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Page 1
REACHING
NEW HEIGHTS
The transformation journey of
PT Telkom Indonesia (Persero)
Tbk (Telkom) through the
implementation of the Five
Bold Moves (5 BM) strategy has
created a significant impact for
stakeholders and the Indonesian
society. In 2024, Telkom
successfully accelerated the
execution of the 5 BM strategy
across its three core business
pillars: digital connectivity (FMC
and Infraco), digital platforms
(Data Center Co and B2B Digital
IT Services), and digital services
2024 ANNUAL
(DigiCo initiatives).
REPORT
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Disclaimer PT Telkom Indonesia (Persero) Tbk has published this Report as a form of transparency and accountability to present material data and information for our stakeholders. In general, the contents of this Report are derived from internal analysis as well as credible document sources and trustworthy sources. Some parts of this Report contain data and information that are forward-looking statements such as targets, expectations, forecasts, estimates, prospects, or projections of Telkom’s future operational performance and business conditions. Before being presented in this Report, Telkom has carefully considered the data and information. However, Telkom understands that risks and uncertainties that are caused by several factors, such as changes in the economic, social, and political conditions in Indonesia may affect future operational performance and business conditions. Consequently, Telkom would like to remind readers that Telkom cannot guarantee that the data and information that comprise this Report’s forward-looking statements are true, accurate, and can be fulfilled entirely. In addition to publishing this Report, Telkom as a company listed on the New York Stock Exchange (NYSE) is also required to submit SEC Form 20-F as Annual Report to the Securities and Exchange Commission (SEC). Therefore, some of the information in the 2024 Annual Report can also be found in the SEC Form 20-F, although the two Reports are not the same. The terms of “Telkom” and Company in this Report refer to the parent entity, while the terms of “Telkom and Subsidiaries” or “Telkom and Subsidiaries” or “TelkomGroup” refer to the parent company and its subsidiaries and affiliated entities together. However, the use of the term “Telkom” does not exclude subsidiaries and affiliates from the scope of the contents and discussion of the Report. For the convenience of stakeholders, the electronic document of this 2024 Annual Report can be accessed and downloaded through http://www.telkom.co.id or by scanning the following QR code: IDX Ticker : TLKM NYSE Ticker : TLK Telkom stakeholders can submit questions and suggestions to: Investor Relations Unit PT Telkom Indonesia (Persero) Tbk The Telkom Hub, Telkom Landmark Tower 51st Floor Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710, Indonesia Phone : (6221) 521 5109 Facsimile : (6221) 522 0500 E-mail : investor@telkom.co.id Facebook : TelkomIndonesia Instagram : telkomindonesia Twitter/X : @telkomindonesia
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However, much like climbing a mountain towards the summit, this journey requires hard work, dedication, and precise strategies. The theme Reaching New Heights reflects Telkom's relentless spirit in navigating the dynamic industry landscape with a focus on continuous innovation, operational efficiency, and strong collaboration. Each step taken embodies the aspiration to harness technology as a catalyst for broad-based change. Through these efforts, Telkom is not only surpassing limits but also paving the way for a more inclusive and sustainable future, contributing to the development of a digital ecosystem for all levels of society, and leading Indonesia towards new heights in the digital economy era.
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Page 5
Fixed-Mobile Convergence (FMC)
Infrastructure Company (InfraCo)
Data Center Co (DC Co)
B2B Digital IT Service Company
Digital Company (DigiCo)
FMC (Fixed–Mobile Convergence) was
established through a structural consolidation
by transferring IndiHome from Telkom to
Telkomsel, aiming to add business value
and strengthen the broadband market
consolidation of the TelkomGroup. This
initiative integrates fixed and mobile services
by optimizing interoperability that enables
customers to switch seamlessly between
services regardless of location and device, with
the goal of strengthening market penetration
while optimizing cost efficiency.
Updates in 2024 :
1 Operational Efficiency Improvements.
2 Realization of FMC Synergy Value.
3 Enhanced sales performance and IT
systems (including smart offering,
onebilling system, and Telkomsel One
offering).
1 2 3 4 5
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Telkom established Infrastructure Company (InfraCo) to optimize its existing fiber-based network to meet the infrastructure needs of other operators. InfraCo focuses on providing consolidated telecommunications infrastructure to enable efficient network sharing while unlocking customer business value and potential through optimal asset utilization, affordable connectivity, and accelerated market penetration.
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Infrastructure Company (InfraCo)
Data Center Co (DC Co)
B2B Digital IT Service Company
Digital Company (DigiCo)
Updates in 2024 :
1 Early commercialization stage (obtaining
license and first sale in December 2024).
2 Asset preparation and business spin-Off.
3 Business mindset shift (focus on efficiency).
2 3 4 5
Page 8
Telkom established Data Center (DC) with the objective of driving the growth of its Regional DC business and preparing for a potential Initial Public Offering (IPO) in the future. This initiative also aims to strengthen Telkom's position as a leader in the data business by addressing the rising demand for data centers. Through collaborations with hyperscalers and the adoption of cutting-edge technology, Telkom seeks to expand its data center presence both in Indonesia and across the ASEAN region.
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Data Center (DC)
B2B Digital IT Service Company
Digital Company (DigiCo)
Updates in 2024 :
1 Consolidation of Data Center Domestic and Regional.
2 Expansion of Data Center (Cikarang & Batam).
3 Exploration of Data Center Strategic Partnership.
3 4 5
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Telkom established the B2B IT Service Company (B2B IT Service Co) to capture untapped market opportunities in Indonesia. B2B IT Service Co focuses on providing the most comprehensive B2B IT digital services to build and grow customers' businesses. This initiative is designed to enhance the competitiveness of Telkom's B2B IT services through partnerships with various technology companies. Updates in 2024 : 1 B2B market penetration & business acceleration. 2 Vertical ecosystem of the Indibiz platform. 3 Strengthening B2B talent capabilities.
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4
B2B Digital IT Service Company
5
Digital Company (DigiCo)
Page 12
Telkom established the Digital Company (DigiCo) to unlock new digital business opportunities while strengthening TelkomGroup's portfolio in the digital industry and supporting its connectivity business. DigiCo offers integrated B2B and B2C services to reach a broader customer base, aiming to drive new revenue streams for the company.
Page 13
Digital Company (DigiCo)
Updates in 2024 :
1 B2C scale up - scaling up operating company and strategic
partner assessment.
2 B2C redesign - with a new play approach, to scale the digital
business and explore strategic partner.
5
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12
Table of Contents
01
100 Chronology of Share Listing
Telkom Highlights
103 Chronology of Other Securities
Listing
16 Profile of Telkom and Its Subsidiaries
105 Use of Public Accounting Services and
20 Products and Customers Public Accounting Firms
22 Operational Areas and Services 106 Name and Address of Institutions
24 Key Financial Data Overview and/or Supporting Capital Market
Profession
28 Stock Information
30 Information Regarding Obligations, 04
Sukuk or Convertible Bonds
Management Discussion
02 And Analysis
Management Reports
110 Business Overview
34 Report of the Board of Commissioners 117 Operational Overview by Business
Segment
44 Report of the Board of Directors
132 Marketing Overview
54 Statement Letter of Responsibility for
the 2024 Annual Report 145 Comprehensive Financial Performance
160 Solvency
03 161 Capital Structure and the
Management Policies for Capital
About Telkom Structure
162 Realization of Capital Expenditure
58 Purpose, Vision, Mission, and Strategy
163 Material Commitment for Capital
60 Corporate Culture and Value Expenditure
62 Telkom Milestones and Company 164 Receivables Collectability
Name Changes
165 Material Information and Fact After
64 Business Activities Accountant Reporting Date
66 Telkom Organizational Structure 165 Business Prospects and Sustainability
68 List of Industry Association of the Company
Memberships 168 Comparison of Initial Year Target and
70 Profile of the Board of Commissioners Realization
78 Profile of the Board of Directors 169 Target or Projections for the Following
Year
84 Profile of the Senior Vice President
170 Dividend
86 Profile of Telkom Employees
171 Realization of the Use of Public
91 Shareholders Composition
Offering Proceeds
94 Subsidiaries, Associated Companies,
and Joint Ventures
Page 15
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 13
172 Material Information Regarding 362 Information regarding Administrative
Transaction with Conflict of Interest, Sanctions
Transaction with Affiliated Parties,
362 Information Access and Company’s
Investment, Divestment, and
Public Data
Acquisition
173 Changes in Law and Regulation 06
174 Changes in Accounting Policy
Corporate Social
05 Responsibility and
Environment (CSR)
Corporate Governance
366 Brief Summary of Corporate Social
178 Corporate Governance Principle and Responsibility and Environment
Platform
367 Implementation Report on the
185 Corporate Governance Structure Corporate Social Responsibility and
186 Corporate Governance Assessment Environment
187 General Meeting of Shareholders
07
(GMS)
198 Board of Commissioners Appendices
221 Committees Under the Board of
Commissioners 382 Appendix 1 Glossary
221 Audit Committee 387 Appendix 2 List of Abbreviations
236 Committee for Nomination and 390 Appendix 3 Cross Reference to
Remuneration the Circular Letter by
251 Committee for Planning and Risk the Financial Services
Evaluation and Monitoring Authority No. 16/
SEOJK.04/2021
265 Integrated Governance Committee
408 Appendix 4 Affiliate Transactions List
281 Board of Directors
308 Corporate Secretary 08
311 Internal Audit Department
Consolidated Financial
316 Internal Control System
Statements
320 Risk Management System
340 Significant Legal Disputes 426 Audited Consolidated Financial
342 Corporate Code of Conduct Statements 2024 and Audited
Financial Statements 2024 for
345 Employee Stock Ownership Program Program Pendanaan Usaha Mikro dan
346 Policy Regarding Reporting Share Usaha Kecil
Ownership of Directors and
Commissioners
Annual Report 2024 Feedback Form
347 Whistleblowing System PT Telkom Indonesia (Persero) Tbk
354 Anti-Corruption Policy
Page 16
14
01.
TELKOM
HIGHLIGHTS
Unwavering dedication to the
nation, delivering digital solutions
through collaboration, innovation,
and seamless connectivity.
Page 17
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 15
Page 18
16 Telkom Highlights
Profile of Telkom and
its Subsidiaries
Page 19
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 17
Profile of Telkom
Company Name Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk
Abbreviated Name PT Telkom Indonesia (Persero) Tbk
Commercial Name Telkom
Business Fields, Type of The operation and management of telecommunications networks and services, informatics
Products, and Services as well as the optimalization of the utilization of the Company’s resources
Corporate Status Public Company, State-Owned Enterprise
Ownership 52.09% The Government of the Republic of Indonesia
47.91% Public
Legality Tax Identification Number (NPWP) 01.000.013.1-093.000
Trade Business License (SIUP) based on Business Identification Number (NIB) No.
9120304490415
Company November 19, 1991
Establishment Date
Legal Basis of Based on Government Regulation No. 25 of 1991, the status of our Company was converted
Establishment into a State-owned Limited Liability Company (“Persero”), based on the Notarial Deed of
Imas Fatimah, S.H. No.128 dated September 24, 1991, as approved by the Ministry of Justice
of the Republic of Indonesia by virtue of Decision Letter No. C2-6870.HT.01.01.th.91 dated
November 19, 1991 and as announced in the State Gazette of Republic of Indonesia No. 5
dated January 17, 1992, Supplement to the State Gazette No. 210
Head Office Address Graha Merah Putih
Jl. Japati No. 1 Bandung
Jawa Barat, Indonesia - 40133
Contact Phone : +62‑22‑4521404
Fax : +62‑22‑7206757
Call Center : +62-21-147
Website : www.telkom.co.id
E-mail : corporate_comm@telkom.co.id and investor@telkom.co.id
Social Media Facebook : TelkomIndonesia
Instagram : telkomindonesia
Twitter/X : @telkomindonesia
YouTube : TelkomIndonesiaOfficial
LinkedIn : Telkom Indonesia
Stock Listing The Company is listed on the Indonesia Stock Exchange (IDX) and New York Stock Exchange
(NYSE) since November 14, 1995
Ticker Indonesia Stock Exchange (IDX): TLKM
New York Stock Exchange (NYSE): TLK
Stock Type Series A Dwiwarna shares and series B shares
Authorized Capital 1 series A Dwiwarna share
389,999,999,999 series B shares
Issued and Fully Paid 1 series A Dwiwarna share
Capital 99,062,216,599 series B shares
Rating International : Baa1 (stable) from Moody’s and BBB/stable from Fitch Ratings
Domestic : idAAA by Pefindo for 2024
Page 20
18 Telkom Highlights
Profile of Subsidiaries
As the largest telecommunications company in Indonesia, Telkom has:
13 Subsidiaries with direct
ownership
31 Subsidiaries with indirect
ownership
8 Affiliated entities
Subsidiaries with direct ownership and actively operating:
PT Telekomunikasi Selular (Telkomsel) is a cellular operator with the widest 4G/LTE network that
has reached 97% of Indonesia's population with the core business of cellular telecommunication
service, cellular telecommunication network operation, and fixed broadband service.
www.telkomsel.com
PT Telkom Satelit Indonesia (Telkomsat) is a company with a satellite business portfolio that
provides end-to-end satellite-based digital service focusing on customer needs (customer-
oriented).
www.telkomsat.co.id
PT Telkom Akses (Telkom Akses) is a subsidiary of PT Telkom Indonesia (Persero) Tbk which
is engaged in providing telecommunication access network in Indonesia, with core businesses
including the construction and maintenance of fiber optic network.
www.telkomakses.co.id
PT Multimedia Nusantara (TelkomMetra) is an investment company and sub-holding which
has expanded into various basic digital services and ICT industries through acquisition, strategic
partnership and the construction of a strong business ecosystem.
www.metra.co.id
PT PINS Indonesia (PINS) is a company that provides various technological facilities equipment,
device integration, networks, systems, processes, and the Internet of Things (IoT).
www.pins.co.id
PT Telekomunikasi Indonesia International (Telin) is a company that provides customized voice,
data services and business solutions to wholesale, enterprise, digital and retail customers. Telin
operates in several countries, including Indonesia, Singapore, Hong Kong, Australia, Malaysia, Taiwan,
the United States, Timor Leste, the United Arab Emirates, and Myanmar, with sales representatives
in Canada, the United Kingdom, the Philippines, India, and Vietnam.
www.telin.net
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 19
PT Dayamitra Telekomunikasi (Mitratel) is a company that operates in the
telecommunication tower business and its ecosystem, including digital support
services for mobile infrastructure and optimizing the utilization of resources owned
by the Company.
www.mitratel.co.id
PT Metra Net (Metranet) is an integrated digital media and content provider, with
core businesses including online media, digital content, and digital billing.
www.metranet.co.id
PT Infrastruktur Telekomunikasi Indonesia (Telkom Infra) is a provider of domestic
and international telecommunication infrastructure maintenance services (services
and solution), with core businesses of infrastructure network services, power solution,
and submarine cable service.
www.telkominfra.co.id
PT Graha Sarana Duta (Telkom Property) is a property service provider that prioritizes
the utilization of Telkom's idle assets with core businesses of property management,
property development, project solutions, fleet management transportation system (TMS),
and transport management service.
www.telkomproperty.co.id
PT Sigma Cipta Caraka (Telkomsigma) is a company that provides Information and
Technology (ICT) services in Indonesia, focusing on IT Services, Cloud, and Cyber
Security.
www.telkomsigma.co.id
PT Telkom Infrastruktur Indonesia (TIF) is a company that provides telecommunication
networks and services through a network-sharing scheme.
www.infraco.id
PT Telkom Data Ekosistem (TDE) is a data center ecosystem provider company that provides
world-class infrastructure and innovative solution spread across various strategic locations in
Indonesia and internationally to support digital transformation in Southeast Asia, including
colocation service, cloud solution, managed service, and AI infrastructure, which enables
business and government to utilize AI technology to drive innovation and business growth.
www.neutradc.com
Note:
A more complete list of subsidiaries can be seen in the Consolidated Financial Statements.
Page 22
20 Telkom Highlights
Products and
Customers
Consumer
Fixed voice, fixed broadband, IP-TV,
and digital services.
10.8 million
IndiHome fixed
broadband subscribers
Mobile Enterprise
Cellular legacy services (voice and SMS), ICT service and platform covering connectivity
mobile broadband, as well as mobile digital (including Satellite business), Digital IT Services such
services including IoT, big data, financial as information technology (IT) service, cloud, Digital
services, VOD, music, gaming, and digital Adjacent Service such as e-health service and ATM
advertisement. management, and Business Process Outsourcing.
159.4
million
cellular
subscribers 591,618 SME
customers
8.0 1,790
million Private
postpaid
customers
subscribers
151.4 513
million Groups of SOEs
prepaid and MOCs
subscribers customers
717
Government
Institution
customers
Page 23
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 21
Wholesale &
International Business
6
Domestic and international wholesale traffic, other licensed
network, and digital platform and services as operator (OLO)
customers
well as tower, satellite, data center, and managed
infrastructure and network.
256
internet service
provider
customers
420 satellite service
customers
513 global partner
customers
Others
13.5
Digital services such as digital platform, digital million
active users of digital music
content, e-commerce for B2B, and property
(RBT, music streaming, and
management in view to fully utilize Telkom’s Langit Musik)
property assets throughout Indonesia.
22.7
million
paying users of
digital games
9.9 million
paying users of digital
lifestyle (OTT Video)
Page 24
22 Telkom Highlights
Operational Areas
and Services
Merah Putih
Merah Putih-2
(1080E)
(1130E)
Telkom - 3S
(1180E)
MAN
AST
LON
BRU
LUX WRS
FRA
SJC-2
DUB DOS
PRS VNA KIV
MUN
TUR SWI
Southeast Asia JUS
MIL
EIG MDR MAR
SOF IST ALM
- Japan Cable
LSB PAL BAK
GRE
SEO TYO
UNITY
C2C FASTER
ALG SHA
CAI
SEA-ME-WE-5 ASE
RYD
TWN
Southeast Asia-Middle East MAC
TGN-IA AAG
- Western Europe 5 Cable DUB
SJC
HWI
SEA-ME-WE-6 IMEWE IND
BKK GUA
Southeast Asia-Middle East SEA-US
DJI HAN
- Western Europe 6 Cable
BCS
DVO
KL
SEA-ME-WE 5 BSW Bifrost
MDO
AAE-1 DMCS Cable System
SG
DMCS
Dumai Melaka
Cable System
BSCS
Batam Singapore
Cable System SBY DPS
DIL
IGG
IGG
Indonesia Global
Gateway Cable
SYD
Intra Asia Asia - US Asia - Europe
(Pacific) (Europe)
SJC-2 BCS SEA-ME-WE-6
SJC SEA-US SEA-ME-WE-5
IGG AAG AAE-1
BSCB FASTER IMEWE
DMCS JUS EIG
TIS UNITY
TGN-JA
BBG Atlantic Poin of Presence (POP)
ASE GTT Atlantic Global Office
APG
C2C
APCN-2
Page 25
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 23
5 Telkom Regional Offices
31 Telecommunications areas
10 Global Offices in Indonesia, Singapore, Hong
Kong, Australia, Malaysia, Taiwan, United
States, Timor Leste, United Arab Emirates, and
Myanmar
5 Global Sales Representatives in Canada, United
Kingdom, Philippines, India, and Vietnam
1 Global Sales Representative Telkomsel in Saudi
Arabia
486 GraPARI in Indonesia (which includes Plasa
Telkom outlets that are currently also
recognized as GraPARI)
35 Data Centers
AAG
CHG
SJ
SEA • 5 data centers (overseas)
Asia - America TOR
Gateway Cable HAL
• 26 neuCentrlX in 18 locations (domestic)
LYN • 3 data centers enterprise tier 3 and 4 (domestic)
NYX
SF
ASH
• 1 data center hyperscale tier 3 and 4 (domestic)
SLO
Cybersecurity
SEA-US To prevent cyber-attacks on systems and
Southeast Asia applications, Vulnerability Assessments are routinely
MIA
- United States Cable
conducted on the applications and network elements
that we operate. The testing process is carried out
using Vulnerability Assessment Tools to ensure the
accuracy of the test results.
BCS
177,443 km Fiber Optic Backbone Network
• 112,743 km domestic fiber optic
• 64,700 km international fiber optic
122 Point of Presence (PoP)
• 64 PoP in the domestic network
• 58 PoP in the international network
3 Satellites
• Merah Putih-2 Satellite (32.4 Gbps)
• Merah Putih Satellite (5.4 Gbps)
• Telkom 3S (4.4 Gbps)
271,040 BTS Mobile Network
• 48,775 BTS 2G
• 221,290 BTS 4G
• 975 BTS 5G
43,825 Towers
• 4,421 Telkomsel towers
• 39,404 Mitratel towers
Fiber Optic Access Network
• 39 million Homes Passed
• 16.7 million Optical Port
376,212 Wi-Fi Access Point
• 106,836 Managed Access Point
• 221,000 Homespot
• 48,376 ONT Premium
Page 26
24 Telkom Highlights
Key Financial
Data Overview
Consolidated Statement of Comprehensive Income
2024 2023 2022 2021 2020
Description
In billion Rupiah, unless stated otherwise
Total revenues 149,967 149,216 147,306 143,210 136,462
Total expenses* 107,581 104,300 101,569 99,303 93,274
EBITDA 75,029 77,579 78,992 75,723 72,080
Operating profit 42,991 44,384 39,581 47,563 43,505
Profit for the year 30,743 32,208 27,680 33,948 29,563
Profit for the year attributable to:
Owners of the parent company 23,649 24,560 20,753 24,760 20,804
Non-controlling interest 7,094 7,648 6,927 9,188 8,759
Total profit for the year 30,743 32,208 27,680 33,948 29,563
Total comprehensive profit for the year attributable to:
Owners of the parent company 24,434 23,083 22,468 26,767 17,595
Non-controlling interest 7,204 7,671 6,979 9,161 8,391
Total comprehensive income for the year 31,638 30,754 29,447 35,928 25,986
Basic earning per share (in full):
Net income per share 238.73 247.92 209.49 249.94 210.01
Net income per ADS (1 ADS : 100 common
23,873 24,792 20,949 24,994 21,001
stock)
Remark:
* Excluding other expenses.
Consolidated Statement of Financial Position
2024 2023 2022 2021 2020
Description
In billion Rupiah, unless stated otherwise
Assets 299,675 287,042 275,192 277,184 246,943
Liabilities 137,185 130,480 125,930 131,785 126,054
Equity attributable to owner of the parent 142,094 135,744 129,258 121,646 102,527
company
Net working capital (current asset - (13,687) (15,955) (15,331) (7,854) (22,590)
current liabilities)
Long-term investment in associates 110 109 123 139 192
Page 27
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 25
Capital Expenditure
2024 2023 2022 2021 2020
Description
In billion Rupiah, unless stated otherwise
Capital Expenditure 24,449 32,968 34,156 30,341 29,436
Consolidated Financial and Operation Ratios
Description Unit 2024 2023 2022 2021 2020
Return on Assets (ROA) (1) 10.3 11.2 10.1 12.2 12.0
Return on Equity (ROE) (2) 18.9 20.6 18.5 23.3 24.5
Operating Profit Margin (3) 28.7 29.7 26.9 33.2 31.9
%
Current Ratio (4) 82.2 77.7 78.2 88.6 67.3
Total Liabilities to Equity (5) 84.4 83.3 84.4 90.6 104.3
Total Liabilities to Total Assets (6) 45.8 45.5 45.8 47.5 51.0
Debt to Equity Ratio (7) 0.5 0.4 0.4 0.5 0.5
Debt to EBITDA Ratio (8) x 1.0 0.9 0.8 0.9 0.9
EBITDA to Interest Expense (9) 14.4 16.7 19.6 17.3 15.9
Remarks:
(1) ROA is calculated as profit for the year divided by total assets at year-end December 31.
(2) ROE is calculated as profit for the year divided by total equity at year-end December 31.
(3) Operating profit margin is calculated as operating profit divided by revenues.
(4) Current ratio is calculated as current assets divided by current liabilities at year-end December 31.
(5) Liabilities to equity ratio is calculated as total liabilities divided by total equity at year-end December 31.
(6) Liabilities to total assets ratio is calculated as total liabilities divided by total assets at year-end December 31.
(7) Debt to equity ratio is calculated as debt (including finance lease) divided by total equity.
(8) Debt to EBITDA ratio is calculated as debt (including finance lease) divided by EBITDA.
(9) EBITDA to interest ratio is calculated as EBITDA divided by cost of funds.
Page 28
26 Telkom Highlights
0.5% 3.3%
yoy yoy
Revenue
EBITDA
2024 (Rp Billion) 2024 (Rp Billion)
149,967 75,029
2023 2023
149,216 77,579
2022 2022
147,306 78,992
2021 2021
143,210 75,723
2020 2020
136,462 72,080
3.7% 3.7%
yoy yoy
Net Income
Earning Per Share
2024 (Rp Billion) 2024 (Rp Billion)
23,649 238.73
2023 2023
24,560 247.92
2022 2022
20,753 209.49
2021 2021
24,760 249.94
2020 2020
20,804 210.01
Page 29
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 27
EBITDA Margin
Net Income Margin
55 20
17.3%
16.5%
54 16
15.8% 15.2%
14.1%
53.6%
52.9%
53
52.8% 12
50.0% 52.0%
52 8
51
50 0
2024 2023 2022 2021 2020 2024 2023 2022 2021 2020
Profitability Ratio
Leverage Ratio
30 1.1
1.0%
24.5% 0.9% 0.9%
23.3% 0.9%
24 0.9
0.8%
20.6%
18.9% 18.5%
18 0.7
0.5%
12.2% 12%
11.2% 0.5% 0.5%
12 0.5
10.3% 10.1% 0.4%
0.4%
6 0.1
0
2024 2023 2022 2021 2020 2024 2023 2022 2021 2020
Return on Equity (ROE) Return on Assets (ROA) Debt to EBITDA Ratio Debt to Equity Ratio
Page 30
28 Telkom Highlights
Stock Information
Telkom’s Stock Information at IDX
Outstanding Market
Price Per Share Volume
Shares Capitalization
Calendar Year
Highest Lowest Closing Excluding Treasury
(Shares) (Rp billion)
(Rp) (Rp) (Rp) Stock
2023 4,500 3,390 3,950 21,047,954,600 99,062,216,600 391,296
1 Quarter
st
4,130 3,690 4,060 4,825,397,400 99,062,216,600 402,193
2 Quarter
nd
4,500 3,930 4,000 5,570,072,100 99,062,216,600 396,249
3 Quarter
rd
4,030 3,670 3,750 5,786,841,600 99,062,216,600 371,483
4 Quarter
th
4,000 3,390 3,950 4,865,643,500 99,062,216,600 391,296
2024 4,240 2,500 2,710 29,355,067,200 99,062,216,600 268,459
1 Quarter
st
4,240 3,430 3,470 6,088,142,200 99,062,216,600 343,746
2 Quarter
nd
3,520 2,700 3,130 9,426,813,700 99,062,216,600 310,065
3 Quarter
rd
3,280 2,760 2,990 7,176,112,400 99,062,216,600 296,196
4 Quarter
th
3,130 2,500 2,710 6,663,998,900 99,062,216,600 268,459
Telkom's share price on the last trading day of December 30, 2024 on the IDX closed at Rp2,710. With this share
price, Telkom's market capitalization reached Rp268.5 trillion or 2.18% of the IDX's total capitalization.
700,000,000 5,000
630,000,000 4,500
560,000,000 4,000
490,000,000 3,500
Volume (Shares)
Price (Rp)
420,000,000 3,000
350,000,000 2,500
280,000,000 2,000
210,000,000 1,500
140,000,000 1,000
70,000,000 500
0 0
02/01/2023
02/02/2023
02/03/2023
02/04/2023
02/05/2023
02/06/2023
02/07/2023
02/08/2023
02/09/2023
02/10/2023
02/11/2023
02/12/2023
02/01/2024
02/02/2024
02/03/2024
02/04/2024
02/05/2024
02/06/2024
02/07/2024
02/08/2024
02/09/2024
02/10/2024
02/11/2024
02/12/2024
Volume Price
Page 31
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 29
Telkom’s American Depositary Shares (ADS) Information at NYSE
Price Per
ADS Volume
Calendar Year
Highest Lowest Closing (ADS)
(US$) (US$) (US$)
2023 29.58 21.67 25.76 54,900,663
1 Quarter
st
27.53 23.76 27.27 14,860,295
2 Quarter
nd
29.58 26.16 26.67 11,001,104
3 Quarter
rd
26.66 23.72 24.10 13,205,441
4 Quarter
th
26.01 21.67 25.76 15,833,823
2024 26.85 15.35 16.45 100,869,627
1 Quarter
st
26.85 22.04 22.26 11,576,176
2 Quarter
nd
22.38 16.62 18.70 29,009,841
3 Quarter
rd
21.00 16.88 19.78 30,915,534
4 Quarter
th
20.01 15.35 16.45 29,368,076
On December 31, 2024, the closing price for 1 Telkom ADS on the New York Stock Exchange (NYSE) was
US$16.45. The following table reports the high, low, closing prices and trading volume of Telkom ADS listed on
NYSE for the periods indicated.
3,500,000 35.0
3,000,000 30.0
2,500,000 25.0
Volume (ADS)
Price (US$)
2,000,000 20.0
1,500,000 15.0
1,000,000 10.0
500,000 5.0
0 0
1/03/2023
2/03/2023
3/03/2023
4/03/2023
5/03/2023
6/03/2023
7/03/2023
8/03/2023
9/03/2023
10/03/2023
11/03/2023
12/03/2023
1/03/2024
2/03/2024
3/03/2024
4/03/2024
5/03/2024
6/03/2024
7/03/2024
8/03/2024
9/03/2024
10/03/2024
11/03/2024
12/03/2024
Volume Price
Page 32
30 Telkom Highlights
Corporate Action Information Regarding Stocks
Until the end of 2024, both IDX and NYSE, company reduction in capital. Apart from that, there are
will not carry out corporate actions such as stock also no sanctions for temporary termination of
split, reverse stock, stock dividend, bonus share, suspension and/or delisting. Therefore, this Report
changes in the nominal value of share, issuance does not contain information related to this matter.
of convertible securities, as well as addition and
Information Regarding Obligations,
Sukuk or Convertible Bonds
Interest
Principal Issuance Maturity Term Rate per Rating
Bonds Underwriter Trustee
(Rp million) Date Date (Years) Annum (Pefindo)
(%)
Telkom Shelf 2,100,000 June 23, June 23, 10 10.25 PT Bahana PT Bank id
AAA
Registered 2015 2025 Sekuritas; Permata
Bond I 2015 PT BRI Tbk
Series B Danareksa
Sekuritas;
Telkom Shelf 1,200,000 June 23, June 23, 15 10.60 PT Mandiri
Registered 2015 2030 Sekuritas;
Bond I 2015 PT Trimegah
Series C Sekuritas
Telkom Shelf 1,500,000 June 23, June 23, 30 11.00 Indonesia Tbk
Registered 2015 2045
Bond I 2015
Series D
Page 33
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 31
KALEIDOSCOPE TELKOM 2024
Telkom Indonesia for a Sustainable Future
Thank you for the support and trust from all customers, communities, and stakeholders. Throughout the ongoing digital transformation journey, Telkom
Indonesia has always taken actual steps to positively impact society and the environment, which is realized through implementing sustainability principles or
ESG (Environmental, Social, and Governance). This commitment is reflected through various strategic initiatives that not only support business growth but
also encourage environmental conservation, improve social welfare, and implement good corporate governance. Let’s create a more sustainable future for
Indonesia together.
AWARDS AND
ACHIEVEMENTS
January May September
• Telkom Click 2024: Commitment to continue transforming • MoU with F5 to strengthen Indonesia’s cyber security • Support the international event HLF MSP & IAF 2024
and providing the best CX • Reforestation of 33,800 tree seedlings and restoration of • Inauguration of IndigoSpace Aceh
• Assistance with various BNSP standard certifications for 82.1 ha of critical land • TelkomGroup makes successful PON XXI Aceh - North
900 selected high school & vocational school students • Telkom AGMS for Fiscal Year 2023 Sumatra 2024
• Indigo, Nuon, and Ministry of Trade prepare local game • Official Telco Partner KTT 10th World Water Forum 2024
Startup to reach global market Bali October
• Strengthening maritime digitalization through Merah
February June Putih-2 Satellite
• Successfully overseeing the 2024 Election through national • Telin and Singtel develop SKKL INSICA • Inauguration of neuCentrIX Pugeran, Yogyakarta
& regional • Together with Google, accelerate national digital • Successfully supporting the inauguration of the President
• Launch of Merah Putih-2 Satellite to strengthen IKN access transformation and Vice President for the 2024-2029 period
and equalize connectivity in Indonesia • Distribution of sacrificial animals on Eid al-Adha 1445 H • Financial Report Q3 - 2024: Book positive revenue of
Rp112.2 T
March July November
• Groundbreaking of Telkom Smart Office in IKN • Successful implementation of Digiland 2024 • Declaration of Anti-Corruption commitment
• NeutraDC completes Telin Singapore data center • More than 10,000 runners enliven Digiland Run 2024 • Telkom ESG Program: Earth Restoration Action
consolidation • Financial Report H1 - 2024: Revenue grows 2.5% YoY • GoZero% launch, Telkom’s ESG commitment for a
• Safari Ramadan 2024: Ensuring the readiness of sustainable future
telecommunication infrastructure, customer visit, and CSR August • Innovillage 2024 attended by 2,815 collage students
assistance • PT Telkom Infrastruktur Indonesia (TIF) officially operates
• Preparing connectivity access for the 79th Independence December
April Day of the Republic of Indonesia at IKN • Together with Alibaba Cloud strengthen the digital
• More than 2,000 homecoming travelers join TelkomGroup’s • NeutraDC international conference: The Other Side of AI ecosystem
2024 Mudik Bersama • Collaboration with Palo Alto improves Indonesia’s cyber • President of the Republic of Indonesia inaugurates
• SIAGA RAFI 2024 ensures prime infrastructure and services security resilience E-Catalog version 6.0
ahead of Eid al-Fitr 1445 H • BATIC 2024 was attended by 1,300 participants from 446 • Welcome Christmas and New Year moment by
• Financial Report Q1 - 2024: Operating net profit grows global companies in 40 countries strengthening the telecommunication service infrastructure
3.1% YoY
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32
32
02.
MANAGEMENT
REPORTS
Page 35
33
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With visionary leadership, the
Company continues to drive
innovation and sustainable
growth to strengthen
competitiveness in the
industry.
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34 Management Reports
Report of the Board of
Commissioners
Bambang
Permadi Soemantri
Brodjonegoro
President Commissioner/
Independent Commissioner
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 35
Honorable stakeholders, MACROECONOMIC AND
We extend our gratitude to God Almighty for
INDUSTRY OVERVIEW
His blessings and grace, enabling PT Telkom The year 2024 marked a pivotal moment in the
Indonesia (Persero) Tbk (“Telkom” or “the recovery and growth of the global economy.
Company”) to navigate through 2024 with solid According to IMF, the global economy grew by
performance, demonstrating resilience amid 3.2%, signaling increasing stability after navigating
evolving challenges and an increasingly complex challenges such as high inflation, protectionism,
industry landscape. geopolitical shifts, and trade tensions. Emerging
markets, including Indonesia, played a key role in
As part of our supervisory duties, we hereby
this recovery, contributing significantly to global
present our supervisory report on Telkom’s
economic expansion.
management for the fiscal year of 2024. This
report includes an evaluation of the Board In Indonesia, economic resilience remained
of Directors’ performance, oversight of the strong, with GDP projected to grow by 5.03%
formulation and execution of business strategies, in 2024. Driving this growth were several key
assessment of the business outlook prepared sectors, including manufacturing, wholesale and
by the Board of Directors, and our view on the retail trade, information and communication,
implementation of good corporate governance as well as government spending and household
principles within the Company. consumption. Macroeconomic stability was also
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36 Management Reports
Upon on the Board of
Commissioners’ evaluation of
the Company’s management, it
is our opinion that the Board of
Directors performed its duties
and responsibilities satisfactorily
in 2024. This is reflected in the
Company’s ability to sustain its
performance amid economic
uncertainty and increasingly intense
competition in the industry.
reflected in the inflation rate, which was under edge while unlocking efficiency and optimization
control at 1.57% (YoY as of December 2024), opportunities from the convergence of fixed and
supported by the synergy between the government mobile services. However, intensifying competition,
and Bank Indonesia in maintaining price stability high infrastructure outlays, and challenges posed
and prudent monetary measures. Additionally, by Over-the-Top (OTT) services pose significant
Indonesia’s Sovereign Credit Rating remained at hurdles for telecommunications operators.
BBB with a stable outlook, reflecting strong investor
On the other hand, digital growth prospects
confidence in the prospects of the national economy.
continue to expand, with a Gross Merchandise
The trend of Fixed Mobile Convergence (FMC) Value (GMV) projected to reach USD 210-
has emerged as a key strategy to deliver a more 360 billion by 2030, driven by innovations in
integrated and seamless user experience across the e-commerce, fintech, and artificial intelligence-
telecommunications industry. FMC serves as one of based technologies. From a technological
Telkom’s flagship strategies to gain a competitive standpoint, domestic telecommunications
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Annual Tahunan
Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 37
operators are tirelessly developing innovations Throughout 2024, the Board of Commissioners
based on the latest technologies to enable high- acknowledged the several strategic initiatives
quality services, efficient investment, and enhanced undertaken by the Board of Directors of Telkom
solution capabilities. Indonesia, including:
5G, expected to contribute USD 41 billion to a. Strengthening the foundation for future business
Indonesia’s GDP between 2024 and 2030, growth through the implementation of the Five
represents a strategic investment opportunity Bold Moves strategic initiatives.
for telecommunications operators, including b. Maintaining profitability at an industry-
TelkomGroup. The key challenge in 5G deployment comparable level through well-directed and
lies in developing relevant use cases alongside other measured efficiency efforts, such as megavendor
technological innovations, such as IoT, which can initiatives, early retirement programs, and risk-
then be applied across sectors like manufacturing, based budgeting.
healthcare, logistics, and others, so that it provides
c. Structuring the business portfolio through
benefits beyond increased data transmission
subsidiary streamlining initiatives and reinforcing
speed. Telkomsel, as part of TelkomGroup, has taken
the business and financial fundamentals of
the lead in 5G implementation by establishing
subsidiaries to enhance their contribution to
nearly 1,000 5G base stations across 50 cities and
TelkomGroup’s overall performance.
is continuously expanding 5G-based enterprise
d. Enhancing the quality of human capital by
solutions to generate greater value.
introducing scholarship programs for employees
With a combination of economic resilience, digital and acquiring highly qualified external talent
infrastructure development, and technological to strengthen the Company’s competencies,
innovation, Indonesia is poised to strengthen its particularly in new digital business segments.
digital transformation, thereby fostering sustainable e. Modernizing the network, optimizing technology
economic growth. Through the execution of its selection, refining network topology, improving
Five Bold Moves strategy, TelkomGroup remains infrastructure quality and cybersecurity, and
committed to playing a leading role in realizing this strengthening information and technology
vision and creating added value for the society and aspects as fundamental elements for the
its stakeholders. Company’s business growth.
ASSESSMENT OF THE BOARD OF COMMISSIONERS’
BOARD OF DIRECTORS’ SUPERVISION IN THE
PERFORMANCE IN COMPANY FORMULATION AND
MANAGEMENT IMPLEMENTATION OF
Each year, the Board of Commissioners conducts a
CORPORATE STRATEGY BY
comprehensive evaluation of the Board of Directors’
THE BOARD OF DIRECTORS
performance, as reflected in both individual and As part of its duties as stipulated in the Company’s
collective Key Performance Indicators (KPI). The Articles of Association and applicable regulations,
results of this evaluation are subsequently reported including Minister of SOEs Regulation No. PER-
to the Shareholders during the General Meeting of 2/MBU/03/2023 on Corporate Governance and
Shareholders (GMS). Based on our supervision, the Significant Corporate Activities of State-Owned
Board of Directors optimally carried out its duties Enterprises, the Board of Commissioners plays a
and responsibilities throughout 2024, as evinced by
the Company’s solid performance achievements.
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38 Management Reports
critical role in ensuring that the corporate strategy planning evaluation. Throughout 2024, the Board
is effectively formulated and executed. Additionally, of Commissioners placed particular emphasis on
the Board ensures that the strategic initiatives several strategic aspects, including: Implementation
undertaken by the Board of Directors fully align with of the Five Bold Moves initiative, strengthening
the Company’s vision, mission, and purpose. the business fundamentals of subsidiaries,
enhancing internal control quality, including risk
The Company’s strategic planning process follows
management and fraud prevention, finalizing the
a systematic approach, encompassing the Long-
subsidiary streamlining program, and monitoring
Term Corporate Plan (RJPP), the Corporate Strategic
management’s responsiveness to competitive
Scenario (CSS), and the Corporate Budget and
pressures and technological advancements.
Work Plan (RKAP). The Board of Commissioners
is responsible for reviewing proposals submitted Through this structured and comprehensive
by the Board of Directors, providing guidance oversight approach, the Board of Commissioners
during the approval process, and overseeing the strives to ensure that the Company’s strategy
implementation to ensure proper execution in implementation delivers optimal impact in
accordance with the Company’s strategic direction. supporting sustained growth and the achievement
of the Company’s long-term objectives.
Through the Evaluation, Planning, and Risk
Monitoring Committee (KEMPR), the Board of
Commissioners conducts comprehensive oversight
MECHANISM FOR ADVISING
of the strategic planning process, particularly in
THE BOARD OF DIRECTORS
relation to RJPP and CSS. This includes analyzing As part of its responsibilities, in addition to
internal and external factors, identifying and overseeing and monitoring the Company’s
assessing risks, and verifying financial projections. management by the Board of Directors, the Board of
During the RKAP evaluation and approval, Commissioners also plays a role in providing counsel
the Board reviews the RKAP’s alignment with to the Board of Directors. This function is carried
the strategic plans outlined in RJPP and CSS, out through various mechanisms, including offering
assesses its relevance to the aspirations of the guidance during Board of Commissioners meetings,
Dwiwarna Shareholder, evaluates the underlying joint meetings with the Board of Directors, and in
assumptions, examines business, financial, and writing through official letters or Resolutions of the
capital expenditure projections, and ensures that Board of Commissioners.
the RKAP incorporates a risk-based budgeting
approach. Throughout 2024, the Board of Commissioners
regularly conducted Internal Meetings, Joint
Furthermore, to ensure effective implementation Meetings with the Board of Directors, and
of the corporate strategy, the Board of committee meetings, to ensure the effectiveness
Commissioners establishes priority oversight of its oversight and advisory functions. Over the
agendas in collaboration with its supporting course of the year, the Board convened 24 Internal
Committees at the beginning of the year, based Meetings of the Board of Commissioners, 12 Joint
on the risk assessment conducted during the Meetings with the Board of Directors, 30 Audit
Committee Meetings, 28 Evaluation, Planning, and
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 39
Risk Monitoring Committee Meetings, 24 Nomination The Evaluation, Planning, and Risk Monitoring
and Remuneration Committee Meetings, and 4 Committee provides recommendations to
Integrated Governance Committee Meetings. the Board of Commissioners regarding risk
Additionally, the Board of Commissioners issued 30 management monitoring, implementation of
approval letters, 16 advisory letters, and 20 Board of the Company’s strategy, and evaluation of
Commissioners Resolutions. strategic planning proposals submitted by Board
of Directors, including the Company’s Long-
Through these various mechanisms, the Board
Term Plan (RJPP), Corporate Strategic Scenario
of Commissioners actively provided insights and
(CSS), and the Company Budget and Work Plan
recommendations to ensure that every strategic
(RKAP). The committee also reviews and approves
decision made by the Board of Directors was based
corporate actions within certain thresholds as
on comprehensive analysis and a well-rounded and
outlined in the Company’s strategic plan. The
balanced perspective, considering both the potential
Nomination and Remuneration Committee
benefits to the Company and the associated risks
offers recommendations on policies, criteria, and
to support the Company’s sustainable long-term
selection processes for strategic positions within
growth.
TelkomGroup, including policies related to the Board
of Directors remuneration. The Audit Committee
ASSESSMENT OF THE plays a role in ensuring the integrity of financial
PERFORMANCE OF information to be published, reviewing the internal
COMMITTEES UNDER THE control system, and handling reports submitted
BOARD OF COMMISSIONERS through the whistleblowing system. Finally, the
Integrated Governance Committee is responsible
In carrying out its supervisory function, the
for evaluating the Integrated Governance Policy
Board of Commissioners is supported by several
proposed by the Board of Directors, assessing its
committees: the Audit Committee, the Nomination
implementation, and ensuring alignment between
and Remuneration Committee (KNR), and the
Telkom’s governance framework and that of its
Evaluation, Planning, and Risk Monitoring Committee
subsidiaries.
(KEMPR). In April 2024, the number of committees
increased to four with the establishment of the Contributions of these committees are instrumental
Integrated Governance Committee, following in enabling the Board of Commissioners to exercise
Telkom’s classification as a Systemic A State- comprehensive oversight while ensuring sustained
Owned Enterprise (BUMN Sistemik A). Based on growth and strong corporate governance at Telkom
our evaluation, all four committees have optimally Indonesia.
fulfilled their roles and responsibilities. Each
committee has conducted in-depth assessments
and provided recommendations that enhance
the effectiveness of the Board of Commissioners’
supervision of the Company’s management.
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40 Management Reports
VIEW ON THE 2. Measuring the Risk Maturity Index (RMI) and
IMPLEMENTATION OF GOOD implementing follow-up actions to address areas
CORPORATE GOVERNANCE for improvement.
3. Strengthening the first line of defense as a
To sustain the Company’s long-term presence and
critical component of risk management quality
achievements, good corporate governance (GCG)
enhancement, through training, certification,
must be upheld at all times and strengthened as one
and dissemination of policies and procedures.
of the Company’s key pillars. Telkom’s commitment
4. Applying risk assessments for projects
to implementing best-in-class governance practices
undertaken by the Company.
is not only aimed at enhancing stakeholder value but
also at reinforcing the Company’s reputation and 5. Setting KPI targets in the risk area in the Board of
integrity. The recognition of Telkom’s governance Directors’ KPI.
quality is reflected in its ASEAN Corporate 6. Providing periodic risk management reports to
Governance Scorecard (ACGS) in 2024 which the Board of Commissioners.
reached 103.31, marking an increase of 4.81 points
The consistent and comprehensive implementation
from the previous year. While this achievement is
of corporate governance is expected to serve as a
commendable, the true significance lies beyond the
strategic foundation for Telkom to continue evolving
numbers—it reflects the awareness and concrete
into a resilient, sustainable, and trusted corporation
actions taken by all elements within TelkomGroup to
in the eyes of all stakeholders. We extend our
persistently elevate the quality of its governance.
appreciation to the entire team, management, and
In the area of risk management, the Board of stakeholders for their dedication and contributions
Directors has demonstrated tangible efforts to in upholding and embedding the principles of good
enhance corporate governance quality through corporate governance.
various strategic initiatives aimed at strengthening
internal controls and comprehensive risk OUTLOOK ON BUSINESS
management, including: PROSPECTS
1. Enhancing the Risk Management Unit, by In our view, Telkom’s business prospects in the
ensuring an appropriate organizational structure coming years remain challenging, accompanied
and staffing, issuing policies and procedures by optimism surrounding the growth of new
related to risk management implementation, digital telco businesses and the evolving
developing information technology systems and competitive landscape among players in
tools to support risk identification, measurement, the telecommunications industry. With a
monitoring, and evaluation, and designing a role capital expenditure allocation of 22% of total
map for the risk management unit so that they revenue, primarily focused on mobile business
can express their opinion in the Company’s development, fixed broadband, data centers &
strategic decisions. cloud, and infrastructure, the Company is well-
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 41
positioned to achieve sustainable and positive APPRECIATION TO
performance growth. The key focus going forward STAKEHOLDERS AND
is to maximize the value of capital investments CLOSING REMARKS
through more effective investment initiatives,
enhanced monetization of production assets via On behalf of the Board of Commissioners, we
sales optimization, and strengthening the business extend our appreciation to the Board of Directors,
and financial fundamentals across all entities management, and all employees of Telkom Indonesia
within TelkomGroup, including improvements in for their dedication, hard work, and commitment in
governance and risk management. realizing the Company’s goals, vision, and mission.
Amid the increasingly complex industry landscape in
Our business outlook will also be shaped by the 2024, strong collaboration, continuous innovation,
ascending use of technology by telecommunications and a relentless drive for progress have been the
operators, particularly in data analytics & artificial key forces enabling Telkom to maintain its leadership
intelligence, Internet of Things (IoT), with two in the telecommunications and digital industries.
main objectives: enhancing operational quality This spirit of collaboration must continue to be
and broadening business opportunities through accompanied by a shared awareness among all
technology-driven customer solutions. The rapid members of TelkomGroup to uphold sound business
evolution of technology also notably impacts our practices and ethical standards.
infrastructure business, particularly in the satellite
and broadband segments. We also extend our sincere appreciation to our loyal
customers, shareholders, the Government, business
From a competitive standpoint, the broadband partners, and all stakeholders for their unwavering
market—both fixed and mobile—is expected to support and trust in Telkom. This support serves
face heightened competition, driven by expanding as a crucial foundation for us to continue building
infrastructure penetration and increased market an inclusive and sustainable digital ecosystem,
reach into lower-income segments. Meanwhile, the while further strengthening Telkom’s role in driving
telecommunications industry may face declining Indonesia’s digital economic growth.
demand from the government segment, following
the efficiency measures outlined in the 2025 State
Budget. However, rather than seeing this as a
Jakarta, April 21, 2025
setback, this should give us the impetus to further
drive innovation and excellence in B2B IT Services & On Behalf of the Board of Commissioners
Enterprise Solutions, ensuring that these initiatives
can be transformed into a sustainable growth
engine for the business.
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
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42 Management Reports
BOARD OF
COMMISSIONERS
Silmy Bono Marcelino Isa
Karim Daru Adji Rumambo Pandin Rachmatarwata
Commissioner Independent Commissioner Commissioner
Commissioner
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Annual Tahunan
Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 43
Bambang Permadi Wawan Ismail Rizal Arya Mahendra
Soemantri Brodjonegoro Iriawan Mallarangeng Sinulingga
President Commissioner/ Independent Commissioner Commissioner Commissioner
Independent Commissioner Commissioner
Page 46
44 Management Reports
Report of the
Board of Directors
Ririek
Adriansyah
President Director
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 45
To Our Esteemed Shareholders, Members of the The telecommunications industry continues
Board of Commissioners, and all stakeholders, to play a vital role in supporting inclusive and
sustainable economic progress in Indonesia.
We extend our deepest gratitude to God
Telecommunications services not only provide
Almighty for His blessings and guidance, with
accessibility but also stand as a foundation
which PT Telkom Indonesia (Persero) Tbk
for innovation, business growth, and social
(“Telkom” or “the Company”) concluded 2024
advancement.
demonstrating sound performance. In a year
marked by mounting challenges and increasing To foster a healthy and sustainable
industry complexity, the Company succeeded telecommunications and information
in delivering sustained growth and recording ecosystem, we have continued investing in
several key milestones. network development, digital and information
technology innovation, and service quality
REVIEW OF ECONOMIC AND enhancement. It is our endeavor to deliver best-
INDUSTRY LANDSCAPE in-class services to improve accessibility for all
segments of society across Indonesia.
Amid disruption and global uncertainties marked
by a slowing macroeconomic environment,
STRATEGY AND
heightened industry volatility, and escalating
CORPORATE STRATEGIC
geopolitical tensions, Indonesia’s national GDP
POLICY
recorded cumulative growth of 5.03% by the
end of 2024. This achievement was driven The year 2024 was a pivotal moment which
by increased investment and manufacturing demonstrated the success of Telkom’s
activities, galvanized by resilient domestic transformation journey through the Five
demand and gradually recovering global Bold Moves (5BM) initiative. Telkom had been
markets. Meanwhile, inflation was maintained expected to deliver tangible results and a
at 1.57% YoY through consistent monetary compelling growth story to meet market and
and fiscal policies and effective coordination investor expectations across both business
between Bank Indonesia and the Government pillars—B2C (FMC) and B2B—by realizing
in managing inflation. These developments optimal FMC synergy value and making
reflect the resilience and potential of Indonesia’s significant progress in the B2B transformation,
economy for sustainable growth. particularly in building business capabilities at
both the parent company and subsidiary levels.
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46 Management Reports
The year 2024 was a pivotal moment
which demonstrated the success
of Telkom’s transformation journey
through the Five Bold Moves (5BM)
initiative. Telkom had been expected
to deliver tangible results and a
compelling growth story to meet
market and investor expectations across
both business pillars—B2C (FMC) and
B2B—by realizing optimal FMC synergy
value and making significant progress
in the B2B transformation, particularly
in building business capabilities at both
the parent company and subsidiary
levels.
To achieve these objectives, we adopted the approach to customer management. This has
corporate theme for 2024: enabled us to respond effectively to customer pain
points and deliver the best possible experience.
“Achieve outstanding results in B2C integration
2. Ensure business competitiveness through
and strive for significant improvements in B2B
streamlined portfolio and relentless Five Bold
transformation”, supported by three main programs:
Moves execution while confirming strategic
1. Leverage data-driven approach in addressing partners.
customer pain-points and increasing customer To remain competitively positioned, we have
lifetime value. focused on driving business efficiency and
Improving Customer Lifetime Value (CLV) optimizing the Group’s assets, while enhancing
is a critical priority, and a comprehensive the business capabilities under development—
understanding of customer needs is a key especially those aligned with the 5BM strategy.
prerequisite for enhancing loyalty. Accordingly, Strategic partners play a vital role in building these
we have adopted a disciplined, data-driven capabilities, and in 2024 we accelerated strategic
partnership initiatives as a key success factor.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 47
3. Execute fit-for-purpose talent fulfillment to implementing the directives stated in the RJPP,
enhance business capabilities and productivity. prepared for a planning timeframe of 3 (three)
To support sustainable business growth, Telkom years. The Medium-Term Plan is updated annually
has continued to strengthen its business so that the strategic scenario can follow the
capabilities and productivity through a strategic Company’s internal and external dynamics; and
talent management approach. This approach is c. Corporate Work Plan and Budget (RKAP), a
grounded in aligning employee competencies document at the strategic execution level
with the specific characteristics and needs of containing the plans for the next 1 (one) year,
the business, ensuring timely and effective including the targets, work programs, and
execution. budgets needed as directed by the long-term
and medium-term strategies, accompanied at all
FORMULATION OF COMPANY times by due consideration of industry dynamics,
STRATEGY AND STRATEGIC stakeholder aspirations, and the latest business
POLICIES outlook data.
In formulating our strategies, we must always align
IMPLEMENTATION OF
with our vision and mission, while taking into account
CORPORATE STRATEGY
a thorough analysis of strategic conditions—covering
both external and internal factors—and input from The strategic documents developed by the
stakeholders. This process also incorporates careful Company serve as a key reference for the execution
consideration of risk factors that may impact the of work programs across all business units, support
continuity of the Company’s business. The results functions, and subsidiaries, ensuring that every
of the formulation are compiled into a document part of the organization operates under a unified
to be discussed intensively with the Board of direction aligned with their respective targets and
Commissioners through a dedicated workshop. The authorities. To further ensure consistency in actions
Board of Directors plays a central role in formulating and decision-making across the organization in
the Company’s strategy and strategic policies. These the execution of its strategy, the Company issues
strategies and policies are structured according to strategic policies in the form of the Board of
specific timeframes, as follows: Directors Regulations or other relevant regulations
that provide more detailed guidance on how the
a. Long-Term Corporate Plan (RJPP), a document
Company operates and behaves effectively and
at the corporate level that contains strategic
efficiently. These strategic policies cover a broad
aspirations from stakeholders, as well as strategic
range of areas, including resource allocation, risk
direction and KPIs that are of a high level in nature
management, product development and customer
prepared for periodic planning of 5 (five) years;
relations, supplier engagement, environmental
b. Medium-Term Plan, a document at the corporate sustainability, corporate governance, and other
level that serves as the primary document strategic imperatives as needed.
containing the Company’s strategic scenario in
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48 Management Reports
To monitor the execution of work programs, the In addition, Telkomsel’s mobile subscriber base
Board of Directors conducts regular reviews and reached 159.4 million with over 50% market share
evaluations of the Company’s performance against and coverage extending to 97% of Indonesia’s
a set of financial, operational, and other relevant population. These outcomes affirm that the FMC
indicators. The Board of Directors is also accountable strategy is progressing as planned in support of
for reviewing and updating the effectiveness of the Telkom’s vision to be the leading convergence
strategies adopted, ensuring the Company remains operator in Indonesia.
relevant and competitive in a dynamic market
Furthermore, Telkom also activated PT Telkom
environment.
Infrastruktur Indonesia (TIF) as its InfraCo entity
to manage TelkomGroup’s fiber network. Through
PERFORMANCE TIF, Telkom is able to unlock the full value of its fiber
ACHIEVEMENT AGAINST assets and accelerate national digital adoption
TARGETS by providing neutral wholesale fiber connectivity
In 2024, Telkom attained several key milestones in services. This model enhances investment efficiency,
executing its Five Bold Moves (5BM) strategy, which asset management, operational effectiveness, and
had been designed to strengthen the Company’s creates opportunities for network sharing with other
strategic positioning within Indonesia’s digital industry players, further sharpening TelkomGroup’s
ecosystem. Through the Fixed Mobile Convergence competitive edge in the market.
(FMC) initiative, Telkom successfully integrated
In the Data Center business, Telkom bolstered its
IndiHome services into Telkomsel, aiming to unleash
position through the consolidation of NeutraDC,
the synergy between fixed and mobile services,
which now operates 35 data centers across Indonesia
strengthen market leadership, enhance customer
and abroad, with a business value reaching USD 3
experience, and optimize operational and capital
billion. NeutraDC continues to expand its capacity
expenditure efficiency. This move accelerated
to meet growing cloud storage demands driven by
customer growth and market penetration, while
the rapid development of Artificial Intelligence (AI).
driving synergy through content optimization,
NeutraDC is also exploring strategic partnerships
cross-selling, and streamlined customer touchpoints
with global players to augment its capabilities
at 486 GraPARI outlets, thereby boosting customer
as a digital ecosystem hub, reinforcing Telkom’s
satisfaction and operational efficiency. The launch
positioning in Southeast Asia’s data center market.
of a unified billing system (one-billing system),
Telkomsel One, is expected to be a new catalyst Telkom further enhanced its capabilities and
for future growth. By the end of 2024, IndiHome business competencies under the B2B IT Services
recorded 10.8 million subscribers and TelkomGroup’s initiative, supported by a notable financial recovery.
convergence service penetration reached 56%. The Indibiz platform deepened vertical penetration,
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 49
accelerating business growth. Telkom remains 1. Evolving Regulatory Landscape:
focused on strengthening Cloud services, Digital The Company must proactively address
IT Services, and Cybersecurity through strategic and anticipate regulatory changes that may
partnerships with global tech companies, targeting significantly impact on how we operate. This
the needs of 2,303 corporate clients, 717 government requires rapid adjustment and adaptation
institutions, and 591,618 SMEs currently served by to ensure continued growth while remaining
the Company. compliant with new rules. One notable example
was the implementation of Ministry of Home
In 2024, the DigiCo initiative grew, marked by positive
Affairs Regulation No. 7/2024, whose practical
financial contributions and well-received products in
implementation continued to be fraught—
the market. This progress has attracted substantial
particularly due to varying interpretations by
investor interest, contributing to the Company’s
regional governments that still apply outdated
overall development.
schemes in determining lease rates for
As a result of these strategic initiatives, Telkom Regional Government Assets (BMD) used for
recorded revenue of Rp149.97 trillion by the end of telecommunications infrastructure that may
2024, representing a 0.5% increase from Rp149.22 hinder the efficient rollout of infrastructure.
trillion in 2023. This growth was supported by several 2. Intensifying Market Competition:
positive indicators, including a solid year-on-year
The digital telco industry in Indonesia continues
payload growth of 13.9%, reflecting strong future
to experience increasing competition with the
growth potential for the Company. Despite this,
entry of new players—both local and global—
revenue remained slightly below the 2024 target. In
alongside a growing range of commoditized
terms of profitability, EBITDA declined by 3.3% from
products and services, as well as expanded
Rp77.58 trillion to Rp75.03 trillion, primarily due to
offerings from existing competitors. In response,
the Company’s investment in an Early Retirement
the Company must consistently innovate across
Program, which we expect to enhance efficiency and
both business and operating models, including
productivity in the future. Net income decreased
forging strategic partnerships that align with
to Rp23.65 trillion from Rp24.56 trillion in 2023,
our portfolio strategy. This ensures the delivery
factoring in unrealized losses from investments in
of up-to-date, efficient services to enhance
GOTO. This net income outcome was marginally
customer experience and satisfaction. We also
below the Company’s 2024 target.
monitor competitor consolidation, which we
believe will ultimately lead to a healthier industry
CHALLENGES AND landscape.
CONSTRAINTS FACED
We faced a range of challenges in our business
operations within the dynamic telecommunications
industry, including:
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50 Management Reports
3. Infrastructure Reach: 6. Global Macroeconomic Uncertainty:
Despite the Company’s continuous efforts to Global economic uncertainty, influenced by
expand infrastructure, particularly for digital several factors such as geopolitical conflicts,
connectivity and platform services, there are still changes in political leadership, and weak
limitations in reaching all regions, especially the 3T economic growth, was one of the main factors
areas (Frontier, Outermost, and Disadvantaged). behind Indonesia’s stagnant economic expansion
We aim to overcome these barriers with more in 2024. These conditions have created a
efficient, cutting-edge technologies and by challenging business environment for Telkom,
collaborating with local governments, regional influencing market dynamics and requiring
partners, and other stakeholders to increase strategic recalibration to sustain growth and
infrastructure penetration and service coverage. competitiveness amid global volatility. To navigate
4. High Capital Requirements: this uncertainty, the Company continues to build
capacity and capabilities to leverage emerging
The development and maintenance of
technologies that can meet the evolving digital
connectivity service infrastructure and
needs of society.
platforms requires a significant investment. At
the same time, the telecommunications industry
is grappling with the growing commoditization 2025 BUSINESS OUTLOOK
of connectivity services. To address this, the AND TARGETS
Company has begun preparing and developing
In 2025, the Company is targeting low single-digit
second-curve services within the digital platform
revenue growth, with an EBITDA margin in the
and digital services portfolio such as Data
range of 50%–52%, and a capital expenditure-to-
Centers, Cloud Services, and IT Services.
revenue ratio of 15%–20%. To achieve these targets,
5. Cybersecurity Threats: we will continue executing the Five Bold Moves
Along with the digital lifestyle of today’s society, (5BM) strategy, with a strong focus on accelerating
which implies an increasing dependence on Indonesia’s digitalization and redoubling our
digital technology, the Company also faces investments across core business lines in digital
greater risks related to cyber security. Threats connectivity, digital platforms, and digital services.
such as cyberattacks and data breaches pose
We are confident that digitalization presents
significant reputational and operational risks. In
Indonesia with an exceptional opportunity to leap
response, we are relentlessly strengthening our
forward across key sectors such as education,
information security systems and promoting
healthcare, finance, and beyond—achieving
cyber risk awareness and understanding across
progress more efficiently and cost-effectively. To
all TelkomGroup employees and partners.
this end, the development of robust and extensive
digital connectivity infrastructure, advanced digital
platforms, and community-relevant digital services
are critical components in building a connected
society and accelerating the growth of Indonesia’s
digital economy.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 51
We believe the rollout of Telkomsel One, a unified control and oversight, the establishment of a Data
billing system, will offer a more integrated and Protection Unit to ensure compliance with the
seamless digital experience by combining home and Personal Data Protection Law, and the reinforcement
mobile internet services into a single ecosystem. of the Company’s risk management function.
This platform is expected to act as a new catalyst,
driving future B2C growth. CLOSING
Telkom will also continue to strengthen its B2B To conclude this report, on behalf of the Board of
segment by prioritizing high-margin, recurring Directors of PT Telkom Indonesia (Persero) Tbk,
services such as enterprise solutions that we would like to extend our highest appreciation
provide a range of integrated solutions such to the shareholders, the Board of Commissioners,
as system integration, IT service management, customers, business partners, media, the public,
and Customer Relationship Management (CRM) and all other stakeholders who have supported us
services. Furthermore, we will accelerate strategic throughout 2024. We also extend our gratitude
partnerships in the data center business to fuel to the entire management team and employees
sustainable B2B growth. of TelkomGroup, who have played a vital role in
implementing strategic initiatives and achieving the
Looking ahead, Indonesia’s economy is expected
Company’s objectives in 2024.
to improve, supported by government programs
already underway, which will provide a positive Looking ahead, we believe that Telkom is emboldened
outlook for the Company’s long-term growth to come up with innovation after innovation amid
trajectory. the swift evolution of the digital era. We hope
Telkom will continue to grow, deliver added value
IMPLEMENTATION OF GOOD for stakeholders, and strengthen its position as a
CORPORATE GOVERNANCE leading digital telecommunications company, in
line with our commitment to accelerating digital
We remain committed to upholding the principles
transformation and providing the best services for
of Good Corporate Governance (GCG), aligning with
the people of Indonesia.
the eight principles of company management and
governance as stipulated in the OJK’s Guidelines
for Public Company Governance. The consistent
Jakarta, April 21, 2025
application of GCG supports the realization of
our purpose, vision, and mission while delivering On behalf of the Board of Directors
sustainable value for shareholders and all other
stakeholders. We firmly believe that sound corporate
governance is a critical enabler of the Company’s
long-term sustainability.
Throughout 2024, we have made significant
enhancements across various areas to ensure Ririek Adriansyah
the effective implementation of good corporate President Director
governance, including the strengthening of the
Internal Audit organization and its competencies
aimed at improving the effectiveness of internal
Page 54
02
52 Management Reports
DIRECTORS
Afriwandi Bogi Herlan Honesti
Witjaksono Wijanarko Basyir
Director of Director of Director of Director of
Human Capital Group Business Network & IT Group Business
Management Development Solution Development
Page 55
Laporan
Annual Tahunan
Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 03
53
Ririek FM Heri Muhamad Budi Setyawan
Adriansyah Venusiana R Supriadi Fajrin Rasyid Wijaya
President Director Director of Director of Director of Digital Director of Strategic
Enterprise & Finance & Risk Business Portfolio
Business Service Management
Page 56
STATEMENT OF THE MEMBER OF BOARD OF COMMISSIONERS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2024 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2024 Annual Report has been presented in its entirety and that we assume full responsibility
for the accuracy of the content of the Company’s Annual Report.
This statement is made in all truthfulness.
Jakarta, April 21, 2025
Board of Commissioners
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
Wawan Iriawan Bono Daru Adji
Independent Commissioner Independent Commissioner
Marcelino Rumambo Pandin Ismail Rizal Mallarangeng
Commissioner Commissioner Commissioner
Isa Rachmatarwata Arya Mahendra Sinulingga Silmy Karim
Commissioner Commissioner Commissioner
Page 57
STATEMENT OF THE MEMBER OF BOARD OF DIRECTORS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2024 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2024 Annual Report has been presented in its entirety and that we assume full responsibility
for the accuracy of the content of the Company’s Annual Report.
This statement is made in all truthfulness.
Jakarta, April 21, 2025
Board of Directors
Ririek Adriansyah
President Director
Heri Supriadi FM Venusiana R Herlan Wijanarko
Director of Finance & Risk Director of Enterprise & Business Director of Network &
Management Service IT Solution
Muhamad Fajrin Rasyid Budi Setyawan Wijaya Afriwandi
Director of Digital Director of Strategic Director of Human Capital
Business Portfolio Management
Bogi Witjaksono Honesti Basyir
Director of Wholesale & International Director of Group Business
Service Development
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56
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 57
03.
ABOUT
TELKOM
To strengthen its satellite business portfolio, Telkom
partners with SpaceX to provide Starlink’s low Earth
orbit (LEO) satellite backhaul services, offering
connectivity solutions for underserved and unserved
areas, particularly in 3T regions.
Page 60
58 About Telkom
PURPOSE, VISION,
MISSION, AND STRATEGY
PURPOSE MISSION
To build a more prosperous 1. Advance rapid buildout of
and competitive nation as well sustainable intelligent digital
as deliver the best value to our infrastructure and platforms
stakeholders. that is affordable and
accessible to all.
2. Nurture best-in-class digital
talent that helps develop
VISION nation’s digital capabilities and
To be the most preferred digital increase digital adoption.
telco to empower the society. 3. Orchestrate digital ecosystem
to deliver superior customer
experience.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 59 STRATEGIC FOCUS 2024 In 2024, we will continue the ongoing business transformation and investment and strengthen the Company’s fundamental core to drive sustainable growth. This year also proves the Five Bold Moves initiative, focusing on B2C business synergy (FMC) and increasing B2B capabilities. The challenges of global uncertainty, including economic slowdown, industry dynamics, and geopolitical situations, may affect our business. Therefore, we prioritize programs that have a significant impact by adhering to compliance principles and prudence and mitigating potential risks. We have launched a corporate theme for 2024, “Achieve outstanding results in B2C integration and strive for significant improvements in B2B transformation” with three main programs, namely: 1. Leverage data-driven approach in addressing customer pain-points and increasing customer lifetime value; 2. Ensure business competitiveness through streamlined portfolio and relentless 5 BM execution while confirming strategic partners; dan 3. Execute fit-for-purpose talent fulfillment to enhance business capabilities and productivity.
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60 About Telkom
Corporate Culture
and Value
CORE VALUES AKHLAK
Based on the Circular Letter of the Minister of SOE Number SE-7/MBU/07/2020 dated July 1, 2020, regarding
Core Values for Human Resources of State-Owned Enterprises (SOE) strengthened by SK-115/MBU/05/2022
regarding Guidelines for Implementing the Main Value of Human Resources for State-Owned Enterprises
(AKHLAK Culture Journey), TelkomGroup as part of a SOE is obliged to implement the main values called
AKHLAK.
Amanah/Trustworthy Holding on to the trust given
Kompeten/Competent Continue to learn and develop capabilities
Harmonis/Harmonious Caring for each other and respecting
differences
Loyal Dedicated and prioritizing the interests of the
nation and the state
Adaptif/Adaptive Continue to innovate and be enthusiastic in
moving or facing change
Kolaboratif/Collaborative Building a synergistic collaboration
As a form of TelkomGroup’s commitment to implementing Core Values AKHLAK, Telkom’s Corporate
Strategic Scenario 2024 - 2026 mandates the Company to Transform to Digital Telco Talents & Incorporate
Digital Culture - Ways of Working Under Digital Age which is in line with Core Values AKHLAK. The Corporate
Annual Message (CAM) also contains the spirit to strengthen Telkom’s culture and digital culture attributes
by leveraging AKHLAK core values as foundation. Furthermore, one of the focuses in the HC Strategy also
mandates to Instill Harmony & Productive Working Environment Based on AKHLAK & compelling EVP.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 61
COMPANY CULTURE To ensure that cultural activation impacts the
ACTIVATION PROGRAM Company’s performance, Core Values AKHLAK and
Digital Ways of Working are implemented through
All TelkomGroup unit leaders act as role model strategic programs that become the focus of the
and main driver in the Company culture activation Company to achieve the Company’s targets, which
program. To ensure that the internalization of are regulated in provisions and supporting systems.
Company culture runs well and all employees Supporting systems include digital tools such as
participate actively, unit leaders appoint Culture the Diarium collaboration application, which is
Agent and Culture Booster in their respective unit. used as a corporate portal, daily operations, which
Currently, the number of Culture Agent and Culture include e-office, e-budgeting, file sharing, Ingenium
Booster are 4,306 people, with 2,164 people coming application for career & succession management,
from units at Telkom and 2,142 people coming from MyDigilearn application for learning & knowledge
subsidiaries. Every Culture Agent must take part in management, and others.
the Culture Agent on Boarding (CAOB) program
to equalize their understanding of the role of
CORPORATE CULTURE
Company culture and programs that are relevant
EVALUATION
to the Company’s strategy to achieve its Purpose
also Vision and Mission. Unit leaders are assisted by To maintain and improve the implementation of
Culture Agent and Culture Booster to form a Cultural AKHLAK and digital behavior at TelkomGroup, HCM
Activation Provocation Community (Kipas Budaya) TelkomGroup conducted Culture TelkomGroup 2024
as a forum for implementing cultural activation in survey measurement as an effort to determine the
each unit. extent to which the implementation of AKHLAK
culture and digital behavior can support the
BUILDING DIGITAL CULTURE Company’s digital transformation process. With
the implementation of Culture TelkomGroup 2024
To accelerate Telkom’s transformation towards survey, it is expected that information on the level of
Digital Telco, strengthening Digital Culture in line implementation of AKHLAK Implementation Index,
with the implementation of Core Values AKHLAK, is Digital Ways of Working Index, and Net Promoter
one of the factors believed to support the Company’s Score will be obtained.
digital transformation. All TelkomGroup people are
expected to implement Core Values AKHLAK, which Culture TelkomGroup 2024 survey was conducted
will be strengthened by the actualization of Digital online and then deepened the survey results
Ways of Working (digital behavior). Digital Ways of with qualitative methods through Focus
Working are internalized and actualized through Group Discussions. Telkom obtained AKHLAK
regular activations so that they are embedded into Implementation Index score of 86.52% (Healthy
employee behavior and will ultimately improve the Category), Digital Ways of Working Index of 85.77%
Company’s performance. (Differentiators), and Net Promoter Score of
94.35% (Mature).
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62 About Telkom
Telkom Milestone and
Company Name Changes
Through Government Regulation Number 240 year 1961 regarding the Establishment of State Post and
Telecommunication Company, Indonesian Government established Perusahaan Negara Pos dan Telekomunikasi
(PN Postel). Furthermore, PN Postel was split into PN Post and Giro and Perusahaan Negara Telekomunikasi
(PN Telekomunikasi) according to Government Regulation No. 30 dated July 6, 1965. This date is the basis for
determining the anniversary of Telkom Indonesia.
PN Telekomunikasi was split into two entities in 1974, namely Perusahaan Umum Telekomunikasi (Perumtel)
and PT Industri Telekomunikasi Indonesia (PT INTI). Perumtel then turned into a state-owned limited liability
company with the official name of PT Telekomunikasi Indonesia (Persero) or Telkom in 1991. In 1995, Telkom
became a public company listed on IDX and NYSE, with a market capitalization value achieved by the end of
2024 of Rp268 trillion on IDX and US$16.81 billion on NYSE.
2024 2020
• Telkom successfully launched the Merah TelkomGroup has carried out several initiatives
Putih-2 Satellite from Cape Canaveral Florida, to respond to COVID-19 pandemic. Several
to support the realization of equitable access corporate actions carried out by Telkomsel,
to connectivity to remote areas of the country. including signing a conditional sale and purchase
• In addition, as part of implementing Five Bold agreement for selling 6,050 telecommunication
Moves, PT Telkom Infrastruktur Indonesia (TIF) towers to Mitratel as well as entering into
officially started the end-to-end operation of cooperation and investing in Gojek.
TelkomGroup’s connectivity network through
the Managed Service Agreement (MSA)
mechanism.
• In applying ESG principles, Telkom
launched a new ESG program entitled
GoZero - Sustainability Action by Telkom
2021
Indonesia, Telkom’s real ESG action for a Telkomsel is the first cellular operator to provide
sustainable future. 5G service in Indonesia. Telkom also increased its
collaboration through additional investment in
Gojek and signing an MoU with Microsoft.
2023
Telkom and Telkomsel have signed a deed
of separation to integrate IndiHome into
Telkomsel, an essential step in the Fixed Mobile 2022
Convergence (FMC) initiative within the Five Telkom has completed the first phase of
Bold Moves strategy. In addition, Telkom construction of the Hyperscale Data Center in
launched the ESG Existence for Sustainability Cikarang and started groundbreaking for the
by Telkom Indonesia (EXIST) program to affirm construction of the Hyperscale Data Center in
its commitment to managing and implementing Batam. Telkom also collaborates with the world’s
environmental, social, and governance (ESG) largest technology companies, namely Microsoft.
aspects.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 63
2011-2015 1999-2010
Telkom completed Super Nusantara Highway Telkom launched Telkom-1 satellite in 1999 and
project and True Broadband Access project in 2011. Telkom-2 satellite in 2005. Telkom has also
successfully completed JaKaLaDeMa underwater
Then in 2014, Telkom became the first operator in
fiber optic cable project.
Indonesia to provide 4G LTE service. A year later,
Telkom launched IndiHome.
1991-1995
2016 Perumtel officially changed to Telkom in 1991.
Then in 1995, Telkom established subsidiary
Telkom has completed construction of the Telkomsel as a cellular operator and conducted
Southeast Asia-Middle East-Western Europe 5 an IPO on Jakarta Stock Exchange and Surabaya
(SEA-ME-WE 5) submarine system. Stock Exchange, registered shares on NYSE and
LSE, and offered open shares without listing on
Tokyo Stock Exchange.
2017
Telkom launched Telkom 3S Satellite and
completed the Southeast Asia-United States
(SEA-US) submarine fiber optic cable line. 1974
PN Telekomunikasi was split into Perumtel,
which provides telecommunication
services, and PT INTI, which manufactures
telecommunications equipment.
2018
Telkom launched Merah Putih Satellite and
inaugurated Telkom Hub as a Center of
Excellence and Source of Inspiration to Build
Digital Indonesia. Telkom has also completed the
construction of Indonesia Global Gateway (IGG).
1965
PN Postel was split into two entities, namely
Perusahaan Negara Pos dan Giro (PN Pos and
Giro) and Perusahaan Negara Telekomunikasi
(PN Telekomunikasi).
2019
TelkomGroup acquired 2,100 towers belonging
to Indosat Ooredoo and acquired 95% of
PT Persada Sokka Tama shares. Telkom also
received “2019 Indonesia IoT Services Provider
of the Year” award in Frost & Sullivan 2019 Asia
Pacific Best Practices Awards.
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64 About Telkom
Business Activities
BUSINESS ACTIVITIES BASED 2. Planning, developing, providing, marketing/
ON TELKOM’S ARTICLES OF selling, and improving telecommunication and
ASSOCIATION information technology services in the broadest
definition with due observance of the statutory
Telkom’s business activities based on Article 3 of regulations.
the Company’s Articles of Association as stated
in the Deed of Statement of Resolution of the 3. Making investments including equity
Company’s GMS Number 37 dated June 22, 2022 participation in other companies in line with and
which was received and approved by the Minister in order to achieve the goals and objectives of the
of Law and Human Rights based on Letter No. Company.
AHU-0044650.AH.01.02. year 2022 dated June
29, 2022. Telkom’s business activities are in the Supporting Business Activities
field of providing telecommunication networks
1. Provide payment transactions and money
and services, informatics, as well as optimizing the
transfer services through telecommunications
utilization of the Company’s resources to produce
and informatics networks.
goods and/or services of high quality and with solid
competitiveness to gain/pursue profit to increase 2. Carry out other activities and businesses in the
Company’s value by applying the principle of Limited context of optimizing resources owned by the
Liability Company. The following are Telkom’s main Company, including the use of fixed and movable
business activities and supporting business activities assets, information system facilities, education
in general: facilities and training facilities, and maintenance
and repair facilities.
Principal Business Activities
3. Cooperate with other parties in the context
1. Planning, building, providing, developing, of optimizing informatics, communication or
operating, marketing/selling/leasing, and technology resources owned by other parties in
maintaining telecommunication and information the informatics, communication, and technology
technology networks in the broadest definition industries, in line with and in order to achieve the
with due observance of the statutory regulations. aims and objectives of the Company.
All business activities, both main and supporting,
were carried out in the financial year.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 65
PORTFOLIO PRODUCT AND/OR SERVICE
Telkom has a portfolio of products and services in various business segments in accordance with digital
transformation strategy and development of telecommunications industry, which is described as follows:
Segment Business Line Product
Mobile Mobile Legacy Mobile Voice, Mobile SMS
Mobile Data Mobile Broadband
B2C Digital (including E-Health, E-Education, IoT, Big Data, Financial Service, VOD, Music,
DigiCo) Gaming, Digital ads, VAS
Consumer Fixed Voice Fixed Voice
Fixed Broadband Home Broadband
Home Digital Service Pay TV, OTT, Other Digital Services
Enterprise Connectivity Fixed Voice, Fixed BB, Enterprise Data (include Managed CPE,
Advanced Connectivity), Wi-Fi, Satellite
Digital IT Services IT Service, Big Data, IoT, Cybersecurity, Cloud (IaaS, PaaS, SaaS),
Managed Solution (including Managed Device)
Digital Adjacent Service Financial Services, eHealth (Health Service Claim and Provider
Management Services), Digital Advertising, POS Managed Services
BPO Customer Relationship Management, Shared Service Operations
Wholesale & WS Network International Network, Domestic Network
International
Service WS Traffic International Voice, Domestic Voice, Internet Traffic
WS FTTX Wholesale FTTH
WS Intl, Platform & Services SMS A2P, CDN
Satellite Upstream (Orbital Slot, Satellite Mission, Transponder),
Downstream (VSAT, Broadband Satellite), Link
DC Collocation & Hosting, Integrated DC Services, Hyperscale
Tower Tower Owned (Macro, Micro, etc.), Reseller, Managed Service,
Project
Infrastructure Infra & Network Managed Service, Submarine Cable Service, Power
Solutions
Digital B2B Digital B2B e-Commerce, e-Logistic, Digital Advertising
B2B2C Digital (Transition Music, Gaming, Digital Content
Portfolio)
Smart Platform Big Data & IoT Platform, Digi Ads, Financial Services
Other Non-portfolio Digital Investment, Property Development, Property Management,
Hospitality
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66 About Telkom
Telkom Organizational
Structure
Telkom organizational structure as of December 31, 2024 with
President Director
disclosures at least up to the structure of one level below the
RIRIEK ADRIANSYAH
Board of Directors is presented as follows:
CORPORATE OFFICE
Director of Director of
Director of Enterprise & Director of Group Director of Wholesale & Director of Network
Digital Business Strategic Portfolio
Business Service Business Development International Service & IT Solution
MUHAMAD FAJRIN BUDI SETYAWAN
FM VENUSIANA R HONESTI BASYIR BOGI WITJAKSONO HERLAN WIJANARKO
RASYID WIJAYA
AVP Directorate
AVP Directorate AVP Directorate AVP Directorate AVP Directorate AVP Directorate
Secretariat DB
Secretariat EBIS Secretariat GBD Secretariat WINS Secretariat NITS Secretariat SP
H MOHAMAD RAHMAT
DESSY R RIFA HERDIAN - AGUNG KERTIOSO SIGIT ADI PRAMONO
YUSUF
VP Enterprise VP Strategy VP Network/IT VP Digital Business
VP Business VP Corporate
Business Strategy Planning & Strategy, Technology, Strategy &
Planning Strategic Planning
IRWAN Performance & Architecture Governance
ANANG TORKIS ROPINDA
ANDRIYANTO PRAYUDI ERMONO LIMAN DR RIZA A N
SUPRIADI SIHOMBING
NUGROHO NUGROHO PRABOWO RUKMANA
VP Integrated
VP Enterprise VP Business VP Connectivity VP Digital Business
VP Wholesale Portfolio
Product Parenting & Risk Mgt Service & Budget Performance
Product & Service Management
Development ERVIA Strategy JOKOADI
MICHAEL ADIGUNA CANDRA KUSUMA
- TISSYARAKSITA DEVI MARFANI WIBOWO
WARDHANA
VP Wholesale
VP Performance &
VP Enterprise VP Business Solution & Customer VP Synergy
Governance Mgt.
Business Governance Performance Mgt Management KUNCORO
IRWAN
ARIWIATI SAIFUL HIDAJAT OKTADIASIH WASTUWIBOWO
INDRIASTANTO
MUNINGGAR
OVP Enterprise OVP Cyber VP Strategic
Regional Security Investment
Management ELYSABETH Digital Telco
- DAMAYANTI YUSUF WIBISONO
VP Strategic
Investment ICT
& Services
AGUNG NUGROHO
VP Global Strategic
Partnership
M ROSADI
EGM Digital EVP Digital
EVP Private Service EVP Divisi Wholesale
DIVISIONS/CENTERS
Connectivity Service Business & Technology
MOHAMMAD Service
TEUKU MUDA KOMANG BUDI
SALSABIL MUHAMMAD ROFIK
NANTA ARYASA
EVP SOE Service EGM Information
DEDY Technology
MARDHIANTO -
EGM Digital
EVP Government
Infrastructure
Service
Development
SYAIFUDIN
CHOLIS SAFRUDIN
EGM Solution
Delivery & Assurance
ADMIRAL DASRIN
TERRITORY
EVP Telkom EVP Telkom
CRO EVP Telkom EVP Telkom EVP Telkom
Regional I Regional IV
Regional II Regional III Regional V
DWI PRATOMO RACHMAD DWI
EDIE KURNIAWAN FERA PEBRAYENTI AMIN SOEBAGYO
JUNIARTO HARTANTO
Page 69
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 67
Board of Commissioners
Committee for Planning
Committee for Nomination Integrated Governance
Audit Committee and Risk Evaluation and
and Remuneration Committee
Monitoring
Director of Finance Director of Human
& Risk Management Capital Management
HERI SUPRIADI AFRIWANDI
AVP Directorate
AVP Directorate
Secretariat HCM
Secretariat Finance
YULIO GUNTUR
WILLY KOESPRASETYO
WICAKSANA CEO’s Office
SVP Group
SVP Risk SVP Group Corporate
VP HC Strategic SVP Corporate Sustainability &
Management SVP Internal Audit Transformation
Management Secretary Corporate
ROBERTO S MOHAMAD RAMZY JEMY VESTIUS
AHMED YASSER JATI WIDAGDO Communication
NEGARA CONFIDO
AHMAD REZA
VP Risk Strategy
& Governance VP HC Talent VP Corporate
VP Regulatory VP Planning &
RINI FITRIANI Management Policy Communication
Management Development Audit
GANJAR ANDRI HERAWAN
CHAIRUDIN MIRZA AFDOL MUFTIASA Taskforce Leader
DANISWARA SASOKO
VP Risk Operation
& Process Mgt.
PRAYUDI
UTOMO VP Corporate
VP HC Culture & VP Sustainability VP Infrastructure & VP Change Mgt. &
Office Support
Industrial Relations GUNAWAN WASISTO Operation Audit Communication
VP Investor HARDI
IWAN SETIAWAN CIPTANING ANDRI UMAR SYAHID SETYO BUDIANTO
Relation PURWANTO
OCTAVIUS OKY
PRAKARSA
OVP HC Intelligence, VP Legal & VP Information VP Product
VP TelkomGroup
Analytic, & Compliance Technology Audit Management
Financial Planning &
Performance JUNIAN SIDHARTA RUDY BERLIANDY -
Analysis
DIDI HARYADI
DEVINDRA KAMAL
VP Subsidiaries
Financial Planning &
Analysis VP Integrated &
VP Data Protection
HENDRA Financial Audit
RIZAL AKBAR
KURNIAWAN KENNY NAZAR
VP Group Financial
Accounting &
Treasury
JUNAINAH
VP Financial &
Procurement Policy
NURCHOLIS FERI
AHMADI
SGM HC Strategic
SGM Finance System
Partner
& Acc Controller
SENDY ADITYA
ACHMAD ALIYADIN
KAMESVARA
SGM Group SGM HC Service
Procurement Operations
MOKHTAR ISMAIL PUSPO HENDRIADI
SGM Assessment Center
SSGM Telkom Shared
Indonesia
Service Center
JUSTI
EKA SETIAWAN
ARIESTHIAWATI
SGM Social
Responsibility
HERY SUSANTO
SGM Telkom
Corporate University
MUHAMMAD
SUBHAN ISWAHYUDI
Page 70
68 About Telkom
List of Industry
Association Memberships
No. National Member
1. Masyarakat Telematika Indonesia (MASTEL) Telkom, Telkomsat, TelkomMetra,
Infomedia, AdMedika, Mitratel,
Telkomsel, Telin
2. Asosiasi Kliring Trafik Telekomunikasi (ASKITEL) Telkom, Telkomsel
3. Asosiasi Penyelenggara Jaringan Internet Indonesia (APJII) Telkom, Telkomsat, TelkomMetra,
Telkomsel
4. Asosiasi Telekomunikasi Seluruh Indonesia (ATSI) Telkom, Telkomsel
5. Indonesia Telecommunication Users Group (IDTUG) Telkom
6. Asosiasi Penyelenggara Pengiriman Uang Indonesia (APPUI) Telkom, Finnet, Telkomsel
7. Asosiasi Sistem Pembayaran Indonesia (ASPI) Telkom, Finnet, Telkomsel
8. Asosiasi Sistem Komunikasi Kabel Laut Seluruh Indonesia (ASKALSI) Telkom, Telin
9. Indonesia Mobile Content Association (IMOCA) Telkom
10. Asosiasi Televisi Swasta Indonesia (ATVSI) Telkom
11. Asosiasi Satelit Indonesia (ASSI) Telkom, Telkomsat
12. Forum Komunikasi Satuan Pengawas Internal (FKSPI) Telkom
13. Asosiasi Gabungan Pelaksana Konstruksi Nasional Indonesia (GAPENSI) Graha Sarana Duta, Telkomsat,
Mitratel
14. Keanggotaan Green Building Council Indonesia (GBCI) Graha Sarana Duta
15. Keanggotaan Persatuan Perusahaan Real Estate Indonesia (REI) Graha Sarana Duta
16. Asosiasi Gabungan Rekanan Konstruksi Indonesia (GARANSI) Graha Sarana Duta
17 Asosiasi Badan Usaha Jasa Pengamanan Indonesia (ABUJAPI) Graha Sarana Duta
18. Asosiasi Perusahaan Klining Servis Indonesia (APKLINDO) Graha Sarana Duta
19. Kamar Dagang dan Industri (KADIN) Telkom, Graha Sarana Duta, Telkomsat,
Infomedia, Nutech, AdMedika, Bosnet,
Swadharma Sarana Informatika (SSI),
Telkomsel
20. Asosiasi Perawatan Bangunan Indonesia (APBI) Graha Sarana Duta
21. Asosiasi Kontraktor Ketenagalistrikan Indonesia (AKLINDO) Graha Sarana Duta
22. Asosiasi Pengelola Gedung Badan Usaha Milik Negara (APG BUMN) Graha Sarana Duta
23. Indonesia Cyber Security Forum (ICSF) Telkom
24. Asosiasi Inkubator Bisnis Indonesia (AIBI) Indigo Creative Nation
25. Asosiasi Perusahaan Nasional Telekomunikasi (APNATEL) Telkom, Telkom Akses
26. Asosiasi Perusahaan Teknik Mekanikal Elektrikal (APTEK) Nutech, Swadharma Sarana
Informatika (SSI)
27. Asosiasi Perusahaan Pengadaan Komputer dan Telematik Indonesia Nutech, Infomedia, Swadharma
(ASPEKMI) Sarana Informatika (SSI), Telkomsat
28. Asosiasi Pengusaha Indonesia (APINDO) Infomedia
29. Asosiasi Bisnis Alih Daya Indonesia (ABADI) Infomedia
30. Indonesia Contact Center Association (ICCA) Infomedia
31. Asosiasi Cloud Computing Indonesia Telkomsigma
32. Asosiasi Data Center Indonesia (IDPRO) Telkomsigma
33. Asosiasi PMOI (Project Management Office Professional Indonesia) Telkomsigma
34. Asosiasi Badan Usaha Jasa Pengamanan Indonesia (ABUJAPI) Swadharma Sarana Informatika (SSI)
35. Asosiasi Perusahaan Jasa Pengolahan Uang Tunai Indonesia (APJATIN) Swadharma Sarana Informatika (SSI)
36. Asosiasi Perusahaan dan Konsultan Telematika Indonesia (ASPEKTI) Swadharma Sarana Informatika (SSI)
37. Asosiasi Perusahaan Perdagangan Barang Distributor, Keagenan dan Swadharma Sarana Informatika (SSI),
Industri (ARDIN) Telkomsat
38. Asosiasi Fintech (AFTECH) Finnet, Telkomsel
Page 71
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 69
No. National Member
39. Asosiasi E-Commerce Indonesia (idEA) Finnet
40. Ikatan Ahli Ekonomi Islam Indonesia (IAEI) Telkom
41. Masyarakat Ekonomi Syariah (MES) Telkom
42. BUMN Muda Telkom
43. Forum Digital BUMN (FORDIGI) Telkom
44. Kolaborasi Riset dan Inovasi Industri Kecerdasan Artifisial Indonesia Telkom
(KORIKA)
45. Forum Human Capital Indonesia (FHCI) Telkom
46. Asosiasi Pengembang Menara Telekomunikasi (ASPIMTEL) Mitratel
47. Asosiasi Penyelenggara Jaringan Telekomunikasi (APJATEL) Mitratel (2024)
48. Asosiasi IoT Indonesia (ASIOTI) Telkomsel
49. Asosiasi Emiten Indonesia (AEI) Telkom, Mitratel
50. Himpunan Jasa Konstruksi Indonesia (HJKI) Telkom Akses
51. Ikatan Akuntan Indonesia (IAI) Telkom
52. Indonesia Corporate Secretary Association (ICSA) Mitratel
53. Cyber Defense Indonesia (CDEF ID) Telkom, Telkomsel
54. Asosiasi Pelaksana Konstruksi Nasional (ASPEKNAS) Graha Sarana Duta
55. Asosiasi Perusahaan Teknik Mekanikal Elektrikal Graha Sarana Duta
No. International Member
1. International Telecommunication Union (ITU) Telkom
2. International Telecommunications Satellite Organization (ITSO) Telkom
3. International Telecommunications Satellite (INTELSAT) Telkom
4. International Marine/Maritime Satellite (INMARSAT) Telkom
5. Asia Pacific Telecommunication (APT) Telkom, Telkomsel
6. Asia Pacific Economic Cooperation (APECTEL) Telkom
7. TM Forum Telkom, Telkomsel
8. ASEAN CIO Association (ACIOA) Telkom
9. Wireless Broadband Alliance (WBA) Telkom
10. The Institute of Certified Management Accountants Telkom
11. Asia-Pacific Satellite Communications Council (APSCC) Telkomsat
12. Asia Pacific Network Information Centre (APNIC) Telkomsel
13. Bridge Alliance Telkomsel
14. Global System for Mobile Communications Association (GSMA) Telkomsel
15. PMO Global Alliance (PMOGA) Telkomsigma
16. Pacific Telecommunications Council (PTC) Telin
17. Mobile Ecosystem Forum (MEF) Telin
18. International Cable Protection Committee (ICPC) Telin
19. The ITW Global Leader's Forum (GLF) Telin
20. Executive Global Network (EGN) Telin
21. Information Systems Audit and Control Association (ISACA) Chapter Telkom
Indonesia
22. Global Information Assurance Certification (GIAC) Advisory Board Telkom
23. International Information System Security Certification Consortium Telkom
(ISC2)
24. International Association of Privacy Professionals (IAPP) Telkom
Page 72
70 About Telkom
Profile of the Board of Commissioners
MEMBER OF THE BOARD OF COMMISSIONERS
WHO OFFICIATE AS OF DECEMBER 31, 2024
BAMBANG
PERMADI
SOEMANTRI WAWAN
BRODJONEGORO IRIAWAN
President Independent
Commissioner/ Commissioner
Independent
Commissioner
Age 58 years old Age 61 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Jakarta, Indonesia
Educational 1997 Ph.D, University of Illinois at Urbana Educational 2018 Doctoral degree in Law,
Background Champaign, United States of America Background Universitas Padjadjaran, Indonesia
1993 Master of Urban Planning, University of 2005 Master degree in Law, Universitas
Illinois at Urbana Champaign, United States Padjadjaran, Indonesia
of America 1989 Bachelor’s degree in Law,
1990 Bachelor’s degree in Economics, Universitas Universitas Jenderal Soedirman,
Indonesia, Indonesia Indonesia
Basis of Annual General Meeting of Shareholders (AGMS) of Basis of Annual General Meeting of Shareholder
Appointment Telkom on May 28, 2021 Appointment (AGMS) of Telkom on June 19, 2020
Concurrent 2024 Special Advisor to the President for Concurrent No concurrent positions held
Positions Economic and National Development Positions
2021 President Commissioner, PT Bukalapak Tbk Work Experiences 1999 - Managing Partner, Iriawan & Co
2021 President Commissioner, PT Nusantara 2000
Green Energy Professional 2023 Qualified Risk Governance
2021 Independent Commissioner, PT Astra Certifications Professional (QRGP)
International Tbk 2021 Certification in Audit Committee
2021 Independent Commissioner, PT Indofood Tbk Practices (CACP)
2021 Commissioner, PT Combiphar
Work 2022 - President Commissioner, PT Prudential
Experiences 2024 Syariah
2021 - Independent Commissioner, PT TBS Energi
2025 Utama Tbk*
2021 - President Commissioner, PT Oligo
2023 Infrastruktur
2019 - Minister of Research, Technology, and the
2021 National Innovation of Republic of Indonesia
2016 - Minister of National Development Planning
2019 of Republic of Indonesia
2014 - Minister of Finance of Republic of Indonesia
2016
2013 - Vice Minister of Finance of the Republic of
2014 Indonesia
Professional 2021 Qualified Risk Governance Professional
Certificationss (QRGP)
Remark:
* Resigned on March 7, 2025.
Page 73
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 71
MARCELINO
BONO RUMAMBO
DARU ADJI PANDIN
Independent Komisaris
Commissioner
Age 56 years old Age 59 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Jakarta, Indonesia
Educational 1995 LLM, Monash University, Educational 2007 Ph.D. of Technology and Innovation, the
Background Australia Background University of Queensland, Australia
1993 Bachelor’s degree in Law, 2005 Graduate Diploma in Company Director
Universitas Trisakti, Indonesia Course, Australian Institute of Company
Director (GAICD), Australia
Basis of Annual General Meeting of Shareholders
Appointment (AGMS) of Telkom on May 28, 2021 2003 Diploma in Company Direction (Chartered
Director Level II), The Institute of Directors
Concurrent 2023 Member of the Ethics
(IoD) London, United Kingdom
Positions Committee of the Indonesian
Football Association 1999 Master of Philosophy, Judge Business School
University of Cambridge, United Kingdom
2023 Member of the Management
Board of the Indonesian Audit 1991 Bachelor’s degree in Architectural Engineering,
Committee Association Institut Teknologi Bandung, Indonesia
2017 Managing Partner, Assegaf Basis of First Period: Telkom Annual General Meeting of
Hamzah & Partners Appointment Shareholders (AGM) on May 24, 2019
Work Experiences 2019 - Disciplinary Committee, PT Second Period: Telkom Annual General Meeting of
2022 Bursa Efek Indonesia Shareholders (AGM) on May 3, 2024
2018 - Chairman, Standards Board Concurrent No concurrent positions held
2021 of the Association of Capital Positions
Market Legal Consultants Work 2018 Committee, World Observatory on
Professional 2024 Chartered Accountant, Ikatan Experiences - Subnational Government Finance and
Certifications Akuntan Indonesia 2019 Investment OECD Paris, France
2024 Certificate in Accounting, 2017 - Senior Policy Advisor on City Finance, United
Finance Business (CAFB) 2019 City and Local Government (UCLG) Asia Pacific
Advanced Level, Ikatan Akuntan Professional 2024 Chartered Accountant, Ikatan Akuntan
Indonesia Certifications Indonesia
2024 Certificate in Accounting, 2024 Certificate in Accounting, Finance Business
Finance Business (CAFB) (CAFB) Advanced Level, Ikatan Akuntan
Professional Level, Ikatan Indonesia
Akuntan Indonesia 2024 Certificate in Accounting, Finance Business
2023 Qualified Risk Governance (CAFB) Professional Level, Ikatan Akuntan
Professional (QRGP) Indonesia
2017 Licensed to practice law as an 2023 Qualified Risk Governance Professional (QRGP)
advocate by Capital Market 2020 Certification in Audit Committee Practices
Legal Consultants Association (CACP)
(Himpunan Konsultan Hukum
2015 The Company Directors' Course (CDC)
Pasar Modal - HKHPM)
2014 The Company Directors' Course (CDC)
2017 Licensed to practice law as an
advocate by the Indonesian Bar
Association (PERADI)
Page 74
72 About Telkom
RIZAL
ISMAIL MALLARANGENG
Commissioner Commissioner
Age 55 years old Age 60 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Jakarta, Indonesia
Educational 2010 Doctoral degree in Electrical and Informatics Educational 2000 Doctoral Comparative
Background Engineering, Institut Teknologi Bandung, Background Politics, Ohio State
Indonesia University, United States of
1999 Master’s degree in Electrical Engineering, America
Universitas Indonesia, Indonesia
1994 Magister Comparative
1993 Bachelor’s degree in Physics Engineering, Institut Politics, Ohio State
Teknologi Bandung, Indonesia University, United States of
Basis of First Period: Telkom Annual General Meeting of America
Appointment Shareholders (AGM) on May 24, 2019 1990 Bachelor degree in
Second Period: Telkom Annual General Meeting of Communication Science,
Shareholders (AGM) on May 3, 2024 Universitas Gadjah Mada,
Indonesia
Concurrent 2025 General Secretary of the Ministry of
Positions Communication and Digital Basis of Annual General Meeting of Shareholders
Appointment (AGMS) of Telkom on June 19, 2020
Work 2023 - Chairman of the Supervisory Board of MASTEL
Experiences 2024 Concurrent 2020 Commissioner, PT Energi
2021 - Acting as Director General of Post and Positions Mega Persada
2023 Information Technology, Ministry of Work Experiences 2001 - Executive Director, Freedom
Communication and Information Technology
2020 Institute
2018 - Chairman, Indonesian Telecommunications
2016 Founder, Freedom Corp
2019 Regulatory Agency (BRTI)
2009 Founder, Fox Indonesia
2016 - Director General of Resources and Equipment
2025 of Post and Information Technology, Ministry of 2008 - Director of IT System
Communication and Information of the Republic 2012 Operation, Financial
of Indonesia Transaction Report and
2014 - Director of PPKU Telecommunications/Broadband Analysis Center (PPATK)
2016 Development, Ministry of Communication and
Professional 2023 Qualified Risk Governance
Information of the Republic of Indonesia
Certifications Professional (QRGP)
2012 - Director of Telecommunications, Directorate
2014 General of Post and Information Technology,
Ministry of Communication and Information
Technology of the Republic of Indonesia
2008 - Director of IT System Operation, Financial
2012 Transaction Report and Analysis Center (PPATK)
Professional 2024 Chartered Accountant, Ikatan Akuntan Indonesia
Certifications
2024 Certificate in Accounting, Finance Business
(CAFB) Professional Level, Ikatan Akuntan
Indonesia
2024 Certificate in Accounting, Finance Business
(CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2021 Certification in Audit Committee Practices (CACP)
2012 Computer Emergency Response Team (CERT),
Carnegie Mellon - USA
2010 Certified Information System Security
Professional (CISSP), INIXINDO
2010 Certified Data Center Professional (CDCP),
INIXINDO
2010 Certified Information Technology Manager
(CITM), INIXINDO
Page 75
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 73
ISA SILMY
RACHMATARWATA KARIM
Commissioner Commissioner
Age 58 years old Age 50 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Jakarta, Indonesia
Educational 1994 Master of Mathematic, Educational 2014 Defense Management, Naval
Background Actuarial Science, University of Background Postgraduate School (NPS), United
Waterloo, Canada States of America
1990 Bachelor degree in 2012 Advance Security, George C. Marshall
Department of Mathematics European Center for Security Studies,
and Natural Sciences, Institut Germany
Teknologi Bandung, Indonesia
2012 NATO School, Germany
Basis of Annual General Meeting of Shareholders
2012 National and International Defense,
Appointment (AGMS) of Telkom on May 28, 2021
United States of America
Concurrent 2021 Director General of Budget,
2010 Georgetown University, GLS,
Positions Ministry of Finance of the
Washington D.C, United States of
Republic of Indonesia
America
Work Experiences 2017 - Director, General of State
2007 Master degree in Economics, Universitas
2021 Assets, Ministry of Finance of
Indonesia, Indonesia
the Republic of Indonesia
1997 Bachelor degree in Economics,
2013 - Expert Staff to the Minister
Universitas Trisakti, Indonesia
2017 of Finance for Policy and
Regulation on Financial Basis of Annual General Meeting of Shareholders (AGMS)
Services and Capital Markets, Appointment of Telkom on May 30, 2023
Ministry of Finance of the Concurrent 2024 Deputy Minister of Immigration and
Republic of Indonesia Positions Community
2013 Senior Employee at the Fiscal Work Experiences 2023 - General Director of Immigration of the
Policy Agency, Ministry of 2024 Republic of Indonesia, Ministry of Law
Finance of the Republic of and Human Rights
Indonesia
2018 - President Director, PT Krakatau Steel
2006 - Head of the Insurance Bureau, 2023 (Company) Tbk
2012 Capital Market and Financial
2016 - Commissioner, PT GE Power Solution
Institution Supervisory Agency
2019 Indonesia
(BPPMLK), Ministry of Finance
of the Republic of Indonesia 2016 - President Director, PT Barata Indonesia
2018 (Persero)
Professional 2024 Chartered Accountant, Ikatan
Certifications Akuntan Indonesia 2015 - President Commissioner, MAN Diesel &
2024 Certificate in Accounting, 2016 Turbo Indonesia
Finance Business (CAFB) 2014 - President Director, PT Pindad (Persero)
Professional Level, Ikatan 2016
Akuntan Indonesia
2011 - Commissioner, PT PAL Indonesia
2024 Certificate in Accounting, 2014 (Persero)
Finance Business (CAFB)
2010 - Special Advisor to the Indonesian
Advanced Level, Ikatan
2011 Investment Coordinating Board
Akuntan Indonesia
Professional 2023 Qualified Risk Governance Professional
2023 Qualified Risk Governance
Certifications (QRGP)
Professional (QRGP)
2014 Naval Postgraduate School (NPS)
2020 Fellow of the Society of
in Defense Management, Monterey,
Actuaries of Indonesia (FSAI)
California, United States of America
1993 Associate of the Society of
2012 Harvard University in National and
Actuaries (ASA)
International Defense, Cambridge,
Massachusetts, United States of America
2012 NATO School, Oberammergau, Germany
2012 George C. Marshall European Center for
Security Studies, Program in Advance
Security, Garmisch-Partenkirchen,
Germany
Page 76
74 About Telkom
ARYA
MAHENDRA
SINULINGGA
Commissioner
Age 54 years old
Citizenship Indonesian
Domicile Tangerang, Indonesia
Educational 1995 Bachelor degree in Civil Engineering, Institut Teknologi Bandung,
Background Indonesia
Basis of Annual General Meeting of Shareholders (AGMS) of Telkom on May 28, 2021
Appointment
Concurrent 2024 Acting as Chairman of Provincial Association of the Indonesian
Positions Football Association (PSSI) in North Sumatra
2023 Member of the Executive Committee of the Indonesian Football
Association (PSSI)
2021 General Secretary, Institut Teknologi Bandung Alumni Association
2021 Advisory Board for the Central Board of the Indonesian Engineers
Association
2020 Member of the Board of Trustees, North Sumatera University
2019 Special Staff III, The Minister of State-Owned Enterprises (SOE)
Work 2019 - 2021 Commissioner, PT INALUM
Experiences
2018 - 2019 Corporate Secretary Director, PT MNC Tbk
2017 - 2018 President Commissioner, PT MNC Infotainment
2015 - 2018 President Director, PT IDX Channel
2015 - 2018 Deputy Director, iNews TV
2014 - 2019 President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019 News Director, PT MNC Tbk
2014 - 2018 Director, PT MCI
2014 - 2015 Director, PT MNC Investama Tbk
2014 - 2015 Editor-in-Chief, RCTI
2011 - 2014 Editor-in-Chief, Global TV
2010 - 2018 News Director & Corporate Secretary, Global TV
2010 - 2014 Corporate Secretary, PT MNC Tbk
2008 - 2014 President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014 Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015 Corporate Secretary, PT MNC Sky Visison
2004 - 2007 Member, North Sumatra Regional Indonesian Broadcasting
Commission
2001 - 2004 Expert Staff, The Chairman of the Regional House of
Representatives and Spatial Consultant for North Sumatera
Province
1995 - 2001 Drainage & Marine Consultant, Bandung
Professional 2023 Qualified Risk Governance Professional (QRGP)
Certifications
Page 77
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 75
INDEPENDENT STATEMENT OF THE MEMBER OF INDEPENDENT
COMMISSIONERS
In accordance with Article 25 of FSA Regulation No. 33/POJK.04/2014, Independent Commissioners who
have served for two terms of office (two terms of office in five years) can be reappointed by declaring their
independence to the GMS and disclosed publicly in the Annual Report. Until the 2024 financial year, no Telkom
Independent Commissioners served for two periods. Nevertheless, Telkom still requires each Independent
Commissioner to sign a Statement of Independence annually as one of the efforts to implement GCG, which
ensures that each member of the Board of Commissioners carries out his duties independently without
intervention from other parties.
COMMISSIONER AFFILIATION RELATIONSHIPS
Telkom discloses the affiliation with fellow members of the Board of Commissioners, Directors and major
and controlling shareholders, including the names of affiliated parties in accordance with the principle of
transparency in the implementation of Good Corporate Governance or GCG.
Financial Affiliation with Family Affiliation with
Name Position Major & Major &
BoC BoD Controlling BoC BoD Controlling
Shareholder(1) Shareholder(1)
Bambang Permadi President
Soemantri Commissioner/
No No No No No No
Brodjonegoro Independent
Commissioner
Wawan Iriawan Independent
No No No No No No
Commissioner
Bono Daru Adji Independent
No No No No No No
Commissioner
Marcelino
Commissioner No No No No No No
Rumambo Pandin
Ismail Commissioner No No No No No No
Rizal Mallarangeng Commissioner No No No No No No
Isa Rachmatarwata Commissioner No No No No No No
Arya Mahendra
Commissioner No No No No No No
Sinulingga
Silmy Karim Commissioner No No No No No No
Remarks:
(1) The controlling shareholder in this matter is the Government of Indonesia represented by the Minister of SOE as a primary shareholder.
Page 78
76 About Telkom
BOARD OF COMMISSIONERS’ COMPOSITION
On January 19, 2024, Mr. Abdi Negara Nurdin as Independent Commissioner of the Company submitted a
letter of resignation to the Company, which has been responded to by the Company through the letter of
Pgs President Director Number C.Tel.01/HK 000/TEL-00000000/2024 dated January 24, 2024 regarding
Response to Letter of Resignation as Independent Commissioner of PT Telkom Indonesia (Persero) Tbk. The
Company has also carried out the obligation to report this resignation to the Financial Services Authority
through letter Number Tel.03/LP 000/DCI-M0200000/2024 dated January 22, 2024, regarding the
Resignation of Independent Commissioner of PT Telkom Indonesia (Persero) Tbk.
At the Annual General Meeting of Shareholders of PT Telkom Indonesia (Persero) Tbk for Financial Year 2023
on May 3, 2024, there was an agenda to confirm the resignation of Mr. Abdi Negara Nurdin as Independent
Commissioner and the reappointment of Mr. Ismail and Mr. Marcelino Rumambo Pandin as Commissioners.
Thus, the composition of the Telkom Board of Commissioners as of December 31, 2024 is as follows:
January 1, 2024 - May 3, 2024 May 3, 2024 - December 31, 2024
Bambang Permadi Soemantri Brodjonegoro Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner President Commissioner/Independent Commissioner
Wawan Iriawan Wawan Iriawan
Independent Commissioner Independent Commissioner
Bono Daru Adji Bono Daru Adji
Independent Commissioner Independent Commissioner
Abdi Negara Nurdin Marcelino Rumambo Pandin
Independent Commissioner Commissioner
Marcelino Rumambo Pandin Ismail
Commissioner Commissioner
Ismail Rizal Mallarangeng
Commissioner Commissioner
Rizal Mallarangeng Isa Rachmatarwata
Commissioner Commissioner
Isa Rachmatarwata Arya Mahendra Sinulingga
Commissioner Commissioner
Arya Mahendra Sinulingga Silmy Karim
Commissioner Commissioner
Silmy Karim
Commissioner
Page 79
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 77
ACHIEVE OUTSTANDING RESULTS
IN B2C INTEGRATION AND STRIVE
FOR SIGNIFICANT IMPROVEMENTS
IN B2B TRANSFORMATION
TelkomGroup
CORPORATE THEME 2024
ACHIEVE OUTSTANDING RESULTS
IN B2C INTEGRATION AND
STRIVE FOR SIGNIFICANT IMPROVEMENTS
IN B2B TRANSFORMATION
MAIN PROGRAM
Leverage data-driven approach in addressing
customer pain-points and increasing customer
lifetime value
Ensure business competitiveness through
streamlined portfolio and relentless 5 BM
execution while confirming strategic partners
Execute fit-for-purpose talent fulfillment to
enhance business capabilities and productivity
Page 80
78 About Telkom
Profile of the Board of Directors
MEMBER OF THE BOARD OF DIRECTORS WHO
OFFICIATE AS OF DECEMBER 31, 2024
RIRIEK HERI
ADRIANSYAH SUPRIADI
President Director of
Director Finance & Risk
Management
Age 61 years old Age 59 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Jakarta, Indonesia
Educational 1989 Bachelor degree in Electrical Educational 2013 Honorary Doctoral degree in
Background Engineering, Institut Teknologi Background Business Management, Universitas
Bandung, Indonesia Padjadjaran, Indonesia
Basis of Annual General Meeting of Shareholders 1997 Master of Business Administration
Appointment (AGMS) of Telkom on May 3, 2024 (MBA), Saint Mary’s University,
Concurrent No concurrent positions held Canada
Positions 1991 Bachelor degree in Industrial
Work Experiences 2019 - President Commissioner, Engineering, Institut Teknologi
2021 PT Telekomunikasi Selular Bandung, Indonesia
(Telkomsel) Basis of Annual General Meeting of Shareholders
2015 - President Director, PT Appointment (AGMS) of Telkom on June 19, 2020
2019 Telekomunikasi Selular Concurrent 2021 Commissioner, PT Telekomunikasi
(Telkomsel) Positions Selular (Telkomsel)
2014 Director of Wholesale & Work 2020 President Commissioner, PT Graha
International Service, PT Experiences - 2023 Sarana Duta (Telkom Property)
Telkom Indonesia (Persero) Tbk 2020 Commissioner, PT Telekomunikasi
2012 - Director of Compliance & Selular (Telkomsel)
2013 Risk Management, PT Telkom 2019 - President Commissioner, PT
Indonesia (Persero) Tbk 2020 Fintech Karya Nusantara (LinkAja)
2011 - President Director, PT 2019 - President Commissioner, PT
2012 Telekomunikasi Indonesia 2020 Telkomsel Mitra Inovasi
International
2012 - Director of Finance, PT
2010 - Director of Marketing & Sales, 2020 Telekomunikasi Selular (Telkomsel)
2011 PT Telekomunikasi Indonesia
2012 - President Commissioner, PT Graha
International
2014 Sarana Duta (Telkom Property)
2008 - Director of International Carrier
2010 - President Director, PT Graha
2010 Service, PT Telekomunikasi
2012 Sarana Duta (Telkom Property)
Indonesia International
2008 Commissioner, PT Multimedia
Professional 2023 - Qualified Risk Governance
- 2011 Nusantara (Metra)
Certifications 2025 Professional
2007 Vice President Subsidiary
- 2010 Performance, PT Telkom Indonesia
(Persero) Tbk
Professional 2023 - Qualified Risk Governance
Certifications 2025 Professional
v
Page 81
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 79
FM HERLAN
VENUSIANA R WIJANARKO
Director of Director of
Enterprise & Network & IT
Business Service Solution
Age 58 years old Age 59 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Bandung, Indonesia
Educational 2004 Master degree in Management, Educational 2005 Master degree in Management, Sekolah
Background Universitas Hasanuddin, Indonesia Background Tinggi Manajemen Bisnis Telkom,
1992 Bachelor degree in Electrical Indonesia
Engineering, Universitas 1989 Bachelor degree in Electrical Engineering,
Diponegoro, Indonesia Institut Teknologi Bandung, Indonesia
Basis of Annual General Meeting of Shareholders Basis of Annual General Meeting of Shareholders (AGMS)
Appointment (AGMS) of Telkom on May 30, 2023 Appointment of Telkom on June 19, 2020
Concurrent No concurrent positions held Concurrent 2023 Commissioner, PT Dayamitra
Positions Positions Telekomunikasi
Work 2020 - Director of Consumer Service, PT Work 2020 - President Commissioner, PT Dayamitra
Experiences 2023 Telkom Indonesia (Persero) Tbk Experiences 2023 Telekomunikasi
2022 - President Commissioner, PT PINS 2022 President Commissioner, PT Infrastruktur
2023 Indonesia Indonesia
2020 - President Commissioner, PT Telkom 2018 - President Director, PT Dayamitra
2023 Akses 2020 Telekomunikasi
2020 Director Network, PT Telekomunikasi 2016 - EGM Service Operations Division, PT
Selular (Telkomsel) 2018 Telkom Indonesia (Persero) Tbk
2017 - Senior Vice President Procurement, 2015 - Deputy EGM Infra Operations &
2020 PT Telekomunikasi Selular (Telkomsel) 2016 Maintenance, PT Telkom Indonesia
2016 - Senior Vice President Consumer (Persero) Tbk
2017 Marketing, PT Telekomunikasi Selular 2014 - Deputy EGM Network Infrastructure &
(Telkomsel) 2015 Access, PT Telkom Indonesia (Persero) Tbk
2013 - Executive Vice President, 2014 Deputy EGM IP Network & Operation, PT
2016 Jabodetabek West Java Areas, PT Telkom Indonesia (Persero) Tbk
Telekomunikasi Selular (Telkomsel) 2013 - GM Regional West Java in North Region
2010 - Vice President Jabotabek West Java 2014 (Bekasi), PT Telkom Indonesia (Persero)
2013 Areas, PT Telkomsel Tbk
2010 Vice President Customer Lifecycle 2010 - GM Network Regional West Java Region, PT
Management, PT Telkomsel 2013 Telkom Indonesia (Persero) Tbk
2006 - Vice President Radio Access 2009 - GM Network Regional Central Java Region,
2010 Engineering Java - Bali, PT Telkomsel 2010 PT Telkom Indonesia (Persero) Tbk
2005 - Vice President Network Operations, 2007 - GM Network Regional Eastern Indonesia,
2006 PT Telkomsel 2009 PT Telkom Indonesia (Persero) Tbk
Professional 2023 - Qualified Risk Governance Professional 2023 - Qualified Risk Governance Professional
Certifications 2025 Professional Certifications 2025
Page 82
80 About Telkom
BUDI
MUHAMAD SETYAWAN
FAJRIN RASYID WIJAYA
Director of Director of
Digital Business Strategic Portfolio
Age 38 years old Age 52 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Jakarta, Indonesia Domicile Bandung, Indonesia
Educational 2019 Executive Educations in Educational 2003 Master degree in Management,
Background Innovations and Growth, Background Sekolah Tinggi Manajemen
Stanford University of Business, Telkom, Indonesia
United States of America 1996 Bachelor degree in Technical
2018 Executive Educations in Scaling and Industrial Management,
Entrepreneurial Ventures, Sekolah Tinggi Teknologi
Harvard Business School, Telkom, Indonesia
United States of America Basis of Annual General Meeting of Shareholders
2009 Bachelor degree in Technical Appointment (AGMS) of Telkom on June 19, 2020
Information, Institut Teknologi Concurrent 2023 Commissioner, PT Sigma Cipta
Bandung, Indonesia Positions Caraka
2008 Student Exchange Program, Work Experiences 2022 - President Commissioner, PT
Daejeon University, South Korea 2023 Multimedia Nusantara
Basis of Annual General Meeting of Shareholders 2020 - President Commissioner, PT
Appointment (AGMS) of Telkom on June 19, 2020 2023 Sigma Cipta Caraka
Concurrent 2023 Commissioner, PT Digital 2020 - President Commissioner, PT
Positions Aplikasi Solusi (Digiverse) 2023 Jalin Pembayaran Nusantara
2020 Commissioner, PT MDI 2017 - President Director, PT
Work 2020 - Commissioner, PT Sigma Cipta 2020 Admedika
Experiences 2023 Caraka 2015 - President Director, PT MD
2020 - President Commissioner, PT MDI 2017 Media
2023 2013 - President Director, PT Melon
2020 - President Commissioner, PT 2015 Indonesia
2023 Metranet Professional 2023 - Qualified Risk Governance
2011 - Co-Founder & President, Certifications 2025 Professional
2020 Bukalapak
2011 - President Director, Suitmedia
2014
2009 - Consultant, The Boston
2011 Consulting Group (BCG)
Professional 2023 - Qualified Risk Governance
Certifications 2025 Professional
Page 83
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 81
BOGI
AFRIWANDI WITJAKSONO
Director of Director of
Human Capital Wholesale &
Management International
Service
Age 53 years old Age 57 years old
Citizenship Indonesian Citizenship Indonesian
Domicile Bekasi, Indonesia Domicile Bogor, Indonesia
Educational 2011 Master degree in Educational 1995 Master degree in
Background Management, Universitas Background Telecommunication
Islam Sumatera Utara, Engineering, Institut
Indonesia Teknologi Bandung, Indonesia
1995 Bachelor degree in Industrial 1989 Bachelor degree in
Engineering, Sekolah Tinggi Electrical Engineering,
Teknologi Telkom, Indonesia Institut Teknologi Sepuluh
Basis of Annual General Meeting of Shareholders Nopember, Indonesia
Appointment (AGMS) of Telkom on June 19, 2020 Basis of Annual General Meeting of Shareholders
Concurrent No concurrent positions held Appointment (AGMS) of Telkom on May 28, 2021
Positions Concurrent 2023 Commissioner, PT Telkom
Work 2020 - President Commissioner, Positions Data Ekosistem (NeutraDC)
Experiences 2023 Infomedia 2023 Commissioner, PT Telkom
2020 - Chairman of the Supervisory Satelit (Telkomsat)
2023 Board, Telkom Pension Fund 2023 Commissioner, PT
2015 - SVP Corporate Secretary, PT Telekomunikasi Indonesia
2020 Telkom Indonesia (Persero) International (Telin)
Tbk Work Experiences 2020 - Professional on IT/ICT
2015 Advisor CEO, PT Telkom 2021 Solution
Indonesia (Persero) Tbk 2019 - Director of Enterprise &
2014 - Executive General Manager 2020 Business Service, PT Telkom
2015 Regional VII, PT Telkom Indonesia (Persero) Tbk
Indonesia (Persero) Tbk 2019 - President Commissioner, PT
2013 - Deputy EGM of Business 2020 Telkom Satelit
2014 Service Division, PT Telkom 2019 - Commissioner, PT Telkom
Indonesia (Persero) Tbk 2020 Metra
2012 - General Manager of National 2018 - Deputy President Director/
2013 Segment of Welfare Service 2019 COO, PT Telkom Satelit
Unit, PT Telkom Indonesia 2015 - President Director, PT
(Persero) Tbk 2019 Patrakom
2012 GM Enterprise West Regional, 2012 - Managing Director, PT
PT Telkom Indonesia 2019 Metrasat
(Persero) Tbk
2009 - General Manager of
2011 - GM Enterprise Regional 2, PT 2012 Operations, PT Metrasat
2012 Telkom Indonesia (Persero)
Professional 2023 - Qualified Risk Governance
Tbk
Certifications 2025 Professional
2008 - GM Enterprise Regional 1, PT
2011 Telkom Indonesia (Persero)
Tbk
Professional 2023 - Qualified Risk Governance
Certifications 2025 Professional
Page 84
82 About Telkom
HONESTI
BASYIR
Director of
Group Business
Development
Age 56 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Educational 2002 Magister Corporate Finance,
Background Institut Manajemen Telkom,
Indonesia
1992 Bachelor degree in Industrial
Engineering, Institut Teknologi
Bandung, Indonesia
Basis of Annual General Meeting of Shareholders
Appointment (AGMS) of Telkom on May 30, 2023
Concurrent No concurrent positions held
Positions
Work Experiences 2019 - President Director, PT Bio
2023 Farma (Persero)
2017 - President Director, PT Kimia
2019 Farma Tbk
2014 - Director of Wholesale and
2017 International Service, PT
Telkom Indonesia (Persero) Tbk
2012 - Director of Finance, PT Telkom
2014 Indonesia (Persero) Tbk
Professional 2023 - Qualified Risk Governance
Certifications 2025 Professional
Page 85
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 83
DIRECTORS AFFILIATIONS AND RELATIONSHIPS
Telkom discloses the affiliation relationship between members of the Board of Directors and fellow members
of the Board of Directors, Commissioners, and major and controlling shareholders, including the names of
affiliated parties in accordance with the principle of transparency in the implementation of Good Corporate
Governance or GCG.
Financial Affiliation with Family Affiliation with
Name Position Major & Major &
BoC BoD Controlling BoC BoD Controlling
Shareholder(1) Shareholder(1)
Ririek Adriansyah President
No No No No No No
Director
Heri Supriadi Director of
Finance & Risk No No No No No No
Management
FM Venusiana R Director of
Enterprise
No No No No No No
& Business
Service
Director of
Herlan Wijanarko Network & IT No No No No No No
Solution
Director
Muhamad Fajrin
of Digital No No No No No No
Rasyid
Business
Director of
Budi Setyawan
Strategic No No No No No No
Wijaya
Portfolio
Director of
Afriwandi Human Capital No No No No No No
Management
Director of
Wholesale &
Bogi Witjaksono No No No No No No
International
Service
Director
of Group
Honesti Basyir No No No No No No
Business
Development
Remarks:
(1) Controlling Shareholder in this matter is the Indonesian government represented by the Ministry of State-Owned Enterprises as the primary shareholder.
BOARD OF DIRECTORS’ COMPOSITION
In 2024, there is no change in the composition of the Board of Directors.
Page 86
84 About Telkom
Profile of the Senior
Vice President
JATI WIDAGDO
SVP Corporate Secretary w
Age 51 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Serving since August 6, 2021
Educational 1996 Bachelor degree in Industrial Engineering, Sekolah Tinggi
Background Teknologi Telkom, Indonesia
AHMAD REZA
SVP Group Sustainability & Corporate
Communication
Age 47 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Serving since October 1, 2020
Educational 2001 Bachelor degree in Economics, STIE IBII (Kwik Kian Gie
Background Business School), Indonesia
MOHAMAD RAMZY
SVP Internal Audit
Age 51 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Serving since July 22, 2024
Educational 2005 Master of Telecommunication Management Engineering,
Background Universitas Indonesia, Indonesia
1997 Bachelor degree in Electrical Engineering, Sekolah Tinggi
Teknologi Telkom, Indonesia
Page 87
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 85
JEMY VESTIUS CONFIDO
SVP Group Corporate Transformation
Age 49 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Serving since January 1, 2024
Educational 2019 Doctoral degree in Business Law, Universitas Pelita Harapan, Indonesia
Background 2019 Doctoral degree in Management, Institut Teknologi Bandung, Indonesia
1999 Master of Science in Engineering Management, TUFTS University,
United States of America
1997 Bachelor degree in Industrial Engineering, Sekolah Tinggi Teknologi
Telkom, Indonesia
ROBERTO SURYA NEGARA
SVP Risk Management
Age 53 years old
Citizenship Indonesian
Domicile Jakarta, Indonesia
Serving since November 1, 2024
Educational 2014 Master of Management, Universitas Gajah Mada, Indonesia
Background 1996 Bachelor Degree in Accounting Economics, Universitas
Indonesia, Indonesia
Page 88
86 About Telkom
Profile of Telkom
Employees
Employees are the main asset in achieving the to creating an inclusive, safe, and conducive work
Company’s strategic goals. Therefore, TelkomGroup environment so that every employee can contribute
always empowers all employees to be highly optimally, carry out their duties with integrity, and
competent and adapt to changes to support Telkom’s support the effective implementation of company
transformation into a digital telecommunication policies and strategies.
company. TelkomGroup management is committed
Total Employee Education
Subsidiary
16,743 Bachelor 3,175
Employee
Telkom Employee 4,930 Postgraduate (Master 1,451
and Doctorate)
Diploma 129
Pre-University 175
Age Employee Position
<30 years old 1,432 Senior Management 107
30-45 years old 2,127 Middle Management 1,880
>45 years old 1,371 Supervisor 2,092
Others 851
Page 89
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 87
Employment Gender
Permanent Employee 4,575 Male 2,703
Professional 224 Female 2,227
Study Assignment 93
Retirement
38
Preparation Period
Rehire 0
By the end of 2024, Telkom had a total of 21,673 employees, with 4,930 employees coming from the parent
company and 16,743 from subsidiaries. The number of TelkomGroup employees decreased by 1,391 people or
around 6.03% compared to 2023. Throughout 2024, Telkom did not terminate employment before retirement.
Number of Telkom and Subsidiaries Employees in 2022 - 2024
Description 2024 2023 2022
Telkom Employee 4,930 7,469 8,919
Subsdiary Employee 16,743 15,595 14,874
Total 21,673 23,064 23,793
Page 90
88 About Telkom
GENDER EQUALITY ASSURANCE AND NUMBER OF EMPLOYEES
BASED ON GENDER
In carrying out its business activities, TelkomGroup ensures gender equality by the Resolution of the Board of
Directors PD.201.01/r.00/PS150/COP-B0400000/2014 dated May 6, 2014 regarding Business Ethics within
TelkomGroup. By the end of 2024, TelkomGroup has 14,746 male employees and 6,927 female employees.
Although there are more male employees, TelkomGroup does not set quotas based on gender or discriminate
against either gender. The higher number of male employees is because men tend to be more interested in
working in the telecommunication sector than women, along with the characteristics of this industry.
Number of Telkom and Subsidiary Employees Based on Gender
2024 2023 2022
Gender
Telkom Subsidiary Total % Total % Total %
Male 2,703 12,043 14,746 68.04 16,019 69.5 16,654 70.0
Female 2,227 4,700 6,927 31.96 7,045 30.5 7,139 30.0
Total 4,930 16,743 21,673 100.0 23,064 100.0 23,793 100.0
TelkomGroup’s efforts to provide equal opportunities for male and female employees who have the capability
and competence to occupy various positions in the company can be seen in the table below. By 2024, there
will be 36 women in senior management positions, 1,314 women in middle management positions, 3,562
women in supervisory positions, and 2,015 women in other positions.
Number of Telkom and Subsidiary Employees Based on Position and Gender in 2024
Employee Telkom Subsidiary Total
Position Male Female Total Male Female Total Male Female Total
Senior 91 16 107 144 20 164 235 36 271
Management
Middle 1,196 684 1,880 3,244 630 3,874 4,440 1,314 5,754
Management
Supervisor 1,031 1,061 2,092 6,508 2,501 9,009 7,539 3,562 11,101
Others 385 466 851 2,147 1,549 3,696 2,532 2,015 4,547
Total 2,703 2,227 4,930 12,043 4,700 16,743 14,746 6,927 21,673
Page 91
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 89
NUMBER OF EMPLOYEES BY POSITION AND EMPLOYMENT
STATUS
TelkomGroup has various levels of positions, including senior management, middle management, supervisor,
and other levels of positions below supervisor. Until the end of 2024, the largest number of employees was at
the supervisory level, with a total of 11,101 people, a decrease of 9.97% or 1,230 employees compared to the
previous period.
Number of Telkom and Subsidiary Employees Based on Position
Employee 2024 2023 2022
Position Telkom Subsidiary Total % Total % Total %
Senior 107 164 271 1.3 307 1.3 322 1.4
Management
Middle 1,880 3,874 5,754 26.5 6,155 26.7 6,209 26.1
Management
Supervisor 2,092 9,009 11,101 51.2 12,331 53.5 12,632 53.1
Others 851 3,696 4,547 21 4,271 18.5 4,630 19.4
Total 4,930 16,743 21,673 100.0 23,064 100.0 23,793 100.0
Based on employment status, as of December 31, 2024, TelkomGroup has 19,695 permanent employees
(including employees in retirement preparation and study assignments), representing 90.87% of total
employees. Meanwhile, non-permanent employees are divided into two categories, namely professional and
rehire, with a total of 1,978 people or 9.13% of all employees.
Number of Telkom and Subsidiary Employees Based on Employment Status
Employment 2024 2023 2022
Status Telkom Subsidiary Total % Total % Total %
Permanent 4,575 14,928 19,503 90.0 20,362 88.3 20,869 87.7
Employee
Professional 224 1,739 1,963 9.0 2,435 10.6 2,531 10.7
Rehire 0 15 15 0.1 24 0.1 311 1.3
Retirement 38 40 78 0.4 110 0.5 58 0.2
Preparation
Period
Study 93 21 114 0.5 133 0.5 24 0.1
Assignment
Total 4,930 16,743 21,673 100.0 23,064 100.0 23,793 100.0
Page 92
90 About Telkom
NUMBER OF EMPLOYEES BASED ON EDUCATION LEVEL AND
AGE DISTRIBUTION
By the end of 2024, the majority of TelkomGroup employees will have a bachelor's degree, reaching 66.89%
or as many as 14,496 people. The following table displays data on TelkomGroup employees based on pre-
university, diploma, bachelor, and postgraduate education levels for 2022 - 2024.
Number of Telkom and Subsidiary Employees Based on Education Level
2024 2023 2022
Education Level
Telkom Subsidiary Total % Total % Total %
Pre-University 175 1,595 1,770 8.2 2,063 8.9 2,276 9.6
Diploma 129 1,390 1,519 7.0 2,179 9.5 2,492 10.5
Bachelor 3,175 11,321 14,496 66.9 15,624 67.7 15,837 66.5
Postgraduate 1,451 2,437 3,888 17.9 3,198 13.9 3,188 13.4
(Master and
Doctorate)
Total 4,930 16,743 21,673 100.0 23,064 100.0 23,793 100.0
Based on age, most of TelkomGroup employees as many as 16,479 employees or 76.03% are under 45 years
old. This number decreased by 2.63% compared to the previous year.
Number of Telkom and Subsidiary Employees Based on Age
2024 2023 2022
Age
Telkom Subsidiary Total % Total % Total %
< 30 years old 1,432 2,667 4,099 18.91 4,922 21.3 5,401 22.7
30 - 45 years old 2,127 10,253 12,380 57.12 12,003 52.1 11,681 49.1
> 45 years old 1,371 3,823 5,194 23.97 6,139 26.6 6,711 28.2
Total 4,930 16,743 21,673 100.0 23,064 100.0 23,793 100.0
Page 93
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 91
Shareholders Composition
Telkom’s shareholder structure as of December 31, 2024 can be seen in the following diagram.
PT Telkom Indonesia (Persero) Tbk
Government of the Republic of
Public (47.91%) Indonesia (52.09%)
Series B Shares Series A Shares
Series B Shares
Foreign Ownership Local Ownership
(36.56%) (11.35%)
INFORMATION ON MAJOR/CONTROLLING SHAREHOLDERS TO
ULTIMATE OWNERS
Telkom’s issued and fully paid-up authorized capital is 99,062,216,600 shares, which are divided into 1 share of
Series A Dwiwarna shares owned solely by the Government of the Republic of Indonesia and 99,062,216,599
shares of Series B (ordinary shares). Series A Dwiwarna shares are shares exclusively owned by the Republic of
Indonesia and provide special rights to the holder as a Series A Dwiwarna shareholder, meanwhile, the Republic
of Indonesia and/or the public can own Series B shares. Thus, Telkom’s principal and controlling shareholder is
the Government of the Republic of Indonesia with a share ownership percentage of 52.09%.
Composition of Shareholders Telkom as of December 31, 2024
Series A Series B
Shareholders %
Dwiwarna Ordinary Shares
The Government of the Republic of 1 51,602,353,559 52.09
Indonesia
Public - 47,459,863,040 47.91
Total 1 99,062,216,599 100.00
The following tables present Telkom’s shareholder composition in more detail to provide a complete picture
of the shareholding structure in the Company.
Page 94
92 About Telkom
1. Shareholders with More than 5% Ownership (Major/Controlling Shareholders)
Individual or Group January 1, 2024 December 31, 2024
Type of Share
Identity Total Shares % Total Shares %
Series A The Government 1 0 1 0
of the Republic of
Indonesia
Series B The Government 51,602,353,559 52.09 51,602,353,559 52.09
of the Republic of
Indonesia
2. Shareholders with Less than 5% Ownership
Telkom shareholders with individual ownership less than 5%, as of December 31, 2024.
January 1, 2024 December 31, 2024
Description Group
Total Shares % Total Shares %
Foreign Business/Institution 37,017,581,228 37.37 36,190,410,361 36.53
Individual 16,870,800 0.02 23,590,100 0.02
Local Business/
Institution
Pensions Funds 3,858,668,094 3.90 3,982,346,644 4.02
Mutual Fund 2,457,790,575 2.48 2,140,229,846 2.16
Insurance Company 2,442,919,996 2.47 1,973,283,996 1.99
Limited Liability 139,068,231 0.14 236,006,504 0.24
Others 136,440,950 0.14 139,306,550 0.14
Individual 1,390,523,166 1.40 2,774,689,039 2.81
Total 47,459,863,040 47.91 47,459,863,040 47.91
3. Ownership of Shares by Directors and the Board of Commissioners
As of December 31, 2024, no Commissioner or Director owns more than 1.0% of Telkom shares.
January 1, 2024 December 31, 2024
BoC and BoD
Total Shares % Total Shares %
Board of Bambang Permadi - - - -
Commisioners Soemantri
Brodjonegoro
Wawan Iriawan - - - -
Bono Daru Adji - - - -
Marcelino Rumambo 1,968,000 <0.01 3,312,700 <0.01
Pandin
Ismail 1,968,000 <0.01 3,312,700 <0.01
Rizal Mallarangeng 1,968,000 <0.01 3,312,700 <0.01
Isa Rachmatarwata 1,968,000 <0.01 3,312,700 <0.01
Arya Mahendra 2,014,800 <0.01 3,359,500 <0.01
Sinulingga
Silmy Karim - - 1,344,700 <0.01
Board of Ririek Adriansyah 6,016,355 <0.01 9,336,755 <0.01
Directors
Heri Supriadi 4,170,400 <0.01 7,242,700 <0.01
FM Venusiana R 7,806,900 0.01 10,629,200 0.01
Herlan Wijanarko 4,172,900 <0.01 6,995,200 <0.01
Page 95
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 93
January 1, 2024 December 31, 2024
BoC and BoD
Total Shares % Total Shares %
Muhamad Fajrin 4,130,400 <0.01 6,952,700 <0.01
Rasyid
Budi Setyawan 4,585,400 <0.01 7,407,700 <0.01
Wijaya
Afriwandi 4,172,900 <0.01 6,995,200 <0.01
Bogi Witjaksono 4,130,400 <0.01 6,952,700 <0.01
Honesti Basyir 370,544 <0.01 3,250,844 <0.01
4. Percentage of Indirect Ownership of Shares of Issuers or Public Companies by Members of the Board
of Directors and Members of the Board of Commissioners at the Beginning and End of Financial Year
All members of the Board of Directors and/or the entire Board of Commissioners do not own shares of
issuers or public companies indirectly at the beginning and end of 2024.
5. Percentage of Shares Owned by Domestic and Foreign
As of December 31, 2024, 233,293 shareholders (including the Government of the Republic of Indonesia)
were registered as ordinary shareholders. From this amount, 36,214,000,461 common shares are owned
by 2,140 foreign shareholders or 36.56%. In addition, there are 65 ADS shareholders who own 49,801,940
ADS (1 ADS is equivalent to 100 common shares).
6. List of 20 Largest Public Shareholders
The following are the list of 20 largest public shareholders as of December 31, 2024.
No. Institution %
1. DJS KETENAGAKERJAAN PROGRAM JHT 2.39
2. BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD 1.79
3. CITIBANK SINGAPORE S/A GOVERNMENT OF SIN 1.46
4. NTC-HARDING LOEVNER FUNDS. INC. INTERNAT 0.78
5. JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL 0.66
6. HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE 0.65
7. JPMCB NA RE-T. ROWE PRICE INTERNATIONAL 0.60
8. JPMCB NA RE - VANGUARD EMERGING MARKETS 0.60
9. JPMCB NA RE-T.ROWE PRICE INTERNATIONAL 0.58
10. JPMCB NA RE-NEW WORLD FUND.INC 0.50
11. SSB 2Q27 ISHARES CORE MSCI EMERGING MARK 0.44
12. BNYMSANV RE BNYM RE PEOPLE’S BANK OF CHI 0.43
13. DJS KETENAGAKERJAAN PROGRAM JP 0.42
14. NTC-WGI EMERGING MARKETS FUND. LLC 0.41
15. SSB 52B0 MFS EMERGING MARKETS EQUITY FUN 0.37
16. JPMCB NA RE-VANGUARD FIDUCIARY TRUST COM 0.33
17. CITIBANK SINGAPORE S/A MONETARY AUTHORITY 0.33
18. PT. TASPEN 0.31
19. HSBC BANK PLC S/A KUWAIT INVESTMENT AUTH 0.30
20. CITIBANK NEW YORK S/A GOVERNMENT OF NORW 0.29
Page 96
94 About Telkom
Subsidiaries, Associated Companies,
and Joint Ventures
As of December 31, 2024, Telkom has 44 subsidiaries with direct and
indirect ownership, with a percentage of ownership of more than 50%,
so that the Financial Statements of these entities, both directly and
indirectly owned, have been consolidated with Telkom as the parent
company. In addition, there are 8 unconsolidated subsidiaries (affiliates).
100.00% 100.00% 69.90% 99.99% 71.83% 100.00% 99.99%
30.40% 99.99% 99.99% 100.00% 60.00% 100.00%
TED
100.00% 100.00% 24.83% 99.99% 100.00% 99.99% 24.00%
51.00% 100.00% 100.00% 60.00% 60.00%
Direct Ownership (Consolidated)
Indirect Ownership (Consolidated)
Unconsolidated
Page 97
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 95
The Government of
the Republic of Indonesia
52.09%
Public
47.91%
100.00% 100.00% 100.00% 99.99% 99.99% 100.00%
100.00% 100.00% 100.00% 100.00% 100.00% 51.00% 100.00% 55.00%
TDE TDI SG
70.00% 55.00% 100.00% 100.00% 70.00% 60.00% 100.00%
70.00%
15.67% 25.00% 6.32% 2.11% 33.00%
Page 98
96 About Telkom
SUBSIDIARIES WITH DIRECT OWNERSHIP
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Telekomunikasi 70% Mobile Operating 117,403 Telkomsel Smart Office
Selular (“Telkomsel”) telecommunication, 1st – 20th floor,
Jakarta, Indonesia fixed broadband, The Telkom Hub
network service, and Jl. Jend. Gatot Subroto
internet protocol Kav. 52 Jakarta 12710,
television (“IPTV”) Indonesia
72% Leasing of towers Operating 58,140 Telkom Landmark Tower
PT Dayamitra and digital support 27th floor
Telekomunikasi services for mobile Jl. Jend. Gatot Subroto
(“Mitratel”) infrastructure Kav. 52 Jakarta 12710,
Jakarta, Indonesia Indonesia
100% Network Operating 17,995 Telkom Landmark Tower II
PT Multimedia telecommunication 41st floor, The Telkom Hub
Nusantara (“Metra”) service and Jl. Jend. Gatot Subroto
Jakarta, Indonesia multimedia Kav. 52 Jakarta 12710,
Indonesia
PT Telekomunikasi 100% International Operating 17,173 Telkom Landmark Tower
Indonesia telecommunication 16th - 17th floor, The Telkom
International and information Hub
(“Telin”) services Jl. Jend. Gatot Subroto
Jakarta, Indonesia Kav. 52 Jakarta 12710,
Indonesia
PT Telkom 100% Telecommunication Operating 8,858 Telkom Landmark Tower
Satelit Indonesia – provides satellite 21st floor, The Telkom Hub
(“Telkomsat”) communication Jl. Jend. Gatot Subroto
Jakarta, Indonesia system and its Kav. 52 Jakarta 12710,
related services Indonesia
PT Telkom Data 100% Data center Operating 8,461 Graha Telkomsigma Tower
Ekosistem (“TDE”) 5th floor
Tangerang, Indonesia Jl. Kapten Subijanto DJ
Blok COA No. 1 Lengkong
Gudang Serpong, South
Tangerang, Banten
PT Sigma Cipta 100% Hardware and Operating 6,207 Commercial Office:
Caraka (“Sigma”) software computer Telkom Landmark Tower
Tangerang, Indonesia consultation service 23rd floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
Head Office: Graha
Telkomsigma II
Jl. CBD lot VIII No. 8,
Lengkong Gudang,
Tangerang 15321,
Indonesia
PT Graha Sarana 100% Developer, trade, Operating 5,485 Graha Telkom Property
Duta (“GSD”) service, and Jl. Kebon Sirih No. 10,
Jakarta, Indonesia transportation Central Jakarta 10110,
Indonesia
PT Telkom Akses 100% Construction, Operating 4,480 Telkom Building
(“Telkom Akses”) service, and trade West Jakarta
Jakarta, Indonesia in the field of Jl. S. Parman Kav. 8 West
telecommunication Jakarta 11440, Indonesia
Page 99
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 97
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Telkom 100% Network Operating 3,048 Telkom Landmark Tower,
Infrastruktur telecommunication The Telkom Hub
Indonesia (“TIF”) and information Jl. Jend. Gatot Subroto
Jakarta, Indonesia services Kav. 52, Jakarta 12710,
Indonesia
PT Metra-Net 100% Multimedia portal Operating 2,096 Mulia Business Park,
(”Metra-Net”) service Building J
Jakarta, Indonesia Jl. Letjen MT Haryono Kav.
58 - 60 Pancoran, Jakarta
12780, Indonesia
PT Infrastruktur 100% Developer service Operating 1,359 Telkom Landmark Tower
Telekomunikasi and trading 19th floor, The Telkom Hub
Indonesia (“Telkom in the field of Jl. Jend. Gatot Subroto
Infra”) telecommunication Kav. 52 Jakarta 12710,
Jakarta, Indonesia Indonesia
PT PINS Indonesia 100% Trade in Operating 733 Telkom Landmark Tower
(“PINS”) telecommunication 42nd floor, The Telkom Hub
Jakarta, Indonesia devices Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Napsindo 60% Telecommunication 1999; 5
Primatel - provides Network Ceased
Internasional Access Point (NAP), operations
(“Napsindo”) Voice Over Data on January
-
Jakarta, Indonesia (VOD) and other 13, 2006
related services
SUBSIDIARIES WITH INDIRECT OWNERSHIP
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Metra Digital 100% Trading, information Operating 9,110 Mulia Business Park
Investama (“MDI”) and multimedia Building J
Jakarta, Indonesia technology, Jl. MT Haryono Kav.
entertainment, and 58 - 60, Pancoran,
investment service South Jakarta 12780
Telekomunikasi 100% Telecommunication Operating 6,090 Maritime Square, #09-63
Indonesia and related services Harbour Front Centre,
International Singapore - 099253
Pte. Ltd. (“Telin
Singapore”)
Singapore
Telekomunikasi 100% Investment Operating 3,624 Suite 905, 9/F, Ocean
Indonesia holding and Centre, 5 Canton Road,
International Ltd. telecommunication Tsim Sha Tsui, Kowloon,
(“Telin Hong Kong”) services Hong Kong
Hong Kong
NeutraDC Singapore 100% Data center Operating 3,478 30 Changi North Way
Pte. Ltd. (“NeutraDC Singapore (498814)
Singapore”)
Singapore
PT Infomedia 100% Information provider Operating 2,198 PT Infomedia Nusantara
Nusantara services, contact Head Office
(“Infomedia”) center, and content Jl. RS Fatmawati 77 - 81
Jakarta, Indonesia directory Jakarta 12150, Indonesia
PT Telkom Landmark 55% Property Operating 2,120 Telkom Landmark Tower,
Tower (“TLT”) development and The Telkom Hub
Jakarta, Indonesia management services Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710, Indonesia
Page 100
98 About Telkom
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Persada Sokka 100% Leasing of Operating 1,621 Persada Office Park
Tama (“PST”) towers and other Building B 7th floor
Jakarta, Indonesia telecommunication Jl. KH. Noer Ali No. 3A,
services Kayuringin, Bekasi 17144
PT Teknologi Data 60% Telecommunication Operating 1,426 Telkom STO Building
Infrastruktur (“TDI”) service and data Batam Center
Jakarta, Indonesia center Jl. Laksamana Bintan, Baloi
PT Nuon Digital 100% Digital content Operating 1,393 Telkom Landmark Tower II
Indonesia (“Nuon”) exchange hub 45th floor, The Telkom Hub
Jakarta, Indonesia services Jl. Jend. Gatot Subroto Kav.
52 Jakarta 12710, Indonesia
PT Finnet Indonesia 60% Information Operating 1,383 Telkom Landmark Tower II
(“Finnet”) technology services 28th & 51st floor, The Telkom
Jakarta, Indonesia Hub
Jl. Jend. Gatot Subroto Kav.
52 Jakarta 12710, Indonesia
PT Telkomsel Mitra 100% Business Operating 1,040 Telkom Landmark Tower
Inovasi (“TMI”) management Building 1
Jakarta, Indonesia consulting and Jl. Gatot Subroto Kav. 52,
investment services Jakarta 1270, Indonesia
Telekomunikasi 100% Telecommunication Operating 1,035 Timor Plaza 4th floor, Rua
Indonesia networks, mobile, Presidente Nicolao Lobato,
International (TL) internet, and data Comoro, Dili Timor Leste
S.A. (“Telkomcel”) services
Dili, Timor Leste
PT Metra Digital 100% Telecommunication Operating 876 Telkom Landmark Tower
Media (“MD Media”) information and other 18th floor, The Telkom Hub
Jakarta, Indonesia information services Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710 Indonesia
PT Administrasi 100% Health insurance Operating 702 STO Telkom Gambir
Medika administration Building C 3rd floor
(“Ad Medika”) services Jl. Medan Merdeka Selatan,
Jakarta, Indonesia No. 12, Central Jakarta
10110, Indonesia
PT Telkomsel 100% Business Operating 451 Telkom Landmark Tower
Ekosistem Digital management Building 1, 20th floor, The
(“TED”) consulting services Telkom Hub
Jakarta, Indonesia and investment and/ Jl. Jend. Gatot Subroto Kav.
or investment in 52 Jakarta 12710, Indonesia
other companies
PT Digital Aplikasi 100% Communication Operating 441 EightyEight@Kasablanka,
Solusi (“Digiverse”) system services 35th floor
Jakarta, Indonesia Jl. Casablanca Raya Kav. 88,
Jakarta 12870
PT Swadharma 51% Cash replenishment Operating 387 Bellagio Office Park, Unit
Sarana Informatika services and OUG 31 - 32, Jalan Mega
(“SSI”) Automated Teller Kuningan Barat, Kav E4.3,
Jakarta, Indonesia Machine (“ATM”) Mega Kuningan Area,
maintenance Setiabudi, South Jakarta
PT Ultra Mandiri 100% Telecommunication Operating 366 Ayoma Apartment, Ground
Telekomunikasi network Floor, Jl. Raya Ciater Barat,
(“UMT”) infrastructure Rawa Buntu, Serpong,
Tangerang, Indonesia services South Tangerang, Banten
15310
TS Global Network 70% Satellite services Operating 357 Teknorat ½ street, Cyber 3,
Sdn. Bhd. (“TSGN”) 6300 Cyberjaya, Selangor
Petaling Jaya, Darul Ehsan, Malaysia
Malaysia
Page 101
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 99
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Nusantara Sukses 100% Service and trading Operating 288 Multimedia Tower, Annex
Investasi (“NSI”) Building 2nd floor
Jakarta, Indonesia Jl. Kebon Sirih No. 10 - 12,
Central Jakarta, Indonesia
PT Graha Yasa 51% Tourism and Operating 277 Jl. Cimanuk No. 33
Selaras (“GYS”) hospitality services Bandung, Indonesia
Jakarta, Indonesia
Telekomunikasi 100% Telecommunication Operating 267 800 Wilshire Boulevard,
Indonesia and information Suite 620 Los Angeles,
International (USA) services California 90017, USA
Inc. (“Telin USA”)
Los Angeles, USA
PT Nutech Integrasi 60% System integrator Operating 225 Jl. Tanjung Barat Raya, No.
(“Nutech”) service 17, Pasar Minggu, South
Jakarta, Indonesia Jakarta 12510, Indonesia
PT Collega Inti 70% Trading and services Operating 196 Talavera Office Park, 6th
Pratama (“CIP”) floor
Jakarta, Indonesia Jl. TB Simatupang Kav. 22 -
26, South Jakarta 12430
PT Graha 100% Management and Operating 167 Jl. Kapten Subijanto DJ
Telkomsigma (“GTS”) consultation services BSD City, Tangerang 15321,
Jakarta, Indonesia Indonesia
Telekomunikasi 70% Telecommunication Operating 144 Suite 7 - 3, Level 7, Wisma
Indonesia and information UOA II No. 21, Jalan Pinang,
International services KLCC, 50450, Kuala
(Malaysia) Sdn. Bhd. Lumpur, Malaysia
(“Telin Malaysia”)
Kuala Lumpur,
Malaysia
PT Media Nusantara 55% Consultation Operating 134 Cyber 1 Building, 1st floor
Data Global services of hardware, Kuningan Barat No. 8,
(“MNDG”) software, data Mampang Prapatan South
Jakarta, Indonesia center, and internet Jakarta, DKI Jakarta 12710,
exchange Indonesia
PT Pojok Celebes 100% Travel agent services Operating 69 Plasa TelkomGroup 2nd
Mandiri (“PCM”) floor
Jakarta, Indonesia Jl. RS. Fatmawati No. 65,
Cilandak Barat, South
Jakarta 12430, Indonesia
PT Metra TV 100% Subscription Operating 57 Telkom Landmark Tower
(“Metra TV”) broadcasting services 22nd floor, The Telkom Hub
Jakarta, Indonesia Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710, Indonesia
Telekomunikasi 100% Telecommunication Operating 52 Suite 408, Level 5, 20 Bond
Indonesia and information Street Sydney 2000 NSW
International services Australia
(Australia) Pty. Ltd.
(“Telin Australia”)
Sydney, Australia
PT Metraplasa 60% Network and 2012; 29
(“Metraplasa”) e-commerce services Ceased
Jakarta, Indonesia operations -
on October,
2020
PT Bosnet Trade and Not in
Distribution consultation services operation
- - -
Indonesia (“BDI”)
Jakarta, Indonesia
Page 102
100 About Telkom
Chronology of
Share Listing
Since November 14, 1995, Telkom shares have been listed and traded in Indonesia Stock Exchange (IDX) with
ticker of TLKM and New York Stock Exchange (NYSE) with ticker of TLK.
Price (Rp/Sheet) Composition of Share Ownership
Date Corporate Actions Government of Republic
Nominal Bid Public
of Indonesia
13/11/1995 Pre-Initial Public 500 2,050 8,400,000,000 -
Offering
Sale of Shares Held (933,334,000) 933,334,000
by Government
Telkom Right Issue - 933,333,000
Composition of 7,466,666,000 1,866,667,000
Share Ownership
11/12/1996 Government Shares 500 3,850 (388,000,000) 388,000,000
Block Sale
Composition of 7,078,666,000 2,254,667,000
Share Ownership
15/05/1997 Government 500 3,675 (2,670,300) 2,670,300
Distributes Incentive
Shares to All Public
Shareholders
Composition of 7,075,995,700 2,257,337,300
Share Ownership
07/05/1999 Government Shares 500 3,825 (898,000,000) 898,000,000
Block Sale
Composition of 6,177,995,700 3,155,337,300
Share Ownership
02/08/1999 Distribution of 500 3,275 494,239,656 252,426,984
Shares Bonus
(Issuance) (Each
50 Shares Gets 4
Shares)
Composition of 6,672,235,356 3,407,764,284
Share Ownership
07/12/2001 Government Shares 500 2,700 (1,200,000,000) 1,200,000,000
Block Sale
Composition of 5,472,235,356 4,607,764,284
Share Ownership
16/07/2002 Government Shares 500 3,775 (312,000,000) 312,000,000
Block Sale
Composition of 5,160,235,356 4,919,764,284
Share Ownership
01/10/2004 Stock Split with Ratio 250 4,200 10,320,470,712 9,839,528,568
1:2
Page 103
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 101
Price (Rp/Sheet) Composition of Share Ownership
Date Corporate Actions Government of Republic
Nominal Bid Public
of Indonesia
21/12/2005 Shares Buy Back 250 6,050 - (211,290,500)
Program (I)(1)
Composition of 10,320,470,712 9,628,238,068
Share Ownership
29/06/2007 Shares Buy Back 250 9,850 - (215,000,000)
Program (II)(2)
Composition of 10,320,470,712 9,413,238,068
Share Ownership
20/06/2008 Shares Buy Back 250 7,750 - (64,284,000)
Program (III)(3)
Composition of 10,320,470,712 9,348,954,068
Share Ownership
19/05/2011 Shares Buy Back 250 7,600 - (520,355,960)
Program (IV)(4)
Composition of 10,320,470,712 8,828,598,108
Share Ownership
14/06/2013 Transfer of Shares 250 10,550 - 59,811,400
Buy Back Program
III to Employees
through ESOP
Program
Composition of 10,320,470,712 8,888,409,508
Share Ownership
30/07/2013 Transfer of Shares 250 11,750 - 211,290,500
Buy Back Program
I through Private
Placement
Composition of 10,320,470,712 9,099,700,008
Share Ownership
02/09/2013 Stock Split with Ratio 50 2,150 51,602,353,560 45,498,500,040
1:5
13/06/2014 Transfer of Shares 50 2,440 - 1,075,000,000
Buy Back Program
II through Private
Placement
Composition of 51,602,353,560 46,573,500,040
Share Ownership
21/12/2015 Transfer of 50 3,110 - 22,363,000
Remaining Shares
Buy Back Program
III through Private
Placement
Composition of 51,602,353,560 46,595,863,040
Share Ownership
29/06/2016 Transfer of 50 3,970 - 864,000,000
Remaining Shares
Buy Back Program
IV through Private
Placement
Composition of 51,602,353,560 47,459,863,040
Share Ownership
Page 104
102 About Telkom
Price (Rp/Sheet) Composition of Share Ownership
Date Corporate Actions Government of Republic
Nominal Bid Public
of Indonesia
2017 No corporate action - - - -
Composition of 51,602,353,560 47,459,863,040
Share Ownership
02/07/2018 Transfer of Treasury 50 3,750 - 1,737,779,800
Stock throught
Withdrawal by way of
Capital Reduction
Composition of 51,602,353,560 47,459,863,040
Share Ownership
2019 No corporate action - - - -
Composition of 51,602,353,560 47,459,863,040
Share Ownership
2020 No corporate action - - - -
Composition of 51,602,353,560 47,459,863,040
Share Ownership
2021 No corporate action - - - -
Share Ownership 51,602,353,560 47,459,863,040
Composition
2022 No corporate action - - - -
Share Ownership 51,602,353,560 47,459,863,040
Composition
2023 No corporate action - - - -
Share Ownership 51,602,353,560 47,459,863,040
Composition
2024 No corporate action - - - -
Share Ownership 51,602,353,560 47,459,863,040
Composition
Remarks:
(1) First shares buy back program began on December 21, 2005 (simultaneously with the EGMS when the program was approved) and ended in June 2007.
(2) Second shares buy back program began on June 29, 2007 (simultaneously with the EGMS when the program was approved) and ended in June 2008.
(3) Third shares buy back program began on June 20, 2008 (simultaneously with the EGMS when the program was approved) and ended in December 2009.
(4) Fourth shares buy back program began on May 19, 2011 (simultaneously with the AGMS when the program was approved) and ended in November 2012.
Page 105
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 103
Chronology of Other
Securities Listing
On July 16, 2002, Telkom issued its first bonds with a value of Rp1,000 billion with a tenor of 5 years on Surabaya
Stock Exchange. Telkom has fulfilled its obligations on the bonds on the maturity date, namely July 16, 2007.
Then on June 25, 2010, Telkom issued its second bond consisting of Series A worth Rp1,005 billion with a tenor
of 5 years and Series B worth Rp1,995 billion with a tenor of 10 years. These two bonds were issued on IDX and
were paid in full on their maturity dates, namely July 6, 2015 and July 6, 2020.
Furthermore, Telkom issued Phase I Sustainable Bonds I on June 16, 2015, consisting of Series A worth Rp2,200
billion with a tenor of 7 years, Series B worth Rp2,100 billion with a tenor of 10 years, Series C worth Rp1,200
billion with a tenor of 15 years, and Series D worth Rp1,500 billion with a tenor of 30 years. All of these bonds
have been listed and traded on IDX. Series A bonds have been paid in full on the maturity date, namely June
23, 2022.
Bond Amount Issuance Maturity Period Interest Settlement
Underwriter Trustee
Name (Rp million) Date Date (Year) Rate Date
Telkom Bond I 1,000,000 July 16, 2002 July 16, 5 17.00% PT Danareksa PT BNI Tbk; July 16,
2002 2007 Sekuritas PT BRI Tbk 2007
Telkom Bond II 1,005,000 June 25, July 6, 5 9.60% PT Bahana
2010 Series A 2010 2015 Sekuritas;
PT Bank
PT Danareksa July 6,
CIMB
Sekuritas; 2015
Niaga Tbk
PT Mandiri
Sekuritas
Telkom Bond II 1,995,000 June 25, July 6, 10 10.20% PT Bahana
PT Bank
2010 Series B 2010 2020 Sekuritas;
Tabungan
PT Danareksa July 6,
Negara
Sekuritas; 2020
(Persero)
PT Mandiri
Tbk
Sekuritas
Telkom Shelf 2,200,000 June 23, June 23, 7 9.93%
Registered 2015(1) 2022
Bond I 2015
Series A
PT Bahana
Telkom Shelf 2,100,000 June 23, June 23, 10 10.25% Sekuritas;
Registered 2015(1) 2025 PT Danareksa
Bond I 2015 Sekuritas;
Series B PT Bank
PT Mandiri
Permata -
Telkom Shelf 1,200,000 June 23, June 23, 15 10.60% Sekuritas;
Tbk
Registered 2015(1) 2030 PT Trimegah
Bond I 2015 Sekuritas
Series C Indonesia
(Tbk)
Telkom Shelf 1,500,000 June 23, June 23, 30 11.00%
Registered 2015(1) 2045
Bond I 2015
Series D
Remark:
(1) Telkom Shelf Registered Bonds 1 Telkom 2015 Series A was issued June 16, 2015, but the official sale transaction was on June 23, 2015.
Page 106
104 About Telkom
In addition to bonds, on September 4, 2018, Telkom also issued Medium-Term Notes I Year 2018 with a principal
value of Rp758,000,000,000 and Medium-Term Notes Syariah Ijarah I Telkom Year 2018 with the remaining
ijarah fee of Rp742,000,000,000. For each Medium-Term Notes, Telkom issued three series and appointed PT
Bank Tabungan Negara (Persero) Tbk as Monitoring Agent. Telkom has paid off MTN I Telkom Year 2018 Series
C and MTN Syariah Ijarah I Telkom Year 2018 Series C which mature on September 4, 2021.
Interest Rate
Currency per Annum (%)
Medium-
Principal Issuance Maturity Term /Installment Monitoring Settlement
Term Arranger
(Rp Date Date (Year) Payment Agent Date
Notes
million) per Year
(Rp million)
Telkom’s 262,000 September September 1 7.25% September
2018 MTN 4, 2018 14, 2019 14, 2019
I A Series
Telkom’s 200,000 September September 2 8.00% September
2018 MTN 4, 2018 4, 2020 4, 2020
I B Series
Telkom’s 296,000 September September 3 8.35% September
2018 MTN 4, 2018 4, 2021 PT Bahana 4, 2021
I C Series Sekuritas;
PT BNI
Telkom’s 264,000 September September 2 Rp19,000 Sekuritas; PT Bank September
2018 MTN 4, 2018 14, 2019 PT CGS-CIMB Tabungan 14, 2019
Syariah Sekuritas Negara
Ijarah I A Indonesia; (Persero)
Series PT Danareksa Tbk
Sekuritas;
Telkom’s 296,000 September September 2 Rp24,000 September
PT Mandiri
2018 MTN 4, 2018 4, 2020 4, 2020
Sekuritas
Syariah
Ijarah I B
Series
Telkom’s 182,000 September September 2 Rp15,000 September
2018 MTN 4, 2018 4, 2021 4, 2021
Syariah
Ijarah I C
Series
Page 107
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 105
Use of Public Accounting Services
and Public Accounting Firms
Every year, Telkom conducts an audit of the Consolidated Financial Statements. Through the GMS, company
appoints a Public Accounting Firm (KAP) to audit the Financial Statements. In 2024, in addition to audit
services, KAP also provided non-audit services. The costs incurred for these other services have never
exceeded those for audit services.
KAP Service in 2024
Public Certified
Assignment Fee
Accounting Address Public Services
Period (Rp million)
Firm Accountant
KAP Indonesia Since 2012 Agung • Conducting general and integrated audit 83,727
Purwantono, Stock Purwanto of the Consolidated Financial Statements
Sungkoro Exchange based on Financial Accounting Standards
& Surja (A Building, (”SAK”) in Indonesia and International
member firm 2nd Tower, Financial Reporting Standards (”IFRS”) and
of Ernst & 7th floor the effectiveness of internal control over
Young Global Jl. Jend. financial reporting.
Limited) and Sudirman
• Conducting audit based on ETAP Accounting
associated Kav. 52 -
Standards (Entities Without Public
entities* 53 Jakarta
Accountability) on the Financial Statements
12190
of the Corporate Social Responsibility and
Environment (CSR) Program.
• Conducting audit based on Financial Audit
Standards State regarding the Company’s
Compliance with Legislation and Internal
Control of PT Telkom for the 2024 financial
year.
• Conducting collaborative audit services with
BPK RI regarding the preparation of LKPP RI
for the 2024 financial year (SA 600).
• Conducting Agreed Upon Procedures
(“AUP”) service for SOE Financial Information
Package.
• Conducting compliance attestation services
for the Prudential Principal Implementation
Activity Report (KPPK Report) in managing
Non-Bank Corporate Foreign Debt for the
Company, Telkomsel, and Telin.
• Conducting Agreed Upon Procedures
(“AUP”) services for KPI calculation and
measurement for the Company’s Board of
Directors and Board of Commissioners.
• Conducting general audit based on financial
accounting standards applicable to the
Company’s subsidiaries.
Remark:
(1) In 2015, Public Accounting Firm Purwantono, Suherman & Surja has changed into Public Accounting Firm Purwantono, Sungkoro & Surja due to the
changes on composition of partners.
Page 108
106 About Telkom
KAP SERVICE IN 2020 - 2024
Fee
Audited (Rp million)
Certified Public
No. Financial Public Accounting Firm
Accountant Assurance Other
Year Total
Service Service
1. 2024 KAP Purwantono, Agung 79,003 4,724 83,727
Sungkoro & Surja Purwanto
(A member firm of Ernst
& Young Global Limited)
and associated entities
2. 2023 KAP Purwantono, Agung 68,969 3,964 72,933
Sungkoro & Surja Purwanto
(A member firm of Ernst
& Young Global Limited)
and associated entities
3. 2022 KAP Purwantono, Agung 59,700 5,440 65,140
Sungkoro & Surja Purwanto
(A member firm of Ernst
& Young Global Limited)
4. 2021 KAP Purwantono, Widya Arijanti 59,050 11,540 70,590
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
5. 2020 KAP Purwantono, Handri Tjendra 63,461 1,925 65,386
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
Name and Address of Institutions and/or
Supporting Capital Market Profession
Supporting Capital Market Assignment
Address Services 2024 Fee
Profession Period
Securities PT Datindo Wisma Sudirman Acting as a depository Rp1.5 billion Since 1995
Administration Entrycom Jl. Jend. Sudirman institution (Custodian) for
Bureau Kav. 34 - 35 Jakarta Telkom’s common shares
10220 traded on the IDX, providing
administrative services for
holding GMS, and providing
administrative services for
dividend payment.
Trustee PT Bank WTC II Building 28th Representing the interests Rp75 million Since 2015
Permata Tbk floor of bondholders with the
Jl. Jend Sudirman Kav. Company for Telkom’s phase
29 - 31 Jakarta 12920 I sustainable bonds.
Page 109
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 107
Supporting Capital Market Assignment
Address Services 2024 Fee
Profession Period
Central PT Kustodian Bursa Efek Indonesia • Providing central custodial Rp40 million Since 1995
Custodian Sentral Efek Building, Tower 1, 5th service and settlement of
Indonesia floor stock/bond transactions
Jl. Jend. Sudirman on the IDX.
Kav. 52 - 53 Jakarta
12190 • Storage services and
settlement of securities
transactions, distribution
of corporate action
results.
Rating Agency PT Equity Tower, 30th Providing rating on credit risk Rp150 Since 2012
Pemeringkat Floor Sudirman of Telkom bond issuance. million
Efek Central Business
Indonesia District Lot. 9
Jl. Jenderal Sudirman
Kav. 52 - 53 Jakarta
12190
Moody’s Moody’s Investors Provides ratings on Telkom US$88,000 Since 2018
Service Singapore credit risk.
Pte. Ltd, 50 Raffles
Place #23 - 06,
Singapore Land
Tower,
Singapore - 048623
Fitch Fitch (Hong Kong) Provides ratings on Telkom US$77,000 Since 2018
Limited credit risk.
19/F Man Yee
Building
68 Des Voeux Road
Central,
Hong Kong + 852
2263 9963
ADS Custodian The Bank Corporate Acting as a depository US$109,314 Since 1995
Bank of New Headquarters institution (Custodian) of
York Mellon 240 Greenwich ADS shares traded on the
Corporation Street NYSE.
New York, NY 10286
USA
+1 212 495 1784
Legal Counsel Herbert 50 Raffles Place, Acted as a corporate legal Rp2.8 billion Since 2023
Smith #24-01 Singapore consultant regarding the
Freehills Land Tower, United States capital market
Singapore 048623 for the Annual Report on
Form 20F.
UMBRA Telkom Landmark
Partnership Tower 49th floor
Jl. Jend. Gatot
Subroto Kav. 52
Jakarta
Notary Notaries/ Jl. Suryo No. 54, Acting as a notary in the Rp67.9 Since 2012
PPAT Ashoya Kebayoran Baru, Annual General Meeting of million
Ratam, SH, Jakarta 12180 Shareholders (AGMS).
MKn
Page 110
108
04.
MANAGEMENT
DISCUSSION
AND ANALYSIS
Navigating business dynamics with adaptive and
innovative strategies, the Company continues
to optimize performance and create sustainable
value for stakeholders.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 109
Page 112
110 Management Discussion and Analysis
Business Overview
GLOBAL AND INDONESIA’S reflecting optimism about the economy and positive
ECONOMY OVERVIEW IN expectations for the future, as it remains above the
2024 optimistic threshold of 100.
According to the IMF’s World Economic Outlook, the Standard & Poor’s Sovereign Credit Rating signifies
global economy was projected to grow by 3.2% in Indonesia’s macroeconomic stability. In July 2024,
2024, a decrease from 3.3% in 2023. Despite ongoing Indonesia maintained a BBB rating with a stable
uncertainty and uneven recovery in various regions, outlook, affirming global perceptions of the country’s
developing countries primarily drive this growth. economic stability despite external volatility.
The upcoming Pemilu has further stimulated
The global inflation rate was expected to decline economic activity through increased consumption,
from 6.7% in 2023 to 5.8% in 2024, especially in government expenditures, and growth in printing,
developed countries. In response to this positive food and beverages, and transportation.
trend, central banks have adopted policies to
reduce interest rates, aiming to mitigate the risks As of December 2024, Indonesia’s inflation rate
associated with economic uncertainty. However, remains under control at 1.57% year-on-year. This
rising protectionism and trade tensions, particularly stability was attributed to the strong collaboration
between major economies like the US and China, between Bank Indonesia (BI) and the government
pose significant threats to global economic stability. via the Central Inflation Control Team (TPIP) and
the Regional Inflation Control Team (TPID), as well
Indonesia’s economy has shown resilience amidst as the implementation of the National Movement
external challenges. The country’s Gross Domestic for Controlling Food Inflation (GNPIP) across many
Product (GDP) was recorded at 4.95% in Q424 and regions.
has increased to 5.03% year-to-date, supported
by strong domestic consumption, growth in Non- The Indonesian capital market has performed
Profit Institutions Serving Households (NPISHs), positively, with the Indonesia Stock Exchange
and robust performance in exports and imports. Composite Index (IHSG) increasing by 6.16%,
Additionally, the momentum from the 2024 surpassing the previous year’s growth of 4.09%. This
General Election (Pemilu) has contributed to rise was driven by investor confidence in domestic
economic activities, including election officer fees economic stability, positive growth prospects, and
and related expenditures. As of October 2024, the expectations surrounding the 2024 Pemilu, which
Consumer Confidence Index (CCI) stands at 121.1, was anticipated to boost domestic spending.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 111
The exchange rate between the Indonesian Rupiah prompted the Government and industry players to
(IDR) and the United States Dollar (USD) has collaborate on strengthening infrastructure and
experienced significant fluctuations. In June 2024, accelerating the adoption of new technologies, such
the IDR hit a low of Rp16,458 per USD, influenced by as 5G and service convergence. This partnership
the strengthening of the USD in the global foreign aims to provide equal digital access and support
exchange market and market reactions to the new digital transformation in Indonesia.
Government’s fiscal policies. However, by September
Major telecommunication operators in Indonesia,
2024, the IDR improved to Rp15,145 per USD, aided by
including Telkom, XL Axiata (now XLSmart as
market stability and BI’s stringent monetary policies.
officially merged with Smartfren in 2024), and
Overall, the currency exchange rate was Rp16,157 per
Indosat Ooredoo Hutchison (IOH), allocated
USD by the end of the year.
significant investments to expand their networks
Throughout 2024, BI made several adjustments to and enhance service capacity.
the benchmark interest rate (BI Rate) to maintain
These initiatives reflect a strong response to
national economic stability. At the start of the
Government targets. The Ministry of Communication
year, the BI Rate was set at 6.00% and remained
and Digital Affairs aims for more evenly distributed
unchanged until March 2024. In April 2024, BI
infrastructure and improved internet connectivity
increased the rate to 6.25% to address inflationary
to reach 3T regions (underdeveloped, frontier,
pressures and respond to global economic dynamics.
and outermost regions) and provide faster access
Subsequently, in September 2024, the BI Rate was
throughout Indonesia.
reduced to 6.00% and stable to December 2024
following the Federal Reserve’s interest rate cut. The development of 5G technology is one of the
strategic initiatives for the telecommunication
INDONESIAN industry in 2024, and it has the potential to
TELECOMMUNICATIONS impact Indonesia’s digital economy significantly.
INDUSTRY The Global System for Mobile Communications
Association (GSMA) estimates that 5G technology
In 2024, Indonesia’s telecommunication industry
could contribute approximately US$41 billion to
made notable improvements, focusing on expanding
Indonesia’s GDP from 2024 to 2030. By the end
access and enhancing quality throughout the
of 2024, 5G adoption was still in its early stages,
region. The rising demand for reliable and fast
digital connectivity across various economic sectors
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112 Management Discussion and Analysis
with a 3% adoption rate, while 4G dominated the Through its integration with IndiHome, Telkomsel
market. GSMA also predicts that 5G penetration captured over 65% of the market share, representing
will increase substantially to 32% of Indonesia’s fixed broadband subscribers at the end of 2024. In
population by 2030. 2023, XL Axiata announced strategic initiatives to
enhance its position in both the fixed broadband
Notably, major operators like Telkomsel have led by
and FMC markets through an agreement with Link
building nearly 1,000 5G BTS in 56 cities/regencies
Net. This agreement includes transferring Link
at end of 2024. Telkomsel’s advancements are
Net’s fixed broadband business, which consists of
expected to pave the way for more advanced
750K subscribers, to XL Axiata. Additionally, in the
digital applications, such as augmented reality (AR),
same year, IOH announced its strategic efforts to
virtual reality (VR), the Internet of Things (IoT),
strengthen its commitment to providing home
and autonomous vehicles. This technology also
internet services to a broader community by
supports faster and more reliable connectivity in
acquiring over 300K MNC Play subscribers. IOH also
critical sectors such as healthcare, education, and
aims to offer a combination of FTTH (Fiber to the
manufacturing, which could significantly accelerate
Home) and IPTV services in one integrated package.
national digitalization.
This trend toward consolidation is expected to
The Indonesian telecommunication industry has enhance operational efficiency and drive business
also seen service consolidation and convergence growth for the operators involved.
trends in recent years. These trends have garnered
Indonesia’s telecommunication industry faces several
considerable attention from industry players,
complex challenges despite these opportunities
particularly the implementation of Fixed Mobile
and developments. Intense competition among
Convergence (FMC) by three major operators:
operators and declining consumer purchasing
Telkomsel, XLSmart, and IOH.
power affect companies’ abilities to attract
The integration of fixed broadband and mobile new customers, while high infrastructure costs
broadband networks into a Fixed-Mobile limit expansion in remote areas. Consequently,
Convergence (FMC) framework creates a more Indonesia’s telecommunication growth in 2024 is
seamless, enriched, and efficient user experience. predicted to stagnate at around 1.4%, a trend also
FMC also reflects the widespread consolidation observed globally.
trend among telecommunications companies.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 113
One factor contributing to this stagnation is the rise new opportunities in key sectors such as healthcare,
of Over-the-Top (OTT) services, such as WhatsApp, manufacturing, and education. The country’s
Netflix, and YouTube, which deliver attractive dedication to strengthening and expanding the
content over operators’ networks without providing infrastructure that supports this network is crucial
proportional contributions to infrastructure for achieving an inclusive and sustainable digital
maintenance costs. The Indonesian Government transformation. This commitment will ensure
is working on regulations to address this issue, equal access and improved connectivity for all
aiming to require OTT services to contribute to communities.
infrastructure costs, similar to measures in several
EU countries. TELECOMMUNICATION
Additionally, there are significant disparities in the
INDUSTRY COMPETITION
quality of telecommunication services, which have
become essential for people’s daily lives. Many areas Cellular (Mobile) Business
still rely on 2G connections, resulting in slow internet
In the cellular segment of the Indonesian
speeds that hinder digital productivity. Furthermore,
telecommunications industry, Telkomsel is projected
the emergence of new technologies like Low Earth
to maintain its market leadership until the end
Orbit (LEO) satellite technology poses a challenge
of 2024, with a total of 159.4 million subscribers
to territory-based cellular businesses. However,
and over 50% market share. It represents relative
there are opportunities for telecommunications
stability compared to the end of 2023 and is
companies to collaborate with LEO operators to
supported by our ability to meet market demand,
enhance existing services.
address affordability, and compete effectively
Despite these challenges, Indonesia’s in the industry. It also focuses on increasing the
telecommunication industry remains optimistic existing subscribers’ productivity to use products
about its long-term growth potential. As internet and services, including digital products. Other
demand continues to rise, collaboration among the major cellular operators in Indonesia include Indosat
Government, telecommunication operators, and Ooredoo Hutchison (IOH) and XL Axiata. Together,
other stakeholders will be crucial in addressing these the three largest operators in the cellular sector
issues and fostering development. serve approximately 312.9 million subscribers, a
slight decrease of 0.9% from the previous year.
The telecommunication technology includes
5G and LEO satellite were anticipated to be the
foundation of Indonesia’s digital economy, creating
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114 Management Discussion and Analysis
Telkomsel demonstrates resilience and notable leads the market with more than 65% market share.
growth in customer productivity, which is reflected Telkom’s efforts to maintain its leadership position
in payload growth. It illustrates the strength of align with IndiHome’s initiative to accelerate fixed
market demand and our capacity to leverage our broadband penetration, which remains relatively
product and service advantages. The growth is low, and to promote digitalization in Indonesia.
driven by a shift from traditional voice and SMS This is demonstrated by the impressive growth of
services, which are declining, to data services IndiHome’s B2C customer base, which has increased
supported by the Over-the-Top (OTT) offerings. by 918K subscribers, the highest growth rate in the
The rise in smartphone affordability and the industry.
demographic advantage currently experienced in
Telkom’s main competitor is a new entrant to the
Indonesia also contribute to this trend. Despite
fixed broadband sector, PT Indonesia Comnets Plus
the ongoing decline in legacy services and
(PLN Icon Plus, a subsidiary of PT PLN), operating
macroeconomic challenges related to reduced
under the IconNet brand. IconNet has successfully
purchasing power, which have led to a contraction
gained customers and now holds the second-
in Average Revenue Per User (ARPU) compared to
largest market share after Telkom, primarily by
the previous year, Telkomsel continues to lead with
leveraging its broad service coverage outside Java.
the highest ARPU, followed by XL Axiata and IOH.
Other competitors include PT First Media Tbk (First
Furthermore, the planned merger between XL Axiata Media), PT Supra Primatama Nusantara (Biznet
and Smartfren, announced in December 2024, Home), and PT Eka Mas Republik (MyRepublic).
could reduce competitive pressure in the market. Despite the intensifying competition, the industry
This merger is expected to shift the focus toward has seen strategic acquisitions to boost subscriber
profitability and foster more substantial industry growth, such as IOH’s acquisition of MNC Play and
growth. We view this development positively, as the XL Axiata’s purchase of PT Link Net Tbk. These
consolidation can promote healthier competition moves are intended to achieve service convergence
in the telecommunications sector by encouraging and identify new growth opportunities.
market rationality and price stabilization.
However, Telkomsel is expanding its reach to a
broader audience through the targeted pricing
Fixed Broadband & Fixed Mobile to address affordability concerns. This includes
Business targeting the mass market segment with its EZnet
Competition in the fixed broadband business service, which complements existing offerings. At
was becoming increasingly intense in 2024. Major the same time, Telkomsel encourages IndiHome
players are implementing various strategies to customers in the premium segment to upgrade
capture a growing market share. Telkom, through to higher-value packages and bundled content,
its subsidiary Telkomsel and the IndiHome brand, all while ensuring the delivery of high-quality
broadband services.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 115
Data Center Business International Traffic and
Interconnection Business
In 2024, Indonesia’s data center industry solidly
grew with a total business value of US$3 billion, There are two international traffic operators of
encouraged by the increasing demand for reliable traditional IDD or International Direct Connection
digital and data storage services. Telkom experienced (non-VoIP) in Indonesia, such as Telkom and Indosat
competition in this industry from several major Ooredoo Hutchison. However, these non-VoIP
players, such as DCI Indonesia and Dian Swastika services are less popular due to the OTT and digital
Sentosa. communication services, such as Line, WhatsApp,
and Skype, which provide VoIP (Voice over Internet
DCI Indonesia aims to achieve a target capacity of
Protocol) for opening international access. These
119 MW by the end of 2024, solidifying its position as
services decreased Telkom’s revenue from traditional
the market leader in this sector. This goal coincides
IDD international traffic (non-VoIP). Therefore,
with completing the 36 MW JK6 data center in
Telkom strives to add more value by collaborating
Cibitung. By December 2024, the TelkomGroup will
with OTT to provide connectivity, data center,
operate 35 data centers, including five locations
and Content Delivery Network (CDN) services to
in Singapore, Hong Kong, and Timor Leste, with a
generate more profit for TelkomGroup.
combined capacity of 18 MW. Domestically, Telkom
operates 26 neucentrIX data centers, offering
2,420 racks. These include three Tier 3 and Tier 4
Network and Satellite Infrastructure
enterprise data centers with an IT load capacity of 16
Business
MW and one hyperscale data center that currently Four companies dominate the network
holds a capacity of 4 MW out of a designed capacity infrastructure market in Indonesia, Mitratel, Sarana
of 51 MW. Menara Nusantara, Tower Bersama Infrastructure,
and Centratama Telekomunikasi Indonesia. These
NeutraDC, our subsidiary responsible for the data
companies enhance their telecommunication tower
center business, manages Telkom’s Enterprise
portfolio to meet the increasing demand from
Data Center, the data center in Singapore, and the
cellular operators and connectivity needs in many
hyperscale data center in Cikarang. Additionally, we
regions, which Mitratel dominates the market. As of
are constructing a new hyperscale data center in
December 2024, Mitratel operated 40K towers and
Batam to further enhance our data center capacity.
more than 50K km of fiber-optic networks.
In addition to local companies, global companies like
EDGNEX Data Centres by DAMAC and BW Digital are
showing significant interest in investing in Indonesia.
EDGNEX has announced plans to construct a 15 MW
data center in Jakarta, while BW Digital intends to
build an 80 MW data center in Batam.
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116 Management Discussion and Analysis
Telkom Infrastruktur Indonesia (TIF), Telkom’s Digital Business
subsidiary, officially started its end-to-end
The increasing technology adoption and expansion
connectivity network operation on August 1,
of internet access have resulted in digital business
2024. This showed Telkom’s concern for fiberoptic
growth in Indonesia. According to the Digital
infrastructure and that it could create revenue
Indonesia Report by Hootsuite and We Are Social,
growth potential and an improved consolidated
there has been a significant increase in mobile device
valuation. IOH had positioned substantial
usage and digital content demand.
investment to develop telecommunication
infrastructure in Eastern Indonesia, which is still E-commerce continues to dominate the digital
underdeveloped in internet access distribution. economy, with a projected Gross Merchandise Value
(GMV) of US$110 billion in 2025. The Government
In 2024, through its subsidiary Telkomsat, Telkom
targets Indonesia’s digital economy to achieve
collaborated with Starlink, a satellite division of
US$210-360 billion in 2030.
SpaceX, to conduct a service trial in the new capital
city of Nusantara to improve internet access in This growth requires innovation, such as live
remote areas. That same year, Telkomsat successfully streaming, to increase seller-buyer interactions
launched the Merah Putih 2 Satellite, the 11th and solid endorsement of local and SME brands.
satellite in the TelkomGroup fleet and the first to Competition is fiercer due to the new platform’s
utilize High Throughput Satellite (HTS) technology, existence and regulatory dynamics. Companies
also known as broadband satellite. The Merah Putih like Shopee, Tokopedia, Lazada, and TikTok Shop
2 Satellite was launched using a Falcon 9 rocket and compete to offer innovative features to attract
will operate from an orbital position at 113 degrees consumers.
East Longitude (113° East). It has a capacity of up to
32 Gbps and is equipped with active C-band and Ku- Telkom, through its subsidiary PT Telkomsel
band frequency transponders, allowing it to serve all Ekosistem Digital (INDICO) under Telkomsel, is
regions of Indonesia. a holding company that focuses on driving the
development of Indonesia’s digital ecosystem and
operates in various business lines in multiple sectors,
including Fita (health-tech), Kuncie (edu-tech),
Majamojo (gaming), and Digital Food Ecosystem
(agri-tech).
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 117
Operational Overview
by Business Segment
Wholesale &
Mobile Consumer Enterprise Others
International Business
Providing high-speed Provides broadband Provides Enterprise Provides domestic Provides digital
internet connectivity internet connection Connectivity, Digital and international payment solutions,
through mobile voice, to facilitate IT Services, Digital wholesale services for big data & smart
SMS, and data and fixed voice, fixed Adjacent Services, traffic, network, digital platforms, digital
digital services. broadband, IP-TV, and and Business Process platform & service, advertising, music,
digital services. Outsourcing (BPO) data center, tower, gaming, and
for a range of satellite, and managed e-commerce.
clients, including infrastructure &
corporate customers network.
(SOEs/ROEs and
private companies),
government
institutions, and
small and medium
enterprises (SMEs).
Telkomsel has IndiHome, which is We aim to maintain Operating across 15 At the end of
established itself now integrated with and strengthen our countries with 1 office 2024: GMV from
as the largest Telkomsel through leading position in in Indonesia and 9 e-commerce was
cellular operator in the FMC scheme, the market, serving Telin’s global and 5 Rp132.3 billion, 13.5
Indonesia. Its widest leads the fixed a diverse clientele sales representative million active users
4G/LTE network broadband market that includes 513 SOE offices outside of digital music, 22.7
covers 97% of the with 10.8 million and ROE customers, Indonesia. million paid users of
population. This subscribers. 1,790 private clients, digital games, and 9.9
extensive coverage is 717 government million paid users of
supported by 5G, 4G, institutions, and digital edutainment.
and 2G 271,040 BTS 591,618 SMEs.
throughout Indonesia
as of the end of 2024.
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118 Management Discussion and Analysis
SEGMENT PERFORMANCE HIGHLIGHTS
TelkomGroup always delivers excellent products and services to meet the community’s needs and strengthen
the Five Bold Moves strategy in the advancing digitalization era. In line with this commitment, TelkomGroup’s
segment performances in 2024 were generally positive, as the Mobile segment still dominated the most
contributions.
As in previous years, the Mobile segment contributed the most to TelkomGroup’s revenues in 2024, with
approximately 43% of total revenues or Rp86,626 billion. The Enterprise segment represented 23% (Rp45,342
billion), followed by the WIB segment of 20% (Rp39,400 billion), the Consumer segment of 13% (Rp26,362
billion), and the Others segment of 1% (Rp2,735 billion).
The highest growth was recorded in the WIB segment, which increased by Rp2,139 billion or 5.7, but the
Others segment had the most significant growth, which increased by 13.2%. On the other hand, the Mobile
and Consumer segment experienced a slight decrease due to fiercer competition in each segment.
Years ended December 31
Growth
Telkom’s Results of Operation by
2024-2023 2024 2023 2022
Segment
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Mobile
Revenues
External revenues (2.2) 83,400 5,182 85,291 85,493
Inter-segment revenues (11.1) 3,226 200 3,628 3,344
Total segment revenues (2.6) 86,626 5,382 88,919 88,837
Total segment expenses 0.7 (60,649) (3,768) (60,226) (62,715)
Segment results (9.5) 25,977 1,614 28,693 26,122
Consumer
Revenues
External revenues (0.5) 26,312 1,635 26,442 26,354
Inter-segment revenues (69.7) 50 3 165 195
Total segment revenues (0.9) 26,362 1,638 26,607 26,549
Total segment expenses (2.6) (18,146) (1,127) (18,636) (18,970)
Segment results 3.1 8,216 510 7,971 7,579
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 119
Years ended December 31
Growth
Telkom’s Results of Operation by
2024-2023 2024 2023 2022
Segment
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Enterprise
Revenues
External revenues 5.6 20,593 1,279 19,508 19,161
Inter-segment revenues (1.9) 24,749 1,538 25,234 24,646
Total segment revenues 1.3 45,342 2,817 44,742 43,807
Total segment expenses 1.7 (44,899) (2,790) (44,140) (42,976)
Segment results (26.4) 443 28 602 831
WIB
Revenues
External revenues 6.3 18,002 1,118 16,928 15,442
Inter-segment revenues 5.2 21,398 1,329 20,333 19,658
Total segment revenues 5.7 39,400 2,448 37,261 35,100
Total segment expenses 8.7 (30,298) (1,882) (27,875) (26,175)
Segment results (3.0) 9,102 566 9,386 8,925
Others
Revenues
External Revenues 168.2 1,078 67 402 239
Inter-segment revenues (17.7) 1,657 103 2,014 2,486
Total segment revenues 13.2 2,735 170 2,416 2,725
Total segment expenses 5.0 (3,786) (235) (3,604) (3,788)
Segment results 11.5 (1,051) (65) (1,188) (1,063)
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120 Management Discussion and Analysis
OPERATIONAL HIGHLIGHT
Year Ended on December 31
Unit
2024 2023 2022
SUBSCRIBERS
Cellular Subscribers million subscribers 159.4 159.3 156.8
Telkomsel Halo million subscribers 8.0 7.5 7.1
Telkomsel Prabayar million subscribers 151.4 151.8 149.7
IndiHome Subscribers million subscribers 10.8 10.1 9.2
INFRASTRUCTURE
Satellite Capacity TPE 485 109 109
Point of Presence PoP 122 122 122
Domestic PoP 64 64 64
International PoP 58 58 58
BTS unit 271,040 247,472 265,194
BTS 2G unit 48,775 48,980 50,158
BTS 3G unit - - 49,632
BTS 4G unit 221,290 197,838 165,120
BTS 5G unit 975 654 284
Tower unit 43,825 43,047 40,588
Fiber Optic Backbone km 177,443 176,663 173,266
Network
Domestic km 112,743 111,663 108,566
International km 64,700 64,700 64,700
Wi-Fi Services access point 376,212 394,031 391,317
CUSTOMER SERVICE
PlasaTelkom location 0 186 387
Global sales representative location 1 - 0
of Telkomsel
GraPARI (including Plasa location 486 309 372
Telkom)
GraPARI location 477 - 363
GraPARI TelkomGroup location 9 - 9
GraPARI Mobile unit - - 0
IndiHome Sales Car unit 0 571 750
EMPLOYEES people 21,673 23,064 23,793
In line with the network infrastructure expansion, particularly with the inclining 5G BTS by around 50%,
TelkomGroup’s subscribers consisting of 159.4 million cellular subscribers and 10.8 million IndiHome
subscribers. All operational metrics that represent TelkomGroup’s Five Bold Moves experienced a growth in
2024, it demonstrated that TelkomGroup succeed its business strategies in a disciplined manner.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 121
Mobile Segment
TelkomGroup works on the Mobile segment through 4. Telkomsel Orbit
Telkomsel, which provides complete services in this Telkomsel Orbit is a home internet service based
area, including mobile voice, SMS, data, and digital on modem Wi-Fi devices on 4G and 5G networks.
services. Telkomsel’s operations in this segment are Subscribers may purchase data packages without
supported by 5G/4G/2G technology, which continues a monthly subscription. The MyOrbit application
to improve its capacity and capabilities, with the allows subscribers to access many features with
broadest 4G/LTE network coverage reaching more ease.
than 97% of the Indonesia population.
Telkomsel continues to maintain its market
Telkomsel’s products in Mobile segment include dominance and productivity through a customer-
Telkomsel Halo, Telkomsel PraBayar, by.U, and oriented approach. It aims to promote healthier
Telkomsel Orbit. market behavior by ensuring price stability and
diverse product offerings while reaching a broader
1. Telkomsel Halo
audience. Customer Value Management (CVM)
As a postpaid cellular telecommunication
remains crucial in optimizing market relevance and
product, Telkomsel Halo emphasizes its excellent
strengthening our competitive position, particularly
network quality, communication experience,
within the market.
entertainment, and comprehensive and
attractive packages. By the end of 2024, Telkomsel recorded a stable
2. Telkomsel PraBayar customer base of 159.4 million cellular subscribers,
with 95.0% being prepaid customers and the
Telkomsel Prabayar integrated the prepaid
remaining postpaid. This stability aligns with
offers of simPATI, Kartu As, and LOOP into one
Telkomsel’s efforts to meet market demand and
brand. Therefore, Telkomsel Prabayar could
address affordability concerns while also focusing on
offer integrated products and services to
enhancing customer productivity through a range
deliver essential elements to subscribers’ digital
of products and services, including digital product
experiences.
offerings. Our customer-oriented strategies and
3. by.U
competitive pricing, supported by Telkomsel’s
by.U is an end-to-end digital prepaid that can be commitment to delivering more significant benefits
accessed with the application, including selecting and continuously improving network quality, have
phone numbers, delivery options, internet quota, contributed to sustainable customer productivity
additional quota (topping), and payment, which
is digitally available.
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122 Management Discussion and Analysis
growth. This is evident in the 13.9% increase in data To bolster the digital ecosystem, we have
payload, reaching 20.4 million TB in 2024. This rise in established strategic partnerships and transformed
productivity demonstrates the resilience of market the MyTelkomsel app by integrating end-to-end
demand and Telkomsel’s capability to optimize a services. This initiative encompasses package and
diverse portfolio of high-quality content, products, quota monitoring, usage transparency, a new loyalty
and services amid macroeconomic pressures and program, a one-bill feature, and the incorporation
declining purchasing power. of all digital lifestyle services—such as MyOrbit and
MyIndiHome—into a single application.
As customer needs rapidly evolve and society
undergoes transformation, Telkomsel strives The Mobile segment revenues in 2024 still resulted in
to enhance its product offerings and digital the highest contribution for TelkomGroup. However,
capabilities, moving beyond simple connectivity. the Mobile segment, through its subsidiary of
We are committed to fostering the acceleration Telkomsel, revenues in 2024 decreased by Rp2,293
and expansion of the digital ecosystem. Our focus billion or 2.6% from Rp88,919 billion in 2023 to Rp
remains on understanding customer needs and 86,626 billion in 2024. It was due to the intense
achieving long-term growth, supported by our competition among cellular operators in Indonesia,
network quality. Telkomsel continues to provide along with weakening purchasing power, deflationary
on-demand video content through the Maxsteam pressures, and a shift in consumer behavior from
app, along with music and gaming services via the voice and SMS services to data services. This shift
Langit Musik app and Dunia Games, which offers a has been driven by the availability of affordable
comprehensive gaming ecosystem that integrates smartphones and an increasing demand for Over-
media content, distribution, payment facilities, the-Top (OTT) services, which have transformed the
e-sports, and gaming communities to enrich the market away from traditional telecommunications
customer experience. services. Despite this decline, the Mobile segment
still contributes significantly to TelkomGroup,
Telkomsel remains the only telecommunications
accounting for 43% of total revenue. In addition,
operator to offer its customers the most complete
revenues from other services that deliver more
video experience. The latest bundling packages for
add value to subscribers, such as digital education
2024 include UEFA EURO 2024 and HBO MAX due to
ecosystem, digital health ecosystem, e-payment,
a strategic partnership with a newly launched OTT
online game, began to impact positively to Mobile
service. Additionally, Telkomsel provides content
segment, which increased by Rp255 billion 185%.
bundling for the mass market, including Amazon
Prime Video, WeTV, and CATCHPLAY+, as well as On the other hand, its expense increased by Rp423
other OTT streaming services like YouTube and billion or 0.7% from 2023. Therefore, net profit in
Netflix, all integrated within our Digital Lifestyle 2024 was Rp25,977 billion, it decreased by 9.5%
Video ecosystem. compared to Rp28,693 billion in 2023.
2024-2023 2024 2023 2022
Mobile Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues (2.6) 86,626 5,382 88,919 88,837
Expenses 0.7 (60.649) (3,768) (60,226) (62,715)
Result (9.5) 25.977 1,614 28,693 26,122
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 123
Consumer Segment
The Consumer segment includes products and planned launch of EZnet in 2024, which addresses
services of fixed voice, fixed broadband, IP-TV, and the increasing demand for affordable fixed
digital services, which they under the IndiHome broadband connectivity. This launch is intended
brand. IndiHome is Telkom’s mainstay to reach the to complement existing products, maintain
market with FMC, one of the TelkomGroup’s Five Bold competitiveness, capture new opportunities, and
Moves strategies. tackle affordability issues in the mass-market
segment, focusing on customer criteria and
In the Consumer segment, Telkomsel offers two
targeted areas. At the same time, Telkomsel is
primary products, IndiHome and Telkomsel One.
committed to enhancing service offerings and
1. IndiHome maintaining high-quality standards to meet the
demand for reliable high-speed broadband.
IndiHome provides internet, landline telephone,
interactive TV services, and various additional As of the end of 2024, IndiHome subscribers reached
packages that customers can select based on 10.8 million, reflecting a 6.9% increase from the
their needs. The IndiHome network is widely previous year. In addition, Telkomsel also accelerated
available throughout Indonesia and is known for the acquisition of new IndiHome B2C subscribers,
its high reliability. adding approximately 918K new subscribers, which
2. Telkomsel One brought the total to 9.6 million subscribers, a 10.6%
Telkomsel One is a convergence service that increase from the last year. Telkomsel is committed
reflects TelkomGroup’s Bold Move strategy, to reinforcing its leadership in the Fixed Broadband
known as FMC (Fixed Mobile Convergence). This (FBB) market by strategically expanding IndiHome
service combines fixed network connectivity and EZnet in the future. The company aims to offer
(IndiHome) and mobile broadband (Telkomsel) solutions tailored to various market segments.
into one offering, providing users with a superior IndiHome continues to be a premium broadband
and seamless digital experience. option, while EZnet provides affordable services to
promote increased broadband adoption across the
Telkomsel aims to accelerate fixed broadband nation. This approach not only drives volume growth
penetration by utilizing the most expansive 4G/ but also contributes to revenue growth in the FBB
LTE network coverage, reaching 97% population in sector while addressing affordability challenges that
Indonesia, and targeting various market segments can lead to a decrease in Average Revenue Per User
with flexible pricing. This initiative includes the (ARPU).
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124 Management Discussion and Analysis
Market penetration of TelkomGroup’s converged entertainment hub (Window of Entertainment Hub).
services stood at 57% at the end of 2024, showing a IndiHome TV now offers the most comprehensive
significant increase from 37% in July 2023, indicating range of TV channels and has officially partnered
that the FMC strategy is proceeding as planned. with 16 OTT platforms, establishing it as Indonesia’s
Telkomsel is dedicated to ensuring the sustainability most complete entertainment platform.
of IndiHome’s business by maximizing synergies
In 2024, we will enhance the subscription process and
between mobile and fixed broadband services
expand sales channels to ensure a smoother, faster,
while driving revenue growth. This is achieved
and more intuitive user experience. Additionally, we
through cross-selling, upselling, service integration
have optimized our products to align with market
initiatives, optimizing platform and content costs,
demands, including developing the IndiHome TV
minimizing investment duplication, and closing
application, simplifying Minipacks, and introducing
around 300 adjacent customer service outlets.
Single OTT and Multibundle OTT products.
The strategy development of TelkomGroups’s
To support IndiHome’s performance, we are utilizing
FMC in 2024 focused B2C segment aiming to
a fiber optic network that provides fixed broadband
accelerate operational efficiencies. Through FMC,
access to every subscriber’s home. By the end of
TelkomGroup aims to maximize synergy in fixed
2024, this fiber optic network covered 39 million
and mobile broadband services, increase revenues,
homespassed.
decrease operational expenses, and enhance the
capital expense efficiency. It expects to improve TelkomGroup’s revenue from the Consumer segment
the sustainable growth, increase the productivity, in 2024 was Rp26,362 billion or decreased by 0.9%.
and create more seamless digital experience for It was due to the fixed line telephone revenue
subscribers. decreased by Rp332 billion in 2024. In addition, other
service revenues such as managed services, grew by
IndiHome is reinforcing its position as a service
37% in 2024. With operating expenses of Rp18,146
provider that extends beyond connectivity with
billion in 2024, this segment recorded a profit of
IndiHome TV, which serves as an integrated digital
Rp8,216 billion, or 3.1% higher than Rp7,971 billion
in 2023.
2024-2023 2024 2023 2022
Consumer Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues (0.9) 26,362 1,638 26,607 26,549
Expenses (2.6) (18,146) (1,127) (18,636) (18,970)
Result 3.1 8,216 510 7,971 7,579
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 125
Enterprise Segment
The Enterprise segment offers various services, assisting companies in enhancing their business
including Connectivity, Digital IT Services, efficiency and flexibility. Cybersecurity services
Digital Adjacent Services, and Business Process provide comprehensive protection for network
Outsourcing (BPO). These services aim to security and customer data. Custom IoT solutions
deliver end-to-end solutions and create robust strengthen the functionality of smart devices
information technology ecosystems. Our across various applications, while Big Data
customers in this segment include corporate solutions facilitate precise, data-driven decision-
clients (SOEs/ROEs and private companies), making.
government institutions, and small and medium
In 2024, Enterprise segment business showed
enterprises (SMEs). The Enterprise segment
a decent performance, supported by Digital
focuses on high-profitability business lines with
Connectivity services, Fixed Broadband in
recurring revenue, particularly in enterprise
particular, and Digital Service of e-payment.
solutions such as enterprise connectivity, data
The highest contribution was from Enterprise
center, cloud, cybersecurity, and IoT & Big Data.
Connectivity and Digital IT Services that includes
Enterprise connectivity services encompass High Speed Internet (HSI) Indibiz, ASTINet,
fixed broadband, Wi-Fi, Ethernet, and data TelkomNet VPN Intranet, billing payment
communication, including leased channels such aggregator, and CRM services. These solutions
as metro ethernet, VPN-IP, and high-capacity support the digital transformation in Indonesia
data networks that provide point-to-point and strengthen TelkomGroup’s position as the
connections. These also include fixed voice leading telecommunication provider for enterprise
services. Additionally, the Cloud and Data Center and Government market.
covers software, platforms, and infrastructure,
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126 Management Discussion and Analysis
Enterprise segment revenues for 2024 were satellite system services. Furthermore, revenue from
Rp45,342 billion, grew 1.3% from 2023. This increase other services in this segment increased by Rp808
was primarily driven by the development of High- billion, reflecting a 17% increase in 2023. This growth
Speed Internet (HSI) services through various was driven by significant increases in e-payment
IndiBiz products. In addition to HSI, services such as services revenue of Rp790 billion (increased by
ASTINet, TelkomNet VPN Intranet, and Wifi Managed 159%), managed services and terminals by Rp131
Service contributed significantly to the revenue billion (increased by 14%), and e-health services,
from data, internet, and information technology which will see an increase of Rp6 billion (increased by
services within the Enterprise segment, showing 1%). However, it’s important to note that operating
an overall growth of 28% or an increase of Rp2,875 expenses for this segment increased by 1.7% or
billion in 2024. Network revenue within this segment Rp44,899 billion, compared to the previous year.
is also anticipated to grow by 21%, representing Therefore, the net profits in this segment for 2024
an increase of Rp250 billion, aided by leased line were Rp443 billion, it decreased 26.4% from the
services and VSAT (Very Small Aperture Terminal) previous year.
2024-2023 2024 2023 2022
Enterprise Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 1.3 45,342 2,817 44,742 43,807
Expenses 1.7 (44,899) (2,790) (44,140) (42,976)
Result (26.4) 443 28 602 831
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 127
Wholesale and International
Business (WIB) Segment
In 2024, TelkomGroup’s WIB segment introduced new In operating its Data Center business, through
initiatives that support domestic and international the subsidiary of NeutraDC, TelkomGroup
connectivity demands. keeps increasing the data center capacity to
accommodate the digital connectivity needs. It
WIB services include wholesale traffic, wholesale
aimed to anticipate the inclined cloud storage and
network, digital platform & services, and
data processing demands, particularly in the rapid
managed infrastructure & network, which serve
Artificial Intelligence (AI) advancement. NeutraDC
telecommunication operators, digital service
also has been exploring strategic collaboration with
providers, and corporations. The service categories
global partners to increase its value as the digital
in this segment are Carrier, Data Center, Tower,
ecosystem center, which improves Telkom’s position
Satellite, Network Infrastructure and Management,
in data center service in Southeast Asia.
and International Business.
In Tower service, Mitratel as Telkom’s subsidiary that
As the Carrier service, TelkomGroup provides
manages its telecommunication towers, remained its
wholesale services of voice, data, and network
position as the largest tower operator in SEA region
interconnection for domestic and international.
with almost 40K towers and 60K tenants. Mitratel
We continue developing Enabler Digital Ecosystem
implemented an aggressive expansion strategy
initiative to expand the wholesale network coverage.
by building new towers and acquiring towers from
Telkom improves the carries network by focusing on
tower industry ecosystem. In addition, Mitratel
domestic and international networks, and internet
also expanded its service capacity by providing
traffic, which contributes to operation significantly.
fiberoptic connectivity and satellite service, hence
it continues supporting the acceleration of national
digitalization.
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128 Management Discussion and Analysis
TelkomGroup, through its subsidiary Telkomsat, In International Business, TelkomGroup enhances its
oversees the entire satellite business, from services in many countries by providing wholesale,
upstream to downstream. In 2024, Telkomsat cloud, data center solutions, and digital services with
planned to enhance satellite capacity in Indonesia global coverage through its subsidiary of Telin. Telin is
by over 60 Gbps through the Merah Putih 2 and now present in 14 countries, including through Sales
Merah Putih 3 satellites. This initiative will further Representatives. In 2024, the Company launched an
solidify TelkomGroup’s position as a leader in the innovative service as part of its WABA (WhatsApp
satellite industry in Indonesia. Additionally, in 2024, Business API) initiative. This messaging service will
Telkomsat continued collaborating with Space enable corporations to promote their products
Exploration Technologies Corp (SpaceX), the world’s using WhatsApp platforms.
largest provider of low-orbit satellite systems. This
As part of its commitment to enhancing Indonesia’s
partnership has been in place since 2022 and focuses
position in the global arena, Telin is actively
on providing backhaul services. Telkomsat has also
expanding its international business by developing
been appointed as an authorized reseller of Starlink
reliable digital infrastructure and forming
Business Service (SBS) since May 2024, emphasizing
strategic partnerships with key players in the
its commitment to promoting digital equality in
global telecommunications industry. One of Telin’s
Indonesia. Furthermore, Telkomsat, through its
strategic initiatives to strengthen its international
subsidiary in Malaysia, TSGN, offers satellite-based
presence involves constructing a subsea cable
communication services in that region by utilizing
system as a backbone for global connectivity. This
the MySat1 satellite.
subsea cable development aims to increase network
In Network Infrastructure and Management, Telkom capacity, connect more countries, and support
established PT Telkom Infrastruktur Indonesia (TIF) the growing demand for digital connectivity in a
on August 1, 2024, to increase the investment digital transformation era. By creating a broader
efficiency of infrastructure assets. TIF was assigned and more dependable infrastructure ecosystem,
to manage TelkomGroup’s infrastructure assets, Telin is crucial in securing Indonesia’s standing as a
which assets transfer between Telkom and TIF was telecommunications hub in the Asia-Pacific region.
expected to complete in 2025. TIF was a part of the
Five Bold Moves initiative to increase investment
efficiency, assets management, and operational
effectiveness.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 129
To achieve this vision, Telin is focused on building • e& (Etisalat), to drive digital service innovation and
physical infrastructure and enhancing strategic telecommunications ecosystem development
collaboration to ensure wider and more efficient
These partnerships ensure that the subsea cable
network optimization. The Bali Annual Telkom
built by Telin not only serves as a connectivity
International Conference (BATIC) represents a
pathway but also functions as a digital backbone
significant opportunity for Telin to forge various
supported by a robust service ecosystem. With
partnerships that support the development
these collaborations, Telin is increasingly positioned
of subsea cables while accelerating digital
to deliver innovative digital solutions and contribute
transformation at a global level.
to the growth of the global digital economy.
During BATIC, Telin signed several memorandums
In 2024, Telin will also introduce new initiatives to
of understanding (MoUs) with various strategic
strengthen its competitiveness and global service
partners to strengthen the digital ecosystem. One
capabilities. A significant step is the partnership
of the key agreements is the collaboration with
with Dialog Axiata, which will support Telin’s
Indosat Ooredoo Hutchison (IOH) for the Indonesia
expansion in South Asia, particularly in Sri Lanka and
Cable Express (ICE), which aims to enhance the
surrounding countries. This collaboration is part of
capacity and reliability of domestic connectivity and
Telin’s strategy to broaden its international footprint
expedite international network integration.
and provide enhanced connectivity solutions for
Additionally, Telin collaborates with various global corporate customers and global telecommunications
partners to ensure that its subsea cables can operators.
be optimized with innovative and competitive
Through these initiatives, Telin not only reinforces
additional services. Some of the leading partners
its international business position but also
involved in BATIC 2024 include:
contributes to building a sustainable and inclusive
• BW Digital, to expand data center coverage and
digital infrastructure. By continuing to innovate and
connectivity services
establish strategic collaborations, Telin is dedicated
• Singtel, to enhance network capabilities and to supporting TelkomGroup’s vision of making
telecommunications services Indonesia a digital hub on the global stage.
• Telecom Egypt, to bolster connectivity between
Asia, the Middle East, and Europe
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130 Management Discussion and Analysis
TelkomGroup’s revenue from the WIB business satellite transponder rental revenue. On the other
segment increased by 5.7% in 2024. Interconnection hand, data, internet, and information technology
revenue contributed the largest to external revenue service revenue from this segment increased by 10%
from this segment, with 49% of the total external or Rp353 billion in 2024, generated by data center
revenue of the WIB segment. This interconnection colocation services, IP transit revenue, and Telkom
revenue in 2024 increased by 1%, indicating that Metro Ethernet services. Positive growth was also
international voice hubbing and SMS hubbing in other service revenues, which increased by 2%
services between countries can still provide to Rp8 billion in 2024. Although these revenues
positive performance. Through tower rental and increased, the expenses incurred increased by 8.7%
building solution services, revenue from lessor or Rp2,423 billion to support the operations. With
transactions in this segment increased by 6% or revenues of Rp39,400 billion and operating expenses
Rp835 billion in 2024. Network revenue from this of Rp30,298 billion, the profit from this segment was
segment also increased by 35% or Rp448 billion, Rp9,102 billion in 2024, which decreased 3.0% from
triggered by increased leased line service, IPLC Rp9,386 billion in 2023.
(International Private Leased Circuit) rental, and
2024-2023 2024 2023 2022
WIB Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 5.7 39,400 2,448 37,261 35,100
Expenses 8.7 (30,298) (1,882) (27,875) (26,175)
Result (3.0) 9,102 566 9,386 8,925
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 131
Other Segment
Until 2024, TelkomGroup’s Other Segments include digital edutainment services reached 9.9 million paid
big data, smart platforms, digital advertising, digital customers, resulting in 29.3 million transactions.
entertainment (music and games), and e-commerce.
In addition to these offerings, by the end of 2024,
TelkomGroup offers digital advertising services TelkomGroup also managed a venture capital
through its subsidiary, PT Metranet, which operates company, MDI, focusing on investing, synergy,
the online media platform Uzone.id. This platform portfolio management, value creation, and
provides information about gadgets, technology, fundraising. By then, 91 startup companies had
and automotive trends. Metranet’s business line received funding from TelkomGroup, resulting in a
of Scala also delivers B2B platforms and solutions synergy value of Rp4.24 trillion between the startups
for data-driven digital business transformation, with TelkomGroup and SOEs.
enterprise resource planning (ERP), and digital
Driven by TelkomGroup’s intense efforts to
signatures. In 2024, Metranet successfully managed
diversify its business portfolio in this segment
the digital transformation projects of 33 clients,
and strong growth from most subsidiaries due to
collaborating with Indonesia’s integrated digital
having attractive and high-value offerings for the
platform, GovTech.
community, its revenue from the Other segment
Furthermore, Telkom’s subsidiary, PT Nuon Digital in 2024 recorded at Rp2,735 billion increased by
Indonesia, oversees digital entertainment services, 13.2% from 2023. It was driven by an increase in
which include game publishing, game top-ups data, internet and information technology services
through Upoint, streaming services via Langit Musik, revenue in this segment of Rp634 billion or grew
and platforms for tickets and white-label services 299% from the previous year. However, the operating
through tiketapasaja.com. In 2024, digital music expenses of this segment also increased by 5.0%
services recorded 13.5 million active users with 87.7 or Rp3,786 billion, which resulted in TelkomGroup’s
million transactions, digital games of 22.7 million net profit from this segment decreasing by 11.5% in
paid users generated 133.5 million transactions, and 2024.
2024-2023 2024 2023 2022
Others Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 13.2 2,735 170 2,416 2,725
Expenses 5.0 (3,786) (235) (3,604) (3,788)
Result (11.5) (1,051) (65) (1,188) (1,063)
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132 Management Discussion and Analysis
Marketing Overview
MARKET SHARE of legacy services and macroeconomic pressures
stemming from weakening public purchasing power.
TelkomGroup closely monitors the latest To maintain ARPU stability and growth despite these
technological developments and works to create macroeconomic conditions and market competition,
products, services, standards, and business models Telkomsel continues to develop its digital product
that align with market dynamics. This effort aims to portfolio, optimize Customer Value Management
strengthen its position in both domestic and global (CVM) initiatives, and leverage Fixed-Mobile
competition. Telkom and its subsidiaries continue Convergence (FMC) offerings to drive customer
collaborating to enhance the Company’s value and productivity and strengthen ARPU resilience in the
deliver customers the best, most relevant, and high- long term.
quality digital experiences.
Despite the macroeconomic challenges, positive
productivity indicators have emerged due to
Mobile Segment Market Share
increased subscriber consumption. This is evidenced
Competition in the telecommunications industry in by a 13.9% rise in data usage, increasing from
Indonesia continues to grow as companies expand 17,481 petabytes on December 31, 2023, to 19,909
into new regions, increasing service coverage petabytes on December 31, 2024. This growth
in areas where Telkomsel has long had a strong demonstrates the resilience of market demand and
presence. However, supply and demand conditions Telkomsel’s capacity to optimize a diverse portfolio
are starting to stabilize, indicating a healthier of high-quality products and services.
competitive environment. In 2024, Telkomsel is
In 2024, Telkomsel aims to promote healthier
expected to maintain its position as the largest
market behavior to strengthen business
cellular operator in Indonesia, holding a market
profitability and industry rationalization through
share of approximately 50.3%. The total subscriber
various price adjustments. Major competitors
base is projected to reach 159.4 million subscribers,
also implement these adjustments as part of
comprising 151.4 million prepaid subscribers and 8
their price rationalization strategies. A merger
million postpaid subscribers. This reflects relative
plan between PT XL Axiata Tbk and PT Smartfren
stability compared to the previous year, as Telkomsel
Telecom Tbk was also announced in December 2024.
implements strategies to meet market demand
Telkomsel views this development positively, as this
and address affordability issues while also focusing
consolidation can foster healthier competition in the
on enhancing existing subscribers’ productivity
telecommunications industry by promoting market
through various products and services, including
rationality and price stabilization. Furthermore,
digital offerings.
this merger could help reduce market aggression,
Telkomsel’s annual Average Revenue Per User (ARPU) shifting operators’ focus towards profitability and
is anticipated to decline by 6.6% from 2023 to 2024, driving more substantial industry growth.
reflecting challenges such as the decreasing trend
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 133
Telkomsel demonstrates its strong commitment Throughout 2024, Telkomsel’s ongoing development
as a leading digital telecommunications company of 5G services includes expanding its Hyper 5G
by consistently expanding its network coverage, network, such as launching 5G coverage in Bali in
including the rollout of 5G technology. Although the July 2024 and the Jabotabek area in November
launch of 5G comes with challenges, such as the cost 2024. These expansions aim to facilitate various
of infrastructure deployment, Indonesia’s unique 5G use cases, empower users, and meet their
geographical conditions, and the currently low needs. This initiative is crucial for Indonesia’s digital
penetration of 5G devices, the Company remains transformation and positively impacts the growth of
focused on overcoming these obstacles. digital connectivity across the country.
Cellular Subscribers Market Share for Telkomsel and Competitors 2022-2024
2024 2023 2022
50.9% 50.5% 49.5% Telkomsel
49.1% 49.5% 50.5%
Competitors
Consumer Segment Market Share Listrik Negara subsidiary, as a new player in the
market, has further complicated the landscape.
In 2024, the Consumer IndiHome B2C segment
IconNet has successfully captured second place in
faces stiff competition from major fixed broadband
market share and subscriber numbers, leveraging its
service providers, including IconNet, First Media,
extensive coverage beyond Java.
Biznet Home, and MyRepublic. The industry is also
challenged by Indonesia’s economic conditions, By the end of 2024, the number of IndiHome
which remain affected by global geopolitical subscribers reached 10.8 million subscribers.
dynamics and declining purchasing power. The increase of 918K subscribers of Telkomsel’s
Additionally, competition has intensified due to IndiHome B2C underscores Telkomsel’s commitment
strategic acquisitions in the sector to increase to boosting fixed broadband penetration in Indonesia,
customer growth and market share, such as IOH’s which remains low at under 20%. This growth was
acquisition of MNC Play and XL Axiata’s purchase achieved through a flexible pricing strategy that
of Link Net. The entry of IconNet, a PT Perusahaan addresses affordability in the mass market while
Page 136
134 Management Discussion and Analysis
65% of the fiber-based fixed broadband market Telkomsel has developed a strategy to dominate
share despite fierce competition. The IndiHome the home connectivity sector through seamless
B2C network now covers 99% of districts and cities Fixed Mobile Convergence (FMC) to capitalize on
in Indonesia, reaching 507 out of a total of 514 its market leadership in fixed broadband and mobile
districts. services. This strategy involves accelerating FMC as
a core aspect of its new business model and creating
The Company recognizes the growing demand
an actual converged experience.
for affordable fixed connectivity to strengthen
Telkomsel’s position as the market leader in Telkomsel One is a convergence service that offers
fixed broadband services. To address this need, superior connectivity through both fixed (IndiHome)
Telkomsel launched EZnet, a new offering to and mobile broadband (Telkomsel) networks, all
provide subscribers with reliable network access integrated under a single service (One Bill, One
and cost-effective internet solutions. This initiative App, One Touchpoint, One Solution). This approach
complements existing services, allowing Telkomsel is designed to deliver a seamless broadband
to remain competitive, seize new opportunities, experience and enhance subscribers’ overall digital
and meet affordability needs in the mass market. experience.
Through EZnet, Telkomsel aims to reach underserved
By the end of 2024, the penetration of our
markets by offering high-quality connectivity at
convergence services had increased to 56%, up
more affordable prices for a broader audience.
from 37% since the official launch in July 2023.
This reflects Telkomsel’s commitment to delivering
This achievement positions Telkomsel as the most
innovative and inclusive services that enhance the
significant convergence operator in Indonesia.
digital experience for subscribers across Indonesia.
Fixed Broadband Market Share for IndiHome B2C and Competitors 2022-2024
2024 2023 2022*
65.2% 66.7% 75.2% Indihome B2C
34.8% 33.3% 24.8%
Competitors
Remarks:
*)
Considering dynamics of industry competition, market share calculations are updated using the latest figures from market intelligence.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 135
Enterprise Segment Market Share In 2025, the cloud and IT services markets
in Indonesia recorded CAGRs of 36% and
In 2024, TelkomGroup continued strengthening
12%, respectively. This potential presents an
its position in the enterprise segment by offering
opportunity for Telkomsigma, a subsidiary of
various comprehensive digital services. These
TelkomGroup, which is actively enhancing its B2B
services include the Internet of Things (IoT),
Digital IT services portfolio by expanding services
cybersecurity, big data solutions, and digital
and increasing collaborations with global players
advertising, all designed to complement its
to meet the anticipated surge in demand for cloud
connectivity, satellite, IT services, data center, and
services. Through Telkomsigma, TelkomGroup
cloud offerings. Additionally, TelkomGroup provides
achieved a market share of 11.8% in the system
an artificial intelligence platform that assists
integration segment in 2024, while Infomedia,
companies in decision-making, governance, and
another entity within the group, holds a market
formulating future business strategies.
share of 28% in the Man Power Outsourcing (MPO)
Throughout 2024, TelkomGroup successfully and 50% Customer Relationship Management
delivered a bandwidth of 3,870 Gbps, representing (CRM).
an increase of 20% from the previous year.
System Integration Market Share for Telkomsigma and Competitors 2022-2024
2024 2023 2022
11.8% 13.8% 14.6% Telkomsigma
88.2% 86.2% 85.4%
Competitors
Wholesale & International Business The wireless telecommunications tower business
Segment Market Share is operated by Mitratel, which recorded a market
share of 39.9% in Q32024, which decreased from
TelkomGroup’s WIB segment encompasses carrier
41.6% the previous year. As of the fourth quarter
traffic, carrier network services, tower operations,
of 2024, Mitratel had 39,404 towers, reflecting a
and managed network & infrastructure services.
5.8% increase from the prior year. The Company’s
In 2024, TelkomGroup continued to lead the fiber optic assets reached 51,039 km, 56.9% longer
carrier traffic market in Indonesia, holding a voice than the previous year. Alongside this asset growth,
interconnection market share of 92.6%. Additionally, tenants increased by 4.3% to 59,868 tenants, and
the Company controls 62.5% of the wholesale colocation services also grew by 5.5%.
network market and 23.1% of the wholesale internet
market. TelkomGroup’s dominance in the wholesale
network segment is bolstered by its Metro E and
leased line products, while its IP Transit product
supports its success in the wholesale domestic
segment.
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136 Management Discussion and Analysis
As of the end of December 2024, Mitratel had operator industry and an expansion agenda towards
16,154 towers in Java, contributing 41% of the total. developing regions, Mitratel’s digital infrastructure
In contrast, there were 11,426 towers in Sumatra represents a significant advantage.
(29%), 3,656 towers in Sulawesi (9.3%), 3,780
Furthermore, Mitratel is developing its Fiber-to-the-
towers in Kalimantan (9.6%), 2,640 towers in Bali
Tower business to enhance its product offerings
Nusa Tenggara (6.7%), and 1,748 towers in Maluku
and position as a digital infrastructure company.
and Papua (4.4%). This distribution indicates that
The fiber optic segment has demonstrated strong
59% of tower assets are outside Java. Amidst a
performance, with revenue growth of 64.3%
consolidation trend in the telecommunications
reported by the end of 2024, presenting a promising
new source of revenue.
Tower Market Share from Mitratel and Competitors 2022-2024
2024* 2023 2022
39.9% 41.6% 40.7% Mitratel
60.1% 58.4% 59.3%
Competitors
Remarks:
*)
Tower Market Share from Mitratel at third quarter 2024
Digital and Other Segments Market music streaming and Upoint for top-up services
Share and game vouchers, enhancing the user experience
within the digital ecosystem.
TelkomGroup’s Digital segment encompasses a
diverse range of service portfolios, which include Additionally, TelkomGroup manages venture capital
smart platforms, digital content, and e-commerce funds through its subsidiary, MDI Ventures, which
solutions. Within the smart platform business focuses on investing in high-potential business
line, TelkomGroup provides services such as digital verticals to bolster customer digital services. Priority
advertising, intelligent applications, big data sectors for investment include financial technology,
analytics, Internet of Things (IoT) solutions, and cloud computing, big data, health technology,
financial services tailored to meet the demands e-commerce, and IoT. Since its inception in 2016,
of a growing market. In the digital content sector, MDI Ventures has invested in more than 91 startups
TelkomGroup offers music and gaming services in Southeast Asia and globally at various stages,
via streaming platforms, including Langit Musik for primarily targeting early and mid-stage startups.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 137
MARKETING STRATEGY Mobile
TelkomGroup has developed competitive, strategic, As digital transformation accelerates, the demand for
and comprehensive distribution channels for its traditional legacy services is declining due to the rise
products and services to boost sales. The Company of Over-the-Top (OTT) communication platforms
is also strengthening its brand by enhancing and the rapid adoption of new technologies,
the customer experience and adding value to particularly in urban areas. Additionally, market
its offerings. TelkomGroup consistently adjusts saturation limits growth opportunities further.
the prices of its products and services to remain
To address the impact of declining revenue from
competitive, considering market purchasing power,
legacy services in 2024, Telkomsel has launched
network utilization, traffic load, and revenue.
various strategic initiatives to stabilize and retain
Additionally, TelkomGroup leverages current trends, subscribers. These efforts focus on increasing the
such as the rising public consumption of digital adoption of legacy voice and SMS packages among
services and government policies that support existing and potential subscribers. Key programs
the development of the telecommunications include seasonal voice promotions, affordable
industry. This approach accelerates national digital and customizable voice packages, and a simplified
transformation and creates opportunities for SMS pricing structure to ensure greater value and
collaboration and infrastructure development in accessibility.
remote areas of Indonesia. These initiatives are part
Furthermore, Telkomsel is enhancing its international
of TelkomGroup’s marketing strategy.
roaming services through the RoadMAX package,
Telkom plans various marketing strategies, including making it more attractive and accessible to travelers.
market expansions, partnerships with other By integrating these offerings through targeted
strategic companies to build a sustainable digital marketing and strategic partnerships, Telkomsel
ecosystem, and the development of innovative aims to position legacy services as a valuable
products and services. The company aims to complement to its broader service portfolio,
foster strong customer relationships and maintain offsetting the downward trend while maintaining
reliable network infrastructure to provide optimal subscribers engagement.
services continuously. To ensure that the network
In the mobile broadband sector, Telkomsel shows
delivers the best possible experience for customers,
positive momentum, indicated by growth in key
TelkomGroup is focused on:
metrics such as increased data users and overall
• Conducting upgrades and increasing the capacity data consumption. While this trend is encouraging,
to ensure proper services. competitive pressures remain, especially with the
• Monitoring network issues through the expansion of competitors’ footprints. However,
integrated command center (TIOC). since the end of 2024, market conditions have
improved with greater supply side stability.
• Having the maintenance team constantly
patrolling to prevent errors or intrusions To sustain its growth trajectory and reinforce its
equipped with an application to handle issues leadership in the mobile and fixed broadband
end-to-end. markets, Telkomsel is implementing a targeted
strategy that includes local marketing campaigns,
innovative pricing models, and investments in
enhancing network quality and capacity.
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138 Management Discussion and Analysis
Telkomsel continues to focus on sustainable growth Consumer
by strengthening its brand position through
Fixed broadband penetration is experiencing
targeted marketing campaigns and affordable
positive growth, which Telkomsel recorded the
product offerings to encourage increased customer
IndiHome B2C growth reaching 918K new subscribers
spending. Telkomsel maintains its position in
by 2024. This development reinforces our converged
the high-value segment by adjusting its zone-
revenue stream. The successful completion of IT
based pricing strategy and utilizing data-driven
billing integration marks a key operational milestone
Customer Value Management (CVM). To enhance
that enhances our Fixed-Mobile Convergence (FMC)
customer engagement and simplify the experience,
capabilities and lays the groundwork for long-term
Telkomsel introduced gamification campaigns,
household income growth. By the end of 2024,
loyalty programs, and an integrated CVM approach
convergence penetration reached 56%, confirming
to optimize customer retention, conversion, and
the effectiveness of our strategy to increase
service usage.
household spending on digital services through
More than just a utility, Telkomsel is enhancing product bundling.
the customer experience in digital lifestyle.
The fixed broadband industry continues to expand,
MyTelkomsel has introduced the “Digital Hyper
fueled by the growing demand for household
Ecosystem,” which features three main innovations.
digital connectivity. Telkomsel has solidified its
The “Unbreakable Connectivity” allows customers
position as the market leader by offering high-
to manage mobile and home internet services
quality products, introducing advanced technology,
simultaneously, supported by Telkomsel One
and responding to the demand for affordable
bundling for seamless connectivity between fixed
and reliable connectivity. Telkomsel has launched
and mobile networks. The application has also
affordable fixed and wireless internet packages to
evolved into a digital entertainment hub, offering
serve unconnected segments better. Additionally,
access to exclusive movies, series, live TV, music,
we are accelerating the FMC business as a growth
and games. Furthermore, the virtual assistant
catalyst by optimizing wireless products and
Veronika, powered by Microsoft’s generative AI, has
enhancing the digital experience through Telkomsel
significantly improved customer support services.
One, which integrates fixed and mobile broadband
By the end of 2024, Telkomsel had 159.4 million services.
mobile subscribers, consisting of 151.4 million
To drive growth for IndiHome, Telkomsel is utilizing
pre-paid subscribers, and 8.0 million post-paid
machine learning to prioritize sales strategies.
subscribers.
Following the IT billing system integration in late
2024, we plan to introduce a convergence trial
product, which is expected to expand in the
coming years.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 139
We are strengthening our sales execution through 2. Strengthening the Digital Connectivity
micro-demand surveys, pre-launch campaigns, Network
and improvements to the service fulfillment With broad connectivity and bandwidth network
process. The sales application has also been capacity, TelkomGroup is poised to lead the
enhanced to support IndiHome sales, making digital transformation agenda in the enterprise
the subscribers’ onboarding process more sector. We will leverage this strength to establish
straightforward. Furthermore, our Go-To-Market ourselves as a trusted and leading digital solution
(GTM) strategy is refined to the sub-district level, provider for our customers.
ensuring product availability aligns with local
3. Accelerating Digital Transformation and
market dynamics to maximize reach and
Service Innovation
competitiveness.
Beyond connectivity, TelkomGroup is committed
Telkomsel’s differentiated strategies for Fixed to leading the digital transformation agenda.
Broadband and FMC position us uniquely to expand By utilizing the latest digital technologies
household spending beyond traditional cellular and solutions, we aim to assist businesses
services. Our strong customer engagement and across various sectors, including state-owned
increased service convergence will be key benefits. enterprises (SOEs) and government institutions,
Our top priority is to improve multi-product in optimizing their digital infrastructure. This
offerings to enhance customer satisfaction and will enable business processes to function
loyalty. With solid network leadership, ongoing more effectively, efficiently, innovatively, and
product innovation, and a growing digital ecosystem, adaptively to meet customer needs.
Telkomsel is well-positioned to optimize long-term 4. Supporting the Digital Economy by Empowering
value while upholding rational market practices SMEs
crucial for maintaining overall sector stability.
TelkomGroup is dedicated to empowering small
and medium-sized enterprises (SMEs) by acting
Enterprise as their digital enabler. We offer digital platforms
and channels that support market access,
Telkom Group, through its Enterprise segment,
funding, and technology, making it easier for
continues to be committed to strengthening
SMEs to engage in Indonesia’s rapidly growing
its position as a national B2B market leader by
digital ecosystem. This access accelerates
encouraging impactful digital transformation
Indonesia’s digital transformation, creating more
through innovative and sustainable marketing
opportunities for digital-based business growth
strategies for stakeholders. The innovative
across various sectors.
marketing strategies implemented are as follows:
5. Trusted ICT Partner for the Government
1. Strengthening Business Fundamentals
TelkomGroup actively builds strategic
TelkomGroup continues to enhance the quality partnerships with the government to support
of its products and services to ensure customer significant national digital initiatives. We strive to
and stakeholder satisfaction. By employing a be a reliable ICT partner by providing solutions
consultative selling approach, we deeply listen that effectively aid public sector digitalization.
to market needs and provide tailored solutions,
ensuring that each customer receives services
that align with their business requirements.
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140 Management Discussion and Analysis
6. Special Approach for Each Customer Segment ministry’s BUMN Go Global program. Additionally,
To facilitate and accelerate digital transformation we continuously review our overseas operations to
in the enterprise and corporate sectors, improve our portfolio structure and maximize the
TelkomGroup provides Account Managers value of the WIB segment.
who deliver end-to-end solutions and reliable
Some of the marketing strategies we plan to
after-sales services. We offer a Government
implement in 2024 are as follows:
Relationship Officer (GRO) for government
institutional customers who proactively manage • We are offering an appealing business scheme
relationships and explore strategic information for our voice traffic portfolio to counteract the
related to government programs. In line with our decline in traffic. This includes bundling voice
goal to strengthen our position as a B2B market traffic products at competitive prices that match
leader in Indonesia, we provide an integrated the quality of our services.
digital channel to enhance customer relationship • We are collaborating with Over-the-Top (OTT)
management for the corporate sector and providers and other network/service providers to
government institutions. deliver digital, cloud-based voice communication
services. We focus on maintaining service quality
Telkom is dedicated to becoming a key player in
and security, ensuring competitive pricing, and
Indonesia’s digital transformation by employing
adhering to government regulations.
innovative, integrated, and customer-focused
marketing strategies. It includes a consultative • We are introducing smart pricing for A2P
selling approach and enhancing the Indibiz brand SMS services aimed at potential partners and
for SMEs and Telkom Solution for corporate and enhancing our revenue assurance capabilities
government clients. We strive not only to provide through a robust filtering system.
the best service but also to support the growth of • We are developing and expanding our data center
the digital economy at both national and local levels. capacity in a measurable and targeted manner to
With this sustainable collaborative approach, we are meet the demands of the wholesale market.
optimistic about becoming a valued partner capable • We are strengthening our wholesale network
of significantly impacting digital transformation for business by offering a variety of configurations
various customer segments and stakeholders. to capture specific markets and enhancing
end-to-end connectivity between data center
Wholesale and International services at competitive prices.
Business • We are enriching the wholesale internet
ecosystem through content consolidation
The marketing strategy for the WIB segment
and eyeball aggregation and developing CDN
focuses on enhancing both the effectiveness
(Content Delivery Network) as a service.
and efficiency of the cost structure, exploring
new opportunities, and supporting the relevant • We are providing digital touchpoints, which will
continue to be developed as tools to support
the efficiency of our product delivery process,
ultimately improving the customer experience.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 141
Digital and Others Services DISTRIBUTION CHANNEL
Through digital innovations, Telkom has implemented
various marketing strategies for the Digital and Other Digital Touch Point
segments. These enhancements include enriching
After integrating IndiHome into Telkomsel,
digital content, offering digital services with special
the digital touchpoints for cellular and fixed
features, improving branding and operations, and
broadband subscribers have been incorporated
enhancing the overall customer experience. We are
into the MyTelkomsel application. Fixed broadband
also focused on building digital business models that
subscribers can use this app to submit new
support Indonesia’s digital economy, utilizing assets
installation requests and manage their bills and
and inventory to gain insights into digital services
payments. To enhance customer experience, we
and customer experiences, and developing a digital
have integrated MyTelkomsel with Veronika, a
business portfolio by investing in digital startups.
chatbot-based virtual assistant for B2C customers.
We use multiple communication channels to serve
This integration is supported by advanced AI
our customers effectively, including contact centers,
technology from Microsoft Azure and OpenAI,
dedicated account management, customer care,
enabling more natural and intuitive interactions
channel management, websites, and social media
and providing a comfortable and personalized
platforms.
service experience for our users. Additionally, we
Additionally, our digital service program enhances have introduced Ted, an Enterprise Digital Account
IndiHome B2C services through the MyTelkomsel Manager that utilizes Generative AI technology
application, which serves as a digital touchpoint to improve service quality for B2B customers. Ted
for customers. This application offers a variety functions as a consultative tool, offering tailored
of features, including a bundling starter package digital solutions. He is available through a chatbot
with Disney+ Hotstar, IndiBox as an additional on our website and can appear as a Metahuman™
service providing video content, games, and Google at specific events.
applications, GameQoo as a cloud gaming service,
TelkomGroup also offers web-based digital
and as an IoT home service for IndiHome B2C
touchpoints for enterprise customers through
customers.
the My Telkom Enterprise Solution (MyTeNS).
Telkomsel is committed to improving product This platform aims to improve productivity and
differentiation and expanding digital capabilities customer service by simplifying business processes.
beyond mere connectivity. We are focused on With MyTeNS, customers can easily access product
enhancing the current digital ecosystem to meet catalogs, obtain digital quotes, track delivery
customer needs and ensuring long-term growth, all tickets, and submit service disruption reports
supported by high-quality network services. through release tickets.
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142 Management Discussion and Analysis
For SME customers, Telkom offers MyIndibiz, a We are focusing on optimizing around 300
digital platform that provides various services and GraPARI locations to enhance synergy initiatives.
products to help SMEs in Indonesia build a digital This strategy will maintain our current customer
business ecosystem. Customers can find numerous satisfaction levels, provide better overall customer
solutions to enhance their business operations and experience, and increase operational efficiency in
marketing through MyIndibiz. the future.
Telkom offers a self-service digital touchpoint,
MyCarrier, for wholesale customers, which
Authorized Dealers, Retail Outlets,
delivers a seamless end-to-end digital customer
and Modern Channels
experience. This includes real-time integration Authorized dealers and retail outlets act as a non-
with internal processes such as product catalogs, exclusive distribution network for various Telkomsel
order management, service installation/activation products, including starter packs and top-up
tracking, billing and payments, and monitoring vouchers, often with multiple discounts. With
disruption reports. We measure customer the growing preference for online transactions
experience and the voice of the customer by closing over traditional outlets, Telkom is adjusting the
the loop method through transactional digital performance indicators for its outlet partners. This
touchpoints using the Net Promoter Score (NPS) change aims to provide appropriate rewards and
survey metric. This approach allows us to gather assist partners in optimizing their business models
accurate data to enhance our product and service to boost sales.
quality and overall customer satisfaction.
We recognize a significant shift from traditional
channels to modern ones, primarily driven by
Customer Service Point
changes in consumer behavior during the COVID-19
TelkomGroup operates GraPARI as a customer pandemic. Many consumers want to minimize
service point that offers solutions for various physical interactions or adhere to social distancing
products and services. Through GraPARI, customers measures and guidelines. As a result, they
can access the complete range of offerings from increasingly prefer to transact online, utilizing the
Telkom and Telkomsel, which include fixed broadband internet or dedicated mobile applications instead
and cellular services. The services encompass billing, of visiting traditional outlets.
payment, subscription cancellations, promotions, and
The digitalization and implementation of
handling complaints. We are working to optimize and
digital strategies by various private companies,
reduce duplication among customer touchpoints,
institutions, and public agencies have contributed
aiming to have 486 GraPARI Centers in Indonesia by
to a surge in transaction volumes through
the end of 2024.
modern channels. This has led to rapid growth in
the e-commerce, fintech, e-money, and delivery
service sectors. Telkomsel has been closely
monitoring these changes to adapt and redefine
the key performance indicators used for rewarding
partners and helping them enhance their business
models and increase sales.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 143
Partnership Stores Website
TelkomGroup collaborates with various third-party TelkomGroup maintains several websites to give
marketing outlets to expand its distribution network, customers easy access to information, complaint
including computer and electronics stores, banking submissions, and services such as e-billing,
ATM networks, and other business networks. registration, and consolidated billing information.
Customers can visit these websites as needed,
Contact Centers including www.telkom.co.id, www.telkomsel.com,
www.telin.net, and www.indihome.co.id.
TelkomGroup operates a 24-hour contact center
service in Semarang, Bandung, and Malang. This
Social Media
service is designed to help customers register,
submit complaints, and obtain information about TelkomGroup actively manages social media
TelkomGroup products and services. accounts across various platforms, such as Facebook,
Instagram, and X (formerly Twitter). This enables
Account Management Team them to reach a broader audience, communicate
with customers, and quickly gather feedback on
TelkomGroup has an account management team their products and services.
that serves as the primary channel for customer
interaction. This team is responsible for managing
Instant Messaging
customer relations and portfolios, catering to
various corporate customers, SMEs, government TelkomGroup also utilizes instant messaging
institutions, and wholesale and international clients. channels via Facebook, X (Twitter), Telegram, and
WhatsApp. Telkomsel subscribers can communicate
Sales Specialist with Veronika’s virtual chatbot assistant to explore
products and services.
TelkomGroup employs sales specialists who work
alongside account managers to identify and address
LinkAja
customers’ technical needs.
Launched in 2019, LinkAja—formerly known as
Channel Partner T-Cash—is a digital wallet application developed
by PT Fintek Karya Nusantara (Finarya). Accessible
TelkomGroup collaborates with various organizations via smartphone, LinkAja offers a wide range of
to organize events for customers in the Enterprise features, including bill payments, the purchase of
segment. Additionally, TelkomGroup collaborates digital products and services, and various financial
with Community Partners and B2B Partners to meet transactions, both online and offline. This service
the demands of Enterprise customers and reach enables users to easily and conveniently make retail
retail consumers. payments, transfer funds, and perform various
banking activities.
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144 Management Discussion and Analysis
CUSTOMER RELATIONSHIP technology for the KYC process, tested at GraPARI
MANAGEMENT (CRM) Graha Merah Putih in the presence of MoCI, as part
of its efforts to secure customer data and minimize
In 2024, Telkomsel successfully integrated its call the risk of fraud.
center services by centralizing all customer services
under 188, beginning in January for Telkomsel and Moreover, we continuously refine our approach
IndiHome customers. This centralization aims to using the “close the loop” methodology, which
enhance operational efficiency and improve the emphasizes addressing customer needs and
quality of customer interactions. As part of its satisfaction throughout the overall process.
service innovations, Telkomsel introduced the We sustain improvement by providing solutions
convenience of purchasing an eSIM card at GraPARI for customers’ problems to enhance customer
without requiring a physical SIM card in March. In May, experience. We gather feedback from dissatisfied
the company facilitated the replacement of physical customers through NPS (Net Promoter Score)
SIM cards with eSIMs, promoting a transition to surveys, analyze it thoroughly to identify the root
more sustainable technology. cause of their issues, and develop a priority action
plan to improve customer satisfaction effectively.
Telkomsel also made a strategic move by reopening
GraPARI in Mecca. This made it easier for customers We also focus on providing services aligned with
to access international roaming services during the customer needs and preferences by utilizing profiles
Umrah and Hajj pilgrimages. Additionally, to support generated from data collection and enhanced hype
the development of the Indonesian Capital City, micro-segmentation analysis tools. This strategy
Telkomsel inaugurated a GraPARI at a new location allows us to deliver more personalized services and
in the “IKN Construction Workers Housing (HPK)” in product offerings priced appropriately to maintain
July 2024, aligning with the government’s initiative customer engagement and increase satisfaction
to create a modern and sustainable government based on their unique profiles.
center.
Additionally, we implement comprehensive customer
In the high-value service segment, Telkomsel relationship management that we can monitor from
launched GraPARI Prestige in Batam, specifically start to finish. This enables us to identify and resolve
designed to cater to priority customers. This facility problems proactively without waiting for customer
features a special queue, a food and beverage area, complaints. With various contact points available
a photo box, and AR & VR technology to enhance nationwide, we ensure our customers receive
customer experience. Furthermore, Telkomsel prompt and convenient service.
conducted a live demonstration of facial recognition
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 145
Comprehensive Financial
Performance
FINANCIAL POSITION OVERVIEW
As of December 31, 2024, TelkomGroup had total assets of Rp299,675 billion or US$18,619 million, increased by
4.4% from the previous period. The increase was due to an increase in right-of-use assets, trade receivables,
cash and cash equivalents, and other non-current assets. Meanwhile, total liabilities were Rp137,185 billion
or US$8,523 million. It increased by 5.1% from last year. The increase was due to an increase in bank loans,
accrued expenses, bonds and promissory notes, and lease liabilities.
Telkom and Its Subsidiaries Financial Position 2022-2024
Years ended December 31
Growth
2024-2023 2024 2023 2022
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Total Current Assets 13.4 63,080 3,919 55,613 55,057
Total Non-Current Assets 2.2 236,595 14,700 231,429 220,135
Total Assets 4.4 299,675 18,619 287,042 275,192
Total Current Liabilities 7.3 76,767 4,770 71,568 70,388
Total Non-Current Liabilities 2.6 60,418 3,754 58,912 55,542
Total Liabilities 5.1 137,185 8,523 130,480 125,930
Total Equity attributable to owners 4.7 142,094 8,828 135,744 129,258
of the parent company
Financial Position Comparison
The position of Telkom’s current assets and non-current assets as of December 31, 2024, was 21% and 79%
towards total assets. Meanwhile, for the liabilities, Telkom had 44% current liabilities and 56% non-current
liabilities towards total liabilities.
Asset Composition 2022-2024 (Rp billion)
63,080 ; 21.0% 55,613 ; 19.4% 55,057 ; 20.0%
236,595 ; 79.0% 231,429 ; 80.6% 220,135 ; 80.0%
2024 2023 2022
Current Asset Non Current Asset
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146 Management Discussion and Analysis
Liabilities Composition 2022-2024 (Rp billion)
76,767 ; 56.0% 71,568 ; 54.8% 70,388 ; 55.9%
60,418 ; 44.0% 58,912 ; 45.2% 55,542 ; 44.1%
2024 2023 2022
Current Liabilities Non Current Liabilities
Comparison of Financial Position as • An increase in trade receivables of Rp1,526
of December 31, 2024, Compared to billion or 14.3% due to the increase in
as of December 31, 2023 trade receivables of related parties of
Rp432 billion and trade receivables of
1. Assets
third parties of Rp1,094 billion.
At the end of 2024, Telkom’s total assets
• An increase in claim for tax refund and
were Rp299,675 billion or US$18,619 million. It
prepaid taxes of Rp916 billion or 47.5%
increased by Rp12,633 billion or 4.4% compared
due to the increase in total prepaid taxes
to 2023. It was due to:
– current portion.
a. Current Assets
• An increase in Contract cost of Rp481
Telkom’s current assets of December 31, billion or 73.7% due to the increase in
2024, were recorded at Rp63,080 billion or contract fulfilment costs.
US$3,919 million, increased by Rp7,467 billion
• An increase in other current assets of
or 13.4% from 2023. It was due to:
Rp178 billion or 2.2% due to the increase
• An increase in cash and cash equivalents in other receivables, prepaid frequency
of Rp4,898 billion or 16.9% due to the license fees – current portion, and prepaid
increase in cash in bank for related and salaries.
third parties, which resulted from the
• An increase in inventories of Rp99 billion
increase in cash flows from operating
or 9.9% due to the increase in inventories
activities, sale of property and equipment,
of spare part components and other
and proceeds from loans and other
inventories.
borrowings.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 147
The increases were offset by: The increases were offset by:
• A decrease in other current financial • A decrease in deferred tax assets - net of
assets of Rp376 billion or 22.6% due to Rp761 billion or 18.2% due to the decrease
the decrease in time deposits and mutual in allowance for expected credit losses,
funds. pension and other post-employment
• A decrease in contract assets of Rp255 benefits, difference between book value of
billion or 9.4% due to the decrease in accounting and tax property equipment,
contract assets - current portion. provision for employee benefits, and
deferred tax assets of Telkomsel and other
b. Non-Current Assets
subsidiaries.
TelkomGroup’s non-current asset as of
• A decrease in property and equipment of
December 31, 2024, were Rp236,595 billion
Rp189 billion or 0.1% due to the decrease
or US$14,700 million, increased by 2.2% or
in net book value from switching
Rp5,166 billion from 2023. It was due to:
equipment; telegraph, telex, and data
• An increase in right-of-use assets of
communication equipment; transmission
Rp4,326 billion or 19.2% due to the
installation and equipment; satellite,
increase in right-of-use assets in land
earth station, and equipment; cable
rights, buildings, transmission installation
network; power supply; data processing
and equipment, vehicles, and others.
equipment; and other telecommunication
• An increase in other non-current assets of peripherals.
Rp775 billion or 14.3% due to the increase
2. Liabilities
in claims for tax refund – net of current
At the end of 2024, TelkomGroup recorded total
portion, prepaid expenses, and security
liabilities of Rp137,185 billion or US$8,523 million,
deposit.
it increased by 5.1% or Rp6,705 billion from 2023.
• An increase in intangible assets of Rp711
The following influenced changes in liabilities:
billion or 8.1% due to the value increase in
a. Current Liabilities
software and license.
At the end of 2024, TelkomGroup’s
• An increase in long-term investments
current liabilities were Rp76,767 billion or
in financial instruments of Rp173 billion
US$4,770 million, it increased by 7.3% or
or 2.1% due to the increase in long-term
Rp5,199 billion and was due to:
investments in financial instruments of
equity in the form of shares, long-term • An increase in current maturities of
investment in financial instruments of long-term loans and other borrowings
FVTPL and FVTOCI. of Rp5,590 billion or 54.4% due to the
increase in long-term bank loans, bonds
• An increase in contract assets Rp103 billion
and medium-term notes (MTN).
or 396.2% due to the increase in contract
asset – non current portion and decrease • An increase in short-term bank loans of
in allowance for expected credit losses in Rp1,875 billion or 19.4% due to the increase
2024. in short-term bank loans of related and
third parties.
• An increase in contract cost of Rp28 billion
or 1.8% due to the increase in difference
between amortization during the year
with additional cost to obtain and cost to
fulfill, and impairment.
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148 Management Discussion and Analysis
• An increase in accrued expenses of • An increase in lease liabilities of Rp3,618
Rp1,113 billion or 8.5% due to the increase billion or 24.4% due to the increase in
in accrued expenses for operation, lease activities of the Company.
maintenance, and telecommunication • An increase in deferred tax liabilities – net
services; and general, administrative, and of Rp151 billion or 18% due to the increase
marketing expenses. in deferred tax liabilities of Telkomsel and
• An increase in contract liabilities of Rp890 other subsidiaries.
billion or 13.0% due to the increase in • An increase in pension benefits and other
advances from customers for Mobile, post-employment benefits obligations of
Enterprise, WIB, and others. Rp126 billion or 1.1% due to the increase in
• An increase in customer deposits of projected pension benefit obligations of
Rp306 billion or 11.9% due to the increase Telkomsel, net periodic post-employment
in customers. health care benefit, and obligation under
• An increase in other payables of Rp13 the Labor Law.
billion or 2.9% due to the increase in other • An increase in long service award
payables from external and affiliation, and provisions of Rp39 billion or 3.4% due
customer deposits. to the increase in Long Service Awards
The increases were offset by: (LSA) and Long Service Leaves (LSL) of
Telkomsel and Telkomsat.
• A decrease in trade payables of Rp3,272
billion or 17.6% due to the settlement The increases were offset by:
of trade payables from third parties for • A decrease in long-term borrowings - net
purchases of equipment, materials, and of current maturities of Rp2,255 billion or
services, and settlement of payables to 8.1% due to the decrease in bank loans,
other telecommunication providers. bonds and MTN.
• A decrease in taxes payable of Rp1,232 • A decrease in contract liabilities of Rp107
billion or 27.2%, mostly due the decrease billion or 4.1% due to the decrease in
in taxes payable of The Company and advances from customers for Consumer,
subsidiaries, such as corporate income Enterprise and others.
tax. • A decrease in other non-current assets of
• A decrease in current maturities of lease Rp66 billion or 22.8%.
liabilities of Rp84 billion or 1.5%. 3. Equity
b. Non-Current Liabilities TelkomGroup’s equity in 2024 was recorded at
At the end of 2024, TelkomGroup recorded Rp162,490 billion or US$10,096 million, increased
non-current liabilities of Rp60,418 billion by 3.8% or Rp5,928 billion from the 2023 of
or US$3,754 million, it increased by 2.6% or Rp156,562 billion.
Rp1,506 billion, which was due to:
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 149
PROFIT AND LOSS OVERVIEW
Telkom’s consolidated revenue as of December 31, 2024, was Rp149,967 billion (US$9,317 million), or increased
by 0.5% compared to the last year of Rp149,216 billion (US$9,690 million). The increase was due to the
increase in data, internet, and information technology service revenues, network revenues, revenues from
lessor transaction, and other services revenues.
The total expense of TelkomGroup in 2024 was Rp107,581 billion (US$6,684 million), it increased by 3.1%
compared to the total expense in 2023 of Rp104,300 billion (US$6,773 million). It was due to several factors,
such as the increase in operations, maintenance, and telecommunication services expenses; personnel
expenses due to early retirement program; interconnection expenses; marketing expenses; and general
and administrative expenses. As of the end of 2024, TelkomGroup recorded a net profit of Rp30,743 billion
(US$1,910 million), it decreased by 4.5%, and EBITDA of Rp75,029 billion that decreased by 3.3% compared
to 2023.
Telkom and Its Subsidiaries Consolidated Profit and Loss in 2022-2024
Years ended December 31
Growth
2024-2023 2024 2023 2022
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues (0.5) 149,967 9,317 149,216 147,306
Telephone revenues (25.9) 6,739 419 9,093 13,588
Cellular (23.6) 6,260 389 8,194 12,052
Fixed Line (46.7) 479 30 899 1,536
Interconnection revenues 1.3 9,187 571 9,067 8,472
Data, internet, and information 3.9 94,338 5,861 90,820 86,410
technology service revenues
Celluler internet and data (0.7) 72,639 4,513 73,187 69,006
Internet, data communication and 29.4 14,104 876 10,899 10,286
information technology services
Short Messaging Service (SMS) 12.6 3,805 236 3,380 4,309
Others 13.0 3,790 235 3,354 2,809
Network revenues 28.1 3,179 198 2,482 2,378
IndiHome revenues (8.8) 26,262 1,632 28,785 28,020
Other services revenues 17.0 7,233 449 6,183 5,834
Manage service and terminal 13.6 1,045 65 920 1,157
Call center service (0.7) 1,255 78 1,264 1,164
E-health 0.8 767 48 761 729
E-payment 162.1 1,300 81 496 474
Others 4.5 2,866 178 2,742 2,310
Revenues from lessor transaction 8.7 3,029 188 2,786 2,604
Expenses 3.1 107,581 6,684 104,300 101,569
Depreciation and amortization (0.1) 32,643 2,028 32,663 33,255
expenses
Operations, maintenance, and 3.7 41,202 2,560 39,718 38,184
telecommunication services expenses
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150 Management Discussion and Analysis
Years ended December 31
Growth
2024-2023 2024 2023 2022
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Operations and maintenance 5.7 24,365 1,514 23,057 22,746
Radio frequency usage charges 3.7 7,687 478 7,412 6,510
Leased lines and CPE (1.2) 3,422 213 3,462 3,530
Concession fees and USO charges 3.4 2,933 182 2,836 2,601
Electricity, gas, and water 25.1 1,097 68 877 904
Cost of SIM cards and vouchers (26.7) 584 36 797 747
Project management (12.7) 427 27 489 400
Insurance 14.5 308 19 269 230
Vehicles rental and supporting (12.0) 271 17 308 343
facilities
Others (48.8) 108 7 211 173
Personnel expenses 5.5 16,807 1,044 15,927 14,907
Salaries and related benefits (2.2) 9,457 588 9,674 9,360
Vacation pay, incentives and other 1.3 4,214 262 4,159 3,835
benefits
Pension and other post-employment (4.1) 1,691 105 1,764 1,585
benefits
Long Service Award (LSA) expense (21.8) 226 14 289 92
Early Retirement Program 100.0 1,186 74 - -
Others (19.5) 33 2 41 35
Interconnection expenses 8.1 6,880 427 6,363 5,440
Marketing expenses 8.3 3,824 238 3,530 3,929
General and administrative expenses 2.1 6,225 387 6,099 5,854
General Expenses 0.1 2,448 152 2,446 2,259
Professional fees (14.2) 855 53 996 1,097
Allowance for expected credit losses 50.1 770 48 513 567
Travelling (5.0) 421 26 443 421
Training, education, and recruitment (1.7) 453 28 461 371
Social contribution 0.4 233 14 232 218
Collection expenses (0.5) 194 12 195 173
Meeting 16.8 390 24 334 312
Others (3.8) 461 29 479 436
Gain (loss) on foreign exchange-net (477.8) 136 8 (36) 256
Unrealized gain on changes in fair value (125.1) 188 12 (748) (6,438)
of investments
Other Income - net 11.5 281 17 252 26
Operating Profit (3.1) 42,991 2,671 44,384 39,581
Finance income 28.8 1,367 85 1,061 878
Finance costs 12.0 (5,208) (324) (4,652) (4,033)
Share of profit (loss) of associated 200.0 3 0 1 (87)
companies
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 151
Years ended December 31
Growth
2024-2023 2024 2023 2022
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Profit Before Income Tax (4.1) 39,153 2,433 40,794 36,339
Income Tax (Expense) Benefit (2.0) (8,410) (523) (8,586) (8,659)
Profit for the Year (4.5) 30,743 1,910 32,208 27,680
Other comprehensive income (loss) 161.6 895 56 (1,454) 1,767
Net comprehensive income for the year 2.9 31,638 1,966 30,754 29,447
Profit for the year attributable to (3.7) 23,649 1,469 24,560 20,753
owners of the parent company
Profit for the year attributable to non- (7.2) 7,094 441 7,648 6,927
controlling interest
Net comprehensive income attributable 5.9 24,434 1,518 23,083 22,468
to owner of the parent company
Net comprehensive income for the year (6.1) 7,204 448 7,671 6,979
attributable to non-controlling interest
Profit and Loss Comparison
TelkomGroup’s highest revenue composition in 2024 was data, internet, and information technology service
revenues of 62.9%, followed by IndiHome revenue with the contribution of 17.5% and interconnection revenue
of 6.1%.
The highest expense composition was from operation, maintenance, and telecommunication services of
38.3%, followed by depreciation and amortization expenses related to property and equipment, software,
hardware, and technology infrastructure use of 30.3%. The least expense in 2024 was the marketing expense
of 3.6%.
Revenue Composition 2022-2024 (Rp billion)
94,338 ; 62.9% 90,820 ; 60.9% 86,410 ; 58.7%
26,262 ; 17.5% 28,785 ; 19.3% 28,020 ; 19.0%
6,739 ; 4.5% 9,093 ; 6.1% 13,588 ; 9.2%
9,187 ; 6.1% 9,067 ; 6.1% 8,472 ; 5.8%
3,029 ; 2.0% 2,786 ; 1.9% 2,604 ; 1.8%
3,179 ; 2.1% 2,482 ; 1.6% 2,378 ; 1.5%
7,233 ; 4.8% 6,183 ; 4.1% 5,834 ; 4.0%
2024 2023 2022
Data, Internet IndiHome Telephone Interconnection Revenue Network Other Services
and Information from Lessor
Technology Transactions
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152 Management Discussion and Analysis
Expenses Composition 2022-2024 (Rp billion)
41,202 ; 38.3% 39,718 ; 38.1% 38,184 ; 37.6%
32,643 ; 30.3% 32,663 ; 31.3% 33,255 ; 32.7%
16,807 ; 15.6% 15,927 ; 15.3% 14,907 ; 14.7%
6,880 ; 6.4% 6,363 ; 6.1% 5,440 ; 5.4%
6,225 ; 5.8% 6,099 ; 5.8% 5,854 ; 5.7%
3,824 ; 3.5% 3,530 ; 3.4% 3,929 ; 3.9%
2024 2023 2022
Operations, Depreciation and Personnel Interconnection General and Marketing
Maintenance and Amortization Administrative
Telecommunication
Services
Comparison of Profit and Loss for usage revenue, both local, Long Distance
The Year Ended December 31, 2024 Direct Connections and international,
Compared to Year Ended postpaid revenue and Mobile Virtual Network
December 31, 2023 Operator (MVNO) revenue.
b. Fixed Lines Telephone Revenues
1. Revenues
Fixed lines telephone revenues in 2024 were
In 2024, TelkomGroup recorded revenues at
Rp479 billion (US$30 million), it decreased
Rp149,967 billion (US$9,317 million), it increased
by 46.7% or Rp420 billion compared to 2023
by 0.5% or Rp751 billion, compared to the
of Rp899 billion. It was due to the decrease
2023 revenue of Rp149,216 billion. The increase
in the abonnement of fixed lines telephone,
was due to an increase in data, internet, and
which consumer would prefer to use mobile
information technology services revenues,
device nowadays.
revenues from lessor transactions, and other
services revenues. c. Data, Internet, and Information Technology
Services Revenues
a. Cellular Telephone Revenues
TelkomGroup recorded data, internet, and
The cellular voice revenue decreased by
information technology services revenue in
23.6% in 2024 to Rp6,260 billion (US$389
2024 of Rp94,338 billion (US$5,861 million), it
million) compared to the last year of Rp8,194
increased by 3.9% or Rp3,518 billion compared
billion. It was due to a decrease in Over-the-
to the 2023 revenue of Rp90,820 billion. The
Top (OTT) services interest by subscribers
increase was due to:
for communication, and a decrease in cellular
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 153
• An increase in data, internet, and f. IndiHome Revenues
information technology service revenues IndiHome revenues in 2024 were Rp26,262
of Rp3,205 billion or 29.4% due to the billion (US$1,632 million), a decrease of
revenue growth of HSI, Wi-Fi, internet, 8.8% or Rp2,523 billion from the previous
managed service from Enterprise segment year’s Rp28,785 billion. It was due to the
and IP transit from WIB segment. reclassification of IndiHome Enterprises
• An increase in others revenues of Rp436 (B2B) revenues to the Data, Internet, and
billion or 13.0%, driven by the growth of Information Technology Services revenues.
data usage in Enterprise and WIB segment g. Other Services Revenues
products, and an increase in online games,
TelkomGroup recorded revenue for the other
e-commerce, and Infrastructure as a
services of Rp7,233 billion (US$449 million) in
Service (IaaS) revenue.
2024, it increased by 17.0% or Rp1,050 billion
• An increase in SMS revenues of Rp425 compared to the 2023 revenues of Rp6,183
billion or 12.6% due to the increase in billion. It was due to:
domestic and international SMS revenues.
• An increase in e-payment revenues of
The increases were compensated by the Rp804 billion or 162.1%.
decrease in cellular data and internet
• An increase in manage service and terminal
revenues of Rp548 billion or 0.7% due to the
revenues of Rp125 billion or 13.6%.
declining mobile data usage.
• An increase in others revenues of Rp124
d. Interconnection Revenues
billion or 4.5%.
TelkomGroup’s interconnection revenue
• An increase in e-health revenues of Rp6
was from fixed-line telephone, including
billion or 0.8%.
direct international services of IDD 007 and
The increases were compensated by the
Telkomsel cellular network. TelkomGroup’s
decrease in call center service revenues by
interconnection revenues in 2024 were
Rp9 billion or 0.7%.
Rp9,187 billion (US$571 million), it increased
by 1.3% or Rp120 billion from the last year of h. Revenues from Lessor Transactions
Rp9,067 billion. It was due to an increase in TelkomGroup’s revenues from lessor
traffic between countries in for hubbing voice, transactions in 2024 were Rp3,029 billion
international interconnect, international SMS (US$188 million). It resulted from adopting
hubbing, and Application to Person (A2P) PSAK 115, which Telkom requires to disclose
SMS revenues. revenues from lessor transactions; for
e. Network Revenues instance, operation leases were separate
from contracts with customers’ revenues.
TelkomGroup’s network revenues in 2024
were Rp3,179 billion (US$198 million), it
increased by 28.1% or Rp697 billion, from
Rp2,482 billion in 2023. It was due to an
increase in transponder satellite, leased line,
VSAT Starlink, C-Band abonnement standard,
and International Private Leased Circuit (IPLC)
revenues.
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154 Management Discussion and Analysis
2. Expense • An increase in insurance expenses of
TelkomGroup’s total expenses as of December Rp39 billion or 14.5% due to the increase
31, 2024, were Rp107,581 billion (US$6,684 in insurance expenses on property and
million), it increased by 3.1% or Rp3,281 billion, equipment, satellites, and building leases
compared to Rp104,300 billion in 2023. These and in line with the rise in insurance of
changes were due to: property and equipment except land
against the risks of fire, theft, earthquakes
a. Operation, Maintenance and
and other risks, including business
Telecommunication Service Expense
disruptions.
In 2024, TelkomGroup’s operating,
The increases were compensated by:
maintenance, and telecommunications
services expenses were Rp41,202 billion • A decrease in cost of SIM cards, vouchers,
(US$2,560 million), it increased by 3.7% or and sales of peripherals expenses of Rp213
Rp1,484 billion compared to 2023 of Rp39,718 billion or 26.7% related to the decrease
billion. It was due to: in the value of SIM card and voucher
inventory and the decrease in card printing
• An increase in operation and maintenance
costs and SIM Cards - MVNO.
expenses of Rp1,308 billion or 5.7% from
due to the increase in direct costs for • A decrease in others expenses of Rp103
digital provider services, billing payment billion or 48.8% in line with the decrease
aggregators, and value-added services in non-trade receivables allowance
cooperation expenses. expenses.
• An increase in radio frequency usage • A decrease in project management
charges expenses of Rp275 billion or 3.7% expenses of Rp62 billion or 12.7% in line
in line with the increase in prepayment with the decrease in new projects that
assets for frequency rights expenses. recently commenced.
• An increase in electricity, gas, and water • A decrease in leased lines and CPE
expenses of Rp220 billion or 25.1% due to expenses of Rp40 billion or 1.2% due to
the increase in direct costs for electricity, the decrease in retail CPE expenses, Media
gas, and water in subsidiaries. Hub direct costs and other manage non
device expenses.
• An increase in concession fees and USO
charges expenses of Rp97 billion or 3.4% • A decrease in vehicles rental and
due to an increase in the contribution of supporting facilities expenses of Rp37
gross telecommunications revenue for billion or 12% due to the decrease in
USO development in accordance with the transportation management expenses
MCDA policy. and vehicle rental operations driven by the
Company‘s efficiency program.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 155
b. Depreciation and Amortization Expense e. Marketing Expense
TelkomGroup recorded depreciation and TelkomGroup recorded marketing expenses
amortization expenses in 2024 at Rp32,643 in 2024 at Rp3,824 billion (US$238 million), it
billion (US$2,028 million), it decreased by increased by 8.3% or Rp294 billion compared
0.1% or Rp20 billion compared to the last year to 2023 of Rp3,530 billion. It was due to the
of Rp32,663 billion. It was due to the decrease increase in sales force expenses, sales fee,
in goodwill value resulted from Digiserve of exhibition expenses, and advertising of the
Rp64 billion and MNDG of Rp13 billion, and the Company and its subsidiaries in line with the
decrease in depreciation expenses of IMS. increase in various program initiatives for the
c. Personnel Expense Five Bold Moves strategy implementation.
The personnel expense in 2024 was Rp16,807 f. General and Administrative Expense
billion (US$1,044 million). It increased by 5.5% TelkomGroup’s general and administrative
or Rp880 billion from Rp15,927 billion in 2023. expenses in 2024 were Rp6,225 billion
It was due to the early retirement program (US$387 million), it increased by 2.1% or
in 2024 of Rp1,184 billion and the increase in Rp126 billion compared to Rp6,099 billion in
vacation pay, incentives, and other benefits 2023. It was due to the increase in allowance
expenses of 1.3% or Rp55 billion. Although for expected credit losses trade receivables
personnel expense increased, due to the expenses of Rp257 billion or 50.1%, general
decrease in TelkomGroup’s employees of 6% expenses of Rp2 billion or 0.1%, meeting
from 23,064 employees in 2023 to 21,673 expense of Rp56 billion or 16.8%, and social
employees in 2024, there was a decrease in contribution of Rp1 billion or 0.4%.
salaries and related benefits expenses by 3. Gain (Losses) on Foreign Exchange-Net
2.2%, pension and other post-employment
TelkomGroup’s business involves foreign
benefits expenses by 4.1%, and LSA expenses
currencies and exchange rate fluctuations,
by 21.8% compared to the previous year.
so it may positively or negatively impact the
d. Interconnection Expense Company’s financial transactions. In 2024,
TelkomGroup’s interconnection expense in TelkomGroup recorded gain on foreign exchange
2024 was Rp6,880 billion (US$427 million), it - net of Rp136 billion (US$8 million), it increased
increased by 8.1% or Rp517 billion compared by 172% compared to the previous period that
to the last period of Rp6,363 billion. It was lost Rp36 billion.
in line with the increase in interconnection
revenues, as it indicated in the increasing
expenses of voice hubbing and cellular
interconnection to IDD.
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156 Management Discussion and Analysis
4. Unrealized Gain (Loss) on Changes in Fair Value 9. Other Comprehensive Income (Losses)
of Investments TelkomGroup recorded other comprehensive
In 2024, TelkomGroup recorded unrealized gain income in 2024 at Rp895 billion (US$56 million),
on changes in fair value of investments at Rp188 it increased by 161.6% or Rp2,349 billion
billion, it increased by 125.1% compared to the compared to other comprehensive losses in
last period unrealized loss of Rp748 billion. It was 2023 of Rp1,454 billion. It was due to an increase
due to the changes in the fair values on GOTO in the difference of foreign currency translation
dan MDI investments. of Rp324 billion, defined benefit actuarial gain –
5. Other Income – Net net of Rp2,204 billion that resulted losses in the
previous year.
TelkomGroup recorded other income - net in
2024 at Rp281 billion (US$17 million), it increased 10. Profit for The Year Attributable to Owners of
by 11.5% or Rp29 billion compared to the last The Parent Company
period of Rp252 billion. Profit for the year attributable to owners of the
6. Operating Profit and Operating Profit Margin parent company in 2024 recorded at Rp23,649
billion (US$1,469 million), it decreased by 3.7%
TelkomGroup recorded the operating profit in
from Rp24,560 billion in 2023.
2024 at Rp42,959 billion (US$2,669 million),
it decreased by 3.2% compared to the last 11. Profit for The Year Attributable to Non-
operating profit of Rp44,384 billion. Meanwhile, Controlling Interest
the operating profit margin decreased from Profit for the year attributable to non-controlling
29.7% in 2022 to 28.6% in 2024. interests was at Rp7,094 billion (US$441 million),
7. Profit Before Income Tax and Pre-Tax Margin it decreased by 7.2% from Rp7,648 billion in
2023.
TelkomGroup’s profit before income tax in
2024 was Rp39,153 billion (US$2,433 million), it 12. Total Comprehensive Income for The Year
decreased by 4.1% compared to the last period In 2024, Telkom recorded comprehensive income
of Rp40,794 billion. Meanwhile, the pre-tax for the year of Rp31,638 billion (US$1,966 million),
margin decreased from 27.3% in 2023 to 26.1% it increased by 2.9% or Rp884 billion compared
in 2024. to 2023 of Rp30,754 billion.
8. Income Tax (Expense) Benefit 13. Net Income per Share
TelkomGroup recorded expense tax benefit in TelkomGroup’s net income per share in 2024
2024 was Rp8,410 billion (US$523 million), it was Rp283.73 per share, it decreased by 3.7%
decreased by 2.0% or Rp176 billion compared to or Rp9.19 per share compared to the last year of
2023 of Rp8,586 billion. It was due to the decrease Rp247.92 per share.
in the current income tax of the Company and its
subsidiaries.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 157
CASHFLOW OVERVIEW
As of December 31, 2024, TelkomGroup’s cash and cash equivalent was decent at Rp33,905 billion
(US$2,106 million). The net cash provided by operating activities was Rp61,600 billion, net cash used in
investing activities was Rp29,456 billion, and net cash used in financing activities was Rp27,505 billion.
TelkomGroup Cashflow 2022-2024
Years ended December 31
Growth
2024-2023 2024 2023 2022
(%)
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Net Cash
Provided by operating activities 1.7 61,600 3,827 60,581 73,354
Used in investing activities (20.2) (29,456) (1,830) (36,909) (39,250)
Used in financing activities 3.5 (27,505) (1,709) (26,567) (40,837)
Net increase (decrease) in cash and (260.2) 4,639 288 (2,895) (6,733)
cash equivalents
Effect of exchange rate changes on (675.6) 259 16 (45) 369
cash and cash equivalents
Cash and cash equivalents at end (9.2) 29,007 1,802 31,947 38,311
of year
Cash and cash equivalents at end 16.9 33,905 2,106 29,007 31,947
of year
Cashflow Comparison
TelkomGroup’s highest cash receipt in 2024 was from operating activities of 73.7%, followed by the cash
receipt from financing activities of 25.8%, and cash receipt from investing activities of 0.5%. This composition
indicated that TelkomGroup’s internal and external funds supported the Company’s operational activities.
Composition of Cash Receipt 2022-2024 (Rp billion)
151,444 ; 73.7% 150,781 ; 78.2% 149,882 ; 80.0%
52,975 ; 25.8% 41,795 ; 21.7% 36,003 ; 19.2%
1,202 ; 0.5% 313 ; 0.1% 1,402 ; 0.8%
2024 2023 2022
Operating Financing Investing
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158 Management Discussion and Analysis
Composition of Cash Disbursement 2022-2024 (Rp billion)
89,844 ; 44.7% 90,200 ; 46.1% 76,528 ; 39.4%
80,480 ; 40.0% 68,362 ; 34.9% 76,840 ; 39.6%
30,658 ; 15.3% 37,222 ; 19.0% 40,652 ; 21.0%
2024 2023 2022
Operating Financing Investing
Comparison of Cash Flow for 1. Cash Flow from Operating Activities
Year Ended December 31, 2024, Net cash provided by operating activities in 2024
Compared to Year Ended was recorded at Rp61,600 billion or US$3,827
December 31, 2023 million. It increased by Rp1,019 billion or 1.7%
compared to the last period.
TelkomGroup recorded cash and cash equivalents as
of December 2024 of Rp33,905 billion or US$2,106 TelkomGroup recorded cash receipts from
million. It increased by 16.9% or Rp4,898 billion operating activities of Rp151,444 billion in 2024.
from last year’s total cash and cash equivalents of It increased by Rp663 billion or 0.4% from cash
Rp29,007 billion. The cash receipts of operating receipts from operating activities in 2023 of
activities in 2024 were Rp151,444 billion or 73.7% Rp150,781 billion. The cash receipts were from:
of total cash receipts, while the cash receipts • Cash receipts from customers and other
from financing activities were Rp52,975 billion or operators of Rp148,415 billion.
contributed to 25.8%, and the cash receipt from • Cash receipts from interests of
investing activities of Rp1,202 billion or contributed Rp1,366 billion.
to 0.5%.
• Cash receipts from tax refund of
In 2024, the cash disbursements for operating Rp1,144 billion.
activities were Rp89,844 billion or 44.7% of total • Cash receipts from others - net of
cash disbursements. Then, cash disbursements Rp519 billion.
for financing activities were Rp80,480 billion or Meanwhile, cash disbursements for operating
40.0% of total cash disbursements, and the cash activities in 2024 were Rp89.844 billion
disbursements from investing activities were or US$5,582 million, it decreased by 0.4%
Rp30,658 billion or 15.3%. or Rp356 billion compared to the 2023
cash disbursements of Rp90,200 billion.
TelkomGroup’s cash disbursements were for:
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 159
• Cash payments for expenses of • Purchase of intangible assets of Rp3,658
Rp51,273 billion. billion.
• Cash payments to employees of • Business purchases after deducting cash
Rp16,364 billion. acquired of Rp635 billion.
• Cash payments for corporate and final income • Addition of down payment and other assets
taxes of Rp11,528 billion. of Rp330 billion.
• Cash payments for finance costs of • Addition of long-term investment in financial
Rp5,295 billion. instrument of Rp30 billion.
• Cash payments for short-term and low-value
3. Cash Flows from Financing Activities
lease assets of Rp3,693 billion.
TelkomGroup’s net cash used in financing
• Cash payments for value added taxes - net of
activities in 2024 was Rp27,505 billion or
Rp1,691 billion.
US$1,709 million, it decreased by 3.5% or Rp938
2. Cash Flow from Investing Activities billion from the 2023 of Rp26,567 billion.
TelkomGroup recorded net cash used in TelkomGroup received cash from financing
investing activities in 2024 was Rp29,456 billion activities of Rp52,975 billion, it increased by
or US$1,830 million, it increased by 20.2% or 26.7% or Rp11,180 billion compared to the last
Rp7,453 billion compared to the last period of period of Rp41,795 billion. The cash receipt was
Rp36,909 billion. from:
Cash receipts from investing activities in 2024 • Proceeds from loans and other borrowings of
were Rp1,202 billion, it increased by 284% or Rp52,653 billion.
Rp889 billion from the last period of Rp313 billion.
• Proceeds from issuance of new shares of
Cash receipts were from:
subsidiaries of Rp322 billion.
• Purchase of property and equipment of
Meanwhile, the cash disbursement for financing
Rp717 billion.
activities was Rp80,480 billion, it increased by
• Placement in other current financial assets - 17.7% or Rp12,118 billion compared to the last
net of Rp339 billion. period of Rp68,362 billion. The cash disbursement
• Proceeds from insurance claims of Rp143 was for:
billion. • Repayments of loans and other borrowings of
• Dividend received from associated company Rp47,607 billion.
of Rp3 billion. • Cash dividend paid to the Company’s
Meanwhile, the cash disbursements for investing stockholders of Rp17,683 billion.
activity of Rp30,658 billion, decreased by • Repayments of principal portion of lease
17.6% or Rp6,564 billion from the last year of liabilities of Rp7,387 billion.
Rp37,222 billion. The cash disbursement was for:
• Cash dividend paid to non-controlling
• Purchase of property and equipment of shareholders of subsidiaries of Rp7,099 billion.
Rp26,005 billion.
• Placement in shares buyback of non-
controlling shareholders of subsidiary of
Rp704 billion.
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160 Management Discussion and Analysis
Solvency
TelkomGroup’s 2024 Consolidated Financial Statements (Audited) show the Company’s decent liquidity,
solvency, and ability to pay short and long-term liabilities. TelkomGroup’s debt repayment was from cash
inflows of operational activities. It shows that the management could adequately manage its operations and
liquidity.
SHORT-TERM LIABILITY
TelkomGroup uses several ratios to measure its ability to pay short-term debt, such as the current, quick, and
cash ratios. We use these ratios to maintain liquidity and ensure the funds’ availability to pay short-term debt.
TelkomGroup maintains the current ratio percentage above the industry average current ratio and retains the
available loan that can be withdrawn if needed.
TelkomGroup Liquidity Ratio 2022-2024
Ratio 2024 2023 2022
Current Ratio 82.2% 77.7% 78.2 %
Quick Ratio 61.7% 57.8% 59.9 %
Cash Ratio 45.8% 42.9% 47.3 %
LONG-TERM LIABILITY
TelkomGroup monitors various ratios to ensure its ability to pay its long-term debt, such as the Debt to
Equity Ratio, the Debt to EBITDA Ratio, and the EBITDA to Interest Expense Ratio. The TelkomGroup 2024
Consolidated Financial Statements indicated the Debt to Equity Ratio of 0.47 times, Debt to EBITDA Ratio
of 1.02 times, and EBITDA to Interest Expense Ratio of 14.41 times. Those ratios indicated that TelkomGroup’s
ability to pay the long-term debt was a relatively low risk of default.
Ratio 2024 2023 2022
Debt to Equity Ratio 0.47X 0.44X 0.42X
Debt to EBITDA Ratio 1.02X 0.88X 0.80X
EBITDA to Interest Expense Ratio 14.41X 16.68X 19.59X
TelkomGroup actively evaluates its debt profile, particularly with floating interest, to decrease interest
expenses and exposure to interest rate fluctuations in the future. Further information regarding liquidity
and the discussion regarding the debt of Telkom and its subsidiaries can be seen in Notes 18 and Notes 19 in
TelkomGroup’s Consolidated Financial Statements for 2024.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 161
Capital Structure and the Management
Policies for Capital Structure
CAPITAL STRUCTURE
TelkomGroup’s capital structure consists of short-term debt, long-term debt, and equity. As of
December 31, 2024, the most significant composition of TelkomGroup’s capital structure was equity. There
were no substantial changes to the equity and capital composition in 2024 compared to the previous period.
Capital Structure 2022-2024 (Rp billion)
142,094 ; 64.9% 135,744; 66.6% 129,258 ; 67.2%
65,343 ; 29,8% 58,474 ; 28.7% 54,850 ; 28.5%
11,525 ; 5.3% 9,650 ; 4.7% 8,191 ; 4.3%
2024 2023 2022
Equity Long Term Short Term
2024 2023 2022
Capital Structure
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Debt 76,868 4,776 68,124 63,041
Short Term Debt 11,525 716 9,650 8,191
Long Term Debt 65,343 4,060 58,474 54,850
Equity 142,094 8,828 135,744 129,258
Total 218,962 13,604 203,868 192,299
MANAGEMENT POLICY FOR CAPITAL STRUCTURE
TelkomGroup is required to maintain its creditworthiness, as indicated in its credit rating and capital structure.
In 2024, TelkomGroup kept the debt levels below the industry average, signified in the Debt to Equity Ratio
and Debt to EBITDA Ratio. TelkomGroup also successfully maintained its solid capital structure by optimizing
the weighted average cost of capital, tax benefits, and ensuring healthy financial ratios to maintain a balanced
capital structure.
These measures aligned with TelkomGroup’s capital structure policy to achieve an optimal funding composition.
The capital structure policy in the current year will become the basis for management decision-making in
terms of adding or paying short-term and long-term debt.
In 2024, TelkomGroup’s Debt to Equity Ratio (DER) was 0.47 times, while it was 0.44 times in 2023.
TelkomGroup’s Debt Service Coverage Ratio as of December 31, 2024, was 1.4 times, while in 2023, it was
1.9 times. Further information regarding management’s policy on capital structure is in Notes 38 Capital
Management in the 2024 TelkomGroup’s Consolidated Financial Statements.
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162 Management Discussion and Analysis
Realization of Capital
Expenditure
To anticipate the dynamic technology • Network infrastructures consist of core network,
transformation, TelkomGroup has realized capital submarine cable, terrestrial cable, Metro-
expenditure investments that adjusted to the Ethernet, IP Backbone, and satellite;
Company’s needs and strategies throughout • Data Center, Cloud, IoT, IT (smart platform,
2024. The denomination of TelkomGroup’s capital solution, and services); and
expenditure investment is in two currencies,
• Other supporting capital expenditures, such as
namely Rupiah (Rp) and US Dollar (US$).
supporting facility of connectivity, building, and
power supply.
STRATEGY AND OBJECTIVES
OF INVESTMENT IN CAPITAL INVESTMENT VALUE IN
EXPENDITURE CAPITAL EXPENDITURE
The objective and strategy in determining investment
During 2024, total investment realization
in capital expenditure are to expand and maintain
of TelkomGroup’s capital expenditure was
business growth in the digital era based on digital
Rp24,449 billion or US$1,519 million. It decreased by
connectivity, digital platforms, and digital services.
25.8% from the previous year of Rp32,968 billion.
In 2024, TelkomGroup invested capital expenditure
The following are some of TelkomGroup’s capital
to build infrastructure capacity and capability for
expenditure:
increasing customer demand in the future.
• Constructed Telkomsel BTS.
TYPES OF INVESTMENT IN • Building neuCentrix and hyperscale data center.
CAPITAL EXPENDITURE • Tower addition and its supporting capacity.
TelkomGroup’s capital expenditure types in 2024 • National project of submarine cable system
are: deployment, such as the subsea cables of Labuha
– Obi, and international subsea cable system,
• Broadband services, comprising of mobile (4G, such as PEACE subsea cable.
5G) and fixed broadband;
• Telkomsat built high-throughput satellite (HTS)
on the 133°E orbital to improve terrestrial network
infrastructure.
TelkomGroup’s Capital Expenditure Investment 2022-2024
Years ended December 31
2024 2023 2022
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Total Investment in Capital 24,449 1,519 32,968 34,156
Expenditure
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 163
Material Commitment for
Capital Expenditure
OBJECTIVES OF MATERIAL COMMITMENT
FOR CAPITAL EXPENDITURE
As a digital telco company, TelkomGroup should make sustainable investments to accelerate digital
transformation. We made several material commitments for capital expenditure to support transmission and
network equipment and other digital infrastructure. The material commitment of TelkomGroup and other
parties in the form of project agreements is in Note 35 Significant Commitments and Agreements in the 2024
TelkomGroup’s Consolidated Financial Statements.
SOURCES OF FUNDS TO FULFILL MATERIAL COMMITMENT FOR
CAPITAL EXPENDITURE
In 2024, TelkomGroup had a decent leverage to fund capital expenditures. TelkomGroup has several alternatives
for other funding, including internal and external funding sources, such as bank funding, debt instruments,
and additional share capital for capital expenditure investment according to a predetermined business plan.
DENOMINATED CURRENCIES OF MATERIAL COMMITMENT
FOR CAPITAL EXPENDITURE
TelkomGroup uses two currency denominations in material commitments for capital expenditure investment,
such as the ID Rupiah and the US Dollar. The most significant bond is in the Rupiah currency of Rp11,374 billion.
Material Commitments Based on Currency as of December 31, 2024
Table of Material Commitment based on Amounts in Foreign Currencies Equivalent in Rupiah
Currencies (million) (billion)
IDR - 11,272
USD 223 3,589
Total 14,861
FOREIGN CURRENCY RISK MITIGATION OF MATERIAL
CONTRACTS FOR CAPITAL EXPENDITURE
Material commitments for capital expenditure in foreign currencies can be affected by fluctuations in
currency rates. To mitigate this risk, TelkomGroup determines time deposits and receivables of at least 25%
of the outstanding foreign currency short-term liabilities. Therefore, TelkomGroup can offset exchange rate
fluctuation losses with exchange rate gains on time deposits and receivables. More details regarding material
commitments for capital expenditure investment and foreign exchange rate risk are in Note 35 Significant
Commitments and Agreements and Note 37 Financial Instruments in the 2024 TelkomGroup’s Consolidated
Financial Statements.
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164 Management Discussion and Analysis
Receivables
Collectability
TelkomGroup had a decent receivables collectability TelkomGroup monitors receivables and collection
level with consolidated maturity receivables as balances regularly to minimize the customers’ credit
of December 31 for 2024 and 2023, which are risk. Methods in collecting its accounts receivable
not impaired or collectible of Rp5,281 billion and are direct visits, reminding letter, direct billing,
Rp4,033 billion. Meanwhile, the accounts receivable cooperating with partners regarding account
turnover ratio was recorded at 13.1%, and the receivable collection service to temporarily isolate
average collection time ratio was 27.8 days. services, and actively contacting customers via
phone, letter, or email.
TelkomGroup’s Receivables Collectability 2022-2024
Average Collection Duration Ratio (%)
Ratio
2024 2023 2022
Average collection ratio (days) 27.8 23.6 21.2
Receivables turnover ratio (%) 13.1 15.5 17.2
ANALYSIS AND EXPLANATION OF RECEIVABLES
COLLECTABILITY
TelkomGroup classifies receivables in analyzing accounts receivable based on the age of accounts receivable.
Analysis of TelkomGroup’s Accounts Receivables by Age Period 2022-2024
2024 2023 2022
Analysis of Accounts Receivable by Age
Rp (billion)
Not past due 7,319 7,020 6,964
0 – 3 months 3,602 2,758 1,674
3 – 6 months 1,305 1,215 664
> 6 months 6,031 5,235 6,900
Total receivables before provision 18,257 16,228 16,202
Provision for impairment of receivables (6,064) (5,561) (7,568)
Net receivables after provision 12,193 10,667 8,634
TelkomGroup established a provision for impairment of trade receivables based on the collective historical
impairment rate and individual customer credit historical rates. Provision for impairment of receivables in
2024 was Rp6,064 billion, increased by 9.0% from the provision for 2023 of Rp5,561 billion. Further discussion
of TelkomGroup’s receivables is in Note 5 Trade Receivables in the 2024 TelkomGroup’s Consolidated Financial
Statements.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 165
Material Information and Fact After
Accountant Reporting Date
TelkomGroup continues to comply with the principles of transparency and accountability to implement good
corporate governance. Thus, TelkomGroup conveys material information and facts after the financial reporting
date as of December 31, 2024, as follows:
Material Information and Fact After Accountant Reporting Date for 2024 Reporting Period
No. Material Information and Facts
1. On January 10, 2025, February 10, 2025, and March 10, 2025, Telkomsel has partially paid the outstanding long-
term loans to Bank Mandiri amounting to Rp4,000 billion.
2. 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 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, and 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.
3. 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.
Detailed explanations regarding the above transactions can be found in Note 40 Subsequent Event in
TelkomGroup’s 2024 Consolidated Financial Statements.
Business Prospects and
Sustainability of the Company
The global economy is expected to face significant Amid these challenges, Indonesia is predicted to
challenges in 2025. According to the IMF, global maintain economic resilience. The Bank of Indonesia
economic growth will reach 3.2%, slightly lower projects that the Gross Domestic Product (GDP)
than the initial projection of 3.3%. This adjustment in 2025 will be around 4.8% to 5.6%, supported
is attributed to the risk of escalating geopolitical by strong private consumption, investment, and
conflicts and the resurgence of trade protectionism, export performance. Inflation is also expected
mainly due to the US presidential election. We to remain manageable, targeting 2.5±1% in 2025
anticipate that policies, such as a price war with and 2026, facilitated by consistent monetary and
China, will create new uncertainties in the global fiscal policies, as well as the National Movement for
supply chain and hinder economic growth. Controlling Food Inflation (GNPIP).
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166 Management Discussion and Analysis
Indonesia’s telecommunications industry is Another challenge comes from Over-the-Top
projected to grow with the increasing demand (OTT) players, such as streaming platforms and
for internet access and digital services. The high global technology companies, aggressively entering
interest in internet usage is seen as a primary the telecommunications sector. OTT players
growth driver in this sector, creating significant not only compete in providing digital services
opportunities for telecommunications operators to but also utilize network infrastructure without
expand their coverage and improve service quality. significantly contributing to the costs of developing
However, macroeconomic factors, such as declining that infrastructure. This situation necessitates
purchasing power due to the economic recession, collaborative efforts between telecommunications
could impact industry revenues, necessitating operators and regulators to establish a fairer and
innovative approaches to maintain consumer more sustainable ecosystem.
interest in telecommunications services.
To optimize growth opportunities in the mobile
Alongside economic growth, Indonesia’s segment in 2025, Telkom is committed to
telecommunications sector is expected to thrive, accelerating the expansion of digital connectivity
driven by high internet access and demand for and digital platforms by adopting more sophisticated
digital services. The widespread use of digital and innovative technologies. A key strategic initiative
technology presents excellent opportunities for being developed is enhancing 5G network-based
telecommunications operators to extend their services with broader and more efficient coverage.
service coverage. However, challenges such as This technology is expected to significantly improve
decreased purchasing power due to the global the quality of cellular services, including faster
economic recession may affect revenues, requiring connection speeds, increased network capacity,
operators to adopt innovative strategies to engage and low latency. These advancements will support
consumers. the implementation of more complex real-time
services, such as the Internet of Things (IoT), cloud
Additionally, the telecommunications industry
computing, and Artificial Intelligence (AI)-based
faces intensified price competition, including
solutions, ultimately enhancing the overall customer
irrational price wars. Although data service costs in
experience. Moreover, Indonesia must anticipate
Indonesia are among the lowest in the world, this
LEO satellite services through mutually beneficial
pricing pressure could threaten the operational
cooperation in the mobile business.
sustainability of telecommunications operators. To
address this, operators must improve operational Telkom will continue to enhance operational
efficiency and diversify their revenue sources. efficiency and network quality by implementing
more measurable and optimal network deployment,
particularly in expanding 5G services to various
regions, including second-tier cities in Indonesia.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 167
Telkomsel has reported 4.7 million active 5G To meet this need, Telkom offers various integrated
subscribers and nearly 13 million devices supporting solutions such as system integration, IT service
this service. By 2025, Telkom targets significant management, and Customer Relationship
growth by expanding service coverage to Tangerang, Management (CRM) services designed to help the
Depok, Bogor, and Bekasi, with a projected increase Enterprise segment manage their operations more
of 12.8 million subscribers. efficiently and innovatively. Furthermore, Telkom will
also enhance its market presence in the SME sector
Telkom will focus on enhancing customer experience
by promoting digital transformation through a range
in the Consumer segment to maintain its market
of training, education, and technological solutions
share while attracting new customers through the
within the Indibiz ecosystem, all aimed at supporting
Fixed Mobile Convergence (FMC) strategy. This
the growth of small and medium-sized businesses.
strategy aims to provide a more connected and
seamless digital experience by integrating home In the Wholesale & International Business (WIB)
and mobile internet services into one cohesive segment, Telkom aims to enhance its role as an
ecosystem. Additionally, the FMC initiative by enabler of the digital ecosystem by increasing its
Telkomsel in the B2C segment aims to strengthen infrastructure capacity. This includes expanding
Telkom’s dominance in the telecommunications carrier services, telecommunication towers, fiber
market, accelerate operational efficiency, and infrastructure, domestic and international Submarine
promote inclusive and sustainable digital access Cable Communication Systems (SKKL), satellites,
throughout Indonesia. and data centers. Telkom boosted its data center
capacity by constructing a Hyperscale Data Center
In the Enterprise segment, Telkom is strengthening
in Cikarang and another in Batam. Additionally, the
its business lines by focusing on high-profitability
Company will explore strategic partnerships to
and recurring services, such as enterprise solutions
accelerate development and enhance its internal
that cater to various modern business needs.
capabilities. This expansion is expected to turn
One strategic step is to address the increasing
data centers into a new source of income for the
demand for hybrid cloud solutions tailored for
Company. Telkom will extend its reach to Singapore
different customer segments, including corporates
and other countries in the Southeast Asia region to
(SOEs/ROEs and private companies), government
meet high market demand and effectively compete
institutions, and SMEs.
in the regional data center business.
With the acceleration of digitalization in various
business activities in Indonesia, Telkom sees a
significant opportunity to become a key partner in
supporting digital transformation for businesses.
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168 Management Discussion and Analysis
Comparison of Initial Year
Target and the Realization
TelkomGroup’s revenue grew by 0.5% to Rp149,967 billion in 2024. Telkom’s EBITDA and Net Profit in 2024
were recorded at Rp74,812 billion and Rp23,472 billion. Meanwhile, the EBITDA and Net Profit margins were
recorded at 50.0% and 15.8%. TelkomGroup used Rp24,449 billion for capital expenditures in 2024 or 16.3%
of total revenue.
Comparison of TelkomGroup Targets and Realizations in 2024
Indicator Realization In 2024 Targets In Initial 2024
Revenue Growth Revenues grew by 0.5%. We estimate that the more challenging
competition will impact the Company. Overall,
we expected the Company to grow positively in
the low to mid-single digit range.
EBITDA Margin and EBITDA Margin decreased to 50.0% while Net EBITDA Margin and Net Income Margin are
Net Income Margin Income Margin decreased to 15.8%. projected to slightly decreased in line with the
decline in legacy businesses shifting to digital
businesses.
Capital Expenditure The realization of capital expenditures is
Around 25%-30% of our revenue is planned for
to Rp24,449 billion, or 16.3% of revenue
capital expenditure, focusing on building digital
with focused investment in digital business
business infrastructure.
infrastructure.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 169
Target or Projections for
the Following Year
TelkomGroup is committed to achieving sustainable growth by focusing on developing four key business
pillars: digital infrastructure, integrated B2C services, B2B ICT services, and New Play. These pillars align with
a digital business framework (connectivity, platform, and service), supported by six delivery model directions:
inorganic & partnership, technology, organizations, operations, people capability & culture, and sustainability
& governance.
By 2025, TelkomGroup aims to maintain competitive revenue growth despite the uncertainties in global and
national economic conditions and the current decline in consumers’ purchasing power. Mobile broadband and
IndiHome remain the primary revenue contributors. Additionally, Telkom is pursuing growth opportunities
through its Five Bold Moves (5BM) strategic initiative. Alongside revenue growth, Telkom is working to
streamline operational expenditures and optimize capital spending to strengthen its financial position and
ensure sustainable profitability.
TelkomGroup’s Target or Projections for The Following Year
Indicator Target in 2025
Revenue Growth The Company is expected to grow positively in the low to mid-single-digit range amid more
challenging global and national economic conditions and competition.
EBITDA Margin and EBITDA Margin and Net Income Margin are projected to have healthy growth in line with the
Net Income Margin decline in legacy business shifting to digital business (connectivity, platform, and service).
Capital Expenditure Around 15%-25% of our revenue is planned for capital expenditure, focusing on building digital
business infrastructure.
Dividend Policy The dividend payout ratio ranges from 60%-90%.
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170 Management Discussion and Analysis
Dividend
TelkomGroup annually distributes dividends. The dividend distribution is to optimize value for shareholders. The
dividend distribution policy is determined and approved by the shareholders at the Annual General Meeting
of Shareholders (AGMS). In the last five years, TelkomGroup has set a dividend payout ratio that ranges from
60% to 90%. The dividend paid in 2024 for business performance in 2023 was Rp17,683,019 million (72% from
net profit).
Telkom’s Dividend Payment for the Year 2019-2023 Operational Performance
Date of Dividend Dividend
Payment in Cash Dividend Amount per
Payment Ratio
Dividend and/or Date of Amount paid Share (cash
Dividend Policy / Payout ratio
Year Dividend per year and/or non-
(%) 1
Distribution in (Rp million) cash) after Stock
Non-Cash Split (Rp)
2019 AGMS, June 19, July 23, 2020 81.78 15,262,3382 154.07
2020
2020 AGMS, May 28, July 2, 2021 80.00 16,643,4433 168.01
2021
2021 AGMS, May 27, June 30, 2022 60.00 14,855,9214 149.97
2022
2022 AGMS, May 30, July 5, 2023 80.00 16,602,6975 167.59
2023
2023 AGMS May 3, June 6, 2024 72.00 17,683,0196 178.50
2024
Remarks:
1. Represents the percentage of profit attributable to owners of the parent paid to shareholders in dividends.
2. Consists of cash dividend amounting to Rp11,197,606 million and special cash dividend amounting to Rp4,064,730 million.
3. Consists of cash dividend amounting to Rp12,482,582 million and special cash dividend amounting to Rp4,160,860 million.
4. Only consists of cash dividend amounting to Rp14,855,921 million.
5. Only consists of cash dividend amounting to Rp16,602,697 million.
6. Only consists of cash dividend amounting to Rp17,683,019 million.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 171
Realization of the Use
of Public Offering Proceeds
We have issued several bonds which are currently outstanding and owned by investors. We have several
underwriters for bond issuance, namely PT Bahana Sekuritas, PT Danareksa Sekuritas, PT Mandiri Sekuritas,
and PT Trimegah Sekuritas Tbk, and a bank that is the trustee, namely PT Bank Permata Tbk. Telkom guarantees
all bonds with assets, and Pefindo assigns an idAAA rating to all Telkom bonds. The following table presents the
unmatured bond status as of December 31, 2024.
Realization of Telkom’s Public Offering Funds as of December 31, 2024
Amount Time Realization of Funds
Maturity
Name of the Bond (Rp million) Date of Periode Balance
Date Year
Issue (year) (Rp million)
The Shelf Registered 2,100,000 June 23, June 23, 10 0 2016
Bonds I Telkom 2015 2015 2025
series B
The Shelf Registered 1,200,000 June 23, June 23, 15 0 2016
Bonds I Telkom 2015 2015 2030
series C
The Shelf Registered 1,500,000 June 23, June 23, 2045 30 0 2016
Bonds I Telkom 2015 2015
series D
Telkom has realized all the funds obtained from the public offering, with the remaining funds recorded as nil.
There is no change regarding the realization of the previously planned use of funds. Details related to bond
information can be seen in Note 18 Short-Term Bank Loans and Long-Term Loans Maturing Within One Year
and Note 19 Long-Term Loans and Other Loans in the 2024 TelkomGroup Consolidated Financial Statements.
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172 Management Discussion and Analysis
Material Information Regarding
Transaction with Conflict of Interest,
Transaction with Affiliated Parties,
Investment, Divestment, and Acquisition
TelkomGroup recorded affiliated transactions in applicable general provisions and follow the POJK
2024. The implementation of affiliated transactions No. 42/2020 provision. Meanwhile, no transactions
has complied with internal policies related to the with related parties contain conflicts of interest as
Main Procedures for Affiliated Transactions and they are according to the principles of fairness and
Conflicts of Interest Transactions stipulated in business practice in 2024.
the President Director’s Official Note. Based on
The list of affiliated transactions that must be
the review, Telkom has ensured that all affiliated
disclosed in the Annual Report during the 2024
transactions comply with the internal procedure and
financial year is as follows:
No. Transaction Type Parties Involved and Nature of Affiliate Relationship Transaction Value
1. Purchase of Land 1. PT Telkom Data Ekosistem (a subsidiary company) Rp555,500,000,000
and Building GTS 1 2. PT Graha Telkomsigma (a subsidiary company)
The Board of Directors stated that the Affiliate Transaction had gone through the Internal Affiliate Transaction
Procedures applicable within the TelkomGroup. Moreover, it can be seen in Note 32 regarding Related Parties
Transactions in 2024 TelkomGroup’s Consolidated Financial Statements and Appendix 4 in Annual Report for
2024 Reporting Period.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 173
Changes in Law
and Regulation
In implementing Good Corporate Governance (GCG) With the implementation of Permendagri 7/2024,
practices, TelkomGroup consistently reviews any telecommunications operators are now required to
changes in laws and regulations that may impact its pay only 4% to 16% of the applicable BMD rental fee
operational activities. In 2024, a significant regulatory in each region. Furthermore, they cannot be charged
change occurred with the issuance of Minister of BMD rent if the Regional Government does not
Home Affairs Regulation (Permendagri) No. 7 of establish SJUT, ducting, or tunnels for shared use.
2024. This regulation, established by the Minister of
This regulation aims to provide legal certainty for
Home Affairs on June 20, 2024, was promulgated by
the telecommunications industry while encouraging
the Directorate General of Legislation of the Ministry
Regional Governments to create supportive
of Law and Human Rights on July 2, 2024.
infrastructure to accelerate the deployment of
Permendagri 7/2024 modifies several provisions telecommunications. Previously, each Regional
regarding utilizing Regional Property (BMD), which Government had its own regulations regarding
were previously governed by Permendagri 19/2016. BMD rental, with differing amounts that often
This new regulation explicitly addresses the use burdened telecommunications companies. The
of BMD for telecommunications and informatics new Permendagri 7/2024 offers a more structured
infrastructure, including buildings, land surfaces, and transparent BMD rental scheme, alleviating
and underground spaces that contain Integrated regulatory costs for TelkomGroup and motivating
Utility Network Facilities (SJUT), ducting, or tunnels. Regional Governments to be more proactive in
developing telecommunications infrastructure that
An essential aspect of Permendagri 7/2024 is its
supports national digital connectivity.
incorporation of TelkomGroup’s aspirations that
were not addressed in the previous regulation. Key Despite the enactment of Permendagri 7/2024,
changes that benefit telecommunications operators challenges remain in its implementation, particularly
include: with Regional Governments’ understanding of the
new provisions. Some Regional Governments are still
1. Establishment of the BMD rental adjustment
applying the old scheme to determine BMD rentals
factor for telecommunications and informatics
for telecommunications infrastructure, potentially
infrastructure at a rate between 4% and 16%.
causing conflicts with the latest regulations.
2. Clarification that if there is no SJUT, ducting, Therefore, further efforts are essential to ensure
or tunnel, the BMD rental adjustment factor optimal implementation of this policy.
for telecommunications and informatics
infrastructure will be 0%.
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174 Management Discussion and Analysis
As a next step, Regional Governments need to facilitate the implementation of more effective
harmonize regional regulations to align with the operational strategies and ensure adherence to the
provisions outlined in Permendagri 7/2024. This latest regulations.
harmonization is crucial to avoid discrepancies
Additionally, TelkomGroup continues to collaborate
between central regulations and regional policies,
with the Central Government to promote expedited
which could hinder the efficient deployment of
communication with Regional Governments.
telecommunications infrastructure.
Enhanced coordination among stakeholders is
Internally, TelkomGroup has conducted outreach needed to ensure that this regulation is effectively
to all business units to ensure they understand the implemented across all regions, thereby supporting
implications of this regulation and can optimize the acceleration of digitalization and the equitable
the use of BMD in compliance with the provisions. distribution of telecommunications infrastructure in
A unified understanding within TelkomGroup will Indonesia.
Changes in
Accounting Policy
TelkomGroup’s Consolidated Financial Statements refers to the Financial Accounting Standards (SAK) issued
by the Indonesian Institute of Accountants (IAI). It also complies with the Regulation of the Capital Market
and Financial Institution Supervisory Agency (Bapepam-LK) No. VIII.G.7 regarding the Presentation and
Disclosure of Financial Statements of Issuers or Public Companies, attached to the letter KEP347/BL/2012.
TelkomGroup also applies the International Financial Reporting Standard (IFRS) accounting standards based
on the Securities and Exchange Commission (SEC) regulations.
Changes in accounting policies in 2024, including:
1. Indonesian Financial Reporting Standards Framework (KSPKI) and Indonesian SAK Nomenclature
2. Amendment to PSAK 116 on Leases.
3. Amendment to PSAK 201 on Presentation of Financial Statements.
4. Amendment to PSAK 207 on Cash Flow Statements and PSAK 107 on Financial Instruments: Disclosures.
5. Amendment to IAS 1 on Presentation of Financial Statements.
6. Amendment to IFRS 16 on Leases.
7. Amendment to IAS 7 on Statement of Cash Flows and IFRS 7 on Financial Instruments: Disclosures.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 175
Implementation and Changes of Accounting Policies of TelkomGroup in 2024
Impact on Financial Statements for
Accounting Financial Year 2024
No Reason for Change
Policy
SAK Financial Report IFRS Financial Report
1. Indonesian There is an International SAK as KSPKI and changes to the No material impact on IFRS
Financial a pillar of the new SAK so that numbering of Indonesian SAK financial statements.
Reporting DSAK IAI ratifies the KSPKI to do not affect the substance
Standards clarify the application of each of the regulations of each
Framework pillar of the SAK. Furthermore, in PSAK and ISAK and therefore
(KSPKI) and line with the ratification of the no material impact on SAK
Indonesian KSPKI, the DSAK IAI also ratifies financial statements.
SAK the changes in the numbering
Nomenclature of PSAK and ISAK. It aims to
distinguish PSAK and ISAK
that refer to IFRS accounting
standards and PSAK and ISAK
that do not refer to these
standards, which include:
• IFRS Standards issued by
the International Accounting
Standards Board (IASB);
• IAS Standards issued by the
International Accounting
Standards Committee (IASC),
which were then continued by
the IASB;
• IFRIC Interpretations issued
by the IFRS Interpretations
Committee (IFRIC), which is a
continuation and replaces SIC
in 2001; and
• SIC Interpretations issued by
the Standing Interpretations
Committee (SIC).
2. PSAK 116 DSAK issued amendments to No material impact on SAK No material impact on IFRS
the accounting standards as financial statements. financial statements.
the adoption of Amendment to
IFRS 16.
3. PSAK 201 DSAK issued amendments to No material impact on SAK No material impact on IFRS
the accounting standards as financial statements. financial statements.
the adoption of Amendment to
IAS 1.
4. PSAK 207 and DSAK issued amendments to No material impact on SAK No material impact on IFRS
PSAK 107 the accounting standards as the financial statements. financial statements.
adoption of Amendment to IAS
7 and IFRS 7.
5. IAS 1 IASB issued amendments to No material impact on SAK No material impact on IFRS
IAS 1 regarding Classification financial statements. financial statements.
of Liabilities as Current or
Non-current and Non-current
Liabilities with Covenants.
6. IFRS 16 IASB issued amendments to IAS No material impact on SAK No material impact on IFRS
8 regarding Lease Liability in a financial statements. financial statements.
Sale and Leaseback.
7. IAS 7 and IASB issued amendments to No material impact on SAK No material impact on IFRS
IFRS 7 IAS 12 regarding Disclosures: financial statements. financial statements.
Supplier Finance Arrangements
Further details of the changes in accounting policies in Telkom’s financial statements for the current year
are disclosed in Note 2 Summary of Accounting Policies of 2024 TelkomGroup’s Consolidated Financial
Statements.
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176
05.
CORPORATE
GOVERNANCE
Telkom Indonesia implements transparent
and strategic corporate governance,
ensuring compliance and sustainable
growth for shareholders.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 177
Page 180
178 Corporate Governance
Corporate Governance
Principle and Platform
TelkomGroup consistently implements the and the ASEAN Corporate Governance Scorecard
principles of Good Corporate Governance (ACGS). Telkom built a strong foundation in the
(GCG) to strengthen the trust of shareholders implementation of GCG for its subsidiaries, which is
and stakeholders and increase added value for regulated by the Resolution of Board of Director's
the Company. The implementation of GCG is No.PD.602.00/r.00/HK000/COPD0030000/2011
also expected to support the achievement of regarding TelkomGroup GCG Guidelines as a
TelkomGroup's Vision and Mission in the long term. guideline for Telkom and its Subsidiaries in operating
With the continuous implementation of GCG, and transacting by ethics and GCG principles.
TelkomGroup believes it can maintain a healthy
In implementing GCG, Telkom refers to various
and competitive business continuity, while
relevant regulations as a reference, including:
strengthening the company's competitiveness in
the industry. 1. Law No. 40 of 2007 regarding Limited Liability
Companies;
Apart from that, Telkom also pays special attention
to the consistency of GCG implementation, 2. Law No. 8 of 1995 regarding Capital Market;
especially in the Anti-Corruption and Business 3. Financial Services Authority (OJK) Regulation
Ethics Program. The Company ensures that anti- No. 33/POJK.04/2014 regarding Directors and
corruption policies and procedures are clearly Commissioners of Issuers or Public Companies;
communicated to employees and business 4. Financial Service Authority Regulation No.
partners, with firm and active commitment from 34/POJK.04/2014 regarding Nomination and
senior management. Telkom adopts a "zero bribery" Remuneration Committee of Issuers or Public
and “zero tolerance” approach to all forms of fraud, Companies;
corruption, and other unethical behaviors that
5. Financial Service Authority Regulation No. 55/
contradict GCG principles. This is part of Telkom's
POJK.04/2015 regarding the Establishment and
efforts to maintain the integrity of the company
Work Guidelines of Audit Committees;
and ensure that all operations are carried out in
6. Financial Service Authority Regulation No. 11/
accordance with good governance standards.
POJK.04/2017 regarding Ownership Report
or Any Change in Share Ownership of Public
FUNDAMENTALS OF THE Companies;
IMPLEMENTATION OF
7. Financial Service Authority Regulation No.
CORPORATE GOVERNANCE IN
8/POJK.04/2015 regarding Issuer or Public
TELKOMGROUP
Company Website;
The implementation of GCG in TelkomGroup refers 8. Financial Service Authority Regulation No. 29/
to the prevailing laws and regulations, as well as POJK.04/2016 regarding Annual Report of Issuers
other GCG implementation guidelines, such as the or Public Companies;
principles of Corporate Governance developed by
9. Financial Service Authority Regulation No. 21/
the Organization for Economic Cooperation and
POJK.04/2015 regarding the Implementation of
Development (OECD) and the Indonesian General
Public Company Governance Guidelines;
Guidelines for Corporate Governance prepared by the
10. Financial Service Authority Circular Letter No.
National Committee on Governance Policy (KNKG)
32/SEOJK.04/2015 regarding Guidelines for
Public Company Governance;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 179
11. Financial Service Authority Circular Letter No. IMPLEMENTATION OF GCG
16/SEOJK.04/2021 regarding the Form and BASIC PRINCIPLES
Content of the Annual Report of Issuers or Public
Companies; Telkom bases its corporate governance
implementation on five GCG principles that serve
12. Letter of the Minister of SOEs No. S-35 / MBU /
as pillars in carrying out all of its business activities.
01/2020 regarding the Implementation of Anti-
In addition, Telkom has also complied with all
Bribery Management Systems in SOEs;
governance principles in accordance with Financial
13. Regulation of the Minister of SOEs No. PER-
Service Authority Regulation No. 21/SEOJK.04/2015
2/MBU/03/2023 regarding Guidelines for
regarding implementing Public Company Governance
Governance and Significant Corporate Activities
Guidelines and Circular Letter of Financial Service
of State-Owned Enterprises; and
Authority No. 32/SEOJK.04/2015 regarding Public
14. Regulation of the Minister of SOEs No. PER-3/ Company Governance Guidelines.
MBU/03/2023 on Organs and Human Resources
of State-Owned Enterprises.
GCG Principles
Principle Explanation Implementation at Telkom
Transparency Openness in carrying 1. Publication of Financial Statements and Annual Reports as well as other
out the decision-making material information as a means for investors to access important
process and openness in information easily and transparently.
disclosing material and 2. Access information in the form of company websites, print media and
relevant information about press releases, direct meetings with investors, public exposure, and
the company. gatherings.
Accountability Clarity of functions, 1. Availability of Charters, guidelines, or manuals that contain clarity on
implementation and the functions, implementation, and responsibilities of Shareholders,
accountability of the Board of Commissioners, Board of Directors, Committees, and
Company's Organs so that Corporate Secretary.
the management of the 2. Implement a check and balance mechanism of authority and role in the
company is carried out management of the Company.
effectively. 3. Have clear Key Performance Indicators (KPIs) and operational targets.
Responsibility Conformity in the 1. Comply with laws and/or regulations on taxation, fair competition,
management of the industrial relations, occupational health and safety, payroll standards,
company with the and other related regulations.
provisions of laws and 2. Having mechanisms and procedures that regulate and evaluate
regulations and the compliance with applicable provisions and laws and regulations, as well
principles of a healthy as implementing sound corporate principles.
company. 3. It has the function of a Legal and Compliance manager who is tasked
with ensuring the fulfillment of all provisions of regulations and
legislation.
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180 Corporate Governance
Principle Explanation Implementation at Telkom
Independency A situation in which the 1. Carry out professionalism within the Company without conflict of
company is managed interest and free from the influence of pressure from other parties that
professionally without are not in accordance with regulations and contrary to the principles
a Conflict of Interest of a healthy corporation.
and influence/pressure 2. Include the rules/authority for corporate decision-making in the Board
from any party that is Charter and the Company's Articles of Association that emphasize
not in accordance with independence.
the provisions of laws 3. It has additional policies in the Corporate Governance Guidelines that
and regulations and the are oriented towards the principle of independence, such as the policy
principles of a sound of conflict-of-interest transactions, the prohibition of political party
corporation. donations, and the prohibition of affiliation relationships.
Equality and Fairness and equality 1. Apply the principles of equality and fairness in fulfilling the rights of
Fairness in fulfilling stakeholder Stakeholders that arise based on agreements and applicable laws and
rights arising based on regulations.
agreements and provisions 2. Respect the rights of minority Shareholders.
of laws and regulations. 3. Prohibits Insider Trading practices.
4. Implement performance management based on the Balanced
Scorecard.
5. Conduct an open auction in the procurement of goods/services and
implement e-procurement.
IMPLEMENTATION OF GCG MANAGEMENT PRINCIPAL -
FINANCIAL SERVICES AUTHORITY
Telkom applies eight company management principles following the Public Company Governance Guidelines
from the Financial Services Authority (OJK) from the evaluation results as of the end of 2024, as follows:
Principle Recommendation Implementation Status
Aspect 1: The Public-Listed Company's Relationship with Shareholders in Ensuring Shareholders' Rights
Principle 1
Improving The Value 1. Technical methods or Telkom already has technical procedures for Comply
of General Meeting procedures for open voting set out in the procedures for the General
Shareholders (GMS). and closed voting that Meeting of Shareholders.
prioritizes independence
and interest of the
Shareholders.
2. Members of the Board of All of the members of the Board of Directors Comply
Directors and the Board and the Board of Commissioners attended the
of Commissioners attend GMS.
the Annual GMS.
3. A summary of minutes Telkom provided a Summary of Minutes of Comply
of GMS is available at the GMS at the Company’s Website under Investor
Website at least 1 year. Relations.
Principle 2
Improving The Public 1. To have a policy on Telkom has a policy on communications with Comply
Listed Company communications between investor through Non-Deal Roadshow, One
Communication Public Company and on One Meeting, Earnings Call, Public Expose,
Quality with Shareholders or Investors. Conference, and Investor Summit.
Shareholders or
Investors.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 181
Principle Recommendation Implementation Status
2. Posted the Telkom has made available materials of each Comply
communications policy of Earnings Call, Conference and materials of
a Public Company at the presentation to investor at the Company’s
Website. website to provide equality for Shareholders
and Investor regarding the implementation of
Communications with the Company.
Aspect 2: Function and Role of the Board of Commissioners
Principle 3
Strengthening 1. Determination of the Telkom has complied with the provision Comply
The Membership numbers of the Board applicable to the Company as Public Company
and Composition of Commissioners as set out in Article 20 of Regulation of Financial
of Board of members should take into Services Authority No. 33/POJK.04/2014
Commissioners. account the Company’s that the number of members of the Board
Conditions. of Commissioners must be at least 2 (two)
persons.
2. Determination of At the Shareholders’ discretion, members of the Comply
the composition of Board of Commissioners have been appointed
members of the Board by taking into account a variety of skills,
of Commissioners knowledge, experiences and Telkom’s business
takes into account conditions, and complexity.
the required variety of
skills, knowledge, and
experience.
Principle 4
Improving The 1. The Board of Based on the Joint Regulation of the Board Comply
Quality of Duty Commissioners has the of Commissioners and Directors No. 05/
and Responsibility policy to self-assess the KEP/DK/2022 and No. PD.620.00/r.01/
of Board of performance of the Board HK200/COP-M4000000/2022 regarding
Commissioners. of Commissioners. Guidelines for the Work Procedures of the
Board of Commissioners and Directors (Board
Manual) Limited Liability Company (Persero)
PT Telekomunikasi Indonesia Tbk, there is a
policy to assess the performance of Company's
Board of Commissioners carried out by Series
A Dwiwarna shareholders through the General
Meeting of Shareholders mechanism.
2. The self-assessment Based on the Joint Regulation of the Board Comply
policy is reported in the of Commissioners and Directors No. 05/KEP/
Annual Report. DK/2022 and No. PD.620.00/r.01/HK200/
COP-M4000000/2022 regarding Guidelines
for the Work Procedures of the Board of
Commissioners and Directors (Board Manual)
Limited Liability Company (Persero) PT
Telekomunikasi Indonesia Tbk, there is a policy
for self-assessment which is disclosed in the
Annual Report.
3. The Board of In accordance with Telkom’s Articles of Comply
Commissioners has a Association, jo. Regulation of Financial Services
policy of resignation in Authority No. 33/POJK.04/2014 regarding the
the event of involvement Board of Directors and Board of Commissioners
in any financial crimes. of Issuers or Public Companies, any member of
the Board of Commissioners who does not meet
any requirements to be a member of the Board
of Commissioners as set out in the Articles of
Association and Regulation of Financial Services
Authority No. 33/POJK.04/2014 including
any involvement in any financial crimes,
consequently his/her position will be null and
void.
In the event that the members of the Board of
Commissioners resign, it will be resolved at the
GMS.
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182 Corporate Governance
Principle Recommendation Implementation Status
4. The Board of The Nomination and Remuneration Committee Comply
Commissioners through in the Nomination and Remuneration
the Nomination and Committee Charter states that one of its duties
Remuneration Committee is to provide recommendations to the Board of
formulates a succession Commissioners to be submitted to the Series
policy in the process of A Dwiwarna Shareholders, one of which is
nominating members of regarding Succession Planning for Members of
the Board of Directors. the Board of Directors.
In addition, as a SOE, the provision of succession
of the Board of Directors refers to Regulation
of Minister of SOE No. PER-03/MBU/02/2015
on the requirements, and procedures for the
appointment and dismissal of a member of the
Board of Directors of SOE.
Aspect 3: Function and Role of the Board of Directors
Principle 5
Strengthening 1. Determination of the Determination of the number of Directors of Comply
Membership and number of members of the company refers to Article 2 paragraph (1)
Compositions of the Board of Directors and paragraph (2) of Financial Service Authority
Board of Directors. takes into account the Regulation No. 33/POJK.04/2014 regarding the
Company’s conditions and Board of Directors and Board of Commissioners
effectiveness in decision- of Issuers or Public Companies which stipulates
making. that the number of members of the Board of
Directors consists of at least 2 (two) members
of the Board of Directors, of which 1 (one) is
appointed as President Director.
2. Determination of At the shareholders’ discretion, members of Comply
the composition of the Board of Directors of the Company have
members of the Board been appointed by taking into account a variety
of Directors takes into of skills, knowledge, experiences, and the
account a variety of Company’s conditions and business complexity.
skills, knowledge, and
experiences as required.
3. Members of the Board The members of the Board of Directors in charge Comply
of Directors in charge of accounting and finance in the company is the
of accounting and Finance Director & Risk Management who has
finance have skills and/or sufficient accounting and financial knowledge
knowledge in accounting. and experience as can be seen in the position
and education history of the Board of Directors
under the section of Profiles of the Board of
Directors.
Principle 6
Improving The 1. The Board of Directors The Board of Directors has a policy that regulates Comply
Quality of Task has the policy to self- performance evaluation, process and indicators
execution and assess the performance for assessing the performance of the Board
Responsibility of of the Board of Directors. of Directors individually and collegially, this is
Board of Directors. stated in the Board of Directors Performance
Assessment section in the Joint Regulations of
the Board of Commissioners and Directors No.
05/KEP/DK/2022 and No. PD.620.00 /r.01/
HK200/COP-M4000000/2022 regarding
Guidelines for the Work Procedures of the Board
of Commissioners and Directors (Board Manual)
of the Company (Persero) PT Telekomunikasi
Indonesia Tbk.
2. The self-assessment Results of the self-assessment of the Board Comply
policy is reported in an of Directors are reported in the Company’s
Annual Report. Annual Report under the section of Corporate
Governance.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 183
Principle Recommendation Implementation Status
3. The Board of Directors Based on Telkom's Articles of Association and Comply
has a policy of Financial Service Authority Regulation No. 33/
resignation in the event POJK.04/2014 regarding the Board of Directors
of involvement in any and Board of Commissioners of Issuers or
financial crimes. Public Companies, any member of the Board of
Directors who does not meet the requirements
to become a member of the Board of Directors
and who is involved in a financial crime, his
position as Director will be null and void.
In the event that the member of the Board of
Directors resigns, it will be decided through the
GMS mechanism.
Aspect 4: Stakeholders' Participation
Principle 7
Improving Corporate 1. To have a policy to Based on Regulation of the Director of Human Comply
Governance prevent Insider Trading Capital Management No. PR 209.05/r.01/ K250/
Aspect Through practice COP-A4000000/2020 regarding Employee
Stakeholders Discipline, the policy to prevent Insider Trading
Participation. practice is contained in Article 5 regarding
prohibitions for each employee include abuse of
authority or position and unauthorized use of
company information.
2. To have a policy of Anti- Telkom is always committed to supporting Comply
Corruption and Anti- the implementation of anti-corruption and
Fraud. anti-corruption in the corporate environment
by developing programs and procedures as
outlined in internal policies, namely the Integrity
Pact, Business Ethics, LHKPN Reporting
(Wealth Report of State Administrators),
Employee Discipline, Gratification Control, and
ISO implementation 37001:2016 Anti-Bribery
Management System. In 2023, Telkom will
received again ISO 37001:2016 certification for
implementing SMAP in several work units.
3. To have a policy on the Telkom selects suppliers and vendors based Comply
selection and capacity on procurement policies that exist within
building of Suppliers and Telkom internally which are managed through
Vendors. the SSO Procurement & Sourcing Center Unit
which is carried out based on Regulation of the
Director of Finance & Risk Management No. PR
301.08//r.07/HK240/COP-K0700000/2023
regarding Guidelines for Procurement
Implementation.
4. To have a policy on the Telkom has a policy to fulfill the rights of our Comply
fulfillment of creditors’ Creditors through the Financial Accounting
rights. Unit & Corporate Finance Unit that sets out and
manages the rights of Telkom’s creditors.
5. To have a policy on Through the Resolution of the Board of Comply
Whistleblowing system. Commissioners No. 01/KEP/DK/2022
regarding Policies and Procedures for Handling
Complaints (Whistleblowing System) within
the TelkomGroup which was later ratified by
Directors Regulation No. PD. 622.00/r.00/
HK200/COP-C0000000/2022 dated January
25, 2022, Telkom guarantees and ensures the
protection of the confidentiality of reporters,
both employees and third parties who submit
complaints or reports of alleged violations. This
Whistleblowing System develops complaint
channels into 7 (seven) complaint channels,
which can be accessed on the Telkom website in
the Telkom Integrity Line menu.
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184 Corporate Governance
Principle Recommendation Implementation Status
6. To have a Policy on the In determining the incentives obtained by Comply
granting of long-term the Board of Directors, Telkom is guided
incentives to the Board of by Regulation of Minister of SOE No. PER-
Directors and Employees. 12/MBU/11/2020 regarding Guidelines for
Determining the Income of the Board of
Directors, Board of Commissioners, and
Supervisory Board of State-Owned Enterprises
and their amendments as well as Guidelines
for the Implementation of Work (Charter) of
Committee for Nomination and Remuneration.
As for employees, this incentive is contained
in the Collective Labor Agreement regarding
Compensation and Benefits and Director of
Human Capital Management Regulation No.
PR 207.22/r.00/PS770/COP-J2000000/2016
regarding Awards and Recognition which
explain the mechanism of giving rewards to
employees in the form of stock option as well
as an explanation of reward level, one of them
at the advanced level are rewarded consistently
and in the long-term financially.
Principle 8
Improving The 1. To use wider information Telkom also active in various social media as Comply
Implementation technology along with medium for information disclosure and product
of Information website as a medium of promotion. In addition, Telkom also use the
Disclosure. information disclosure. mailing list system as medium for information
disclosure and communication with Investor.
2. The Annual Report Telkom discloses the ultimate beneficial owner Comply
of Public Companies in the ownership of company shares with
disclose the most current ownership of 5% or more in Telkom's Annual
beneficial owners of the Report in the Composition of Shareholders
company’s ownership, section.
at least 5% other than
major shareholders and
controllers.
The company's commitment to preventing and eradicating corruption is carried out in three stages. The
first is establishing anti-corruption policies, integrating anti-corruption policies into business operations,
and reporting and being involved in anti-corruption programs. Anti-corruption policies and procedures are
established to identify, prevent, and overcome corruption in the company. Telkom's anti-corruption policy is
based on a comprehensive risk assessment regarding the potential for corruption in all business operations.
Telkom has also developed programs and procedures outlined in internal policies, including integrity pact
policies, business ethics, LHKPN reporting obligations, employee discipline, gratification control, and the Anti-
Bribery Management System (SMAP) assessment.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 185
Corporate Governance
Structure
Referring to Law No. 40 of 2007 regarding Limited Liability Companies, the Governance structure in Telkom
consists of three main Corporate Organs, namely the General Meeting of Shareholders (GMS), the Board of
Commissioners, and the Board of Directors.
1. The General Meeting of Shareholders (GMS) is a Company Organ that has authority that is not granted
to the Board of Directors or the Board of Commissioners within the limits specified in the Law and/or the
Articles of Association.
2. The Board of Commissioners is the Company's Organ in charge of conducting general and/or special
supervision in accordance with the Articles of Association and providing advice to the Board of Directors.
3. The Board of Directors is an Organ of the Company that is authorized and fully responsible for managing
the Company for the interests of the Company, in accordance with the purposes and objectives of the
Company, and representing the Company, both inside and outside the court, in accordance with the
provisions of the Articles of Association.
The Board of Commissioners and Board of Directors may establish supporting organs to carry out their duties
and responsibilities in accordance with the needs and prevailing laws and regulations. The supporting organs
are the Corporate Secretary, Internal Audit Department, Audit Committee, Nomination and Remuneration
Committee, and Evaluation, Monitoring, Planning and Risk Committee, and Integrated Governance Committee.
These organs have essential functions, authorities, and responsibilities in implementing Good Corporate
Governance.
MAIN ORGANS
General Meeting of
Board of Director Board of Commissioners
Shareholders (GMS)
SUPPORTING ORGANS
Corporate Secretary Audit Committee
Committee for Nomination
Internal Audit Department
and Remuneration
Committe for Planning
and Risk Evaluation and
Monitoring
Integrated Governance
Committee
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186 Corporate Governance
Corporate Governance
Assessment
Through the implementation of GCG, Telkom and Resilience, Disclosure and Transparency, and
supports accountability, increases business success, Responsibilities of the Board of Directors and Board
increases value, and creates a superior company of Commissioners. TelkomGroup has implemented
image. Telkom is committed to implementing governance according to the ACGS parameters,
comprehensive governance in the future by relevant which an independent assessor annually assesses.
regulations, such as Laws, Government Regulations,
Commitment to good corporate governance is an
and Ministerial Regulations, as well as complying with
important foundation for creating a sustainable,
the rules imposed by the Financial Service Authority
competitive, and trusted company. Implementing
as an issuer registered on the IDX.
Good Corporate Governance is an obligation and a
In addition, Telkom follows governance standards strategy to achieve competitive advantage. This is
measured through the ASEAN Corporate Governance evidenced by the acquisition of the title “Best Non-
Scorecard (ACGS), developed by the ASEAN Capital Financial Sector Big Cap” in the 15th IICD Corporate
Market Forum (ACMF) based on OECD principles. Governance and Award. The award was given to
This parameter aims to increase investor confidence appreciate the implementation of good corporate
in ASEAN companies, including Telkom, to strengthen governance so that the company could grow and
its reputation in the international market. There are develop in the midst of competition and global
four main parameters assessed, including Rights economic uncertainty.
and Fair Treatment of Shareholders, Sustainability
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 187
General Meeting of
Shareholders (GMS)
The General Meeting of Shareholders (GMS) is Telkom's 6. Any other agenda proposed by one or more
highest governing organ, where Shareholders make shareholders that represent 1/20 or more of all
important and strategic decisions. shares that have a voting right.
The organization of the GMS refers to the following In organizing the GMS, Shareholders are given
provisions, namely: rights based on POJK No. 15-Year 2020 and the
Company's Articles of Association, as follows as
1. Law No. 40 of 2007 regarding Limited Liability
follows:
Companies;
1. Shareholders either personally or represented
2. Law No. 19 of 2003 regarding State Owned
based on a power of attorney, are entitled to
Enterprise Minister;
attend GMS.
3. Financial Service Authority Regulation No. 15/
2. Shareholders, either in person or by proxy by a
POJK.04/2020 regarding the Planning and
power of attorney shall be entitled to vote in
Holding of General Meeting of Shareholders of
the GMS.
Public Companies;
3. Shareholders who are entitled to attend
4. Financial Services Authority Regulation No. 16/
the GMS are shareholders whose names are
POJK.04/2020 regarding the Implementation of
registered in the list of shareholders 1 (one)
Electronic General Meeting of Shareholders of
business day before the the invitation to the
Public Companies; and
GMS.
5. Company's Articles of Association.
4. Shareholders are entitled to raise Questions
In accordance with Telkom's Articles of Association and/or opinions are in the GMS.
and Legislative Regulations, the Annual GMS (AGMS)
In addition, Shareholders also have the right to
is held once every year with a routine discussion
submit a Request for the GMS with the condition
agenda as follows:
that the person submitting is 1 (one) or more
1. Approval of the Company’s Annual Report, shareholders who jointly representing 1/10 (one-
including Board of Commissioners Supervisory tenth) or more of the total number of shares with
Task Report. voting rights.
2. Ratification of the Company’s Financial Statement
and Annual Partnership and Community AGMS FOR THE 2022
Development Program Report, as well as the FINANCIAL YEAR
Exemption of Liabilities of the members of the
Board of Directors and Commissioners. Telkom held the AGMS for the 2022 Financial Year
on May 30, 2023, at the Fairmont Hotel Jakarta.
3. Determination of Company’s Net Income, including
The 2022 AGMS was attended by independent
dividend payment in the Financial Year.
supporting professionals appointed by the
4. The determination of remuneration for the
Company, namely Notary Ashoya Ratam SH., MKn.
members of the Board of Directors and
to record the proceedings of the Meeting and
Commissioners.
PT Datindo Entrycom to count and/or validate
5. The appointment of Public Accounting Firm votes. The summary information of the minutes
to audit the Company’s Financial Statements, of the 2022 AGMS, which contains the agenda and
including audit of Internal Control over Financial realization of the meeting resolutions, is as follows:
Reporting and Appointment of a Public Accounting
Firm to audit Financial Statements of Partnership
and Community Development Programs.
Page 190
188 Corporate Governance
Process of organizing the GMS
The implementation of the company’s GMS is based on Financial Service Authority Regulation No. 15/POJK
provisions.04/2020, Financial Service Authority Regulation No. 16/POJK.04/2020, and the Company's Articles
of Association. The stages of organizing the AGMS for the 2022 financial year are as follows:
Process of Organizing the GMS of 2022 Financial Year
Stage Implementation Date
Notification Letter of GMS Plan March 30th, 2023
to Financial Service Authority
Announcement of GMS April 6th, 2023
Invitation to the GMS May 8th,2023
Implementation of GMS May 30th, 2023
Summary of GMS Minutes June 5th, 2023
Retrieved of the GMS June 27th, 2023
Information Annual GMS for the Financial Year 2022
Meeting Leader Mr. Bambang Permadi Soemantri Brodjonegoro
Quorum of Attendance The holders/proxies of Series A shareholders Dwiwarna and the holders/proxies of Series
B shareholders who are present and/or represented physically and electronically through
eASY.KSEI which together represent 89,065,650,347 shares or 89.9088002% of the total
number of shares with voting rights issued by the Company as of the day of the Meeting,
namely 99,062,216,600 shares, by paying attention to the Register of Shareholders at the
close of stock trading on May 5, 2023.
Attendance of the Board Board of Commissioners
of Directors and Board of • Bambang Permadi Soemantri Brodjonegoro – President Commissioner/ Independent
Directors Commissioner
Commissioner • Wawan Iriawan – Independent Commissioner
• Bono Daru Adji – Independent Commissioner
• Abdi Negara Nurdin – Independent Commissioner*
• Marcelino Rumambo Pandin – Commissioner*
• Ismail – Commissioner
• Rizal Mallarangeng – Commissioner
• Isa Rachmatarwata – Commissioner
Board of Directors
• Ririek Adriansyah – President Director;
• F.M. Venusiana R; – Director of Enterprise, PLT Director of Enterprise and Business Service.
• Muhamad Fajrin Rasyid – Director of Digital Business;
• Afriwandi – Director of Human Capital Management;
• Heri Supriadi – Director of Finance & Risk Management;
• Herlan Wijanarko – Director of Network & IT Solution;
• Budi Setyawan Wijaya – Director of Strategic Portfolio;
• Bogi Witjaksono – Director of Wholesale & International Service;
*Attend the Meeting via video teleconference
Agenda of the First Approval of the Annual Report and Ratification of the Company's Consolidated Financial
Meeting Statements, Approval of the Report on the Board of Commissioners' Supervisory Duties and
Ratification of the Financial Statements of the Micro and Small Business Funding Program
(PUMK) for the Fiscal Year 2022, as well as the provision of full repayment and exemption
of responsibility (volledig acquit et de charge) to the Board of Directors for the Company's
management actions and the Board of Commissioners for the Company's supervisory
actions that have been carried out during the Fiscal Year 2022.
Number of Shareholders There was 1 response from Series A Shareholders Dwiwarna and 2 (two) questions from
Asking Shareholders
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 189
Information Annual GMS for the Financial Year 2022
The Result of Decision Approved: 87,149,158,636 shares or 97.8482258%
Making Disapproval: 687,997,518 shares or 0.7724611%
Abstained: 1,228,494,193 shares or 1.3793131%
Meeting Decision "The Meeting with the most votes of 88,377,652,829 (99.2275389%) of the total votes
issued in the Meeting decided:
1. Approved the Company's Annual Report including the Report on the Supervisory Duties of
the Board of Commissioners for the Financial Year 2022 and the Report on the Social and
Environmental Responsibility Program and ratified the Company's Consolidated Financial
Statements for the Financial Year 2022 ended December 31, 2022, which have been
audited by the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member
of Firm of Ernst & Young Global Limited) according to its report, Number 00351/2.1032/
AU.1/06/0687-1/1/III/2023 dated March 24, 2023 with a reasonable opinion in all material
matters, and providing full repayment and exemption from responsibility (volledig acquit
et de charge) to the Board of Directors and the Board of Commissioners of the Company
for the company's management and supervision actions that have been carried out in the
financial year ending on December 31, 2022 as long as such actions are not criminal acts
and are reflected in the report books Company.
2. Ratifying the Financial Statements of the Micro and Small Business Funding Program for
the Financial Year 2022 which ended on December 31, 2022 which is part of the Social
and Environmental Responsibility Report as audited by the Public Accounting Firm (KAP)
Purwantono, Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited)
according to its report, Number 00181/2.1032/AU.2/11/0687-6/1/II/2023 dated February
21, 2023 with a reasonable opinion in all material matters and provide full repayment and
exemption from responsibility (volledig acquit et de charge) to the Board of Directors and
the Board of Commissioners of the Company for the management and supervision of the
Micro and Small Business Funding Program that has been implemented in the Financial
Year ended December 31, 2022 as long as such actions do not constitute a criminal
offense and are reflected in the Company's report books."
Follow-up/Realization Approved
Second Meeting Agenda Determination of the Use of the Company's Net Profit for the Fiscal Year 2022.
Number of Shareholders There were no questions or responses.
Asking
The Result of Decision Approved: 87,883,991,487 shares or 98.6732721%
Making Disapproval: 40,760,800 shares or 0.0457649%
Abstained: 1,140,898,060 shares or 1.2809630%
Meeting Decision "The Meeting with the most votes of 89,024,889,547 (99.9542351%) of the total votes
issued in the Meeting decided:
1. To determine the use of the Company's net profit for the Fiscal Year 2022 amounting
to Rp20,753,370,820,999,000 (Twenty Trillion Seven Hundred Fifty Three Billion Three
Hundred Seventy Million Eight Hundred Twenty Thousand Nine Hundred and Ninety Nine
Rupiah) is intended as follows:
a. Cash dividend of 80.00% (eighty percent) of net profit or an amount of
Rp16,602,696,656,799.20 (sixteen trillion six hundred two billion six hundred ninety
six million six hundred fifty six thousand seven hundred and ninety-nine Rupiah point
twenty cents) or Rp167.5987 (one hundred and sixty-seven Rupiah point five nine eight
seven) per share, based on the number of shares that have been issued as of the date
of the Meeting, which is 99,062,216,600 (ninety-nine billion sixty-two million two
hundred sixteen thousand six hundred) shares;
b. Recorded as Retained Earnings of 20% (twenty percent) of net profit or an amount of
Rp4,150,674,164,199.80 (four trillion one hundred and fifty billion six hundred seventy
four million one hundred sixty four thousand one hundred and ninety-nine Rupiah point
eighty cents) which will be used to finance the Company's business development.
2. The distribution of Cash Dividends for the Fiscal Year 2022 is carried out with the following
provisions:
a. Those who are entitled to receive dividends are shareholders whose names are recorded
in the Company's Register of Shareholders at the close of trading of the Company's
shares on the Indonesia Stock Exchange on June 13, 2023;
b. The Cash Dividend will be paid in a lump sum no later than July 5, 2023.
3. Granting authority and power to the Board of Directors with the right of substitution to
further regulate the dividend distribution procedures and announce it by paying attention
to the regulations applicable on the stock exchange where the Company's shares are
listed.
Follow-up/Realization Approved
Page 192
190 Corporate Governance
Information Annual GMS for the Financial Year 2022
Third Meeting Agenda Determination of Tantiem for the 2022 Fiscal Year, Salaries for the Board of Directors and
Honorarium for the Board of Commissioners along with Other Facilities and Allowances for
2023.
Number of Shareholders There were no questions or responses.
Asking
The Result of Decision Approved: 83,379,664,969 shares or 93.6159615%
Making Disapproval: 4,518,659,891 shares or 5.0734036%
Abstained: 1,167,325,487 shares or 1.3106349%
Meeting Decision "The Meeting with the most votes of 84,546,990,456 (94.9265964%) of the total votes
issued in the Meeting decided:
1. Granting authority and power of attorney to the Series A Shareholders of Dwiwarna
to determine the amount of tantiem/work incentives/special incentives for the 2022
Financial Year, as well as to determine honorariums, allowances, and facilities for members
of the Company's Board of Commissioners for 2023.
2. Granting authority and power of attorney to the Board of Commissioners by first
obtaining written approval from the Series A Shareholders of Dwiwarna to determine the
amount of tantiem/work incentive/special incentive for the 2022 Financial Year, as well
as determining salaries, allowances, facilities and other incentives for members of the
Company's Board of Directors for 2023."
Follow-up/Realization Approved
Fourth Meeting Agenda Appointment of a Public Accounting Firm (KAP) to Audit the Company's Consolidated
Financial Statements and the Company's MSE Funding Program Financial Statements for
the Financial Year 2023.
Number of Shareholders 1 (one) question from Shareholders
Asking
The Result of Decision Approved: 82,612,878,599 shares or 92.7550389%
Making Disapproval: 5,271,709,422 shares or 5.9189030%
Abstained: 1,181,062,326 shares or 1.3260582%
Meeting Decision "The Meeting with the most votes of 83,793,940,925 (94.0810970%) of the total votes
issued in the Meeting decided:
1. Re-appoint the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member
firm of Ernst & Young Global Limited) as the KAP that will audit the Company's Consolidated
Financial Statements as well as the Financial Statements for the Implementation of the
Micro and Small Business Funding Program and other reports for the Financial Year 2023.
2. Granting authority and power of attorney to the Board of Commissioners of the Company
to appoint KAP to conduct an audit of the Company's consolidated Financial Statements
for other periods in the Fiscal Year 2023 for the Company's purposes and interests.
3. Authorizing the Board of Commissioners of the Company to determine the remuneration
for audit services and other requirements for the KAP, as well as appointing a replacement
KAP in the case of KAP Purwantono, Sungkoro & Surja (a member of Firm of Ernst &
Young Global Limited), for any reason unable to complete the audit of the Company's
Consolidated Financial Statements, Financial Statements of the Micro and Small Business
Funding Program and other reports for the Financial Year 2023, including determining
audit service fees and other requirements for the replacement KAP.
Follow-up/Realization Approved
Fifth Meeting Agenda Approval of the Company's plan for Business Separation which is an Affiliate Transaction
as referred to in Financial Service Authority’ Regulation No. 42/2020 regarding Affiliate
Transactions and Conflicts of Interest and is also a Material Transaction as referred to in
Financial Service Authority’ Regulation No. 17/2020 regarding Material Transactions and
Changes in Business Activities.
Number of Shareholders 1 (one) question from Shareholders
Asking
The Result of Decision Approved: 36,319,798,327 shares or 76.6137954%
Making Disapproval: 1,277,300 shares or 0.0026944%
Abstained: 1,142,221,160 shares or 2.4094269%
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 191
Information Annual GMS for the Financial Year 2022
Meeting Decision "The Meeting with the most votes of 37,462,019,487 (79.0232223%) of the total number of
votes owned by the Independent Shareholders issued in the Meeting decided:
Approved the Company's plan to conduct material transactions and affiliate transactions,
namely the Separation of IndiHome Business Segment which is an impure separation
("Separation") from the Company to PT Telekomunikasi Selular ("Telkomsel") and
transactions related to the Separation, including the provision of infrastructure and the
provision of fixed broadband core and IT system services from the Company to Telkomsel,
in order to comply with the provisions of FSA Regulation No. 42/POJK.04/2020 regarding
Affiliate Transactions and Conflicts of Interest Transactions and Financial Service Authority’
Regulation No. 17/POJK.04/2020 regarding Material Transactions and Changes in Business
Activities ("Transaction Plan")."
Follow-up/Realization Approved and implemented
Sixth Meeting Agenda Approval of the Company's plan to carry out a Business Separation, in connection with the
fulfillment of Law No. 40 of 2007 regarding Limited Liability Companies as last amended by
Law No. 6 of 2023 regarding the Stipulation of Government Regulations in Lieu of Law No. 2
of 2022 regarding Job Creation into Law.
Number of Shareholders There were no questions or responses.
Asking
The Result of Decision Approved: 87,922,699,887 shares or 98.7167326%
Making Disapproval: 1,299,000 shares or 0.0014585%
Abstained: 1,141,651,460 shares or 1.2818089%
Meeting Decision "The meeting with the most votes of 89,064,351,347 (99.9985415%) including the
Shareholders of series A Dwiwarna, from the total number of votes issued in the Meeting,
decided:
1. Approved the Company's plan to carry out the Separation of the IndiHome Business
Segment by PT Telkom Indonesia (Persero) Tbk. with a fair value in connection with the
fulfillment of Law No. 40 of 2007 regarding Limited Liability Companies as last amended
by Law No. 6 of 2023 regarding the Stipulation of Government Regulations in Lieu of Law
N0. 2 of 2022 regarding Job Creation into Law.
2. Approve the Separation Plan announced by the Company and its amendments.
3. Granting power and authority with the right of substitution to the Company's Board
of Directors to carry out all actions related to the implementation of the Transaction
Plan, including but not limited to making necessary adjustments and/or changes to
the Transaction Plan document as long as such changes are not material, restating the
decisions made in this Meeting, either partially or in full in the form of notary deeds, make
or request the making of all necessary deeds, letters and documents, appear before the
authorized parties/officials including notaries, submit applications to the authorized
parties/or officials to obtain approval or report the matter to the authorized parties/
officials and register them in the company register as intended in the applicable laws and
regulations until the receipt of the application, without anyone being exempted, and all
other actions to comply with the laws and regulations."
Follow-up/Realization Approved and implemented
Seventh Meeting Agenda Approval of the Company's Special Assignment by the President of the Republic of Indonesia.
Number of Shareholders 1 (one) question from Shareholders
Asking
The Result of Decision Approved: 69,276,958,543 shares or 77.7819039%
Making Disapproval: 17,197,005,257 shares or 19.3082913%
Abstained: 2,591,636,547 shares or 2.9098048%
Meeting Decision "The Meeting with the most votes of 71,868,595,090 (80.6917087%) of the total votes
issued in the Meeting decided:
Approve a special assignment from the Government of the Republic of Indonesia to the
Company, the implementation of which is in accordance with Presidential Regulation No.
17 of 2023 regarding the Acceleration of Digital Transformation in the Field of Government
Procurement of Goods/Services."
Follow-up/Realization Approved and implemented
Eighth Meeting Agenda Inauguration of the Implementation of the Regulation of the Minister of SOEs Number:
a. PER-1/MBU/03/2023 dated March 3, 2023 regarding Special Assignments and Social and
Environmental Responsibility Programs of SOEs and their Changes
b. PER-2/MBU/03/2023 dated March 3, 2023 regarding Guidelines for Governance and
Significant Corporate Activities of SOEs and their Changes
c. PER-3/MBU/03/2023 dated March 20, 2023 regarding SOE Organs and Human Resources
and its amendments.
Page 194
192 Corporate Governance
Information Annual GMS for the Financial Year 2022
Number of Shareholders 1 (one) question from Shareholders
Asking
The Result of Decision Approved: 87,922,830,687 shares or 98.7168795%
Making Disapproval: 1,421,400 shares or 0.0015959%
Abstained: 1,141,398,260 shares or 1.2815246%
Meeting Decision "The Meeting with the most votes of 89,064,228,947 (99.9984041%) including the Series A
Shareholders of Dwiwarna, from the total number of votes issued in the Meeting, decided:
Confirming the enactment of the Regulation of the Minister of State-Owned Enterprises of
the Republic of Indonesia Number:
1. PER-1/MBU/03/2023 dated March 3, 2023 regarding Special Assignments and Social and
Environmental Responsibility Programs of SOEs;
2. PER-2/MBU/03/2023 dated March 3, 2023 regarding Guidelines for Governance and
Significant Corporate Activities of SOEs;
3. PER-3/MBU/03/2023 dated March 20, 2023 regarding SOE Organs and Human
Resources;
and its changes in the future."
Follow-up/Realization Approved and implemented
Ninth Meeting Agenda Changes in the Company's Board of Directors.
Number of Shareholders There were no questions or responses.
Asking
The Result of Decision Agreed: 58,569,354,561 shares or 65.7597562%
Making Disagreed: 26,327,035,515 shares or 29.5591347%
Abstained: 4,169,260,271 shares or 4.6811091%
Meeting Decision "The meeting with the most votes of 62,738,614,832 (70,4408653%) including the
Shareholders of series A Dwiwarna, from the total number of votes issued in the Meeting,
decided:
1. Confirming the honorable dismissal of Mr. EDI WIJTARA as Director of Enterprise and
Business Service of the Company who was appointed based on the Resolution of the GMS
for the Financial Year 2018 dated May 24, 2019, effective July 8, 2022. with gratitude for
the contribution of energy and thoughts given during his tenure as the Company's Board."
2. Changing the position of the members of the Board of Directors of the Company as
follows:
From: Director of Consumer Service
Becomes: Director of Group Business Development
3. Transferring the assignment of Mrs. F. M VENUSIANA R who was appointed based on the
Resolution of the GMS for the Financial Year 2019 dated July 16, 2020 from the original
Director of Consumer Service to the Director of Enterprise and Business Service, with the
term of office continuing the remaining term of office as the GMS.
4. Appointing the names below as the Company's Board of Directors as follows:
a. Mr. SILMY KARIM as Commissioner
b. Mr. HONESTI BASYIR as Director of Group Business Development
5. The term of office of the appointed members of the Board of Commissioners and the
Board of Directors as referred to in number 4, is in accordance with the provisions of
the Company's Articles of Association by taking into account the applicable laws and
regulations without prejudice to the right of the GMS to dismiss at any time
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 193
Information Annual GMS for the Financial Year 2022
6. With the inauguration of dismissal, change of nomenclature of positions, transfer of duties,
and appointment of members of the Board of Directors and Board of Commissioners
as referred to in numbers 1 to 4. the composition of the members of the Board of
Commissioners and the Board of Directors of the Company is as follows:
a. Board of Commissioners
1) President/Independent Commissioner: Bambang Permadi Soemantri B
2) Independent Commissioner: Wawan Iriawan
3) Independent Commissioner: Bono Daru Adji
4) Independent Commissioner: Abdi Negara Nurdin
5) Commissioner: Arya Mahendra Sinulingga
6) Commissioner: Marcelino Rumambo Pandin
7) Commissioner: Ismail
8) Commissioner: Rizal Mallarangeng
9) Commissioner: Isa Rachmatarwata
10) Commissioner: Silmy Karim
b. Board of Directors
1) President Director: Ririek Adriansyah
2) Direktur Enterprise and Business: Service F. M. Venusiana R
3) Director of Digital Business: Muhamad Fajrin Rasyid
4) Director of Human Capital Management :Afriwandi
5) Director of Finance and Risk Management: Of Heri Supriadi
6) Director of Network and IT Solution: Herlan Wijanarko
7) Director of Strategic Portfolio: Budi Setyawan Wijaya
8) Director of Wholesale And International Business: Bogi Witjaksono
9) Direktur Group Business Development: Honesti Basyir
7. Members of the Board of Commissioners and Members of the Board of Directors who
are appointed as referred to in number 4 who are still holding other positions that are
prohibited by laws and regulations to be concurrently held as members of the Board of
Commissioners and Directors of State-Owned Enterprises, then the person concerned
must resign or be dismissed from their positions.
8. Authorize the Board of Directors of the Company to declare the decision of this GMS
in the form of a Notary Deed and to meet with the Notary or authorized officials, and
make necessary adjustments or improvements if required by the authorized party for the
purpose of implementing the contents of the Meeting's resolutions."
Follow-up/Realization Approved
The implementation of the 2022 AGMS was in accordance with the mechanism stated in Financial Service
Authority Regulation 15/2020, Financial Service Authority Regulation 16/2020, and the provisions of
the Company's Articles of Association. In its implementation, the decisions of the 2022 AGMS are directly
applicable to the implementation of the Company's business and operations. All AGMS decisions were realized
in 2023, and no decisions were realized until the end of 2024.
AGMS FOR THE 2023 FINANCIAL YEAR
Throughout 2024, the Company has held one GMS, namely the AGMS for the Financial Year 2023, held in a
hybrid manner on May 3, 2024, at the Ballroom of the Four Seasons Hotel, Jl. Jend. Gatot Subroto No.18, Jakarta.
The implementation of the AGMS was in accordance with the mechanism stated in Financial Service Authority'
Regulation No. 15/POJK.04/2020 and Financial Service Authority' Regulation No. 16/POJK.04/2020, as well as
the Company's Articles of Association.
Page 196
194 Corporate Governance
Process of Organizing GMS
The stages of holding the AGMS for the 2023 financial year are as follows:
Stages of the Implementation of the GMS
Stage Implementation Date
Notification Letter of GMS March 13, 2024
Plan to OJK
Announcement of GMS March 21, 2024
Invitation to the GMS April 5, 2024
Implementation of GMS May 3, 2024
Summary of GMS Minutes May 7, 2024
Minutes of GMS May 31, 2024
To ensure independence, the Company appointed an independent party as a supporting profession, namely
Notary Ashoya Ratam SH., MKn. to record the progress of the meeting and PT Datindo Entrycom to calculate
and/or validate votes. The details of the agenda and realization of the AGMS decision for the 2023 Fiscal Year
are as follows:
Information Annual GMS for Financial Year 2023
Meeting Leader Mr. Bambang Permadi Soemantri Brodjonegoro
Quorum Attendance The holders/proxies of Series A shareholders Dwiwarna and the holders/proxies of Series
B shareholders who are present and/or represented physically and electronically through
eASY.KSEI which together represent 85,078,795,949 shares or constitute 85.8842038%
of the total number of shares with voting rights that have been issued by the Company
until the day of the Meeting, which is a total of 99,062,216,600 shares, by paying
attention to the Register of Shareholders at the close of stock trading on April 4, 2024.
Attendance of the Board of Board of Commissioners
Directors and Board of • Bambang Permadi Soemantri Brodjonegoro – President Commissioner/ Independent
Commissioner Commissioner
• Wawan Iriawan – Independent Commissioner
• Bono Daru Adji – Independent Commissioner
• Marcelino Rumambo Pandin – Commissioner
• Ismail – Commissioner
• Rizal Mallarangeng – Commissioner*
• Isa Rachmatarwata – Commissioner
• Silmy Karim – Commissioner
Board of Directors
• Ririek Adriansyah – President Director;
• F.M. Venusiana R; – Director of Enterprise & Business Service;
• Muhamad Fajrin Rasyid – Director of Digital Business;
• Afriwandi – Director of Human Capital Management;
• Heri Supriadi – Director of Finance & Risk Management;
• Herlan Wijanarko – Director of Network & IT Solution;
• Budi Setyawan Wijaya – Director of Strategic Portfolio;
• Bogi Witjaksono – Director of Wholesale & International Service; and
• Honesti Basyir – Head of Group Business Development.
*Attend the meeting via video teleconference.
Page 197
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 195
Information Annual GMS for Financial Year 2023
Agenda of the First Meeting Approval of the Annual Report and Ratification of the Company's Consolidated
Financial Statements, Approval of the Report on the Supervisory Duties of the Board
of Commissioners and Ratification of the Financial Statements of the Micro and Small
Business Funding Program ("MSE") for the 2023 Fiscal Year, as well as the provision of full
repayment and exemption from responsibility (volledig acquit et de charge) to the Board
of Directors for the Company's management actions and the Board of Commissioners for
the Company's supervisory actions that have been carried out during the Financial Year
2023
Number of Shareholders There was 1 response from Series A Shareholders Dwiwarna and 2 (two) questions from
Asking Shareholders
The Result of Decision Making Approved: 83,762,560,125 shares or 98.4529214%
Disapproval: 261,092,978 shares or 0.3068837%
Abstained: 1,055,142,846 shares or 1.2401949%
Meeting Decision 1. Approved the Company's Annual Report including the Report on the Supervisory
Duties of the Company's Board of Commissioners for the Financial Year 2023 which
ended on December 31, 2023.
2. Verify:
a. The Company's Consolidated Financial Statements for the Financial Year 2023 ended
December 31, 2023 which have been audited by the Public Accounting Firm (KAP)
Purwantono, Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited)
in accordance with report Number 00268/2.1032/AU.1/06/06/0687-2/1/III/2024
dated March 22, 2024 with a reasonable opinion in all material matters; and
b. The Financial Statements of the Micro and Small Business Funding Program for
the Financial Year 2023 ended December 31, 2023 which have been audited by the
Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member of Firm of
Ernst & Young Global Limited) in accordance with report Number 00181/2.1032/
AU.2/10/1902- 1/1/111/2024 dated March 8, 2024 with a reasonable opinion in all
material matters.
3. With the approval of the Company's Annual Report, including the Supervisory Report
of the Board of Commissioners, and the ratification of the Company's Consolidated
Financial Statements and the Financial Statements of the Micro and Small Business
Funding Program (MSE), all for the Financial Year 2023 which ended on December 31,
2023, the Meeting provides full repayment and exemption from responsibility (volledig
acquit et de charge) to all members of the Board of Directors for the Company's
management actions and to all Members of the Board of Commissioners for the
Company's supervisory actions that have been carried out during the Fiscal Year 2023
ending on December 31, 2023, as long as such actions do not constitute criminal
offenses and are reflected in the reports mentioned above.
Follow-up/Realization Approved
Second Meeting Agenda Determination of the Use of the Company's Net Profit for the Fiscal Year 2023
Number of Shareholders There is 1 (one) question from the Shareholders but it is not relevant
Asking
The Result of Decision Making Approved: 83,605,330,146 shares or 98.2681163%
Disapproval: 491,448,855 shares or 0.5776396%
Abstained: 982,016,948 shares or 1.1542441%
Meeting Decision Stipulates the use of the Company's net profit for the Fiscal Year 2023 amounting to
Rp24,559,749,105,967 (twenty-four trillion five hundred and fifty-nine billion seven
hundred and forty-nine million one hundred five thousand nine hundred and sixty-seven
Rupiah) is allocated as follows:
1. Cash dividend of 72% of net profit or an amount of Rp17,683,019,356,296.20 (seventeen
trillion six hundred eighty-three billion nine betas million three hundred fifty-six
thousand two hundred ninety-six point two zero Rupiah) or Rp178.5041761 (one
hundred seventy-eight point five zero four one seven six one Rupiah) per share, based
on the number of shares that have been issued as of the date of the Meeting, which is
99,062,216,600 (ninety-nine billion sixty-two million two hundred six betas thousand
six hundred) shares. The payment is carried out with the following conditions:
a. The dividend of the State share of the Republic of Indonesia amounting to
Rp9,211,235,606,774.44 (nine trillion two hundred and eleven billion two hundred
thirty-five million six hundred six thousand seven hundred and seventy four point
four four Rupiah) is deposited into the State General Treasury account.
b. The distribution of Cash Dividends for the Fiscal Year 2023 is carried out with the
following provisions:
i. Those who are entitled to receive Cash Dividends are shareholders whose names
are recorded in the Company's Register of Shareholders at the close of trading of
the Company's shares on the Indonesia Stock Exchange on May 17, 2024;
ii. The Cash Dividend will be paid in a lump sum no later than June 6, 2024.
Page 198
196 Corporate Governance
Information Annual GMS for Financial Year 2023
c. Granting authority and power of attorney to the Board of Directors with the right of
substitution to further regulate the dividend distribution procedures and announce
them by paying attention to the regulations applicable on the stock exchange where
the Company's shares are listed.
2. Recorded as Retained Profit of 28% of net profit or an amount of Rp6,876,729,749,670.80
(six trillion eight hundred seventy six billion seven hundred twenty nine million seven
hundred forty nine thousand six hundred seventy point eight zero Rupiah) which will
be used to finance the Company's business development.
Follow-up/Realization Approved and implemented
Third Meeting Agenda Determination of Tantiem for the 2023 Fiscal Year, Salaries for the Board of Directors and
Honorarium for the Board of Commissioners Along with Other Facilities and Allowances
for 2024
Number of Shareholders No questions or responses
Asking
The Result of Decision Making Approved: 76,780,119,391 shares or 90.2458933%
Disapproval: 7,327,563,963 shares or 8.6126794%
Abstained: 971,112,595 shares or 1.1414273%
Meeting Decision 1. Approved the granting of authority and power of attorney to the Shareholders of
Series A Dwiwarna to stipulate for the Members of the Board of Commissioners:
a. Special Performance/Incentive for the 2023 Fiscal Year and/or Long-Term Incentives
for the 2024-2026 Fiscal Year period, in accordance with applicable provisions; and
b. Honorarium, Allowances and Facilities for the 2024 Financial Year.
2. To approve the granting of authority and power of attorney to the Board of
Commissioners by first obtaining written approval from the Series A Shareholders of
Dwiwarna to stipulate for the Members of the Board of Directors:
a. Special Performance/Incentive for the 2023 Fiscal Year and/or Long-Term Incentives
for the 2024-2026 Fiscal Year period, in accordance with applicable provisions; and
b. Salary, Allowances, and Facilities for the 2024 Financial Year.
Follow-up/Realization Approved and implemented
Fourth Meeting Agenda Appointment of a Public Accounting Firm to Audit the Company's Consolidated Financial
Statements and the Company's MSE Funding Program Financial Statements for the Fiscal
Year 2024
Number of Shareholders No questions or responses
Asking
The Result of Decision Making Approved: 78,242,088,661 shares or 91.9642642%
Disapproval: 5,857,698,774 shares or 6.8850278%
Abstained: 979,008,514 shares or 1.1507080%
Meeting Decision 1. Appointing the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a
member firm of Ernst & Young Global Limited) as the KAP that will audit the Company's
Consolidated Financial Statements as well as the Financial Statements of the Micro and
Small Business Funding Program as well as other reports for the Financial Year 2024.
2. To approve the granting of authority and power to the Board of Commissioners of the
Company to:
a. Appointment of a Public Accountant and/or Public Accounting Firm to audit the
Company's Consolidated Financial Statements for other periods in the Financial Year
2024 for the Company's purposes and interests; and
b. Determination of audit service fees and other requirements for Public Accountants
and/or Public Accounting Firms, as well as appointing a Public Accountant and/or
Substitute Public Accounting Firm in the case of Public Accounting Firm Purwantono,
Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited), for any reason,
unable to complete the provision of audit services for the Company's Consolidated
Financial Statements for the Financial Year 2024 and/or other periods in the Financial
Year 2024, and Financial Statements and Implementation of the Micro and Small
Business Funding Program for the Fiscal Year 2024, including determining audit
service fees and other requirements for the Public Accountant and/or the Substitute
Public Accounting Firm.
Follow-up/Realization Approved
Fifth Meeting Agenda Changes in the Company's Management Structure
Number of Shareholders There are 2 (two) questions from Shareholders
Asking
Page 199
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 197
Information Annual GMS for Financial Year 2023
The Result of Decision Making Approved: 53,124,457,182 shares or 62.4414774%
Disapproval: 29,064,071,748 shares or 34.1613576%
Abstained: 2,890,267,019 shares or 3.3971649%
Meeting Decision 1. To confirm the honorable dismissal of Mr. Abdi Negara Nurdin as an Independent
Commissioner of the Company who was appointed based on the Resolution of the
Annual GMS for the Financial Year 2020 dated May 28, 2021, effective January 19, 2024,
with gratitude for the contribution of energy and thoughts given during his tenure as
a Member of the Board of Commissioners of the Company.
2. Honorably dismiss the following names as the Company's Administrators:
1) Mr. Ririek Adriansyah – as President Director;
2) Mr. Ismail – as Commissioner;
3) Mr. Marcelino Rumambo Pandin – as Commissioner, who were appointed respectively
based on the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, and the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, effective as of the closing of this GMS, with gratitude for the contribution of
energy and thought given during their tenure as the Company's Management.
3. Appointing the following names as the Company's Managements:
1) Mr. Ririek Adriansyah – as President Director;
2) Mr. Ismail – as Commissioner;
3) Mr. Marcelino Rumambo Pandin – as Commissioner.
4. The term of office of the members of the Board of Directors and the Board of
Commissioners appointed as referred to in number 3 shall be in accordance with the
provisions of the Company's Articles of Association, taking into account the prevailing
laws and regulations and without prejudice to the right of the GMS to dismiss at any
time.
5. With the inauguration of the dismissal, dismissal, and appointment of the Company's
Management as referred to in numbers 1, 2, and 3, the composition of the members of
the Board of Directors and the Board of Commissioners of the Company is as follows:
a. Board of Directors
1) President Director: Ririek Adriansyah
2) Director of Digital Business: Muhamad Fajrin Rasyid
3) Director of Human Capital Management: Afriwandi
4) Director of Finance & Risk Management: Heri Supriadi
5) Director of Strategic Portfolio: Budi Setyawan Wijaya
6) Director of Wholesale & International Service: Bogi Witjaksono
7) Director of Network & IT Solution: Herlan Wijanarko
8) Director of Enterprise & Business Service: F. M. Venusiana R
9) Direktur Group Business Development: Honesti Basyir
b. Board of Commissioners
1) President/Independent Commissioner: Bambang Permadi Soemantri
Brodjonegoro
2) Independent Commissioner: Wawan Iriawan
3) Independent Commissioner: Bono Daru Adji
4) Commissioner : Marcelino Rumambo Pandin
5) Commissioner : Ismail
6) Commissioner : Rizal Mallarangeng
7) Commissioner : Isa Rachmatarwata
8) Commissioner : Arya Mahendra Sinulingga
9) Commissioner : Silmy Karim
6. Members of the Board of Directors and Board of Commissioners who are appointed
as referred to in number 3 who are still holding other positions that are prohibited
by laws and regulations to concurrently hold the positions of members of the Board
of Directors or the Board of Commissioners of State-Owned Enterprises, then the
person concerned must resign or be dismissed from their positions.
7. Authorize the Board of Directors of the Company to declare the decision of the GMS
in the form of a Notary Deed and to appear before the Notary or authorized officials,
and make necessary adjustments or improvements if required by the authorized
parties for the purpose of implementing the contents of the Meeting's resolutions.
Follow-up/Realization Approved and implemented
In its implementation, the decision of the Annual GMS for the Fiscal Year 2023 immediately applies to the
implementation of the Company's business and operations.
Page 200
198 Corporate Governance
Board of
Commissioners
The Board of Commissioners is a company organ that BASIS OF APPOINTMENT
plays an important role in supervisory and advising OF THE BOARD OF
the Board of Directors in managing the company. COMMISSIONERS
In accordance with the provisions of Law No. 40 of
2007 on Limited Liability Companies, the Board The appointment of the Telkom’s Board of
of Commissioners is collectively responsible for Commissioners is based on the regulation of the
ensuring that the company operates properly and Articles of Association and other regulations,
in accordance with the principles of Good Corporate including the Regulation of the Minister of SOE
Governance (GCG). In addition to overseeing the No.PER-3/MBU/03/2023 regarding Organs and
company's running, the Board of Commissioners Human Resources of State-Owned Enterprises,
is also obliged to monitor and ensure that the carried out by ensuring that the requirements
implementation of GCG is carried out effectively stipulated in these regulations are met, among
and sustainably in every business practice of the others:
company.
a. Have good morals and good integrity;
b. Competent in carrying out legal actions;
BOARD OF COMMISSIONERS’
c. Commit to comply with statutory regulations;
CHARTER
d. Fulfill the requirements for a good track record;
Telkom has a Board Manual that is authorized and
e. Commit to comply with statutory regulations;
signed by the Board of Commissioners and the
have knowledge and/or expertise in the field
Board of Directors in Joint Regulation of the Board
required by the Company; and
of Commissioners and the Board of Directors No.
f. And other requirements in accordance with
05/KEP/DK/2022 and PD.620.00/r.01/HK200/
the Limited Liability Company Law, laws and
COP-M4000000/2022 on the Board Manual of the
regulations in the Capital Market sector, and
Company (Persero) PT Telekomunikasi Indonesia
other laws and regulations that apply to and
Tbk. The charter regulates the responsibilities,
relate to the Company's business activities.
obligations, and division of duties of the Board of
Commissioners, provisions on meetings, conflicts In addition, the GMS appoints members of the
of interest, and share ownership, as well as the Board of Commissioners, considering integrity,
relationship of the Board of Commissioners with understanding of the Company's management
the Board of Directors and the GMS. The duties issues, providing sufficient time to carry out their
and responsibilities of the members of the Board duties, and other requirements based on laws and
of Commissioners are also stated in the Company's regulations.
Articles of Association.
Page 201
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 199
TERM OF SERVICE OF d. No longer meets the requirements as a member
MEMBERS OF THE BOARD OF of the Board of Commissioners of SOE based on
COMMISSIONERS the regulations of the articles of association and
statutory regulations, including the prohibition
Based on the Articles of Association and others of holding concurrent positions.
regulation, including the Regulation of the Minister
of SOE No. PER-3/MBU/03/2023 regarding Organs
BOARD OF COMMISSIONERS’
and Human Resources of State-Owned Enterprises,
DIVERSITY
members of the Board of Commissioners have a five-
year terms of office without reducing the authority Telkom's Board of Commissioners’ diversity policy
of the GMS to dismiss members at any time. The GMS is based on the implementation of GCG principles
has the right to reappoint members of the Board and Law No. 39 of 1999 regarding Human Rights.
of Commissioners for 1 more term after the term Candidates for the Board of Commissioners are
expires. Members of the Board of Commissioners determined by considering aspects of diversity,
have a term of office that is effective from the closing non-discrimination, human rights, and the principle
or the date set by the GMS, and the GMS confirms of justice. In the appointment or selection process,
the end of their term of office. Telkom considers competence, expertise, integrity,
and background in accordance with the company's
MECHANISM OF RESIGNATION needs.
AND DISMISSAL OF THE Even though there are currently no female members
BOARD OF COMMISSIONERS of the Board of Commissioners, Telkom has had
In accordance with the regulations of the Articles female members appointed through the 2014 EGMS,
of Association and other regulations, including 2015, and 2017 GMS. Telkom remains consistent in
the Regulation of the Minister of SOE No. PER- applying the principle of gender equality throughout
3/MBU/03/2023 regarding Organs and Human the company, which has encouraged more women to
Resources of State-Owned Enterprises, the position occupy senior leadership positions in TelkomGroup.
of a member of the Board of Commissioners ends if:
a. Pass away;
b. The term of office ends, including resigning from
office;
c. Dismissed based on GMS decision; and/or
Page 202
200 Corporate Governance
Board of Commissioners’ Diversity as of December 31, 2024
Background of Expertise & Education
No. Name Position Gender
Proficiency Level
1. Bambang Permadi Soemantri President Commissioner Male Economics and Planology Doctor
Brodjonegoro / Independent
Commissioner
2. Wawan Iriawan Independent Male Law Doctor
Commissioner
3. Bono Daru Adji Independent Male Law Master
Commissioner
4. Marcelino Rumambo Pandin Commissioner Male Architect, Business Doctor
Management and
Technology
5. Ismail Commissioner Male Electrical Engineering Doctor
and Telecommunication
Engineering
6. Rizal Mallarangeng Commissioner Male Public and Political Doctor
Communication
7. Isa Rachmatarwata Commissioner Male Mathematics Master
8. Arya Mahendra Sinulingga Commissioner Male Civil Engineering Bachelor
9. Silmy Karim Commissioner Male Defense Economics and Master
Management
Diversity of the Composition of the Diversity of the Composition of the Board
Board of Commissioners of Commissioners' Education Level
Non-Independent 66.67% Doctor 55.56%
Independent 33.33% Master 33.33%
Bachelor 11.11%
Page 203
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 201
BOARD OF COMMISSIONERS’ DOUBLE POSITION
In order to apply the principle of transparency, Telkom discloses information on the concurrent positions of
the Board of Commissioners as of December 31, 2024 in the table below:
Board of Commissioners’ Double Position as of December 31, 2024
Telkom
No. Name Subsidiary Other Entities
Position Other Position
1. Bambang Permadi President Audit None 1. Special Advisor to the President for
Soemantri Commissioner/ Committee, Economic and National Development
Brodjonegoro Independent KEMPR, KTKT 2. President Commissioner of
Commissioner PT Bukalapak Tbk
3. President Commissioner of
PT Nusantara Green Energy
4. Independent Commissioner of
PT Astra International Tbk
5. Independent Commissioner of
PT Indofood Tbk
6. Commissioner of PT Combiphar
2. Wawan Iriawan Independent Audit None None
Commissioner Committee, KNR
3. Bono Daru Adji Independent Audit None 1. Managing Partner, Assegaf Hamzah &
Commissioner Committee, Partners
KEMPR, KTKT 2. Member of the Management Board
of the Indonesian Audit Committee
Association
3. Member of the PSSI code of Ethics
4. Marcelino Commissioner KNR, KTKT None None
Rumambo Pandin
5. Ismail Commissioner KNR, KEMPR None General Secretary of the Ministry of
Communications and Digital
6. Rizal Mallarangeng Commissioner KNR, KEMPR None Commissioner of PT Energi Mega
Persada
7. Isa Commissioner KEMPR None General Director of Budget, Ministry of
Rachmatarwata Finance
8. Arya Mahendra Commissioner KNR, KEMPR None 1. Plt. Chairman of the North Sumatra
Sinulingga PSSI Provincial Association
2. Member of the Board of Trustees of
the University of North Sumatra
3. Special Staff III of the Minister of
State-Owned Enterprises (BUMN)
4. Secretary General of the Bandung
Institute of Technology Alumni
Association
5. Advisory Board of the Indonesian
Engineers Association
6. Executive Committee of the
Indonesian Football Association
(PSSI)
9. Silmy Karim Commissioner KNR, KEMPR None Deputy Minister of Immigration and
Correctional Affairs
Remarks:
KTKT : Integrated Governance Committee
KEMPR : Committee for Planning and Risk Evaluation and Monitoring
KNR : Committee for Nomination and Remuneration
Page 204
202 Corporate Governance
BOARD OF COMMISSIONERS’ 12. Perform other obligations in the framework of
AUTHORITIES, DUTIES, AND supervisory duties and advice provision, to the
RESPONSIBILITIES extent, it does not contradict the statutory
regulations, the Articles of Association and/or
Company’s Articles of Association stipulates the the resolutions of the GMS.
Board of Commissioners' obligations to:
In the event of a company loss, members of the Board
1. Provide advice to the Board of Directors in of Commissioners have a collective responsibility for
performing the Company’s management; mistakes or omissions in carrying out their duties,
2. Provide opinion and give approval over the Annual unless proven:
Work Plan and Budget of the Company as well as
1. Such loss is not caused by their mistake or
other work plans which have been prepared by
negligence;
the Board of Directors, in accordance with the
provisions of the Articles of Association and the 2. They have performed in good faith, full
prevailing laws and regulations; responsibility, and prudentially for the interest
and based on the purpose and objective of the
3. Keep up with Company’s activities progress,
Company;
provide opinions and advice to the GMS
regarding every issue considered important for 3. They do not have any conflict of interest either
the Company’s management; directly or indirectly with the management
activities causing the loss; and
4. Report to Series A Dwiwarna shareholder if there
is any indication of decreasing performance of 4. They have taken the action to prevent the
the Company; occurrence or continuation of such loss.
5. Propose to the GMS for the appointment of Public The authority of the Board of Commissioners is as
Accountant who will perform the audit over the follows:
Company’s book;
1. Examine books, letters, as well as other
6. Review and analyze the periodic reports and the
documents, examine cash position for verification
Annual Report prepared by the Board of Directors
purposes and other securities and examine the
as well as execute the Annual Report;
assets of the Company;
7. Provide explanation, opinion, and advice to the
2. Enter the yards, buildings, and offices used by the
GMS regarding the Annual Report, if requested;
Company;
8. Draw up the minutes of the meeting of the Board
3. Ask explanation from the Board of Directors and/
of Commissioners and keep their copies;
or other officials regarding any issuesregarding
9. Report to the Company with regard to their and/
the Company’s management;
or their families share ownership in the Company
4. Be informed of any policies and actions, which
aforesaid and in other companies;
have been and which will be taken by the Board
10. Provide report regarding the supervisory duties,
of Directors;
which have been performed during the recently
5. Ask the Board of Directors and/or other officials
passed Financial Year to the GMS;
under the level of the Board of Directors, with the
11. Provide explanation regarding any matters
knowledge of the Board of Directors, to attend
inquired about or requested by Series A
the meeting of the Board of Commissioners,
Dwiwarna share-holder with due observance
while requests for or support for activities
of the statutory regulations, particularly those
other than meetings will be carried out with due
prevailing in the Capital Market sector; and
observance of professionalism, ethics, interests
of the Company and the organs of the Company;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 203
6. Appoint and dismiss a secretary of the Board of subsidiary which are based on the principle of
Commissioners; disclosure of information by taking into account
7. Suspend the members of the Board of Directors the confidentiality of the Company, and can
in accordance with the provisions of this Articles provide advice to subsidiaries regarding policies/
of Association of the Company; actions that have been decided or will be taken
by the Directors of the subsidiaries either
8. Form the Audit Committee, the Remuneration
requested or not.
and Nomination Committee, the Risk Monitoring
Committee, and other committees, if considered
necessary, with due observance of the capability President Commissioner Duties
of the company;
The President Commissioner acts as primus inter
9. Utilize experts for certain matters and within a pares, which means coordinator of implementing the
certain period on the account of the Company, if activities and duties of the Board of Commissioners.
considered necessary; However, the President Commissioner has an equal
10. Perform the management actions over the position with other members of the Board of
Company in certain conditions for a certain Commissioners. The following are the duties and
period under the provisions of this Articles of responsibilities of the President Commissioner:
Association;
1. Lead and ensure the Board of Commissioners'
11. Approve the appointment and dismissal of the
performance effectiveness.
Corporate Secretary and/or the Head of Internal
2. Creating, implementing, and reviewing work
Supervisory Unit;
guidelines/procedures related to the Board of
12. Examine and review the Annual Report prepared
Commissioners' duties.
by the Board of Directors and sign the Annual
3. Create a calendar of the Board of Commissioners
Report;
meeting schedule and coordinate it with the
13. Attend the meeting of the Board of Directors
Board of Commissioners Committees.
and give viewpoint towards the matters being
4. Organize and submit meeting agendas and
discussed;
promptly inform all Commissioners.
14. Perform other supervisory authorities as long
5. Interact periodically with the President Director
as it does not contradict with the statutory
and act as a liaison between the Board of
regulations, the Articles of Association and/or
Commissioners and the Board of Directors.
the resolutions of the GMS; and
6. Ensure that the information provided to
15. In order to carry out their supervisory function,
all Commissioners is accurate, timely, and
members of the Board of Commissioners at
transparent.
agreed working hours or other times, jointly or
individually, with or without prior notification to 7. Ensure effective communication with
the Board of Directors, by taking into account shareholders.
professionalism, the interests of the Company, 8. Organize regular performance evaluations
the public and organs, have rights access but not of the Board of Commissioners, including all
limited to buildings and locations from or other Committees and Independent Commissioners.
places that are used to be controlled by the 9. Facilitate the effective contribution of the
Company's subsidiaries and have rights to check Independent Commissioners and establish
books, documents, reports, and inventory of constructive relationships among the
goods, and check cash positions (for verification Commissioners.
purposes) and other guarantees and to find
out all actions taken by the Directors of the
Page 206
204 Corporate Governance
Independent Commissioner Duties INDEPENDENT
As an independent member of the Board of
COMMISSIONER
Commissioners, the Independent Commissioner is As of December 31, 2024, Telkom has a total of 9
responsible for supporting the implementation of Commissioners and 3 of them are Independent
Good Corporate Governance principles within the Commissioners. This amount exceeds the provisions
Company. The Independent Commissioner has the of the Financial Services Authority’s Regulation No.
following duties: 33/POJK.04/2014 by 30%. Criteria for determining
Independent Commissioners and appointments at
1. Ensure transparency and openness of the
the GMS refers to:
Company's financial statements.
2. Fair treatment of minority shareholders and other 1. Telkom's Articles of Association
stakeholders. 2. Financial Services Authority Regulation No. 33/
3. Disclose transactions that contain conflicts of POJK.04/2014 regarding Directors and Board of
interest fairly and reasonably. Commissioners of Issuers or Public Companies,
4. Ensuring the Company's compliance with as follows:
applicable laws and regulations. a. Not a person who works or has the authority
5. Ensuring the accountability of the Company's and responsibility to plan, lead, control, or
organs. supervise the activities of the Company
in the past 6 (six) months, except for
In addition, the Independent Commissioner also has the reappointment as an Independent
the following responsibilities: Commissioner in the following period.
1. Ensuring the Company has an effective business b. Do not have Telkom shares either directly or
strategy, including monitoring the schedule, indirectly.
budget, and effectiveness. c. Has no affiliation with Telkom, members of
2. Ensuring that the Company appoints professional the Board of Commissioners, members of the
executives and managers. Board of Directors, or main Shareholders of
Telkom.
3. Ensure the Company has well-functioning
information, court, and audit systems. d. Has no direct or indirect business relationship
related to Telkom’s business activities.
4. Ensure that the Company complies with
applicable laws and regulations and its values in In addition to the Articles of Association and
carrying out its operations. Financial Service Authority Regulation No 33/
5. Ensure that risks and potential crises are always POJK.04/2014, Telkom also pays attention to the
identified and appropriately managed. regulations of Independent Commissioners, which
6. Ensure that GCG principles and practices are are regulated in the Minister of SOE Regulation No:
followed and implemented correctly. PER-3/MBU/03/2023 regarding Organs and Human
Resources of State-Owned Enterprises.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 205
Independence Statement
In accordance with Article 25 of the Financial Service Authority's Regulation No. 33/POJK.04/2014,
Independent Commissioners who have served for 2 terms of office (2 times for 5 years) may be reappointed
by declaring their independence to the GMS and disclosed publicly in the Annual Report. Until the 2024
Financial Year, no Independent Commissioners of Telkom served for 2 periods. However, Telkom still requires
each Independent Commissioner to sign a Statement of Independence every year as one of the efforts
to implement GCG, ensuring that each member of the Board of Commissioners carries out his duties
independently without intervention from other parties.
BOARD OF COMMISSIONERS’ MEETING
Board of Commissioners’ Meeting Policy
Based on the Telkom’s Board Manual and in line with Financial Service Authority’s Regulation Number 33/
POJK.04/2014, the Board of Commissioners is required to hold meetings at least once a month or at any time
deemed necessary, and holding joint meetings with the Board of Directors at least once every three months or
at any time needed. If more than half of the members of the Board of Commissioners are present at a meeting
being held, the meeting is considered a quorum. Decision-making in Board of Commissioners meetings is
done by prioritizing deliberation to reach consensus. If consensus cannot be reached, decisions are made
based on the majority vote of the members of the Board of Commissioners present or represented at the
meeting. If the number of votes is balanced, then the decision follows the opinion of the Chair of the Meeting.
Implementation of the 2024 Meeting
Throughout 2024, the Board of Commissioners has held internal meetings 24 times and joint meetings with
the Board of Directors 12 times. The following tables show the frequency of attendance of members of the
Board of Commissioners at internal meetings and the frequency of attendance of members of the Board of
Commissioners and Directors at joint meetings during 2024.
Agenda and Attendance of the Board of Commissioners at the 2024 Internal Meeting
No Date Meeting Agenda/Discussion
1. Friday, January 19, 2024 Update on Talent Planning and Research Agenda 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ - - - √ - -
2. Wednesday, January 31, 1. Discussion of YtD December 2023 Performance;
2024 2. Others: a. Resignation of Commissioner Abdi Negara Nurdin
b. Revision of several Decisions of the Board of Commissioners
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ - √ √ √ √
3. Tuesday, February 27, EoY Legal Case Update 2023
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ - √ √ √
4. Wednesday, March 13, Update Top Talent Telkom 2024
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
Page 208
206 Corporate Governance
No Date Meeting Agenda/Discussion
5. Friday, March 15, 2024 Project Falcon Decision Making
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ - - √
6. Monday, March 18, Discussion of Selected and Nominated Talent 2024
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
7. Tuesday, March 19, Project Conversion Decision Making
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ - - √
8. Thursday, March 21, 1. Decision Making on Telkom Risk Classification
2024 2. Establishment of the Integrated Governance Committee
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
9. Tuesday, March 26, 1. Presentation from the Audit Committee on the Results of the 2023 Integrated
2024 Audit;
2. Presentation of KEMPR and the Audit Committee on Monitoring Subsidiary
Problems
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ - √ √ √ √
10. Friday, April 5, 2024 1. Update on the preparation of the AGMS for the 2023 financial year;
2. Approval of Changes in the Threshold of Certain Actions of the Board of Directors;
3. Proposal for the Appointment of a Public Accounting Firm for the Fiscal Year 2024;
4. Proposed Tantiem for Fiscal Year 2023 and Remuneration of the Company's
Management for Fiscal Year 2024;
5. Others: 2024 Nominated Talent Cluster
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ - √ √ √ √ √
11. Wednesday, April 29, KEMPR Update on Satellite Technology Development
. 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
12. Thursday, May 30, 2024 Interview of SVP Internal Audit candidates
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ - √ √ √ √ √
13. Monday, June 10, 2024 1. Discussion of the Draft Decision of the Board of Commissioners
2. Others: KEMPR Membership Structure and Data Management System
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ - √ √ √ - √
14. Tuesday, July 16, 2024 1. Decision Making on Proposed Organizational Transformation for B2B Strengthening
After the Establishment of TIF
2. Others: Nomination of SVP Internal Audit and SVP Corporate Secretary
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ - √
15. Monday, August 19, 1. Organization of the Secretary of the Board of Commissioners;
2024 2. Others: Assignment Period of the Secretary of the Commission, Secretary of the
Nomination and Remuneration Committee and Staff of the Secretariat of the Board
of Commissioners
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 207
No Date Meeting Agenda/Discussion
16. Wednesday, September Discussion of Strategic Fit OpCo-1
18, 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ - - √ -
17. Thursday, September Board of Directors Update on Project Alpaca, Project Ultra, and Project Elcano
26, 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ - √ √ √
18. Thursday, October 10, Discussion of Project Eureka
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
19. Friday, October 25, Discussion of Release Commitment Budget Capex Phase II of 2024
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ - √ -
20. Friday, October 31, Discussion of Project Conversion
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
21. Friday, November 15, 1. Discussion of the Work Plan and Budget of the Secretariat of the Board of
2024 Commissioners
2. Submission of KEMPR Analysis of the 2024 RKAP Proposal
3. Others:
a. Proposed Telkom Performance Target and Governance of the Third LTI Grant for
the 2024-2026 Period
b. Proposal related to the Extension of the Organ Contract of the Board of
Commissioners
c. Proposal related to the Remuneration of the Organ of the Board of
Commissioners
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ - √ √ √ √ √
22. Monday, December 9, Write-off of Uncollectible Accounts Receivable for Fiscal Year 2024
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ - √ √ √ √ √
23. Tuesday, December 10, Discussion of the Proposed Contingency Plan 2024 Document
2024
BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ √
24. Friday, December 27, Changes in Parenting of PT Telkom Infrastruktur Indonesia (TIF)
2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ N/A √ √ √ √ √ √ √ -
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro AMS Arya Mahendra Sinulingga MRP Marcelino Rumambo Pandin
ANN Abdi Negara Nurdin IR Isa Rachmatarwata RM Rizal Mallarangeng
BDA Bono Daru Adji IS Ismail SK Silmy Karim
WI Wawan Iriawan
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208 Corporate Governance
Board of Commissioners’ Attendance at Internal Meetings
Total Percentage of
No. Name Position Total Attendance
Meetings Attendance (%)
1. Bambang Permadi President Commissioner/ 24 24 100
Soemantri Brodjonegoro Independent Commissioner
2. Abdi Negara Nurdin Independent Commissioner 1 1 100
3. Bono Daru Adji Independent Commissioner 24 24 100
4. Wawan Iriawan Independent Commissioner 24 24 100
5. Arya Mahendra Sinulingga Commissioner 24 18 75
6. Isa Rachmatarawata Commissioner 24 21 88
7. Ismail Commissioner 24 20 83
8. Marcelino Rumambo Commissioner 24 20 83
Pandin
9. Rizal Mallarangeng Commissioner 24 19 79
10. Silmy Karim Commissioner 24 20 83
Remarks:
*) Abdi Negara Nurdin was in attendance until 19 January 2024.
Board of Commissioners’ and Board of Directors’ Attendance and Agenda at Joint
Meetings
No. Date Meeting Agenda/Discussion
1. Wednesday, January 31, 2024 1. YtD December 2023 Performance
2. BoC Thematic Concern: FMC Update, InfraCo
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ - √ √ √ √ √
2. Wednesday, February 28, 2024 1. YtD Performance January 2024
2. BoC Thematic Concerns: FMC, InfraCo, and Integrated Audit
Updates for Fiscal Year 2023
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ - √
3. Wednesday, March 27, 2024 Submission of Evaluation from the Board of Commissioners on the
Company’s Condition
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 209
No. Date Meeting Agenda/Discussion
4. Monday, April 29, 2024 1. YtD Performance March 2024
2. Regular BoC Concern: FMC & Data Center Updates
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
5. Wednesday, April 29, 2024 1. Company Performance YtD April 2024
2. BOC Concern
a. Regular: FMC and InfraCo Updates
b. Thematic: FGD Updates on Stocks, Data Centers, and Starlink
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
6. Wednesday, June 26, 2024 1. YtD May 2024 Performance
2. BoC Concern
Regular: FMC and InfraCo Updates
Thematic: 1) Early Retirement Implementation Progress Report
2) Mitigation and Handling of PDNS Disturbances
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
- √ √ √ √ √ √ √ -
7. Friday, July 26, 2024 1. Company Performance YtD June 2024
2. FMC and InfraCo Progress
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ - √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
8. Monday, August 26, 2024 Discussion of the Company’s Performance Update YtD July 2024
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ - √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ - √ √ √ √ √ √
9. Monday, September 30, 2024 1. Comany Performance in August 2024
2. Progress FMC & InfraCo
3. Discussion of the concerns of the Board of Commissioners in the
CSS 2025-2027
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ - √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
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210 Corporate Governance
No. Date Meeting Agenda/Discussion
10. Wednesday, October 30, 2024 1. Company Performance TW III/2024
2. Update:
a. Development of Regional Transformation TW III/2024;
b. Progress InfraCo and FMC Tw III/2024.
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ -
11. Wednesday, November 20, 2024 Discussion and Ratification of the 2025 RKAP
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
12. Friday, December 20, 2024 1. Company Performance YtD November 2024;
2. FMC and InfraCo Progress Update;
3. Others.
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
- √ √ √ √ √ √ √ √
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro AMS Arya Mahendra Sinulingga MRP Marcelino Rumambo Pandin
ANN Abdi Negara Nurdin IR Isa Rachmatarwata RM Rizal Mallarangeng
BDA Bono Daru Adji IS Ismail SK Silmy Karim
WI Wawan Iriawan
RA Ririek Adriansyah HW Herlan Wijanarko AW Afriwandi
HS Heri Supriadi MFR Muhamad Fajrin Rasyid BW Bogi Witjaksono
FMV FM Venusiana R. BSW Budi Setyawan Wijaya HB Honesti Basyir
Board of Commissioners’ Attendance at Joint Meetings
Total Percentage of
No. Name Position Total Attendances
Meetings Attendance (%)
1. Bambang Permadi President Commissioner/ 12 12 100
Soemantri Brodjonegoro Independent Commissioner
2. Bono Daru Adji Independent Commissioner 12 11 92
3. Wawan Iriawan Independent Commissioner 12 12 100
4. Arya Mahendra Sinulingga Commissioner 12 11 92
5. Isa Rachmatarwata Commissioner 12 12 100
6. Ismail Commissioner 12 12 100
7. Marcelino Rumambo Commissioner 12 12 100
Pandin
8. Rizal Mallarangeng Commissioner 12 11 92
9. Silmy Karim Commissioner 12 12 100
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 211
Board of Directors’ Attendance at Joint Meetings
Total Percentage of
No. Name Position Total Attendances
Meetings Attendance (%)
1. Ririek Adriansyah President Director 12 10 83
2. Afriwandi Director of Human Capital 12 12 100
Management
3. Budi Setyawan Wijaya Director of Strategic 12 11 92
Portfolio
4. Bogi Witjaksono Director of Wholesale & 12 11 92
International Service
5. FM Venusiana R. Director of Enterprise & 12 12 100
Business Service
6. Honesti Basyir Director of Group Business 12 12 100
Development
7. Heri Supriadi Director Finance and Risk 12 12 100
Management
8. Herlan Wijanarko Director of Network & IT 12 11 92
Solution
9. Muhamad Fajrin Rasyid Director of Digital Business 12 10 83
BOARD OF COMMISSIONERS' ATTENDANCE LEVEL
In the Joint Meeting of the Board of Commissioners and the Board of Directors, the Internal Meeting of the
Board of Commissioners, and the Meeting on Concurrent Positions in the Committee.
Joint Internal KA KEMPR KNR KTKT Average
No Name Position
Meetings Meetings Meeting Meeting Meeting Meeting Attendance
1. Bambang President
Permadi Commissioner
100% 100% 100% 89% - 100% 98%
Soemantri / Independent
Brodjonegoro Commissioner
2. Bono Daru Adji Independent
92% 100% 97% 89% - 75% 91%
Commissioner
3. Wawan Iriawan Independent
100% 100% 100% - 100% - 100%
Commissioner
4. Arya Mahendra Commissioner
92% 75% - 83% 92% - 85%
Sinulingga
5. Isa Commissioner
100% 88% - 100% - - 96%
Rachmatarwata
6. Ismail Commissioner 100% 83% - 100% 92% - 94%
7. Marcelino Commissioner
Rumambo 100% 83% - - 88% 75% 87%
Pandin
8. Rizal Commissioner
92% 79% - 78% 83% - 83%
Mallarangeng
9. Silmy Karim Commissioner 100% 83% - 83% 92% - 90%
Average Attendance of the
97% 88% 99% 89% 91% 83% 91%
Board of Commissioners
Remarks:
Joint Meetings Meeting of the Board of Commissioners and Directors KEMPR Committee for Planning and Risk Evaluation and Monitoring
Internal Meetings Meetings Internal of the Board of Commissioners KNR Committee for Nomination and Renumeration
KA Audit Committee KTKT Integrated Governance Committee
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212 Corporate Governance
IMPROVING THE COMPETENCE OF THE BOARD OF
COMMISSIONERS
Board of Commissioners Competency Improvement Policy
To enhance the knowledge and competence of members of the BOC, as well as to ensure that the professional
insight, competence, and leadership capabilities of the BOC continue to develop in line with the latest
industry developments, Telkom provides various training programs. The Company offers opportunities
for each member of the Board of Commissioners to participate in multiple educational activities, training,
workshops, or other similar activities to develop their knowledge and expertise. The implementation of the
Board of Commissioners competency improvement program is also a form of compliance with the Regulation
of the Minister of SOEs Number PER-2/MBU/03/2023 regarding Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises and Decree of the Deputy Minister of SOEs for Finance and
Risk Management Number SK-3/DKU.MBU/05/2023 dated May 26, 2023 regarding Technical Guidelines for
the Composition and Qualifications of Risk Management Organs within State-Owned Enterprises.
Board of Commissioners Competency Improvement Activities in 2024
The education and training programs attended by members of the Board of Commissioners during 2024 are
as follows:
No Program Name Organizers City/ Country Implementation Time Participants
1. Public Discussion in the Secretariat Jakarta January 16, 2024 Silmy Karim
Context of Monitoring the General - The
Implementation of Law House of
No. 6 of 2011 regarding Representatives
Immigration of the Republic of
Indonesia
2. RSB Evaluation Workshop Rumah Sakit Jakarta January 17, 2024 Isa Rachmatarwata
2020-2024 and Transitional Jantung dan
RSB 2025-2029 Pembuluh Darah
Harapan Kita
3. SOE Transformation The Ministry of Singapore January 23, 2024 Arya M Sinulingga
Workshop State-Owned
Enterprises
4. Workshop Online on SAR The Ministry of Indonesia January 30, 2024 Ismail
Conformity Assessment Communication
and Information
5. BUMN NEXT GEN 2024 The Ministry of Indonesia February 13, 2024 Arya M Sinulingga
State-Owned
Enterprises
6. Training INSEAD Singapore: INSEAD Singapore February 19-23, Marcelino R. Pandin
M&As and Corporate 2024
Strategy
7. Mobile World Congress 2024 GSM Association Barcelona, February 26-29, Rizal Malarangeng
Spain 2024
8. Spectrum Towards 2030: GSM Association Barcelona, February 26-29, Ismail
Capacity and Affordability, Spain 2024
MWC 2024
9. XCION 11th Conference & XCION Jakarta, March 4-6, 2024 Marcelino R. Pandin
Exhibition 2024 Indonesia
10. CNBC Indonesia Tech CNBC Indonesia Jakarta March 5, 2024 Ismail
and Telco Summit Panel
Discussion
11. 187th Session of the OPEC OPEC Fund for Vienna March 7, 2024 Isa Rachmatarwata
Fund Governing Board International
Development
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 213
No Program Name Organizers City/ Country Implementation Time Participants
12. Training Harvard Kennedy Harvard Boston, United March 30 - Marcelino R. Pandin
School: Leadership in Crises States April 6, 2024
13. 10th Asia-Pacific Spectrum APAC Jakarta April 23, 2024 Ismail
Management Conference
14. Lost or Stolen The Ministry of Jakarta April 24, 2024 Ismail
Telecommunication Device Communication
Service Seminar and Information
& KAIT
15. International Seminar of Ikatan Hakim Jakarta April 25, 2024 Isa Rachmatarwata
the Indonesian Judges Indonesia
Association
16. Digital Future Operation Huawei France and April 26-30, 2024 Wawan Iriawan
Automation Croatia
17. Digital Business Leadership Teuku Umar Aceh, Indonesia April 30, 2024 Marcelino R. Pandin
Series Lecture University
18. Ministry of Finance Talent Secretariat Jakarta May 6, 2024 Isa Rachmatarwata
Development Program in General Ministry
2024 of Finance
19. Talent Development Secretariat Jakarta May 15, 2024 Isa Rachmatarwata
Workshop of the Ministry of General Ministry
Finance of Finance
20. Workshop Standardization & The Ministry of Jakarta May 22, 2024 Ismail
Emerging Technologies Communication
and Information
21. APT Training Workshop on APT dan JTEC Tokyo, Japan May 27, 2024 Ismail
Policy Development for
High-Level Officials
22. High Level Technical World Bank Jakarta June 4, 2024 Isa Rachmatarwata
Workshop Indonesia’s Public
Financial Management
Frontier: Looking Back to
Build the Future
23. APSAT International ASSI & APSAT Jakarta June 4, 2024 Ismail
Conference 2024
24. Pertamina Troopers Summit Pertamina Bali, Indonesia June 12, 2024 Arya M Sinulingga
2024
25. PKN STAN Public Lecture PKN STAN Jakarta June 13, 2024 Isa Rachmatarwata
26. Digital Public The Ministry of Jakarta June 19, 2024 Ismail
Communication Workshop Communication
for Communication and and Information &
Informatics Leaders LSPR
27. Ascademy “Problem Solving Ascademy Jakarta June 19, 2024 Arya M Sinulingga
for Leaders”
28. 187th Session of the OPEC OPEC Fund for Jakarta June 26, 2024 Isa Rachmatarwata
Fund Governing Board International
Development
29. Professional Level Certified Ikatan Akuntan Jakarta May 16-24, 2024 1. Bono Daru Adji
Public Accountant Indonesia (IAI) and 2. Isa
BUMN School of Rachmatarwata
Excellence 3. Ismail
4. Marcelino R.
Pandin
30. CyberLaw Expert Panel: Indonesia Cyber Jakarta June 26-27, 2024 Marcelino R. Pandin
Strategic Approaches to Security Forum
Cyber Governance (ICSF)
31. PKN Level II Batch XVI in Lembaga Jakarta July 2, 2024 Silmy Karim
2024 Administrasi
Negara RI (LAN RI)
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214 Corporate Governance
No Program Name Organizers City/ Country Implementation Time Participants
32. CNBC Indonesia Tech & Telco CNBC Indonesia Jakarta July 5, 2024 Ismail
Forum
33. FGD on LEO NGSO Satellite The Ministry of Jakarta July 10, 2024 Ismail
Implementation Communication
and Information
34. Public Sector Day Indoensia Amazon Web Jakarta July 10, 2024 Silmy Karim
Services (AWS)
35. National Seminar on LEO ITB Indonesia July 11, 2024 Ismail
Satellite Technology
36. Discussion on the APTIKA Kominfo Jakarta July 15, 2024 Ismail
Implementation of the
National SPBE Infrastructure
Domain and Application
Domain
37. International Corporate ICGN London, July 15-17, 2024 Wawan Iriawan
Governance Network (ICGN) England
2024 Annual Conference
38. Short Course Harvard- Harvard University United States July 29-31, 2024 Silmy Karim
Advanced Business
Strategy: Gaining a
Competitive Edge
39. Digital Transformation MASTEL Jakarta July 31, 2024 Ismail
Indonesia Conference &
Expo (DTI-CX) 2024
40. BOE Forum in Telkom Metra TelkomMetra Tangerang July 31, 2024 Bono Daru Adji
Group Tahun 2024 Group
41. Workshop Corporate Telkom Jakarta August 8, 2024 Semua Dewan
Strategic Scenario 2025 - Komisaris
2027
42. Converged XL Axiata Jakarta August 12, 2024 Ismail
Telecommunications Policy
and Regulation Masterclass
2024
43. FGD Siskomnas PMPB Kominfo Jakarta August 13, 2024 Ismail
44. Indonesia Internet Expo and APJII Jakarta August 14, 2024 Ismail
Summit (IIXS)
45. Advanced Level Professional Ikatan Akuntan Jakarta May 30 - July 13, 2024 1. Bono Daru Adji
Accountant Certification Indonesia (IAI) and 2. Isa
BUMN School of Rachmatarwata
Excellence 3. Ismail
4. Marcelino R.
Pandin
46. Neutra DC Summit 2024 Telkom Data Bali, Indonesia August 26, 2024 1. Bambang P.S.
Ekosistem Brojonegoro
2. Marcelino R.
Pandin
3. Wawan Iriawan
47. Managing Risk And Stanford Business Illinois, United August 26-30, 2024 Bono Daru Adji
Reputation in a Complex School States
World
48. Indonesia Cloud and Hosting ACHI Jakarta August 27, 2024 Ismail
Association Workshop
49. Bali Annual Telkom TELIN Bali, Indonesia August 27-30, 2024 1. Bambang P.S.
International Conference Brojonegoro
(BATIC) 2. Marcelino R.
Pandin
3. Wawan Iriawan
50. Launching Shopping in Himpunan Peritel Jakarta August 28, 2024 Silmy Karim
Indonesia Aja and Indonesia dan Penyewa
Retail Summit 2024 Pusat Perbelanjaan
Indonesia
(HIPPINDO)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 215
No Program Name Organizers City/ Country Implementation Time Participants
51. Workshop EMC The Ministry of Jakarta September 10, 2024 Ismail
(Electromagnetic Communication
Compatibility) and Information
52. GSMA Digital Nations GSMA Jakarta September 10, 2024 Ismail
Summit
53. Seminar HKHPM HKHPM Jakarta September 11, 2024 Bono Daru Adji
(Himpunan
Konsultan Hukum
Pasar Modal)
54. Generative AI: Business and LinkedIn Online September 12, 2024 1. Rizal Malarangeng
Legal Concerns for Creatives 2. Wawan Iriawan
September 19, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
55. IT and Cybersecurity Risk LinkedIn Online September 13, 2024 Rizal Malarangeng
Management Essential
Training September 19, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
56. Protecting Profitability by LinkedIn Online September 13, 2024 Rizal Malarangeng
Reducing Financial Risk
September 18, 2024 Wawan Iriawan
September 19, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
Arya M Sinulingga
December 17, 2024 Bono Daru Adji
57. Risk-Taking for Leaders LinkedIn Online September 14, 2024 Rizal Malarangeng
September 18, 2024 Wawan Iriawan
September 19, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
3. Bono Daru Adji
58. GDPR Compliance: Essential LinkedIn Online September 14, 2024 Rizal Malarangeng
Training
September 18, 2024 Wawan Iriawan
September 22, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
59. Cybersecurity: Key Policies LinkedIn Online September 16, 2024 1. Rizal Malarangeng
and Resources 2. Wawan Iriawan
60. Cybersecurity Foundations: LinkedIn Online September 16, 2024 Rizal Malarangeng
Governance, Risk, and
Compliance (GRC)
61. Economics for Business LinkedIn Online September 17, 2024 Rizal Malarangeng
Leaders
September 20, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
62. Finance Foundations: LinkedIn Online September 18, 2024 Rizal Malarangeng
Corporate Governance
September 22, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
3. Wawan Iriawan
63. Corporate Finance LinkedIn Online September 18, 2024 Rizal Malarangeng
Foundations
September 22, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
September 23, 2024 Wawan Iriawan
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216 Corporate Governance
No Program Name Organizers City/ Country Implementation Time Participants
64. Finance for Non-Financial LinkedIn Online September 18, 2024 Rizal Malarangeng
Managers
65. Satellite Internet and LinkedIn Online September 18, 2024 Wawan Iriawan
Communications:
September 19, 2024 Rizal Malarangeng
Fundamentals
September 20, 2024 1. Arya M Sinulingga
2. Bambang P.S.
Brojonegoro
66. Measuring Business LinkedIn Online September 18, 2024 Wawan Iriawan
Performance
September 19, 2024 Rizal Malarangeng
67. Accounting for Non- LinkedIn Online September 18, 2024 Wawan Iriawan
Accountants
68. Reputation Risk LinkedIn Online September 19, 2024 Rizal Malarangeng
Management
September 20, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
69. Introduction to Data Corsera Online September 19, 2024 Rizal Malarangeng
Protection and Privacy
70. Balanced Scorecard and Key LinkedIn Online September 19, 2024 Rizal Malarangeng
Performance Indicators
September 22, 2024 Wawan Iriawan
71. Audit and Due Diligence: LinkedIn Online September 19, 2024 Wawan Iriawan
Priorities and Best Practices
September 21, 2024 1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
72. Introduction to Prompt LinkedIn Online September 22, 2024 1. Bambang P.S.
Engineering for Generative Brojonegoro
AI (2023) 2. Arya M Sinulingga
73. Accounting Foundation: LinkedIn Online September 22, 2024 1. Bambang P.S.
Internal Control Brojonegoro
2. Arya M Sinulingga
3. Wawan Iriawan
74. Accounting Foundations: LinkedIn Online September 22, 2024 Wawan Iriawan
Understanding the GAAP
(Generally Accepted
Accounting Principles)
75. The Future of Audit LinkedIn Online September 22, 2024 Wawan Iriawan
76. Cybersecurity for Executive LinkedIn Online September 23, 2024 Wawan Iriawan
77. The Dynamic Spectrum DSA Geneva, Swiss September 23-25, Ismail
Alliance 2024 Global Summit 2024
78. Talkshow TVRI Palangkaraya TVRI Indonesia September 28, 2024 Ismail
79. TechWeek Singapore Singapore Singapore October 8-10, 2024 Marcelino R. Pandin
Technology
80. Domestic Test Center Forum The Ministry of Indonesia October 9, 2024 Ismail
Communication
and Information
81. Rakornas REPNAS 2024 : Relawan Jakarta October 14, 2024 Silmy Karim
Empowering New Energy Pengusaha
Resources and Green Muda Nasional
Initiatives Forum (REPNAS)
82. The Important Role of The Nordic Jakarta October 16, 2024 Silmy Karim
Immigration Policy in Chamber of
Advancing Ease of Doing Commerce in
Business in Indonesia Indonesia
83. National Seminar on Nation’s Garuda Emas Indonesia October 24, 2024 Ismail
Digital Sovereignty and Indonesia
Resilience
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 217
No Program Name Organizers City/ Country Implementation Time Participants
84. Business Management Harvard University Boston, United October 28 - Bambang P.S.
Course: From Management States November 1, 2024 Brojonegoro
to Leadership
85. Workshop Advanced The Ministry of Jakarta October 29, 2024 Ismail
Spectrum Monitoring Communication
Guidance on Mobile and Information,
Broadband Technology MIC Japan, ASEAN
86. Indonesia Investment Week Consulate Hong Kong November 1, 2024 Silmy Karim
2024 General Republic
of Indonesia for
Hongkong
87. CNBC News CNBC Indonesia Jakarta November 5, 2024 Ismail
88. ASOCIO Digital Summit ASOCIO Japan November 6-8, 2024 Wawan Iriawan
2024
89. National Coordination The Ministry of Jakarta November 7, 2024 Ismail
Meeting for Regional Communication
Government Implementation and Information
90. Futurist Summit 2024 The D.Futuro Jakarta November 7, 2024 Ismail
91. IATB Half-Day Workshop ITB Jakarta November 9, 2024 Ismail
92. General Stadium and IKA Fakultas Jakarta November 11, 2024 Silmy Karim
National Seminar Teknologi Industri
Universitas Trisakti
93. Ooredoo’s Digital Ecosystem Indosat Doha, Qatar November 20, 2024 Ismail
Conference 2024
94. Industrial 5G Day The Ministry of Cikarang, November 28, 2024 Ismail
Communication Bekasi
and Information
95. Indonesia Business Forum Indonesia Embassy Singapore November 29, 2024 Silmy Karim
Update : Indonesia’s Golden in Singapore
Visa Policy
96. The 18th Global Citizenship Henley & Partners Singapore November 29, 2024 Silmy Karim
Conference
97. Developing Investment LinkedIn Online December 4, 2024 Bono Daru Adji
Acumen
98. IndoTelko Forum IndoTelko Jakarta December 5, 2024 Ismail
99. Risk Beyond 2024 on ERMA Bali December 5-6, 2024 Wawan Iriawan
Enterprise Risk Management
100. India - Indonesia Investent Embassy of India Indonesia December 6, 2024 Ismail
Synergy Forum
101. Strategic R&D Management INSEAD France December 8–13, 2024 Marcelino R. Pandin
Programme
102. Opening of the World Anti- Komisi Jakarta December 9, 2024 Silmy Karim
Corruption Day (Hakordia) Pemberantasan
2024 Series of Activities Korupsi (KPK)
103. Investment Evaluation LinkedIn Online December 10, 2024 Bono Daru Adji
104. Evaluating Business LinkedIn Online December 11, 2024 Bono Daru Adji
Investment Decisions
105. AI Day : Job Fair dan IT Gajah Mada Indonesia December 11, 2024 Ismail
Education Fair University and
the Ministry
Communication
and Digital
106. The New Age of Risk LinkedIn Online December 13, 2024 Bono Daru Adji
Management Strategy for
Business
107. Introduction to ESG: LinkedIn Online December 16, 2024 Bambang P.S.
Environmental, Social, and Brojonegoro
Governance
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218 Corporate Governance
No Program Name Organizers City/ Country Implementation Time Participants
108. Leveraging Business Analysis LinkedIn Online December 16, 2024 Bambang P.S.
in ESG Brojonegoro
109. Demonstrating LinkedIn Online December 17, 2024 Bambang P.S.
Accountability as a Leader Brojonegoro
110. Driving Organizational LinkedIn Online December 17, 2024 Bambang P.S.
Accountability for Diversity, Brojonegoro
Equity, Inclusion and
Belonging
111. Leadership Effectiveness: LinkedIn Online December 17, 2024 Bambang P.S.
Moving Beyond Traditional Brojonegoro
Success Metrics
112. Corporate Finance: LinkedIn Online December 27, 2024 Wawan Iriawan
Environmental, Social, and
Governance (ESG)
113. Setting Business Unit Goals LinkedIn Online December 29, 2024 Wawan Iriawan
114. Leading with Vision LinkedIn Online December 29, 2024 Wawan Iriawan
115. Vision in Action: Leaders Live LinkedIn Online December 29, 2024 Wawan Iriawan
Case Studies
ORIENTATION PROGRAM FOR BOARD OF COMMISSIONERS’
NEW MEMBERS OF THE BOARD SELF-ASSESSMENT POLICY
OF COMMISSIONERS
Based on the Joint Regulation of the Board
In accordance with the Regulation of the Minister of Commissioners and the Board of Directors
of SOEs No. PER-02/MBU/03/2023 regarding No 05/KEP/DK/2022 and PD.620.00/r.01/
Guidelines for Governance and Significant HK200/COP-M4000000/2022 on the Board
Corporate Activities of State-Owned Enterprises, of Commissioners and Board of Directors Work
the Corporate Secretary coordinates an orientation Procedure Manual (Board Manual) of the Company
program that each new member of the Board of (Persero) PT Telekomunikasi Indonesia Tbk,
Commissioners must attend to understand Telkom's Telkom has a self-assessment policy to assess
activities and conditions. In 2024, no new members the performance of the Board of Commissioners.
of the Board of Commissioners existed, so no This policy is a form of accountability for the
orientation program was conducted. collegial performance assessment of the Board of
Commissioners. It is expected to motivate each
member of the Board of Commissioners to improve
their performance.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 219
BOARD OF COMMISSIONERS’ PERFORMANCE ASSESSMENT
The performance assessment of Telkom's Board of Commissioners is carried out based on an evaluation
of the achievement of Key Performance Indicators (KPIs) formulated from the main duties of the Board of
Commissioners, including overseeing the policies and management of the Company by the Board of Directors,
providing advice to the Board of Directors, and managing the implementation of the Company's Long-Term
Plan, Annual Work Plan and Budget, provisions of the Articles of Association, GMS Decisions, and laws and
regulations in accordance with company objectives. KPI evaluation is conducted annually, and the evaluation
results in 2024 show that the Board of Commissioners has performed its duties well.
Board of Commissioners’ Performance Assessment Based on KPI Year 2024
Achievement Score
Key Performance Indicators (KPI)
Point (%) Score (%)
Planning 20 115
Supervision and Direction 36 115
Reporting 16 85
Dynamic 28 100
Point (%) 100 105
COMMITTEE UNDER BOARD OF COMMISSIONERS’
ASSESSMENT
The Board of Commissioners, in carrying out its duties, is assisted by the Audit Committee, Nomination
and Remuneration Committee, Planning and Risk Evaluation and Monitoring Committee, and Integrated
Governance Committee. The Board of Commissioners assesses the performance of the committees under it
annually, and in 2024, the assessment was conducted with a KPI self-assessment. In general, the committees
performed their duties and responsibilities well throughout 2024.
Performance of The Committees Under the Board of Commissioners in 2024
Committees Score (%)
Audit Committee 100%
Committee for Nomination and Remuneration 100%
Committee for Planning and Risk Evaluation and Monitoring 100%
Integrated Governance Committee 100%
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220 Corporate Governance
BOARD OF DIRECTORS’ PERFORMANCE ASSESSMENT
One of the measuring tools that can be used to assess the performance of the Board of Directors is the Key
Performance Indicator (KPI) based on the Regulation of the Minister of SOE No.PER-3/MBU/03/2023 dated
March 20, 2023, regarding Organs and Human Resources of State-Owned Enterprises, which contain:
1. Obligation to sign the Management Contract by the Board of Directors. The Management Contract con-
tains promises or statements from prospective members of the Board of Directors, namely that if they
are appointed/re-appointed as members of the Board of Directors, they promise, among other things,
to fulfill all targets set by the GMS/Minister, including KPIs that have been previously determined, and
implement the principles of Good Corporate Governance (GCG).
2. Performance appraisal based on KPI is determined collegially for the President Director, and individually for
each member of the Board of Directors.
3. The establishment of five perspectives in collegial preparation of the KPI for the Board of Directors, namely:
a. Economic and social values for Indonesia;
b. Business model innovation;
c. Technology leadership;
d. Increased investment; and
e. Talent development.
At the end of each third quarter, the Minister of SOEs Seri A Dwiwarna Shareholder submits a Shareholder
Aspiration letter containing strategic and tactical directions, performance targets, risk management policies,
and KPI parameters that can be selected as components of the KPI of the Board of Directors collegially and
individually. The achievement of the KPIs of the Board of Directors is calculated collegially and individually and
reviewed by the Public Accounting Firm (KAP) that audits Telkom's financial statements.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 221
Committees Under
the Board of Commissioners
LEGAL BASIS FOR Audit Committee’s Scope, Duties,
COMMITTEE ESTABLISHMENT and Responsibilities
Committees under the Board of Commissioners Telkom's Audit Committee has the following scope,
are established based on the following regulations/ duties and responsibilities:
legislation: 1. Supervision of Internal Control over Financial
Reporting (ICoFR)
1. Article 121 of Law Number 40 Year 2007 regarding
Limited Liability Companies. a. Overseeing Internal Control over Financial
Reporting (ICoFR) governance refers to
2. Article 21 of the Regulation of the Minister of
processes designed to ensure the reliability
SOEs Number 2 of 2023 regarding Guidelines for
of the company's financial reporting in
Governance and Significant Corporate Activities
accordance with accounting principles and
of State-Owned Enterprises.
applicable regulations; and
3. Article 28 paragraph (4) of the Financial Services
b. Communicating with Internal and External
Authority Regulation Number: 33/POJK.04/2014
Auditors on the effectiveness of ICoFR.
regarding Directors and Board of Commissioners
of Issuers or Public Companies. 2. Supervision of Financial Information
4. Telkom's Articles of Association Article 15 number a. Reviewing the process of preparing financial
2 letter a.8. reports to ensure that the preparation of
financial reports has been carried out in
accordance with applicable regulations,
AUDIT COMMITTEE policies, systems, and procedures;
In accordance with the regulation of the Company's b. Evaluating the financial information that
Articles of Association, Telkom formed an Audit will be published by the Company such as
Committee who assists the Board of Commissioners financial reports, projections, and other
in its supervisory function. The Audit Committee financial information; and
works based on the Resolution of the Board of c. Ensuring that financial reports and other
Commissioners Number 13/KEP/DK/2024 dated related information are presented based on
July 9, 2024 regarding Work Implementation financial or management accounting data
Guidelines (Charter) for the Company Audit and information correctly and accurately
Committee (Persero) PT Telekomunikasi Indonesia in accordance with generally accepted
Tbk. The formation of the Audit Committee is also a accounting principles.
form of compliance with Financial Service Authority
3. Supervision of Internal Audit
Regulation No 55/POJK.04/2015 dated December
a. Reviewing the Annual Audit Work Program
23, 2015, provisions of the US SEC Exchange
(PKAT) and the Internal Audit Annual Non-
Act 10A-3, Regulation of the Minister of SOE
Audit Work Program (PKNAT);
No PER-2/MBU/03/2023 regarding Governance
Guidelines and Significant Corporate Activities b. Evaluating the effectiveness of the Company's
of State-Owned Enterprises and Number PER-3/ Internal Audit;
MBU/03/2023 dated March 20, 2023 regarding
Organs and Human Resources of State-Owned
Enterprises.
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222 Corporate Governance
c. Reviewing the implementation of follow-up 6. Supervision of compliance with regulations and
on internal auditor findings and/or external legislation as well as complaints regarding the
auditor findings and Management Letters process of accounting and financial reporting
(recommendations) by the Board of Directors; a. Conducting a review of compliance with laws
d. Evaluating status and follow-up on significant and regulations related to the Company's
issues; and business activities including but not limited
e. Regularly review and recommending to laws and regulations in the Capital Market
improvements to the Internal Audit Charter. sector, taxation, and/or regulations related
to good corporate governance, as well as
4. Oversight of Internal Control
regulations and other laws relating to financial
a. Reviewing the adequacy of management
reporting risks (financial reporting risk);
efforts to build and operate effective internal
b. Providing facilities to receive, review and
controls, particularly internal controls over
follow up on complaints (Whistle-blower)
financial reporting; and
which includes the Company, Subsidiaries,
b. Conducting immediate discussions on
and affiliates with the definition of affiliate is
findings and matters containing indications
as regulated in Law No. 8 of 1995 regarding
of weaknesses and/or obstacles in internal
Capital Markets, in Article 1 number 1; and
control, inefficiencies in the Company's
c. Ensuring that the Company's management
activities, errors in the application of
creates a work culture that encourages every
accounting standards, and violations of the
employee to comply with the Company's code
applicable laws and regulations.
of ethics.
5. Supervision of External Audit
7. Carry out other tasks given by the Board of
a. Assisting the Board of Commissioners in the
Commissioners
process of appointing independent auditor
8. Maintain the confidentiality of documents,
candidates who will carry out integrated
data and information of the Company and its
audits of the Company and its consolidated
consolidated Subsidiaries
Subsidiaries;
b. Providing recommendations to the Company's
Board of Commissioners regarding the
Audit Committee’s Composition
appointment of AP and/or KAP who will In accordance with Financial Service Authority
provide audit services; Regulation No 55/POJK.04/2015, dated December
c. reviewing and providing pre-approval for non- 23, 2015, and US SEC Regulations, the Audit
audit services to be assigned to independent Committee must have at least 3 members from
auditors; Independent Commissioners and parties outside
d. Overseeing the integrated audit process the company, with the chairperson must be
in the Company and the audit process in the Independent Commissioner. Based on the
Subsidiaries whose financial statements are regulation, through the Resolution of the Board
consolidated into the Company's consolidated of Commissioners No. 04/KEP/DK/2024 dated
financial statements; February 6, 2024, on the Membership Composition
of the Audit Committee of Perusahaan Perseroan
e. Providing an independent opinion in the
(Persero) PT Telekomunikasi Indonesia Tbk, the
event of a difference of opinion between
composition of the Audit Committee as of December
management and the independent auditors;
31, 2024, is as follows:
and
f. Evaluating the implementation of the
provision of audit services on annual historical
financial information by AP and/or KAP.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 223
Audit Committee’s Composition as of December 31, 2024
Name and
Position Basis of Appointment Term of Service
Double Position Status
Chairman Bono Daru Adji Resolution of the Board of Commissioners June 8, 2021 - present
Independent Commissioner No. 05/KEP/DK/2021 dated June 8, 2021, and
finally re-established through Resolution of
the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
Members Bambang P. S. Brodjonegoro Resolution of the Board of Commissioners June 8, 2021 - present
President Commissioner/ No. 05/KEP/DK/2021 dated June 8, 2021, and
Independent Commissioner finally re-established through Resolution of
the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
Wawan Iriawan Resolution of the Board of Commissioners June 29, 2020 -
Independent Commissioner No. 09/KEP/DK/2020 dated June 29, 2020 present
and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
Emmanuel Bambang Suyitno Resolution of the Board of Commissioners No. September 1, 2020 -
Independent Member/ Financial 17/KEP/DK/2020 dated September 1, 2020, present
Expert and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
Edy Sihotang Resolution of the Board of Commissioners August 2, 2021 -
Independent Member/ Financial No. 08/KEP/DK/2021 dated August 2, 2021, present
& Forensic Audit Expert and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
Audit Committee Member’s Profile Who are also Members of the Board
of Commissioners
BONO DARU ADJI
Chairman of Audit Committee
Age Citizenship Domicile
56 years old Indonesian Jakarta, Indonesia
Educational Background
1995 LLM, Monash University, Australia.
1993 Bachelor Degree of Law, Trisakti University, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners No. 05/KEP/DK/2021 dated June 8, 2021, and finally re-established through
Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 8, 2021 - present
Concurrent Positions
2023 Member of the Ethics Committee of the Indonesian Football Association
2022 Member of the Management Board of the Indonesian Audit Committee Association
2017 Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022 Disciplinary Committee, PT Bursa Efek Indonesia
2018 - 2021 Chairman, Standards Board of the Association of Capital Market Legal Consultants
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224 Corporate Governance
BONO DARU ADJI
Chairman of Audit Committee
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2017 Licensed to practice law as an advocate by Capital Market Legal Consultants Association (Himpunan
Konsultan Hukum Pasar Modal - HKHPM)
2017 Licensed to practice law as an advocate by the Indonesian Bar Association (PERADI)
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Audit Committee
Age Citizenship Domicile
58 years old Indonesian Jakarta, Indonesia
Educational Background
1997 Ph.D., University of Illinois at Urbana-Champaign, Amerika Serikat
1993 Master of Urban Planning, University of Illinois at Urbana-Champaign, Amerika Serikat
1990 Bachelor of Economics, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 05/KEP/DK/2021 dated June 8, 2021, and finally re-established through
Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 8, 2021 - present
Concurrent Positions
2024 Special Advisor to the President for Economic and National Development
2021 President Commissioner, PT Bukalapak Tbk
2021 President Commissioner of PT Nusantara Green Energy
2021 Independent Commissioner of PT Astra International Tbk
2021 Independent Commissioner of PT Indofood Tbk
2021 Commissioner of PT Combiphar
Work Experiences
2022 - 2024 President Commissioner, PT Prudential Syariah
2021 - 2025 Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023 President Commissioner, PT Oligo Infrastruktur
2019 - 2021 Minister of Research, Technology, and National Innovation Research Agency
2016 - 2019 Minister of National Development Planning of Indonesia
2014 - 2016 Minister of Finance of the Republic of Indonesia
2013 - 2014 Vice Minister of Finance of the Republic of Indonesia
Professional Certifications
2021 Qualified Risk Governance Professional (QRGP)
*Resigned on March 7, 2025
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 225
WAWAN IRIAWAN
Member of Audit Committee
Age Citizenship Domicile
61 years old Indonesian Jakarta, Indonesia
Educational Background
2018 Doctoral degree in Law, Universitas Padjadjaran, Indonesia
2005 Master degree in Law, Universitas Padjadjaran, Indonesia
1989 Bachelor degree in Law, Universitas Jenderal Soedirman, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 17/KEP/DK/2020 dated September 1, 2020, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 29, 2020 - present
Concurrent Positions
No concurrent positions held
Work Experiences
1999 - 2000 Managing Partner, Iriawan & Co
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
2021 Certification in Audit Committee Practices (CACP)
Audit Committee Member’s Profile who are not Board of Commissioners’
Double Position
EMMANUEL BAMBANG SUYITNO
Member of Audit Committee
Age Citizenship Domicile
54 years old Indonesian Jakarta, Indonesia
Educational Background
2007 MBA, Institut Pengembangan Manajemen Indonesia (IPMI) International Business School, Indonesia.
1995 Bachelor Degree in Accounting, Universitas Indonesia, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners No. 17/KEP/DK/2020 dated September 1, 2020, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Office
September 1, 2020 - present
Duties and Responsibilities
Served to oversee and monitor the integrated audit process, the process of consolidating financial state-ments, and the
effectiveness of internal control over financial reporting.
Work Experiences
2020 - present Independent Member/Financial Expert Audit Committee.
2017 - 2020 Corporate Secretary Division, PT PP Presisi Tbk.
2016 - 2017 SVP - Head of Investor Relations, Corporate Finance, MIS & Audit, Lucky Group of Indonesia.
2014 - 2016 Audit Committee Member, PT Danareksa (Persero).
1994 - 2014 Audit Committee, Risk Management and Audit, Corporate Secretary, Investor Rela-tions, Corporate
Finance, ChemOne Holdings Pte Ltd, PT Indika Energy Tbk, PT. Surya Citra Media Tbk, PT. Kopitime
Dot Com Tbk, Jan Darmadi Group, Ernst and Young.
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226 Corporate Governance
EMMANUEL BAMBANG SUYITNO
Member of Audit Committee
Professional Certifications
2024 Certified Professional Financial Analyst (CPFA®) by IEEEF Institute
2024 Certified Performance Management Professional (CPMP®) by IEEEF Institute
2023 Certified Risk Management Specialist (CRMS), Esas Management
2019 Certification in Audit Committee Practices (CACP), Ikatan Komite Audit Indonesia
2015 Indonesia Registered Accountant (RNA) by Ministry of Finance of the Republic of Indonesia
2014 Chartered of Accountant by International Federation of Accountants (IFAC), Ikatan Akuntan
Indonesia
2011 Certified of Investor Relations by Indonesia Investor Relations Institute
2001 Investment Manager License by Capital Market Supervisory Board (OJK/Bapepam)
EDY SIHOTANG
Member of Audit Committee
Age Citizenship Domicile
59 years old Indonesian Jakarta, Indonesia
Educational Background
1997 MBA, University of Illinois at Urbana-Champaign, USA
1991 Diploma IV in Accounting, Sekolah Tinggi Akuntansi Negara, Indonesia
1985 Diploma III in Accounting, Sekolah Tinggi Akuntansi Negara, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 08/KEP/DK/2021 dated August 2, 2021, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024
Term of Office
August 2, 2021 - present
Duties and Responsibilities
Served to oversee and monitor the integrated audit process, the process of consolidating financial state-ments, and the
effectiveness of internal control over financial reporting.
Work Experiences
2021 - present Independent Member/Financial & Forensic Audit Expert.
2019 - 2020 Vice President Investigation & WBS, PT Pertamina (Persero).
2018 - 2019 Head of Internal Audit, PT Pertamina Geothermal Energy.
2013 - 2017 Head of Internal Audit, PT Pertamina Internasional Eksplorasi dan Produksi.
2009 - 2012 GCG & Compliance, Corporate Secretary, PT Pertamina (Persero).
2006 - 2009 Head of Internal Auditor/Inspector, Badan Rehabilitasi dan Rekonstruksi NAD-Nias.
1999 - 2005 Widyaiswara/Lecturer, Badan Pendidikan dan Pelatihan Keuangan, Department of Finance.
1997 - 1998 Auditor, Public Accounting Firm (KAP) Hadori, Soejatna & Rekan.
1985 - 1997 Auditor, Badan Pengawasan Keuangan dan Pembangunan (BPKP).
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
2021 Certification of Audit Committee Practices (CACP), Ikatan Komite Audit Indonesia.
2019 Certification Forensic Auditor (CFrA), Lembaga Sertifikasi Profesi Auditor Forensik, Indonesia.
2014 Chartered Accountant (CA), Ikatan Akuntan Indonesia.
2014 Certified Control Self-Assessment (CCSA), Institute of Internal Auditor, United States of America.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 227
EDY SIHOTANG
Member of Audit Committee
2013 Certified Risk Management Assurance (CRMA), Institute of Internal Auditor, United States of
America.
2012 Qualified Internal Auditor (QIA), Institute of Internal Auditor, Indonesia.
2011 Certified Internal Auditor (CIA), Institute of Internal Auditor, United States of America.
2009 Certified Fraud Examiner (CFE), Association of CFE, United States of America.
1996 Certified Public Accountant (CPA), United States of America.
Audit Committee Independence c. Discussing with the Internal Auditor and
External Auditor regarding the process
Telkom Audit Committee members must always
of implementing Control Deficiency (CD)
have integrity and be independent in carrying
remediation;
out their duties and responsibilities. As a form of
d. Discuss the continuous improvement of
commitment to independence, all members of
ICoFR with the first, second, and third lines;
the Audit Committee must sign an Integrity and
and
Independence Pact to ensure that every decision
taken by the Audit Committee is free from pressure e. Discuss with the Internal Auditor to evaluate
from other parties. the effectiveness of ICoFR as well as the level of
compliance with regulations, including capital
market regulations, such as the Financial
Performance and Implementation of
Services Authority (OJK) Regulations and the
Audit Committee Activities
Sarbanes-Oxley Act (SOX), considering that
The following summarizes the performance and the Company is also listed on the New York
implementation of Audit Committee activities Stock Exchange.
during the fiscal year 2024 in the Committee Activity 2. Supervision of the Company's quarterly
Report, among others: consolidated financial statements
1. Supervision of Internal Control over Financial a. The Audit Committee has reviewed and
Reporting (ICoFR) discussed with the Internal Auditor and
Considering that Internal Control over Financial Management, including the Director of
Reporting (ICoFR) is very important to ensure Finance and Risk Management, the Company's
the integrity and reliability of the Company's quarterly consolidated financial statements
financial statements, the Audit Committee before the financial statements are reported
conducts the following supervision: to the Financial Services Authority (OJK)
a. Conduct discussions with all parties related to and the Stock Exchange to ensure that the
the control design process, especially those financial statements issued by Management
directly related to the financial reporting are fairly presented in accordance with
process, to ensure the adequacy of policies generally accepted accounting principles,
and procedures to identify, measure, and have sufficient disclosure aspects. There are
control risks that may affect the reliability of no material mistakes which the readers need
financial statements; in making decisions.
b. Discussed with the Internal Auditor regarding b. The Audit Committee has provided input
the implementation of Control Self- or recommendations to Management and
Assessment (CSA) through strengthening the Board of Commissioners regarding
first and second-line capabilities; improvements or enhancements in the
financial reporting process.
c. The Audit Committee has also ensured that
stakeholders' interests are protected through
reliable and transparent financial statements.
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228 Corporate Governance
3. Oversight of internal controls c. Audited Consolidated Financial Statements
To supervise internal control, the Audit and Notes to Consolidated Financial
Committee conducted a joint review with Internal Statements in the Annual Report (Form 20F).
Audit on the following matters: d. The Audit Committee also reviews and
a. The Audit Committee has reviewed and discusses with KAP PSS/EY the Management's
discussed with Internal Audit the results compliance with Capital Market regulations
of the Control Self-Assessment (CSA) and other regulations related to the
conducted by each risk owner. company's business, in accordance with PSA
62 standards which aim to:
b. The Audit Committee has reviewed and
discussed with the Internal Audit the results i. Ensure that the company has complied
of internal consulting conducted by Internal with all applicable regulations, thereby
Audit. reducing legal, reputational and
operational risks.
c. The Audit Committee has reviewed and
discussed with Internal Audit the significant/ ii. Provide assurance to stakeholders
critical issues and other findings, as well as that the company is well managed and
the follow-up that has been and/or will be in accordance with the principles of
carried out, such as through follow-up audits, regulatory compliance.
special audits, or investigative audits. iii. Increase transparency and accountability
d. The Audit Committee has reviewed and in the implementation of corporate
discussed with Internal Audit the company's governance.
risk management. The Audit Committee e. In relation to the Integrated Audit process for
oversees and monitors fraud risks and Financial Year 2024, the Audit Committee also
financial reporting risks that may have a discussed audit planning and audit scoping as
material impact on the presentation of well as Early Warning Report (EWR).
financial statements. 5. Evaluation of the performance of the
4. Supervise the Integrated Audit process for Independent Auditor who audited
Financial Year 2023 and Financial Year 2024 the Company's consolidated financial
Matters discussed by the Audit Committee statements for the Financial Year 2023 and
together with KAP PSS/EY, Internal Auditor, and providing recommendations to the Board of
Management, among others: Commissioners regarding the appointment
of an Independent Auditor who will audit the
a. The closing audit process of the Financial
Company's consolidated financial statements
Statements as of December 31, 2023, for
for the Financial Year 2024
the consolidated Subsidiaries and the Parent
Entity (PT Telkom Indonesia (Persero) a. The Audit Committee has prepared an
Tbk), which includes significant accounting evaluation report on the audit of the
and auditing issues, IT General Control & Company's consolidated financial statements
Application Control, quality and acceptability for the Financial Year 2023, which was
to Financial Accounting Standards, submitted to the Board of Commissioners
appropriateness of accounting estimates and and the Financial Services Authority (OJK).
judgment and adequacy of disclosures in the b. Based on the evaluation report of the audit
consolidated financial statements. of the consolidated financial statements for
b. Internal Control Over Financial Reporting the Financial Year 2023, the Audit Committee
(ICoFR) is implemented by management provided recommendations to the Board of
to ensure that the financial statements Commissioners regarding the Independent
are fairly presented and free from material Auditor to audit the consolidated financial
misstatement. statements for the Financial Year 2024.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 229
The Board of Commissioners then proposed the Audit Committee ensures that the work
the Independent Auditor candidate to program has undergone a thorough evaluation
the Company's Annual General Meeting of before it is finally approved and determined by
Shareholders (AGMS). Management to be implemented in the coming
c. In addition, the Audit Committee provides year.
pre-approval for the Independent Auditor 8. Annual Workshop with the Internal Audit
to provide non-audit services to ensure Department
independence. The Audit Committee held a workshop with
6. Review and supervise the Internal Audit the Internal Audit Department to explore the
Department Work Program implementation dynamics of the Internal Audit function and
every quarter identify best practices that can be applied.
Matters carried out by the Audit Committee, The workshop also aimed to understand the
among others: company's changing needs for the Internal Audit
function and changes in business and corporate
a. Review the Management Report of the
actions, such as five bold moves or other business
Internal Audit Department, which contains
strategy changes.
the implementation of the entire Internal
Audit Department's work program, and the In the workshop, a strategic session discussed
obstacles encountered in the field. various important matters related to the adequacy
of fulfilling the duties and functions of Internal
b. Assessing the progress of completion
Audit to ensure that this function can effectively
of internal audits, special audits, and
support firm internal control. In addition, the
investigative audits, as well as monitoring the
session also discussed how to strengthen the
status of resolution of pending issues.
Internal Audit function to face current and future
c. Evaluate the progress of internal consulting
challenges, such as technological developments,
provided by Internal Audit (an independent
new risks, or regulatory changes. The focus
sub-department separate from the audit
of this workshop was to develop strategies
department) to business/risk owners.
that can enhance the role of Internal Audit in
d. Monitor the progress of implementing the supporting the sustainability and growth of the
submitted recommendations, both from the company, as well as maintaining the reliability
results of audits (internal and external) and of financial statements and compliance with
internal consultations. applicable regulations, given the increasingly high
e. Monitor the development of maturity level expectations of stakeholders for transparency,
and sustainability of Internal Audit. accountability, and corporate governance.
7. Annual Audit Work Program (PKAT) and Annual 9. Supervise the Social and Environmental
Non-Audit Work Program (PKNAT) of Internal Responsibility (CSR) Program audit process
Audit Department for Financial Year 2025 carried out by the Community Development
The Audit Committee has reviewed and discussed Center (CDC) Unit
the proposed Annual Audit Work Program The Audit Committee has held discussions with
(PKAT) and Annual Non-Audit Work Program CDC management regarding the implementation
(PKNAT) of the Internal Audit Department of the Social and Environmental Responsibility
for Fiscal Year 2025. In this process, the Audit Program—PUMK (Social and Environmental
Committee provided constructive input and Responsibility—Micro and Small Business
recommendations on the proposed work Program) for the year 2024. This discussion aims
program to ensure the programs are relevant and to ensure that the program is well-planned and
aligned with the Company's internal control and implemented in accordance with the objectives
supervision needs. After review and discussion, and policies that have been set.
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230 Corporate Governance
In addition, the Audit Committee also discussed system. In addition, the Audit Committee
with KAP PSS/EY the entire audit process of will monitor the implementation of the
the financial statements of the Social and recommendations to ensure that the necessary
Environmental Responsibility—PUMK Program improvements can be made appropriately and
for the fiscal year 2023. This discussion covered effectively.
the Agreed Upon Procedure (AUP), which focused 11. Review and supervise special assignments the
on compliance with applicable regulations in Board of Commissioners gives to the Audit
the program's management. The objective is Committee
to ensure that the program is managed with
The Audit Committee has reviewed and discussed
transparency and in accordance with existing
several dispositions the Board of Commissioners
regulations.
gave. These dispositions relate to decisions
In addition, the Audit Committee also discussed or instructions that need to be followed up by
with KAP PSS/EY the audit planning for the management or related parties in the company.
financial statements of the TJSL—PUMK Program The Audit Committee evaluates to ensure that
for the fiscal year 2024. This discussion is the disposition is in accordance with applicable
important so that the audit can run smoothly and policies and procedures, positively impacting the
on target and ensure that the program's financial company's overall management, and is carried
statements provide an accurate picture and out correctly, on time, and in accordance with
comply with applicable standards. the desired objectives. This supervision aims
10. Review and formulation of TelkomGroup to ensure transparency, accountability, and
Management Letter 2024 compliance with applicable regulations in every
The Audit Committee has held discussions with step taken by management in following up on the
Internal Audit regarding the results of internal disposition given.
and external audits conducted in 2024. This 12. Join Committee Assignment with other
discussion discussed various opportunities for Committees within the Board of Commissioners
improvement or significant findings found during In accordance with the special assignments
the audit process. These findings may include given by the Board of Commissioners, the
weaknesses in the internal control system, Audit Committee carries out joint committee
non-compliance of procedures with applicable assignments with other committees, such as
policies, or other areas that require more KEMPR and/or the Nomination and Remuneration
attention to improve the company's performance Committee. One of the main topics discussed
and compliance. is a study related to the accounting and audit
After discussing the findings, the Audit aspects of the corporate action plan to be
Committee also explores the recommendations carried out by the Company. In this assignment,
provided by the internal and external auditors. the Audit Committee will ensure that each step
The recommendations aim to correct deficiencies in the corporate action is thoroughly examined,
or weaknesses found during the audit, with a especially from the accounting and audit side,
focus on improving efficiency, effectiveness, and including identifying possible impacts on
better control. the Company's financial statements and risk
The Audit Committee ensures that the management. In addition, the Audit Committee
recommendations are submitted to Management also evaluates the adequacy of disclosure
for immediate follow-up so that the company and compliance with applicable regulations
can improve and strengthen its internal control so that corporate actions can be carried out
transparently, efficiently, and in accordance with
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 231
established standards. Other joint assignments and Significant Corporate Activities of State-
are with the Nomination and Remuneration Owned Enterprises. This process includes
Committee regarding key performance indicators checking the structure, responsibilities, and
of the Board of Directors both individually and functions set out in the Charter.
collegially, and verification of the integrity of b. Based on the results of evaluation and
talent candidates who will be placed in strategic discussion, the Audit Committee has
positions in the Company or its subsidiaries. developed an updated Audit Committee
13 Audit Committee Annual Work Program 2025 Charter that includes necessary changes or
The Audit Committee has submitted the Audit additions. The revised Charter has been well
Committee Annual Work Program for 2025 to structured and covers all relevant roles and
the Board of Commissioners. Submitting this responsibilities. It is set out in the Decision of
Annual Work Program ensures that the work the Board of Commissioners Number 13/KEP/
program compiled has comprehensively covered DK/2024 dated July 9, 2024.
all duties and responsibilities outlined in the 15. Review of incoming complaint information
Audit Committee Charter. The Audit Committee through the Whistleblowing System (WBS)
also ensures that the annual work program program Fiscal Year 2024
includes special tasks assigned by the Board of The Audit Committee evaluates and monitors all
Commissioners. These special tasks can be in the incoming Whistleblowing System (WBS) reports
form of assignments related to certain issues or through the Telkom Integrity Line and conducts
projects considered important by the Board of a review and follow-up of each WBS report
Commissioners and need special attention from according to the level of escalation. In addition,
the Audit Committee, such as specific audits, the Audit Committee coordinates with relevant
evaluation of certain risks, or supervision of new stakeholders to ensure that each WBS report
company policies. has been handled in accordance with good
The Audit Committee strives to ensure the governance principles.
annual work program is relevant and covers all 16. Oversight of employee integrity management
aspects that need attention during the year. with the Directorate of Human Capital
The work program serves as a guideline for the Management (HCM)
Audit Committee in carrying out its duties and
a. My Integrity application is aimed at monitoring
responsibilities more focused and in accordance
and improving the culture of integrity and
with the company's needs and the principles of
reporting violations.
good corporate governance.
b. ISO 37001:2016 SMAP, a form of
14. Audit Committee Charter Update in 2024
implementation of anti-bribery management
a. The Audit Committee has evaluated the standards to manage bribery risks.
Audit Committee Charter to ensure that its
c. The Business Ethics and Integrity Pact is a
contents and provisions are still in accordance
guideline for implementing ethical values and
with the current objectives, duties, and
an integrity commitment among employees.
needs of the company, including the latest
d. LHKPN is part of corruption prevention
regulatory changes, including Regulation
efforts through wealth reporting for
of the Minister of SOEs Number PER-2/
Company officials.
MBU/03/2023 on Guidelines for Governance
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232 Corporate Governance
Audit Committee’s Meeting
Audit Committee’s Meeting Policy
Based on Telkom's Audit Committee Charter, the Audit Committee is required to hold meetings at least
once every month. This provision is more intensive than Financial Service Authority’s Regulation No. 55/
POJK.04/2015 regarding the Establishment and Implementation Guidance of the Audit Committee,
particularly Article 13, which only requires meetings to be held at least once every three months.
The Implementation of Audit Committee Meetings
Throughout 2024, Telkom Audit Committee has held Committee meetings as many as 30 times, with the
attendance rate presented in the following table.
Audit Committee Meeting in 2024
No Date Meeting Agenda/Discussion
1. Thursday, January 18, 2024 Weekly Progress Integrated Audit 2023 Discussion
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ - √ √
2. Friday, January 26, 2024 Discussion of Management Report & Significant/Critical Issue TW4 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
3. Wednesday, February 7, 2024 Discussion of the Progress of the 2023 Integrated Audit
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
4. Tuesday, February 13, 2024 Audit of Telkom Access Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
5. Tuesday, February 13, 2024 MetraNet Closing Meeting Audit for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
6. Thursday, February 15, 2024 Audit of Telkomsat Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
7. Thursday, February 15, 2024 Audit of TDE Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
8. Friday, February 16, 2024 Audit of PINS Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
9. Monday, February 19, 2024 Audit Closing Meeting of PT Graha Sarana Duta for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 233
No Date Meeting Agenda/Discussion
10. Tuesday, February 20, 2024 Audit of PT Infrastruktur Telekomunikasi Indonesia Closing Meeting for Fiscal
Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
11. Wednesday, February 21, 2024 Audit Closing Meeting of PT Telekomunikasi Indonesia International for Fiscal
Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
12. Thursday, February 29, 2024 Audit of Mitratel Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
13. Thursday, February 29, 2024 Audit of PUMK / TJSL Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
14. Friday, March 1, 2024 Audit of Sigma Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
15. Friday, March 1, 2024 Metra Closing Meeting Audit for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
16. Friday, March 8, 2024 Audit of Telkomsel’s Closing Meeting for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
17. Monday, March 18, 2024 Discussion of the 2023 Integrated Audit Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
18. Wednesday, March 20, 2024 Audit Closing Meeting of PT Telkom Indonesia for Fiscal Year 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
19. Wednesday, April 17, 2024 Discussion of the First Quarter Financial Statements 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
20. Wednesday, April 24, 2024 Discussion of Management Report & Significant / Critical Issue TW I 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
21. Monday, July 29, 2024 Discussion of Management Report & Significant/Critical Issue & Financial
Report TW II 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
22. Thursday, September 19, 2024 Discussion of the PUMK / TJSL Financial Statements for the First Semester of
2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
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234 Corporate Governance
No Date Meeting Agenda/Discussion
23. Thursday, October 10, 2024 Discussion of Planning & Scoping Integrated Audit 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
24. Tuesday, October 15, 2024 ITGC Remediation Discussion
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
25. Friday, October 18, 2024 CSA discussion with IA and RM
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
26. Thursday, October 24, 2024 Discussion of Management Report & Significant / Critical Issue TW III-2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
27. Wednesday, October 30, 2024 Discussion of the Financial Statements of TW III 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
28. Thursday, November 14, 2024 Discussion of the Progress of Integrated Audit 2024
Attendance List BDA BPSB WI ANN EBS ES
- √ √ N/A √ √
29. Friday, December 6, 2024 Discussion of the Progress of Integrated Audit 2024
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
30. Monday, December 23, 2024 Discussion of PKAT & PKNAT IA 2025
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ N/A √ √
Remark:
BDA Bono Daru Adji WI Wawan Iriawan EBS Emmanuel Bambang Suyitno
BPSB Bambang Permadi Soemantri Brodjonegoro ANN Abdi Negara Nurdin ES Edy Sihotang
Audit Committee’s Meeting Attendances 2024
Percentage of
No. Name Total Meetings Total Attendances
Attendance (%)
1. Bono Daru Adji 30 29 97
2. Bambang P. S. Brodjonegoro 30 30 100
3. Wawan Iriawan 30 30 100
4. Abdi Negara Nurdin* 1 0 0
5. Emmanuel Bambang Suyitno 30 30 100
6. Edy Sihotang 30 30 100
Remark:
* : Abdi Negara Nurdin Attendance until 19 January 2024
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 235
Audit Committee’s Education and Training
Audit Committee’s Education and Training Policy
To improve the competence and capability of its members, the Telkom Audit Committee consistently
participates in education and training programs as mandated by the Financial Services Authority
Regulation Number 55/POJK.04/2015 on the Establishment and Implementation Guidelines of the Audit
Committee, particularly in Article 7 letter d, as well as the Regulation of the Minister of SOEs Number
PER-2/MBU/03/2023 on Guidelines for Governance and Significant Corporate Activities of State-Owned
Enterprises and the Regulation of the Deputy Minister of SOEs for Finance and Risk Management Number
SK-3/DKU.MBU/05/2023, dated May 26, 2023, on Technical Guidelines for the Composition and Qualifications
of Risk Management Organs within State-Owned Enterprises, which regulates the composition of Integrated
Governance Committee members. These provisions emphasize the importance of each member of the
Audit Committee having adequate knowledge, both in carrying out supervisory duties and in understanding
business risks relevant to the Company's business activities.
Audit Committee Education and Training in 2024
To improve and develop their competencies, Telkom Audit Committee members regularly participate in
various trainings, seminars, and workshops. The following table presents information on the training that
members of the Audit Committee have participated in during 2024.
Audit Committee Education and Training in 2024
No. Training Programs Organizers City/Country Date Participants
1. Dissemination of the Indonesian Online June 5, 2024 E. Bambang Suyitno
Results of the Study on the Institute of Public
Implementation of the First Year Accountants (IAPI)
of HAU in LAI on the Issuer’s & OJK
Audited Financial Statements for
the Fiscal Year 2022
2. Finance, Risk Management & London Premier Barcelona June 24-28, E. Bambang Suyitno
Corporate Governance Center (LPC) 2024
3. Financial Accounting and London Premier Singapore July 1-5, 2024 Edy Sihotang
Detecting Fraud Centre
4. Enhancing Financial Reporting SPA FEB UI Online July 27, 2024 E. Bambang Suyitno
Integrity Through Robust
Internal Controls
5. The Strategic Role of the Audit Indonesian Audit Jakarta August 1, 2024 E. Bambang Suyitno
Committee in Realizing a Secure Committee
Cyber Domain Association (IKAI)
6. Business Presentation & Foster & Bridge Jakarta and 5.6, August 14, 1. E. Bambang Suyitno
Storytelling Skills Indonesia Bogor 2024 2. Edy Sihotang
7. Uncovering Accounting Fraud - SPA FEB UI Online August 10, E. Bambang Suyitno
Forensic Audit Technology 2024
8. Tips & Tricks for Effective Institute of Applied Bogor August 15, 1. E. Bambang Suyitno
Communication Based on Psychology UI 2024 2. Edy Sihotang
Personality
9. Preparation and Evaluation of KPI Telkom Corpu Jakarta August 19, 1. E. Bambang Suyitno
of the Board of Commissioners 2024 2. Edy Sihotang
10. ACIIA Regional Conference Institute of Internal Bali August 28-29, Edy Sihotang
Auditor (IIA) 2024
11. Strengthening Financial Financial Services online September 21, 1. E. Bambang Suyitno
Integrity: Advanced Strategies Authority (OJK) 2024 2. Edy Sihotang
and Innovations in Anti Institute
Fraud
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236 Corporate Governance
No. Training Programs Organizers City/Country Date Participants
12. Tax Update, PSAK and Indonesian Institute online September E. Bambang Suyitno
Sustainability Reporting 2024 of Accountants (IAI) 24-25, 2024
13. SPI Talk 2024 FKSPI Bandung November 28- Edy Sihotang
29, 2024
14. “Fraud & Forensic Investigations” Indonesian Audit Jakarta December 3, E. Bambang Suyitno
PPL 2 IKAI Committee 2024
Association (IKAI)
15. Risk Beyond 2024: Sustainable Enterprise Risk Bali December 5-6, E. Bambang Suyitno
Symphony – Echoes of Change Management 2024
Academy (ERMA)
Remark:
* Education and Training of Audit Committee members who are members of the Board of Commissioners can be seen in the Education and Training of the Board
of Commissioners.
COMMITTEE FOR NOMINATION KNR’s Scope, Duties, and
AND REMUNERATION Responsibilities
The Nomination and Remuneration Committee Based on the Nomination and Remuneration
(KNR) is one of the Committees established by Committee's Charter Guidelines issued through the
the Board of Commissioners to assist the Board of Resolution of the Board of Commissioners No. 14/
Commissioners in its supervisory function, especially KEP/DK/2024 dated July 23, 2024, KNR Telkom has
on nomination and remuneration policies and the following scope, duties, and responsibilities:
processes within the Company. In carrying out its 1. For Nomination
duties, KNR acts professionally and independently a. Conduct periodic reviews of the Company's
to ensure that the policies and processes carried Talent Management System and monitor and
out by the Company in the field of nomination and evaluate its implementation;
remuneration, both at the level of the Company
b. Evaluate the talent classification system
and its subsidiaries, are in line with the Company's
and procedures carried out by the Board of
goals and objectives and run in accordance with the
Directors;
principles of good corporate governance and the
provisions of applicable laws and regulations. c. Evaluate the position of the subsidiary's
assets and income against Telkom parent's
The establishment and implementation of the assets and income as a basis for proposing
duties of the KNR are guided by FSA Regulation candidates for the management of the
No. 34/POJK.04/2014 on the Nomination and subsidiary to the GMS/Minister. The evaluation
Remuneration Committee of Issuers or Public will be carried out no later than one month
Companies, Regulation of the Minister of SOEs No. after the implementation of Telkom's AGMS;
PER-2/MBU/03/2023 on Guidelines for Governance d. Validate and calibrate the talent proposed
and Significant Corporate Activities of State- by the Board of Directors to the Board
Owned Enterprises and Regulation of the Minister of Commissioners/Board of Supervisors
of SOEs Number PER-3/MBU/03/2023 on Organs (selected talent) to produce a list of talents to
and Human Resources of State-Owned Enterprises. be nominated by the Board of Commissioners/
To further regulate the establishment and Board of Supervisors (nominated talent) to
implementation of the KNR's duties, the Resolution the GMS/Minister;
of the Board of Commissioners issued Board of e. Evaluate the Candidate for the Company's
Commissioners No. 14/KEP/DK/2024, dated July 23, Deputy who will be proposed as a member
2024, contains the Charter of the Nomination and of the Board of Directors or the Board of
Remuneration Committee. Commissioners of the Company's subsidiaries,
before submitting it to the GMS/Minister;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 237
f. Evaluate the proposal of the Board of Directors b. Propose remuneration of the Board of
regarding the Company's organizational Directors and the Board of Commissioners
structure, referring to the principles of good in the form of salaries or honorariums, fixed
corporate governance; allowances and facilities as well as variable
g. Assist the Board of Commissioners who incentives to the Board of Commissioners at
co/consult with the Board of Directors in least once a year;
selecting candidates for strategic positions c. Evaluate the proposed indicators and
within the Company in accordance with performance evaluation (Key Performance
the provisions of the Company's Articles of Indicator) of the Board of Commissioners;
Association, including the management of d. Prepare a proposal for an individual
subsidiaries and Senior Vice President (SVP) performance evaluation system (Individual
Corporate Secretary; Key Performance Indicator) for members of
h. Provide recommendations to the Board of the Board of Directors;
Commissioners to be submitted to the Series e. Compile and monitor the implementation of
A Shareholders of Dwiwama regarding: Performance Achievement Indicators (KPIs)
1) Proposed composition of the position of both Collegial KPIs and Individual KPIs of the
members of the Board of Directors of the Board of Directors;
Company; f. Convey the progress of the realization of
2) Candidates for members of the Board Collegial Performance Indicators (KPIs) and
of Directors and Commissioners of Individual KPIs of the Board of Directors to
subsidiaries in accordance with the the Shareholders/Ministers in accordance
threshold; with the provisions of laws and regulations;
3) Candidates for President Director and g. Evaluate the remuneration policy for
President Commissioner of all subsidiaries employees who require approval/response
of the Company; and from the Board of Commissioners; and
i. To formulate policies and criteria needed h. Prepare a proposal for a competency
in the nomination process for candidates development program for Members of the
for members of the Board of Directors, Board of Directors and/or Members of the
including the management of the Company's Board of Commissioners.
subsidiaries.
Specifically for the implementation of the submission
2. For Remuneration
of proposals for the Company's representatives who
a. To provide recommendations to the Board are placed as Subsidiaries administrators, it is carried
of Commissioners to be submitted to the out in accordance with the Letter of the Minister
GMS through the Series A Shareholders of of SOEs No. S.675/MBU/10/2018 dated October
Dwiwarna regarding the policy, amount and/ 18, 2018 regarding the Approval of Proposals,
or structure of the remuneration of the Board Limitations, and/or Authority Criteria of the Board
of Directors and the Board of Commissioners of Commissioners of PT Telekomunikasi Indonesia
by paying attention to: (Persero) Tbk. In the Letter, the division of approval
1) Remuneration applicable in the authority regarding the submission of proposals
telecommunications industry; for the Company's representatives who are placed
2) Duties, responsibilities and authorities of as administrators of the Company's Subsidiaries is
members of the Board of Directors and/or carried out. as follows:
the Board of Commissioners to achieve the 1. Authority of the Board of Commissioners and
Company's objectives and performance; Shareholders of Series A Dwiwarna
3) Performance targets for each member Covering the submission of proposals for filling:
of the Board of Directors and Board of a. President Director and President
Commissioners; Commissioner of the Company's Subsidiaries.
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238 Corporate Governance
b. The Company's Board of Directors (Directors and Commissioners), with total assets ≥ 50% of the total
assets of the Parent and/or the Subsidiary's revenue ≥ 50% of the Parent' s revenue.
2. Authority of the Board of Commissioners of PT Telkom Indonesia (Persero) Tbk
Includes the submission of proposals to fill the positions of Director (other than President Director)
and members of the Board of Commissioners (other than President Commissioner) in the Company's
Subsidiaries with total assets < 50% of the total assets of the Parent Company and/or Subsidiaries with <
50% of the total revenue of the Parent Company.
As the implementation of the provisions in the Letter of the Minister of SOEs Number S.675/MBU/10/2018,
dated October 18, 2018, KNR in 2024 conducted 16 Feasibility and Compliance Tests for 16 management
positions (target positions) with 18 candidates in 6 subsidiaries.
KNR’S Composition
Financial Service Authority Regulation No. 34/POJK.04/2015 regarding the Committee for Nomination
and Remuneration of Issuers or Public Companies stipulates that the number of KNR members is at least 3
people, with one Independent Commissioner who doubles as a member and Chair of the KNR and the other 2
members can come from members of the Board of Commissioners, parties from outside the Company, as well
as management under the Board of Directors referring to these provisions, and Regulation of the Minister of
SOE No. PER-2/MBU/03/2023 regarding Guidelines for Governance and Significant Corporate Activities of
State-Owned Enterprises and No. PER-3/MBU/03/2023 dated March 20, 2023, regarding Organs and Human
Resources of State-Owned Enterprises Country, Telkom's Board of Commissioners issued Resolution of the
Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024, that stipulated the composition of
Telkom's KNR membership as follows:
Committee for Nomination and Remuneration’s Composition as of December 31, 2024
Name and Double
Position Basis of Appointment Terms of Service
Position Status
Chairman Wawan Iriawan Resolution of the Board of Commissioners No. 06/ June 8, 2021 - present
Independent KEP/DK/2021 dated June 8, 2021, updated several
Commissioner times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Members Arya Mahendra Resolution of the Board of Commissioners No. 06/ June 8, 2021 - present
Sinulingga KEP/DK/2021 dated June 8, 2021, updated based on
Commissioner Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Ismail Resolution of the Board of Commissioners No. 06/ Mei 29, 2019 - present
Commissioner KEP/DK/2019 dated December 17, 2019, updated
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Marcelino Rumambo Resolution of the Board of Commissioners No. 06/ Mei 29, 2019 - present
Pandin KEP/DK/2019 dated December 17, 2019, updated
Commissioner several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Rizal Mallarangeng Resolution of the Board of Commissioners No. 10/ June 29, 2020 - present
Commissioner KEP/DK/2020 dated June 29, 2020 and updated
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Silmy Karim Resolution of the Board of Commissioners No. 07/ June 27, 2023 - present
Commissioner KEP/DK/2023 dated June 27, 2023 and updated
based on Resolution of the Board of Commissioners
No. 05/KEP/DK/2024 dated February 6, 2024
Page 241
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 239 Committee for Nomination and Renumeration Member’s Profile Who are Also Members of the Board of Commissioners’ WAWAN IRIAWAN Chairman of Committee for Nomination and Renumeration Age Citizenship Domicile 61 years old Indonesian Jakarta, Indonesia Educational Background 2018 Doctoral degree in Law, Padjajaran University, Indonesia 2005 Master degree in Law, Padjajaran University, Indonesia. 1989 Bachelor Degree in Law, Jenderal Soedirman University, Indonesia Basis of Appointment Resolution of the Board of Commissioners No. 06/KEP/DK/2021 dated June 8, 2021, updated several times with the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024 Concurrent Position No concurrent positions held Work Experiences 1999 - 2000 Managing Partner, Iriawan & Co Professional Certifications 2023 Qualified Risk Governance Professional (QRGP) 2021 Certification in Audit Committee Practices (CACP) ARYA MAHENDRA SINULINGGA Member of Committee for Nomination and Renumeration Age Citizenship Domicile 54 years old Indonesian Tangerang, Indonesia Educational Background 1995 Bachelor degree in Civil Engineering, Bandung Institute of Technology, Indonesia Basis of Appointment Resolution of the Board of Commissioners No. 06/KEP/DK/2021 dated June 8, 2021, updated based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024 Concurrent Positions 2024 Chairman of the North Sumatra PSSI Provincial Association 2023 Member of the Executive Committee of the Indonesian Football Association (PSSI) 2021 General Secretary, Bandung Institute of Technology Alumni Association 2021 Advisory Board of the Central Board of the Indonesian Engineers Association 2020 Member of the Board of Trustees, University of North Sumatra 2019 Special Staff III, Minister of State-Owned Enterprises (SOEs) Work Experiences 2019 - 2021 Commissioner, PT INALUM 2018 - 2019 Corporate Secretary Director, PT MNC Tbk 2017 - 2018 President Commissioner, PT MNC Infotainment 2015 - 2018 President Director, PT IDX Channel 2015 - 2018 Deputy Director, iNews TV
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240 Corporate Governance
ARYA MAHENDRA SINULINGGA
Member of Committee for Nomination and Renumeration
2014 - 2019 President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019 News Director, PT MNC, Tbk
2014 - 2018 Director, PT MCI
2014 - 2015 Director, PT MNC Investama Tbk
2014 - 2015 Editor-in-Chief, RCTI
2011 - 2014 Editor-in-Chief, Global TV
2010 - 2018 Director of News & Corporate Secretary, Global TV
2010 - 2014 Corporate Secretary, PT MNC Tbk
2008 - 2014 President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014 Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015 Corporate Secretary of PT MNC Sky Visison
2004 - 2007 Member, North Sumatra Regional Indonesian Broadcasting Commission
Expert Staff, Chairman of the Regional House of Representatives and Spatial Planning Consultant of
2001 - 2004
North Sumatra Province
1995 - 2001 Drainage & Marine Consultant, Bandung
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
ISMAIL
Member of Committee for Nomination and Renumeration
Age Citizenship Domicile
55 years old Indonesian Jakarta, Indonesia
Educational Background
2010 Doctoral degree in Electrical Engineering and Informatics, Bandung Institute of Technology, Indonesia
1999 Master degree in Electrical Engineering, University of Indonesia, Indonesia
1993 Bachelor degree in Engineering Physics, Bandung Institute of Technology, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2019, December 17, 2019, and updated several times
with the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated
February 6, 2024
Concurrent Positions
2025 General Secretary of the Ministry of Communication and Digital
Work Experiences
2023 - 2025 Chairman of MASTEL Supervisory Board
2021 - 2023 Acting Director General of Post and Information Technology, Ministry of Communication and
Information Technology
2018 - 2019 Chairman, Indonesian Telecommunications Regulatory Agency (BRTI)
2016 - 2025 General Director of Resources and Postal and Informatics Devices, Ministry of Communication and
Informatics of the Republic of Indonesia
2014 - 2016 Director of PPKU Special Telecommunications/Broadband Development, Ministry of Communication
and Information of the Republic of Indonesia
2012 - 2014 Director of Telecommunications, Directorate General of Post and Information Administration, Ministry
of Communication and Information of the Republic of Indonesia
2008 - 2012 Director of IT System Operations, Financial Transaction Reporting and Analysis Center (PPATK)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 241
ISMAIL
Member of Committee for Nomination and Renumeration
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2021 Certification in Audit Committee Practices (CACP)
2012 Computer Emergency Response Team (CERT), Carnegie Mellon - USA
2010 Certified Information System Security Professional (CISSP), INIXINDO
2010 Certified Data Center Professional (CDCP), INIXINDO
2010 Certified Information Technology Manager (CITM), INIXINDO
MARCELINO RUMAMBO PANDIN
Member of Committee for Nomination and Renumeration
Age Citizenship Domicile
59 years old Indonesian Jakarta, Indonesia
Educational Background
2007 Ph.D. of Technology and Innovation, The University of Queensland, Australia
2005 Graduate Diploma in Company Director Course, Australian Institute of Com-pany Director (GAICD),
Australia
2003 Diploma in Company Direction (Chartered Director Level II), The Institute of Directors (IoD), London,
Inggris
1999 Master of Philosophy, Judge Business School University of Cambridge, Inggris
1991 Bachelor of Architectural Engineering, Bandung Institute of Technology, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2019 dated December 17, 2019, updated several times
with the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated
February 6, 2024
Concurrent Position
No concurrent positions held
Work Experiences
2018 - 2019 Committee, World Observatory on Subnational Government Finance, and Investment OECD Paris,
France
2017 - 2019 Senior Policy Advisor on City Finance, United City and Local Government (UCLG) Asia Pacific
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2020 Certification in Audit Committee Practices (CACP)
2015 The Company Directors' Course (CDC)
2014 The Company Directors' Course (CDC)
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242 Corporate Governance
RIZAL MALLARANGENG
Member of Committee for Nomination and Renumeration
Age Citizenship Domicile
60 years old Indonesian Jakarta, Indonesia
Educational Background
2000 Doctoral Comparative Politics, Ohio State University, United States of America
1994 Magister Comparative Politics, Ohio State University, United States of America
1990 Bachelor degree in Communication Science, Gadjah Mada University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 10/KEP/DK/2020 dated June 29, 2020 and updated several times with
the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated February 6,
2024
Concurrent Positions
2020 Commissioner, PT Energi Mega Persada
Work Experiences
2001 - 2020 Executive Director, Freedom Institute
2016 Founder, Freedom Corp
2009 Founder, Fox Indonesia
2008 - 2012 Director of IT System Operations, Financial Transaction Reporting and Analy-sis Center (PPATK)
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
SILMY KARIM
Member of Committee for Nomination and Renumeration
Age Citizenship Domicile
50 years old Indonesian Jakarta, Indonesia
Educational Background
2014 Defense Management, Naval Postgraduate School (NPS), United States of America
2012 Advance Security, George C. Marshall European Center for Security Studies, Germany
2012 NATO School, Germany
2012 National and International Defense, United States of America
2010 Georgetown University, GLS, Washington D.C, United States of America
2007 Master degree in Economics, Universitas Indonesia, Indonesia
1997 Bachelor degree in Economics, Universitas Trisakti, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 07/KEP/DK/2023 dated June 27, 2023, uupdate based on Resolution of
the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024
Concurrent Positions
2024 Deputy Minister of Immigration and Correctional Affairs
Work Experiences
2023 - 2024 General Director of Immigration of the Republic of Indonesia, Ministry of Law and Human Rights
2018 - 2023 President Director, PT Krakatau Steel (Company) Tbk
2016 - 2019 Commissioner, PT GE Power Solution Indonesia
2016 - 2018 President Director, PT Barata Indonesia (Persero)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 243
SILMY KARIM
Member of Committee for Nomination and Renumeration
2015 - 2016 President Commissioner, MAN Diesel & Turbo Indonesia
2014 - 2016 President Director, PT Pindad (Persero)
2011 - 2014 Commissioner, PT PAL Indonesia (Persero)
2010 - 2011 Special Advisor to the Indonesian Investment Coordinating Board
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
KNR’S Independence iii. The discussion of the progress of
subsidiary streamlining was carried out
In carrying out their duties, each KNR member has
2 times, namely for the first and second
fulfilled the independence aspect in accordance
quarters of 2024.
with the terms and conditions applicable in Financial
iv. InfraCo manning 1 time.
Services Authority Regulation No. 34/POJK.04/2015
regarding Committees for Nomination and v. Discussion of KPI proposals for the
Remuneration of Issuers or Public Companies Collegial Board of Directors, 3 times,
Regulation of the Minister of SOEs No. PER-3/ including 1 time with the Ministry of SOEs
MBU/03/2023 on Organs and Human Resources vi. Submission of CEO salary survey results by
of State-Owned Enterprises, and Resolution of the Independent Consultants, 1 time.
Board of Commissioners No. 14/KEP/DK/2024 dated vii. Remuneration was discussed 2 times,
July 23, 2024 on the Charter of the Nomination and namely i) the 2023 tantiem proposal
Remuneration Committee of PT Telekomunikasi and 2024 remuneration, and ii) the 2025
Indonesia Tbk. remuneration budget of the Company's
management.
KNR’S Performance and viii. LTI consultation with the Ministry of SOEs.
Implementation Activities c. The meeting was held in the context of the
In 2024, KNR will carry out the following activities: Feasibility and Propriety Test, which was
held through 4 meetings which included 16
1. Committee Meeting, which includes:
feasibility and propriety tests for filling 16
a. KNR Internal Meeting, as many as 3 times,
positions in 6 subsidiaries, namely PT Sigma
which included discussions on i) Changes
Cipta Caraka, PT Multimedia Nusantara,
to the 2024 Collegial Board of Directors KPI
PT Graha Sarana Duta, PT Infrastruktur
targets, InfraCo Candidate updates, Pefindo
Telekomunikasi Indonesia, PT Telkom Data
updates, ii) Telkom Top Talent 2024, and iii)
Ecosystem, and PT Telekomunikasi Indonesia
2024 Collegial Board of Directors KPIs.
International.
b. Committee Meeting with external parties,
(A more detailed explanation of the KNR
with the following agenda details:
meeting can be seen in the KNR Meeting
i. Organizational changes, 2 times, each section).
for i) Directorate of Human Capital
2. Monitoring the development of FMCs in
Management and Directorate of Finance
Telkom Regional I (January 29-30, 2024),
and Risk Management, ii) Corporate
Telkom Regional II (February 22-23, 2024),
Communication & Investor Relations.
Telkom Regional V (March 4-5, 2024), Telkom
ii. Discussion of transformation progress 4 Regional III (March 25, 2024), Telkom Regional
times, namely for Quarter I, II, III 2024 and IV (May 21, 2024), Telkom Regional VI (July 2-3,
B2B Strengthening. 2024), Telkom Regional V (formerly Telkom
Regional VII, December 10, 2024).
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244 Corporate Governance
KNR's Meetings Policy
Based on the Financial Service Authority's Regulation Number 34/POJK.04/2014 regarding the Nomination
and Remuneration Committee, KNR meetings must be held at least once every 4 (four) months. However,
the Charter of the Nomination and Remuneration Committee issued through the Decision of the Board of
Commissioners Number 14/KEP/DK/2024 dated July 23 outlines that the KNR meeting must be held at least
once every 2 (two) months.
KNR'S Meetings
During 2024, KNR Telkom has conducted Committee meetings, including circular resolutions as many as
24 times.
KNR Meeting’s Agenda
No Date Meeting Agenda/Discussion
1. Monday, January 8, 2024 Organizational Change in HCM and KMR
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
2. Tuesday, January 9, 2024 Propriety and Feasibility Test (UKK) of Business & Sales Director of PT Sigma
Cipta Caraka
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ √ √ √
3. Thursday, January 18, 2024 Transformation in the First Quarter of 2024
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ -
4. Monday, February 12, 2024 InfraCo Manoeuvring
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
5. Tuesday, February 20, 2024 1. Changes in KNR Collegial KPI Targets in 2024
2. InfraCo Board of Directors Candidate Update
3. Update Pefindo
4. Proposed Statement Letter of the Board of Directors
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
6. Monday, February 26, 2024 Subsidiary Streamlining Triwulan I 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ - -
7. Thursday, February 29, 2024 KPI of the 2024 Collegial Board of Directors
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
8. Friday, March 1, 2024 Top Talent Telkom 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
9. Tuesday, March 5, 2024 Propriety and Feasibility Test (UKK) of Infraco’s Board of Directors
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ - √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 245
No Date Meeting Agenda/Discussion
10. Wednesday, March 13, 2024 Discussion of the 2024 Collegial Board of Directors KPI Proposal
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
11. Thursday, March 14, 2024 Telkom Collegial KPI Consultation in 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ - - √ √
12. Tuesday, April 2, 2024 Submission of CEO Salary Survey Results by Korn Ferry Consultant
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ - √ √
13. Thursday, April 4, 2024 Proposed Tantiem 2023 and Remuneration 2024 of the Company’s
Management
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
14. Thursday, April 4, 2024 Submission of KPI of Individual Directors 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
15. Monday, May 13, 2024 Propriety and Feasibility Test (UKK)
1. President Director of PT Multimedia Nusantara;
2. Director of Business & Digital Transformation of PT Multimedia Nusantara;
3. President Director PT Graha Sarana Duta;
4. Director of Finance & Risk Management of PT Graha Sarana Duta;
5. President Director of PT Sigma Cipta Caraka;
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
16. Tuesday, May 14, 2024 Propriety and Feasibility Test (UKK)
1. President Director of PT Infrastruktur Telekomunikasi Indonesia;
2. Director of Finance and Risk Management of PT Telkom Data Ecosystem;
3. Director of Delivery and Operation PT Sigma Cipta Caraka;
4. Director of Technology of PT Telekomunikasi Indonesia International.
Attendance list WI ANN AMS IS MRP RM SK
√ N/A - √ √ √ √
17. Tuesday, May 21, 2024 Transformation in the Second Quarter of 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ - - √
18. Monday, May 27, 2024 Subsidiary Streamlining Triwulan II 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ - √
19. Tuesday, July 16, 2024 Organizational Transformation and B2B Strengthening
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ -
20. Wednesday, August 7, 2024 TW III Transformation Update in 2024
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
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246 Corporate Governance
No Date Meeting Agenda/Discussion
21. Wednesday, August 21, 2024 Discussion of Proposed Corporate Communication & Investor Relations
Transformation
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ - √ √ √
22. Monday, November 11, 2024 Discussion of the Company’s Management Remuneration Budget for 2025
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
23. Thursday, November 14, 2024 KPI Consultation for Telkom Collegial Directors in 2024 Ministry of SOEs
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
24. Tuesday, November 26, 2024 Long Term Incentive (LTI) Consultation with the Ministry of SOEs
Attendance list WI ANN AMS IS MRP RM SK
√ N/A √ √ √ √ √
Remark:
WI Wawan Iriawan IS Ismail RM Rizal Mallarangeng
AMS Arya Mahendra Sinulingga MRP Marcelino Rumambo Pandin SK Silmy Karim (appointed on June 27, 2023)
ANN Abdi Negara Nurdin
Committee for Nomination and Remuneration’s Meeting Attendance in 2024
Number of Number of Percentage of
No. Name Position
Meetings Attendance Attendance (%)
1. Wawan Iriawan Chairman 24 24 100%
2. Arya Mahendra Sinulingga Member 24 22 92%
3. Ismail Member 24 22 92%
4. Marcelino Rumambo 24 21 88%
Member
Pandin
5. Rizal Mallarangeng Member 24 20 83%
6. Silmy Karim Member 24 22 92%
7. Abdi Negara Nurdin* Member 3 2 67%
Remark:
* Abdi Negara Nurdin before resigning on January 19, 2024.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 247
Policies and Implementation of d. Provide recommendations to the Board of
Succession of Directors Commissioners to be submitted to the Series A
Shareholders Dwiwama regarding the proposed
The succession mechanism of the SOE Board of
composition of the positions of members of the
Directors is regulated in the Regulation of the Minister
Company's Board of Directors; and
of SOEs Number PER-3/MBU/03/2023 regarding
e. Develop policies and criteria needed in the
Organs and Human Resources of State-Owned
nomination process for prospective members of
Enterprises. Based on the Regulation of the Minister
the Board of Directors.
of SOEs, the Board of Directors of SOEs submits
the List of Selected Talents (selected talent) to the
Board of Commissioners, which is then based on the Remuneration of the Board of
evaluation of the List of Selected Talents carried out Commissioners and the Board of
by the Board of Commissioners with the assistance Directors
of KNR to the Board of Directors who are currently
The provision of remuneration for members of
in office, the Board of Commissioners will send the
Telkom's Board of Commissioners and Board of
results of the evaluation as Nominated Talent to
Directors is prepared in accordance with the
the Chairman of the Telecommunication and Media
Regulation of the Minister of State-Owned
Services Cluster which in the 2024 period will be held
Enterprises Number PER-3/MBU/03/2023 regarding
by President Commissioner of PT Telekomunikasi
Organs and Human Resources of State-Owned
Indonesia (Persero) Tbk. Furthermore, the Chairman
Enterprises and then followed up with the Resolution
of the Telecommunication and Media Services
of the Board of Commissioners Number 03/KEP/
Cluster submitted the List of Nominated Talents
DK/2024 regarding the Income of Members of the
from all members of the Telecommunication and
Board of Directors and Board of Commissioners.
Media Services Cluster to the Minister of SOEs.
Guided by the provisions mentioned above, the
KNR with reference to the Guidelines for the remuneration of the Board of Commissioners has
Implementation of the Work of the Nomination components consisting of:
and Remuneration Committee whose preparation 1. Honorarium
is guided by the Regulation of the Minister of SOEs 2. Allowances, which consist of:
above, in the process of succession of the SOE Board
a. Holiday allowance;
of Directors carries out the following matters:
b. Transportation allowance; and
a. Conduct periodic reviews of the Company's c. Retirement insurance.
Talent Management System as well as monitoring
3. Facilities, which consist of:
and evaluation of its implementation;
a. Health facilities; and
b. Evaluate the talent classification system and
b. Legal aid facilities.
procedures carried out by the Board of Directors;
4. Tantiem/Performance Incentives/Special
c. Validate and calibrate the talent proposed by the
Incentives
Board of Directors to the Board of Commissioners
(selected talent) to produce a list of talents that 5. Long Term Incentive/LTI
will be nominated by the Board of Commissioners
(nominated talent) to be proposed in the GMS/
Minister;
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248 Corporate Governance
The remuneration for members of the Board of 3. Facilities, which consist of:
Directors has components consisting of: a. Health facilities;
1. Honorarium b. Vehicle facilities; and
2. Allowances, which consist of: c. Legal aid facilities.
a. Holiday allowance; 4. Tantiem/Performance Incentives/Special
Incentives
b. Housing allowance; and
5. Long Term Incentive/LTI
c. Retirement insurance.
Procedure and Mechanism of Remuneration of the Board of Commissioners
and Board of Directors
Board of Commissioners 1 2
KNR asked for input from Independent Party provide
requested KNR Drafted
Independent party input to KNR
remuneration
4 3
The result are submited to
GMS/Ministed of SOE
5
GMS/Decision Letter
Ministed of SOE
Furthermore, the procedure for proposing up to 4. The Board of Commissioners proposes
the determination of the remuneration of Telkom's remuneration for the Board of Commissioners
Board of Commissioners and Board of Directors are and the Board of Directors to GMS; and
explained as follows: 5. The GMS can give the authority and power to the
Board of Commissioners, with the prior approval
1. The Board of Commissioners requests the KNR
of Series A Dwiwarna Shareholders to determine
to draft a remuneration proposal for the Board
the remuneration for Board of Commissioners
of Commissioners and the Board of Directors;
and the Board of Directors.
2. If needed, Committee for Nomination and
Remuneration can request an independent party In 2023, the Minister of SOE issued Regulation of
to draw up a framework on the remuneration the Minister of State-Owned Enterprises No. Per-
of the Board of Commissioner and the Board of 3/MBU/03/2023 regarding Organs and Human
Directors; Resources of State-Owned Enterprises (Permen
3. The Committee for Nomination and Remuneration 3 SOE). Telkom has confirmed the implementation
proposes the remuneration framework referred of Permen 3 SOE in Telkom areas through the GMS
to to the Board of Commissioners;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 249
Resolution for the 2022 financial year. One of the Remuneration Acceptance of the Board of
things regulated in the Minister of State-Owned Commissioners
Enterprises Regulation Permen 3 the provision for
The total remuneration paid by Telkom to all Board of
postponing the payment of part of the tantiem, and
Commissioners who served in 2024, and the previous
Long-Term Incentive (LTI) to the Board of Directors
period was Rp109,481 billion. The following table
and Board of Commissioners.
presents details of the Board of Commissioners'
remuneration in 2024.
Board of Commissioners Remuneration Recapitulation for 2024
Religious
Tantiem
Holiday Transport
Board of Salary Financial Year Total
No Position Allowance Allowance
Commissioners 2023
(THR)
Rp
1. Bambang President 2,397,600,000 199,800,000 479,520,000 9,591,947,066 12,668,867,066
Permadi Commissioner/
Soemantri Independent
Brodjonegoro Commissioner
2. Wawan Iriawan Independent 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
Commissioner
3. Bono Daru Adji Independent 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
Commissioner
4. Marcelino Commissioner 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
Rumambo
Pandin
5. Ismail Commissioner 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
6. Rizal Commissioner 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
Mallarangeng
7. Isa Commissioner 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,360
Rachmatarwata
8. Arya Mahendra Commissioner 2,157,840,000 179,820,000 431,568,000 8,632,752,360 11,401,980,260
Sinulingga
9. Silmy Karim Commissioner 2,157,840,000 179,820,000 431,568,000 5,012,438,252 7,781,666,252
10. Abdi Negara Independent 179,820,000 0 35,964,000 9,001,292,324 9,217,076,324
Nurdin1) Commissioner
Total 19,840,140,000 1,638,360,000 3,968,028,000 84,034,944,162 109,481,472,162
Remark:
* All remuneration of the Board of Commissioners are included tax.
1)
Honorarium and transportation allowances for January 2024
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250 Corporate Governance
Remuneration Acceptance of the Board of Directors
The total remuneration paid by Telkom to all Board of Directors who served in 2024, and the previous period
was Rp206,383 billion. The following table presents details of the Board of Directors’ remuneration in 2024:
Board of Directors’ Recapitulation of Remuneration 2024
Religious
Tantiem
Holiday Transport
Salary Financial Year Total
No Directors Position Allowance Allowance
2023
(THR)
Rp
1. Ririek President 5,328,000,000 444,000,000 300,000,000 21,315,437,925 27,387,437,925
Adriansyah Director
2. Herlan Director of 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Wijanarko Network & IT
Solution
3. Bogi Director of 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Witjaksono Wholesale &
International
Service
4. FM Director of 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Venusiana Enterprise
R. & Business
Service
5. Heri Director of 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Supriadi Keuangan &
Manajemen
Risiko
6. Afriwandi Director 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
of Human
Capital
Management
7. Budi Director of 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Setyawan Strategic
Wijaya Portfolio
8. Muhamad Director 4,528,800,000 377,400,000 300,000,000 18,118,122,236 23,324,322,236
Fajrin of Digital
Rasyid Business
9. Honesti Director 4,528,800,000 377,400,000 300,000,000 10,519,932,136 15,726,132,136
Basyir 1) of Group
Business
Development
Total 41,558,400,000 3,463,200,000 2,700,000,000 158,662,225,713 206,383,825,713
Remark:
* All remuneration of the Board of Directors are included tax.
1)
Tantiem for the period of May 30 to December 31, 2023.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 251
COMMITTEE FOR PLANNING 2. The structure and requirements of membership;
AND RISK EVALUATION AND 3. Duties, responsibilities, and authority KEMPR;
MONITORING 4. The scope of work; and
Telkom has a Planning and Risk Evaluation and 5. Meetings, reporting, a term of office, and funding.
Monitoring Committee (KEMPR), which is tasked with
Then, the scope, duties, and responsibilities of KEMPR
supporting the Board of Commissioners in evaluating
in helping the Board of Commissioners oversee the
and monitoring the company's planning and risk
course of the Company are:
management in achieving the quantitative and
qualitative targets of the Company's Budget Work 1. Conduct a comprehensive evaluation of the
Plan (RKAP), Corporate Strategic Scenario (CSS) and proposed Company's Long-Term Plan (RJPP),
the Company's Long Term Plan (RJPP), monitoring the Corporate Strategic Scenario (CSS), and
performance and financial health of subsidiaries and Company's Budget Work Plan (RKAP) submitted
assisting the Board of Commissioners in reviewing the by the Board of Directors;
proposed strategic plan of the Company. This step 2. To evaluate the implementation of RJPP, CSS, and
aligns with the Company's efforts to continuously RKAP to assess whether the implantation is in line
improve the planning quality and ensure the with the target of RJPP, CSS, and RKAP which has
effectiveness of risk management implementation in been approved by the Board of Commissioners;
all its operational activities. and
3. Monitoring the implementation of enterprise
KEMPR’S Scope, Duties, and risk management and project risk management,
Responsibilities especially for projects whose implementation
is through the approval of the Board of
KEMPR's duties and responsibilities are regulated
Commissioners.
in the Committee for Risk and Planning Monitoring
and Evaluation Charter, which is established based
on Resolution of Board of Commissioners No. Composition of KEMPR
12/KEP/DK/2024 dated July 9, 2024, regarding
Based on the Resolution of the Board of
Work Implementation Guidelines (Charter) for
Commissioners No. 11/KEP/DK/2024 dated July 9,
the Committee for Planning and Risk Evaluation
2024 regarding the Membership of the Evaluation and
and Monitoring of the Company (Persero) PT
Monitoring Committee for Corporate Risk Planning of
Telekomunikasi Indonesia Tbk. The guidelines
the Company (Persero) PT Telekomunikasi Indonesia
stipulate, among other things:
Tbk, the composition of KEMPR members is as follows:
1. The establishment and the appointment of its
members;
KEMPR Member Composition as of December 31, 2024
Name and Status of
Position Basis of Appointment Term of Office
Concurrent Positions
Chairman Arya Mahendra Sinulingga Resolution of the Board of Commissioners No 07/KEP/
Commissioner DK/2021 dated June 8, 2021 and was updated several
June 8, 2021 -
times with the latest changes based on the Resolution
present
of the Board of Commissioners Number 11/KEP/
DK/2024 dated July 9, 2024.
Members Bambang P. S. Brodjonegoro Resolution of the Board of Commissioners Number 07/
President Commissioner/ KEP/DK/2021 dated June 8, 2021 and updated several
June 8, 2021 -
Independent Comissioner times with the latest changes based on the Resolution
present
of the Board of Commissioners Number 11/KEP/
DK/2024 dated July 9, 2024.
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252 Corporate Governance
Name and Status of
Position Basis of Appointment Term of Office
Concurrent Positions
Bono Daru Adji Resolution of the Board of Commissioners Number
Independent Commissioner 07/KEP/DK/2021 dated June 8, 2021 and was updated
June 8, 2021 -
several times with the latest changes based on the
present
Resolution of the Board of Commissioners Number 11/
KEP/DK/2024 dated July 9, 2024.
Isa Rachmatarwata Resolution of the Board of Commissioners Number
Commissioner 07/KEP/DK/2021 dated June 8, 2021 and was updated
June 8, 2021 -
several times with the latest changes based on the
present
Resolution of the Board of Commissioners Number 11/
KEP/DK/2024 dated July 9, 2024.
Ismail Resolution of the Board of Commissioners Number
Commissioner 05/KEP/DK/2019 dated May 29, 2019 and updated
May 29, 2019 -
several times with the latest amendments based on
present
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
Rizal Mallarangeng Resolution of the Board of Commissioners Number
Commissioner 11/KEP/DK/2020 dated June 29, 2020 and updated
June 29, 2020 -
several times with the latest amendments based on
present
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
Silmy Karim Resolution of the Board of Commissioners Number
Commissioner 06/KEP/DK/2023 dated June 27, 2023 and updated
June 27, 2023 -
several times with the latest amendments based on
present
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
Siswa Rizali Resolution of the Board of Commissioners Number 09/
Independent Member KEP/DK/2021 dated August 2, 2021 and updated with August 2, 2021 -
Resolution of the Board of Commissioners Number 11/ present
KEP/DK/2024 dated July 9, 2024.
Janson Resolution of the Board of Commissioners Number 01/
Independent Member KEP/DK/2023 dated March 20, 2023 and updated with March 20, 2023 -
the Resolution of the Board of Commissioners Number present
11/KEP/DK/2024 dated July 9, 2024.
KEMPR's Member Profile Who are also Member of the Board of
Commissioners’s Member
ARYA MAHENDRA SINULINGGA
Chairman of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
54 years old Indonesian Tangerang, Indonesia
Educational Background
1995 Bachelor degree in Civil Engineering, Institut Teknologi Bandung, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No 07/KEP/DK/2021 dated June 8, 2021 and was updated several times with
the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Concurrent Position
2024 Chairman of the North Sumatra PSSI Provincial Association
2023 Member of the Executive Committee of the Indonesian Football Association (PSSI)
2021 General Secretary, Institut Teknologi Bandung Alumni Association
2021 Advisory Board for the Central Board of the Indonesian Engineers Association
2020 Member of the Board of Trustees, North Sumatera University
2019 Special Staff III, The Minister of State-Owned Enterprises (SOE)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 253
ARYA MAHENDRA SINULINGGA
Chairman of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2019 - 2021 Commissioner, PT INALUM
2018 - 2019 Corporate Secretary Director, PT MNC Tbk
2017 - 2018 President Commissioner, PT MNC Infotainment
2015 - 2018 President Director, PT IDX Channel
2015 - 2018 Deputy Director, iNews TV
2014 - 2019 President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019 News Director, PT MNC Tbk
2014 - 2018 Director, PT MCI
2014 - 2015 Director, PT MNC Investama Tbk
2014 - 2015 Editor-in-Chief, RCTI
2011 - 2014 Editor-in-Chief, Global TV
2010 - 2018 News Director & Corporate Secretary, Global TV
2010 - 2014 Corporate Secretary, PT MNC Tbk
2008 - 2014 President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014 Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015 Corporate Secretary, PT MNC Sky Visison
2004 - 2007 Member, North Sumatra Regional Indonesian Broadcasting Commission
Expert Staff, The Chairman of the Regional House of Representatives and Spatial Consultant for North
2001 - 2004
Sumatera Province
1995 - 2001 Drainage & Marine Consultant, Bandung
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
58 years old Indonesian Jakarta, Indonesia
Educational Background
1997 Ph.D, University of Illinois at Urbana Champaign, United States of America
1993 Master of Urban Planning, University of Illinois at Urbana Champaign, United States of America
1990 Bachelor degree in Economics, Universitas Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and updated several times with
the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Concurrent Position
2024 Special Advisor to the President for Economic and National Development
2021 President Commissioner, PT Bukalapak Tbk
2021 Independent Commissioner, PT Astra International Tbk
2021 Commissioner, PT Combiphar
2021 Independent Commissioner, PT Indofood Tbk
2021 President Commissioner, PT Nusantara Green Energy
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254 Corporate Governance
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2021 - 2024 President Commissioner, PT Prudential Syariah
2021 - 2025 Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023 President Commissioner, PT Oligo Infrastruktur
2019 - 2021 Minister of Research, Technology, and the National Innovation of Republic of Indonesia
2016 - 2019 Minister of National Development Planning of Republic of Indonesia
2014 - 2016 Minister of Finance of Republic of Indonesia
2013 - 2014 Vice Minister of Finance of the Republic of Indonesia
Professional Certifications
2021 Qualified Risk Governance Professional (QRGP)
*Resigned on March 7th, 2025
BONO DARU ADJI
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
56 years old Indonesian Jakarta, Indonesia
Educational Background
1995 LLM, Monash University, Australia
1993 Bachelor of Law, Trisakti University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and was updated several times
with the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9,
2024.
Concurrent Position
2023 Member of the Ethics Committee of the Indonesian Football Association
2022 Member of the Management Board of the Indonesian Audit Committee Association
2017 Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022 Disciplinary Committee, PT Bursa Efek Indonesia
2018 - 2021 Chairman, Standards Board of the Association of Capital Market Legal Consultants
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2017 Licensed to practice law as an advocate by Capital Market Legal Consultants Association (Himpunan
Konsultan Hukum Pasar Modal - HKHPM)
2017 Licensed to practice law as an advocate by the Indonesian Bar Association (PERADI)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 255
ISA RACHMATARWATA
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
58 years old Indonesian Jakarta, Indonesia
Educational Background
1994 Master of Mathematic, Actuarial Science, University of Waterloo, Canada
1990 Bachelor degree in Department of Mathematics and Natural Sciences, Institut Teknologi Bandung,
Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and was updated several times
with the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9,
2024.
Concurrent Position
2021 Director General of Budget, Ministry of Finance of the Republic of Indonesia
Work Experiences
2017 - 2021 Director-General of State Assets, Ministry of Finance of the Republic of Indonesia
2013 - 2017 Expert Staff to the Minister of Finance for Policy and Regulation on Financial Services and Capital
Markets, Ministry of Finance of the Republic of Indonesia
2013 Senior Employee at the Fiscal Policy Agency, Ministry of Finance of the Republic of Indonesia
2006 - 2012 Head of the Insurance Bureau, Capital Market and Financial Institution Supervisory Agency (BPPMLK),
Ministry of Finance of the Republic of Indonesia
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2020 Fellow of the Society of Actuaries of Indonesia (FSAI)
1993 Associate of the Society of Actuaries (ASA)
ISMAIL
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
55 years old Indonesian Jakarta, Indonesia
Educational Background
2010 Doctorate in Electrical Engineering and Informatics, Institut Teknologi Bandung, Indonesia
1999 Master's in Electrical Engineering, Universitas Indonesia, Indonesia
1993 Bachelor's in Engineering Physics, Institut Teknologi Bandung, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 05/KEP/DK/2019 dated May 29, 2019 and updated several times
with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated
July 9, 2024.
Concurrent Positions
2025 General Secretary of the Ministry of Communication and Digital
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256 Corporate Governance
ISMAIL
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2023 - 2025 Chairperson of the Supervisory Board
2021 - 2023 Acting Director of Postal and Informatic Operation
2018 - 2019 Chairman, Indonesian Telecommunications Regulatory Agency (BRTI)
2014 - 2016 Director of PPKU Telecommunications/Broadband Development, Ministry of Communication and
Information of the Republic of Indonesia
2012 - 2014 Director of Telecommunications, Directorate General of Post and Information Technology, Ministry of
Communication and Information Technology of the Republic of Indonesia
2008 - 2012 Director of IT System Operation, Financial Transaction Report and Analysis Center (PPATK)
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2021 Certification in Audit Committee Practices (CACP)
2012 Computer Emergency Response Team (CERT), Carnegie Mellon - USA
2010 Certified Information System Security Professional (CISSP), INIXINDO
2010 Certified Data Center Professional (CDCP), INIXINDO
2010 Certified Information Technology Manager (CITM), INIXINDO
RIZAL MALLARANGENG
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
60 years old Indonesian Jakarta, Indonesia
Educational Background
2000 Doctoral Comparative Politics, Ohio State University, United States of America
1994 Magister Comparative Politics, Ohio State University, United States of America
1990 Bachelor degree in Communication Science, Universitas Gadjah Mada, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 11/KEP/DK/2020 dated June 29, 2020 and updated several times
with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated
July 9, 2024.
Concurrent Positions
2020 Commissioner, PT Energi Mega Persada
Work Experiences
2001 - 2020 Executive Director, Freedom Institute
2016 Founder, Freedom Corp
2009 Founder, Fox Indonesia
2008 - 2012 Director of IT System Operation, Financial Transaction Report and Analysis Center (PPATK)
Professional Certifications
2023 Qualified Risk Governance Professional (QRGP)
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 257 SILMY KARIM Member of Committee for Planning and Risk Evaluation and Monitoring Age Citizenship Domicile 50 years old Indonesian Jakarta, Indonesia Educational Background 2014 Defense Management, Naval Postgraduate School (NPS), United States of America 2012 Advance Security, George C. Marshall European Center for Security Studies, Germany 2012 NATO School, Germany 2012 National and International Defense, United States of America 2010 Georgetown University, GLS, Washington D.C, United States of America 2007 Master degree in Economics, Universitas Indonesia, Indonesia 1997 Bachelor degree in Economics, Universitas Trisakti, Indonesia Basis of Appointment Resolution of the Board of Commissioners Number 06/KEP/DK/2023 dated June 27, 2023 and updated several times with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024. Concurrent Positions 2024 Deputy Minister of Immigration and Correctional Affairs Work Experiences 2023 - 2024 General Director of Immigration of the Republic of Indonesia, Ministry of Law and Human Rights 2018 - 2023 President Director, PT Krakatau Steel (Company) Tbk 2016 - 2019 Commissioner, PT GE Power Solution Indonesia 2016 - 2018 President Director, PT Barata Indonesia (Persero) 2015 - 2016 President Commissioner, MAN Diesel & Turbo Indonesia 2014 - 2016 President Director, PT Pindad (Persero) 2011 - 2014 Commissioner, PT PAL Indonesia (Persero) 2010 - 2011 Special Advisor to the Indonesian Investment Coordinating Board Professional Certifications 2023 Qualified Risk Governance Professional (QRGP)
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258 Corporate Governance
KEMPR’S Member Profile Who are Not Part of the Board of
Commissioners’s Member
SISWA RIZALI
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
52 years old Indonesian South Tangerang, Indonesia
Educational Background
2002 Master of Social Sciences (Economics), National University of Singapore, Singapura.
1996 Bachelor Degree in Economics, Universitas Indonesia, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners Number 09/KEP/DK/2021 dated August 2, 2021 and updated with Resolution
of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Term of Office
August 2, 2021 - present
Duties and Responsibilities
Together with other KEMPR members, it is tasked with evaluating the proposed Company Long Term Plan (RJPP),
Corporate Strategic Scenario (CSS), and Company Budget Activity Plan (RKAP) submitted by the Board of Directors,
evaluating the implementation of RJPP, CSS, and RKAP, and supervising the implementation of Telkom's enterprise risk
management and Telkom’s project risk management, especially for projects whose implementation is approved by the
Board of Commissioners.
Work Experiences
2019 - present Member of Committee for Planning and Risk Evaluation and Monitoring (KEMPR)
2019 - 2021 Investment and Placement Committee, Badan Pengelola Keuangan Haji.
2015 - 2018 Director of Investment, PT Asanusa Asset Management.
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2022 Certified Risk Professional (CRP) by Association of Indonesian Capital Market Professionals
2008 Investment Manager Representative Certificate
JANSON
Member of Committee for Planning and Risk Evaluation and Monitoring
Age Citizenship Domicile
52 years old Indonesian South Tangerang, Indonesia
Education
1998 Bachelor of Science, Finance, University of Maryland, College Park, U.S.A
Basis of Appointment
Resolution of the Board of Commissioners Number 01/KEP/DK/2023 dated March 20, 2023 and updated with the
Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Term of Office
March 20, 2023 - present
Duties and Responsibilities
Together with other KEMPR members, they are tasked with evaluating the proposed Company Long Term Plan (RJPP),
Corporate Strategic Scenario (CSS), and Company Budget Work Plan (RKAP) submitted by the Board of Directors,
evaluating the implementation of RJPP, CSS, and RKAP, as well as conducting supervising the implementation of Telkom's
enterprise risk management and project risk management, especially for projects whose implementation is approved by
the Board of Commissioners.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 259
JANSON
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2023 - present Member of Committee for Planning and Risk Evaluation and Monitoring
2021 - 2022 Senior Corporate Finance, PT ASLI RI
2020 - 2021 SVP Equity Research, PT Kanaka Hita Solvera
2017 - 2019 SVP Equity Division and Research, PT Royal Investium Sekuritas
2013 - 2016 Head of Institutional Equity, PT MNC Sekuritas
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Finance Business (CAFB) Level Professional, Ikatan Akuntan Indonesia
2023 Certified Risk Professional (CRP) by Association of Indonesian Capital Market Professional.
2021 Sertifikat Wakil Manajer Investasi, Financial Service Authority.
2019 Sertifikat Wakil Perantara Pedagang Efek, Financial Service Authority
KEMPR’S Independence
All KEMPR members must fulfill the independence aspect in carrying out their duties in accordance with the
terms and conditions stated in the Resolution of the Board of Commissioners No. 12/KEP/DK/2024 dated
July 9, 2024, regarding the Charter of the Planning and Risk Evaluation and Monitoring Committee of the
Company (Persero) PT Telekomunikasi Indonesia Tbk.
KEMPR’S Meeting
KEMPR’S Meeting Policy
The policy of the KEMPR Meeting is contained in the KEMPR charter No. 12/KEP/DK2024 dated July 9, 2024,
among others, regulating the KEMPR meeting. The KEMPR Meeting consists of the KEMPR Meeting and the
Ad-Hoc Meeting. The KEMPR Meeting consists of an Internal Meeting of the Ministry of Health, and a Meeting
of the Ministry of Internal Affairs with external parties. More than 1/2 (one-half) of the KEMPR members
attended the two meetings. Meanwhile, the Ad-Hoc Meeting is a meeting with external parties which is held
according to needs and its implementation is carried out by non-Commissioner KEMPR members.
KEMPR’S Meeting 2024
KEMPR Telkom has held 22 Committee meetings throughout 2024, with the attendance level of KEMPR
members as follows:
Agenda and Attendance of the 2024 KEMPR Meeting
No Date Meeting Agenda/Discussion
1. Wednesday, January 10, 2025 Telkomsat Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ - √ √ √ √ √ √ √
2. Thursday, January 25, 2025 Risk Management Evaluation of TW IV in 2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ - √ √ √
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260 Corporate Governance
No Date Meeting Agenda/Discussion
3. Friday, March 15, 2024 Strategic Fit Project Falcon
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ - √ √ √
4. Tuesday, March 19, 2024 Project Conversion
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ - √ √ √
5. March 21, 2024 Determination of Telkom’s Risk Level in the Classification of SOEs
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
6. Thursday, April 4, 2024 Telkom Sigma Equity Call Reallocation
Attendance List AMS BPSB BDA IR IS RM SK SR JN
- √ √ √ √ √ √ √ √
7. Tuesday, April 30, 2024 Risk Management Evaluation for the First Quarter of 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ - √ √ √ √ √ √ √
8. Tuesday, July 30, 2024 TW II Risk Management Evaluation in 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ - √ - √ √ √
9. Tuesday, September 10, 2024 Draft RJPP for 2025 - 2029
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
10. Wednesday, September 18, 2024 Strategic Fit OpCo-1
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ - √ - √ √
11. Monday, October 7, 2024 Dekom’s Concern Discussion on the Falcon Strategic Fit Project
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
12. Thursday, October 10, 2024 Project Eureka
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
13. Monday, October 14, 2024 Mangostar Pricing Structure
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
14. Monday, October 21, 2024 Telkomsel Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ - √ √ √ - √ √
15. Friday, 25 October 2024 Release Commitment Budget Capex Phase 2 of 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ - √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 261
No Date Meeting Agenda/Discussion
16. Monday, October 28, 2024 Implementation of Risk Management in the Third Quarter of 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ - √ √ √
17. Thursday, October 31, 2024 Project Conversion
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
18. November 1 – 15, 2024 1on1 RKAP CFU-FU Year 2025
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
19. Monday, December 9, 2024 Write-off of Uncollectible Accounts Receivable in 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
- √ √ √ √ √ √ √ √
20. Tuesday, December 10, 2024 Contingency Plan Document
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
21. Wednesday, December 11, 2024 Update Project Falcon
Attendance List AMS BPSB BDA IR IS RM SK SR JN
- √ - √ √ √ √ √ √
22. Friday, December 27, 2024 TIF Parenting Changes
Attendance List AMS BPSB BDA IR IS RM SK SR JN
- √ √ √ √ √ - √ √
Remark:
AMS Arya Mahendra Sinulingga BPSB Bambang Permadi Soemantri Brodjonegoro SK Silmy Karim
BDA Bono Daru Adji IR Isa Rachmatarwata SR Siswa Rizali
IS Ismail RM Rizal Mallarangeng JN Janson
Recapitulation of Attendance at the 2024 KEMPR Meeting
Total of Percentage of
No. Name Position Total of Attendance
Meetings Attendance (%)
1. Arya Mahendra Sinulingga Chairman 22 19 86
2. Bambang P.S. 22 20 91
Member
Brodjonegoro
3. Bono Daru Adji Member 22 20 91
4. Isa Rachmatarwata Member 22 21 95
5. Ismail Member 22 21 95
6. Rizal Mallarangeng Member 22 17 77
7. Silmy Karim Member 22 18 82
8. Siswa Rizali Member 22 22 100
9. Janson Member 22 22 100
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262 Corporate Governance
Performance and Activities • Increasing revenue from external
Implementation of KEMPR markets (outside TelkomGroup) in
subsidiaries should be done with careful
Throughout 2024, KEMPR has carried out the
consideration of the benefits and impact
following activities:
on TelkomGroup.
1. Corporate Strategic Scenario (CSS) for 2024-
• Control of the C2R ratio in capex
2026
deployment, especially strategic ones, to
a. Focus on Monitoring the Implementation of be accompanied by an increase in IR2C
RJPP and CSS 2024-2026 and RoIC.
• For the implementation of the CSS, • The preparation and implementation of
prioritization of the 5 Bold Moves should risk mitigation, especially against strategic
be prepared based on their impact on risk, needs to be sharpened so that its
Telkom’s finances. This will affect the effectiveness increases and financial
allocation of resources. targets for related business portfolios can
• CSS needs to be equipped with the latest be met.
technology that may emerge so that 2. Company’s Work Plan and Budget and Capital
Telkom can have a suitable strategy for Expenditure
dealing with these technologies.
a. Focus on Monitoring the Implementation
b. Evaluation of the Proposed CSS 2025-2027 of 2024 RKAP and 2024 Capex Capital
• Implementation of strategic initiatives, Expenditure
including the 5 Bold Moves, in CSS 2025- • Improvement of TelkomGroup
2027 should be carried out according Performance.
to the roadmap and timeline, taking
• Increased profitability, efficiency, and
into account lessons learned from the
timeliness in capex deployment, including
implementation of previous initiatives so
ensuring anticipation and risk mitigation
that the operational and financial targets
of potential delays in capex deployment.
set can be met.
• Increasing TelkomGroup's human
• The capability of people in subsidiaries
resources capabilities, especially
that carry out strategic initiatives should
marketing for Telkomsel products.
be improved immediately to increase
• Capex deployment must be right on
the competitiveness of the subsidiaries’
target and productive to generate optimal
products, including in the marketing &
revenue.
sales aspect, especially in DC Co and B2B
IT Service Co so that the go-to-market • Strengthening Enterprise Risk
process is not significantly dependent on Management to oversee the five bold
the parent. moves.
• Efforts to introduce and accelerate b. Evaluation of the 2025 RKAP Proposal and
superior products to increase revenue Capital Expenditure
within the TelkomGroup should be carried • Ensure every project and procurement has
out in parallel with efforts to minimize implemented good corporate governance
costs. and complies with applicable internal and
• In preparing competitive strategies to external regulations.
regain market share, Telkomsel should be • Prioritize efficiency in managing
more careful in reading market conditions operational activities and ensure that
and more observant in exploring new partnerships with partners run effectively
market potentials, including in suburban and generate profits for Telkom.
and rural areas.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 263
• Improve the capabilities of TelkomGroup’s • Improvement of the quality of ERM
human resources, especially in Telkom implementation in subsidiaries.
Regional, and improve sales capabilities • Residual risks are still categorized as “High,”
in marketing B2C products. Increase the so more effort is needed to reduce the risks.
productivity of employees who handle
4. Certain Actions of the Board of Directors that
enterprise business and accelerate
require the Board of Commissioners’ Approval
expertise in each industry vertical.
KEMPR has assisted the Board of Commissioners
• Increased supervision of subsidiary
in reviewing the strategic plan proposals
performance within the scope of CFU.
submitted by the Board of Directors during
• Maintain synergy between businesses 2024, among others:
developed in each subsidiary of
• Strategic Fit Project Falcon
TelkomGroup.
• Project Conversion-1 Support
• Develop and sharpen strategies, especially
• Final Approval of Batam Data Center Initiative
to increase revenue and profitability in
the digital business and prepare the right • B2B and TIF Organizational Transformation
products to face competition in that • KMR and CCIR Organizational Transformation
business. • Strategic Fit OpCo-1
• Ensure that policies related to the • Project Eureka Support
technology portfolio and technology
• Contingency Plan Document for 2024
roadmap have been implemented with
• Write-off of Unbilled Accounts Receivable
discipline so that capex deployment is
in 2024
on target, the network modernization
program is completed, and an optimal • PT Telkom Infrastruktur Indonesia (TIF)
level of capex efficiency is achieved. Parenting Adjustment
• Develop the focus of Telkom’s business 5. Subsidiary Monitoring
model and identify TelkomGroup's During FY-2024, KEMPR has assisted the Board
strengths in infrastructure and of Commissioners in monitoring subsidiaries’
connectivity to improve TelkomGroup's performance and financial health. Some
competitiveness and financial subsidiaries need attention in terms of the
performance. following:
• Ensure the use of capex is targeted and • Maintaining the Health Level of the
efficient and quantitatively impacts Subsidiaries, including the Altman Z-score
revenue, EBITDA, and Net Income. ratio and capital adequacy to Debt to Equity
• Ensure capex spending is anticipatory ratio.
and responsive by considering leading- • Residual risk level in effective capex and OPEX
edge technological advances such as management.
integrating AI, machine learning, and • Increasing the Capacity and Capability of
automation. Human Resources in each of the Subsidiaries
3. Enterprise Risk Management (ERM)
Based on the monitoring of the Company’s risk
profile, three things receive attention, namely:
• Implementation of risk management within
the Company and on strategic projects.
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264 Corporate Governance
Education and Training of KEMPR
KEMPR Education and Training Policy
The KEMPR education and training policy refers to the Regulation of the Minister of SOEs No. PER-2/
MBU/02/2023 regarding Guidelines for Governance & Significant Corporate Activities of SOEs and the Decree
of the Deputy Minister of SOEs for Finance and Risk Management No. SK-3/DKU. MBU/05/2023 dated May
26, 2023 regarding Technical Guidelines for the Composition and Qualification of Risk Management Organs
in State-Owned Enterprises which regulates the composition of members of the Integrated Governance
Committee. The regulation, among others, states that the Board of Commissioners are required to undergo
training of at least 20 hours on topics such as risk management, fraud, business, corporate business activities,
legal, compliance, finance, accounting and auditing. The same applies to members of the Risk Monitoring
Committee in this case the KEMPR in the Company, where the KEMPR is required to undergo training for at
least 20 hours per year on the same topic as described above.
KEMPR Education and Training in 2024
During 2024, Telkom will include KEMPR members in various education and training programs to improve their
competence. Some of them include:
KEMPR Education and Training in 2024
No. Training Program Organizer City/Country Date Participants
1. Deputy Investment Manager Association of Jakarta January 17, Janson
Continuing Professional Deputy Investment 2024
Education Managers
2. Viva Technology Publicis Groupe & Paris, France May 22-25, Janson
Groupe LesEchos Le 2024
Parisien
3. Professional Level Certified Indonesian Institute Jakarta May 16-24, 1. Janson
Public Accountant of Accountants (IAI) 2024 2. Siswa Rizali
and BUMN School
of Excellence
4. Business Presentation and Story Foster & Bridge Jakarta and August 5, 6 1. Janson
Telling Skills Bogor and 14, 2024 2. Siswa Rizali
5. Tips & Tricks for Effective Institute of Applied Bogor August 15, 1. Janson
Communication Based on Psychology UI 2024 2. Siswa Rizali
Personality
6. Advanced Level Professional Indonesian Institute Jakarta August 19, 1. Janson
Accountant Certification of Accountants (IAI) 2024 2. Siswa Rizali
and BUMN School
of Excellence
7. Preparation and Evaluation of KPI Telkom Corpu Jakarta May 30 - 1. Janson
of the Board of Commissioners July 13, 2024 2. Siswa Rizali
8. Tech Week Singapore Tech Week Singapore October 9-10, Janson
Singapore 2024
9. Deputy Investment Manager Association of Jakarta November 26, Siswa Rizali
Continuing Professional Deputy Investment 2024
Education Managers
10. Risk Beyond 2024 Bali Enterprise Risk Bali December 1. Janson
Management 5-6, 2024 2. Siswa Rizali
Academy
Remarks:
* Education and Training of KEMPR members who are members of the Board of Commissioners can be seen in the Education and Training of the Board of
Commissioners.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 265
INTEGRATED GOVERNANCE The guidelines govern, among others, the following
COMMITTEE rules: (i) membership structure and requirements;
(ii) duties, obligations, and authorities; (iii) the scope
In accordance with the Resolution of the Board of of work implementation, meeting arrangements,
Commissioners Number 028/SRT/DK/2024 dated reporting, term of duty, and funding.
April 1, 2024, regarding the Approval of Telkom's Risk
Classification Based on the Level of Risk Intensity Duties of the Integrated Governance
in accordance with the Regulation of the Minister Committee
of SOEs Number PER-2/MBU/03/2023, Telkom 1. Evaluate and approve the Integrated Governance
has been designated as an SOE with a systemic A policy proposed by the Board of Directors;
classification. As such, Telkom is required to establish 2. Monitoring and evaluating the conformity of
KTKT by referring to the Regulation of the Minister the Company's and its subsidiaries' Integrated
of SOEs Number PER-2/MBU/03/2023 regarding Governance policies;
Guidelines for Governance and Significant Corporate
3. Evaluate the implementation of Integrated
Activities of State-Owned Enterprises and Decree
Governance, at least through an assessment
of the Deputy Minister of SOEs for Finance and Risk
of the adequacy of internal control and the
Management No SK-3/DKU.MSU/05/2023, dated
implementation of compliance functions in an
May 26, 2023, regarding Technical Guidelines for the
integrated manner; and
Composition and Qualifications of Risk Management
4. Monitoring and evaluating other Integrated
Organs within State-Owned Enterprise, regulates
Governance functions in accordance with the
the composition of members of the Integrated
provisions of laws and regulations, articles
Governance Committee ("Juknis").
of association, and/or decisions of the GMS/
The Integrated Governance Committee (KTKT) is Minister.
a Committee tasked with assisting the Board of
Commissioners in evaluating and approving the
Obligations of the Integrated Governance
Integrated Governance policies proposed by the
Committee
Board of Directors, monitoring and assessing the 1. Provide recommendations to the Board of
suitability of the Integrated Governance policies Commissioners for the improvement of the
of the Company and its Subsidiaries, as well as Integrated Governance policy;
monitoring and evaluating other Integrated 2. Prepare a report on the realization of the annual
Governance functions in accordance with the work program submitted in the Company's
provisions of laws and regulations, articles of Annual Report; and
association, and/or decisions of the GMS/Minister of 3. Uphold the Committee's confidentiality in
SOEs. accordance with applicable regulations.
Duties and Responsibilities of the Composition of the Integrated
Integrated Governance Committee Governance Committee
The scope, duties and responsibilities of KTKT are Based on the Resolution of the Board of
regulated in the Guidelines for the Implementation of Commissioners No.06/KEP/DK/2024 dated April 2,
Integrated Governance Work, which is outlined in the 2024 which was updated with the Resolution of the
Resolution of the Board of Commissioners Number Board of Commissioners No. 01/KEP/DK/2025 dated
08/KEP/DK/2024 dated April 16, 2024 regarding the January 2, 2025 regarding the Membership Structure
Guidelines for the Implementation of Work (Charter) of the Integrated Governance Committee of the
of the Integrated Governance Committee of the Company (Persero) PT Telekomunikasi Indonesia
Company (Persero) PT Telekomunikasi Indonesia Tbk. Tbk, the composition of the KTKT membership is as
follows:
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266 Corporate Governance
Composition of Integrated Governance Committee Members as of December 31, 2024
Name and Status of
Position Basis of Appointment Served since
Concurrent Positions
Head Bambang P.S. Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Brodjonegoro KEP/DK/2024 dated April 2, 2024 and updated based
President Commissioner on the Resolution of the Board of Commissioners
/ Independent Number 01/KEP/DK/2025 dated January 2, 2025.
Commissioner
Member Bono Daru Adji Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Independent KEP/DK/2024 dated April 2, 2024 and updated based
Commissioner on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Marcelino Rumambo Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Pandin KEP/DK/2024 dated April 2, 2024 and updated based
Commissioner on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Sarwoto Atmosutarno Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of KEP/DK/2024 dated April 2, 2024 and updated based
PT Telekomunikasi Selular on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Andi Agus Akbar Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of KEP/DK/2024 dated April 2, 2024 and updated based
PT Graha Sarana Duta on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
I Ketut Budi Utama Resolution of the Board of Commissioners Number 06/ April 2, 2024 - June
Commissioner of KEP/DK/2024 dated April 2, 2024 30, 2024
PT Infrastruktur
Telekomunikasi Indonesia
Vedi Noviana Suherman Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of PT KEP/DK/2024 dated April 2, 2024 and updated based
Metra-Net on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Sofian Saleh Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of KEP/DK/2024 dated April 2, 2024 and updated based
Independen on the Resolution of the Board of Commissioners
PT Multimedia Nusantara Number 01/KEP/DK/2025 dated January 2, 2025.
I Gusti Bagus Astawa Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of PT PINS KEP/DK/2024 dated April 2, 2024 and updated based
Indonesia on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Farida Sunarjati Resolution of the Board of Commissioners Number 06/ April 2, 2024-Present
Commissioner of KEP/DK/2024 dated April 2, 2024 and updated based
Independent on the Resolution of the Board of Commissioners
PT Sigma Cipta Caraka Number 01/KEP/DK/2025 dated January 2, 2025.
Michael Adiguna Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of PT KEP/DK/2024 dated April 2, 2024 and updated based
Telkom Data Ekosistem on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Muhammad Rofik Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of KEP/DK/2024 dated April 2, 2024 and updated based
PT Telekomunikasi on the Resolution of the Board of Commissioners
Indonesia International Number 01/KEP/DK/2025 dated January 2, 2025.
M. Ridwan Rizqi R Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Nasution KEP/DK/2024 dated April 2, 2024 and updated based
Komisaris Independen PT on the Resolution of the Board of Commissioners
Dayamitra Telekomunikasi Number 01/KEP/DK/2025 dated January 2, 2025.
Suharyoto Resolution of the Board of Commissioners Number 06/ April 2, 2024 - May 30,
Commissioner of PT KEP/DK/2024 dated April 2, 2024 2024
Telkom Akses
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 267
Name and Status of
Position Basis of Appointment Served since
Concurrent Positions
Rama Pratama Resolution of the Board of Commissioners Number 06/ April 2, 2024 - present
Commissioner of PT KEP/DK/2024 dated April 2, 2024 and updated based
Telkom Satelit Indonesia on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
Oktadiasih Muninggar * Resolution of the Board of Commissioners Number 01/ July 15, 2024 - present
Commissioner of KEP/DK/2025 dated January 2, 2025
PT Infrastruktur
Telekomunikasi Indonesia
Fahd Pahdepie ** Resolution of the Board of Commissioners Number 01/ July 10, 2024 - present
Commissioner of PT KEP/DK/2025 dated January 2, 2025
Telkom Akses
Remarks:
*)
Mrs. Oktadiasih Muninggar replaced I Ketut Budi Utama;
**) Mr. Fahd Pahdepie replaced Mr. Suharyoto.
Profile of Members of the Integrated Governance Committee and Member
of the Board of Commissioners
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Chairman of Integrated Governance Committee
Age Citizenship Domicile
58 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
1997 Ph.D., University of Illinois at Urbana-Champaign, Amerika Serikat
1993 Master of Urban Planning, University of Illinois at Urbana-Champaign, Amerika Serikat
1990 Bachelor of Economics, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
2024 Special Advisor to the President for Economic and National Development
2021 President Commissioner, PT Bukalapak Tbk
2021 Independent Commissioner, PT Astra International Tbk
2021 Commissioner, PT Combiphar
2021 Independent Commissioner, PT Indofood Tbk
2021 President Commissioner, PT Nusantara Green Energy
Work Experiences
2022 - 2024 President Commissioner, PT Prudential Syariah
2021 - 2025 Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023 President Commissioner, PT Oligo Infrastruktur
2019 - 2021 Minister of Research, Technology, and National Innovation Research Agency
2016 - 2019 Minister of National Development Planning of Indonesia
2014 - 2016 Minister of Finance of the Republic of Indonesia
2013 - 2014 Deputy Minister of Finance of the Republic of Indonesia
Professional Certifications
2021 Qualified Risk Governance Professional (QRGP)
*Resigned on March 7, 2025
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268 Corporate Governance
BONO DARU ADJI
Member of Integrated Governance Committee
Age Citizenship Domicile
56 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
1995 LLM, Monash University, Australia
1993 Bachelor of Law, Trisakti University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
2023 Member of the Ethics Committee of the Indonesian Football Association
2022 - 2025 Member of the Board of Directors of the Indonesian Audit Committee Association
2017 Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022 Disciplinary Committee, Indonesia Stock Exchange
2018 - 2021 Chairman of the Standards Board of the Capital Market Legal Consultants Association
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2017 Licensed to practice law as an advocate from the Association of Capital Market Legal Consultants
(HKHPM)
2017 Licensed to practice as an advocate from the Indonesian Advocates Association (PERADI)
MARCELINO RUMAMBO PANDIN
Member of Integrated Governance Committee
Age Citizenship Domicile
59 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
2007 Ph.D. of Technology and Innovation, The University of Queensland, Australia
2005 Graduate Diploma in Company Director Course, Australian Institute of Company Director (GAICD),
Australia
2003 Diploma in Company Direction (Chartered Director Level II), The Institute of Directors (IoD), London,
Inggris
1999 Master of Philosophy, Judge Business School University of Cambridge, Inggris
1991 Bachelor of Architectural Engineering, Bandung Institute of Technology, Indonesia
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 269
MARCELINO RUMAMBO PANDIN
Member of Integrated Governance Committee
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
Does not have a dual position
Work Experiences
2018 - 2019 Committee, World Observatory on Subnational Government Finance, and Investment OECD Paris,
France
2017 - 2019 Senior Policy Advisor on City Finance, United City and Local Government (UCLG) Asia Pacific
Professional Certifications
2024 Chartered Accountant, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024 Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023 Qualified Risk Governance Professional (QRGP)
2020 Certification of Audit Committee Practice (CACP)
2015 Company Directors Course (CDC)
2014 Company Directors Course (CDC)
Profiles of Members of the Integrated Governance Committee Who Are
Members of the Board Of Committee of Subsidiaries
SARWOTO ATMOSUTARNO
Member of Integrated Governance Committee
Age Citizenship Domicile
67 years old Indonesian Yogyakarta, Indonesia
Educational Backgrounds
S2 – Master of European Business Engineering (MSc)
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
November 27, 2023 - present
Work Experiences
2021 - 2024 Chairman of Indonesian Telematics Society (MASTEL)
2009 - 2012 President Director of PT Telkomsel
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP)
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270 Corporate Governance
ANDI AGUS AKBAR
Member of Integrated Governance Committee
Age Citizenship Domicile
57 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
1998 Master of Business Telecommunication, technology University of Delft, Netherland
1991 Bachelor of Electrical Engineering, Universitas Hasanuddin, Makassar
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
November 28, 2023 - present
Work Experiences
June 2024 - Chairman of the Risk Monitoring Committee and Integrated Governance Committee of PT Graha
present Sarana Duta
December 2023 Chairman of the Audit Committee of PT Graha Sarana Duta
- present
November 2023 Commissioner of PT Graha Sarana Duta
- present
July 2020 - SVP Corporate Secretary of PT Telekomunikasi Cellular
present
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP)
2024 Regulatory Compliance
I KETUT BUDI UTAMA
Member of Integrated Governance Committee
Age Citizenship Domicile
58 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
Master of Science of Electrical Engineering & Computer Science (The George Washington University)
Bachelor (Ir) of field Study Telecommunication (ITS)
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024
Term of Office
2023 - 2024
Work Experiences
2024 - present CEO PT Telkom Infrastructure Indonesia (TIF)
2023 - 2024 Chief Commission PT Infrastruktur Telekomunikasi Indonesia
2021 - 2023 CEO PT Telkom Akses
2020 - 2021 Supply & Commerce Director PT Telkom Akses
2019 - 2020 EVP at Telkom Regional Sumatera
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 271
I KETUT BUDI UTAMA
Member of Integrated Governance Committee
2016 - 2019 EVP at Telkom Regional Jawa Barat
2015 - 2016 Deputy EVP of Infrastructure at Telkom Regional Jawa Timur
2014 - 2015 Deputy EGM of Business Solution at Telkom IT Division
2012 - 2014 GM of Telkom Bali
2007 - 2012 GM of Network Flexi at Telkom Jatim, Bali & Nusra
2004 - 2007 GM of Corporate Customer at Telkom Jatim&Sumatera
2002 - 2004 GM of Internet Business Unit at Telkom JATIM
1991 Staff at Project Telecom III at PT Telkom HQ
Professional Certifications
2022 Qualified Risk Governance Professional (QRGP)
2017 Leading Transformation in Digital Edge, Executive Training at Kellog School of Management
Northwestern Univ, Chicago, USA
VEDI NOVIANA SUHERMAN
Member of Integrated Governance Committee
Age Citizenship Domicile
57 years old Indonesian Bogor, Indonesia
Educational Backgrounds
2018 S2 STIE Indonesia School of Management, Indonesia
2003 S1 Open University, Indonesia
1991 D3 State College of Accounting, Indonesia
1986 SMA Equivalent SMAN Cicalengka, Indonesia
1983 Junior High School Equivalent to Cicalengka State Junior High School, Indonesia
1980 Tenjolaya State Elementary School I, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2024 - present
Work Experiences
2021 - present Manager of Procurement of Young Goods / Services of the Ministry of SOEs
2020 - 2021 Sub-Coordinator of the Ministry of SOEs
2020 Controller of the Sub-Function of the Ministry of SOEs
2015 - 2020 Head of the Equipment and Household Subdivision of the Ministry of SOEs
2014 - 2015 Head of the Energy and Mining Business Sub-Division of the Ministry of SOEs
2012 - 2014 Head of the Administration Sub-Division of the Inspectorate General of the Ministry of SOEs
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP) 2024
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272 Corporate Governance
SOFIAN SALEH
Member of Integrated Governance Committee
Age Citizenship Domicile
60 years old Indonesian South Tangerang, Indonesia
Educational Backgrounds
1984 - 1989 Under Graduate , Faculty of Economy, University of Southern California (USC), Los Angeles, USA
1980 - 1983 SMA Negeri 37 Jakarta, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
December 2022 - present
Work Experiences
2022 - present Independent Commissioner of PT Multimedia Nusantara
Secretary of the Indonesian Bilateral Committee - Brunei / Indonesian Chamber of Commerce and
2022 - present
Industry
2022 - present Supervisory Board of the Indonesian Film Companies Association
2019 - present PR & Communication, B2G Business/V2 Indonesia (Teknologi Audio Visual)
2007 - 2019 President Director of PT MM Insa Film (Film Production)
2001 - 2006 Marketing Director of PT Tria Putra Pertiwi (Retail)
1999 - 2001 Government Relations Officer of PT Surya Cipta Internusa, Tbk. (Construction & Property)
1995 - 1999 Manager Marketing PT Multi Media Lestari (Advertising)
1990 - 1995 Manager Marketing PT Satria Timur Wisesa (Artist Promotor)
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP)
I GUSTI BAGUS ASTAWA
Member of Integrated Governance Committee
Age Citizenship Domicile
51 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
S2 Telecommunication Engineering, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2023 - present
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 273 I GUSTI BAGUS ASTAWA Member of Integrated Governance Committee Work Experiences 2022 - present Deputy Executive Vice President Divisi Government Service PT Telkom Indonesia (Persero) Tbk 2016 - 2022 OSM Bidding Management Divisi Government Service PT Telkom Indonesia (Persero) Tbk 2015 - 2016 OSM Legal & Compliance Divisi Government Service PT Telkom Indonesia (Persero) Tbk Professional Certifications 2024 Qualified Risk Governance Professional (QRGP) FARIDA SUNARJATI Member of Integrated Governance Committee Age Citizenship Domicile 54 years old Indonesian Jakarta, Indonesia Educational Backgrounds 1993 Bachelor of Economics and Accounting - Tarumanagara University, Jakarta Basis of Appointment Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025. Term of Office 1 August 2023 - present Work Experiences 2023 - present Independent Commissioner PT Sigma Cipta Caraka 2010 - 2023 Head of Risk Management PT Beyond Media 2007 - 2020 Deputy Chief Financial Officer (CFO) PT Emas Indonesia Duaribu 2005 - 200 Financial Controller Mugi Rekso Abadi (MRA) Group - Printed Media Division 1999 - 2005 Treasury & Accounting Manager PT Higina Alhadin 1996 - 1999 Supervisor Group Finance PT Eterindo Wahanatama, Tbk 1993 - 1996 Senior Auditor Prasetio Utomo & Co – Arthur Andersen & Co, SC Registered Public Accountant Professional Certifications 2024 Qualified Risk Governance Professional (QRGP)
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274 Corporate Governance
MICHAEL ADIGUNA
Member of Integrated Governance Committee
Age Citizenship Domicile
50 years old Indonesian Jakarta
Educational Backgrounds
1997 S1 STT Telekomunikasi – Bandung, Indonesia
2007 S2 Diponegoro University – Semarang, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
June 26, 2023 - present
Work Experiences
2021 - present Vice President Wholesale Product & Service PT Telkom Indonesia (Persero) Tbk
2020 - 2021 Senior Executive Account Manager PT Telkom Indonesia (Persero) Tbk
2019 - 2020 General Manager Carrier Service PT Telkom Indonesia (Persero) Tbk
2016 - 2018 OSM Business Operation & Rev Assurance Telkom PT Telkom Indonesia (Persero) Tbk
2015 - 2016 Assistant Vice President Sales Strategy - Carrier Voice & VAS PT Telkom Indonesia (Persero) Tbk
2015 Manager Revenue Assurance PT Telkom Indonesia (Persero) Tbk
2014 Manager Business Assurance & Fraud Management PT Telkom Indonesia (Persero) Tbk
Professional Certifications
2024 GRCE (Governance, Risk & Compliance Professional Certification) TRK Key Professional Certification.
404.00096.2024 - BNSP
2024 Advanced Governance, Risk & Compliance For Executive - PT Strategic Development Group
MUHAMMAD ROFIK
Member of Integrated Governance Committee
Age Citizenship Domicile
52 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
2009 Master of Management, Institut Manajemen Telkom Bandung
1997 Bachelor of Information Technology, STT Telkom
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
July 2023 - present
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 275
MUHAMMAD ROFIK
Member of Integrated Governance Committee
Work Experiences
2022 - present EVP Wholesale Division of PT Telkom Indonesia (Persero) Tbk
2020 - 2022 VP Corporate Strategic Planning & Performance Direktorat Wholesale & International Service PT
Telkom Indonesia (Persero) Tbk
2018 - 2020 VP Corporate Strategy PT Telekomunikasi Indonesia International
2012 - 2018 1. AVP Business Development, PT Telkom Indonesia (Persero) Tbk;
2. AVP Business Performance, PT Telkom Indonesia (Persero) Tbk;
3. AVP Business Transformation, PT Telkom Indonesia (Persero) Tbk.
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP)
M. RIDWAN RIZQI R NASUTION
Member of Integrated Governance Committee
Age Citizenship Domicile
42 years old Indonesian Jakarta, Indonesia
Educational Backgrounds
2008 - 2009 London Metropolitan University, UK
MA in International Finance
2007 - 2008 Middlesex University
BA Honours in Business Studies
2003 - 2006 University of Newcastle upon Tyne
BA Honours in Financial & Business Economics
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
August 2020 – present
Work Experiences
2020 - present Independent Commissioner of PT Dayamitra Telekomunikasi
2026 - present Commissioner of PT Majoris Asset Management
2015 - 2020 Independent Commissioner of PT Asuransi BRI Life
2014 - 2016 President Commissioner of PT Mitra Sentosa Paramaabadi
Professional Certifications
2024 Qualified Risk Governance Professional (QRGP)
2016 Capital Market Professional Standards Committee (Deputy Investment Manager)
2015 Risk Management of Level 5 Insurance Companies (Indonesian Insurance Management Experts
Association)
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276 Corporate Governance
SUHARYOTO
Member of Integrated Governance Committee
Age Citizenship Domicile
52 years old Indonesian Bandung, Indonesia
Educational Backgrounds
2011 Master of Management, Universitas Semarang
1995 Bachelor of Electrical Engineering, STT Telkom
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024
Term of Office
March 19 - July 9, 2024
Work Experiences
February - September 2024 Independent Commissioner of PT Telkom Akses
September 2022 - June 2024 EGM Divisi Service Operation PT Telkom Indonesia (Persero) Tbk.
October 2021 - August 2022 EVP Global Digital & Service Operation PT Telkom Indonesia International
Professional Certifications
-
RAMA PRATAMA
Member of Integrated Governance Committee
Age Citizenship Domicile
50 years old Indonesian Depok, Indonesia
Educational Backgrounds
1999 Bachelor of Economics and Accounting, Faculty of Economics, UI
2008 Master of Postgraduate Political Science, Faculty of Social and Political Sciences, UI
2021 Doctor of Accounting Postgraduate Science, Faculty of Economics and Business, UI
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2021 - present
Work Experiences
2024 Member of TelkomGroup's Integrated Governance Committee
2021 - present Telkomsat Board of Commissioners
2021 - present Telkomsat Audit Committee
Professional Certifications
Certified Risk Executive Leader (CREL) Nomor: SERT-2059/DL/3/2024 BPKP
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 277 OKTADIASIH MUNINGGAR Member of Integrated Governance Committee Age Citizenship Domicile 52 years old Indonesian Jakarta, Indonesia Educational Backgrounds 2007 Master of Telecommunication Management, Universitas Indonesia 1995 Bachelor degree of Electrical Engineering, STT Telkom Basis of Appointment Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025 Term of Office 2024 - present Work Experiences 2022 - present VP Wholesale Solution & Customer Management PT Telkom Indonesia (Persero) Tbk 2019 OSM Managed Service Planning and Development PT Telkom Indonesia (Persero) Tbk 2016 - 2018 OSM Business Development PT Telkom Indonesia (Persero) Tbk Professional Certifications 2023 Certified in Enterprise Risk Governance 2023 Qualified Risk Governance Professional (QRGP) FAHD PAHDEPIE Member of Integrated Governance Committee Age Citizenship Domicile 37 years old Indonesia South Tangerang, Indonesia Educational Backgrounds 2015 Master of International Relations & Affairs, Monash University, Australia 2009 Bachelor of International Relation, Universitas Muhammadiyah, Yogyakarta Basis of Appointment Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025 Term of Office July 10, 2024 – present Work Experiences 2022 - present Independent Commissioner of PT Telkom Akses 2024 - present Member of the Integrated Governance Committee of PT Telkom Indonesia (Persero) Tbk 2021 - present CEO Inilah.com Professional Certifications 2024 Qualified Risk Governance Professional (QRGP)
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278 Corporate Governance
Independence of the Integrated different from the same industrial sector as the
Governance Committee Company in the same period.
All members of the Integrated Governance
Committee are required to fulfill the aspect of
Activity Implementation of
independence in carrying out their duties in
Integrated Governance Committee
accordance with the terms and conditions listed in Integrated Governance Committee Meeting
the Guidelines for the Implementation of Work Policy
(Charter) of the Integrated Governance Committee,
namely: The KTKT Meeting Policy is regulated in the
Guidelines for the Implementation of Work (Charter)
1. Not a member of the Board of Directors of the
of the Integrated Governance Committee, including
Company within the last 6 (six) months before
regulating the type of meeting, quorum requirements,
being appointed by the Board of Commissioners
frequency of meetings, procedures for holding
of the Company.
meetings, decision-making and documentation of
2. Do not have a family relationship due to marriage
meeting results.
and descent up to the second degree, either
horizontally or vertically with the Board of 2024 Integrated Governance Committee
Commissioners and Directors of the Company or Meeting
its subsidiaries.
During 2024, Telkom's Integrated Governance
3. Not concurrently as a member of the Committee
Committee has held 4 (four) meetings with the
whose scope of duties is related to the Governance
following levels of member attendance.
function in the Issuer or Public Company which is
Agenda and Attendance of Integrated Governance Committee Meeting
No Date Meeting Agenda
1. Wednesday First Meeting, Introduction of KTKT Members
May 22, 2024
Attendance BPSB BDA MRP SA AAA OM IKBU VNS SS IGBA FS MA MR MRRN S FP RP
list
√ √ - √ √ N/A √ √ - √ √ √ √ √ √ N/A √
2. Tuesday Sharing session with KTKT members:
July 23, 2024
• Satellite industry updates
• TelkomGroup's accounts receivable
• Cyber security
Attendance
BPSB BDA MRP SA AAA OM IKBU VNS SS IGBA FS MA MR MRRN S FP RP
list
√ √ √ √ √ √ N/A √ √ √ √ √ √ √ N/A √ √
3. Wednesday Sharing session by Deloitte: Identifying Potential Corporate Weaknesses Through Financial Reports
October 16,
2024
Attendance BPSB BDA MRP SA AAA OM IKBU VNS SS IGBA FS MA MR MRRN S FP RP
list √ - √ √ √ √ N/A √ √ √ √ √ √ √ N/A √ √
4. Tuesday Discussion on Risk Management Management at TelkomGroup
December
10, 2024
Attendance BPSB BDA MRP SA AAA OM IKBU VNS SS IGBA FS MA MR MRRN S FP RP
list √ √ √ √ √ √ N/A √ √ √ √ √ √ √ N/A √ √
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro IKBU I Ketut Budi Utama MR Muhammad Rofik
BDA Bono Daru Adji VNS Vedi Noviana Suherman MRRN M. Ridwan Rizqi R Nasution
MRP Marcelino Rumambo Pandin SS Sofian Saleh S Suharyoto
SA Sarwoto Atmosutarno IGBA I Gusti Bagus Astawa FP Fahd Pahdepie
AAA Andi Agus Akbar FS Farida Sunarjati RP Rama Pratama
OM Oktadiasih Muninggar MA Michael Adiguna
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 279
Recapitulation of the Attendance of the 2024 Integrated Governance Committee Meeting
Number of Number of Attendance
No. Name Position
Meetings Attendance Percentage
1. Bambang P.S. 4 4 100%
Chairman
Brodjonegoro
2. Bono Daru Adji Member 4 3 75%
3. Marcelino Rumambo 4 3 75%
Member
Pandin
4. Sarwoto Atmosutarno Member 4 4 100%
5. Andi Agus Akbar Member 4 4 100%
6. I Ketut Budi Utama Member 1 1 100%
7. Vedi Noviana Suherman Member 4 4 100%
8. Sofian Saleh Member 4 3 75%
9. I Gusti Bagus Astawa Member 4 4 100%
10. Farida Sunarjati Member 4 4 100%
11. Michael Adiguna Member 4 4 100%
12. Muhammad Rofik Member 4 4 100%
13. M. Ridwan Rizqi R Nasution Member 4 4 100%
14. Suharyoto Member 1 1 100%
15. Rama Pratama Member 4 4 100%
16. Oktadiasih Muninggar Member 3 3 100%
17. Fahd Pahdepie Member 3 3 100%
Education and Training Policy of the Integrated Governance Committee
Education and Training Policy of the Integrated Governance Committee
The implementation of Education and Training for members of the Integrated Governance Committee
refers to:
1. Regulation of the Minister of SOEs No PER-2/MBU/03/2023 regarding Guidelines for Governance and
Significant Corporate Action Activities of SOEs;
2. Resolution of the Deputy for Finance and Risk Management of the Ministry of SOEs Number SK-3/DKU.
MBU/05/2023 regarding Technical Instructions for the Composition and Qualification of Risk Management
Organs in the SOE Environment; and
3. Letter of the Minister of SOEs Number S-491/MBU/10/2023 dated September 29, 2023 addressed to the
Board of Directors and the Board of Commissioners/Supervisors of SOEs regarding the Aspirations of
Shareholders (APS) for the Preparation of the Company's Work Plan and Budget for 2024.
Integrated Governance Committee Education and Training 2024
During 2024, Telkom will involve members of the Integrated Governance Committee in various education and
training programs to improve their competencies. Some of them include:
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280 Corporate Governance
Education and Training of Telkom Integrated Governance Committee 2024
No Name Program Name Year Organizers
1. Sarwoto Atmosutarno • Qualified Risk Governance 2024 LSP MKS
Professional
• Regulatory Compliance
2. Andi Agus Akbar Qualified Risk Governance 2024 LSP MKS
Professional
3. Vedi Noviana Suherman Qualified Risk Governance 2024 LSP MKS
Professional
4. Sofian Saleh Qualified Risk Governance 2024 LSP MKS
Professional
5. I Gusti Bagus Astawa Qualified Risk Governance 2024 LSP MKS
Professional
6. Farida Sunarjati Qualified Risk Governance 2024 LSP MKS
Professional
7. Muhammad Rofik Qualified Risk Governance 2024 LSP MKS
Professional
8. M. Ridwan Rizqi R Nasution Qualified Risk Governance 2024 LSP MKS
Professional
9. Michael Adiguna • GRCE (Governance, Risk & 2024 BNSP
Compliance Professional
Certification) TRK.
404.00096.2024 - BNSP (2024)
• Advanced Governance, Risk & 2024 PT Strategic
Compliance For Executive - PT Development
Strategic Development Group Group
(2024)
10. Oktadiasih Muninggar ** • Certified in Enterprise Risk 2023 BNSP
Governance
• Qualified Risk Governance 2023 LSP MKS
professional
11. Fahd Pahdepie ** • Qualified Risk Governance 2023 CRMS
Professional
• Certified in Enterprise Risk 2023 CRMS
Governance
12. Rama Pratama Certified Risk Executive Leader 2023 BPKP
Remarks:
*) Education and Training of members of the TKT Committee who are members of the Board of Commissioners of the Company can be seen in the Education
and Training of the Board of Commissioners of the Company.
**) The obligation to meet the training hour quota is calculated starting in 2025.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 281
Board of Directors
Law No. 40 of 2007 on Limited Liability Companies BOARD OF DIRECTORS’
stipulates that the Board of Directors is an organ of CHARTER
the Company that has full authority and responsibility
for the management of the Company, with the aim To improve the performance of the Board of
of the Company's interests in accordance with the Directors to be more focused and create better
vision and mission that has been set. The Board synergy among members of the Board of Directors,
of Directors also has the role of representing the Telkom has a Board Manual as outlined in the Joint
Company, both in legal matters inside and outside Regulation of the Board of Commissioners and
the court, in accordance with the provisions of Directors No. 05/KEP/DK/2022 and PD.620.00/r.01/
the articles of association and applicable laws and HK200/COP-M4000000/2022. This Board Manual
regulations. serves as a guideline for the Board of Directors in
carrying out its duties, including work rules, authority,
In carrying out its duties, the Board of Directors duties, responsibilities, obligations, division of
must comply with all applicable laws and regulations, duties, meetings, provisions regarding conflicts of
follow the provisions in the Company's articles of interest, share ownership, as well as regulation of
association, and be guided by the Board Charter. mechanisms and division of labor between members
In addition, the Board of Directors is required of the Board of Directors that are not regulated in
to implement the principles of professionalism, the Company's articles of association or applicable
efficiency, transparency, independence, laws and regulations.
accountability, responsibility, and fairness in every
step and decision.
BOARD OF DIRECTORS’
DIVERSITY
BASIS OF APPOINTMENT OF
THE BOARD OF DIRECTORS Telkom upholds equal human rights as stipulated in
Law No. 39 Year 1999 on Human Rights. Therefore,
The mechanism for selecting and appointing Telkom's Telkom's Major and Controlling Shareholders
Board of Directors members is carried out through guarantee the absence of discrimination in the
the GMS. Telkom's main and controlling shareholder selection and appointment of the Board of Directors,
is the Government of Indonesia, represented by even though it is not stated in a special policy.
the Ministry of State-Owned Enterprises (BUMN). Members of the Board of Directors are selected
The appointment or selection of Directors as professionals with good expertise, skills, and
considers the competence, expertise, integrity, and integrity, per Telkom's digital era needs.
background required by the Company. Prospective
members who are elected are ensured to have met The 2023 AGMS appointed nine members of the
the criteria and requirements determined in the Fit Board of Directors, one of whom is a woman. The
and Proper Test. decision was made based on a transparent selection
process that showed no discrimination against
women in the appointment of Telkom's Board of
Directors.
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282 Corporate Governance
Board of Directors’ Diversity as of December 31, 2024
Background of Expertise Level of
No. Name Position Gender
and Skill Education
1. Ririek Adriansyah President Director Male Electrical Engineering Bachelor
2. Heri Supriadi Director of KMR Male Business Management Doctor
3. FM Venusiana R. Director of EBIS Female Electrical Engineering Master
4. Herlan Wijanarko Director of NITS Male Electrical Engineering Master
5. Muhamad Fajrin Rasyid Director of DB Male Informatics Engineering Bachelor
6. Budi Setyawan Wijaya Director of SP Male Industrial Engineering and Master
Management
7. Afriwandi Director of HCM Male Industrial Engineering Master
8. Bogi Witjaksono Director of WINS Male Telecommunication Master
Engineering
9. Honesti Basyir Director of GBD Male Corporate Finance Master
Remarks:
KMR Keuangan & Manajemen Risiko EBIS Enterprise & Business Service NITS Network & IT Solution
WINS Wholesale & International Service HCM Human Capital Management DB Digital Business
SP Strategic Portfolio GBD Group Business Development
Telkom supports the diversity of members of the Board of Directors, especially regarding gender diversity as
stated in the Policy. Currently, there is one woman as a member of the Board of Director whose position as
Director of EBIS.
Composition Diversity of Board of Composition Diversity of Board of
Directors Gender Directors Education Level
Male 88,89% Doctor 11,11%
Female 11,11% Master 66,67%
Bachelor 22,22%
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 283
BOARD OF DIRECTORS’ e. Controlling the management of strategic aspects
AUTHORITIES, DUTIES, AND of the functions of finance and risk management,
RESPONSIBILITIES human capital, digital business, and strategic
portfolios in all business portfolios carried out
The management of the TelkomGroup is carried out within the scope of the TelkomGroup;
through the TelkomGroup Board of Executives (BoE),
f. Leading the development process for
which is coordinated by the Main Director of Telkom
TelkomGroup leaders, as well as appointing and
as the Chief of Executive (CEO) of the TelkomGroup.
dismissing office holders in certain positions in
The main duties of the President Director are:
accordance with stipulated career management
a. Coordinating the process of structuring and/ regulations, as well as coaching TelkomGroup
or reconstructing aspects of the Company's leaders;
philosophy which includes but is not limited to g. Periodically reporting the Company's
the vision, mission, goals, corporate culture, and performance in accordance with the provisions
leadership architecture; applicable to public companies; and;
b. Formulate and state the strategic direction h. Establish policies and decisions related to
in order to condition the Company's ability to the management of the Company and the
achieve sustainable competitive growth in the TelkomGroup as referred to in letters a through
entire TelkomGroup business portfolio and and other matters that have not been formulated
risk control as well as interacting with external in the duties and authorities of each member of
constituents; the Board of Directors in this regulation.
c. Controlling the strategic planning function within
In carrying out his duties, the President Director is
the scope of the TelkomGroup and directing
assisted by several Directors. The following table
growth efforts with a focus on new business
is the duties and responsibilities of each Director
portfolios;
according to their field:
d. Controlling the direction of the Company and
the TelkomGroup in driving new business,
entering/developing new markets, as well as
internationalization/regionalization;
Directorship Duties and Responsibilities
Director of Enterprise & Business 1. In addition to his duties as a member of the Board of Directors, the EBIS Director
Service (Director of EBIS) is responsible for business strategy in the context of conditioning sustainable
competitive growth through winning competitions and growing the corporate
segment business portfolio (enterprise, government, and business).
2. The Director of EBIS, as a member of the Board of Executive was appointed
as CEO of Enterprise Business and is tasked with carrying out the parenting
strategy function through strategic control, coordination, and subsidiary
performance management in the context of creating company's value through
optimizing and harmonizing interrelationships between the parent and all
entities managing CFU operations Enterprise Business within the scope of
TelkomGroup.
Director of Wholesale & International 1. In addition to his duties as a member of the Board of Directors, the Director
Service (Director of WINS) of WINS is responsible for business strategy in the context of conditioning
sustainable competitive growth through winning competitions and growing
the business portfolio in the wholesale and international segment.
2. The Director of WINS as part of the Board of Executive members was appointed
as CEO of Wholesale & International Business who is tasked with carrying out
the parenting strategy function through strategic control, coordination, and
subsidiary performance management in the context of creating company's
value through optimizing and harmonizing interrelationships between the
parent and all managing entities CFU operations Wholesale & International
Business (WIB) within the scope of TelkomGroup.
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284 Corporate Governance
Directorship Duties and Responsibilities
Director of Strategic Portfolio 1. In addition to his duties as a member of the Board of Directors, the SP Director
(Director of SP) is responsible for providing a corporate-level strategy formulation, which
includes directional strategy, portfolio strategy, and parenting strategy, as well
as exploring new sources of growth for the growth of TelkomGroup's business
portfolio through alliances & acquisitions.
2. The SP Director, as part of the Board of Executive members was appointed
as Chief Strategic Officer (CSO) who is tasked with implementing functional
strategy and business development parenting strategy in the context of
creating company's value through optimizing and harmonizing strategy and
business development management within the scope of TelkomGroup.
Director of Digital Business (Director 1. In addition to his duties as a member of the Board of Directors, the DB Director
of DB) is responsible for the availability of innovation strategy formulation to optimize
coherent digital service business exploration within the scope of TelkomGroup.
2. The DB Director, as part of the Board of Executive members was appointed as
Chief Digital and Innovation Officer (CDIO) who is tasked with implementing
the digital business functional parenting strategy in the context of creating
company's value through optimizing and harmonizing digital business
management within the scope of TelkomGroup.
Director of Network & IT Solution 1. In addition to his duties as a member of the Board of Directors, the NITS
(Director of NITS) Director is responsible for the business strategy to leverage the Company's
resource capabilities to grow/enlarge/exploit established businesses/services
through the utilization of infrastructure and IT to support the TelkomGroup's
business portfolio in a synergistic manner as well as transforming the Network/
IT infrastructure at TelkomGroup to increase operational management
efficiency by prioritizing investment in networks and IT systems to accelerate
digital business growth.
2. The NITS Director, as part of the Board of Executive members was appointed as
Chief Information Technology Officer (CITO) who is tasked with implementing
parenting strategies to increase company's value through optimizing and
harmonizing NITS functional management within the scope of TelkomGroup.
Director of Finance and Management 1. In addition to his duties as a member of the Board of Directors, the KMR Director
Risk (Director of KMR) is responsible for the availability of directional strategy formulation, portfolio
strategy, and parenting strategy, especially from the company's financial,
supply, and risk management aspects to realize sustainable competitive
growth within the scope of the TelkomGroup.
2. The Director of KMR as part of the members of the Board of Executives,
is appointed as Chief Financial & Risk Officer (CFRO) who is tasked with
implementing TelkomGroup's functional financial and risk management
parenting strategy, including controlling asset management and asset leverage
by implementing strategic control, coordination and subsidiary performance
management in the context of creating company's value through optimizing
and harmonizing interrelationships between the parent and all operational
management entities and subsidiaries FU Finance & Risk Management.
Director of Human Capital 1. In addition to his duties as a member of the Board of Directors, the HCM Director
Management (Director of HCM) acts as a strategic partner for the business lines and corporate functions of
TelkomGroup's human capital management, supporting business units and
subsidiaries through developing a center of excellence for human capital
management functions, providing guidance and policies in implementing
alignment and strategic human capital integration, as well as integrating the
talent management system.
2. The HCM Director as part of the members of the Board of Executives,
is appointed as Chief Human Capital Officer (CHCO) who is tasked with
implementing the functional human capital management parenting strategy
within the scope of the TelkomGroup and managing the supervision of the
Pension Fund and the Telkom Foundation by implementing strategic control,
coordination and foundation performance management in order to create
company's value through optimizing and harmonizing interrelationships
between the parent and all operational management entities of the FU HCM
Subsidiaries.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 285
Directorship Duties and Responsibilities
Director of Group Business 1. In addition to his duties as a member of the Board of Directors, the GBD
Development (Director of GBD) Director is responsible for the business development and corporate strategic
governance covering development strategy, alignment strategy, business
planning, and business development to build competitive advantage for the
growth engine of the business portfolio.
2. The GBD Director, as part of the Board of Executive members, is appointed
as CEO of Growth Business (GB) who is tasked with implementing parenting
strategy, functional strategy & business development in the context of creating
Company's value through optimizing and harmonizing the interrelation
between parent and CFU Group Business Development (GBD) operations
within the scope of TelkomGroup.
Furthermore, in the event of Company’s losses, each member of the Board of Directors is jointly and severally
liable for losses caused by errors or negligence in carrying out their duties. Members of the Board of Directors
are not responsible for the Company's losses if they can prove it:
1. Such loss is not caused by their mistake or negligence;
2. They have performed actions in good faith, with full responsibility, and prudentially for the interest and
based on the purpose and objective of the Company;
3. They do not have any conflict of interest either, directly or indirectly, for the management activities causing
the loss; and
4. They have taken the action to prevent the occurrence or continuation of such loss.
BOARD OF DIRECTORS’ DOUBLE POSITION
Board of Directors’ Double Position Policy
In 2024, there will be members of the Telkom Board of Directors who hold concurrent positions, both in the
Parent Company, Subsidiaries, and other entities, as presented in the following table:
Board of Directors’ Double Position as of December 31, 2024
Telkom
No. Name Subsidiaries Other Entities
Position Other Position
1. Ririek Adriansyah President None None None
Director
2. Heri Supriadi Director of KMR Commissioner PT Telekomunikasi None
Selular (Telkomsel)
3. FM Venusiana R. Director of EBIS None None None
4. Herlan Wijanarko Director of NITS President PT Dayamitra None
Commissioner Telekomunikasi
5. Muhamad Fajrin Director of DB President a. PT Metranet None
Rasyid Commissioner
President b. PT MDI
Commissioner
Commissioner c. PT Sigma Cipta
Caraka
6. Budi Setyawan Director of SP Commissioner PT Sigma Cipta None
Wijaya Caraka
7. Afriwandi Director of HCM President a. Infomedia
Commissioner
Supervisory Board b. Dana Pensiun
Chairman Telkom
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286 Corporate Governance
Telkom
No. Name Subsidiaries Other Entities
Position Other Position
8. Bogi Witjaksono Director of WINS Commissioner a. PT Telekomunikasi None
Indonesia
Internasional
Commissioner b. PT Telkom Satelit
Commissioner c. PT Telkom Data
Ekosistem
9. Honesti Basyir Director of GBD None None None
Remarks:
KMR Finance and Risk Management EBIS Enterprise & Business Service NITS Network & IT Solution
WINS Wholesale & International Service HCM Human Capital Management DB Digital Business
SP Strategic Portfolio GBD Group Business Development
BOARD OF DIRECTORS MEETING
Board of Directors Meeting Policy
Based on the Company's Articles of Association, Telkom’s Board of Directors is required to hold an internal
meeting at least once a month and whenever deemed necessary. In addition, the Board of Directors is also
required to hold a joint meeting with the Board of Commissioners at least once every four months. The
meeting is considered to have reached a quorum if more than half of the number of members of the Board
of Directors are present or legally represented. Each member of the Board of Directors who is present or
represented has the right to one vote, and decision-making is carried out by prioritizing deliberation for
consensus. If consensus is not reached, the decision is taken based on the majority vote of the members
present or represented.
Implementation of the 2024 Board of Directors Meeting
Throughout 2024, the Board of Directors has held 67 meetings. The following table presents the frequency of
attendance of members of the Board of Directors during meetings throughout 2024:
Agenda and Attendance of the Board of Directors at the 2024 Internal Meeting
No. Date Meeting Agenda/Discussion
1. January 3, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W4 December 2023
3. TelkomClick 2024 Readiness Report (Guidance for BoE Presentation)
4. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ - √ √ √ √ √ √ √
2. January 9, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W4 December 2023 (Outlook)
3. Update Telkom's Report on the implementation of LKPP to the Minister of Finance and Head of
LKPP (Limited)
4. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ √ √ √ √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 287
No. Date Meeting Agenda/Discussion
3. January 16, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W2 January 2024 Operational Performance & Revenue Report
3. Subsidiary Tier Report for InfraCo (Limited)
4. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ √ √ √ √ √
4. January 18 1. Agenda Update Project InfraCo
2024
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ √ √ √ √ √
5. January 23 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance, Revenue & SI Program Action Based YtD December 2023 (Closing)
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
- - √ √ √ √ - - -
6. January 24 1. FMC Implementation Report and InfraCo Project Progress
2024
2. Points of Response to the Audit Committee's Management Letter by the Board of Directors
3. YtD Company Performance Report December 2024 and Routine Concerns
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ - √ - - √
7. January 30, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W4 January 2024 Operational Performance & Revenue Report
3. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ √ √ √ - √
8. February 6, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FU SP Report: Inorganic, FMC and InfraCo (Limited)
3. YtD Operational Performance & Revenue Report January 2024 (Outlook)
4. Report on the Impact of Indihome's 100Mbps Policy on Cost Network
5. Agenda 4: Kimia Farma Project Progress Update Report (Limited)
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9. February 13, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W2 February 2024
3. Satellite Launch & Media Publication Communication Update
4. Telkomsat Bailout Report with Telkomsat's Underlying AR to Telkom (Limited)
5. Going concern report for Telkom Infra and PINS (Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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288 Corporate Governance
No. Date Meeting Agenda/Discussion
10. February 20, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. YtD Operational Performance & Revenue Report January (Closing) 2024 & W3 February 2024
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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11. February 21, 1. Limited HCM & Sijab
2024
2. Company Performance Report YtD January 2024
3. FMC Implementation Update and InfraCo Project Progress
4. Integrated Audit Progress Report for Fiscal Year 2023
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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12. February 27, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W4 February 2024
3. Telkom Smart Office IKN Ground Breaking Readiness Report
4. KPI Report of the 2024 Collegial Board of Directors (Limited)
5. Follow-up report on the KBUMN Letter related to the RJPP 2025-2029 and White Paper
(Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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13. March 5, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report YtD February 2024 (Outlook)
3. TelkomGroup Ramadan Safari Readiness Report in 2024
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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14. March 15, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. Telkomsel Dividend Proposal Report and Subsidiary AGMS Plan (Limited)
4. Report on the Proposal for the Provision of Hari Raya Welfare Assistance (Retirees) (Limited)
5. W1 March 2024 Operational Performance & Revenue Report
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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15. March 19, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. YtD Operational Performance and Revenue Report February 2024 (Closing) & W2 March 2024
3. Update on the Closing of the FY 2023 Financial Statements (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (additional Potential Summons Report to Telkomsat)
(Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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16. March 22, 1. Company Performance Report YtD February 2024
2024
2. Update on FMC Implementation and InfraCo Project Progress
Attendance RA HS FMV HW MFR BSW AW BW HB
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No. Date Meeting Agenda/Discussion
17. March 26, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W3 March 2024
3. FY 2023 Earning Call Material Update (Limited)
4. GMS Readiness Report for Fiscal Year 2023 (Limited)
5. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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18. April 2, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 March 2024
3. Report on the Readiness of the Tekom GMS for the 2023 Fiscal Year (Limited)
4. Report on the Subsidiary's GMS Plan (Limited)
5. Individual KPI Report of the Board of Directors in 2024 (Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (additional TelkomGroup Infrastructure Readiness
Report in Supporting Priority SPBE) (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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19. April 17, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 April 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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20. April 18, 2024 1. Consolidated Financial Statements Quarter I of 2024 (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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21. April 20, 2024 1. Update of RAGAB YtD Materials March 2024
2. Report on the Results of the 2023 KPI Audit of the Board of Directors and Harmonization
Proposal
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22. April 23, 2024 1. Q1 2024 Earning Call Material Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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23. April 30, 2024 1. Report on the Proposed Decision of all AGMS Agenda for the 2023 Fiscal Year
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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24. May 7, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report April 2024 (Outlook)
3. Report on the Preparation of the Subsidiary's AGMS (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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290 Corporate Governance
No. Date Meeting Agenda/Discussion
25. May 14, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 Operational Performance & Revenue Report May 2024
3. Media & Investor Briefing Preparation Report
4. Tantiem Liquidity Approval Report/Performance Incentives for Subsidiaries and Affiliates
(Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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26. May 21, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational & Revenue Based Performance Report April (Closing) 2024 & W3 May 2024
3. Report of Accelerating B2B Operating Model for TelkomGroup (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
5. Update Report on Handling Accounts Receivable (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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27. May 22, 2024 1. YtD Company's Performance Report April 2024 (Limited)
2. Update on FMC and Project InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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28. May 28, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 May 2024
3. Report on the Update of RDP Materials for Commission VI of the House of Representatives of
the Republic of Indonesia and FGD of Dekom and Telkom Board of Directors (Limited)
4. Telkom Project Progress Report in IKN (Limited)
5. RJPP Update Report 2025-2029 (Limited)
6. TelkomGroup AI Task Force Initiative Strengthening Report
7. FU SP Report: Inorganic, FMC and InfraCo (Limited)
8. FMC Progress Update by McKinsey (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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29. June 4, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. W5 May 2024 Operational & Revenue Performance Report
3. Telkom's 59th Anniversary Anniversafari Report
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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30. June 11, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Report on Organizational Transformation of InfraCo Impact and B2B Strengthening (Limited)
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
4. Telkom 59th Anniversary Network Report: Digiland and Funtastic Day
5. Progress Report FMC
6. YtD Operational Performance & Revenue Report May 2024 (Outlook)
Attendance RA HS FMV HW MFR BSW AW BW HB
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No. Date Meeting Agenda/Discussion
31. June 14, 2024 1. Organizational Transformation Report on InfraCo Impact and B2B Strengthening (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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32. June 20, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W2 June 2024
3. Petrol Station Digitalization Amendment Report (Limited)
4. Fund Formation Progress Report (Ascent Fund, MDI) (Limited)
5. Update of RAGAB YtD May 2024 Materials (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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33. June 25, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Report related to the Disruption of the Sementera National Data Center (PDNS) (Limited)
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
4. YtD Operational & Revenue Based Performance Report May 2024 (Closing) & W3 June 2024
5. FMC Progress Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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34. July 2, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 June 2024
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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35. July 9, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report June 2024 (Outlook)
3. EBIS Customer Bad Receivables Settlement (Limited)
4. FMC Escort Report (Limited)
5. Regional Transformation Task Force Proposal Report (Transition Task Force) (Limited)
6. InfraCo Managed Service Agreement (MSA) Report (Limited)
7. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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36. July 16, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 July 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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37. July 19, 2024 1. Company Performance Report YtD June 2024 (Limited)
2. FMC and InfraCo Progress Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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292 Corporate Governance
No. Date Meeting Agenda/Discussion
38. July 23, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report June (Closing) & W3 July 2024
3. Digiland Readiness Report 2024
4. Progress Report FMC
5. Reports related to Cyber Security
6. First Draft of the CSS 2025-2027 Report
7. FU SP Report: Inorganic, FMC, InfraCo (additional Report on the Submission of Strategic fit
Project Opco-1 (MSME Rice)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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39. July 30, 2024 1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 July 2024
3. Update on Earning Call Materials Q1/2024 (Limited)
4. FY 2024 Financial Performance Outlook Report
5. NKU Report of the Board of Directors for the Period Q1/2024 and Proposed Changes to KPI of
the Collegial Board of Directors
6. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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40. August 6, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Update of Dekom and Board of Directors Workshop Materials related to CSS 2025 - 2027
(Limited)
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
4. PRM (Project Resolution Management) Plan and Target Report (Limited)
5. FMC Progress Report (Limited)
6. YtD Operational Performance & Revenue Report July 2024 (Outlook)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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41. August 13, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W1 August 2024
3. Progress Report on E2E B2B & IFRS 15 System Capabilities Improvement (L2C & P2P) (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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42. August 21, 1. Company Performance Report YtD July 2024 (Limited)
2024
2. FMC and InfraCo Progress Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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43. August 27, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FMC Progress Report (Limited)
3. Report related to Employee Retirement Period Health Facilities 1995-2023 (Limited)
4. CSS Draft Final Report 2025-2027 (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
6. W3 August 2024 Operational Performance & Revenue Report
Attendance RA HS FMV HW MFR BSW AW BW HB
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No. Date Meeting Agenda/Discussion
44. September 3, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance & Revenue Report W4 August 2024
3. Report related to Training Activities to BOD-BOC for 2024 in the context of Fulfilling the
Qualifications of Risk Management Organs in accordance with PER-2/2023 (Limited)
4. Pertamina Digitalization Report (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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45. September 1. Update SVP Corporate Secretary: Update Agenda BoE
10, 2024
2. YtD Operational Performance & Revenue Report August 2024 (Outlook)
3. Report on the Performance Value of the Board of Directors for the Second Quarter of 2024
(Limited)
4. LKPP Talent Project Based Tariff Report (Limited)
5. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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46. September 18, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W2 September 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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47. September 1. Discussion of BoC Concerns related to CSS 2025 – 2027
20, 2024
2. Company Performance YtD August 2024
3. BoC concern rutin: Progress Report FMC & InfraCo
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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48. September 1. Update SVP Corporate Secretary: Update Agenda BoE
24, 2024
2. Operational Performance, Revenue & SI Program Action Based YtD August (Closing) 2024 & W3
September 2024
3. FMC Progress Report (Limited)
4. Report on Proposed Strengthening of Product Governance (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
6. Report related to Pertamina Digitalization (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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49. October 1, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W4 September 2024 Operational Performance & Revenue Report
3. Final Evaluation Report of PDP Readiness in October 2024 (Limited)
4. Enterprise Go-to-Market Strategy Report on Data Center Business (Limited)
5. 1st Submission Report RKAP 2025 (Limited)
6. FU SP Report: Inorganic, FMC, InfraCo
Attendance RA HS FMV HW MFR BSW AW BW HB
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294 Corporate Governance
No. Date Meeting Agenda/Discussion
50. October 7, 1. Project Eureka Report (Limited)
2024
Attendance RA HS FMV HW MFR BSW AW BW HB
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51. October 8, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. YtD Operational Performance and Revenue Report September 2024 (Outlook)
4. Champion SOE Partner Event Readiness Report
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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52. October 15, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W2 Operational Performance and Revenue Report October 2024
3. Capex Release Phase 2 Submission Report (Limited)
4. Progress Project Resolution Management Report (Limited)
5. Remediation Report on Outstanding Significant Deficiencies (SD) in IT General Control (ITGC)
(Limited)
6. FU SP Report: Inorganic, InfraCo and FMC (including Falcon Project Launch to Market Readiness
Report and MDI Inorganic Plan) (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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53. October 22, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. YtD Operational Performance and Revenue Report September (Closing) 2024 & W3 October
2024
3. Share Price Performance Report (Limited)
4. Megavendor Procurement Progress Report (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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54. October 23, 1. YtD Company Performance Report September 2024 (Limited)
2024
2. FMC and InfraCo Progress Report (Restricted)
3. Regional Transformation Progress Report Quarter III of 2024 (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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55. October 29, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Telkom ESG Program Report
3. FMC Progress Report (Limited)
4. Corporate Annual Message (CAM) Report 2025 (Limited)
5. FU SP Report: Inorganic, InfraCo and FMC (Limited)
6. Financial Statements Q3-2024 (Limited)
7. Legal Case Report (Limited)
8. DGSO Report 2025-2027 (Limited)
9. W4 October 2024 Operational Performance and Revenue Report
Attendance RA HS FMV HW MFR BSW AW BW HB
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No. Date Meeting Agenda/Discussion
56. October 31, 1. Update on Q3 2024 Earning Call Materials (Limited)
2024
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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57. November 5, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Procurement Progress Report of SKKL PASELA and SUB-2 (Limited)
3. AI Task Force Update Report (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
5. YtD Operational Performance and Revenue Report October 2024 (Outlook)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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58. November 13, 1. TelkomGroup III Pre-RAPIM Results Report for 2024 (Limited)
2024
2. 2nd Submission Report of RKAP 2025 (Limited)
3. Project Falcon Report (Update on TDE Readiness and Falcon Launch to Market Approval &
documents to be submitted to partners) (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
√ √ √ √ √ √ √ √ √
59. November 19, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance and Revenue Report for November 3, 2024
3. Report on Strengthening Product Management Governance at Telkom (Limited)
4. FU SP Report: Inorganic, InfraCo and FMC (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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60. November 20, 1. YtD Company Performance Report October 2024 (Limited)
2024
2. FMC and InfraCo Progress Report (Limited)
3. RKAP 2025 Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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61. November 26, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. Performance Report of the Company's Board of Directors Quarter III of 2024 (Limited)
4. FMC Progress Report (Limited)
5. YtD Operational Performance & Revenue Report October (Closing) 2024 & W3 November 2024
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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296 Corporate Governance
No. Date Meeting Agenda/Discussion
62. December 3, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Agenda 1: Operational Performance and Revenue Report for November 5, 2024
3. Sigma Performance and Strategic Action Report (Limited)
4. FU SP Report: Inorganic, InfraCo and FMC (Limited)
5. 2024 WriteOff Approval Submission Report
Attendance RA HS FMV HW MFR BSW AW BW HB
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63. December 11, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. FRM FU Report: Capex Release 2025 Phase 1 Submission Report and Draft Contingency Plan
Report (Limited)
3. Bandung Technoplex Living (BTL) Apartment Development Report (Limited)
4. Proposed Report of PD 200 on TelkomGroup Human Capital Management (Limited)
5. Report on the Proposed KPI of the Collegial Board of Directors 2025 (Limited)
6. FU SP Report: Inorganic, FMC, InfraCo (Limited)
7. TelkomClick 2025 Readiness Report
8. YtD Operational Performance and Revenue Report November 2024 (Outlook)
Attendance RA HS FMV HW MFR BSW AW BW HB
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64. December 16, 1. YtD Company Performance Report November 2024 (Limited)
2024
2. FMC and InfraCo Progress Report (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
List
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65. December 17, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. W2 December 2024 Operational Performance and Revenue Report
3. Guidance Report on BoE Presentation for Telkom Click 2025
4. BW International Rework Cost Report: IPTxCost Transformation (Limited)
5. CNOP 3.0 Progress Report (Limited)
6. FMC Progress Report (Limited)
7. 2025 Turn Around Program Management Report (Limited)
8. FU SP Report: Inorganic, InfraCo and FMC
Attendance RA HS FMV HW MFR BSW AW BW HB
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No. Date Meeting Agenda/Discussion
66. December 24, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance and Revenue Report for December 3, 2024
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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67. December 31, 1. Update SVP Corporate Secretary: Update Agenda BoE
2024
2. Operational Performance and Revenue Report for December 4, 2024
3. Corporate Theme Logo 2025 and Bold Action Report
4. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance RA HS FMV HW MFR BSW AW BW HB
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Remarks:
RA Ririek Adriansyah HW Herlan Wijanarko AW Afriwandi
HS Heri Supriadi MFR Muhamad Fajrin Rasyid BW Bogi Witjaksono
FMV FM Venusiana R. BSW Budi Setyawan Wijaya HB Honesti Basyir
Recapitulation of Board of Directors Attendance at Internal Meeting
Number of Number of Attendance
No. Name Position
Meetings Attendance Percentage (%)
1. Ririek Adriansyah President Director 67 60 89,55%
2. Heri Supriadi Director of KMR 67 58 86,57%
3. FM Venusiana R Director of EBIS 67 66 98,51%
4. Herlan Wijanarko Director of NITS 67 63 94,03%
5. Muhamad Fajrin Rasyid Director of DB 67 58 86,57%
6. Budi Setyawan Wijaya Director of SP 67 62 92,54%
7. Afriwandi Director of HCM 67 64 95,52%
8. Bogi Witjaksono Director of WINS 67 59 88,06%
9. Honesti Basyir Director of GBD 67 61 91,04%
Agenda and Attendance of the Board of Directors in the Joint Meeting
No. Date Meeting Agenda/Discussion
1. Wednesday, January 31, 2024 1. YtD December 2023 Performance
2. BoC Thematic Concern: FMC Update, InfraCo
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ - √ √ √ √ √
2. Wednesday, February 28, 2024 1. YtD Performance January 2024
2. BoC Thematic Concerns: FMC, InfraCo, and Integrated Audit
Updates for Fiscal Year 2023
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ - √
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298 Corporate Governance
No. Date Meeting Agenda/Discussion
3. Wednesday, March 27, 2024 Submission of Evaluation from the Board of Commissioners on the
Company’s Condition
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
4. Monday, April 29, 2024 1. YtD Performance March 2024
2. Regular BoC Concern: FMC & Data Center Updates
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
5. Wednesday, April 29, 2024 1. Company's Performance YtD April 2024
2. BOC Concern
a. Regular: FMC and InfraCo Updates
b. Thematic: FGD Updates on Stocks, Data Centers, and Starlink
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
6. Wednesday, June 26, 2024 1. YtD May 2024 Performance
2. BoC Concern
Regular: FMC and InfraCo Updates
Thematic: 1) Early Retirement Implementation Progress Report
2) Mitigation and Handling of PDNS Disturbances
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
- √ √ √ √ √ √ √ -
7. Friday, July 26, 2024 1. Company's Performance YtD June 2024
2. FMC and InfraCo Progress
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ - √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
8. Monday, August 26, 2024 Discussion of the Company’s Performance Update YtD July 2024
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ - √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ - √ √ √ √ √ √
9. Monday, September 30, 2024 1. Perseoran Performance in August 2024
2. Progress FMC & InfraCo
3. Discussion of the concerns of the Board of Commissioners in the
CSS 2025-2027
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ - √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 299
No. Date Meeting Agenda/Discussion
10. Wednesday, October 30, 2024 1. Company's Performance TW III/2024
2. Update:
a. Development of Regional Transformation TW III/2024;
b. Progress InfraCo and FMC Tw III/2024.
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ -
11. Wednesday, November 20, 2024 Discussion and Ratification of the 2025 RKAP
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
12. Friday, December 20, 2024 1. Company's Performance YtD November 2024;
2. FMC and InfraCo Progress Update;
3. Others.
Attendance of the Board of BPSB BDA WI AMS IR IS MRP RM SK
Commissioners
√ √ √ √ √ √ √ √ √
Attendance of the Board of Directors RA AF BSW BW FMVR HB HS HW MFR
- √ √ √ √ √ √ √ √
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro MRP Marcelino Rumambo Pandin BW Bogi Witjaksono
BDA Bono Daru Adji RM Rizal Mallarangeng FMVR FM Venusiana R.
WI Wawan Iriawan SK Silmy Karim HB Honesti Basyir
AMS Arya Mahendra Sinulinggfa RA Ririek Adriansyah HS Heri Supriadi
IR Isa Rachmatarwata AF Afriwandi HW Herlan Wijanarko
IS Ismail BSW Budi Setyawan Wijaya MFR Muhamad Fajrin Rasyid
Recapitulation of Board of Directors Attendance in the Joint Meeting
Number of Number of Attendance
No. Name Position
Meetings Attendance Percentage (%)
1. Ririek Adriansyah President Director 12 10 83
2. Afriwandi Director of HCM 12 12 100
3. Budi Setyawan Wijaya Director of SP 12 11 92
4. Bogi Witjaksono Director of WINS 12 11 92
5. FM Venusiana R. Director of EBIS 12 12 100
6. Honesti Basyir Director of GBD 12 12 100
7. Heri Supriadi Director of KMR 12 12 100
8. Herlan Wijanarko Director of NITS 12 11 92
9. Muhamad Fajrin Rasyid Director of DB 12 10 83
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300 Corporate Governance
Resolution of the Board of Directors That Need to Be Approved by the
Board of Commissioners
Based on the provisions in the Board Manual of the Board of Directors and Board of Commissioners of Telkom,
the Board of Directors must hold a Joint Meeting with the Board of Commissioners regularly at least 1 (one)
in 3 (three) months. Any corporate action to be taken by the Board of Directors will be included as an agenda
to be discussed in the Joint Meeting with the Board of Commissioners to seek opinions, considerations, and
approval from the Board of Commissioners.
The agenda of the Joint Meeting during 2024 can be accessed in this Annual Report under the Board of
Commissioners Meeting section.
IMPROVEMENT OF THE COMPETENCE OF THE BOARD OF
DIRECTORS
Policy on Improving the Competence of the Board of Directors
To support the effectiveness of the Board of Directors' duties, members must regularly participate in relevant,
independent, and sustainable training, knowledge development, and certification programs. Telkom provides
opportunities for members of the BOD to participate in various educational programs, trainings, workshops,
seminars, conferences, or other similar activities aimed at updating their knowledge and enhancing their
expertise. These programs are specifically designed to strengthen the effectiveness of the BOD in carrying
out its functions.
Activities to Improve the Competence of the Board of Directors in 2024
The following is a list of education and training programs that members of the Board of Directors participate
in during 2024:
No Program Name Organizer Place Participants
1. Data Privacy and Protection Coursera - University of Online President Director
Standards Pennsylvania
2. Introduction to Data Protection and Coursera - University of Online President Director
Privacy Pennsylvania
3. What is Compliance Coursera - University of Online President Director
Pennsylvania
4. Effective Compliance Programs Coursera - University of Online President Director
Pennsylvania
5. Privacy law and data protection Coursera - University of Online President Director
Pennsylvania
6 Regulatory Compliance Coursera - University of Online President Director
Pennsylvania
7 Leveraging AI for Governance Risk and Linkedin Learning Online President Director
Compliance
8 Insider Threat Risk Management Linkedin Learning Online President Director
9 Cybersecurity for Executives Linkedin Learning Online President Director
10 CNBC Indonesia Tech & Telco CNBC Mega Bank Tower President Director
Forum 2024 Auditorium
11 Bali Annual Telkom International Telekomunikasi Indonesia Bali President
Conference 2024 Internasional Director, Director
of Wholesale
& International
Service, Director
of Group Business
Development
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 301
No Program Name Organizer Place Participants
12. Course - Regulatory Compliance University of Pennsylvania Online Director of WINS
13. Course - What is Compliance? University of Pennsylvania Online Director of WINS
14. Course - Effective Compliance University of Pennsylvania Online Director of WINS
Programs
15. Course - Privacy Law and Data University of Pennsylvania Online Director of WINS
Protection
16. Course - What is Corruption: Anti- University of Pennsylvania Online Director of WINS
Corruption and Compliance
17. World Mobile Conference Huawei Barcelona Director of EBIS,
Director of DB
18. Speaker of Strategic Financial Universitas Jambi Online Director of
Management MM UNJA Finance and Risk
Management
19. Fulfillment of Risk Management Organ Coursera & LinkedIn Online All BoD
Qualification (40 hours of training)
20. Speaker of SOE CFO School Kementerian BUMN Four Seasons Hotel Director of
Jakarta Finance and Risk
Management
21. Training Regulatory Compliance University of Penssylvania Online Dir SP
22. Seminar Basic Legal Understanding HukumOnline.com Jakarta Dir SP
for Business: How to Address
business Risk from Legal Perspectives
BOARD OF DIRECTORS’ SELF COMMITTEES UNDER THE
ASSESSMENT POLICY BOARD OF DIRECTORS
Based on Joint Regulation of the Board of The Company's Board of Directors has established
Commissioners and Directors No. 05/KEP/DK/2022 the Executive Committee through the Company's
and PD.620.00/r.01/HK200/COP-M4000000/2022 Corporate Regulation PT Telkom Indonesia
regarding Guidelines for Work Procedures of (Persero) Tbk. Number: PD.608.00/r.02/HK.000/
the Board of Commissioners and Directors COP-D0030000/2014 regarding the Executive
(Board Manual) of the Company (Persero) PT Committee. The Executive Committee assists
Telekomunikasi Indonesia Tbk, self-assessment the Board of Directors in decision-making In the
policy is implemented to assess the performance Company's Regulations, the Executive Committee
of the Board of Directors. The assessment is carried is formed by the Board of Directors consisting of 2
out by each member of the Board of Directors (two) directors or more and is given the authority to
by evaluating the performance of the Board of decide/approve policies, the Company's Regulations
Directors in a collegial manner, not by evaluating or certain transactions.
individual performance. This policy is a form of
Have the authority to decide or give approval
accountability for assessing the performance of the
to certain policies, Company's Regulations or
Board of Directors so each member can contribute to
transactions in accordance with the object of the
improving the performance of the Board of Directors
Committee. The following Executive Committee is
on an ongoing basis. More complete information
formed based on the objectives of its authority:
regarding the Directors' self-assessment policy can
be seen on the Telkom website in the GCG menu
- Directors and Board of Commissioners Work
Guidelines.
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302 Corporate Governance
Investment Committee
This committee was formed to assist the work of the board of directors in approving investment programs
to be carried out, and evaluating investment programs that have been implemented. The composition of the
Investment Committee consists of:
Head Director of Finance and Risk Management
Member 1. Director of Strategic Portfolio
2. Director of Network, & IT Solutions
3. Director of the relevant business (Director of Enterprise & Business Services or Director
of Wholesale & International Services)
Working Group 1. VP in charge of the Management Accounting function;
2. VP in charge of the Infrastructure Planning Policy function;
3. VP in charge of the Product Management function;
4. VP in charge of the Corporate Strategic Planning function;
5. VP in charge of the Risk Management function;
6. VP in charge of Supply Planning & Control;
7. VP-level officials required.
Subsidiary Management Committee
This committee assists the Company's Board of Directors to give approval and determine work plans,
directions, and policies related to business management and risk management in Telkom Subsidiaries, as well
as other matters that require Telkom's approval for the corporate action plan to be implemented by Telkom
Subsidiaries.
The composition of the Subsidiary Management Committee consists of:
Head Director of Finance and Risk Management
Member 1. Director of Strategic Portfolio
2. Other directors if necessary for the management of the Subsidiary.
Working Group 1. VP in charge of subsidiary performance (Management Accounting) or VP in charge
of Strategic Business Development;
2. VP in charge of the Corporate Strategic Planning function;
3. VP in the field of Legal & Compliance functions;
4. VP in charge of the Financial Logistic Policy function;
5. VP-level officials required.
Risk, Compliance and Revenue Assurance Committee
The establishment of the Risk, Compliance and Revenue Assurance Committee, has the function of assisting
the Board of Directors in the following objectives:
1) Determine risk profile & mitigate risks that need to be considered by all Board of Directors.
2) Formulate and establish GCG policies.
3) Oversee the effectiveness of the Revenue Assurance process, including the establishment of preventive
measures and remediation of potential leaks.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 303
4) Formulate and implement policies carried out in the framework: elimination of inefficient business
processes, strengthening internal control and risk mitigation as well as policies related to Risk Management
and Compliance.
5) Establish decision recommendations on dispute resolution, which requires the approval of the Board of
Directors.
6) Conduct a review of the implementation of GCG, Compliance and Enforcement of business ethics.
The composition of the Risk, Compliance, and Revenue Assurance Committee consists of:
Head Director of Finance and Risk Management
Member 1. Director of Strategic Portfolio
2. Director of Human Capital
3. Other directors related to the decision material of the Committee
Working Group 1. VP in charge of the Risk Management function;
2. VP in charge of Compliance, Risk Management and General Affairs;
3. The position that heads the Internal Audit function;
4. VP in charge of the Corporate Strategic Planning function;
5. VP in charge of the Risk Management function;
6. VP in charge of Supply Planning & Control;
7. VP-level officials required.
Disclosure Committee
In managing the disclosure to be submitted by the Company, the Disclosure Committee helps to decide or
approve in relation to:
1) Approve the disclosure of information that contains elements of projections regarding operations,
financial conditions, financial performance and matters of a financial and statistical nature.
2) Determine the level of materiality of the disclosure of information and ensure that the material information
submitted has been disclosed in a complete, accurate, consistent and in accordance with applicable rules.
3) Discuss internal audit reports.
4) Provide recommendations and/or letters of representation to the Approver to certify/approve a disclosure
that will be issued to external parties.
5) Other objects of authority are regulated in more detail in the Company's Regulation on Disclosure
Guidelines.
The composition of the Disclosure Committee consists of:
Head Director of Finance and Risk Management
Member 1. Director of Strategic Portfolio
2. Other directors related to the decision material of the Committee
Working Group 1. VP in charge of the Financial Accounting function or VP in charge of the Enterprise
Management function or VP in charge of the Investor Relations function (in accordance
with the material discussed).
2. VP-level officials required in accordance with the Disclosure material discussed
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304 Corporate Governance
Procurement Committee
The Procurement Committee has the authority to give approval to procurement with the value that has
been determined by the applicable logistics policy, including approval and determination related to the
determination of the winner according to the applicable procurement policy, and the determination of HPS
The composition of the Procurement Committee consists of:
Head Director of Finance and Risk Management
Member 1. Director of Strategic Portfolio
2. Director of Network, & IT Solutions
3. Director of related business (Enterprise & Business Services or Wholesale & International
Services)
Working Group 1. VP in charge of Supply Planning & Control
2. Head in charge of Compliance Risk Management & General Affair
3. SGM in charge of Supply Center
4. VP in charge of Legal & Compliance functions
5. VP in charge of Infrastructure Planning Policy
6. Required VP-level officials
Pricing Committees
This committee has the task of ensuring the pricing strategy of Telkom/TelkomGroup products in accordance
with the company's strategy, competitive product prices and periodic pricing reviews, as well as supervising
and evaluating the implementation of single point margin in the TelkomGroup. The composition of the Pricing
Committee consists of:
Head Director in charge of Enterprise & Business functions
Member 1. Director Strategic Portfolio
2. Director Network, & IT Solution
3. Director Enterprise & Business Services
4. Director Wholesale & International Services
5. Director in charge of related business areas
Working Group 1. VP in charge of Enterprise Management
2. VP in charge of Enterprise Business & Strategic functions
3. VP in charge of the Enterprise Service function
4. VP in charge of Business Service functions
5. VP in charge of Wholesale & International Development function
6. VP in charge of Marketing & Sales
7. VP in charge of Innovation Strategy and Synergy
8. VP in charge of the Management Accounting function
9. VP in charge of the Tarif Preparation function
10. VP-level officials required in accordance with the Disclosure material discussed
PERFORMANCE ASSESSMENT Contract contains a promise or statement of a
OF THE BOARD OF DIRECTORS prospective member of the Board of Directors,
namely if appointed/re-appointed as a member
One of the measuring tools used to assess the of the Board of Directors, promises, among
performance of the Board of Directors is the Key other things, that it will meet all targets set by
Performance Indicator (KPI) which is compiled the GMS/Minister, including KPIs that have been
based on the Regulation of the Minister of SOEs previously set, and apply the principles of Good
Number PER-3/MBU/03/2023 dated March 20, 2023 Corporate Governance.
regarding Organs and Human Resources of State-
2. Performance appraisals based on KPIs are
Owned Enterprises, which stipulates:
determined collegially for the President Director,
1. Obligation to sign the Management Contract and individually for each member of the Board of
by the Board of Directors. The Management Directors.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 305
3. The determination of five perspectives in the the 2023 Financial Statements, and procurement
preparation of KPI of the Board of Directors excellence.
collegially, namely:
In addition, based on the Joint Regulation of the
a. Economic and social value for Indonesia;
Board of Commissioners and Board of Directors
b. Business model innovation; No. 05/KEP/DK/2022 and PD.620.00/r.01/
c. Technology leadership; HK200/COP-M4000000/2022 regarding the
d. Increased investment; and Guidelines for the Work Procedures of the Board
of Commissioners and Directors (Board Manual)
e. Talent development.
of the Company (Persero) PT Telekomunikasi
The achievement of the KPI of the Board of Indonesia Tbk, Telkom implements a self-
Directors is calculated collegial and individually, and assessment policy to assess the performance of
reviewed by the Public Accounting Firm (KAP) that the Board of Directors. The assessment is carried
audits Telkom's Financial Statements. Along with out by each member of the Board of Directors
Telkom's commitment to manage ESG aspects in its by assessing the performance of the Board of
business value chain, the Company has also set key Directors collegially, not individual performance
performance indicators in the ESG aspect category, assessments. This policy is a form of accountability
including: for the performance assessment of the Board of
Directors, so that it is hoped that each member
1. The environmental aspect is reflected in the TJSL
can contribute to improving the performance
effectiveness parameters, and, ITDRI research
of the Board of Directors on an ongoing basis.
effectiveness;
More complete information about the Board of
2. The social aspect, as seen from the parameters Directors' self-assessment policy can be found
of total shareholder return and social impact; on the Telkom website on the GCG menu – Work
3. The governance aspect is reflected in the risk Guidelines for the Board of Directors and Board of
marturity index parameters, the effectiveness of Commissioners.
Results of Collegial Assessment of the Performance of the Board of Directors
No. KPI Unit Target Polarites Weight
A. Economic and Social Value for Indonesia
1. Financial Performance
a. Revenue Consolidated T Rp 156,22 Maximize 3
b. EBITDA Consolidated T Rp 83,96 Maximize 6
c. EBITDA Telkomsel T Rp 54,74 Maximize 4
2. Operating Cash Capability and Economic Value
Added
a. Free Cash Flow T Rp 34,23 Maximize 5
b. ROIC≥WACC % 6,2 Maximize 5
3. Funding Debt Ratio % 100 Maximize 5
4. Operational Excellence
a. Home Served/Home Passed % 45,5 Maximize 4
b. CAPEX to Revenue % 28,7 Maximize 4
c. Mobile Data Revenue Share % 48,38 Maximize 4
5. Social Impact % 100 Maximize 5
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306 Corporate Governance
No. KPI Unit Target Polarites Weight
B. Business Model Innovation
6. External Revenue
a. B2B Digital T Rp 17,46 Maximize 5
b. B2C Digital T Rp 11,19 Maximize 5
7. TMT Cluster Synergy: Effectiveness of Telkom Time Des 2023 Maximize 5
Synergy with Cluster Members (PFN, Peruri,
Antara)
C. Technology Leadership
8. Project milestone completion for planned Total 16 Maximize 2
5G initiatives: Infrastructure preparation to
support 5G
9. 5G Readiness: % Fiber Connected Towers, % 100 Maximize 3
Number of Pilot Use Cases, and 5G
Implementation Cities (Strengthening 5G
Implementation)
D. Increased investment
10. Telkom Digital Venture:
a. Telkom Venture Fund Value T Rp 9,06 Maximize 3
b. Money multiplier x 1,3 Maximize 3
11. TELKOM MPF effectiveness: Implementation Time Des 2023 Maximize 3
of Winter Strategy for startups and potential
unicorns
12. Effectiveness of Value Creation
a. Subs with ROIC>WACC % 50 Maximize 3
b. Streamlining effectiveness program % 100 Maximize 3
13. Data Center
a. Strategic Partnership Time Jun-23 Maximize 3
b. Capacity Expansion % 100 Maximize 2
E. Talent Development
14. Female talent and millennial talent
a. Female ratio in nominated talent % 18 Maximize 5
b. Ratio of young Top Talent to nominated talent % 6 Maximize 5
15. Digital capability readiness (build) Talent 2.500 Maximize 5
Total 100
AFFILIATION RELATIONSHIP of Directors, between the Board of Directors and
BETWEEN THE BOARD OF the Board of Commissioners, or with Shareholders,
DIRECTORS AND THE BOARD in accordance with the provisions of Law No. 40
OF COMMISSIONERS of 2007 regarding Limited Liability Companies,
as well as TelkomGroup's affiliated relationship
Telkom's Board of Commissioners and Board of provisions conveyed in the form of President
Directors are prohibited from having affiliated Director's Memorandum Number: C.Tel.02/HK
relationships between fellow members of the Board 000/TEL-00000000/2021 regarding Temporary
of Commissioners, fellow members of the Board Procedures for Affiliated Transactions and Conflict
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 307
of Interest Transactions of TelkomGroup. This provision aims to avoid conflicts of interest so that the Board of
Commissioners and Directors can make objective decisions and not harm Telkom's interests.
The table below displays the family relationships between members of the Board of Commissioners and fellow
members of the Board of Commissioners, members of the Board of Directors, and/or Majority/Controlling
Shareholders:
Affiliate Relations
Board of Major Shareholder/
Name Position Management
Commissioners Controlling
Yes No Yes No Yes No
Board of Commissioners
Bambang Permadi President √ √ √
Soemantri Commissioner/
Brodjonegoro Independent
Commissioner
Wawan Iriawan Independent √ √ √
Commissioner
Bono Daru Adji Independent √ √ √
Commissioner
Marcelino Rumambo Commissioner √ √ √
Pandin
Ismail Commissioner √ √ √
Rizal Mallarangeng Commissioner √ √ √
Isa Rachmatarwata Commissioner √ √ √
Arya Mahendra Commissioner √ √ √
Sinulingga
Silmy Karim Commissioner √ √ √
Board of Directors
Ririek Adriansyah President Director √ √ √
Herlan Wijanarko Director of Network √ √ √
& IT Solutions
Bogi Witjaksono Direktur Wholesale & √ √ √
International Service
FM Venusiana R. Director of √ √ √
Enterprise & Business
Service
Heri Supriadi Director of Finance & √ √ √
Risk Management
Afriwandi Director of Human √ √ √
Capital Management
Budi Setyawan Wijaya Director of Strategic √ √ √
Portfolio
Muhamad Fajrin Director of Digital √ √ √
Rasyid Business
Honesti Basyir Direct Group √ √ √
Business
Development
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308 Corporate Governance
Corporate Secretary
In accordance with POJK No. 35/POJK.04/2014 communications, establishing relationships
regarding Corporate Secretary of Issuers or Public between the Company and its Shareholders,
Companies, Telkom has the function of Corporate Government, Financial Services Authority, and
Secretary/Investor Relations, which facilitates other stakeholders, as well as ensuring the
internal communication between the Board of Company's compliance with regulations relating to
Directors and the Board of Commissioners. The the Capital Market. In 2024, the position of Telkom
Corporate Secretary is a company organ that plays Corporate Secretary was held by Mr. Octavius Oky
an essential role in facilitating internal company Prakarsa.
CORPORATE SECRETARY’S PROFILE
OCTAVIUS OKY PRAKARSA
Vice President Investor Relation
Age Citizenship Domicile
41 years old Indonesia Jakarta, Indonesia
Education
2007 Master of Science, University of Nottingham
Major in Corporate Strategy
2006 Bachelor of Arts (Hons), University of Northumbria, New Castle
Major in International Business Administration
Basis of Appointment
Appointment letter by the Board of Directors
Term of Office
Appointed on July 1, 2024
Work Experiences
2013-2024 Fund Manager, Schroder Investment Management Indonesia
2010-2013 Research Analyst – Vice President, Mandiri Sekuritas
2008-2010 Investment Banking – Associate, Mandiri Sekuritas
CORPORATE SECRETARY’S DUTY AND RESPONSIBILITY
The Corporate Secretary has the following duties and responsibilities:
1. Preparing and organizing GMS, including the material, particularly the Annual Report;
2. Attending the Board of Directors’ Meetings and Joint Meetings between the Board of Commissioners and
Board of Directors;
3. Managing and maintaining documents related to the Company’s activities, including the GMS’s documents
and other important documents of the Company; and
4. Determining criteria regarding the types and contents of information that can be presented to the
Stakeholders, including information that can be published as public documents.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 309
CORPORATE SECRETARY’S FUNCTIONS
The functions of Corporate Secretary include:
1. To prepare and communicate accurate, complete, and timely information regarding the performance and
prospect of the Company to Stakeholders.
2. To synergize with related units, including the subsidiaries, for socialization, implementation, monitoring
and reviewing of GCG, and its implementation.
3. To assist the Board of Directors in various activities, information, and documentation, among others:
a. Preparing the Register Book of Shareholders;
b. Attending the Board of Directors’ meetings and preparing its minutes of meetings; and
c. Preparing and organizing GMS.
4. To publish the company’s information in a tactical, strategic, and timely manner.
CORPORATE SECRETARY’S IMPLEMENTATION TASKS
Telkom's Corporate Secretary has organized various activities throughout 2024, including:
No. Date Event Name Organizers Location
1. January 12, 2024 BofA ASEAN Conference 2024 BofA Singapore
2. January 22-23, 2024 Non-Deal Roadshow with Nomura - Tokyo Nomura Tokyo
3. January 24, 2024 Non-Deal Roadshow with Nomura - Hong Kong Nomura Hong Kong
4. February 19-21, 2024 Non-Deal Roadshow with Citi – London Citi London
5. March 7-8, 2024 Mandiri Investment Forum 2024 Mandiri Sekuritas Jakarta
6. April 16, 2024 Non Deal Roadshow with Mandiri Sekuritas and Mandiri Sekuritas & Paris
Jefferies - Paris Jeffries
7. April 17-18, 2024 Non Deal Roadshow with Mandiri Sekuritas and Mandiri Sekuritas & London
Jefferies - London Jeffries
8. April 19, 2024 Non Deal Roadshow with Mandiri Sekuritas and Mandiri Sekuritas & Frankfurt
Jefferies – Frankfurt Jeffries
9. May 13-14, 2024 Macquarie Asia Conference 2024 Macquarie Hong Kong
10. May 16, 2024 Morgan Stanley Virtual ASEAN Conference Morgan Stanley Virtual
2024
11. May 30-31, 2024 Citi’s 2024 Macro & Pan-Asia Investor Citi Singapore
Conference
12. June 12-13, 2024 20th CITIC CLSA ASEAN Forum CLSA Jakarta
13. August 14, 2024 Telkom Power Breakfast Telkom Jakarta
14. June 20, 2024 J.P. Morgan’s APAC Telco Call Series JPMorgan Virtual
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No. Date Event Name Organizers Location
15. August 5-8 and 15, Non-Deal Roadshow Jakarta BNI Sekuritas Jakarta
2024
16. August 20-21, 2024 Non-Deal Roadshow Kuala Lumpur Macquarie Kuala Lumpur
17. August 27-28, 2024 Macquarie ASEAN Conference 2024 Macquarie Singapore
18. September 3, 2024 Non-Deal Roadshow USA (Boston) Citi Boston
19. September 4, 2024 Non-Deal Roadshow USA (New York) Telkom New York
20. September 4-5, 2024 Citi GEMS Conference 2024 Citi New York
21. September 6, 2024 Non-Deal Roadshow USA (SF) JPMorgan San Francisco
22. September 10, 2024 Non-Deal Roadshow Hong Kong HSBC & Telkom Hong Kong
23. September 11-12, 2024 31st CITIC CLSA Investors’ Forum CLSA Hong Kong
24. September 19,2024 J.P. Morgan’s ASEAN TMT & Fintech Access JPMorgan Virtual
Series
25. November 4-6 and 12, Non-Deal Roadshow Jakarta with BRIDS BRIDS Jakarta
2024
26. November 7-8, 2024 Nomura x Verdhana Indonesia Conference 2024 Nomura and Jakarta
Verdhana
27. November 18, 2024 Non-Deal Roadshow Hong Kong with CLSA CLSA Hong Kong
28. November 19, 2024 2024 Global TMT Conference in Asia JPMorgan Hong Kong
29. November 20-21, 2024 Morgan Stanley 23rd Annual Asia Pacific Summit Morgan Stanley Singapore
30. November 28-29, 2024 Non-Deal Roadshow Kuala Lumpur with CGS CGS Kuala Lumpur
CORPORATE SECRETARY’S TRAINING AND EDUCATION
Telkom provides various education and training to develop the competence of Corporate Secretaries. The
education and/or training programs to be participated in during 2024 are as follows.
Training and Education Attended by Corporate Secretary 2024
No. Date Name of Activities
1. August 28-29, 2024 Capital Market Legal Training
2. December 13, 2024 Bloomberg Training
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Internal Audit
Department
Internal Audit (IA) Department is a section of TelkomGroup whose function is to provide an independent
and objective view of the Company's business activities and help TelkomGroup achieve its goals through
a systematic and disciplined approach in evaluating and improving the effectiveness of risk management,
control, and implementation of good company governance. IA is also expected to provide added value and
increase the effectiveness and efficiency of Telkom's business operations.
INTERNAL AUDIT CHARTER
Telkom has IA Charter No. SK.01/PW000/TEL-00000000/2024 dated January 3, 2024, which the President
Director, President Commissioner, and Chair of the Audit Committee have approved. This IA Charter contains
references and guidelines for IA in carrying out its duties, such as vision, mission, structure, status, duties,
responsibilities, authority, and the code of ethics of IA and requirements for internal auditors.
SVP INTERNAL AUDIT DEPARTMENT’S PROFILE
MOHAMAD RAMZY
Age Citizenship Domicile
51 years old Indonesian Jakarta, Indonesia
Education
2005 Master Degree of Management Communication,
Universitas Indonesia
1997 Bachelor Degree of Engineering, Sekolah Tinggi
Teknologi Telkom
Basis of Appointment
Prohire Contract Employee Employment Agreement Number K.TEL.13/HK810/HCS-
10000000/ 2024 dated July 19, 2024
Term of Office
2024, 22 July – 2025, 31 July
Work Experiences
July 2024 - present SVP Internal Audit Telkom
May 2021 - May 2024 Board of Director of Finance and Management Risk,
Telkomsel
November 2020 - May 2021 SVP Financial Planning Analysis & Business Partner,
Telkomsel
October 2018 - October 2021 VP Wins Strategy and Planning, Telkom
January 2015 - September 2018 VP Wins Development,
September 2013 - December 2014 AVP Performance Development Dit.WINS, Telkom
INTERNAL AUDIT DEPARTMENT’S DUTIES AND
RESPONSIBILITIES
Duties and responsibilities of IA Telkom, based on Internal Audit Charter, are:
1. To prepare work plans and annual risk-based audit programs in line with the direction and development of
the company's business and carry out work plans and audit programs that have been approved by the Audit
Committee and approved by the President Director;
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312 Corporate Governance
2. To help the Company to ensure that internal 7. Follow up on reports of whistle-blowers coming
controls and risk management systems have through the Telkom Integrity Line regarding
been implemented effectively and efficiently alleged fraud in the Company, Subsidiaries, and
about: other Affiliated Entities, and submit reports to
a. Financial reporting to produce information the Audit Committee and President Director.
that is free from material misstatement and by
applicable standards and regulations; INTERNAL AUDIT
b. Operational controls to ensure that DEPARTMENT’S STRUCTURE
management objectives are achieved AND POSITION
appropriately;
Telkom's Internal Audit Department is headed by
c. Asset management has been carried out the Senior Vice President (SVP), who is appointed
appropriately to protect assets from physical and and dismissed by the President Director with the
legal risks and ensure optimal use of assets; approval of the Board of Commissioners. The IA
d. Ensure that the Company’s activities comply Department reports directly to the President
with the applicable laws and regulations. Director. Until the end of 2024, IA Telkom consists of
3. To monitor, analyze, and report on follow-up 88 people.
improvements that have been recommended;
In line with the Financial Service Authority's
4. To develop evaluation methods and quality Regulation No. 56/POJK.04/2015 regarding the
improvement programs for the activities and Formation and Guidelines for Preparing the Internal
results of the Internal Audit in collaboration with Audit Unit Charter, the President Director, with the
the Audit Committee; approval of the Board of Commissioners, can dismiss
5. To provide consultancy needed by the Company, SVP IA who do not meet the requirements and/or fail
Subsidiaries, Affiliated Companies, and Other or are incompetent in carrying out their duties. Until
Entities following the agreed scope of internal the end of 2024, IA Telkom's organizational structure
audit; chart is as follows:
6. To perform audit synergies with units that carry
out the internal audit function in Subsidiaries,
Affiliated Companies, and Other Entities;
SVP INTERNAL
AUDIT
VP PLANNING & VP INFRASTRUCTURE VP INFORMATION & VP INTERGRATED
DEVELOPMENT AUDIT & OPERATION AUDIT TECHNOLOGY AUDIT & FINANCIAL AUDIT
AVP QUALITY
AVP QUALITY AVP APPLICATION AVP ICOFR & RISK
AVP AUDIT ASSURANCE
INFRASTRUCTURE TRANSCATION MANAGEMENT
PARTNER 1 & SYSTEM
& SUPPLY AUDIT AUDIT AUDIT
DEVELOPMENT
AVP SERVICE AVP FINANCIAL &
AVP INFORMATION
AVP AUDIT AVP RESOURCE OPERATION ASSET
SYSTEM OPERATION
PARTNER 2 & ADMINISTRATION & SUPPORT MANAGEMENT
AUDIT
AUDIT AUDIT
AVP A&A
AVP AUDIT POOL OF AVP SERVICE AVP INFORMATION
COMPLIANCE
PARTNER 3 AUDITOR DELIVERY AUDIT SECURITY AUDIT
AUDIT
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INTERNAL AUDIT DEPARTMENT’S TASK IMPLEMENTATION
Every year, IA Telkom makes a work plan as outlined in the Program Kerja Audit Tahunan (PKAT) or Annual
Audit Work Program and Program Kerja Non-Audit Tahunan (PKNAT) or Annual Non-Audit Work Program
of the Internal Audit Department, which the Audit Committee and the Main Director approve. In 2023, IA
Telkom carried out 54 assignments outside PKNAT, which included audit, consultation, evaluation, and review
activities. The description of IA Telkom's activities is as follows:
Sub Departement Audit Consultation Evaluation Review Total
Infrastructure & Operation Audit (IOA) 8 4 - 3 15
Integrated & Financial Audit (IFA) 5 4 5 13 27
Information & Technology Audit (ITA) 3 7 1 1 12
Total 16 15 6 17 54
INTERNAL AUDIT’S QUALIFICATION AND PROFESSIONAL
CERTIFICATION
Telkom Internal Auditors need to have various certifications to carry out standardized work so that the quality
of internal supervision can run well. At the end of 2024, the certifications held by IA Telkom employees are as
follows:
No. Certification Type Number of Certification
1. Asean Chartered Professional Accountant (ACPA) 3
2. Certificate in International Financial Reporting Standard (IFRS) 3
3. Certification in Audit Committee Practices (CACP) 7
4. Certification of Internal Audit Executive (CIAE) 3
5. Certified Behavior Consultant (CBC) 2
6. Certified Business Hijrah Coach (CBHC) 1
7. Certified Compliance Professional (CCP) 39
8. Certified Data Center Professional (CDCP) 1
9. Certified Data Privacy Solution Engineer (CDPSE) 1
10. Certified Data Science Specialist (CDSS) 1
11. Certified Financial Consultant (CFC) 1
12. Certified Fraud Examiner (CFE) 5
13.. Certified Governance, Risk Management and Compliance Auditor (GRCA) 1
14. Certified Governance, Risk Management and Compliance Professional (GRCP) 1
15. Certified Human Resource Professional Executive (CHRPE) 1
16. Certified Indonesia Scrum Master I 1
17. Certified Information Systems Auditor (CISA) 3
18. Certified Information Systems Security Professional (CISSP) 1
19. Certified Internal Audit Leader (CIAL) 5
20. Certified Internal Audit Officer (CIAO) 28
21. Certified Internal Auditor (CIA) 5
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No. Certification Type Number of Certification
22. Certified International Procurement Professional (CIPP) 1
23. Certified IT Infrastructure Library (ITIL) 2
24. Certified IT Infrastructure Library (ITIL) - IT Intermediate Examination Service 1
Strategy
25. Certified IT Infrastructure Library (ITIL) - IT Intermediate Examination Service 1
Transition
26. Certified IT Infrastructure Library (ITIL) - IT Service Management 1
27. Certified Management Accountant (CMA) 3
28. Certified Professional Auditor of Indonesia (CPAI) 1
29. Certified Professional Industrial Relation (CPIR) 3
30. Certified Professional Marketer (CPM) 1
31. Certified Public Accountant (CPA) 1
32. Certified Public Speaking (CPS) 1
33. Certified Risk Associate (CRA) 2
34. Certified Risk Executive Leader (CREL) 1
35. Certified Risk Management Assurance (CRMA) 1
36. Certified Risk Management Officer (CRMO) 8
37. Certified Risk Professional (CRP) 3
38. Certified Securities Analyst - Analis Saham (CSA) 1
39. Chartered Accountant (CA) 8
40. Cisco Certified Internetwork Expert (CCIE) 1
41. Data Management & Reporting 1
42. Diploma in International Financial Reporting Standard (DipIFRS) 1
43. Google Career Certificates (GCC) Data Analytics 13
44. Google Career Certificates (GCC) Digital Marketing & E-Commerce 3
45. Google Career Certificates (GCC) Project Management 9
46. Google Career Certificates (GCC) UX Design 1
47. Human Resource Business Professional (HRBP) 2
48. Human Resource Management Professional (HRMP) 1
49. Indonesia Internal Audit Practitioner (IIAP) 1
50. ISO 27001: 2013 ISMS - Auditor/Lead Auditor 1
51. ISO 37001: 2016 Lead Auditor 1
52. Metro Ethernet Forum - Carrier Ethernet Certified Professional (MEF-CECP) 2.0 1
53. Microsoft Certified Solution Associate 1
54. Microsoft Certified Technology Specialist: Windows Server 2008 Active Directory 1
Configuration
55. Microsoft Certified Technology Specialist: Windows Server 2008 Network 1
Infrastructure Configuration
56. MikroTik Certified Network Associate (MTCNA) 1
57. Offensive Security Certified Professional (OSCP) 2
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No. Certification Type Number of Certification
58. Open Network Foundation Certified SDN Associate (ONF OCSA) 1
59. Oracle Certified Associate (OCA) 1
60. Professional Scrum Product Owner I (PSPO) 1
61. Qualified Chief Risk Officer (QCRO) 15
62. Qualified Internal Audit (QIA) Manajerial 13
63. Qualified Risk Governance Professional (QRGP) 1
64. Qualified Risk Management Analyst (QRMA) 17
65. Qualified Risk Management Professional (QRMP) 14
66. Qualified Wealth Planner (QWP) 1
67. Red Hat Certified System Administrator (RHCSA) 1
68. Register Negara Akuntan (RNA) 3
69. Project Management Expert Certification (AMP) 1
70. Young Integrity Builder Expert Certification (API) 1
71. Examiner Level Public Accountant Certification 1
72. Competency Assessor Certification 1
73. Indonesian Legal Auditor Certification 1
74. Industrial Relations Certification 2
75. Pension Fund General Management Certification (MUDP) 1
76. Brevet C Tax Certification 3
77. Advocate Professional Special Education Certification (PKPA) 1
78. Professional Accountant Certification (PPAk) 2
79. Investment Manager Representative Certification (WMI) 2
80. Telkom Certified Customer Experience (TCCX) 1
81. Telkom Certified Performance Management (TCPM) 1
82. The Open Group Architecture Framework version 0.1 Foundation (TOGAF® 9.1 1
Foundation)
83. The Open Group Architecture Framework (TOGAF® Standard, Version 9.2) 1
Total 283
INTERNAL AUDIT’S TRAINING AND EDUCATION
Telkom involves IA employees in various education and training activities held by Telkom CorpU, ACFE, IIA,
ISACA, SPRINT, BPKP, and others to maintain and improve the competence of its internal auditors. The
following table summarizes the education and training attended by IA Telkom employees throughout 2024.
Programs Number of Participants Number of Days
Culture 16 144
Leadership 26 260
Business 399 9,177
Technical 123 2.829
Certification 125 50,875
Sharing Knowledge 372 6,324
Total 1,061 69,609
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316 Corporate Governance
Internal Control
System
The Internal Control System (SPI) is a continuous Telkom implements five internal control components
monitoring mechanism that includes the reliability with the COSO Framework, which are interconnected
of financial reports and the availability of complete at all levels and business units of the Company,
and timely financial reports, including the evaluation namely:
of financial reporting. SPI Telkom is run collectively
1. Control Environment
by the Board of Directors, management, and other
personnel under the supervision of the President a. Demonstrates commitment to integrity and
Director and Director of Finance. ethical values.
b. Exercises oversight responsibility.
Through SPI, Telkom ensures that the preparation
c. Establishes structure, authority, and
of consolidated financial reports is in accordance
responsibility.
with the Financial Accounting Standards set by
the Indonesian Institute of Accountants (IAI). d. Demonstrates commitment to competence.
Telkom's shares are listed on the New York Stock e. Enforces accountability.
Exchange, therefore Telkom must also comply with 2. Risk Assessment
the provisions of SOX Section 404, which requires
a. Specifies relevant objectives.
Telkom to establish, maintain, test, and disclose
b. Identifies and analyzes risk.
the effectiveness of internal control over financial
reporting. c. Assesses fraud risk.
d. Identifies and analyzes significant change.
SPI also ensures the achievement of efficiency
3. Controlling Activities
and effectiveness of operational activities and
compliance with regulations. Through SPI, Telkom can a. Selects and develops control activities.
monitor the Company's compliance with applicable b. Selects and develops general controls over
regulations, both regulations from Telkom officials technology.
and government regulations. Telkom can also control c. Deploys through policies and procedures.
its operational activities in accordance with the work
4. Information and Communication
procedures in each function.
a. Uses relevant information.
b. Communicates internally.
INTERNAL CONTROL
FRAMEWORK c. Communicates externally.
5. Monitoring Activity
Telkom implements SPI in accordance with the
a. Conducts ongoing and/or separate
Internal Control-Integrated Framework 2013 from
evaluations.
The Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Telkom continues b. Evaluates and communicate deficiencies.
to ensure that all business activities are carried out
in accordance with applicable laws and regulations.
The Legal & Compliance Unit under the Corporate
Secretary Department is responsible for statutory
compliance, which carries out several activities, such
as legal advisory, legal opinion, legal review, and
litigation.
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INTERNAL CONTROL IMPLEMENTATION IN TELKOM
Telkom implements and applies the COSO Framework components to its policies, namely:
Internal Control Implementation in Telkom
Control Environment
1. Telkom is committed to integrity and ethical values by building and establishing a corporate culture as a guide for
main players in building leadership patterns and strengthening organizational synergies, as an engine of economic
growth, an accelerator of social welfare, a provider of employment, and a provider of high performing culture talent.
Telkom guarantees sustainable competitive growth in the form of long-term superior performance achievement.
Core Values AKHLAK (Amanah, Kompeten, Harmonis, Loyal, Adaptif, and Kolaboratif) are the main values of SOE
human resources that must be adopted by TelkomGroup so that every TelkomGroup resource knows, implements,
and internalizes seriously, consistently and consequently, thus bring forth to daily behaviors that shape the work
culture of TelkomGroup which is in line with the Core Values of SOE.
2. Telkom ensures the effectiveness of implemented Internal Audit activities by implementing the SOX 302/404
prerequisites and managed with a risk-based audit approach. Telkom also ensures that effective coordination
and co-operation with internal and external parties, and business risks to all business activities are adequately
managed with internal control systems.
3. Telkom has a Competency Directory that defines the company's competency needs. One of them is Finance
Stream which includes the competence of Corporate Finance with the sub-area of capital structure competency
and Working Capital Management (Treasury Management). Then, Accounting with sub-area competence of
Financial Accounting, Management Accounting, and Corporate Tax. The competency development policy is aimed
at creating superior, global quality, and highly competitive employees.
Risk Assessment
4. Telkom has several considerations in developing accounting policies, such as Statements of Financial Accounting
Standards (PSAK), Interpretation of Statements of Financial Accounting Standards (ISAK), International Accounting
Standards (IAS), related laws, and changes in impacted internal environments.
5. Internal Control over Financial Reporting (ICOFR) is designed on the principle of risk-based assessment.
6. Telkom has a principle of financial assertion in ICOFR planning that is well respected by all relevant employees.
7. Telkom manages internal and external corporate risk with established mechanisms.
8. Telkom also implements an anti fraud policy control system and has potential fraud prevention.
Control Activities
9. The governance of ICOFR control activities in Telkom applies the three-line model, where the business unit (Business
Process Owner) is responsible for control implementation as the first line, Risk Management as the second line for
ensuring the suitability of control design, and Internal Audit as the third line for assessing the effectiveness of
control design compared to operational implementation.
10. Telkom establishes and updates the ICOFR design, which consists of Entity-Level Control (ELC), Transactional-
Level Control (TLC), and IT General Control (ITGC), regularly.
11. Telkom sets up a Business Process Owner (BPO) and AO (Application Owner) that have duties and responsibilities
related to ICOFR.
12. Risk determination rules and internal controls refer to the ICOFR policy consisting of segregation of duties, risk
determination, and determination of internal controls.
13. Telkom has guidelines for the implementation of information systems security that are aligned with company needs
and can be implemented on an ongoing basis.
14. Telkom conducts ICOFR Control Self-Assessment (CSA) to assess the design's effectiveness periodically.
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Information and Communication
15. Telkom has accounting policies implemented under IFAS and IFRS, outlined following accounting principles and
implementation, including information or data related to the process and disclosure of financial reporting, and
regulates the components of the consolidated financial statements.
16. Telkom has an information technology policy that provides a frame of reference for each process or unit associated
with the organization's IT operations in the preparation and implementation of guidelines and procedures. The
scope of IT regulations in our company covers aspects of IT governance and IT management.
Monitoring Activity
17. Telkom has an Internal Audit Charter that includes the auditor's requirements in Internal Audit Department, which
has professional integrity and behavior, knowledge of risks and important controls in the field of information
technology, knowledge of Capital Market laws and regulations.
18. CEO TelkomGroup always increases awareness from management regarding audit and change management in the
form of CEO Notes and establishes Integrated Audit.
In accordance with Minister of State-Owned 2. Separation of Functions and Authorization
Enterprises Regulation No. PER-2/MBU03/2023 Segregation of functions is geared towards
regarding the Implementation of Good Corporate adequate review and reduces the potential for
Governance (GCG) in SOE, specifically Article errors and fraud.
26 paragraph (2), Telkom carries out regular
3. Execution of Events and Transactions
assessments of the implementation of SPI to
Control is carried out to ensure that transaction
improve the quality of SPI. The results of the SPI
activities are carried out properly according to
assessment in 2024 show that Telkom's Control
the plan and need that have been determined.
System is effective.
4. Accurate and On Time Records on Events and
Transactions
FINANCIAL AND
OPERATIONAL CONTROL Accurate and on time records of operational
events and transactions that carried out.
Financial control carried out by Telkom includes
5. Restricted Access and Accountability for
financial plans, feedback, adjustments, and
Resources and Their Records
validation processes to ensure plan implementation
Access to company resources and records should
or change plans in response to various changes.
be limited only to the personnel that assigned
Meanwhile, operational control consists of the
the duties and responsibilities.
deployment process to ensure operational activities
run effectively and efficiently. 6. Good Documentation of Control Events and
Transactions
In general, financial and operational control at
Every event and transaction in the company is well
Telkom, includes:
documented as basic evidence of the occurrence
1. Physical Control of Assets and Intangible Assets and fairness of the transaction.
Physical control of assets in the corporate
environment is directed at securing and
protecting risky assets.
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EFFECTIVENESS OF 1. Provisions of Sarbanes-Oxley Act (SOX) 302,
INTERNAL CONTROL SYSTEM 404, and 906.
OVERVIEW a. SOX 302 Corporate Responsibility for
Financial Reports
Telkom reviewed SPI's effectiveness based on
Require the CEO and CFO to provide
supervision carried out by the Internal Audit (IA) and
certification regarding the effectiveness of
External Audit Departments. The IA Department
design and implementation of internal control
submits SPI supervision reports to the Board of
and disclosure of significant deficiencies in
Directors and Board of Commissioners. Management
internal control in the context of financial
is responsible for implementing an effective and
reporting (Internal Control over Financial
reliable SPI and ensuring that this is embedded at
Reporting/ICoFR).
every level of the Company.
b. SOX 404 Management Assessment of
The Internal Audit Department reports the results Internal Controls
of SPI supervision to the Board of Directors and
Require companies that list their shares on
Board of Commissioners. The audit findings will be
United States stock exchange to design,
submitted to the relevant management for follow-
implement, document, evaluate, and disclose
up. Based on the supervision in 2023, Telkom's SPI is
the result of evaluation of the effectiveness
considered had running effectively.
of internal control over financial reporting
(Internal Control over Financial Reporting/
STATEMENT OF THE BOARD ICoFR).
OF DIRECTIONS AND/OR THE c. SOX 906 Corporate Responsibilities for
BOARD OF COMMISSIONERS Financial Reports: Failure of Corporate
ON ADEQUACY OF INTERNAL Officers to Certify Financial Reports
CONTROL SYSTEM
i. If misrepresented, the CEO and CFO are
Through the Audit Committee, the Board of subject to criminal penalties of up to $1
Directors and Board of Commissioners hold regular million or up to 10 years in prison, or both,
meetings with the Internal Audit and External Audit or
Departments to discuss internal control monitoring ii. If the disclosure is intentional, the CEO and
and follow-up plans on matters management needs CFO are subject to criminal penalties of up
to pay attention to. The Internal Audit and External to $5 million or up to 20 years in prison, or
Audit Unit reports the results of monitoring and both.
testing of internal control to the Board of Directors
2. Regulation of Minister of State-Owned
and Board of Commissioners at least once a year.
Enterprises No. PER-2/MBU/03/2023 regarding
The Board of Directors and Board of Commissioners Implementation of Good Governance and
assess that Telkom's internal control system has Significancy Corporate Activity at SOEs.
been running effectively and has met the adequacy
of the policies and standards referred to, among
others:
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320 Corporate Governance
Risk Management
System
The risk management system is essential in realizing 3. Regulation of the Board of Directors of a
Good Corporate Governance (GCG). By implementing Limited Liability Company (Persero) (Number:
a good risk management system within Telkom and 614.00/r/01/HK200/COP-D0030000/2021)
its subsidiaries, the Company can identify various regarding Company Risk Management;
business risks faced and develop appropriate 4. Regulation of the Director of Finance and
risk mitigation to expand the business scope for Risk Management (PR 614.00/r.01/HK200/
communication transformation in the digital era, COP-I0000000/2022 regarding Guidelines
improve the risk management system on an ongoing for Implementing Corporate Risk Management
basis, and support business continuity. (Telkom Enterprise Risk Management);
5. Standard Operation Procedure, (Number: SOP.
GENERAL ILLUSTRATION RMPP.03/RSG/2022) regarding the explanation
REGARDING THE RISK of the regulations for the director of
MANAGEMENT SYSTEM finance and risk management for corporate
companies (Persero) PR 614.00/r.01/HK200/
As a company listed on the New York Stock Exchange
COP-I0000000/2022 regarding implementation
(NYSE), Telkom is also required to implement risk
guidelines for enterprise risk management.
management that complies with the Sarbanes-Oxley
Act, significantly articles 302 and 404. Based on the These various regulations and provisions form the
Minister of State-Owned Enterprises Regulation foundation for Telkom to carry out risk management,
No. PER-2/MBU/03/2023 regarding Guidelines for of course referring to various existing standards and
Governance and Significant Corporate Activities best practices.
of State-Owned Enterprises, Telkom, as a state-
owned company, is also required to implement
RISK MANAGEMENT SYSTEM
a risk management system. Implementing a risk
(FRAMEWORK) AND POLICY
management system is carried out to fulfill compliance
aspects and maintain business continuity so that it Telkom's risk management implementation is based
runs well. on two policies: Regulation of the Board of Directors
No. PD.614.00/r.01/HK.200/COP-D0030000/2021
Telkom publishes various company policies relating
dated April 30, 2021 regarding Company Risk
to risk management implementation arrangements,
Management (Telkom Enterprise Risk Management)
among others:
and Regulation of the Director of Finance and
1. Decision of the Commissioners (KAKOM Risk Management No. PR.614.00/r.01/HK200/
No. 7/2006 Risk Management regarding COP-I0000000/2022 regarding Guidelines
the Authorities and Responsibilities of the for Implementing Enterprise Risk Management
Commissioners, the Obligations of the (Telkom Enterprise Risk Management). Since 2021,
Directors regarding the Implementation of Risk Telkom's risk management policy has referred to
Management); the ISO 31000:2018 Risk Management –Principles
and Guidelines standard, which consists of 3 main
2. Resolution of the Board of Directors/Regulation
components, namely:
of the Board of Directors (KD 13/2009 regarding
Guidelines for the Management of SOX Sections
302 and 404, Company Management refers to
the provisions of the US SEC;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 321
1. Principle 7) Human and Culture Factors
Risk Management Principles as the foundation Behavior and culture significantly affect all
for how risk management works to ensure the aspects of risk management at every level and
creation and protection of value, including: stage of the company's activities.
1) Integrated 8) Continuous Improvement
Risk management is an integrated part of the Risk management is continuously improved
company's overall activities. through learning and experience.
2) Structured and Comprehensive 2. Framework
In practice, the company takes a structured The framework that regulates the commitment to
and comprehensive approach to provide the role and division of Telkom's risk management
consistent and comparable results. functions includes:
3) Customized 1) Leadership and Commitment
The risk management framework and process i. The Board of Directors ensures that risk
must be adapted and proportionate to management is integrated into all activities
the external and internal context of the of the Company and must demonstrate
organization in line with the company's goals. leadership and commitment, by:
4) Inclusive a. Customize and implement all
It is necessary to involve the right stakeholders components of the framework;
at the right time to take their knowledge, b. Issue a statement or policy that sets out
views, and perceptions into account, thereby risk management approaches, plans, or
increasing awareness of risk management, actions;
which is well-informed. c. Ensure that necessary resources are
5) Dynamic allocated to manage risk;
Risks can appear, change, and disappear d. Establish authority, responsibility, and
along with the changes in the context and accountability at the appropriate level
conditions of the company's internal and within the Company.
external environment. The application of risk ii. Risk management becomes inseparable
management must be able to anticipate, from the Company's objectives,
detect, acknowledge, and respond to these governance, leadership and commitment,
changes and events in an appropriate and strategy, goals, and operations.
timely manner.
2) Integrasi (Integration)
6) Best Available Information
i. Risk management becomes inseparable
Risk management is based on historical, from the Company's objectives,
current information, and expectations for the governance, leadership and commitment,
future. Risk management explicitly considers strategy, goals, and operations;
all limitations and uncertainties associated
ii. The integration of risk management into
with such information and expectations.
the Company is a dynamic and iterative
Information must be timely, clear, and available
process and must be adapted to the needs
to relevant stakeholders.
and culture of the Company.
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322 Corporate Governance
iii. Risks are managed in every part of the 3. Context assignment - Scope, context, and
Company's structure, where everyone in criteria;
the Company has the responsibility to 1) Risk assessment consisting of:
manage risks.
i. Risk identification
3) Design
It is a process to find, recognize, and
i. The design of the risk management describe risks in achieving the Company's
framework is carried out by examining and objectives. Relevant, appropriate, and
understanding the external and internal up-to-date information is essential in
context of the Company. identifying risks.
ii. Authority, responsibility, and accountability ii. Risk analysis
related to risk management are established
It is a process to understand the nature
and communicated at all levels within the
and characteristics of risk, including its
Company.
level of risk. Risk analysis involves a detailed
iii. Authority, responsibility, and accountability consideration of the uncertainty, the
related to risk management are established source of the risk, the consequences, the
and communicated at all levels within the possibilities, events, scenarios, controls,
Company. and their effectiveness. An event can have
iv. Management ensures the appropriate many causes and consequences and can
allocation of resources for risk management. also affect a variety of objectives.
v. The Company establishes approved iii. Risk evaluation
communication and consulting approaches Is a process to support decision-making.
to support the framework and facilitate Risk evaluation involves comparing risk
the implementation of effective risk analysis results with established risk criteria
management. to determine where additional measures
4) Implementation are needed.
Risk management implementation requires 2) Risk treatment
stakeholders' involvement and awareness, thus i. Risk treatment is to select and implement
allowing the Company to consider uncertainty options for dealing with risk, which
in decision-making explicitly. consists of:
5) Evaluation a. Risk aversion
The company evaluates the effectiveness b. Accept risk
of the risk management framework by
c. Mitigating risk
periodically measuring its performance of the
d. Dividing/transferring risk
risk management framework.
ii. The risk treatment plan should be integrated
6) Improvement
into the Company's management plans and
i. The Company monitors and adjusts the risk
processes in consultation with appropriate
management framework in anticipation of
stakeholders.
external and internal changes.
ii. The Company is constantly improving the
suitability, adequacy, and effectiveness of
the risk management framework and how
to integrate risk management processes.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 323
3) Monitoring and review 4) Recording and Reporting
i. Monitoring and review are to ensure and i. The risk management process and its results
improve the quality and effectiveness of should be documented and reported
the process design, implementation, and through appropriate mechanisms.
risk management outcomes. ii. Reporting is an integral part of corporate
ii. Monitoring and review should be carried governance. It is intended to improve the
out at all process stages, including quality of dialogue with stakeholders and
planning, collecting, analyzing information, support the Board of Directors and the
documenting results, and providing Board of Commissioners in fulfilling their
feedback. responsibilities.
HEAD OF RISK MANAGEMENT DEPARTMENT’S PROFILE
ROBERTO SURYA NEGARA
Age Citizenship Domicile
53 years old Indonesian Jakarta, Indonesia
Educational Background
1996 Bachelor Degree in Economics Accounting, Faculty of Economy
Universitas Indonesia, Indonesia.
2014 Magister of Management, Universitas Gajah Mada, Indonesia
Executive Course
1. Overview of Operational Risk Management
2. Directorship Program
3. Application of Business Judgment in SOEs
4. Great Executive Development Program
Professional Certifications
2024 Certified Risk Executive Leader (CREL)
Basis of Appointment
Resolution of the Board of Directors Telkom' No. SK 220/PS000/TII-11/XI/2024 regarding
Talent Mobility Program Employee Assignment
Term of Office
November 1, 2024 – present
Work Experiences
2024 - present SVP Risk Management, Telkom
2023 - 2024 CEO PINS
2020 - 2023 CFO Telkom Sigma
2018 - 2020 CFO Infomedia
Executive Vice President Investment & Strategic Portfolio
2017 - 2018
Telekomunikasi Indonesia International
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324 Corporate Governance
PRAYUDI UTOMO
Age Citizenship Domicile
56 years old Indonesia Bandung, Indonesia
Educational Background
1993 Bachelor of Electrical Engineering, Universitas Gadjah Mada, Indonesia
Executive Course
1. Great Executive Development Program (GEDP), Telkom - Indonesia
2. Studium Generale : B2B IT SERVICE TREG, Telkom - Indonesia
3. Great People Development Program (GPDP) II, Telkom - Indonesia
4. Smart People Development Program - CRM, Telkom - Indonesia
Professional Certification
2023 Certified Qualified Chief Risk Officer (QCRO)
2023 Certified Professional Cert in Risk Management
2017 Certified Aplikasi KPRO & SIIS
Basis of Appointment
Resolution of Telkom Directors No. SK 783/PS720/HCB-105/2023 June 27, 2023 regarding Employee Movements
Term of Office
August 26, 2022 - present
Work Experiences
2023 - present VP Risk Operation & Process Management
2023 - 2023 Deputy EVP Marketing Treg 2
2021 - 2023 Deputy EVP Marketing Treg 2
2021 - 2021 Senior Principal Expert Marketing & Sales Partnership
2018 - 2021 OSM Customer Touch Point
2016 - 2018 OSM Customer Interface Management
2014 - 2016 OSM Home Commerce & Caring
RINI FITRIANI
Age Citizenship Domicile
47 years old Indonesia Bandung, Indonesia
Educational Background
2009 Master of Business & Information Technology, University of Melbourne
Executive Course
Leading Digital Transformation and Innovation Programme, INSEAD - France
Professional Certifications
2024 Qualified Chief Risk Officer (QCRO), LSP MKS
Basis of Appointment
Resolution of the Board of Directors of Telkom No. SK 18/PS720/HCP-a104/2024, dated March 28, 2024, regarding
Employee Mutation
Term of Office
April 1, 2024 - present
Work Experiences
2024 - present VP Risk Strategy & Governance – Risk Management, Telkom
2023 - 2024 Deputy Deputy SGM Finance & Asset Operation – Direktorat KMR, Telkom
2018 - 2023 VP Financial Accounting & Asset Management – Direktorat KMR, Telin
2013 - 2018 VP Accounting – Direktorat KMR, Telin
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 325
RISK MANAGEMENT’S ORGANIZATIONAL STRUCTURE
As an initiative to strengthen risk management based on the directions and aspirations of the Ministry of SOEs
and the Board of Commissioners, Telkom's risk management governance is under the responsibility of the Risk
Management Department, which is under the Directorate of Finance & Risk Management. Appointment and
dismissal of members of the Risk Management Department are carried out by the President Director, Director
of HCM or SGM HCBP based on a Resolution of the President Director, Director of HCM or SGM HCBP. The Risk
Management Department currently has 27 employees.
Management of the risk management function is regulated in Directors Regulation No. PD.202.47/r.09/
HK250/COP-A0200000/2024 The Finance & Risk Management Directorate is responsible for several
important aspects, including the availability of functional and cross-functional business processes based
on internal control (SOX/ICoFR), governance implementation, strategic and operational risk management,
and Enterprise Risk Management (ERM). Meanwhile, the organizational structure of the Risk Management
Department in 2024 is as follows.
President Director
Director of Finance & Risk
Director
Management
Departemen
VP Risk Management
SV RM
VP Risk Strategy VP Risk Operation &
& Governance Process Management
VP Risk AVP Risk AVP AVP AVP Risk
AVP
Strategy & Mgt Planning Governance & Operational Reporting &
Process Mgt
Governance & Policy Quality Mgt Risk Mgt Support
Risk Management Department Tasks And Responsibilities
SVP Risk Management
1. The Risk Management Department is led by the Senior Vice President of Risk management, referred to as
SVP Risk Management.
2. In carrying out its duties and authorities, the SVP of Risk Management is responsible for reporting to the
Director of Finance and Risk Management.
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326 Corporate Governance
3. SVP Risk Management is responsible for 2. In carrying out its responsibilities, VP Risk Strategy
managing policies, controlling, supervising, & Governance carries out the main activities,
and implementing risk management functions, among others, but not limited to the following:
including the management of Enterprise Risk a. Carry out the role of CoE organization of the
Management (ERM), the implementation of Directorate of Finance & Risk Management in
governance and quality management, business risk management, among others:
processes, and risk management reports within
i. Formulating and develop Enterprise Risk
the TelkomGroup.
Management (ERM) strategies, roadmaps,
4. In carrying out its responsibilities, SVP Risk policies, and architectures;
Management carries out the main activities,
ii. Compiling and managing the Company’s
among others, but not limited to the following:
risks, including Risk Profile, Risk Factors,
a. Serve as CoE and/or subject matter expert of RKAP, including risk management advisory
the Directorate of Finance & Risk Management activities within the TelkomGroup;
organization in risk management, among
iii. Measuring risk maturity index (RMI), risk
others:
culture, and risk competency enhancement,
i. Determining strategies, roadmaps, as well as integrated risk governance;
policies, governance, and mechanisms
iv. Formulating strategies, policies, and
in risk management (Enterprise Risk
mechanisms for Good Corporate
Management), governance & quality
Governance (GCG) and quality
management, and process management
management within the scope of
at TelkomGroup;
TelkomGroup;
ii. Coordinating the implementation of risk
v. Carrying out advisory functions
management, governance and quality
for implementing GCG and quality
management, and process management
management within the scope of
with related units within the TelkomGroup;
TelkomGroup.
iii. Coordinating the monitoring, evaluation,
b. Ensure the implementation of risk-based
and reporting processes of management,
planning management, including RJPP, CSS,
governance and quality management, and
and budgeting, as well as management of unit
process management implementation at
budgets & key performance indicators (KPI) or
TelkomGroup.
management contracts (KM)
b. Ensure the implementation of strategy
c. Ensure the implementation of coordination
management and implementation of risk
with the Ministry of State-Owned Enterprises
management and governance with external
(SOEs) and other external parties, related
parties including regulators
to the establishment of risk strategies, risk
5. In carrying out the duties and authorities assessment, risk mitigation, and reporting
as referred to in paragraph (3), SVP Risk on the implementation of the Company’s risk
Management is assisted by: management and other purposes;
a. Vice President (VP) Risk Strategy & d. Develop, assign, and assess the Key
Governance; and Performance Indicator Risk Management
b. Vice President (VP) Risk Operation & Process Department and develop, manage, and update
Management. the Application Support ERM;
e. Coordinating and overseeing the
VP Risk Strategy & Governance
implementation of GCG & quality management
1. VP Risk Strategy & Governance is responsible for as well as mechanisms and business process
managing Enterprise Risk Management (ERM) disclosure (DCP) along with its evaluation and
at an adequate and effective strategic level and reporting;
implementing governance and quality within the
scope of TelkomGroup.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 327
3. In carrying out its activities, VP Risk Strategy & c. Ensuring the formulation of strategies,
Governance interacts among others, but is not policies, governance, and process
limited to: management mechanisms such as
a. All units in the Company and its Subsidiaries enterprise-wide processes and business unit
and other entities, including the Foundation, processes of the Company.
in terms of managing enterprise quality d. Ensuring the implementation of the review
management and Good Corporate Governance process on risk management for compliance
(GCG); and financial aspects (including hedging and
b. All units in the Company in terms of advisory asset impairment) in TelkomGroup; and
on the preparation of risk register units, e. Ensuring the design of the IcoFR business
preparation of Risk Profile, and KPI assessment process as part of the transactional level
of Risk Management Effectiveness; control process and the design of entity level
c. All Subsidiaries in terms of advisory risk control documents based on the applicable
management; internal control framework and SOX standards.
d. Financial Controller Unit in terms of risk 3. In carrying out its activities, VP Risk Operation &
budgeting & monitoring; Process Management interact, among others, but
is not limited to:
e. Internal Audit Department in terms of
auditing the effectiveness of Enterprise Risk a. Infrastructure Management Business Unit and
Management (ERM) implementation; and Asset Management Unit in terms of business
continuity management and insurance
f. Performance management unit determines
management;
and measures KPI Risk Management
Department. b. Customer Management Business Unit in terms
of revenue assurance and fraud management;
4. In carrying out the duties and authorities as
referred to in paragraph (3), VP Risk Strategy & c. Financial controller unit in terms of risk-based
Governance is assisted by: budgeting and budget management;
a. Assistant Vice Presiden (AVP) Risk Strategy & d. All units in terms of business risk review,
Reporting risk culture management, risk competency
enhancement, and risk management reporting;
b. Assistant Vice Presiden (AVP) Governance &
and
Risk Policy
e. Organizational Development Management
VP Risk Operation & Process Management Unit, Corporate Policy Management
Unit, Internal Audit Management Unit, all
1. VP Risk Operation & Process Management
operational units and subsidiaries in terms
is responsible for managing Enterprise Risk
of management and audit of the enterprise-
Management (ERM) at the operational level and
wide process, business unit process, cross-
the availability of adequate and effective business
functional process, and business process
processes within the scope of the Company.
ICoFR (Transactional Level Control).
2. In carrying out its responsibilities, VP Risk
4. In carrying out the duties and authorities as
Operation & Process Management carries out the
referred to in paragraph (3), VP Risk Operation &
main activities, among others, but not limited to
Process Management is assisted by:
the following:
a. Assistant Vice Presiden (AVP) Process
a. Serving as CoE and/or subject matter expert
Management;
of the Finance & Risk Management Directorate
organization on operational risk and business b. Assistant Vice Presiden (AVP) Financial &
process management aspects. Compliance Risk Management; and
b. Ensuring the implementation of business risk c. Assistant Vice Presiden (AVP) Operational
management, regularization notes, forms of Risk Management.
waiver, and IcoFR risk assessment;
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RISK MANAGEMENT DEPARTMENT’S TRAINING AND
CERTIFICATION
Telkom regularly involves members of the Risk Management Department in various education and training
to improve the competence and quality of its members, as well as to continue to perfect the Company's
risk management system. Telkom also conducts outreach and workshops regarding risk management in
offices, divisions, and subsidiaries so that all TelkomGroup units can understand the implementation of risk
management. Various risk management training activities to be held in 2024 are as follows.
Risk Management Training in 2024
No. Name Organization Institution
1. Qualified Risk Management Analyst CRMS
2. Qualified Risk Management Professional CRMS
3. Qualified Chief Risk Officer CRMS
4. Financial Risk Analyst for Corporation CRMS
5. Certified Risk Professional Tap Kapital
6. Certified Risk Management Professional AAFM
Professional Certifications
The members of the Risk Management Department consist of professionals who are experts in their fields.
Until the end of 2024, there were 22 members of the Telkom Risk Management Department who have
professional certification related to risk management, including:
Professional Certifications of Members of Telkom Risk Management Department as of
December 31, 2024
No. Member’s Name Certification Year of Review Status
1. Moh Ahmad a. Certified in Enterprise Risk Governance (CERG) 2017 Active
b. Certified Risk Professional (CRP) 2020 Active
c. Certified Governance Professional (CGP) 2021 Active
d. Certified Risk Governance Professional (CRGP) 2022 Active
e. Financial Risk Analyst for Corporation (FRAC) 2023 Active
2. Hendri a. Certified Risk Professional (CRP) 2023 Active
Purnaratman
b. Certified Governance Professional (CGP) 2021 Active
c. Governance Risk & Compliance Professional (GRCP) 2022 Active
d. Certified Compliance Professional (CCP) 2023 Active
e. Certified Integrity Officer (CIO) 2023 Active
f. Qualified Chief Risk Officer (QRCO) 2023 Active
g. Financial Risk Analyst for Corporation (FRAC) 2023 Active
3. Tatwanto a. Certified Risk Professional (CRP) 2021 Active
Prastistho
b. Qualified Chief Risk Officer (QCRO) 2023 Active
c. Financial Risk Analyst for Corporation (FRAC) 2023 Active
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 329
No. Member’s Name Certification Year of Review Status
4 Rizky Ponti a. Certified Accountant 2022 Active
Annastuti
b. Certified Risk Professional (CRP) 2023 Active
c. Qualified Risk Management Professional (QRMP) 2023 Active
d. Certified Management Accountant 2019 Active
5. Agus Suprijanto a. Certified Risk Professional (CRP) 2020 Active
b. Qualified Risk Management Professional (QRMP) 2023 Active
6. Nofriandi Rosa a. Certified Risk Professional (CRP) 2021 Active
b. PECB Certified ISO 37001 Lead Auditor 2023 Active
c. Qualified Risk Management Professional (QRMP) 2023 Active
d. Ahli Pembangun Integritas Muda (KPK) 2023 Active
7. Rudi Sudiro M a. Certified Risk Professional (CRP) 2020 Active
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Professional (QRMP) 2023 Active
8. Iswatoen a. Certified Risk Professional (CRP) 2020 Active
Hasanah
b. Qualified Risk Management Professional (QRMP) 2023 Active
c. Certified Quality Management System ISO 9001:2015 2024 Active
Lead Auditor (CQI IRCA)
d. Certified Project Risk Manager (CPRM) 2024 Active
9. Tati Krisnayanti a. Certified Risk Professional (CRP) 2020 Active
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Professional (QRMP) 2023 Active
10. Leonard Lolo a. Certified Governance Professional (CGP) 2021 Active
Sutardodo
Parapat b. Qualified Risk Management Professional (QRMP) 2023 Active
c. Ahli Pembangun Integritas Muda (KPK) 2023 Active
d. PECB Certified ISO 37001 Lead Auditor 2023 Active
11. Arie a. Certified Risk Professional (CRP) 2023 Active
Hestiningdaru
b. Qualified Risk Management Professional (QRMP) 2023 Active
c. IFRS 2012 Active
12. Marisi P. Purba a. ASEAN Chartered Professional Accountant 2017 Active
b. Chartered Accountant 2014 Active
c. Certified Professional Accountant (Australia) 2022 Active
13. Meylia a. Certified Risk Professional (CRP) 2021 Active
Candrawati
b. Certified Governance Professional (CGP) 2021 Active
c. Financial Risk Analyst for Corporation (FRAC) 2023 Active
d. Qualified Risk Management Analyst (QRMA) 2023 Active
14. Dimas Prasetyo a. Certified Risk Professional (CRP) 2021 Active
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Wakil Manajer Investasi (OJK) 2017 Active
d. Certified Management Accountant (CMA) 2021 Active
15. Dear Ahmad a. Certified Risk Professional (CRP) 2023 Active
Adhomul S
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
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330 Corporate Governance
No. Member’s Name Certification Year of Review Status
16. Umar Farouk a. Certified Risk Professional (CRP) 2023 Active
b. Qualified Risk Management Analyst (QRMA) 2023 Active
c. Financial Risk Analyst for Corporation (FRAC) 2023 Active
17. Ardistya a. Certified Risk Professional (CRP) 2022 Active
Wirawan
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
18. Alya Mutiara a. Certified Risk Professional (CRP) 2022 Active
Basti
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
d. Certified Risk Management Professional (CRMP)
19. Rizka Raniah a. Certified Risk Professional (CRP) 2022 Active
Rahmat
b. Qualified Risk Management Analyst (QRMA) 2023 Active
c. Certified in Financial Risk Management 2024
20. Niken Dwi a. Certified Risk Professional (CRP) 2022 Active
Trisnaningati
b. Qualified Risk Management Analyst (QRMA) 2023 Active
21. Muhammad a. Certified Compliance Professional (CCP) 2024 Active
Azhar Ashari
In 2024, Telkom implemented a Professional Risk Aware Culture also applies one of AKHLAK's core
Certification program in Risk Management and values, especially the KOMPETEN aspect, namely
extended certification for employees who act as continuing to learn and develop capabilities. For this
key risk managers in their respective divisions and/ reason, the risk awareness program is carried out
or sub-units. in 3 categories, namely the leader journey, people
journey, and program journey.
RISK AWARENESS AND 1. Leader Journey
CULTURE
a. Sharing Session Involving Telkom Leaders
Increasing Risk Aware Culture is an important factor Telkom routinely conducts sharing sessions
in achieving the Company's targets and objectives, in involving C-Level Executives from divisions
line with the Strategic Plan of the Ministry of SOEs and subsidiaries with the aim of building
2020-2024, especially regarding strengthening the a commitment to risk management
risk management function and GCG of SOE. A good implementation.
Risk Aware Culture can improve:
b. Training and Certification
1. Organizational capability to manage measurable Telkom also strengthens risk management
risk levels. through relevant training programs that are
attended by Heads of Units and Management
2. Improving Corporate Governance Compliance.
of Subsidiaries.
3. Achievement of company performance targets. c. Webinars with External Experts
The webinar program is conducted by external
experts, both consultants, practitioners, and
academics.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 331
2. People Journey
a. Communicate Clearly (Compile Story)
Telkom's Risk Management Department intensively conducts advisory and also provide coaching to
Units and Subsidiaries in order to strengthen risk management through several platforms (information
listed on the platform is available in Indonesian language) including:
1) Diarium (Digital Poster)
2) Telegram Channel
b. Mandatory Digital Learning
Telkom conducts mandatory digital training related to risk management which must be attended by
all TelkomGroup entities. Besides that, after participating in digital training, awareness measurements
were also carried out in the form of a risk culture survey.
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332 Corporate Governance
c. New Employee Training Program
Every new employee is required to attend several trainings, one of which is regarding Risk Management.
3. Program Journey
a. Breakdown Silos
The Risk Management Department acts as an intermediary and communication center across divisions and
subsidiaries to be able to carry out collaborative cooperation in the context of mitigating corporate risk. One
form of activity that has been implemented is advisory for the alignment of strategy and risk management
of all units.
b. Assume responsibility for risk
There is a risk manager in each division and subsidiary who conducts direct identification and monitoring
so that it is expected to be able to capture all possible risks that exist in the company.
c. Utilization of technology and IT tools
Telkom has an online ERM application that is used by all divisions and subsidiaries in real time. Some of
the modules that have been developed include:
1) Telkom and Subsidiaries' Risk Register Module
2) Telkom and Subsidiaries’ Risk Reporting Module
3) Risk Project Module
4) EWS (Early Warning System) Module
5) LED Module (Loss Event Database)
6) Support Needed Module
7) Repository Module
8) Helpdesk and Ticketing Module
9) Risk Universe Module
10) Risk Taxonomy Module
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 333
d. Implement risk management KPIs
The Senior Leader's commitment to the implementation of risk management is evidenced by the
implementation of KPI Risk Management Effectiveness as one of the performance indicators assessed
for all BOD-1 units in Telkom. Assessment is carried out quarterly by Telkom's Risk Management
Department on the Risk Register and Risk Reporting of all BOD-1 units. The parameters used to
evaluate the effectiveness of Risk Management include completeness, quality, and reporting time
delivery.
Improvement Program of Risk Awareness
No. Issue/Obstacle 2024 2025
1. Awareness of Risk As many as 98% of respondents strongly The company created a program to develop a
Management agree and agree that the responsibility risk-aware culture for employees as well as to
of risk culture is not only on the Risk improve Telkom's 2025 RMI score.
Management Department, but also on
The Company has myDigiLearn media as a
each business unit of the Company.
medium for the implementation of e-learning
2. Competencies As many as 93% of respondents strongly and webinars in the Company with the aim
related to Risk agree and agree that the company of improving competencies related to Risk
Management provides training programs to improve Management. The company conducts webinars
employees' understanding in the field of by inviting external practitioners to present
risk management. material related to risk management.
The Risk Management Department conducts
3. Risk management A total of 89% of respondents strongly
socialization to each PIC Risk in each Unit
structure agree and agree that the Company has a
clear risk governance structure for each The Risk Management Department provides
Unit. advisory advice to each unit and subsidiary
to help identify risks, develop risk mitigation
4. Risk management 82% of respondents strongly agree programs and monitor risks.
interactions and agree that there has been
The company conducted a survey related to risk
effective interaction between the Risk
awareness to TelkomGroup employees as an
Management Department at the Head
assessment of the improvement that has been
Office and CFU/FU/Subsidiaries in the
carried out in 2025.
Risk Management hierarchy to align risk
strategies.
RISK MANAGEMENT 6. Categorizing parent entities and entities under
DEPARTMENT’S ACTIVITIES TelkomGroup’s parent based on risk intensity
refers to the Regulation of the Minister of SOEs
The Risk Management Department has carried out Number PER-5/MBU/09/2022 concerning the
its duties and responsibilities in risk management Implementation of Risk Management in State-
during 2024, namely: Owned Enterprises.
1. Compiling and upgrading TelkomGroup’s risk 7. Aligning the implementation of Risk
profile. Management with the Subsidiary.
2. Compiling CSS and RKAP risk factors. 8. Measuring the 2024 Risk Maturity at Telkom
3. Coordinating and conducting advisory activities with independent external consultants.
in the context of preparing risk registers, risk 9. Developing Telkom’s ERM strategy and roadmap.
reviews, and escorting ERM improvements both
10. Developing and develop Risk Management
in units and subsidiaries.
architecture (risk appetite, risk acceptance
4. Updating the risk universe. criteria, risk tolerance, risk capacity).
5. Conducting risk taxonomy mapping based on the 11. Coordinating the risk-based budgeting unit
Regulation of the Minister of SOEs Number PER- together with financial control.
5/MBU/09/2022 concerning the Implementation
of Risk Management in State-Owned Enterprises.
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334 Corporate Governance
12. Coordinating the preparation/updating of the 27. Developing and updating ERM policies and SOPs
BCP Set. (PR ERM, SOP ERM, guidelines for implementing
13 Coordinating risk assessment and business risk assessment, BCMS, insurance, fraud
impact analysis. management, and revenue).
14. Evaluating and test BCP (sampling). 28. Planning and facilitating the assessment of the
effectiveness of Risk Management management
15. Implementing ISO 22301: BCMS Re-Certification.
(risk maturity assessment).
16. Supporting the management of Insurance
29. Preparing, developing, and assessing key
(Property insurance, Director & Officer/D&O,
performance indicators of the Risk Management
personal accident, in-orbit satellite insurance,
effectiveness unit.
etc.).
30. Developing policies, governance, and roadmap of
17. Supporting revenue assurance.
good corporate governance.
18. Overseeing the implementation of fraud
31 Formulate policies, governance, and roadmap for
management.
quality management.
19. Performing Risk Assessment Scoping &
32 Formulating policies (including methods),
Significant ICOFR periodically.
governance, process management mechanisms,
20 Performing Entity Level Control (ELC) design for
and communication.
ICOFR.
33. Managing, designing, and developing company
21. Performing design, evaluation, and remediation
business processes (enterprise-wide process,
of Business Process & Risk Control Matrix design
business unit process).
as part of ICOFR Transaction Level Control (TLC)
34. Reviewing the organization’s high-layer business
design.
process.
22. Performing Risk Assessment of ICOFR’s Key
35. Conducting risk review of business initiatives
Control Business Process periodically.
(corporate actions, business cooperation, new
23. Supervising the ICOFR Control Self-Assessment
business, business problem solving, etc.).
process carried out by the Business Process
36. Conducting Fraud Risk Assessment of New
Owner.
Products/Services.
24. Carrying out a fraud risk assessment of the ICoFR
37. Preparation/Updating of SOP business
business process.
continuity plan (BCP).
25. Preparing risk management reporting to BOD
and BOC.
TYPES OF RISK AND
26. Preparing risk management reporting and
MANAGEMENT METHOD
support the Risk Management agenda of the
Ministry of SOEs. The Risk Management Department identified
several strategic risks that affect Telkom's business
activities, including:
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 335
Table of Risk and Management Method
Type of Risk Risks that is Faced The Impact to Telkom Mitigation/Risk Management
1. Systemic Risks
Political and Disruptions to political Has a negative impact a. Monitoring the influence of socio-
Social stability, social, and security on business growth, political turmoil on operational/
turmoil both domestically operations, financial service disruptions.
and internationally caused condition, results of b. The maintenance of awareness
by specific issues such as operations, supply chain through the improvement of safety &
geopolitical crises, trade wars, of production equipment security functions.
and so on. and prospects, as well c. Monitoring supply chain issues
as market prices of related to raw materials and looking
securities. for alternatives to materials/device
designs.
Macro Changes in the rate of inflation. a. Affects the a. Monitoring of the influence of
Economy purchasing power macroeconomy to the change to
The fluctuation of Rupiah and ability to pay increase the expense through Cost
Exchange rate customers. Leadership program.
Increase in energy and fuel b. Have the impact on b. To look for the opportunity to
prices the business, financial increase the spending of APBN
condition, business pursuant to the government focus
Increase in loan interest rates result or business (health, energy, education, etc).
The decrease of government prospect.
or Company’s credit rating c. Have a material
adverse effect to the
Penurunan peringkat kredit business, fi-nancial,
pemerintah atau Perseroan. condition, busi-ness
proceeds or business
prospect.
Risk of Disaster Natural disasters such as Disrupting its business a. Monitoring indicators that have the
floods, lightning, hurricanes, opera-tions and give potential to cause disturbances to
earthquakes, tsunamis, negative impact to the equipment such as device humidity
volcanic eruptions, epidemics, financial performance and and temperature, ship traffic on the
fires, droughts and pandemics, profit, business prospect SKKL route through the system.
as well as other events such as as well as market price of b. Transfer of risk by using the insurance
power outages, riots, terrorist se-curities. of assets to anticipate the natural
attacks, which are beyond disaster and fire.
Telkom's control. c. Coordination with ASKALSI
(Indonesian Sea Cable Association)
and BAKAMLA (Indonesian Marine
Safety Agency) to secure SKKL.
d. Preventive & corrective action by
preparing the disaster recovery plan
and crisis management team.
Sustainability Implementation of ESG & Telkom may be subject a. Fulfillment of employee capacity and
Climate Change strategy is to legal sanctions or capability to implement ESG based on
not in accordance with IFRS fines from regulatory applicable standards/requirements at
standards authorities NYSE and IDX.
b. Develop information systems to
support the fulfillment of ESG data
metrics and reporting.
c. Improve collaboration and synergy
across entities to support the
achievement of ESG targets.
d. Improve communication with
assessors and ESG Rating institutions.
e. Integrate climate risk and its
mitigation into Telkom's Risk Profile.
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336 Corporate Governance
Type of Risk Risks that is Faced The Impact to Telkom Mitigation/Risk Management
2. Business Related Risks
Operational The failure in the sustaina- Has the negative impact a. Implementation of BCM, BCP, and
Risk bility of network operation, to the business, financial DRP.
main system, gateway on condition, proceeds b. Certification of Integrated
Telkom’s network, or other from the operation and Management System (IMS) for
operator’s network. business prospect. infrastructure management.
Threat of physical and cyber Has the negative impact a. The upgrade of preventive action in
security, such as brute force to the business, financial the form of vulnerability assessment
attack, DDoS attack, and condition, result from the and penetra-tion test periodically.
threats do Data Center. operation materially. b. Monitor and identify all types of
attack in the realtime as well as to
choose and conduct a necessary
action immediately.
c. Preparing the recommendation to
handle cyber attack based on the
historical incident analysis.
d. Intensive coordination with relevant
parties to handle the cyber attack.
Risks related to sub-optimal May face a lawsuit and To be more prudent in the prepa-ration of
internet services. damage the reputation. contract with content provider partner.
New technology. Has an impact on the a. The preparation of Technology
competi-tive power. Roadmap by taking into ac-count
future technologies and the possible
implementation of competitor’s
technologies.
b. Acceleration of IDN (Indonesia Digital
Network) program to support future
services.
The limit of operation period, Can create loss to financial a. The planning to change the satellite
damage or ruin, delay or failure condition, operation of which operation period will be
to launch, or the revocation of result and capability to immediately expired.
satellite license. give services. b. The insurance of satellite op-eration
during the active period.
c. Insurance for manufacturing and
launching of new satellite.
d. Developing the understanding with
regulator in relation to the satellite
operation by Telkom.
Financial Risk Interest rate risk. Has an impact on Interest rate swap contract from the float
increasing interest interest rate to become the fix interest
expenses, especially for rate upon certain loan term.
floating interest loans.
Market price risk. Has an impact of changes Perform hedging activities of fi-nancial
in fair value on the assets.
performance of financial
assets measured through
profit or loss.
Foreign exchange rate risk. Has negative impact on Placement of time deposit and hedging
the financial condition or to cover the fluctuation risk of foreign
result from the operation. exchange.
Credit risk mainly from Adverse impact on Continuous monitoring of accounts
trade receivables and other financial condition, receivable balances and periodic billing.
receivables. operational performance
and business prospects.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 337
Type of Risk Risks that is Faced The Impact to Telkom Mitigation/Risk Management
Liquidity risk. Has an impact on the a. Maintaining adequate cash balances
ability to meet financial in an effort to fulfill fi-nancial
obligations when these liabilities.
financial liabilities mature. b. Perform analysis to monitor
statement of financial position
liquidity ratios such as current ratio
and debt to equity ratio against debt
agreement requirements.
The limitation of financing the Has a material adverse Maintaining and improving the Company’s
capital expenditures. effect to the business, performance to gain trust from national
financial condition, or global fund institution sources.
operational performance,
and business prospect.
Legal and Penalty/fine by KPPU in Reducing Telkom’s Strengthening legal review towards
Compliance relation to the price-fixing and revenue and has negative corporate action plan or certain contract.
Risk the occurrence of class action. impact to the business,
reputation, and profit.
Civil lawsuits from third It lowers Telkom's revenue Strengthening legal review of
parties (vendors, partners or and negatively impacts its engagement documents with third
cooperation partners) business, reputation, and parties and escorting the settlement
profits. of rights and obligations according to
contracts.
Administrative sanctions It lowers Telkom's revenue Complete all necessary permits in
for the implementation of and negatively impacts its the context of the implementation of
business activities business, reputation, and business activities.
profits.
Regulation Risk The change of Indonesian or Has the impact to the a. Analysis on the impact of the
International Regulation. business, financial regulation plan towards the industry
condition, operational in general and Telkom in particular.
performance, and b. Giving inputs so that the regulation
business prospect. that will be stipulated will give
positive impact to the Company and
industry.
Transformation The failure of significant Has an impact on a. Market Assessment and strategic
Risk business and organizational business growth and situation analysis on transformation
transformation initiatives. the company's financial initiatives.
performance in the short b. Preparation of strategic fit and
and long term. roadmap for transformation
initiatives.
c. Conducting risk assessment of
transformation initiatives both at the
pre and post-transformation stages.
d. Implementation of change
management by maximizing the
Project Management Office (PMO)
function.
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338 Corporate Governance
RISK MANAGEMENT Telkom has also carried out an assessment
SYSTEM’S REVIEW ON THE process for the effectiveness of risk management
EFFECTIVENESS implementation in 2024, namely:
1. Measurement Risk Maturity Index (RMI).
During 2024, Telkom's risk management system has
2. Monitoring and evaluation of the effectiveness
been effective in managing Telkom's various business
of risk mitigation through the ERM Online
risks to support every policy and process in the
application.
TelkomGroup. Telkom uses several risk management
tools or information systems, including: 3. Evaluation/discussion and advisory on a one-on-
one basis with business units as needed.
1. Generic Tools Enterprise Risk Management
Online (ERM Online) which is used by all units for 4. Reporting and evaluation together with the
Risk Register management. BOD and the Planning and Risk Evaluation and
Monitoring Committee (KEMPR).
2. Specific Tools for specific risk management
purposes e.g.: 5 Preparation and reporting of contingency plan
2024 documents.
a. The Fraud Management System (FRAMES)
application is used for the early detection
system of potential Customer and Third- STATEMENT OF BOARD OF
Party Fraud. DIRECTORS AND BOARD
b. The Online Quality Document Information
OF COMMISSIONERS
System (Sidomo) is a web application
ON ADEQUACY OF RISK
that stores quality documents to ensure
MANAGEMENT SYSTEM
that Quality Management System (SMM) The Board of Directors and Board of Commissioners,
documents within the Digital Connectivity through the Planning and Risk Evaluation and
Service Division are always controlled and Monitoring Committee (KEMPR), regularly hold
become uncontrollable when printed. meetings with the Risk Management Department
c. ICCA is a tool or application used to facilitate to discuss risk monitoring throughout the Company.
the self-assessment process and enable These meetings also cover follow-up actions taken
timely reporting of assessment results. by risk owners in an effort to minimize identified
d. EITA (Enterprise IT Acquisition) Application risks. The Risk Management Department reports the
is an application that manages the logic results of risk monitoring to the Board of Directors
of data, applications and infrastructure, and Board of Commissioners on a quarterly basis,
which is summarized in a set of policies and ensuring that risk management is carried out
technical choices to achieve the company's effectively and sustainably.
business goals, technical standardization and
integration.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 339
1. Adequacy of Risk Management Information System
The risk management system implemented in the Company refers to the ISO 31000:2018 framework
and adopts various international standards to ensure the best implementation of risk management. The
preparation of the company's risk register and risk profile has utilized the ERM Online application, as well
as the monitoring and evaluation process as well as the dashboard.
2. Adequacy of Risk Identification, Measurement, Monitoring, and Control Processes
The Board of Directors through the Internal Audit function has carry out inspections, evaluations, reports,
and/or recommendations for improvement of adequacy and the effectiveness of the risk management
process then followed up through evaluation by the Evaluation Committee and Planning and Risk
Monitoring.
TELKOM'S RISK APPETITE STATEMENT
Attitude Risk Appetite Statement Telkom
Intolerance 1. TelkomGroup is intolerant in terms of integrity and compliance, including damage to the environment
and negligence in cybersecurity and personal data protection that can affect the company's
reputation.
2. TelkomGroup is committed to meeting the dividend payment target to SOEs in accordance with the
set target.
Conservative 1. TelkomGroup strives to optimize the management and development of digital connectivity business.
2. TelkomGroup is committed to fulfilling its financial obligations and maintaining a healthy financial
structure and maintaining business continuity.
Moderate 1. TelkomGroup strives to optimize the management and development of digital platforms & digital
services.
2. TelkomGroup SOEs optimize the management of market and macroeconomic volatility by accepting
the consequences of burdens in a measurable manner.
Strategic 1. TelkomGroup has conducted a careful risk calculation, increased capital cost increase (CAPEX)
with reasonable and measurable risks commensurate with investment returns, and increased ESG
implementation.
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340 Corporate Governance
Significant
Legal Disputes
Throughout 2024, Telkom faced 223 legal cases and suppliers. Beginning in May 2024, the Company
consisting of 98 criminal law cases and 125 civil also received additional requests for information
law cases. Among these cases, 96 cases are a from the U.S. Department of Justice (“DOJ”)
continuation of cases from the previous period, focused on compliance with the U.S. Foreign Corrupt
while the remaining 127 cases are cases that began Practices Act (“FCPA”).
in 2024. Until the end of 2024, there are 125 cases
The Company cannot predict the duration, outcome
that have not been completed, and the process will
or impact of these investigations on our business,
continue for the next period.
including whether they will have a material impact
In addition to the above matters, in October 2023, on the Company’s audited consolidated financial
the Company received a document request from statements. Furthermore, in February 2025, the
the U.S. Securities and Exchange Commission U.S. administration issued an executive order titled,
(“SEC”) as it relates to Telkominfra’s involvement “Pausing Foreign Corrupt Practices Act Enforcement
in a project with the Indonesian Information and to Further American Economic and National
Telecommunication Accessibility Agency of the Security,” pausing the DOJ’s enforcement of the
Ministry of Communication and Information (“BAKTI FCPA for 180 days (which period can be renewed an
Kominfo”) regarding the provision of 4G Base additional 180 days) until the U.S. Attorney General
Transceiver Station (“BTS”) infrastructure. The issues revised FCPA enforcement guidance. Due to
SEC has since expanded its investigation to include the changing nature of and uncertainties related to
accounting and disclosures issues relating to our the regulatory environment, we cannot be certain
revenue recognition and financial reporting practices if or not the DOJ’s enforcement of the FCPA will
and internal control over financial reporting, as change or its impact on the outcome of the DOJ’s
well as public reports regarding certain Indonesian investigations into our business. It is additionally
legal proceedings involving our Company, various uncertain whether our Company, affiliates,
subsidiaries and affiliates, and certain of our clients employees, agents, or contractors would meet the
requirements of any individual exception to the
FCPA enforcement moratorium.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 341
Furthermore, while an investigation or inquiry alleged fraud, embezzlement and issues associated
by the SEC or DOJ should not be construed as an with accounts receivable, some of which are related
indication by the SEC or the DOJ that any violation to the above-described matters investigated by
of law has occurred, nor as a reflection upon any the SEC and the DOJ, to government authorities
person, entity or security, publicity surrounding the in Indonesia, including the Indonesian National
foregoing, any SEC or DOJ enforcement action or Police, Public Prosecution Service and Corruption
settlement as a result of these investigations, even Eradication Commission. The length, scope or
if ultimately resolved favorably for us, could have results of these self-disclosures and proceedings, or
an adverse impact on our reputation, business, their impact on our results of operations, business
prospects, financial condition, and results of or financial condition remain uncertain.
operations.
Although the outcome of this process is not yet
We are also cooperating with and have in certain certain, management emphasizes its commitment
instances self-reported various matters involving to continue to follow the entire process
alleged or potential violations of Indonesian transparently, maintain compliance with applicable
laws and regulations by our business units and regulations, and prudently manage all potential
subsidiaries and affiliates, including anti-corruption, legal, financial and reputational risks.
Recapitulation of Lawsuits Cases in 2022 - 2024
Legal Issues
Status 2024 2023 2022
Criminal Civil* Criminal Civil* Criminal Civil*
In process 62 63 42 55 18 44
Closed 36 62 13 43 27 27
Sub Total 98 125 55 98 45 71
Total 223 153 116
Remark:
* Combination of Civil and Non-Litigation Cases.
Page 344
342 Corporate Governance
Corporate Code
of Conduct
CODE OF CONDUCT’S IMPLEMENTATION FOR BOARD OF
DIRECTORS, BOARD OF COMMISSIONERS AND EMPLOYEES
Based on the Sarbanes-Oxley Act (SOX) 2002 section 406, Telkom has a code of ethics regulated in
the Board of Directors Regulation No. PD.201.01/r.00/PS150/COP-B0400000/2014 regarding Business
Ethics within the TelkomGroup and the Regulation of the Director of Human Capital Management No.
PR.209.05/r.02/HK250/COP-A4000000/2024 regarding Employee Discipline.
Telkom's code of ethics regulates business ethics for the external environment (customers, suppliers,
contractors, and other external parties) as well as employee work ethics for the internal environment
that applies to all members of the Board of Directors, members of the Board of Commissioners, and
the extended family of Telkom employees. Telkom requires all internal parties to sign an Integrity Pact
which contains the commitment of employees and management not to violate the integrity and code
of ethics set. This Integrity Pact is stated in the Resolution of the Board of Directors No. KD.36/HK290/
COP-D0053000/2009.
CODE OF CONDUCT’S PRINCIPLES
The Telkom Code of Conduct, which applies, among others, regulates the main matters regarding:
1. Employee Ethics
The system of values or norms that are used by all employees and leaders in the daily work.
2. Business Ethics
The system of values or norms that are upheld by the Company as guidelines for the company, management,
and its employees to interact with the surrounding business environment.
DISSEMINATION OF THE CODE OF ETHICS AND ITS EFFORTS
TO ENFORCEMENT
Every Telkom employee who violates the code of ethics will potentially receive sanctions after going through
an investigation process and various considerations. The following table presents Telkom's code of ethics,
which regulates provisions related to sanctions for each type of violation.
No. Main Thing Type of Violation Penalty
1. Employee Work Ethics 1. Misdemeanor Light Discipline Punishment
2. Moderate Violation Moderate Discipline Punishment
3. Serious Violation Severe Discipline Punishment
2. Business Ethics 1. Insider Trading Integrity Committee Decision
2. Conflict of Interest Employee Discipline Committee
Decision
3. Window Dressing Integrity Committee Decision
4. Do gratuities Employee Discipline Committee
Decision
Page 345
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 343 EFFORTS TO DISSEMINATION OF CODE OF CONDUCT Every year, Telkom management sends outreach materials to all employees at TelkomGroup regarding understanding of GCG, Business Ethics, Integrity Pact, Fraud, Risk Management, Internal Control (SOX), Whistleblowing, Prohibition of Gratification, IT Governance, Information Security, Anti-Bribery Management System and other matters. Others related to ethics and corporate governance practices. Telkom implements an obligation for every employee to create an Integrity Pact, which is filled out and signed by all employees every year as long as they are still employees of TelkomGroup. Telkom also carries out business ethics outreach through various media and e-learning, which also includes awareness of the implementation of SNI ISO 37001:2016 Anti-Bribery Management System (SMAP). Table of Code of Conduct Socialization 2024 No. Oncoming Amount Reached 1. E-learning 6,414/6,414 2. Face to face (training, communication forum/workshop) 66/6,414 3. Socialization material through the intranet portal 6,414/6,414 REPORT ON RESULTS OF APPLICATION OF CODE OF CONDUCT In 2024, Telkom will process as many as 21 cases of violations of the code of ethics and employee discipline involving 131 perpetrators. Of these, 16 cases have been decided while 5 other cases are still in process. The employees who have received the decision are as many as 104 perpetrators while 27 other perpetrators are still in process. This number shows a significant increase in case settlement compared to the previous year, where from 17 cases with 101 perpetrators there are still 14 cases involving 75 employees who are still in process. Therefore, Telkom continues to make various efforts to improve the quality of internal control to reduce the number of violations of the code of ethics in the future.
Page 346
344 Corporate Governance
Results of Code of Conduct in 2024
No. Form of Code Violation Number of Code Violations Sanctions Given
1. Misuse of Goods/ 16 cases Disciplinary Punishment:
Assets/Money/
Authority-Position Minor :3
Medium : 17
Severe : 35
Acquitted : 44
On progress : 27
2. Absenteeism 2 cases Dismissal :-
Acquitted :2
3. Criminal Case 1 case Severe :1
Violations of Moral 2 cases Severe :2
4.
Norms
5. Others 0 case Disciplinary Punishment:
Minor :-
Medium :-
Severe :-
Acquitted :-
On progress :-
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 345
Employee Stock
Ownership Program
Telkom has a policy of providing long-term, c. Levels BP V to VII are subject to a Lock Up
performance-based compensation for employees Period of 3 (three) months.
and management through share ownership 2. Execution Time
programs, namely the Employee Stock Ownership
Telkom stock ownership program by employees
Program (ESOP) and Management Stock Ownership
and/or management was implemented on June
Program (MSOP). The program aims to foster a sense
14, 2013.
of belonging and retain and appreciate employee
3. Employee and/or Management Requirements in
contributions. This share ownership program started
Telkom Stock Ownership Program
in 1995 when Telkom conducted an Initial Public
Offering (IPO) and was carried out again on June a. Meet Eligibility Criteria:
14, 2013. The conditions for implementing the ESOP i. Employees of Company and Employees
carried out in 2013 were: of Subsidiaries/Affiliates whose financial
1. Number of Shares statements are consolidated in Telkom
Financial Statements;
Number of shares offered during ESOP program
period in 2013 was 64,284,000 Series B stock ii. Directors of Subsidiaries/Affiliates whose
which were the result of buyback phase III or financial statements are consolidated,
Treasury Stock. except BOD/BOC Telkom and Telkomsel.
The amount was allocated to each participant b. Have contributed at least 1 month in 2012;
with the following conditions: c. In the event that employee has an inactive
a. Participants have an active status, referring status in 2013, then:
to the Band Position level, Role Category, i. The person concerned is still entitled
and participant's contribution period as of to participate in the program, with
December 31, 2012; temporary the allocation of stock calculated
b. Participants have a non-active status, proportionally according to the
referring to the Band Position level and the contribution of the person concerned in
contribution period during 2012, except in 2012;
the event that the person concerned dies, the ii. The person concerned did not quit at his
contribution is calculated at 100%. own request (APS), was dismissed due to
Regarding the stock transfer process, employees a serious violation of employee discipline,
who become program participants are subject to and/or quit because he was appointed as
the provisions of the Lock-Up Period based on the Board of Directors of a SOE.
the following levels: d. The program is optional with conditions: the
a. Level BP I and II are subject to a Lock Up Period right to buy is non-transferable and void if it is
of 12 (twelve) months; not used during the offer period.
b. Level BP III and IV are subject to a Lock Up
Period of 6 (six) months;
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346 Corporate Governance
4. Execution Pricing or Pricing
Whereas, in the implementation of employee stock ownership program in 2013, Telkom set a stock transfer
price of Rp10,714 (ten thousand seven hundred and fourteen rupiah), which is 90% of the average closing
price of stock trading for a period of 25 days prior to the price fixing date.
No. Date Number of Employees Number of Shares Stock Value
1. November 14, 1995 43,218 116,666,475 shares Rp239 billion
2. June 14, 2013 24,993 59,811,400 shares Rp661 billion
(equivalent to 299,057,000
shares after a stock split)
Policy Regarding Reporting
Share Ownership of Directors and
Commissioners
Each member of the Board of Directors and Board The Company routinely reports on the share
of Commissioners of Telkom has reported to the ownership of members of the Board of Directors
Financial Services Authority, either directly or and members of the Board of Commissioners every
indirectly, regarding ownership and any changes in month. It is disclosed in the Annual Report and
ownership of Public Company shares in accordance Financial Report. In the Annual Report for Fiscal
with the provisions of FSA Regulation No. 11/ Year 2023, Telkom reports information on share
POJK.04/2017 regarding Ownership Reports or ownership by members of the Board of Directors
Any Changes in Ownership of Public Company and Board of Commissioners, as well as changes in
Shares by the Board of Directors and Board of the "Shareholder Composition" section.
Commissioners. Provisions regarding reporting of
All members of the Board of Directors and Board
share ownership are also regulated internally in the
of Commissioners must report changes in their
Board Manual for the Board of Directors and Board
share ownership no later than three working days
of Commissioners as stated in the Joint Regulation
after the ownership or change in ownership of the
of the Board of Commissioners and Directors No.
Public Listed Company's shares. This policy applies
05/KEP/DK/2022 and No. PD.620.00/r.01/HK200/
to all members of the Board of Directors and
COP-M4000000/2022 regarding Guidelines for the
Board of Commissioners. In 2023 and 2024, several
Work Procedures of the Board of Commissioners and
members of the Board of Directors and Board of
Directors (Board Manual) of the Company (Persero)
Commissioners received Long Term Incentives (LTI)
PT Telekomunikasi Indonesia, Tbk.
and deferred Tantiem in the form of Telkom shares.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 347
Whistleblowing System
Telkom has established a whistleblowing system 2022, and ratified through the Regulation of the
(WBS) since 2006 as a follow-up to the Sarbanes- Board of Directors Number PD.622/r.00/HK200/
Oxley Act of 2002. This WBS is part of Telkom's COP-C0000000/2022 on February 22, 2022. The
efforts to prevent fraud and provide a medium for all Company is updating the policies and procedures for
individuals within Telkom and third parties to report handling WBS to be relevant to the latest regulatory
violations, fraud, or other forms of ethical violations developments.
related to TelkomGroup.
One of the regulatory considerations that Telkom
As part of continuous improvement, on January 31, pays attention to in revising WBS policies and
2022, Telkom launched Telkom Integrity Line, the procedures is POJK Number 12 of 2024 regarding the
latest version of the WBS, with the involvement Implementation of Anti Fraud Strategies for Financial
of Deloitte as an Independent Consultant. The Services Institutions. Although the Company is not a
policies and procedures of this system are regulated financial institution, the important things regulated
through the Decision of the Board of Commissioners in the POJK are relevant to be applied in Telkom.
Number 01/KEP/DK/2022 dated January 25,
DELIVERING A VIOLATION REPORT
The channels for the Telkom Integrity Line reporting system include:
Website https://id.deloitte-halo.com/telkomwbs/
Hotline (021) 5088 4601
Faksimile (021) 5088 4602
E-mail telkomwbs@tipoffs.info
Telkom Integrity Line
PO Box PO Box 2800
JKP 10028
SMS 0813 9000 3217
WhatsApp 0813 9000 3217
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348 Corporate Governance
Types of complaints that can be followed up 6. Uncommendable behavior of the Board
through the WBS mechanism are complaints related of Commissioners, Organs of the Board of
to alleged violations and/or fraud that have the Commissioners, Board of Directors, Management
potential to cause Telkom losses, both material and employees of the company such as but not
losses and immaterial losses, including: limited to: abuse of position, and/or providing
1. Fraud is a speech or action in the form of fraud, misleading information to the public that directly
fraud, conflict of interest, or the use of something or indirectly has the potential to tarnish the
in any form illegally to obtain material or reputation and/or cause losses to the company;
immaterial benefits that should not be obtained 7. Offensive actions or behaviors such as degrading,
or to avoid obligations that should be completed insulting, harassing or humiliating someone, and
that result in harm to the TelkomGroup. Types of are identified as inappropriate within social and
acts that are classified as fraud include: moral norms.
a. Corruption includes:
i. Conflict of interest that is detrimental to PROTECTION FOR
the company and/or consumers; WHISTLEBLOWERS
ii. Bribery; Telkom always prioritizes confidentiality and the
iii. Invalid admission; and/or principle of presumption of innocence in following
iv. Extortion. up on every report submitted through WBS. This is
done to encourage all parties to have courage and
b. Asset abuse includes:
feel safe without fear or worry in submitting violation
i. Misuse of cash;
reports and is one of the aspects that are of concern
ii. Misuse of supplies; and/or to the cooperation between Telkom Integrated TPK
iii. Misuse of other assets. and the KPK. Telkom has included a protection policy
c. Financial statement fraud includes: for whistleblowers in the draft policy for handling
complaints of alleged violations (Whistleblowing
i. Excess net worth and/or net income; or
System).
ii. Reduce net worth and/or net income.
d. Deceit;
COMPLAINT HANDLING
e. Leakage of confidential information; and/or
Other actions that can be equated with fraud Telkom's WBS mechanism is under the
in accordance with the provisions of laws and responsibility of the Audit Committee and refers
regulations. to Financial Service Authority Regulation Number
55/POJK.04/2015 and Sarbanes-Oxley Act 2002
2. Accounting problems and internal control over
Section 301 regarding the Public Company Audit
financial reporting that have the potential to
Committee.
result in material misstatements in the company's
financial statements other than those described To fulfill a complaint report that is responsible and not
in point 1.c; defamatory, Telkom determines the requirements
3. Audit problems, especially those related to the for complaints with reports supported by sufficient
independence of Public Accounting Firms; evidence. Reports can be followed up immediately
4. Violations of capital market laws and regulations if the type of complaint is in accordance with the
related to the company's operations; scope of the Whistleblowing System mechanism,
supporting evidence can be relied on as preliminary
5. Violation of internal regulations that have the
data for further examination. Some WBS complaints
potential to result in losses to the company;
cannot be followed up due to incomplete, inaccurate
and unreliable data and information.
Page 351
PROSES INVESTIGASI PROSES INVESTIGASI
Bahan
Arsip
Evaluasi
Audit
Komite
Annual Report
Proses
Persetujuan Tidak
Mulai Penunjukan Tenaga Ahli CC TL? Laporan TL
Tindak Lanjut Tenaga ahli
Utama
Direktur
Ya Ya
2024
Tidak Tidak Tidak
Persetujuan Menyusul Tim Pelaksanaan Laporan Hasil
Mulai Perlu Ahli? KEKD? Nota TL
Tindak Lanjut Investigasi Investigasi Investigasi
Ya Ya
Komite
Surat DIRUT ke
Investigasi
Subsidiary Cc.
1. DIRUT Terkait Nota TL Dokumentasi Selesai
2. Komite Audit
3. IA Subsidiary
Ya
Pembahasan Ya Laporan Hasil
TL Gabungan Laporan KEKD
di Subsidiary Audit
Tidak
COMPLAINT HANDLING MECHANISM
Investigasi oleh KEKD
Subsidiary
TL? Surat Jawaban
Subsidiary Subsidiary
Tidak
Tidak
Tim
Gabungan?
Ya
HR
KEKD
Laporan KEKD
Gabungan
TL Ubis Laporan TL
UBIS
PT TELKOM INDONESIA (PERSERO) TBK
349
Page 352
350 Corporate Governance
THE PARTY THAT MANAGES 4. Drafting an internal investigation request letter
THE COMPLAINT to the President Director for an investigation
process that does not require the assistance of
Telkom's WBS mechanism is managed by the an independent party. Furthermore, the President
Audit Committee, Internal Audit Department, Director assigns the Investigation Committee to
Investigation Committee, and Independent conduct an investigative audit; and
Consultant/Third Party and implemented by
5. Seek the approval of the Board of Commissioners
each party in accordance with their respective
for an investigation process that requires the
responsibilities.
assistance of an independent party. In the event
The Audit Committee is a Committee formed by the that the Board of Commissioners approves, it will
Board of Commissioners of PT Telkom Indonesia Tbk be continued by conducting a selection process,
to oversee the quality and integrity of the company's appointing and assigning selected Independent
financial reporting with the scope of its duties Consultants/Third Parties to conduct
covering all companies within the TelkomGroup and investigations and report the results.
follow up on complaints received according to its
The Internal Audit Department plays a role in:
authority.
1. Conducting an examination of complaint
The Internal Audit Department is an organization reports received from the Audit Committee or
appointed to monitor all complaints received from Consultants/Third Parties managing complaint
Independent Consultants who manage the receipt reports;
of complaints from all WBS channels and follow up on 2. Collaborate with relevant units to ensure the
complaints in accordance with their authority. correctness of complaint reports, prove the
existence or absence of violations and subsequent
The Investigation Committee is a Committee formed
follow-up;
by the President Director of the Company to follow
up on the Audit Report on complaints that require a 3. If in the audit process there is a need to conduct
further investigative audit process according to its an in-depth investigation through an Investigative
authority. Consultants/Independent Third Parties Audit, then the SVP of Internal Audit can report
are third parties appointed by Telkom to participate the matter to the President Director, who will then
and play an active role in receiving and distributing assign the Investigation Committee to carry out
complaints and/or playing an active role in the the investigative audit; and
complaint resolution process received through the 4. Reporting the results of the audit and close the
complaint management system. Complaint Report through the Complaint Report
system which can be accessed and analyzed by
The Audit Committee plays a role in:
the Audit Committee for further follow-up.
1. Together with the Consultant/Third Party
managing the complaint report, receive and The Investigative Committee is responsible for:
submit qualified complaint reports to the Internal 1. Examine the problems and results of the
Audit Department or other Independent Parties examination of complaint reports that require an
for examination; investigative audit process. If the investigation
2. Monitoring the progress of the examination process concerns individuals and/or units in the
process on complaint reports; Subsidiary, the Investigation Committee will
submit to the Commissioners and Directors of the
3. Evaluaate and decide whether the results
Subsidiary concerned;
of the Internal Audit Department's or other
independent investigations' investigations 2. Forming an Investigation Team to conduct an
require further investigation processes, or do investigative audit process in accordance with the
not require further investigation processes and authority referring to applicable regulations. The
are kept on file; Investigation Team may consist of Personnel from
the Subsidiary as needed;
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 351
3. Submit the Investigation Report to the President b. Main Director of Telkom through SVP
Director and/or the Audit Committee as material Internal Audit, for all complaints against
for the evaluation of the company's management all TelkomGroup employees including
to be followed up to the next stage. members of the Board of Directors and/or
Commissioners of Subsidiaries, except for
Consultants/Third Parties appointed as complaint
Telkom Directors and Telkom employees who
report managers play a role in:
serve in the Internal Audit Unit; and
1. Receive and distribute incoming complaints from
c. Ministry of SOE, for complaints against the
all Telkom Integrity Line channels.
Board of Commissioners.
2. Conduct an initial review and verification
4. For complaints that meet the requirements as
to ensure that the complaint has met the
referred to in points 3.a. and 3.b. above, audits
requirements to be designated as a valid
are carried out by the Internal Audit Department
complaint and will be further processed.
or other independent parties if necessary
3. Keeping an archive of whistleblowing
5. The Internal Audit Department reports the
management including complaints that do not
results of examinations and closes Complaint
meet the requirements.
Reports through the Complaint Report system,
4. Monitor the complaint resolution process which can be accessed and further analysed by
received through the complaint management the Audit Committee for further follow-up;
system.
6. Based on the results of the inspection by the
Internal Audit Department or an independent
THE COMPLAINT HANDLING party, the Audit Committee will evaluate and
PROCEDURES decide whether the results of the audit need to
1. Unit or third party appointed as the party be followed up and processed further through an
responsible for receiving complaints in the investigative audit or whether there is no need for
whistleblowing system monitors incoming a further investigation process and will be stored
complaints from all existing reporting channels; as an archive;
2. The complaints received are reviewed and 7. If it is decided to carry out an investigative audit
verified to ensure that the complaint meets process that does not require the assistance of
the requirements to be determined as a valid an independent party, the Audit Committee and/
complaint and will be processed further. or SVP Internal Audit can make a letter requesting
Meanwhile, complaints that do not meet the an internal investigation to the President Director,
requirements are not processed and stored as who will then assign the Investigation Committee
archives for the Whistleblowing Manager; to carry out the Investigation audit process and
3. Complaints that meet the requirements and prepare an Investigation Result's Report;
will be processed further, are sorted based on 8. If it is decided to carry out an investigative
the level/levelling being complained about and audit process that requires the assistance of
submitted to: an independent party, the Audit Committee
a. The Board of Commissioners through the will request approval from the Board of
Audit Committee, for complaints against one Commissioners. If the Board of Commissioners
or more members of the Board of Directors approves, the Audit Committee will select,
of Telkom (including the Main Director), appoint, and assign selected Consultants/
employees on duty at Telkom's Internal Audit Independent Parties to conduct investigative
Unit or employees within the supporting audits and prepare Investigation Results Reports.
organs of the Board of Commissioners;
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352 Corporate Governance
INVESTIGATION PROCESS acts of corruption through the implementation of
an integrated WBS. The scope of this collaboration
As a follow-up to instructions from the President includes:
Director to carry out the investigative audit process,
1. Formulation and/or strengthening of the internal
the Investigation Committee carried out the
rules for handling complaints;
following:
2. Commitment to complaint handling
1. Review problems and examination results of
management;
complaint reports that require an investigative
3. Handling complaint through application;
audit process. If the investigation process
concerns personnel and/or units in a subsidiary, 4. Coordination and joint activities for handling
the Investigation Committee will convey it to the complaints; and
Commissioners and Directors of the subsidiary in 5. Exchange of data and/or information.
question;
As part of this cooperation, the Corruption
2. Form an Investigation Team to carry out an
Eradication Commission of the Republic of
investigative audit process in accordance with
Indonesia (KPK RI) carried out Monitoring and
the authority referring to applicable regulations.
Evaluation activities on 12 December 2024 with
The Investigation Team can consist of personnel
the conclusion that the Company has made efforts
from subsidiaries as needed;
to realize the Integrated Corruption Crime WBS
3. Submit the Investigation Results Report to the Development plan in 2024 well. However, some
President Director, and/or Audit Committee as obstacles prevent activities from being realized
evaluation material for company management to according to the planned target time. The Company
be followed up to the next stage; remains committed to building an Integrated WBS
4. If expert assistance is required to carry out the of Corruption Crime with the Corruption Eradication
investigative audit process, the Investigation Commission. The entire cooperation agenda is
Committee may request the Main Director expected to be realized in 2025.
to process the appointment and assignment
WBS can be found in Sustainability Report.
of a Team of Experts to assist in handling the
investigative audit process.
THE RESULT OF COMPLAINT
COOPERATION HANDLING OF HANDLING
INTEGRATED WBS Throughout 2024, Telkom received 56 complaint
reports, with 33 complaints declared closed and 13
Telkom, together with 26 other SOEs and the
others still waiting for additional data to carry out
Corruption Eradication Commission (KPK), signed
the next follow-up process.
a Perjanjian Kerja Sama (PKS) on March 2, 2021.
This PKS aims to be an effort to eradicate criminal
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 353
Complaint Based on Category
Reporting Channel
Category Total
Website Email PO Box Fax Hotline WhatsApp SMS
Accounting issues and 1 0 0 0 0 0 0 1
internal control over
financial reporting
Audit issues 0 0 0 0 0 0 0 0
Violations of capital 0 0 0 0 0 1 0 1
market laws and
regulations related to the
company's operations
Violation of internal 1 4 1 0 0 9 0 15
regulations
Fraud and/or abuse of 6 8 0 0 1 10 0 25
position
Uncommendable 6 2 0 0 1 4 0 13
behavior
Gratuities and Bribery 0 0 0 0 0 0 0 0
Harassment 1 0 0 0 0 0 0 1
Total 15 14 1 0 2 24 0 56
Comparison of Complaint Handling with the Previous Year
Total
Description Remarks
2024 2023 2022
Total Complaints 56 59 44 Complaints received
Qualified 46 28 26 Complaints worthy of actions
Follow-up
Closed (not proven/not
33 19 16 -
fulfilled)
Additional Data 12 9 9 -
Further studies according
1 0 1 -
to the pro-cedure
TRANSPARENCY OF BAD GOVERNANCE PRACTICES
The Company is committed to implementing good corporate governance during 2024. The form of
commitment carried out by the Company is through the fulfillment of the required provisions for the Company
and operational activities that do not practice bad corporate governance.
No Information Practice
1. Report on the Company's Activities that pollute the environment Zero
2. Non-compliance in fulfilling tax obligations Zero
3. Inconsistency between the presentation of annual reports and financial statements Zero
with applicable regulations and financial accounting standards (SAK)
4. Not submitting legal cases/cases related to labor and employees Zero
5. Does not disclose an overview of the operating segment Zero
6. Annual Report file discrepancy Zero
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354 Corporate Governance
Anti-Corruption
Policy
Telkom is committed to preventing and eradicating A. ANTI-CORRUPTION,
corruption through the implementation of various KICKBACKS, ANTI-
national and international standards through three GRATIFICATION, AND ANTI-
main stages, namely setting policies, integrating FRAUD PROGRAMS AND
them into business operational activities, and PROCEDURES
implementing anti-corruption programs.
The following are Telkom’s internal policies related to
Telkom's various anti-corruption policies and anti-corruption:
programs are designed to identify, prevent, and
1. Resolution of the Board of Directors No: KD.36/
address corrupt practices, including potential
HK290/COP-D0053000/2009 regarding the
corruption across all aspects of the business based
Integrity Pact.
on a comprehensive risk assessment. Some examples
2. Company Regulation PD.201.01/r.00/PS150/
of policies related to anti-corruption includeintegrity
COP-B0400000/2014 regarding Business Ethics
pacts, business ethics, LHKPN, employee discipline,
in TelkomGroup.
and gratuity control.
3. Resolution of the Director of Human Capital
Telkom has implemented the ISO 37001:2016 Management No: PR.209.03/r.02/HK270/
standard on Anti-Bribery Management System COP-A0900000/2024 regarding the Obligation
(SMAP) since 2020 which is equipped with the to Submit Reports on the Assets of State
ISO 37001:2016 Anti-Bribery Management System Administrators within the TelkomGroup.
manual document and 17 Procedures. All manuals
4. Regulation of the Director of Human Capital
and procedures include operational measures
Management No: PR.209.05/r.02/HK250/
and controls to prevent, detect, and handle cases
COP-A0900000/2024 regarding Employee
of bribery and corruption, as well as ensure that
Discipline.
companies avoid corrupt practices, kickbacks,
5. Regulation of the Director of Human Capital
bribery, fraud, and illegal gratuities. In addition to
Management No: PR.209.04/r.02/HK270/
SMAP, Telkom has implemented the Corruption
COP-A0900000/2024 regarding Gratuity
Prevention Guide (PANCEK) from the KPK, Whistle
Control.
Blowing, GCG principles and various anti-corruption
policies. 6. Resolution of the President Director No. SK08/
PS 000/COP-A0000000/2023 regarding the
Other anti-corruption programs include that Telkom Organizational Structure of the Anti-Bribery
actively participates in Hakordia (World Anti- Management System.
Corruption Day) every year where in 2024 Telkom
7. Resolution of the Board of Directors of the
and its subsidiaries have declared an Anti-Corruption
Company (Persero) of PT Telekomunikasi
Commitment in stages.
Indonesia Tbk No PD 622.00/r.00/HK200/
COP-C0000000/2022 regarding the
Ratification of the Resolution of the Board of
Commissioners No 01/KEP/DK/2022 regarding
Complaint Handling Policies and Procedures
(Whisleblowing System) within the TelkomGroup
Environment.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 355
B. PROGRAMS AND PROCEDURES FOR THE IMPLEMENTATION
OF ANTI-CORRUPTION, KICKBACKS, ANTI-GRATIFICATION,
AND ANTI-FRAUD
In order to support the management of Anti-Corruption programs, such as the implementation of reporting,
integrity pact obligations, and awareness for the implementation of anti-corruption, kickbacks, anti-gratuities,
and anti-fraud, Telkom uses the following platforms:
1. State Official Wealth Report (LHKPN) functions to prevent corruption by
monitoring the wealth of public officials, as well as allowing public supervision
of the assets of Commissioners, Directors and Positions I, II and Commissioners
and directors of subsidiaries.
2. The implementation of the Business Ethics Certification and the signing of
the Integrity Pact are carried out by all Directors and all Employees, to find out
the company's ethical standards and the ethics of its employees.
3. The gratuity control unit (UPG) manages Awareness, gratuity control,
and reporting using the myintegrity.telkom.co.id application and the KPK
application Gol.kpk.go.id and conducts monitoring and evaluation reports
every period to the KPK.
4. PANCEK is a guide that contains measures to prevent corrupt crimes. PANCEK
is designed to assist business entities in building a business environment that
is free from corruption and has integrity by inputting data into the JAGA
application.
5. Based on the Letter of the Ministry of SOEs No. S-17/S.MBU/02/2020
regarding ISO 37001 Certification of Anti-Bribery Management System
in SOEs, it is required that all SOEs must carry out ISO 37001:2016 SMAP
certification before August 17, 2020.
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356 Corporate Governance
GRATIFICATION d. Report the recapitulation of the report on
the receipt and rejection of Gratuities and the
A. Gratification Management Unit proposed Gratification control policy to Telkom
leadership;
There is a unit responsible for performing the
function of helpdesk, supervision, management, e. Submit the results of the management of the
and control of Gratification at Telkom, called the report on the receipt and rejection of Gratuities
Gratification Management Unit (UPG). The UPG is and the proposed policy for controlling Gratuities
determined through a decision from the Director in to Telkom leaders;
charge of the Human Capital function. UPG has the f. Socializing the provisions of Gratuity to internal
following duties and authorities: and external parties;
a. Receiving, analyzing, and administering Gratuity g. Carry out the maintenance of gratuity goods
receipt reports from the complainant; until the status of the goods is determined;
b. Receive and administer a report of refusal of h. Conducting monitoring and evaluation in the
Gratuity, in the event that the reporting party context of Gratification control; and
reports a refusal of Gratuity; i. Conduct monitoring and evaluation reports for
c. Forward the Gratuity receipt report to the KPK; each period reported to the KPK.
B. Gratification Reporting Flow
• Acceptance & Rejection of Unit of Gratification Control Komisi Pemberantasan Korupsi
10 working days Report • Receive gratification reports
Gratification; • Verification of gratification
since the gratuity is Forwarded • Request for data and
• Report to UPG Telkom through report documents
Director & received/rejected to KPK
http://myintegrity.telkom. • Analyze the gratification report information through UPG/
employee
co.id by filling out the form and • Follow up the gratification reporters
of Telkom
uploading supporting documents; report by UPG • Analysis and Status
Indonesia
• Submit employee report • Forwarding gratification report Determination
• Report is followed up (verification to KPK http://gol.kpk.go.id (if • Status on myintegrity:
process) • needed) gol.kpk.go.id Forwarded to KPK
30 working
days after the
verification is
reports are myintegrity
completed
If it exceeds 10 working followed up report status:
days, the reporter can by UPG Telkom Followed up
directly submit the by UPG
gratification to the KPK
through gol.kpk.go.id
Unit of Gratification Contol
• Informing the status and
utilization of gratuities to the
whistleblower through the
determination email.
• Status on myintegrity
application: completed
Director / Employee
Receive the gratification reporting KPK Determination Letter Delivered 7
determination email via the (submitted to UPG) working days
determination email sent by the • Receipts are handed over to after the
Telkom UPG Chairperson. the State decision letter
• Acceptance is utilized by the was issued
Finished reporter by KPK
Gratuities are owned
by the government
Kementerian Rekening
Keuangan Kas Negara
Republik
Indonesia
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 357
C. 2024 Gratification Report
Gratification handling is carried out by the Gratification Control Unit (UPG). Reporting can be submitted by
organic and non-organic employees through the myintegrity.telkom.co.id application on the gratuity report
page. If needed, the report received by UPG will be followed up by the KPK through the gol.kpk.go.id.
2024
Gratification Disclosure Report
4 100%
3 reports followed
up by Telkom's UPG
2023
13
2
2022
16
Follow up by UPG
6
Follow up by KPK
D. LHPKN that the Board of Directors of State-Owned
Enterprises (SOEs) must designate officials
A. LHKPN GUIDELINES
at one level under the Board of Directors who
1. Regulation of the Corruption Eradication are obliged to submit LHKPN and impose the
Commission Number 7 of 2016 obligation to submit LKHPN to the Board of
regarding Procedures for Registration, Directors and the Board of Commissioners
Announcement, and Inspection of Assets of subsidiaries/affiliated companies that
of State Administrators has been amended consolidated with SOEs;
through the Regulation of the Corruption
3. Regulation of the Director of Human
Eradication Commission Number 2 of 2020
Capital Management of the Company
and subsequently a second amendment
(Persero) PT Telekomunikasi Indonesia
was made through the Regulation of the
Tbk Number: PR.209.05/r.02/HK250/
Corruption Eradication Commission Number
COP-A0900000/2024 dated August 9, 2024
3 of 2024;
regarding Employee Discipline;
2. Circular Letter of the Minister of State-
4. Regulation of the Director of Human Capital
Owned Enterprises Number: SE-12/
Management Number PR. 209.03/r.02/
MBU/10/2021 dated October 5, 2021
PS000/COP-A4000000/2024 dated
regarding the Obligation to Submit State
December 31, 2024 Regarding the Obligation
Official Wealth Report (LHKPN) for Officials
to Submit Reports on the Assets of State
in Megara-Owned Enterprises, it is stipulated
Administrators within the TelkomGroup;
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358 Corporate Governance
B. MANDATORY REPORTING & MANAGEMENT OF LHKPN REPORTING
TelkomGroup officials and employees who are subject to the obligation to report LHKPN every year are:
a. Member of the Board of Commissioners of Telkom;
b. Members of Telkom's Board of Directors;
c. Member of the Board of Commissioners of affiliated subsidiaries consolidated with Telkom (EDLT);
d. Members of the Board of Directors of affiliated subsidiaries consolidated with Telkom (EDLT);
e. Telkom Band Employees Position I and II including Talent Mobility In Employees & Talent Mobility Out
Employees; and
f. Contract employees who occupy positions are required to report.
To support the orderly implementation of LHKPN reporting, Telkom has a unit appointed by the Board of
Directors to manage Asset Reporting within the TelkomGroup. The Asset Reporting Manager has the task
to:
a. Become a partner of the KPK in managing LHKPN within the TelkomGroup;
b. Coordinate with the KPK regarding changes in regulations on the management of LHKPN in the
TelkomGroup;
c. Notify the Mandatory LHKPN Reporter of the obligation to submit the LHKPN;
d. Register for employees who have just occupied the position of Mandatory Reporting using the KPK
application;
e. Assist in filling out LHKPN;
f. Monitor compliance with Mandatory Reporting in the submission of LHPKN through the KPK
application;
g. Provide data and information regarding changes in positions from Mandatory Reporting to the KPK;
and
h. Update or adjust the data of Affiliated and Consolidated Companies with Telkom.
C. SOCIALIZATION OF LHKPN
In order for LHKPN reporting at Telkom to be carried out in an orderly manner and in accordance with
applicable regulations, Telkom conveys the Annual Granting of LHKPN Filling out periodically during the
LHKPN submission period. In addition to the Official Memorandum to the Reporters, socialization was also
carried out related to filling out the LHKPN in 2024:
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 359
D. TRAINING AND SOCIALIZATION PROGRAMS ON CORRUPTION PREVENTION, KICKBACKS,
GRATUITIES, AND FRAUD IN THE ENVIRONMENT
Telkom has held training and socialization programs for all employees to support the prevention of
corruption, kickbacks, gratuities, and fraud within the Company. The socialization programs carried out by
Telkom during 2024 include:
Komunikasi Integritas 2024
Sosialisasi dilakukan pada melalui media sosial baik internal maupun eksternal
JAN FEB MAR APR MAY JUN
1. Sosialisasi ETBIS & PI Sosialisasi Etika Bisnis 1. Sosialisasi Gratifikasi Sosialisasi Gratifikasi 1. Sosialisasi Disiplin Karyawan Sosialisasi SMAP
2.Sosialisasi LHKPN 2.Sosialisasi SMAP 2.Sosialisasi WBS
JUL AUG SEP OCT NOV DEC
1. Sosialisasi Gratifikasi 1. Sosialisasi Gratifikasi 1. Sosialisasi Disiplin Karyawan 1. Sosialisasi Gratifikasi Sosialisasi SMAP 1. Sosialisasi HAKORDIA
2.Soisalisasi SMAP 2.Sosialisasi COI & SMAP 2.Sosialisasi SMAP 2.Sosialisasi SMAP 2.Sosialisasi SMAP
3.Laporan PANCEK KPK 3.Sosialisasi WBS
The training programs carried out by Telkom 3. Extended the ISO 37001:2016 Anti-Bribery
during 2024 include: Management System (SMAP) Lead Auditor
1. Conducted training and understanding certificate through an external institution
of Business Ethics as well as signing the Professional Evaluation and Certification
annual Integrity Pact which is required for all Board to the certificate owner.
employees. 4. Completed SNI ISO 37001:2016 Anti-Bribery
2. Held ISO 37001:2016 Anti-Bribery Management System (SMAP) e-learning
Management System (SMAP) Awareness training.
training by experts to the scope team and the
FKAP Committee.
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360 Corporate Governance
5. Held ISO 19011:2018 Internal Auditor training This prohibition aims to ensure that all TelkomGroup
for new personnel within the scope of Anti- employees' activities are in accordance with the
Bribery Management System certification principles of good corporate governance, especially
and FKAP Committee. regarding integrity and transparency. Insider trading
6. Conducted an Internal Audit Recertification practices violate internal company regulations and
of ISO 37001:2016 Anti-Bribery Management applicable laws in the capital market, which can
System. harm the company's reputation and undermine
shareholder confidence.
7. The Anti-Corruption Declaration was made
by all TelkomGroup BoDs on November 14,
2024 and all BoD Subsidiaries in stages on Goods and/or Services Procurement
December 9, 2024. Policy
8. Conducted an external audit of ISO Telkom has established several policies that serve
37001:2016 Anti-Bribery Management as guidelines in implementing the procurement
System Recertification. of goods and/or services. The policy set by the
9. Held the World Anti-Corruption Day Company refers to the Regulation of the Minister of
(HAKORDIA) Commemoration program in State-Owned Enterprises No. PER-2/MBU/03/2023
Telkom. regarding Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises.
Through the socialization and training program,
it is hoped that it can create a conducive work Telkom goods and/or services Procurement Policy:
environment at TelkomGroup and free from corrupt 1. PD.301.00/r.02/HK240/COP-K0700000/2022
practices. dated April 6, 2022 regarding Procurement
Synergy and Strategic Sourcing TelkomGroup;
Insider Trading Policy 2. PD.302.00/r.00/HK240/COP-K0E00000/2024
dated October 29, 2024 regarding Logistics
TelkomGroup has a strict policy to prevent insider
Management;
trading practices, as stipulated in the Director
of Human Capital Management Regulation No. 3. PR.301.08/r.07/HK240/COP-K0700000/2023
PR 209.05/r.01/HK250/COP-A4000000/2020 dated November 24, 2023 regarding Guidelines
regarding Employee Discipline. This policy is for Procurement Implementation; and
contained in Article 5, which regulates the prohibition 4. PR.301.09/r.01/HK240/COP-K0700000/2023
of every employee from abusing authority or position dated December 8, 2023, regarding Guidelines
and the unauthorized use of company information. for Implementing Procurement Synergy and
Strategic Sourcing TelkomGroup.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 361
The scope of the goods and/or services d. Transparent means that all provisions and
procurement policy at Telkom regulates the goods information regarding the procurement of
and/or services procurement mechanism, including goods and/or services, including the technical
planning, implementation, documents, acceptance, requirements of procurement administration,
and reporting. evaluation procedures, evaluation results, and
determination of prospective providers, must be
General Provisions for Procurement open to interested provider participants;
of Goods and/or Services in Telkom e. Fair and reasonable, meaning that in the
implementation of goods and/or services
The implementation of goods and/or services
procurement, Telkom provides equal treatment
procurement in Telkom is guided by the principles of
for all qualified prospective providers;
Good Corporate Governance as follows:
f. Open means that all eligible providers can follow
a. Efficient, meaning that the procurement of
the procurement of goods and/or services; and
goods and/or services must endeavor to obtain
g. Accountable means that the procurement of
the optimal and best results in a short time
goods and/or services must achieve targets and
by using the maximum possible funds and
be accountable, thus avoiding potential abuse
capabilities reasonably and not only based on
and irregularities.
the lowest price, except strategic procurement
of goods and/or services that have significant Procurement of goods and/or services at Telkom can
value, a total cost of ownership approach can be be carried out using auction, direct selection, direct
taken; appointment, or direct purchase by considering
b. Effective, meaning that the procurement of the type of work. The Company prioritizes using
goods and/or services must be in accordance domestic products and empowering micro, small,
with the predetermined needs and provide and medium enterprise products as long as the
benefits in accordance with the specified quality, price, and purpose are accounted for.
objectives;
Telkom is committed to implementing ISO 37001:
c. Competitive means that the procurement of
2016 standard on Anti-Bribery Management
goods and/or services must be open to providers
System Anti-Bribery Management System (SMAP).
who meet the requirements and carried out
In implementing procurement of goods and/or
through fair competition among equal Providers
services within Telkom, there is an obligation to
and meet specific requirements/criteria based on
sign an integrity pact.
clear and transparent provisions and procedures;
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362 Corporate Governance
Information regarding
Administrative Sanctions
Throughout 2024, there are no administrative sanctions were imposed on Telkom, members of the Board of
Commissioners, and/or the Board of Directors by OJK and other authorities.
Information Access and
Company‘s Public Data
Telkom provides easy access to information for
Stakeholders to establish good relations with all
Stakeholders and fulfill the provisions of Financial
Service Authority Regulation No. 31/POJK.04/2015
regarding Disclosure of Material Information and
Facts by Issuers or Public Companies. Telkom provides
several approaches and media as communication
channels, namely:
1. General Meeting of Shareholders (GMS)
GMS is a media for Telkom to convey information
related to the Company's performance to
Shareholders. Shareholders can participate in
strategic decision making, for the betterment of
the Company.
2. Media
Throughout 2024, Telkom made news releases
and sent them to the mass media to disseminate
Company information to Stakeholders.
3. Website
Telkom's website is available in two languages,
namely Indonesian and English, with a page www.
telkom.co.id page. Stakeholders can access the
latest information on profile, Good Corporate
Governance practices, implementation of
CSR programs, job opportunities and career
development, as well as Telkom products. In
addition, Stakeholders can also access Telkom
reports, including Annual Report, Financial
Report, and other report.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 363
4. Information and Documentation Management Officer (PPID)
PPID manages Telkom's public information disclosure and is responsible for performing the functions
of storing, documenting, providing, and/or serving public information. PPID provides accurate and
accountable public information through fast, timely, and simple public information services to fulfill
the rights of public information applicants in accordance with Telkom's public information policy. Public
information services that are fast, timely, and simple to fulfill the rights of public information applicants in
accordance with statutory provisions.
Telkom has an E-PPID channel which is an online service for public information requests and as a form of
implementation of information disclosure in TelkomGroup. E-PPID utilizes information and communication
technology to support public information management, which can be accessed on the Telkom website
through the PPID menu or through the page https://eppid.telkom.co.id.
5. Meeting with Analyst and Investor
Telkom always held meetings with Analyst and Investor. This meeting is held for Telkom to provide
information on the Company's performance and prospects as well as providing the latest information on
the telecommunications industry in general. In times of pandemic, meetings with Analyst and Investor are
held online.
6. Contact via E-Mail
One of the corporate contact facilities listed on the Telkom website is in the form of e-mail contacts, which
can be used by Stakeholders to communicate with each other. Specifically, Telkom customers can use the
e-mail address customercare@telkom.co.id, while the e-mail address Investor@telkom.co.id is intended
for Investor.
7. Internal Media
Telkom has various internal media, namely the TelkomGroup Portal as a medium for information, education,
and socialization for all employees, and Diarium which is the social media for TelkomGroup employees in
the internal scope.
8. Social Media
In line with the current digital era, Telkom uses a variety of social media to reach out to Stakeholders and
the wider community. This communication channel is also useful for communicating with young people
who are very familiar with digital media and social media today.
@TelkomIndonesia Telkom Indonesia @telkomindonesia Telkom Indonesia @telkomindonesia
Official
154,137 536,570 600,448 646,202 95,674
followers followers followers subscribers followers
Page 366
364
06.
CORPORATE
SOCIAL
RESPONSIBILITY
AND ENVIRONMENT
(CSR)
Page 367
Laporan
Annual Tahunan
Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 365
03
In implementing CSR programs,
the Company adopts a sustainability
strategy realized through the flagship
"SUSTAIN" program, aligned with efforts
to achieve the Sustainable Development
Goals (SDGs).
Page 368
366 Corporate Social Responsibility and Environment
Brief Summary of Corporate
Social Responsibility and
Environment
Telkom implements good corporate governance by considering the rights of employees and stakeholders,
contributing to environmental sustainability, and carrying out social and ecological responsibility (TJSL) or
Corporate Social Responsibility (CSR). Telkom’s CSR information reporting refers to several international
standards, namely the Global Reporting Initiative (GRI), ISO 26000 Guidance for Social Responsibility, and
Sustainable Development Goals (SDGs).
Telkom conveys information on CSR implementation in a Sustainability Report, which is separate from this
Annual Report, following SEOJK No. 16/POJK.04/2021 regarding the Form and Content of Annual Reports of
Issuers or Public Companies, with the basis for preparation based on FSA Regulation No. 51/POJK.03/2017
regarding the Implementation of Sustainable Finance for Financial Services Institutions, Issuers, and Public
Companies.
Access to the 2024 Sustainability Report:
As a SOE, Telkom also implements CSR based on the Minister of State-Owned Enterprises Regulation Number
PER-1/MBU/03/2023 regarding Special Assignments and Social and Environmental Responsibility Programs
for State-Owned Enterprises which revokes and replaces the Minister of BUMN Regulation Number PER-05/
MBU/04/2021 regarding Social and Environmental Responsibility Programs for State-Owned Enterprises as
amended by Regulation of the Minister of State-Owned Enterprises Number PER-6/MBU/09/2022 regarding
Amendments to Regulation of the Minister of State-Owned Enterprises Number PER-05/MBU/04/2021
regarding Social and Environmental Responsibility Programs for State-Owned Enterprises. Article 33 PM
BUMN PER-1/2023 regulates that financial reports and implementation of the SOE CSR Program are reported
in Periodic and Annual Reports. Telkom presents the CSR Program implementation report in the Annual Report
in the subchapter Corporate Social and Environmental Responsibility Program Implementation Report, while
the CSR Financial Report, namely the MSE Funding Program Financial Report, is shown in the attachment to
this Annual Report.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 367
Implementation Report on
the Corporate Social Responsibility
and Environment
SOCIAL AND CDC-A1000000/2023 dated December 31,
ENVIRONMENTAL 2023 regarding the Social and Environmental
RESPONSIBILITY Responsibility Program;
COMMITMENTS AND POLICIES 5. Regulation of the Director of Human Capital
The Board of Directors of Telkom ensures Management of the Company (Persero)
the implementation and supervision of the PT Telekomunikasi Indonesia Tbk Number:
implementation of sustainability practices in the PR.202.60/r.03/HK250/COP-A2000000/2024
CSR program, aims to provide benefits for economic dated February 29, 2024, regarding Social
development, social development, environmental Responsibility Center Organization;
development, and legal and governance
6. Regulation of the Director of Human Capital
development for the Company, contributing to the
Management of the Company (Persero)
creation of added value for the Company, fostering
PT Telekomunikasi Indonesia Tbk Number:
micro and small businesses to be more resilient
PR.301.01/r.00/HK200/CDC-A1000000/2022
and independent and the communities around the
dated March 30, 2022 regarding Social and
Company. It also encourages compliance to ensure
Environmental Responsibility.
the application of integrated, directed, measurable
impact and accountable principles.
CSR PROGRAM
The legal basis for the implementation of the CSR SUSTAINABILITY STRATEGY
Program activities are: FRAMEWORK
1. Regulation of the Minister of SOEs No. PER-1/ Telkom is committed to providing added value to
MBU/03/2023 regarding Special Assignments the people of Indonesia, both directly through
and Social and Environmental Responsibility business activities and indirectly through Social
Programs of SOEs; and Environmental Responsibility activities, as a
form of social responsibility in the form of Good
2. Decree of the Board of Commissioners of PT
Corporate Citizenship (GCC) implementation by
Telekomunikasi Indonesia Tbk Number: 12/KEP/
fulfilling aspects of Good Corporate Governance
DK/2023/RHS 08/KEP/DK/2022/RHS dated
(GCG) by ISO 26000 (regarding Social and
November 27, 2023, on the Approval of the Work
Environmental Responsibility).
Plan and Budget (RKAP) of PT Telekomunikasi
Indonesia Tbk for 2024; The CSR program is carried out in a systematic and
integrated manner to ensure its implementation,
3. Regulation of the Board of Directors of
success, and impact management in accordance
the Company (Persero) PT Telekomunikasi
with the priorities and/or achievement of the
Indonesia Tbk number: PD.320.00/r.00/HK230/
objectives guided by the work plan.
COP-K0400000/2023 dated December 21,
2023 regarding the Company’s Work Plan and The sustainability strategy of Telkom’s CSR
Budget for 2024; program is embodied in the Main Program
Framework “SUSTAIN”, which is in line with
4. Regulation of the Board of Directors of the
efforts to achieve the Sustainable Development
Company (Persero) PT Telekomunikasi Indonesia
Goals (SDGs) targets aligned with environmental,
Tbk number: PD.703.00/r.010/HK200/
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368 Corporate Social Responsibility and Environment
social, and governance (ESG) aspects to contribute to the creation of added value for the Company
and achieve sustainability performance contributions. The details of the program are as follows:
CSR PROGRAM PLANNING 2024
Strategic Planning Framework
STRATEGIC SITUATION ANALYSIS
EXTERNAL FACTOR ANALYSIS INTERNAL FACTOR ANALYSIS
CSR-RELATED REGULATION BENCHMARK AND TREND CSS 2024-2026 STRATEGIC INITIATIVES CSR PROGRAM PROGNOSIS
• Implementation of PER-01/23: CSR program • Global & National Benchmark • CSR Program 2023 Achievement
priorities: (1) education, (2) environment, • ESG Rating Report • Disbursement Realization Profile 2023
(3) MSE development • Government Regulation (SDG Presidential • Budget Realization 2023
• OJK Regulation/51: Issuer Sustainability Regulation, POJK) • OFI Program Implementation 2023
Program Social Pillar
SHAREHOLDER ASPIRATIONS
• Planning SOEs' CSR programs to take into
account the identification of company risks Economic Pillar
• Optimizing the distribution of PUMK funds,
FU HCM STRATEGY 2024-2026
providing guidance to MSEs, implementing
collections, and resolving bad debts
• KPIs for the CSR Program include: (1) SROI
Environmental Pillar
CSV
measurement, (2) SIM CSR data entry, (3)
collaboration on CSR programs, (4) involving Pillar of Law and Governance
employees in CSR programs
Z1. Integrate ESG, SDGs, and CSR to Create
Holistic Approach to Community Development
STRATEGIC FORMULATION
SETUP SUSTAINABLE NET UPLIFT IMPACTFUL STRENGTHEN MSME
ZERO INITIATIVES SOCIAL EMPOWERMENT DIGITAL CAPACITY
CSV
TRANSFORM EFFECTIVE CSR AMPLIFY CSR BRANDING INTENSIFY CSR DIGITALIZATION N URTURING INNOVATIVE
GOVERNANCE AND COMMUNICATION AND ANALYTICS CULTURE
STRATEGIC IMPLEMENTATION: PROGRAM CHARTER, ACTIVITIES, KPI, TIMELINE, RISK, AND BUDGET
STRATEGIC EVALUATION & CONTROL: REVIEW MANAGEMENT (WEEKLY, QUARTERLY, HALF-YEAR, ANNUALLY),
MANAGEMENT REPORT, FINANCIAL REPORT, ANNUAL REPORT, SUSTAINABLE REPORT
CSR Main Program 2024 - SUSTAIN
E S G
Creating Shared Value
Education | Environment | MSME
FU HCM Strategic Initiatives
MATERIAL TOPICS
E
Environment
• GHG Emission Reduction
• Waste Management
• Addressing Climate Change
• Diversity and Inclusion
• Inclusive and Affordable Access S
Social
• Drive Economic Growth G
Governance
• Compliance and Risk
Management
• Accountability and Reporting
SETUP SUSTAINABLE NET ZERO INITIATIVES UPLIFT IMPACTFUL SOCIAL EMPOWERMENT STRENGTHEN MSME DIGITAL CAPACITY TRANSFORM EFFECTIVE CSR GOVERNANCE
Carbon Offset Inclusive Digital Empowerment Driving Digital MSME Growth Governance and Compliance Management
Company carbon stock • Digital Skill for Woman Digital Capacity Building for MSEs • Leadership and Communication
initiation • Digital Skill for Disabilities • Risks-based CSR Strategy
• Mangrove Planting • Digitalization to Increase MSE • Internal Process Assessment
• Coral Reef Conservation Business Capacity (Social Media • Audit Supervision
• Reforestation of Critical Land
Inclusive and Affordable Access Marketing & packaging grants)
INITIATIVES
through MSE Go Digital Management Reporting
Quality Education
Waste Management & Circular Economy • Digital Learning School • Acceleration of Market Expansion
• Digital Skill for Vocational online (ecommerce/online stores) • Monitoring and Review
• Sociodigipreneurship • MSOE CSR Report Data Filling
through MSE Go Online
• Integrated Waste Management (Innovillage) • Annual Report CSR Submission
• Expansion of International Market • SR/ESG Report Disclosure
• Electronic Waste Management
Reduce Inequalities Access through MSE Go Global
• Community Empowerment
Underprivileged Village
Management of MSE Funding
Climate Change Action • Food Insecure Community
• MSE Loan Moneva
Support
• MSE Loan Recovery
• Water Conservation Efforts • Health Support Facilities
• Building Climate Change • Infrastructure Revitalization and
Resilience Sustainable Public Facilities
ENABLER
AMPLIFY CSR BRANDING AND COMMUNICATION INTENSIFY CSR DIGITALIZATION AND ANALYTIC NURTURE INNOVATIVE CULTURE
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 369
1. Sustainable Net Zero Initiatives, an initiative 6. Intensify CSR Digitization & Data Analytics,
to implement environmental programs based namely strengthening the transformation of
on climate action through the creation of digitization and digitalization of CSR Program
carbon pockets to encourage the reduction and management through the improvement and
compensation of carbon emissions as a result maintenance of information systems, utilization
of the company’s operations through a carbon of data analytics in strategic decision making;
offset scheme;
7. Nurture Innovation Culture, namely maintaining
2. Uplift Impactful Social Empowerment, which a culture of innovation in managing the CSR
encourages the realization of inclusive education Program as an identity for creating sustainable
and a good quality of healthy life to support added value.
a prosperous and competitive nation through
Telkom conducts socialization of core values and
digital infrastructure support and inclusive digital
activation of corporate culture to encourage
talent education to support the improvement of
socially and environmentally responsible behavior
national digital literacy;
in all TelkomGroup people. Telkom also involves
3. Strengthen Excellent MSME Digital Capacity, employees in CSR activities through an employee
namely enlarging the capacity of Micro and Small social project program called TESA (Telkom
Enterprises (MSEs) through providing access Employee Social Activity), a forum for one employee
to financial services, increasing capabilities and and one social activity.
access to national and international markets to
expand employment, increase labor productivity PROGRAM IMPLEMENTATION
and encourage economic growth; OF CORPORATE SOCIAL AND
4. Transform Effective CSR Governance,
RESPONSIBILITY (CSR) 2024
maintaining accountability aspects of CSR In 2024, the amount of funds realized for the CSR
Program management and aspects of risk Program activities was Rp144,825,177,295 billion.
management implementation and compliance by
applying the principles of integrated, targeted, Realization of the CSR Program in 2024
measurable impact and accountability;
CSR Pillars Realizations (Rp)
5. Amplify CSR Branding & Communication, which
activates the communication of CSR program Social Pillar 61,284,668,038
implementation to stakeholders by prioritizing Economic Pillar 34,833,212,433
aspects of the impact of Telkom’s CSR Program Environmental Pillar 48,344,617,739
through multi-stakeholder partnerships/ Pillar of Law and 362,679,085
collaboration; Governance
Total 144,825,177,295
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370 Corporate Social Responsibility and Environment
IMPLEMENTATION OF CSR BASED ON PRIORITY FIELDS
CSR Program Focuses on Education
No. Featured Program Descriptions SDGs Realizations
1. Digital Learning First, the CSR education program is aimed at schools • 472 location
School & because they are essential in improving digital points
Cybersecurity literacy in Indonesia. Telkom helps schools provide • 30,100 benefit
Awareness students access to learning applications, internet recipients
connections, and computer devices. As a digital
and telecommunications service provider, Telkom
strengthens its role in improving ICT skills and
cybersecurity awareness to support the learning
process, healthy internet usage, and continuous
improvement of digital literacy in Indonesia.
2. Digital certification Second, the CSR program in education is aimed • 1,637 applicants
program for at students to develop digital talent in Indonesia. • 1,376 participants
vocational (DIGI-UP) Telkom collaborates with the National Education passed certification
Office at the district/city, province, universities,
and certification institutions to provide guidance
and training in digital skills targeting high school
students and the equivalent. This program consists
of training programs, case-based experience, and
certification, which are expected to encourage
digital talents in Indonesia who are ready to work.
3. Indonesia Digital Third, the CSR program in the education sector 2,022 participants
Learning Program is aimed at teachers. Teacher competence is
essential in improving the quality of education
in Indonesia. Telkom collaborates with the
Ministry of National Education at the district/city,
province, PGRI, and universities to provide training
assistance to improve teacher competence. This
program includes digitization-based training and
certification to enhance competence and prepare
teachers for the Teacher Competency Test (UKG).
4. Empowerment of Telkom’s commitment to inclusive education • 675 applicants
disabled groups is realized through infrastructure assistance • 570 participants
to increase the and improving digital literacy for people with passed
independence disabilities to access education, training, and digital • 81 disabled
of vulnerable certification. The initiative’s purpose is to increase communities
communities the capabilities and competencies of people with
disabilities to open up opportunities for decent
work. The program is realized through collaboration
with Yayasan Pendidikan Telkom (YPT).
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 371
CSR Program Focuses on the Environmental Sector
No. Featured Program Descriptions SDGs Realizations
1. Integrated waste Pollution is one of the leading environmental 4 location points
management problems in Indonesia and the world today.
solutions and Proper waste management can reduce
circular economy pollution. Telkom developed an integrated
development waste management development initiative
with a recycling and circular economy approach,
strengthened by the integration of digital
platforms to facilitate access to TPS service
information. The expected positive impacts
include social, environmental, and economic
benefits for the community.
2. E-waste reduction As a digital and telecommunications service • 286 electronic
through digital device provider, Telkom seeks to manage electronic devices managed
recycling (EDUVICE) waste that potentially contains hazardous • 88 devices
waste. This effort involves company employees distribution
and uses the 3R approach (Reduce, Reuse, • 18 beneficiary
Recycle). Some results of electronic waste communities
collection and management (recycling) are
distributed to beneficiaries, especially in the
education community.
3. Greenhouse Gas In addition to restoring and conserving • 62,250 mangrove
reduction through terrestrial ecosystems, Telkom also runs plantings in 15
mangrove planting ecosystem restoration and conservation locations
and coral reef programs in coastal and marine areas through • 896 coral reef
rehabilitation mangrove planting and coral reef rehabilitation. substrates in 5
This program supports the realization of the locations
Net Zero 2060 commitment by contributing to
the increase in blue carbon (carbon absorbed
and stored by coastal and marine ecosystems).
4. Addressing climate Telkom’s initiatives to improve environmental • 102,400 tree
change through ecosystems are to restore and protect forests seedlings
restoration and damaged or lost in synergy with institutions/ • 15 location points
conservation of communities that care and have an ecological
assisted forests culture. This program supports realizing the Net
Zero 2060 commitment by increasing green
carbon (carbon stored in the land ecosystem).
CSR Program Focuses on MSE Development
The MSE Development Program is implemented through the distribution of MSE funding programs and MSE coaching
program grants through the 3C approach, namely access to capital, access to competence, and access to commerce.
Through this program, Telkom supports strengthening the capacity of Assisted MSEs towards resilient and independent
MSEs so that they can contribute to national economic growth and the creation of added value for the Company.
1. Access to Capital: Capital Assistance Program for MSE Business Acceleration
The MSE Funding Program (Access to Capital) aims to increase the income of Micro and Small Enterprises (MSEs) by
assisting in capital loans with relatively low administrative services. The digitalization process also strengthens the
management of this program, making it easier for MSEs to access loan applications, obtain information, and monitor
installment history.
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372 Corporate Social Responsibility and Environment
Featured Program Descriptions SDGs Realizations
Increasing MSEs’ access to In 2024, Telkom distributed the MSE Funding Rp10 billion
Financial Services (Access to program through a cooperation mechanism distribution of PUMK
Capital) with BRI, which was recommended according to funds through BRI
the letter S-721/MBU/11/2022. Telkom stopped collaboration
distributing the program independently to
the assisted MSEs and focused on billing and
coaching them. The assisted MSEs’ business
sectors include trade, animal husbandry,
plantations, fisheries, agriculture, services, and
others.
Moneva Collection is carried out by optimizing
the monitoring and billing teams and socializing
to foster partners’ understanding of how to pay
through virtual account.
2. Access to Competence: Coaching/mentoring program for MSEs to modernize their internal business processes.
Digitalization of MSE business activity solutions through the utilization of digital platforms: as an application toolset to solve
the end-to-end business process needs of MSEs through the Go Modern and Go Digital programs.
Featured Program Descriptions SDGs Realizations
Strengthening the Business Strengthening the capacity of MSEs is very • 18,102 MSEs Go
Capacity of MSEs through important so that MSEs can continue to grow Modern
Go Modern and Go Digital sustainably. The program scope at this stage is: • 16,845 MSEs Go
Coaching (Access to • Go Modern: facilitating product Digital
Competence) standardization, licensing/business legality • 1,629 Halal
processes, entrepreneurship training, and certification
branding and packaging improvement • 5,647 NIB
assistance. • 2,127 PIRT
• Go Digital: Encouraging the use of digital • 2,581 MSE Training
technology in MSE business management. • 615 MSE Exhibitions
3. Access to Commerce: MSE Guidance Program in access to a broader market
Acceleration of MSE product promotion through marketplaces and virtual expos to increase MSE market access to
consumers without having to open physical outlets through the Go Online and Go Global programs.
Featured Program Descriptions SDGs Realizations
Penetration of digital and The next critical stage in the development of • 7,392 MSEs Go
global market access: online MSEs is to increase access to markets at the Online
marketplace and virtual national and international scope, including: • 96 MSEs Go Global
expo (Access to Commerce) • Go Online: Facilitating MSEs to expand market
access through digital marketing training,
training, and sales assistance through online
stores/marketplaces and local/national
exhibitions.
• Go Global: MSEs are introducing and opening
access to international markets.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 373
DIGITALIZATION OF MSE MANAGEMENT
Telkom developed the Satu Data UKM platform to create a comprehensive profile of Telkom-assisted MSEs
based on personal and business data profiles, which is expected to assist the Company in determining and
offering the right TelkomGroup products for MSEs.
SMEs HUB FEATURES AND SERVICES
Integration of MSE Development Elements
RESOURCEs INFRASTRUCTURE into MSE Development Platform Centers
DIGITALIZATION OF MSE COACHING PROCESS FEATURES
Access to Competence PROFILING
Go Modern MSEs COMPANION ACTIVITIES BENEFITS FOR MSEs Facilitators can complete MSE business
• Skillset and toolset training MSEs get an increase in their data to determine the most appropriate
Strengthening the coaching treatment
• Assistance with business business capacity through
business foundation
of MSEs towards legality and product/service training to improve production
competitive MSEs certification skills, branding, get business TRAINING
• Mentoring and coaching legality assistance, to the
Go Digital • After profiling, facilitator can create
• Network and community access digitalization process for
Optimization of • MSE business process business effectiveness and training events for MSEs, in order to
application solutions to digitization support (payment, efficiency improve the mindset and skillset of
support MSE capabilities point of sales, inventory) MSEs
• The type of training can be invitational
or public
Access to Commerce
Go Online MSE COMPANION ACTIVITIES BENEFITS FOR MSEs
• Marketplace registration and MSEs get opportunities to ASSISTANCE
Expansion of market
onboarding assistance increase transactions and Treatment of coaching that is specific
access through online
• Assistance in marketing MSE turnover through access to to MSEs
stores & exhibitions
products through social media exhibition participation and 1. Micro Teaching
channels transactions through online Mini training provided by the
Go Global
• Exhibition participation curation stores, social media, and global accompanying facilitator, can be
Export marketing • Assistance with export licensing markets attended by 1 to 5 fostered partners
onboarding assistance process 2. Business Licensing and Certifications
Assistance in the process of obtaining
Access to Capital business licenses and certification to
related institutions
MSEs COMPANION ACTIVITIES BENEFIT FOR MSEs 3. Consultations and Business Matching
• Marketplace registration and MSEs can access information General business consultation
onboarding assistance about the remaining activities carried out by the assisted
• Assistance in marketing MSE installments and monitor the MSEs with the facilitator
products through social media amount of installments that
channels have been paid
EXHIBITION
The process of MSE participation in
exhibitions, which is integrated from
DIGITIZATION OF PROCESS & PEOPLE MONITORING product curation to registration to
exhibition events, up to the report on
exhibition results
MONITORING COMPANION BENEFIT FOR MSE
ACTIVITIES MSEs get MSE development
Monitoring the performance of services from BUMN Pembina MONITORING AND EVALUATION
MSE facilitators from a balance that are programmed, Exclusive menu to monitor the
scorecard perspective, and scheduled, and accountable performance achievement of facilitators
can be evaluated periodically in the coaching program and access
(daily, monthly, quarterly, and information on collectibility and
annually), including attendance outstanding receivables of MSEs
MSE FUNDING PROGRAM FINANCIAL STATEMENT
Audited Figures (In Millions Rupiah)
STATEMENT OF FINANCIAL POSITION (Rp)
Assets
Current Assets
Cash and Cash Equivalents 254,915
Loan to Foster Partners net of allowance for impairment losses of Rp53,343 36,014
Total current assets 290,929
Non-current assets
PUMK Collaboration Receivable to Foster Partners 28,021
PUMK Collaboration Receivable to BRI 2,098
Troubled Loan net of allowance impairment losses of Rp320,222 -
Total non-current assets 30,119
Total Assets 321,048
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374 Corporate Social Responsibility and Environment
LIABILITIES AND NET ASSETS
Liabilities
Current Liabilities
Payables and other current liabilities 406
Overpayment of Installments 261
Total Liabilities 667
Net Assets
Without restrictions from resource provider 320,381
With restrictions from resource provider -
Total Net Assets 320,381
Total Liabilities and Net Assets 321,048
STATEMENT OF COMPREHENSIVE INCOME (RP)
Without Restrictions from Resource Provider
Revenues
Loan Administration Service Income 2,847
Interest Income 3,359
Other Income 4
Total Revenues 6,210
Income (Expenses)
(Allowance)/Recovery for Impairment of Loan (2,702)
Other Income/(Expenses) (558)
Total Income/(Expenses) (3,260)
Surplus 2,950
With Restrictions from Resource Provider -
Other Comprehensive Income -
Total Comprehensive Income 2,950
STATEMENT OF CHANGES IN NET ASSETS (RP)
Net Assets
Without Restrictions from Resource Provider
Beginning balance 317,431
Surplus 2,950
Ending balance 320,381
Other comprehensive income -
Total 320,381
With Restrictions from Resource Provider -
Total Net Assets 320,381
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 375
STATEMENT OF CASH FLOWS (RP)
Operating Activities
Loan to fosters partners 86,538
Payment Loan (5)
Acceptance of Loan Administration Services 2,694
Interest Income 3,359
Distribution of Loan Funds to Foster Partners -
PUMK Collaboration Receivable to BRI (10,000)
Return of Excess Installments to Foster Partners (68)
Net Cash Flows Received to Operating Activities 82,518
Increase in Cash and Cash Equivalents 82,518
Cash and Cash Equivalents at Beginning of Year 172,397
Cash and Cash Equivalents at End of Year 254,915
IMPLEMENTATION OF THE COMPANY’S CREATING SHARED
VALUE PROGRAM
Creating Shared Value (CSV) is a strategic step taken by Telkom to create added value for the Company while
having a positive impact on society and the environment by utilizing Telkom’s core business capabilities, such
as empowering MSMEs through digitization and developing digital infrastructure to support digital inclusion.
Implementation of Creating Shared Value is part of sustainability efforts. In 2024, Telkom will implement CSV
through 2 (two) main programs, namely:
CSV Type CSV Programs Descriptions Social Benefit Business Benefit Realizations
CSV 1 Utilization Telkom initiates • E n c o u r a g i n g • Increase the • 10.6% of
of Digital the utilization of digital literacy of number of MSEs upgrade
Platforms for digitalization solutions MSEs to increase subscribers and in terms of
MSEs for MSE’s business user adoption user traction turnover, assets
activities by utilizing of digital service of digital and human
applications & digital utilization platforms for resources
platforms and product • Helping MSEs MSE • 4,703 users
commercialization i n n o v a t e • Increase usage registered Kasir
through digital to develop of digital Aja
e-commerce. business quickly connectivity • 2,991 PaDI
to be applied UMKM user
independently registered
• Encouraging • 1,273 SSL
MSEs to upgrade Internet for
through the MSEs
implementation of
digitalization
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376 Corporate Social Responsibility and Environment
CSV Type CSV Programs Descriptions Social Benefit Business Benefit Realizations
CSV 3 S t u d e n t A digital talent Potential to • Telkom has an • 2,145 applicants
social project development event to increase the socio- inventory of • Funding 165
com p et it ion: encourage the nation’s economic benefits digital solutions Social Projects
‘Innovillage’ digital capability and of the community that are • Implementation
adoption rate through at the location applicable to of 60 Social
s o c io d ig i p re n eu r s h i p of social project be developed P r o j e c t s
incubation, a form implementation for market for 1,500
of synergy between validation beneficiaries
industry and universities, • Telkom has a
to improve students’ profiling of the
digital capabilities. This Company ’s
has an impact on social Digital Talent
improvement for the Pool
community by involving
students and universities
while producing digital
talent as input to meet
the needs of the digital
industry.
COLLABORATION CSR PROGRAM IMPLEMENTATION
The implementation of the CSR program is carried out effectively through collaboration with various parties
(pentahelix), including increasing the internal synergy of TelkomGroup, external cooperation with the
government, SOEs, academics, communities, media, and institutions/agencies related to the field of CSR.
Collaboration programs with SOEs and other parties implemented in 2024 include:
No. Programs Program Realization Participants
1. Environmental The Integrated Waste Management Program in Cikole Telkom and Perhutani
Collaboration Program Village, in collaboration between Telkom and Perhutani,
- Integrated Waste includes Ecoenzyme production training, which teaches
Management how to process kitchen waste (such as fruit peels,
vegetables, and food scraps) into useful products and
helps reduce the amount of organic waste that ends up
in landfills (TPA).
2. Education Collaboration This collaborative program between Telkom, PGRI, Telkom, Tribun Network,
Program - Training for and Tribun Network aims to improve the quality and and PGRI
Teacher Competency digital competence of educators in the era of massive
Improvement technology so that it is helpful in learning and teaching
activities in schools. The hope is to encourage the
quality of education in Indonesia as a whole. The
implementation of this program is spread across three
districts in West Java Province.
3. MSE Development The program strengthens the marketing aspects of Telkom and Angkasa Pura II
Collaboration fostered MSEs through Vending Machines to expand
Program MSE market access within the SOEs and broader
ecosystems.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 377
ACHIEVEMENT OF IMPACT-BASED CSR PROGRAM SUCCESS
To ensure the implementation of the impact-based CSR program's success, Telkom Indonesia consistently
measures the impact and success of the Social and Environmental Responsibility (CSR) program. Impact
measurement is conducted through an integrated approach, namely the Social Return on Investment
(SROI) method, CSR (TJSL) Index, Net Promoter Score (NPS), and Community Satisfaction Index (CSI).
These methods ensure that CSR programs provide value to the community while supporting the company's
reputation.
Program 1: Program 2: Program 3: Program 4:
Sanitation and Digital Empowerment Digitalization of PACKFEST PROGRAM
Clean Water Initiative for Disability MSE Coaching
Efforts to improve water security in The Company's commitment in Initiative to increase impact Competition to provide sustainable
the community through the provision improving digital skills for vulnerable creation on sustainable economic designs and materials for
of sanitation and clean water facilities groups to be able to compete. programs through digitalization Telkom-assisted MSE products.
and community empowerment for of MSE coaching process.
sustainable management.
SROI Value SROI Value SROI Value SROI Value
1 : 3.51 1 : 2.85 1 : 2.14 1 : 2.23
Every 1 rupiah Every 1 rupiah Every 1 rupiah Every 1 rupiah
that generates an impact that generates an impact that generates an impact that generates an impact
of 3.51 rupiah of 2.85 rupiah of 2.14 rupiah of 2.23 rupiah
Social Return on Investment (SROI) measurements Details of the SROI value per field are as follows:
were conducted on four priority programs covering The environmental sector, through the sanitation
the environment, education, MSME development, and clean water program, recorded the highest
and creating shared values. The measurement results score, which was 3.33; the education sector,
showed an average SROI value of 2.65, exceeding with a digital training program for people with
the target of 1.5. This achievement reflects the disabilities received a score of 2.86; the field of
program's success in creating social, environmental, MSME development through the Packfest program
and economic benefits for stakeholders. (packaging grants) received a score of 2.23; and the
field of creating shared values through the MSME
development digitalization program received a
score of 2.21.
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378 Corporate Social Responsibility and Environment
CSR INDEX 2.4%
85.1
83.84
83.08
NET PROMOTER SCORE
34%
74.9
61.31
55.53
SATISFACTION INDEX 3.2% 2024
87.7 2023
84.9 2022
In addition, Telkom recorded a CSR (TJSL) Index score services. Thus, Telkom's CSR program provides social
of 85.10% in 2024. This achievement places Telkom's benefits and supports strengthening customer
CSR activities in the good category or strong level, loyalty to the company's products and services.
which positively influences the company's image.
The company also recorded a Community
Positive perceptions from beneficiaries drove this
Satisfaction Index (CSI) score of 87.7, which reflects
increase and fostered MSMEs and the surrounding
a high level of satisfaction from respondents or
community toward Telkom's CSR program,
beneficiaries with the CSR programs that have
especially in Corporate Governance and Economic
been implemented. This result shows that most
Responsibility.
beneficiaries are satisfied with the various initiatives
On the other hand, to measure the success of the designed to have a positive impact.
CSR program in increasing community involvement,
Telkom Indonesia continues to be committed
Telkom uses the Net Promoter Score (NPS). The NPS
to running relevant CSR programs that provide
measurement results in 2024 reached 74.9, which
measurable positive impacts in line with sustainable
reflects the high level of trust and satisfaction of the
development goals and support the sustainability of
community in recommending Telkom products and
the company's business.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 379
AWARDS OF CSR PROGRAM 2024
1 2 3
4 5 6 7
No. Events Awards Providing Agencies/Intitutions
1. BUMN Corporate Gold Winner in category SME Kementerian BUMN
Communication & Development as Gold Winner
Sustainability Summit
(BCOMSS)
2. HR Excellence Award Best CSR Strategy HR Excellence Singapore
3. ESG World Summit & Grit Best UN SDG Impact ESG Grit Award Singapore
Awards
4. CSR Excellence Best CSR Environmental Initiatives on UK International CSR Excellence
carbon offset program
5. International Business Gold Winner in category CSR Achievement The Asia-Pacific Stevie Awards
Awards
6. CSR IDX Channel Award Anugrah Utama Sustainability - Integrated IDX Channel
Sustainability Initiative in the field of
Education
7. Indonesia Corporate Gold in Best Practice in SME Empowerment IBCSD & Olahkarsa
Sustainability Award
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380
07.
APPENDICES
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 381
Page 384
382 Appendices
Appendix 1:
Glossary
Glossary Description
2G The abbreviation for second-generation: relating to or using a technology that gave mobile phone
users improved features and allowed people to send text messages (SMS).
3G The generic term for third generation mobile telecommunications technology. 3G offers high speed
connections to cellular phones and other mobile devices, enabling video conference and other
applications requiring broadband connectivity to the internet.
4G/LTE A fourth generation super fast internet network technology based on IP that makes the process of
data transfer much faster and more stable.
5G A fifth generation of cellular mobile communications which targets high data rate, reduced latency,
energy saving, cost reduction, higher system capacity and massive device connectivity.
ADS American Depositary Share (also known as an American Depositary Receipt, or an “ADR”), a
certificate traded on a U.S. securities market (such as the New York Stock Exchange) representing a
number of foreign shares. Each of our ADS represents 100 shares of common stock.
AKHLAK Defined as Amanah (trustworthy), Kompeten (competent), Harmonis (harmonious), Loyal (loyal),
Adaptif (adaptive), and Kolaboratif (collaborative) values that underlie the behavior of SOE personnel.
Application Defined as an application creation platform which refers to a set of technologies that can assist
Development companies in designing, developing, and implementing these applications.
Platform
ARPU Average Revenue per Unit, a measure used primarily by telecommunications and networking
companies which states how much revenue is generated by the user on average. It is defined as the
total revenue from specified services divided by the number of users of such services.
Artificial Defined as computer program developed by human on a system so that they can think like human
Intelligent and can complete certain task by processing and recognizing data pattern.
B2B (Business- The sale of products or services provided by one business and intended for another business, not to
to-Business) consumers.
B2C (Business- A business that provides services or sales of goods or services to individual or group of consumers
to-Customer) directly.
Backbone The main telecommunications network consisting of transmission and switching facilities connecting
several network access nodes. The transmission links between nodes and switching facilities include
microwave, submarine cable, satellite, fiber optic and other transmission technology.
Balanced One of the tools used by managers to measure the performance of a business seen from four
Scorecard perspectives. The four perspectives consist of a financial perspective, a customer perspective, an
internal business process perspective, and a growth and learning perspective.
Bandwidth The capacity of a communication link.
Bapepam-LK Badan Pengawas Pasar Modal dan Lembaga Keuangan, or the Indonesian Capital Market and Financial
Institution Supervisory Agency, the predecessor to the OJK.
Big Data Defined as a large, varied, and dynamic data processing platform.
Platform
Broadband A signaling method that includes or handles a relatively wide range (or band) of frequencies.
BTS Base Transceiver Station, equipment that transmits and receives radio telephony signals to and from
other telecommunication systems.
CFU Customer Facing Unit, similar to a strategic business unit, which is an organizational unit that
interacts with certain customer segments, with responsibility for profit and loss respectively, and
is responsible for restructuring subsidiaries and business portfolios that are relevant to certain
business segments that being its responsibility.
Cloud The practice of using a network of remote servers hosted on the internet to store, manage, and
Computing process data, rather than a local server or a personal computer.
Cloud Hybrid The storage infrastructure that uses a combination of on-premises storage resources with a public
cloud storage provider.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 383
Glossary Description
Co-Location Telecommunication infrastructure leasing service that owned existing sites after the first customer
or Anchor Tenant, which offers the space in telecommunication infrastructure to install their
equipments.
Common Stock Our Series B shares having a par value of Rp50 per share.
CPE Customer Premises Equipment, any handset, receiver, set-top box or other equipment used by the
consumer of wireless, fixed line or broadband services, which is the property of the network operator
and located on the customer’s premises.
Cyber Attack A cyber attack is deliberate of the exploitation of computer systems, technology-dependent
enterprises, and networks. Cyber attacks use malicious code to alter computer code, logic or data,
resulting in disruptive consequences that can compromise data and lead to cybercrimes, such as
information and identity theft.
Cyber Security An effort to protect information from cyber attacks. Cyber attacks in information operations are
any kind of deliberate action to disrupt the confidentiality, integrity, and availability of information.
Data Center The facility composed of networked computers, storage systems and computing infrastructure that
organizations use to assemble, process, store and disseminate large amounts of data.
Data Defined as a platform that manages data, such as collecting, organizing, and activating data from
Management various online and offline sources, for the purposes of advertising and personalization initiatives.
Platform
Deep-Link The use of a hyperlink that links to a specific, generally searchable or indexed, piece of web content
on a website, rather than the website’s home page.
Digitization Process of converting non-digital information to digital. If a company uses this digital information
to increase business, generate revenue, or simplify some business processes, it is called digitization.
The result of the digitization and digitization process is called digital transformation.
Dwiwarna Share The Series A Dwiwarna Share have a par value of Rp50 per share. The Dwiwarna Share is held by the
Government and provides special voting rights and veto rights over certain matters related to our
corporate governance.
e-Commerce Electronic commerce, the buying and selling of products or services over electronic systems such as
the internet and other computer networks.
e-Procurement Electronic procurement, the process of procuring goods and services carried out online.
Earth Station Antennas and related equipment used to receive or transmit telecommunication signals via satellites.
EBITDA Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization.
Adjusted EBITDA and other related ratios in this Annual Report serve as additional indicators on our
performance and liquidity, which is a non-GAAP financial measure.
Edutainment Education and entertainment.
Face The technology capable of matching a human face from a digital image or a video frame against a
Recognition database of faces, which is typically employed to authenticate users through ID verification services,
and works by pinpointing and measuring facial features from a given image.
Fiber Optic Cables using optical fiber and laser technology through which modulating light beams representing
data are transmitted through thin filaments of glass.
Fixed Line Fixed wireline and fixed wireless.
Fixed Wireline A fixed wire or cable path linking a subscriber at a fixed location to a local exchange, usually with an
individual phone number.
Gateway A peripheral that bridges a packet-based network (IP) and a circuit-based network (PSTN).
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384 Appendices
Glossary Description
Gbps Gigabit per second, the average number of bits, characters, or blocks per unit time passing between
equipment in a data transmission system. This is typically measured in multiples of the unit bit per
second.
GHz Gigahertz, The hertz (symbol Hz), is the international standard unit of frequency defined as the
number of cycles per second of a periodic phenomenon.
GMS General Meeting of Shareholders, which may be an Annual General Meeting of Shareholders (“AGMS”)
or an Extraordinary General Meeting of Shareholders (“EGMS”).
GraPARI Telkomsel service network.
Graphical Defined as a graphics processing usage allocation system.
Processing Unit
(GPU) Farming
GSM Global System for Mobile Telecommunication which is the European standard for digital cellular
telephones.
High Communication satellite that provides more throughput than conventional communication satellites
Throughput (Fixed Satellite Service or FSS), which refers to a significant increase in capacity when using the same
Satellite amount of orbital spectrum from 2 to more than 100 times as much capacity as the classic FSS.
Hyperscale Data Data center that can accommodate 5,000 or more servers and has an area of more than 10,000
Center square feet (over 900 square meters).
Homes Passed A connection with access to fixed-line voice, IPTV and broadband services.
In-memory Defined as database processing performed on memory storage media.
database
Insider Trading The trading of a public company’s stock or other securities (such as bonds or stock options) by
individuals with access to nonpublic information about the company. In various countries, some
kinds of trading based on insider information is illegal.
Interconnection The physical linking of a carrier’s network with equipment or facilities not belonging to that network.
Internet of Computing concept that describes the idea of everyday physical objects being connected to the
Things internet and being able to identify themselves to other devices and send and receive data.
Intranet A computer network based on TCP / IP protocols such as the internet, however the usage is restricted
or closed and only certain people or users can log on and use the intranet network.
IP Internet Protocol, the method or protocol by which data is sent from one computer to another on
the internet.
IPO Initial Public Offering, the first sale of stock by a Company to the public.
IP Transit The large-scale interconnection service to the global internet with reliable performance, bundled
with extensive features, Block IP with BGP routing, and Autonomous System (AS) owned by clients.
IPTV Internet Protocol Television, a system through which television services are delivered using the
Internet Protocol suite over a packet-switched network such as the internet, instead of being
delivered through traditional terrestrial, satellite signal, and cable television formats.
ISP Internet Service Provider, an organization that provides access to the internet.
Latency Delay in network communications that indicating the time it takes for data to transfer across the
network.
Leased Line A dedicated telecommunications transmissions line linking one fixed point to another, rented from
an operator for exclusive use.
Mbps Megabit per second, a measure of speed for digital signal transmission expressed in millions of bits
per second.
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 385
Glossary Description
Metro Ethernet Bridge or relationship between locations that are apart geographically. This network connects LAN
customers at several different locations.
MHz Megahertz, a unit of measure of frequency equal to one million cycles per second.
Mobile The marketing term for wireless internet access through a portable modem, mobile phone, USB
Broadband Wireless Modem or other mobile devices.
Multimedia Data Defined as advances in web analytics, news, social media crawlers (such as text, sound, and images)
Extraction that are integrated with analytics engines.
Network Access A public network exchange facility where ISPs connected in peering arrangements.
Point
OJK Otoritas Jasa Keuangan, or the Financial Services Authority, the successor of Bapepam-LK, is an
independent institution with the authority to regulate and supervise financial services activities in
the banking sector, capital market sector as well as a non-bank financial industry sector.
OTT Over The Top, a generic term commonly used to refer to the delivery of audio, video, and other
media over the internet without the involvement of a multiple-system operator in the control or
distribution of the content.
PoP Point of Presence. An access point, location or facility that connects to and helps other devices
establish a connection with the Internet, which may consist of a router, switches, servers and
other data communication devices. We operate two points of presence, namely main and primary
points of presence. The “main point of presence” is the main transportation network that contains
traffic aggregates within a country. The “primary point of presence” is a collection of major regional
transportation networks that have the ability to create a service.
Postpaid A type of communication service where customers can use telecommunications services first and
then pay for them.
Prepaid A type of communication service where the customer makes an advance payment in order to use
telecommunications services.
PSA 62 Audit Standard Statement No. 62 (PSA 62) is a statement issued by the Indonesian Accounting
Association which states that in conducting audits of financial statements of government entities or
other recipients of government financial assistance which conducts stock offers through the capital
market, auditors must comply with the provisions of the Capital Market Law.
PSTN Public Switched Telephone Network, a telephone network operated and maintained by Telkom.
Pulse The unit in the calculation of telephone charges.
Reverse Stock The compression of shares to become a smaller amount of shares using higher value per share.
RMJ Regional Metro Junction, an inter-city cable network installation service in one regional (region/
province).
Satellite Radio relay equipment embedded in a satellite that receives signals from earth and amplifies and
Transponder transmits the signal back to the earth.
Security Insight Defined as a platform for generating insights on cyber security.
Platform
Self Assessment Guidelines are used as a form of accountability for collegially assessing the performance of the Board
of Commissioners.
SIM cards Subscriber Identity Module card is a stamp-sized smart card placed on a mobile phone that holds the
key to the telecommunication service.
SKKL Sistem Komunikasi Kabel Laut/Submarine Communications Cable System, a cable laid on the sea bed
between land-based stations to carry telecommunication signals across stretches of ocean.
SKSO Sistem Komunikasi Serat Optik/Optical Fiber Communication System is a system that transmits
information or data from one point to another through optical fiber.
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386 Appendices
Glossary Description
SMS Short Messaging Service, a technology allowing the exchange of text messages between mobile
phones and between fixed wireless phones.
SOX Sarbanes-Oxley Act, effective from July 30, 2002, also known as the Public Company Accounting
Reform and Investor Protection Act and Corporate and Auditing Accountability and Responsibility
Act.
SOE/BUMN State-Owned Enterprise/Badan Usaha Milik Negara is a government-owned company, state-
owned company, state-owned entity, state-owned company, public-owned company, or parastatal
which is a legal entity formed by the Government to conduct commercial activities on behalf of the
Government as the owner.
SOX Section SOX Section 404 (Sarbanes-Oxley Act Section 404) mandates that all publicly-traded companies
404 must establish internal controls and procedures for financial reporting and must document, test,
and maintain those controls and procedures to ensure their effectiveness.
Stock Split Splitting the number of shares to increase the shares volume using a lower value per share.
Switching A mechanical, electrical or electronic device that opens or closes circuits, completes or breaks an
electrical path, or selects paths or circuits, used to route traffic in a telecommunications network.
TPE A normalized way to refer to transponder bandwidth which simply means how many transponders
would be used if the same total bandwidths used only 36 Mt transponder (1 TPE = 36 MHz).
Treasury Stock Stock/share which bought back/repurchased by the issuing company.
USO Universal Service Obligation, the service obligation imposed by the Government on all
telecommunications services providers for the purpose of providing public services in Indonesia.
Various Defined as various kinds of artificial intelligence (AI) capabilities, both stand-alone and combined
standalone and with other devices, such as Indonesian Natural Language Processing (NLP), Sentiment Analysis,
embedded AI Text to Speech, Speech to Text, Image Recognition for Objects Detection/Counting/Segmentation,
capabilities Machine/Deep Learning, Facial Recognition, and Robotics Process Automation (RPA).
VoIP Voice over Internet Protocol, a means of sending voice information using the IP.
VPN Virtual Private Network, a secure private network connection, built on top of publicly-accessible
infrastructure, such as the internet or the public telephone network. VPN typically employs some
combination of encryption, digital certificates, strong user authentication and access control to
secure the traffic they carry. VPN provides connectivity to many machines behind a gateway or
firewall.
VSAT Very Small Aperture Terminal, a relatively small antenna, typically 1.5 to 3.0 meters in diameter, placed
in the user’s premises and used for two-way communications by satellite.
Vulnerability It is a platform for managing cyber security vulnerabilities such as malware, viruses or hacking.
Management
Platform
Whistleblower The term for employees, former employees or workers, members of institutions or organizations
who report actions that are considered to violate the regulation to the authorities.
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Appendix 2:
List of Abbreviations
Keyword Descriptions Keyword Descriptions
A2P Application to Person CFRO Chief Financial & Risk Officer
ACGS ASEAN Corporate Governance Scorecard CHCO Chief Human Capital Officer
ACHI AKHLAK Culture Health Index CITO Chief Information Technology Officer
ACMF ASEAN Capital Market Forum COCA Calendar of Culture Action
ADS American Depositary Shares CONS Consumer Service
AGMS Annual General Meeting of Shareholders COSO Committee of Sponsoring Organizations
of the Treadway Commission
AKHLAK Amanah Kompeten Harmonis Loyal Adaptif
Kolaboratif CPaaS Communication Platform as a Service
AO Application Owner CPE Customer Premises Equipment
AP Administered Prices CSLS Customer Satisfaction and Loyalty Survey
API Application Programming Interface CRM Customer Relationship Management
AR Augmented Reality CSA Control Self Assessment
ARPU Average Revenue per Unit CSR Corporate Social Responsibility
ASEAN Association of Southeast Asian Nations CSS Corporate Strategic Scenario
ASKALSI Asosiasi Kabel Laut Seluruh Indonesia or CVM Customer Value Management
Indonesian Submarine Cable Association
DB Digital Business
ATM Automated Teller Machine
DC Co Data Center Co
B2B Business-to-Business
DER Debt to Equity Ratio
B2C Business-to-Consumer
DRP Disaster Recovery Plan
BAKAMLA Badan Keamanan Laut or Maritime Security
DSL Digital Subscriber Line
Agency
DTH Direct to Home
BAM Business Account Manager
EBIS Enterprise & Business Service
Bapepam-LK Badan Pengawas Pasar Modal dan
Lembaga Keuangan or Financial Institution Edutainment Education and Entertainment
Supervisory Agency
ELC Entity Level Control
BBM Bahan Bakar Minyak
EGM Executive General Manager
BCM Business Continuity Management
ERM Enterprise Risk Management
BCP Business Continuity Plan
ERP Enterprise Resource Planning
BMD Regional Property or Barang Milik Daerah
ESG Environmental, Social, and Governance
BOC Board of Commissioners
ESOP Employee Stock Ownership Program
BOD Board of Directors
ETL Extract Transform Load
BPJS Badan Penyelenggara Jaminan Sosial
or Social Insurance Administration EWR Early Warning Report
Organization EY Ernst & Young
BPK Badan Pemeriksa Keuangan FBM Five Bold Moves
BPO Business Process Outsourcing FHCI Forum Human Capital Indonesia
BPS Badan Pusat Statistik or Central Bureau of FMC Fixed Mobile Convergence
Statistics
FRAMES Fraud Management System
BSCS Batam-Singapore Cable System
FRM Finance & Risk Management
BTS Base Transceiver Station
Gbps Gigabit per second
BUMN/SOE Badan Usaha Milik Negara or State-Owned
Enterprise GCG Good Corporate Governance
CAGR Compound Annual Growth Rate GCT Group Corporate Transformation
CAPEX Capital Expenditure GDP Gross Domestic Product
CDC Community Development Center GHz Gigahertz
CDIO Chief Digital & Innovation Officer GMS General Meeting of Shareholders
CDN Content Delivery Networks GNPIP National Movement for Controlling Food
Inflation or Gerakan Nasional Pengendalian
CEO Chief Executive Officer Inflasi Pangan
CFO Chief Financial Officer GRI Global Reporting Initiative
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388 Appendices
Keyword Descriptions Keyword Descriptions
GRO Government Relationship Officer Jo. Juncto
GSD Graha Sarana Duta KAP Kantor Akuntan Publik or Public
Accountant Firm
GSM Global System for Mobile Communication
KEKD Komite Etika dan Kepatuhan & Disiplin
GSMA Global System for Mobile Communications
Association KEMPR Komite Evaluasi dan Monitoring
Perencanaan dan Risiko or Committee
HAKORDIA Hari Antikorupsi Dunia or World Anti- for Planning and Risk Evaluation and
Corruption Day Monitoring
HAM Hak Asasi Manusia or Human Rights KEU Keuangan or Finance
HCM Human Capital Management KIPAS Komunitas Provokasi Aktivasi or
HD High Definition Community Cultural Activation
Provocation
HR Human Resource
KNKG Komite Nasional Kebijakan Governance or
HSDC HyperScale Data Center Governance Policy National Committee
HSI High Speed Internet
HTS High Throughput Satellite KMR Keuangan dan Manajemen Risiko or
Finance and Risk Management
IA Internal Audit
KNR Komite Nominasi dan Remunerasi
IAI Ikatan Akuntan Indonesia
or Committee for Nomination and
IAS International Accounting Standards Remuneration
IASB International Accounting Standards Board KPI Key Performance Indicator
IASC Internasional Accounting Standards KPK Komisi Pemberantasan Korupsi or
Committee Corruption Eradication Commission
ICOFR Internal Control over Financial Reporting KPPU Komisi Pengawas Persaingan Usaha
or Commission for the Supervision of
ICT Information and Communications Business Competition
Technology
KSPKI Indonesian Financial Reporting Standards
IDN Indonesia Digital Network Framework or Kerangka Standar Pelaporan
IDR Indonesian Rupiah Keuangan Indonesia
IDX/BEI Indonesia Stock Exchange/Bursa Efek KTI Kawasan Timur Indonesia or Eastern
Indonesia Indonesia
IFAS Indonesian Financial Accounting Standard KTKT Integrated Governance Committee or
Komite Tata Kelola Terintegrasi
IFRS International Financial Reporting Standard
kWh KiloWatt Hour
IFRIC IFRS Interpretations Committee
LED Light Emitting Diode
IGG Indonesia Global Gateway
LEO Low Earth Orbit
IHSG Indeks Harga Saham Gabungan or
Composite Stock Price Index LSA Long Service Awards
IIA Institute of Internal Auditor LSL Long Service Leaves
IICD Indonesia Institute for Corporate LSE London Stock Exchange
Directorship LTE Long Term Evolution
IKM Indeks Kepuasan Masyarakat or LTI Long Term Incentive
Community Satisfaction Index
M&A Merger & Acquisition
IMF International Monetary Fund
MDI Metra Digital Investama
IMS Integrated Management System
MDM Metra Digital Media
IOH Indosat Ooredoo Hutchison
MNO Mobile Network Operator
IoT Internet of Things
MPO Man Power Outsourcing
IPLC International Data Center or International
Connectivity MSOP Management Stock Ownership Program
IPO Initial Public Offering MSE Micro and Small Enterprise
IPR Intellectual Property Rights MTN Medium-Term Notes
ISAK Interpretasi Standar Akuntansi Keuangan MTTI Mean Time to Install
or Interpretation of Statements of
MTTR Mean Time to Repair
Financial Accounting Standards
MVNO Mobile Virtual Network Operator
ISO International Organization for
Standardization NAP Network Access Point
ISP Internet Service Provider NIB Nomor Induk Berusaha
IT Information Technology NITS Network & IT Solution
ITDRI Indonesia Telecommunication and Digital NPS Net Promoter Score
Research Institute
NPWP Nomor Pokok Wajib Pajak or Tax
JaKaLaDeMa Jawa Kalimantan Sulawesi Denpasar Identification Number
Mataram
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Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 389
Keyword Descriptions Keyword Descriptions
NPISHs Non-Profit Institutions Serving SEOJK Surat Edaran Otoritas Jasa Keuangan
Households or Circular Letter of Indonesia Financial
Service Authority
NSP Nada Sambung Pribadi
SFH School from Home
NYSE New York Stock Exchange
SGM Senior General Manager
OECD Organization for Economic Co-operation
and Development SIC Standing Interpretations Committee
OHS Occupational Health and Safety SIUP Surat Izin Usaha Perdagangan or Business
Permit
OJK Otoritas Jasa Keuangan or Financial
Services Authority SJUT Integrated Utility Network Facilities or
Sarana Jaringan Utilitas Terpadu
OLO Other Licensed Operator
SKKL Sistem Komunikasi Kabel Laut or
OTT Over the Top Submarine Communications Cable System
PaDi Pasar Digital SKSO Sistem Komunikasi Serat Optik or Fiber
PAYU Pay As You Use Optic Communication System
PEFINDO PT Pemeringkat Efek Indonesia SLI Sambungan Langsung Internasional or
International Direct Dialing
Pemilu General Election or Pemilihan Umum
SMAP Sistem Manajemen Anti Penyuapan or
Permendagri Minister of Home Affairs Regulation or Anti-Bribery Management System
Peraturan Menteri Dalam Negeri
SMB Small Medium Business
PKBL Program Kemitraan dan Bina Lingkungan or
Partnership and Community Development SME Small and Medium Enterprise
Program SMK Sekolah Menengah Kejuruan or Vocational
PMO Project Management Office School
PN Perusahaan Negara or State Company SMK3/OHSAS Sistem Manajemen Keselamatan dan
Kesehatan Kerja or Occupational Health
POJK Peraturan Otoritas Jasa Keuangan or and Safety Assessment System
Regulation of Indonesia Financial Services
Authority SOX Sarbanes Oxley Act
PoP Point of Presence SP Strategic Portfolio
POTS Plain Old Telephone Service SPI Sistem Pengendalian Internal or Internal
Control System
PPID Pejabat Pengelola Informasi dan
Dokumentasi or Information Management SROI Social Return on Investment
and Documentation Officer SSO Shared Service Operation
PPKM Pemberlakuan Pembatasan Kegiatan TAM Tele Account Management
Masyarakat
THR Tunjangan Hari Raya or Religious Holiday
PPMP Program Pensiun Manfaat Pasti Allowance
PSAK Pernyataan Standar Akuntansi Keuangan TIOC Telkom Integrated Operation Center
or Statements of Financial Accounting
Standards TKDN Tingkat Komponen dalam Negeri
PSTN Public Switched Telephone Network TLC Transaction Level Control
QMS Quality Management System TLK Telkom Ticker in New York Stock Exchange
QoS Quality of Service TLKM Telkom Ticker in Bursa Efek Indonesia
RJPP Rencana Jangka Panjang Perseroan or TPID Regional Inflation Control Team or Tim
Company’s Long Term Plan Pengendalian Inflasi Daerah
RKAP Rencana Kerja Anggaran dan Pendapatan TPIP Central Inflation Control Team or Tim
or Budgeting and Revenue Work Plan Pengendalian Inflasi Pusat
ROA Return on Asset USD United States Dollar
ROE Return on Equity USO Universal Service Obligation
RPT Related Party Transaction VAR Value Added Reseller
SaaS Software as a Service VF Volatile Food
SAK Standar Akuntansi Keuangan or Financial VOD Video on Demand
Accounting Standard
VOD Voice over Data
SASB Sustainability Accounting Standards Board
VoIP Voice over Internet Protocol
SDG Sustainable Development Goals
VP Vice President
SD-WAN Software Defined-Wide Area Network
VPN Virtual Private Network
SEA-ME-WE 5 Southeast Asia-Middle East -Western
Europe 5 VR Virtual Reality
SEA-ME-WE 6 Southeast Asia-Middle East -Western WBS Whistleblowing System
Europe 6 WEO World Economic Outlook
SEA-US Southeast Asia-United States WIB Wholesale and International Business
SEC Securities and Exchange Commission WINS Wholesale and International Service
SEM Structural Equation Modeling WPO Whistleblower Protection Officer
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390 Appendices
Appendix 3: Cross Reference to the
Circular Letter by the Financial Services
Authority No. 16/SEOJK.04/2021
Criteria Explanation Pages
I FORM OF ANNUAL REPORT
1. Annual Report is presented in the form of printed documents and electronic copies of documents.
2. Annual Report presented as printed document should be printed on light-colored, good quality, A4
sized paper, bound and possible to be reproduced in good quality.
3. Annual Report can present information in the form of pictures, graphs, tables, and/or diagrams by
including clear titles and/or descriptions, thus they are easy to read and understand.
4. Annual Report presented in the form of a copy of an electronic document is the Annual Report
converted in PDF format.
II CONTENT OF ANNUAL REPORT
1. Annual Report should at least 1) key financial data highlight; 24-27
contain information about:
2) stock information (if any); 28-30
3) Board of Commissioners’ report; 34-41
4) Board of Directors’ report; 44-51
5) Issuer or Public Company’s profile; 16-19
6) management discussion and analysis; 108-175
7) Issuer or Public Company’s governance; 176-363
8) Issuer or Public Company social and environmental 364-379
responsibility;
9) audited annual financial report; and 426
10) statement of Directors and board of Commissioners on 54-55
the responsibility for the Annual Report.
2. Description of The Contents of Annual Report
a. Key Financial Data Highlight Highlights of Key Financial Data presents information in 24-27
comparative form over a period of 3 (three) financial years or
since the commencement of business if the Issuer or Public
Company has been running for less than 3 (three) years, and
should at least contain:
1) revenue;
2) gross profit;
3) profit (loss);
4) profit (loss) attributable to parent and non-controlling
interests;
5) comprehensive profit (loss);
6) comprehensive profit (loss) attributable to parent and
non-controlling interests;
7) net profit (loss) per share;
8) total assets;
9) total liabilities;
10) total equity;
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Criteria Explanation Pages
11) profit (loss) to total asset ratio;
12) profit (loss) to equity ratio;
13) profit (loss) to revenue ratio;
14) current ratio;
15) liabilities to equity ratio;
16) liabilities to total asset ratio; and
17) other financial information and ratios relevant to Issuer
or Public Company and their industry type.
b. Stock Information Information of stock for Public Company shall at least contains: 28-29
1) stock issued for three months period (if any) presented
in comparative form in the last 2 (two) financial years at
least contain:
a) outstanding stock;
b) market capitalization by the price in the Stock
Exchange where the stock is listed;
c) highest, lowest, and closing stock price by the
price in the Stock Exchange where the stock is
listed; and
d) traded volume in the Stock Exchange where the
stock is listed;
Informasi dalam huruf b), huruf c) dan huruf d) hanya
diungkapkan jika sahamnya tercatat di bursa efek;
2) in the event of corporate actions such as stock split, 30
reverse stock, stock dividend, stock bonus, and par
value decrease, stock price information referred to in
point 1) should then include explanation concerning at
least:
a) date of corporate actions;
b) ratio of stock split, reverse stock, stock dividend,
stock bonus, and the changes of par value;
c) amount of outstanding stock before and after
corporate actions;
d) number of conversion effects executed (if any);
and
e) stock price before and after corporate actions;
3) in the event that the company’s stock trade is No
suspended and/or delisted during the year reported, suspension/
Issuer or Public Company should explain the reason for delisting
such suspension and/or delisting; and
4) in the event that the suspension as referred to in No
number 3) and/or the process of delisting is still suspension/
ongoing until the final period of the Annual Report, the delisting
Issuer or Public Company should explain the actions
taken to resolve the matter.
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Criteria Explanation Pages
c. Board of Directors’ Report Board of Directors’ Report shall at least contain: 44-51
1) brief description about the performance of Issuer or
Public Company, that at least include:
a) strategies and strategic policies of Issuer or
Public Company;
b) Board of Directors' role in strategy formulation
and the strategic policy of the Issuer or Public
Company;
c) the process carried out by the Board of Directors
to ensure the implementation of the Issuer's or
Company's strategy Public;
d) comparison between the results achieved with
those targeted by the Issuer or Public Company;
and
e) constraints experienced by Issuers or Public
Company;
2) description of the Issuer or Public Company's business
prospects; and
3) implementation of Issuer or Public Company’s
governance.
d. Board of Commissioners’ Report Board of Commissioners’ Report shall at least contains: 34-41
1) assessment on the performance of the Directors in
managing the Issuer or Public Company, including
supervision of the Board of Commissioners in the
formulation and implementation of the Issuer's or
Public Company's strategy by the Board of Directors;
2) overview on the business prospects of Issuer or Public
Company established by the Board of Directors;
3) overview on the implementation of Issuer or Public
Company’s governance;
e. Profile of Issuer or Public Company The Issuer or Public Company’s Profile at least contains:
1) name of Issuer or Public Company, including, if any, 17
changes in names, reasons for such changes, and the
effective date of name;
2) access to Issuer or Public Company, including branch 17
or representative offices that enables people to obtain
the information of:
a) address;
b) telephone number;
c) e-mail address; and
d) website address;
3) brief history of the Issuer or Public Company; 62-63
4) vision and mission of Issuer or Public Company and 58-61
corporate culture or company values;
5) business activities according to the latest articles of 64-65
association, business activities conducted during the
financial year, and as well as types of goods and/or
services produced;
6) the operational area of Issuer or Public Company; is an 22-23
area for the implementation of operational activities or
the range of the company’s operational activities.
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Criteria Explanation Pages
7) organizational structure of Issuer or Public Company 66-67
in a form of chart, of at least to 1 (one) structural level
under Board of Directors including the committees
under Board of Directors (if any) and committees under
the Board of Commissioners, accompanied by name
and position;
8) a list of industry association memberships both 68-69
on a national and international scale related to the
implementation of sustainable finance;
9) profile of the Directors, consisting of at least: 78-82
a) name and position that corresponds to the
duties and responsibilities;
b) latest photograph;
c) age;
d) nationality;
e) educational background;
f) employment record, consisting of:
(1) legal basis of Board of Directors members
appointment for the first time at the
related Issuer or Public Company;
(2) double position, either as member
of Directors, Commissioners, and/or
committee as well as other positions (if
any); and
(3) work experience and the time period both
inside and outside the Issuer or Public
Company;
g) affiliation with other members of the Board 83
of Directors, members of the Board of
Commissioners, major shareholders, and
controllers either directly or indirectly to
individual owners, including the names of
affiliated parties. In the event that a member
of the Board of Directors has no affiliation, the
Issuer or Public Company shall disclose this
matter; and
h) changes in the composition of the members of 83
the Board of Directors and the reasons for the
changes. In the event that there is no change in
the composition of the members of the Board
of Directors, it will be disclosed regarding this
matter
10) profile of Board of Commissioners, consisting of: 70-74
a) name and title;
b) latest photograph;
c) age;
d) nationality;
e) educational background and/or certification;
f) employment record, consisting of:
(1) legal basis for the appointment as a
member of the Board of Commissioners
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Criteria Explanation Pages
(2) legal basis for the first appointment as a
member of the Board of Commissioners
who is an independent commissioner of the
related Issuer or Public Company;
(3) double position, either as member of
Board of Commissioners, Directors, and/
or committee, as well as other positions,
both inside and outside the Issuer or Public
Company. In the event that a member of
the Board of Commissioners does not have
double positions, then this is disclosed; and
(4) work experience and the time period both
inside and outside the Issuer or Public
Company;
g) affiliation with other members of the Board 75
of Commissioners, major shareholders, and
controllers either directly or indirectly to
individual owners, including names of affiliated
parties; In the event that a member of the Board
of Commissioners does not have any affiliation,
the Issuer or Public Company shall disclose this
matter;
h) statement of independence of the independent 75
commissioner in the event that the independent
commissioner has served more than 2 (two)
terms; and
i) changes in the composition of the members of 76
the Board of Commissioners and the reasons for
the changes. In the event that there is no change
in the composition of the members of the Board
of Commissioners, this matter shall be disclosed;
11) in the event of a change in the composition of the 76
Board of Commissioners and/or Directors taking place
after the fiscal year until the deadline of Annual Report
submission, management composition stated in the
Annual Report is then the composition of the Board of
Commissioners and/or Directors both the latest and
the previous one;
12) number of employees by gender, position, age, 86-90
education level, and employment status (permanent/
contracted) in the financial year. Disclosure of
information can be presented in tabular form;
13) name of shareholders and ownership percentage at 91-93
the end of financial year, information includes among
others:
a) shareholders having 5% (five percent) or more
shares of Issuer or Public Company;
b) members of the Board of Directors and members
of the Board of Commissioners who own shares
in the Issuer or Public Company. In the event that
all members of the Board of Directors and/or all
members of the Board of Commissioners do not
own shares, this shall be disclosed; and
c) group of public shareholders each having less
than 5% (five percent) share ownership of Issuer
or Public Company;
The above information can be presented in tabular
form.
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Criteria Explanation Pages
14) the percentage of indirect ownership of the shares 93
of the Issuer or Public Company by members of the
Board of Directors and members of the Board of
Commissioners at the beginning and end of the financial
year, including information on shareholders registered
in the shareholder register for the benefit of indirect
ownership of members of the Board of Directors and
members of the Board of Commissioners;
In the event that all members of the Board of Directors
and/or all members of the Board of Commissioners do
not have indirect ownership of the shares of the Issuer
or Public Company, this matter shall be disclosed.
15) number of shareholders and ownership percentage 92
at the end of financial year presented in the following
classifications:
a) local institution ownership;
b) foreign institution ownership;
c) local individual ownership; and
d) foreign individual ownership;
16) information concerning major and controlling 91
shareholder of Issuer or Public Company, both direct
and indirect, until the individual owner, presented in the
form of scheme or diagram;
17) names of subsidiaries, associated companies, joint 94-99
ventures in which Issuer or Public Company owns
control with the entities, along with the percentage
of share ownership, line of business, total asset, and
operating status of such companies (if any);
For subsidiaries, information of company’s address
should be added;
18) chronology of stock listing, number of stock, par 100-102
value, and offering price from the beginning of listing
up to the end of the financial year and name of Stock
Exchange where Issuer or Public Company’s stock
are listed including stock splits, reverse stock, stock
dividends, shares bonuses, and changes in the nominal
value of shares, implementation of conversion effects,
implementation of capital additions and subtractions
(if any);
19) information of other securities listing other than the 103-104
securities referred to in point 18) which have not
matured in the financial year at least contain the name
of the securities, year of issue, interest rate/yield,
maturity date, offering value, and rating of securities
(if any);
20) information on the use of public accounting services 105-106
(AP) and public accounting firms (KAP) and their
networks/associations/allies include:
a) name and address;
b) assignment period;
c) information on audit and/or non-audit services
provided;
d) audit and/or non-audit fee for each assignment
given during the financial year; and
e) in the event that AP and KAP and their networks/
associations/allies, which are appointed do not
provide non-audit services, then the information
is disclosed; and
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Criteria Explanation Pages
Disclosure of information on the use of AP and KAP
services and their networks/associations/allies can be
presented in tabular form.
21) name and address of capital market supporting 106-107
institutions and/or professions other than AP and KAP.
f. Management Discussion and Annual Report must contain discussion and analysis of 108-175
Analysis Financial Report and other significant information by
emphasizing material changes taking place during the year
under review. It should at least contain:
1) operational review by business segment in accordance 117-131
with the industry of Issuer or Public Company, consisting
of at least:
a) Production, which includes process, capacity and
its development;
b) Revenue; and
c) Profitability;
2) comprehensive financial performance including a 145-159
comparison between the financial performance of the
last two financial years, explanation on the causes of
such changes and their impact, which among others
includes:
a) current assets, non-current assets, and total
assets;
b) Short-term liabilities, long-term liabilities, and
total liabilities;
c) equity;
d) revenue, expenses and profit (loss), other
comprehensive revenue and comprehensive
income (loss); and
e) cash flow;
3) ability to pay debts or obligations, by presenting the 160
calculations for the relevant ratios;
4) The collectibility level of receivables of Issuers or Public 164
Companies, presented through the calculation of
relevant financial ratios;
5) capital structure and management policy on the 161
capital structure along with the basis for determining
such policy;
6) discussion of material commitments for capital goods 163
investments, with the explanation containing at least:
a) purpose of such commitment;
b) sources of funds expected to fulfill to the
commitment;
c) currency of denomination; and
d) steps taken by the Issuer or Public Company to
protect the position of related foreign currency
against risks;
7) discussion on realization of investment of capital 163
expenditure within the last Financial year, that at least
contains:
a) type of capital expenditure investments;
b) purpose of capital expenditure investments;
c) value of capital expenditure investments issued;
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Criteria Explanation Pages
8) material information and facts occurring after the date 165
of accountant’s report (if any);
9) business prospects of Issuer or Public Company in 165-167
relation to the industry, economy in general, and
international market, and accompanied with the
supporting quantitative data from reliable Data
resource;
10) comparison between target/projection at the 168
beginning of financial year and the realization, that
includes:
a) revenue;
b) profit (loss);
c) capital structure; or
d) other information deemed necessary by the
Issuer or Public Company;
11) target/projection of the Issuer or Public Company 169
within 1 (one) year, that includes:
a) revenue;
b) profit (loss);
c) capital structure;
d) dividend policy; or
e) other information deemed necessary by the
Issuer or Public Company;
12) marketing aspects of the goods and/or services of 132-144
Issuer or Public Company, including among others
marketing strategies and market Share;
13) description of dividend during the past 2 (two) financial 170
years (if any), includes at least:
a) dividend policy; including information on the
percentage of dividends distributed to net
income;
b) date of cash dividend payment and/or date of
non-cash dividend Distribution;
c) amount of dividend per share (cash and/or non-
cash); and
d) amount of dividend paid per year;
Disclosure of information can be presented in tabular
form. In the event that the Issuer or Public Company
does not distribute dividends in the last 2 (two) years,
this matter shall be disclosed.
14) realization of the use of proceeds from Public Offering 171
is under the Following conditions:
a) in the event that during the financial year
reported, the Issuer is obliged to submit report
on realization of use of proceeds, then Annual
Report should disclose accumulated realization
of use of Proceeds until the end of the financial
year; and
b) in the event that there is a change in the use
of proceeds as stipulated in Financial Services
Authority Regulation on Report on Realization of
Use of Proceeds, the Issuer should then explain
such change;
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Criteria Explanation Pages
15) material information (if any) concerning, among others 172
investment, expansion, divestment, merge, acquisition,
debt/capital restructuring, affiliated transaction, and
transaction with conflict of interests, taking place
during the financial year (if any). Information includes:
a) date, value and object of transaction;
b) name of transacting parties;
c) nature of Affiliated relation (if any);
d) explanation of fairness of transaction; and
e) compliance with related rules and regulations;
f) in the event that there is an affiliation relationship,
in addition to disclosing the information as
referred to in letter a) to letter e), the Issuer or
Public Company also discloses information:
(1) a statement from the Board of Directors
that the affiliate transaction has gone
through adequate procedures to ensure
that the affiliated transaction is carried
out in accordance with generally accepted
business practices, among others, by
complying with the arms-length principle;
and
(2) the role of the Board of Commissioners
and the audit committee in carrying out
adequate procedures to ensure that
affiliated transactions are carried out
in accordance with generally accepted
business practices, among others, by
complying with the arms-length principle;
g) for affiliated transactions or material
transactions which are business activities carried
out in order to generate business income and
are carried out regularly, repeatedly and/or
continuously, an explanation is added that the
affiliated transactions or material transactions
are business activities carried out in order to
generate business income and are carried out
regularly. routine, repetitive, and/or continuous;
In the case of affiliate transactions or material
transactions referred to has been disclosed in
the report annual financial, added information
regarding disclosure references in reports the
annual finances.
h) for disclosure of affiliated transactions and/or
conflict of interest transactions resulting from
the implementation of affiliated transactions
and/or conflict of interest transactions that have
been approved by independent shareholders,
additional information regarding the date of the
GMS which approved the affiliated transactions
and/or conflict of interest transactions is added;
i) in the event that there are no affiliated
transactions and/or conflict of interest
transactions, then such matters shall be
disclosed;
16) description of changes in regulation which have a 173-174
significant effect on the Issuer or Public Company and
its impacts on the financial report (if any); and
17) changes in the accounting policy, rationale and impacts 174-175
on the financial statement (if any).
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Criteria Explanation Pages
g. Governance of Issuer or Public Governance of Issuer or Public Company at least contains brief
Company description of:
1) General Meeting of Shareholders (GMS) shall at least 187-197
contain:
a) Information regarding the resolutions of the GMS
in the financial year and 1 (one) year prior to the
financial year includes:
(1) resolutions of the GMS in the financial year
and 1 (one) year before the financial year
are realized in the financial year; and
(2) resolutions of the GMS for the financial
year and 1 (one) year before the financial
year that have not been realized and the
reasons for not realizing them;
b) in the event that the Issuer or Public Company
uses an independent party in the conduct of the
GMS to calculate the votes, then this matter shall
be disclosed;
2) Board of Directors, consisting of among others: 281-307
a) scope of work and responsibility of each member
of the Board of Directors;
Information regarding the duties and
responsibilities of each member of the Board of
Directors is described and can be presented in
tabular form.
b) disclosure that the Board of Directors have
Board of Directors’ charter;
c) policies and implementation regarding the
frequency of meetings of the Board of Directors,
joint meetings of the Board of Commissioners,
and the level of attendance of members of the
Board of Directors in such meetings including
attendance at the GMS;
Information on the level of attendance of
members of the Board of Directors at the
meeting of the Board of Directors, the meeting
of the Board of Directors with the Board of
Commissioners, or the GMS can be presented in
tabular form.
d) training and/or competency improvement of
members of the Board of Directors:
(1) policies on training and/or improving the
competence of members of the Board of
Directors, including an orientation program
for newly appointed members of the Board
of Directors (if any); and
(2) training and/or competency improvement
attended by members of the Board of
Directors in the financial year (if any);.
e) The Board of Directors’ assessment of the
performance of the committees that support
the implementation of the Board of Directors’
duties for the financial year shall at least contain:
(1) performance appraisal procedures; and
(2) criteria used such as performance
achievement during the financial year,
competence and attendance in a meeting;
and
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Criteria Explanation Pages
f) in the case that the Issuer or Public Company
does not have a committee that supports the
implementation of tasks the Board of Directors,
then it is disclosed regarding this matter.
3) Board of Commissioners, consisting of among others: 198-220
a) description of responsibility of the Board of
Commissioners;
b) disclosure that the Board of Commissioners has
Board of Commissioners’ charter;
c) policies and implementation of the frequency
of meetings of the Board of Commissioners,
meetings of the Board of Commissioners with the
Board of Directors and the level of attendance of
members of the Board of Commissioners in the
meeting including attendance at the GMS;
Information on the level of attendance of
members of the Board of Commissioners at the
meeting of the Board of Commissioners, the
meeting of the Board of Commissioners with the
Board of Directors, or the GMS can be presented
in tabular form.
d) training and/or competency improvement of
members of the Board of Commissioners:
(1) policies on training and/or improving the
competence of members of the Board
of Commissioners, including orientation
programs for newly appointed members of
the Board of Commissioners (if any); and
(2) training and/or competency improvement
attended by members of the Board of
Commissioners in the financial year (if any);
e) performance appraisal of the Board of Directors
and the Board of Commissioners as well as each
member of the Board of Directors and the Board
of Commissioners, including among others:
(1) procedure of performance assessment
implementation;
(2) the criteria used are performance
achievements during the financial year,
competence and attendance at meetings;
and
(3) parties conducting the assessment;
f) The Board of Commissioners’ assessment of the
performance of the Committees that support
the implementation of the duties of the Board of
Commissioners in the financial year includes:
(1) performance appraisal procedures; and
(2) the criteria used are performance
achievements during the financial year,
competence and attendance at meetings;
4) The nomination and remuneration of the Board of 247-250
Directors and the Board of Commissioners shall at least
contain:
a) nomination procedure, including a brief
description of the policies and process for
nomination of members of the Board of Directors
and/or members of the Board of Commissioners;
and
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b) procedures and implementation of remuneration
for the Board of Directors and the Board of
Commissioners, among others:
(1) procedures for determining remuneration
for the Board of Directors and the Board of
Commissioners;
(2) the remuneration structure of the Board of
Directors and the Board of Commissioners
such as salaries, allowances, bonuses and
others; and
(3) the amount of remuneration for each
member of the Board of Directors and
member of the Board of Commissioners;
Disclosure of information can be presented
in tabular form.
5) Shariah supervisory board, for Issuer or Public Company Not relevant
running business under the principles of Syariah as
expressed in the Articles of Association, contains at
least:
a) name;
b) the legal basis for the appointment of the shariah
supervisory board;
c) period of assignment of the shariah supervisory
board;
d) tasks and responsibilities of shariah supervisory
board; and
e) frequency and method of advising and
supervisory on the compliance of shariah
principles in capital market toward the Issuer or
Public Company;
6) Audit Committee, consisting of among others: 221-236
a) name and position in the committee;
b) age;
c) nationality;
d) educational background;
e) employment record, consisting of:
(1) legal basis of appointment as member of
committee;
(2) double position, either as member of Board
of Commissioners, Board of Directors, and/
or committee and other positions (if any);
and
(3) work experience and the time period, both
inside and outside the Issuer or Public
Company;
f) period of service of Audit Committee members;
g) disclosure of independence of Audit Committee;
h) training and/or competency improvement that
have been followed in the financial year (if any);
i) disclosure of company policies and the
implementation on frequency of Audit
Committee meetings and the attendance of
Audit Committee members in such meetings;
and
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Criteria Explanation Pages
j) brief description activities carried out by Audit
Committee during the financial year based on
what is stated in Audit Committee Charter;
7) Committee or function of nomination and remuneration 236-246
of Issuers or Public Companies, consisting of among
others:
a) name and position in the committee;
b) age;
c) nationality;
d) educational background;
e) employment record, consisting of:
(1) legal basis of appointment as committee
member;
(2) double position, either as member of Board
of Commissioners, Board of Directors and/
or committee and the other positions (if
any); and
(3) work experience and the time period both
inside and outside the Issuer or Public
Company;
f) period of service of committee members;
g) disclosure of independence of committee;
h) training and/or competency improvement that
have been followed in the financial year (if any);
i) description of duties and responsibilities;
j) disclosure that the committee has charter of
committee;
k) disclosure of company policies and the
implementation on frequency of committee
meetings and the attendance of committee
members in such meetings;
l) brief description activities during the financial
year;
m) in the event that no nomination and remuneration
committee is formed, the Issuer or Public
Company is sufficient to disclose the information
as referred to in letter i) to letter l) and disclose:
(1) reasons for not forming the committee;
and
(2) the party carrying out the nomination and
remuneration function;
8) other committees the Issuer or Public Company has 251-280
in order to support the function and tasks of Board of
Directors (if any) and/or committees that support the
functions and duties of the Board of Commissioners,
consisting of among others:
a) name and position in the committee;
b) age;
c) nationality;
d) educational background;
e) employment record, consisting of:
(1) legal basis of appointment as committee
member;
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(2) double position, either as member of Board
of Commissioners, Board of Directors and/
or committee and the other positions (if
any); and
(3) work experience and the time period both
inside and outside the Issuer or Public
Company;
f) period of service of committee members;
g) disclosure of independence of committee;
h) training and/or competency improvement that
have been followed in the financial year (if any);
i) description of duties and responsibilities;
j) disclosure that the committee has charter of
committee;
k) disclosure of company policies and the
implementation on frequency of committee
meetings and the attendance of committee
members in such meetings; and
l) brief description activities during the financial
year;
9) Corporate Secretary, consisting among others: 308-310
a) name;
b) domicile;
c) employment record, consisting of:
(1) legal basis of appointment as Corporate
Secretary; and
(2) work experience and the time period both
inside and outside the Issuer or Public
Company;
d) educational background;
e) training and/or competency improvement that
have been followed in the financial year; and
f) brief description activities carried out by
Corporate Secretary during the financial year;
10) Internal audit unit, consisting among others: 311-315
a) name of internal audit unit’s chief;
b) employment record, consisting of:
(1) legal basis of appointment as internal audit
unit’s chief; and
(2) work experience and the time period both
inside and outside the Issuer or Public
Company;
c) qualification/certification as an internal audit (if
any);
d) training and/or competency improvement that
have been followed in the financial year;
e) structure and position of internal audit unit;
f) description of tasks and responsibilities of
internal audit unit;
g) disclosure that the unit has charter internal audit
unit; and
Page 406
404 Appendices
Criteria Explanation Pages
h) brief description of the implementation of the
duties of the internal audit unit in the financial
year including the policy and implementation
of the frequency of meetings with the Board of
Directors, Board of Commissioners, and/or audit
committee;
11) description of internal control system implemented by 316-319
Issuer or Public Company, consisting of at least:
a) operational and financial control, along with
compliance with other prevailing rules and
regulations;
b) review on effectiveness of internal control
system; and
c) statement of the Board of Directors and/or
Board of Commissioners on the adequacy of the
internal control system;
12) risk management system implemented by Issuer or 320-339
Public Company, consisting of at least:
a) general description of risk management system
of Issuer or Public Company;
b) types of risks and efforts to manage such risks;
c) review on effectiveness of the risk management
system of Issuer or Public Company; and
d) statement of the Board of Directors and/or
Board of Commissioners on the adequacy of the
internal control system;
13) legal cases that have a material impact faced by 340-341
Issuers or Public Companies, subsidiaries, members of
the Board of Directors and members of the Board of
Commissioners (if any), at least contain:
a) material of the case/claim;
b) status of settlement of case/claim; and
c) impacts on the financial condition of the Issuer or
Public Company;
14) information on administrative sanctions to Issuer 362
or Public Company, members of the Board of
Commissioners and Board of Directors, by Financial
Service Authority and other authorities during the
fiscal year (if any);
15) information on code of conducts and culture of Issuer 342-344
or Public Company (if any) consisting of:
a) main points of code of conducts;
b) form of socialization of code of conducts and
efforts to enforce it; and
c) disclosure of that code of conducts is applicable
to member of Board of Directors, Board of
Commissioners, and employers of Issuer or
Public Company;
Page 407
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 405
Criteria Explanation Pages
16) a brief description of the policy of providing long-term 345-346
performance-based compensation to management
and/or employees owned by the Issuer or Public
Company (if any), including the management stock
ownership program (MSOP) and/or share ownership
program by employees (employee stock ownership
program/ESOP);
In terms of providing compensation in the form of a
management stock ownership program (MSOP) and/
or an employee stock ownership program (ESOP), the
information disclosed must at least contain:
a) amount of stock and/or options;
b) time period of exercise;
c) requirements for eligible employees and/or
Management; and
d) exercise price;
17) brief description of disclosure policy information 346
regarding:
a) share ownership of members of the Board of
Directors and members Board of Commissioners
no later than 3 (three) working days after the
occurrence of ownership or any change of
ownership of the Company's shares Open; and
b) implementation of the said policy;
18) explanation on Whistleblowing System at the Issuer 347-353
or Public Company to report misconducts causing
potential loss to the company or the stakeholders (if
any), consisting of among others:
a) procedure to submit whistleblowing report;
b) protection for whistleblower;
c) handling of whistleblowing;
d) party managing whistleblowing; and
e) results of whistleblowing handling, consisting of
at least:
(1) number of whistleblowing registered and
processed in financial year; and
(2) follow up of whistleblowing;
In the event that the Issuer or Public Company
does not have a whistleblowing system, it is
disclosed regarding this matter.
19) a description of the anti-corruption policy of the Issuer 354-361
or Public Company, at least containing:
a) programs and procedures implemented in
overcoming the practice of corruption, kickbacks,
fraud, bribery and/or gratuities in Issuers or
Public Companies; and
b) anti-corruption training/socialization to
employees of Issuers or Public Companies;
In the event that the Issuer or Public Company does
not have an anti-corruption policy, the reasons for not
having the said policy are explained.
20) implementation of Public Company Governance 178-184
Guidelines for Issuer that issues Equity Securities or
Public Company, consisting of:
a) disclosure of implemented recommendations;
and/or
Page 408
406 Appendices
Criteria Explanation Pages
b) explanation concerning unimplemented
recommendation, including reasons for such
conditions and alternatives (if any).
Disclosure of information can be presented in tabular
form.
h. Social and Environmental 1) Information disclosed in the social and environmental Telkom
Responsibility of Issuer or Public responsibility section is a Sustainability Report as publishes
Company referred to in the Financial Services Authority’s the 2024
Regulation No. 51/POJK.03/2017 concerning the Sustainability
Implementation of Sustainable Finance for Financial Report
Services Institutions, Issuers, and Public Companies, separately
containing at least :
a) explanation of the sustainability strategy;
b) an overview of sustainability aspects (economic,
social, and environmental);
c) brief profile of the Issuer or Public Company;
d) explanation of the Board of Directors;
e) sustainability governance;
f) sustainability performance;
g) written verification from an independent party,
if any;
h) feedback sheet for readers, if any; and
i) the response of the Issuer or Public Company to
the previous year's report feedback;
2) The Sustainability Report as referred to in number 1),
must be prepared in accordance with the Technical
Guidelines for the Preparation of a Sustainability
Report for Issuers and Public Companies as contained
in Appendix II which is an integral part of this Financial
Services Authority Circular Letter;
3) Information on the Sustainability Report in number 1) Information
could be: available on
the 2024
Sustainability
Report
a) disclosed in other relevant sections outside
of the social and environmental responsibility
section, such as the Board of Directors’
explanation regarding the Sustainability Report
disclosed in the section related to the Board of
Directors’ Report; and/or
b) refers to other sections outside the social and
environmental responsibility section while still
referring to the Technical Guidelines for the
Preparation of Sustainability Reports for Issuers
and Public Companies as listed in Appendix II
which is an integral part of this Financial Services
Authority Circular Letter, such as profiles Issuer
or Public Company;
Page 409
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 407
Criteria Explanation Pages
4) The Sustainability Report as referred to in number 1) Telkom
is an inseparable part of the Annual Report but can be publishes
presented separately from the Annual Report; the 2024
Sustainability
Report
separately
5) In the event that the Sustainability Report is presented
separately from the Annual Report, the information
disclosed in the said Sustainability Report must:
a) contains all the information as referred to in
number 1); and
b) prepared in accordance with the Technical
Guidelines for the Preparation of a Sustainability
Report for Issuers and Public Companies as
contained in Appendix II which is an integral
part of this Circular Letter of Financial Services
Authority;
6) In the event that the Sustainability Report is presented 366
separately from the Annual Report, then the social
and environmental responsibility section contains
information that information regarding social and
environmental responsibility has been disclosed in the
Sustainability Report which is presented separately
from the Annual Report; and
7) Submission of the Sustainability Report which is
presented separately from the Annual Report must be
submitted together with the submission of the Annual
Report.
i. Audited Financial Statement The annual financial statements contained in the Annual 426
Report are prepared in accordance with financial accounting
standards in Indonesia and have been audited by a public
accountant registered with the Financial Services Authority.
The said annual financial report contains a statement regarding
the accountability for financial statements as regulated in the
Financial Services Authority Regulation regarding the Board of
Directors' responsibility for financial reports or the laws and
regulations in the capital market sector which regulates the
periodic reports of securities companies in the event that the
Issuer is a securities company.
j. Statement of Members Statement of members of Board of Directors and Board of 54-55
Board of Directors and Board Commissioners on the responsibility for the Annual Report
of Commissioners on The is composed in accordance to the format of Statement of
Responsibility for the Annual Members of Board of Directors and Board of Commissioners
Report on the Responsibility for the Annual Report as attached in
the Appendix I as an inseparable part of the Circular Letter
of FSA.
Page 410
408 Appendices
Appendix 4:
Affiliate Transactions List
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Telkom
SHL Interest √ √
Dividend √ √
ESOP
Advertising/Printing Service √ √ √
APP2P Service √
Technical Assistant/Investigation Survey
Service
Colocation/Maintenance/Supporting
√
Service
CPE Managed Application Service
Credit Voucher Fee Service/RITNAS
Health Service √
I/C IDD 007 Service
ii_007 – Signaling Service
Domestic Incoming Service
(Interconnection)
Incubation Service √
Device Installation Service
Construction Service √
Content Service/PIB
Data Center Service
e-Payment/Money Service √
IoT Service
Lease & Trade Service √
License/Application Service
Maintenance Service
Manage Capacity Service
Management Service √
PE2PE Service
Building Management Service/Site √ √
Building Lease Service/Tower
Page 411
Pojok Celebes Mandiri
√
√
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
√
√
√
√
√
Telkom Akses
Annual Report
√
√
Telkomsat
Telkomsel Mitra Inovasi
√
TIF
2024
√
√
√
√
Mitratel
√
√
Digital Aplikasi Solusi
√
√
Infomedia Nusantara
√
Multimedia Nusantara
√
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
√
√
√
√
PINS
√
Telin Hong Kong
√
Telin Singapore
√
√
√
√
√
√
√
√
Telkomsel
√
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
√
Telkom Data Ekosistem
√
√
Telkom Infra
√
Telkom Landmark Tower
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
409
Page 412
410 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Royalty Service
Telecommunication Facilities Service:
CINOP, GRX etc
SARTEL-SARPEN Service √ √
SARTEL-SARPEN (IDR) Service √
SARTEL-SARPEN Service-CALLCENTER
SARTEL-SARPEN Service-WIFI.ID (IDR)
SARTEL-SARPEN Service-WIFI.ID (USD)
Jasa Satellite Link/Transponder/VISAT/
Circuit
Link Lease Service: Metroethernet,
√ √ √ √ √ √ √ √ √ √ √ √
Astinet, VPN IP, DINACCESS
Work Facilities Rental Service/Seat
Management
Training/Assessment Service √ √ √ √ √ √
Balebat
Advertising/Printing Service √
Infomedia Solusi Humanika
Colocation/Maintenance/Supporting
Service
Outsourcing Service √ √
Media Nusantara Data Global
Colocation/Maintenance/Supporting
√
Service
Data Center Service
NeutraDC Singapore
Colocation/Maintenance/Supporting
Service
Admedika
Health Service √
Collega Inti Pratama
License/Application Service √
Finnet
Collection Service √
Colocation/Maintenance/Supporting
Service
e-Data Service
Credit Voucher Fee Service/RITNAS
Injapati Service/VAS: call center, calling
card, vas
Page 413
Pojok Celebes Mandiri
√
√
√
√
√
Sigma Cipta Caraka
√
√
19 20 21
SSI
√
Telin Malaysia
√
√
√
√
Telkom Akses
Annual Report
√
√
√
√
√
Telkomsat
√
Telkomsel Mitra Inovasi
√
TIF
2024
√
√
√
√
√
√
Mitratel
√
√
√
Digital Aplikasi Solusi
√
√
√
√ Infomedia Nusantara
√
√
√
Multimedia Nusantara
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
√
√
√
√
PINS
√
Telin Hong Kong
√
Telin Singapore
√
√
√
√
√
√
√
Telkomsel
√
√
√
√
√
√
TII
√
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
√
√
√
√
Telkom Data Ekosistem
√
√
√
√
Telkom Infra
√
√
Telkom Landmark Tower
√
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
411
Page 414
412 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
e-Payment/Money Service √
Graha Sarana Duta
ESOP √
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Hosting Service/CDN
Construction Service √
Building Management Service/Site √ √ √ √
Building Lease Service/Tower
Supporting Service √
Management Transport Service √
Graha Telkom Sigma
Colocation/Maintenance/Supporting
Service
Electricity Service
Graha Yasa Selaras
Building Management Service/Site √
MD Investama
Dividend √
Incubation Service √
Metra Digital Media
Advertising/Printing Service √ √ √
APP2P Service √
Colocation/Maintenance/Supporting
Service
Management Service √
Satellite Service & VAS √
SMS KA Service √
Metra Net
Advertising/Printing Service √ √ √ √
Colocation/Maintenance/Supporting
√
Service
CPE Managed Device Service √
Supporting Service √
Satellite Service & VAS
Page 415
Pojok Celebes Mandiri
√
√
√
Sigma Cipta Caraka
√
19 20 21
SSI
Telin Malaysia
√
√
√
Telkom Akses
Annual Report
√
√
Telkomsat
Telkomsel Mitra Inovasi
√
√
TIF
2024
√
√
Mitratel
Digital Aplikasi Solusi
√
√
Infomedia Nusantara
√
Multimedia Nusantara
√
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
√
√
PINS
Telin Hong Kong
Telin Singapore
√
√
√
√
Telkomsel
√
√
TII
√
Teknologi Data Infrastruktur
Telin Australia
√
Telin Timor Leste TP USD
√
√
√
√
Telkom Data Ekosistem
√
Telkom Infra
Telkom Landmark Tower
√
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
413
Page 416
414 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Training/Assessment Service
Metra TV
Content Service/PIB
NU TECH
Colocation/Maintenance/Supporting
Service
CPE Managed Device Service √
E-Payment/Money Service
Supporting Service √
Sharing EDC Cooperation
NUON
Advertising/Printing Service √
Colocation/Maintenance/Supporting
√
Service
Content Service/PIB √
SARTEL-SARPEN Service √
Pojok Celebes Mandiri
E-ticketing Service √ √ √
Sigma Cipta Caraka
ESOP √
Colocation/Maintenance/Supporting
√ √ √ √ √ √ √ √ √
Service
License/Application Service
Maintenance Service
Supporting Service
SARTEL-SARPEN Service
Server Rental Service √
Sigma Metrasys
License/Application Service
SSI
Colocation/Maintenance/Supporting
Service
Satellite Link Service/Transponder/
√
VISAT/Circuit
Telin Malaysia
Colocation/Maintenance/Supporting
√
Service
Page 417
Pojok Celebes Mandiri
√
√
Sigma Cipta Caraka
√
19 20 21
SSI
√
Telin Malaysia
√
√
Telkom Akses
Annual Report
√
√
Telkomsat
Telkomsel Mitra Inovasi
√
TIF
2024
√
Mitratel
√
Digital Aplikasi Solusi
√
√
Infomedia Nusantara
√
√
√
Multimedia Nusantara
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
√
PINS
√
Telin Hong Kong
√
√
Telin Singapore
√
√
√
√
√
√
Telkomsel
√
√
TII
Teknologi Data Infrastruktur
Telin Australia
√
Telin Timor Leste TP USD
√
√
√
Telkom Data Ekosistem
√
√
Telkom Infra
√
Telkom Landmark Tower
√
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
415
Page 418
416 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Satellite Link Service/Transponder/
VISAT/Circuit
Telkom Akses
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Access Network Service √
Construction Service √
Maintenance Service √
Manage Capacity Service √
Management Service √
Supporting Service √
Training/Assessment Service
Transport Management Service √
Telkomsat
Advertising/Printing Service √
Incubation Service √
Device Installation Service √
Manage Capacity Service √
Management Service √
Telecommunication Facilities Service:
CINOP, GRX etc
Satellite Link/Transponder/VISAT/Circuit
√
Service
Satellite Service & VAS √
TIF
Management Service √
Mitratel
ESOP √
Technical Assistance Service/
√
Investigation Survey
Device Installation Service √
Maintenance Service
Manage Capacity Service √
Building Management Service/Site √
Building Lease Service/Tower √
SARTEL-SARPEN (IDR) Service √
Page 419
Pojok Celebes Mandiri
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
Telkom Akses
Annual Report
√
Telkomsat
Telkomsel Mitra Inovasi
√
√
√
TIF
2024
√
Mitratel
√
Digital Aplikasi Solusi
Infomedia Nusantara
√
Multimedia Nusantara
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
√
√
√
Telkomsel
√
√
TII
Teknologi Data Infrastruktur
Telin Australia
√
√
Telin Timor Leste TP USD
√
Telkom Data Ekosistem
√
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
√
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
417
Page 420
418 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Rental Power Supply Service
Digital Aplikasi Solusi
Colocation/Maintenance/Supporting
Service
CPE Managed Application Service √
License/Application Service √
Management Service √
Infomedia Nusantara
Advertising/Printing Service
Technical Assistance Service/
Investigation Survey
Call Center/Contact Center Service –
√ √
Outsourcing
Colocation/Maintenance/Supporting
Service
Injapati/VAS Service: call center, calling
card, vas
Access Network Service √
Management Service √
Outsourcing Service √
Building/Site Management Service √
Supporting Service √
SARTEL-SARPEN Service-CALLCENTER √
Multimedia Nusantara
SHL Interest
Dividend
ESOP √
Advertising/Printing Service √
Content Service/PIB √
Data Center Service
Building Management Service/Site
Building Lease Service/Tower √
Supporting Service √ √ √ √
Satellite Link/Transponder/VISAT/Circuit
Service
Persada Sokka Tama
Technical Assistance Service/
√
Investigation Survey
Construction Service √
Manage Capacity Service √
Page 421
Pojok Celebes Mandiri
√
√
√
√
√
√
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
√
√
√
Telkom Akses
Annual Report
√
√
√
Telkomsat
Telkomsel Mitra Inovasi
√
√
TIF
2024
√
√
√
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
√
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
PINS
Telin Hong Kong
Telin Singapore
√
√
√
√
√
Telkomsel
√
√
√
TII
Teknologi Data Infrastruktur
√
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
√
Telkom Infra
√
√
Telkom Landmark Tower
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
419
Page 422
420 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Building Lease Service/Tower
PINS
ESOP √
Colocation/Maintenance/Supporting
Service
CPE Managed Application Service √
CPE Managed Device Service
CPE Managed Network Service √
Credit Voucher Fee Service/RITNAS √
Lease & Trade Service √
Maintenance Service √
Building/Site Management Service
Supporting Service √
Work Facilities Rental Service/Seat
√ √ √
Management
Server Rental Service √
Telin Hong Kong
I/C IDD 007 Service √ √
Content Service/PIB √
Satellite Link/Transponder/VISAT/Circuit
√
Service
SMS KA Service
Telin Singapore
Colocation/Maintenance/Supporting
√
Service
I/C IDD 007 Service √
Data Center Service
Supporting Service √
Telkomsel
Advertising/Printing Service √ √ √
APP2P Service √
Collection Service √
Colocation/Maintenance/Supporting
√
Service
CPE Managed Device Service
Credit Voucher Fee Service/RITNAS √
I/C IDD 007 Service √
Page 423
Pojok Celebes Mandiri
√
√
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
Telkom Akses
Annual Report
√
√
Telkomsat
Telkomsel Mitra Inovasi
√
TIF
2024
√
Mitratel
√
Digital Aplikasi Solusi
√
√
√
Infomedia Nusantara
√
√
Multimedia Nusantara
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
PINS
√
Telin Hong Kong
Telin Singapore
√
√
√
√
Telkomsel
√
TII
Teknologi Data Infrastruktur
Telin Australia
√
Telin Timor Leste TP USD
√
Telkom Data Ekosistem
Telkom Infra
√
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
421
Page 424
422 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Incoming Domestic Service
√
(Interconnection)
Content Service/PIB √ √ √
E-Payment/Money Service √
IoT Service √
Management Service √
Outsourcing Service
PE2PE Service √
Building/Site Management Service √
Service Solution Management Service &
Power
Building Rental Service/Tower
Supporting Service
Telecommunication Facilities Service:
√
CINOP, GRX etc
SARTEL-SARPEN Service
SARTEL-SARPEN Service-WIFI.ID (IDR) √
Satellite Link/Transponder/VISAT/Circuit
Service
Rental Link Service: Metroethernet,
√
Astinet, VPN IP, DINACCESS
Rental Power Supply Service
SMS KA Service √
TII
ESOP √
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
√
Service
Hosting Service/CDN √
International IPLC/SIMBOX Service
Management Service
Supporting Service √
SARTEL-SARPEN Service-WIFI ROAMING
√
(IDR)
SARTEL-SARPEN Service-WIFI ROAMING
√
(USD)
Page 425
Pojok Celebes Mandiri
√
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
√
Telkom Akses
Annual Report
√
√
√
Telkomsat
Telkomsel Mitra Inovasi
TIF
2024
√
√
Mitratel
Digital Aplikasi Solusi
√
√
Infomedia Nusantara
√
√
Multimedia Nusantara
√
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
PINS
Telin Hong Kong
Telin Singapore
√
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
√
√
Telkom Infra
√
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
√
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
423
Page 426
424 Appendices
Media Nusantara Data Global
Infomedia Solusi Humanika
NeutraDC Singapore
Collega Inti Pratama
Graha Telkom Sigma
Metra Digital Media
Graha Yasa Selaras
Graha Sarana Duta
Service Receiver
MD Investama
NAPSINDO
Metra Net
Admedika
Metra TV
NU TECH
Balebat
Telkom
NUON
Finnet
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Satellite Link/Transponder/VISAT/Circuit
√
Service
Rental Link Service: Metroethernet,
√
Astinet, VPN IP, DINACCESS
Telin Timor Leste
I/C IDD 007 Service
Content Service/PIB √
Telin USA
Technical Assistance Service/
√
Investigation Survey
Telkom Data Ekosistem
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
√ √ √
Service
Data Center Service √ √
SARTEL-SARPEN Service √
Telkom Infra
Device Installation Service √
Maintenance Service
Manage Capacity Service √
Management Service
Supporting Service
Telkom Landmark Tower
Technical Assistance Service/
Investigation Survey
Credit Voucher Fee Service/RITNAS
Content Service/PIB
Building Management Service/Site √ √ √ √
Building Lease Service/Tower √ √
Supporting Service √
TelkoMedika
Health Service √ √ √ √ √
Telkomsel Ekosistem Digital
Content Service/PIB √
Page 427
Pojok Celebes Mandiri
√
√
√
√
Sigma Cipta Caraka
19 20 21
SSI
Telin Malaysia
√
√
Telkom Akses
Annual Report
√
√
√
Telkomsat
√
Telkomsel Mitra Inovasi
√
√
TIF
2024
√
√
Mitratel
√
Digital Aplikasi Solusi
√
Infomedia Nusantara
√
√
Multimedia Nusantara
√
22 23 24 25 26 27 28 29 30 31
Persada Sokka Tama
√
√
PINS
Telin Hong Kong
√
Telin Singapore
√
√
√
√
√
Telkomsel
√
√
√
√
TII
√
Teknologi Data Infrastruktur
Telin Australia
√
Telin Timor Leste TP USD
√
√
√
Telkom Data Ekosistem
√
√
Telkom Infra
√
√
Telkom Landmark Tower
√
TelkoMedika
√
Telkomsel Ekosistem Digital
TSGN
32 33 34 35 36 38 39 40 41 42 43 44 45 46
PT TELKOM INDONESIA (PERSERO) TBK
425
Page 428
426
08.
CONSOLIDATED
FINANCIAL
STATEMENTS
Page 429
Annual Report 2024 PT TELKOM INDONESIA (PERSERO) TBK 427
Page 430
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. and its and subsidiaries Consolidated financial statements as of December 31, 2024 and for the year ended with independent auditor’s report
Page 431
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITOR’S REPORT
TABLE OF CONTENTS
Page
Statement of the Board of Directors
Independent Auditor’s Report
Consolidated Statements of Financial Position 1
Consolidated Statements of Profit or Loss and Other Comprehensive Income 2
Consolidated Statements of Changes in Equity 3
Consolidated Statements of Cash Flows 4
Notes to the Consolidated Financial Statements 5-113
Page 432
Statement of the Board of Directors
regarding the Board of Director’s Responsibility for
Consolidated Financial Statements
as of December 31, 2024 and for the year 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 December 31, 2024 and for the year ended;
2. The Company and its subsidiaries’ consolidated financial statements as of December 31, 2024 and for
the year 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.
April 17 , 2025
Jakarta, April
for and behalf of
PT Telkom Indonesia (Persero) Tbk.
Ririek Adriansyah Heri Supriadi
President Director Director of Finance and Risk Management
Page 433
Indepe ndent A uditor’s Report
Repor t No. 0 0 6 46 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-3 / 1 /IV / 2 0 2 5
The Shareholders and the Boards of Commissioners and Direc tors
Pe rusaha an Pe rse roan (Perse ro) PT T ele komunikasi Indone sia Tbk.
Opinion
We have audited the accompanying consolidated financial statements of Perusaha an Perseroan
(Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) and its subsidiaries (collectively
referr ed to as the “Group”), which comprise the consolida ted statement of financial position as
of Decembe r 3 1 , 2 02 4 , and the consolidated statement of profit or loss and other
compr ehensive income, consolidated statement of changes in equity, and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position as of December 3 1 , 2 0 2 4, and its consolidated
financial performance and cash flows for the year then ended, in accordance with Indonesian
Financial Accounting Standards.
B asis for opinion
We conducted our audit in accordance with Standards on Auditing established by the Indonesian
Institute of Certified Public Accountants (“IICPA ”). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements paragraph of our report. We are independent of the Group in accordance with the
ethical requirements relevant to our audit of the consolidated financial statements in Indonesia,
and we have fulfill ed our other ethical responsibilities in accordance with such requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
K e y audit ma t t ers
Ke y audit matters are those matters that, in our professional judgment, wer e of most
significance in our audit of the consolida ted financial statements of the current period. Such
key audit matters were addressed in the context of our audit of the consolidated financial
statements taken as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on such key audit matters. For the key audit matter below, our description of
how our audit addressed such key a udit matter is provided in such context.
i
Page 434
Indepe ndent A uditor’s Report (continued)
Report No. 0 06 4 6 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-3 / 1 /IV / 2 0 2 5 (continued)
K e y audit ma t t ers (continued)
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of
the Consolida ted Financial Statements paragraph of our report, including in relation to the key
audit matter communicated below. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the
accompanying consolidated financial statements. The results of our audit procedures, including
the procedures performed to address the key audit matter below, provide the basis for our
opinion on the accompanying consolidated financial statements.
Evaluation of telecommunication infrastructure estimated useful lives
Description of the key audit matter:
As of December 3 1 , 2 0 2 4 , the balance of consolidated telecommunication infrastructures
amounted to Rp1 6 1,0 3 5 billion which represents 5 4% of total consolidated assets. As discussed
in Notes 2 y and 1 1 to the accompanying consolidated financial statements, the Group reviews
the estimated useful lives of its property and equipment, including telecommunication
infrastructures, at least annually and such estimates are updated if expectations differ from
pre vious estimates due to changes in e xpectation of physical wear and tear, technical, or
commercial obsolescence, and legal or other limitations on the continuing use of the property
and equipment.
Auditing the Group's estimated useful lives of telecommunication infrastructures is complex and
requires significant judgment because the determination of the estima ted useful lives considers
a number of factors, including strategic business pl ans, expected future technological
developments, and market behavior.
Audit response:
We obtained an understanding, and evaluated the design and tested the operating
effectiveness, of internal controls over the Group’s process of estimating the useful lives of its
telecommunication infrastructures. This includes, among others, testing of management’s
review control on checking the completeness and accuracy of the assets classification data and
assessing the appropriateness of the judgments regarding the most relevant data to be
considered in determining its useful lives. We also tested management’s control on
benchmarking analysis, including the selection criteria, on the estima ted useful lives of
telecommunication infrastructures.
To test whether the estimated use ful lives of telecommunication infrastructures used by
management was reasonable, our audit procedures included, among others, obtaining an
understanding of management’s strategy related to asset rep lacements and assessed the
reasonableness of assumptions by considering external sources, such as telecommunication
technology growth, changes in market demand, and current economic and regulatory trends.
We assessed whether the benchmarking analysis on the estimated useful lives of
telecommunication infrastructures used by management was complete and consistent with the
selection criteria through comp arison with sample portfolio of public companies within the
telecommunication industry.
ii
Page 435
Indepe ndent A uditor’s Report (continued)
Report No. 0 06 4 6 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-3 / 1 /IV / 2 0 2 5 (continued)
O t her information
Management is responsible for the other information. Other information comprises the
information included in the 2 02 4 Annual Report (“The Annual Report”) other than the
accompanying consolidated financial statements and our independent auditor’s report thereon.
The Annual Report is expected to be made available to us after the date of this independent
auditor’s report.
Our opinion on the accompanying consolidated financial statements does not cover the Annual
Repor t, and accordingly, we do not express any form of assurance on the Annual Report.
In connection with our audit of the accompanying consolidated financial statements, our
responsibility is to read the Annual Report when it becomes available and, in doing so, consider
whether the Annual Report is materially inconsistent with the accompanying consolidated
financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein,
we are required to communica te the matter to those charged with governance and take
appropriate actions based on the applicable laws and regulations.
Responsibilities of management and those charged with gov ernance for the consolida t ed
financial st a t e ment s
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with Indonesian Financial Accounting Standards, and for
such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, ma tters related to
going concern, and using the going concern basis of accounting, unless management either
intends to liquidate the Group or to cease its operations, or has no realistic alternative but to
do so.
Those charged with governance are responsible for overseeing the Group’s financial r eporting
process.
A uditor’s responsibilities for the audit of the consolida t ed financial st a t e ments
Our objectives are to obtain reasonable assurance about whether the consolida ted financial
statements taken as a whole are free from material misstatement, whether due to fraud or
error, and to issue an independent auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guar antee that an audit conducted in
accordance with Standards on Auditing established by the IICPA will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
iii
Page 436
Indepe ndent A uditor’s Report (continued)
Report No. 0 06 4 6 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-3 / 1 /IV / 2 0 2 5 (continued)
A uditor’s responsibilities for the audit of the consolida t ed financial st a t e ments (continued)
As part of an audit in accordance with Standards on Auditing established by the IICPA, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to such risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
Evalua te the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw a tt ention in our independent auditor’s report to the rela ted disclosures in
the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusion is based on the audit evidence obtained up to the date of our
independent auditor’s report. Howeve r, future events or conditions may cause the Group to
cease to continue as a going concern.
Evalua te the overall presentation, structure, and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represe nt the underlying transactions and events in a manner that achieves fair
presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision, and performance of
the group audit. We remain solely responsible for our audit opinion.
We communica te with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
iv
Page 437
Page 438
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 December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2024 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,32,37 33,905 29,007
Other current financial assets 4,32,37 1,285 1,661
Trade receivables - net allowance for expected
credit losses
Related parties 5,32,37 2,350 1,918
Third parties 5,37 9,843 8,749
Contract assets 6,32 2,449 2,704
Inventories 7 1,096 997
Contract costs 9 1,134 653
Claim for tax refund and prepaid taxes 27 2,844 1,928
Other current assets 8,32 8,174 7,996
Total Current Assets 63,080 55,613
NON-CURRENT ASSETS
Contract assets 6,32 129 26
Long-term investments 10,37 8,335 8,162
Contract costs 9 1,596 1,568
Property and equipment 11,32,35a 180,566 180,755
Right-of-use assets 12a 26,910 22,584
Intangible assets 14 9,442 8,731
Deferred tax assets 27f 3,409 4,170
Other non-current assets 13,27,32 6,208 5,433
Total Non-current Assets 236,595 231,429
TOTAL ASSETS 299,675 287,042
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
Related parties 15,32,37 626 585
Third parties 15,37 14,710 18,023
Contract liabilities 17a,32 7,738 6,848
Other payables 37 454 441
Taxes payable 27c 3,293 4,525
Accrued expenses 16,32,37 14,192 13,079
Customer deposits 32 2,872 2,566
Short-term bank loans 18,32,37 11,525 9,650
Current maturities of long-term
loans and other borrowings 19,32,37 15,866 10,276
Current maturities of lease liabilities 12a,37 5,491 5,575
Total Current Liabilities 76,767 71,568
NON-CURRENT LIABILITIES
Deferred tax liabilities 27f 992 841
Contract liabilities 17b,32 2,484 2,591
Long service award provisions 31 1,192 1,153
Pension benefits and other post-employment
benefits obligations 30 11,540 11,414
Long-term loans and other borrowings 19,32,37 25,518 27,773
Lease liabilities 12a,37 18,468 14,850
Other non-current liabilities 224 290
Total Non-current Liabilities 60,418 58,912
TOTAL LIABILITIES 137,185 130,480
EQUITY
Capital stock 21 4,953 4,953
Additional paid-in capital 2,310 2,711
Other equity 22 9,898 9,639
Retained earnings
Appropriated 29 15,337 15,337
Unappropriated 109,596 103,104
Net equity attributable to:
Owners of the parent company 142,094 135,744
Non-controlling interests 20 20,396 20,818
TOTAL EQUITY 162,490 156,562
TOTAL LIABILITIES AND EQUITY 299,675 287,042
The accompanying notes form an integral part of these consolidated financial statements.
1
Page 439
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 Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2024 2023
REVENUES 23,32 149,967 149,216
COST AND EXPENSES
Operation, maintenance, and telecommunication
service expenses 25,32 (41,202) (39,718)
Depreciation and amortization expenses 11,12a,14 (32,643) (32,663)
Personnel expenses 24 (16,807) (15,927)
Interconnection expenses 32 (6,880) (6,363)
General and administrative expenses 26,32 (6,225) (6,099)
Marketing expenses 32 (3,824) (3,530)
Unrealized gain (loss) on changes in fair value of investments 10 188 (748)
Other income - net 281 252
Gain (loss) on foreign exchange - net 136 (36)
OPERATING PROFIT 42,991 44,384
Finance income - net 32 1,367 1,061
Finance cost 32 (5,208) (4,652)
Share of profit of long-term investment in associates 10 3 1
PROFIT BEFORE INCOME TAX 39,153 40,794
INCOME TAX (EXPENSE) BENEFIT 27d
Current (7,635) (8,796)
Deferred (775) 210
(8,410) (8,586)
PROFIT FOR THE YEAR 30,743 32,208
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss) to be reclassified to profit or
loss in subsequent periods:
Foreign currency translation 22 258 (66)
Changes in fair value of investments 10 1 2
Share of other comprehensive income (loss) of
long-term investment in associates 10 1 (1)
Other comprehensive income (loss) not to be reclassified to profit
or loss in subsequent periods:
Defined benefit actuarial gain (loss) - net 30 635 (1,389)
Other comprehensive income (loss) - net 895 (1,454)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 31,638 30,754
Profit for the year attributable to:
Owners of the parent company 23,649 24,560
Non-controlling interests 20 7,094 7,648
30,743 32,208
Total comprehensive income for the year attributable to:
Owners of the parent company 24,434 23,083
Non-controlling interests 7,204 7,671
31,638 30,754
BASIC EARNINGS PER SHARE
(in full amount) 28
Profit per share 238.73 247.92
Profit per ADS (100 Series B shares per ADS) 23,872.88 24,792.50
The accompanying notes form an integral part of these consolidated financial statements.
2
Page 440
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 Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Capital Additional Non-controlling
Description Notes stock paid-in capital Other equity Appropriated Unappropriated Net interests Total equity
Balance, January 1, 2023 4,953 2,711 9,697 15,337 96,560 129,258 20,004 149,262
Differences in non-controlling interests ownership acquisition
transactions of subsidiary - - 6 - - 6 - 6
Additional capital contributions from non-controlling interests
of subsidiary 1e - - - - - - 2,955 2,955
Changes in non-controlling interests - - - - - - 22 22
Cash dividend 29 - - - - (16,603) (16,603) (9,803) (26,406)
Repurchase of non-controlling interests shares 1e - - - - - - (31) (31)
Profit for the year 20 - - - - 24,560 24,560 7,648 32,208
Other comprehensive income (loss) - net - - (64) - (1,413) (1,477) 23 (1,454)
Balance, December 31, 2023 4,953 2,711 9,639 15,337 103,104 135,744 20,818 156,562
Balance, January 1, 2024 4,953 2,711 9,639 15,337 103,104 135,744 20,818 156,562
Difference in value of restructuring transactions of
entities under common control 1e - (401) - - - (401) (158) (559)
Additional capital contributions from non-controlling interests
of subsidiary 1e - - - - - - 322 322
Changes in non-controlling interests - - - - - - 13 13
Cash dividend 29 - - - - (17,683) (17,683) (7,099) (24,782)
Repurchase of non-controlling interests shares 1e - - - - - - (704) (704)
Profit for the year 20 - - - - 23,649 23,649 7,094 30,743
Other comprehensive income (loss) - net - - 259 - 526 785 110 895
Balance, December 31, 2024 4,953 2,310 9,898 15,337 109,596 142,094 20,396 162,490
The accompanying notes form an integral part of these consolidated financial statements.
3
Page 441
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 Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes 2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other operators 148,415 148,458
Cash receipts from interests 1,366 1,049
Cash receipts from tax refund 1,144 681
Cash payments for expenses (51,273) (53,410)
Cash payments to employees (16,364) (16,116)
Cash payments for corporate and final income taxes (11,528) (10,746)
Cash payments for finance costs (5,295) (4,748)
Cash payments for short-term and low-value lease assets 12a (3,693) (3,770)
Cash payments for value added taxes - net (1,691) (1,410)
Cash receipts from others - net 519 593
Net cash provided by operating activities 61,600 60,581
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property and equipment 11 717 100
Proceeds from (placement in) other current financial assets - net 339 (315)
Proceeds from insurance claims 11 143 199
Dividend received from associated company 3 14
Purchase of property and equipment 11,39 (26,005) (33,601)
Purchase of intangible assets 14,39 (3,658) (2,817)
Business acquisition - net of cash acquired 1e (635) -
Increase in advances and other assets (330) (149)
Addition of long-term investment in financial instrument (30) (340)
Net cash used in investing activities (29,456) (36,909)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and other borrowings 18,19 52,653 38,834
Proceeds from issuance of new shares of subsidiaries 1e 322 2,961
Repayments of loans and other borrowings 18,19 (47,607) (35,323)
Cash dividend paid to the Company's stockholders 29 (17,683) (16,603)
Cash dividend paid to non-controlling interests of subsidiaries (7,099) (9,803)
Repayments of principal portion of lease liabilities 39 (7,387) (6,602)
Shares buyback of subsidiary 1e (704) (31)
Net cash used in financing activities (27,505) (26,567)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,639 (2,895)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 260 (44)
ALLOWANCE FOR EXPECTED CREDIT LOSSES (1) (1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 3 29,007 31,947
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 3 33,905 29,007
The accompanying notes form an integral part of these consolidated financial statements.
4
Page 442
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 December 31, 2024 and For the Year Then Ended
(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 the Limited Liability Company (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.
5
Page 443
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 December 31, 2024 and For the Year Then Ended
(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
6
Page 444
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 December 31, 2024 and For the Year Then Ended
(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 and No. 35 dated June 23, 2023, the composition of the Company’s Boards of
Commissioners and Directors as of December 31, 2024 and 2023, respectively, were as
follows:
2024 2023
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
Independent Commissioner - Abdi Negara Nurdin
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
& 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 &
Risk Management Heri Supriadi Heri Supriadi
Director of Network & IT Solution Herlan Wijanarko Herlan Wijanarko
Director of Strategic Portfolio Budi Setyawan Wijiaya Budi Setyawan Wijiaya
Director of Wholesale &
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 December 31, 2024 and 2023, respectively, were as follows:
2024 2023
Chairman Bono Daru Adji Bono Daru Adji
Member Bambang Permadi Bambang Permadi
Soemantri Brojonegoro* Soemantri Brojonegoro
Member Wawan Iriawan Wawan Iriawan
Member - Abdi Negara Nurdin
Member Emmanuel Bambang Emmanuel Bambang
Suyitno Suyitno
Member Edy Sihotang Edy Sihotang
Corporate Secretary Octavius Oky Prakarsa Anetta Hasan
Internal Audit Mohamad Ramzy Daru Mulyawan
*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/unable to serve as a Member of the Company's Audit
Committee.
7
Page 445
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and 2023, the Company and its subsidiaries (collectively referred to
as “the Group”) had 19,695 employees and 20,605 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.
8
Page 446
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024, all of the Company’s Series B shares are listed on the IDX and
41,856,946 ADS or equivalent to 4,185,694,850 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 19b).
9
Page 447
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries
As of December 31, 2024 and 2023, the Company has consolidated the financial statements of all
subsidiaries, both directly and indirectly owned, as follows (Notes 2b and 2d):
i. Direct subsidiaries:
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2024 2023 2024 2023
PT Telekomunikasi Mobile 1995 70 70 117,403 112,966
Selular telecommunication,
(“Telkomsel”) fixed broadband, network
service, and internet
protocol television ("IPTV")
PT Dayamitra Leasing of towers and 1995 72 72 58,140 57,010
Telekomunikasi Tbk. digital support services
(“Mitratel”) for mobile infrastructure
PT Multimedia Network 1998 100 100 17,995 18,457
Nusantara telecommunication
(“Metra”) services and multimedia
PT Telekomunikasi International 1995 100 100 17,173 15,175
Indonesia telecommunication
International and information
(“Telin”) services
PT Telkom Satelit Telecommunication - 1996 100 100 8,858 7,938
Indonesia provides satellite
(“Telkomsat”) communication
system and its
related services
PT Telkom Data Data center 1996 100 100 8,461 4,059
Ekosistem
(“TDE”)
PT Sigma Cipta Hardware and software 1988 100 100 6,207 7,616
Caraka computer consultation
(“Sigma”) service
PT Graha Sarana Duta Developer, trade, service 1982 100 100 5,485 5,614
("GSD") and transportation
PT Telkom Akses Construction, service 2013 100 100 4,480 4,777
(“Telkom Akses”) and trade in the field of
telecommunication
PT Telkom Network 2024 100 100 3,048 0
Infrastruktur telecommunication
Indonesia and information services
(“TIF”)
PT Metra-Net Multimedia portal service 2009 100 100 2,096 1,654
(“Metra-Net”)
PT Infrastruktur Developer service and 2014 100 100 1,359 1,261
Telekomunikasi trading in the field
Indonesia of telecommunication
(“Telkom Infra”)
PT PINS Indonesia Trade in telecommunication 1995 100 100 733 775
(“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 ("VOD") 2006
and other related services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
All direct subsidiaries are domiciled in Indonesia.
10
Page 448
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries:
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2024 2023 2024 2023
PT Metra Digital Trading, information 2013 100 100 9,110 8,556
Investama Ventura and multimedia
(“MDI”) technology,
entertainment
and investment
services
Telekomunikasi Telecommunication 2008 100 100 6,090 3,499
Indonesia and related
International Pte. Ltd. services
("Telin Singapore"),
domiciled in
Singapore
Telekomunikasi Investment 2010 100 100 3,624 3,842
Indonesia holding and
International Ltd. telecommunication
("Telin Hong Kong"), services
domiciled in
Hong Kong
NeutraDC Data center 2024 100 100 3,478 0
Singapore Pte. Ltd.
(“NeutraDC Singapore”)
domiciled in
Singapore
PT Infomedia Information provider 1984 100 100 2,198 2,248
Nusantara services, contact
(“Infomedia”) center and content
directory
PT Telkom Landmark Property development 2012 55 55 2,120 1,986
Tower and management
(“TLT”) services
PT Persada Sokka Leasing of towers 2008 100 100 1,621 1,622
Tama and other
("PST") telecommunication
services
PT Teknologi Data Telecommunication 2013 60 60 1,426 606
Infrastruktur service and
(“TDI”) data center
PT Nuon Digital Digital content 2010 100 100 1,393 1,194
Indonesia exchange hub
(“Nuon”) services
PT Finnet Indonesia Information 2006 60 60 1,383 1,761
(“Finnet”) technology
services
PT Telkomsel Mitra Business 2019 100 100 1,040 1,030
Inovasi management
(“TMI”) consulting and
investment
services
Telekomunikasi Telecommunication 2012 100 100 1,035 1,082
Indonesia networks, mobile,
International (TL) S.A. internet, and
("Telkomcel"), data services
domiciled in
Timor Leste
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
11
Page 449
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2024 2023 2024 2023
PT Metra Digital Telecommunication 2013 100 100 876 993
Media information and
(“MD Media”) other information
services
PT Administrasi Health insurance 2002 100 100 702 757
Medika administration
(“Ad Medika”) services
PT Telkomsel Business management 2021 100 100 451 777
Ekosistem Digital consulting services
("TED") and investment
and/or investment
in other companies
PT Digital Aplikasi Communication 2014 100 100 441 341
Solusi system services
("Digiserve")
PT Swadharma Cash replenishment 2001 51 51 387 397
Sarana Informatika services and
(“SSI”) Automated Teller
Machine ("ATM")
maintenance
PT Ultra Mandiri Telecommunication 2019 100 - 366 -
Telekomunikasi network infrastructure
("UMT")** services
TS Global Satellite services 1996 70 70 357 420
Network Sdn. Bhd.
(“TSGN”),
domiciled in Malaysia
PT Nusantara Sukses Service and trading 2014 100 100 288 292
Investasi
(“NSI”)
PT Graha Yasa Tourism and 2012 51 51 277 290
Selaras hospitality services
(”GYS”)
Telekomunikasi Telecommunication 2014 100 100 267 212
Indonesia and information
International (USA) Inc. services
(“Telin USA”),
domiciled in USA
PT Nutech Integrasi System integrator 2001 60 60 225 227
(“Nutech”) service
PT Collega Inti Trading and services 2001 70 70 196 191
Pratama
("CIP")
PT Graha Telkomsigma Management and 1999 100 100 167 333
("GTS") consultation
services
Telekomunikasi Telecommunication 2013 70 70 144 125
Indonesia International and information
(Malaysia) Sdn. Bhd. services
(”Telin Malaysia”),
domiciled in Malaysia
PT Media Nusantara Consultation services 2012 55 55 134 136
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.
12
Page 450
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2024 2023 2024 2023
PT Pojok Celebes Travel agent services 2008 100 100 69 44
Mandiri
("PCM")
PT Metra TV Subscription 2013 100 100 57 50
(“Metra TV”) broadcasting
services
Telekomunikasi Telecommunication 2013 100 100 52 67
Indonesia and information
International services
(Australia) Pty. Ltd.
(“Telin Australia”),
domiciled in
Australia
PT Metraplasa Network and 2012; ceased 60 60 29 30
(“Metraplasa”) e-commerce operations on
services October, 2020
PT Bosnet Distribution Trade and consultation 2012 - 60 - 40
Indonesia services
(“BDI”)***
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
*** BDI was no longer a subsidiary of Metra as of February 2024 (Note 1e).
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
e. Other important informations
i. Telkomsel
On June 27, 2023, the Company signed the Spin-off Decree of IndiHome Business to
Telkomsel based on Notarial Deed of Aulia Taufani, S.H., No. 140 that has been approved by
AGM of Stockholders based on Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 35 dated
June 23, 2023. The value of IndiHome business segment transferred is Rp58,250 billion. In
parallel, Singapore Telecom Mobile Pte. Ltd. ("Singtel"), Telkomsel's minority shareholder,
also decided to participate in the capital injection in the form of cash to Telkomsel of
Rp2,713 billion. As the result of this, starting from July 1, 2023, the Company's effective
ownership in Telkomsel increased from 65% to 69.9% and Singtel's ownership is diluted from
35% to 30.1%.
ii. 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, and 2023, Mitratel has conducted share buyback amounting to
1,095,945,900 shares and 47,700,000 shares or equivalent to Rp704 billion and Rp31 billion
respectively.
Towers acquisition
(a) On February 15, 2023, based on the Telecommunication Tower Conditional Sale and
Purchase Agreement (“CSPA”) between Mitratel and PT Indosat Tbk. (“Indosat”), Mitratel
agreed to acquire 997 telecommunication towers belonging to Indosat for Rp1,648 billion.
Mitratel and Indosat also agreed to lease back 983 slots of Indosat’s telecommunications
towers for 10 years lease period. In addition, Indosat have also agreed to deliver order for
colocations for the next 3 years which will be compensated by Mitratel amounting to
Rp473 billion as commitment.
(b) On November 24, 2023, Mitratel acquired 803 telecommunication towers belonging to
PT Gametraco Tunggal for Rp1,753 billion.
13
Page 451
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Other important informations (continued)
ii. Mitratel (continued)
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
iii. TDI
Based on the Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 201 dated October 25, 2023,
the shareholders approved the issuance of 4,825,932 new shares. Regarding this share
issuance, TDE subscribed 2,451,319 shares, amounting to Rp256 billion; ST Dynamo ID Pte.
Ltd. subscribed 2,077,787 shares, amounting to Rp217 billion; and PT Medco Power
Indonesia subscribed 296,826 shares, amounting to Rp31 billion. The additional capital
contribution diluted TDE's ownership to 60.0%. The effect of this dilution was recognized as
differences in non-controlling interests ownership acquisition transaction of the subsidiary,
amounting to Rp6 billion.
Based on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 313 dated October 14, 2024,
the shareholders of TDI approved the issuance of 8,050,000 new shares. Regarding this share
issuance, TDE subscribed 4,830,000 shares, amounting to Rp483 billion; Nxera ID Pte. Ltd.
(formerly known as ST Dynamo ID Pte. Ltd.) subscribed 2,817,500 shares, amounting to
Rp282 billion; and PT Medco Power Indonesia subscribed 402,500 shares or amounted to
Rp40 billion. This additional capital contribution did not result in a change to TDE’s ownership.
iv. NeutraDC Singapore
Based on Accounting and Corporate Regulatory Authority Singapore (“ACRA”) documents,
TDE established NeutraDC Singapore which is domiciled in Singapore on December 7, 2023,
by the issuance of 1 share with par value of SGD 1.
Based on 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.
v. TIF
Based on Notarial Deed of Aulia Taufani, S.H., No. 26 dated December 8, 2023, the Company
and Metra established TIF by the issuance of 125 shares with total nominal value of
Rp12,5 million.
Based on Notarial Deed of Aulia Taufani, S.H., No. 7 dated July 3, 2024, the shareholders
approved the issuance of 19,240,001 new shares with nominal value per share of Rp100,000.
Of these, the Company subscribed 19,240,000 shares or amounted to Rp1,924 billion and
Metra subscribed 1 share or amounted to Rp100,000.
14
Page 452
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Other important informations (continued)
vi. Metra
Based on the Notarial Deed of Utiek Rochmuljati Abdurachman, S.H., M.L.I., M.Kn., No. 31
dated February 29, 2024, Metra divested 40% of its shares in BDI with a transaction value of
Rp29 billion to PT Algolab Solution. Subsequently, based on Notarial Deed of Utiek
Rochmuljati Abdurachman, S.H., M.L.I., M.Kn., No. 9 dated December 16, 2024, Metra
divested the remaining 20% of its shares in BDI to PT Algolab Solution for a transaction value
of Rp14 billion. As a result of these transactions, BDI is no longer as a subsidiary of Metra.
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 17, 2025.
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, 2024, 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:
i. Amendments to PSAK 201: Presentation of Financial Statements
ii. Amendments to PSAK 116: Leases
iii. Amendments to PSAK 207: Statements of Cash Flow and PSAK 107 Financial Instruments:
Disclosures
15
Page 453
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
a. Basis of preparation of the consolidated financial statements (continued)
New accounting standards (continued)
Financial Accounting Standards Pillars
These standards provides requirements and guidelines for entities to apply the appropriate financial
accounting standards in preparing general purpose financial statements. There will be 4 (four)
financial accounting standards that are currently applied in Indonesia, namely:
i. Pillar 1 International Financial Accounting Standards,
ii. Pillar 2 Indonesian Financial Accounting Standards,
iii. Pillar 3 Indonesian Financial Accounting Standards for Private Entities/Indonesian Financial
Accounting Standards for Entities without Public Accountability, and
iv. Pillar 4 Indonesian Financial Accounting Standards for Micro Small and Medium Entities.
Financial Accounting Standards Nomenclature
There are changes to nomenclature of PSAK and ISAK in Indonesian Financial Accounting
Standards as published by the DSAK IAI.
Accounting standards issued but not yet effective
Effective January 1, 2025
Amendments to 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.
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.
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.
16
Page 454
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 December 31, 2024 and For the Year Then Ended
(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 (continued)
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
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.
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.
17
Page 455
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 December 31, 2024 and For the Year Then Ended
(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)
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.
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.
18
Page 456
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
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.
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.
19
Page 457
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 December 31, 2024 and For the Year Then Ended
(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
20
Page 458
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 December 31, 2024 and For the Year Then Ended
(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.
21
Page 459
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 December 31, 2024 and For the Year Then Ended
(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.
22
Page 460
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 December 31, 2024 and For the Year Then Ended
(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.
23
Page 461
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 December 31, 2024 and For the Year Then Ended
(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.
24
Page 462
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 December 31, 2024 and For the Year Then Ended
(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):
2024 2023
Buy Sell Buy Sell
United States Dollar (“US$”) 1 16,090 16,100 15,396 15,401
Australian Dollar (“AU$”) 1 9,995 10,009 10,499 10,505
Singapore Dollar (“SGD”) 1 11,815 11,829 11,666 11,673
New Taiwan Dollar (“TWD”) 1 490.07 490.52 501.32 501.53
Euro (“EUR”) 1 16,761 16,775 17,025 17,036
Japanese Yen ("JPY") 1 103.02 103.11 108.78 108.82
Malaysian Ringgit ("MYR") 1 3,591 3,601 3,350 3,359
Hong Kong Dollar (“HKD”) 1 2,072 2,074 1,971 1,971
Myanmar Kyat (“MMK”) 1 7.64 7.69 7.31 7.35
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 year,
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).
25
Page 463
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 December 31, 2024 and For the Year Then Ended
(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 fulfil
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.
26
Page 464
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 December 31, 2024 and For the Year Then Ended
(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.
27
Page 465
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 December 31, 2024 and For the Year Then Ended
(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.
28
Page 466
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 December 31, 2024 and For the Year Then Ended
(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).
29
Page 467
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 December 31, 2024 and For the Year Then Ended
(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.
30
Page 468
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 December 31, 2024 and For the Year Then Ended
(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.
31
Page 469
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 December 31, 2024 and For the Year Then Ended
(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.
32
Page 470
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 December 31, 2024 and For the Year Then Ended
(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.
33
Page 471
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 December 31, 2024 and For the Year Then Ended
(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.
34
Page 472
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 December 31, 2024 and For the Year Then Ended
(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, two-step loans, bonds and medium-term notes, long-term bank loans, and
other borrowings.
35
Page 473
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 December 31, 2024 and For the Year Then Ended
(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 and other borrowings. 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:
(i) the normal course of business;
(ii) the event of default; and
(iii) 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.
36
Page 474
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 December 31, 2024 and For the Year Then Ended
(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 Board of 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”).
37
Page 475
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 December 31, 2024 and For the Year Then Ended
(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.
38
Page 476
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 December 31, 2024 and For the Year Then Ended
(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.
39
Page 477
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 December 31, 2024 and For the Year Then Ended
(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.
40
Page 478
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 December 31, 2024 and For the Year Then Ended
(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.
41
Page 479
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 December 31, 2024 and For the Year Then Ended
(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
42
Page 480
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS
2024 2023
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Cash on hand - 14 - 14
Cash in banks
Related parties
PT Bank Rakyat Indonesia (Persero) Tbk. (“BRI”) Rp - 3,278 - 1,471
US$ 229 3,678 0 6
TWD 2 1 1 0
PT Bank Mandiri (Persero) Tbk. (“Bank Mandiri”) Rp - 4,715 - 3,346
US$ 45 718 37 572
EUR 2 37 2 38
JPY 6 1 6 1
HKD 2 4 1 3
AU$ 0 0 0 0
PT Bank Negara Indonesia (Persero) Tbk. (“BNI”) Rp - 4,180 - 4,228
US$ 31 506 4 64
SGD 0 0 0 0
EUR 0 0 0 0
GBP 0 1 - -
PT Bank Tabungan Negara (Persero) Tbk. ("BTN") Rp - 4,097 - 2,597
Others Rp - 51 - 59
US$ 0 0 0 0
Sub-total 21,267 12,385
Third parties
PT Bank Maybank Indonesia Tbk. ("Maybank") Rp - 355 - 26
MYR 1 5 1 3
PT Bank Mega Tbk. ("Bank Mega") Rp - 342 - 3
DBS Bank (Hong Kong) Ltd. ("DBS Hong Kong") US$ 19 308 9 138
HKD 0 1 0 0
PT Bank CIMB Niaga Tbk. (”Bank CIMB Niaga”) Rp - 181 - 265
US$ 2 40 0 2
Standard Chartered Bank (“SCB”) US$ 7 108 14 215
SGD 5 55 6 74
The Hongkong and Shanghai Banking Corporation Ltd.
("HSBC Hongkong") US$ 6 102 43 661
HKD 9 19 5 9
PT Bank Central Asia Tbk. (“BCA”) Rp - 131 - 144
US$ 0 3 0 3
Others (each below Rp100 billion) Rp - 251 - 336
US$ 9 146 10 278
SGD 2 20 3 36
TWD 28 14 50 21
MYR 0 2 4 12
AU$ 0 3 0 5
MMK 167 1 353 3
EUR 0 1 0 0
Sub-total 2,088 2,234
Total of cash in banks 23,355 14,619
Time deposits
Related parties
PT Bank Syariah Indonesia Tbk. (“BSI”) Rp - 1,688 - 1,160
BTN Rp - 1,400 - 1,065
US$ 7 104 - -
BRI Rp - 647 - 1,550
US$ 18 283 22 340
TWD 6 3 - -
BNI Rp - 566 - 1,266
US$ 10 162 23 353
Bank Mandiri Rp - 97 - 513
US$ - - 25 392
Sub-total 4,950 6,639
43
Page 481
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS (continued)
2024 2023
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits (continued)
Third parties
PT Bank Mega Tbk. (“Bank Mega”) Rp - 1,922 - 1,433
US$ 18 287 20 312
Bank Pembangunan Daerah ("BPD") Rp - 962 - 1,569
PT Bank Maybank Indonesia Tbk. ("Maybank") Rp - 254 - 658
US$ 26 418 23 358
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
("BJB") Rp - 370 - 1,419
US$ 12 195 - -
PT Bank Pan Indonesia Tbk. ("Bank Panin") Rp - 274 - -
PT Bank UOB Indonesia ("UOB Indonesia") US$ 16 259 - -
SGD 3 35 - -
PT Bank Danamon Indonesia Tbk. (“Bank Danamon”) Rp - 133 - 491
US$ 3 48 9 137
PT Bank China Construction Bank Indonesia Tbk.
("CCB Indonesia") US$ 10 153 5 71
SCB US$ 9 145 - -
Others (each below Rp100 billion) Rp - 113 - 1,125
US$ 1 12 10 155
MYR 2 7 2 8
Sub-total 5,587 7,736
Total of time deposits 10,537 14,375
Allowance for expected credit losses (1) (1)
Total 33,905 29,007
Interest rates per annum on time deposits are as follows:
2024 2023
Rupiah 0.53% - 7.25% 1.95% - 7.25%
Foreign currencies 2.55% - 6.00% 2.50% - 5.50%
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.
44
Page 482
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
4. OTHER CURRENT FINANCIAL ASSETS
2024 2023
Balance Balance
Foreign Foreign
currency Rupiah currency Rupiah
Currency (in million) equivalent (in million) equivalent
Time deposits
Related parties
BRI Rp - 415 - 255
BSI Rp - 198 - 118
Bank Mandiri Rp - 65 - 95
US$ 5 81 5 77
Others (each below Rp 100 billion) Rp - 70 - 170
Third parties
United Overseas Bank Limited Singapore
(“UOB Singapore”) US$ 12 195 12 186
Others (each below Rp 100 billion) Rp - 3 - 85
US$ - - 9 132
Total time deposits 1,027 1,118
Escrow accounts Rp - 144 - 214
US$ 1 19 2 24
Total escrow accounts 163 238
Mutual funds
Related parties
Others Rp - 89 - 85
Third parties
PT Henan Putihrai Asset Management
(“HPAM”) Rp - - - 217
Total mutual funds 89 302
Others Rp - 5 - 3
MYR 0 1 0 0
Total others 6 3
Allowance for expected credit losses (0) (0)
Total 1,285 1,661
The time deposits have maturities of more than three months but not more than one year, with interest
rates as follows:
2024 2023
Rupiah 2.50% - 7.25% 2.75% - 6.75%
Foreign currencies 4.57% - 4.61% 2.30% - 5.85%
45
Page 483
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 December 31, 2024 and For the Year Then Ended
(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
2024 2023
State-owned enterprises 1,935 1,875
Indosat 738 303
PT Indonusa Telemedia ("Indonusa") 386 386
Others (each below Rp100 billion) 409 443
Total 3,468 3,007
Allowance for expected credit losses (1,118) (1,089)
Net 2,350 1,918
(ii) Third parties
2024 2023
Individual and business subscribers 13,613 11,680
Overseas international carriers 1,176 1,541
Total 14,789 13,221
Allowance for expected credit losses (4,946) (4,472)
Net 9,843 8,749
b. By age
2024 2023
Allowance for Expected Allowance for Expected
expected credit expected credit
Gross credit losses loss rate Gross credit losses loss rate
Not past due 7,319 417 5.7% 7,020 386 5.5%
Past due up to 3 months 3,602 329 9.1% 2,758 369 13.4%
Past due more than 3 to 6 months 1,305 285 21.8% 1,215 313 25.8%
Past due more than 6 months 6,031 5,033 83.5% 5,235 4,493 85.8%
Total 18,257 6,064 16,228 5,561
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 December 31, 2024 and 2023, the carrying amounts of trade receivables of the
Group considered past due but not impaired amounted to Rp5,291 billion and Rp4,033 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
2024 2023
Rupiah 15,775 13,701
U.S. Dollar 2,180 2,360
Singapore Dollar 273 143
Others 29 24
Total 18,257 16,228
Allowance for expected credit losses (6,064) (5,561)
Net 12,193 10,667
46
Page 484
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 December 31, 2024 and For the Year Then Ended
(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
2024 2023
Beginning balance 5,561 5,623
Allowance for expected credit losses 904 513
Receivables written-off (401) (575)
Ending balance 6,064 5,561
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 December 31, 2024 and 2023, certain trade receivables of the subsidiaries amounting to
Rp2,137 billion and Rp1,248 billion, respectively, have been pledged as collateral under lending
agreements (Notes 18 and 19c).
6. CONTRACT ASSETS
The breakdown of contract assets is as follows:
2024 2023
Contract assets 2,603 2,877
Allowance for expected credit losses (25) (147)
Net 2,578 2,730
Current portion 2,449 2,704
Non-current portion 129 26
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:
2024 2023
SIM cards and prepaid vouchers 676 791
Others (each below Rp100 billion) 480 260
Total 1,156 1,051
Provision for obsolescence (60) (54)
Net 1,096 997
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 December 31, 2024 and 2023 amounted to Rp584 billion and Rp797 billion,
respectively (Note 25).
There were no inventories pledged as collateral under lending agreements as of December 31, 2024
and 2023.
47
Page 485
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
7. INVENTORIES (continued)
As of December 31, 2024 and 2023, modules (part of property and equipment) and components held
by the Group with book value amounting to RpNil and Rp96 billion, respectively, have been insured
against fire, theft, and other specific risks. The total sum insured as of December 31, 2024 and 2023
amounted to RpNil and Rp94 billion, respectively.
Management believes the insurance coverage is adequate to cover potential losses of inventories
arising from the insured risks.
8. OTHER CURRENT ASSETS
The breakdown of other current assets is as follows:
2024 2023
Prepaid frequency license fees - current
portion (Note 35c.i) 6,245 6,173
Other receivables 621 266
Advances 451 768
Prepaid salaries 281 276
Prepaid rent 129 71
Others (each below Rp100 billion) 447 442
Total 8,174 7,996
9. CONTRACT COSTS
Movements of contract costs for the years ended December 31, 2024 and 2023 are as follows:
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
2023
Cost to obtain Cost to fulfill Total
At January 1, 2023 1,554 858 2,412
Addition current year 461 610 1,071
Amortization during the year (374) - (374)
Expense during the year - (704) (704)
Impairment - (184) (184)
At December 31, 2023 1,641 580 2,221
Current (427) (226) (653)
Non-current 1,214 354 1,568
48
Page 486
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 December 31, 2024 and For the Year Then Ended
(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:
2024 2023
Financial instruments
At fair value through profit or loss:
Equity 7,797 7,537
Convertible bonds 377 491
At fair value through other comprehensive income:
Equity 27 25
Convertible bonds 24 -
8,225 8,053
Associates
PT Jalin Pembayaran Nusantara ("Jalin") 110 105
Others - 4
110 109
Total long-term investments 8,335 8,162
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 December 31, 2024 dan 2023, Telkomsel assessed the fair value of the investment in GOTO
using level 1 based on GOTO’s market value of Rp70 per share and Rp86 per share, respectively.
The total unrealized loss from changes in fair value of Telkomsel’s investment in GOTO as of
December 31, 2024 and 2023, amounted to Rp380 billion and Rp119 billion, respectively. These
amounts were presented as unrealized 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
In 2024 and 2023, the additional investments by MDI amounted to Rp100 billion and Rp338 billion,
respectively. The fair value of MDI’s investments using level 3, the total unrealized gain (loss) from
changes in fair value of MDI’s investments as of December 31, 2024 and 2023, amounted to
Rp483 billion and (Rp 514 billion), respectively. These amounts were presented as unrealized gain
(loss) arising from changes in fair value of investments in the consolidated statements of profit or
loss.
Detailed information regarding the level 1 and level 3 fair value measurement techniques is disclosed
in Note 37.
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 December 31, 2024 and
2023 was amounting to Rp323 billion and Rp328 billion, respectively.
49
Page 487
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 December 31, 2024 and For the Year Then Ended
(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/ 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
50
Page 488
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 December 31, 2024 and For the Year Then Ended
(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,
2022 Additions Deductions Translations 2023
At cost:
Directly acquired assets
Land rights 1,838 110 - 7 1,955
Buildings 18,947 569 (34) 114 19,596
Leasehold improvements 1,571 28 (14) 90 1,675
Switching equipment 20,083 582 (309) (720) 19,636
Telegraph, telex, and data communication
equipment 1,583 - - - 1,583
Transmission installation and equipment 171,106 5,839 (3,562) 7,281 180,664
Satellite, earth station, and equipment 10,804 137 - - 10,941
Cable network 74,695 5,762 (6) (3,682) 76,769
Power supply 23,276 722 (768) 1,118 24,348
Data processing equipment 20,954 557 (218) 600 21,893
Other telecommunication peripherals 10,402 468 - 217 11,087
Office equipment 2,625 96 (18) (7) 2,696
Vehicles 605 48 (56) (4) 593
Other equipment 51 1 - 1 53
Property under construction 4,598 18,049 - (16,407) 6,240
Total 363,138 32,968 (4,985) (11,392) 379,729
Accumulated depreciation:
Directly acquired assets
Buildings 6,228 649 (11) (48) 6,818
Leasehold improvements 1,207 141 (6) (30) 1,312
Switching equipment 14,100 1,967 (309) (1,637) 14,121
Telegraph, telex, and data communication
equipment 1,582 - - - 1,582
Transmission installation and equipment 97,335 12,171 (3,372) (1,787) 104,347
Satellite, earth station, and equipment 6,041 746 - (61) 6,726
Cable network 22,510 3,215 (6) (5,326) 20,393
Power supply 16,890 1,861 (758) (606) 17,387
Data processing equipment 15,490 2,093 (217) (1,217) 16,149
Other telecommunication peripherals 6,067 1,659 - (26) 7,700
Office equipment 2,073 285 (18) (204) 2,136
Vehicles 242 48 (31) (3) 256
Other equipment 44 3 - - 47
Total 189,809 24,838 (4,728) (10,945) 198,974
Net book value 173,329 180,755
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
2024 2023
Proceeds from sale of property and equipment 717 100
Net book value (59) (16)
Gain on disposal or sale of property and equipment 658 84
b. Others
(i) During 2024 and 2023, 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 and 2023.
(ii) Interest capitalized to property under construction amounted to Rp98 billion and Rp124 billion
for the years ended December 31, 2024 and 2023, respectively. The capitalization rate used
to determine the amount of borrowing costs eligible for capitalization ranged from 1.50% to
6.10% and 2.50% to 8.24% for the years ended December 31, 2024 and 2023, respectively.
51
Page 489
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 December 31, 2024 and For the Year Then Ended
(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 years
ended December 31, 2024 and 2023.
(iv) During 2024 and 2023, the Group obtained proceeds from the insurance claim on lost and
damaged property and equipment, with a total value of Rp143 billion and Rp199 billion,
respectively, and were recorded as part of “Other income - net” in the consolidated statements
of profit or loss and other comprehensive income. During 2024 and 2023, the net carrying
values of these assets amounted to Rp114 billion and Rp185 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 - 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 December 31, 2024 and 2023, the Group’s property and equipment excluding land rights,
with a net carrying amount of Rp178,692 billion and Rp175,519 billion, respectively, were
insured against fire, theft, earthquake and other specified risks, including business
interruption. The total blanket policies as of December 31, 2024 and 2023, amounted to
Rp44,143 billion and Rp41,045 billion, HKD10 million and HKD10 million, SGD219 billion and
SGD373 million, respectively. The total policies for first loss basis amounted to Rp2,750 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 December 31, 2024 and 2023, the percentage of completion of property under
construction was approximately 53.29% and 74.09%, respectively, of the total contract value
or Rp3,064 billion and Rp5,836 billion are recorded as expenditures in property under
construction, respectively. The estimated completion dates are until December 2026 and
December 2025, 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 December 31, 2024 and 2023, all assets owned by the Company have been pledged as
collateral for bonds (Note 19b) while certain property and equipment of the Company’s
subsidiaries with gross carrying value amounting to Rp2,190 billion and Rp3,076 billion,
respectively, have been pledged as collateral under borrowing agreements (Notes 18 and
19c).
(ix) As of December 31, 2024 and 2023, the cost of fully depreciated property and equipment of
the Group that are still used in operations amounted to Rp89,480 billion and Rp85,564 billion,
respectively. The Group is currently conducting modernization of network assets to replace
the fully depreciated property and equipment.
(x) In 2024 and 2023, the total fair values of land rights and buildings of the Group amounted to
Rp53,262 and Rp51,373 billion, respectively.
52
Page 490
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 December 31, 2024 and For the Year Then Ended
(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 year are as
follows:
Transmission
installation and
Land rights Buildings equipment Vehicles Others Total
As at January 1, 2023 4,087 663 14,859 523 204 20,336
Additions 1,654 156 7,460 227 893 10,390
Deductions and reclassifications (52) (88) (2,851) 8 1 (2,982)
Depreciation expense (998) (149) (3,600) (236) (177) (5,160)
As at December 31, 2023 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
The carrying amounts of the lease liabilities and the movements during the year are as follows:
2024 2023
As at January 1 20,425 18,661
Accretion of interest 1,335 976
Additions (Note 39a) 10,421 10,390
Deductions (8,222) (9,602)
As at December 31 23,959 20,425
Current (5,491) (5,575)
Non-current 18,468 14,850
The maturity analysis of lease payments is as follows:
2024 2023
No later than a year 6,824 6,614
Later than 1 year and no later than 5 years 14,356 11,453
Later than 5 years 8,081 6,431
Total lease payments 29,261 24,498
Interest (5,302) (4,073)
Net present value of lease payments 23,959 20,425
Current (5,491) (5,575)
Non-current 18,468 14,850
53
Page 491
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 December 31, 2024 and For the Year Then Ended
(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 during the year:
2024 2023
Depreciation expense of right-of-use assets 5,499 5,160
Expense relating to short-term leases 3,689 3,743
Interest expense on lease liabilities 1,335 976
Expense relating to leases of low-value assets 4 27
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:
2024 2023
No later than 1 year 6,222 5,099
Later than 1 year and no later than 5 years 8,502 9,412
Later than 5 years 3,518 5,098
Total 18,242 19,609
13. OTHER NON-CURRENT ASSETS
The breakdown of other non-current assets is as follows:
2024 2023
Claims for tax refund - net of current portion (Note 27b) 2,818 1,606
Prepaid frequency license fees -
net of current portion (Note 35c.i) 1,594 1,987
Prepaid expenses 1,056 984
Security deposits 234 159
Advances 205 368
Others (each below Rp100 billion) 301 329
Total 6,208 5,433
54
Page 492
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 December 31, 2024 and For the Year Then Ended
(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, 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
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2023 1,492 19,779 620 1,491 23,382
Additions - 2,763 69 206 3,038
Deductions - (890) (130) - (1,020)
Reclassifications/translations - (10) (9) (3) (22)
Balance, December 31, 2023 1,492 21,642 550 1,694 25,378
Accumulated amortization and
impairment losses:
Balance, January 1, 2023 (402) (13,616) (152) (910) (15,080)
Amortization - (2,321) (58) (94) (2,473)
Impairment (11) - - - (11)
Deductions - 890 2 - 892
Reclassifications/translations - 13 8 4 25
Balance, December 31, 2023 (413) (15,034) (200) (1,000) (16,647)
Net book value 1,079 6,608 350 694 8,731
(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. Deduction of goodwill resulted from divestment of BDI (Note 1e.vi).
(ii) As of December 31, 2024, the impairment of goodwill arising from Digiserve and MNDG amounted
to Rp64 billion and Rp13 billion, respectively. The impairment losses are presented as part of
“Depreciation and amortization expenses” in the consolidated statements of profit and loss and
other comprehensive income.
(iii) The remaining amortization periods of software for the years ended December 31, 2024 and 2023
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.
(iv) As of December 31, 2024 and 2023, the cost of fully amortized intangible assets that are still
utilized in operations amounted to Rp8,345 billion and Rp10,604 billion, respectively.
55
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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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
15. TRADE PAYABLES
The breakdown of trade payables is as follows:
2024 2023
Related parties
Purchases of equipment, materials, and services 378 424
Payables to other telecommunication providers 248 161
Sub-total 626 585
Third parties
Purchases of equipment, materials, and services 9,729 12,748
Radio frequency usage charges, concession fees,
and Universal Service Obligation (“USO”) charges 2,631 2,399
Payables to other telecommunication providers 2,350 2,876
Sub-total 14,710 18,023
Total 15,336 18,608
Trade payables by currency are as follows:
2024 2023
Rupiah 13,217 15,929
U.S. Dollar 2,059 2,537
Others 60 142
Total 15,336 18,608
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 December 31, 2024 and 2023, the carrying amount of liabilities under supplier finance arrangement
is as follows:
2024 2023
Liabilities under supplier finance arrangement 475 257
Total amount of which the supplier has received payment
from finance provider 473 257
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 2024 and 2023 amounted to
Rp115 billion and Rp61 billion, respectively.
56
Page 494
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
16. ACCRUED EXPENSES
The breakdown of accrued expenses is as follows:
2024 2023
Operation, maintenance,
and telecommunication services 6,424 5,813
Salaries and benefits 3,856 3,909
General, administrative, and marketing expenses 3,665 3,114
Interest and bank charges 247 243
Total -
14,192 13,079
Refer to Note 32 for details of related party transactions.
17. CONTRACT LIABILITIES
The breakdown of contract liabilities is as follows:
a. Current
2024 2023
Advances from customers for Mobile 3,285 3,267
Advances from customers for Enterprise 2,306 1,587
Advances from customers for WIB 1,322 1,291
Advances from customers for Consumer 244 244
Advances from customers for others 581 459
Total 7,738 6,848
b. Non-Current
2024 2023
Advances from customers for WIB 948 795
Advances from customers for Consumer 602 705
Advances from customers for Enterprise 247 251
Advances from customers for others 687 840
Total 2,484 2,591
Movements of contract liabilities for the years ended December 31, 2024 and 2023 are as follows:
2024 2023
At January, 1 9,439 7,856
Deferred during the year 7,631 7,878
Recognized as revenue during the year (6,848) (6,295)
At December, 31 10,222 9,439
Current 7,738 6,848
Non-Current 2,484 2,591
Refer to Note 32 for details of related party transactions.
57
Page 495
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS
Outstanding
Lenders 2024 2023
Related parties
Bank Mandiri 3,755 4,013
BNI 1,799 903
Sub-total 5,554 4,916
Third parties
PT Bank HSBC Indonesia ("HSBC") 2,440 2,547
MUFG Bank ("MUFG") 1,805 1,155
Bank of China 1,000 -
PT Bank DBS Indonesia ("DBS") 440 440
PT Bank Maspion Indonesia Tbk. ("Bank Maspion") 167 -
UOB Indonesia 100 500
Others 19 92
Sub-total 5,971 4,734
Total 11,525 9,650
Other significant information relating to short-term bank loans as of December 31, 2024 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 February 21, 2025 - Monthly, 1 month None
April 28, 2025 Quarterly JIBOR + 1.30%
3 months
JIBOR + 1.25%
2021 - 2022 Nutech, Rp 3,550 July 25, 2025 - Monthly 6.00% - 9.00% Trade receivables
Mitratel September 27, 2025 and property and
equipment
BNI
2014 - 2024 Sigma, GSD, Rp 1,350 May 29, 2025 - Monthly 6.00% - 8.50% Trade receivables
Mitratel January 9, 2026 and property and
equipment
2017 - 2021 Infomedia, Rp 1,135 February 18, 2025 - Monthly 1 month JIBOR + Trade receivables
Metranet, June 6, 2025 1.75% - 2.50%
Telkom Infra
HSBC
2014 Sigmaa Rp 400 November 6, 2025 Monthly Under BLR Trade receivables
7.40%
2018 - 2023 Sigma, Metra, Rp 2,723 January 20, 2025 - Monthly, 1 month JIBOR + None
PINS, October 4, 2025 Quarterly 0.35% - 0.80%
Metranet, 3 months
Telkomsat, JIBOR + 2.00%
GSD, TDE
MUFG
2018 - 2019 Infomedia, Rp 2,176 March 27, 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%
Bank of China
2020 The Company Rp 1,000 October 23, 2025 Quarterly 4.90% None
DBS
2018 Telkom Infra, Rp 440 July 31, 2025 Monthly 1 month None
Infomedia JIBOR + 1.20%
Bank Maspion
2023 Metranet Rp 170 January 26, 2025 Monthly 7.25% None
UOB Indonesia
2016 Finnet Rp 500 July 31, 2025 Monthly 1 month None
JIBOR + 1.75%
* 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.
58
Page 496
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 December 31, 2024 and For the Year Then Ended
(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.
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 2024 2023
Two-step loans 19a - 84
Bonds and medium-term notes ("MTN") 19b 2,347 548
Bank loans 19c 13,519 9,282
Other borrowings 19d - 362
Total 15,866 10,276
Long-term loans and other borrowings consist of the following:
Notes 2024 2023
Bonds and MTN 19b 2,696 4,795
Bank loans 19c 22,822 22,978
Total 25,518 27,773
Scheduled principal payments as of December 31, 2024 are as follows:
Year
Notes Total 2026 2027 2028 2029 Thereafter
Bonds and MTN 19b 2,696 - - - - 2,696
Bank loans 19c 22,822 6,867 4,894 4,134 3,732 3,195
Total 25,518 6,867 4,894 4,134 3,732 5,891
a. Two-step loans
Two-step loans are unsecured loans obtained by the Government from overseas banks which are
then re-loaned to the Company. Loans obtained after July 1994 are payable in their original
currencies and any resulting foreign exchange gain or loss is borne by the Company.
2024 2023
Outstanding Outstanding
Foreign currency Rupiah Foreign currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Overseas banks Yen - - 768 84
Total - 84
Current maturities - (84)
Long-term portion - -
Principal payment Interest rate per
Lenders Currency schedule Interest payment period annum
Overseas banks Yen Semi-annually Semi-annually 2.95%
In 2024, the Company has paid the outstanding loan.
59
Page 497
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bonds and MTN
Outstanding
Bonds and MTN 2024 2023
Bonds
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 -
Sukuk Mitratel 2024 10 -
MTN
MTN Mitratel 2023 - 550
Total 5,050 5,350
Unamortized debt issuance cost (7) (7)
Long-term portion 5,043 5,343
Current maturities (2,347) (548)
Long-term portion 2,696 4,795
i. Bonds
(a) 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 December 31, 2024, 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:
(i) Debt to equity ratio should not exceed 2:1;
(ii) EBITDA to interest ratio should not be less than 4:1;
(iii) Debt service coverage is at least 125%.
As of December 31, 2024, the Company has complied with the above-mentioned ratios.
60
Page 498
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bonds and MTN (continued)
i. Bonds (continued)
(b) 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.
(c) 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
Pemeringkat Efek Indonesia is AAAsy.
ii. MTN
On September 26, 2023, Mitratel issued MTN amounting to Rp550 billion which will be used
to support the provision of funds for credit refinancing, with annual interest rate 6.20%, that
already fully paid on October 26, 2024.
c. Bank loans
2024 2023
Outstanding Outstanding
Foreign Foreign
currency Rupiah currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Related parties
Bank Mandiri Rp - 6,355 - 3,453
BNI Rp - 6,030 - 6,182
BSI Rp - 2,083 - 509
BRI Rp - 1,475 - 955
Sub-total 15,943 11,099
Third parties
BCA Rp - 9,755 - 10,170
DBS Rp - 4,800 - 1,500
Bank of China Rp - 1,900 - 1,400
Bank CIMB Niaga Rp - 1,710 - 2,110
US$ 6 99 4 60
Bank Permata Rp - 1,021 - 1,313
HSBC Rp - 1,000 - 625
Bank Danamon Rp - 110 - 273
Syndication of banks Rp - - - 2,500
US$ 4 60 10 160
PT Bank ANZ Indonesia ("Bank ANZ") Rp - 22 - 110
BJB Rp - - - 500
MUFG Rp - - - 500
Others Rp - 3 - 13
MYR 7 27 9 29
Sub-total 20,507 21,263
Total 36,450 32,362
Unamortized debt issuance cost (109) (102)
36,341 32,260
Current maturities (13,519) (9,282)
Long-term portion 22,822 22,978
61
Page 499
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
Other significant information relating to bank loans as of December 31, 2024, 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**
Bank Mandiri
2018 - 2024 The Rp 13,975 8,339 2020 - 2031 Quarterly 3 months JIBOR + None
Company, 0.25% - 1.50%
GSD, PST,
Telkomsel,
Mitratel
BNI
2013 - 2024 The Rp 14,175 1,607 2018 - 2033 Monthly, 1 month Trade
Company, Quarterly JIBOR + 2.25%; receivables
TLT, Sigma, 3 months JIBOR + and
Mitratel, UMT 0.25% - 1.70% property
and
equipment
2024 Mitratel Rp 2,000 - 2024 - 2031 Monthly 7.00% None
BSI
2024 Mitratel Rp 2,292 208 2024 - 2029 Semi- 7.82% None
annually
BRI
2019 - 2023 The Rp 3,000 434 2021 - 2030 Quarterly 3 months None
Company, JIBOR + 0.75%
Mitratel
BCA
2020 - 2023 The Rp 9,186 1,660 2020 - 2031 Quarterly 3 months JIBOR + None
Company, 1.00% - 1.50%
PST, GSD
2020 - 2024 The Rp 9,500 596 2024 - 2030 Quarterly 6.75% - 7.00% None
Company,
Mitratel
DBS
2021 Mitratel Rp 3,500 700 2022 - 2028 Quarterly 3 months None
JIBOR + 1.20%
2023 - 2024 The Rp 7,000 - 2024 - 2031 Quarterly 6.50% - 6.90% None
Company,
Mitratel
Bank of China
2019 Telkomsel Rp 1,900 1,400 2021 - 2025 Monthly 4.90% None
Bank CIMB
Niaga
2019 - 2022 PINS, Rp 2,300 391 2022 - 2029 Quarterly 3 months JIBOR + None
Mitratel 1.30% - 1.95%
2021 - 2022 Telin US$ 0 - 2024 - 2030 Semi- 6 months None
annually SOFR + 1.82%
Bank Permata
2020 - 2022 Mitratel Rp 2,000 292 2021 - 2029 Quarterly 3 months None
JIBOR + 1.30%
HSBC
2021 - 2023 Mitratel Rp 1,250 125 2023 - 2030 Quarterly 3 months JIBOR + None
0.50% - 1.85%
Bank Danamon
2022 Mitratel Rp 636 182 2022 - 2025 Quarterly 3 months None
JIBOR + 1.50%
2024 SSI Rp 24 1 2024 - 2029 Monthly 8.75% None
Syndication
of banks
2018 Telin US$ 0 0 2020 - 2025 Semi- 6 months None
annually SOFR + 1.55%
Bank ANZ
2015 GSD, PINS Rp 440 100 2020 - 2025 Quarterly 3 months JIBOR + None
1.40% - 2.00%
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
62
Page 500
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
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.
The credit facilities were obtained by the Group for working capital purposes and investment
purposes.
As of December 31, 2024, the Group had Rp45,762 billion and US$73 million of undrawn
committed borrowing facilities available.
d. Other borrowings
Outstanding
Lenders 2024 2023
PT Sarana Multi Infrastruktur (Persero)
("Sarana Multi Infrastruktur") - 362
Unamortized debt issuance cost - 0
Total - 362
Current maturities - (362)
Long-term portion - -
In 2024, the Company and Telkomsat have paid the outstanding of other borrowing.
20. NON-CONTROLLING INTERESTS
The details of non-controlling interests are as follows:
2024 2023
Non-controlling interests in net assets of subsidiaries:
Telkomsel 11,022 11,108
Mitratel 8,440 9,106
Others (each below Rp100 billion) 934 604
Total 20,396 20,818
2024 2023
Non-controlling interests in profit (loss)
in current year of subsidiaries:
Telkomsel 6,434 7,104
Mitratel 594 566
Others 66 (22)
Total 7,094 7,648
63
Page 501
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS (continued)
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 December 31, 2024 and 2023, 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
2024 2023 2024 2023
Current assets 19,374 20,505 3,447 3,420
Non-current assets 98,029 92,461 54,693 53,590
Current liabilities (41,199) (40,009) (12,286) (11,071)
Non-current liabilities (45,216) (42,308) (12,467) (11,901)
Total equity 30,988 30,649 33,387 34,038
Attributable to:
Owners of the parent company 19,966 19,541 24,947 24,932
Non-controlling interests 11,022 11,108 8,440 9,106
Summarized statements of profit or loss and other comprehensive income:
Telkomsel Mitratel
2024 2023 2024 2023
Revenues 113,340 102,372 9,308 8,595
Operation expenses (83,883) (72,005) (5,129) (4,955)
Other expenses - net (2,108) (2,271) (1,918) (1,501)
Profit before income tax 27,349 28,096 2,261 2,139
Income tax expense - net (5,347) (6,217) (157) (128)
Profit for the year 22,002 21,879 2,104 2,011
Other comprehensive income
(loss) - net 355 78 1 2
Total comprehensive income
for the year 22,357 21,957 2,105 2,013
Attributable to
non-controlling interests 6,434 7,104 594 566
Dividends paid to
non-controlling interests 6,627 9,267 407 484
Summarized statements of cash flows:
Telkomsel Mitratel
2024 2023 2024 2023
Operating 38,939 41,693 6,632 5,162
Investing (14,932) (14,302) (3,490) (6,504)
Financing (25,631) (28,601) (3,436) (4,118)
Net decrease in
cash and cash equivalents (1,624) (1,210) (294) (5,460)
CF
64
Page 502
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
21. CAPITAL STOCK
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
2023
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* 3,973,451,980 4.02 199
Directors (Note 1b):
Ririek Adriansyah 6,016,355 0 0
Bogi Witjaksono 4,130,400 0 0
Afriwandi 4,172,900 0 0
Heri Supriadi 4,170,400 0 0
F.M. Venusiana R. 7,806,900 0 0
Herlan Wijanarko 4,172,900 0 0
Muhamad Fajrin Rasyid 4,130,400 0 0
Budi Setyawan Wijaya 4,585,400 0 0
Honesti Basyir 370,544 0 0
Commissioners (Note 1b):
Isa Rachmatarwata 1,968,000 0 0
Marcelino Rumambo Pandin 1,968,000 0 0
Ismail 1,968,000 0 0
Arya Mahendra Sinulingga 2,014,800 0 0
Rizal Mallarangeng 1,968,000 0 0
Public (individually less than 5%) 43,436,968,061 43.89 2,174
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.
65
Page 503
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
22. OTHER EQUITY
2024 2023
Difference from the acquisition of non-controlling
interests in subsidiaries 8,364 8,364
Exchange rate translation adjustment 1,102 844
Effect of changes in associates’ equity 386 386
Unrealized gain on available-for-sale securities 9 8
Other equity components 37 37
Total 9,898 9,639
23. REVENUES
The Group derives revenues in the following major product lines:
2024 Mobile Consumer Enterprise WIB Others Consolidated revenue
Telephone revenues
Cellular 6,077 - - 183 - 6,260
Fixed lines - - 397 82 - 479
Total telephone revenues 6,077 - 397 265 - 6,739
Interconnection revenues 363 - - 8,824 - 9,187
Data, internet, and information
technology service revenues
Cellular data and internet 72,639 - - - - 72,639
Internet, data communication, and
information technology services - 11 11,327 2,766 - 14,104
SMS 3,791 - 14 - - 3,805
Others 134 - 1,746 1,064 846 3,790
Total data, internet, and information
technology service revenues 76,564 11 13,087 3,830 846 94,338
Network revenues 3 - 1,462 1,714 - 3,179
IndiHome revenues - 26,262 - - - 26,262
Other services
E-payment 14 - 1,286 - - 1,300
Call center service - - 1,255 - - 1,255
Manage service and terminal - 1 1,039 5 - 1,045
E-health - - 767 - - 767
Others 379 36 1,291 333 827 2,866
Total other services 393 37 5,638 338 827 7,233
Total revenues from
contract with customer 83,400 26,310 20,584 14,971 1,673 146,938
Revenues from lessor transactions - - - 3,029 - 3,029
Total revenues 83,400 26,310 20,584 18,000 1,673 149,967
Adjustments and eliminations - 2 9 2 (595)
Total external revenues as reported in
note operating segment 83,400 26,312 20,593 18,002 1,078
2023 Mobile Consumer Enterprise WIB Others Consolidated revenue
Telephone revenues
Cellular 8,022 - - 172 - 8,194
Fixed lines - 332 450 117 - 899
Total telephone revenues 8,022 332 450 289 - 9,093
Interconnection revenues 293 - - 8,774 - 9,067
Data, internet, and information
technology service revenues
Cellular data and internet 73,187 - - - - 73,187
Internet, data communication, and
information technology services 268 85 8,167 2,379 - 10,899
SMS 3,345 - 35 - - 3,380
Others 34 - 2,010 1,098 212 3,354
Total data, internet, and information
technology service revenues 76,834 85 10,212 3,477 212 90,820
Network revenues 4 - 1,212 1,266 - 2,482
IndiHome revenues - 25,992 2,793 - - 28,785
Other services
Call center service - - 1,264 - - 1,264
Manage service and terminal - - 908 12 - 920
E-health - - 761 - - 761
E-payment - - 496 - - 496
Others 138 27 1,401 318 858 2,742
Total other services 138 27 4,830 330 858 6,183
Total revenues from
contract with customer 85,291 26,436 19,497 14,136 1,070 146,430
Revenues from lessor transactions - - - 2,786 - 2,786
Total revenues 85,291 26,436 19,497 16,922 1,070 149,216
Adjustments and eliminations - 6 11 6 (668)
Total external revenues as reported in
note operating segment 85,291 26,442 19,508 16,928 402
66
Page 504
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 December 31, 2024 and For the Year Then Ended
(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
December 31, 2024 will be recognized as revenue during the next reporting periods. Unsatisfied
performance obligations as of December 31, 2024, which management expects to be realised within
one year is Rp8,279 billion, and more than one year is Rp3,498 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:
2024 2023
Salaries and related benefits 9,457 9,674
Vacation pay, incentives, and other benefits 4,214 4,159
Pension and other post-employment
benefits (Note 30) 1,691 1,764
Early retirement program 1,186 0
LSA expense (Note 31) 226 289
Others 33 41
Total 16,807 15,927
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:
2024 2023
Operation and maintenance 24,365 23,057
Radio frequency usage charges (Note 35c.i) 7,687 7,412
Leased lines and Customer Premise Equipment ("CPE") 3,422 3,462
Concession fees and USO charges (Note 15) 2,933 2,836
Electricity, gas, and water 1,097 877
Cost of SIM cards, vouchers, and
sales of peripherals (Note 7) 584 797
Project management 427 489
Insurance 308 269
Vehicles rental and supporting facilities 271 308
Others (each below Rp100 billion) 108 211
Total 41,202 39,718
Refer to Note 32 for details of related parties transactions.
67
Page 505
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 December 31, 2024 and For the Year Then Ended
(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:
2024 2023
General expenses 2,448 2,446
Allowance for expected credit losses
trade receivables (Note 5) 904 513
Professional fees 855 996
Training, education, and recruitment 453 461
Traveling 421 443
Meeting 390 334
Social contribution 233 232
Collection expenses 194 195
Others (each below Rp100 billion) 327 479
Total 6,225 6,099
Refer to Note 32 for details of related parties transactions.
27. TAXATION
a. Prepaid income taxes
2024 2023
The Company:
Income Tax
Article 22 - Withholding tax on goods delivery
and imports - 0
Article 23 - Withholding tax on service delivery 260 238
Subsidiaries:
Income Tax
Corporate income tax 1 -
Article 4(2) - Final tax 17 1
Article 23 - Withholding tax on service delivery 79 4
VAT 2,076 1,669
Total prepaid taxes 2,433 1,912
Current portion (2,433) (1,912)
Non-current portion - -
b. Claims for tax refund
2024 2023
The Company
Corporate income tax 641 271
Article 21 - Individual income tax 154 2
VAT 168 164
Subsidiaries
Income Tax
Corporate income tax 1,553 699
Article 23 - Witholding tax on services delivery - 10
Article 21 - Individual income tax 7 -
VAT 706 476
Total claims for tax refund 3,229 1,622
Current portion (411) (16)
Non-current portion (Note 13) 2,818 1,606
68
Page 506
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
c. Taxes payable
2024 2023
The Company:
Income taxes
Article 4(2) - Final tax 11 33
Article 21 - Individual income tax 1 102
Article 22 - Withholding tax on goods delivery
and imports 1 2
Article 23 - Withholding tax on services 45 24
Article 25 - Installment of corporate income tax 78 122
Article 26 - Withholding tax on non-resident
income - 0
VAT 109 170
VAT - Tax collector 114 163
359 616
Subsidiaries:
Income taxes
Article 4(2) - Final tax 644 317
Article 21 - Individual income tax 160 182
Article 22 - Withholding tax on goods delivery
and imports 6 9
Article 23 - Withholding tax on services 33 152
Article 25 - Installment of corporate income tax 587 539
Article 26 - Withholding tax on non-resident
income 178 10
Article 29 - Corporate income tax 203 1,672
VAT 473 399
VAT - Tax collector 650 629
2,934 3,909
Total taxes payable 3,293 4,525
d. The components of consolidated income tax expense (benefit) are as follows:
2024 2023
Current
The Company 905 1,271
Subsidiaries 6,730 7,525
7,635 8,796
Deferred
The Company 608 503
Subsidiaries 167 (713)
775 (210)
Net income tax expense 8,410 8,586
69
Page 507
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 December 31, 2024 and For the Year Then Ended
(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 years ended December 31, 2024 and 2023 are as follows:
2024 2023
Profit before income tax consolidation 39,153 40,794
Add back consolidation eliminations 25,590 24,647
Consolidated profit before income tax and eliminations 64,743 65,441
Less: profit before income tax of the subsidiaries (38,949) (38,965)
Profit before income tax attributable to the Company
before deduction of income subject to final tax 25,794 26,476
Less: income subject to final tax (801) (642)
Profit before income tax attributable to the Company
after deduction of income subject to final tax 24,993 25,834
Temporary differences:
Allowance for expected credit losses (324) (284)
Deferred installation fee 17 2
Leases 7 8
Provision for employee benefits (127) 36
Land rights, intangible assets, and other 67 30
Net periodic pension and other post-employment
benefits costs (175) (1,032)
Difference between accounting and tax bases
of property and equipment (2,695) (2,006)
Accrued expenses (127) -
Others (7) 91
Net temporary differences (3,364) (3,155)
Permanent differences:
Net periodic post-retirement health care benefit costs 282 204
Donations 211 231
Employee benefits 14 33
Expense related to income subject to final tax 242 217
Equity in net income of associates and subsidiaries (18,342) (17,062)
Other (income) expense from tax assesment result 69 1
Others 95 37
Net permanent differences (17,429) (16,339)
Taxable income of the Company 4,200 6,340
Current corporate income tax expense 798 1,204
Final income tax expense 107 67
Total current income tax expense of the Company 905 1,271
Current income tax expense of the subsidiaries 6,730 7,525
Total current income tax expense 7,635 8,796
70
Page 508
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 December 31, 2024 and For the Year Then Ended
(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:
2024 2023
Profit before income tax consolidation 39,153 40,794
Less consolidated income subject to final tax - net (7,598) (11,015)
31,555 29,779
Income tax expense calculated at the Company’s
applicable statutory tax rate 5,995 5,658
Difference in applicable statutory tax rate for
subsidiaries 738 623
Non-deductible expenses 1,229 2,016
Final income tax expense 107 64
Deferred tax adjustment (4) (203)
Unrecognized deferred tax 8 180
Others 337 248
Net income tax expense 8,410 8,586
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 years ended December 31, 2024 and 2023. The
subsidiaries applied the tax rate of 22% for the years ended December 31, 2024 and 2023.
The Company has submitted its Annual Corporate Income Tax Return for the 2023 fiscal year on
April 30, 2024 to the Tax Authority in accordance with the applicable tax regulations.
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.
71
Page 509
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and 2023, 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:
2024 2023
Appeal Others Total 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 35 - 35
2015 fiscal year 294 - 294 294 - 294
2014 fiscal year 2 - 2 2 - 2
Witholding tax
2015 fiscal year - 0 0 - 0 0
VAT
2014 fiscal year - - - - 0 0
331 791 1,122 331 0 331
Tax assesment with no associated
claims for tax refund
Corporate Income Tax
2014 fiscal year 35 - 35 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.
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.
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
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
2024 2023 2024 2023
The Company
Allowance for expected credit losses 770 831 (61) (54)
Net periodic pension and other
post-employment benefit costs 781 822 (34) (196)
Difference between accounting and tax
bases of property and equipment (51) 430 (481) (285)
Provision for employee benefits 276 299 (23) 7
Deferred installation fee 25 21 4 1
Land rights, intangible assets and others 42 29 13 6
Accrued expenses - 24 (24) -
Leases 1 - 1 1
Others 73 76 (3) 17
Total deferred tax assets - net 1,917 2,532 (608) (503)
Telkomsel
Provision for employee benefits 1,445 1,385 160 168
Allowance for expected credit losses 324 205 119 61
Leases 481 554 (73) 86
Contract liabilities 370 400 (30) 217
Fair value measurement of financial
instruments (8) - (8) 7
Difference between accounting and tax bases of
property and equipment (1,361) (1,228) (133) 122
License amortization (174) (171) (3) (25)
Contract cost (23) (46) 23 5
Other financial instruments (242) (165) (77) (45)
Deferred tax assets of Telkomsel - net 812 934 (22) 596
Deferred tax assets of the other subsidiaries - net 680 704 (15) (70)
Deferred tax liabilities of the other subsidiaries - net (992) (841) (130) 187
Deferred tax expense (income) (775) 210
Total deferred tax assets - net 3,409 4,170
Total deferred tax liabilities - net (992) (841)
As of December 31, 2024 and 2023 the aggregate amounts of temporary differences associated
with investments in subsidiaries and associated companies, for which deferred tax liabilities are
not recognized were Rp84,310 billion and Rp79,794 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.
73
Page 511
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration (continued)
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.
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.
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration (continued)
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 (cash basis). Details of contributions to the state
as of December 31, 2024 are as follow:
December 31, 2024
Tax
Income tax 19,960
VAT and VAT on luxury goods 16,641
Import/exit duties, customs, and stamp duties 3
Property tax - other sectors 21
Regional taxes and levies, including
property tax for urban and rural 112
Total tax contribution 36,737
Non-tax contribution
Dividend 9,211
Other non-tax contribution 9,849
Total other non-tax contribution 19,060
Total contribution to the state 55,797
28. BASIC EARNINGS PER SHARE
Basic earnings per share is computed by dividing profit for the year attributable to owners of the parent
company amounting to Rp23,649 billion and Rp24,560 billion by the weighted average number of
shares outstanding during the period totaling 99,062,216,600 shares for the years ended December
31, 2024 and 2023, 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 Rp238.73 and Rp247.92 (in full amount) for the year ended
December, 2024 and 2023, respectively. The Company does not have potentially dilutive financial
investments for the years ended December 31, 2024 and 2023.
29. CASH DIVIDENDS AND GENERAL RESERVE
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 73 dated
May 30, 2023 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution
of cash dividend for 2022 amounting to Rp16,603 billion (Rp167.59 per share). The Company paid
cash dividend on July 5, 2023.
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 December 31, 2024 and 2023
is Rp15,337 billion, respectively.
75
Page 513
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The details of pension and other post-employment benefit liabilities are as follows:
Notes 2024 2023
Pension benefit and other post-employment
benefit obligations
Pension benefit
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 3,543 3,666
Additional pension benefit obligation 30a.i.a.ii 42 44
The Company - unfunded 30a.i.b 215 258
Telkomsel 30a.ii 4,950 4,726
Projected pension benefit obligations 8,750 8,694
Net periodic post-employment health care
benefit 30b 1,550 1,470
Other post-employment benefit 30c 175 244
Long service employee benefit 30d 1 1
Obligation under the Labor Law 30e 1,064 1,005
Total 11,540 11,414
The details of net pension benefit expense recognized in the consolidated statements of profit or loss
and other comprehensive income is as follows:
Notes 2024 2023
Pension benefit cost
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 518 629
Additional pension benefit obligation 30a.i.a.ii 3 3
The Company - unfunded 30a.i.b (27) 54
Telkomsel 30a.ii 663 633
Total periodic pension benefit cost 24 1,157 1,319
Net periodic post-employment health care
benefit cost 24,30b 282 205
Other post-employment benefit cost 24,30c 20 22
Long service employee benefit cost 24,30d 0 1
Obligation under the Labor Law 24,30e 232 217
Total 1,691 1,764
The amounts recognized in OCI are as follows:
Notes 2024 2023
Defined benefit plan actuarial gain (loss)
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 72 (524)
Additional pension benefit obligation 30a.i.a.ii 1 1
The Company - unfunded 30a.i.b (53) 246
Telkomsel 30a.ii 420 91
Others 0 0
Post-employment health care benefit cost 30b 202 (1,265)
Other post-employment benefit 30c 6 (2)
Long service employee benefit 30d 0 -
Obligation under the Labor Law 30e 107 41
Sub-total 755 (1,412)
Deferred tax effect at the applicable tax rates (120) 23
Defined benefit plan actuarial gain (loss) -
net of tax 635 (1,389)
76
Page 514
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and
2023, 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, 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
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, 2023 23,136 (18,902) 5,128 (853) 12,878 (12,878) 8,509
Service costs 326 - 331 - - - 657
Settlement costs (2) 2 - - - - -
Interest costs (income) 1,573 (1,295) 369 (67) 913 (898) 595
Plan administration cost (126) 126 - 0 - 187 187
Interest expense on effect of asset ceiling - - - - - 3 3
Additional welfare benefits 50 - - - - - 50
Cost recognized in the consolidated
statement of profit or loss 1,821 (1,167) 700 (67) 913 (708) 1,492
Actuarial (gain) loss on:
Experience adjustments 91 - (76) - (907) - (892)
Changes in financial assumptions 906 - (40) - 2,349 - 3,215
Return on plan assets
(excluding amount included in
net interest expense) - (473) - 25 - (89) (537)
Changes in asset ceiling - - - - - (88) (88)
Cost recognized in OCI 997 (473) (116) 25 1,442 (177) 1,698
Employer’s contributions - (1,635) - (4) - - (1,639)
Pension plan participants’ contributions 17 (17) - - - - -
Benefits paid from plan assets (1,972) 1,972 (149) - (586) 586 (149)
Benefits paid by employer (50) - - - - - (50)
Benefit obligation from transferred employees - - 233 (171) - - 62
Effect on transfer of IndiHome
business to Telkomsel (231) 170 - - (23) 23 (61)
Balance, December 31, 2023 23,718 (20,052) 5,796 (1,070) 14,624 (13,154) 9,862
Projected pension benefit
obligation at end of year 3,666 4,726 1,470 9,862
77
Page 515
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and 2023, 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, 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 - 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 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, 2023 522 44 268 1 928 1,763
Service costs 22 - 7 1 152 182
Interest costs 32 3 15 - 65 115
Cost recognized in the consolidated
statement of profit or loss 54 3 22 1 217 297
Actuarial (gain) loss recognized in OCI (246) (1) 2 - (41) (286)
Benefits paid by employer (53) (2) (38) (1) (102) (196)
Effect on transfer of IndiHome business to Telkomsel (19) 0 (10) - 3 (26)
Balance, December 31, 2023 258 44 244 1 1,005 1,552
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 Rp558 billion and
Rp1,635 billion, for the years ended December 31, 2024 and 2023, respectively.
78
Page 516
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 December 31, 2024 and For the Year Then Ended
(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)
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.
As of December 31, 2024 and 2023, plan assets consist of:
2024 2023
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 921 - 564 -
Equity instruments:
Financials 1,265 - 1,815 -
Consumer non-cyclicals 48 - 99 -
Basic material 203 - 278 -
Infrastructures 510 - 748 -
Energy 146 - 162 -
Technology 91 - 41 -
Industrials 239 - 269 -
Consumer cyclicals 448 - 521 -
Properties and real estate 110 - 113 -
Healthcare 175 - 211 -
Transportation and logistic 4 - 7 -
Equity-based mutual fund 193 - 379 -
Fixed income instruments:
Corporate bonds - 2,034 - 2,469
Government bonds 10,608 - 10,350 -
Fixed income mutual funds ("RDPT") - 66 - 101
MTN - 100 - 100
Asset-backed securities ("EBA") - 7 - 13
Sukuk - 935 - 1,063
Non-public equity:
Direct placement - 377 - 374
Property - 202 - 188
Others - 356 - 366
Total 14,961 4,077 15,557 4,674
Pension plan assets include Series B shares issued by the Company with fair values
totaling to Rp294 billion and Rp457 billion, representing 1.54% and 2.28% of total plan
assets as of December 31, 2024 and 2023, respectively, and bonds issued by the
Company with fair value totaling to Rp338 billion and Rp345 billion representing 1.78%
and 1.72% of total plan assets as of December 31, 2024 and 2023, respectively.
79
Page 517
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 December 31, 2024 and For the Year Then Ended
(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)
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 Rp275 billion and Rp1,768 billion for the years ended
December 31, 2024 and 2023, 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.
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 2024 and 2023, the Company provided employee welfare benefit to pensioners and
pension beneficiaries who entered their retirement period before June 30, 2002
amounting to Rp34 billion and Rp50 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.
80
Page 518
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 December 31, 2024 and For the Year Then Ended
(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 Rp52 billion and Rp50 billion, for the years ended
December 2024 and 2023, 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
81
Page 519
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 December 31, 2024 and For the Year Then Ended
(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
year ended December 31, 2024 was amounting to Rp18 billion (2023: Rp21 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
82
Page 520
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 December 31, 2024 and For the Year Then Ended
(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 years ended December 31, 2024 and 2023. As of December 31, 2024 and 2023, plan assets
consists of:
2024 2023
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 375 - 392 -
Equity instruments:
Financials 1,070 - 1,468 -
Consumer non-cyclicals 78 - 115 -
Basic material 197 - 260 -
Infrastructures 517 - 618 -
Energy 164 - 156 -
Technology 43 - 24 -
Industrials 242 - 261 -
Consumer cyclicals 355 - 395 -
Properties and real estate 96 - 110 -
Healthcare 118 - 147 -
Transportation and logistic 4 - 5 -
Equity-based mutual funds 313 - 435 -
Fixed income instruments:
Government obligations 1,837 - 1,271 -
Corporate obligations 196 - 6 -
Fixed income mutual funds 6,484 - 7,067 -
Exchange Traded Fund ("ETF") 24 - - -
Index mutual funds 5 - - -
Unlisted shares:
Private placement - 507 - 448
Total 12,118 507 12,730 448
Yakes Telkom plan assets also include Series B shares issued by the Company with fair value
totaling Rp217 billion and Rp321 billion, representing 1.72% and 2.45% of total plan assets as of
December 31, 2024 and 2023, respectively. Bonds issued by The Company with a fair value of
Rp69 billion and Rp6 billion each represent 0.55% and 0.04% of total assets as of December 31,
2024 and 2023. 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 Rp270 billion and Rp987 billion for the years ended December 31, 2024
and 2023, 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
83
Page 521
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and 2023 amounted to Rp1 billion and Rp1 billion,
respectively. The related long service employee benefits cost charged to expense amounted to
Rp1 billion and Rp1 billion for the years ended December 31, 2024 and 2023, 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 December 31, 2024 and 2023 amounted to Rp1,064 billion and Rp1,005 billion,
respectively. The related pension employee benefits cost charged to expense amounted to
Rp232 billion and Rp217 billion for the years ended December 31, 2024 and 2023, respectively.
The actuarial gain in OCI amounted to Rp107 billion and Rp41 billion for the years ended
December 31, 2024 and 2023, respectively.
f. Maturity Profile of Defined Benefit Obligation (“DBO”)
The timing of benefits payments and weighted average duration of DBO for 2024 and 2023 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)
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
84
Page 522
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 December 31, 2024 and For the Year Then Ended
(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 2024 and 2023 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)
2023
Within next 10 years 21,044 39 340 8,833 8,929 281 83
Within 10-20 years 15,850 30 79 13,778 13,651 116 426
Within 20-30 years 9,623 16 139 9,184 12,128 70 485
Within 30-40 years 3,630 5 21 439 5,114 3 49
Within 40-50 years 693 1 - - 819 - -
Within 50-60 years 53 - - - 48 - -
Within 60-70 years 1 - - - 5 - -
Within 70-80 years - - - - 1 - -
Weighted average
duration of DBO 8.42 years 8.42 years 5.54 years 9.18 years 12.39 years 4.51 years 11.18 years
g. Sensitivity Analysis
As of December 31, 2024 and 2023, 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
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)
2023
Funded:
Defined pension benefit obligation (2,030) 2,387 235 (224)
Unfunded (10) 12 13 (12)
Telkomsel (529) 602 651 (582)
Post-employment health care benefits (1,609) 1,939 1,845 (1,565)
Other post-employment benefits (11) 12 3 (3)
Post-employment benefits UUCK (Telkom) (10) 12 33 (28)
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.
85
Page 523
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 December 31, 2024 and For the Year Then Ended
(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 Rp1,192 billion and Rp1,153 billion as of
December 31, 2024 and 2023, respectively. The related benefit costs charged to expense amounted
Rp226 billion and Rp289 billion for the years ended December 31, 2024 and 2023, 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
Indonesia Financial Group Entity under common control Fixed assets insurance expenses and personal
insurance 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 Omni Inovasi Indonesia Tbk. Associated
Associatedcompany
companies Distribution of SIM cards and pulse reload voucher
(“Omni Inovasi Indonesia”)
PT Fintek Karya Nusantara Associated companies Marketing expenses and distribution of SIM cards and
(“Finarya”) pulse reload voucher
PT Kereta Cepat Indonesia China Other related entities Other telecommunication service revenue
(“KCIC”)
Padi UMKM Other related entities Operational and maintenance expenses, collection fees,
training expenses, internal security expenses, research
and development expenses, printing expenses,
meeting expenses, general and other administrative
expenses, promotion expenses, advertising expenses,
sales fees, customer education expenses, and
marketing expenses
Directors Key management personnel Honorarium and facilities
Commissioners Supervisory personnel Honorarium and facilities
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 December 31, 2024 and For the Year Then Ended
(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 December 31, 2024 and 2023
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 December 31, 2024 and
2023, the Group recorded an increase of impairment loss from trade receivables of related party
amounted to Rp29 billion and Rp47 billion, respectively.
b. Significant transactions with related parties
The following table presents significant transactions with related parties:
2024 2023
% of total % of total
Amount revenues Amount revenues
Revenues
Majority Stockholder
Ministry of Finance 234 0.16 174 0.12
Entities under common control
Indosat 2,209 1.47 2,195 1.47
BNI 531 0.35 509 0.34
Pertamina 488 0.33 755 0.51
Bank Mandiri 308 0.21 156 0.10
BRI 228 0.15 190 0.13
Others (each below Rp100 billion) 430 0.29 1,006 0.67
Sub-total 4,194 2.80 4,811 3.22
Other related entities
KCIC 357 0.24 87 0.06
Others 47 0.03 43 0.03
Sub-total 404 0.27 130 0.09
Associated companies 0 0.00 8 0.01
Total 4,832 3.23 5,123 3.44
2024 2023
% of total % of total
Amount expenses Amount expenses
Expenses
Entities under common control
PLN 2,779 2.58 2,602 2.49
Indosat 644 0.60 566 0.54
Indonesia Financial Group 183 0.17 198 0.19
BNI 112 0.10 143 0.14
Others (each below Rp100 billion) 150 0.14 381 0.36
Sub-total 3,868 3.59 3,890 3.72
Other related entities
Padi UMKM 508 0.47 561 0.54
Others 77 0.07 94 0.09
Sub-total 585 0.54 655 0.63
Associated companies
Finarya 109 0.10 126 0.12
Others 0 0.00 0 0.00
Sub-total 109 0.10 126 0.12
Total 4,562 4.23 4,671 4.47
2024 2023
% of total % of total
Amount finance income Amount finance income
Finance income
Entities under common control
State-owned banks 371 27.14 312 29.41
Total 371 27.14 312 29.41
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 December 31, 2024 and For the Year Then Ended
(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):
2024 2023
% of total % of total
Amount finance cost Amount finance cost
Finance cost
Majority stockholder
Ministry of Finance 1 0.02 5 0.11
Entities under common control
State-owned banks 1,329 25.52 1,111 23.88
Sarana Multi Infrastruktur 8 0.15 74 1.59
Total 1,338 25.69 1,190 25.58
2024 2023
% of total % of total
Amount purchases Amount purchases
Purchase of property
and equipment
Entities under common control 29 0.12 64 0.19
Total 29 0.12 64 0.19
2024 2023
% of total % of total
Amount revenues Amount revenue
Distribution of SIM
card and voucher
Associated companies
Omni Inovasi Indonesia 371 0.25 467 0.31
Finarya 100 0.07 159 0.11
Total 471 0.32 626 0.42
c. Balance of accounts with related parties
The following table presents significant transactions with related parties:
2024 2023
% of total % of total
Amount assets Amount assets
Cash and cash equivalents
(Note 3) 26,217 8.75 19,024 6.63
Other current financial
asset (Note 4) 918 0.31 800 0.28
Trade receivables
(Note 5) 2,350 0.78 1,918 0.67
Contract assets
Majority stockholder
Ministry of Finance 16 0.01 36 0.01
Entities under common control 193 0.06 252 0.09
Associated companies 1 0.00 1 0.00
Other related entities 3 0.00 1 0.00
Total 213 0.07 290 0.10
Other current asset 138 0.05 53 0.02
Other non-current asset 12 0.00 5 0.00
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 December 31, 2024 and For the Year Then Ended
(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):
2024 2023
% of total % of total
Amount liabilities Amount liabilities
Trade payables (Note 15)
Majority stockholder
Ministry of Finance 17 0.01 18 0.01
Entities under common control
State-owned enterprises 317 0.23 302 0.23
Indosat 212 0.15 129 0.10
Others - - 12 0.01
Sub-total 529 0.38 443 0.34
Associated companies 20 0.01 40 0.03
Other related entities 60 0.04 84 0.06
Total 626 0.44 585 0.44
Accrued expenses
Majority stockholder
Ministry of Finance - - 1 0.00
Entities under common control
State-owned enterprises 209 0.15 137 0.10
State-owned banks 81 0.06 39 0.03
Sub-total 290 0.21 176 0.13
Associated companies 1 0.00 - -
Total 291 0.21 177 0.13
Contract liabilities
Majority stockholder
Ministry of Finance 90 0.07 18 0.01
Entities under common control
State-owned enterprises 474 0.35 312 0.24
Others 1 0.00 1 0.00
Sub-total 475 0.35 313 0.24
Associated companies 7 0.01 13 0.01
Other related entities
KCIC 1,113 0.81 1,133 0.87
Others 4 0.00 2 0.00
Sub-total 1,117 0.81 1,135 0.87
Total 1,689 1.24 1,479 1.13
Customer deposits 19 0.01 19 0.01
Short-term bank loans (Note 18) 5,554 4.05 4,916 3.77
Two-step loans (Note 19a) - - 84 0.06
Long-term bank loans (Note 19c) 15,943 11.62 11,099 8.51
Other borrowings (Note 19d) - - 362 0.28
89
Page 527
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
d. Significant agreements with related parties
i. The Government
The Company obtained two-step loans from the Government (Note 19a).
ii. 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:
2024 2023
% of total % of total
Amount expenses Amount expenses
Board of Directors 504 0.47% 475 0.46%
Board of Commissioners 176 0.16% 179 0.17%
The amounts disclosed in the table above are amounts recognized as general and administration
expense during the reporting periods.
90
Page 528
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 December 31, 2024 and For the Year Then Ended
(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.
2024
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segment elimination consolidated
Segment results
Revenues
External revenues 83,400 26,312 20,593 18,002 1,078 149,385 582 149,967
Inter-segment revenues 3,226 50 24,749 21,398 1,657 51,080 (51,080) -
Total segment revenues 86,626 26,362 45,342 39,400 2,735 200,465 (50,498) 149,967
Segment results 25,977 8,216 443 9,102 (1,051) 42,687 (3,534) 39,153
Other information
Capital expenditures (11,679) (5,413) (2,677) (4,540) (8) (24,317) (132) (24,449)
Depreciation and
amortization (20,852) (5,870) (3,631) (6,691) (16) (37,060) 4,417 (32,643)
Provision recognized in
current year (110) (560) (142) (37) (7) (856) (48) (904)
2023
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segment elimination consolidated
Segment results
Revenues
External revenues 85,291 26,442 19,508 16,928 402 148,571 645 149,216
Inter-segment revenues 3,628 165 25,234 20,333 2,014 51,374 (51,374) -
Total segment revenues 88,919 26,607 44,742 37,261 2,416 199,945 (50,729) 149,216
Segment results 28,693 7,971 602 9,386 (1,188) 45,464 (4,670) 40,794
Other information
Capital expenditures (12,370) (6,434) (5,073) (8,964) (11) (32,852) (116) (32,968)
Depreciation and
amortization (21,248) (5,828) (3,884) (6,135) (18) (37,113) 4,450 (32,663)
Provision recognized in
current year (231) (463) 173 (11) (5) (537) 24 (513)
91
Page 529
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
Adjustments and eliminations:
a. Revenue reconciliation
2024 2023
Total segment revenues 200,465 199,945
Revenue from other non-operating segments 582 645
Adjustment and inter-segment elimination (51,080) (51,374)
Consolidated revenues 149,967 149,216
b. Segment results reconciliation
2024 2023
Total segment results 42,687 45,464
Loss from other non-operating segments (2,699) (2,679)
Adjustment and inter-segment elimination 3,003 1,599
Finance income 1,367 1,061
Finance cost (5,208) (4,652)
Share of profit of long-term investment in associates 3 1
Consolidated profit before income tax 39,153 40,794
c. Capital expenditure reconciliation
2024 2023
Total segment capital expenditure (24,317) (32,852)
Capital expenditure from
other non-operating segments (132) (116)
Consolidated capital expenditure (24,449) (32,968)
d. Depreciation and amortization reconciliation
2024 2023
Total segment depreciation and amortization (37,060) (37,113)
Depreciation and amortization from
other non-operating segments (212) (250)
Adjustment and inter-segment elimination 4,629 4,700
Consolidated depreciation and amortization (32,643) (32,663)
e. Provision recognized in current year reconciliation
2024 2023
Total segment provision (856) (537)
Provision recognized from other
non-operating segments (37) (5)
Adjustment and inter-segment elimination (11) 29
Consolidated provision recognized
in current year (904) (513)
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
Geographic information:
2024 2023
External revenues
Indonesia 141,062 141,157
Abroad 8,905 8,059
Total 149,967 149,216
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 years ended
December 31, 2024 and 2023.
2024 2023
Non-current operating assets
Indonesia 187,158 186,554
Abroad 2,850 2,932
Total 190,008 189,486
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
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 December 31, 2024 and For the Year Then Ended
(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.
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS
a. Capital expenditures
As of December 31, 2024, capital expenditures committed under the contractual arrangements are
Rp11,272 billion and US$223 million.
The above balance includes the following significant agreements:
Contracting parties Date 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 12, 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
Telkomsel, PT Sempurna Global
Procurement Agreement of Next
Pratama, PT Lintas Teknologi September 1, 2021 -
Generation of Gateway GPRS Support
Indonesia, and PT Ericsson August 31, 2024*
Node ("GGSN") (Virtualized EPC)
Indonesia
Telkomsel, Amdocs Software Agreement Online Charging System
October 8, 2024 -
Solutions Limited Liability Company, (“OCS”) and Service Control Points
October 7, 2029
and PT Application Solutions (“SCP”) System Solution Development
Telkomsel and PT Application October 8, 2024 -
TSA for OCS and SCP
Solutions October 7, 2029
Telkomsat and Thales Alenia Space October 28, 2021 - Procurement and Installation Agreement
France ("TAS") October 27, 2037 of HTS 113BT Satellite 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
Contract Agreement of General
October 14, 2024 -
TDE and PT ZTE Indonesia Contractor (GC) for Delta Project Level-2
October 14, 2027
Fit Out Works
The Company and PT Master December 9, 2024 - Agreement Procurement and Installation
System Infotama June 6, 2025 for Expand IP Backbone Platform Cisco
Agreement Procurement and Installation
The Company and PT ZTE December 12, 2024 -
for OTN Metro (OTM) Future State
Indonesia September 25, 2025
Architecture (FSA) - Platform ZTE
Agreement Procurement and Installation
The Company and PT Lintas December 13, 2024 -
for OTN Metro (OTM) Future State
Teknologi Indonesia June 28, 2025
Architecture (FSA) - Platform Nokia
Agreement Procurement and Installation
The Company and PT Packet December 18, 2024 -
for OTN Metro (OTM) Future State
Systems Indonesia July 28, 2025
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
Agreement Procurement and Installation
The Company and PT Huawei Tech December 31, 2024 -
for Expand MSA, WAG, BNG, and PCEF
Investment June 28, 2025
Wifi Platform Huawei
* Telkomsel is currently renewing this agreement.
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
35.
b. Borrowings and other credit facilities
(i) As of December 31, 2024, 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 10
BNI 500 March 31, 2025 Rp 49
Bank Mandiri 500 June 21, 2025 Rp 180
Total 1,500 239
The Company has sufficient bank facilities to meet its current obligations (Note 37b.v).
(ii) As of December 31, 2024, 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 1,459
Total 3,100 2,077
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 December 31, 2024, 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.
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.
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 December 31, 2024 and For the Year Then Ended
(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)
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.
(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.
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(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.
(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.
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 December 31, 2024 and For the Year Then Ended
(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 (continued)
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. 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 December
31, 2024, 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 December 31, 2023 and
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.
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 December 31, 2024 and For the Year Then Ended
(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:
2024
US 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
2023
US Dollar Japanese Yen Others* Rupiah equivalent
(in millions) (in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 263.35 5.66 16.23 4,271
Other current financial assets 27.15 - - 419
Trade receivables
Related parties 0.14 - 0.03 2
Third parties 152.98 - 11.71 2,525
Contract assets 6.90 - - 107
Other receivables 0.51 - 1.10 25
Other current assets 1.40 - 2.61 34
Long-term investment in financial instruments 376.76 - 5.90 5,902
Other non-current assets 0.35 - 0.49 14
Total assets 829.54 5.66 38.07 13,299
Liabilities
Trade payables
Related parties (0.14) - - (2)
Third parties (164.46) (26.73) (10.42) (2,677)
Other payables 2.32 - (7.73) (55)
Accrued expenses (32.26) (2.61) (4.53) (549)
Customer deposits (2.93) - (0.14) (47)
Current maturities of long-term borrowings (11.29) (767.90) (0.25) (262)
Long-term borrowings - net of current maturities (31.89) - (1.62) (516)
Other liabilities (0.09) - - (1)
Total liabilities (240.74) (797.24) (24.69) (4,109)
Assets (liabilities) - net 588.80 (791.58) 13.38 9,190
*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.
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 December 31, 2024 and For the Year Then Ended
(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
2024 2023
Amortized cost
Cash and cash equivalents 33,905 29,007
Other current financial assets 1,196 1,359
Trade receivables 12,193 10,667
Other receivables 621 266
Other non-current assets 165 155
FVTPL
Long-term investment in financial instruments 8,174 8,028
Other current financial assets 89 302
FVTOCI
Long-term investment in financial instruments 51 25
Total financial assets 56,394 49,809
(b) Financial liabilities
2024 2023
Financial liabilities measured at amortized cost
Trade payables 15,336 18,608
Other payables 454 441
Accrued expenses 14,192 13,079
Customers deposits 41 42
Short-term bank loans 11,525 9,650
Two-step loans - 84
Bonds and MTN 5,043 5,343
Long-term bank loans 36,341 32,260
Other borrowings - 362
Lease liabilities 23,959 20,425
Other liabilities 104 141
Total financial liabilities 106,995 100,435
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
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
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 December 31, 2024 and For the Year Then Ended
(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, 2023 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 302 302 302 - -
Long-term investment in financial instruments 8,028 8,028 2,056 - 5,972
FVTOCI
Long-term investment in financial instruments 25 25 - - 25
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Two-step loans 84 83 - - 83
Bonds and MTN 5,343 6,120 5,586 - 534
Long-term bank loans 32,260 31,473 - - 31,473
Other borrowings 362 362 - - 362
Lease liabilities 20,425 20,425 - - 20,425
Other liabilities 141 141 - - 141
Total 66,970 66,959 7,944 - 59,015
Gain on fair value measurement recognized in consolidated statements of profit or loss and
other comprehensive income for the year ended December 31, 2024 amounting to
Rp578 billion.
Reconciliations of the beginning and ending balances for items measured at fair value using
significant unobservable inputs (level 3) as of December 31, 2024 and 2023 are as follows:
2024 2023
Beginning balance 5,997 6,358
Gain (loss) recognized in consolidated statement
of profit or loss and other comprehensive income 578 (687)
Purchase/addition 49 330
Settlement/deduction (67) (4)
Ending balance 6,557 5,997
102
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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 December 31, 2024 and For the Year Then Ended
(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)
Sensitivity Analysis
The following table summarizes the quantitative information about the significant unobservable
inputs used in level 3 fair value measurements:
Significant
Valuation unobservable Range Sensitivity of the input of fair
Industry technique input (weighted average) value
Investment in equity
Non-listed equity investment - OPM Backsolve Volatility 27% - 80% 10% increase (decrease) in the
technology method percentage of volatility would
result in an increase (decrease)
Rp34 billion of the Investment
value
Exit timing 1 - 6 Years Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp50 billion of the
Investment value
CoCos Equity Volatility 19.18% - 119.76% 10% increase (decrease) in the
percentage of volatility would
result in an increase (decrease)
Rp36 billion of the Investment
value
Exit timing 1 - 6 Years Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp61 billion of the
Investment value
Probability- Volatility 60% - 80% 10% increase (decrease) in the
weighted Method percentage of volatility would
result in an increase (decrease)
Rp15 billion of the Investment
value
Exit timing 1.25 - 3.25 Years Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp34 billion of the
Investment value
Recent Volatility 53.66% - 73.66% 10% increase (decrease) in the
Transaction percentage of volatility would
result in an increase (decrease)
Rp1 billion of the Investment value
Exit timing 2 - 4 Years Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp0 billion of the
Investment value
Market movement Volatility 33% - 100% 10% increase (decrease) in the
percentage of volatility would
result in an increase (decrease)
Rp2 billion of the Investment value
Time to liquidity 1.3 - 4.3 Years Increase (decrease) in 1 year time
to liquidity would result in an
increase (decrease) Rp4 billion of
the Investment value
103
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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 December 31, 2024 and For the Year Then Ended
(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)
Sensitivity Analysis (continued)
The following table summarizes the quantitative information about the significant unobservable
inputs used in level 3 fair value measurements (continued):
Significant Range
Valuation unobservable (weighted
Industry technique input average) Sensitivity of the input of fair value
Investment in equity
Non-listed equity investment - Discounted cash Weighted Average 12% - 24% 1% decrease (increase) in the
credit rating agency flow Cost of Capital percentage of WACC would result in an
("WACC") increase (decrease) Rp13 billion of the
Investment value
Terminal growth rate 1% - 5% 1% increase (decrease) in terminal
growth rate would result in an increase
(decrease) Rp8 billion of the Investment
value
Non-listed equity investment - Discounted cash WACC 3.2% - 14.7% 0.5% decrease (increase) in WACC
telecommunication flow would result in an increase (decrease)
Rp0 billion of the Investment value
Terminal growth rate 1.96% - 3.1% 1% increase (decrease) in terminal
growth rate would result in an increase
(decrease) Rp0 billion of the Investment
value
Convertible bonds
Non-listed equity investment - Conversion Probability of 50% 50% increase (decrease) in probability
technology discount qualified financing of qualified financing would result in an
increase (decrease) Rp1 billion of the
Investment value
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.
104
Page 542
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 December 31, 2024 and For the Year Then Ended
(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 (continued)
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.
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:
2024 2023
U.S. Dollar Japanese Yen U.S. Dollar Japanese Yen
(in billions) (in billions) (in billions) (in billions)
Financial assets 1.02 0.01 0.83 0.01
Financial liabilities (0.17) (0.02) (0.24) (0.80)
Net exposure 0.85 (0.01) 0.59 (0.79)
105
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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 December 31, 2024 and For the Year Then Ended
(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)
Sensitivity analysis
A strengthening of the US Dollar and Japanese Yen, as indicated below, against the Rupiah
at December 31, 2024 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)
December 31, 2024
U.S. Dollar (1% strengthening) 137
Japanese Yen (5% strengthening) (0)
A weakening of the U.S. Dollar and Japanese Yen against the Rupiah at December 31, 2024,
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 December 31, 2024, 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 544
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 December 31, 2024 and For the Year Then Ended
(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:
2024 2023
Fixed rate borrowings 48,097 38,386
Variable rate borrowings 28,771 29,738
Sensitivity analysis for variable rate borrowings
As of December 31, 2024, a decrease (increase) by 25 basis points in interest rates of variable
rate borrowings would have increased (decreased) equity and profit or loss by Rp72 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:
2024 2023
Cash and cash equivalents 33,905 29,007
Other current financial assets 1,285 1,661
Trade receivables 12,193 10,667
Other receivables 621 266
Other non-current assets 165 155
Total 48,169 41,756
The Group is exposed to credit risk primarily from cash and cash equivalents and trade 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 5.76% of trade receivables as of December 31, 2024
(2023: 3.53%).
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 545
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 December 31, 2024 and For the Year Then Ended
(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 Group has a net current liabilities position as of December 31, 2024, and
is expected to meet its current obligations by having access to sufficient undrawn bank
facilities amounted to Rp45,762 billion and US$73 million (Note 19c).
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
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
other borrowings:
Short-term bank loans 11,525 (11,525) (11,525) - - - -
Bonds and MTN 5,043 (9,307) (2,763) (296) (296) (297) (5,655)
Long-term bank loans 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)
Carrying Contractual 2028 and
amount cash flows 2024 2025 2026 2027 thereafter
2023
Trade payables 18,608 (18,608) (18,608) - - - -
Other payables 441 (441) (441) - - - -
Accrued expenses 13,079 (13,079) (13,079) - - - -
Customer deposits 42 (42) (42) - - - -
Interest bearing loans and
other borrowings:
Short-term bank loans 9,650 (9,650) (9,650) - - - -
Two-step loans 84 (85) (85) - - - -
Bonds and MTN 5,343 (10,163) (1,086) (2,574) (293) (293) (5,917)
Long-term bank loans 32,260 (38,386) (11,194) (8,090) (6,901) (4,569) (7,632)
Other borrowings 362 (370) (370) - - - -
Lease liabilities 20,425 (24,498) (6,614) (3,564) (3,073) (2,573) (8,674)
Other liabilities 141 (146) (4) (36) (36) (35) (35)
Total 100,435 (115,468) (61,173) (14,264) (10,303) (7,470) (22,258)
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 546
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 December 31, 2024 and For the Year Then Ended
(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:
2024 2023
Amount Portion Amount Portion
Short-term debts 11,525 5.26% 9,650 4.73%
Long-term debts 65,343 29.85% 58,474 28.68%
Total debts 76,868 35.11% 68,124 33.41%
Equity attributable to owners
of the parent company 142,094 64.89% 135,744 66.59%
Total 218,962 100.00% 203,868 100.00%
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 December 31, 2024 and 2023, respectively, were as follows:
2024 2023
Total interest-bearing debts 76,868 68,124
Less: cash and cash equivalents (33,905) (29,007)
Net debts 42,963 39,117
Total equity attributable to owners
of the parent company 142,094 135,744
Net debt-to-equity ratio 30.24% 28.82%
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 years ended December 31, 2024 and 2023, the Group has
complied with externally imposed capital requirements.
109
Page 547
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 December 31, 2024 and For the Year Then Ended
(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 years ended December 31, 2024 and 2023 are as follows:
2024 2023
Acquisition of property and equipment:
Credited to trade payables 2,251 3,905
Borrowing cost capitalization 98 124
Addition of right-of-use assets:
Credited to leases (Note 12) 10,421 10,390
Acquisition of intangible assets:
Credited to trade payables 339 479
b. The changes in liabilities arising from financing activities is as follows:
Non-cash changes
Foreign exchange Other
January 1, 2024 Cash flows Acquisition movement New leases Changes December 31, 2024
Short-term bank loans 9,650 1,875 - - - - 11,525
Two step loans 84 (100) - 16 - - -
Bonds 5,343 (300) - - - - 5,043
Long-term bank loans 32,260 3,933 148 7 - (7) 36,341
Other borrowings 362 (362) - - - - -
Lease liabilities 20,425 (7,387) - 29 10,421 471 23,959
Total liabilities from
financing activities 68,124 (2,341) 148 52 10,421 464 76,868
40. SUBSEQUENT EVENTS
1. On January 10, 2025, February 10, 2025, and March 10, 2025, Telkomsel has partially paid the
outstanding long-term loans to Bank Mandiri totaling to Rp4,000 billion.
2. 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 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, and 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.
3. 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.
110
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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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”)
These are summary of significant differences between PSAK and IFRS for the year 2024.
Impact of significant differences between PSAK and IFRS on items in consolidated statements of
financial position as of December 31, 2024 were as follows:
Reference PSAK Reconciliation IFRS
ASSETS
Trade receivables - net allowance for
expected credit losses
Related parties b 2,350 655 3,005
Third parties b 9,843 (655) 9,188
Other current assets 8,174 14 8,188
Total Current Assets 63,080 14 63,094
Property and equipment - net of accumulated depreciation a 180,566 (1,981) 178,585
Right-of-use asset a,d 26,910 1,561 28,471
Deferred tax assets - net d 3,409 28 3,437
Total Non-current Assets 236,595 (392) 236,203
TOTAL ASSETS 299,675 (378) 299,297
LIABILITIES AND EQUITY
Trade payables
Related parties b 626 2,634 3,260
Third parties b 14,710 (2,634) 12,076
Current maturities of lease liabilities d 5,491 (44) 5,447
Total Current Liabilities 76,767 (44) 76,723
Lease liabilities d 18,468 10 18,478
Total Non-current Liabilities 60,418 10 60,428
TOTAL LIABILITIES 137,185 (34) 137,151
EQUITY
Additional paid-in capital c 2,310 (333) 1,977
Other equity c 9,898 (9,139) 759
Retained earnings c 124,933 9,266 134,199
Net equity attributable to owners of the parent company d 142,094 (206) 141,888
Non-controlling interests d 20,396 (138) 20,258
TOTAL EQUITY 162,490 (344) 162,146
TOTAL LIABILITIES AND EQUITY 299,675 (378) 299,297
111
Page 549
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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
Impact of significant differences between PSAK and IFRS on items in consolidated statements of profit
or loss and other comprehensive income for the year ended December 31, 2024 were as follows:
Reference PSAK Reconciliation IFRS
Depreciation and amortization expenses a,d (32,643) 47 (32,596)
Other income - net d 281 (29) 252
OPERATING PROFIT 42,991 18 43,009
Finance cost d (5,208) (13) (5,221)
PROFIT BEFORE INCOME TAX 39,153 5 39,158
INCOME TAX (EXPENSE) BENEFIT (8,410) (23) (8,433)
PROFIT FOR THE YEAR 30,743 (18) 30,725
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 31,638 (18) 31,620
Profit for the year attributable to:
Owners of the parent company 23,649 (38) 23,611
Non-controlling interests 7,094 20 7,114
Total comprehensive income for the year attributable to:
Owners of the parent company 24,434 (38) 24,396
Non-controlling interests 7,204 20 7,224
BASIC EARNING PER SHARE
(in full amount)
Net income per share 238.73 (0.38) 238.35
Net income per ADS (100 Series B shares per ADS) 23,872.88 (38.36) 23,834.52
a. Land rights
Under PSAK, land rights are recorded as part of property and equipment and are not amortized,
unless there is indication that the extension or renewal of land rights is not expected to be or will
not be received. Costs incurred to process the extension or renewal of land legal rights are
recognized as intangible assets and amortized over the shorter of the term of the land rights or the
economic life of the land.
Under IFRS, land rights are accounted and presented as part of right-of-use assets. Land rights
amortized over the lease period.
b. Related party transactions
Under Bapepam-LK Regulation No. VIII.G.7 regarding the Presentation and Disclosures of
Financial Statements of Issuers or Public Companies, a government-related entity is an entity that
is controlled, jointly controlled, or significantly influenced by a government. Government in this
context is the Ministry of Finance or the Local Government, as the shareholder of the entity.
Under IFRS, a government-related entity is an entity that is controlled, jointly controlled, or
significantly influenced by a government. Government in this context refers to the Government of
Indonesia, Government agencies, and similar bodies whether local, national, or international.
112
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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 December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
c. Differences in entities under common control restructuring transactions
According to PSAK, the difference between restructuring transactions between entities under
common control is included in the grouping of additional paid-in capital in equity. Meanwhile,
according to IFRS, the difference in restructuring transactions between entities under common
control is included in the grouping of retained earnings.
d. Timing difference in applying accounting standards
The Group applied PSAK 116 Leases starting from January 1, 2020. It is equivalent with accounting
standards in IFRS 16 Leases which was implemented in the beginning January 1, 2019. Timing
difference in applying accounting standard results in differences in some of accounts in the
consolidated financial statements.
113
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Page 552
Program Pendanaan Usaha Mikro dan Usaha Kecil Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk Financial statements as of December 31, 2024 for the year then ended with independent auditor’s report
Page 553
The original financial statements included herein are in
Indonesian language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN KEUANGAN FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2024 AS OF DECEMBER 31, 2024
DAN UNTUK TAHUN YANG BERAKHIR PADA AND FOR YEAR THEN ENDED
TANGGAL TERSEBUT
Daftar Isi Table of Contents
Halaman/
Pages
Surat Pernyataan Senior General Manager Statement of Senior General Manager
Social Responsibility (SGM SR) Social Responsibility (SGM SR)
Laporan Auditor Independen Independent Auditor’s Report
Laporan Posisi Keuangan ............................................. 1 ................................ Statement of Financial Position
Laporan Penghasilan Komprehensif .............................. 2 ....................... Statement of Comprehensive Income
Laporan Perubahan Aset Neto ...................................... 3 ........................ Statement of Changes in Net Assets
Laporan Arus Kas......................................................... 4 ......................................... Statement of Cash Flows
Catatan Atas Laporan Keuangan .................................. 5 - 24 ............................ Notes to the Financial Statements
************************
Page 554
Page 555
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen Independent Audit or’s Report
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 2/ 1/ IV/ 2025
Pemegang Saham, Dewan Komisaris dan The Shareholders and Boards of Commissioners
Dir eksi Perusahaan Perseroan (Persero) and Direct ors Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk PT Telekomunikasi Indonesia Tbk
Pengelola Program Pendanaan Usaha Mikro dan Management of Program Pendanaan Usaha Mikro
Usaha Kecil (Social Responsibilit y Cent er dan Usaha Kecil (Social Responsibilit y Cent er
sebelumnya Communit y Development Cent er) formerly Communit y Development Cent er)
Perusahaan Perseroan (Persero) Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk PT Telekomunikasi Indonesia Tbk
Opini Opinion
Kami telah mengaudit laporan keuangan We have audited the accompanying financial
Program Pendanaan Usaha Mikro dan Usaha statements of Program Pendanaan Usaha Mikro
Kecil (Social Responsibility Center sebelumnya dan Usaha Kecil (Social Responsibilit y Center
Community Development Center) formerly Community Development Center)
Perusahaan Perseroan (Persero) Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk (“ SRC” ) PT Telekomunikasi Indonesia Tbk (“ SRC” ), which
terlampir, yang terdiri dari laporan posisi comprise of statement financial position as of
keuangan tanggal 31 Desember 2024, serta December 31, 2024, and the statements of
laporan penghasilan komprehensif, comprehensive income, changes in net assets and
laporan perubahan aset neto dan laporan arus kas cashflows for the year then ended, and notes to the
untuk tahun yang berakhir pada tanggal tersebut, financial statements, including a summary of
dan catatan atas laporan keuangan, termasuk material accounting policies.
ikhtisar kebijakan akuntansi material.
Menurut opini kami, laporan keuangan terlampir In our opinion, the accompanying financial
menyajikan secara wajar, dalam semua hal yang statements present fairly, in all material respects,
material, posisi keuangan SRC tanggal the financial position of the SRC as of
31 Desember 2024, serta kinerja keuangan dan December 31, 2024, and it s financial performance
arus kas untuk tahun yang berakhir pada tanggal and cash flows for the year then ended, in
tersebut, sesuai dengan Standar Akuntansi accordance with Indonesian Non-Publicly
Keuangan Entitas Tanpa Akuntabilitas Publik di Accountable Entities Financial Accounting
Indonesia. Standards.
i
Page 556
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 (lanjutan) 2/ 1/ IV/ 2025 (continued)
Basis opini Basis for opinion
Kami melaksanakan audit kami berdasarkan We conducted our audit in accordance with
Standar Audit yang ditetapkan oleh Institut Standards on Auditing established by the
Akuntan Publik Indonesia (“ IAPI” ). Tanggung Indonesian Institute of Certified Public Accountants
jawab kami menurut standar tersebut diuraikan (“ IICPA” ). Our responsibilities under those
lebih lanjut dalam paragraf Tanggung Jawab standards are further described in the Auditor’s
Auditor terhadap Audit atas Laporan Keuangan Responsibilities for the Audit of the Financial
pada laporan kami. Kami independen terhadap Statement s paragraph of our report. We are
SRC berdasarkan ketentuan etika yang relevan independent of the SRC in accordance with the
dalam audit kami atas laporan keuangan di ethical requirements relevant to our audit of the
Indonesia, dan kami telah memenuhi tanggung financial statements in Indonesia, and we have
jawab etika lainnya berdasarkan ketentuan fulfilled our other ethical responsibilities in
tersebut. Kami yakin bahwa bukti audit yang telah accordance with such requirements. We believe
kami peroleh adalah cukup dan tepat untuk that the audit evidence we have obtained is
menyediakan suatu basis bagi opini audit kami. sufficient and appropriate to provide a basis for our
audit opinion.
Informasi lain Ot her informat ion
Pengelola SRC bertanggung jawab atas SRC’s Management is responsible for the other
informasi lain. Informasi lain terdiri dari information. Other information comprises the
informasi yang tercantum dalam Laporan information included in the annual report year
Tahunan Tahun 2024 (“ Laporan Tahunan” ). 2024 (the “ Annual Report” ). The Annual Report
Laporan Tahunan diharapkan akan tersedia bagi is expected to be made available to us after the
kami setelah tanggal laporan auditor independen date of this independent auditor’s report.
ini.
Opini audit kami atas laporan keuangan terlampir Our audit opinion on the accompanying financial
tidak mencakup Laporan Tahunan, dan oleh statements does not cover the Annual Report ,
karena itu, kami tidak menyatakan bentuk and accordingly, we do not express any form of
keyakinan apapun atas Laporan Tahunan assurance on the Annual Report .
tersebut.
Sehubungan dengan audit kami atas laporan In connection with our audit of the accompanying
keuangan terlampir, tanggung jawab kami financial statements, our responsibility is to read
adalah untuk membaca Laporan Tahunan dan, the Annual Report when it becomes available and,
dalam pelaksanaannya, mempertimbangkan in doing so, consider whether the Annual Report
apakah Laporan Tahunan mengandung is materially inconsistent with the accompanying
ketidakkonsistensian material dengan laporan financial statements or our knowledge obtained in
keuangan terlampir atau pemahaman yang kami the audit, or otherwise appears to be materially
peroleh selama audit , atau mengandung misstated.
kesalahan penyajian material.
Ketika kami membaca Laporan Tahunan, jika When we read the Annual Report , if we conclude
kami menyimpulkan bahwa terdapat suatu that there is a material misstatement therein, we
kesalahan penyajian material di dalamnya, kami are required to communicate the matter to those
diharuskan untuk mengomunikasikan hal charged with governance and take appropriate
tersebut kepada pihak yang bertanggung jawab actions based on the applicable laws and
atas tata kelola dan melakukan tindakan yang regulations.
tepat berdasarkan peraturan perundang-
undangan yang berlaku.
ii
Page 557
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 (lanjutan) 2/ 1/ IV/ 2025 (continued)
Tanggung jawab pengelola SRC dan pihak yang Responsibilit ies of SRC’s management and t hose
bert anggung jawab at as t at a kelola t erhadap charged wit h governance for t he financial
laporan keuangan st at ement s
Pengelola SRC bertanggung jawab atas SRC’s management is responsible for the
penyusunan dan penyajian wajar laporan preparation and fair presentation of such financial
keuangan tersebut sesuai dengan statements in accordance with Indonesian
Standar Akuntansi Keuangan Entitas Tanpa Non-Publicly Accountable Entities Financial
Akuntabilitas Publik di Indonesia, dan atas Accounting Standards, and for such internal
pengendalian internal yang dianggap perlu oleh control as SRC’s management determines is
pengelola SRC untuk memungkinkan penyusunan necessary to enable the preparation of financial
laporan keuangan yang bebas dari kesalahan statements that are free from material
penyajian material, baik yang disebabkan oleh misstatement, whether due to fraud or error.
kecurangan maupun kesalahan.
Dalam penyusunan laporan keuangan, pengelola In preparing the financial statements, SRC’s
SRC bertanggung jawab untuk menilai management is responsible for assessing the SRC’s
kemampuan SRC dalam mempertahankan ability to continue as a going concern,
kelangsungan usahanya, mengungkapkan, disclosing, as applicable, matters related to going
sesuai dengan kondisinya, hal-hal yang berkaitan concern, and using the going concern basis of
dengan kelangsungan usaha, dan menggunakan accounting, unless SRC’s management either
basis akuntansi kelangsungan usaha, kecuali intends to liquidate the SRC or to cease its
pengelola SRC memiliki intensi untuk melikuidasi operations or has no realistic alternative but to do
SRC atau menghentikan operasinya atau tidak so.
memiliki alternatif yang realistis selain
melaksanakannya.
Pihak yang bertanggung jawab atas tata kelola Those charged with governance are responsible for
bertanggung jawab untuk mengawasi proses overseeing the SRC’s financial reporting process.
pelaporan keuangan SRC.
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan financial st at ement s
Tujuan kami adalah untuk memeroleh keyakinan Our objectives are to obtain reasonable assurance
memadai tentang apakah laporan keuangan about whether the financial statements taken as a
secara keseluruhan bebas dari kesalahan whole are free from material misstatement,
penyajian material, baik yang disebabkan oleh whether due to fraud or error, and to issue an
kecurangan maupun kesalahan, dan untuk independent auditor’s report that includes our
menerbitkan laporan auditor independen yang audit opinion. Reasonable assurance is a high level
mencakup opini audit kami. Keyakinan memadai of assurance, but is not a guarantee that an audit
merupakan suatu tingkat keyakinan tinggi, namun conducted in accordance with Standards on
bukan merupakan suatu jaminan bahwa audit Auditing established by the IICPA will always detect
yang dilaksanakan berdasarkan Standar Audit a material misstatement when it exists.
yang ditetapkan oleh IAPI akan selalu mendeteksi Misstatements can arise from fraud or error and
kesalahan penyajian material ketika hal tersebut are considered material if, individually or in the
ada. Kesalahan penyajian dapat disebabkan oleh aggregate, they could reasonably be expected to
kecurangan maupun kesalahan dan dianggap influence the economic decisions of users taken on
material jika, baik secara individual maupun the basis of such financial statements.
agregat, dapat diekspektasikan secara wajar akan
memengaruhi keputusan ekonomi yang dibuat
oleh pengguna berdasarkan laporan keuangan
tersebut.
iii
Page 558
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 (lanjutan) 2/ 1/ IV/ 2025 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan (lanjut an) financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditetapkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit . We also:
audit. Kami juga:
Mengidentifikasi dan menilai risiko kesalahan Identify and assess the risks of material
penyajian material dalam laporan keuangan, misstatement of the financial statements,
baik yang disebabkan oleh kecurangan whether due to fraud or error, design and
maupun kesalahan, mendesain dan perform audit procedures responsive to such
melaksanakan prosedur audit yang responsif risks, and obtain audit evidence that is
terhadap risiko tersebut, serta memeroleh sufficient and appropriate to provide a basis for
bukti audit yang cukup dan tepat untuk our audit opinion. The risk of not detecting a
menyediakan basis bagi opini audit kami. material misstatement resulting from fraud is
Risiko tidak terdeteksinya suatu kesalahan higher than for one resulting from error, as
penyajian material yang disebabkan oleh fraud may involve collusion, forgery,
kecurangan lebih tinggi daripada yang intentional omissions, misrepresentations, or
disebabkan oleh kesalahan, karena override of internal control.
kecurangan dapat melibat kan kolusi,
pemalsuan, penghilangan secara sengaja,
pernyataan salah, atau pengabaian atas
pengendalian internal.
Memeroleh suatu pemahaman tentang Obtain an understanding of internal control
pengendalian internal yang relevan dengan relevant to the audit in order to design audit
audit untuk mendesain prosedur audit yang procedures that are appropriate in the
tepat sesuai dengan kondisinya, tetapi bukan circumstances, but not for the purpose of
untuk tujuan menyatakan suatu opini audit expressing an audit opinion on the
atas keefektivitasan pengendalian internal effectiveness of the SRC’s internal cont rol.
SRC.
Mengevaluasi ketepatan kebijakan akuntansi Evaluate the appropriateness of accounting
yang digunakan serta kewajaran estimasi policies used and the reasonableness of
akuntansi dan pengungkapan terkait yang accounting estimates and related disclosures
dibuat oleh pengelola SRC. made by SRC’s management.
iv
Page 559
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 (lanjutan) 2/ 1/ IV/ 2025 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan (lanjut an) financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditetapkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Menyimpulkan ketepatan penggunaan basis Conclude on the appropriateness of SRC’s
akuntansi kelangsungan usaha oleh management’s use of the going concern basis
pengelola SRC dan, berdasarkan bukti audit of accounting and, based on the audit evidence
yang diperoleh, apakah terdapat suatu obtained, whether a material uncertainty
ketidakpastian material yang terkait dengan exists related to events or conditions that may
peristiwa atau kondisi yang dapat cast significant doubt on the SRC's ability to
menyebabkan keraguan signifikan atas continue as a going concern. If we conclude
kemampuan SRC untuk mempertahankan that a material uncertainty exists, we are
kelangsungan usahanya. Ketika kami required to draw attention in our independent
menyimpulkan bahwa terdapat suatu auditor’s report to the related disclosures in
ketidakpastian material, kami diharuskan the financial statements or, if such disclosures
untuk menarik perhatian dalam laporan are inadequate, to modify our audit opinion.
auditor independen kami ke pengungkapan Our conclusion is based on the audit evidence
terkait dalam laporan keuangan atau, jika obtained up to the date of our independent
pengungkapan tersebut tidak memadai, auditor’s report . However, future events or
memodifikasi opini audit kami. Kesimpulan conditions may cause the SRC to cease to
kami didasarkan pada bukti audit yang continue as a going concern.
diperoleh hingga tanggal laporan auditor
independen kami. Namun, peristiwa atau
kondisi masa depan dapat menyebabkan SRC
tidak dapat mempertahankan kelangsungan
usahanya.
Mengevaluasi penyajian, st ruktur, dan isi Evaluate the overall presentation, structure,
laporan keuangan secara keseluruhan, and content of the financial statements,
termasuk pengungkapannya, dan apakah including the disclosures, and whether the
laporan keuangan mencerminkan transaksi financial statements represent the underlying
dan peristiwa yang mendasarinya dengan transactions and events in a manner that
suatu cara yang mencapai penyajian wajar. achieves fair presentation.
v
Page 560
The original report included herein is in
the Indonesian language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00692/ 2.1032/ AU.2/ 10/ 1902- Report No. 00692/ 2.1032/ AU.2/ 10/ 1902-
2/ 1/ IV/ 2025 (lanjutan) 2/ 1/ IV/ 2025 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan (lanjut an) financial st at ement s (cont inued)
Kami mengomunikasikan kepada pihak yang We communicate with those charged with
bertanggung jawab atas tata kelola mengenai, governance regarding, among other matters, the
antara lain, ruang lingkup dan saat yang planned scope and timing of the audit and
direncanakan atas audit serta temuan audit significant audit findings, including any significant
signifikan, termasuk setiap defisiensi signifikan deficiencies in internal cont rol that we identify
dalam pengendalian internal yang teridentifikasi during our audit.
oleh kami selama audit.
KAP Purwant ono, Sungkoro & Surja
Yuki, CPA
Registrasi Akuntan Publik No.: AP.1902/ Public Accountant Registration No.: AP.1902
21 April 2025/ April 21, 2025
vi
Page 561
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL DAN USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Tanggal 31 Desember 2024 As of December 31, 2024
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
Catatan/
2024 Notes 2023
ASET ASSETS
ASET LANCAR CURRENT ASSETS
Kas dan Setara Kas 254.915 4 172.397 Cash and Cash Equivalents
Pinjaman kepada Mitra Binaan setelah Loan to Foster Partners
dikurangi penyisihan kerugian net of allowance for
penurunan nilai sebesar impairment losses of
Rp53.343 (2023: Rp65.468) 36.014 5 125.663 Rp53,343 (2023: Rp65,468)
JUMLAH ASET LANCAR 290.929 298.060 TOTAL CURRENT ASSETS
ASET TIDAK LANCAR NON CURRENT ASSETS
Piutang Kerjasama PUMK kepada PUMK Collaboration Receivable to
Mitra Binaan 28.021 6 - Foster Partners
Piutang Kerjasama PUMK PUMK Collaboration Receivable
kepada BRI 2.098 6 20.000 to BRI
Pinjaman Bermasalah Troubled Loan
setelah dikurangi penyisihan net of allowance
penurunan nilai sebesar impairment losses of
Rp320.222 (2023: Rp305.395) - 7 - Rp320,222 (2023: Rp305,395)
JUMLAH ASET TIDAK LANCAR 30.119 20.000 TOTAL NON CURRENT ASSETS
JUMLAH ASET 321.048 318.060 TOTAL ASSETS
LIABIL ITAS DAN ASET NETO LIABILITIES AND NET ASSETS
LIABILITAS LIABILITIES
LIABILITAS LANCAR CURRENT LIABILITIES
Utang dan Liabilitas Lancar Payables and Other
Lainnya 406 8 392 Current Liabilities
Kelebihan Pembayaran Angsuran 261 9 237 Overpayment of Installments
JUMLAH LIABILITAS 667 629 TOTAL LIABILITIES
ASET NETO NET ASSETS
Tanpa Pembatasan dari Without Restrictions from
Pemberi Sumber Daya 320.381 317.431 Resource Provider
Dengan Pembatasan dari With Restrictions from
Pemberi Sumber Daya - - Resource Provider
JUMLAH ASET NETO 320.381 317.431 TOTAL NET ASSETS
JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND
ASET NETO 321.048 318.060 NET ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian tidak terpisahkan dari laporan keuangan financial statements
1
Page 562
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN PENGHASILAN KOMPREHENSIF STATEMENT OF COMPREHENSIVE INCOME
untuk Tahun yang Berakhir pada Tanggal For the Year Ended
31 Desember 2024 December 31, 2024
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
Catatan/
2024 Notes 2023
TANPA PEMBATASAN DARI WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA FROM RESOURCE PROVIDER
PENDAPATAN REVENUES
Pendapatan Jasa Administrasi Loan Administration Service
Pinjaman 2.847 10 8.264 Income
Pendapatan Bunga 3.359 1.471 Interest Income
Pendapatan Lain - lain 4 8 Other Income
JUMLAH PENDAPATAN 6.210 9.743 TOTAL REVENUES
PENDAPATAN/(BEBAN) INCOME/(EXPENSES)
(Kerugian)/Pemulihan Penyisihan (Allowance)/Recovery for
Nilai Pinjaman (2.702) 5d 4.019 Impairment of Loan
Beban Lainnya (558) (346) Other Expenses
JUMLAH PENDAPATAN/(BEBAN) (3.260) 3.673 TOTAL INCOME/(EXPENSE)
SURPLUS 2.950 13.416 SURPLUS
DENGAN PEMBATASAN DARI WITH RESTRICTIONS
PEMBERI SUMBER DAYA - - FROM RESOURCE PROVIDER
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN - - INCOME
TOTAL PENGHASILAN TOTAL COMPREHENSIVE
KOMPREHENSIF 2.950 13.416 INCOME
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian tidak terpisahkan dari laporan keuangan financial statements
2
Page 563
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN PERUBAHAN ASET NETO STATEMENT OF CHANGES IN NET ASSETS
untuk Tahun yang Berakhir pada For the Year Ended
Tanggal 31 Desember 2024 December 31, 2024
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
Catatan/
2024 Notes 2023
ASET NETO NET ASSETS
TANPA PEMBATASAN DARI WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA FROM RESOURCE PROVIDER
Saldo awal 317.431 304.015 Beginning balance
Surplus 2.950 13.416 Surplus
Saldo akhir 320.381 317.431 Ending balance
Penghasilan komprehensif lain - - Other comprehensive income
Jumlah 320.381 317.431 Total
DENGAN PEMBATASAN DARI WITH RESTRICTIONS
PEMBERI SUMBER DAYA - - FROM RESOURCE PROVIDER
JUMLAH ASET NETO 320.381 317.431 TOTAL NET ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian tidak terpisahkan dari laporan keuangan financial statements
3
Page 564
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN ARUS KAS STATEMENT OF CASH FLOWS
untuk Tahun yang Berakhir pada For the Year Ended
Tanggal 31 Desember 2024 December 31, 2024
(Disajikan dalam Jutaan Rupiah) (Expressed in millions of Rupiah)
2024 2023
AKTIVITAS OPERASI OPERATING ACTIVITIES
Rekonsiliasi surplus Reconciliation of surplus to
menjadi kas neto dari aktivitas operasi net cash from operating activities
Surplus 2.950 13.416 Surplus
Rekonsiliasi: Reconciliation:
Penambahan/(pemulihan) penyisihan 2.702 (4.019) Additional/(reversal) allowance
penurunan nilai pinjaman for impairment of loan
Perubahan aset dan liabilitas Change in asset and liabilities
Pinjaman kepada mitra binaan 86.947 171.357 Loan to fosters partners
Pinjaman kerjasama PUMK kepada PUMK collaboration receivable to
Mitra Binaan (28.021) - Foster Partners
Piutang kerjasama PUMK kepada BRI 17.902 (20.000) PUMK collaboration receivable to BRI
Kelebihan pembayaran angsuran 24 33 Overpayment of installments
Utang dan liabilitas lancar lainnya 14 11 Payables and other current liabilities
KAS NETO DITERIMA NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI 82.518 160.798 FROM OPERATING ACTIVITIES
KENAIKAN INCREASE IN
KAS DAN SETARA KAS 82.518 160.798 CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AWAL PERIODE 172.397 11.599 AT BEGINNING OF THE PERIOD
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AKHIR PERIODE 254.915 172.397 AT END OF THE PERIOD
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian tidak terpisahkan dari laporan keuangan financial statements
4
Page 565
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
1. INFORMASI MENGENAI UNIT SOCIAL 1. INFORMATION OF SOCIAL RESPONSIBILITY
RESPONSIBILITY CENTER CENTER UNIT
a. Pendirian dan Informasi Umum a. Establishment and General Information
Pusat Pengelolaan Program Tanggung Jawab Pusat Pengelolaan Program Tanggung Jawab
Sosial dan Lingkungan (Community Sosial dan Lingkungan (Community
Development Center) (“SRC”) didirikan oleh Development Center) (“SRC”) was established
Perusahaan Perseroan (Persero) by Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk (BUMN PT Telekomunikasi Indonesia Tbk (“Foster
Pembina) melalui Peraturan Perusahaan SOE”) based on Decree of the Directors
Nomor: KD. 61/ PS150/CTG-10/2003 tentang Number: 61/ PS150/ CTG-10/ 2003 regarding
Pembentukan Organisasi Pusat Pengelola Organization of Pusat Pengelola Program
Program Kemitraan dan Program Bina Kemitraan dan Program Bina Lingkungan
Lingkungan (Community Development Center). (Community Development Center)
Peraturan Perusahaan ini telah beberapa kali Establishment. This Company regulation
diubah terakhir dengan Peraturan Direktur has been amended several times,
Human Capital Management Nomor: most recently with Decree of the Director of
PR.202.60/r.03/HK250/COP - A0200000/2024 Human Capital Management Number.
tanggal 29 Februari 2024 tentang Organisasi PR.202.60/r.03/HK250/COP - A0200000/2024
Social Responsibility Center (”SRC”). dated February 29, 2024 regarding
Organization of Social Responsibility Center.
SRC didirikan sebagai implementasi dari SRC was established as an implementation
Keputusan Menteri Badan Usaha Milik Negara from the Decree of Minister of State-Owned
(“BUMN”) No. KEP-236/ MBU/ 2003 tanggal Enterprises (“SOE”) No. KEP-236/MBU/2003
17 Juni 2003 tentang Program Kemitraan dated June 17, 2003 regarding SOE’s
BUMN dan Usaha Kecil dan Program Bina Partnership Program and Small Enterprises and
Lingkungan. Keputusan Menteri BUMN Community Development Program. The Decree
tersebut didasarkan pada Undang-Undang of Minister SOE was based on The Law of
Republik Indonesia No. 19 Tahun 2003 tentang Republic of Indonesia No. 19 Tahun 2003
penyisihan laba untuk pembinaan usaha regarding allowance from profit to develop
kecil/koperasi serta pembinaan masyarakat. small/cooperative business and community
development.
Pada tanggal 27 April 2007, Kementerian On April 27, 2007, Ministry of SOE issued
BUMN memberlakukan PER-05/MBU/2007 PER-05/MBU/2007 regarding SOE’s
tentang Program Kemitraan BUMN dan Usaha Partnership Program and Small Enterprises and
Kecil dan Program Bina Lingkungan Community Development Program replaced
menggantikan Keputusan Menteri BUMN the Decree of Minister of SOE No. KEP-
No. KEP-236/MBU/2003. 236/MBU/2003.
Pada tanggal 22 Mei 2015, Kementerian BUMN On May 22, 2015, Minister of SOE issued
telah menerbitkan Peraturan Menteri BUMN regulation No.PER-07/MBU/2015 regarding
No.PER-07/MBU/05/2015 tentang Program SOE Partnership Program with Small Business
Kemitraan Badan Usaha Milik Negara dengan and Community Development Program
Usaha Kecil dan Program Bina Lingkungan replaced PER-05/MBU/2007.
sebagai pengganti PER-05/MBU/2007.
Pada tanggal 3 Juli 2015, Kementerian BUMN On July 3, 2015, Ministry of SOE issued
menetapkan Peraturan Menteri BUMN PER-09/MBU/07/2015 regarding SOE
No. PER-09/MBU/07/2015 tentang Program Partnership Program with Small Business and
Kemitraan Badan Usaha Milik Negara dengan Community Development Program and
Usaha Kecil dan Program Bina Lingkungan dan replaced the Decree of Minister of SOE
menggantikan Peraturan Menteri BUMN No. PER-07/MBU/2015.
No.PER-07/MBU/05/2015.
5
Page 566
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
1. INFORMASI MENGENAI UNIT SOCIAL 1. INFORMATION OF SOCIAL RESPONSIBILITY
RESPONSIBILITY CENTER (lanjutan) CENTER UNIT (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued)
Pada tanggal 20 April 2021, Kementerian On April 20, 2021, Ministry of SOE issued
BUMN memberlakukan PER-05/MBU/04/2021 PER-05/MBU/04/2021 regarding Social and
tentang Program Tanggung Jawab Sosial dan Environmental Responsibility Program (TJSL)
Lingkungan (TJSL) menggantikan Peraturan replaced the Decree of Minister of SOE
Menteri BUMN No: PER-09/MBU/07/2015 No: PER-09/MBU/07/2015 and its amendments.
beserta perubahannya.
Pada tanggal 15 September 2022, On September 15, 2022, Ministry of SOE issued
Kementerian BUMN memberlakukan PER-06/MBU/09/2022 regarding Special
PER-06/MBU/09/2022 tentang Program Assignment and Social and Environmental
Tanggung Jawab Sosial dan Lingkungan Responsibility Program (TJSL).
(TJSL).
Pada tanggal 3 Maret 2023, Kementerian On March 3, 2023, Ministry of SOE issued
BUMN memberlakukan PER-1/MBU/03/2023 PER-1/MBU/03/2023 regarding Special
tentang Penugasan Khusus dan Program Assignment and Social and Environmental
Tanggung Jawab Sosial dan Lingkungan Responsibility Program (TJSL).
(TJSL).
Kantor pusat SRC berdomisili di Graha Merah SRC head office is located at Graha Merah Putih
Putih PT Telkom Indonesia (Persero) Tbk, PT Telkom Indonesia (Persero) Tbk, Gatot
Jalan Gatot Subroto Kav. 52 Jakarta. Social Subroto Kav. 52 Jakarta. Social Responsibility
Responsibility (“SR”) Regional dan SR Witel (“SR”) Regional and SR Witel is located in
berdomisili di Kantor Telkom Regional dan Telkom Regional Office and Telkom Wilayah
Kantor Telkom Wilayah (“Witel”) yang tersebar Office (“Witel”) Telkom which spread all over
di seluruh Indonesia. Indonesia.
b. Kegiatan Utama b. Primary Activities
Sebelum periode tahun 2023, kegiatan utama Before the 2023 period, SRC’s primary activities
yang dilakukan SRC adalah pembiayaan dan are financing and developing Micro and Small
pembinaan Usaha Mikro dan Usaha Kecil Business (SME) through Program Pendanaan
(UMK) melalui Program Pendanaan UMK UMK (PUMK) to Foster Partners.
(PUMK) kepada mitra binaan.
Sejak tahun 2023, kegiatan utama yang Since 2023 period, SRC’s primary activities are
dilakukan SRC adalah pembiayaan dan financing and developing Micro and Small
pembinaan Usaha Mikro dan Usaha Kecil Business (SME) through Program Pendanaan
(UMK) melalui Program Pendanaan UMK UMK (PUMK) to foster partners in collaboration
(PUMK) kepada mitra binaan yang with PT Bank Rakyat Indonesia (Persero) Tbk.
bekerjasama dengan PT Bank Rakyat (BRI).
Indonesia (Persero) Tbk. (BRI).
6
Page 567
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
1. INFORMASI MENGENAI UNIT SOCIAL 1. INFORMATION OF SOCIAL RESPONSIBILITY
RESPONSIBILITY CENTER (lanjutan) CENTER UNIT (continued)
c. Sumber Dana c. Fund Resources
Sumber dana Program PUMK berasal dari: The source of funds for the PUMK Program
i. Saldo dana program kemitraan yang comes from:
teralokasi sampai dengan akhir tahun 2015, i. Balance of partnership program funds
dan/ atau allocated until the end of 2015, and/or
ii. Jasa administrasi pinjaman/ margin jual beli/ ii. Administration service income/ sale and
porsi bagi hasil, bunga deposito dan/ atau purchase margin/profit sharing portion,
jasa giro dari dana program kemitraan. deposit interest and/or current account
services from partnership program funds.
d. Susunan Pengelola d. Management Structures
Susunan Pengelola SRC pada tanggal Management structures of SRC as of
31 Desember 2024 dan 2023 adalah sebagai December 31, 2024 and 2023 is as follows:
berikut:
2024
_______________________
Senior General Manager Hery Susanto Senior General Manager
Pengelola Fungsi Dukungan: Supporting Management:
Senior Manager Planning, Governance Senior Manager Planning,
and Support Arif Swasono Governance, and Support
Senior Manager Community Involvement Senior Manager Community Involvement
and Development Soni Galih Riadi and Development
Senior Manager Sustainable Senior Manager Sustainable
Development Goals Suharsono Development Goals
Senior Manager Micro Small Enterprise Senior Manager Micro Small Enterprise
Incubation Adrian Sani Harahap Incubation
2023
_______________________
Senior General Manager Hery Susanto Senior General Manager
Pengelola Fungsi Dukungan: Supporting Management:
Senior Manager Perencanaan dan Senior Manager of Planning
Pengendalian Arif Swasono and Controlling
Senior Manager Keuangan Soni Galih Riadi Senior Manager of Finance
Senior Manager Pemberdayaan UMK Gandung Pratidhina Senior Manager of SME Empowerment
Senior Manager Pemberdayaan Senior Manager of Social and
Sosial dan Lingkungan Suharsono Environment Empowerment
Senior Manager Rumah BUMN Adrian Sani Harahap Senior Manager of Rumah BUMN
Berdasarkan KD.21/PR000/COP-030000/2010 Based on KD.21/PR000/COP-B0030000/2010
tentang Pengelolaan Program Kemitraan dan regarding Management of Partnership Program
Program Bina Lingkungan yang telah diubah and Community Development Program
dengan PD.703.00/r.01/HK200/SRC- which was amended by PD.703.00/r.01/
A1000000/2023 tanggal 24 November 2023 HK200/SRC- A1000000/ 2023 dated November
tentang Program Tanggung Jawab Sosial dan 24, 2023 regarding Social and Environmental
Lingkungan, dimana SRC adalah Unit Kerja Responsibility Program where SRC is the TJSL
Pengelola Program TJSL di bawah supervisi Program Management Unit is supervised by the
Direktur Human Capital Management (HCM). Director of Human Capital Management (HCM).
Pada tanggal 31 Desember 2024 dan 2023, As of December 31, 2024 and 2023, the
Direktur HCM PT Telkom Indonesia (Persero) Director of HCM of PT Telkom Indonesia
Tbk adalah Bapak Afriwandi. (Persero) Tbk is Mr. Afriwandi.
7
Page 568
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
1. INFORMASI MENGENAI UNIT SOCIAL 1. INFORMATION OF SOCIAL RESPONSIBILITY
RESPONSIBILITY CENTER (lanjutan) CENTER UNIT (continued)
d. Susunan Pengelola (lanjutan) d. Management Structure (continued)
Jumlah karyawan pada tanggal 31 Desember Number of employees as of December 31,
2024 dan 2023 adalah sebagai berikut: 2024 and 2023 are as follows:
2024 2023
SRC Pusat 37 53 SRC Corporate
Seluruh pegawai adalah pegawai yang All employees are employees who earn salaries
memperoleh gaji dan manfaat lainnya dari BUMN and other benefits from Foster SOE so that the
Pembina sehingga penerapan Imbalan Kerja Employee Benefits is implemented by and
dilaksanakan dan menjadi beban Pembina. charged to Foster SOE.
Pemotongan dan penyetoran atas pajak Witholding and payment for income tax
penghasilan pasal 21 atas pegawai BUMN Article 21 of Foster SOE’s employee who is
Pembina yang ditempatkan di SRC dilakukan assigned at SRC are performed by Foster SOE.
oleh BUMN Pembina.
Berdasarkan Peraturan Direksi Nomor: Based on Decree of the Director Number:
PD.202.06/r.06/HK.250/COP-A0200000/2024 PD.202.06/r.06/HK.250/COP-A0200000/2024,
tanggal 29 Juli 2024 tentang Organisasi Divisi dated July 29, 2024 regarding Organization of
Telkom Regional bahwa: Telkom Regional Division that:
1. Untuk meningkatkan efektivitas organisasi 1. To enhance the effectiveness of Telkom
Divisi Telkom Regional guna mendukung Regional Division in supporting the
pencapaian strategic objective, terdapat achievement of strategic objectives, the
penyesuaian jumlah Divisi Telkom total of Telkom Regional Division was
Regional yang sebelumnya berjumlah adjusted from 7 divisions to 5 divisions,
7 divisi menjadi 5 divisi, secara spesifik specifically, regional II and regional III
adalah regional II dan regional III merged into regional II, regional IV and
bergabung menjadi regional II, regional IV regional V merged into regional III and
dan regional V bergabung menjadi regional regional VI and VII became regional IV and
III dan regional VI dan VII masing - masing V, respectively.
menjadi regional IV dan V.
2. Terjadi perubahan atas Peraturan 2. There were changes to Company
Direksi No: PD.202.06/r.05/HK200/COP Regulation No: PD.202.06/r.05/HK200/COP
A2000000/2023 tanggal 27 Juni 2023 A2000000/2023 dated June 27 2023
tentang Organisasi Divisi Regional. Organization of Telkom Regional Division.
Manajemen meyakini bahwa Peraturan Management believes that Decree of the
Direksi No: PD.202.06/r.06/HK.250/COP Director No: PD.202.06/r.06/HK.250/COP
A0200000/2024 tanggal 29 Juli 2024 tidak A0200000/2024, dated July 29, 2024 does not
berdampak signifikan terhadap operasional have a significant impact on SRC operations.
SRC.
e. Otorisasi Penerbitan Laporan Keuangan e. Authorization of the Issuance of Financial
Statement
Laporan keuangan telah diselesaikan dan The financial statements were completed and
disahkan untuk diterbitkan oleh Pengelola SRC authorized for issuance by SRC’s Management
pada 21 April 2025. on April 21, 2025.
8
Page 569
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL POLICIES INFORMATION
Kebijakan akuntansi signifikan dan diterapkan dalam The significant accounting principles which are
menyusun laporan keuangan untuk tahun yang applied consistently in the preparation of the
berakhir pada tanggal 31 Desember 2024 adalah financial statements for the year then ended
sebagai berikut: December 31, 2024 are as follows:
a. Dasar Penyusunan Laporan Keuangan a. Basis of Preparation of Financial Statements
Laporan keuangan disusun berdasarkan The financial statement is prepared based on
Standar Akuntansi Keuangan Entitas Tanpa Non - Publicly Accountable Entities Financial
Akuntabilitas Publik (SAK ETAP) yang Accounting Standards (SAK ETAP) that was
diterbitkan oleh Dewan Standar Akuntansi issued by the Financial Accounting Standard
Keuangan - Ikatan Akuntan Indonesia. Board - Indonesian Institute of accountants.
Penerapan SAK ETAP atas penyusunan laporan The implementation of SAK ETAP in the
keuangan didasarkan pada Surat Edaran preparation of the financial statement is based
Menteri Negara BUMN No: SE-02/MBU/Wk/ on Minister of SOE Circular Letter
2012 tanggal 23 Februari 2012 tentang No: SE-02/MBU/Wk/2012 dated February 23,
Penetapan Pedoman Akuntansi Program 2012 regarding Determination Guidance of
Kemitraan dan Bina Lingkungan yang berlaku Accounting Standard for Partnership Program
mulai tahun 2012. and Community Development that starting from
2012.
Laporan keuangan disusun dengan dasar akrual, The financial statements are prepared based on
kecuali untuk beberapa akun tertentu yang the accrual basis, except for certain accounts
disusun berdasarkan pengukuran lain that are prepared based on other measurement
sebagaimana diuraikan dalam kebijakan as explained in related accounting policy.
akuntansi terkait.
Laporan arus kas disajikan dengan The statements of cash flows are presented
menggunakan metode tidak langsung, using the indirect method, presenting cash
menyajikan penerimaan dan pengeluaran kas receipt and payment and cash equivalents that
dan setara kas yang diklasifikasikan ke dalam are classified into operating, investing and
aktivitas operasi, investasi dan pendanaan. financing activities.
Tahun buku SRC adalah The financial reporting period of SRC is
1 Januari - 31 Desember. January 1 - December 31.
Mata uang yang digunakan pada laporan Amounts in the financial statements are
keuangan adalah Rupiah yang juga merupakan presented in Rupiah which also represents its
mata uang fungsionalnya. functional currency.
b. Kas dan Setara Kas b. Cash and Cash Equivalents
Kas dan setara kas terdiri atas saldo bank. Cash and cash equivalents consist of balance
of cash in banks.
c. Pinjaman kepada Mitra Binaan c. Loan to Foster Partners
Pinjaman pada awalnya diakui sebesar nilai Loan is initially measured based on fair values
wajar dan selanjutnya diukur pada biaya and subsequently measured at amortized cost,
perolehan diamortisasi, setelah dikurangi after deducted by allowance for impairment
penyisihan penurunan nilai. Penyisihan losses. The allowance for impairment is based
penurunan nilai dibentuk berdasarkan evaluasi on SRC’s Management evaluation on the
Pengelola SRC terhadap tingkat ketertagihan collectibility of these loans.
saldo pinjaman.
9
Page 570
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Pinjaman kepada Mitra Binaan (lanjutan) c. Loan to Foster Partners (continued)
Pinjaman kepada mitra binaan dicatat sebagai Loan to foster partners are recognized in the
pinjaman sebesar pokok pinjaman yang amount of principal and administration service
diberikan dan jasa administrasi pinjaman yang income earned as agreed in the contract.
telah jatuh tempo sesuai dengan kontrak. Administration service income are recorded as
Pendapatan jasa administrasi pinjaman dicatat loan to foster partners and as revenues on
sebagai pinjaman kepada mitra binaan dan accrual basis for loans classified as current and
pendapatan secara akrual untuk pinjaman yang substandard loan.
berkualitas lancar dan kurang lancar.
Pinjaman kepada mitra binaan disajikan dalam Loan to foster partners are presented in
laporan posisi keuangan pada kelompok aset statement of financial position as a current asset
lancar sebesar jumlah yang diharapkan dapat at its realizable value although the agreed
ditagih dari mitra binaan walaupun repayment of loan may be more than one year
pengembalian pinjaman yang disepakati akan after reporting period.
diterima melebihi satu tahun setelah akhir
periode pelaporan.
Penggolongan kualitas pinjaman ditetapkan The classification of loan based on its
sebagai berikut: collectibility are as follows:
i. Lancar adalah pembayaran angsuran i. Current represents principal installment and
pokok dan jasa administrasi pinjaman administration service income payment are
dilakukan tepat waktu atau terjadi paid on time or those late payments of
keterlambatan pembayaran angsuran maximum 30 (thirty) days from the payment
pokok dan/atau jasa administrasi yaitu due date as agreed with the agreement.
selambat-lambatnya 30 (tiga puluh) hari
dari tanggal jatuh tempo pembayaran
angsuran, sesuai dengan perjanjian yang
telah disepakati.
ii. Kurang Lancar apabila terjadi ii. Substandard when late payment of principal
keterlambatan pembayaran angsuran and/or administration service income
pokok dan/atau jasa administrasi pinjaman payment are between 30 (thirty) days and
yang telah melampaui 30 (tiga puluh) hari 180 (one hundred and eighty) days from the
dan belum melampaui 180 (seratus payment due date of installment as agreed in
delapan puluh) hari dari tanggal jatuh the agreement.
tempo pembayaran angsuran sesuai
dengan perjanjian yang telah disepakati.
10
Page 571
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
c. Pinjaman kepada Mitra Binaan (lanjutan) c. Loan to Foster Partners (continued)
Penggolongan kualitas pinjaman ditetapkan The classification of loan based on its
sebagai berikut: (lanjutan) collectibility are as follows: (continued)
iii. .Diragukan apabila terjadi keterlambatan iii. Doubtful when late payment of principal
pembayaran angsuran pokok dan/atau and/or administration service income
jasa administrasi pinjaman yang telah payment are between 180 (one hundred
melampaui 180 (seratus delapan puluh) and eighty) days and 270 (two hundred and
hari dan belum melampaui 270 (dua ratus seventy) days from the payment due date of
tujuh puluh) hari dari tanggal jatuh tempo installment as agreed in the agreement.
pembayaran angsuran sesuai dengan
perjanjian yang telah disepakati.
iv….Macet apabila terjadi keterlambatan iv. Loss when late payment of principal and/ or
pembayaran angsuran pokok dan/atau administration service income payment over
jasa administrasi pinjaman yang telah 270 (two hundred and seventy) days from
melampaui 270 (dua ratus tujuh puluh) hari the payment due date of installment as
dari tanggal jatuh tempo pembayaran agreed in the agreement.
angsuran sesuai dengan perjanjian yang
telah disepakati.
d. Penyisihan Penurunan Nilai Pinjaman d. Allowance for Impairment of Loan
Penyisihan pinjaman merupakan penyisihan Allowance for impairment of loan represents
atas pinjaman yang mungkin tidak tertagih. allowance for doubtful loan. This allowance is
Penyisihan penurunan nilai pinjaman dibentuk calculated based on the Management’s SRC
berdasarkan taksiran Pengelola SRC terhadap estimation of their collectibility.
tingkat ketertagihan saldo pinjaman.
SRC pertama kali menentukan apakah terdapat SRC firstly determines whether there is objective
bukti objektif mengenai penurunan nilai secara evidence that there is impairment, individually for
individual atas pinjaman yang signifikan secara significant loan or collectively for loan which are
individual atau secara kolektif untuk penerimaan insignificant. If SRC decides that there is no
yang jumlahnya tidak signifikan secara objective evidence of individual impairment,
individual. Jika SRC menentukan tidak terdapat regardless those loans are significant or
bukti objektif mengenai penurunan nilai atas insignificant, SRC classifies these loan as having
aset keuangan yang dinilai secara individual, similar credit risk characteristics and determining
terlepas aset keuangan tersebut signifikan atau the impairment collectively.
tidak, maka SRC memasukkan piutang tersebut
ke dalam kelompok pinjaman yang memiliki
karakteristik risiko kredit yang sejenis dan
menilai penurunan nilai kelompok tersebut
secara kolektif.
Penyisihan pinjaman dihitung berdasarkan Allowance for impairment of loan is calculated
estimasi kerugian yang tidak dapat ditagih yaitu based on estimated uncollectible loss, which
secara kolektif berdasarkan prosentase tertentu collectively based on specific percentage of
tingkat ketertagihan (collection) data historis available historical collectibility rate (2 years of
yang ada (minimal 2 tahun). Pinjaman yang historical data at minimum). Loan which are
penurunan nilainya dinilai secara individual dan impaired individually and of that loss are
untuk itu kerugian penurunan nilai diakui, tidak recognised, are not included in the collective
termasuk dalam penilaian penurunan nilai impairment evaluation.
secara kolektif.
11
Page 572
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
e. Piutang Kerjasama PUMK e. PUMK Collaboration Receivable
Piutang Kerjasama PUMK adalah pinjaman PUMK Collaboration Receivable represents
yang diberikan kepada Mitra Binaan melalui loan is provided to Foster Partners through
PT Bank Rakyat Indonesia (Persero) Tbk. (BRI) PT Bank Rakyat Indonesia (Persero) Tbk. (BRI)
sebagai bentuk sinergi untuk meningkatkan as a synergy to increase efficiency and
efisiensi dan efektivitas dalam pengembangan effectiveness in the economic development and
dan pemberdayaan ekonomi usaha mikro dan empowerment of micro and small businesses.
usaha kecil. Piutang Kerjasama PUMK diakui SOE Collaboration Receivable is recognized
pada saat terjadi penyetoran dana kepada BRI, when funds are transferred to BRI, measured,
diukur serta dicatat sebesar jumlah dana yang and recorded at the amount of funds transferred.
disetorkan. Penyaluran ini bersifat jangka This distribution is long term for 5 years, hence
panjang selama 5 tahun sehingga diakui dalam recognized as a non-current asset. This
aset tidak lancar. Piutang ini terdiri Piutang receivable are consists of PUMK Receivable
Kerjasama kepada Mitra Binaan dan Piutang Collaboration to Foster Partners and PUMK
Kerjasama kepada BRI. Receivable Collaboration to BRI.
Piutang Kerjasama PUMK kepada Mitra PUMK Receivable Collaboration to Foster
Binaan Partners
Piutang Kerjasama PUMK kepada Mitra Binaan PUMK Collaboration Receivable to Foster
adalah pinjaman yang diberikan kepada Mitra Partners represents loan is provided to Foster
Binaan melalui BRI dan dicatat sebesar jumlah Partners through BRI and recorded at the
dana yang belum dikembalikan oleh Mitra amount of funds that have not been returned by
Binaan. the Foster Partners.
Piutang Kerjasama PUMK kepada BRI PUMK Collaboration Receivable to BRI
Piutang Kerjasama PUMK kepada BRI adalah PUMK Collaboration Receivable represents
pinjaman untuk Mitra Binaan yang telah loan for Foster Partners that have been returned
dikembalikan kepada BRI dan akan to BRI and will be returned to SRC when the
dikembalikan kepada SRC pada saat perjanjian agreement ends and also include loan fund was
berakhir dan juga termasuk dana pinjaman received by BRI from SRC that have not been
yang diterima BRI dari SRC yang belum distributed to Foster Partners.
disalurkan kepada mitra binaan.
f. Pinjaman Bermasalah f. Troubled Loan
Pinjaman bermasalah merupakan pinjaman Troubled loan represents loss loan which has
macet yang telah diupayakan pemulihannya been attempted to be recovered by rescheduling
dengan penjadwalan kembali (rescheduling) and reconditioning but cannot be recovered.
dan peninjauan kembali persyaratan Troubled loan will be represented at loan
(reconditioning), namun tidak terpulihkan. principal value with 100% of troubled loan
Pinjaman bermasalah disajikan sebesar nilai balance.
pokok pinjaman dengan besarnya alokasi
penyisihan sebesar 100% dari saldo pinjaman
bermasalah.
Tata cara penghapusbukuan pinjaman The procedures to write-off the troubled loan
bermasalah mengacu kepada Keputusan adhere to the Decree of Minister of SOE
Menteri BUMN No. SK-277/MBU/10/2023 No. SK-277/MBU/10/2023 dated October 4,
tanggal 4 Oktober 2023. 2023.
12
Page 573
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
g. Kelebihan Pembayaran Angsuran g. Overpayment of Installments
Kelebihan pembayaran angsuran adalah Overpayment of installments represents
penerimaan angsuran yang melebihi saldo repayment which exceeds its loan balance from
pinjaman kepada mitra binaan. Kelebihan foster partners. This overpayment is recognized
pembayaran angsuran diakui dan disajikan and presented as liability when the installment is
sebagai liabilitas pada saat setoran diterima. received.
Kelebihan pembayaran angsuran setiap Mitra Overpayment of installment from each Foster
Binaan sampai dengan nilai Rp100.000 diakui Partners to maximum amount of Rp100,000 is
sebagai Pendapatan Lain-lain sesuai dengan recognized as Other Income, based on Decree
Peraturan Senior General Manager of Senior General Manager
Nomor:.PK.703.01.01/r.00/HK200/SRC100000 Number:.PK.703.01.01/r.00/HK200/SRC10000
0/2022 tanggal 30 Mei 2022 tentang Petunjuk 00/2022 dated on May 30, 2022 regarding
Pelaksanaan Operasional Program Tanggung Operational Guidelines of Social and
Jawab Sosial dan Lingkungan (TJSL). Environmental Responsibility Program (TJSL).
h. Utang dan Liabilitas Lancar Lainnya h. Payables and Other Current Liabilities
Utang dan liabilitas lancar lainnya diakui pada Payables and other current liabilities are
saat terjadinya transaksi atau saat perjanjian recognized when transactions occur or when
kontrak diselesaikan dan dicatat sebesar nilai contract are completed and recognized based
transaksi atau perjanjian kontrak. on transaction amount or contracts.
i. Aset Neto i. Net Assets
Aset neto diklasifikasikan menjadi aset neto Net assets are classified into net assets without
tanpa pembatasan dari pemberi sumber daya restrictions from resource provider and net
dan aset neto dengan pembatasan dari pemberi assets with restrictions from resource provider.
sumber daya. Aset neto dengan pembatasan Net assets with restrictions from resource
dari pemberi sumber daya adalah aset yang provider represent assets that can only be
penggunaannya dibatasi untuk program utilized limited to specific program purpose that
tertentu yang tidak dapat digunakan untuk can not be used for other activities. Net assets
kegiatan lainnya. Aset neto tanpa pembatasan without restrictions from resource provider
dari pemberi sumber daya adalah aset yang represent assets that can be utilized without
penggunaannya tidak dibatasi untuk tujuan being limited for specific purposes.
tertentu.
13
Page 574
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
j. Pendapatan dan Beban j. Revenue and Expenses
Pendapatan Jasa Administrasi Pinjaman Loan Administration Service Income
Pendapatan jasa administrasi pinjaman diukur Loan administration service income is
dan dicatat sebesar nilai yang telah jatuh tempo measured and recorded at the value that has
sesuai dengan kontrak untuk pinjaman dengan matured in accordance with the contract for
status lancar dan kurang lancar. current and substandard status.
Pendapatan bunga Interest income
Pendapatan bunga diakui secara akrual. Interest income is recognized based on accrual
Pendapatan bunga diukur dan dicatat sebesar basis. Interest income is measured and
nilai yang telah ditentukan. recorded based on stipulated amount
determined.
Beban Expenses
Beban diakui pada saat terjadinya. Expense is recognised as incurred.
k. Perpajakan k. Taxation
Pajak yang muncul dari seluruh transaksi yang Tax transactions in relation to SRC are charged
terjadi di SRC menjadi beban SRC dan to SRC and reported by Foster SOE.
dilaporkan atas nama BUMN Pembina.
3. PENGGUNAAN PERTIMBANGAN, ESTIMASI 3. ACCOUNTING JUDGEMENTS, ESTIMATION,
DAN ASUMSI AND ASSUMPTION
a. Pertimbangan a. Judgements
Penentuan mata uang fungsional The determination of functional currency
Mata uang fungsional SRC adalah mata uang SRC’s functional currency is currencies from
dari lingkungan ekonomi primer di mana SRC premier economic environment where SRC
beroperasi. Mata uang tersebut adalah mata operates. The related currency is currency that
uang yang mempengaruhi pendapatan dan gives influence on revenues and expenses from
beban dari jasa yang diberikan. SRC services given. SRC determines that their
menentukan bahwa mata uang fungsionalnya functional currency is Rupiah.
adalah Rupiah.
14
Page 575
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
3. PENGGUNAAN PERTIMBANGAN, ESTIMASI 3. ACCOUNTING JUDGEMENTS, ESTIMATION,
DAN ASUMSI (lanjutan) AND ASSUMPTION (continued)
a. Pertimbangan (lanjutan) a. Judgements (continued)
Penyisihan penurunan nilai pinjaman Allowance for impairment of loan
Apabila terdapat bukti objektif bahwa rugi If there is objective evidence that losses because
penurunan nilai telah terjadi atas pinjaman, of impairment have incurred on loan, SRC
SRC mengestimasi penyisihan kerugian estimates an allowance for impairment loss of
penurunan nilai pinjaman yang secara khusus those loan specifically identified as uncollectible.
diidentifikasi terdapat kemungkinan tidak The allowance examined by Management based
tertagih. Tingkat penyisihan ditelaah oleh several factors influencing of loan collectibility.
Pengelola berdasarkan faktor-faktor yang SRC uses judgements based on available facts
mempengaruhi tingkat tertagihnya pinjaman and situations, including but not limited to, SRC’s
tersebut. SRC menggunakan pertimbangan period of relationship with foster partners and
berdasarkan fakta dan situasi yang tersedia, foster partner’s loan quality status
termasuk tetapi tidak terbatas pada, jangka (Notes 5 and 7).
waktu hubungan SRC dengan mitra binaan dan
status kualitas pinjaman pelanggan (Catatan 5
dan 7).
b. Estimasi dan Asumsi b. Estimations and Assumptions
Penyisihan penurunan nilai pinjaman Allowance for impairment of loan
SRC menggunakan pertimbangan berdasarkan SRC uses judgement based on best facts
fakta-fakta terbaik yang tersedia untuk available to recognize individual allowance for
mengakui penyisihan secara individu atas mitra foster partners and distributing partners to
binaan dan lembaga penyalur terhadap jumlah adjust the individual loan to its realizable
yang jatuh tempo untuk menurunkan pinjaman amount. This individual allowance will be
individu jumlah yang diharapkan dapat ditagih. assessed if there is additional information
Pencadangan secara individu ini ditelaah jika received which affect the estimated amount.
terdapat informasi tambahan yang diterima
yang mempengaruhi jumlah yang
diestimasikan.
SRC juga melakukan penilaian penyisihan SRC also assesses the allowance for
penurunan nilai secara kolektif terhadap risiko impairment loss collectively, grouped by the
pinjaman MB, yang dikelompokkan same loan risks, regardless requires
berdasarkan karakteristik pinjaman yang sama, individually identified of allowance, have higher
yang meskipun tidak diidentifikasi secara uncollectible risk compares to loan provided to
spesifik memerlukan cadangan tertentu, other foster partners. Allowance for impairment
memiliki risiko tidak tertagih yang lebih besar of loan is measured based on the evaluation of
dibandingkan dengan pinjaman yang diberikan current value and historical rate of loan
kepada MB lainnya. Penyisihan penurunan nilai collectability.
pinjaman dihitung berdasarkan kajian nilai
terkini dan historis tingkat ketertagihan dari
pinjaman.
15
Page 576
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
3. PENGGUNAAN PERTIMBANGAN, ESTIMASI 3. ACCOUNTING JUDGEMENTS, ESTIMATION,
DAN ASUMSI (lanjutan) AND ASSUMPTION (continued)
b. Estimasi dan Asumsi (lanjutan) b. Estimations and Assumptions (continued)
Penyisihan penurunan nilai pinjaman (lanjutan) Allowance for impairment of loan (continued)
Penyisihan pinjaman dihitung berdasarkan Allowance for impairment of loan is recognised
estimasi kerugian yang tidak dapat ditagih yaitu based on the estimation of uncollectible amount,
secara kolektif berdasarkan prosentase tertentu which is done collectively based on a specific
tingkat ketertagihan (collection) data historis percentage of the two-year-minimum historical
yang ada (minimal 2 tahun). Penyisihan ini rate of loan collectibility. This allowance is
disesuaikan secara berkala untuk adjusted periodically to reflect actual result and
mencerminkan hasil aktual dan estimasi estimation (Notes 5 and 7).
(Catatan 5 dan 7).
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
2024 2023
______________________________________________
Kas di Bank: Cash in Banks:
PT Bank Mandiri (Persero) Tbk 121.297 80.740 PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk 121.022 80.930 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Syariah Indonesia (Persero) Tbk 12.596 10.727 PT Bank Syariah Indonesia (Persero) Tbk
______________________________________________
Jumlah Kas dan Setara Kas 254.915 172.397 Total Cash and Cash Equivalents
5. PINJAMAN KEPADA MITRA BINAAN 5. LOAN TO FOSTER PARTNERS
a. Pinjaman kepada Mitra Binaan berdasarkan a. Loan to Foster Partners Classified by SR
SR Regional Regional
2024 2023
______________________________________________
Pinjaman kepada Mitra Binaan Loan to Foster Partners
Regional I 18.435 40.275 Regional I
Regional II* 20.230 27.895 Regional II*
Regional III* 32.768 15.181 Regional III*
Regional IV 7.512 22.335 Regional IV
Regional V 10.412 44.306 Regional V
Regional VI - 21.306 Regional VI
Regional VII - 19.833 Regional VII
____________________________________________
Jumlah 89.357 191.131 Total
Penyisihan Penurunan Nilai Pinjaman (53.343) (65.468) Allowance for Impairment of Loan
____________________________________________
Jumlah Pinjaman kepada Mitra
Binaan - Neto 36.014 125.663 Total Loan to Foster Partners - Net
*) Terdapat penyesuaian jumlah Divisi Telkom *) There are changes of the number of Telkom
Regional di tahun 2024 yang sebelumnya sesuai Regional Divisions in 2024, which previously
dengan yang diungkapkan pada Catatan 1. disclosed in Note 1.
16
Page 577
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
5. PINJAMAN KEPADA MITRA BINAAN (lanjutan) 5. LOAN TO FOSTER PARTNERS (continued)
b. Pinjaman kepada Mitra Binaan Menurut b. Loan to Foster Partners Classified by Sector
Sektor
2024 2023
_________________________________
Perdagangan 47.080 101.800 Trading
Industri 19.102 41.597 Industry
Jasa 12.325 28.739 Service
Peternakan 3.776 6.598 Farming
Pertanian 2.828 4.964 Agriculture
Perikanan 2.520 4.431 Fishing
Perkebunan 850 1.748 Plantation
Lainnya 876 1.254 Others
Jumlah 89.357 191.131 Total
Penyisihan penurunan nilai pinjaman (53.343) (65.468) Allowance for impairment of loan
Jumlah pinjaman kepada Mitra
Binaan - Neto 36.014 125.663 Total Loan to Foster Partners - Net
Manajemen berpendapat bahwa saldo Management believes that the balance of
penyisihan penurunan nilai pinjaman cukup allowance for impairment of loan is adequate
untuk menutup kerugian atas tidak tertagihnya to cover losses from the uncollectible loan.
pinjaman.
Termasuk di dalam saldo pinjaman kepada mitra Included in loans to foster partner is balance of
binaan adalah saldo pinjaman tambahan. additional loans. Additional loans are
Pinjaman tambahan disalurkan untuk membiayai distributed to finance the short-term funding
kebutuhan dana pelaksanaan kegiatan usaha requirements for the business operations.
mitra binaan yang bersifat jangka pendek.
c. Pendapatan Jasa Administrasi Pinjaman c. Loan Administration Service Income
Tingkat suku bunga mulai 1 Oktober 2022 Interest rate start from October 1, 2022 is
diatur berdasarkan PER-06/MBU/09/2022 regulated on PER-06/MBU/09/2022 as
sebagaimana diubah oleh PER-01/MBU/03/2023 amended to PER-01/MBU/03/2023 become 3%
menjadi sebesar 3% per tahun. per annum.
d. Penyisihan Pinjaman kepada Mitra Binaan d. Allowance for Impairment of Loan to Foster
Partners
Mutasi cadangan penurunan nilai pinjaman Movement of allowance for impairment of loan
adalah sebagai berikut: is as follow:
2024 2023
_________________________________
Saldo awal 65.468 84.930 Beginning balance
Penambahan 22.133 24.421 Additional
Pemulihan (12.125) (19.462) Recovery
Reklasifikasi ke Reclassification to
pinjaman bermasalah (Catatan 7) (22.133) (24.421) troubled loan (Note 7)
Saldo akhir 53.343 65.468 Ending balance
17
Page 578
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
5. PINJAMAN KEPADA MITRA BINAAN (lanjutan) 5. LOAN TO FOSTER PARTNERS (continued)
31 Desember 2024/ December 31, 2024
Beban
(Pemulihan)
Umur Pinjaman % Akumulasi Penyisihan/
(dari jatuh tempo)/ Saldo Pinjaman/ Penyisihan/ Penyisihan/ Expense
Loan Aging Loan Allowance Accumulated (Recovery)
Kualitas Pinjaman (from maturity date) Balance % Allowance Allowance Loan Quality
_ _
Mitra Binaan Foster Partners
Dinilai secara kolektif Collective assessment
Lancar < 30 hari/ < 30 days 20.493 0,61% 125 (128) Current
Kurang lancar > 30 hari ≤ 180 hari 11.730 2,86% 335 (146) Substandard
> 30 days < 180 days
Diragukan > 180 hari ≤ 270 hari 4.614 7,86% 363 (253) Doubtful
> 180 days < 270 days
Macet > 270 hari/ > 270 days 52.520 100,00% 52.520 (11.588) Loss
Sub jumlah 89.357 53.343 (12.115) Subtotal
Bermasalah Troubled
Mitra Binaan 311.022 100,00% 311.022 14.847 Foster Partner
BUMN Pembina lain/ Other Foster SOE/
Lembaga Penyalur 9.200 100,00% 9.200 (20) Distributing Partners
Sub jumlah 320.222 320.222 14.827 Sub total
Dinilai secara individual Individual assessment
Mitra Binaan Pinjaman Tambahan Additional Loan Foster Partners
Macet - 100,00% - (10) Loss
Jumlah 409.579 373.565 2.702 Total
31 Desember 2023/ December 31, 2023
Beban
(Pemulihan)
Umur Pinjaman % Akumulasi Penyisihan/
(dari jatuh tempo)/ Saldo Pinjaman/ Penyisihan/ Penyisihan/ Expense
Loan Aging Loan Allowance Accumulated (Recovery)
Kualitas Pinjaman (from maturity date) Balance % Allowance Allowance Loan Quality
_ _
Mitra Binaan Foster Partners
Dinilai secara kolektif Collective assessment
Lancar < 30 hari/ < 30 days 98.510 0,26% 256 (1.481) Current
Kurang lancar > 30 hari ≤ 180 hari 19.188 2,50% 479 (673) Substandard
> 30 days < 180 days
Diragukan > 180 hari ≤ 270 hari 9.315 6,61% 615 (208) Doubtful
> 180 days < 270 days
Macet > 270 hari/ > 270 days 64.108 100,00% 64.108 (17.100) Loss
Sub jumlah 191.121 65.458 (19.462) Sub total
Bermasalah Troubled
Mitra Binaan 296.175 100,00% 296.175 15.443 Foster Partner
BUMN Pembina lain/ Other Foster SOE/
Lembaga Penyalur 9.220 100,00% 9.220 - Distributing Partners
Sub jumlah 305.395 305.395 15.443 Sub total
Dinilai secara individual Individual assessment
Mitra Binaan Pinjaman Tambahan Additional Loan Foster
Macet 10 100,00% 10 - Loss
Jumlah 496.525 370.863 (4.019) Total
18
Page 579
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
6. PIUTANG KERJASAMA PUMK 6. PUMK COLLABORATION RECEIVABLE
Mutasi piutang kerjasama PUMK adalah sebagai Movement of PUMK collaboration receivable is as
berikut: follow:
2024 2023
_________________________________
Saldo awal 20.000 - Beginning balance
Penyetoran dana PUMK kepada BRI 10.000 20.000 Deposit of PUMK fund to BRI
Penyaluran dana PUMK kepada Mitra Distribution of PUMK fund to foster partners
Binaan melalui BRI (30.000) - through BRI
Piutang kerjasama PUMK kepada PUMK collaboration receivable to
Mitra Binaan 28.021 - Foster Partners
Pengembalian piutang kerjasama PUMK Refund of collaboration receivable
kepada BRI: to BRI:
Pokok pinjaman 1.979 - Principal loan
Jasa administrasi pinjaman 119 - Loan administration service
Saldo akhir 30.119 20.000 Ending balance
Pada tanggal 29 Agustus 2023, SRC telah On August 29, 2023, SRC signed Perjanjian Kerja
menandatangani Perjanjian Kerja Sama Induk Sama Induk No. B 30/MBD/08/2023 or No. Tel. 1194/
No. B 30/MBD/08/2023 atau No. Tel. 1194/ HK.810/ HK.810/ SRC-A1000000/2023 with PT Bank Rakyat
SRC-A1000000/2023 dengan PT Bank Rakyat Indonesia Tbk (BRI) regarding Implementation of
Indonesia Tbk (BRI) tentang Pelaksanaan Program Program Pendanaan Usaha Mikro dan Usaha Kecil.
Pendanaan Usaha Mikro dan Usaha Kecil. Perjanjian This agreement is valid for 5 (five) years from the
ini berlaku untuk jangka waktu selama 5 (lima) tahun signing of the agreement. On November 29, 2023,
terhitung sejak ditandatanganinya perjanjian. Pada SRC signed Perjanjian Kerja Sama Turunan No.
tanggal 29 November 2023, SRC menandatangani B.827-MBD/11/2023 or No. Tel 1603/ HK.810/ SRC -
Perjanjian Kerja Sama Turunan No.B.827- A1000000/ 2023 with BRI to regulate in more detail
MBD/11/2023 atau No. Tel.1603/ HK.810/ SRC- regarding the implementation of Perjanjian Kerja
A1000000/ 2023 dengan BRI untuk mengatur lebih Sama Induk.
detail mengenai pelaksanaan Perjanjian Kerja Sama
Induk.
Berdasarkan perjanjian, BRI berkewajiban untuk Based on the agreement, BRI is obliged to
(1) melakukan penyaluran dana Program Pendanaan (1) distribute funds from the SRC's Program
UMK SRC kepada usaha mikro dan usaha kecil, Pendanaan UMK to micro and small businesses, (2)
(2) melakukan penagihan angsuran pinjaman UMK collect installments of the Foster MSE loans for the
Binaan atas penyaluran dana Program Pendanaan funds distribution of the SRC’s Program Pendanaan
UMK SRC sampai dengan pelunasan pinjaman oleh UMK until the loan repayment by the Foster MSEs is
UMK Binaan yang disetorkan melalui rekening SRC transferred through SRC's account by BRI, even
oleh BRI, meskipun perjanjian telah berakhir, (3) though the agreement has ended, (3) carry out
melakukan efektivitas kinerja penyaluran dan effective performance of distribution and collectibility
kolektibilitas Program Pendanaan UMK, of Program Pendanaan UMK, (4) report the
(4) melaporkan pelaksanaan penyaluran dana implementation of the funds distribution for Program
Program Pendanaan UMK sebagaimana diatur dalam Pendanaan UMK as regulated in Ministry of SOE
Permen BUMN No: PER-1/2023 kepada Kementerian No: PER-1/2023 to the Ministry of BUMN, (5) carry
BUMN, (5) melakukan monitoring dan evaluasi atas out monitoring and evaluation of the implementation
pelaksanaan penyaluran dana Program Pendanaan of the distribution of funds for SRC's Program
UMK SRC, (6) memberikan laporan atas penyaluran Pendanaan UMK, (6) providing report on the
dana Program Pendanaan UMK SRC sebagai dasar distribution of funds for SRC's Program Pendanaan
dari pelaksanaan audit Program Pendanaan UMK UMK as a basis for the audit of the implementation of
SRC, (7) mengalokasikan kembali jasa administrasi Program Pendanaan UMK, (7) reallocating
yang diperoleh dari penyaluran dana Program administrative services obtained from the distribution
Pendanaan UMK yang untuk selanjutnya menjadi of Program Pendanaan UMK funds for then becomes
bagian dari penyaluran dana Program Pendanaan part of the distribution of funds for the Program
UMK pada periode berikutnya yang akan Pendanaan UMK in the following period which will be
dikembalikan kepada SRC pada akhir periode returned to SRC at the end of the period of Perjanjian
Perjanjian Kerja Sama Induk. Kerja Sama Induk.
19
Page 580
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
6. PIUTANG KERJASAMA PUMK (lanjutan) 6. PUMK COLLABORATION RECEIVABLE
(continued)
SRC berkewajiban (1) melakukan penyetoran/ SRC is obliged to (1) deposit/transfer funds from
pemindahbukuan dana Program Pendanaan UMK Program Pendanaan UMK to BRI's checking
pada rekening giro BRI, (2) melakukan pembinaan account, (2) carry out development in accordance
sesuai ruang lingkup perjanjian, (3) menyampaikan with the scope of the agreement, (3) submit evidence
bukti penyetoran/ pemindahbukuan penyaluran dana of deposit/book-entry of disbursement of Program
Program Pendanaan UMK. SRC dan BRI sepakat Pendanaan UMK. SRC and BRI agree to hold a
untuk mengadakan pertemuan minimal 1 kali dalam meeting at least 1 time in 1 year to evaluate the
1 tahun untuk mengevaluasi pelaksanaan perjanjian. implementation of the agreement.
Pada tanggal 30 November 2023, SRC telah On November 30, 2023, SRC transferred funds
melakukan penyetoran dana ke rekening giro BRI to the BRI checking account of Rp20,000.
sebesar Rp20.000. Pada tanggal 29 November 2024, On November 29, 2024, SRC transferred funds to
SRC telah melakukan penyetoran dana ke rekening BRI’s account of Rp10,000.
giro BRI sebesar Rp10.000.
Pada tanggal 31 Desember 2024, SRC mengakui On December 31, 2024, SRC recognized loan
pendapatan jasa administrasi pinjaman dari piutang administration service income from PUMK
kerjasama kepada BRI sebesar Rp119. Collaboration receivable to BRI of Rp119.
SRC berkeyakinan bahwa seluruh pinjaman dapat SRC believes that all of loan are collectible, hence,
ditagih, dengan demikian tidak diperlukan adanya no allowance for impairment loss was provided.
penyisihan penurunan nilai.
7. PINJAMAN BERMASALAH 7. TROUBLED LOAN
Pinjaman Bermasalah Kepada Mitra Binaan Troubled Loan to Foster Partners Classified by
Berdasarkan SR Regional SR Regional
Pada tanggal 31 Desember 2024 dan 2023, pinjaman As of December 31, 2024 and 2023, the troubled
bermasalah yang di klasifikasikan berdasarkan SR loan which classified per SR Regional is as follow:
Regional adalah sebagai berikut:
2024 2023
_________________________________
Regional I 68.872 64.862 Regional I
Regional II* 96.760 42.106 Regional II*
Regional III* 77.705 52.650 Regional III*
Regional IV 30.133 26.093 Regional IV
Regional V 37.552 46.636 Regional V
Regional VI - 28.372 Regional VI
Regional VII - 35.456 Regional VII
311.022 296.175
_________________________________
SR Corporate SR Corporate
PT Sang Hyang Seri (Persero) (“SHS”) 7.582 7.602 PT Sang Hyang Seri (Persero) (“SHS”)
Baitul Mal Wal Tamwil (“BMT Hidayah”) 1.618 1.618 Baitul Mal Wal Tamwil (“BMT Hidayah”)
9.200 9.220
Jumlah 320.222 305.395 Total
Penyisihan Pinjaman Bermasalah (320.222) (305.395) Allowance for Impairment of Troubled Loan
Jumlah Pinjaman Bermasalah-Neto - - Troubled Loan Distribution-Net
*) Terdapat penyesuaian jumlah Divisi Telkom *) There are changes of the number of Telkom
Regional di tahun 2024 yang sebelumnya sesuai Regional Divisions in 2024, which previously
dengan yang diungkapkan pada Catatan 1. conformed to disclosed in Note 1.
20
Page 581
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
7. PINJAMAN BERMASALAH (lanjutan) 7. TROUBLED LOAN (continued)
Mutasi penyisihan penurunan nilai pinjaman Movement of allowance for impairment of troubled
bermasalah adalah sebagai berikut: loan is as follow:
2024 2023
_________________________________
Saldo awal 305.395 289.952 Beginning balance
Reklasifikasi dari pinjaman macet Reclassification from loss loan
(Catatan 5d) 22.133 24.422 (Note 5d)
Pemulihan (7.306) (8.979) Reversal
Saldo akhir 320.222 305.395 Ending balance
8. UTANG DAN LIABILITAS LANCAR LAINNYA 8. PAYABLES AND OTHER CURRENT LIABILITIES
Pada tanggal 31 Desember 2024 dan 2023, akun ini As of December 31, 2024 and 2023, this account
merupakan uang titipan. represents incidental deposit.
9. KELEBIHAN PEMBAYARAN ANGSURAN 9. OVERPAYMENT OF INSTALLMENTS
2024 2023
_________________________________
Saldo awal 237 204 Beginning balance
Penambahan 92 83 Additional
Pengembalian (68) (50) Refund
Saldo akhir 261 237 Ending balance
10. PENDAPATAN JASA ADMINISTRASI PINJAMAN 10. LOAN ADMINISTRATION SERVICE INCOME
2024 2023
Pinjaman kepada Mitra Binaan Loan to Foster Partners
Regional I 503 1.613 Regional I
Regional II* 632 1.257 Regional II*
Regional III* 922 763 Regional III*
Regional IV 433 1.124 Regional IV
Regional V 238 1.510 Regional V
Regional VI - 1.209 Regional VI
Regional VII - 788 Regional VII
2.728 8.264
_________________________________
Piutang kerjasama PUMK kepada BRI 119 - PUMK collaboration receivable to BRI
Jumlah 2.847 8.264 Total
*) Terdapat penyesuaian jumlah Divisi Telkom *) There are changes of the number of Telkom
Regional di tahun 2024 yang sebelumnya sesuai Regional Divisions in 2024, which previously
dengan yang diungkapkan pada Catatan 1. conformed to disclosed in Note 1.
21
Page 582
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
11. TRANSAKSI DAN SALDO DENGAN PIHAK 11. TRANSACTIONS AND BALANCES WITH
BERELASI RELATED PARTIES
Hubungan dan sifat saldo akun/ transaksi dengan The relationship and nature of account balances/
pihak - pihak berelasi adalah sebagai berikut: transactions with related parties were as follows:
Hubungan/ Pihak-pihak berelasi/ Transaksi/
`
Relationship Related parties Transactions
Perusahaan dibawah entitas PT Bank Negara Indonesia (Persero) Tbk. Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas PT Bank Mandiri (Persero) Tbk. Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas PT Bank Syariah Indonesia (Persero) Tbk. Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas PT Sang Hyang Seri (Persero) BUMN Penyalur lain/ Other Foster
sepengendali oleh Pemerintah/ SOE
Entity under common control of
the Government
Perusahaan dibawah entitas PT Bank Rakyat Indonesia (Persero) Tbk. BUMN Penyalur lain/ Other Foster SOE
sepengendali oleh Pemerintah/
Entity under common control of
the Government
22
Page 583
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
11. TRANSAKSI DAN SALDO DENGAN PIHAK 11. TRANSACTIONS AND BALANCES WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
Rincian akun dan transaksi signifikan dengan pihak - The details of accounts and significant transactions
pihak berelasi adalah sebagai berikut: with related parties are as follows:
Persentase terhadap
jumlah aset/
Percentage to
Jumlah total assets
2024 2023 2024 2023
Kas dan setara kas (Catatan 4) Cash and cash equivalents (Note 4)
Kas di bank Cash in banks
PT Bank Mandiri (Persero) Tbk. 121.297 80.740 37% 25% PT Bank Mandiri (Persero) Tbk.
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk. 121.022 80.930 37% 25% (Persero) Tbk.
PT Bank Syariah Indonesia PT Bank Syariah Indonesia
(Persero) Tbk. 12.596 10.727 3,9% 3,3% (Persero) Tbk.
254.915 172.397 77,9% 53,3%
Piutang Kerjasama PUMK PUMK Collaboration Receivable
Piutang Kerjasama PUMK kepada PUMK Collaboration Receivable to
Mitra Binaan 28.021 - 8,72% - Foster Partners
Piutang Kerjasama PUMK kepada PUMK Collaboration Receivable to
BRI 2.098 20.000 0,65% 6,3% BRI
30.119 20.000 9,37% 6,3%
Persentase terhadap
jumlah pendapatan/
Percentage to
Jumlah total revenue
2024 2023 2024 2023
Pendapatan Jasa Giro Interest from Current Account
Kas di bank Cash in banks
PT Bank Mandiri (Persero) Tbk. 1.664 842 26% 8,64% PT Bank Mandiri (Persero) Tbk.
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk. 1.603 624 26% 6,4% (Persero) Tbk.
PT Bank Syariah Indonesia PT Bank Syariah Indonesia
(Persero) Tbk. 92 5 1,4% 0,0% (Persero) Tbk.
3.359 1.471 53,4% 15,04%
23
Page 584
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
SOCIAL RESPONSIBILITY CENTER SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT (FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO) CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
Tanggal 31 Desember 2024 dan Tahun As of December 31, 2024 and
yang Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Jutaan Rupiah) (Expressed in Millions of Rupiah)
12. LAPORAN ARUS KAS - METODE LANGSUNG 12. STATEMENT OF CASH FLOWS - DIRECT
METHOD
2024 2023
_________________________________
AKTIVITAS OPERASI OPERATING ACTIVITIES
Pengembalian Pinjaman dari Mitra Binaan 86.538 171.334 Loan Repayments from Foster Partners
Penerimaan Jasa Administrasi Receipt from
Pinjaman 2.694 8.045 Loan Administration Service
Pendapatan Bunga 3.359 1.471 Interest Income
Piutang Kerjasama PUMK kepada BRI (10.000) (20.000) PUMK Collaboration Receivable to BRI
Pembayaran Utang (5) (3) Payable Payment
Pengembalian Kelebihan Angsuran Refund of Overpayment Installment to
ke Mitra Binaan (68) (49) Foster Partners
KAS NETO DITERIMA NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI 82.518 160.798 FROM OPERATING ACTIVITIES
KENAIKAN INCREASE
KAS DAN SETARA KAS 82.518 160.798 IN CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AWAL PERIODE 172.397 11.599 AT BEGINNING OF PERIOD
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AKHIR PERIODE 254.915 172.397 AT END OF PERIOD
24
Page 585
This page is intentionally left blank.
Page 586
Annual Report 2024 Feedback Form
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Page 587
Page 588
PT Telkom Indonesia (Persero) Tbk Investor Relations The Telkom Hub, Telkom Landmark Tower 51st Floor Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710, Indonesia Phone : (6221) 521 5109 Fax : (6221) 522 0500 E-mail : investor@telkom.co.id Website : www.telkom.co.id
Names mentioned 189 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Telekomunikasi Indonesia Tbk
· Company Name
p.19 ×19
unresolved
org
Government of the Republic of Indonesia
p.19 ×5
unresolved
org
State-owned Limited
p.19
unresolved
person
Imas Fatimah
p.19
unresolved
org
Ministry of Justice
p.19
unresolved
org
Indonesia Stock Exchange
p.19 ×4
unresolved
org
PT Telekomunikasi Selular
p.20 ×4
unresolved
org
PT Telkom Satelit Indonesia
p.20
unresolved
org
PT Telkom Akses
p.20 ×2
unresolved
org
PT Multimedia Nusantara
p.20
unresolved
org
PT Telekomunikasi Indonesia International
p.20
unresolved
org
PT Graha Sarana Duta
p.21
unresolved
org
PT Sigma Cipta Caraka
p.21
unresolved
org
PT Telkom Data Ekosistem
p.21
unresolved
org
PT BRI
p.32 ×3
unresolved
org
PT Mandiri Registered
p.32
unresolved
org
PT Trimegah Series C
p.32
unresolved
org
Indonesia Tbk
p.32 ×7
unresolved
org
Ministry of Trade
p.33
unresolved
org
PT Telkom
p.37 ×13
unresolved
org
Bank Indonesia
p.38 ×3
unresolved
org
Minister of SOEs Regulation No. PER-
p.39
unresolved
org
Ministry of Home In
p.51
unresolved
person
Minister of SOE Number SE-
p.62
unresolved
org
Telkom
2021
Indonesia
p.64
unresolved
org
PT Persada Sokka Tama
p.65
unresolved
org
Jasa Pengamanan Indonesia
p.70 ×2
unresolved
org
Milik Negara
p.70
unresolved
org
Telkom
52. | Indonesia
p.71
unresolved
org
PT Astra
p.72
unresolved
org
Indofood Tbk
p.72 ×2
unresolved
org
PT Combiphar Work
p.72
unresolved
org
PT Prudential Experiences
p.72
unresolved
org
PT TBS Energi
p.72
unresolved
org
TBS Energi
2025 | Utama
p.72
unresolved
org
PT Oligo
p.72
unresolved
org
Minister of Research
p.72
unresolved
org
Minister of National Development Planning
p.72
unresolved
org
Minister of Finance of Republic of Indonesia
p.72
unresolved
org
Minister of Finance
p.72
unresolved
—
GAICD
· Director
p.73
unresolved
org
Hamzah & Partners
p.73
unresolved
org
Ministry of Positions
p.74
unresolved
org
Freedom Corp
p.74
unresolved
org
Ministry of Communication
p.74 ×2
unresolved
org
Ministry of Communication and Information Technology
p.74
unresolved
org
Ministry of Finance
p.75 ×4
unresolved
org
Minister of Immigration
p.75
unresolved
org
Ministry of Law Finance
p.75
unresolved
org
PT GE Power Solution Institution Supervisory Agency
p.75
unresolved
org
PT Barata Indonesia
p.75
unresolved
org
PT Pindad (Persero)
p.75
unresolved
org
PT PAL Indonesia
p.75
unresolved
org
Minister of State-Owned Enterprises
p.76
unresolved
org
PT INALUM Experiences
p.76
unresolved
org
MNC Tbk
p.76 ×6
unresolved
org
PT MNC Infotainment
p.76
unresolved
org
PT IDX Channel
p.76
unresolved
org
PT Hikmat Makna Aksara
p.76 ×2
unresolved
org
PT MCI
p.76
unresolved
org
MNC Investama Tbk
p.76 ×2
unresolved
org
PT MNC Sky Visison
p.76
unresolved
org
Minister of SOE
p.77
unresolved
org
Financial Services Authority
p.78
unresolved
org
PT Graha International Service
p.80
unresolved
org
PT Graha International
p.80
unresolved
org
PT Graha
p.80 ×2
unresolved
org
PT Multimedia Professional
p.80
unresolved
org
PT Dayamitra Positions
p.81
unresolved
org
PT Dayamitra Experiences
p.81
unresolved
org
PT PINS
p.81
unresolved
org
PT Dayamitra
p.81 ×2
unresolved
org
PT Selular
p.81
unresolved
org
PT Telkomsel
p.81 ×5
unresolved
org
PT Sigma Cipta Bandung
p.82
unresolved
org
PT Daejeon University
p.82
unresolved
org
PT Positions
p.82
unresolved
org
PT MDI
p.82 ×2
unresolved
org
PT Sigma Cipta
p.82 ×2
unresolved
org
PT MD
p.82
unresolved
org
PT Melon
p.82
unresolved
org
PT Telkom Work
p.83
unresolved
org
Solution Indonesia (Persero) Tbk
p.83
unresolved
org
PT Telkom Satelit
p.83
unresolved
org
Metrasat (Persero) Tbk
p.83 ×2
unresolved
org
Qualified Risk Governance Tbk
p.83
unresolved
org
PT Bio
p.84
unresolved
—
Bio
2023 | Farma
p.84
unresolved
org
Kimia
2019 | Farma
p.84
unresolved
org
Farma Tbk
p.84
unresolved
org
Telkom
2014 | Indonesia
p.84
unresolved
org
Ministry of State-Owned Enterprises
p.85
unresolved
—
Dwiwarna
p.93
unresolved
org
NTC-HARDING LOEVNER FUNDS. INC.
p.95
unresolved
org
NTC-WGI EMERGING MARKETS FUND. LLC
p.95
unresolved
org
PT Multimedia
p.98
unresolved
org
PT Telkom Data
p.98
unresolved
org
PT Graha Sarana
p.98
unresolved
org
PT Napsindo
p.99
unresolved
org
Pte. Ltd.
p.99 ×2
unresolved
org
Changi North Way Pte. Ltd.
p.99
unresolved
org
PT Infomedia
p.99
unresolved
org
PT Infomedia Nusantara Nusantara
p.99
unresolved
org
PT Telkom Landmark
p.99
unresolved
org
PT Persada Sokka
p.100
unresolved
person
KH. Noer Ali
p.100
unresolved
org
PT Nuon Digital
p.100
unresolved
org
PT Finnet Indonesia
p.100
unresolved
org
PT Telkomsel Mitra
p.100
unresolved
org
PT Swadharma
p.100
unresolved
org
PT Ultra Mandiri
p.100
unresolved
org
PT Nusantara Sukses
p.101
unresolved
org
PT Graha Yasa
p.101
unresolved
org
USA Inc.
p.101
unresolved
org
PT Nutech Integrasi
p.101
unresolved
org
PT Collega Inti
p.101
unresolved
org
PT Pojok Celebes
p.101
unresolved
org
PT Metra TV
p.101
unresolved
org
Pty. Ltd.
p.101
unresolved
org
PT Metraplasa
p.101
unresolved
org
PT Bosnet
p.101
unresolved
org
BNI Tbk
p.105 ×2
unresolved
—
Telkom Bond II
p.105 ×2
unresolved
org
Niaga Tbk
p.105
unresolved
org
PT Mandiri Sekuritas Telkom Bond II
p.105
unresolved
org
Mandiri Tbk
p.105 ×3
unresolved
org
PT Bahana Telkom Shelf
p.105
unresolved
—
Telkom Shelf
p.105 ×2
unresolved
org
PT Mandiri Permata
p.105
unresolved
org
PT Trimegah Bond I
p.105
unresolved
org
PT BNI Telkom’s
p.106
unresolved
org
PT CGS-CIMB
p.106
unresolved
org
SERVICE IN
p.108
unresolved
org
Purwantono
p.108 ×5
unresolved
org
Young Global Limited
p.108 ×5
unresolved
org
Permata Tbk
p.108
unresolved
person
Ratam
p.109
unresolved
org
PT Indonesia Comnets Plus
p.116
unresolved
org
PT PLN
p.116
unresolved
org
PT Supra Primatama Nusantara
p.116
unresolved
org
PT Eka Mas Republik
p.116
Extraction attempts how the parser did, and what it refused
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