024.
March 31, 2025 December 31, 2024
Non-current operating assets
Indonesia 185,443 187,158
Abroad 2,894 2,850
Total 188,337 190,008
Non-current operating assets for segment reporting purpose consist of property and equipment and
intangible assets.
34. TELECOMMUNICATIONS SERVICE TARIFFS
Under Law No. 36 Year 1999 and Government Regulation No. 52 Year 2000, tariffs for operating
telecommunications network and/or services are determined by providers based on the tariff type,
structure, and with respect to the price cap formula set by the Government. Furthermore, these
regulations were superseded by Law No. 11 Year 2020 and Government Regulation No. 46 Year 2021
where the authorised minister is able to determine the upper and/or lower tariff limits.
a. Fixed line telephone tariffs
The Government has issued a new adjustment tariff formula which is stipulated in MoCI Regulation
No. 5/2021 dated March 31, 2021 concerning “Telecommunication Operation”. This Decree
replaced the previous Decree No. 15/PER/M.KOMINFO/4/2008 dated April 30, 2008.
Under the Decree, tariff structure for basic telephony services connected through fixed line network
consists of the following:
i. Activation fee
ii. Monthly subscription charges
iii. Usage charges, and
iv. Additional facilities fee.
b. Mobile cellular telephone tariffs
On March 31, 2021, MoCI issued MoCI Regulation No. 5/2021, which provides guidelines to
determine cellular tariffs with a formula consisting of network element cost and retail services
activity cost.
Under MoCI Regulation No. 5/2021, cellular tariffs for the operation of telecommunication services
connected through mobile cellular network consist of the following:
i. Basic telephony services tariff
ii. Roaming tariff, and/or
iii. Multimedia services tariff
with the following traffic structure:
i. Activation fee
ii. Monthly subscription charges, and/or
iii. Usage charges
95
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
34. TELECOMMUNICATIONS SERVICE TARIFFS (continued)
c. Interconnection tariffs
The Indonesian Telecommunication Regulatory Body (“ITRB”), in its letter No. 262/BRTI/XII/2011
dated December 12, 2011, decided to change the basis for SMS interconnection tariff to cost basis
with a maximum tariff of Rp23 per SMS effective from June 1, 2012, for all telecommunication
provider operators.
Based on letter No.118/KOMINFO/DJPPI/PI.02.04/01/2014 dated January 30, 2014 of the Director
General of Post and Informatics, the Director General of Post and Informatics decided to implement
new interconnection tariff effective from February 1, 2014 until December 31, 2016, subject to
evaluation on an annual basis. Pursuant to the Director General of Post and Informatics letter, the
Company and Telkomsel are required to submit the Reference Interconnection Offer (“RIO”)
proposal to ITRB to be evaluated.
Subsequently, ITRB in its letters No. 60/BRTI/III/2014 dated March 10, 2014 and
No. 125/BRTI/IV/2014 dated April 24, 2014 approved Telkomsel and the Company’s revision of
RIO regarding the interconnection tariff. Based on the letter, ITRB also approved the changes to
the SMS interconnection tariff to Rp24 per SMS.
On January 18, 2017, ITRB in its letters No. 20/BRTI/DPI/I/2017 and No. 21/BRTI/DPI/I/2017,
decided to use the interconnection tariff based on the Company and Telkomsel’s RIO in 2014 until
the new interconnection tariff is set.
d. Network lease tariffs
In 2008, the Director General of Post and Telecommunication issued Decree No. 115 of 2008 which
stated its agreement on Agreement on Network Lease Service Type Document, Network Lease
Service Tariff, Available Capacity of Network Lease Service, Quality of Network Lease Service,
and Provision Procedure of Network Lease Service Owned by Dominant Network Lease Service
Provider in conformity with the Company’s proposal. Through MoCI Regulation No. 5/2021, the
Government regulated the form, type, tariff structure, and tariff formula for services of network
lease.
e. Tariff for other services
The tariffs for satellite lease, telephony services, and other multimedia are determined by the
service provider by taking into account the expenditures and market price. The Government only
determines the tariff formula for basic telephony services. There is no stipulation for the tariff of
other services.
96
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS
a. Capital expenditures
As of March 31, 2025, capital expenditures committed under the contractual arrangements are
Rp11,770 billion and US$227 million, and other currencies equivalent to Rp5 billion.
The above balance includes the following significant agreements:
Contracting parties Period of agreement Significant part of the agreement
Development and Rollout Agreement
("DRA") and Technical Support
September 12, 2019 -
Telkomsel and PT Phincon Agreement ("TSA") Customer
September 11, 2027
Relationship Management ("CRM")
Solution System Integrator
Telkomsel, PT Ericsson Indonesia,
February 1, 2021 - Procurement Agreement for Radio
PT Huawei Tech Investment, and
January 31, 2027 Ultimate Solution ("ROA") and TSA
PT ZTE Indonesia
Procurement Agreement of Next
Telkomsel and PT Sempurna September 1, 2021 -
Generation of Gateway GPRS Support
Global Pratama August 31, 2024*
Node ("GGSN") (Virtualized EPC)
Procurement and Installation
Telkomsat and Thales Alenia October 28, 2021 -
Agreement of HTS 113BT Satellite
Space France ("TAS") October 27, 2037
System
Telkomsel and PT Ericsson February 13, 2022 - Procurement Agreement for CS Core
Indonesia February 12, 2025 Solution ROA and TSA
Telkomsel and PT Lintas Teknologi February 13, 2022 - Procurement Agreement for CS Core
Indonesia February 12, 2025 Solution ROA and TSA
Telkomsel and PT Huawei Tech March 24, 2022 -
Procurement Agreement for GGSN
Investment March 24, 2025
Telkomsat and Space Exploration
April 19, 2022 - Procurement Agreement for Launch
Technologies Corporation
June 30, 2025 Service of HTS 113BT Satellite
("SpaceX")
July 1 2024 -
TDI and PT Nusacipta Indonesia Pilling and Cut & fill for Bromo Project
June 12, 2025
Telkomsel, PT Lintas Teknologi Procurement Agreement of Next
September 1, 2024 -
Indonesia, and PT Ericsson Generation of Gateway GPRS Support
August 31, 2027
Indonesia Node ("GGSN") (Virtualized EPC)
Telkomsel, Amdocs Software
Agreement Online Charging System
Solutions Limited Liability October 8, 2024 -
(“OCS”) and Service Control Points
Company, and PT Application October 7, 2029
(“SCP”) System Solution Development
Solutions
Telkomsel and PT Application October 8, 2024 -
TSA for OCS and SCP
Solutions October 7, 2029
Contract Agreement of General
October 14, 2024 -
TDE and PT ZTE Indonesia Contractor (GC) for Delta Project
October 14, 2027
Level-2 Fit Out Works
Agreement Procurement and
The Company and PT ZTE December 12, 2024 - Installation for OTN Metro (OTM)
Indonesia September 25, 2025 Future State Architecture (FSA) -
Platform ZTE
Agreement Procurement and
The Company and PT Lintas December 13, 2024 - Installation for OTN Metro (OTM)
Teknologi Indonesia June 28, 2025 Future State Architecture (FSA) -
Platform Nokia
Agreement Procurement and
The Company and PT Packet December 18, 2024 - Installation for OTN Metro (OTM)
Systems Indonesia July 28, 2025 Future State Architecture (FSA) -
Platform Huawei
Procurement and Installation for Multi
The Company and PT Datacomm December 27, 2024 -
Service Aggregation (MSA) Platform
Diangraha June 28, 2025
Nokia
* As of the authorization date of these consolidated financial statements, Telkomsel is actively engaged in the process of
extending the agreement with PT Sempurna Global Pertama
97
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
a. Capital expenditures (continued)
Contracting parties Period of agreement Significant part of the agreement
January 3, 2025 - Procurement for General Contractor
TDI and KSO-PP Adhi
February 26, 2026 for Data Center Construction
Procurement for Supply, Delivery,
January 17, 2025 - Installation, Testing and
TDI and PT Trakindo Utama Tbk
January 14, 2026 Commissioning Generator and Fuel
System
b. Borrowings and other credit facilities
(i) As of March 31, 2025, the Company has bank guarantee facilities for tender bonds,
performance bonds, maintenance bonds, deposit guarantee, and advance payment bonds for
various projects of the Company, as follows:
Lenders Total facility Maturity Currency Facility utilized
BRI 500 March 14, 2026 Rp 5
BNI 500 March 31, 2026 Rp 50
Bank Mandiri 500 June 21, 2025 Rp 93
Total 1,500 148
The Company has sufficient bank facilities to meet its current obligations (Note 37b.v).
(ii) As of March 31, 2025, Telkomsel has bank guarantee facilities for various projects, as follows:
Lenders Total facility Maturity Currency Facility utilized
BRI 1,000 September 25, 2028 Rp 618
BNI 2,100 December 11, 2025 Rp 1,446
Total 3,100 2,064
Bank guarantee facility with BRI and BNI are mainly for performance bond and surety bond of
radio frequency (Note 35c.i).
(iii) Telin has a bank guarantee facilities from Bank Mandiri and BRI with a maximum credit limit
of US$25 million and US$5 million or equal to Rp403 billion and Rp81 billion, respectively.
As of March 31, 2025, there is no bank guarantee facility used.
c. Others
(i) Radio frequency usage
With reference to Law No. 36 of 1999, the use of radio frequency spectrum and the cost of
using radio frequency are determined by the Government. With reference to the Decision
Letter No. 025/TEL.01.02/2022 Year 2022 dated January 28, 2022, of the MoCI, the MoCI
granted Telkomsel the rights to provide mobile telecommunication services with radio
frequency bandwidth in the 800 MHz, 900 MHz, 1,800 MHz, 2.1 GHz and 2.3 GHz; and basic
telecommunication services.
With reference to Decision Letters No. 509 Year 2016, No. 1896 Year 2017, No. 806 Year
2019, No. 620 Year 2020, No. 178 Year 2021, No. 479 Year 2022, No. 90 Year 2023, and
No. 188 Year 2023 of the MoCI, Telkomsel is required, among other things, to:
1. Issue a surety bond each year amounting Rp1.03 trillion for spectrum 2.3 GHz.
2. Issue a surety bond each year amounting Rp360 billion for both spectrum 2.3 GHz
Block A and C.
3. Issue a surety bond amounting Rp617 billion for spectrum 2.1 GHz.
4. Pay an annual right of usage (“BHP”) as set forth in the decision letters. The BHP is
payable upon receipt of Surat Pemberitahuan Pembayaran (notification letter) from the
DGPI. The BHP fee is payable annually up to the expiry period of the license.
98
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS AND OTHERS (continued)
c. Others (continued)
(i) Radio frequency usage (continued)
The following are radio frequency band licenses owned by Telkomsel along with the BHP fees
paid during current year:
1. Radio frequency for band 800 MHz, 900 MHz, and 1,800 MHz
Based on Decree No. 620 Year 2020 of the MoCI, concerning the extension of the
determination of radio frequency bands 800 MHz, 900 MHz and 1,800 MHz, Telkomsel
should pay annual frequency usage fees from 2020 to 2030.
2. Radio frequency for band up to 2.1 GHz
License No. Description
Decree No. 90 Year 2023 of On February 27, 2023, Telkomsel was granted to
the MoCI amd. Decree No. 76 utilize the annual radio frequency license for band
Year 2023 of the MoCI 1,975 - 1,980 MHz paired with 2,165 - 2,170 MHz until
March 18, 2033.
Decree No. 509 Year 2016 of MoCI granted the extension of the radio frequency
the MoCI amd. Decree No. 76 license for band 1,970 - 1,975 MHz paired with 2,160
Year 2023 of the MoCI - 2,165 MHz until March 28, 2026.
Decree No. 806 Year 2019 of MoCI granted the extension of the radio frequency
the MoCI amd. Decree No. 76 license for band 1,965 - 1,970 MHz paired with 2,155
Year 2023 of the MoCI - 2,160 MHz until September 30, 2029.
Decree No. 479 Year 2022 of Telkomsel as the winner of auction and was granted to
the MoCI amd. Decree No. 76 utilize the radio frequency license for band 1,960 -
Year 2023 of the MoCI 1,965 MHz paired with 2,150 - 2,155 MHz effective
from January 11, 2023 until January 10, 2033.
3. Radio frequency for band up to 2.3 GHz
License No. Description
Decree No. 1896 Year 2017 Telkomsel was appointed to use the radio frequency
of the MoCI license for band 2,300 - 2,330 Mhz until 2026.
Decree No. 178 Year 2021 of Telkomsel as the winner to utilize the radio frequency
the MoCI license for band 2,330 - 2,340 MHz paired with
2,340 - 2,350 MHz for Block A and Block C,
respectively until 2030.
Decree No. 487 Year 2022 of On November 18, 2022, Telkomsel received a right to
the MoCI amd. Decree No. 92 use reallocated radio frequency license for band
Year 2023 of the MoCI 2,340 - 2,355 MHz paired with 2,330 - 2,360 MHz until
November 17, 2029.
Decree No. 188 Year 2023 of On April 18, 2023, Telkomsel was granted an approval
the MoCI to allocate part of the rights-of-use of 2.3 GHz radio
frequency spectrum to PT Smart Telecom.
99
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS AND OTHERS (continued)
c. Others (continued)
(ii) Radio frequency spectrum cooperation agreement
The MoCI has given approval to Telkomsel for a cooperation on the use of radio frequency
spectrum with KCIC through a letter No. B-171/M.KOMINFO/SP.01.01/03/2023 dated
March 17, 2023, regarding the Cooperation Agreement on the Use of Radio Frequency
Spectrum in the range of 891 - 895 MHz paired with 936 - 940 MHz, with a period up to
December 14, 2030.
As result from this agreement, KCIC shall pay to the Company several compensations, which
are annual utilization fees totaling Rp878 billion, network recovery fee of Rp1,250 billion, as
well as incremental operational and maintenance costs.
(iii) Supplier of Google product cooperation agreement
On November 10, 2022, Sigma and PT Google Cloud Indonesia (“Google”) signed a
cooperation agreement which authorizes Sigma as a supplier of Google products. This
agreement requires Sigma to meet certain minimum purchase commitments for Google
products over a three-year period. Sigma is obliged to pay the difference between the actual
value of Google product purchases and the minimum commitment.
(iv) Conditional Sale and Purchase Agreement of Telkomsel with PT Dhost Telekomunikasi
Nusantara (”Dhost”)
On June 26, 2024, Telkomsel entered into a Conditional Sale and Purchase Agreement with
Dhost for the sale of 850 units in-building telecommunication coverage antenna system (“IBS”)
with total consideration of Rp685 billion. Subsequently, 689 units of the IBS were utilized by
Dhost to provide in-building coverage service to Telkomsel. Telkomsel has assessed this
transaction does not meet the sale and leaseback criteria under PSAK 116 and recognized a
gain on sale of Rp642 billion.
(v) USO
On December 27, 2011, Telkomsel (on behalf of Konsorsium Telkomsel, a consortium which
was established with Mitratel on December 9, 2011) was selected by Balai Penyedia dan
Pengelola Pembiayaan Telekomunikasi dan Informatika (“BPPPTI”), now has been renamed
as Badan Aksesibilitas Telekomunikasi dan Informasi (“BAKTI”) as a provider of the USO
Program in the border areas with a total price of Rp261 billion.
In 2015, the Program was ceased. In January 2016, Telkomsel filed an arbitration claim to
BANI for the settlement of the outstanding receivables of USO Programs.
On June 22, 2017, Telkomsel received a decision letter from BANI No. 792/1/ARB-BANI/2016
requesting BAKTI to pay compensation to Telkomsel amounting to Rp218 billion, and as of
the date of the issuance of these consolidated financial statements Telkomsel has received
the payment from BAKTI amounting to Rp91 billion (before tax) and no additional payment.
The MoCI issued Regulation No. 5 Year 2021 dated March 31, 2021, which replaced previous
regulations regarding policies underlying the USO program. The regulation requires
telecommunications operators in Indonesia to contribute 1.25% of gross revenues (with due
consideration for bad debts and/or interconnection charges and/or connection charges and/or
the exclusion of certain revenues that are not considered as part of gross revenues as a basis
to calculate the USO charged) for USO development.
Based on Decree No. 827/KOMINFO/BAKTI.31/KS.1/10/2021 dated October 4, 2021,
of BAKTI granted Telkomsel as operating cooperation partners (“KSO”) for eight packages
KSO, which cover Nusa Tenggara, Kalimantan, Sulawesi, Maluku, West Papua, West Central
Papua, North Central Papua and South East Papua for period from 2021 until 2031.
100
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS AND OTHERS (continued)
c. Others (continued)
(vi) Contingency
Under PSAK 237: Provisions, Contingent Liabilities And Contingent Assets, a provision should
be recognized when there is a present obligation (legal or constructive) arising from a past
event, an outflow of economic benefits to settle the obligation is probable (more likely than
not), and the amount can be reliably estimated.
In October 2023, the Group received a document request from the U.S. Securities and
Exchange Commission (“SEC”) as it relates to Telkom Infra’s involvement in a project with the
Indonesian Information and Telecommunication Accessibility Agency of the Ministry of
Communication and Informatics (“BAKTI Kominfo”) regarding the provision of 4G Base
Transceiver Station (“BTS”) infrastructure. The SEC has since expanded its investigation to
include accounting and disclosures issues relating to the Group's revenue recognition and
financial reporting practices and internal control over financial reporting, as well as public
reports regarding certain Indonesian legal proceedings involving the Group, various
subsidiaries and affiliates, and certain of the Group's clients and suppliers. Through our
internal audit process and investigations, we have determined, or we suspect (for those
projects and transactions which are still under investigation) that certain transactions lack
economic substance. Beginning in May 2024, the Group also received additional requests for
information from the U.S. Department of Justice (“DOJ”) focused on compliance with the U.S.
Foreign Corrupt Practices Act (“FCPA”). Each U.S. authority is aware of the other agency’s
investigation. As at March 31, 2025, the SEC’s and DOJ’s investigations are ongoing. The
Group is cooperating with the U.S. authorities and has retained outside counsel to conduct an
internal investigation into these issues which is ongoing.
For the above mentioned requests from the SEC on project with BAKTI Kominfo and the DOJ
on compliance with FCPA, the Group is currently unable to estimate the reasonably possible
loss or a range of reasonable possible loss as the requests are in the early stages, and there
is considerable uncertainty regarding the timing or ultimate resolution of such investigations,
which includes fine, penalty or business impact, if any.
For the above mentioned investigation on the Group’s accounting and disclosure issues
relating to revenue recognition and financial reporting practices and internal control over
financial reporting, based on the Group’s assessment up to the date of the issuance of the
consolidated financial statements, the Group currently does not believe that the above
mentioned investigation will have a material adverse effect on its March 31, 2025, and
December 31, 2024, consolidated financial statements.
It is possible, however, that future financial performance could be materially affected by
changes in the assessments to the impacts to the above mentioned requests from the SEC
on project with BAKTI Kominfo and the DOJ on compliance with FCPA and investigation on
the Group’s accounting and disclosure issues.
101
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
36. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Assets and liabilities denominated in foreign currencies are as follows:
March 31, 2025
U.S. Dollar Japanese Yen Others* Rupiah equivalent
(in millions) (in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 447.17 9.32 15.47 7,667
Other current financial assets 46.48 - 2.00 804
Trade receivables
Related parties 0.21 - - 3
Third parties 113.55 - 24.98 2,297
Contract assets 3.75 - - 62
Other receivables 0.75 - 0.08 13
Other current assets 1.78 - 0.31 35
Long-term investment in financial instruments 384.48 - 7.54 6,491
Other non-current assets 0.42 - 1.17 27
Total assets 998.59 9.32 51.55 17,399
Liabilities
Trade payables
Related parties (0.25) - - (4)
Third parties (122.90) (20.35) (5.69) (2,135)
Other payables (1.61) - (4.02) (93)
Accrued expenses (3.82) - (3.75) (125)
Customer deposits (1.24) - (0.27) (24)
Current maturities of long-term borrowings (5.75) - (0.29) (99)
Long-term borrowings - net of current maturities (24.60) - (1.41) (431)
Other liabilities (0.29) - - (5)
Total liabilities (160.46) (20.35) (15.43) (2,916)
Assets (liabilities) - net 838.13 (11.03) 36.12 14,483
December 31, 2024
U.S. Dollar Japanese Yen Others* Rupiah equivalent
(in millions) (in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 475.58 5.62 12.97 7,885
Other current financial assets 18.19 - 0.06 295
Trade receivables
Related parties 0.19 - 0.01 3
Third parties 134.77 - 18.64 2,479
Contract assets 2.77 - - 45
Other receivables 1.09 - - 18
Other current assets 2.05 - 0.31 38
Long-term investment in financial instruments 389.31 - 12.28 6,464
Other non-current assets 0.42 - 2.90 53
Total assets 1,024.37 5.62 47.17 17,280
Liabilities
Trade payables
Related parties (0.01) - - 0
Third parties (127.43) (17.95) (3.45) (2,119)
Other payables 3.76 - (8.00) (70)
Accrued expenses (13.90) - (1.83) (254)
Customer deposits (2.72) - (0.27) (47)
Current maturities of long-term borrowings (9.33) - (0.28) (155)
Long-term borrowings - net of current maturities (24.65) - (1.47) (422)
Other liabilities (0.09) - (0.05) (2)
Total liabilities (174.37) (17.95) (15.35) (3,069)
Assets (liabilities) - net 850.00 (12.33) 31.82 14,211
*Assets and liabilities denominated in other foreign currencies are presented as US Dollar equivalents using the buy and sell rates quoted by
Reuters prevailing at the end of the reporting period.
The Group’s activities expose them to a variety of financial risks, including the effects of changes in
debt and equity market prices, foreign currency exchange rates, and interest rates.
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS
a. Financial assets and financial liabilities
i. Classification
(a) Financial assets
March 31, 2025 December 31, 2024
Amortized cost
Cash and cash equivalents 34,410 33,905
Other current financial assets 1,361 1,196
Trade receivables 12,544 12,193
Other receivables 331 621
Other non-current assets 156 165
FVTPL
Long-term investment in financial instruments 8,537 8,174
Other current financial assets 91 89
FVTOCI
Long-term investment in financial instruments 51 51
Total financial assets 57,481 56,394
(b) Financial liabilities
March 31, 2025 December 31, 2024
Financial liabilities measured at amortized cost
Trade payables 14,985 15,336
Other payables 413 454
Accrued expenses 13,559 14,192
Customers deposits 43 41
Short-term bank loans 9,671 11,525
Bonds and MTN 5,045 5,043
Long-term bank loans 30,588 36,341
Lease liabilities 23,852 23,959
Total financial liabilities 98,156 106,891
ii. Fair values
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant:
Fair value measurement at reporting date using
Quoted prices in
active markets Significant
for identical other Significant
assets or observable unobservable
Carrying liabilities inputs inputs
March 31, 2025 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 91 91 91 - -
Long-term investment in financial instruments 8,537 8,537 1,976 - 6,561
FVTOCI
Long-term investment in financial instruments 51 51 - - 51
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Bonds 5,045 5,664 5,664 - -
Long-term bank loans 30,588 30,926 - - 30,926
Lease liabilities 23,852 23,852 - - 23,852
Total 68,164 69,121 7,731 - 61,390
103
Page 107
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii. Fair values (continued)
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant (continued):
Fair value measurement at reporting date using
Quoted prices in
active markets Significant
for identical other Significant
assets or observable unobservable
Carrying liabilities inputs inputs
December 31, 2024 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 89 89 89 - -
Long-term investment in financial instruments 8,174 8,174 1,668 - 6,506
FVTOCI
Long-term investment in financial instruments 51 51 - - 51
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Bonds and MTN 5,043 5,669 5,669 - -
Long-term bank loans 36,341 36,472 - - 36,472
Lease liabilities 23,959 23,959 - - 23,959
Other liabilities 104 104 - - 104
Total 73,761 74,518 7,426 - 67,092
There is no gain or loss on fair value measurement recognized in consolidated statements of
profit or loss and other comprehensive income for the three months period ended
March 31, 2025.
Reconciliations of the beginning and ending balances for items measured at fair value using
significant unobservable inputs (level 3) for the three months period ended March 31, 2025
and for the year ended December 31, 2024 are as follows:
March 31, 2025 December 31, 2024
Beginning balance 6,557 5,997
Gain (loss) recognized in consolidated statement
of profit or loss and other comprehensive income - 578
Purchase/addition 55 49
Settlement/deduction - (67)
Ending balance 6,612 6,557
104
Page 108
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
iii. Fair value measurement
Fair value is the amount for which an asset could be exchanged, or a liability settled, between
parties in an arm's length transaction.
The fair values of short-term financial assets and financial liabilities with maturities of one year
or less (cash and cash equivalents, trade and other receivables, other current financial assets,
trade and other payables, accrued expenses, and short-term bank loans) and other non-
current assets are considered to approximate their carrying amounts as the impact of
discounting is not significant.
The fair values of long-term financial assets (other non-current assets (long-term trade
receivables and restricted cash)) approximate their carrying amounts as the impact of
discounting is not significant.
The Group determined the fair value measurement for disclosure purposes of each class of
financial assets and financial liabilities based on the following methods and assumptions:
(a) Fair value through profit or loss, primarily consists of stocks, mutual funds, corporate and
government bonds, and convertible bonds. Stocks and mutual funds actively traded in an
established market are stated at fair value using quoted market price or, if unquoted,
determined using a valuation technique. The fair value of convertible bonds and
subsidiaries investments (non-listed equity investments) are determined using valuation
technique. Corporate and government bonds are stated at fair value by reference to
prices of similar securities at the reporting date.
(b) The fair values of long-term financial liabilities are estimated by discounting the future
contractual cash flows of each liability at rates offered to the Group for similar liabilities of
comparable maturities by the bankers of the Group, except for bonds which are based on
market price.
The fair value estimates are inherently judgemental and involve various limitations, including:
(a) Fair values presented do not take into consideration the effect of future currency
fluctuations.
(b) Estimated fair values are not necessarily indicative of the amounts that the Group would
record upon disposal/termination of the financial assets and liabilities.
b. Financial risk management objectives and policies
The Group’s activities expose it to a variety of financial risks such as market risks (including foreign
exchange risk, market price risk, and interest rate risk), credit risk, and liquidity risk. Overall, the
Group’s financial risk management program is intended to minimize losses on the financial assets
and financial liabilities arising from fluctuation of foreign currency exchange rates and the
fluctuation of interest rates. Management has a written policy on foreign currency risk management
mainly on time deposit placements and hedging to cover foreign currency risk exposures for periods
ranging from 3 up to 12 months.
Financial risk management is carried out by the Group Financial Accounting & Treasury unit under
policies approved by the Board of Directors. The Group Financial Accounting & Treasury unit
identifies, evaluates and hedges financial risks.
i. Foreign exchange risk
The Group is exposed to foreign exchange risk on sales, purchases and borrowings that are
denominated in foreign currencies. The foreign currency denominated transactions are
primarily in U.S. Dollars and Japanese Yen. The Group’s exposures to other foreign exchange
rates are not material.
105
Page 109
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
i. Foreign exchange risk (continued)
Increasing risks of foreign currency exchange rates on the obligations of the Group are
expected to be partly offset by the effects of the exchange rates on time deposits and
receivables in foreign currencies that are equal to at least 25% of the outstanding current
foreign currency liabilities.
The following table presents the Group’s financial assets and financial liabilities exposure to
foreign currency risk:
March 31, 2025 December 31, 2024
U.S. Dollar Japanese Yen U.S. Dollar Japanese Yen
(in billions) (in billions) (in billions) (in billions)
Financial assets 1.00 0.01 1.02 0.01
Financial liabilities (0.16) (0.02) (0.17) (0.02)
Net exposure 0.84 (0.01) 0.85 (0.01)
Sensitivity analysis
A strengthening of the U.S. Dollar and Japanese Yen, as indicated below, against the Rupiah
at March 31, 2025 would have decreased equity and profit or loss by the amounts shown
below. This analysis is based on foreign currency exchange rate variances that the Group
considered to be reasonably possible at the reporting date. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Equity/profit (loss)
March 31, 2025
U.S. Dollar (1% strengthening) 139
Japanese Yen (5% strengthening) (0)
A weakening of the U.S. Dollar and Japanese Yen against the Rupiah at March 31, 2025,
would have had an equal but opposite effect on the above currencies to the amounts shown
above, on the basis that all other variables remain constant.
ii. Market price risk
The Group is exposed to changes in debt and equity market prices related to financial assets
measured at FVTPL carried at fair value. Gains and losses arising from changes in the fair
value of financial assets measured at FVTPL are recognized in the consolidated statements
of profit or loss and other comprehensive income.
The performance of the Group’s financial assets measured at FVTPL is monitored periodically,
together with a regular assessment of their relevance to the Group’s long-term strategic plans.
As of March 31, 2025, management considered the price risk for the Group’s financial assets
measured at FVTPL to be immaterial in terms of the possible impact on profit or loss and total
equity from a reasonably possible change in fair value.
106
Page 110
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
iii. Interest rate risk
Interest rate fluctuation is monitored to minimize any negative impact to financial performance.
Borrowings at variable interest rates expose the Group to interest rate risk (Notes 18 and 19).
To measure market risk pertaining to fluctuations in interest rates, the Group primarily uses
interest margin and maturity profile of the financial assets and liabilities based on changing
schedule of the interest rate.
At reporting date, the interest rate profile of the Group’s interest-bearing borrowings was as
follows:
March 31, 2025 December 31, 2024
Fixed rate borrowings 45,667 48,097
Variable rate borrowings 23,489 28,771
Sensitivity analysis for variable rate borrowings
As of March 31, 2025, a decrease (increase) by 25 basis points in interest rates of variable
rate borrowings would have increased (decreased) equity and profit or loss by Rp59 billion,
respectively. The analysis assumes that all other variables, in particular foreign currency rates,
remain constant.
iv. Credit risk
The following table presents the maximum exposure to credit risk of the Group’s financial
assets:
March 31, 2025 December 31, 2024
Cash and cash equivalents 34,410 33,905
Other current financial assets 1,452 1,285
Trade receivables 12,544 12,193
Other receivables 331 621
Other non-current assets 156 165
Total 48,893 48,169
The Group is exposed to credit risk primarily from cash and cash equivalents, trade
receivables and other receivables. The credit risk is controlled by continuous monitoring of
outstanding balance and collection. Credit risk from balances with banks and financial
institutions is managed by the Group Financial Accounting & Treasury Unit in accordance with
the Group’s written policy.
The Group placed the majority of its cash and cash equivalents in state-owned banks because
they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks, as they are owned by the State. Therefore, it is intended to minimize
financial loss through banks and financial institutions’ potential failure to make payments.
The customer credit risk is managed by continuous monitoring of outstanding balances and
collection. Trade and other receivables do not have any major concentration of risk whereas
no customer receivable balance exceeds 6.89% of trade receivables as of March 31, 2025
(2024: 5.76%).
Management is confident in its ability to continue to control and sustain minimal exposure to
the customer credit risk given that the Group has recognized sufficient provision for impairment
of receivables to cover incurred loss arising from uncollectible receivables based on existing
historical data on credit losses.
107
Page 111
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
v. Liquidity risk
Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities
when they become due.
Prudent liquidity risk management implies maintaining sufficient cash in order to meet the
Group’s financial obligations. The Group continuously performs an analysis to monitor
financial position ratios, such as liquidity ratios and debt-to-equity ratios, against debt covenant
requirements.
The following is the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments:
Carrying Contractual 2029 and
amount cash flows 2025 2026 2027 2028 thereafter
March 31, 2025
Trade payables 14,985 (14,985) (14,985) - - - -
Other payables 413 (413) (413) - - - -
Accrued expenses 13,559 (13,559) (13,559) - - - -
Customer deposits 43 (43) (43) - - - -
Interest bearing loans:
Short-term bank loans 9,671 (9,671) (9,671) - - - -
Bonds 5,045 (9,174) (2,704) (222) (296) (297) (5,655)
Long-term bank loans 30,588 (36,355) (11,368) (6,014) (6,081) (4,956) (7,936)
Lease liabilities 23,852 (29,124) (8,057) (2,195) (3,868) (3,231) (11,773)
Total 98,156 (113,324) (60,800) (8,431) (10,245) (8,484) (25,364)
Carrying Contractual 2029 and
amount cash flows 2025 2026 2027 2028 thereafter
December 31, 2024
Trade payables 15,336 (15,336) (15,336) - - - -
Other payables 454 (454) (454) - - - -
Accrued expenses 14,192 (14,192) (14,192) - - - -
Customer deposits 41 (41) (41) - - - -
Interest bearing loans and
Short-term bank loans 11,525 (11,525) (11,525) - - - -
Bonds and MTN 5,043 (9,307) (2,763) (296) (296) (297) (5,655)
Other borrowings 36,341 (42,701) (15,419) (8,442) (6,086) (4,955) (7,799)
Lease liabilities 23,959 (29,261) (6,824) (4,597) (3,656) (3,152) (11,032)
Other liabilities 104 (120) (6) (29) (29) (28) (28)
Total 106,995 (122,937) (66,560) (13,364) (10,067) (8,432) (24,514)
The difference between the carrying amount and the contractual cash flows is interest value.
The interest value of variable-rate borrowings are determined based on the effective interest
rates as of reporting date.
108
Page 112
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
38. CAPITAL MANAGEMENT
The capital structure of the Group is as follows:
March 31, 2025 December 31, 2024
Amount Portion Amount Portion
Short-term debts 9,671 4.45% 11,525 5.26%
Long-term debts 59,485 27.38% 65,343 29.85%
Total debts 69,156 31.83% 76,868 35.11%
Equity attributable to owners
of the parent company 148,119 68.17% 142,094 64.89%
Total 217,275 100.00% 218,962 100.00%
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a
going concern in order to provide returns for stockholders and benefits to other stakeholders and to
maintain an optimum capital structure to minimize the cost of capital.
Periodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts
with new ones with have more efficient cost that will lead to more optimized cost-of-debt. In case of
idle cash with limited investment opportunities, the Group will consider buying back its shares of stock
or paying dividend to its stockholders.
In addition to complying with loan covenants, the Group also maintains its capital structure at the level
it believes will not risk its credit rating and which is comparable with its competitors.
Debt-to-equity ratio (comparing net interest-bearing debt to total equity) is a ratio which is monitored
by management to evaluate the Group’s capital structure and review the effectiveness of the Group’s
debts. The Group monitors its debt levels to ensure the debt-to-equity ratio complies with or is below
the ratio set out in its contractual borrowings arrangements and that such ratio is comparable or better
than that of regional area entities in the telecommunications industry.
The Group’s debt-to-equity ratio as of March 31, 2025 and December 31, 2024, respectively, were as
follows:
March 31, 2025 December 31, 2024
Total interest-bearing debts 69,156 76,868
Less: cash and cash equivalents (34,410) (33,905)
Net debts 34,746 42,963
Total equity attributable to owners
of the parent company 148,119 142,094
Net debt-to-equity ratio 23.46% 30.24%
As stated in Note 19, the Group is required to maintain a certain debt-to-equity ratio and debt service
coverage ratio by the lenders. For the period ended March 31, 2025 and December 31, 2024, the
Group has complied with externally imposed capital requirements.
109
Page 113
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of March 31, 2025 and For the Three Months Period Then Ended (unaudited)
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
39. SUPPLEMENTAL CASH FLOWS INFORMATION
a. The non-cash investing activities for the three periods ended March 31, 2025 and 2024 are as
follows:
2025 2024
Acquisition of property and equipment:
Credited to trade payables 2,108 2,606
Borrowing cost capitalization - 40
Addition of right-of-use assets:
Credited to leases (Note 12) 1,952 2,038
Acquisition of intangible assets:
Credited to trade payables 328 278
b. The changes in liabilities arising from financing activities is as follows:
Non-cash changes
Foreign exchange Other
January 1, 2025 Cash flows movement New leases Changes March 31, 2025
Short-term bank loans 11,525 (1,851) - - (3) 9,671
Bonds 5,043 - - - 2 5,045
Long-term bank loans 36,341 (5,760) (1) - 8 30,588
Lease liabilities 23,959 (2,312) 8 1,952 245 23,852
Total liabilities from
financing activities 76,868 (9,923) 7 1,952 252 69,156
40. SUBSEQUENT EVENTS
1. On April 10, 2025, Telkomsel has paid the entire outstanding loans to Bank Sinarmas amounting
to Rp500 billion.
2. On April 17, 2025, the Company announced plans to conduct shares buyback which is planned to
be carried out during the period from May 28, 2025 to May 27, 2026, with a maximum amount of
Rp3,000 billion.
3. On April 24, 2025, Telkomsel has paid the entire outstanding loans to Bank of China amounting to
Rp1,900 billion.
110
Names mentioned 123 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Telekomunikasi Indonesia Tbk.
p.1 ×176
unresolved
org
Government of the Republic of Indonesia
p.9 ×2
unresolved
person
Imas Fatimah
p.9
unresolved
org
Ministry of Justice
p.9
unresolved
person
Ashoya Ratam
p.9 ×6
unresolved
org
Ministry of Communication and Information
p.10
unresolved
org
Directorate General of Post and Informatics
p.10
unresolved
org
Directorate General of Post
p.10
unresolved
org
Bank Indonesia
p.10 ×2
unresolved
org
Bank Indonesia License Electronic
p.10
unresolved
person
Bambang Permadi Brodjonegoro
· President Commissioner
p.11
unresolved
org
Indonesia Stock Exchange
p.12
unresolved
person
A. Partomuan Pohan
p.12
unresolved
org
PT Dayamitra
p.14
unresolved
org
Telekomunikasi Tbk.
p.14
unresolved
org
PT Multimedia
p.14
unresolved
org
PT Telkom Satelit
p.14
unresolved
org
PT Telkom Data
p.14
unresolved
org
PT Sigma Cipta
p.14
unresolved
org
PT Graha Sarana Duta
p.14
unresolved
org
PT Telkom Akses
p.14
unresolved
org
PT Telkom
p.14
unresolved
org
PT Napsindo
p.14
unresolved
org
Singapore Pte. Ltd.
p.15
unresolved
org
PT Infomedia
p.15
unresolved
org
PT Telkom Landmark
p.15
unresolved
org
PT Finnet Indonesia
p.15
unresolved
org
PT Persada Sokka
p.15
unresolved
org
PT Nuon Digital
p.15
unresolved
org
PT Telkomsel Mitra
p.15
unresolved
org
PT Telkomsel
p.16
unresolved
org
PT Ultra Mandiri
p.16
unresolved
org
PT Swadharma
p.16
unresolved
org
PT Nusantara Sukses
p.16
unresolved
org
PT Graha Yasa
p.16
unresolved
org
PT Collega Inti
p.16
unresolved
org
PT Nutech Integrasi
p.16
unresolved
org
PT Graha Telkomsigma
p.16
unresolved
org
Pty. Ltd.
p.17
unresolved
org
PT Metra TV
p.17
unresolved
org
PT Pojok Celebes
p.17
unresolved
org
PT Metraplasa
p.17
unresolved
person
Shinta Dewi
p.17
unresolved
org
Yayasan Kesejahteraan Karyawan Pembangunan Perumahan
p.17
unresolved
org
NeutraDC Singapore Pte. Ltd.
p.18
unresolved
person
Aulia Taufani
p.18
unresolved
person
Jimmy Tanal
p.18
unresolved
org
Nxera ID Pte. Ltd.
p.18
unresolved
org
ST Dynamo ID Pte. Ltd.
p.18
unresolved
person
Jose Dima Satria
p.18
unresolved
org
Minister of State-Owned Enterprises and Danantara. The Government
p.18
unresolved
org
Bapepam-LK
p.19 ×6
unresolved
org
Minister of Finance
p.21 ×6
unresolved
org
Shanghai Banking Corporation Ltd.
p.47
unresolved
org
PT Bank Pembangunan Daerah Jawa Barat
p.48
unresolved
org
Banten Tbk.
p.48
unresolved
org
PT Indonusa Telemedia
p.50
unresolved
org
PT Jalin Pembayaran Nusantara
p.53
unresolved
org
Bank Maspion
p.62 ×2
unresolved
org
PT Bahana TCW Management Investment
p.64
unresolved
org
PT BRI Danareksa Sekuritas
p.64
unresolved
org
PT Pemeringkat Efek Indonesia
p.64
unresolved
org
PT Bank ANZ Indonesia
p.65
unresolved
org
Bank ANZ
p.65
unresolved
org
New York Mellon Corporation
p.69 ×3
unresolved
org
Minister of Finance Regulation
p.78
unresolved
org
Minister of State-owned Enterprise Regulation Number PER-
p.79
unresolved
org
Dana Pensiun Telkom
p.83
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