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Transformation
Towards Excellence
2023 ANNUAL
REPORT
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 I
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T HEME
Transformation Towards Excellence
Amid increasingly developing technology and digitalization, PT Telkom Indonesia (Persero) Tbk
(Telkom) continues to innovate to expand its services. The increasingly rapid development of
digitalization presents challenges and opportunities for Telkom as the largest telecommunication
company in Indonesia. The increasing demand for digital services opens opportunities for Telkom
to develop and expand the various digital services offered to meet customer needs. Meanwhile,
internet access, which still needs to be evenly distributed throughout Indonesia, is one of the
biggest challenges in this era of digitalization. For this reason, we are committed to supporting
the Indonesian Government’s efforts to encourage increased growth in the telecommunication
sector and accelerate national digital transformation. We will continue to innovate and prioritize
the quality of our services to support the transformation towards a superior Indonesian digital
economy and increase the creation of shared value for all stakeholders.
II ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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DISC L A IM E R
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)
IDX Ticker : TLKM
is also required to submit SEC Form 20-F as Annual
Report to the Securities and Exchange Commission (SEC). NYSE Ticker : TLK
Therefore, some of the information in the 2023 Annual
Report can also be found in the SEC Form 20-F, although Telkom stakeholders can submit questions and
the two Reports are not the same. suggestions to:
The term “Telkom” as used in this Report refers to Investor Relation Unit
the parent entity, while the term “Telkom and its
PT Telkom Indonesia (Persero) Tbk
Subsidiaries” or “TelkomGroup” refers to the entire
The Telkom Hub, Telkom Landmark Tower 39th Floor
parent company, subsidiaries, and affiliated entities as a
Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710, Indonesia
whole. Nevertheless, the use of the term “Telkom” does
not exclude subsidiaries and affiliates within the scope
of the contents and discussion of the Report. For the Phone : (6221) 521 5109
convenience of stakeholders, the electronic document of Facsimile : (6221) 522 0500
this 2023 Annual Report can be accessed and downloaded E-mail : investor@telkom.co.id
through http://www.telkom.co.id or scan here: Facebook : TelkomIndonesia
Instagram : telkomindonesia
Twitter : @telkomindonesia
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023
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TABLE OF CON T E N TS
Theme 73 Profile of the Senior Vice President
1 DISCLAIMER 75 Profile of Telkom Employees
2 TABLE OF CONTENTS 79 Shareholders Composition
82 Subsidiaries, Associated
01 Telkom Highlights Companies, and Joint Ventures
89 Chronology of Stocks Registration
6 Profile of Telkom and Its
Subsidiaries 91 Chronology of Other Securities
Registration
10 Products and Customers
93 Name and Address of Institutions
12 Infrastructure and/or Supporting Capital Market
Profession
14 Operational Areas and Services
95 Use of Public Accounting Services
16 Key Financial Data Overview and Public Accounting Firms
20 Stock Information 04 Management Discussion
22 Information Regarding and Analysis
Obligations, Sukuk or Convertible
Bonds 98 Business Overview
103 Operational Overview by Business
02 Management Reports Segment
26 Report of the Board of 122 Marketing Overview
Commissioners 132 Comprehensive Financial
34 Report of the Board of Directors Performance
42 Statement Letter of Responsibility 147 Solvency
for 2023 Annual Report 148 Capital Structure and the
Management Policies for Capital
03 About Telkom Structure
149 Realization of Capital Expenditure
46 Purpose, Vision, Mission, and
Strategy 150 Material Commitment for Capital
Expenditure
48 Corporate Culture and Value
151 Receivables Collectability
50 Telkom Milestones and Company
Name Changes 152 Material Information and Fact After
Accountant Reporting Date
52 Business Activities
153 Business Prospects and
54 Telkom Organizational Structure Sustainability of the Company
56 List of Industry Association 154 Comparison of Initial Year Target
Memberships and Realization
58 Profile of the Board of 155 Target or Projections for the
Commissioners Following Year
66 Profile of the Board of Directors 157 Dividend
2 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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157 Realization of Public Offering Fund 285 Information Access and Company’s
Public Data
158 Material Information Regarding
Transaction with Conflict of 286 Corporate Code of Conduct
Interest, Transaction with Affiliated
288 Anti Corruption Policy
Parties, Investment, Divesment,
and Acquisition
159 Changes in Law and Regulation
06 Corporate Social
Responsibility and
160 Changes in Accounting Policy Environment (CSR)
292 Brief Summary of Corporate Social
05 Corporate Governance Responsibility and Environment
292 Corporate Social Responsibility
164 Corporate Governance Principle
and Environment Program
and Platform
Implementation Report
170 Corporate Governance Structure
171 Corporate Governance Assessment 07 Appendices
172 General Meeting of Shareholders 314 Appendix 1: Glossary
(GMS)
320 Appendix 2: List of Abbreviations
178 Board of Commissioners
324 Appendix 3: Cross Reference
199 Audit Committee to the Circular Letter by the
209 Committee for Nomination and Financial Services Authority No. 16/
Remuneration SEOJK.04/2021
221 Committee for Planning and Risk 346 Appendix 4: Affiliate Transactions
Evaluation and Monitoring List
230 Board of Directors
08 Consolidated Financial
247 Corporate Secretary Statements
249 Internal Audit Department 366 Audited Consolidated Financial
Statements 2023 and Audited
254 Internal Control System
Financial Statements 2023 for
258 Risk Management System Program Pendanaan Usaha Mikro
dan Usaha Kecil
276 Whistleblowing System
Feedback Form
282 Policy Regarding Reporting
Share Ownership of Directors and
Commissioners
283 Employee Stock Ownership
Program
284 Significant Legal Disputes
284 Information Regarding
Administrative Sanctions
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 3
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TELKOM HIGHLIGHTS 4 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 7
PA R T/ 01.
01.
HighlightS
Telkom
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 5
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TELKOM HIGHLIGHTS
PR OF IL E OF T E LKO M A N D I TS S U B S I D I A R I E S
PROFILE OF TELKOM
Company Name Legality
Perusahaan Perseroan (Persero) Tax Identification Number (NPWP) 01.000.013.1‑093.000
PT Telekomunikasi Indonesia Tbk Trade Business License (SIUP) based on Business
Identification Number (NIB) No. 9120304490415
Abbreviated Name
PT Telkom Indonesia (Persero) Tbk Company Establishment Date
November 19, 1991
Commercial Name
Telkom Legal Basis of Establishment
Based on Government Regulation No. 25 of 1991, the
Business Fields, Type of Products, and Services status of our Company was converted into a State-
The operation and management of owned Limited Liability Company (“Persero”), based
telecommunications networks and services, on the Notarial Deed of Imas Fatimah, S.H. No.128
informatics as well as the optimalization of the dated September 24, 1991, as approved by the Ministry
utilization of the Company’s resources of Justice of the Republic of Indonesia by virtue
of Decision Letter No. C2‑6870.HT.01.01.th.91 dated
Corporate Status November 19, 1991 and as announced in the State
Public Company, State-Owned Enterprise Gazette of Republic of Indonesia No. 5 dated January
17, 1992, Supplement to the State Gazette No. 210
Ownership
52.09% The Government of the Republic of Indonesia Head Office Address and Contact
47.91% Public Graha Merah Putih
Jl. Japati No. 1, Bandung
Jawa Barat, Indonesia - 40133
6 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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Company Contact Ticker
Phone : +62-22-4521404 Indonesia Stock Exchange (IDX) : TLKM
Fax : +62-22-7206757 New York Stock Exchange (NYSE) : TLK
Call Center : +62-21-147
Website : www.telkom.co.id Stock Type
E-mail : corporate_comm@telkom.co.id Series A Dwiwarna shares and series B shares
investor@telkom.co.id
Authorized Capital
Social Media 1 series A Dwiwarna share
Facebook : TelkomIndonesia 389,999,999,999 series B shares
Instagram : telkomindonesia
Twitter : @telkomindonesia Issued and Fully Paid Capital
YouTube : TelkomIndonesiaOfficial 1 series A Dwiwarna share
LinkedIn : Telkom Indonesia 99,062,216,599 series B shares
Stock Listing Rating
The Company is listed on the Indonesia Stock Exchange International : Baa1 (stable) from Moody’s
(IDX) and New York Stock Exchange (NYSE) since : BBB (stable) from Fitch Ratings
November 14, 1995 Domestic : idAAA by Pefindo for 2023
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 7
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TELKOM HIGHLIGHTS
PROFILE OF SUBSIDIARIES
Telkom is the largest 12 Subsidiaries with direct ownership and actively operating
telecommunication
31 Subsidiaries with indirect ownership
company in Indonesia
with: 9 Affiliated entities
Subsidiaries with direct ownership and actively operating:
www.telkomsel.com www.metra.co.id
PT Telekomunikasi Selular PT Multimedia Nusantara
(Telkomsel) is a cellular (Telkom Metra) is an investment
operator with the widest company and sub-holding which
network reaching more has expanded into various basic
than 90% of Indonesia’s digital services and ICT industries
population, with its core through acquisition, partnership
business comprises of cellular and the construction of a strong
telecommunications services business ecosystem.
and the operation of cellular
telecommunications networks.
www.telkomsat.co.id www.pins.co.id
PT Telkom Satelit Indonesia PT PINS Indonesia (PINS) is a
(Telkomsat) is a company company that provides various
with a satellite business technological facilities and
portfolio that provides end- equipment, device integration,
to-end satellite-based digital networks, systems, processes, and
service focusing on customer the Internet of Things (IoT).
needs (customer-oriented).
www.telkomakses.
www.telin.net
co.id
PT Telkom Akses (Telkom PT Telekomunikasi Indonesia
Akses) is a company that International (Telin) is a
engaged in the deployment global telecommunications
and management of fixed operator that provides
broadband access network telecommunications & IT service
infrastructure services, solutions overseas with 7 active
managed service, and and operating subsidiaries
operation maintenance of overseas.
fixed broadband access
networks.
8 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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www.mitratel.co.id www.telkominfra.co.id
PT Dayamitra PT Infrastruktur Telekomunikasi
Telekomunikasi (Mitratel) Indonesia (Telkom Infra) is
is a company that a provider of domestic and
provides infrastructure for international telecommunications
telecommunication towers infrastructure management
(tower provider) for the services (service and solution),
domestic market with a with the core business of
core business that includes telecommunications infrastructure
tower construction and services and submarine cable
tower management services services.
(collocation & reseller).
www.metranet.co.id www.telkomproperty.co.id
PT Metranet (Metranet) is an PT Graha Sarana Duta
integrated media and digital (Telkom Property) is a property
content provider with a core service company that focuses
business in online media, on leveraging Telkom’s idle
digital content, and digital assets. Its core business is
billing. property management,
property development, project
management, and facilities
management.
www.neutradc.com www.telkomsigma.co.id
PT Telkom Data Ekosistem PT Sigma Cipta Caraka (Sigma)
(NeutraDC) is a company is a consulting service provider
with a focus on data center company for hardware, computer
infrastructure business software, and consolidated data
portfolio with the core center.
business of collocation
provider and their supporting
ecosystem including managed
data center operations, cross
connect, and smart hand.
Note:
A more complete list of subsidiaries can be seen in the Consolidated Financial Statements.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 9
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TELKOM HIGHLIGHTS
PR ODU CTS AND CU STO M E R S
Consumer 10.1 million
IndiHome fixed broadband subscribers
Fixed voice, fixed broadband, IP-TV,
and digital services.
Mobile 159.3 million
cellular subscribers
Cellular legacy services (voice and SMS),
mobile broadband, as well as mobile
digital services including IoT, big data,
financial services, VOD, music, gaming,
7.5 million
and digital advertisement.
postpaid subscribers
Enterprise
ICT and platform services that include
connectivity, IT services and cloud,
business process outsourcing, devices,
151.8 million
prepaid subscribers
satellite business, digital services and
adjacent services, such as e-health
services and ATM management.
524 127.1 million
mobile broadband subscribers
Groups of SOEs, MOCs,
and Public Service
Agencies customers
1,694
Private customers
618,854 Wholesale &
SME customers
International
714
Government Institution
customers
Business
10 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 01.
Others
Digital services such as digital platform, digital content,
e-commerce for B2B, and property management in
view to fully utilize Telkom’s property assets throughout
Indonesia.
17.7 million
active users of digital music (RBT,
music streaming, dan Langit Musik)
15.6 million
paying users
of digital games
10.5 million
paying users of digital edutainment
(OTT Video)
Domestic and international
wholesale traffic, network, and
digital platform and services as
well as tower, data center, and
7 382 26 593
managed infrastructure and other licensed internet service transponder & global partner
network. operator (OLO) provider customers closed user group customers
customers customers
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 11
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TELKOM HIGHLIGHTS
I NF RAST RU CTU RE
Telkom and its subsidiaries continue to develop to provide the good service. One of the efforts made is by developing
infrastructure through Indonesia Cyber Core Program which consists of three components, namely id-Service (id-SEV),
id-Convergence (id-COV), and id-Network (id-NET).
id-Service (id-SEV)
Games, Video/TV, education, e-commerce, mobile payment, travel,
crowd-sourcing, health
• 4 clusters Application Development Platform Infrastructure
• 1 cluster Data Management Platform Infrastructure
• 1 cluster Graphical Processing Unit (GPU) Farming Infrastructure
• 1 cluster In-memory Database Infrastructure
• 1 cluster Artificial Intelligent Infrastructure
• 2 clusters Big Data Platform Infrastructure
id-Convergence (id-COV)
Data Center
32 data centers consisting of:
• 5 data centers (overseas)
• 23 data centers neuCentrlX (domestic)
• 3 data centers enterprise tier 3 and 4 (domestic)
• 1 data center hyperscale tier 3 and 4 (domestic)
Telkom Cloud (T-Cloud)
• Public Cloud: 2 zones consisting of T-Cloud and Flou-Cloud
• Hybrid Cloud: 1 zone, Playcourt
• Private Cloud: 1 zone, Telkom Internal Cloud
12 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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id-Network (id-NET)
Fiber Optic Backbone Network 176,663 km Mobile Network
• 111,663 km domestic fiber optic a. 247,472 BTS b. 43,047 towers
• 64,700 km international fiber optic • 48,980 BTS 2G • 4,556 Telkomsel towers
Point of Presence (PoP) • 197,838 BTS 4G • 38,014 Mitratel towers
122 PoP covering: • 654 BTS 5G • 477 Telkom towers
• 64 PoP in the domestic network Fiber Optic Access Network
• 58 PoP in the international network • 38 million Homes Passed
Satellite • 16 million Optical Port
2 Satellites with total capacity 109 TPE Wi-Fi, 394,031 Access Point
• Merah Putih Satellite (60 TPE) • 123,311 Managed Access Point
• Telkom 3S (49 TPE) • 221,000 Homespot
• 49,720 ONT Premium
Internet of Thing (IoT)/Machine to Machine (M2M)
Security
To guard against cyberattacks towards systems and applications,
a Vulnerability Assessment is conducted on a regular basis for all
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.
Big Data/Artificial Intelligence (AI)
• 1 system full-stack big data platform
• 1 system multimedia data extraction
• Various standalone and embedded AI capabilities
Catatan: Augmented Reality (AR)/Virtual Reality (VR) 1 system
Cluster adalah sekelompok infrastruktur yang terintegrasi untuk
Payment/block-chain mendukung layanan digital service.
3 systems
Note:
Cluster is a group of integrated infrastructure to support digital services.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 13
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TELKOM HIGHLIGHTS
OPER AT IONAL ARE A S A N D S E R VI C E S
Merah0Putih Telkom - 3S
(108 E) (1180E)
SHM
MOS
MAN AMS WRS
LON LUX
DUB FRA KIV
PRS SWI
MRS
VNA
EIG
MLN SOF SEO
MDR IST
LSB PAL TYO
C2C
SHA
SHI
ALG HKG
CAI RYD
MAC TWN
APCN-2
RGN
DUB
BKK
DJI
BBG
HAN SJC
IMEWE
BSW
SEA-ME-WE 5 SG SMPCS
DUM
BTM
SEA-ME-WE 4
JKT SBY
DPS
DIL
IGG
7 Telkom Regional Offices
61 Telecommunications areas
186 Plasa Telkom Outlets
Global Offices in Australia, Hong Kong, Malaysia, Myanmar, Singapore, Taiwan, Timor-Leste,
14 Dubai, and the United States also Global Sales Representatives in the United Kingdom,
Philippines, Vietnam, Canada, and India
309 GraPARI in Indonesia
14 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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TOR
SJ CHG
JUS
NYX
UNITY
SLO ASH
LAX
FASTER
TNG-IA AAG
HWI
GAU
SEA-US
Point of Presence (POP)
International Direct Dialing (IDD)
Submarine Fiber Optic (SEA-ME-WE 4)
Submarine Fiber Optic (SEA-ME-WE 5)
Submarine Fiber Optic APCN-2 SP
Submarine Fiber Optic EIG
Submarine Fiber Optic SEA - US
Submarine Fiber Optic IGG
Submarine Fiber Optic SMPCS
Telekomunikasi Indonesia Internasional
(TELIN)
571 IndiHome Sales Car Unit
176,663 km Optic Backbone Network
122 Point of Presence (PoP)
2 Satellites with a total capacity of 109 TPE
247,472 Mobile Network BTS
43,047 Tower
394,031 Wi-Fi Access Point
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 15
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TELKOM HIGHLIGHTS
KEY FINANCIAL DATA OVE R VI EW
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2023 2022 2021 2020 2019
Description
In Rp billion, unless otherwise stated
Total revenues 149,216 147,306 143,210 136,462 135,567
Total expenses* 104,300 101,569 99,303 93,274 93,913
EBITDA 77,579 78,992 75,723 72,080 64,832
Operating profit 44,384 39,581 47,563 43,505 42,394
Profit for the year 32,208 27,680 33,948 29,563 27,592
Profit for the year attributable to:
Owners of the parent company 24,560 20,753 24,760 20,804 18,663
Non-controlling interest 7,648 6,927 9,188 8,759 8,929
Total comprehensive profit for the year 30,754 29,447 35,928 25,986 25,400
Total comprehensive profit for the year attributable to:
Owners of the parent company 23,083 22,468 26,767 17,595 16,624
Non-controlling interest 7,671 6,979 9,161 8,391 8,776
Basic earning per share (in full):
Net income per share 247.92 209.49 249.94 210.01 188.40
Net income per ADS (1 ADS : 100 common
24,792 20,949 24,994 21,001 18,840
stock)
Remark:
* Exclude other income (expense).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2023 2022 2021 2020 2019
Description
In Rp billion
Assets 287,042 275,192 277,184 246,943 221,208
Liabilities 130,480 125,930 131,785 126,054 103,958
Equity attributable to owner of the parent
135,744 129,258 121,646 102,527 99,561
company
Net working capital (current asset -
(15,955) (15,331) (7,854) (22,590) (16,647)
current liabilities)
Long-term investment in associates 109 123 139 192 1,944
CAPITAL EXPENDITURE
2023 2022 2021 2020 2019
Description
In Rp billion
Capital Expenditure 32,968 34,156 30,341 29,436 36,585
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CONSOLIDATED FINANCIAL AND OPERATION RATIOS
Description Unit 2023 2022 2021 2020 2019
Return on Assets (ROA) (1)
11.2 10.1 12.2 12.0 12.5
Return on Equity (ROE) (2)
20.6 18.5 23.3 24.5 23.5
Operating Profit Margin (3)
29.7 26.9 33.2 31.9 31.3
%
Current Ratio (4)
77.7 78.2 88.6 67.3 71.5
Total Liabilities to Equity (5)
83.3 84.4 90.6 104.3 88.7
Total Liabilities to Total Assets (6)
45.5 45.8 47.5 51.0 47.0
Debt to Equity Ratio (7)
0.4 0.4 0.5 0.5 0.4
Debt to EBITDA Ratio (8)
x 0.9 0.8 0.9 0.9 0.8
EBITDA to Interest Expense (9) 16.7 19.6 17.3 15.9 15.3
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 (included finance lease) divided by total equity.
(8) Debt to EBITDA ratio is calculated as debt (included finance lease) divided by EBITDA.
(9) EBITDA to interest ratio is calculated as EBITDA divided by cost of funds.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 17
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TELKOM HIGHLIGHTS
REVENUE
149,216 147,306 143,210
136,462 135,567 1.30%
yoy
(Rp billion)
2023 2022 2021 2020 2019
EBITDA
-1.79%
77,579 78,992
75,723
72,080
64,832
yoy
(Rp billion)
2023 2022 2021 2020 2019
NET INCOME
18.3%
24,560 24,760
20,753 20,804
18,663
yoy
(Rp billion)
2023 2022 2021 2020 2019
EARNING PER SHARE
247.92
209.49
249.94
210.01
188.40
18.3%
yoy
(Rp)
2023 2022 2021 2020 2019
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EBITDA MARGIN
60.0
53.6
52.0 52.9 52.8
50.0 47.8
40.0
2023 2022 2021 2020 2019
NET INCOME MARGIN
20.0
17.3
16.5
15.2
15.0 14.1 13.8
10.0
2023 2022 2021 2020 2019
PROFITABILITY RATIO
30.0
24.5 23.5
23.3
20.6
20.0 18.5
12.2 12.0 12.5
11.2 10.1
10.0
2023 2022 2021 2020 2019
Return on Equity (ROE) Return on Assets (ROA)
LEVERAGE RATIO
1.0
0.9 0.9 0.9
0.8 0.8
0.6 0.5
0.5
0.4 0.4 0.4
0.2
2023 2020 2021 2022 2019
Debt to EBITDA Ratio Debt to Equity Ratio
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 19
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TELKOM HIGHLIGHTS
STOC K IN FORM AT IO N
TELKOM’S STOCK INFORMATION AT IDX
Price Per Share Outstanding
Market
Volume Shares
Calendar Year Highest Lowest Closing Capitalization
(Shares) Excluding
(Rp) (Rp) (Rp) (Rp billion)
Treasury Stock
2022 4,850 3,570 3,750 29,679,859,500 99,062,216,600 371,483
First quarter 4,700 4,030 4,580 6,812,010,800 99,062,216,600 453,705
Second quarter 4,850 3,930 4,000 7,780,427,000 99,062,216,600 396,249
Third quarter 4,770 3,840 4,460 7,522,276,500 99,062,216,600 441,817
Fourth quarter 4,540 3,570 3,750 7,565,145,200 99,062,216,600 371,483
2023 4,500 3,390 3,950 21,047,954,600 99,062,216,600 391,296
First quarter 4,130 3,690 4,060 4,825,397,400 99,062,216,600 402,193
Second quarter 4,500 3,930 4,000 5,570,072,100 99,062,216,600 396,249
Third quarter 4,030 3,670 3,750 5,786,841,600 99,062,216,600 371,483
Fourth quarter 4,000 3,390 3,950 4,865,643,500 99,062,216,600 391,296
Telkom’s stock price on the last trading day on December 29, 2023 at IDX closed at Rp3,950. With that price, Telkom’s
market capitalization reached Rp391.3 trillion or 3.35% of the total capitalization of IDX.
700,000,000 5,000
600,000,000
Volume (Per Shares)
4,000
500,000,000
Price (Rp)
3,000
400,000,000
300,000,000
2,000
200,000,000
1,000
100,000,000
0 0
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2022 2022 2022 2022 2023 2023 2023 2023
20 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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TELKOM’S AMERICAN DEPOSITORY SHARES (ADS) INFORMATION
AT NYSE
Price Per ADS
Volume
Calendar Year Highest Lowest Closing
(ADS)
(US$) (US$) (US$)
2022 33.21 23.03 23.85 69,735,455
First quarter 32.75 28.38 31.95 18,962,553
Second quarter 33.21 26.43 27.04 15,991,374
Third quarter 31.95 26.08 28.85 16,838,474
Fourth quarter 29.56 23.03 23.85 17,943,054
2023 29.58 21.67 25.76 54,900,663
First quarter 27.53 23.76 27.27 14,860,295
Second quarter 29.58 26.16 26.67 11,001,104
Third quarter 26.66 23.72 24.10 13,205,441
Fourth quarter 26.01 21.67 25.76 15,833,823
On December 29, 2023, closing price for 1 Telkom ADS on New York Stock Exchange (NYSE) is US$25.76. The following
table reports the highest, lowest, closing price, and trading volume of Telkom ADS which listed on NYSE for the indicated
period.
2,500,000 35.0
30.0
2,000,000
25.0
Volume (ADS)
Price (US$)
1,500,000
20.0
15.0
1,000,000
10.0
500,000
5.0
0 0
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2022 2022 2022 2022 2023 2023 2023 2023
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 21
Page 24
TELKOM HIGHLIGHTS
CORPORATE ACTION INFORMATION REGARDING STOCKS
Until the end of 2023, both on IDX and NYSE, company will not carry out corporate actions such as stock split, reverse
stock, stock dividend, bonus share, changes in the nominal value of share, issuance of convertible securities, as well as
addition and reduction in capital. Apart from that, there are also no sanction for temporary termination of suspension
and/or delisting. Therefore, this Report does not contain information related to this matter.
I NFOR M AT ION REG A R D I N G O B L I G AT I O N S ,
S UKUK OR CONVE RT I B L E B O N D S
Bonds Principal Issuance Maturity Term Interest Underwriter Trustee Rating
(Rp million) Date Date (Years) Rate per (Pefindo)
Annum
(%)
Telkom Shelf PT Bahana PT Bank id
AAA
June 23, June 23, Sekuritas, Permata
Registered Bond 2,100,000 10 10.25
2015 2025 Tbk
I 2015 Series B PT BRI
Telkom Shelf Danareksa
June 23, June 23, Sekuritas,
Registered Bond 1,200,000 15 10.60
2015 2030
I 2015 Series C PT Mandiri
Sekuritas,
Telkom Shelf
Registered Bond June 23, June 23, PT Trimegah
I 2015 Series D 1,500,000 30 11.00 Sekuritas
2015 2045
Indonesia
Tbk
22 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 25
Telkom Kaleidoscope 2023
Digital Transformation Advances The Future Of Indonesia
,, Thank you for the trust and support that has been given to Telkom Indonesia. With the spirit of
#ElevatingYourFuture, Telkom always makes the best contribution to all Indonesian people to
create a better future.
January February March • Initiating Green Data Center • Supporting digitalization of education through the Digital
Innovation Learning School • Organizing Business Matching PaDi UMKM • Acquired Indosat tower by Mitratel •
Signing of strategic cooperation between NeutraDC, Naver Cloud, and CISCO • Launching Interplay Smart Home+
| April May June • Holding Mudik Bersama BUMN • Strategic collaboration between MDI Ventures and Antler
Germany • Supporting Infrastructure of the 42nd Asean Summit in Labuan Bajo • Implementation of TelkomGroup's
commitment to Digital Inclusivity • Implementation of Telkom's AGMS for Financial Year 2022 • Implementation of
IndiHome Integration with Telkomsel (FMC) | July August September • Telkom's 58th Anniversary Celebration: Digiland
2023 • Implementation of CSR: Assistance for Qurban Animals on Eid al-Adha 1444 • Initiating NeutraDC's Net
Zero Emission commitment • Supporting infrastructure of the 43rd Asean Summit in Jakarta • Organizing the Bali
Annual Telkom International Conference (BATIC) 2023 • Participation of Telkom-assisted SMEs in China-ASEAN Expo
| October November December • Supporting infrastructure of AIS 2023 Forum & MotoGP Mandalika • Presenting Telkom
reliable connectivity at the FIFA U-17 World Cup Indonesia 2023 • Launching EXIST: ESG Existence for Sustainability
by Telkom Indonesia • Achieved Forbes World's Best Employers 2023 • Initiating B2B cooperation between Telkom
and Huawei • Establishment of TelkomGroup SIAGA Post for Christmas - New Year. #ELEVATINGYOURFUTURE
Company Performance
Revenue Rp149,216 billion (1.30% YoY)
EBITDA Rp77,579 billion (-1.79% YoY)
Net Profit Rp24,560 billion (18.3% YoY)
Mobile Customers 159.3 million subscribers
IndiHome Customers 10.1 million subscribers
Awards
• The International ARC Awards (AR)
• Anugerah Media Humas 2023
• CNBC Indonesia Awards 2023 (CEO)
• BCOMSS 2023
• Forbes World's Best Employers 2023
• Indonesia Best Workplace for Woman Award 2023
Page 26
MANAGEMENT REPORTS 24 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 27
PA R T/ 02.
02.
Management
Reports
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 25
Page 28
MANAGEMENT REPORTS
“
Based on the views
and assessments of the
Board of Commissioners,
the Board of Directors
carried out its duties
and responsibilities
well in 2023, reflected
in the Company’s
exemplary performance
achievements.”
Bambang Permadi Soemantri
Brodjonegoro
President Commissioner/Independent Commissioner
26 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 29
PA R T/ 02.
R EP ORT OF T HE B OA R D O F
CO M M IS S ION E RS
Esteemed stakeholders, The telecommunications industry is vital to the nation’s
economic and social development in this digital era. With
Praise and gratitude to God Almighty because, with His the number of mobile internet users reaching 353.3 million,
grace, PT Telkom Indonesia (Persero) Tbk (“Telkom” or Indonesia has one of the largest telecommunications
“the Company”) made it through 2023 by recording a industries in Southeast Asia1. Moreover, 70% of Indonesia’s
proud performance amidst various global uncertainties demographics are dominated by tech-savvy2, productive
and challenges. Therefore, on this precious occasion, ages, thus opening up more significant opportunities for
allow me, on behalf of the Board of Commissioners, to progress. The use of technology is inseparable from daily
submit a report on the supervision of Telkom Indonesia’s life, with the majority of Indonesians using the internet
business management for the financial year 2023. to access social media (97.8%), read online news (70.7%),
listen to streaming music (71%), and stream on-demand
This report includes our assessment of the performance TV (65.8%)3.
of the Board of Directors in managing the company;
supervision of the formulation and implementation This development has driven the rapid growth of the
of strategies by the Board of Directors; views on the Information and Communication Technology (ICT)
company’s business prospects prepared by the Board of sector. In 2022, the ICT sector contributed significantly
Directors; and views on the implementation of corporate to the national GDP, reaching 812.81 trillion rupiah4.
governance. Its growth is also predicted to stabilize, with a CAGR of
6.1% during 2023-20275. Not only that, Indonesia’s digital
Macroeconomic and Industry Outlook economy also continues to grow. The digital economy’s
contribution to GDP is expected to jump from 8% in 2022
Indonesia’s macroeconomy in 2023 continues to to 14% in 20276. The Gross Merchandise Value (GMV) of
show considerable resilience amidst various global Indonesia’s digital economy is predicted to reach USD
uncertainties. Indonesia’s economy grew by 5.05% in 2023, 210-360 billion by 20307. This figure shows the tremendous
supported by strong domestic consumption, investment potential for Indonesia’s economic growth in the digital
growth, and sustainable structural reforms. Inflation era. Technologies such as e-commerce, fintech, and
conditions are still maintained at around 2.5%, in which artificial intelligence (AI) will be the main drivers of digital
case the government has succeeded in conducting a economic growth in the future.
stable monetary policy that can suppress inflation rates,
especially volatile food price inflation. According to the Despite this vast potential, Telkom, as a state-owned
International Monetary Fund (IMF), the global economy telecommunications company, is faced with various
is forecast to grow by 3.1% in 2024, and for developing obstacles in responding to the development of
countries it is forecasted to grow by 5.2%. Due to the digitalization. To become a leader in this digital era,
effects of elections and government spending, Indonesia Telkom continues to adapt to change, improve network
is predicted to grow by up to 5.3% in 2024. The economic infrastructure, expand service coverage, and bring
challenges lie in geopolitical conditions, supply chain relentless innovation to meet evolving market demands.
disruption, and climate change.
1 We are Social and Meltwater, 2024
2 BPS, 2020
3 We are Social and Meltwater, 2024
4 Statista, 2023
5 Twimbit Analysis, 2023
6 Twimbit Analysis, 2023
7 Google, Temasek, and Bain, 2023
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 27
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MANAGEMENT REPORTS
“The financial However, we also recognize In our view, the Board of Directors
that competition in the of Telkom Indonesia has taken four
year 2023 was a telecommunications industry is critical steps in 2023, namely:
increasingly fierce. Regulatory 1. Maintaining the Company’s
challenging year for changes, technological innovations, health in a stable and prospective
and market dynamics will affect condition.
Telkom Indonesia. The service quality, operational efficiency, Amid increasingly fierce
and reduce our competitive competition, Telkom Indonesia
dynamics of business advantage. recorded exemplary financial
achievements during the
transformation in Assessment of the 2023 financial year, with stable
Performance of the Board revenue growth, improved
the 5 Bold Moves of Directors Regarding profitability, and efficient capital
the Management of the management. Key financial
strategy and the Company ratios also showed positive
developments resulting from
challenges of industry Each year, the Board of strategic decisions and proper
Commissioners conducts an execution of decisions by the
changes caused assessment of the performance Board of Directors. Investors’ views
of the Board of Directors, which is on Telkom’s share price prospects
by technological are also favorable, as indicated by
comprehensively described in the
Key Performance Indicators (KPI) of the positive recommendations
developments,
the Board of Directors individually from most major analysts for
competition, and and collegially, which is submitted Telkom shares in 2023.
to the Shareholders through the 2. Laying the pillars of future
changes in people’s General Meeting of Shareholders growth through the 5 Bold Moves
(GMS). initiatives.
lifestyles made this In addition to maintaining
Based on the views and assessments Telkom’s growth in 2023, the Board
year’s achievements of the Board of Commissioners, of Directors has simultaneously
the Board of Directors carried led a series of 5 Bold Moves
more notable than in out its duties and responsibilities strategic initiatives. The strategic
well in 2023, reflected in the initiatives in the Company’s 2019-
previous years.” Company’s exemplary performance 2024 Long Term Plan are based
achievements. on five main strategies: Fixed
Mobile Convergence, Network
Infrastructure, Data Center, B2B
IT Service, and Digital Company.
28 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 31
PA R T/ 02. From left to right: Arya Mahendra Sinulingga (Commissioner), Bono Daru Adji (Independent Commissioner), Rizal Mallarangeng (Commissioner), Silmy Karim (Commissioner), Bambang Permadi Soemantri Brodjonegoro (President Commissioner/ Independent Commissioner), Isa Rachmatarwata (Commissioner), Abdi Negara Nurdin (Independent Commissioner), Marcelino Rumambo Pandin (Commissioner), Wawan Iriawan (Independent Commissioner), Ismail (Commissioner). PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 29
Page 32
MANAGEMENT REPORTS
The corporate and business transformation process We can conclude that Telkom Indonesia’s Board of
was never done in the previous Board of Directors’ Directors has performed well in managing the company
leadership era. It is difficult to drive change for a and driving sustainable growth. These achievements do
company like Telkom, which has more than 23,064 not deter us from improving our supervisory functions
employees and 58 subsidiaries. This certainly has and enhancing our cooperation with the Board of
consequences in all aspects of corporate management, Directors to improve performance and achieve greater
such as strategic planning, business processes, heights in the future.
information technology, human resources, corporate
communications, and risk management. Supervision of the Board of
We realize that the benefits of transformation cannot Commissioners in the Formulation and
always be reaped at the time of the transformation, Implementation of Corporate Strategy by
so it is essential for the Board of Commissioners to the Board of Directors
constantly remind the Board of Directors to show
exemplary leadership and consistency to foster As part of the implementation of the Company’s
awareness among employees to change and grow for Articles of Association and other relevant provisions,
the betterment of the Company. such as Regulation of the Minister of SOEs Number
3. Improving the quality of governance, risk, and PER-2/MBU/03/2023 dated March 24, 2023, concerning
compliance. Guidelines for Governance and Significant Corporate
Along with the increasing complexity of business Activities of State-Owned Enterprises, the Board of
and the industry challenges faced by TelkomGroup, Commissioners plays an active role in overseeing the
the Board of Directors continues to realize a solid Company’s strategy and ensuring that the steps taken are
commitment to managing risks that arise in business aligned with the Company’s purpose, vision and mission.
management. We observe that several concrete
steps have been taken to improve the quality of GRC The Company has a systematic planning hierarchy,
in Telkom, among others, through increasing risk starting with its Long Term Plan (RJPP), Corporate
management competencies in the management Strategic Scenario (CSS), and the Company’s Budget
of the Company and its subsidiaries, enhancing the Work Plan (RKAP). For each level of planning, the Board
implementation of integrated risk management of Commissioners must evaluate the proposal submitted
in TelkomGroup, and implementing risk project by the Board of Directors, approve the proposed strategic
assessment. plan, and monitor the implementation of the Company’s
4. Broadening the perspective of corporate social strategy.
responsibility within the ESG framework
Throughout 2023, TelkomGroup strives to improve To supervise the process and approval of the Company’s
operational and financial performance balanced strategic planning, especially the RJPP and CSS, the
with the management of ESG aspects to contribute Board of Commissioners, through the Planning & Risk
to future sustainability and support the achievement Monitoring Evaluation Committee (KEMPR), identifies
of the Sustainable Development Goals (SDGs). The and evaluates external and internal factor, evaluates risks
Board of Commissioners views that the Board of in each strategic plan, and verifies financial projections in
Directors has run the Company with due regard to the RJPP and CSS. As for the supervision of the process
ESG management throughout 2023. and approval of the RKAP, the things that become the
object of evaluation include the relevance of the RKAP to
the planning prepared in the RJPP and CSS, as well as the
Aspirations of Dwiwarna Shareholders, the assumptions
for preparing the RKAP, business and financial projections,
and capital expenditures.
30 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 02.
As for the aspect of monitoring the implementation Outlook on Business Prospects
of the Company’s strategy, based on the mapping of
the Company’s risks identified during the planning The financial year 2023 was a challenging year for Telkom
evaluation, the Board of Commissioners, at the beginning Indonesia. The dynamics of business transformation
of each year, determines the priority of discussions in the 5 Bold Moves strategy and the challenges of
that become the supervisory agenda of the Board of industry changes caused by technological developments,
Commissioners and the supporting Committee of the competition, and changes in people’s lifestyles made this
Board of Commissioners. Throughout 2023, some of year’s achievements more notable than in previous years.
the concerns of the Board of Commissioners include We believe that the Board of Directors has taken the best
B2B Enterprise development, Digital Business, Network steps to achieve sustainable business growth, including
Modernization and Infrastructure Management, laying the pillars of business transformation as a foothold
Fixed Mobile Convergence, and Improvement of Risk for future growth.
Management and Internal Control Functions.
In our view, Telkom’s future business prospects
Mechanism for Providing Advice to the are promising, in line with the optimism of other
Board of Directors telecommunications industry players. With a CAPEX
plan that reaches 22% of total revenue and is focused
As part of the duties of the Board of Commissioners, in on developing the mobile, fixed broadband, data center
addition to supervising and monitoring the Company’s & cloud, and infrastructure businesses, positive and
management, the Company’s Board of Directors, sustainable performance growth is expected to be
the Board of Commissioners also carries out the task achieved.
of providing advice to the Board of Directors. The
implementation of these duties is carried out through Future business prospects will also be characterized
the provision of advice in meetings held by the Board of by the increasing intensity of the use of technology by
Commissioners and the Supporting Committees of the telecommunications operators, such as data analytics &
Board of Commissioners, as well as the delivery of written artificial intelligence, and the Internet of Things (IoT), to
advice contained in a letter or Decree of the Board of achieve two objectives: improving operational quality and
Commissioners. During 2023, the Board of Commissioners increasing business opportunities through technology-
held 27 Internal Meetings, 13 Joint Meetings of the Board based customer solutions. Technological development
of Commissioners and Board of Directors, 17 Audit also strongly influences our infrastructure business,
Committee meetings, 23 Planning & Risk Evaluation and especially in satellite and broadband. On the competition
Monitoring Committee meetings, and 57 Nomination side, competition is projected to intensify for the fixed and
and Remuneration Committee meetings. mobile broadband businesses, along with the increasing
infrastructure and operator penetration into the low-
As a Board of Commissioners, we have conducted segment market.
thorough and proactive supervision to ensure that every
strategic decision taken by the company’s management Another thing that we need to look at together is the
has a solid foundation and supports Telkom Indonesia’s increasing public pressure for companies to implement
long-term growth. green energy policies. In some business sectors, using
environmentally friendly energy is also mandatory and
needs to be fulfilled, for example, in the data center
business. This certainly impacts efficiency due to
Indonesia’s uneven supply of environmentally friendly
energy.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 31
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MANAGEMENT REPORTS
In addition to making prudent investments, Telkom will Outlook on the Implementation of Good
continue improving the quality of service to customers Corporate Governance
and establishing the broadest possible partnership with
strategic partners, based on principle of mutual benefit Good corporate governance is a crucial foundation
while maintaining integrity, to address the prospects and for a company’s long-term success and sustainability.
challenges of the future business. Telkom Indonesia is firmly committed to implementing
the best corporate governance practices, and this
Assessment of the Performance approach not only enhances value for our stakeholders
of Committees Under the Board of but also strengthens our corporate reputation and
Commissioners integrity. Recognition of the achievement of the quality
of the implementation of good corporate governance is
Three Committees assist us in carrying out supervisory demonstrated by the increase in the ASEAN Corporate
functions in the Company: the Audit Committee, Governance Scorecard (ACGS) score from 97.87 to 98.5.
Nomination and Remuneration Committee (KNR), and
Planning and Risk Evaluation and Monitoring Committee In the aspect of risk management implementation, the
(KEMPR). Based on our assessment, the three Committees Board of Directors has shown its seriousness in improving
have performed their duties and responsibilities well. Each the quality of good corporate governance, among others,
committee has made studies and recommendations including:
that support the Board of Commissioners in carrying out 1 Implementation of BUMN Ministerial Regulation
its oversight mechanism of the Company. No.: BUMN Ministerial Regulation Number PER-2/
MBU/03/2023 concerning Guidelines for Governance
The Audit Committee assists us in overseeing and and Significant Corporate Activities of State-Owned
reviewing financial information that will be submitted to Enterprises. Several things that have been done
the public and reviewing complaints relating to accounting as a form of implementation of these regulations
and financial reporting processes. The Nomination and include:
Remuneration Committee provides recommendations a. Improving the risk management monitoring
regarding policies, criteria, and selection of strategic system;
officer candidates within TelkomGroup and the b. Fulfillment of risk management organs in the
remuneration policy of the Board of Directors. The Company and its subsidiaries;
Planning and Risk Evaluation and Monitoring Committee c. Implementation of risk project assessment for the
provides recommendations related to risk management Company’s strategic projects.
monitoring and implementation of the Company’s 2. In the aspect of continuously eradicating corruption,
strategy, as well as evaluating and monitoring the Board the Company has recertified ISO 37001:2016 and
of Directors’ proposals related to the Long-Term Plan, succeeded in maintaining ISO 37001:2016 Certification,
Implementation Strategy Document (Mid-Term Plan), the the scope of which includes Human Capital Business
Company’s corporate actions within a certain threshold, Partner (recruitment function), Group Strategic
and the Company’s Budget Activity Plan. Procurement, and Telkom Shared Service Center
(Procurement Support & Unit). General Affair, Network
Procurement Operation, and IT & Others Procurement
Operation) as of 14 December 2023.
32 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 35
PA R T/ 02. 3. Regarding internal control aspect, the Board of Appreciation to Stakeholders and Closing Commissioners, through the Audit Committee, Remarks has routinely monitored the effectiveness of the Company’s internal control system. Based on the On behalf of the Board of Commissioners, I am expressing monitoring conducted during 2023, the Company’s my sincere gratitude to all Directors, management, and Internal Control System is still adequate. However, in employees of the Company for their dedication, hard line with the development of the Company’s business, work, and collaborative spirit in realizing the Company’s including future business challenges and risks, purpose, vision, and mission. We are confident that strengthening is needed so that it is always relevant with a collaborative, innovative, and sustainable spirit, and can prevent losses. Strengthening the internal Telkom Indonesia will continue to be a leader in the control system also needs to continue to be carried out telecommunications industry and play an essential role in in subsidiaries to improve the quality of governance in building an inclusive and sustainable digital ecosystem. an integrated manner. 4. In business ethics and social responsibility, the We also appreciate the trust of our customers and company strives to conduct its business with integrity, shareholders and the contributions of the Government, maintain healthy relationships with all stakeholders, business partners, and all other stakeholders who have and contribute to the welfare of the community and actively supported us on our journey throughout 2023. environment. 5. Human resource development through implementing Jakarta, March 31, 2024 various employee training and education programs, creating an inclusive and diverse work environment, On Behalf of the Board of Commissioners and encouraging a work culture based on integrity and collaboration. With the implementation of this good corporate governance, we are confident that Telkom Indonesia will continue to be a robust, sustainable, and reliable company in the eyes of our stakeholders. We thank all our Bambang Permadi Soemantri Brodjonegoro team members, management, and stakeholders for their President Commissioner/Independent Commissioner dedication and contribution to realizing these principles of good corporate governance. PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 33
Page 36
MANAGEMENT REPORTS
“
The year 2023 is a critical
key milestone for Telkom
in its transformation, thus
ensuring the Company’s
transformation agenda
can be implemented
correctly and on time
are very important
in strengthening the
Company’s business
fundamentals and
encouraging healthy
and sustainable business
growth.”
Ririek Adriansyah
President Director
34 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 37
PA R T/ 02.
R EP ORT OF T HE B OA R D O F D I R ECTO R S
Esteemed Shareholders, Board of Commissioners, and all To create a healthy and sustainable telecommunications
stakeholders, and information ecosystem, we continue to invest in
network development, information technology innovation
All praise and gratitude to God Almighty for His and digitization, and service quality improvement. We
abundance of grace, which enabled PT Telkom Indonesia also strive to create affordable service prices to increase
(Persero) Tbk (”Telkom” or ”Company”) managed to pass accessibility for all levels of society in Indonesia.
the year 2023 with a pretty good performance. On this
occasion, please allow us to summarize our performance Strategy and Corporate Strategy Policy
and various efforts and achievements we have achieved
throughout 2023. The year 2023 is a critical key milestone for Telkom
in its transformation, thus ensuring the Company’s
Overview of Economic and Industry transformation agenda can be implemented correctly
Conditions and on time are very important in strengthening the
Company’s business fundamentals and encouraging
Amidst the global environment’s disruption in supply healthy and sustainable business growth. The success of
chains, natural disasters, financial sector volatility, the transformation agenda is expected to boost business
geopolitical tensions, and global geo-economic fundamentals further while creating a growth story that
fragmentation, Indonesia continues to show resilience serves as the basis for the Company’s roadmap.
and potential for sustainable growth.
To achieve this goal, in 2023, we launched a corporate
By the end of 2023, the national economy could grow by theme, ’Drive Transformation Agenda to Ensure Strong
5.05%. This condition signifies the consistency, resilience, Business Fundamental and Healthy Sustainable Growth’
and better performance of the Indonesian economy which has three primary programs, including:
compared to many other countries. Indonesia’s inflation 1. Deliver best customer experience by strengthening
is also under control at 2.61% (yoy) as of December 2023, data-analytics capability and digitization process.
much lower than the 2023 projection of 3.6%. Focusing on customer expectations and providing
the best customer experience in this digital era is
The telecommunications industry supports inclusive critical to winning the market. To achieve this, we
and sustainable economic growth in Indonesia. continue to improve our data analytics capabilities
Telecommunication services connect people with each and strengthen our digitization process as a key
other and are the foundation for innovation, business strength in understanding customer expectations
growth, and social progress. comprehensively and deeply to provide the best
customer experience.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 35
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MANAGEMENT REPORTS
“Telkom continues 2. Execute timely business Through the company program
transformation to enhance above, during 2023, Telkom
to strive to invest in portfolio performances in transformed its strategic objectives
B2C-B2B and digital platform- through the Five Bold Moves (5BM)
strengthening its infrastructure. initiative. The 5BM initiative consists
We understand that business of five transformation programs,
digital connectivity, transformation must be namely Fixed Mobile Convergence
accelerated, given the limited (FMC), InfraCo, Data Center Co, B2B
digital platform, momentum. Hence, we are Digital IT Service Co, and DigiCo,
doing it in parallel while ensuring to strengthen Telkom’s position
and digital services all aspects of readiness are on as a digital telecommunications
track. We are executing B2C company in creating higher value
business lines.” consolidation while still paying for the company’s stakeholders as
attention to the preparedness well as maximizing opportunities,
of B2B capabilities. Likewise, we increasing competitiveness, and
continue to prepare portfolios value creation in facing future
on digital platforms and challenges. Throughout 2023,
infrastructure, such as DC and Telkom has focused on executing
B2B IT, to become the foundation the 5BM program based on the
for accelerating business growth. three pillars of Telkom’s business
3. Ensure key assets and business domain for the digital connectivity
capabilities readiness by smart pillar through the FMC program
investment in talent and and the establishment of InfraCo for
technology. the digital platform business pillar
In this program, we continue to through Data Center consolidation
strengthen Telkom’s competitive and B2B Digital IT Service, and
position and advantage by the digital services business pillar
ensuring that the Company’s through the DigiCo initiative.
capabilities and critical assets
are ready. In the process of
achieving this, we focus on
investing carefully and wisely
in both talent and technology
to ensure the enhancement of
the Company’s capabilities and
achieve maximum performance.
36 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 39
PA R T/ 02.
Formulation of Company Strategy and Strategic documents that the Board of Commissioners
Strategic Policies has approved will then be distributed to each business
unit and support unit, including subsidiaries, so that all
Strategy formulation begins with discussions at the organizations within the company get clear direction
company’s board of directors level by considering the from their targets and authorities. To help ensure
results of the strategic situation analysis covering the consistency in actions and decisions taken in executing
company’s external and internal aspects as well as strategies throughout the organization, the company also
recommendations from the company’s stakeholders by makes Strategic Policies in the form of Board of Directors
considering and taking into account all risk factors that Regulations or other regulations deemed necessary to
are expected to affect the company’s business continuity. provide more detailed direction on how the company
Based on this information, the company’s vision, mission, operates and behaves effectively and efficiently. These
and strategic objectives were formulated, including the Strategic Policies are related to resource allocation, risk
strategic initiatives to be implemented to achieve the management, product development and customer
strategic goals. The formulation results were poured into relations, supplier relations, environmental sustainability,
a draft document, which was discussed intensively with corporate governance, or other necessary strategic
the Board of Commissioners in a workshop. policies.
The Board of Directors is critical in formulating the Implementation of Corporate Strategy
Company’s strategic strategies and policies. The
Company’s strategic strategy and policies are outlined The implementation of the company’s strategy is outlined
based on the period, namely: in an annual strategic work plan prepared systematically
and comprehensively through the RKAP, which is then
1. Long-term Corporate Plan (RJPP), which is a long- derived and translated into the RKAP of each business
term planning document at the corporate level that unit, support function, and subsidiary. The RKAP
contains strategic aspirations from stakeholders, as includes execution strategies, targets, programs, budget
well as strategic direction and KPIs that are high level requirements, and supporting guidance to succeed the
in nature prepared for periodic planning of 5 (five) RKAP.
years;
2. The Medium-Term Plan, a planning document at Then, to monitor the achievement of work program
the corporate level as the primary document of implementation, the Board of Directors periodically
the company’s strategic scenario in implementing monitors and evaluates the Company’s performance
the directions in the RJPP, is prepared for periodic through financial, operational, and other necessary
planning for 3 (three) years. The Medium Term Plan indicators. In addition, the Board of Directors is also
is updated annually so that the strategic scenario can responsible for assessing and updating the effectiveness
follow the company’s internal and external dynamics; of the strategies adopted by the company and ensuring
and, that the company remains relevant and competitive in
3. The Company’s Work Plan and Budget (RKAP) is the the market.
company’s short-term planning document at the
strategic execution level for the next 1 (one) year, which
contains the targets, work programs, and budgets
needed as directed by the long-term and medium-
term strategies by always paying attention to industry
dynamics, stakeholder aspirations, and the latest
business outlook data.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 37
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MANAGEMENT REPORTS
Performance Achievement Compared to The corporate business has transformed its approach to
Target strengthening business-to-business (B2B) to enhance
and maintain the Company’s portfolio of digital solutions
In 2023, Telkom obtained revenue of Rp149.22 trillion, an and IT services and to capture new opportunities in
increase of 1.3% compared to 2022. Regarding profitability, the government sector, large corporations, and small
Telkom recorded an EBITDA of Rp77.58 trillion, a decrease and medium enterprises (SMEs). To continue building
of 1.8%, and a net profit of Rp24.56 trillion, or an increase future capacity consistently and implementing best
of 18.3%. Compared to the Company’s 2023 target, practices, Telkom also established partnerships with
revenue achievement amounted to 95.5%, and net profit industry players. These efforts have resulted in positive
amounted to 93.1%. achievements at the regional level in the B2B segment,
which grew by 7%, and revenue growth in the SME
On July 1, 2023, the Company executed one of the 5BM segment in the region by 11%; partly driven by revenue
program initiatives, Fixed Mobile Convergence (FMC), growth in IT Services by +39% and digital solutions by
which aims to increase added value by integrating 14%. Adopting this new B2B model can strengthen the
mobile and fixed broadband services. This initiative is sustainable and healthy development of TelkomGroup.
also expected to accelerate digitalization in Indonesia
by providing excellent customer experience and Another initiative that is also very important for the
infrastructure, focusing on equitable access, channel Company is unlocking the value of the data center
expansion through one application, and improved business, which is in response to the tremendous
customer service. The low penetration of fixed broadband changes and improvements in this business in Indonesia,
in Indonesia will provide better growth momentum and especially large-scale data centers. The Company seeks
strengthen the Company’s mobile business’ dominance. to gain significant market-share growth in the provision
of data center services to complement and strengthen
This step is also expected to generate synergies not only in the Company’s business portfolio further. In 2023, the
terms of revenue but also in streamlining operational costs Company managed data centers with a capacity of 42
and optimizing capital expenditures at TelkomGroup, MW and recorded data center and cloud revenue of Rp1.9
this can be shown in the six months since July 1, 2023, a trillion, or grew 14.8% from the previous year, including
synergy value of Rp464 billion has been generated, which data centers managed through its subsidiary Telkom
includes efficient operational costs and optimization of Data Ekosistem (TDE) with a capacity of 19 MW which
capital expenditures at TelkomGroup of Rp370 billion includes Hyperscale Data Center Cikarang (level 1) and
which, among others, is contributed from the efficiency Enterprise Data Centers in Serpong, Sentul, and Surabaya.
of PSB, TSA, ODP, content cost efficiency, optimization of The Company, through TDE, is currently building
Plasa Telkom and Grapari as many as 191 sites. Through Hyperscale Data Center Batam through cooperation with
FMC, the Company also responded to the challenges strategic partners to develop the data center business
of the dynamics in the telecommunications industry for the regional market. The Company, including in this
by leading the trends and direction of the industry, case through TDE, will gradually build and manage data
ensuring improved service quality, and strengthening the centers with a target of 62 MW by 2025, which provides
Company’s position in the market. for Hyperscale Data Center, Enterprise Data Center,
International Data Center, and Telkom’s Edge Data
Center or NeuCentrIX.
38 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 41
PA R T/ 02. From left to right: Bogi Witjaksono (Director of Wholesale & International Service), Herlan Wijanarko (Director of Network & IT Solution), Budi Setyawan Wijaya (Director of Strategic Portfolio), Heri Supriadi (Director of Finance and Risk Management), Ririek Adriansyah (President Director), FM Venusiana R (Director of Enterprise & Business Service), Honesti Basyir (Director of Group Business Development), Muhamad Fajrin Rasyid (Director of Digital Business), Afriwandi (Director of Human Capital Management). PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 39
Page 42
MANAGEMENT REPORTS
By the end of 2023, we have also established the InfraCo 4. High Investment Needs:
entity, a new entity focused on the fiber optic-based The development and maintenance of connectivity
network services sector, with the strategic objective of and platform services infrastructure requires high
enhancing value creation from our infrastructure. As the investment, but on the other hand, the current
owner of the largest network in Indonesia, InfraCo has the trend in the telecommunications industry faces the
potential to play an essential role in higher asset returns. commoditization of connectivity services. Therefore,
the Company has also prepared and developed
Obstacles Faced and Steps to Resolve second-curve services from its digital platform and
them digital services portfolio, such as Data Centers, Cloud
Services, and IT Services.
Some of the obstacles we face include: 5. Cyber Security Threats:
1. Changing regulations: As the digital lifestyle of today’s society has implications
The Company must face and anticipate challenges for the increasing dependence on digital technology,
related to regulatory changes that can affect how the the Company also faces more significant risks related
company operates; this requires rapid adjustment and to cyber security. Threats such as cyber-attacks and
adaptation to ensure the Company can comply with data theft can damage the company’s reputation
any new regulations. and disrupt operations, so the Company continues to
2. Intense competition: strengthen the information security system and build
Competition in the digital telco industry in Indonesia cyber risk awareness & understanding, especially to all
continues to increase with the entry of new players TelkomGroup employees and partners.
both from within and outside the country, increasingly
diverse and commoditized products/services, and the Overview of Business Prospects
expansion of services from existing competitors. The
Company must constantly innovate its business model “Telkom continues to strive to invest in strengthening its
and operating model, including building strategic digital connectivity, digital platform, and digital services
partnerships with partners that fit the company’s business lines.”
portfolio strategy so that it can provide services that are
always up-to-date and efficient to improve customer The implementation of digitalization opens up excellent
experience and satisfaction. opportunities for Indonesia to progress in various
3. Infrastructure Coverage: fields, such as education, health, finance, and other
Although the Company always strives to expand its sectors, which can be achieved more quickly and cost-
infrastructure, especially for digital connectivity and effectively through different digital platforms. For this
digital platform services in Indonesia, there are still reason, extensive and high-quality digital connectivity
limitations to reach, especially in the 3T (Disadvantaged, infrastructure, a capable digital platform, and digital
Frontier, Outermost) areas. Utilizing the latest services that suit people’s needs are critical. To contribute
technology that is more efficient and cooperation to creating a digital environment, developing a digital
with various parties, such as local governments, local society, and accelerating the digital economy, Telkom
partners, etc., is expected to increase the penetration continues to strive to invest in strengthening its digital
and wider expansion of service infrastructure. connectivity, digital platform, and digital services business
lines.
40 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 43
PA R T/ 02.
Implementation of Good Corporate Closing
Governance
In closing, we, on behalf of the Board of Directors of PT
Telkom always applies the principles of Good Telkom Indonesia (Persero) Tbk, would like to express
Corporate Governance (GCG) and eight company our highest appreciation to all shareholders, the Board
management principles by implementing the Public of Commissioners, loyal customers, business partners,
Company Governance Guidelines from the OJK. The media, the wider community, and other stakeholders for
implementation of GCG is carried out to support the the support that has been provided throughout the year
realization of the Company’s purpose, vision, and mission, 2023. We would also like to thank all levels of management
providing added value for shareholders and all other and TelkomGroup employees for their dedication and
stakeholders. Good corporate governance is an essential contribution to realizing Telkom’s goals, vision, mission,
aspect of ensuring the company’s sustainability in the and work programs in 2023.
long term.
We are confident that, in the future, Telkom can continue
Throughout 2023, we have strengthened various to innovate amidst various challenges and opportunities
significant areas in ensuring the implementation of in the digital era. We hope Telkom can grow sustainably,
good corporate governance, including maintaining the create higher corporate value, and provide the best
organization and competence of Internal Audit, which service to meet national digital needs.
aims to increase the effectiveness of risk management,
internal control, supervision, and the Company’s Jakarta, March 31, 2024
operational efficiency.
On behalf of the Board of Directors
Ririek Adriansyah
President Director
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 41
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MANAGEMENT REPORTS
STATEMENT OF THE MEMBER OF BOARD OF COMMISSIONERS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2023 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2023 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, March 31, 2024
Board of Commissioners
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
Wawan Iriawan Bono Daru Adji Abdi Negara Nurdin
Independent Commissioner Independent Commissioner Independent Commissioner
Marcelino Rumambo Pandin Ismail Rizal Mallarangeng
Commissioner Commissioner Commissioner
Isa Rachmatarwata Arya Mahendra Sinulingga Silmy Karim
Commissioner Commissioner Commissioner
42 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 02.
STATEMENT OF THE MEMBER OF BOARD OF DIRECTORS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2023 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2023 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, March 31, 2024
Board of Directors
Ririek Adriansyah
President Director
Heri Supriadi FM Venusiana R Herlan Wijanarko
Director of Finance & Risk Director of Enterprise & Director of Network & IT Solution
Management Business Service
Muhamad Fajrin Rasyid Budi Setyawan Wijaya Afriwandi
Director of Digital Business Director of Strategic Portfolio Director of Human Capital
Management
Bogi Witjaksono Honesti Basyir
Director of Wholesale & International Service Director of Group Business Development
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 43
Page 46
ABOUT TELKOM 44 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 47
PA R T/ 03.
03.
Telkom
About
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 45
Page 48
ABOUT TELKOM
PURP O S E , VIS ION, M I S S I O N , A N D ST R AT EG Y
PURPOSE
To build a more
prosperous and
competitive nation
as well as deliver the
best value to our
stakeholders.
VISION
To be the most preferred
digital telco to empower the
society.
MISSION
1. Advance rapid buildout of sustainable intelligent digital
infrastructure and platforms that is affordable and
accessible to all.
2. Nurture best-in-class digital talent that helps develop
nation’s digital capabilities and increase digital adoption.
3. Orchestrate digital ecosystem to deliver superior
customer experience.
46 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
Our overall long-term strategic focus on achieving business excellence in three
STRATEGIC digital business domains (digital connectivity, digital platform, and digital services) as
FOCUS well as optimizing operations and services in order to maintain a market leadership
position, create sustainable growth, unlocking value for stakeholders, also encourage
2023 comprehensive digitalization for Indonesia. In 2023, we are launching a corporate
theme “Drive transformation agenda to ensure strong business fundamental and
healthy sustainable growth” with three main programs, namely:
1. Providing the best customer experience by strengthening data analysis capabilities
and digitalization processes;
2. Executing timely business transformation to improve the performance of B2C-B2B
portfolio and digital platform-infrastructure; and
3. Ensuring the readiness of business assets and capabilities through smart investment
in talent and technology.
To achieve these three main programs and strengthen our position as a world-class digital telecommunication
company, TelkomGroup is focused on carrying out transformation and implementing the Five Bold Moves strategy to
build competitive advantages in the digital connectivity, digital platform and digital services domain. Through these
Five Bold Moves, it is hoped that in the future Telkom will have a leaner organization, more focused on key business,
more specialized capability, more efficient on the operational side, and have the right engagement with customer,
investor, and partner on each business characteristic. The five big programs (five bold moves) are:
1. Fixed Mobile Convergence (FMC)
We continue to strengthen market penetration, cost efficiency, and operational excellence, while enhancing the
best customer experience by developing our technology and services to optimize interoperability between our fixed
and mobile networks to enable customers to switch seamlessly regardless of location and device.
2. InfraCo
We seek to unlock the consolidation potential of our infrastructure asset, including optical access network
infrastructure and tower so as to create higher value. We believe this initiative will provide benefits, including optimal
asset utilization, cost-effective connectivity, and accelerated market penetration so that in the end it will be able to
increase the value of infrastructure asset and attract investors to join.
3. Data Center Co (DC Co)
We are in the process of consolidating data center asset and increasing data center business capacity. In addition,
we also collaborate with hyper-scaler and technology giant to accelerate data center business growth and expand
our data center presence in the region – starting from Indonesia and ASEAN.
4. B2B Digital IT Service Co
We are transforming towards B2B Digital IT Services through partnership and collaboration with technology giant,
such as Microsoft and AWS. Furthermore, we are preparing Telkomsigma to become a leading B2B Digital IT Service
player serving the corporate market, SOE, government, and SME.
5. DigiCo
We are developing a digital company (DigiCo) that focuses on B2B and B2C segments to accelerate digital service
by taking advantage of our advantages that competitor do not have. Telkomsel through PT Telkomsel Digital
Ecosystem (TED) is developing a vertical business portfolio in the digital sector, namely health-tech, edu-tech, and
mobile gaming.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 47
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ABOUT TELKOM
COR P O RAT E CU LTU R E A N D VA LUE
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 carry out 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 HC Strategy also mandates Instill Harmony & Productive Working
Environment Based on AKHLAK & compelling EVP.
COMPANY CULTURE ACTIVATION PROGRAM
All TelkomGroup unit leaders act as role model and main driver in the Company culture activation program. To ensure
that the internalization of Company culture runs well and all employees participate actively, unit leaders appoint Culture
Agent and Culture Booster in their respective unit. Currently, the number of Culture Agent and Culture Booster are
5,003 people, with 3,148 people coming from units at Telkom and 1,855 people coming from subsidiaries. Every Culture
Agent must take part in the Culture Agent on Boarding (CAOB) program to equalize their understanding of the role of
Company culture and program that are relevant to the company’s strategy to achieve its Purpose also Vision and Mission.
Unit leaders are assisted by Culture Agent and Culture Booster to form a Cultural Activation Provocation Community
(Kipas Budaya) as a forum for implementing cultural activation in each unit.
48 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 51
PA R T/ 03. BUILDING DIGITAL CULTURE In order to accelerate Telkom’s transformation towards Digital Telco, all TelkomGroup personnel are expected to implement Core Values AKHLAK which are strengthened by the actualization of Digital Ways of Working (digital behavior). Digital ways of working are internalized and actualized through a series of routine activations, so that they become employee’s behavior and will ultimately contribute to improving Company performance. To ensure that cultural activation has an impact on Company performance, Core Values AKHLAK and Digital Ways of Working are implemented through strategic programs that are the focus of the Company to achieve company target set out in the provision and supporting systems. Supporting systems include digital tools such as corporate portals as collaboration application (Diarium), daily operations which include e-office, e-budgeting, file sharing, career & succession management (Ingenium), learning & knowledge management (MyDigilearn), and others. CORPORATE CULTURE EVALUATION As an effort to maintain and improve the implementation of AKHLAK and digital behavior at TelkomGroup, HCM TelkomGroup conducted the 2023 TelkomGroup Digital Culture Index survey as an effort to find out to what extent the implementation of AKHLAK culture and digital behavior is able to support the Company’s digital transformation process. By implementing the 2023, TelkomGroup DCI survey, it is hoped that information will be obtained on the level of implementation of the DCI, AKHLAK Implementation Index, and Net Promoting Score. TelkomGroup’s 2023 DCI survey was carried out through an online survey and then the survey result were deepened using method based on the 2023 DCI measurement result, Telkom obtained an AKHLAK Implementation Index score of 86.65% (Healthy Category), Digital Culture Index of 85.77% (Differentiators), and Net Promoting Score of 94.64% (Mature). PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 49
Page 52
ABOUT TELKOM
T ELKOM M ILE STON E A N D CO M PA N Y N A M E
C HA NG E S
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 2023 of Rp391.3 trillion on IDX and
US$25.76 billion on NYSE.
2023
Telkom and Telkomsel have
signed a deed of spin-off
to integrate IndiHome into
Telkomsel. This agreement
is an essential milestone for
implementing Fixed Mobile
Convergence (FMC) initiative as
part of the company’s primary
strategy, Five Bold Moves. Telkom
also launched ESG Existence
for Sustainability by Telkom
Indonesia (EXIST) program as
a form of this commitment
by increasingly focusing on
managing and implementing
environmental, social, and
governance (ESG).
2022
Telkom has completed the first phase of construction of the Hyperscale Data Center in Cikarang and started
groundbreaking for the construction of the Hyperscale Data Center in Batam. Telkom also collaborates with the
world’s largest technology companies, namely Microsoft.
50 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
2021 2020 2019
Telkomsel is the first cellular TelkomGroup has carried out several TelkomGroup acquired 2,100 towers
operator to provide 5G service in initiatives to respond to COVID-19 belonging to Indosat Ooredoo and
Indonesia. Telkom also increased pandemic. Several corporate actions acquired 95% of PT Persada Sokka
its collaboration through additional carried out by Telkomsel, including Tama shares. Telkom also received
investment in Gojek and signing an signing a conditional sale and “2019 Indonesia IoT Services Provider
MoU with Microsoft. purchase agreement for selling of the Year” award in Frost & Sullivan
6,050 telecommunication towers 2019 Asia Pacific Best Practices
to Mitratel as well as entering into Awards.
cooperation and investing in Gojek.
2016 2017 2018
Telkom has completed construction Telkom launched Telkom 3S Satellite Telkom launched Merah Putih
of the Southeast Asia-Middle East- and completed the Southeast Asia- Satellite and inaugurated Telkom
Western Europe 5 (SEA-ME-WE 5) United States (SEA-US) submarine Hub as a Center of Excellence
submarine system. fiber optic cable line. and Source of Inspiration to Build
Digital Indonesia. Telkom has also
completed the construction of
Indonesia Global Gateway (IGG).
2011-2015 1999-2010 1991-1995
Telkom completed Super Nusantara Telkom launched Telkom-1 satellite Perumtel officially changed to
Highway project and True in 1999 and Telkom-2 satellite in Telkom in 1991. Then in 1995, Telkom
Broadband Access project in 2011. 2005. Telkom has also successfully established subsidiary Telkomsel as
Then in 2014, Telkom became the completed JaKaLaDeMa underwater a cellular operator and conducted an
first operator in Indonesia to provide fiber optic cable project. IPO on Jakarta Stock Exchange and
4G LTE service. A year later, Telkom Surabaya Stock Exchange, registered
launched IndiHome. shares on NYSE and LSE, and offered
open shares without listing on Tokyo
Stock Exchange.
1965 1974
PN Postel was split into two entities, namely Perusahaan PN Telekomunikasi was split into Perumtel, which
Negara Pos dan Giro (PN Pos and Giro) and Perusahaan provides telecommunication services, and PT INTI, which
Negara Telekomunikasi (PN Telekomunikasi). manufactures telecommunications equipment.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 51
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ABOUT TELKOM
BUS INE S S ACT IVIT I E S
BUSINESS ACTIVITIES BASED ON TELKOM’S ARTICLES OF
ASSOCIATION
Telkom’s business activities based on Article 3 of the Company’s Articles of Association as stated in the Deed of Statement
of Resolution of the Company’s GMS Number 37 dated June 22, 2022 which was received and approved by the Minister
of Law and Human Rights based on Letter No. AHU-0044650.AH.01.02. year 2022 dated June 29, 2022. Telkom’s business
activities are in the field of providing telecommunication networks and services, informatics, as well as optimizing the
utilization of the Company’s resources to produce goods and/or services of high quality and with solid competitiveness
to gain/pursue profit to increase Company’s value by applying the principle of Limited Liability Company. The following
are Telkom’s main business activities and supporting business activities in general:
Principal Business Activities
1. Planning, building, providing, developing, operating, marketing/selling/leasing, and maintaining telecommunication
and information technology networks in the broadest definition with due observance of the statutory regulations.
2. Planning, developing, providing, marketing/selling, and improving telecommunication and information technology
services in the broadest definition with due observance of the statutory regulations.
3. Making investments including equity participation in other companies in line with and in order to achieve the goals
and objectives of the Company.
Supporting Business Activities
1. Provide payment transaction and money transfer services through telecommunications and informatics networks.
2. Carry out other activities and businesses in the context of optimizing resources owned by the Company, including
the use of fixed and movable assets, information system facilities, education facilities and training facilities, and
maintenance and repair facilities.
3. Cooperate with other parties in the context of optimizing informatics, communication or technology resources
owned by other parties in the informatics, communication, and technology industries, in line with and in order to
achieve the aims and objectives of the Company.
52 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
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 DigiCo) E-Health, E-Education, IoT, Big Data, Financial Service,
VOD, Music, Gaming, Digital ads, VAS
Consumer Fixed Voice Fixed Voice
Fixed Broadband Home Broadband, Wi-Fi
Home Digital Service Pay TV, OTT, Other Digital Services
Enterprise Connectivity Fixed Voice, Fixed BB, Enterprise Data (including
Managed CPE, Advanced Connectivity)
Satellite Upstream (Orbital Slot, Satellite Mission, Transponder),
Downstream (VSAT, Broadband Satellite), Link
Digital IT Services IT Service, Big Data, IoT, Cybersecurity, Cloud (IaaS, PaaS,
SaaS), Managed Solution (including Managed Device)
Digital Adjacent Service Financial Services, eHealth (Claim and Health Service),
Digital Advertising
BPO Customer Relationship Management, Shared Service
Operations
Wholesale & WS Network International Network, Domestic Network
International WS Traffic International Voice, Domestic Voice, Internet Traffic
Service
WS FTTX Wholesale FTTH
WS Intl, Platform & Services SMS A2P, CDN
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
Transition Portfolio Music, Gaming, Video
Smart Platform Big Data & IoT Platform, Digi Ads, Financal Services
Other Non-portfolio Digital Investment, Property Development, Property
Management, Hospitality
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 53
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ABOUT TELKOM
T ELKOM ORG AN IZ AT I O N A L ST R UCTU R E
Telkom organizational structure as of December 31, 2023 with disclosures
at least up to the structure of one level below the Board of Directors is
presented as follows:
President Director
(RIRIEK ADRIANSYAH)
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)
CORPORATE OFFICE
AVP Directorate AVP Directorate AVP Directorate AVP Directorate AVP Directorate AVP Directorate
Secretariat EBIS Secretariat GBD Secretariat WINS Secretariat NITS Secretariat DB Secretariat SP
VP Strategy VP Network/IT VP Corporate
VP Enterprise VP Digital Business
VP Business Planning & Strategy, Technology, Strategic Planning
Business Strategy Strategy &
Planning Performance & Architecture (TORKIS ROPINDA
(IRWAN ANDRIYANTO Governance
(ANANG SUPRIADI) (NUR FIRMAN YUDHI (ERMONO LIMAN SIHOMBING)
NUGROHO) (RIZA A N RUKMANA)
WIRAWAN) PRABOWO)
VP Integrated
VP Business VP Integrated
VP Enterprise Portfolio
Parenting & Risk VP Wholesale Infrastructure VP Digital Business
Business Management
Management Product & Service Program & Performance
Orchestration (IMAM RIJANTO)
(ERVIA TISSYARAKSITA (MICHAEL ADIGUNA) Budget Mgt. (JOKOADI WIBOWO)
(IWAN RUSDARMONO)
DEVI) (MARFANI)
VP Synergy
VP Business VP Wholesale VP Performance (CHANDRA KUSUMA
VP Enterprise Solution & Customer
Performance & Governance WARDHANA)
Business Governance Management
Management Management
(ARIWIATI) (OKTADIASIH
(-) (IRWAN INDRIASTANTO) VP Strategic
MUNINGGAR)
Investment
OVP Enterprise OVP Cyber Digital Telco
Regional Security (YUSUF WIBISONO)
Management (ELYSABETH
(EDIE KURNIAWAN) DAMAYANTI) VP Strategic
Investment ICT
& Services
(AGUNG NUGROHO)
VP Global Strategic
Partnership
(TANTE SURATNO)
EVP Private Service EVP Wholesale EVP Digital Business
EGM Service
Division Service Division & Technology
Operation Division
(MOHAMMAD (MUHAMMAD (KOMANG BUDI
DIVISIONS/CENTERS
(SUHARYOTO)
SALSABIL) ROFIK) ARYASA)
EGM Digital
EVP SOE Service
Connectivity
Division
Service Division
(DEDY
(TEUKU MUDA
MARDHIANTO)
NANTA)
EGM Infrastructure
EVP Government
Development
Servive Division
Division
(SYAIFUDIN)
(TOTO SUGIHARTO)
EGM Solution
EGM Information
Delivery & Assurance
Technology Division
Division
(SIHMIRMO ADI)
(ADMIRAL DASRIN)
TERRITORY
CRO EVP Telkom EVP Telkom EVP Telkom EVP Telkom
Regional Regional Regional Regional
I II III IV
(DJATMIKO) (FIRMAN HIDAYAT) (SAIFUL HIDAJAT) (FERA PEBRAYENTI)
54 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
Board of Commissioners
Committee for Nomination Committee for Planning and
Audit Committee
and Remuneration Risk Evaluation and Monitoring
Director of Finance & Director of Human
Risk Management Capital Management
(HERI SUPRIADI) (AFRIWANDI)
CEO’s Office
SVP Corporate SVP Corporate SVP Group Corporate
AVP Directorate AVP Directorate Secretary Communication & SVP Internal Audit Transformation
Secretariat Finance Secretariat HCM (INDRAWAN Investor Relation (DARU MULYAWAN) (JEMY VESTIUS
DITAPRADANA) (AHMAD REZA) CONFIDO)
SVP Risk
Management & VP HC Strategic
Sustainability Management
(JATI WIDAGDO) (AHMED YASSER)
VP Corporate Transformation
VP Risk Strategy & VP Regulatory VP Planning & Program
Communication Leader
Governance VP HC Management Development Audit
(ANDRI HERAWAN
(GUNAWAN Development (CHAIRUDIN MIRZA) (AGUS WIDJAJANTO)
SASOKO) Taskforce
WASISTO (GANJAR
Leader
CIPTANING ANDR) DANISWARA)
VP Risk Operation VP Corporate VP Investor VP Infrastructure
& Process Mgt. VP HC Office Support Relation & Operation Audit VP GCT Change
(PRAYUDI UTOMO) Organizational (HARDI PURWANTO) (ANETTA HASAN) (AFDOL MUFTIASA) Management &
Effectiveness Communication
VP Sustainability (IWAN SETIAWAN) (RENI YUSTIANI)
(-)
VP Legal & VP Information
VP Telkom Group Compliance Technology Audit
VP HC Technology (JUNIAN SIDHARTA) (UMAR SYAHID)
Financial Planning &
& People Analytics
Analysis
(DIDI HARYADI)
(DEVINDRA KAMAL)
VP Subsidiaries VP Integrated &
VP Data Protection
Financial Planning & Financial Audit
(RIZAL AKBAR)
Analysis (KENNY NAZAR)
(HENDRA KURNIAWAN)
VP Financial
Accounting &
Treasury SGM Assesment
(JUNAINAH) Center Indonesia
(JUSTI
VP Financial & ARIESTHIAWATI)
Procurement Policy
(NURCHOLIS FERI
AHMADI) SGM Community
Development
SGM Finance Center
System & Acc (HERY SUSANTO)
Controller
(ACHMAD ALIYADIN) SGM HC Business
Partner Center
SGM Group (SENDI ADITYA
Procurement KAMESVARA)
(MOKHTAR ISMAIL)
SGM Telkom SGM Telkom Corporate
Shared Service University Center
Center (MUHAMMAD
(EKA SETIAWAN) SUBHAN ISWAHYUDI)
EVP Telkom EVP Telkom EVP Telkom
Regional Regional Regional
V VI VII
(TEDDY HARTADI) (RACHMAD DWI HARTANTO) (AGUS YUDHA BASUKI)
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 55
Page 58
ABOUT TELKOM
LIST O F IN D U ST RY A S S O C I AT I O N
M EMBE RS H IPS
No National Member
1. Masyarakat Telematika Indonesia (MASTEL) Telkom, Telkomsat, TelkomMetra,
Infomedia, AdMedika, Mitratel, Telkomsel
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 Penyelenggara SKKL Seluruh Indonesia (ASKALSI) Telkom
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)
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 Sarana
(ASPEKMI) 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)
56 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
No National Member
37. Asosiasi Perusahaan Perdagangan Barang Distributor, Keagenan dan Swadharma Sarana Informatika (SSI),
Industri (ARDIN) Telkomsat
38. Asosiasi Fintech (AFTECH) Finnet, Telkomsel
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. Business 20 (B20) Telkom
44. Forum Human Capital Indonesia (FHCI) Telkom
45. Asosiasi Pengembang Menara Telekomunikasi (ASPIMTEL) Mitratel
46. Asosiasi IoT Indonesia (ASIOTI) Telkomsel
47. Asosiasi Emiten Indonesia (AEI) Telkom, Mitratel
48. Himpunan Jasa Konstruksi Indonesia (HJKI) Telkom Akses
49. Ikatan Akuntan Indonesia (IAI) Telkom
50. Indonesia Corporate Secretary Association (ICSA) Mitratel
51. Cyber Defense Indonesia (CDEF ID) Telkom, Telkomsel
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 Telin
20. Information Systems Audit and Control Association (ISACA) Chapter Indonesia Telkom
21. Global Information Assurance Certification (GIAC) Advisory Board Telkom
22. International Information System Security Certification Consortium (ISC2) Telkom
23. International Association of Privacy Professionals (IAPP) Telkom
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 57
Page 60
ABOUT TELKOM
PROFILE OF THE BOARD OF COMMISSIONERS
MEMBER OF THE BOARD OF COMMISSIONERS WHO OFFICIATE AS OF DECEMBER 31, 2023
BAMBANG PERMADI
SOEMANTRI BRODJONEGORO WAWAN IRIAWAN
President Commissioner/ Independent Commissioner
Independent Commissioner
Age Age
57 years old 60 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educations Educations
• 1997 Ph.D, University of Illinois at Urbana Champaign, • 2018 Doctoral degree in Law, Universitas Padjadjaran,
United States of America Indonesia
• 1993 Master of Urban Planning, University of Illinois at • 2005 Master degree in Law, Universitas Padjadjaran,
Urbana Champaign, United States of America Indonesia
• 1990 Bachelor degree in Economics, Universitas • 1989 Bachelor degree in Law, Universitas Jenderal
Indonesia, Indonesia Soedirman, Indonesia
Basis of Appointment Basis of Appointment
Annual General Meeting of Shareholders (AGMS) of Telkom on Annual General Meeting of Shareholder (AGMS) of Telkom on
May 28, 2021 June 19, 2020
Current Double Position Current Double Position
• 2022 President Commissioner, PT Prudential Syariah Do not have double position
• 2021 President Commissioner, PT Bukalapak Tbk
• 2021 Independent Commissioner, PT Astra International Tbk Work Experiences
• 2021 Independent Commissioner, PT TBS Energi Utama Tbk 1999 - 2000 Managing Partner, Iriawan & Co
• 2021 Commissioner, PT Combiphar
• 2021 Independent Commissioner, PT Indofood Tbk
• 2021 President Commissioner, PT Nusantara Green
Energy
Work Experiences
• 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 Republic
of Indonesia
58 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
BONO DARU ADJI ABDI NEGARA NURDIN
Independent Commissioner Independent Commissioner
Age Age
55 years old 55 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educations Educations
• 1995 LLM, Monash University, Australia 1988 Faculty of Economics, Universitas Tadulako,
• 1993 Bachelor degree in Law, Universitas Trisakti, Indonesia
Indonesia
Basis of Appointment
Basis of Appointment Annual General Meeting of Shareholders (AGMS) of Telkom on
Annual General Meeting of Shareholders (AGMS) of Telkom on May 28, 2021
May 28, 2021
Current Double Position
Current Double Position • 2022 Adviser of Persatuan Artis Penyanyi, Pencipta Lagu
• 2023 Member of the Ethics Committee of the dan Pemusik Republik Indonesia (PAPPRI)
Indonesian Football Association • 2021 Commissioner, PT Nagara Sains Ekosistem
• 2022 - 2025 Member of the Management Board of • 2020 Commissioner, PT Sugih Reksa Indotama
the Indonesian Audit Committee • 2019 Co-Founder and Producer, Give.ID
Association • 2015 Commissioner, PT NSA
• 2017 Managing Partner, Assegaf Hamzah & • 2009 Founder, Maleo Music
Partners • 2005 Co-Founder and Commissioner, PT Hijau Multi
Kreatif
Work Experiences
• 2019 - 2022 Disciplinary Committee, PT Bursa Efek Work Experiences
Indonesia • 2015 - 2019 Senior Advisor, National Economic
• 2018 - 2021 Chairman, Standards Board of the Agency
Association of Capital Market Legal • 2015 - 2016 Supervisory Board, LMKN (National
Consultants Collective Management Institute)
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 59
Page 62
ABOUT TELKOM
MARCELINO RUMAMBO PANDIN ISMAIL
Commissioner Commissioner
Age Age
58 years old 54 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educations Educations
• 2007 Ph.D. of Technology and Innovation, the University • 2010 Doctoral degree in Electrical and Informatics
of Queensland, Australia Engineering, Institut Teknologi Bandung, Indonesia
• 2005 Graduate Diploma in Company Director Course, • 1999 Master degree in Electrical Engineering, Universitas
Australian Institute of Company Director (GAICD), Indonesia, Indonesia
Australia • 1993 Bachelor degree in Physics Engineering, Institut
• 2003 Diploma in Company Direction (Chartered Director Teknologi Bandung, Indonesia
Level II), The Institute of Directors (IoD) London,
United Kingdom Basis of Appointment
• 1999 Master of Philosophy, Judge Business School Annual General Meeting of Shareholders (AGMS) of Telkom on
University of Cambridge, United Kingdom May 24, 2019
• 1991 Bachelor degree in Architectural Engineering,
Institut Teknologi Bandung, Indonesia Current Double Position
• 2023 Chairman of the Board of MASTEL
Basis of Appointment • 2016 Director General of Resources and Equipment of
Annual General Meeting of Shareholders (AGMS) of Telkom on Post and Information Technology, Ministry
May 24, 2019 of Communication and Information of the Republic of
Indonesia
Current Double Position
Do not have double position Work Experiences
• 2021 - 2023 Plt. Director of Postal and Informatic
Work Experiences Operation
• 2018 - 2019 Committee, World Observatory on • 2018 - 2019 Chairman, Indonesian Telecommunications
Subnational Government Finance and Regulatory Agency (BRTI)
Investment OECD Paris, France • 2014 - 2016 Director of PPKU Telecommunications/
• 2017 - 2019 Senior Policy Advisor on City Finance, Broadband Development, Ministry of
United City and Local Government Communication and Information
(UCLG) Asia Pacific 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)
60 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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RIZAL MALLARANGENG ISA RACHMATARWATA
Commissioner Commissioner
Age Age
59 years old 57 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educations Educations
• 2000 Doctoral Comparative Politics, Ohio State University, • 1994 Master of Mathematic, Actuarial Science, University
United States of America of Waterloo, Canada
• 1994 Magister Comparative Politics, Ohio State • 1990 Bachelor degree in Department of Mathematics
University, United States of America and Natural Sciences, Institut Teknologi Bandung,
• 1990 Bachelor degree in Communication Science, Indonesia
Universitas Gadjah Mada, Indonesia
Basis of Appointment
Basis of Appointment Annual General Meeting of Shareholders (AGMS) of Telkom on
Annual General Meeting of Shareholders (AGMS) of Telkom on May 28, 2021
June 19, 2020
Current Double Position
Current Double Position 2021 Director General of Budget, Ministry of Finance of
2021 Commissioner, PT Energi Mega Persada the Republic of Indonesia
Work Experiences Work Experiences
• 2001 - 2020 Executive Director, Freedom Institute • 2017 - 2021 Director-General of State Assets, Ministry
• 2016 Founder, Freedom Corp of Finance of the Republic of Indonesia
• 2009 Founder, Fox 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
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 61
Page 64
ABOUT TELKOM
ARYA MAHENDRA SINULINGGA SILMY KARIM
Commissioner Commissioner
Age Age
53 years old 49 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Tangerang, Indonesia Jakarta, Indonesia
Educations Educations
1995 Bachelor degree in Civil Engineering, Institut • 2014 Defense Management, Naval Postgraduate School
Teknologi Bandung, Indonesia (NPS), United States of America
• 2012 Advance Security, George C. Marshall European
Basis of Appointment Center for Security Studies, Germany
Annual General Meeting of Shareholders (AGMS) of Telkom on • 2012 NATO School, Germany
May 28, 2021 • 2012 National and International Defense, United States of
America
Current Double Position • 2010 Georgetown University, GLS, Washington D.C,
• 2023 Member of the Executive Committee of the United States of America
Indonesian Football Association (PSSI) • 2007 Master degree in Economics, Universitas Indonesia,
• 2021 General Secretary, Institut Teknologi Bandung Indonesia
Alumni Association • 1997 Bachelor degree in Economics, Universitas Trisakti,
• 2021 Advisory Board for the Central Board of the Indonesia
Indonesian Engineers Association
• 2020 Member of the Board of Trustees, North Sumatera Basis of Appointment
University Annual General Meeting of Shareholders (AGMS) of Telkom on
• 2019 Special Staff III, The Minister of State-Owned May 30, 2023
Enterprises (SOE)
Current Double Position
Work Experiences 2023 General Director of Immigration of the Republic of
• 2019 - 2021 Commissioner, PT INALUM Indonesia, Ministry of Law and Human Rights
• 2018 - 2019 Corporate Secretary Director, PT MNC Tbk
• 2017 - 2018 President Commissioner, PT MNC Infotainment Work Experiences
• 2015 - 2018 President Director, PT IDX Channel • 2018 - 2023 President Director, PT Krakatau Steel
• 2015 - 2018 Deputy Director, iNews TV (Company) Tbk
• 2014 - 2019 President Commissioner, PT Hikmat • 2016 - 2019 Commissioner, PT GE Power Solution
Makna Aksara (Sindo Weekly) Indonesia
• 2014 - 2019 News Director, PT MNC Tbk • 2016 - 2018 President Director, PT Barata Indonesia
• 2014 - 2018 Director, PT MCI (Persero)
• 2014 - 2015 Director, PT MNC Investama Tbk • 2015 - 2016 President Commissioner, MAN Diesel &
• 2014 - 2015 Editor-in-Chief, RCTI Turbo Indonesia
• 2011 - 2014 Editor-in-Chief, Global TV • 2014 - 2016 President Director, PT Pindad (Persero)
• 2010 - 2018 News Director & Corporate Secretary, • 2011 - 2014 Commissioner, PT PAL Indonesia (Persero)
Global TV • 2010 - 2011 Special Advisor to the Indonesian
• 2010 - 2014 Corporate Secretary, PT MNC Tbk Investment Coordinating Board
• 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 Vision
• 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
62 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
INDEPENDENT STATEMENT OF THE MEMBER OF INDEPENDENT
COMMISSIONERS
The Company requires Independent Commissioners who have served more than two terms to sign a statement of
Independence for Telkom Independent Commissioners. To date, no Independent Commissioners have served for more
than two terms, so this Report does not convey information regarding the independence of Independent Commissioners.
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
Major & Major &
Name Position
BoC BoD Controlling BoC BoD Controlling
Shareholder(1) Shareholder(1)
Bambang Permadi President No No No No No No
Soemantri Commissioner/
Brodjonegoro Independent
Commissioner
Wawan Iriawan Independent No No No No No No
Commissioner
Bono Daru Adji Independent No No No No No No
Commissioner
Abdi Negara Nurdin 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(2) 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.
(2)
Serving since May 30, 2023 according to the result of Telkom AGMS Year 2022.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 63
Page 66
ABOUT TELKOM
BOARD OF COMMISSIONERS’ COMPOSITION
Based on Annual General Meeting of Shareholders (AGMS) on May 30, 2023, Telkom appointed Silmy Karim as
Commissioner. This change in the composition of the Board of Commissioners is a proposal from the Series A Dwiwarna
Shareholders by the provisions in the Articles of Association. Thus, the composition members of Telkom’s Board of
Commissioners as of December 31, 2023 are as follow:
Before the Change After the Change (as of December 31, 2023)
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 Abdi Negara Nurdin
Independent Commissioner Independent Commissioner
Marcelino Rumambo Pandin Marcelino Rumambo Pandin
Commissioner Commissioner
Ismail Ismail
Commissioner Commissioner
Rizal Mallarangeng Rizal Mallarangeng
Commissioner Commissioner
Isa Rachmatarwata Isa Rachmatarwata
Commissioner Commissioner
Arya Mahendra Sinulingga Arya Mahendra Sinulingga
Commissioner Commissioner
Silmy Karim
Commissioner
On January 19, 2024, Mr. Abdi Negara Nurdin as Independent Commissioner of the Company has submitted a letter of
resignation to the Company, which has been responded 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.
64 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 67
TelkomGroup
TelkomGroup
CORPORATE
CORPORATE THEME
THEME 2023
2023
DRIVE TRANSFORMATION AGENDA
TO ENSURE STRONG BUSINESS
FUNDAMENTAL AND HEALTHY
SUSTAINABLE GROWTH
MAIN
MAIN PROGRAM
PROGRAM
Deliver best customer experience by
strengthening data-analytics capability
and digitization process
Execute timely business transformation to
enhance portfolio performances in B2C-B2B
and digital platform-infrastructure
Ensure key assets and business capabilities
readiness by smart investment in talent and
technology
Page 68
ABOUT TELKOM
PR OF IL E OF T H E B OA R D O F D I R ECTO R S
MEMBER OF THE BOARD OF DIRECTORS WHO OFFICIATE AS OF DECEMBER 31, 2023
RIRIEK ADRIANSYAH HERI SUPRIADI
President Director Director of Finance &
Risk Management
Age Age
60 years old 58 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educations Educations
1989 Bachelor degree in Electrical Engineering, Institut • 2013 Honorary Doctoral degree in Business
Teknologi Bandung, Indonesia Management, Universitas Padjadjaran, Indonesia
• 1997 Master of Business Administration (MBA), Saint
Basis of Appointment Mary’s University, Canada
Annual General Meeting of Shareholders (AGMS) of Telkom on • 1991 Bachelor degree in Industrial Engineering, Institut
May 24, 2019 Teknologi Bandung, Indonesia
Current Double Position Basis of Appointment
Do not have double position Annual General Meeting of Shareholders (AGMS) of Telkom on
June 19, 2020
Work Experiences
• 2019 - 2021 President Commissioner, PT Current Double Position
Telekomunikasi Selular (Telkomsel) 2021 Commissioner, PT Telekomunikasi Selular
• 2015 - 2019 President Director, PT Telekomunikasi (Telkomsel)
Selular (Telkomsel)
• 2014 Director of Wholesale & International Work Experiences
Service, PT Telkom Indonesia (Persero) Tbk • 2020 - 2023 President Commissioner, PT Graha
• 2012 - 2013 Director of Compliance & Risk Management, Sarana Duta (Telkom Property)
PT Telkom Indonesia (Persero) Tbk • 2020 Commissioner, PT Telekomunikasi Selular
• 2011 - 2012 President Director, PT Telekomunikasi (Telkomsel)
Indonesia International • 2019 - 2020 President Commissioner, PT Fintech
• 2010 - 2011 Director of Marketing & Sales, PT Karya Nusantara (LinkAja)
Telekomunikasi Indonesia International • 2019 - 2020 President Commissioner, PT Telkomsel
• 2008 - 2010 Director of International Carrier Service, PT Mitra Inovasi
Telekomunikasi Indonesia International • 2012 - 2020 Director of Finance, PT Telekomunikasi
Selular (Telkomsel)
• 2012 - 2014 President Commissioner, PT Graha
Sarana Duta (Telkom Property)
• 2010 - 2012 President Director, PT Graha Sarana Duta
(Telkom Property)
• 2008 - 2011 Commissioner, PT Multimedia Nusantara
(Metra)
• 2007 - 2010 Vice President Subsidiary Performance,
PT Telkom Indonesia (Persero) Tbk
66 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
FM VENUSIANA R HERLAN WIJANARKO
Director of Enterprise & Business Director of Network & IT
Service Solution
Age Age
57 years old 58 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Bandung, Indonesia
Educations Educations
• 2004 Master degree in Management, Universitas • 2005 Master degree in Management, Institut Teknologi
Hasanuddin, Indonesia Telkom, Indonesia
• 1992 Bachelor degree in Electrical Engineering, • 1989 Bachelor degree in Electrical Engineering, Institut
Universitas Diponegoro, Indonesia Teknologi Bandung, Indonesia
Basis of Appointment Basis of Appointment
Annual General Meeting of Shareholders (AGMS) of Telkom on Annual General Meeting of Shareholders (AGMS) of Telkom on
May 30, 2023 June 19, 2020
Current Double Position Current Double Position
Do not have double position 2023 Commissioner, PT Dayamitra Telekomunikasi
Work Experiences Work Experiences
• 2022 - 2023 Director of Consumer Service, PT Telkom • 2020 - 2023 President Commissioner, PT Dayamitra
Indonesia (Persero) Tbk Telekomunikasi
• 2022 - 2023 President Commissioner, PT PINS • 2022 President Commissioner, PT Infrastruktur
Indonesia Indonesia
• 2018 - 2020 President Director, PT Dayamitra
• 2020 - 2023 President Commissioner, PT Telkom
Telekomunikasi
Akses
• 2016 - 2018 EGM Service Operations Division, PT
• 2020 Director Network, PT Telekomunikasi Telkom Indonesia (Persero) Tbk
Selular (Telkomsel) • 2015 - 2016 Deputy EGM Infra Operations &
• 2017 - 2020 Senior Vice President Procurement, PT Maintenance, PT Telkom Indonesia
Telekomunikasi Selular (Telkomsel) (Persero) Tbk
• 2016 - 2017 Senior Vice President Consumer • 2014 - 2015 Deputy EGM Network Infrastructure &
Marketing, PT Telekomunikasi Selular Access, PT Telkom Indonesia (Persero)
(Telkomsel) Tbk
• 2014 Deputy EGM IP Network & Operation, PT
• 2013 - 2016 Executive Vice President, Jabodetabek-
Telkom Indonesia (Persero) Tbk
West Java Areas, PT Telekomunikasi
• 2013 - 2014 GM Regional West Java in North Region
Selular (Telkomsel) (Bekasi), PT Telkom Indonesia (Persero)
Tbk
• 2010 - 2013 GM Network Regional West Java Region,
PT Telkom Indonesia (Persero) Tbk
• 2009 - 2010 GM Network Regional Central Java
Region, PT Telkom Indonesia (Persero)
Tbk
• 2007 - 2009 GM Network Regional Eastern Indonesia,
PT Telkom Indonesia (Persero) Tbk
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 67
Page 70
ABOUT TELKOM
MUHAMAD FAJRIN RASYID BUDI SETYAWAN WIJAYA
Director of Digital Business Director of Strategic Portfolio
Age Age
37 years old 51 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Bandung, Indonesia
Educations Educations
• 2019 Executive Educations in Innovations and Growth, • 2003 Master degree in Management, Institut
Stanford University of Business, United Manajemen Telkom, Indonesia
States of America • 1996 Bachelor degree in Technical and Industrial
• 2018 Executive Educations in Scaling Entrepreneurial Management, Institut Teknologi Telkom, Indonesia
Ventures, Harvard Business School, United States of
America Basis of Appointment
• 2009 Bachelor degree in Technical Information, Institut Annual General Meeting of Shareholders (AGMS) of Telkom on
Teknologi Bandung, Indonesia June 19, 2020
• 2008 Student Exchange Program, Daejeon University,
South Korea Current Double Position
• 2023 Commissioner, PT Sigma Cipta Caraka
Basis of Appointment • 2020 Member of the Board of Trustees, Telkom Education
Annual General Meeting of Shareholders (AGMS) of Telkom on Foundation
June 19, 2020
Work Experiences
Current Double Position
• 2022 President Commissioner, PT Multimedia
• 2023 Commissioner, PT Digital Aplikasi Solusi (Digiverse) Nusantara
• 2020 Commissioner, PT MDI
• 2020 President Commissioner, PT Sigma Cipta Caraka
• 2020 President Commissioner, PT Jalin Pembayaran
Work Experiences
Nusantara
• 2020 - 2023 Commissioner, PT Sigma Cipta Caraka
• 2017 - 2020 President Director, PT Admedika
• 2020 - 2023 President Commissioner, PT MDI
• 2015 - 2017 President Director, PT MD Media
• 2020 - 2023 President Commissioner, PT Metranet
• 2013 - 2015 President Director, PT Melon Indonesia
• 2011 - 2020 Co-Founder & President, Bukalapak
• 2011 - 2014 President Director, Suitmedia
• 2009 - 2011 Consultant, The Boston Consulting Group
(BCG)
68 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
AFRIWANDI BOGI WITJAKSONO
Director of Human Capital Director of Wholesale &
Management International Service
Age Age
52 years old 56 years old
Citizenship Citizenship
Indonesian Indonesian
Domicile Domicile
Bekasi, Indonesia Bogor, Indonesia
Educations Educations
• 2011 Master degree in Management, Universitas Islam • 1995 Master degree in Telecomunication Engineering,
Sumatera Utara, Indonesia Institut Teknologi Bandung, Indonesia
• 1995 Bachelor degree in Industrial Engineering, Institut • 1989 Bachelor degree in Electrical Engineering, Institut
Teknologi Telkom, Indonesia Teknologi Sepuluh Nopember, Indonesia
Basis of Appointment Basis of Appointment
Annual General Meeting of Shareholders (AGMS) of Telkom on Annual General Meeting of Shareholders (AGMS) of Telkom on
June 19, 2020 May 28, 2021
Current Double Position Current Double Position
Do not have double position • 2022 Commissioner, PT Telkom Data Ekosistem
(NeutraDC)
Work Experiences • 2022 Commissioner, PT Telkom Satelit (Telkomsat)
• 2020 - 2023 President Commissioner, Infomedia • 2021 Commissioner, PT Telekomunikasi Indonesia
• 2020 - 2023 Chairman of the Supervisory Board, International (Telin)
Telkom Pension Fund
• 2015 - 2020 SVP Corporate Secretary, PT Telkom Work Experiences
Indonesia (Persero) Tbk • 2021 - 2023 President Commissioner, PT Telkom Infra
• 2015 Advisor CEO, PT Telkom Indonesia • 2019 - 2020 Director of Enterprise & Business Service,
(Persero) Tbk PT Telkom Indonesia (Persero) Tbk
• 2014 - 2015 Executive General Manager Regional VII, • 2019 - 2020 President Commissioner, PT Telkom
PT Telkom Indonesia (Persero) Tbk Satelit
• 2013 - 2014 Deputy EGM of Business Service Division, • 2019 - 2020 Commissioner, PT Telkom Metra
PT Telkom Indonesia (Persero) Tbk • 2018 - 2019 Deputy President Director/COO, PT
• 2012 - 2013 GM of National Segment of Welfare Telkom Satelit
Service Unit, PT Telkom Indonesia • 2015 - 2019 President Director, PT Patrakom
(Persero) Tbk • 2012 - 2019 Managing Director, PT Metrasat
• 2012 GM Enterprise Regional Barat, PT Telkom • 2009 - 2012 General Manager of Operations, PT
Indonesia (Persero) Tbk Metrasat
• 2011 - 2012 GM Enterprise Regional 2, PT Telkom
Indonesia (Persero) Tbk
• 2008 - 2011 GM Enterprise Regional 1, PT Telkom
Indonesia (Persero) Tbk
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 69
Page 72
ABOUT TELKOM
HONESTI BASYIR
Director of Group Business
Development
Age
55 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educations
• 2002 Magister Corporate Finance, Institut Manajemen
Telkom, Indonesia
• 1992 Bachelor degree in Industrial Engineering, Institut
Teknologi Bandung, Indonesia
Basis of Appointment
Annual General Meeting of Shareholders (AGMS) of Telkom on
May 30, 2023
Current Double Position
Do not have double position
Work Experiences
• 2019 - 2023 President Director, PT Bio Farma (Persero)
• 2017 - 2019 President Director, PT Kimia Farma Tbk
• 2014 - 2017 Director of Wholesale and International
Service, PT Telkom Indonesia (Persero) Tbk
• 2012 - 2014 Director of Finance, PT Telkom Indonesia
(Persero) Tbk
70 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 73
PA R T/ 03.
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
BoC BoD Major & BoC BoD Major &
Name Position
Controlling Controlling
Shareholder(1) Shareholder(1)
Ririek President No No No No No No
Adriansyah Director
Heri Supriadi Director of No No No No No No
Finance and Risk
Management
FM Venusiana Director of No No No No No No
R Enterprise &
Business Service
Herlan Director of No No No No No No
Wijanarko Network & IT
Solution
Muhamad Director of Digital No No No No No No
Fajrin Rasyid Business
Budi Setyawan Director of No No No No No No
Wijaya Strategic Portfolio
Afriwandi Director of No No No No No No
Human Capital
Management
Bogi Director of No No No No No No
Witjaksono Wholesale &
International
Service
Honesti Basyir(2) Director of No No No No No No
Group 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.
(2)
Serving since May 30, 2023 according to the result of Telkom AGMS Year 2022.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 71
Page 74
ABOUT TELKOM
BOARD OF DIRECTORS’ COMPOSITION
Based on Annual General Meeting of Shareholders (AGMS) on May 30, 2023, there were several decisions to change the
composition of members of the Board of Directors which determined:
1. Transferring assignment of FM Venusiana R which from the beginning as Director of Consumer Service to Director
of Enterprise & Business Service.
2. Appointed Honesti Basyir as Director of Group Business Development.
Thus, the composition members of Telkom’s Board of Directors as of December 31, 2023 are as follow:
Before the Change After the Change (as of December 31, 2023)
Ririek Adriansyah Ririek Adriansyah
President Director President Director
Budi Setyawan Wijaya Budi Setyawan Wijaya
Director of Strategic Portfolio Director of Strategic Portfolio
Heri Supriadi Heri Supriadi
Director of Finance and Risk Management Director of Finance and Risk Management
Herlan Wijanarko Herlan Wijanarko
Director of Network & IT Solution Director of Network & IT Solution
Bogi Witjaksono Bogi Witjaksono
Director of Wholesale & International Service Director of Wholesale & International Service
Muhamad Fajrin Rasyid Muhamad Fajrin Rasyid
Director of Digital Business Director of Digital Business
Afriwandi Afriwandi
Director of Human Capital Management Director of Human Capital Management
FM Venusiana R FM Venusiana R
Director of Consumer Service and PLT Director of Director of Enterprise & Business Service
Enterprise & Business Service
Honesti Basyir
Director of Group Business Development
There is no change in composition of the Board of Directors’ members after the financial year ends until the deadline
for submitting the Annual Report.
72 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
PROF ILE OF T H E S E N I O R VI C E PR E S I D E N T
INDRAWAN DITAPRADANA Age
SVP Corporate Secretary 50 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
October 1, 2020
Educations
• 2012 Master degree in Management, Universitas Gadjah
Mada, Indonesia
• 1997 Bachelor degree in Electrical Engineering, Institut
Teknologi Telkom, Indonesia
AHMAD REZA Age
SVP Corporate Communication & 46 years old
Investor Relation
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
October 1, 2020
Educations
2001 Bachelor degree in Economics, STIE IBII (Kwik Kian
Gie Business School), Indonesia
DARU MULYAWAN Age
SVP Internal Audit 52 years old
Citizenship
Indonesian
Domicile
South Tangerang, Indonesia
Serving since
July 1, 2022
Educations
1996 Bachelor degree in Accounting, Universitas
Diponegoro, Indonesia
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 73
Page 76
ABOUT TELKOM
JEMY VESTIUS CONFIDO Age
SVP Group Corporate 48 years old
Transformation
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
January 1, 2024
Educations
• 2019 Doctoral degree in Business Law, Universitas Pelita
Harapan, Indonesia
• 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
JATI WIDAGDO Age
SVP Risk Management 50 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
August 1, 2021
Educations
1996 Bachelor degree in Industrial Engineering, Institut
Teknologi Telkom, Indonesia
74 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
PROF ILE OF T E LKO M E M PLOYE E S
Employees make a major contribution to the successful achievement of Company’s vision and mission. For this reason,
TelkomGroup encourages all its employees to have high agility in their work and carry out employee engagement to
support the transition to a digital telecommunication company. TelkomGroup management always guarantees the
creation of work environment that is professional, safe, comfortable, and without discrimination, so that all TelkomGroup
employees can work wholeheartedly and carry out management directions well.
Telkom Employee Postgraduate Pre-University < 30 Years Old
7,469 1,625 779 2,125
Diploma
437
Total Employee Education Age
Subsidiary Undergraduate > 45 Years Old 30-45 Years Old
Employee 4,628 3,075 2,269
15,595
Others Senior Professional Study Female
1,049 Management 299 Assignment 2,760
122 126
Employee Employment
Status Gender
Position
Middle Retirement Permanent
Supervisor Management Preparation Employee Male
3,653 2,645 Period 6,960 4,709
84
At the end of 2023, Telkom is recorded to have 23,064 employees, consisting of 7,469 employees from the parent
company and 15,595 employees from subsidiaries. When compared to 2022, the number of TelkomGroup employees in
2023 decreased by 729 people or 3%. During 2023, Telkom did not release employees before retirement.
Number of Telkom and Subsidiaries Employees in the Last 3 Years
Description 2023 2022 2021
Telkom Employee 7,469 8,919 8,789
Subsdiary Employee 15,595 14,874 14,967
Total 23,064 23,793 23,756
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 75
Page 78
ABOUT TELKOM
NUMBER OF EMPLOYEES BASED ON EDUCATION LEVEL AND
AGE DISTRIBUTION
At the end of 2023, the largest proportion of education level of TelkomGroup employees will be at undergraduate level,
amounting to 68% or 15,624 people. The following table present TelkomGroup employee data based on education level,
namely pre-university, diploma, undergraduate, and postgraduate from 2021 - 2023.
Number of Telkom and Subsidiary Employees Based on Education Level
2023 2022 2021
Education Level
Telkom Subsidiary Total % Total % Total %
Pre-University 779 1,284 2,063 8.9 2,276 9.6 2,524 10.6
Diploma 437 1,742 2,179 9.5 2,492 10.5 2,651 11.2
Undergraduate 4,628 10,996 15,624 67.7 15,837 66.6 15,415 64.9
Postgraduate
(Master and 1,625 1,573 3,198 13.9 3,188 13.4 3,166 13.3
Doctorate)
Total 7,469 15,595 23,064 100.0 23,793 100.0 23,756 100.0
Next, a grouping of employees based on age is presented. As of the end of 2023, Telkom has 73.4% or 16,925 employees
who are under 45 years old. When compared to the previous period, this number decreased by 1%.
Number of Telkom and Subsidiary Employees Based on Age
2023 2022 2021
Age
Telkom Subsidiary Total % Total % Total %
< 30 years 2,125 2,797 4,922 21.3 5,401 22.7 5,754 24.2
30 - 45 years 2,269 9,734 12,003 52.0 11,681 49.1 11,065 46.6
> 45 years 3,075 3,064 6,139 26.6 6,711 28.2 6,937 29.2
Total 7,469 15,595 23,064 100.0 23,793 100.0 23,756 100.0
76 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
NUMBER OF EMPLOYEES BY POSITION AND EMPLOYMENT
STATUS
TelkomGroup has several positions, namely senior management, middle management, supervisor, and other position
under supervisor. At the end of 2023, the highest number of employees of Telkom and its subsidiaries were at the
supervisory level as many as 12,331 people, decreased by 2.38% or 301 employees compared to the previous period.
Number of Telkom and Subsidiary Employees Based on Position
2023 2022 2021
Employee Position
Telkom Subsidiary Total % Total % Total %
Senior Management 122 185 307 1.3 322 1.4 319 1.4
Middle
2,645 3,510 6,155 26.7 6,209 26.1 6,039 25.4
Management
Supervisor 3,653 8,678 12,331 53.5 12,632 53.1 12,213 51.4
Others 1,049 3,222 4,271 18.5 4,630 19.5 5,185 21.8
Total 7,469 15,595 23,064 100.0 23,793 100.0 23,756 100.0
Furthermore, in terms of employment status, as of December 31, 2023 TelkomGroup has 20,605 permanent employees or
89.34% of the total employees. Meanwhile, non-permanent employees are divided into 2 categories, namely Professional
and Rehire, with total number of 2,459 people or by 10.66% of total employees.
Number of Telkom and Subsidiary Employees Based on Employment Status
Employment 2023 2022 2021
Status Telkom Subsidiary Total % Total % Total %
Permanent
6,960 13,402 20,362 88.3 20,869 87.7 20,829 87.7
Employee
Professional 299 2,136 2,435 10.6 2,531 10.7 2,585 10.9
Rehire - 24 24 0.1 311 1.3 287 1.2
Retirement
84 26 110 0.5 58 0.2 33 0.1
Preparation Period
Study Assignment 126 7 133 0.6 24 0.1 22 0.1
Total 7,469 15,595 23,064 100.0 23,793 100.0 23,756 100.0
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 77
Page 80
ABOUT TELKOM
GENDER EQUALITY ASSURANCE AND NUMBER OF EMPLOYEES
BASED ON GENDER
TelkomGroup guarantees gender equality in its Company’s operating environment, in line with Resolution of the Board
of Directors PD.201.01/r.00/PS150/COP-B0400000.2014 dated May 6, 2014 regarding Business Ethics within TelkomGroup.
At the end of 2023, TelkomGroup has 16,019 male employees and 7,045 female employees. Even though the number
of male employees is greater, TelkomGroup does not have a policy to set quota for the number of employees based on
gender or discriminate against one gender. However, based on the characteristics of the industry, the interest of men to
work in the telecommunications sector is higher than women.
Number of Telkom and Subsidiary Employees Based on Gender
2023 2022 2021
Gender
Telkom Subsidiary Total % Total % Total %
Male 4,709 11,310 16,019 69.5 16,654 70.0 16,847 70.9
Female 2,760 4,285 7,045 30.6 7,139 30.0 6,909 29.1
Total 7,469 15,595 23,064 100.0 23,793 100.0 23,756 100.0
The next table shows the seriousness of TelkomGroup in implementing gender equality in the work environment both
men and women who have the capability and competence have the right to occupy any position in the Company. In the
2023 period, there are 37 women occupying Senior Management positions, 1,371 people occupying Middle Management
positions, 3,712 people occupying supervisory positions, and 1,925 persons occupying other positions.
Number of Telkom and Subsidiary Employees Based on Position and Gender
Telkom Subsidiary Total
Employee Position
Male Female Total Male Female Total Male Female Total
Senior Management 104 18 122 166 19 185 270 37 307
Middle Management 1,834 811 2,645 2,950 560 3,510 4,784 1,371 6,155
Supervisor 2,239 1,414 3,653 6,380 2,298 8,678 8,619 3,712 12,331
Others 532 517 1,049 1,814 1,408 3,222 2,346 1,925 4,271
Total 4,709 2,760 7,469 11,310 4,285 15,595 16,019 7,045 23,064
78 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
S HA RE HOLD E RS CO M P O S I T I O N
Telkom’s shareholder structure as of December 31, 2023 can be seen in the following diagram.
PT Telkom Indonesia
(Persero) Tbk
Government of the Republic
Public (47.91%) of Indonesia (52.09%)
Series B Shares Series A Shares
Series B Shares
Foreign Ownership Local Ownership
(37.39%) (10.52%)
The authorized capital issued and fully paid by Telkom is 99,062,216,600 shares. These shares are divided into 1 Series A
Dwiwarna share which is only owned by the Government of the Republic of Indonesia and 99,062,216,599 Series B shares
(common shares). The main and controlling shareholder of Telkom is the Government of the Republic of Indonesia
which has a percentage of share ownership of 52.09%.
Composition of Shareholders Telkom as of December 31, 2023
Series A Series B
Shareholders %
Dwiwarna Ordinary Shares
The Government of the
1 51,602,353,559 52.09
Republic of Indonesia
Public - 47,459,863,040 47.91
Total 1 99,062,216,599 100.00
The following tables present the composition of Telkom shareholders in more detail.
1. Shareholders with More than 5% Ownership (Major/Controlling Shareholders)
Type of January 1, 2023 December 31, 2023
Individual or Group Identity
Share Total Shares % Total Shares %
Series A The Government of the Republic of Indonesia 1 0 1 0
Series B The Government of the Republic of Indonesia 51,602,353,559 52.09 51,602,353,559 52.09
2. Ownership of Shares by Directors and the Board of Commissioners
On December 31, 2023 there are no Commissioner or Director which has more than 1.0% of Telkom shares.
January 1, 2023 December 31, 2023
BoC and BoD
Total Shares % Total Shares %
Board of Bambang Permadi Soemantri
- - - -
Commisioners Brodjonegoro
Wawan Iriawan - - - -
Bono Daru Adji - - - -
Abdi Negara Nurdin - - - -
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 79
Page 82
ABOUT TELKOM
January 1, 2023 December 31, 2023
BoC and BoD
Total Shares % Total Shares %
Marcelino Rumambo Pandin - - 1,968,000 <0.01
Ismail - - 1,968,000 <0.01
Rizal Mallarangeng - - 1,968,000 <0.01
Isa Rachmatarwata - - 1,968,000 <0.01
Arya Mahendra Sinulingga 87,500 <0.01 2,014,800 <0.01
Silmy Karim - - - -
Board of Directors Ririek Adriansyah 1,156,955 <0.01 6,016,355 <0.01
Heri Supriadi 40,000 <0.01 4,170,400 <0.01
FM Venusiana R - - 7,806,900 <0.01
Herlan Wijanarko 42,500 <0.01 4,172,900 <0.01
Muhamad Fajrin Rasyid - - 4,130,400 <0.01
Budi Setyawan Wijaya 275,000 <0.01 4,585,400 <0.01
Afriwandi 42,500 <0.01 4,172,900 <0.01
Bogi Witjaksono - - 4,130,400 <0.01
Honesti Basyir - - 370,544 <0.01
3. 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 2023.
4. Shareholders with Less than 5% Ownership
Telkom Shareholders with Individual Ownership Less than 5%, as of December 31, 2023.
January 1, 2023 December 31, 2023
Description Group
Total Shares % Total Shares %
Foreign Business/Institution 37,027,407,617 37.38 37,017,581,228 37.37
Individual 16,925,500 0.02 16,870,800 0.02
Local Business/Institution
Pensions Funds 3,531,262,544 3.56 3,858,668,094 3.90
Mutual Fund 2,592,846,400 2.62 2,457,790,575 2.48
Insurance Company 2,663,197,893 2.69 2,442,919,996 2.47
Limited Liability 175,105,807 0.18 139,068,231 0.14
Others 97,124,250 0.10 136,440,950 0.14
Individual 1,355,993,029 1.37 1,390,523,166 1.40
Total 47,459,863,040 47.91 47,459,863,040 47.91
80 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
5. Percentage of Shares Owned by Domestic and Foreign
As of December 31, 2023, 180,077 shareholders (including the Government of the Republic of Indonesia) were
registered as ordinary shareholders. From this amount, 37,034,452,028 common shares are owned by 2,412 overseas
shareholders or 37.39%. In addition, there are 68 ADS shareholders who own 39,734,520 ADS (1 ADS is equivalent to
100 common shares).
6. List of 20 Largest Public Shareholders
No Institution %
1. CITIBANK SINGAPORE S/A GOVERMENT OF SINGAPORE 2.99
2. DJS KETENAGAKERJAAN PROGRAM JHT 2.39
3. BNYM RE BNYMLB RE EMPLOYESS PROVIDENFD BOARD-2039927326 1.41
4. THE NT TST CO S/A HARDING LOEVNER FUND, INC. INTERNATIONAL EQUITY POR- 0.70
TOFOLIO
5. JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 0.64
6. JPMCB NA RE-VANGUARD EMERGING MARKETS STOCK INDEX FUND 0.63
7. JPMCB NA RE-NEW WORLD FUND, INC 0.57
8. CITIBANK SINGAPORE S/A MONETARY AUTHORITY OF SPORE 0.45
9. THE NT TST CO S/A WGI EMERGING MARKETS FUND, LLC 0.45
10. STATE STREET BANK-ISHARES CORE MSCI EMERGING MARKET ETF 0.44
11. DJS KETENAGAKERJAAN PROGRAM JP 0.42
12. BNYMSANV RE BNYM RE PEOPLE’S BANK OF CHINA 0.42
13. HSBC BANK PLC S/A KUWAIT INVESTMENT AUTHORITY 0.31
14. JPMCB NA RE-VANGUARD FIDUCIARY TRUST COMPANY INSTITUSIONAL TOTAL 0.30
INTERNATIONALS
15. STATE STREET BANK-MFS EMERGING MARKETS EQUITY FUND 0.29
16. JPMSE LUX RE UCITS CLT RE-JP MORGAN FUND 0.28
17. HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE CO LTD 0.27
18. JPMCB NA RE-BLACKROCK INST TR CO N A INVESTMENT FDS FOR EMPLOYEE 0.27
BENEFIT TRUST
19. BNYMSANV RE BNYMIL RE FSI ICVC – STEWART INV APLSF-2039846536 0.26
20. JPMSE LUX RE UCITS CLT RE-JP MORGAN INVESTMENT FUNDS 0.25
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 81
Page 84
ABOUT TELKOM
S UBS IDIARIE S , AS S O C I AT E D CO M PA N I E S ,
AND JOINT VE N TU R E S
As of December 31, 2023, Telkom has 45 subsidiaries with direct and indirect
ownership and an ownership percentage of more than 50%, so that its Financial
Statements are consolidated with Telkom as the parent company. In addition,
there are 9 unconsolidated subsidiaries (affiliates).
98.85% -% | -% 69.90% 99.99% 71.87% 99.99% 99.99%
30.40% 100.00% | -% 99.99% 100.00% 60.00% 51.00% | 49.00%
99.99% 24.27% 100.00% 24.00%
SMI
51.00% -% | 99.99% -% | 99.99% 60.00% 60.00% -% | 99.99% 60.00%
Description:
Direct Ownership (Consolidated)
Indirect Ownership (Consolidated)
Unconsolidated
82 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 85
PA R T/ 03.
The Government of the
Republic of Indonesia
52.09%
Public
47.91%
99.99% 99.99% 99.99% 99.99% 99.99% 99.96%
100.00% 100.00% 100.00%
51.00% 99.99% 55.00%
100.00% 100.00% 70.00%
34.00% | 36.00%
-% | 15.67% 25.00% 6.32% 5.00% 2.11% 33.00%
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 83
Page 86
ABOUT TELKOM
As of December 31, 2023, Telkom has consolidated its Financial Statements for all subsidiaries that are owned directly
or indirectly.
SUBSIDIARIES WITH DIRECT OWNERSHIP
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Telekomunikasi 69.90% Telecommunication Operating 112,966 Telkomsel Smart Office
Selular - provides Telkom Landmark Tower
(Telkomsel) telecommunication 1st - 20th floor, The Telkom
Jakarta, Indonesia facilities and mobile Hub
cellular services Jl. Jend. Gatot Subroto
using Global Kav. 52 Jakarta 12710,
Systems for Mobile Indonesia
Communication
(GSM) technology
PT Dayamitra 72% Leasing Operating 57,010 Telkom Landmark Tower
Telekomunikasi telecommunication 25th - 27th floor, The
(Mitratel) towers and other Telkom Hub
Jakarta, Indonesia telecommunications Jl. Jend. Gatot Subroto
services Kav. 52 Jakarta 12710,
Indonesia
PT Multimedia 100% Network Operating 18,457 Telkom Landmark Tower
Nusantara (Metra) telecommunication 22nd & 41st floor, The
Jakarta, Indonesia services and Telkom Hub
multimedia Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Telekomunikasi 100% Telecommunication Operating 15,175 Telkom Landmark
Indonesia Tower 16th - 17th floor, The
International Telkom Hub
(Telin) Jl. Jend. Gatot Subroto
Jakarta, Indonesia Kav. 52 Jakarta, 12710,
Indonesia
PT Telkom 100% Telecommunication Operating 7,938 Telkom Landmark Tower
Satelit Indonesia - provide satellite 21st floor, The Telkom
(Telkomsat) communication Hub
Jakarta, Indonesia system, services, and Jl. Jend. Gatot Subroto
facilities Kav. 52 Jakarta 12710,
Indonesia
PT Sigma Cipta 100% Information Operating 7,616 Telkom Landmark Tower
Caraka technology 23rd floor, The Telkom
Tangerang, service - system Hub
Indonesia implementation and Jl. Jend. Gatot Subroto
integration service, Kav. 52 Jakarta 12710,
outsourcing, and Indonesia
software license
maintenance
84 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 87
PA R T/ 03.
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Graha Sarana 100% Leasing of offices Operating 5,614 Graha Telkom Property
Duta and providing Jl. Kebon Sirih No. 10,
Jakarta, Indonesia building Central Jakarta, 10110,
management Indonesia
and maintenance
services, civil
consultant, and
developer
PT Telkom Akses 100% Construction, Operating 4,777 Telkom Building, West
Jakarta, Indonesia service, and trade Jakarta
in the field of Jl. S. Parman Kav. 8 West
telecommunication Jakarta, 11440, Indonesia
PT Telkom Data 100% Data center Operating 4,059 Graha Telkomsigma 5th
Ekosistem, floor
Indonesia Jl. Kapten Subijanto
PT Metra-Net DJ BSD City, South
Jakarta, Indonesia Tangerang, Banten
15321, Indonesia
PT Metra-Net 100% Multimedia portal Operating 1,654 Mulia Business Park, J
Jakarta, Indonesia service Building
Jl. Letjen MT Haryono
Kav. 58 - 60 Pancoran,
Jakarta, 12780, Indonesia
PT Infrastruktur 100% Construction, Operating 1,261 Telkom Landmark Tower
Telekomunikasi service, and trade 19th floor, The Telkom
Indonesia (Telkom in the field of Hub
Infra) telecommunication Jl. Jend. Gatot Subroto
Jakarta, Indonesia Kav. 52 Jakarta 12710,
Indonesia
PT PINS Indonesia 100% Telecommunication Operating 775 Telkom Landmark Tower
Jakarta, Indonesia construction and 42nd floor, The Telkom
services Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Napsindo 60% Telecommunication Ceased 5 -
Primatel – provides Network operations
Internasional Access Point (NAP), on January
Jakarta, Indonesia Voice Over Data 13, 2006
(VOD) and other
related services
PT Telkom 100% Network & Not yet - Telkom Landmark
Infrastruktur telecommu- operational Tower, The Telkom Hub
Indonesia nication service, Jl. Jend. Gatot Subroto
Jakarta, Indonesia informatic and asset Kav. 52, Jakarta, 12710,
optimization Indonesia
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 85
Page 88
ABOUT TELKOM
SUBSIDIARIES WITH INDIRECT OWNERSHIP
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Metra Digital 100% Trading and/ Operating 8,556 Telkom Landmark
Investama or providing Tower 21st floor, The
Jakarta, Indonesia services related Telkom Hub
to information Jl. Jend. Gatot Subroto
and technology, Kav. 52 Jakarta 12710,
multimedia, Indonesia
entertainment, and
investment
Telekomunikasi 100% Telecommunication Operating 3,842 Suite 905, 9/F, Ocean
Indonesia Centre, 5 Canton Road,
International Ltd., Tsim Sha Tsui, Kowloon,
Hong Kong Hong Kong
Telekomunikasi 100% Telecommunication Operating 3,499 Maritime Square,
Indonesia #09-63 Harbour Front
International Pte. Centre, Singapore –
Ltd. 099253
Singapura
PT Infomedia 100% Data and information Operating 2,243 PT Infomedia Nusantara
Nusantara Jakarta, service - provide Head Office
Indonesia telecommunication Jl. RS. Fatmawati 77-81
information Jakarta, 12150, Indonesia
service and other
information services
in the form of print
and electronic media
and call center
service
PT Telkom 55% Service for property Operating 1,986 Telkom Landmark
Landmark Tower development and Tower, The Telkom Hub
Jakarta, Indonesia management Jl. Jend. Gatot Subroto
Kav. 52, Jakarta 12710,
Indonesia
PT Finnet Indonesia 60% Information Information 1,761 Telkom Landmark
Jakarta, Indonesia technology services technology Tower 18th floor, The
services Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Persada Sokka 100% Providing Operating 1,622 Graha Persada 2, 1st floor
Tama, Jakarta, telecommunication Jl. Kyai Haji Noor Alie
Indonesia network No. 89, Kalimalang,
infrastructure Bekasi, West Java 17148,
Indonesia
PT Nuon Digital 100% Digital content Operating 1,194 Telkom Landmark
Indonesia exchange hub Tower 45th floor, The
Jakarta, Indonesia services Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
Telekomunikasi 100% Telecommunication Operating 1,082 Timor Plaza 4th floor,
Indonesia Rua Presidente Nicolao
International S.A. Lobato, Comoro, Dili
Dili, Timor Leste Timor Leste
86 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Telkomsel Mitra 100% Business Operating 1,020 Telkomsel Smart Office
Inovasi management 8th floor
Jakarta, Indonesia consulting and Jl. Gatot Subroto Kav. 52,
capital venture Jakarta 1270, Indonesia
services
PT Metra Digital 100% Directory information Operating 993 Telkom Landmark
Media services Tower 18th floor, The
Jakarta, Indonesia Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52, Jakarta 12710
Indonesia
PT Telkomsel 100% Information services Operating 777 Telkom Landmark
Ekosistem Digital and multimedia Tower Building 1, 3rd
(“TED”) technology, floor
Jakarta, Indonesia entertainment, and Jl. Jend. Gatot Subroto
investment Kav. 52 Jakarta 12710,
Indonesia
PT Administrasi 100% Health insurance Operating 757 STO Telkom Gambir
Medika administration Building C 3rd floor
Jakarta, Indonesia services Jl. Medan Merdeka
Selatan, No. 12, Central
Jakarta, 10110, Indonesia
PT Teknologi Data 60% Satellite services Operating 606 Telkom Landmark
Infrastruktur Tower 41st floor, The
Jakarta, Indonesia Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52, Jakarta 12710,
Indonesia
TS Global Network 70% Satellite service Operating 420 Teknorat ½ street,
Sdn. Bhd. Cyber 3, 6300 Cyberjaya,
Petaling Jaya, Selangor Darul Ehsan,
Malaysia Malaysia
PT Swadharma 51% Cash Replenishment Operating 397 St Arteri JORR, No. 70,
Sarana Informatika services and ATM Jati Melati, Pondok
Jakarta, Indonesia maintenance Melati, Bekasi, Indonesia
PT Digital Aplikasi 100% Communication Operating 341 88 @ Kasablanka, 35th
Solusi system services floor of Jakarta 12870
Jakarta, Indonesia
PT Graha 100% Management and Operating 333 Jl. Kapt. Subijanto Dj.
Telkomsigma consulting services Bumi Serpong Damai
Jakarta, Indonesia Tangerang 15321,
Indonesia
PT Nusantara 100% Service and trading Operating 292 Multimedia Tower,
Sukses Investasi Annex Building 2nd floor
Jakarta, Indonesia Jl. Kebon Sirih No. 10
- 12, Central Jakarta,
Indonesia
PT Graha Yasa 51% Tourism service Operating 290 Jl. Cimanuk No. 33
Selaras Bandung, Indonesia
Jakarta, Indonesia
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 87
Page 90
ABOUT TELKOM
Share Operational Total Asset
Company Business Field Address
Ownership Status (Rp billion)
PT Nutech Integrasi 60% System integrator Operating 227 Jl. Tanjung Barat Raya,
Jakarta, Indonesia No. 17, Pasar Minggu,
South Jakarta, 12510,
Indonesia
Telekomunikasi 100% Telecommunication Operating 212 800 Wilshire Boulevard,
Indonesia Suite 620 Los Angeles,
International Inc., California 90017, USA
Los Angeles, USA
PT Collega Inti 70% Trade and services Operating 191 Gedung Tavalera 6th - 7th
Pratama floor
jakarta, Indonesia Jl. TB Simatupang Kav.
22 - 26, Jakarta 12430,
Indonesia
PT Media Nusantara 55% Consulting services Operating 136 Kuningan Barat No. 8,
Data Global Mampang Prapatan
Jakarta, Indonesia Gedung Cyber-1
South Jakarta, DKI
Jakarta 12710, Indonesia
Telekomunikasi 70% Telecommunication Operating 125 Suite 7 - 3, Level 7,
Indonesia Wisma UOA II No. 21,
International Jalan Pinang, KLCC,
(Malaysia) Sdn. Bhd. 50450, Kuala Lumpur,
Kuala Lumpur, Malaysia.
Malaysia
Telekomunikasi 100% Telecommunication Operating 67 Level 4, 241
Indonesia Commonwealth Street
International Surry Hills NSW 2010,
Australia Pty. Ltd. Australia
Sydney, Australia
PT Metra TV 100% Subscription Operating 50 Telkom Landmark
Jakarta, Indonesia broadcasting services Tower 22nd & 41st floor,
The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52, Jakarta 12710,
Indonesia
PT Pojok Celebes 100% Travel agency Operating 44 Plasa TelkomGroup 2nd
Mandiri services floor
Jakarta, Indonesia Jl. RS. Fatmawati No. 65,
Cilandak Barat South
Jakarta, 12430, Indonesia
Bosnet Distribution 60% Information and Operating 40 Gedung Mayapada
Indonesia communication Tower 11th floor (Virtual
Jakarta, Indonesia Office)
Jl. Jenderal Sudirman
Kav 28, Kel. Karet, Kec.
Setiabudi Jakarta,
Indonesia
PT Metraplasa 60% Network & Operating 30 Mulia Business Park, J
Jakarta, Indonesia e-commerce services Building
Jl. Letjen MT Haryono
Kav. 58 - 60 Pancoran,
Jakarta 12780, Indonesia
NeutraDC 100% Data center Not yet - 30 Changi North Way
Singapore operational Singapore (498814)
88 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 91
PA R T/ 03.
C HRON OLOG Y OF STO C KS R EG I ST R AT I O N
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
Nominal Bid of Republic of Public
Indonesia
13/11/1995 Pre-Initial Public Offering 500 2,050 8,400,000,000 -
Sale of Shares Held by Government (933,334,000) 933,334,000
Telkom Right Issue - 933,333,000
Composition of Share Ownership 7,466,666,000 1,866,667,000
11/12/1996 Government Shares Block Sale 500 3,850 (388,000,000) 388,000,000
Composition of Share Ownership 7,078,666,000 2,254,667,000
15/05/1997 Government Distributes Incentive 500 3,675 (2,670,300) 2,670,300
Shares to All Public Shareholders
Composition of Share Ownership 7,075,995,700 2,257,337,300
07/05/1999 Government Shares Block Sale 500 3,825 (898,000,000) 898,000,000
Composition of Share Ownership 6,177,995,700 3,155,337,300
02/08/1999 Distribution of Shares Bonus (Issuance) 500 3,275 494,239,656 252,426,984
(Each 50 Shares Gets 4 Shares)
Composition of Share Ownership 6,672,235,356 3,407,764,284
07/12/2001 Government Shares Block Sale 500 2,700 (1,200,000,000) 1,200,000,000
Composition of Share Ownership 5,472,235,356 4,607,764,284
16/07/2002 Government Shares Block Sale 500 3,775 (312,000,000) 312,000,000
Composition of Share Ownership 5,160,235,356 4,919,764,284
01/10/2004 Stock Split with Ratio 1:2 250 4,200 10,320,470,712 9,839,528,568
21/12/2005 Shares Buy Back Program (I) (1)
250 6,050 - (211,290,500)
Composition of Share Ownership 10,320,470,712 9,628,238,068
29/06/2007 Shares Buy Back Program (II) (2)
250 9,850 - (215,000,000)
Composition of Share Ownership 10,320,470,712 9,413,238,068
20/06/2008 Shares Buy Back Program (III) (3)
250 7,750 - (64,284,000)
Composition of Share Ownership 10,320,470,712 9,348,954,068
19/05/2011 Shares Buy Back Program (IV) (4)
250 7,600 - (520,355,960)
Composition of Share Ownership 10,320,470,712 8,828,598,108
14/06/2013 Transfer of Shares Buy Back Program III 250 10,550 - 59,811,400
to Employees through ESOP Program
Composition of Share Ownership 10,320,470,712 8,888,409,508
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 89
Page 92
ABOUT TELKOM
Price (Rp/Sheet) Composition of Share
Ownership
Date Corporate Actions Government
Nominal Bid of Republic of Public
Indonesia
30/07/2013 Transfer of Shares Buy Back Program I 250 11,750 - 211,290,500
through Private Placement
Composition of Share Ownership 10,320,470,712 9,099,700,008
02/09/2013 Stock Split with Ratio 1:5 50 2,150 51,602,353,560 45,498,500,040
13/06/2014 Transfer of Shares Buy Back Program II 50 2,440 - 1,075,000,000
through Private Placement
Composition of Share Ownership 51,602,353,560 46,573,500,040
21/12/2015 Transfer of Remaining Shares Buy Back 50 3,110 - 22,363,000
Program III through Private Placement
Composition of Share Ownership 51,602,353,560 46,595,863,040
29/06/2016 Transfer of Remaining Shares Buy Back 50 3,970 - 864,000,000
Program IV through Private Placement
Composition of Share Ownership 51,602,353,560 47,459,863,040
2017 No corporate action - - - -
Composition of Share Ownership 51,602,353,560 47,459,863,040
02/07/2018 Transfer of Treasury Stock throught 50 3,750 - 1,737,779,800
Withdrawal by way of Capital
Reduction
Composition of Share Ownership 51,602,353,560 47,459,863,040
2019 No corporate action - - - -
Composition of Share Ownership 51,602,353,560 47,459,863,040
2020 No corporate action - - - -
Composition of Share Ownership 51,602,353,560 47,459,863,040
2021 No corporate action - - - -
Share Ownership Composition 51,602,353,560 47,459,863,040
2022 No corporate action - - - -
Share Ownership Composition 51,602,353,560 47,459,863,040
2023 No corporate action - - - -
Share Ownership Composition 51,602,353,560 47,459,863,040
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.
90 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 93
PA R T/ 03.
C HRON OLOG Y OF OT H E R S ECU R I T I E S
R EGIST RAT ION
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, July 16, 5 17.00% PT PT BNI July 16,
2002 2002 2007 Danareksa Tbk; 2007
Sekuritas PT BRI Tbk
Telkom Bond II 1,005,000 June 25, July 6, 5 9.60% PT Bahana PT Bank July 6,
2010 Series A 2010 2015 Sekuritas; PT CIMB 2015
Danareksa Niaga Tbk
Sekuritas;
PT Mandiri
Sekuritas
Telkom Bond II 1,995,000 June 25, July 6, 10 10.20% PT Bahana PT Bank July 6,
2010 Series B 2010 2020 Sekuritas; PT Tabungan 2020
Danareksa Negara
Sekuritas; (Persero)
PT Mandiri Tbk
Sekuritas
Telkom Shelf 2,200,000 June 23, June 23, 7 9.93% PT Bahana PT Bank -
Registered 2015(1) 2022 Sekuritas; PT Permata
Danareksa Tbk
Bond I 2015 Sekuritas;
Series A PT Mandiri
Sekuritas; PT
Telkom Shelf 2,100,000 June 23, June 23, 10 10.25% Trimegah
Registered 2015(1) 2025 Sekuritas
Indonesia
Bond I 2015 Tbk
Series B
Telkom Shelf 1,200,000 June 23, June 23, 15 10.60%
Registered 2015(1) 2030
Bond I 2015
Series C
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.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 91
Page 94
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 (%) Monitoring Settlement
Term Arranger
(Rp Date Date (Year) /Installment Agent Date
Notes
million) Payment
per Year
(Rp million)
Telkom’s 262,000 September September 1 7.25% September
2018 MTN I A 4, 2018 14, 2019 14, 2019
Series
Telkom’s 200,000 September September 2 8.00% September
2018 MTN I B 4, 2018 4, 2020 4, 2020
Series
Telkom’s 296,000 September September 3 8.35% September
PT Bahana
2018 MTN I C 4, 2018 4, 2021 4, 2021
Sekuritas;
Series
PT BNI
Sekuritas;
PT CGS-
PT Bank
CIMB
Telkom’s 264,000 September September 2 Rp19,000 Tabungan September
Sekuritas
2018 MTN 4, 2018 14, 2019 Negara 14, 2019
Indonesia;
Syariah (Persero)
PT
Ijarah I A Tbk
Danareksa
Series
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
92 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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PA R T/ 03.
NA M E AN D AD D R E S S O F I N ST I TUT I O N S
A ND/O R S U PPORT I N G CA PI TA L M A R K E T
PROF E S S ION
Supporting
2023 Assignment
Capital Market Address Service
Fee Period
Profession
External KAP Purwantono, Bursa Efek Indonesia • Conducting general and integrated audit Rp73 Since 2012
Auditor/ Sungkoro & Surja Building, 2nd Tower, 7th of the Consolidated Financial Statements billion
Public (A member firm floor based on Financial Accounting Standards
Accountant of Ernst & Young Jl. Jend. Sudirman Kav. (“SAK”) in Indonesia and International
Global Limited) 52 - 53 Financial Reporting Standards (“IFRS”) and
and associated Jakarta - 12190 the effectiveness of internal control over
entities* financial reporting.
• Conducting audit based on ETAP
Accounting Standards (Entities
Without Public Accountability) on the
Financial Statements of the Social and
Environmental Responsibility Program.
• Conduct an audit based on Financial
Audit Standards State regarding the
Company’s Compliance with Legislation
and Internal Control of PT Telkom for the
2023 financial year.
• Conducting collaborative audit services
with BPK RI regarding the preparation
of LKPP RI for the 2023 financial year (SA
600).
• Conducting Agreed Upon Procedures
(“AUP”) service for SOE Financial
Information Package.
• Conducting compliance attestation
services for the Prudential Principle
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.
• Provide an adequate engagement
by SPA 3420 for compiling proforma
financial information relating to FMC
transactions.
• Conducting general audit based
on financial accounting standards
applicable to the Company’s subsidiaries.
• Financial and IT due diligence for PT
Metra Digital Investama.
• 2023 income tax compliance services for
Telin Taiwan.
Remark:
*) In 2015, Public Accounting Firm Purwantono, Suherman & Surja has changed into Public Accounting Firm Purwantono, Suherman & Surja due to the
changes on composition of partners.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 93
Page 96
ABOUT TELKOM
Supporting
2023 Assignment
Capital Market Address Service
Fee Period
Profession
Securities PT Datindo Wisma Sudirman Acting as a depository institution Rp1.3 billion Since 1995
Administration Entrycom Jl. Jend. Sudirman Kav. (Custodian) for Telkom’s common
Bureau 34 - 35 shares traded on the IDX, providing
Jakarta - 10220 administrative services for holding GMS,
and providing administrative services
for dividend payment.
Trustee PT Bank Permata WTC II Building 28 th
Representing the interests of Rp75 Since 2015
Tbk floor bondholders with the Company for million
Jl. Jend Sudirman Kav. Telkom’s phase I sustainable bonds.
29 - 31
Jakarta 12920
Central PT Kustodian Bursa Efek Indonesia • Providing central custodial service and Rp40 Since 1995
Custodian Sentral Efek Building, Tower 1, 5th settlement of stock/bond transactions million
Indonesia floor on the IDX.
Jl. Jend. Sudirman • Storage services and settlement of
Kav. 52 - 53 securities transactions, distribution of
Jakarta - 12190 corporate action results.
Rating PT Pemeringkat Equity Tower, 30 Floor Providing rating on credit risk of Telkom
th
Rp150 Since 2012
Agency Efek Indonesia Sudirman Central bond issuance. million
Business District Lot. 9
Jl. Jenderal Sudirman
Kav. 52 - 53 Jakarta
12190
Moody’s Moody’s Investors Provides ratings on Telkom credit risk. US$84,100 Since 2018
Service Singapore Pte.
Ltd, 50 Raffles Place
#23-06, Singapore
Land Tower,
Singapore - 048623
Fitch Fitch (Hong Kong) Provides ratings on Telkom credit risk. US$73,000 Since 2018
Limited
19/F Man Yee Building
68 Des Voeux Road
Central,
Hong Kong + 852 2263
9963
ADS The Bank of New Corporate Acting as a depository institution US$131,122 Since 1995
Custodian York Mellon Headquarters (Custodian) of ADS shares traded on the
Bank Corporation 240 Greenwich Street NYSE.
New York, NY 10286
USA
+1 212 495 1784
Legal Counsel Herbert Smith 50 Raffles Place, #24-01 Acted as a corporate legal consultant Rp2.4 Since 2023
Freehills Singapore Land Tower, regarding the United States capital million
Singapore 048623 market for the Annual Report on Form
20F.
UMBRA Telkom Landmark
Partnership Tower 49 floor Jl.
th
Jend. Gatot Subroto
Kav. 52 Jakarta
Notary Notaries/PPAT Jl. Suryo No. 54 Acting as a notary in the Annual General Rp72.5 Since 2012
Ashoya Ratam, Kebayoran Baru Meeting of Shareholders (AGMS). million
SH, MKn Jakarta - 12180
94 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
Page 97
PA R T/ 03.
US E OF PU B LIC ACCO UN T I N G S E R VI C E S
A ND PU B LIC ACCO U N T I N G F I R M S
Every year, Telkom has conducted an audit of Consolidated Financial Report. Through GMS, Company appointed Public
Accounting Firm (KAP) to audit the financial report. In 2023, apart from audit services, KAP will also provide other
services in the form of non-audit services. Fee incurred for these other services never exceed the fee for audit services.
Audited Certified Fee (Rp million)
Public
No. Financial Public Assurance
Accounting Firm Other Service Total
Year Accountant Service
1. 2023 KAP Purwantono, Agung 68,969 3,964 72,933
Sungkoro & Surja Purwanto
(A member firm
of Ernst & Young
Global Limited)
and associated
entities
2. 2022 KAP Purwantono, Agung 59,700 5,440 65,140
Sungkoro & Surja Purwanto
(A member firm
of Ernst & Young
Global Limited)
3. 2021 KAP Purwantono, Widya 59,050 11,540 70,590
Sungkoro & Surja Arijanti
(A member firm
of Ernst & Young
Global Limited)
4. 2020 KAP Purwantono, Handri 63,461 1,925 65,386
Sungkoro & Surja Tjendra
(A member firm
of Ernst & Young
Global Limited)
5. 2019 KAP Purwantono, Handri 57,070 2,055 59,125
Sungkoro & Surja Tjendra
(A member firm
of Ernst & Young
Global Limited)
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04.
MANAGEMENT
AND ANALYSIS
DISCUSSION
A N N UA L R E P O RT • 2023
PPTT TTEELLKKOOMM I N
I NDDOONNEESSI A
I A ( (PPEERRSSEERROO) ) TTBBKK ANNUAL REPORT 2023 97
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BUS INE S S OVE RVIEW
GLOBAL ECONOMY AND consumer confidence, and investment growth as the
National Strategic Projects (Proyek Strategis Nasional or
INDONESIA PSN) continue to complete. Moreover, the General Election
(Pemilihan Umum or PEMILU) in 2024 will also influence
In 2023, the global economy was still recovering from the Indonesia’s economic growth. PEMILU can boost public
impact of COVID-19 and the Russia-Ukraine war. It was consumption, Government spending, and the growth of
promoted by the recovering global supply chain, with specific industries such as publishing and printing, food
the cost and delivery time returned to the pre-pandemic and beverage, and transportation.
conditions, which it aligned with the Public Health
Emergency of International Concern (PHEIC) of COVID-19 Indonesia’s inflation rate in December 2023 was as low
status by the World Health Organization (WHO) on May 5, as 0.41% (MtM), so the inflation rate in 2023 was 2.61%
2023. However, global economic growth generally slowed (YoY), lower if compared to 2022 at 5.51% (YoY). Therefore,
down with the higher global uncertainty and created the 2023 inflation rate was still under control in a target
more divergence in international growth. The influential range of 3.0±1%. The inflation rate was a positive result
factors were the high inflation and the more aggressive of the consistent monetary policy and the great synergy
tightening of monetary policy by the Central Bank that of inflation control between Bank Indonesia and the
weakened economic activities. The World Economic Government (Central & Regional Government) through
Outlook (WEO) report in October 2023 predicted that the the Central Controlling Inflation Team (Tim Pengendalian
2023 economic growth would slow to 3.0% compared to Inflasi Pusat or TPIP) and Regional Controlling Inflation
2022 3.5%. The developing countries (emerging markets Team (Tim Pengendalian Inflasi Daerah or TPID) with the
and developing economies) were still the primary motor National Movement of Food Inflation Control (Gerakan
for global economic growth of 4.0%, while the growth for Nasional Pengendalian Inflasi Pangan or GNPIP) in
developed countries (advanced economies) was only 1.5%. many regions.
The uncertainties will still be in the 2024 global economy. Meanwhile, the Indonesia Stock Market recorded a good
Moreover, the 2023 economic challenge will continue performance in 2023 by enhancing the IDX Composite
in 2024, such as the geopolitical tension, digitalization (IHSG), which reached 6.16%, higher than last year’s 4.09%.
stream, privacy and cyber security, and climate change. If we consider the main macro indicators, the currency
The geopolitical tension between Russia-Ukraine, the exchange of Rupiah towards USD in 2023 was relatively
Palestine-Israel war, and the trade tension between the stable. The foreign exchange rate of the Bank of Indonesia
United States-China triggered the economic, trading, and on January 2, 2023, was Rp15,514, and on December
investment fragmentation and created the aggressive 29, 2023, it was closed at Rp15,493 per USD. The Bank of
tightening of monetary policy in several countries. Indonesia reference interest rate or BI-Rate (previously BI
Therefore, the global economy is predicted to slow from 7-days Repo Rate) slightly declined from 5.75% on January
2023 of 2.9% to 2.9% in 2024. 2023 to 6.00% on December 2023.
The Indonesian economic growth in 2023 was still The Indonesian macroeconomic stability could be
maintained amid the uncertainties of the global economy, perceived by the Assessment of Indonesia’s Sovereign
with the 3Q23 GDP growth progressing positively to Credit Rating, one of which is the Fitch Rating, it retained
4.94%. Although it was lower compared to the last a credit rating on BBB and outlook stable on September
period, the economic growth in Indonesia was relatively 2023. Another credit rating institution, Moody’s Investor
stable despite the previous global economic fluctuation. Service, also maintained Indonesia’s credit rating on Baa2
Meanwhile, the economic growth in 2023 was 5.05%. The with a stable outlook as of March 2023. It showed that
increasing private consumption supported the growth Indonesia’s economy still gained decent stability, though
aligned with the rising services sector consumption, it encountered the challenge of delayed global economy.
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INDONESIAN To support the acceleration of the national digital
transformation, the Government has specifically assigned
TELECOMMUNICATIONS Telkom to execute the Electronic Procurement System and
INDUSTRY all its supporting systems, which cover funding, planning,
establishment, development, integration, operation,
The Indonesian Government is constantly encouraging and system maintenance. This specific assignment was
advancement in the telecommunication sector to officiated through Presidential Regulation number 17 Year
accelerate the national digital transformation. The 2023 regarding the Acceleration of Digital Transformation
Government has prepared three phases for developing in Government Procurement of Goods/Services. This
the digital economy up to 2045. The first phase, assignment is part of Satu Data Indonesia Implementation
“prepare,” begins with improving the digital foundation to Framework and its interoperability between systems within
ensure the public›s readiness to adapt. The second phase, the Electronic-based Government System Framework
“transform,” is an acceleration attempt to transform the (SPBE). This Presidential Regulation is expected to
public and the economy into a smart business. Lastly, the accelerate the digital transformation of the Government
third phase, “lead,” will be done by producing standards Procurement of Goods/Services as an effort to improve
for technological innovations in the future. independence and growth and ensure equal distribution
of the national economy.
Besides, The Government, through the Coordinating
Ministry for Economic Affairs Republic of Indonesia, The Central Bureau of Statistics data shows that the
has determined six main pillars of digital economic telecommunication industry 3Q2023 grew by 8.52% from
development and its strategic direction frameworks in the 3Q2022 of 6.95%. The Government and stakeholders
“Buku Putih Strategi Nasional – Pengembangan Ekonomi have strongly supported creating a conducive ecosystem
Digital Nasional 2023”, such as: that pushes the development of the telecommunication
1. Infrastructure, with the strategic direction on the sector. It shows that there is still a growth opportunity for
availability and quality of digital infrastructure and the telecommunication industry, aligning with the rapid
physical (i.e., fiber optic network, data center, and growth of the digital technology ecosystem. However,
electricity). there are a few challenges the telecommunication sector
2. Human resources, with the strategic direction on the faces, including the constant demand for frequency amid
availability and advanced professional talents with the expensive spectrum price, high regulatory charges of
the required competencies to accommodate digital Operation Rights Fees (BHP) and USO, and the obligation
economic development. to build the infrastructure to remote areas with minimum
3. Business climate and cyber security, with the strategic incentive. These challenges prevented the growth of the
direction on the end-to-end implementation of digital telecommunication industry from reaching its maximum
business landscape and cyber security. potential during its role as an enabler of the digital
4. Research, innovation, and business development, with ecosystem.
the strategic direction of acquiring, developing, and
implementing competency and technology to create Therefore, comprehensive solutions and synergy between
innovation inside or outside IT. the Government and telecommunication service
5. Funding and investment, with the strategic direction providers are needed to ensure the development of the
on the ability to generate/attract funding sources telecommunication industry ecosystem in Indonesia. A
and capital investment into ICT and other supporting cohesive synergy is required to help advance the industry
industries. and digital economy in Indonesia and prepare a conducive
6. Policy/regulation, with the strategic direction on the digital ecosystem amidst a constantly growing digital era.
adequacy of policies/regulations to support digital Furthermore, uncertainties in facing quick digitalization
economic development and capital investment. growth can also hinder the flow of funding entering
Indonesia.
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On the other hand, with the growing demand for internet Mobile Business
connection services, Indonesia’s operators have shifted In 2023, Telkom still stands as the mobile operator with the
to FMC business to create better customer experience, most subscribers in Indonesia with 159.3 million subscribers
unbreakable connection, efficiency, and synergy inter- and 50.5% in market share. The country’s other big mobile
services. Recently, Telkomsel has aggressively developed operators are Indosat Ooredoo Hutchison (IOH), XL Axiata,
its FMC business with its product “Telkomsel One,” which and Smartfren. At the end of 2023, SIM card penetration
launched after the integration of IndiHome into Telkomsel decreased 0.3% with 315.6 million subscribers compared
in 2023. There was XL Axiata, which had previously to the previous year. Cellular data traffic also increased,
introduced the mobile and fixed convergence product of while voice and SMS had a declining trend due to the
“XL SATU Lite” and supported by the acquisition of LinkNet lower usage of these services along with the available Over
and Indosat Ooredoo Hutchison with the acquisition of the Top (OTT) service and more affordable smartphones.
MNC Play. Therefore, these initiatives could increase the To measure this decline and extend the service period,
connectivity growth of Indonesia’s telco industry and give Telkomsel initiates a personal and personification
significant added value services to subscribers. marketing scheme to offer more added-value packages,
meet the subscribers’ needs, and increase voice package
The telecommunication sector is predicted to be one of penetration. Telkomsel also commits to its mobile data
the most profitable and beneficial sectors from potential and digital services to ensure we will always meet growing
growth at the beginning of the political year 2024. Data demands.
traffic is assumed to increase amid Christmas and
the 2024 New Year momentum, not to mention the Fixed Broadband & Fixed Voice Business
2024 Election from the start of the year, thus causing (Fixed Business)
an increase in internet data usage, especially in social At the end of 2023, Telkom, through the brand IndiHome
media. To anticipate the spike in data traffic, Telkom has that has integrated into Telkomsel, still holds the position
prepared an infrastructure that will operate constantly, of the market leader in fixed broadband business in
both from the 28-submarine cable infrastructures nor the Indonesia with 10.1 million subscribers and 66.7% of market
international traffic route through the Batam & Manado share. Other leading competitor operators of Telkom
gateway, as well as other preparations to ensure a stable in the fixed broadband industry are PT First Media Tbk
and reliable network condition for all customers. (First Media), PT Eka Mas Republik (MyRepublic), PT Supra
Primatama Nusantara (Biznet Home), PT MNC Kabel
Mediacom (MNC Play), Cyberindo Aditama (CBN Fiber),
TELECOMMUNICATION PT XL Axiata (XL Home), PT Oxygen Multimedia Indonesia
(Oxygen.id), and Indosat Ooredoo Hutchison (Indosat
INDUSTRY COMPETITION HiFi). The competition was fiercer with the newcomer of
PT Indonesia Comnets Plus (a subsidiary of PT Perusahaan
The telecommunication industry nowadays is constantly
Listrik Negara) under the Iconnet brand. With the relatively
developing, specifically digital communication, as most of
low penetration of fixed broadband in Indonesia and the
the public chooses. This condition provides an opportunity
other operators widening their coverage area, Telkomsel
for Telkom, the biggest telecommunication provider
commits to increasing its penetration and proactively
in Indonesia, to proactively push the development of
accommodating the fixed broadband market demand by
digitalization across the country and benefit from the
offering high-speed and better packages with excellent
various opportunities available to expand its business.
infrastructure and coverage across Indonesia.
Therefore, Telkom will continue to focus on producing
products and services to fulfill the public’s needs, especially
amidst the vastly developing global digitalization.
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Data Center Business Network and Satellite Infrastructure
The Data Center business has become one of the main Business
pillars in the growth of TelkomGroup’s digital platform Telkom’s infrastructure business line, specifically
business. Telkom has been provided with a data center the tower, is managed by Mitratel. There are a few of
with an integrated domestic and global network and is Telkom’s main competitors in the tower business, such
supported by various flexible, modular, seamless, and as Tower Bersama Infrastructure and PT Profesional
scalable comprehensive services. Telkom’s subsidiary Telekomunikasi Indonesia. Mitratel conducts an organic
responsible for managing the data center business in the strategy to implement added value by building new
domestic market, Telkom Data Ekosistem (NeturaDC), towers and co-locations to provide services to mobile
owns and operates Hyperscale Data Center at Cikarang, operators, implementing inorganic strategies through
Enterprise Data Center at Serpong, Sentul, and Surabaya, tower consolidations in TelkomGroup’s internal, and
as well as Edge Data Center. NeutraDC competes with acquiring towers from other tower companies other than
several other companies that also provide data centers, TelkomGroup.
such as DCI Indonesia, Indosat Ooredoo, Moratelindo, IDC
Indonesia, BDx, Atria, Princeton DG, NTT Communication, On the satellite business line, through Telkom’s subsidiary
EdgeConnex, and Biznet. Aside from those, Telkom also Telkom Satelit Indonesia (Telkomsat), Telkom provides
operates in the global market through Telin, Telkom’s satellite-based services, including cellular backhaul,
subsidiary, which provides data centers globally and broadband backhaul, enterprise network, military and
competes with other providers in Singapore and Hong government network, video distribution and contribution,
Kong. DTH Television, communication for aviation, maritime,
and plantation, disaster recovery, and other satellite-
based services. with customers across Asia Pacific,
International Traffic and Interconnection especially South-East Asia. Telkomsat operates two
Business satellites, Telkom-3S Satellite and Merah Putih Satellite,
As for now, there are two traditional (non-VoIP) which serve telecommunication needs across Indonesia
international traffic IDD (International Direct Dialing) and parts of Asia. Telkom is also strengthening its satellite
operators in Indonesia, such as Telkom and Indosat business portfolio through collaboration with SpaceX,
Ooredoo Hutchison. However, non-VoIP services are less providing backhaul service with Low Earth Orbit satellite
desirable for the public with the emergence of OTT services constellation of StarLink that could be a solution to
and digital communication, such as LINE, WhatsApp, and an undeserved area with improper connectivity or
Skype, which provide VoIP (Voice over Internet Protocol) unserved area with none connectivity, specifically the
services that can also get international access. It has 3 T region (frontier, disadvantaged, and outermost region).
resulted in a constant decrease in Telkom’s revenue from
international traffic IDD (non-VoIP). Therefore, Telkom
implemented added value by collaborating with OTT,
some of which are by providing connectivity, data center,
and Content Delivery Network (CDN) services that can
help increase revenue for TelkomGroup.
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Digital Business solutions to the public and bring transformations in
The rapid digitalization development means fiercer reaching the Indonesian economy to digital sovereignty.
competition in the digital business, with several main Several developed products of Leap’s program include
competitors expanding the vertical industries such Agree, ANTARES, BigBox, indibizPAY, LOGEE, Netmonk,
as logistics, e-commerce, financial services, and travel OCA Indonesia, PaDi UMKM, Pijar, and Tomps.
services. Telkom develops several digital products suited
to the public’s need to join the competition and accelerate Telkomsel also established a subsidiary focused on digital
their digital business. business, PT Telkomsel Ekosistem Digital or INDICO.
INDCO focuses on three sectors: edutech (Kuncie),
Through Telkom Digital Leap, Telkom aims to be at the healthtech (Fita), and gaming (Majamojo). INDICO is also
forefront of digital transformation and provides various building two business platforms: Digital Food Ecosystem
opportunities for economic growth. Telkom Digital (DFE) and Digital Goods Commerce (DGC), which have
Business is constantly improving the digital ecosystem in been highly relevant to Telkomsel’s telecommunication
Indonesia through digital innovations to offer innovative assets over all these years.
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O PERAT ION AL OVE R VI EW BY B U S I N E S S
S EGM E N T
Wholesale &
Mobile Consumer Enterprise International Others
Business
Provides high speed Provides high-speed Provides Enterprise Provides domestic Provides digital
internet connectivity internet connection Connectivity, and international payment solutions,
through mobile through fixed voice, Satellite, Digital services of wholesale big data & smart
voice, SMS, mobile fixed broadband, IT Service, Digital traffic, wholesale platforms, digital
data service, and IP-TV, and digital Adjacent Service, and network, wholesale advertising, music,
mobile digital services. BPO for corporate digital platform & gaming, and
services, and fixed customers (SOEs and service, data center, e-commerce.
broadband B2C. its subsidiaries and tower, and managed
private companies), infrastructure &
government network.
institution, and
business.
Indonesia’s largest As of December Became the Provides services in 12 As of December
cellular network 31, 2023, it had market leader as countries with 1 office 31, 2023, it had 17.7
operator covers 10.1 million IndiHome of December 31, in Indonesia and 9 million active users
almost 99% of the subscribers, 2023, by serving Telin’s global and 5 of Digital Music, 15.6
population and is increased by 9.5% 524 Groups of sales representative million paid users
supported by 247,472 from the previous SOEs, MOCs, and offices operating of Digital Games,
total BTS. period. Public Service overseas. and 10.5 million paid
Agencies, 1,694 Digital Edutainment
private companies, (OTT Video). It
618,854 SMEs, and also acquired 5.4
714 Government billion GMV from
institutions. the e-commerce
business. The startup
synergy value
prospect of MDI,
Telkom, and SOE was
Rp3.3 trillion.
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SEGMENT PERFORMANCE HIGHLIGHTS
TelkomGroup is still developing its products and services to fit the public demands amid the further digital
transformation. It was a business opportunity for TelkomGroup, particularly for the increasing demand for broadband
services. In general, all business segments of TelkomGroup recorded a positive performance, with the Mobile segment
still dominating the most contribution.
The Mobile segment contributed the highest revenue for TelkomGroup of 44.5% or Rp88,919 billion. Meanwhile, the
Enterprise segment contributed to the second highest revenue of 22.4% or Rp44,742 billion, followed by the Wholesale
and International Business (WIB) of 18.6% or Rp37,261 billion and the Consumer of 13.3% or Rp26,607 billion. The Others
segment contributed the least of 1.2% or Rp2,416 billion.
Growth Years ended December 31
Telkom’s Results of
2023-2022 2023 2022 2021
Operation by Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Mobile
Revenues
External revenues (0.2) 85,291 5,539 85,493 84,267
Inter-segment revenues 8.5 3,628 236 3,344 3,097
Total segment revenues 0.1 88,919 5,774 88,837 87,364
Total segment expenses (4.0) (60,226) (3,911) (62,715) (52,929)
Segment results 9.8 28,693 1,863 26,122 34,435
Consumer
Revenues
External revenues 5.2 27,713 1,800 26,354 24,930
Inter-segment revenues (667.2) (1,106) (72) 195 187
Total segment revenues 0.2 26,607 1,728 26,549 25,117
Total segment expenses (1.8) (18,636) (1,210) (18,970) (19,223)
Segment results 5.2 7,971 518 7,579 5,894
Enterprise
Revenues
External revenues (4.8) 18,237 1,184 19,161 19,141
Inter-segment revenues 7.5 26,505 1,721 24,646 22,395
Total segment revenues 2.1 44,742 2,906 43,807 41,536
Total segment expenses 2.7 (44,140) (2,866) (42,976) (41,843)
Segment results (27.6) 602 39 831 (307)
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Growth Years ended December 31
Telkom’s Results of
2023-2022 2023 2022 2021
Operation by Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
WIB
Revenues
External revenues 9.6 16,928 1,099 15,442 14,255
Inter-segment revenues 3.4 20,333 1,320 19,658 18,072
Total segment revenues 6.2 37,261 2,420 35,100 32,327
Total segment expenses 6.5 (27,875) (1,810) (26,175) (23,135)
Segment results 5.2 9,386 610 8,925 9,192
Others
Revenues
External Revenues 68.2 402 26 239 205
Inter-segment revenues (19.0) 2,014 131 2,486 2,395
Total segment revenues (11.3) 2,416 157 2,725 2,600
Total segment expenses (4.9) (3,604) (234) (3,788) (2,401)
Segment results (11.8) (1,188) (77) (1,063) 199
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OPERATIONAL HIGHLIGHT
Year Ended on December 31
Unit
2023 2022 2021
SUBSCRIBERS
Cellular Subscribers1) million subscribers 159.3 156.8 176.0
Telkomsel Halo million subscribers 7.5 7.1 7.2
Telkomsel Prepaid million subscribers 151.8 149.7 168.8
Broadband Subscribers million subscribers 137.2 130.1 129.1
Fixed broadband IndiHome 2) million subscribers 10.1 9.2 8.6
Mobile broadband 3)
million subscribers 127.1 120.9 120.5
INFRASTRUCTURE
Satellite Capacity4) TPE 109 109 109
Point of Presence PoP 122 122 120
Domestic PoP 64 64 62
International PoP 58 58 58
BTS unit 247,472 265,194 251,116
BTS 2G unit 48,980 50,158 50,241
BTS 3G unit - 49,632 63,149
BTS 4G unit 197,838 165,120 137,613
BTS 5G unit 654 284 113
Tower unit 43,047 40,588 36,761
Fiber Optic Backbone Network km 176,663 173,266 170,885
Domestic km 111,663 108,566 106,185
International km 64,700 64,700 64,700
Wi-Fi Services access point 394,031 391,317 390,976
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Year Ended on December 31
Unit
2023 2022 2021
CUSTOMER SERVICE
PlasaTelkom 5) location 186 387 387
Plasa Telkom Digital location - 22 22
GraPARI location 309 372 414
International location - 0 18
Domestic location - 372 396
GraPARI location - 363 387
GraPARI TelkomGroup location - 9 9
GraPARI Mobile unit - 0 174
IndiHome Sales Car unit 571 750 750
EMPLOYEES people 23,064 23,793 23,756
Remarks:
1. Since June 2021, the cellular brand has changed to Telkomsel Halo for postpaid and Telkomsel Prabayar for prepaid services.
2. IndiHome fixed broadband is a product that allows customers to choose one or more Consumer segments portfolios such as fixed telephone, fixed
broadband, and IPTV services, including digital consumer services.
3. Mobile broadband includes Flash users, Blackberry users, PAYU, and Home LTE.
4. Telkom operates two satellites, namely Telkom-3S and Merah Putih Satellite, after the Telkom-2 satellite de-orbited since May 2021.
5. PlasaTelkom outlet is a face-to-face service consisting of GraPARI TelkomGroup, Plasa Telkom Digital, and other Plasa across Indonesia.
Telkom’s operational performance in 2023 had a significant growth, with an increase of cellular subscribers from 156.8
million subscribers in 2022 to 159.3 million subscribers in 2023 or increased 1.6%. Meanwhile, the number of broadband
subscribers grew by 4.4% from 130.1 million subscribers in 2022 to 137.2 million subscribers in 2023, with mobile broadband
subscribers increasing from 120.9 million in 2022 to 127.1 million subscribers in 2023. This growth trend will continue due
to the transition towards broadband-based digital telecommunications. Other than that, in 2023 we finished migrating
our 3G BTS by changing it into 4G so by the end of 2023 we were no longer have any 3G BTS.
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MOB ILE
S EG M E NT
247,472 total BTS with:
Data traffic 2023 increased by 9.0% 48,980 2G BTS;
to 17.9 million TB 197,838 4G BTS; 654 5G BTS;
decreased 17,722 BTS of total BTS.
The Mobile segment provides products and services of 6. Telkomsel One
mobile voice, SMS, mobile data service, mobile digital A convergence service that offers fixed network
service, and fixed broadband B2C. Telkomsel offers cellular connectivity (IndiHome) and mobile broadband
services with GSM, 4G/LTE, and 5G technology available (Telkomsel) in one service to get a better and seamless
in 514 cities/regencies in Indonesia. The following are digital experience.
Telkomsel’s products and services:
MOBILE SEGMENT CAPACITY
1. Telkomsel Halo
A postpaid cellular telecommunication product AND DEVELOPMENT
that has excellent network quality, communication
experience, and entertainment and offers various TelkomGroup cellular subscribers at the end of 2023 were
comprehensive packages with exclusive advantages. 159.3 million subscribers, with 95.3% prepaid subscribers
2. Telkomsel PraBayar and 4.7% postpaid subscribers. It increased by 1.6% from
A brand launched in June 2021, combining prepaid the 2022. Prepaid subscribers recorded at 151.8 million
services from simPATI, Kartu As, and LOOP, and subscribers, which increased by 1.4%, while postpaid
integrated its products and services to provide subscribers were 7.5 million subscribers, which increased
convenience for subscribers. by 5.6%. The increase was due to the Telkomsel initiatives
3. by.U to promote a healthier business practice in the telco
An end-to-end digital prepaid, all services could be industry, focusing on sustainable subscribers’ growth
accessed in the by.U digital application, including and productivity. Telkomsel also implements a centric
selecting delivery options, by.U phone numbers, approach and a health business practice with a suitable
internet quota, additional quota (topping), and price offering to maintain the subscriber’s attractiveness
payment. by optimizing CVM and delivering the best customer
4. IndiHome experience. Telkomsel continues developing the analytical
A service that offers internet, fixed wireline telephone, engine and hyper micro segmentation to complete the
and interactive TV with various packages and add-ons offer as per the subscribers’ needs. It is to optimize the
based on the subscriber’s needs with the IndiHome traffic and subscriber growth and improve the existing
network across Indonesia. subscribers’ productivity. After integrating IndiHome
5. Telkomsel Orbit with Telkomsel, the FMC initiative created opportunities
A home-based internet service uses a modem Wi-Fi for Telkomsel to cross-sell, particularly in IndiHome’s
device with the 4G and 5G network and a flexible data dominant area.
package without the monthly subscription. Besides,
subscribers could access many features with ease with
the MyOrbit application.
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With the 5G network available in Indonesia, Telkomsel of the portfolio of digital services as a complement to the
is committed to maximizing the growth of digital rapidly developing connectivity. Digital services have been
connectivity, digital platforms, and other digital services a primary driver for Telkomsel’s transformation as a digital
in Indonesia. With the excellent 5G network, the future telco company to optimize and accelerate the adoption
IT solution development, i.e., artificial intelligence, through its high-quality products and services. Besides,
cloud computing, and Internet of Things (IoT), could be Telkomsel Orbit subscribers with fixed wireless access also
carried out in phases based on the roadmap plan and increased by 30.6% to 1.1 million subscribers. The increase
considerations, including the readiness and stability was aligned with the utilization of Telkomsel’s strong
of the connectivity ecosystem. Telkomsel continues to network, which subscribers could use Telkomsel Orbit as a
improve the use case selectively for 5G implementation temporary solution to answer the demand for unavailable
with the B2B and B2C demands approach by partnering fixed broadband areas.
with the manufacturing and infrastructure, supporting
education, and participating in national occasions. Telkom, through Telkomsel, commits to developing
Telkomsel broadens the 5G service to boost Indonesia’s mobile services, improving digital capability, and
digital ecosystem development and collaborates with widening the digital ecosystem to deliver not only the
IT companies to develop the 5G Fixed Wireless Access best connectivity but also an impressive experience for
roadmap in Indonesia. subscribers. Telkomsel develops its digital services of
Digital Lifestyle, Digital Advertising, Digital Enterprise
Meanwhile, the mobile broadband subscribers increased Solution & IoT business, including Telkomsel Video with
by 5.1% to 127.1 million subscribers, and data usage also various streaming services of MAXstream and on-demand
increased by 9.0% to 17.9 million TB in 2023. The increase shows, such as Prime Video, Disney+ Hotstar, Netflix, HBO
resulted from the healthy business practices initiative GO, and others; music streaming with Langit Musik; end-
and higher subscribers’ productivity with the package to-end gaming ecosystem with Telkomsel Dunia Games;
repurchase promotion, cross-sell, and up-sell offerings online education with Kuncie; and fintech with LinkAja.
through the FMC initiative. It was also due to the expansion
Cellular Traffic Data (TB) in 2021-2023
13,837,050 16,426,853 17,901,034
2021 2022 2023
In 2023, Telkomsel finished the network switching dominance enhancement by improving its coverage and
process from 3G to 4G, which began in March 2022. It quality. To maximize the 5G network, Telkomsel also built
was a gradual process of switching networks on more 370 new 5G BTS. At the end of 2023, Telkom had 197.8
than 49 thousand 3G BTS and building more than 32 thousand 4G BTS and 654 5G BTS to accommodate the
thousand new 4G BTS. It was to create an equal 4G/LTE subscribers’ digital activities.
broadband network across Indonesia, focusing on network
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Total TelkomGroup BTS (Units) in 2021-2023
197,838
165,120
137,613
50,241 63,149 50,158 49,632 48,980
- 654
113 284
2021 2022 2023
2G 3G 4G 5G
MOBILE SEGMENT FINANCIAL billion, whereas the expense decreased Rp2,489 billion
or 4%. The revenue increase was due to the maintained
PERFORMANCE positive momentum with the optimum contribution
and increment from data and digital services, which
In 2023, the Mobile segment still contributed the most the digital driver indicates future growth and creates
revenue for TelkomGroup of Rp88,919 billion. The Mobile potential synergy from fixed and mobile convergence.
segment revenue resulted from Telkomsel in 2023 We also commit to providing more added-value services
recorded at Rp88,919 billion, which increased Rp82 and innovative products, including Digital Lifestyle, Digital
billion or 0.1% compared to the last year of Rp88,837 Advertising, Digital Enterprise Solution, and IoT business.
2023-2022 2023 2022 202
Mobile Segment (%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 0.1 88,919 5,774 88,837 87,364
Expenses (4.0) (60,226) (3,911) (62,715) (52,929)
Result 9.8 28,693 1,863 26,122 34,435
In addition, internet and cellular data revenue also increased by 4.9% or to Rp76,834 billion. It indicates an increase in
data mobile usage that supports digital services. Overall, the Mobile segment created a net profit of Rp28,693 billion in
2023.
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CO NS U M E R
S EG M E NT
16 million optical ports as broadband access based on optical fiber
The Consumer segment provides products and services, services include TV linear channels, TV-on-demand (catch-
including fixed voice, fixed broadband, IP-TV, and digital up TV), and 14 OTT services of non-video OTT: Gameqoo,
services under the IndiHome brand. IndiHome subscribers LangitMusik, IndiHome Karaoke, and video OTT: Netflix,
in 2023 increased by 9.5% from 9.2 million in the last year Disney+ Hotstar, Lionsgate Play, Viu, Catchplay+, Mola, WeTV,
to 10.1 million subscribers. The average revenue per user Iflix, Vidio, Vision+, and IndiHome TV App. Besides, IndiHome
(ARPU) for IndiHome B2C this year was Rp252.7 thousand, TV also has 149 high-definition channels and 5 Dolby
which decreased from the previous year of Rp270 Audio channels. Subscribers could access these services
thousand. Our strategy that more focusing on the youth via the IndiHome TV app and website at indihometv.com
and customer of tomorrow segment resulted this ARPU (previously via UseeTV Go and useetv.com), which could
decrease. have a multiscreen and could access OTT content anytime
and anywhere. IndiHome TV’s active users are more than 1
CONSUMER SEGMENT million users to date.
CAPACITY AND DEVELOPMENT Telkom strives to deliver subscribers the best customer
experience and convenience for accessing IndiHome B2C
Telkom is improving the IndiHome B2C strategically to products. Therefore, Telkom keeps updating myIndiHome
maintain and attract its subscribers. The strategies are applications to speed up access, such as face recognition
the bundling program consisting of internet broadband, and biometric features. With myIndiHome, subscribers
IP-TV, and fixed wireline telephone, sales via digital can manage the IndiHome B2C services and have
channels, and promotions every year. IndiHome B2C transactions via smartphone, including requesting new
is also committed to delivering high-quality services installation and service maintenance, i.e., technician
and digital entertainment to subscribers. Therefore, schedule and maintenance progress.
IndiHome B2C collaborated with the local video-on-
demand (VOD) of Vision+ and the content provider of In 2023, Telkom signed the Conditional Spin-off Agreement
CXO Media to offer attractive programs and content (CSA) to integrate IndiHome to Telkomsel, aligned to
specifically for Indonesia’s young generation, i.e., K-Pop Fixed Mobile Convergence (FMC), as a part of the primary
festivals, talk shows, concerts, and others. strategy of Five Bold Moves. It was a Telkom strategy
implementation to strengthen its business by offering
IndiHome B2C maintains its position as Indonesia’s largest more comprehensive broadband service and accelerating
and most complete TV provider under IndiHome TV. the inclusive and sustainable equality of digital connectivity
IndiHome TV is a paid TV bundling and internet (IndiHome in Indonesia. The FMC initiative strengthened Telkom’s
B2C) service that we would send in an Android TV box position as the leading digital telco company in Indonesia
device with Google Ecosystem. IndiHome B2C paid TV so that it creates more advancement opportunities,
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delivers the whole experience of digital connectivity, and Telkom also encountered challenges such as the ARPU
provides reliable and integrated services of unbreakable increase and declining churn. Therefore, Telkom still
wifi, specifically for domestic segment subscribers. upgrades its network infrastructure reliability as one
of the key measures for the challenges. Telkom had 16
As of December 31, 2023, Telkom had 10.1 million million optical ports at the end of 2023 with fiber optic
subscribers of IndiHome fixed broadband. It was 66.7% as the basis for fixed broadband network access. Telkom
fixed broadband market share in Indonesia. Telkom also also enhances its Mean Time To Install (MTTI) and Mean
offers more services for subscribers of wifi.id that offers Time To Repair by improving technicians’ capacity and
unlimited internet access to the entire wifi.id access business processes. Through Telkom Akses Command
spots across Indonesia. wifi.id is a public wireless internet Center, Telkom can manage the access network, detect
services that provide high-speed internet and other disruptions, and promptly take immediate action with
multimedia services. digital integrated control.
CONSUMER SEGMENT FINANCIAL PERFORMANCE
Consumer segment contributed 13.3% of TelkomGroup’s consolidated revenue in 2023.
2023-2022 2023 2022 2021
Consumer Segment (%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 0.2 26,607 1,728 26,549 25,117
Expenses (1.8) (18,636) (1,210) (18,970) (19,223)
Result 5.2 7,971 518 7,579 5,894
Consumer segment revenue 2023 was recorded at Rp26,607 billion, which increased 0.2% from the last year of Rp26,549
billion. It was due to the rising number of IndiHome subscribers. Meanwhile, the Consumer segment expense was
Rp18,636 billion, which increased 1.8% compared to the last year. Therefore, the Consumer segment recorded a net profit
of Rp7,971 billion in 2023. The profitability was good, with an EBITDA margin of 50.9%.
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ENTE RPRIS E
S EG M E N T
524 Groups of SOEs, MOCs, and Public Service Agencies
1,694 private companies
2 satellites with 109 TPE capacity
618,854 SMEs
714 Government institutions
The Enterprise segment offers ICT and platform services consisting of Enterprise Connectivity, Satellite, Digital IT Service,
Digital Adjacent Service, and BPO to deliver end-to-end solution and IT ecosystem. Their customers are corporates
(SOEs and private companies), SMEs, and government institutions.
ENTERPRISE SEGMENT and Indibiz Ruko. We keep developing these bundling
packages with user feedback to accommodate the SME’s
CAPACITY AND DEVELOPMENT needs.
The Enterprise segment focuses on high profitability For system integration and IT service management,
and recurring business lines, particularly on enterprise Telkom offers business process management, business
solutions, such as enterprise connectivity, data centers, process as-a-service, and customer relationship
and cloud. Enterprise connectivity services are fixed management (CRM) and develops the digital advertising
broadband, Wi-Fi, Ethernet, and data communication, agency through media placement and integrated digital
including leased channels of metro ethernet, VPN-IP, and media, such as mobile advertising, online advertising, and
high-capacity data network solutions that provide point- digital printing. Therefore, Telkom built the platforms to
to-point connection and fixed voice. Telkom provided provide insights for analyzing consumer behavior and
bandwidth in service in 2023 of 3,222 Gbps with 1,814 creating marketing campaigns based on big data and
Gbps for corporate internet customers and 1,407 Gbps data analytics.
for data communication customers. It increased 2% from
the last year. To support business development, the subsidiary of
Infomedia has succeeded in collaborating with WhatsApp
To improve its connectivity service in Enterprise segment, Business Solution Provider to use WhatsApp as a business
Telkom has the synergy with its subsidiary of Telkomsat platform. This service complements Infomedia’s CRM
to integrates the satellite service with 109 TPE of self- portfolios. The OMNIX, Infomedia’s CRM platform with
owned transponder and rents third-party satellites of integrated WhatsApp Business features, will deliver a
37.84 TPE transponder. Therefore, it enables customers complete digital customer experience and ease customers
to rent the satellite transponder capacity for various to integrate the communication with end user holistically.
required connectivity. Telkom also plans to launch High Infomedia offers end-to-end process management of
Throughput Satellite (HTS) to improve its satellite-based WhatsApp Business, including registration of verified
broadband solutions. WhatsApp Business accounts, marketing campaigns
and sales, and customer complaint management. With
Telkom also launched the MyIndibiz application as a this platform, the recorded customers’ transactions and
digital touch point specifically designed for SMEs amid interactions on WhatsApp Business Accounts and other
the development of digitalization. Indibiz offers bundling communication channels would be saved and integrated
internet solutions for SME that adjusted to the ecosystem, into one database so companies could analyze their
such as Indibiz Sekolah, Indibiz Hotel, Indibiz Multifinance, customers’ behaviors and preferences.
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In addition, TelkomGroup provides services related We have improved the human resource competency
to hardware and software sales, including IT support. and supporting infrastructure by attaining the ISO
TelkomGroup also offers building Internet of Things (IoT) 27000-17/18 and CSA Star & PII Related Certification.
solutions and develops IoT apps for smart energy monitoring It was to increase the customers’ trust and get more
management, fleet management, IT security services, competitive in Indonesia’s could market. Besides using
unified communication, and collaboration services. our human resources, Telkom partners with global cloud
players to provide professional cloud management and
Telkom’s Enterprise segment services are excellent in fiber consultation. The partners are Amazon Web Services
optic infrastructure networks with extensive coverage. (AWS), Google Cloud Platform (GCP), Microsoft Azure,
Telkom is still innovating and managing its total solution and Alibaba Cloud; we expect these collaborations could
products and services for customers to improve and utilize accommodate the demand in various SME, startup,
this advantage. At the end of 2023, the Enterprise segment SOE, enterprise, and government industries.
had 612,786 customers, including 524 Groups of SOEs,
MOCs, and Public Service Agencies, 1,694 private companies,
618,854 SMEs, and 714 Government institutions.
ENTERPRISE SEGMENT FINANCIAL PERFORMANCE
Enterprise segment contributed 22.4% to TelkomGroup’s consolidated revenue in 2023. The following table shows the
Enterprise segment performance in the last three years.
2023-2022 2023 2022 2021
Enterprise Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 2.1 44,742 2,906 43,807 41,536
Expenses 2.7 (44,140) (2,866) (42,976) (41,843)
Result (27.6) 602 39 831 (307)
In 2023, Enterprise segment revenue increased by 2.1% or Rp935 billion due to the increase in data, internet, and
information technology service revenues, which grew by 7.1% or Rp680 billion, call center service revenues by 11% or
Rp125 billion, e-payment revenue by 9.3% or Rp 42 billion and e-health revenue by 4.4% or Rp32 billion. The managed
service and terminal revenue decreased by 21% or Rp248 billion. The expense increased 2.7% or Rp1,164 billion from the
last year. Therefore, the Enterprise segment recorded a net profit of Rp602 billion in 2023.
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WHO LE S ALE AN D
INTE RNAT IONAL
BUS IN E S S (WIB)
S EGME NT
176,663 km total optical 122 Point of 32 data centers 43,047 towers
fiber backbone network Presence (PoPs) (27 domestic data centers (38,014 Mitratel towers,
(111,663 km domestic and (58 international PoPs & 5 international data 477 Telkom towers, and
64,700 km international) and 64 domestic PoPs) centers) 4,556 Telkomsel towers)
WIB segment offers domestic and international services of wholesale traffic, wholesale network, wholesale digital
platform & service, data center, tower, and managed infrastructure & network. The customers of this segment
are domestic and overseas Other Licensed Operators (OLO), Service Providers, and Digital Players. WIB segment
performance was relatively stable in 2023. However, TelkomGroup still develops new innovations and business initiatives
to maintain profitability.
WHOLESALE AND To solidify the equality of telecommunication and
digital access in Indonesia, TelkomGroup, through Telin,
INTERNATIONAL BUSINESS has Manado and Batam Gateway as digital gateways
(WIB) SEGMENT CAPACITY AND for international communication lines. Besides, Telin
DEVELOPMENT is also carrying out the Bifrost joint project of the
Submarine Cable Communication System or Sistem
Komunikasi Kabel Laut (SKKL) with Meta and Google.
1. Carrier Service
It will connect Singapore and the United States with
The carrier business line offers domestic and
16,460 Km, crossing the Java Sea and Sulawesi Sea,
international wholesale traffic and wholesale network,
which it will finish in 2024.
including interconnection service of voice, data, and
internet, as well as network service. It also provides
TelkomGroup had 122 Point of Presence (PoP),
domestic and international wholesale digital platform
including 64 domestic PoP in 49 cities and 58 Global
and services of A2P SMS, platform, and solutions.
PoP in several countries. Another service in this
In 2023, carrier services have grown, with most
business line is the Content Delivery Networks (CDN)
contributions from Domestic & International Network,
operation that has the capacity of 26,834 Gbps in 2023,
Internet Traffic, and A2P SMS.
which increased by 84.15% compared to the previous
year.
We also continue developing the Enabler Digital
Ecosystem initiative to support wholesale network
2. Data Center Service
service. The submarine cable of SEA-ME-WE 5 and
TelkomGroup strives to enhance the Indonesia
SEA-US, the deployment of SEA-ME-WE 6 submarine
digital ecosystem with the data center ecosystem
cable system that began last year, support the offering
development. It could support the transformation,
of direct broadband connectivity across Europe, Asia,
create a digital economy, and assist the business
and America regions and become the main gateway
development of various sectors, including finance,
of digital connectivity that brings domestic traffic
manufacturing, and domestic and overseas cloud
to global, global traffic to domestic, and between
computing.
countries (hubbing), for voice and A2P SMS.
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To intensify the data center as one of the growth 3. Tower Service
engines, TelkomGroup consolidated its data center TelkomGroup provides the rental and installation
business into one management entity of PT Telkom of telecommunication devices for other operators.
Data Ekosistem (NeutraDC). NeutraDC has a significant Through Mitratel, TelkomGroup offers co-location
role as the digital ecosystem enabler by providing the and reseller tower business. Mitratel managed
global neutral data center infrastructures with the best 57,409 tenants and 2,818 reseller towers. In 2023,
connectivity and ensuring the business continuity of TelkomGroup had 43,047 total towers, with 38,014
international and domestic Digital Players/Hyperscalers Mitratel towers, 477 Telkom towers, and 4,556
and Enterprise and Government segments. Therefore, Telkomsel towers.
with this consolidation, we transferred the operation
management of 3 Enterprise Data Centers and 1 Mitratel had significant growth by aggressively
Hyperscale Data Center (HDC) of tier 3 and 4 located in implementing the tower addition and acquisition
Cikarang to NeutraDC. We will gradually increase the strategies. In 2023, Mitratel built 682 new towers and
HDC Cikarang capacity until we reach the total design acquired more than 1,900 towers, including 803 towers
IT Load Capacity of 51 MW. of PT Gametraco Tunggal and 997 towers of Indosat
Ooredoo Hutchison. Mitratel also actively increases its
At the end of 2023, TelkomGroup operated 32 data tenancy ratio by providing high-capacity connectivity
centers in all operation areas of 27 domestic data with the deployment of fiber optic and satellite
centers that consist of 23 NeuCentrIX Data Centers, 3 services and a power supply that will fully support the
Enterprise Data Centers, and 1 Hyperscale Data Center; telecommunication operators. With these strategies,
and 5 overseas data centers located in Singapore TelkomGroup expects Mitratel to support digital
(Telin 1, Telin 2, Telin 3), Timor Leste (1 location), and acceleration and realize the nation’s ideal of becoming
Hong Kong (1 location). The occupancy rate of the one of the largest Asia-Pacific digital economy
overseas data centers was approximately 86%, while for countries in 2025.
NeuCentrIX, 57% of the total capacity after the capacity
development in 2023. 4. Infrastructure Services and Network Management
TelkomGroup’s network infrastructure and
TelkomGroup also builds Hyperscale Data Center (HDC) management covers the network construction
in Batam to boost the data center business growth and maintenance, including the submarine cable
with global standard campus and ultimate IT load installation and maintenance and energy solutions.
capacity of 51 MW (initial phase of 17 MW) with greenc At the end of 2023, TelkomGroup had a fiber optic
data center concept. Batam is a strategic location that backbone network of 176,663 Km consisting of 111,663
could connect Southeast East Asia to Indonesia via Km domestic and 64,700 Km international network,
Singapore, considering the data center as a part of the with each capacity of 287,260 Gbps and 83,795 Gbps.
vital infrastructure to support the digital ecosystem. Based on a permanent telecommunications lease
HDC Batam will be the actual measure to its position agreement with other global submarine cable
as the main player of regional data center business. Not operators/consortiums, TelkomGroup also operates
only provide business in Indonesia, it will also capture and has the right to use the 134,040 km fiber optic
the potential of demand spillover form other countries. backbone network.
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Telkom, through its subsidiary of Telkominfra, market demand for fast, easy, adaptable, secure, and
cooperates and has procured a submarine cable ship trusted connectivity. Telin also officially became the
as TelkomGroup’s asset to increase submarine cable Telecom WhatsApp Business Solution Provider (BSP).
installation and maintenance capability. Telkominfra It enables business players to use WhatsApp as a
also collaborates with other SOEs to maintain the customer communication channel by integrating
diesel machines for the telecommunication networks Telin’s NeuAPIX CPaaS (Communications Platform-as-
in Kalimantan and Sulawesi related to energy solutions. a-Service) with the WhatsApp Business Platform.
5. International Business In addition, Telin strengthened its international
Telkom develops its business activities in several business through a strategic partnership with Expereo,
countries through its subsidiary of Telin, such as a global managed service provider specifically for
in Singapore, Hong Kong, Timor Leste, Australia, intelligent internet connectivity. This partnership would
Myanmar, Malaysia, Taiwan, the United States, and significantly enhance Telin’s Software Defined-Wide
Dubai, and also Sales Representative in the United Area Network (SD-WAN) solution with comprehensive
Kingdom, Philippines, Vietnam, India, and Canada that global coverage in over 195 countries. Therefore, Telin
has region-based management. Telin offers wholesale, could offer SD-WAN service to a larger market share
cloud and connectivity, data center and managed worldwide and secure its position as a global player in
services, retail mobile services (MNO and MVNO), IP the telecommunication industry.
transit, and digital platform & services. Telkom has a
routine analysis and evaluates its overseas operations On September 5-8, 2023, Telkom with Telin organized
based on profitability, prospects, and positions to the Bali Annual Telkom International Conference
optimize the portfolio structure and global market (BATIC) 2023 with the theme “Unleashing the Innovation
access. Wave, Enabling a Digital Tomorrow”. More than 1,000
people participated in the BATIC 2023 from more than
Telin develops NeuAPIX cloud-based CPaaS service 300 global and local partner companies, wholesale
with omnichannel features (bots and live chat, real- players, data centers, digital players, enterprises,
time voice capabilities, SMS, emails, video calls, and analysts, vendors, and regulators. The BATIC 2023
messaging service). With NeuTrafIX, a web-based collaborated with the ITW Global Leaders’ Forum (GLF),
B2B marketplace platform, Telin could conveniently an association of Global Leaders Telcom members,
connect buyers and sellers to transact wholesale voice, to enhance global collaboration, compatibility, and
SMS, and virtual numbers trading. technology coverage in the telecommunication
ecosystem. We also expected that BATIC 2023 could be
In 2023, Telin launched the Telin NeXt Gen Platform a business platform for TelkomGroup and other telco
(TNeX), a new digital platform where business players industry players and create more value for the national
could connect data centers worldwide. It shows that and global telecommunication industry.
Telin’s innovation could accommodate the global
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WIB SEGMENT FINANCIAL PERFORMANCE
WIB segment contributed 18.6% to the total TelkomGroup consolidated revenue in 2023. WIB segment revenue was
mostly from network, interconnection, internet, submarine cable, data center, tower, and infrastructure. WIB has a
significant role in TelkomGroup as an enabler and catalyst for other business segments to create more value.
2023-2022 2023 2022 2021
WIB Segment
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 6.2 37,261 2,420 35,100 32,327
Expenses 6.5 (27,875) (1,810) (26,175) (23,135)
Result (5.2) 9,386 610 8,925 9,192
WIB segment revenue in 2023 increased by 6.2% or Rp2,161 revenue by 7.2% or Rp587 billion. The expenses incurred
billion compared to the previous year. It was due to the for the WIB segment increased by 6.5% or Rp1,700 billion
growth of internet, data communication, and information compared to last year. Therefore, the WIB segment
technology services by 12.6% or Rp389 billion, network recorded a Rp9,386 billion profit in 2023.
revenue by 35.1% or Rp329 billion, and interconnection
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OTH E RS
S EG M E N T
17.7 million Digital Music active users 15.6 million Digital Games paid users
In others segment, Telkom offers a variety of digital products and services based on big data, smart platforms, digital
advertising, digital entertainment (music & games), and e-commerce. In addition, Telkom also manages venture capital
funds through PT Metra Digital Innovation (MDI Ventures). MDI Ventures is still looking for opportunities and investing in
several digital startups with growth potential and companies that can enhance TelkomGroup’s business performance.
OTHERS SEGMENT CAPACITY under the Nada Sambung Pribadi (NSP) brand and
music streaming under Langit Musik brand, ticketing
AND DEVELOPMENT platform, OTT video, and other digital content services.
In 2023, digital music had 17.7 million active users (8
Telkom offers big data and smart platforms, including million music streaming users and 9.7 million NSP
BigBox and Antares, for the Enterprise segment. BigBox users) with 102.5 million transactions (34 million
is a big data platform for startup companies that provides f rom music streaming and 68 million f rom NSP). For
analytics, data & business solution, and an API platform for top-up games, Nuon recorded more than 123 million
companies to develop their business. Antares is a smart transactions and 15.6 million paid users of digital
poultry platform with digital technology advantages to games. For OTT video, it had 36.9 million transactions
ease the real-time monitoring process of livestock and with 10.5 paid users.
nearby surroundings using sensors.
Telkom also provides digital platforms for people’s
Telkom, through its subsidiary of PT PINS Indonesia activity convenience, such as Pasar Digital (PaDi) for
focusing on the Internet of Things (IoT), has carried out SMEs, Xooply for non-SOE Enterprise, Agree (agriculture
projects that increase people’s productivity and life quality, and fishery ecosystem), Logee (logistic ecosystem),
such as Smart Manufacturing, Air Pollution Monitoring, Wonderin.id (tourism ecosystem), Pijar (education
Smart Electricity, Waste Management, and others. ecosystem), Gameqoo (games) and others. Telkomsel
also collaborates with Gojek to intensify the strategic
Telkom offers digital advertising with the online media partnership to accelerate SME digitalization with these
of Uzone.id, focusing on gadgets, technology, and initiatives below:
automotive information. In 2023, Uzone.id became 1. Collaborate to increase Telkomsel users in the Gojek
the official media partner for MotoGP Mandalika 2023, ecosystem.
strengthening its position as the leading automotive news 2. Easy onboarding for Gojek’s MSME partners to become
in Indonesia. Telkom also offers an ad-exchange platform Telkomsel reseller partners.
for UAd, connecting publishers, advertisers, and agencies 3. Easy access to Telkomsel outlets and resellers via
so that they can perform digital advertising activity GoShop.
effectively and efficiently. 4. Improve customer experience in Gojek services with the
Number Masking feature from Telkomsel’s Enterprise
Telkom’s subsidiary of PT Nuon Digital Indonesia solution.
(Nuon) focuses on digital entertainment management 5. Forming a new GoTo entity as a synergy initiative to
services, digital games, game publishing, top up expand to Tokopedia.
games through Upoint, digital music of ring backtone
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MDI VENTURES DEVELOPMENT opportunities and explore the global potential startups,
specifically deep tech startups such as biotech, cyber
security, and climate tech startups that intend to enter
MDI Ventures has a role as corporate venture capital
Indonesia’s market. MDI Ventures also collaborates with
and performs investing, synergy, portfolio management,
the Ministry of Communications and Informatics (MoCI)
value creation, and fundraising. MDI Ventures’ investment
to promote startup businesses in Indonesia.
focuses on high-growth business verticals to deliver
customers the best digital experience, such as logistics,
In 2023, MDI Ventures invested in 5 new startups for all
financial technology, cloud computing, agritech/food,
managed funds, so it had 90 cumulative startups in 12
deep tech, digital life, healthtech, new retail, and IoT.
countries. MDI Ventures funds include 6 types of funds in
As a corporate venture capital, MDI Ventures actively
several stages:
supports startup developments with partnerships with
• MDI 500, supporting developed companies by
other parties. It was by synergy activities with other
leveraging the network from TelkomGroup and other
TelkomGroup and SOE startups that resulted synergy
SOE initiatives.
value of Rp3.3 trillion in 2023.
• MDI 100, MDI’s first disbursed fund, is currently in the
“harvesting” phase. The MDI 100 is for the evergreen
Telkom University collaborates with MDI Ventures for
fund and reinvesting purposes.
BUMN Goes to Campus. The collaboration includes
• Telkomsel Mitra Inovasi (TMI) Fund focuses on funding
digital ecosystem development to accommodate
startups that provide synergy value for Telkomsel.
knowledge transfer between industry and the university
• Centauri Fund, MDI Venture’s managed fund with
with entrepreneurship development, innovation
KB Financial (South Korea) that invested in ready to
commercialization, and human resource development.
developed business.
We expect it would increase startup developments from
• Arise Fund, MDI Venture’s managed fund with Finch
Telkom University’s student innovation and Bandung
Capital (Netherland) focusing on early staged tech
Techno Park (BTP) as the business incubator in the Telkom
startup funding in Indonesia and Southeast Asia.
University area and advance student capability and
• Merah Putih Fund (MPF), it was initiated by Ministry of
lecturer research.
SOE with five SOE CVC, such as MDI Ventures, Telkomsel
Ventures, Mandiri Capital Indonesia, BRI Ventures, and
Moreover, MDI Ventures has a strategic partnership with
BNI Ventures, focusing on the Indonesia’s startup
Antler Germany as an early-stage venture capital and
growth.
global startup generator. It could create more partnership
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OTHERS SEGMENT FINANCIAL PERFORMANCE
Others segment contributed 1.2% to TelkomGroup’s consolidated revenue in 2023.
Others 2023-2022 2023 2022 2021
Segment (%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues (11.3) 2,416 157 2,725 2,600
Expenses (4.9) (3,604) (234) (3,788) (2,401)
Result 11.8 (1,188) (77) (1,063) 199
Others segment revenue decreased by 11.3% or Rp309 billion from the last year. Meanwhile, the expense decreased by
4.9% or Rp184 billion. Therefore, the Others segment recorded a Rp1,188 billion loss.
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M AR KE T IN G OVE RVI EW
MARKET SHARE and XL Axiata, reached 50.5% for the Mobile segment.
Telkomsel’s subscribers in 2023 were 159.3 million mobile
subscribers (an increase of 1.6%), including 127.1 million
TelkomGroup constantly monitors the latest technology
mobile broadband subscribers (an increase of 5.1%). The
development and develops products, services, standards,
increasing number of cellular subscribers was aligned with
and business models that suit the market dynamic to
the Company’s strategy to implement a healthy market
win the competition in the domestic and global markets.
with the right subscriber acquisition strategy, optimize
Therefore, Telkom and all its subsidiary entities are
subscribers’ value, and encourage subscribers to be more
constantly synergizing to increase value and give the best
active to create more productive subscribers. Telkomsel
digital experience to customers.
successfully maintained its stable subscribers in 2023 with
the increase in the subscribers’ productivity and quality, as
Mobile Segment Market Share
shown by the higher payload, payload/data users, and solid
In 2023, Telkomsel remained the biggest mobile operator
ARPU growth, following the Company’s strategy to lead a
in Indonesia, with a market share comparison to other
healthy behavior and industry price adjustment.
leading operators, Indosat Ooredoo Hutchison (IOH)
Cellular Subscribers Market Share for Telkomsel and Competitors 2021-2023
59.3% 50.5% 50.5%
49.5%
40.7% 49.5%
2021 2022 2023
Telkomsel Competitors
The increasing number of cellular subscribers aligned development indicates its looking forward view, making
with the Company’s strategy to implement a healthy Telkomsel the leader of the technology advancement
market with the right subscriber acquisition strategy, in the telecommunication industry. The advancement
optimize subscribers’ value, and encourage subscribers is shown by Telkomsel’s 4G SDR-based equipment
to be more active to create more productive subscribers. that enables a 5G network without changing the
Telkomsel’s revenue experienced growth, which was equipment. It guarantees a smooth transition to the
mainly contributed by mobile data usage. Thus, Telkomsel 5G network, which indicates Telkomsel’s commitment
continues its planned marketing strategy to maintain its to more efficient and cost-effective technology. The
market share and positive profitability. considerations still need to be noticed if it wants to gain
maximum implementation of 5G in Indonesia, including
With the higher availability of the 5G network in infrastructure and device availability, connection
Indonesia, Telkomsel has focused more on providing ecosystem stability, and user education. Nevertheless,
various digital services, from video streaming, music, Telkomsel believes implementing the 5G network will
and games to many technology solutions such as be the key to Indonesia’s digital transformation and
artificial intelligence, cloud computing, and the commits to supporting the growth of digital connectivity
Internet of Things (IoT). Telkomsel’s commitment to 5G in Indonesia.
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Consumer Segment Market Share fixed broadband services, resulting in denser competition
IndiHome B2C competes with other leading fixed in this segment.
broadband service providers in the Consumer segment,
such as First Media, Biznet, MNC Play, and My Republic. By the end of 2023, fixed broadband IndiHome has gained
In addition, a few emerging competitors are raising 0.9 million new subscribers, accumulating 10.1 million
awareness, such as Iconnet (Perusahaan Listrik Negara’s subscribers. Thus, IndiHome still dominates the market share
brand), Gasnet (Perusahaan Gas Negara’s brand), and XL of fiber optic-based fixed broadband services. IndiHome
Home, which targets the middle-low segment. As the B2C network domination has covered 99% regencies/cities
public’s digital activities increase, more companies offer or as many as 507 regencies/cities in Indonesia.
Fixed Broadband Market Share for IndiHome B2C and Competitors 2021-2023
80.2% 75.2%
66.7%
33.3%
19.8% 24.8%
2021 2022* 2023
IndiHome B2C Competitors
Remarks:
*Considering industry competition dynamics, market share calculation with the competitors addition from 2022
To support subscribers’ digital activities, IndiHome B2C After integrating IndiHome into Telkomsel, Telkomsel
had the “New High-Speed Same Price” program (New launched a new product, Telkomsel One, to continue
HSSP), which gives loyal customers a free increase of implementing the FMC initiative. The initiative is to
internet bandwidth or internet speed of 40-300 Mbps. It promote the equal distribution of digital connectivity
was due to maintaining the increasing digital demands in with various customer-centric packages and multi-screen
the future and improving the retention rate of customers. approaches for content optimization.
IndiHome B2C expands its fixed broadband area to Enterprise Segment Market Share
increase market share covering all Indonesian regions, In the Enterprise segment, TelkomGroup provides various
with different approaches from product, technology, digital services such as IoT, cyber security, big data, and digital
and price to improve the product preposition and adapt ads, which completes the varied products and connectivity
to each subscriber’s conditions. It proves IndiHome B2C services, satellite, IT services, data center, and cloud. Besides
commitment to widening the coverage and delivering that, TelkomGroup also provides big data platforms that can
high-quality service to all strata of society. Thus, IndiHome help companies in decision-making, governance, and the
determines to become an affordable and good quality formulation of the next business strategy.
solutions for all people.
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Throughout 2023, TelkomGroup has successfully provided Telkomsigma, TelkomGroup’s subsidiary, through its
bandwidth as much as 3,222 Gbps and increased by B2B IT services portfolio. Therefore, Telkomsigma aims
2% compared to last year. Meanwhile, TelkomGroup’s to expand its services and increase its collaboration with
bandwidth in service market share has reached around global players to anticipate the future demand for cloud
59.9% in 2023, increased by 0.5% from 2022. services.
In 2024, we anticipate the cloud and B2B IT services Through Telkomsigma, TelkomGroup achieved 13.8%
business in Indonesia to experience a significant of system integration market share in 2023, whereas
increase, with respective CAGRs increasing by 27% for Shared Service Operation (SSO) and Customer
and 7%, respectively. It presents an opportunity for Relationship Management (CRM) market share from
Infomedia was 27%.
System Integration Market Share for Telkomsigma and Competitors 2021-2023
85.8% 85.4% 86.2%
14.2% 14.6% 13.8%
2021 2022 2023
Telkomsigma Competitors
Wholesale & International Business in demand for data centers. Thus, TelkomGroup has
Segment Market Share increased its data center capacity in Singapore and Hong
In the WIB segment, TelkomGroup operates various Kong to meet growing needs.
business activities consisting of carrier traffic, carrier
network, tower, and managed network & infrastructure TelkomGroup has remained the leader in the carrier traffic
services. Although the WIB market share was relatively market share by dominating the voice interconnection of
stable during 2023, TelkomGroup kept preparing new 90.1%. TelkomGroup also had 61.9% of the market share for
business portfolios to solidify the Company’s position, one wholesale network and 20.2% on wholesale internet. The
of which is through a Hyperscale Data Center targeting Metro E product and leased line supported the wholesale
the enterprise and wholesale segment customers. As network segment, while the IP Transit product supported
for International Business, there has been an increase the wholesale domestic segment.
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Tower Market Share form Mitratel and Competitors 2021-2023
63.60%
59.33% 58.40%
40.67% 41.60%
36.40%
2021* 2022 2023
Mitratel Competitors
Remarks:
* Restatement
Through Mitratel, TelkomGroup operates its wireless Digital and Other Segments Market Share
telecommunication tower business, with the Company The Digital segment comprises various service portfolios,
dominating 41.60% of the market share in 2023, an such as smart platform, digital content, and e-commerce.
increase from the previous year of 40.67%. Mitratel had TelkomGroup provides digital ads services, intelligent
38,014 towers across Indonesia, with 58% of towers located applications, big data, IoT, and financial services in the
outside Java, appealing to the mobile operators to expand smart platform business line. The Digital Content line
its network outside Java. The Company’s leadership in includes music and gaming services through LangitMusik
Indonesia’s telecommunication tower market share is - a streaming application, and Upoint - a gaming top-ups
competitive excellence to deliver more diverse services and vouchers application. In 2023, TelkomGroup through
in the tower ecosystem. Most Mitratel towers have its subsidiaries also released online mobile game of Paw
also utilized fiber optic networks that can increase the Rumble collaborating with local game developers. While
bandwidth capacity while lowering latency. The rapid in the e-commerce line, TelkomGroup focuses on B2B
growth of the fiber optic business is a significant milestone through PaDi UMKM to expand SMEs’ business ecosystem
for the Company to complement the tower service with and Xooply for the non-SOE enterprises with more diverse
the value-added service of a reliable connectivity network suppliers.
for cellular operators. Mitratel has a fiber optic of 32,521 km,
including 6,979 km from the acquisition in 2022-2023. Meanwhile, Telkom has managed venture funds for
other segments through its subsidiary MDI Ventures. The
In early 2023, Mitratel strengthened its business through investment focuses on vertical businesses garnered high
a conditional sales agreement over 997 towers of Indosat growth, allowing the best digital services delivered to
Ooredoo Hutchison (IOH), and in 4Q23, it also acquired customers, such as financial technology, cloud computing,
803 telecommunication towers from PT Gametraco big data, health technology, e-commerce, IoT, and other
Tunggal. Therefore, Mitratel will further solidify its position services. Until the end of 2023, MDI Ventures has invested
as the independent and trustworthy telecommunication in 5 portfolios and emerging startups. MDI Ventures has
tower company with the most towers in Southeast Asia. invested in more than 80 Southeast Asia and global startups
since 2016, focusing on early and mid-stage startups.
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MARKETING STRATEGY Mobile
The Company is attempting to find the correct balance
To increase sales, TelkomGroup has a competitive, between market share growth, income, and profitability
strategic, and comprehensive products and services in the Mobile segment. Telkomsel implements Mobile
distribution channels and continues to strengthen its segment marketing strategies, which are:
branding by adding value and improving the customer • Providing specific products and services that target
experience of its products and services. TelkomGroup also specific subscriber segments.
consistently implements price adjustments of its products • Running a personal offering system through more
and services to stay competitive, following the market’s efficient digital channels.
buying power considering the utilization of the network, • Implementing healthy market behavior, the right
traffic load, and revenue. strategy for subscriber acquisition, value optimization,
and encouraging subscribers to be more active.
Furthermore, TelkomGroup uses the current momentum, • Increasing payload growth and new subscribers
such as an increase in public consumption of digital through improved network quality, products and
services, the Government policies that support the services offers, digital capability, and acceleration and
telecommunication industry development to accelerate expansion of the digital ecosystem.
national digital transformations, and the expansion • Collaborating with other parties to enrich digital
opportunities to create various collaborations and content on existing platforms.
telecommunication infrastructure development in • Providing aligned offers with subscribers’ needs and
remote areas of Indonesia. These actions are part of behaviors to increase ARPU and yield rate.
TelkomGroup’s marketing strategy. • Improving the IT platform for better subscribers’
analytics capability so it can digitalize and deliver
Telkom also plans various marketing strategies, including personalized products to subscribers.
market expansions, collaborations with other strategic • Strengthening the leading network with its coverage
companies in building a sustainable digital ecosystem, and quality to support the digital business and improve
developing products and services, building good customer the customer experience while adopting the digital
relationships, and maintaining network infrastructure to lifestyle.
provide optimum services continuously. It is to ensure the
network provides optimum services for customers by: By the end of 2023, Telkomsel had 159.3 million of
• Conducting upgrades and increasing the capacity to mobile subscribers, consisting of 151.8 million pre-paid
ensure proper services subscribers, 7.5 million post-paid subscribers, and 127.1
• Monitoring network issues through the integrated million mobile broadband subscribers. Telkomsel has
command center (TIOC). implemented various strategies to encourage a healthier
• Having the maintenance team constantly patrolling industry that leans toward sustainable growth, such as
to prevent errors or intrusions equipped with an price rationalization and cost optimization, personalized
application to handle issues end-to-end. offerings, optimized networks, and broadband core
enhancement with various digital services. Telkomsel
continuously improves its digital content, including video
and games.
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PA R T/ 04. To raise our position in the digital content industry, we loyalty programs and fastening the response time to solve strengthened MAXStream’s position as the provider of their disruption. video streaming services by expanding our partnerships with content partners. We are also developing in the On the other hand, IndiHome B2C sales strategy focuses mobile game industry through the Dunia Games brand, on implementing value-based pricing; thus, the selling which provides complete solutions for the gaming price of IndiHome B2C products and services will adjust community, and are starting to penetrate the game to the local area conditions. Furthermore, Telkom publishing industry. Aside from digital content, we are consistently rolls out branding campaigns to attract new also constantly developing Telkomsel’s Orbit service, customers while offering better-packaged products to an in-home wireless internet service, to optimize our divert the competitor’s subscribers. network capacity. This initiative indicates Telkomsel’s commitment to providing high-quality connectivity In addition, Telkom is intensifying its efforts to deliver beyond traditional cellular services. Telkomsel Orbit aims services based on subscribers’ profiles. Therefore, we to meet the increasing demand for smooth and reliable compiled subscribers’ data to generate personalized internet connectivity at home. Therefore, Telkomsel seeks product offerings. We are also implementing a customer to redefine the home internet experience, providing relations management process that can conduct end- customers with fast and reliable wireless connections to to-end tracking, allowing us to identify and solve issues enhance their digital lifestyle. promptly before the customer reports them. Telkomsel constantly explores opportunities with In 2023, we implemented various campaigns and initiatives and new digital solutions to expand its digital promotions to increase our branding: ecosystem and increase its product portfolios. With the • Telkomsel One leading network quality, Telkomsel can increase its product Telkomsel One is a convergence service that provides offerings to fulfill customers’ vastly evolving demands. superior fixed network (IndiHome B2C) and mobile Through PT Telkomsel Ekosistem Digital (INDICO) as broadband (Telkomsel) connectivity in one service the digital powerhouse, we can improve our digital for a seamless broadband experience and better innovations by offering quality products and services digital experience without being tied to one particular beyond connectivity while contributing to accelerating network technology. Indonesia’s digital economy. With its aim to go beyond • JITU 1 the limits to empower Indonesian people and support The JITU 1 package is specifically designed to provide businesses, INDICO continues developing Indonesia’s high-speed internet services at affordable prices, digital ecosystem by leveraging the assets and capabilities especially for household subscribers. of Telkomsel and its related ecosystems. Consumer Enterprise As our main product in the Consumer segment, we have Telkom’s marketing strategy for the Enterprise performed IndiHome B2C marketing in various ways, such segments includes conducting sustainable fundamental as through digital channels with many discount events improvements, implementing consultative selling, and and service benefits for IndiHome B2C subscribers and developing strategies to push products and services upon applying dynamic product pricing and services. Telkom entering the market. We also constantly work alongside constantly improves its service quality and enhances customers to plan adjusted services according to their IndiHome B2C subscriber experiences. Therefore, our needs. subscribers are our main priority in designing various PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 127
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In addition, Telkom also has several marketing strategies • We offer end-to-end solutions for customers of core
to support digital transformation: tower services, such as “built to suit” (tailored tower
• We strengthen the market’s position for our product leasing services according to location and specifications
portfolio and lead the transformation agenda of digital of the first tenant or primary tenant of relevant towers),
enterprises (including SOEs) to be the leading provider co-location services, fiber optic network at tower
of digital connectivity with the largest bandwidth location, and other related services.
market share in the Enterprise segment. • We explore the regional market through submarine
• We empower local businesses through digital cable service deployment and maintenance.
platforms to simplify market access, funding, better
information and technology to support Indonesia’s We also implement other strategies in this segment by
digital transformation. developing the tower market by diverting tower operations
• We are becoming the Government’s trusted from Telkomsel to Mitratel, The strategies are to improve
information technology partner to support the main the tenancy ratio and optimize the tower business more
national digital agenda of Making Indonesia 4.0 and focused under Mitratel.
One Data Indonesia.
We also conduct marketing strategies with various
We also provided an Account Manager for each customer approaches in this segment by providing an
corporate customer as a primary way to provide end- account manager, wholesale digital touchpoints (apps
to-end service up to after-sales. On the other hand, and web), and customer care support available 24 hours a
for our government institution customers, we have a day. Besides, we constantly improve the team’s capability
Government Relationship Officer (GRO) responsible for and competency through training based on customer
managing relations and seeking strategic information of centricity. We periodically conduct surveys through digital
Government programs. touch points and interviews to understand customers’
needs better. We will use survey results as input in
Wholesale and International Business developing products and services based on customer
We do the WIB segment’s marketing strategy by feedback.
improving the effectiveness and efficiency of cost
structure, developing new opportunities, and supporting Digital and Others Services
ministerial programs related to BUMN Go Global. Besides For the Digital and Others segment, Telkom implements
that, we constantly monitor ongoing overseas business to its marketing strategies by increasing digital innovations,
build a better portfolio structure and maximize the value including enriching digital content, realizing digital
of WIB’s segment. services with various features, improving branding,
platform, operational, and customer experience,
Marketing strategies in 2023 stated as below: creating digital business models to support Indonesia’s
• We offer an attractive business scheme to voice traffic digital economy, utilizing assets and inventory to gain
portfolios to improve retail traffic with voice traffic insights of digital services and customers experience, as
bundling at competitive prices according to service well as developing digital business portfolios with digital
quality. startup investments. We also own communication
• We improve quality and service coverage for data channels to serve customers, such as contact centers,
center customers and connectivity abroad. dedicated account management, customer care,
channel management, websites, and social media.
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In addition, our digital service program also helps improve
IndiHome B2C services with MyIndiHome as a digital
DISTRIBUTION CHANNEL
touchpoint for subscribers, which also offers Disney+
Digital Touch Point
Hotstar as a bundling sim card package, IndiBox as
After IndiHome was integrated into Telkomsel, the
an add-on service that provide video, game, and other
Digital Touch Points for cellular and fixed broadband
Google application contents, GameQoo as a cloud gaming
subscribers were combined in the MyTelkomsel app.
services, and IndiHome Smart as a home IoT service for
Fixed broadband subscribers can use the MyTelkomsel
IndiHome B2C subscribers.
application to submit requests for new installations and
manage bills and payments. Until the end of 2023, 35.8
Telkomsel is committed to increasing product
million active Telkomsel subscribers registered in the
differentiation and digital capabilities beyond connectivity
MyTelkomsel application. For a more interactive customer
while expanding the current digital ecosystem, focusing
experience, we have integrated MyTelkomsel with
on customer needs and long-term growth supported by
Veronika, a chatbot-based virtual assistant supported by
network quality.
Microsoft Azure and OpenAI.
• Enrich the MAXstream platform through more
customer-oriented features, the release of more
TelkomGroup also provides a web-based digital touch
MAXstream Original content, and continuous
point for customers in the Enterprise segment with My
improvements to the service and channel offerings
Telkom Enterprise Solution (MyTeNS) that could increase
with more than 12.1 million monthly active users.
customer productivity and service. MyTeNS helps to
• Established partnerships with crucial game publishers
simplify the business process by conveniently accessing
and developers to expand its footprint in the mobile
product catalog, digital quotations, tracking delivery
gaming industry under the Dunia Games brand with
tickets, and recording any service disturbance that
20.6 million monthly active users.
customers submit through ticket publishing.
• Strengthening the position of by.U, a total digital
prepaid product offering integrated services based on
For SMEs, Telkom provides MyIndibiz website of business
customizable digital application, with a positive growth
to business (B2B) marketplace to boost the go-digital and
of 6.5 million subscribers.
growing SMEs in Indonesia. For Wholesale customers,
• Developing Telkomsel Orbit, a wireless internet service
Telkom provides a self-service digital touch point, MyCarrier,
for homes to utilize strong network capacity
an end-to-end digital customer experience that is integrated
• Empowering the MyTelkomsel application with
in real-time with internal processes, includes the product
approximately 35.8 million monthly active users
catalog, orders management, service installation/activation
by enhancing customers’ digital experience with
tracking, billing, and payment, disruption report and
various innovations, including improved payment
monitoring, and others.
methods, interactive tracking pages, and user
interface improvements, as well as an analytics
We also measure customer experiences using digital
engine to personalize and provide customers with
touch point by implementing Net Promoter Score (NPS)
the right products and services to suit with their
method. It allows us to gain accurate data to improve the
needs. MyTelkomsel will transform into an integrated
quality of products and services and customer experience.
superapp that will become a true partner in the digital
lifestyle of Telkomsel customers.
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DISCUSSION AND ANALYSIS
Customer Service Point Digitalization, implementation of digital strategies, and
TelkomGroup provides Plasa Telkom and GraPARI transformation by private companies, institutions, and
as customer service points to provide solutions for public agencies increased transaction volumes through
TelkomGroup products and services, which subscribers modern channels, resulting in rapid development in the
have access to all Telkom and Telkomsel products e-commerce, fintech, e-money, and delivery services
and services, including billing, payment, subscription sectors. Telkomsel has monitored these changes to
cancellation, promotions, and complaint handling. adapt and redefine key performance indicators used in
Currently, Plasa Telkom and GraPARI outlets make fixed rewarding and helping partners optimize their business
broadband and cellular services more accessible to models to increase sales.
customers. We are optimizing the number of Customer
Touch Points and reducing duplication of Plasa and Partnership Stores
GraPARI, where by the end of 2023, TelkomGroup will have TelkomGroup works alongside third-party marketing
186 Telkom Plasa and 309 GraPARI Centers in Indonesia, as outlets to expand its distribution network, including
well as 571 IndiHome B2C sales car units. computer and electronics stores, ATM networks, and other
business networks.
We optimized more than 210 Plasa and 89 GraPARI to
maximize synergy initiatives. This approach will maintain Contact Centers
current levels of customer satisfaction and result in TelkomGroup has contact center services in Semarang,
better customer experiences and increased operational Bandung and Malang operating 24 hours. It is to ease
efficiency. customers’ registration, submit complaints, and get
product information and other TelkomGroup services.
Authorized Dealers, Retail Outlets, and
Modern Channels Account Management Team
Authorized dealers and retail outlets are a non-exclusive TelkomGroup’s account management team acts as
distribution network that offers various Telkomsel the primary interaction channel with customers and
products, such as starter packs for prepaid SIM cards, is responsible for managing customers’ relations and
prepaid SIM cards, and top-up vouchers with multiple portfolios. The account management team serves various
discounts. As the customers’ preference changed to online customers, including corporate, SME, government
transactions compared to traditional outlets, Telkom institutions, and wholesale and international customers.
adjusted its performance indicator for outlet partners to
give them proper appreciation and support for optimizing Sales Specialist
their business model to increase sales. TelkomGroup has sales specialists working with account
managers to identify customers’ technical needs.
In 2023, we noticed the shift from traditional to modern
channels due to consumer behavior changes during Channel Partner
the COVID-19 pandemic. More customers avoid or TelkomGroup collaborates with other parties to organize
limit physical interactions or must comply with social events for Enterprise customers. TelkomGroup also works
distancing measures and guidelines. Therefore, they with Community and B2B partners to fulfill Enterprise
prefer online transactions using the internet or special segment customers’ requests and to reach retail
mobile applications rather than transacting at traditional customers.
outlets.
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Website CUSTOMER RELATIONSHIP
TelkomGroup has several websites that customers can
access according to their needs, such as www.telkom.co.id,
MANAGEMENT (CRM)
www.telkomsel.com, www.telin.net, and www.indihome.
We implement CRM for a personalized service to identify
co.id. It helps customers access information, submit a
customers’ interests and preferences, which is one of them
complaint, and get services such as e-billing, registration,
through the IndiHome B2C service. IndiHome B2C officers
and collective billing information.
proactively identify subscribers’ issues and initiate solutions
for the problems to improve their convenience. IndiHome
Social Media
B2C can provide services to each subscriber through a
TelkomGroup manages social media such as Facebook,
solid subscriber database and enhance the customer
Instagram, and Twitter to reach massive customers,
experience.
communicate with customers, and gain fast feedback on
products and services.
On the other hand, we are conducting sustainable
improvements through a close-the-loop system, which
Instant Messaging
means “beginning and ending with the customer mind”
TelkomGroup also manages instant messaging, including
by continuously improving solutions for customers’
Facebook, Twitter, Telegram, and WhatsApp, for
pain points to enhance the customer experience. We
Telkomsel’s subscribers to communicate with our virtual
deeply analyze customer feedback garnered from PNS
assistant chatbot, Veronika, enabling them to explore our
surveys (specifically detractors/customers that do not
products and services.
recommend IndiHome B2C services) to analyze the
cause and then produce a prioritized most impactful
LinkAja
action plan for IndiHome subscribers’ satisfaction.
LinkAja is a mobile-based digital wallet application with
many features to pay bills, purchase digital products and
We are also improving our services to customer needs
services, and other digital transactions. In September
and behavior, using customer prof iles generated f rom
2023, along with the minister of SOEs, LinkAja officially
data collection and advanced improvements to our
launched a special edition skin as an actual step in digital
hyper micro-segmentation analysis engine. It aims to
transformation for integrated payment and communication.
personalize services and improve product offerings with
This application is for SOE employees as a supporting
appropriate pricing to meet customer needs. It may
transaction tool with LinkAja’s balance usage, an effective
appeal to the customers based on their prof ile, seeking
and efficient communication medium over the newest
to maintain customer engagement and productivity.
information on the Ministry of SOE and other SEOs, and an
We also rely on the traceable customer relationship
SOE’s promotional media on products and services.
management process, allowing us to identify and f ix
problems promptly rather than customer complaints.
Therefore, we can avoid the customers’ dissatisfaction
and proactively resolve issues. We can reach our
customers across the country through our extensive
customer touch points, increasing their convenience.
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DISCUSSION AND ANALYSIS
COMPR E HE NS IVE F I N A N C I A L PE R FO R M A N CE
FINANCIAL POSITION OVERVIEW
As of December 31, 2023, TelkomGroup had total assets of Rp287,042 billion or US$18,641 million, increased by 4.3% from
the previous period. The increase was due to an increase in other current financial asset, trade receivables, contract
assets, other current asset, property and equipment, other non-current assets, and right-of-use assets. Meanwhile, total
liabilities were Rp130,480 billion or US$8,473 million. It increased by 3.6% from the last year. The increase was due to
an increase in trade payables, contract liabilities, bank loans, long-term loans, lease liabilities, contract liabilities, and
pension benefits and other post-employment benefits obligations
Telkom and Its Subsidiaries Financial Position 2021-2023
Growth Years ended December 31
2023-2022 2023 2022 2021
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Total Current Assets 1.0 55,613 3,612 55,057 61,277
Total Non-Current Assets 5.1 231,429 15,029 220,135 215,907
Total Assets 4.3 287,042 18,641 275,192 277,184
Total Current Liabilities 1.7 71,568 4,648 70,388 69,131
Total Non-Current
Liabilities 6.1 58,912 3,826 55,542 62,654
Total Liabilities 3.6 130,480 8,473 125,930 131,785
Total Equity
attributable to owners
of the parent company 5.0 135,744 8,815 129,258 121,646
Financial Position Comparison
The position of Telkom’s current asset and non-current asset as of December 31, 2023, was 19.4% dan 80.6% Meanwhile,
for the liabilities, Telkom had 54.9% current liabilities and 45.1% non-current liabilities.
Asset Composition 2021-2023 (Rp billion)
2023 2022 2021
Non Current Non Current Non Current
Asset Current Asset Asset Current Asset Asset Current Asset
231,429 55,613 220,135 55,057 215,907 61,277
80.6% 19.4% 80.0% 20.0% 77.9%
22.1%
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Liabilities Composition 2021-2023 (Rp billion)
2023 2022 2021
Current Current Current
Non Current Liabilities Non Current Liabilities Non Current Liabilities
Liabilities Liabilities Liabilities
71,568 70,388 69,131
58,912 54.8% 55,542 55.9% 62,654 52.5%
45.2% 44.1% 47.5%
Comparison of Financial Position as of The increases were offset by:
December 31, 2023 Compared to as of • A decrease in cash and cash equivalents by
December 31, 2022 Rp2,940 billion or 9.2% was mainly on the cash
side at third party banks and related parties due
1. Assets to an increase in cash expenditures for bank debt
At the end of 2023, Telkom’s total assets were Rp287,042 repayment activities and other loans.
billion or US$18,641 million. It increased by Rp11,850 • A decrease in inventories by Rp147 billion or 12.8%
billion or 4.3% compared to 2022. It was due to: related to components and others.
a. Current Assets • A decrease in contract costs by Rp18 billion or 2.7%
Telkom’s current assets of December 31, 2023 was due to a decrease in contract fulfillment costs.
recorded at Rp55,613 billion or US$3,612 million,
increased by Rp556 billion or 1% from 2022. It was b. Non-Current Assets
due to: TelkomGroup’s non-current asset as of December
• An increase in trade receivables by Rp2,033 billion 31, 2023 was Rp231,429 billion or US$15,029 million, it
or 23.5% due to significant increase in receivables increased by 5.1% or Rp11,294 billion from 2022. It was
to third parties. due to:
• An increase in other current assets by Rp985 • An increase in property and equipment by
billion or 14% due to an increase in frequency use Rp7,426 billion or 4.3% due to an increase in
permits prepaid short-term portion, advances, direct ownership in the form of buildings,
prepaid salaries, and other receivables. satellites, earth stations and their equipment,
• An increase in other current financial assets by transmission equipment and installations, power
Rp312 billion or 23.1% due to an increase in term supplies, data processing equipment and other
deposits and mutual funds. telecommunications equipment.
• An increase in contract assets by Rp247 billion or • An increase in right-of-use assets by Rp2,248
10.1% due to an increase in the asset of short-term billion or 11.1% for right-of-use assets in the form of
contracts. transmission equipment and installations, land,
• An increase in claim for tax refund and prepaid etc.
taxes by Rp84 billion or 4.6% due to an increase in
short-term portion of prepaid taxes.
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• An increase in other non-current assets by Rp1,810 • An increase in short-term bank loans by
billion or 50% in the form of prepaid frequency Rp1,459 billion or 17.8%, the largest of which
use permits, tax refund claims and prepaid taxes, was proportionally obtained from third party
all after deducting the short-term portion. creditors.
• An increase in intangible assets by Rp429 • An increase in Current maturities of long-term
billion or 5.2% in the form of software and other loans and other borrowings by Rp1,418 billion or
intangible assets. 16.0% with the largest proportion being additional
• An increase in deferred tax assets – net by Rp53 bank debt, bonds and MTN.
billion or 1.3% due to an increase in employee • An increase in current maturities of lease liabilities
benefit provisions and contract liabilities at by Rp650 billion or 13.2%.
Telkomsel. • An increase in customer deposits by Rp184 billion
or 7.7%, which was also related to the increase in
The increases were offset by: the number of customers.
• A decrease in long-term investments by Rp491
billion or 5.7% due to a decrease in long-term The increases were offset by:
investment in financial instruments in the form • A decrease in accrued expenses by Rp2,366
of equity and convertible bonds. billion or 15.3%, the largest proportionally in
• A decrease in contract costs by Rp173 billion or the form of a decrease in accrued expenses
9.9% due to the difference between amortization in terms of operations, maintenance and
of contract costs during the year with the addition telecommunications services.
of contract acquisition costs and contract • A decrease in taxes payable by Rp847 billion or
fulfillment costs as well as an impairment loss. 15.8% due to a decrease in corporate income tax
and VAT - tax collector.
2. Liabilities • A decrease in other payables by Rp22 billion or
At the end of 2023, TelkomGroup recorded total liabilities 4.8% due to the settlement of several related
of Rp130,480 billion or US$8,473 million, it increased by debts.
3.6% or Rp4,550 billion compared to 2022. The following
influenced changes in liabilities in 2023: b. Non-Current Liabilities
a. Current Liabilities At the end of 2023, TelkomGroup recorded non-
At the end of 2023, TelkomGroup’s current liabilities current liabilities of Rp58,912 billion or US$3,826
were Rp71,568 billion or US$4,648 million, it million, it increased by 6.1% or Rp3,370 billion, which
increased by 1.7% or Rp1,180 billion and was due to: was due to:
• An increase in trade payables by Rp151 billion or • An increase in contract liabilities by Rp1,030
0.8% mostly from related parties for the purchase billion or 66%, most of which was in the form of an
of equipment, goods and services. increase in down payments for Enterprise, WIB,
• An increase in Contract liabilities by Rp533 billion and Other segment customers.
or 8.8% mostly from advances from WIB and
Enterprise segment customers.
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• An increase in pension benefits and other post- 3. Equity
employment benefits obligations by Rp1,142 TelkomGroup’s equity in 2023 was recorded at
billion or 11.1%, most of which is from pensions at Rp156,562 billion or US$10,167 million, increased by
Telkomsel and post-employment health benefits 4.9% or Rp7,300 billion from the 2022 of Rp149,262
related to employee transfers from the IndiHome billion or US$9,587 million.
integration.
• An increase in long service award provisions by
Rp122 billion or 11.8% due to defined benefits PROFIT AND LOSS OVERVIEW
funded by the Company and post-employment
health benefits. Telkom’s consolidated revenue as of December 31, 2023,
• An increase in long-term loans and other was Rp149,216 billion (US$9,690 million), or increased
borrowings by Rp442 billion or 1.6%, which was by 1.3% compared to the last year of Rp147,306 billion
proportionally in the form of an increase in third (US$9,461 million). The increase was due to the revenue
party bank debt. growth in data, internet, and information technology
• An increase in lease liabilities by Rp1,114 billion service, IndiHome, interconnection, and network.
or 8.1% due to additional rental activities by the
Company. The total expense of TelkomGroup in 2023 was Rp104,300
billion (US$6,773 million), it increased by 2.7% compared
The increases were offset by: to the total expense in 2022 of Rp101,569 billion (US$6,524
• An increase in other liabilities by Rp298 billion or million). It was due to the several factors, such as the
50.7%. increase in operations, maintenance, and tele-
• An increase in deferred tax liabilities - net by Rp182 communication services, interconnection, general and
billion or 17.8, which proportionally occurred administrative, and personnel expenses. As of the end
at Telkomsel related to leases and differences of 2023, TelkomGroup recorded a net profit of Rp24,560
in the book value of fixed assets according to billion (US$1,595 million), it increased by 18.3%, and EBITDA
accounting & tax. of Rp77,579 billion that decreased by 1.8% compared to
2022.
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Telkom and Its Subsidiaries Consolidated Profit and Loss in 2021-2023
Growth Years ended December 31
2023-2022 2023 2022 2021
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Revenues 1.3 149,216 9,690 147,306 143,210
Telephone revenues (33.1) 9,093 590 13,588 16,467
Cellular (32.0) 8,194 532 12,052 14,737
Fixed Line (41.5) 899 58 1,536 1,730
Interconnection revenues 7.0 9,067 589 8,472 7,787
Data, internet, and information
technology service revenues 5.1 90,820 5,898 86,410 82,224
Celluler internet and data 6.1 73,187 4,753 69,006 64,500
Internet, data communication
and information technology
services 6.0 10,899 708 10,286 10,272
Short Messaging Service (SMS) (21.6) 3,380 219 4,309 4,754
Others 19.4 3,354 218 2,809 2,698
Network revenues 4.4 2,482 161 2,378 1,880
IndiHome revenues 2.7 28,785 1,869 28,020 26,325
Other services revenues 6.0 6,183 402 5,834 6,115
Manage service and terminal (20.5) 920 60 1,157 2,048
Call center service 8.6 1,264 82 1,164 1,081
E-health 4.4 761 49 729 640
E-payment 4.6 496 32 474 487
Others 18.7 2,742 178 2,310 1,859
Revenues from lessor transaction 7.0 2,786 181 2,604 2,412
Expenses 2.7 104,300 6,773 101,569 99,303
Depreciation and amortization
expenses (1.8) 32,663 2,121 33,255 31,816
Operations, maintenance, and
telecommunication services
expenses 4.0 39,718 2,579 38,184 38,133
Operations and maintenance 1.4 23,057 1,497 22,746 21,467
Radio frequency usage charges 13.9 7,412 481 6,510 6,097
Leased lines and CPE (1.9) 3,462 225 3,530 5,003
Concession fees and USO
charges 9.0 2,836 184 2,601 2,472
Electricity, gas, and water (3.0) 877 57 904 898
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Growth Years ended December 31
2023-2022 2023 2022 2021
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Cost of SIM cards and vouchers 6.7 797 52 747 739
Project management 22.3 489 32 400 519
Insurance 17.0 269 17 230 432
Vehicles rental and supporting
facilities (10.2) 308 20 343 305
Others 22.0 211 14 173 201
Personnel expenses 6.8 15,927 1,034 14,907 15,524
Salaries and related benefits 3.4 9,674 628 9,360 8,661
Vacation pay, incentives and
other benefits 8.4 4,159 270 3,835 4,999
Pension benefit cost 4.0 1,319 86 1,268 1,137
Net periodic post-employment
health care benefits cost (3.8) 205 13 213 263
Long Service Award (LSA)
expense 214.1 289 19 92 153
Obligation under the Labor Law 178.2 217 14 78 254
Other post-employment benefit
cost (12.0) 22 1 25 23
Long service employee benefit - 1 0 1 3
Others 17.1 41 3 35 31
Interconnection expenses 17.0 6,363 413 5,440 5,181
Marketing expenses (10.2) 3,530 229 3,929 3,633
General and administrative
expenses 4.2 6,099 396 5,854 5,016
General Expenses 8.3 2,446 159 2,259 2,043
Professional fees (9.2) 996 65 1,097 789
Allowance for expected credit
losses (9.5) 513 33 567 474
Travelling 5.2 443 29 421 321
Training, education, and
recruitment 24.3 461 30 371 284
Social contribution 6.4 232 15 218 213
Collection expenses 12.7 195 13 173 212
Meeting 7.1 334 22 312 249
Others 9.9 479 31 436 431
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 137
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DISCUSSION AND ANALYSIS
Growth Years ended December 31
2023-2022 2023 2022 2021
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Gain (loss) on foreign exchange-net 114.1 (36) (2) 256 50
Unrealized gain on changes in fair
value of investments (88.4) (748) (49) (6,438) 3,432
Other Income - net 869.2 252 16 26 174
Operating Profit 12.1 44,384 2,882 39,581 47,563
Finance income 20.8 1,061 69 878 558
Finance costs 15.3 (4,652) (302) (4,033) (4,365)
Share of profit (loss) of associated
companies (101.1) 1 0 (87) (78)
Profit Before Income Tax 12.3 40,794 2,649 36,339 43,678
Income Tax (Expense) Benefit (0.8) (8,586) (558) (8,659) (9,730)
Profit for the Year 16.4 32,208 2,092 27,680 33,948
Other comprehensive income (loss) 182.3 (1,454) (94) 1,767 1,980
Net comprehensive income for
the year 4.4 30,754 1,997 29,447 35,928
Profit for the year attributable to
owners of the parent company 24,560 1,595 20,753 24,760
Profit for the year attributable to
non-controlling interest 7,648 497 6,927 9,188
Net comprehensive income
attributable to owner of the parent
company 23,083 1,499 22,468 26,767
Net comprehensive income for the
year attributable to non-controlling
interest 7,671 498 6,979 9,161
138 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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Profit and Loss Comparison The highest expense composition was from operation,
TelkomGroup’s highest revenue composition in 2023 maintenance, and telecommunication services of 38.3%,
was from data, internet, and information technology followed by depreciation and amortization expenses
service revenues of 60.9%, followed by IndiHome related to property and equipment, software, hardware,
revenue with the contribution of 19.3% and telephone and technology infrastructure use of 31.3%. The least
revenue of 6.1%. expense in 2023 was the marketing expense of 3.4%.
Revenue Composition 2021-2023 (Rp billion)
2023 2022 2021
Other Telephone Other Telephone Other Telephone
Services 9,093 Services 13,588 Services 16,467
6,183 6.1% 5,834 9.2% 6,115 11.5%
4.1% Interconnection 4.0% Interconnection 4.3%
9,067 Interconnection
Network Network 8,472 Network
6.1% 7,787
2,482 2,378 5.8% 1,880
5.4%
1.7% 1.6% 1.3%
Data, Data, Data,
Internet Revenue Internet Revenue Internet Revenue
from Lessor from Lessor from Lessor
and and and
Transactions Transactions Transactions
Information Information Information
2,786 2,604 2,412
Technology Technology 1.8% Technology 1.7%
1.9%
90,820 86,410 82,224
60.9% 58.7% 57.4%
IndiHome IndiHome IndiHome
28,785 28,020 26,325
19.3% 19.0% 18.4%
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 139
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Expenses Composition 2021-2023 (Rp billion)
2023 2022 2021
Interconnection Interconnection Interconnection
6,363 5,440 5,181
General and General and 5.2% General and
6.1% 5.4%
Administrative Administrative Administrative
6,099 5,854 5,016
Personnel 5.8% Personnel 5.8% Personnel 5.1%
15,927 14,907 15,524
15.3% Depreciation 14.7% Depreciation 15.6% Depreciation
and and and
Amortization Amortization Amortization
32,663 33,255 31,816
31.3% 32.7% 32.0%
Marketing Operations, Marketing Operations, Marketing Operations,
3,530 Maintenance and 3,929 Maintenance and 3,633 Maintenance and
3.4% Telecommunication 3.9% Telecommunication 3.7% Telecommunication
Services Services Services
39,718 38,184 38,133
38.1% 37.6% 38.4%
Comparison of Profit and Loss for The Year b. Fixed Lines Telephone Revenues
Ended December 31, 2023 Compared to Year Fixed lines telephone revenues in 2023 was Rp899
Ended December 31, 2022 billion (US$58 million), it decreased by 41.5%
1. Revenues compared to 2022 of Rp1,536 billion. It was due to
In 2023, TelkomGroup recorded revenues at Rp149,216 the higher mobility of customers who prefer more
billion (US$9,690 million), it increased by 1.3% or mobile devices.
Rp1,910 billion, compared to the 2022 revenue of c. Data, Internet, and Information Technology
Rp147,306 billion. The increase was due to an increase Services Revenues
in data, internet, and information technology service, TelkomGroup recorded data, internet, and
IndiHome, interconnection, and network. information technology services revenue in 2023 of
a. Cellular Telephone Revenues Rp90,820 billion (US$5,898 million), it increased by
The cellular voice revenue decreased by 32% in 2023 5.1% or Rp4,410 billion compared to the 2022 revenue
to Rp8,194 billion (US$532 million) compared to the of Rp86,410 billion. The increase was due to:
last year of Rp12,052 billion. The decrease was due to • An increase in cellular internet by Rp4,181 billion
an increase in the customers’ use of Over The Top or 6.1% due to the growth of mobile data usage.
(OTT) service for media communication. • An increase in internet, data communication,
and information technology services revenues by
Rp613 billion or 6% due to the data usage growth
of Enterprise and WIB segment products.
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• An increase in others revenue by Rp545 billion or h. Revenues from Lessor Transactions
19.4% due to the data usage growth of Enterprise TelkomGroup’s revenues from lessor transactions
and WIB segment products. in 2023 were Rp2,786 billion. It resulted from the
adoption of PSAK 72, which Telkom requires to
The increases were compensated by the decrease disclose revenues from lessor transactions; for
in SMS revenue by Rp929 billion or 21.6% due to instance, leases were separately from contracts with
the usage shifting from SMS to Over The Top (OTT) customers’ revenues.
service. 2. Expense
d. Interconnection Revenues TelkomGroup’s total expenses as of December 31, 2023,
TelkomGroup’s interconnection revenue was from were Rp104,300 billion (US$6,773 million), it increased
fixed-line telephone, including direct international by 2.7% or Rp2,731 billion, compared to 2022 of Rp101,569
services of IDD 007 and Telkomsel cellular network. billion. These changes were due to:
TelkomGroup’s interconnection revenue in 2023 a. Operation, Maintenance and Telecommunication
were Rp9,067 billion (US$589 million), increased by Service Expense
7% or Rp595 billion from the last year of Rp8,472 In 2023, TelkomGroup’s operating, maintenance,
billion. The increase was due to an increase in and telecommunications services expenses were
international traffic of hubbing voice and SMS A2P Rp39,718 billion (US$2,579 million), it increased by
(Application to Person) service. 4% or Rp1,534 billion compared to 2022 of Rp38,184
billion. It was due to:
e. Network Revenues • An increase in operation and maintenance
TelkomGroup’s network revenues in 2023 was expense by Rp311 billion or 1.4% from backbone
Rp2,482 billion (US$161 million), it increased by network usage rights costs with other global
4.4% or Rp104 billion, from Rp2,378 billion in 2022. submarine cable operators/consortiums.
It was due to an increase in leased line and satellite • An increase in radio frequency usage charges
transponder revenue. expense by Rp902 billion or 13.9%, which is directly
f. IndiHome Revenues proportional to the increase in mobile data and
IndiHome revenues in 2023 was Rp28,785 billion internet services.
(US$1,869 million), it increased by 2.7% or Rp765 • An increase in concession fees and USO charges
billion from the last year of Rp28,020 billion. It was expense by Rp235 billion or 9% due to an
due to the IndiHome new subscribers of 0.9 million increase in contribution from gross revenue
subscribers or increased by 9.5%. from telecommunications operations as a
g. Other Services Revenues development for the USO.
TelkomGroup recorded revenue for the other • An increase in project management expense by
services of Rp6,183 billion (US$402 million) in 2023, Rp89 billion or 22.3% due to an increase in new
it increased by 6% or Rp349 billion compared to the projects starting work.
2022 revenues of Rp5,834 billion. It was due to: • An increase in cost of SIM cards, vouchers, and
• An increase in others revenue by Rp432 billion or sales of peripherals expense by Rp50 billion or
18.7%. 6.7% related to the increased inventory of SIM
• An increase in call center service revenue by cards, components and prepaid vouchers.
Rp100 billion or 8.6%. • An increase in insurance expense by Rp39 billion
• An increase in e-health revenue by Rp32 billion or or 17% due to an increase in other expenses of
4.4%. Rp38 billion or 22%.
• An increase in e-payment by Rp22 billion or 4.6%.
The increases were compensated by the decrease
in manage service and terminal revenue by Rp237
billion or 20.5%.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 141
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DISCUSSION AND ANALYSIS
The increases were compensated by: 10.2% or Rp399 billion compared to 2022 of Rp3,929
• A decrease in leased lines and Customer Premise billion. It was due to changes in marketing program
Equipment (CPE) expense by Rp68 billion or 1.9%. strategies that were more efficient in promoting the
• A decrease in vehicles rental and supporting facilities introduction of new digital products and businesses
expense by Rp35 billion or 10.2%. after the integration of IndiHome, consumer
• A decrease in electricity, gas, and water expense by education, and strengthening SME businesses
Rp27 billion or 3%. through IndiBiz.
b. Depreciation and Amortization Expense f. General and Administrative Expense
TelkomGroup recorded depreciation and TelkomGroup’s general and administrative expenses
amortization expenses in 2023 at Rp32,663 billion in 2023 were Rp6,099 billion (US$396 million), it
(US$2,121 million), it decreased by 1.8% or Rp592 increased by 4.2% or Rp245 billion compared to
billion compared to the last year of Rp33,255 billion. 2022 of Rp5,854 billion. It was due to an increase
It was due to the changes in the extension of the in general expenses by Rp187 billion or 8.3% and
Group’s useful life in the current year and the impact training, education, and recruitment expense by
of accelerated depreciation of Multi-Service Access Rp90 billion or 24.3%. The increases were offset by
Node (MSAN) assets which were completed in the a decrease in professional fees expense by 9.2% or
previous year. Rp101 billion.
c. Personnel Expense 3. Gain (Losses) on Foreign Exchange-Net
The personnel expense in 2023 was Rp15,927 billion TelkomGroup’s business involves foreign currencies
(US$1,034 million). It increased by 6.8% or Rp1,020 and exchange rate fluctuations, so it may positively
billion from Rp14,907 billion in 2022. It was due to or negatively impact the Company’s financial
an increase in vacation pay, incentives, and other transactions. In 2023, TelkomGroup recorded loss on
benefits expense by Rp324 billion or 8% and increase foreign exchange - net of Rp36 billion (US$2 million), it
from salary and allowances expenses amounted decreased by 114.1% compared to the previous period
to Rp314 billion or 3.4% and LSA expense by Rp197 that gained Rp256 billion.
billion or 214.1% that related to the employee transfer 4. Unrealized Gain (Loss) on Changes in Fair Value of
of IndiHome integration. Investments
d. Interconnection Expense In 2023, TelkomGroup recorded unrealized loss on
TelkomGroup’s interconnection expense in 2023 changes in fair value of investments at Rp748 billion,
was Rp6,363 billion (US$413 million), it increased it decreased by 88.4% compared to the last period of
by 17% or Rp923 billion compared to the last period Rp6,438 billion.
of Rp5,440 billion. It aligned with the increase in 5. Other Income – Net
interconnection revenue. TelkomGroup recorded other income - net in 2023 at
e. Marketing Expense Rp252 billion (US$16 million), it increased by 869.2%
TelkomGroup recorded marketing expenses in 2023 or Rp226 billion compared to the last period of Rp26
at Rp3,530 billion (US$229 million), it decreased by billion.
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PA R T/ 04. 6. Operating Profit and Operating Profit Margin 10. Profit for The Year Attributable to Owners of The TelkomGroup recorded the operating profit in 2023 at Parent Company Rp44,384 billion (US$2,882 million), it increased by 12.1% Profit for the year attributable to owners of the parent compared to the last operating profit of Rp39,581 billion. company in 2023 recorded at Rp24,560 billion (US$1,595 Meanwhile, the operating profit margin increased from million), it increased by 18.3% from Rp20,753 billion in 26.9% in 2022 to 29.7% in 2023. 2022. 7. Profit Before Income Tax and Pre-Tax Margin 11. Profit for The Year Attributable to Non-Controlling TelkomGroup’s profit before income tax in 2023 was Interest Rp40,794 billion (US$2,649 million), it increased by Profit for the year attributable to non-controlling 12.3% compared to the last period of Rp36,339 billion. interests was at Rp7,648 billion (US$497 million), it Meanwhile, the pre-tax margin increased from 24.7% in increased by 10.4% from Rp6,927 billion in 2022. 2022 to 27.3% in 2023. 12. Total Comprehensive Income for The Year 8. Income Tax (Expense) Benefit In 2023, Telkom recorded comprehensive income TelkomGroup recorded expense tax benefit in 2023 was for the year of Rp30,754 billion (US$1,997 million), it Rp8,586 billion (US$558 million), it decreased by 0.8% increased by 4.4% or Rp1,307 billion compared to 2022 or Rp73 billion compared to 2022 of Rp8,659 billion. It of Rp29,447 billion. was in line with the decrease in deferred tax expense by 13. Net Income per Share Rp390 billion. TelkomGroup’s net income per share in 2023 was 9. Other Comprehensive Income (Losses) Rp247.92 per share, it increased by 18.3% or Rp38.43 TelkomGroup recorded other comprehensive losses compared to the last year of Rp209.49 per share. at Rp1,454 billion (US$94 million) in 2023, it decreased by 182.3% or Rp3,221 billion compared to other comprehensive income in 2022 of Rp1,767 billion. It was due to the actuarial loss of defined benefit plan – net by Rp2,853 billion related to the increase in post- retirement health care benefit costs. PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 143
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DISCUSSION AND ANALYSIS
CASHFLOW OVERVIEW
As of December 31, 2023, TelkomGroup’s cash and cash equivalent was decent at Rp29,007 billion (US$1,884 million). The
net cash provided by operating activities was Rp60,581 billion, net cash used in investing activities was Rp36,909 billion,
and net cash used in financing activities was Rp26,567 billion.
TelkomGroup Cashflow 2021-2023
Growth Years ended December 31
2023-2022 2023 2022 2021
(%) (Rp billion) (US$ million) (Rp billion) (Rp billion)
Net Cash
provided by operating activities (17.4) 60,581 3,934 73,354 68,353
used in investing activities (6.0) (36,909) (2,397) (39,250) (37,703)
used in financing activities (34.9) (26,567) (1,725) (40,837) (12,986)
Net increase (decrease) in cash
and cash equivalents (57.0) (2,895) (188) (6,733) 17,664
Effect of exchange rate changes on
cash and cash equivalents (112.2) (45) (3) 369 58
Cash and cash equivalents at
beginning of year (16.6) 31,947 2,075 38,311 20,589
Cash and cash equivalents at end
of year (9.2) 29,007 1,884 31,947 38,311
Cashflow Comparison
TelkomGroup’s highest cash receipt in 2023 was from operating activities of 78.2%, followed by the cash receipt from
financing activities of 21.7%. This composition indicated that TelkomGroup’s internal and external funds supported the
Company’s operational activities.
Composition of Cash Receipt 2021-2023 (Rp billion)
2023 2022 2021
Financing Financing Financing
41,795 36,003 65,075
Operating 21.7% Operating 19.2% Operating 30.3%
150,781 149,882 148,234
78.2% 80.0% 68.9%
Investing Investing Investing
313 1,402 1,696
0.1% 0.8% 0.8%
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Composition of Cash Disbursement 2021-2023 (Rp billion)
2023 2022 2021
Financing Financing Financing
68,362 76,840 78,061
Operating Operating Operating
34.9% 39.6% 39.6%
90,200 76,528 79,881
46.1% 39.4% 40.5%
Investing Investing Investing
37,222 40,652 39,399
19.0% 21.0% 20.0%
Comparison of Cash Flow for Year Ended TelkomGroup recorded cash receipts from operating
December 31, 2023 Compared to Year Ended activities of Rp150,781 billion in 2023. It increased by
December 31, 2022 Rp899 billion or 0.6% from cash receipts from operating
activities in 2022 of Rp149,882 billion. The cash receipts
TelkomGroup recorded cash and cash equivalents as of were from:
December 2023 of Rp29,007 billion or US$1,884 million. • Cash receipts from customers and other operators
It decreased by 9.2% or Rp2,940 billion from the last year of Rp148,458 billion.
total cash and cash equivalents of Rp31,947 billion. The • Cash receipts from finance income of Rp1,049 billion.
cash receipts of operating activities in 2023 were Rp150,781 • Cash receipts for tax refund of Rp681 billion.
billion or 78.2% of total cash receipts, while the cash • Cash receipts for other - net of Rp593 billion.
receipts from financing activities were Rp41,795 billion or
contributed to 21.7%, and the cash receipt from investing
activities of Rp313 billion or contributed to 0.1%. Meanwhile, cash disbursements for operating
activities in 2023 were Rp90,200 billion, it increased
In 2023, the cash disbursements for operating activities by 17.9% or Rp13,672 billion compared to the 2022 cash
were Rp90,200 billion or 46.1% of total cash disbursements. disbursements of Rp76,528 billion. TelkomGroup’s cash
Then, cash disbursements for financing activities were disbursements were for:
Rp68,362 billion or 34.9% of total cash disbursements, and • Cash payments for expenses of Rp53,410 billion.
the cash disbursements from investing activities were • Cash payments to employees of Rp16,116 billion.
Rp37,222 billion or 19%. • Cash payments for corporate and final income taxes
1. Cash Flow from Operating Activities of Rp10,746 billion.
Net cash provided by operating activities in 2023 • Cash payments for finance costs of Rp4,748 billion.
recorded at Rp60,581 billion or US$3,934 million. It • Cash payments for short-term and low-value lease
decreased by Rp12,773 billion compared to the last assets of Rp3,770 billion.
period. • Cash payments for Value Added Taxes – net of
Rp1,410 billion.
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DISCUSSION AND ANALYSIS
2. Cash Flow from Investing Activities 3. Cash Flows from Financing Activities
TelkomGroup recorded net cash used in investing TelkomGroup’s net cash used in financing activities
activities in 2023 was Rp36,909 billion or US$2,397 in 2023 was Rp26,567 billion (US$1,725 million), it
million, it decreased by 6.0% or Rp2,341 billion compared decreased by 34.9% or Rp14,270 billion from the 2022
to the last period of Rp39,250 billion. of Rp40,837 billion. TelkomGroup received cash from
financing activities of Rp41,795 billion, it increased by
Cash receipts from investing activities in 2023 were 16.1% or Rp5,792 billion compared to the last period of
Rp313 billion, it decreased by 77.7% or Rp1,089 billion Rp36,003 billion. The cash receipt was from:
from the last period of Rp1,402 billion. Cash receipts • Proceeds from bank loans and other borrowings of
were from: Rp38,834 billion.
• Proceeds from insurance claims of Rp199 billion. • Proceeds from issuance of new shares of subsidiaries
• Proceeds from sale of property and equipment of of Rp2,961 billion.
Rp100 billion.
• Dividend received from associated company of Rp14 Meanwhile, the cash disbursement for financing
billion. activities was of Rp68,362 billion, it decreased by 11% or
Rp8,478 billion compared to the last period of Rp76,840
Meanwhile, the cash disbursements for investing billion. The cash disbursement was for:
activity of Rp37,222 billion, it decreased by 8.4% or • Repayments of bank loan and other borrowings of
Rp3,430 billion from the last year of Rp40,652 billion. Rp35,323 billion.
The cash disbursement was for: • Cash dividends paid to the Company’s stockholders
• Purchase of property and equipment of Rp33,601 of Rp16,603 billion.
billion. • Cash dividends paid to non-controlling interests of
• Purchase of intangible assets of Rp2,817 billion. subsidiaries of Rp9,803 billion.
• Additional of long-term investment in financial • Repayments of principal portion of lease liabilities of
instrument of Rp340 billion. Rp6,602 billion.
• Placement in other current financial assets-net of • Buy back shares of non-controlling shareholders of
Rp315 billion. subsidiaries of Rp31 billion.
• Additional of other assets of Rp149 billion.
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S O LVE NCY
TelkomGroup’s 2023 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 strives
to keep the current ratio percentage above the industry average current ratio and retain the available loan that can be
withdrawn if needed.
TelkomGroup Liquidity Ratio 2021-2023
Ratio 2023 2022 2021
Current Ratio 77.7% 78.2% 88.6%
Quick Ratio 57.8% 59.9 % 68.7%
Cash Ratio 42.9% 47.3 % 56.1%
LONG-TERM LIABILITY
TelkomGroup monitors several 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 2023 Consolidated Financial
Statements indicate a Debt to Equity Ratio of 0.44 times, a Debt to EBITDA Ratio of 0.88 times, and an EBITDA to
Interest Expense Ratio of 16.7 times. Those ratios conclude that TelkomGroup’s ability to pay the long-term debt has a
relatively low risk of default.
Ratio 2023 2022 2021
Debt to Equity Ratio 0.44 X 0.42 X 0.48 X
Debt to EBITDA Ratio 0.88 X 0.80 X 0.91 X
EBITDA to Interest Expense Ratio 16.7 X 19.6 X 17.3 X
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 2023.
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CAPITA L ST RU CTU R E A N D T H E M A N AG E M ENT
P O LIC I E S FOR CAPI TA L ST R U CTUR E
CAPITAL STRUCTURE
TelkomGroup’s capital structure consists of short-term debt, long-term debt, and equity. As of December 31, 2023, the
most significant composition of TelkomGroup’s capital structure was equity. There were no substantial changes to the
equity and capital composition in 2023 compared to the previous period.
Capital Structure 2021-2023 (Rp billion)
2023 2022 2021
Short Term Short Term
Short Term
9,650 Long 8,191 Long 6,682 Long Term
Equity 4.7% Term Equity 4.3% Term Equity 3.5% 62.396
135,744 58,474 129,258 54,850 121,646 32.7%
66.6% 28.7% 67.2% 28.5% 63.8%
2023 2022 2021
Capital Structure
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Debt 9,650 627 63,041 69,078
Short Term Debt 58,474 3,797 8,191 6,682
Long Term Debt 68,124 4,424 54,850 62,396
Equity 135,744 8,815 129,258 121,646
Total 203,868 13,239 192,299 190,724
MANAGEMENT POLICY FOR These measures aligned with TelkomGroup’s capital
structure policy to achieve an optimal funding composition.
CAPITAL STRUCTURE The capital structure policy in the current year will become
the basis for management decision-making in terms of
TelkomGroup is required to maintain its creditworthiness, adding or paying short-term and long-term debt.
as indicated in its credit rating and capital structure. In
2023, TelkomGroup kept the debt levels below the industry In 2023, TelkomGroup’s Debt to Equity Ratio (DER) was
average, signified in the Debt to Equity Ratio and Debt to 0.44 times, while in 2022, it was 0.42 times. TelkomGroup’s
EBITDA Ratio. TelkomGroup also successfully maintained Debt Service Coverage Ratio as of December 31, 2023,
its solid capital structure by optimizing the cost of capital was 1.9 times, while in 2022, it was 1.6 times. Further
(weighted average cost of capital) and tax benefits and information regarding management’s policy on the
ensuring healthy financial ratios to maintain a balanced capital structure is in Notes 38 Capital Management in the
capital structure. 2023 TelkomGroup’s Consolidated Financial Statements.
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R EA LI Z AT ION OF CA PI TA L EXPE N D I TUR E
To anticipate the dynamic technology transformation, TelkomGroup has realized capital expenditure investments
that adjusted to the Company’s needs and strategies throughout 2023. The denomination of TelkomGroup’s capital
expenditure investment is in two currencies, namely Rupiah (Rp) and US Dollar (US$).
STRATEGY AND OBJECTIVES OF INVESTMENT IN CAPITAL
EXPENDITURE
The objective and strategy in determining investment in capital expenditure are to expand and maintain business
growth in the digital era based on digital connectivity, digital platforms, and digital services. In 2023, TelkomGroup
invested capital expenditure to build infrastructure capacity and capability for the increasing customer demand in the
future
TYPES OF INVESTMENT IN CAPITAL EXPENDITURE
Capital expenditure of Telkom and its subsidiaries are:
• Broadband services, comprising of mobile (4G, 5G) and fixed broadband;
• Network infrastructures, consist of core network, submarine cable, terrestrial cable, Metro-Ethernet, IP Backbone,
and satellite;
• Data Center, Cloud, TV Video, IoT, IT (smart platform, solution, and services); and
• Other supporting capital expenditures, such as supporting facility of connectivity, building, and power supply.
INVESTMENT VALUE IN CAPITAL EXPENDITURE
The total investment realization of TelkomGroup’s capital expenditure in 2023 was Rp32,968 billion or US$2,141 million.
It decreased by 3.5% from the previous year of Rp34,156 billion. The following are some of TelkomGroup’s capital
expenditure:
• Constructed Telkomsel BTS.
• Building neuCentrix and hyperscale data center.
• Tower addition and its supporting capacity.
• National project of submarine cable system deployment, such as the submarines cables of Gresik – Bawean, North
Lingga, and North Papua, and international submarine cable system.
• Telkomsat built high-throughput satellite (HTS) on the 133°E orbital to improve terrestrial network infrastructure
TelkomGroup’s Capital Expenditure Investment 2021-2023
Years ended December 31
2023 2022 2021
(Rp billion) (US$ million) (Rp billion) (Rp billion)
Total Investment in Capital Expenditure 32,968 2,141 34,156 30,341
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M ATERIAL COM M ITM E N T FO R CA PI TA L
EXPEND ITU RE
OBJECTIVES OF MATERIAL SOURCES OF FUNDS
COMMITMENT FOR CAPITAL TO FULFILL MATERIAL
EXPENDITURE COMMITMENT FOR CAPITAL
EXPENDITURE
As a digital telco company, TelkomGroup should
make sustainable investments to accelerate digital
In 2023, TelkomGroup had a decent leverage to fund
transformation. We made several material commitments
capital expenditures. TelkomGroup has several alternatives
for capital expenditure to support transmission and
for other funding, including internal and external funding
network equipment and other digital infrastructure.
sources, such as bank funding, debt instruments, and
The material commitment of TelkomGroup and other
additional share capital for capital expenditure investment
parties in the form of project agreements is in Note 35
according to a predetermined business plan.
Significant Commitments and Agreements in the 2023
TelkomGroup’s Consolidated Financial Statements.
DENOMINATED CURRENCIES OF MATERIAL COMMITMENT FOR
CAPITAL EXPENDITURE
TelkomGroup uses three currency denominations in material commitments for capital expenditure investment.
It consists of the Rupiah, Chinese Yuan, and the US Dollar. The most significant bond is in the Rupiah currency of
Rp8,596 billion.
Material Commitments Based on Currency as of December 31, 2023
Table of Material Commitment based on Amounts in Foreign Currencies Equivalent in Rupiah
Currencies (million) (billion)
IDR - 8,596
USD 235 3,619
Chinese Yuan 33 71
Total — 12,286
FOREIGN CURRENCY RISK deposits and receivables of at least 25% of the outstanding
foreign currency short-term liabilities. Therefore,
MITIGATION OF MATERIAL TelkomGroup can offset exchange rate fluctuation losses
CONTRACTS FOR CAPITAL with exchange rate gains on time deposits and receivables.
EXPENDITURE More details regarding material commitments for capital
expenditure investment and foreign exchange rate risk are
in Note 35 Significant Commitments and Agreements and
Material commitments for capital expenditure in foreign
Note 37 Financial Instruments in the 2023 TelkomGroup’s
currencies can be affected by fluctuations in currency
Consolidated Financial Statements.
rates. To mitigate this risk, TelkomGroup determines time
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R EC E IVABLE S COL L ECTA B I L I TY
TelkomGroup had a decent receivables collectability level TelkomGroup monitors receivables and collection
with consolidated maturity receivables as of December 31 balances regularly to minimize the customers’ credit risk.
for 2023 and 2022, which are not impaired or collectible Methods in collecting its accounts receivable are direct
of Rp4,033 billion and Rp2,069 billion. Meanwhile, the visits, reminding letter, direct billing, cooperating with
accounts receivable turnover ratio was recorded at 15.5%, partners regarding account receivable collection service
and the average collection time ratio was 23.6 days. to temporarily isolate services, and actively contacting
customers via phone, letter, or email.
TelkomGroup’s Receivables Collectability 2021-2023
Average Collection Duration Ratio (%)
Ratio
2023 2022 2021
Average collection ratio (days) 23.6 21.2 25.3
Receivables turnover ratio (%) 15.5 17.2 14.4
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 2021-2023
2023 2022 2021
Analysis of Accounts Receivable by Age
Rp (billion)
Not past due 7,020 6,964 5,625
0 – 3 months 2,758 1,674 2,447
3 – 6 months 1,215 664 924
> 6 months 7,180 6,900 7,316
Total receivables before provision 18,173 16,202 16,312
Provision for impairment of receivables (7,506) (7,568) (7,802)
Net receivables after provision 10,667 8,634 8,510
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 2023 was Rp7,506 billion,
lower than the provision for 2022 of Rp7,568 billion. Further discussion of TelkomGroup’s receivables is in Note 5 Trade
Receivables in the 2023 TelkomGroup’s Consolidated Financial Statements.
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M ATERIAL IN FORMAT I O N A N D FACT A F T E R
ACCO U N TAN T RE PO RT I N G DAT E
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, 2023, as follows:
Material Information and Fact After Accountant Reporting Date for 2023 Reporting Period
No. Material Information and Facts
1. In January 2024, Telkomsel paid off all medium-term debt to BSI, Bank of China, and BJB, amounting to Rp500
billion, Rp1,400 billion, and Rp500 billion, respectively.
Detailed explanations regarding the above transactions can be found in Note 40 Subsequent Event in TelkomGroup’s
2023 Consolidated Financial Statements.
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BUS INE S S PROS PECTS A N D
S USTAIN ABILITY O F T H E CO M PA N Y
solutions to give added value to customers. Therefore,
2023 was a recovery period after the COVID-19 Pandemic, Telkom can improve its service quality and competitiveness
during which public activities returned to normal and with a reliable infrastructure.
the economy recovered. Nevertheless, many economic
challenges remained this year, specifically the global On the other hand, the Government has specifically
economy. Amid the challenges, Indonesia’s economy tasked Telkom to support accelerating the national digital
remained relevantly secured, with a GDP growth of transformation by launching the Electronic Procurement
5.05% in 2023. Despite weakening growth compared to System. It was officiated through Presidential Regulation
2022, which was 5.31%, Indonesia could still maintain its Number 17 Year 2023 regarding the Acceleration of Digital
relatively strong economic activity amidst the increasingly Transformation in Government Procurement of Goods/
challenging global conditions. Services. Telkom has prepared the adequate infrastructure
and capacity to support the acceleration of this digital
For the telecommunication sector, the vast growth of transformation.
internet usage in Indonesia benefits Indonesia’s leading
telecommunication operators. The Indonesian Internet Telkom has owned 175,692 km of fiber optic network
Service Providers Association (APJII) survey stated that the covering 501 cities/regencies. Two satellites with 109
total number of internet users in Indonesia is 78% of the transponders, 231,226 base transceiver stations (BTS), and
total population, exceeding the average number of users 42,106 telecommunication towers support this network.
in South East Asia, which reaches around 77% and is the Telkom also possesses supportive digital platforms of 31
most internet penetration than other Asian regions. It data centers, with 26 domestic data centers and 5 abroad.
also shows that 99% of Indonesians access the internet by
using smartphones. These numbers are expected to keep In the Mobile segment, Telkom notices the opportunities
increasing with the higher smartphone use in Indonesia. from the increasing public interest in digital services.
It is an excellent opportunity for the telecommunication Therefore, Telkom is trying to maximize the growth of
industry, specifically mobile operators, to grow its business digital connectivity and platforms to develop digital
further. services by utilizing 5G network connectivity. Telkom
will also be gradually developing IoT solutions, cloud
As internet use rises, so does the public’s interest in computing, and artificial intelligence following the
various digital services. Many digital services in Indonesia maturity and stability of the connectivity ecosystem.
are gaining traction, including music streaming, video
content, games, and digital financial services such as Meanwhile, Telkom focuses on improving the customer
online payment like m-banking and QRIS. The Indonesian experience to maintain its market share and attract new
Telecommunication Providers Association (ATSI) data subscribers in the Consumer segment. Besides, Telkom
shows that monthly, 400-500 million online transactions also integrated IndiHome products that target the
occur. Therefore, the telecommunication sector plays Consumer segment into Telkomsel products that target
a significant role as an economic locomotive in other the Mobile segment. The integration was based on the
sectors. Fixed Mobile Convergence (FMC) initiative as part of the
primary Five Bold Moves strategy. This FMC initiative
To support Indonesia’s digital economic growth and opens the opportunity to further strengthen Telkom’s
strengthen its position in the telecommunication business in digital telecommunication by providing
industry, Telkom constantly develops and improves its seamless service between fixed and mobile broadband to
infrastructure, including fiber optic network development get more subscribers’ satisfaction. FMC also encourages
and increasing its network capacity. Telkom has also more coverage of broadband service and accelerating
adopted the latest technology and provided various IoT digital connectivity equality in Indonesia that is inclusive
and sustainable.
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In addition, Telkom also focuses on the Enterprise business higher demands in line with the more advanced of
line that possesses high profitability and recurring other digital services and solutions. Besides, Telkom is
tendency through the enterprise solutions services. also operating its international business and strategic
Telkom also fulfills the hybrid cloud demands from SMEs, partnerships with other global players to solidify its
startups, SOEs, enterprises, and Government institutions. business in the telecommunication industry.
The higher digitalization of business activities by business
players also means a market opportunity for Telkom. To Telkom constantly tries to answer every customer’s needs
seize this opportunity, Telkom offers system integration, IT and maintains business continuity with the development
service management, and CRM services as a solution for of infrastructure, platforms, and digital services to support
the Enterprise segments to operate their business. activities in all segments and society strata. These measures
align with the digital telco prospect so that Telkom will keep
On the Wholesale & International Business (WIB), Telkom improving digital technological integration to all business
focuses on improving the services and capacity of digital aspects that can encourage fundamental changes in
ecosystem inf rastructures, which include carrier, data governance, business operation, and how it adds value
center, tower, inf rastructure maintenance, and network to every user. In addition, Telkom will keep strengthening
management services. This segment is the digital its competitive advantages to accelerate its vision of
ecosystem enabler and is significant in promoting the becoming the leading digital telco and create equal digital
growth of digital connectivity in Indonesia. Thus, Telkom sovereignty to society for a better Indonesia.
is focusing on data center development to anticipate
COMPARISON OF INITIAL YEAR TARGET AND THE REALIZATION
TelkomGroup’s revenue grew by 1.3% to Rp149,216 billion in 2023. Telkom’s EBITDA and Net Profit in 2023 were recorded
at Rp77,579 billion and Rp24,560 billion. Meanwhile, the EBITDA and Net Profit margins were recorded at 52% and 16.5%.
TelkomGroup used Rp32,968 billion for capital expenditures in 2023 or 22.1% of total revenue.
Comparison of TelkomGroup Targets and Realizations in 2023
Indicator Realization In 2023 Targets In Initial 2023
Revenue Growth Revenues grew by 1.3%. 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 Net EBITDA Margin increased to 52% while EBITDA Margin and Net Income Margin
Income Margin Net Income Margin increased to 16.5%. are 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
to Rp32,968 billion, or 22.1% of revenue planned for capital expenditure,
with focused investment in digital focusing on building digital business
business infrastructure. infrastructure.
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TA RGE T OR PROJ ECT I O N S FO R T H E
FOLLOWIN G YE AR
TelkomGroup strives to achieve sustainable company growth based on the 2021-2025 Framework as the basis for a
corporate strategy that focuses on developing three main pillars: digital connectivity, digital platforms, and digital
services. These three pillars are supported by seven other pillars that serve as delivery directions: portfolio optimization,
technology, organization, synergy and operational excellence, individual and corporate culture, inorganic, and corporate
governance.
In 2024, TelkomGroup will target the revenue to grow competitively, with IndiHome as the most significant contributor.
TelkomGroup aggressively maintains its dominance in the cellular market and develops digital business. TelkomGroup
also invested throughout 2023 to expand the capacity and maintain service quality amid the increasing traffic and
develop digital platforms as business enablers in the future. Therefore, TelkomGroup plans a capital expenditure
allocation of around 25%-30% of the revenue to build the infrastructure.
TelkomGroup’s Target or Projections for The Following Year
Indicator Target in 2024
Revenue Growth We estimate that the competition in telecommunication industry will be more challenging.
Overall, the Company is expected to grow positively in the low to mid-single-digit range.
EBITDA Margin and EBITDA Margin and Net Income Margin are projected to increase slightly in line with the
Net Income Margin decline in legacy business shifting to digital business (connectivity, platform, and service).
Capital Expenditure Around 25%-30% of our revenue is planned for capital expenditures, focusing on building
digital business infrastructure.
Dividend Policy The dividend payout ratio ranges from 60%-90%.
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D IVIDE ND
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 2023 for business performance in 2022 was Rp 16,602,697 million (80% from net profit).
Telkom’s Dividend Payment for the Year 2018-2023 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-Cash)
(%) 1
Distribution in (Rp million) after Stock Split
Non-Cash (Rp)
2018 AGMS, May 24, 2019 June 27, 2019 90.00 16,228,619 2 163.82
2019 AGMS, June 19, 2020 July 23, 2020 81.78 15,262,338 3 154.07
2020 AGMS, May 28, 2021 July 2, 2021 80.00 16,643,443 4
168.01
2021 AGMS, May 27, 2022 June 30, 2022 60.00 14,855,921 5
149.97
2022 AGMS, May 30, 2023 July 5, 2023 80.00 16,602,697 6
167.60
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 Rp10,819,080 million and special cash dividend amounting to Rp5,409,540 million.
3. Consists of cash dividend amounting to Rp11,197,606 million and special cash dividend amounting to Rp4,064,730 million.
4. Consists of cash dividend amounting to Rp12,482,582 million and special cash dividend amounting to Rp4,160,860 million.
5. Only consists of cash dividend amounting to Rp14,855,921 million.
6. Only consists of cash dividend amounting to Rp16,602,697 million.
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R EA LI Z AT ION OF PUB L I C O F F E R I N G F U N D
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, 2023.
Realization of Telkom’s Public Offering Funds as of December 31, 2023
Time Realization of Funds
Amount Maturity
Date of Issue Periode Balance
Name of the Bond (Rp million) Date Year
(year) (Rp million)
The Shelf Registered 2,100,000 June 23, 2015 June 23, 2025 10 0 2016
Bonds I Telkom 2015
series B
The Shelf Registered 1,200,000 June 23, 2015 June 23, 2030 15 0 2016
Bonds I Telkom 2015
series C
The Shelf Registered 1,500,000 June 23, 2015 June 23, 2045 30 0 2016
Bonds I Telkom 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 2023 TelkomGroup Consolidated Financial Statements.
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M ATERIAL IN FORMAT I O N R EG A R D I N G
T RANS ACT ION WIT H CO N F L I CT O F
I NTERE ST, T RAN S ACT I O N WI T H A F F I L I AT E D
PA RT IE S , INVE ST M E N T, D IVE ST M E N T, A N D
ACQ UIS IT ION
TelkomGroup recorded affiliated transactions in 2023. The implementation of affiliated transactions has complied with
internal policies related to the Main Procedures for Affiliated Transactions and Conflicts of Interest Transactions stipulated in
the President Director’s Official Note. Based on the review, Telkom has ensured that all affiliated transactions comply with
the internal procedure and applicable general provisions and follow the POJK No. 42/2020 provision. On the other hand, no
transactions with related parties contain conflicts of interest as they are according to the principles of fairness and business
practice.
Transaction Transaction Type Cause of Transaction
n/a n/a n/a
n/a n/a n/a
n/a n/a n/a
The list of affiliated transactions that must be disclosed in the Annual Report 2023, can be seen in Note 32 regarding
Related Parties Transactions in 2023 TelkomGroup’s Consolidated Financial Statements and Appendix 4 in Annual
Report for 2023 Reporting Period.
158 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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C HAN G E S IN L AW A N D R EG UL AT I O N
In implementing the practice of Good Corporate Meanwhile, the Government also issued Law No. 6 of
Governance (GCG), TelkomGroup constantly reviews 2023 on the Stipulation of Government Regulation in
every regulation change that could affect operational Lieu of Law No. 2 of 2022 on Job Creation to Become Law
activities. On February 20, 2023, Presidential Regulation on March 31, 2023. The Law No. 6 of 2023 officiated the
Number 17 Year 2023 regarding the Acceleration of Digital Government Regulation (Perpu) 2 of 2022 regarding Job
Transformation in Government Procurement of Goods/ Creation to become the Job Creation Law and perfected
Services was released. This Presidential Regulation was several workforce substances such as:
to create sovereignty and growth in Indonesia’s economy 1. Outsourcing provisions of what types of work can be
by increasing the use of local products and SME and outsourced.
Cooperative products in the Government’s Procurement 2. Improvements and adjustment of minimum wage
of Goods/Services, as well as accelerate the absorption of calculation.
the State’s Budget (Anggaran Pendapatan dan Belanja 3. Confirmation of the obligation to implement a wage
Negara or APBN)/Local government budget (Anggaran structure and scale for workers/laborers who have
Pendapatan dan Belanja Daerah or APBD) to boost the worked for one year or more.
equal national economy. 4. The use of disability terminologies as adjusted by Law
Number 8 of 2016 regarding Persons with Disabilities.
With this acceleration, in December 2023, Telkom signed 5. Corrected references for the articles that regulate the
an agreement with the National Public Procurement use of the right-to-rest breaks with fully paid wages
Agency (LKPP). Through LKPP, the Government assigned and regulate the benefits of the Job Loss Guarantee
Telkom to launch the Electronic Procurement System (Jaminan Kehilangan Pekerjaan or JKP) program.
(Sistem Pengadaan Secara Elektronik or SPSE) and its
supporting system, which could create a more modern, On July 20, 2023, Presidential Regulation Number 47 of
transparent, efficient procurement process and simplify 2023 was issued regarding the National Cyber Security
bureaucracy. Through this Presidential Regulation, Strategy and Cyber Crisis Management. It acts as the
the Indonesian Government has specifically assigned foundation for government institutions and stakeholders
Telkom to boost the national digital transformation. This in creating cyber power and capability to get cyber
system is the only general application for goods/services security stability. It is also a reference for Telkom in solving
procurement to create a government ecosystem based on cyber threats and preparing proper strategies to form
e-government. cyber security.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 159
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MANAGEMENT
DISCUSSION AND ANALYSIS
C HA NG E S IN ACCO U N T I N G P O L I CY
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 2023, including:
1. Amendments to PSAK 1 regarding Presentation of Financial Statement.
2. Amendment to PSAK 16 regarding Fixed Assets.
3. Amendments to PSAK 25 regarding Accounting Policies, Changes in Accounting Estimates and Errors.
4. Amendments to PSAK 46 regarding Income Taxes.
5. Amendments to IAS 1 regarding Presentation of Financial Statements.
6. Amendments to IAS 8 regarding Accounting Policies, Changes in Accounting Estimates and Errors.
7. Amendments to IAS 12 regarding Income Taxes.
Implementation and Changes of Accounting Policies of TelkomGroup in 2023
Impact on Financial Statements for
No. Accounting Policy Reason for Change Financial Year 2023
SAK Financial Report IFRS Financial Report
1. PSAK 1 DSAK issued amendments No material impact No material impact on
to the accounting on SAK financial IFRS financial statements
standards as the adoption statements, has potential
of Amendment to IAS 1. for adjustments in the
disclosure of material
accounting policy
information.
2. PSAK 16 DSAK issued amendments No material impact on No material impact on
to the accounting SAK financial statements IFRS financial statements
standards as the adoption
of Amendment to IAS 16.
160 ANNUAL REPORT 2023 PT TELKOM INDONESIA (PERSERO ) TBK
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Impact on Financial Statements for
No. Accounting Policy Reason for Change Financial Year 2023
SAK Financial Report IFRS Financial Report
3. PSAK 25 DSAK issued amendments No material impact on No material impact on
to the accounting SAK financial statements IFRS financial statements
standards as the adoption
of Amendment to IAS 8.
4. PSAK 46 DSAK issued amendments No material impact on No material impact on
to the accounting SAK financial statements IFRS financial statements
standards as the adoption
of Amendment to IAS 12.
5. IAS 1 IASB issued amendments No material impact on No material impact
to IAS 1 regarding SAK financial statements on IFRS financial
Disclosure of Accounting statements, has potential
Policies. for adjustments in the
disclosure of material
accounting policy
information.
6. IAS 8 IASB issued amendments No material impact on No material impact on
to IAS 8 regarding SAK financial statements IFRS financial statements
Definition of Accounting
Estimates.
7. IAS 12 IASB issued amendments No material impact on No material impact on
to IAS 12 regarding: SAK financial statements IFRS financial statements
a. Deferred Tax related to
Assets and Liabilities
arising from a Single
Transaction.
b. International Tax Reform
- Pillar Two Model Rules.
Further details of the changes in accounting policies in Telkom’s financial statements for the current year is disclosed in
Note 2 Summary of Accounting Policies of 2023 TelkomGroup’s Consolidated Financial Statements.
PT TELKOM INDONESIA (PERSERO ) TBK ANNUAL REPORT 2023 161
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Corporate Governance
162 ANN U AL
L RE
E P OR
RT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 165
Pa r t/ 05.
05.
Governance
Corporate
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 163
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Corporate Governance
COR P O RAT E G OVER N A N C E PR I N C I PL E A N D
PL ATFORM
TelkomGroup implements Good Corporate Governance 9. Financial Services Authority Regulation
(GCG) to strengthen trust and increase the Telkom’s No. 21/POJK.04/2015 regarding Implementation of
added value for shareholders and other stakeholders. Governance Guidelines for Public Companies;
The implementation of GCG is also expected to support 10. Financial Services Authority Circular Letter
the Telkom in realizing Telkom’s Vision and Mission. No. 32/SEOJK.04/2015 regarding Governance
Furthermore, with consistent implementation of GCG, Guidelines for Public Companies;
TelkomGroup will be able to maintain and improve healthy 11. Financial Services Authority Circular Letter No. 16/
and competitive business continuity in the long term. SEOJK.04/2021 regarding Form and Content of Annual
Report of Issuers or Public Companies;
Apart from that, the consistency of GCG implementation 12. SOE Minister Letter No.S-35/MBU/01/2020 regarding
is also a concern for Telkom, especially in the Anti- Implementation of an Anti-Bribery Management
Corruption & Business Ethics Program. The Telkom System in SOE;
ensures that its anti-corruption policies and procedures 13. SOE Minister Regulation No.PER-2/MBU/03/2023
are communicated to employees and business partners regarding Guidelines for Governance and Significant
in a manner that demonstrates senior management’s Corporate Activities of State-Owned Enterprises.
explicit and active commitment. Telkom applies a
“zero tolerance” approach to fraud, corruption, and Telkom also refers to other GCG implementation guidelines,
other unethical behavior or actions that violate the such as Corporate Governance principles developed by the
implementation of good corporate governance (GCG). Organization for Economic Cooperation and Development
(OECD) and General Guidelines for Indonesian Corporate
In implementing GCG, Telkom refers to various relevant Governance (PUGKI) developed by the National Committee
regulations as a reference, including: for Governance Policy (KNKG), as well as ASEAN Corporate
1. Law No. 40 Year 2007 regarding Limited Liability Governance Scorecard. Telkom has built a strong
Companies; foundation in implementing GCG for Subsidiaries through
2. Law No. 8 Year 1995 regarding Capital Market; Resolution of the Board of Directors No. PD.602.00/r.00/
3. Financial Services Authority Regulation HK000/COP-D0030000/2011 regarding TelkomGroup
No. 33/POJK.04/2014 regarding Directors and GCG Guidelines as a guide for Telkom and Subsidiaries in
Commissioners of Issuers or Public Companies; operating and transacting according to GCG ethics and
4. Financial Services Authority Regulation principles.
No. 34/POJK.04/2014 regarding Nomination and
Remuneration Committee of Issuers or Public
IMPLEMENTATION OF GCG
Companies;
5. Financial Services Authority Regulation BASIC PRINCIPLES
No. 11/POJK.04/2017 regarding Reports of Ownership
or Any Changes in Ownership of Public Telkom Shares; Telkom applies 5 (five) GCG principles in carrying out its
6. Financial Services Authority Regulation business processes, namely:
No. 60/POJK.04/2015 regarding Information Disclosure
of Certain Shareholders; 1. Transparency
7. Financial Services Authority Regulation a. The publication of financial statements and Annual
No. 8/POJK.04/2015 regarding Website of Issuers or Report and other material information, such as the
Public Companies; decision making process as a means for investors to
8. Financial Services Authority Regulation access important information easily.
No. 29/POJK.04/2016 regarding Annual Report of b. Information access in the form of Telkom website,
Issuers or Public Companies; print, and press releases, direct meeting with
Investor, public expose, and press gathering.
164 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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2. Accountability 4. Independency
a. The accessible charter, guide, or manual that a. To carry out professionalism within the Telkom
contains the clear functions, implementation, without a conflict of interest and free from the
and accountability of Shareholders, Board of influence of pressures from other parties that are
Commissioners, Directors, Committees, and not appropriate with regulations and contrary to
Corporate Secretary. right corporate principles.
b. Implement the mechanism of checks and balances b. Include rules/authority for corporate decision
of authority and role in the management of the making in the Board Manual and Telkom’s Articles
Telkom. of Association which emphasizes independency.
c. Have a clear Key Performance Indicator (KPI) and c. Have additional policies in the Corporate Governance
operational targets. Guidelines oriented towards the principle of
independency, such as conflict of interest transaction
3. Responsibility policies, the prohibition of donations from political
a. Comply with laws and/or tax regulations, fair parties, and prohibitions on affiliation.
competition, industrial relations, occupational
health and safety, payroll standards, and other 5. Fairness
relevant regulations. a. Apply the principles of equality and fairness in
b. Have mechanisms and procedures that regulate fulfilling the rights of Stakeholders that arise based
and evaluate compliance with applicable laws and on agreements and applicable laws and regulations.
regulations, as well as implement good corporate b. Respect the rights of minority Shareholders.
principles. c. Prohibit the practice of insider trading.
c. Having a manager of Legal and Compliance d. Implement performance management based on a
function for ensuring the fulfillment of all rules and balanced scorecard.
regulations. e. Conducting open auctions in the procurement of
goods/services and implementing e-procurement.
IMPLEMENTATION OF GCG MANAGEMENT PRINCIPAL - FINANCIAL
SERVICES AUTHORITY
Telkom applies eight principles of Corporate management by the Public Telkom Governance Guidelines from the
Financial Services Authority (OJK) from the evaluation results as of the end of 2023, as follows:
Principle Recommendation Implementation Status
Principle 1
Improving 1. Technical methods or Telkom already has technical procedures for voting set out Comply
The Value of procedures for open in the procedures for the General Meeting of Shareholders.
General Meeting and closed voting that
Shareholders prioritizes independence
(GMS). and interest of the
Shareholders.
2. Members of the Board All of the members of the Board of Directors and the Comply
of Directors and the Board of Commissioners attended the GMS.
Board of Commissioners
attend the Annual GMS.
3. A summary of minutes Telkom provided a Summary of Minutes of GMS at the Comply
of GMS is available at the Telkom’s Website under Investor Relations.
Website at least 1 year.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 165
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Corporate Governance
Principle Recommendation Implementation Status
Principle 2
Improving 1. To have a policy on Telkom has a policy on communications with investor Comply
The Public communications through Non-Deal Roadshow, One on One Meeting,
Listed Telkom between Public Telkom Earnings Call, Public Expose, Conference, and Investor
Communication and Shareholders or Summit.
Quality with Investors.
Shareholders or
2. Posted the Telkom has made available materials of each Earnings Comply
Investors.
communications policy Call, Conference and materials of presentation to
of a Public Telkom at the investor at the Telkom’s website to provide equality for
Website. Shareholders and Investor regarding the implementation
of Communications with the Telkom.
Principle 3
Strengthening 1. Determination of the Telkom has complied with the provision applicable to Comply
The Membership numbers of the Board the Telkom as Public Telkom as set out in Article 20
and Composition of Commissioners of Regulation of Financial Services Authority No. 33/
of Board of members should POJK.04/2014 that the number of members of the Board
Commissioners. take into account the of Commissioners must be at least 2 (two) persons.
Company’s Conditions.
2. Determination of At the Shareholders’ discretion, members of the Board Comply
the composition of of Commissioners have been appointed by taking into
members of the Board account a variety of skills, knowledge, experiences and
of Commissioners Telkom’s business conditions, and complexity.
takes into account
the required variety of
skills, knowledge, and
experience.
Principle 4
Improving The 1. The Board of Based on the Joint Regulation of the Comply
Quality of Duty Commissioners has Board of Commissioners and Directors
and Responsibility the policy to self-assess No. 05/KEP/DK/2022 and No. PD.620.00/r.01/HK200/
of Board of the performance of the COP-M4000000/2022 regarding Guidelines for the Work
Commissioners. Board of Commissioners. Procedures of the Board of Commissioners and Directors
(Board Manual) Limited Liability Telkom (Persero) PT
Telekomunikasi Indonesia Tbk, there is a policy to assess
the performance of Telkom'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 Comply
policy is reported in the Board of Commissioners and Directors
Annual Report. 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) Limited Liability Telkom (Persero) PT
Telekomunikasi Indonesia Tbk, there is a policy for self-
assessment which is disclosed in the Annual Report.
166 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Principle Recommendation Implementation Status
3. The Board of In accordance with Telkom’s Articles of Association, Comply
Commissioners has a jo. Regulation of Financial Services Authority No. 33/
policy of resignation in POJK.04/2014 regarding the Board of Directors and Board
the event of involvement of Commissioners of Issuers or Public Companies, any
in any financial crimes. 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.
4. The Board of The Nomination and Remuneration Committee in the Comply
Commissioners through Nomination and Remuneration Committee Charter states
the Nomination that one of its duties is to provide recommendations to
and Remuneration the Board of Commissioners to be submitted to the Series
Committee formulates a A Dwiwarna Shareholders, one of which is regarding
succession policy in the Succession Planning for Members of the Board of
process of nominating Directors.
members of 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.
Principle 5
Strengthening 1. Determination of the Determination of the number of Directors of the Comply
Membership and number of members of Telkom refers to Article 2 paragraph (1) and paragraph
Compositions of the Board of Directors (2) of Financial Service Authority Regulation No. 33/
Board of Directors. takes into account the POJK.04/2014 regarding the Board of Directors and Board
Company’s conditions of Commissioners of Issuers or Public Companies which
and effectiveness in stipulates that the number of members of the Board of
decision-making. 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 the Board of Comply
the composition of Directors of the Telkom have been appointed by taking
members of the Board into account a variety of skills, knowledge, experiences,
of Directors takes into and the Telkom’s conditions and business complexity.
account a variety of
skills, knowledge, and
experiences as required.
3. Members of the Board The members of the Board of Directors in charge of Comply
of Directors in charge accounting and finance in the Telkom is the Finance
of accounting and Director & Risk Management who has sufficient
finance have skills accounting and financial knowledge and experience as
and/or knowledge in can be seen in the position and education history of the
accounting. Board of Directors under the section of Profiles of the
Board of Directors.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 167
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Corporate Governance
Principle Recommendation Implementation Status
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 for
execution and assess the performance assessing the performance of the Board of Directors
Responsibility of of the Board of Directors. individually and collegially, this is stated in the Board of
Board of Directors. 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 Telkom (Persero) PT Telekomunikasi
Indonesia Tbk.
2. The self-assessment Results of the self-assessment of the Board of Directors are Comply
policy is reported in an reported in the Telkom’s Annual Report under the section of
Annual Report. Corporate Governance.
3. The Board of Directors Based on Telkom’s Articles of Association Comply
has a policy of and Financial Service Authority Regulation
resignation in the event No. 33/POJK.04/2014 regarding the Board of Directors and
of involvement in any Board of Commissioners of Issuers or Public Companies,
financial crimes. 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.
Principle 7
Improving 1. To have a policy to Based on Regulation of the Director of Human Capital Comply
Corporate prevent Insider Trading Management No. PR 209.05/r.01/ K250/COP-A4000000/2020
Governance practice regarding Employee Discipline, the policy to prevent Insider
Aspect Through Trading practice is contained in Article 5 regarding prohibitions
Stakeholders for each employee include abuse of authority or position and
Participation. unauthorized use of Company information.
2. To have a policy of Anti- Telkom is always committed to supporting the Comply
Corruption and Anti- implementation of anti-corruption and anti-corruption
Fraud. 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 on Comply
selection and capacity procurement policies that exist within Telkom internally
building of Suppliers which are managed through the SSO Procurement
and Vendors. & 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.
168 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Principle Recommendation Implementation Status
4. To have a policy on the Telkom has a policy to fulfill the rights of our Creditors Comply
fulfillment of creditors’ through the Financial Accounting Unit & Corporate
rights. 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 Commissioners Comply
Whistleblowing system. 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.
6. To have a Policy on In determining the incentives obtained by the Board of Comply
the granting of long- Directors, Telkom is guided by Regulation of Minister of SOE
term incentives to the No. PER-12/MBU/11/2020 regarding Guidelines for Determining
Board of Directors and the Income of the Board of Directors, Board of Commissioners,
Employees. 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 medium for Comply
Implementation technology along with information disclosure and product promotion. In addition,
of Information website as a medium of Telkom also use the mailing list system as medium for
Disclosure. information disclosure. information disclosure and communication with Investor.
2. The Annual Report Telkom discloses the ultimate beneficial owner in the Comply
of Public Companies ownership of Company shares with ownership of 5% or
disclose the most more in Telkom's Annual Report in the Composition of
current beneficial Shareholders section.
owners of the
Company’s ownership,
at least 5% other than
major shareholders and
controllers.
The Telkom'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.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 169
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Corporate Governance
COR P O RAT E G OVER N A N C E ST R UCTU R E
In accordance with Capital Market Provisions and Law No. 40 Year 2007 regarding Limited Liability Companies, Telkom
owns governance structure consisting of Main Organs and Supporting Organs, as follows:
MAIN ORGANS
BOARD OF GENERAL MEETING OF BOARD OF
DIRECTOR SHAREHOLDERS (GMS) COMMISSIONERS
SUPPORTING ORGANS
CORPORATE AUDIT
SECRETARY COMMITTEE
INTERNAL AUDIT COMMITTEE FOR
DEPARTMENT NOMINATION AND
REMUNERATION
COMMITTE FOR
PLANNING
AND RISK
EVALUATION
AND MONITORING
170 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
CO RPORAT E G OVE R N A N C E A S S E S S M E N T
Through the implementation of GCG, Telkom supports referring to the ASEAN Corporate Governance Scorecard
accountability, increases business success, increases can be accessed at https://www.Telkom.co.id/sites/about-
value, and creates a superior Telkom image. Telkom is Telkom/id_ ID/page/asean-corporate-governance-
committed to implementing comprehensive governance scorecard-2023-1009.
in the future by relevant regulations, such as Laws,
Government Regulations, and Ministerial Regulations, as Telkom is always committed to carrying out the Telkom’s
well as complying with the rules imposed by the Financial performance based on ESG principles, including
Service Authority as an issuer registered on the IDX. implementing GCG. This is proven by obtaining the
title “Most Excellence Good Corporate Governance
The ASEAN Capital Market Forum (ACMF) developed a Implementation” at the 2023 CNBC Indonesia Awards.
parameter for measuring governance practices in the Telkom also received an award from the Economic Review
form of an ASEAN Corporate Governance Scorecard at the 2023 Indonesia GCG Award as 1st The Best Indonesia
(ACGS) assessment created based on OECD principles. GCG for Public Telkom 2023, Sector: Infrastructure,
These parameters are expected to increase investor Utilities & Transport – Industry: Telecommunications
confidence in listed companies in ASEAN. and 1st The Best Indonesia Enterprise Risk Management
for Public Telkom 2023, Sector: Infrastructure, Utilities
TelkomGroup has implemented governance according & Transport – Industry: Telecommunications Apart
to the parameters of the ASEAN Corporate Governance from that, The Telkom was also named in the Top
Scorecard, which is assessed annually by Financial Service 50 Issuers with the Largest Market Capitalization
Authority, RSM Indonesia, and Indonesian Institute for (Best Non-Financial Sector category) in the 14th IICD
Coorporate Director (IICD). There five main parameters Corporate Governance Award. This award was given to
are considered, including those related to Shareholder appreciate Telkom’s exemplary GCG implementation and
Rights, Equal Treatment of Shareholders, Role of risk management so that it can grow and develop amidst
Stakeholders, Disclosure and Transparency, and Board global economic competition and uncertainty.
Responsibilities. Information on GCG assessment results
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 171
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Corporate Governance
GENERAL MEETING OF SHAREHOLDERS(GMS)
The General Meeting of Shareholders (GMS) is Telkom’s 6. Any other agenda proposed by one or more
highest governance organ, which is a means for shareholders that represent 1/20 or more of all shares
Shareholders to make significant and strategic decisions. that have a voting right.
In accordance with Telkom’s Articles of Association and
Legislative Regulations, the Annual GMS (AGMS) is held
AGMS FOR THE 2021 FINANCIAL
once every year with a routine discussion agenda as
follows: YEAR
1. Approval of the Telkom’s Annual Report, including
Board of Commissioners Supervisory Task Report. Telkom held an AGMS for the performance of the
2. Ratification of the Telkom’s Financial Statement and 2021 Financial Year on May 27, 2022. At the AGMS,
Annual Partnership and Community Development the Telkom appointed an independent party, Notary
Program Report, as well as the Exemption of Liabilities Ashoya Ratam SH., MKn., to record the proceedings of
of the members of the Board of Directors and the Meeting and PT Datindo Entrycom to calculate and
Commissioners. validate votes. Summary information on the minutes
3. Determination of Telkom’s Net Income, including of the AGMS for the 2021 Fiscal Year, which contains
dividend payment in the Financial Year. the agenda and realization of meeting decisions, can
4. The determination of remuneration for the members be accessed at https://www. Telkom.co.id/minio/show/
of the Board of Directors and Commissioners. data/lampiran/ 1654008348336_ Pemumuman%20
5. The appointment of Public Accounting Firm to audit Ringkasan%20Risala%20RUPS%202022.pdf.
the Telkom’s Financial Statements, including audit
of Internal Control over Financial Reporting and In its implementation, the 2021 Fiscal Year AGMS
Appointment of a Public Accounting Firm to audit decisions will immediately apply to the implementation
Financial Statements of Partnership and Community of the Telkom’s business and operations. Everything will
Development Programs. be realized in 2022, and only choices will be recognized at
the end of 2023.
AGMS FOR THE 2022 FINANCIAL YEAR
On May 30, 2023, AGMS was held for the performance of the Financial Year 2022. At the AGMS, the Telkom appointed
independent parties to carry out vote counts and/or conduct validation at the meeting of the Securities Administration
Bureau PT Datindo Entrycom and Notary Ashoya Ratam SH. , MKn. with details of the agenda, vote count and realization
of the 2020 AGMS resolutions as follows:
Status of AGMS
Agenda AGMS Resolution
Resolution
1. 1. Approved the Telkom’s Annual Report, including the Board of Commissioners’ Resolution effective
Supervisory Duties Report for the 2022 Financial Year and the Social and immediately.
Environmental Responsibility Program Implementation Report, and ratified the
Telkom’s Consolidated Financial Report for the 2022 Financial Year ending December
31, 2022, which has been audited by the Public Accounting Firm (KAP ) Purwantono,
Sungkoro & Surja (a member of the 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 fair opinion in all matters material, as well as providing full repayment and
release of responsibility (volledig acquit et de charge) to the Directors and Board of
Commissioners of the Telkom for actions in the management and supervision of
the Telkom that have been carried out in the Financial Year ending on December
31 2022 as long as these actions do not constitute criminal acts and reflected in the
Telkom’s book reports.
172 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Status of AGMS
Agenda AGMS Resolution
Resolution
2. Ratify the Financial Report of the Micro and Small Business Funding Program for
the 2022 Financial Year ending 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 Firm of Ernst & Young Global
Limited) in accordance with its report, No. 00181/2.1032/AU.2/11/0687-6/1/II/2023
dated February 21 2023 with a fair opinion in all material respects and providing
full repayment and release of liability (volledig acquit et de charge) to the Board of
Directors and Board of Commissioners of the Telkom for their actions in managing
and supervising the Micro and Small Business Funding Program which has been
carried out in the Financial Year ending on December 31 2022 as long as these
actions do not constitute criminal acts and are reflected in the books. Telkom report
book
The Result of Decision Making
Agree 87.149.158.636 shares or 97,8482258%
Disagree 687.997.518 shares or 0,7724611%
Abstain 1.228.494.193 shares or 1,3793131%
2. 1. To approve and determine the appropriation of the Telkom’s net profit for the Dividend
Financial Year 2022 in the amount of Rp 20,753,370,820,999 999 as follows: distribution was
conducted on Juni
a. Cash Dividend amounting to 60.00% of the net profit or in the amount of
30, 2023.
Rp16,602,696,656,799.20 or amounting to Rp167,5987 per shares based on
issued shares on the date of the Meeting amounting to 99,062,216,600 shares;
b. Recorded as Retained Earnings in the amount of 20% from net profit or
amounting to Rp 4,150,674,164,199.80, which will be used for the development
of the Telkom.
2. The distribution of cash dividends for the 2022 financial year will be carried out with The decision
the following conditions: on returned
earnings effective
a. Those entitled to receive dividends are shareholders whose names are
immediately
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. Cash Dividends will be paid in one lump sum no later than July 5, 2023.
3. To grant the power and authority to the Board of Directors with the right of
substitution to further regulate the procedure of dividend distribution and to
announce the same with due regard to the prevailing laws and regulations in the
stock exchange where the Telkom’s shares are listed.
The Result of Decision Making
Agree 87.883.991.487 shares or 98,6732721%
Disagree 40.760.800 shares or 0,0457649%
Abstain 1.140.898.060 shares or 1,2809630%
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 173
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Corporate Governance
Status of AGMS
Agenda AGMS Resolution
Resolution
3. 1. To grant authority and power to Series A Dwiwarna Shareholders to determine the Resolution effective
amount of tantieme/work incentives/special incentives for Financial Year 2022, and immediately.
also to determine the salaries, allowances, and facilities to members of the Board of
Commissioners for 2023
2. To grant authority and power to the Board of Commissioners, which previously has
obtained written approval from Shareholder Series A Dwiwarna, to determine the
amount of tantieme/work incentives/special incentives for the Financial Year 2022,
and also to determine the salaries, allowances, facilities and other incentives to
members of the Board of Directors for the Financial year 2023
The Result of Decision Making
Agree 83.379.664.969 shares or 93,6159615%
Disagree 4.518.659.891 shares or 5,0734036%
Abstain 1.167.325.487 shares or 1,3106349%
4. 1. To reappoint the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja Resolution effective
(a member firm of Ernst & Young Global Limited) as the KAP that will audit the immediately.
Telkom's Consolidated Financial Report including the Financial Report on the
Implementation of the Micro and Small Business Funding Program and other
reports for the Financial Year 2023.
2. To grant authority and power to the Board of Commissioners to appoint KAP
to conduct an audit of the Telkom's Consolidated Financial Statements for other
periods in the 2023 Financial Year for the purposes and interests of the Telkom.
3. To grant authority to the Board of Commissioners to determine audit fees and other
requirements for the KAP, as well as choose a replacement KAP if KAP Purwantono,
Sungkoro & Surja (a member of the Firm of Ernst & Young Global Limited), in the
event cannot complete its duty for any reason to audit of Financial Reporting, Micro
and Small Business Funding Program Financial Report and other reports for the
Financial Year 2023, including determining audit fee and other requirements for the
replacement KAP.
The Result of Decision Making
Agree 82.612.878.599 shares or 92,7550389%
Disagree 5.271.709.422 shares or 5,9189030%
Abstain 1.181.062.326 shares or 1,3260582%
5. To approve the Telkom’s plan to carry out material transactions and affiliate transactions, Resolution effective
namely the Separation of the IndiHome Business Segment, which is an impure immediately.
agreement (“Separation”) from the Telkom to PT Telekomunikasi Selular (“ Telkomsel”) and
related transactions with the Separation, including, among other things, the provision of
infrastructure and the provision of fixed broadband core and IT system services from the
Telkom to Telkomsel, to comply with the requirements of Financial Service Authority’s
Regulation No.42/POJK.04/2020 concerning Affiliate Transactions and Conflict of
Interest Transactions and Financial Service Authority’s Regulation No.17/POJK.04/2020
concerning Material Transactions and Changes in Business Activities (“Transaction Plan”).
The Result of Decision Making
Agree 36.319.798.327 shares or 76,6137954%
Disagree 1.277.300 shares or 0,0026944%
Abstain 1.142.221.160 shares or 2,4094269%
174 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
Status of AGMS
Agenda AGMS Resolution
Resolution
6. 1. To Approve the Telkom's plan to separate the IndiHome Business Segment by PT Resolution effective
Telkom Indonesia (Persero) Tbk. at fair value in connection with the fulfillment of immediately.
Law Number 40 Year 2007 regarding Limited Liability Companies as most recently
amended by Law Number 6 Year 2023 regarding the Determination of Government
Regulations Number 2 Year 2022 regarding Job Creation becoming Law.
2. To approve the Separation Plan that the Telkom and its amendments have
announced.
3. To grant power and authority with substitution rights to the Board of Directors to
carry out all necessary 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 the changes are not material, stated
returning the decisions at this Meeting, either in part or in full in the form of notarial
deeds, making or requesting all necessary deeds, letters, and documents to be
made, appearing before authorized parties/officials including notaries, submitting
requests to the authorized party/or official to obtain an approval or report the matter
to the authorized party/official and register it in the Telkom note as intended in the
applicable statutory regulations until the application is received, without exception,
and all other actions to comply with the provisions of the statutory regulations
-invitation.
The Result of Decision Making
Agree 87.922.699.887 shares or 98,7167326%
Disagree 1.299.000 shares or 0,0014585%
Abstain 1.141.651.460 shares or 1,2818089%
7. Approved a particular assignment from the Indonesian Government to the Telkom, the Resolution effective
implementation of which follows Presidential Regulation Number 17 Year 2023 regarding immediately.
Acceleration of Digital Transformation in the Field of Procurement of Government Goods/
Services.
The Result of Decision Making
Agree 69.276.958.543 shares or 77,7819039%
Disagree 17.197.005.257 shares or 19,3082913%
Abstain 2.591.636.547 shares or 2,9098048%
8. Confirming the implementation of the State-Owned Enterprise Minister’s regulation of Resolution effective
the Republic of Indonesia Number: immediately.
1. PER-1/MBU/03/2023 dated 3 March 2023 regarding Special Assignments and Social
and Environmental Responsibility Programs for SOE;
2. PER-2/MBU/03/2023 dated 3 March 2023 regarding Guidelines for Governance and
Significant Corporate Activities of SOE;
3. PER-3/MBU/03/2023 dated 20 March 2023 regarding SOE Organs and Human
Resources, along with future changes.
The Result of Decision Making
Agree 87.922.830.687 shares or 98,7168795%
Disagree 1.421.400 shares or 0,0015959%
Abstain 1.141.398.260 shares or 1,2815246%
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 175
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Corporate Governance
Status of AGMS
Agenda AGMS Resolution
Resolution
9. 1. To confirm the honorable dismissal of Mr. EDI WIJTARA as Enterprise and Business Resolution effective
Services Director, who was appointed based on the Annual GMS Financial Year 2018 immediately.
dated 24 May 2019, starting from 8 July 2022, with gratitude for the contribution of
efforts and thought during their term as the member of the Board of Directors of
the Telkom.
2. Change the nomenclature of positions for members of the Board of Directors as
follows:
No. Originally To
a. Director of Consumer Service -
b. - Director of Group Business Development
3. Re-assign Mr. F. M VENUSIANA R, who was appointed based on the Resolution of
the Annual General Meeting of Shareholders for the Financial Year of 2019 dated 16
July 2020, previously the Director of Enterprise and Business Service to become the
Director of Consumer Service, with a term of office continuing the remaining term
of office in accordance with the resolution of the AGM
4. To appoint the names below as the Board of the Telkom 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 Articles of Association of the Company, with due observance of the
laws and regulations in the capital market sector and without prejudice to the right
of the GMS to dismiss at any time.
6. With the confirmation of dismissal, changes in nomenclature of positions, re-
assignment, and the appointment of members of the Board of Commissioner
and the Board of Directors as referred to in number 1 until 4, the composition of
members of the Board of the Company shall be as follows:
a. Board of Commissioners
1) President Commissioner/ BAMBANG PERMADI
Independent Commissioner 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
176 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Status of AGMS
Agenda AGMS Resolution
Resolution
b. Board of Directors
1) President Director RIRIEK ADRIANSYAH
2) Enterprise and Business Service F. M. VENUSIANA R
Director
3) Digital Business Director MUHAMAD FAJRIN RASYID
4) Human Capital Management AFRIWANDI
Director
5) Financial Risk Management HERI SUPRIADI
Director
6) Network & IT Solution Director HERLAN WIJANARKO
7) Strategic Portfolio Director BUDI SETYAWAN WIJAYA
8) Wholesale and International Service BOGI WITJAKSONO
Director
9) Group Business Development HONESTI BASYIR
Director
7. Members of the Board of Directors and the Board of Commissioners, who are
appointed as referred to in number 4, however still in other positions that are
prohibited based on laws and regulations to be concurrent with the position of
member of the Board of Directors or the Board of Commissioners of a State-Owned
Enterprise, must resign or be dismissed from such position.
8. To grant power and authority to the Board of Directors of the Telkom, with the right
of substitution, to state of the resolution as adopted in the GMS in the Notarial deed
and to appear before Notary or authorized official and to make any adjustments or
corrections which are necessary when required by the competent authority for the
purposes of implementation of the resolutions of the meeting.
The Result of Decision Making
Agree 58.569.354.561 shares or 65,7597562%
Diagree 26.327.035.515 shares or 29,5591347%
Abstain 4.169.260.271 shares or 4,6811091%
In practice, AGMS decision of the Financial Year of 2022 immediately applies to business implementation and Company
operation.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 177
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Corporate Governance
BOAR D OF COM M IS S I O N E R S
Based on Law No. 40 Year 2007 regarding Limited Liability 3. Keep up with Company’s activities progress, provide
Companies, the Board of Commissioners is one of the opinions and advice to the GMS regarding every
organs that has collective duties and responsibilities to issue considered important for the Company’s
supervise the running of the Company and provide advice management;
to the Board of Directors. The Board of Commissioners 4. Report to Series A Dwiwarna shareholder if there is any
is also tasked with ensuring that GCG principles are indication of decreasing performance of the Company;
implemented in every Company business practice. 5. Propose to the GMS for the appointment of Public
Accountant who will perform the audit over the
BOARD OF COMMISSIONERS’ Company’s book;
6. Review and analyze the periodic reports and the
CHARTER Annual Report prepared by the Board of Directors as
well as execute the Annual Report;
The work guidelines for Telkom’s Board of Commissioners 7. Provide explanation, opinion, and advice to the GMS
are regulated in Board Manual of the Board of regarding the Annual Report, if requested;
Commissioners and Directors which was approved and 8. Draw up the minutes of the meeting of the Board of
signed by the Board of Commissioners and Directors Commissioners and keep their copies;
in Joint Regulation of the Board of Commissioners and 9. Report to the Company with regard to their and/or
Directors No. 05/KEP/DK/2022 and PD.620.00/r.01/HK200/ their families share ownership in the Telkom aforesaid
COP-M4000000/2022 regarding Guidelines for the Work and in other Companies;
Procedures of the Board of Commissioners and Directors 10. Provide report regarding the supervisory duties, which
(Board Manual) Limited Liability Telkom (Persero) PT have been performed during the recently passed
Telekomunikasi Indonesia, Tbk. In the charter, there is a Financial Year to the GMS;
work order that regulates the responsibilities, obligations, 11. Provide explanation regarding any matters inquired
and division of tasks of the Board of Commissioners. In about or requested by Series A Dwiwarna shareholder
addition, this Charter also stipulates provisions regarding with due observance of the statutory regulations,
meetings, conflicts of interest, share ownership, as well particularly those prevailing in the Capital Market
as the relationship between the Board of Commissioners sector; and
and the Board of Directors and the GMS. The duties 12. Perform other obligations in the framework of
and responsibilities of members of the Board of supervisory duties and advice provision, to the extent,
Commissioners are also regulated in the Telkom’s Articles it does not contradict the statutory regulations, the
of Association. Articles of Association and/or the resolutions of the GMS.
BOARD OF COMMISSIONERS’ The authority of the Board of Commissioners is as follows:
AUTHORITIES, DUTIES, AND 1. Examine books, letters, as well as other documents,
examine cash position for verification purposes and
RESPONSIBILITIES other securities and examine the assets of the Company;
2. Enter the yards, buildings, and offices used by the
Telkom’s Articles of Association stipulates the Board of Company;
Commissioners’ obligations to: 3. Ask explanation from the Board of Directors and/
or other officialsregarding any issuesregarding the
1. Provide advice to the Board of Directors in performing Company’s management;
the Company’s management; 4. Be informed of any policies and actions, which have
2. Provide opinion and give approval over the Annual been and which will be taken by the Board of Directors;
Work Plan and Budget of the Telkom as well as other 5. Ask the Board of Directors and/or other officials under
work plans which have been prepared by the Board the level of the Board of Directors, with the knowledge
of Directors, in accordance with the provisions of the of the Board of Directors, to attend the meeting of the
Articles of Association and the prevailing laws and Board of Commissioners, while requests for or support
regulations; for activities other than meetings will be carried out with
due observance of professionalism, ethics, interests of
the Company and the organs of the company;
178 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
6. Appoint and dismiss a secretary of the Board of 1. Such loss is not caused by their mistake or negligence;
Commissioners; 2. They have performed in good faith, full responsibility,
7. Suspend the members of the Board of Directors and prudentially for the interest and based on the
in accordance with the provisions of this Articles of purpose and objective of the Company;
Association of the Company; 3. They do not have any conflict of interest either directly
8. Form the Audit Committee, the Remuneration or indirectly with the management activities causing
and Nomination Committee, the Risk Monitoring the loss; and
Committee, and other committees, if considered 4. They have taken the action to prevent the occurrence
necessary, with due observance of the capability of the or continuation of such loss.
Telkom;
9. Utilize experts for certain matters and within a certain
TERM OF SERVICE OF
period on the account of the Company, if considered
necessary; MEMBERS OF THE BOARD OF
10. Perform the management actions over the Company COMMISSIONERS
in certain conditions for a certain period under the
provisions of this Articles of Association; Based on the Articles of Association and others regulation,
11. Approve the appointment and dismissal of the including the Regulation of the Minister of SOE No. PER-
Corporate Secretary and/or the Head of Internal 3/MBU/03/2023 regarding Organs and Human Resources
Supervisory Unit; of State-Owned Enterprises, members of the Board of
12. Examine and review the Annual Report prepared by Commissioners have a 5 years terms of office without
the Board of Directors and sign the Annual Report; reducing the authority of the GMS to dismiss members
13. Attend the meeting of the Board of Directors and give at any time. The GMS has the right to reappoint members
viewpoint towards the matters being discussed; of the Board of Commissioners for the next 1 term after
14. Perform other supervisory authorities as long as it their term of office ends. Members of the Board of
does not contradict with the statutory regulations, the Commissioners have terms of office that are effective
Articles of Association and/or the resolutions of the from the closing date, or the date determined by the
GMS and; GMS, and the GMS confirms the end of the term of office
15. In order to carry out their supervisory function, of the Board of Commissioners.
members of the Board of Commissioners at agreed
working hours or other times, jointly or individually,
MECHANISM OF RESIGNATION
with or without prior notification to the Board of
Directors, by taking into account professionalism, the AND DISMISSAL OF THE BOARD
interests of the Company, the public and organs, have OF COMMISSIONERS
rights access but not limited to buildings and locations
from or other places that are used to be controlled by In accordance with the regulations of the Articles
the Company’s subsidiaries and have rights to check of Association and other regulations, including the
books, documents, reports, and inventory of goods, Regulation of the Minister of SOE No. PER-3/MBU/03/2023
and check cash positions (for verification purposes) regarding Organs and Human Resources of State-Owned
and other guarantees and to find out all actions taken Enterprises, the position of a member of the Board of
by the Directors of the subsidiary which are based on Commissioners ends if:
the principle of disclosure of information by taking a. pass away;
into account the confidentiality of the Company, and b. the term of office ends, including resigning from office;
can provide advice to subsidiaries regarding policies/ c. dismissed based on GMS decision; and/or
actions that have been decided or will be taken by the d. no longer meets the requirements as a member of
Directors of the subsidiaries either requested or not. the Board of Commissioners of SOE based on the
regulations of the articles of association and statutory
In the event of a Company loss, members of the Board of regulations, including the prohibition of holding
Commissioners have a collective responsibility for mistakes concurrent positions.
or omissions in carrying out their duties, unless proven:
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 179
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Corporate Governance
BASIS OF APPOINTMENT e. commit to comply with statutory regulations; have
knowledge and/or expertise in the field required by
OF THE BOARD OF the Telkom; and
COMMISSIONERS f. other requirements in accordance with the Limited
Liability Telkom Law, laws and regulations in the Capital
The appointment of the Telkom Board of Commissioners Market sector, and other laws and regulations that
is based on the regulation of the Articles of Association apply to and relate to the Telkom’s business activities.
and other regulations, including the Regulation of the
Minister of SOE No.PER-3/MBU/03/2023 regarding Organs In addition, the appointment of members of the Board
and Human Resources of State-Owned Enterprises, of Commissioners is carried out by considering integrity,
carried out by ensuring that the requirements stipulated dedication, understanding of Company management
in these regulations are met, among others: issues related to one of the management functions,
a. have good morals and good integrity; having adequate knowledge of the Telkom’s business
b. competent in carrying out legal actions; field, and providing sufficient time to carry out their
c. commit to comply with statutory regulations; duties, as well as other requirements based on statutory
d. fulfill the requirements for a good track record; regulations. The appointment of a person as a member of
the Board of Commissioners through the GMS.
ORIENTATION PROGRAM FOR NEW MEMBERS OF THE BOARD OF
COMMISSIONERS
In accordance with the Regulation of Minister of SOE No PER-02/MBU/03/2023 regarding Guidelines for Governance and
Significant Corporate Activities of State-Owned Enterprises, the Corporate Secretary coordinates an orientation program that
must be attended by every new member of the Board of Commissioners to understand Telkom’s activities and conditions. In
2023, an orientation program will be carried out for new members of the Board of Commissioners, namely Mr. Silmy Karim with
detailed material as follows:
Orientation Program for New Members of the Board of Commissioners
Date Material
June 1, 2023 Introduction of Telkom Group Organization, BoC and BoD Organization, Profile of
Telkom and Subsidiaries, Articles of Association, and Board Manual
June 2, 2023 Company’s Planning Cycle (Long-Term Plan to Key Performance Indicator)
June 10, 2023 Telkom Budget Work Plan (RKAP), Performance Achievement Ytd April 2023,
Streamlining and Transformation
June 19, 2023 Office Tour in the Telkom Hub work environment
EDUCATION, TRAINING, SEMINAR, AND CONGRESS
Telkom provides opportunities for members of the Board of Commissioners to participate in various education, training,
and similar activities to develop their knowledge and skills. Educational programs and/or The training attended by
members of the Board of Commissioners during 2023 is as follows:
180 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
Education, Training, Seminars, Conferences and Congress of the Board of Commissioners of Telkom in 2023
No. Program Organizer Date Commissioners
1. T20 Inception Conference G20 Presidency India January 12, 2023 Bambang PS Brodjonegoro
2. Economic Outlook TPPI January 16, 2023 Bambang PS Brodjonegoro
3. Workshop B2B and Digital Telkom February 03, 2023 1. Bambang PS Brodjonegoro
Business 2. Abdi N Nurdin
3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R Pandin
8. Rizal Mallarangeng
9. Wawan Iriawan
4. Policy Talk LAN (Lembaga February 10, 2023 Marcelino R. Pandin
Administrasi Negara)
5. Roundtable Discussion CSIS February 14, 2023 Bambang PS Brodjonegoro
T20 - T7: Rethinking Global
Cooperation in the Fracture
World
6. Economic Outlook Mayapada February 15, 2023 Bambang PS Brodjonegoro
7. Empirical Research Activities DPD RI February 23, 2023 Bambang PS Brodjonegoro
8. Mobile World Congress 2023 GSMA (Global February 27-28, 2023 1. Bambang PS Brodjonegoro
System for Mobile 2. Abdi N Nurdin
Communications 3. Rizal Mallarangeng
Association) 4. Marcelino R. Pandin
5. Wawan Iriawan
9. FMC Benchmarks Telefonica March 02-03, 2023 1. Bambang PS Brodjonegoro
2. Abdi N Nurdin
3. Wawan Iriawan
10. Update knowledge about Huawei March 02-03, 2023 1. Ismail
digital leadership 2. Marcelino R. Pandin
3. Rizal Mallarangeng
11. Leadership Talk: Capital Minister of Finance March 07, 2023 Bambang PS Brodjonegoro
Relocation Decision Making
12. Launching Economic PWC March 09, 2023 Bambang PS Brodjonegoro
Quarterly Report
13. Bellagio Convening ADB Institute/ March 13-17, 2023 Bambang PS Brodjonegoro
Conference - G7 - G20 Rockefeller
Foundation
14. World Summit on the International March 13-17, 2023 Ismail
Information Society Forum Telecommunication
2023 Union (ITU)
15. Theme: “Law on the Association of March 20, 2023 Bono Daru Adji
Development and Capital Market Legal
Strengthening of the Consultants
Financial Services Sector in
Indonesia: Implications for
the Capital Market Sector”
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 181
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Corporate Governance
No. Program Organizer Date Commissioners
16. Technical Advisory Group: Tanoto Foundation March 23, 2023 Bambang PS Brodjonegoro
Kick Off Meeting
17. FMC Plenary Workshop Telkom March 29, 2023 1. Bambang PS Brodjonegoro
2. Abdi N Nurdin
3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Wawan Iriawan
18. Public Speaking with Data PWC April 03, 2023 Bambang PS Brodjonegoro
19. Socialization of Minister of Minister of SOE April 06, 2023 1. Bambang PS Brodjonegoro
SOE Regulation 2, Wawan Iriawan
3. Abdi N Nurdin
20. Ramadan Safari: Circular UGM April 08, 2023 Bambang PS Brodjonegoro
Economy
21. Ensuring Business Telkom - PPM April 12, 2023 Bono Daru Adji
Sustainability through GCG
- GEDP - Band Position 1
TELKOM Group
22. Indonesia Public Lecture Pancasila University April 23, 2023 Bambang PS Brodjonegoro
2045
23. Asia Pacific Tax Forum Indef May 03, 2023 Bambang PS Brodjonegoro
24. Competing in the age of Harvard Business May 7-10, 2023 Marcelino R. Pandin
digital platform School
25. Data and Digital Economy Rajah & Tann Asia May 09, 2023 Bono Daru Adji
Revolution: Reengineering
Businesses for Success
26. BEYOND - EXPO BEYOND May 11, 2023 Bambang PS Brodjonegoro
27. FGD Outlook Indonesia as SKSG UI May 15, 2023 Bambang PS Brodjonegoro
Archipelago Country 2045
28. Global Solution Summit GSI Berlin May 16, 2023 Bambang PS Brodjonegoro
29. Insights on Policy making PWC May 22, 2023 Bambang PS Brodjonegoro
30. Empower Chinesse SW Indonesia May 26, 2023 Bambang PS Brodjonegoro
Entrepreneur to progress in
Indonesia
31. Legal Audit Training and Faculty of Law, Trisakti June 07, 2023 Bono Daru Adji
Legal Opinion Preparation University
32. The Role of Think Tanks in Indonesian Ocean June 07, 2023 Bambang PS Brodjonegoro
Companies
33. Side event TF 5 - T20 India T20 India June 09, 2023 Bambang PS Brodjonegoro
34. Webinar Bamboo Expo KADIN x BUKALAPAK June 12, 2023 Bambang PS Brodjonegoro
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No. Program Organizer Date Commissioners
35. BLMN GRC Masterclass BUMN School of June 13, 2023 Bono Daru Adji
Program 2023: ESG for Excellence
Auditors
36. Benchmark Research & Huawei June 13-15, 2023 1. Bambang PS Brodjonegoro
Development 2. Marcelino R. Pandin
37. Webinar - 2023 National BPKP June 14, 2023 Bono Daru Adji
Coordination Meeting on
Internal Supervision theme:
Productivity Guard for
Economic Transformation
38. ZTE Head Quarter ZTE Corporation June 15, 2023 1. Bambang PS Brodjonegoro
Benchmark 2. Marcelino R. Pardin
39. Benchmark to Tencent Head Tencent June 15, 2023 1. Bambang PS Brodjonegoro
Quarter and Business Data 2. Marcelino R. Pardin
Center
40. World Bank Regional World Bank Asia June 20, 2023 Bambang PS Brodjonegoro
Meeting Pacific
41. Great Executive Telkom - PPM June 26, 2023 Bono Daru Adji
Development Program
Band Position 2
42. Townhall meeting: IDA in PWC June 26, 2023 Bambang PS Brodjonegoro
Indonesia
43. BLMN GRC Masterclass BUMN School of June 27, 2023 Bono Daru Adji
Program 2023: Information Excellence
Technology Audit
44. Leadership Upskilling PWC June 27, 2023 Bambang PS Brodjonegoro
45. Business Development Telkomsel July 19-21, 2023 Marcelino R. Pandin
Update
46. FGD with Minister of BAPPENAS July 24, 2023 Bambang PS Brodjonegoro
National Development
Planning / BAPPENAS on
economic transformation
2045
47. Corporate Innovation: Massachusetts July 26, 2023 Isa Rachmatarwata
Strategies for Leveraging Institute of
Ecosystem Technology
Management
Executive Education
48. Indonesia Growth Strategy PWC July 28, 2023 Bambang PS Brodjonegoro
Kick Off Meeting
49. Benchmark Digital McKinsey and NCS August 04, 2023 1. Bambang PS Brodjonegoro
Capability Center and NCS Group 2. Bono Daru Adji
Business 3. Marcelino R. Pandin
4. Silmy Karim
50. Ai4 2023 Conference Ai4 August 07-09, 2023 Abdi N Nurdin
51. UPJ City Metrics Launch Pembangunan Jaya August 08, 2023 Bambang PS Brodjonegoro
University
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Corporate Governance
No. Program Organizer Date Commissioners
52. Indonesia Economic Outlook Indofood August 09, 2023 Bambang PS Brodjonegoro
2024 Seminar
53. SOE GRC Masterclass BUMN School of August 10, 2023 1. Bambang PS Brodjonegoro
Program 2023: Rating & Excellence 2. Abdi N Nurdin
Issuance of Debt & Sukuk 3. Arya M Sinulingga
(EBUS) Securities 4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
54. SOE GRC Masterclass BUMN School of August 10, 2023 1. Bambang PS Brodjonegoro
Program 2023: Pre IPO and Excellence 2. Abdi N Nurdin
Post IPO 3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
55. SOE GRC Masterclass BUMN School of August 16, 2023 1. Bono Daru Adji
Program 2023: Introduction Excellence 2. Wawan Iriawan
to ESG &; IFC Performance
Standards
56. Centratama Economic and Centratama August 16, 2023 Bambang PS Brodjonegoro
Political Outlook
57. Seminar PPRA LEMHAMNAS LEMHAMNAS August 22, 2023 Bambang PS Brodjonegoro
58. ASEAN Chairmanship side ERIA August 23, 2023 Bambang PS Brodjonegoro
event: Energy Transition
59. Malaysian CIO Network Malaysian CIO August 23-25, 2023 Marcelino R. Pandin
(MCION) 1st Conference Network (MCION)
60. T20 Summit T20 India August 30-31, 2023 Bambang PS Brodjonegoro
61. Bali Annual Telkom Telin September 06-08, 1. Abdi N Nurdin
International Conference 2023 2. Marcelino R. Pandin
2023 (BATIC) 3. Wawan Iriawan
62. SOE GRC Masterclass BUMN School of September 07, 2023 1. Bambang PS Brodjonegoro
Program 2023: Risk Excellence 2. Abdi N Nurdin
Management Effectiveness 3. Arya M Sinulingga
Evaluation 4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
63. CIMB Wealth Expo: CIMB September 07, 2023 Bambang PS Brodjonegoro
Economic Outlook 2024
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No. Program Organizer Date Commissioners
64. M360 Asia Pacific GSMA 07 - 08 September Ismail
2023
65. FGD National Capital BPK September 08, 2023 Bambang PS Brodjonegoro
66. BLMN GRC Masterclass BUMN School of September 14, 2023 1. Bambang PS Brodjonegoro
Program 2023: Ranking of Excellence 2. Abdi N Nurdin
SOEs & SOE Subsidiaries 3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
67. Evaluation and Transfer PROSPERA/ September 14, 2023 Bambang PS Brodjonegoro
Strategy to the Regions BAPPENAS
68. Seminar Indonesia Energy ICEF/IESR September 18, 2023 Bambang PS Brodjonegoro
Transition Dialogue
69. ASEAN Global Leadership The University of September 18-22, Ismail
Program Chicago 2023
70. Bellagio Convening - ADBI ADB Institute/ September 19-23, Bambang PS Brodjonegoro
Rockefeller 2023
Foundation
71. Forum for Strengthening Financial Service September 26, 2023 Bono Daru Adji
Governance and Integrity of Authority
Financial Reporting
72. BLMN GRC Masterclass BUMN School of September 27, 2023 1. Bambang PS Brodjonegoro
Program 2023: ESG for Excellence 2. Abdi N Nurdin
Boards-Governance of ESG 3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
73. SOE GRC Masterclass BUMN School of October 05, 2023 1. Bambang PS Brodjonegoro
Program 2023: GRC Excellence 2. Abdi N Nurdin
Integrated Information For 3. Arya M Sinulingga
Supervisory Board 4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
74. Digitalization Webinar: ANTARA October 05, 2023 Marcelino R. Pandin
Developments, Policies,
and Their Application in the
Business Sector
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Corporate Governance
No. Program Organizer Date Commissioners
75. Digitalization Symposium BRIN October 05, 2023 Marcelino R. Pandin
Webinar
76. Global Energy Market Forum ADB / Global October 09-10, 2023 Bambang PS Brodjonegoro
emerging market
77. Thales benchmarks and Thales Corporation October 16-18, 2023 Bambang PS Brodjonegoro
Unleash Talent Conference
78. GSIC Meeting Global South Impact October 18-19, 2023 Bambang PS Brodjonegoro
Community (GSIC)
79. SOE GRC Masterclass BUMN School of October 25, 2023 1. Abdi N Nurdin
Program 2023: CG Excellence 2. Bono Daru Adji
Methodology and 3. Wawan Iriawan
Environmental and Social
Management Systems
80. Hipmi Jaya Training 2023 Hipmi Jakarta Raya October 27, 2023 Bambang PS Brodjonegoro
81. Workshop Internal Audit Telkom November 02-03, 1. Abdi N Nurdin
2023 2. Bono Daru Adji
3. Wawan Iriawan
82. Meet the makers Focus 2023 FOCUS November 05-06, 1. Abdi N Nurdin
2023 2. Wawan Iriawan
83. Training Corporate Kellogg University November 06-09, Bono Daru Adji
Governance – effectiveness 2023
and accountability in the
board room
84. Benchmark Submarine NEC Corporation November 07-08, Bambang PS Brodjonegoro
Cable System and Smart City 2023
85. Qualified Risk Governance Telkom – CRMS – LPK October 21, 2023 1. Ismail
Professional (QRGP) MKS 2. Silmy Karim
October 23, 2023 Isa Rachmatarwata
October 28, 2023 1. Bono Daru Adji
2. Marcelino R. Pandin
November 08, 2023 1. Abdi N Nurdin
2. Rizal Mallarangeng
3. Wawan Iriawan
December 28, 2023 Arya M. Sinulingga
86. Dialogue: From G20 to Think20 India, November 12, 2023 Bambang PS Brodjonegoro
COP28: Energy, Climate and Think28, Observer
Growth Research Foundation
and The Emirates
Policy Centre
87. CIMB Wealth Expo Solo CIMB November 16, 2023 Bambang PS Brodjonegoro
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No. Program Organizer Date Commissioners
88. Workshop on Market Telkom - UBS November 17, 2023 1. Bambang PS Brodjonegoro
Expectations and Telkom 2. Abdi N Nurdin
Expectations 3. Arya M Sinulingga
4. Bono Daru Adji
5. Isa Rachmatarwata
6. Ismail
7. Marcelino R. Pandin
8. Rizal Mallarangeng
9. Silmy Karim
10. Wawan Iriawan
89. Launching of LPEM FEB UI November 20, 2023 Bambang PS Brodjonegoro
Comprehensive Wealth
Report in Indonesia
90. Capital Market Outlook OJK November 21, 2023 Bambang PS Brodjonegoro
2024: Assesing Prospect
and Challenges in the
Indonesian Capital Market
91. Workshop ICSA ICSA (Indonesia November 28, 2023 Bono Daru Adji
Corporate Secretary
Association)
92. Slush Event 2023 Slush Finland November 28-29, Marcelino R. Pandin
2023
93. Strategic Leadership Cambridge November 28-30, Silmy Karim
Program 2023
94. IoT Expo 2023 TechEx Media Ltd November 29-30, 1. Abdi N Nurdin
2023 2.Wawan Iriawan
95. Launch of Muslims for Republika November 30, 2023 Bambang PS Brodjonegoro
Shared Action on Climate
Impact (MOSAIC)
96. Tsinghua University Alumni Tanoto Foundation December 03, 2023 Bambang PS Brodjonegoro
Gathering 2023
97. Indonesia Digital Nations GSMA December 06, 2023 Ismail
Summit
98. Bank Sinarmas Customer Bank Sinarmas December 12, 2023 Bambang PS Brodjonegoro
Appreciation Night 2023
99. The Indonesian Science BRIN December 12, 2023 Bambang PS Brodjonegoro
Technology Innovation (STI)
Policy Lecture Series III -
2023
100. World Radiocommunication International December 12 - 15, Ismail
Conferences (WRC) Telecommunication 2023
Union (ITU)
101. Indonesia Development BAPPENAS December 19, 2023 Bambang PS Brodjonegoro
Forum 2023
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 187
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Corporate Governance
BOARD OF COMMISSIONERS’ DIVERSITY
The diversity policy for members of the Board of Commissioners takes into account the implementation of GCG
principles and Law no. 39 Year 1999 regarding Human Rights in the mechanism. Candidates for members of the Board
of Commissioners are determined by fulfilling the aspects of diversity, non-discrimination, human rights, and the
principle of fairness. The appointment or election of the Board of Commissioners takes into account the competence
and expertise, integrity, and background required by the Company.
Board of Commissioners’ Diversity as of December 31, 2023
Background of Level of
No. Name Position Gender
Expertise and Skill Education
1. Bambang Permadi President Commissioner/ Male Economics Doctoral
Soemantri Independent Commissioner and Planology
Brodjonegoro
2. Wawan Iriawan Independent Commissioner Male Law Doctoral
3. Bono Daru Adji Independent Commissioner Male Law Master
4. Abdi Negara Nurdin Independent Commissioner Male Economics, Bachelor
Content and Digital
5. Marcelino Rumambo Commissioner Male Architect, Business Management Doctoral
Pandin and Technology
6. Ismail Commissioner Male Electrical Engineering and Doctoral
Telecommunication Engineering
7. Rizal Mallarangeng Commissioner Male Public Communication Doctoral
and Political
8. Isa Rachmatarwata Commissioner Male Mathematics Master
9. Arya Mahendra Commissioner Male Civil Engineering Bachelor
Sinulingga
10. Silmy Karim Commissioner Male Economics and Defense Master
Management
Throughout its journey, Telkom has had female members of the Board of Commissioners appointed at the 2014 EGMS, 2015
RUPS, and 2017 RUPS. Even though Telkom currently does not have female Commissioners, Telkom consistently applies
the principle of gender equality within the Company. So that women hold more and more senior leadership positions.
Composition Diversity of Composition Diversity of Board of
Board of Commissioners Commissioners Education Level
Independent Bachelor Doctoral
40% 20% 50%
Non-Independent
Master
60%
30%
188 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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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, 2023 in the table below:
Board of Commissioners’ Double Position as of December 31, 2023
Telkom
No. Nama Subsidiary Other Entities
Position Other Position
1. Bambang President Audit None 1. President Commissioner of PT Bukalapak
Permadi Soematri Commissioner/ Committee, Tbk
Brodjonegoro Independent KEMPR 2. Independent Commissioner of PT Astra
Commissioner International Tbk
3. Independent Commissioner of PT TBS
Energi Utama Tbk
4. Commissioner of PT Combiphar
5. President Commissioner of PT Oligo
Infrastruktur
6. Independent Commissioner of PT
Indofood Tbk
7. President Commissioner of PT Nusantara
Green Energy
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 2. Member of the Management Board of the
Indonesian Audit Committee Association
(enter)
3. Member of the PSSI code of Ethics
4. Abdi Negara Independent KNR None 1. Commissioner of PT Nagara Sains
Nurdin Commissioner Ekosistem
2. Commissioner of PT Sugih Reksa
Indotama
3. Co-Founder Producer of Give.ID
4. Commissioner of PT NSA
5. Founder of Maleo Music
6. Co-Founder dan Commissioner of PT
Hijau Multi Kreatif
5. Marcelino Commissioner KNR None None
Rumambo Pandin
6. Ismail Commissioner KNR, KEMPR None 1. General Director of Resources and
Equipment of Post and Information
Technology, Ministry of Communication
2. and Information
Chairman of the Board of Supervisor
MASTEL
7. Rizal Mallarangeng Commissioner KNR, KEMPR None Commissioner of PT Energi Mega Persada
8. Isa Rachmatarwata Commissioner KEMPR None General Director of Budget, Ministry of
Finance
9. Arya Mahendra Commissioner KNR, KEMPR None 1. Head Division of Public Communications
Sinulingga PMO KPCPEN Implementation
2. Member of the Board of Trustees of
Universitas Sumatera Utara
3. Special Staff III to the Minister of State-
Owned Enterprises (SOE)
4. General Secretary of Institut Teknologi
Bandung Alumni Association
10. Silmy Karim Commissioner KEMPR, KNR None General Director of Immigration, Ministry
of Law and Human Rights
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 189
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Corporate Governance
BOARD OF COMMISSIONERS’ a. Not a person who works or has the authority and
responsibility to plan, lead, control, or supervise the
SELF ASSESSMENT POLICY activities of the Company in the past 6 (six) months,
except for the reappointment as an Independent
Based on Joint Regulation of the Board of Commissioners Commissioner in the following period.
and Directors No. 05/KEP/DK/2022 and PD.620.00/r.01/ b. Do not have Telkom shares either directly or indirectly.
HK200/COP-M4000000/2022 regarding Guidelines for c. Has no affiliation with Telkom, members of the
the Work Procedures of the Board of Commissioners Board of Commissioners, members of the Board of
and Directors (Board Manual) of the Company (Persero) Directors, or main Shareholders of Telkom.
PT Telekomunikasi Indonesia Tbk, Telkom has a self- d. Has no direct or indirect business relationship
policing policy—assessment to assess the performance related to Telkom’s business activities.
of the Board of Commissioners. Self-assessment is carried In addition to the Articles of Association and Financial
out by each member of the Board of Commissioners Service Authority Regulation No 33/POJK.04/2014,
by evaluating the performance of the Board of Telkom also pays attention to the regulations of
Commissioners collegially, not by assessing individual Independent Commissioners, which are regulated in
performance. This policy is a guideline used as a form of the Minister of SOE Regulation No: PER-3/MBU/03/2023
accountability performance appraisal of the performance regarding Organs and Human Resources of
of the Board of Commissioners so that each member of State-Owned Enterprises.
the Board of Commissioners is expected to contribute to
improving their performance on an ongoing basis.
INDEPENDENCE STATEMENT
INDEPENDENT COMMISSIONER In accordance with Article 25 of the Financial Services
Authority’s Regulation No. 33/POJK.04/2014, Independent
As of December 31, 2023, Telkom has a total of 10 Commissioners who have served for 2 terms of office (2
Commissioners and 4 of them are Independent times for 5 years) may be reappointed by declaring their
Commissioners. This amount exceeds the provisions independence to the GMS and publicly disclosed in the
of the Financial Services Authority’s Regulation Annual Report.
No. 33/POJK.04/2014 by 30%. Criteria for determining
Independent Commissioners and appointment at the Until the financial year 2023, there were no Independent
GMS refers to: Commissioners of Telkom who served for 2 terms. However,
1. Telkom’s Articles of Association; and Telkom still requires every Independent Commissioner
2. Financial Services Authority Regulation to sign an Independence Statement annually as one of
No. 33/POJK.04/2014 regarding Directors and Board of the efforts to implement Good Corporate Governance
Commissioners of Issuers or Public Companies, as follows: (GCG), which ensures that every member of the Board
of Commissioners carries out their duties independently
without interference from other parties.
BOARD OF COMMISSIONERS’ MEETING
Based on the Telkom’s Board Manual and in line with Financial Service Authority’s Regulation No. 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 is
following the opinion of the Chair of the Meeting.
Throughout 2023, the Board of Commissioners has held internal meetings 27 times and joint meetings with the Board
of Directors 13 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 2023.
190 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Board of Commissioners’ Attendance and Agenda at Internal Meetings
No. Date Meetings Agenda/Discussion
1. Wednesday, January 4, 2023 Discussion of Strategic Fit Grand Project
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
2. Tuesday, January 10, 2023 Discussion of Fixed Mobile Convergence (FMC) and Infraco Development Update
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
3. Friday, January 20, 2023 1. Discussion of Batam Data Center Initiative Approval
2. Others: Strategic Fit Project Sirius Decision
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
4. Friday, January 20, 2023 Strategic Fit Project Sirius
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ - √ √ N/A
5. Tuesday, January 24, 2023 Update Market
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ - - √ √ √ √ √ - N/A
6. Wednesday, February 8, 2023 FMC Preparation Update
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
7. Wednesday, February 22, Discussion of PDLN and Service Fastel Allowance Provisions for the Telkom’s
2023 Management
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
8. Friday, March 10, 2023 1. Discussion of KPI of the Board of Directors in 2023
2. Others: Submission of Business Process Capex Assessment/Review Plan by
Audit Committee
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ - √ √ N/A
9. Friday, March 31, 2023 Fixed Mobile Convergence (FMC) Project Discussion
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
10. Wednesday, April 5, 2023 Final Approval Fixed Mobile Convergence (FMC) Decision Making
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/A
11. Friday, April 14, 2023 1. Socialization & Follow-up of SOE Regulation No. PER-1/MBU/03/2023; No.PER-2/
MBU/03/2023; No PER-3/MBU/03/2023: (“3 SOE Ministerial Regulations”)
Perspective on the Main Duties and Functions of the Board of Commissioners
Organs.
2. Audit Report for Financial Year 2022.
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ - √ √ √ √ N/A
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 191
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Corporate Governance
No. Date Meetings Agenda/Discussion
12. Monday, May 29, 2023 1. Board of Directors Update on changes to RJPP and CSS-Change plan (CSS-P)
2023-2025
2. Others: Alternative Appointment of AGMS Chairmen
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ - √ - √ N/A
13. Monday, June 12, 2023 Explanation of Telkom Organization Adjustment
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ - √ √ √ √ √ √ √ -
14. Friday, June 23, 2023 1. Distribution of duties of the Board of Commissioners.
2. Discussion of the Board of Commissioners’ Decision on:
a. Corporate Strategic Scenario – Changes (CSS-P 2023)
b. RKAP – Changes (RKAP-P 2023)
c. Grand Project
3. Others: Committee Member Contract Extension
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
15. Tuesday, July 11, 2023 1. Updating the Nomination and Remuneration Committee Charter and
Guidelines for Procedures for Filling Subsidiary Positions
2. Others: LTI governance and tantiem
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
16. Monday, July 24, 2023 Board of Directors Update to Board of Commissioners regarding FMC
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
17. Friday, August 25, 2023 Discussion and Decision Making of Consent Strategic Fit for Project Conversion
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ - √ √
18. Monday, 11 September 2023 Consolidation of Programs and Activities of the Board of Commissioners
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
19. Monday, September 18, 2023 1. Support for the establishment of Project Infraco Subsidiary
2. Telin Singapore Data Center Consolidation Grand Phase Project
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ - √
20. Monday, September 25, 2023 CSS Discussion 2024-2026
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
21. Wednesday, October 4, 2023 Discussion of Telkom Capex Procurement Process Review Results by PwC
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ - √ √ - √
22. Friday, November 10, 2023 Discussion of RKAP 2024 Proposal
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ - √
23. Monday, November 20, 2023 Further Discussion of Project Infraco
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
192 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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No. Date Meetings Agenda/Discussion
24. Thursday, December 14, 2023 Write-off of Uncollectible Receivables for Fiscal Year 2023
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ - √ √ - √ √ - √ √
25. Friday, December 15, 2023 Proposed Release of Capex Commitment Budget Phase I RKAP 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
26. Friday, December 21, 2023 1. Discussion of the Agenda of the Board of Commissioners of PT Telkom
Indonesia (Persero) Tbk in 2024
2. Others:
a. Proposal of the Nomination and Remuneration Committee regarding the
Proposed Amendment of the Board of Commissioners’ Decision regarding
Procedures for Filling the Management Position of Subsidiaries
b. Proposal of the Nomination and Remuneration Committee regarding the
Achievement of the Delegation of the Appointment of Corporate Health
Rating Companies
c. Submission of Total Shareholder Return Achievement in 2022
d. Personnel Organ of the Board of Commissioners
e. Implementation of Deferred LTI and Tantiem Reporting
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ - √ √ √ √ √
27. Friday, December 22, 2023 Continuation of Discussion on Proposed Release Capex Commitment Budget
Phase I RKAP 2024
Attendance List BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro MRP Marcelino Rumambo Pandin IR Isa Rachmatarwata
WI Wawan Iriawan IS Ismail AMS Arya Mahendra Sinulingga
BDA Bono Daru Adji RM Rizal Mallarangeng SK Silmy Karim
ANN Abdi Negara Nurdin
Board of Commissioners’ Attendance at Internal Meetings
Total Total Percentage
No. Name Position
Meetings Attendance of Attendance(%)
1. Bambang Permadi President Commissioner/ 27 27 100
Soemantri Brodjonegoro Independent Commissioner
2. Wawan Iriawan Independent Commissioner 27 27 100
3. Bono Daru Adji Independent Commissioner 27 26 96
4. Abdi Negara Nurdin Independent Commissioner 27 24 89
5. Marcelino Rumambo Commissioner 27 24 89
Pandin
6. Ismail Commissioner 27 25 93
7. Rizal Mallarangeng Commissioner 27 23 85
8. Isa Rachmatarwata Commissioner 27 25 93
9. Arya Mahendra Sinulingga Commissioner 27 24 89
10. Silmy Karim Commissioner 12 11 92
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Corporate Governance
Board of Commissioners’ and Board of Directors’ Attendance and Agenda at Joint Meetings
No. Date Meetings Agenda/Discussion
1. Monday, January 30, 2023 1. December 2022 Ytd Performance
2. BoC Concern Thematics.
a. EoY Litigation Case Update 2022
b. Handling/Negotiating with Sekar for the Implementation of Five BM: PKB
IX and Employee Transfer Policyc.
c. FMC Communication
3. Others: FMC, Infraco &; Join Operation Telkom Progress - Telkomsel
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/a
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ N/a √ √ √
2. Friday, February 24, 2023 1. January 2023 Ytd Performance
2. BoC Concern Thematic.
a. Progress of Integrated Audit for Financial Year 2022
b. Progress 3 Musketeers: FMC
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/a
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ N/a √ √ √
3. Friday, March 31 2023 1. February 2023 Ytd Performance February 2023
2. BoC Thematic Concern: ESG Implementation Policy and Roadmap at Telkom
Group
3. Others: FMC Progress
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/a
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ N/a √ √ √
4. Friday, April 28, 2023 1. March 2023 Ytd Performance
2. BoC Concern
a. Update on PDP and Cyber Security Management in Telkom Group related
to Strengthening Governance and Tools
b. Update Progress FMC
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/a
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ N/a √ √ √
5. Wednesday, May 24, 2023 1. April 2023 Ytd Performance
2. Discussion on the preparation of the 2023 GMS;
3. Update Progress FMC
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ N/a
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ N/a √ √ √
194 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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No. Date Meetings Agenda/Discussion
6. Tuesday, June 27, 2023 1. May 2023 Ytd Performance;
2. Discussion of High Priority Issues Ahead of FMC Day-One;
3. Strategy for Fulfilling Certification Obligations and Continuous Learning
in the context of Implementing Risk Management for the Telkom’s Risk
Management Organs.
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ - √ √ √ √ √ √
7. Friday, July 28, 2023 1. June 2023 Ytd Performance.
2. TW II/2022 Litigation Case Update.
3. Explanation of Telkomsel-GoTo synergy 2020-2023.
4. Telkom’s Corporate Communication Strategy (Corcom): Semester 1 2023
Evaluation &; Corcomm’s focus point in Semester 2 2023
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
8. Monday, August 28, 2023 1. July 2023 Ytd Performance;
2. Evaluation of FMC and Infraco Progress;
3. Progress of KDK Handling for Investigative Audit (Outstanding > 1 year)
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ - - √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ -
9. Friday, September 29, 1. August 2023 Ytd Performance.
2023 2. FMC Progress Update;
3. Submission of Proposals regarding the Telkom’s Risk Categories in accordance
with SOE Regulation No. 02/2023
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
10. Friday, October 27, 2023 1. September 2023 Ytd Performance;
2. FMC Progress Update: Go To Market Aspect;
3. Telkom and Telkomsel Compliance Report in Fulfilling Obligations as Data
Controllers and / or Processors in accordance with the Personal Data Protection
Law.
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ - √ √ √ √ -
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 195
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Corporate Governance
No. Date Meetings Agenda/Discussion
11. Friday, November 17, 2023 Discussion and Ratification of RKAP 2024 and sharing session
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
12. Friday, November 24, 2023 1. October 2023 Ytd Performance
2. BoC Concern Routine: FMC Progress
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ - √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ √
13. Friday, December 22, 2023 1. November 2023 Ytd Performance
2. Performance Evaluation of Telkom, Mitratel, and GoTo Stocks in 2023
and 2024 Outlook
Attendance List of BoC BPSB ANN BDA WI AMS IR IS MRP RM SK
√ √ √ √ √ √ √ √ √ √
Attendance List of BoD RA AF BSW BW FMVR HB HS HW MFR
√ √ √ √ √ √ √ √ -
Remarks:
BPSB Bambang Permadi Soemantri Brodjonegoro IR Isa Rachmatarwata HS Heri Supriadi
IS Ismail ANN Abdi Negara Nurdin FMVR FM Venusiana R.
MRP Marcelino Rumambo Pandin SK Silmy Karim AF Afriwandi
RM Rizal Mallarangeng RA Ririek Adriansyah BSW Budi Setyawan Wijaya
WI Wawan Iriawan HW Herlan Wijanarko MFR Muhamad Fajrin Rasyid
AMS Arya Mahendra Sinulingga BW Bogi Witjaksono HB Honesti Basyir
BDA Bono Daru Adji
Board of Commissioners’ Attendance at Joint Meetings
Total Total Percentage of
No. Name Position
Meetings Attendances Attendance %
1. Bambang Permadi Soemantri President Commissioner/ 13 13 100
Brodjonegoro Independent Commissioner
2. Wawan Iriawan Independent Commissioner 13 13 100
3. Bono Daru Adji Independent Commissioner 13 13 100
4. Abdi Negara Nurdin Independent Commissioner 13 12 92
5. Marcelino Rumambo Pandin Commissioner 13 12 92
6. Ismail Commissioner 13 13 100
7. Rizal Mallarangeng Commissioner 13 13 100
8. Isa Rachmatarwata Commissioner 13 12 92
9. Arya Mahendra Sinulingga Commissioner 13 12 92
10. Silmy Karim Commissioner 8 7 92
196 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Board of Directors’ Attendance at Joint Meetings
Total Total Percentage
No. Name Position
Meetings Attendance Attendance (%)
1. Ririek Adriansyah President Director 13 13 100
2. Herlan Wijanarko Director of Network & IT Solution 13 13 100
3. Bogi Witjaksono Director of Wholesale & International 13 13 100
Service
4. FM Venusiana R. Director of Enterprise & Business Service 13 13 100
5. Heri Supriadi Director Finance and Risk Management 13 13 100
6. Afriwandi Director of Human Capital Management 13 13 100
7. Budi Setyawan Director of Strategic Portfolio 13 12 92
Wijaya
8. Muhamad Fajrin Director of Digital Business 13 11 85
Rasyid
9. Honesti Basyir Director of Group Business Development 8 8 100
BOARD OF COMMISSIONERS’ PERFORMANCE ASSESSMENT
The performance assessment of the Board of Commissioners is carried out based on the Key Performance Indicator
(KPI), which is formulated from the primary duties of the Board of Commissioners, including supervising the policies and
running of the Company’s management carried out by the Directors, and providing advice to the Directors, including
overseeing the implementation of the Company’s Long-Term Plan. Telkom’s Annual Work and Budget, provisions of
the Articles of Association and GMS Resolutions, and statutory regulations per the Company’s aims and objectives. KPI
evaluations are carried out every years, with the aggregation of evaluation results in 2023 showing that the Board of
Commissioners has carried out its supervisory duties well.
Board of Commissioners’ Performance Assessment Based on KPI Year 2023
Achievement Score
Key Performance Indicators (KPI)
Point (%) Score (%)
Planning 20 100
Supervision and Direction 36 100
Reporting 18 100
Dynamic 26 100
Score 100 100
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Corporate Governance
COMMITTEE UNDER BOARD OF COMMISSIONERS’ ASSESSMENT
The Board of Commissioners is assisted in carrying out its duties by the Audit Committee, Nomination and Remuneration
Committee, and Planning and Risk Evaluation and Monitoring Committee. The Board of Commissioners assesses the
performance of the committees under it every year, and in 2023, the assessment will be carried out using KPI self-
assessment. In general, these committees were able to carry out their duties and responsibilities well throughout 2023.
Performance of The Committees Under the Board of Commissioners in 2023
Committees Score (%)
Audit Committee 100
Committee for Nomination and Remuneration 100
Committee for Planning and Risk Evaluation and Monitoring 100
BOARD OF DIRECTORS’ 3. The establishment of five perspectives in collegial
preparation of the KPI for the Board of Directors,
PERFORMANCE ASSESSMENT namely:
a. Economic and social values for Indonesia;
One of the measuring tools that can be used to assess b. Business model innovation;
the performance of the Board of Directors is the Key c. Technology leadership;
Performance Indicator (KPI) based on the Regulation of d. Increased investment; and
the Minister of SOE No.PER-3/MBU/03/2023 dated March e. Talent development.
20, 2023 regarding Organs and Human Resources of
State-Owned Enterprises, which contain: The Board of Directors’s KPI achievements are calculated
1. Obligation to sign the Management Contract by collegially and individually and reviewed by the Public
the Board of Directors. The Management Contract Accountant Office (KAP), which audits Telkom’s
contains promises or statements from prospective financial reports. The collegial achievement report of
members of the Board of Directors, namely that if they KPI is presented in the Board of Directors’ Collegiate
are appointed/re-appointed as members of the Board Assessment section on this Annual Report.
of Directors, they promise, among other things, to fulfill
all targets set by the GMS/Minister, including KPIs that In line with Telkom’s commitment to managing ESG
have been previously determined, and implement the aspects in its business value chain, the Telkom has
principles of Good Corporate Governance (GCG). established key performance indicators in the ESG aspect
2. Performance appraisal based on KPI is determined category, including:
collegially for the President Director, and individually a. Environmental aspects, reflected in the parameters of
for each member of the Board of Directors. TJSL effectiveness, ITDRI research effectiveness;
b. Social aspect, seen from the parameters of total
shareholder return and social impact; and
c. Governance aspects, reflected in the risk maturity
index parameters, effectiveness of the 2023 financial
reports, and procurement excellence.
198 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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AUD IT COM M IT T E E
In accordance with the regulation of the Company’s d. Evaluate status and follow-up on significant issues;
Articles of Association, Telkom formed an Audit e. Regularly review and recommend improvements
Committee who assists the Board of Commissioners to the Internal Audit Charter.
in its supervisory function. The Audit Committee works 3. Oversight of Internal Control
based on the Resolution of the Board of Commissioners a. Reviewing the adequacy of management efforts
No 11/KEP/DK/2021 regarding Work Implementation to build and operate effective internal controls,
Guidelines (Charter) for the Company Audit Committee particularly internal controls over financial
(Persero) PT Telekomunikasi Indonesia Tbk. The reporting; and
formation of the Audit Committee is also a form of b. Conduct immediate discussions on findings and
compliance with Financial Service Authority Regulation matters containing indications of weaknesses and/
No 55/POJK.04/2015 dated December 23, 2015, provisions or obstacles in internal control, inefficiencies in
of the US SEC Exchange Act 10A-3, Regulation of the the Company’s activities, errors in the application
Minister of SOE No PER-2/MBU/03/2023 regarding of accounting standards, and violations of the
Governance Guidelines and Significant Corporate applicable laws and regulations.
Activities of State-Owned Enterprises and Number 4. Supervision of External Audit
PER-3/MBU/03/2023 dated March 20 2023 regarding a. Assisting the Board of Commissioners in the process
Organs and Human Resources of State-Owned Enterprises. of appointing independent auditor candidates who
will carry out integrated audits of the Company and
AUDIT COMMITTEE’S SCOPE, its consolidated Subsidiaries;
b. Provide recommendations to the Company’s Board
DUTIES, AND RESPONSIBILITIES of Commissioners regarding the appointment of
AP and/or KAP who will provide audit services;
The following is a summary of the performance and c. Review and provide pre-approval for non-audit
implementation of activities of the Audit Committee services to be assigned to independent auditors;
during the financial year 2023 in the Report Committee d. Oversight of the integrated audit process in the
activities include: Company and the audit process in Subsidiaries
1. Supervision of Financial Information whose financial statements are consolidated into
a. Reviewing the process of preparing financial reports the Company’s consolidated financial statements;
to ensure that the preparation of financial reports e. Providing an independent opinion in the event of
has been carried out in accordance with applicable a difference of opinion between management and
regulations, policies, systems, and procedures; the independent auditor; and
b. Evaluate the financial information that will be f. Evaluate the implementation of the provision
published by the Company such as financial of audit services on annual historical financial
reports, projections, and other financial information by AP and/or KAP.
information; and 5. Supervision of compliance with regulations and
c. Ensuring that financial reports and other related legislation as well as complaints regarding the
information are presented based on financial or process of accounting and financial reporting
management accounting data and information a. Conduct a review of compliance with laws and
correctly and accurately in accordance with regulations related to the Company’s business
generally accepted accounting principles. activities including but not limited to laws and
2. Supervision of Internal Audit regulations in the Capital Market sector, taxation,
a. Reviewing the Annual Audit Work Program (PKAT) and/or regulations related to good corporate
and the Internal Audit Annual Non-Audit Work governance, as well as regulations and other laws
Program (PKNAT); relating to financial reporting risks (financial
b. Evaluating the effectiveness of the Company’s reporting risk);
Internal Audit;
c. Reviewing the implementation of follow-up
on internal auditor findings and/or external
auditor findings and Management Letters
(recommendations) by the Board of Directors;
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 199
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Corporate Governance
b. Providing facilities to receive, review and follow up 6. Carry out other tasks given by the Board of
on complaints (Whistle-blower) which includes Commissioners.
the Company, Subsidiaries, and affiliates with the 7. Maintain the confidentiality of documents, data
definition of affiliate is as regulated in Law No. 8 of and information of the Telkom and its consolidated
1995 regarding Capital Markets, in Article 1 number 1; Subsidiaries.
c. Ensuring that the Company’s management creates
a work culture that encourages every employee to
comply with the Company’s code of ethics.
AUDIT COMMITTEE’S COMPOSITION
In accordance with Financial Service Authority Regulation No 55/POJK.04/2015, dated December 23, 2015, and US SEC
Regulations, the Audit Committee must have at least 3 members from Independent Commissioners and parties outside
the Company, with the chairperson must be the Independent Commissioner. Based on these regulations, through the
Resolution of the Board of Commissioners No. 08/KEP/DK/2021 dated August 2, 2021, regarding the Composition of the
Audit Committee Membership of the Telkom (Persero) PT Telekomunikasi Indonesia Tbk, the composition of the Audit
Committee as of December 31, 2023 is as follows:
Audit Committee’s Composition as of December 31, 2023
Name and Double Position Term of
Position Basis of Appointment
Status Service
Chairman Bono Daru Adji* Resolution of the Board of Commissioners No. 05/KEP/ June 8,
Independent Commissioner DK/2021 dated June 8, 2021, and finally re-established 2021 -
through Resolution of the Board of Commissioners No. Present
08/KEP/DK/2021 dated August 2, 2021.
Members Bambang P.S. Brodjonegoro* Resolution of the Board of Commissioners No. 05/KEP/ June 8,
President Commissioner/ DK/2021 dated June 8, 2021, and finally re-established 2021 -
Independent Commissioner through Resolution of the Board of Commissioners No. Present
08/KEP/DK/2021 dated August 2, 2021.
Wawan Iriawan * Resolution of the Board of Commissioners No. 17/KEP/ September
Independent Commissioner DK/2020 dated September 1, 2020 No. 05/KEP/DK/2021 1, 2020 -
dated June 8, 2021, and finally re-established through Present
Resolution of the Board of Commissioners No. 08/KEP/
DK/2021 dated August 2, 2021.
Abdi Negara Nurdin * Resolution of the Board of Commissioners No. 05/KEP/ June 8,
Independent Commissioner DK/2021 dated June 8, 2021, and finally re-established 2021 -
through Resolution of the Board of Commissioners No. Present
08/KEP/DK/2021 dated August 2, 2021.
Emmanuel Bambang Suyitno Resolution of the Board of Commissioners No. 17/KEP/ September
Independent Member/ DK/2020 dated September 1, 2020 No. 05/KEP/DK/2021 1, 2020 -
Financial Expert dated June 8, 2021, and finally re-established through Present
Resolution of the Board of Commissioners No. 08/KEP/
DK/2021 dated August 2, 2021.
Edy Sihotang Resolution of the Board of Commissioners No. 08/KEP/ August
Independent Member/ Financial DK/2021 dated August 2, 2021. 2, 2021 -
& Forensic Audit Expert Present
Remark:
* Profile of Audit Committee members from the Board of Commissioners can be seen on Profile of the Board of Commissioners.
200 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
On January 19, 2024, Mr. Abdi Negara Nurdin, as the Telkom’s Independent Commissioner, submitted a letter of resignation
to the Telkom, which was responded by the Telkom via a letter from Pgs. President Director No: C.Tel.01/HK 000/TEL-
00000000/2024 dated January 24, 2024, regarding Response to Resignation Letter as Independent Commissioner of PT
Telkom Indonesia (Persero) Tbk. The Telkom has also carried out the obligation to report this resignation to the Financial
Services Authority via letter No: Tel.03/LP 000/DCI-M0200000/2024 dated January 22, 2024, regarding the Resignation of
the Independent Commissioner of PT Telkom Indonesia (Persero) Tbk.
To maintain continuity in the implementation of duties in the Audit Committee, the Board of Commissioners has
determined a new membership composition for the Telkom’s Audit Committee through Resolution of the Board of
Commissioners Number: 04/KEP/DK/2024 dated February 6, 2024, regarding Membership Composition of the Audit
Committee of the Company (Persero) PT Telekomunikasi Indonesia Tbk, with the latest composition as follows:
Audit Committee’s Composition as of February 6, 2024
Name and Double Term of
Position Basis of Appointment
Position Status Service
Chairman Bono Daru Adji* Resolution of the Board of Commissioners No. 05/KEP/ June 8, 2021 -
Independent DK/2021 dated June 8, 2021, and finally re-established Present
Commissioner through Resolution of the Board of Commissioners No. 08/
KEP/DK/2021 dated August 2, 2021.
Members Bambang P.S. Resolution of the Board of Commissioners No. 05/KEP/ June 8, 2021 -
Brodjonegoro* DK/2021 dated June 8, 2021, and finally re-established Present
President through Resolution of the Board of Commissioners No. 08/
Commissioner/ KEP/DK/2021 dated August 2, 2021.
Independent
Commissioner
Wawan Iriawan * Resolution of the Board of Commissioners No. 17/KEP/ September
Independent DK/2020 dated September 1, 2020 No. 05/KEP/DK/2021 1, 2020 -
Commissioner dated June 8, 2021, and finally re-established through Present
Resolution of the Board of Commissioners No. 08/KEP/
DK/2021 dated August 2, 2021.
Emmanuel Bambang Resolution of the Board of Commissioners No. 17/KEP/ September
Suyitno DK/2020 dated September 1, 2020 No. 05/KEP/DK/2021 1, 2020 -
Independent Member/ dated June 8, 2021, and finally re-established through Present
Financial Expert Resolution of the Board of Commissioners No. 08/KEP/
DK/2021 dated August 2, 2021.
Edy Sihotang Resolution of the Board of Commissioners No. 08/KEP/ August 2,
Independent Member/ DK/2021 dated August 2, 2021. 2021 - Present
Financial & Forensic
Audit Expert
Remark:
* Profile of Audit Committee members from the Board of Commissioners can be seen on Profile of the Board of Commissioners.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 201
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Corporate Governance
AUDIT COMMITTEE MEMBER’S PROFILE WHO ARE NOT BOARD
OF COMMISSIONERS’ DOUBLE POSITION
Emmanuel Bambang Suyitno Edy Sihotang
Independent Member/Financial Expert Independent Member/Financial &
Forensic Audit Expert
Age Age
53 years old 58 years old
Nationality Nationality
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Bandung, Indonesia
Education Background Education Background
• MBA, Institut Pengembangan Manajemen Indonesia (IPMI) • 1997 MBA, University of Illinois at Urbana-Champaign,
International Business School, Indonesia. USA.
• Bachelor Degree in Accounting, Universitas Indonesia, • 1991 Diploma IV in Accounting, Sekolah Tinggi Akuntansi
Indonesia. Negara, Indonesia.
• 1985 Diploma III in Accounting, Sekolah Tinggi Akuntansi
Basis of Appointment Negara, Indonesia.
Resolution of the Board of Commissioners No. 17/KEP/DK/2020
dated September 1, 2020, then amended and re-established Basis of Appointment
through Resolution of the Board of Commissioners No. 08/ Resolution of the Board of Commissioners No. 08/KEP/
KEP/DK/2021 on August 2, 2021. DK/2021 dated August 2, 2021.
Term of Office Term of Office
1 September 2020 up to present. 2 Agustus 2021 up to present.
Duties and Responsibilities Duties and Responsibilities
Served to oversee and monitor the integrated audit process, Served to oversee and monitor the integrated audit process,
the process of consolidating financial statements, and the the process of consolidating financial statements, and the
effectiveness of internal control over financial reporting. effectiveness of internal control over financial reporting.
Career Experiences Career Experiences
• 2020 - Present Independent Member/Financial Expert • 2021 - Present Independent Member/Financial &
Audit Committee. Forensic Audit Expert.
• 2017 - 2020 Corporate Secretary Division, PT PP • 2019 - 2020 Vice President Investigation & WBS, PT
Presisi Tbk. Pertamina (Persero).
• 2016 - 2017 SVP - Head of Investor Relations, • 2018 - 2019 Head of Internal Audit, PT Pertamina
Corporate Finance, MIS & Audit, Lucky Geothermal Energy.
Group of Indonesia. • 2013 - 2017 Head of Internal Audit, PT Pertamina
• 2014 - 2016 Audit Committee Member, PT Danareksa Internasional Eksplorasi dan Produksi.
(Persero). • 2009 - 2012 GCG & Compliance, Corporate Secretary,
• 1994 - 2014 Audit Committee, Risk Management and PT Pertamina (Persero).
Audit, Corporate Secretary, Investor • 2006 - 2009 Head of Internal Auditor/Inspector,Badan
Relations, Corporate Finance, ChemOne Rehabilitasi dan Rekonstruksi NAD-Nias.
Holdings Pte Ltd, PT Indika Energy Tbk, • 1999 - 2005 Widyaiswara/Lecturer, Badan Pendidikan
PT. Surya Citra Media Tbk, PT. Kopitime dan Pelatihan Keuangan, Department of
Dot Com Tbk, Jan Darmadi Group, Ernst Finance.
and Young. • 1997 - 1998 Auditor, Public Accounting Firm (KAP)
Hadori, Soejatna & Rekan.
Certificates and Professional Licenses • 1985 - 1997 Auditor, Badan Pengawasan Keuangan
• 2019 Certification in Audit Committee Practices (CACP), dan Pembangunan (BPKP).
Ikatan Komite Audit Indonesia.
• 2015 Indonesia Registered Accountant (RNA) by Ministry Certificates and Professional Licenses
of Finance of the Republic of Indonesia. • 2021 Certification of Audit Committee Practices (CACP),
• 2014 Chartered of Accountant by International Ikatan Komite Audit Indonesia.
Federation of Accountants (IFAC), Ikatan Akuntan • 2019 Certification Forensic Auditor (CFrA), Lembaga
Indonesia (IAI). 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.
• 2013 Certified Risk Management Assurance (CRMA),
Institute of Internal Auditor, Amerika Serikat.
• 2012 Qualified Internal Auditor (QIA), Institute of Internal
Auditor, Indonesia.
• 2011 Certified Internal Auditor (CIA), Institute of Internal
Auditor, Amerika Serikat.
• 2009 Certified Fraud Examiner (CFE), Association of CFE,
Amerika Serikat.
• 1996 Certified Public Accountant (CPA), Amerika Serikat.
202 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
AUDIT COMMITTEE INDEPENDENCE 3. Supervise the Integrated Audit process for the 2021
and 2022 Financial Years
a. The Audit Committee has held discussions with
Telkom Audit Committee members must always have
the Independent Auditor of KAP Purwantono,
integrity and be independent in carrying out their
Sungkoro & Surja (a member firm of Ernst & Young
duties and responsibilities. As a form of commitment
Global Limited) (KAP PSS/EY) together with the
to independence, all members of the Audit Committee
Internal Auditor and Management regarding the
must sign an Integrity and Independence Pact to ensure
closing audit process of the Financial Reports for
that every decision taken by the Audit Committee is free
the period ending December 31, 2022 of the Entity
from pressure from other parties.
-consolidated Subsidiaries, and the closing audit
process of the Consolidated Financial Reports for
AUDIT COMMITTEE’S the period ending December 31, 2022. The Parent
PERFORMANCE AND Entity, namely PT Telkom Indonesia (Persero) Tbk.
The discussion includes, among other things:
IMPLEMENTATION ACTIVITIES -- Significant accounting and auditing issues.
-- Information Technology (IT) audit: ITGC &
Telkom has summarized the performance and
Application Control.
implementation of Audit Committee’s activities during
-- Quality and acceptability of financial accounting
2022 Financial Year in Committee’s Activity Report, which
standards applied by the Company.
contains:
-- The feasibility of significant accounting estimates
1. Conduct discussions on the Telkom’s quarterly
and judgment and the adequacy of disclosure in
consolidated financial reports
the consolidated financial statements.
The Audit Committee has reviewed and discussed with
b. The Audit Committee has held discussions with
Management, the quarterly consolidated financial
KAP PSS/EY, Internal Auditor, and Management
reports before the financial reports are reported to
regarding the Internal Control Over Financial
the Financial Services Authority (OJK) and the Stock
Reporting (ICOFR) implemented by management
Exchange to ensure that the financial reports issued
so that the quality of the financial reports is
by Management have been presented relatively,
presented fairly and there are no material
referring to generally accepted accounting principles,
misstatements.
has sufficient disclosure aspects and no material
c. The Audit Committee has held discussions with
misstatements, which readers need in making
KAP PSS/EY, Internal Auditor, and Management
decisions.
regarding the Audited Consolidated Financial
2. Supervise Internal Control
Report and Notes to the Consolidated Financial
a. The Audit Committee has reviewed and discussed
Report in the Annual Report (Form 20F).
with Internal Audit the results of the Control self-
d. Apart from that, the Audit Committee has
assessment (CSA) carried out by each risk owner.
also reviewed and discussed with KAP PSS/EY
b. The Audit Committee has reviewed and discussed
regarding management’s compliance with the
with Internal Audit the results of internal consulting
implementation of Capital Market regulations and
carried out by Internal Audit.
other regulations relating to the Telkom’s business
c. The Audit Committee has carried out reviews
in accordance with PSA 62 standards.
and discussions with Internal Audit regarding
e. Regarding the Integrated Audit process for the
significant/critical issues and other findings, as
Financial Year 2023, the Audit Committee has
well as follow-up actions that have been and/or will
discussions with KAP PSS/EY regarding audit
be carried out, such as through follow-up audits,
planning and scoping.
special audits, and investigative audits.
f. The Audit Committee has discussed developments
d. The Audit Committee has reviewed and discussed
- Interim Integrated Audit for Financial Year 2023
the Company’s risk management with Internal
and the Early Warning Report (EWR).
Audit; the Audit Committee supervises and monitors
fraud risks and financial reporting risks that may
have a material impact on the presentation of
financial reports.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 203
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Corporate Governance
4. Evaluate the performance of the Independent 6. Reviewing the Internal Audit Department’s Annual
Auditor who audited the Company’s consolidated Audit Work Program (PKAT) and Annual Non-Audit
financial statements for the 2022 Financial Year Work Program (PKNAT) plans for the 2024 Financial
and provide recommendations to the Board of Year
Commissioners regarding the appointment of an The Audit Committee has conducted studies and
Independent Auditor who will audit the Telkom’s discussions as well as input and recommendations
consolidated financial statements for the 2023 on the proposed Annual Audit Work Program (PKAT)
Financial Year and Annual Non-Audit Work Program (PKNAT) for
a. The Audit Committee prepared an evaluation report the Internal Audit Department for the 2024 Financial
on the audit implementation of the Company’s Year before the work programs were determined by
consolidated financial statements for the 2022 Management.
Financial Year which is submitted to the Board of 7. Evaluate and recommend improvements to the
Commissioners and the Financial Service Authority 2023 Internal Audit Charter
(OJK). The Audit Committee has conducted studies and
b. Referring to the Audit Committee’s evaluation discussions as well as input and recommendations on
report on the audit of the Company’s consolidated the proposed 2023 Internal Audit Charter.
financial statements for the 2022 Financial Year, the 8. Hold workshops with the Internal Audit
Board of Commissioners proposes a candidate for Department
an Independent Auditor to audit the consolidated The Audit Committee held a workshop with the
financial statements for the 2023 Financial Year Internal Audit Department, which aims to examine
to the Company’s Annual General Meeting of the dynamics of the Internal Audit function and
Shareholders (AGMS) for 2023. its best practices as well as the dynamics of the
c. In addition, the Audit Committee provides pre- Company’sneeds for the Internal Audit function,
approval for non-audit services, which will be referring to business changes and corporate actions
assigned to the Independent Auditor. carried out by the Company.
5. Review and supervise the implementation of the In the workshop, a strategic session was held to
Internal Audit Department’s Work Program for the discuss strategic matters related to the adequacy of
2023 Financial Year fulfilling the duties and functions of Internal Audit and
a. The Audit Committee reviews the Management strategies for strengthening Internal Audit to face the
Report of the Internal Audit Department, which challenges faced now and in the future.
contains the implementation of the work program 9. Supervise the audit process of the Social and
of the entire Internal Audit Department, including Environmental Responsibility Program (TJSL) being
obstacles found in the field Every quarter. implemented by the Community Development
b. The Audit Committee evaluates the completion Center (CDC) Unit for Financial Year 2023
status of internal, unique, and investigative audits, The Audit Committee has held discussions with CDC
including the resolution status of pending matters. management regarding implementing the TJSL –
c. The Audit Committee also evaluates the completion PUMK Program in 2023. It has also held discussions
status of internal consultations provided by Internal with KAP PSS/EY regarding the entire audit process
Audit (a separate, independent sub-department for the financial reports of the TJSL – PUMK Program
is separated from the audit sub-department) for for the 2022 financial year, including regarding
business owners. agreed procedures (Agreed Upon Procedure/AUP)
d. The Audit Committee evaluates the progress of for compliance with applicable regulations in the
implementing the recommendations that have management of the TJSL – PUMK Program.
been provided, both those originating from the
audit process (internal and external) and those The Audit Committee has also discussed with KAP PSS/
arising from internal consultations. EY regarding audit planning for the financial reports
e. The Audit Committee monitors the progress of of the TJSL – PUMK Program for the 2023 financial
maturity level and sustainability of Internal Audit. year.
204 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05. 10. Conducting studies and formulating the 2023 14. Conduct a review of the complaint information that Telkom Group Management Letter is received through the Whistleblowing System The Audit Committee discussed the results of internal (WBS) program for the 2023 Financial Year and external audits in 2023 with Internal Audit in the a. The Audit Committee evaluates and monitors all form of opportunities for improvement or significant WBS reports that enter the Telkom Integrity Line, findings followed by recommendations that need to which is managed by Deloitte. be followed up by Management. b. The Audit Committee reviews and follows up on 11. Review and supervise special assignments given all WBS reports it receives in accordance with the by the Board of Commissioners to the Audit escalation. Committee c. The Audit Committee coordinates with other The Audit Committee has carried out studies and stakeholders regarding incoming WBS to ensure discussions and supervised several dispositions given that incoming WBS has been followed up in by the President Commissioner. accordance with governance 12. Conducting joint studies with the Planning and Risk 15. The Audit Committee has held discussions with Evaluation and Monitoring Committee (KEMPR) the HCM Directorate regarding employee integrity The Audit Committee has conducted joint discussions management reports to ensure that management with KEMPR regarding special assignments given has been carried out properly. The employee integrity by the Board of Commissioners, including reviewing management reports are the My Integrity application, accounting/audit aspects of corporate action plans to ISO 37001: 2016 SMAP, Business Ethics and Integrity be carried out by the Company. Pact, LHKPN, and gratuities. 13. Preparing the 2024 Audit Committee Annual Work 16. The Audit Committee, along with the Internal Audit Program Department, assisted by PWC, has reviewed the The Audit Committee has prepared and discussed the Capital Expenditure (Capex) procurement business 2024 Audit Committee Annual Work Program together process, where the Internal Audit Department will with the Board of Commissioners to ensure that the follow up on the recommendations provided by work program includes all duties and responsibilities PWC. that have been regulated and specified in the Charter, as well as specific tasks assigned by the Board of Commissioners. PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 205
Page 208
Corporate Governance
AUDIT COMMITTEE’S MEETING
Based on Telkom’s Audit Committee Charter, the Audit Committee is required to hold committee meetings at least
once a month. This provision is more intensive than the provisions of Financial Service Authority Regulation No. 55/
POJK.04/2015 regarding the Establishment and Guidelines for Implementing the Work of the Audit Committee,
especially Article 13, namely at least once every 3 months. Throughout 2023, the Telkom Audit Committee has held
Committee meetings 17 times with the following attendance levels as presented in the table below.
No. Date Meetings Agenda/Discussion
1. Monday, January 9, 2023 Discussion of Integrated Audit 2022 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
2. Wednesday, January 18, 2023 Discussion of Management Report & Significant Critical Issue TW 4 2022
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
3. Tuesday, January 31, 2023 Discussion of Integrated Audit 2022 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
4. Tuesday, February 14, 2023 Clearance & Audit Closing of Telkom Group Subsidiaries
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
5. Friday, February 24, 2023 Discussion of Integrated Audit 2022 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
6. Thursday, March 23, 2023 Clearance & Audit Closing of PT Telkom Entity for Fiscal Year 2022
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
7. Tuesday, April 18, 2023 Discussion of Management Report & Significant / Critical Issue TW I 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
8. Friday, April 28, 2023 Discussion of TW I Financial Statements 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
9. Friday, May 26, 2023 Discussion of Minister Regulation Update & Performance of PUMK TW II
2023
Attendance List BDA BPSB WI ANN EBS ES
- √ √ √ √ √
10. Thursday, July 27, 2023 Discussion of Management Report & Significant / Critical Issue TW II 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
206 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda/Discussion
11. Thursday, July 27, 2023 Discussion of TW II Financial Statements 2023
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
12. Wednesday, October 4, 2023 Discussion of Integrated Audit 2023 Planning &; Scoping
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
13. Monday, October 30, 2023 Discussion of TW III 2023 Financial Reports
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
14. Monday, November 06, 2023 Discussion of Integrated Audit 2023 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
15. Tuesday, November 21, 2023 Discussion of Integrated Audit 2023 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
16. Thursday, December 7, 2023 Discussion of Integrated Audit 2023 Progress
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
17. Tuesday, December 19, 2023 CDC TW III Report 2023 Discussion & MSME Partnership Distribution
Status Update
Attendance List BDA BPSB WI ANN EBS ES
√ √ √ √ √ √
Remark:
BDA Bono Daru Adji ANN Abdi Negara Nurdin
BPSB Bambang Permadi Soemantri Brodjonegoro EBS Emmanuel Bambang Suyitno
WI Wawan Iriawan ES Edy Sihotang
Audit Committee’s Meeting Attendances 2023
No. Name Total Meetings Total Attendances Percentage of Attendance (%)
1. Bono Daru Adji 17 16 94
2. Bambang P. S. Brodjonegoro 17 17 100
3. Wawan Iriawan 17 17 100
4. Abdi Negara Nurdin 17 17 100
5. Emmanuel Bambang Suyitno 17 17 100
6. Edy Sihotang 17 17 100
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 207
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Corporate Governance
AUDIT COMMITTEE’S EDUCATION AND TRAINING
To improve and develop their competence, Telkom Audit Committee members regularly attend various trainings,
seminars, and workshops. The following table presents information on training that has been attended by members of
the Audit Committee during 2023.
Education, Training, Seminars, Conferences and Congresses of Telkom Audit Committee in 2023
No. Name Training Program Date Organizers
1. Emmanuel Implementation of Artificial Intelligence in February 02, 2023 Financial Services
Bambang the Financial Services Industry Authority
Suyitno Forensic Accounting Detection of Potential February 25, 2023 Seminar Room
Financial Statement Manipulation
Detecting Financial Statement, Fraud, March 04, 2023 Seminar Room
Misstatements, and Red Flags
“Internal Audit Transformation Seminar May 09, 2023 PricewaterhouseCoopers
and Signing of Cooperation Agreement and Indonesian Institute
between PwC Indonesia & Indonesian of Audit Committee
Institute of Audit Committee (IKAI)”
Deloitte Asia Pacific Conduct Watch 2023 June 20, 2023 Deloitte
BLMI GRC Masterclass Program 2023: June 27, 2023 Ministry of SOEs
Information Technology Audit
Fraud and Forensic Auditing: Identification, 03-07 July 2023 Glomacs – Oxford
Detection & Prevention Management Center,
Dubai
GRC Masterclass Program 2023: ESG for July 13, 2023 Ministry of SOEs
Auditors
GRC Masterclass Program 2023: Pre IPO August 10, 2023 BUMN School of
and Post IPO Presentation from IDX &; Excellence
Rating Presentation and Issuance of Debt
Securities & Sukuk (EBUS) from Pefindo
IIA Indonesia National Conference 2023: August 30-31, 2023 The Institute of Internal
“Staying Relevant” Auditors (IIA) Indonesia
Enhancing Financial Performance Through August 31, 2023 Financial Services
Data Analytics Authority
2. Edy Sihotang BLMI GRC Masterclass Program 2023: June 27, 2023 Ministry of SOEs
Information Technology Audit
GRC Masterclass Program 2023: ESG for July 13, 2023 Ministry of SOEs
Auditors
GRC Masterclass Program 2023: Pre IPO August 10, 2023 BUMN School of
and Post IPO Presentation from IDX & Excellence
Rating Presentation and Issuance of Debt
Securities &; Sukuk (EBUS) from Pefindo
Audit Committees in a New Era of 09-14 October 2023 London Premier Centre
Governance (LPC) Kuala Lumpur
Remark:
* Education and Training of members of the Audit Committee who are members of the Board of Commissioners can be seen in the Education and Training of
the Board of Commissioners.
208 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
COMMITTEE FOR NOMINATION AND REMUNERATION
Telkom has a Nomination and Remuneration Committee d. Evaluate the candidates for representatives of the
(KNR) whose task is to assist the Board of Commissioners Company who will be proposed as members of the
in supervising the determination of qualifications and Board of Directors or the Board of Commissioners
the nomination process, as well as the remuneration of of the Company’s Subsidiaries, prior to submission
the Board of Commissioners, Directors, and executive to the GMS/Minister.
officers. The formation of KNR refers to Financial Service e. Reviewing the proposed organizational structure of
Authority Regulation No. 34/POJK.04/2015 regarding the the Company one level below the Board of Directors
Nomination and Remuneration Committee of Issuers or proposed by the Board of Directors, referring to the
Public Companies and its implementation in the Telkom principles of good corporate governance.
is in line with the Minister of State-Owned Enterprises f. Assist the Board of Commissioners who together
Regulation No. PER-2/MBU/03/2023 regarding Guidelines with or consult with the Board of Directors in
for Governance and Significant Corporate Activities of State- selecting candidates for strategic positions within
Owned Enterprises and No. PER-3/MBU/03/2023 dated the Company in accordance with the provisions in
March 20, 2023, regarding Organs and Human Resources of the Company’s Articles of Association, including the
State-Owned Enterprises. This committee plays a particular management of Subsidiaries.
role in implementing GCG principles, especially in ensuring g. Provide recommendations to the Board of
that the selection process and remuneration policies can be Commissioners to be submitted to Series A
carried out in accordance with professional and independent Dwiwarna Shareholders regarding:
considerations without any pressure from other parties. KNR i Proposed composition of position for members
is also responsible for determining remuneration decisions, of the Telkom’s Board of Directors.
submitting Top Talent proposals, and nominating Directors ii Candidates for members of the Board of
and Board of Commissioners of Subsidiaries. Directors and Commissioners of Subsidiaries
comply with the threshold.
The internal working procedures of KNR are regulated in the iii Candidates for President Director and President
Committee for Nomination and Remuneration Guidelines/ Commissioner of all the Company’s Subsidiaries.
Charter, which is stipulated in the Resolution of Board of h. Develop policies and criteria needed in the
Commissioners No. 08/KEP/DK/2023 dated August 2, 2023. nomination process for candidates for members of
This guideline contains information regarding the working the Board of Directors including the management
procedures of KNR in assisting the Board of Commissioners of the Company’s Subsidiaries.
in supervising the determination of qualifications and the 2. For Remuneration
nomination process, as well as the remuneration of the Board a. Provide recommendations to the Board of
of Commissioners, Board of Directors, and executive officers. Commissioners to be submitted to Series A
Dwiwarna Shareholders regarding the policy,
KNR’S SCOPE, DUTIES, AND amount, and/or structure of the remuneration of
the Board of Directors and Board of Commissioners
RESPONSIBILITIES and then decide at the GMS taking into account.
i. Remuneration applicable in the
KNR’s scope, duties, and responsibilities are as follows: telecommunications industry;
1. For Nomination ii The duties, responsibilities, and authorities of
a. Conduct regular reviews of the Telkom’s Talent the members of the Board of Directors and/or
Management System as well as monitoring and the Board of Commissioners are related to the
evaluating its implementation. achievement of the goals and performance of
b. Evaluating the talent classification system and the Company; and
procedure carried out by the Board of Directors. iii. Performance targets for each member of the
c. Validate and calibrate talents proposed by the Board of Directors and Board of Commissioners.
Board of Directors to the Board of Commissioners/ b. Propose remuneration for the Board of Directors
Supervisory Board (selected talent) to produce a and Board of Commissioners in the form of salary or
list of talents that will be nominated by the Board honorarium, fixed allowances and facilities, as well as
of Commissioners/Supervisory Board (nominated variable incentives to the Board of Commissioners
talent) to the GMS/Minister. at least once in 1 (one) year.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 209
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Corporate Governance
c. Propose indicators and performance evaluations there is a division of authority for the nomination of
(Key Performance Indicators) for the Board of the Company’srepresentatives in management of the
Commissioners. Company’s Subsidiaries, then:
d. Prepare proposal for individual performance The authority of Series A Dwiwarna Shareholder, is for:
evaluation systems (Individual Key Performance a. President Director and President Commissioner of
Indicators) for members of the Board of Directors. the Company’s subsidiaries.
e. Develop and monitor the implementation of b. Company management (Directors and
Performance Achievement Indicators (KPI) both Commissioners), with total assets ≥ 50% of total
Collegial KPI and Directors’ Individual KPI. parent assets and/or subsidiary revenue ≥ 50% of
f. Deliver the progress of the realization of the parent revenue.
Performance Achievement Indicators (KPI) to 1. The authority of the Board of Commissioners
the Shareholder/Minister in accordance with the of PT Telkom Indonesia (Persero) Tbk, is for the
provisions of the legislation. Director (other than the President Director) and the
g. Evaluating the remuneration policy for employees Board of Commissioners (other than the President
who require approval/response from the Board of Commissioner) in the Company’s subsidiary with
Commissioners/Supervisory Board. a total asset ≤ 50% of the total assets of the parent
h. Develop competency development programs Company, and/or a subsidiary with revenue ≤ 50% of
for Committee members and/or members of the the parent Company’s total revenue.
Board of Commissioners.
As a follow-up to the Letter of the Minister of SOE No. S.
In Letter of Minister of SOE number S.675/MBU/10/2018 675/MBU/10/2018, dated October 18, 2018, KNR Telkom
dated October 18, 2018, regarding approval of proposals, in 2023 will conduct a Feasibility and Compliance Test
limits and/or criteria for the authority of the Board of 19 times for 19 management positions (target positions)
Commissioners of PT Telkom Indonesia (Persero) Tbk, with 57 candidates in 3 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, which determines the
composition of KNR Telkom members as follows.
Committee for Nomination and Remuneration’s Composition as of December 31, 2023
Name and Double Terms of
Position Basis of Appointment
Position Status Service
Chairman Wawan Iriawan* Resolution of the Board of Commissioners No. 06/KEP/ June 8, 2021 -
Independent DK/2021 dated June 8, 2021 Present
Commissioner
Members Abdi Negara Nurdin* Resolution of the Board of Commissioners No. 06/KEP/ June 8, 2021 -
Independent DK/2021 dated June 8, 2021, updated several times with the Present
Commissioner latest amendment based on Resolution of the Board of
Commissioners No. 07/KEP/DK/2023 dated June 27, 2023
Arya Mahendra Resolution of the Board of Commissioners No. 06/KEP/ June 8, 2021 -
Sinulingga* DK/2021 dated June 8, 2021, updated several times with the Present
Commissioner latest amendment based on Resolution of the Board of
Commissioners No. 07/KEP/DK/2023 dated June 27, 2023
210 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
Name and Double Terms of
Position Basis of Appointment
Position Status Service
Ismail* Resolution of the Board of Commissioners No. 06/KEP/ Mei 29, 2019 -
Commissioner DK/2019 dated December 17, 2019, updated several times with Present
the latest amendment based on Resolution of the Board of
Commissioners No. 07/KEP/DK/2023 dated June 27, 2023
Marcelino Rumambo Resolution of the Board of Commissioners No. 06/KEP/ Mei 29, 2019 -
Pandin* DK/2019 dated December 17, 2019, updated several times with Present
Commissioner the latest amendment based on Resolution of the Board of
Commissioners No. 07/KEP/DK/2023 dated June 27, 2023
Rizal Mallarangeng* Resolution of the Board of Commissioners No. 10/KEP/ June 29, 2020
Commissioner DK/2020 dated June 29, 2020 and updated several times with - Present
the latest amendment based on Resolution of the Board of
Commissioners No. 07/KEP/DK/2023 dated June 27, 2023
Silmy Karim* Resolution of the Board of Commissioners No. 07/KEP/ June 27, 2023
Commissioner DK/2023 dated June 27, 2023 - Present
Remark:
* Profile of KNR members from the Board of Commissioners can be seen on Profile of the Board of Commissioners.
On January 19, 2024, Mr. Abdi Negara Nurdin, as the of the Board of Commissioners Number: 05/KEP/
Company’s Independent Commissioner, submitted DK/2024 dated February 6, 2024, regarding Membership
a letter of resignation to the Company, which was Composition of the Audit Committee of the Company
responded by the Company via a letter from pgs. President (Persero) PT Telekomunikasi Indonesia Tbk, with the
Director No: C.Tel.01/HK 000/TEL-00000000/2024 dated latest composition as follows:
January 24, 2024, regarding Response to Resignation
Letter as Independent Commissioner of PT Telkom
Indonesia (Persero) Tbk. The Company has also carried KNR’S INDEPENDENCE
out the obligation to report this resignation to the
Financial Services Authority via letter No: Tel.03/LP 000/ In carrying out their duties, each KNR member has fulfilled
DCI-M0200000/2024 dated January 22, 2024, regarding the independence aspect in accordance with the terms
the Resignation of the Independent Commissioner of PT and conditions applicable in Financial Services Authority
Telkom Indonesia (Persero) Tbk. Regulation No. 34/POJK.04/2015 regarding Committees
for Nomination and Remuneration of Issuers or Public
To maintain continuity in the implementation of duties Companies and Resolution of the Board of Commissioners
in the Committee for Nomination and Remuneration, No. 08/KEP/DK/2023 dated August 2, 2023 regarding
the Board of Commissioners has determined a new Guidelines for the Work Implementation (Charter) of the
membership composition for the Company’s Committee Committee for Nomination and Remuneration of the
for Nomination and Remuneration through Resolution Company (Persero) PT Telekomunikasi Indonesia Tbk.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 211
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Corporate Governance
KNR’S PERFORMANCE AND 2. Resolution of the Board of Commissioners No. 02/KEP/
DK/2023/RHS regarding Collegial and Individual Key
IMPLEMENTATION ACTIVITIES Performance Indicators (KPI) for Directors of Telkom
Company (Persero).
Until the end of 2023, Committee for Nomination and 3. Resolution of the Board of Commissioners No. 11/KEP/
Remuneration has assisted the implementation of the DK/2023/RHS regarding changes to the Collegial Key
duties of the Board of Commissioners in producing Performance Indicators (KPI) of the Board of Directors
decisions, through the implementation of a series of of the Company (Persero) PT Telekomunikasi Indonesia
activity agendas, namely: Tbk in 2023.
1. Resolution of the Board of Commissioners of the Telkom 4. Resolution of the Board of Commissioners No. 13/
(Persero) PT Telekomunikasi Indonesia, Tbk No 07/KEP/ KEP/DK/2023/RHS regarding changes to the Key
DK/2023 regarding the Composition of Membership of Performance Indicators (KPI) for Individual Directors of
the Nomination and Remuneration Committee of the the Company (Persero) PT Telekomunikasi Indonesia
Company (Persero) PT Telekomunikasi Indonesia, Tbk. Tbk in 2023.
Committee for Nomination and Remuneration’s Composition as of February 6, 2024
Name and Double Terms of
Position Basis of Appointment
Position Status Service
Chairman Wawan Iriawan* Resolution of the Board of Commissioners No. 06/ June 8, 2021 -
Independent Commissioner KEP/DK/2021 dated June 8, 2021 Present
Members Arya Mahendra Sinulingga* Resolution of the Board of Commissioners No. 06/ June 8, 2021 -
Commissioner KEP/DK/2021 dated June 8, 2021, updated several Present
times with the latest amendment based on
Resolution of the Board of Commissioners No. 07/
KEP/DK/2023 dated June 27, 2023
Ismail* Resolution of the Board of Commissioners No. 06/ Mei 29, 2019 -
Commissioner KEP/DK/2019 dated December 17, 2019, updated Present
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 07/
KEP/DK/2023 dated June 27, 2023
Marcelino Rumambo Pandin* Resolution of the Board of Commissioners No. 06/ Mei 29, 2019 -
Commissioner KEP/DK/2019 dated December 17, 2019, updated Present
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 07/
KEP/DK/2023 dated June 27, 2023
Rizal Mallarangeng* Resolution of the Board of Commissioners No. 10/ June 29, 2020 -
Commissioner KEP/DK/2020 dated June 29, 2020 and updated Present
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 07/
KEP/DK/2023 dated June 27, 2023
Silmy Karim* Resolution of the Board of Commissioners No. 07/ June 27, 2023 -
Commissioner KEP/DK/2023 dated June 27, 2023 Present
Remark:
* Profile of KNR members from the Board of Commissioners can be seen on Profile of the Board of Commissioners.
212 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
KNR’S MEETINGS
Based on Financial Service Authority Regulation No. 34/POJK.04/2015 regarding Committee for Nomination and
Remuneration, Telkom is required to hold a Committee for Nomination and Remuneration Meeting at least once in 4
months. During 2023, KNR has held Committee meetings including circular decisions 59 times.
No. Date Meetings Agenda/Discussion
1. Friday, January 06, 2023 Update of information and work program plan by the Commissioner of PT
Telkom Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ - √ - N/a
2. Wednesday, January 11, 2023 Discussion of the achievement of KPI 2022, KPI 2023, and 4 parameters of
reporting to the Dekom KPI Board of Directors 2022
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
3. Monday, January 16, 2023 Feasibility and Feasibility Test (UKK) President Director of PT Sigma Cipta
Caraka (Telkom Sigma)
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ √ √ N/a
4. Thursday, January 19, 2023 Submission of Collegial KPI proposals for 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
5. Friday, January 20, 2023 Delivery of procedures for selecting selected talent and submission of
selected talent
Attendance list WI ANN AMS IS MRP RM SK
√ - - √ √ √ N/a
6. Tuesday, January 24, 2023 Delivery of procedures for the selection process and delivery of selected
talent
Attendance list WI ANN AMS IS MRP RM SK
√ √ - - √ √ N/a
7. Wednesday, January 25, 2023 Discussion of transformation updates for the first quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
8. Thursday, January 26, 2023 Division of Collegial KPIs in 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ - - √ √ N/a
9. Wednesday, February 08, 2023 Discussion of Individual KPIs of the Board of Directors in 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ - √ N/a
10. Tuesday, February 21, 2023 Due diligence and feasibility (UKK) Director of Finance, Risk, &; Human
Capital of PT Multimedia Nusantara (Telkom Metra)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
11. Thursday, February 23, 2023 Discussion of streamlining updates for the first quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ - √ N/a
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 213
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Corporate Governance
No. Date Meetings Agenda/Discussion
12. Wednesday, March 08 2023 Discussion on the selection of LTI shares purchase for former EBIS Directors
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
13. Wednesday, March 08 2023 Due diligence and feasibility (UKK) Commissioner of PT Dayamitra
Telekomunikasi (Mitratel)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
14. Thursday, March 30 2023 Feasibility and feasibility test (UKK) Director of Operations and
Development of PT Dayamitra Telekomunikasi (Mitratel)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ - √ N/a
15. Friday, March 31, 2023 Appropriateness and feasibility test (UKK) Business Director of PT
Dayamitra Telekomunikasi (Mitratel)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
16. Wednesday, April 05, 2023 Submission of CEO salary survey results by consultant Korn Ferry
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ - - √ N/a
17. Wednesday, April 12, 2023 Discussion of transformation updates for the second quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ - √ N/a
18. Wednesday, April 12, 2023 Discussion of proposed remuneration for 2023 and tantiem for fiscal year
2022
Attendance list WI ANN AMS IS MRP RM SK
√ - √ - √ √ N/a
19. Wednesday, May 03, 2023 Feasibility and feasibility test (UKK) President Commissioner of PT
Infrastuktur Telekomunikasi Indonesia
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
20. Thursday, May 04 2023 Feasibility and feasibility test (UKK) President Commissioner of PT
Multimedia Nusantara (Telkom Metra)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
21. Monday, May 08 2023 Feasibility and feasibility test (UKK) President Commissioner of PT Sigma
Cipta Caraka (Telkom Sigma)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
22. Tuesday, May 09 2023 Due diligence and feasibility (UKK) President Commissioner of PT
Telekomunikasi Indonesia International
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
23. Wednesday, May 10 2023 Due diligence and feasibility (UKK) President Commissioner of PT Graha
Sarana Duta
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
214 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda/Discussion
24. Thursday, May 11 2023 Feasibility and feasibility test (UKK) President Commissioner of PT Telkom
Data Ekosistem
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
25. Friday, May 12 2023 Due diligence and feasibility (UKK) President Commissioner of PT Metra-
Net
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
26. Monday, May 15 2023 Appropriateness and feasibility test (UKK) Commissioner of PT Telkom
Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
27. Monday, May 15 2023 Due diligence and feasibility (UKK) Commissioner of PT PINS Indonesia
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
28. Wednesday, May 17 2023 Due diligence and feasibility (UKK) Commissioner of PT Infrastruktur
Telekomunikasi Indonesia (Infra)
Attendance list WI ANN AMS IS MRP RM SK
√ - √ - √ √ N/a
29. Wednesday, May 17 2023 Feasibility and feasibility test (UKK) Director of Finance and Risk
Management of PT Telkom Data Ekosistem
Attendance list WI ANN AMS IS MRP RM SK
√ - √ - √ √ N/a
30. Friday, May 19 2023 Appropriateness and feasibility test (UKK) President Director of PT Telkom
Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ N/a
31. Wednesday, May 24 2023 Due diligence and feasibility (UKK) Commissioner of PT Infrastruktur
Telekomunikasi Indonesia (Infra)
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ - √ N/a
32. Thursday, May 25 2023 Feasibility and feasibility test (UKK) Director of Operations of PT
Infrastruktur Telekomunikasi Indonesia (Infra)
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
33. Thursday, May 25 2023 Appropriateness and feasibility test (UKK) Director of Human Capital and
Strategy of PT Telkom Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ N/a
34. Friday, May 26 2023 Due Diligence and Feasibility (UKK) Director of Finance and Risk
Management of PT Infrastruktur Telekomunikasi Indonesia
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
35. Friday, May 26 2023 Feasibility and Feasibility Test (UKK) Construction Director of PT Telkom
Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 215
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Corporate Governance
No. Date Meetings Agenda/Discussion
36. Monday, May 29 2023 Due diligence and feasibility (UKK) Business Director of PT Infrastruktur
Telekomunikasi Indonesia
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ - √ N/a
37. Monday, May 29 2023 Appropriateness and feasibility test (UKK) Operation Director of PT Telkom
Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ N/a
38. Monday, June 26 2023 LTI implementation monitoring 2022-2024
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ N/a
39. Monday, July 10 2023 Appropriateness and feasibility test (UKK) Director of Technology PT
Telekumunikasi Indonesia International
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ √
40. Thursday, July 20, 2023 Information update by Director of Finance and Risk Management of PT
Telkom Access and Commissioner of PT Sigma Cipta Caraka
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ - √
41. Tuesday, July 25, 2023 Discussion of transformation updates for the third quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
42. Friday, August 11 2023 Discussion of proposed KPI Changes to Collegial Directors 2023
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ - √ √
43. Tuesday, August 22 2023 Further discussion of proposed KPI Changes to the Collegial Board of
Directors 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
44. Tuesday, August 22 2023 Discussion of streamlining updates for the third quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ - - √
45. Wednesday, August 23 2023 Due diligence and feasibility (UKK) Commissioner of PT Graha Sarana Duta
Attendance list WI ANN AMS IS MRP RM SK
√ √ - √ √ √ -
46. Thursday, August 24 2023 Appropriateness and feasibility test (UKK) Director of Finance and Risk
Management of PT Sigma Cipta Caraka
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ - √
216 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda/Discussion
47. Friday, September 01 2023 Appropriateness and feasibility test (UKK) Director of Finance and Risk
Management of PT Sigma Cipta Caraka
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ - √
48. Friday, September 15 2023 Discussion of performance targets and LTI Grand 2
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
49. Wednesday, September 20 Further discussion of performance targets and LTI Grand 2
2023
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ - √ √
50. Friday, October 06 2023 Discussion of proposals/recommendations for candidates for
Commissioner of PT Telkom Access
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
51. Friday, October 06 2023 Discussion of proposals/recommendations for President Commissioner
candidates of PT Dayamitra Telekomunikasi Tbk
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
52. Wednesday, October 11 2023 Discussion of Individual KPIs of the Board of Directors 2023
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ - √
53. Monday, October 30 2023 Further discussion of the 2023 Board of Directors’ Individual KPI
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ -
54. Tuesday, October 31, 2023 Discussion of transformation updates for the fourth quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ - √ - √ - -
55. Monday, 13 November 2023 2024 tantiem budget consultation
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ √ √
56. Thursday, November 23, 2023 Discussion of streamlining updates for the fourth quarter of 2023
Attendance list WI ANN AMS IS MRP RM SK
√ - √ √ √ - √
57. Monday, 11 December 2023 Discussion of KPI KNR 2023 and proposed KPI KNR 2024
Attendance list WI ANN AMS IS MRP RM SK
√ √ √ √ √ - √
Remark:
WI Wawan Iriawan MRP Marcelino Rumambo Pandin
ANN Abdi Negara Nurdin RM Rizal Malarangeng
AMS Arya Mahendra Sinulingga SK Silmy Karim (appointed at June 27, 2023)
IS Ismail
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 217
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Corporate Governance
Committee for Nomination and Remuneration’s Meeting Attendance in 2023
Percentage of
No. Name Total of Meetings Total of Attendance
Attendance (%)
1. Wawan Iriawan 57 57 100
2. Abdi Negara Nurdin 57 47 82
3. Arya Mahendra Sinulingga 57 47 82
4. Ismail 57 49 86
5. Marcelino Rumambo Pandin 57 47 82
6. Rizal Malarangeng 57 48 84
* Served at June 27, 2023
KNR’S EDUCATION AND TRAINING Regulation No. PER-3/MBU/03/2023 dated March 20,
2023 regarding Organs and Human Resources of State-
Owned Enterprises. In accordance with these regulations,
Given that all members of Committee for Nomination
the remuneration of the Board of Commissioners has
and Remuneration are the Board of Commissioners, an
components consisting of:
explanation of education and training can be seen in
1. Salary/Honorarium;
the profile section of the Board of Commissioners in this
2. Allowance, which consists of:
Annual Report.
a. Holiday allowance;
b. Transportation allowance;
REMUNERATION OF THE BOARD c. Retirement insurance.
OF COMMISSIONERS AND THE 3. Facilities, which consist of:
BOARD OF DIRECTORS a. Medical facility;
b. Legal aid facilities.
4. Tantiem/Performance Incentive, where additional
The remuneration policy for the Telkom Board of
Tantiem can be given in the form of a Long Term
Commissioners is determined based on the SOE Minister’s
Incentive (LTI).
REMUNERATION OF THE BOARD OF COMMISSIONERS AND THE
BOARD OF DIRECTORS
1 2
Board of Commissioners
requested KNR drafted KNR asked for input from Independent Party provide
remuneration Independent party input to KNR
4 3
The results are submitted to
GMS/Minister of SOE
5
GMS/Decision Letter
Minister of SOE
218 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
Furthermore, the procedure for proposing up to the 5. The GMS can give authority and power to the Board
determination of the remuneration of Telkom’s Board of of Commissioners, with the prior approval of Series A
Commissioners and Board of Directors are explained as Dwiwarna Shareholders to determine the remuneration
follows: for Board of Commissioners and the Board of Directors.
1. The Board of Commissioners requests the KNR
to draft a remuneration proposal for the Board of In 2023, the Minister of SOE issued Regulation
Commissioners and the Board of Directors. of the Minister of State-Owned Enterprises
2. If needed, Committee for Nomination and No. Per-3/MBU/03/2023 regarding Organs and Human
Remuneration can request an independent party Resources of State-Owned Enterprises (Minister
to draw up a framework on the remuneration of the Regulation 3 of SOE). Telkom has confirmed the
Board of Commissioner and the Board of Directors. implementation of Minister Regulation 3 of SOE in Telkom
3. The Committee for Nomination and Remuneration areas through the GMS Resolution for the 2022 financial
proposes the remuneration framework referred to to year. One of the things regulated in the Minister of State-
the Board of Commissioners. Owned Enterprises Regulation No. Per-3/MBU/03/2023
4. The Board of Commissioners proposes remuneration for the regarding Organs and Human Resources of State-Owned
Board of Commissioners and the Board of Directors to GMS. Enterprises is the provision for postponing the payment
of part of the tantiem, and Long Term Incentive (LTI) to
the Board of Directors and Board of Commissioners.
Remuneration Acceptance of the Board of Commissioners
The total remuneration paid by Telkom in 2023 to all Board of Directors who served in the 2023 and the previous period
is Rp154,183billion. The following table presents details of the remuneration for the Board of Directors in 2023.
Board of Commissioners’ Recapitulation of Remuneration 2023
Religious
Tantiem
Holiday Transport
Board of Financial Year Total
No. Position Salary Allowance Allowance
Commissioners 2022
(THR)
Rp billion
1. Bambang P. S. President
Brodjonegoro Commissioner/
2,349,000,000 195,750,000 469,800,000 9,356,163,050 12,370,713,050
Independent
Commissioner
2. Bono Daru Adji Independent
2,114,100,000 176,175,000 422,820,000 8,446,270,721 11,159,365,721
Commissioner
3. Abdi Negara Independent
2,114,100,000 176,175,000 422,820,000 8,446,237,979 11,159,332,979
Nurdin Commissioner
4. Wawan Iriawan Independent
2,114,100,000 176,175,000 422,820,000 8,446,174,292 11,159,269,292
Commissioner
5. Arya Mahendra Independent
2,114,100,000 176,175,000 422,820,000 8,446,270,721 11,159,365,721
Sinulingga Commissioner
6. Isa Rachmatarwata Commissioner 2,114,100,000 176,175,000 422,820,000 8,446,367,150 11,159,462,150
7. Ismail Commissioner 2,114,100,000 176,175,000 422,820,000 8,446,367,150 11,159,462,150
8. Marcelino Commissioner
2,114,100,000 176,175,000 422,820,000 8,446,367,150 11,159,462,150
Rumambo Pandin
9. Rizal Mallarangeng Commissioner 2,114,100,000 176,175,000 422,820,000 8,446,045,122 11,159,140,122
10. Silmy Karim (1)
Commissioner 1,244,199,194 - 248,839,839 - 1,493,039,033
Total 20,505,999,194 1,605,150,000 4,101,199,839 76,926,263,335 103,138,612,368
Remark:
(1) Remuneration 30 May 2023 – 31 December 2023
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 219
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Corporate Governance
Remuneration Acceptance of the Board of Directors
The total remuneration paid by Telkom in 2023 to all Board of Commissioners who served in the 2023 and the previous period
is Rp198,197 billion. The following table presents details of the remuneration for the Board of Commissioners in 2023.
Board of Directors’ Recapitulation of Remuneration 2023
Other Allowance
Religious
Honorarium Housing Tantiem Total
No. Directors Position Holiday
Allowance
Allowance
Rp million
1. Ririek President
5,220,000,000 435,000,000 300,000,000 20,757,628,373 26,712,628,373
Adriansyah Director
2. Afriwandi Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
of HCM
3. Heri Supriadi Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
of KMR
4. FM Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
Venusiana R. of EBIS
5. Herlan Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
Wijanarko of NITS
6. Muhamad Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
Fajrin Rasyid of DB
7. Budi Director
Setyawan of SP 4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
Wijaya
8. Bogi Director
4,437,000,000 369,750,000 300,000,000 17,643,984,117 22,750,734,117
Witjaksono of WINS
9. Honesti Director
2,611,282,258 - 176,612,903 - 2,787,895,161
Basyir(1) of GBD
10. Edi Witjara(2) Director
- - - 9,442,199,995 9,442,199,995
of EBIS
Total 38,890,282,258 3,023,250,000 2,576,612,903 153,707,717,187 198,197,862,348
Remark:
(1) Term of Office since May 30, 2023 according to the results of the 2023 Telkom AGMS.
(2) Has not served since July 8, 2022.
220 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
CO M M IT T E E FOR PL A N N I N G A N D R I S K
EVALUAT ION AN D M O N I TO R I N G
Telkom has a Committee for Planning and Risk Then, the scope, duties, and responsibilities of KEMPR in
Evaluation and Monitoring (KEMPR) to assist the Board of helping the Board of Commissioners oversee the course
Commissioners in evaluating and monitoring Company of the Telkom which are:
planning and risk management. This aligns with the 1. Conduct a comprehensive evaluation of the proposed
Company’s commitment to improving the quality of Telkom’s Long-Term Plan (RJPP), Corporate Strategic
corporate planning and ensuring the effectiveness of Scenario (CSS), and Telkom’s Budget Work Plan (RKAP)
implementing enterprise risk management. submitted by the Board of Directors;
2. To evaluate the implementation of RJPP, CSS, and
KEMPR’S SCOPE, DUTIES, AND RKAP to assess whether the implantation is in line with
the target of RJPP, CSS, and RKAP which has been
RESPONSIBILITIES approved by the Board of Commissioners; and
3. Monitoring the implementation of enterprise risk
KEMPR’s duties and responsibilities are regulated management and project risk management, especially
in the Committee for Risk and Planning Monitoring for projects whose implementation is through the
and Evaluation Charter, which is established based approval of the Board of Commissioners.
on Resolution of Board of Commissioners No. 13/KEP/
DK/2021 dated November 29, 2021 regarding Work
Implementation Guidelines (Charter) for the Committee
KEMPR’S COMPOSITION
for Planning and Risk Evaluation and Monitoring of the
Based on the Resolution of the Board of Commissioners
Company (Persero) PT Telekomunikasi Indonesia Tbk. The
No. 06/KEP/DK/2023 dated June 27, 2023 regarding
guidelines regulate:
Membership Composition of the Committee for Risk
1. The establishment and the appointment of its
Planning Evaluation and Monitoring of PT Telekomunikasi
members;
Indonesia Tbk, the composition of KEMPR members is as
2. The structure and requirements of membership,
follows:
duties, responsibilities, and authority; and
3. The scope of work, meetings, reporting, a term of
office, and funding.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 221
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Corporate Governance
Committee for Planning and Risk Evaluation and Monitoring’s Composition as of December 31, 2023
Name and Double Term of
Position Basis of Appointment
Position Status Service
Chairman Arya Mahendra Sinulingga* Resolution of the Board of Commissioners No. 07/KEP/ May 28,
Commissioner DK/2021 dated June 8, 2021, and updated with No. 06/ 2021 -
KEP/DK/2023 dated June 27, 2023. Present
Members Bambang P. S. Brodjonegoro* Resolution of the Board of Commissioners No. 07/KEP/ May 28,
Commissioner/Independent DK/2021 dated June 8, 2021, and updated with No. 06/ 2021 -
Commissioner KEP/DK/2023 dated June 27, 2023. Present
Bono Daru Adji* Resolution of the Board of Commissioners No. 07/KEP/ May 28,
Independent Commissioner DK/2021 dated June 8, 2021, and updated with No. 06/ 2021 -
KEP/DK/2023 dated June 27, 2023. Present
Isa Rachmatarwata* Resolution of the Board of Commissioners No. 07/KEP/ May 28,
Commissioner DK/2021 dated June 8, 2021, and updated with No. 06/ 2021 -
KEP/DK/2023 dated June 27, 2023. Present
Ismail* Resolution of the Board of Commissioners No. 05/KEP/ May 28,
Commissioner DK/2019 dated May 29, 2019, and updated with No. 06/ 2019 -
KEP/DK/2023 dated June 27, 2023. Present
Rizal Mallarangeng* Resolution of the Board of Commissioners No. 11/KEP/ June 29,
Commissioner DK/2020 dated June 29, 2020, and updated with No. 06/ 2020 -
KEP/DK/2023 dated June 27, 2023. Present
Silmy Karim* Resolution of the Board of Commissioners No. 06/KEP/ June 27,
Commissioner DK/2023 dated June 27, 2023. 2023 -
Present
Siswa Rizali Resolution of the Board of Commissioners No. 11/KEP/ August
Independent Member DK/2020 dated August 02, 2021, and updated with No. 06/ 2, 2021 -
KEP/DK/2023 dated June 27, 2023. Present
Janson Resolution of the Board of Commissioners No 01/KEP/ March
Independent Member DK/2023 dated March 20, 2023, and updated with 20, 2023 -
Resolution of the Board of Commissioners No06/KEP/ Present
DK/2023 dated June 27, 2023.
Remarkt:
* Profile of KEMPR members from the Board of Commissioners can be seen on Profile of the Board of Commissioners.
222 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
KEMPR’S MEMBER PROFILE WHO ARE NOT BOARD OF
COMMISSIONERS’S MEMBER
Siswa Rizali Janson
Independent Member Independent Member
Age Age
51 years old 49 years old
Nationality Nationality
Indonesian Indonesian
Domicile Domicile
South Tangerang, Indonesia South Tangerang, Indonesia
Education Background Education Background
• 2002 Master of Social Sciences (Economics), National 1998 Bachelor of Science, Finance, University of
University of Singapore, Singapura. Maryland, College Park, U.S.A.
• 1996 Bachelor Degree in Economics, Universitas
Indonesia, Indonesia. Basis of Appointment
Resolution of the Board of Commissioners No 01/KEP/
Basis of Appointment DK/2023 dated March 20, 2023 regarding the Composition of
Resolution of the Board of Commissioners No. 09/KEP/DK/2021 Membership of the Risk Planning Evaluation and Monitoring
dated August 02, 2021 regarding Membership Composition of Committee of the Company (Persero) PT Telekomunikasi
Committee for Planning and Risk Evaluation and Monitoring of Indonesia Tbk as subsequently amended and updated
the Company (Persero) PT Telekomunikasi Indonesia, Tbk as later with the latest update through Resolution of the Board of
amended and updated with the latest update through Resolution Commissioners No 06/KEP/ DK/2023 dated June 27, 2023,
of the Board of Commissioners No. 06/KEP/DK/2023 dated June regarding Membership Composition of the Risk Planning
27, 2023 regarding Membership Composition of Committee for Evaluation and Monitoring Committee of the Company
Planning and Risk Evaluation and Monitoring of the Company (Persero) PT Telekomunikasi Indonesia Tbk.
(Persero) PT Telekomunikasi Indonesia, Tbk.
Term of Office
Term of Office March 20, 2023 – up to present
August 2, 2021 up to present.
Duties and Responsibilities
Duties and Responsibilities Together with other KEMPR members, they are tasked with
Together with other KEMPR members, it is tasked with evaluating the proposed Telkom Long Term Plan (RJPP),
evaluating the proposed Telkom Long Term Plan (RJPP), Corporate Strategic Scenario (CSS), and Telkom Budget Work
Corporate Strategic Scenario (CSS), and Telkom Budget Activity Plan (RKAP) submitted by the Board of Directors, evaluating the
Plan (RKAP) submitted by the Board of Directors, evaluating implementation of RJPP, CSS, and RKAP, as well as conducting
the implementation of RJPP, CSS, and RKAP, and supervising supervising the implementation of Telkom’s enterprise risk
the implementation of Telkom’s enterprise risk management management and project risk management.
and Telkom’s project risk management.
Career Experiences
Career Experiences • 2023 - Present Member of Committee for Planning and
• 2021 - Present Member of Committee for Planning and Risk Evaluation and Monitoring.
Risk Evaluation and Monitoring (KEMPR) • 2021 - 2022 Senior Corporate Finance, PT ASLI RI
• 2019 - 2021 Investment and Placement Committee, • 2020 - 2021 SVP Equity Research, PT Kanaka Hita
Badan Pengelola Keuangan Haji. Solvera.
• 2015 - 2018 Director of Investment, PT Asanusa Asset • 2017 – 2019 SVP Equity Division and Research, PT
Management. Royal Investium Sekuritas.
• 2013 – 2016 Head of Institutional Equity, PT MNC
Certificates and Professional Licenses Sekuritas.
• 2022 Certified Risk Professional (CRP) by
Association of Indonesian Capital Certificates and Professional Licenses
Market Professional. • 2023 Certified Risk Professional (CRP) by Association of
• 2008 Investment Manager Representative Indonesian Capital Market Professional.
Certificate. • 2019 Sertifikat Wakil Manajer Investasi, Financial Service
Authority.
• 2021 Sertifikat Wakil Perantara Pedagang Efek,
Financial Service Authority.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 223
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Corporate Governance
KEMPR’S INDEPENDENCE • Increase TelkomGroup readiness to
challenges in the B2B business and the need
face
for a clear division of roles in B2B business
KEMPR members are required to fulfill the independence
management between related units in the
aspect in carrying out their duties in accordance with
TelkomGroup.
the terms and conditions stated in the Resolution of
• In implementing each stage in the development
the Board of Commissioners No. 13/KEP/DK/2021 dated
of the 5 Bold Moves, especially for InfraCo and
November 29, 2021 regarding Work Implementation
DigiCo, it is necessary to ensure that the critical
Guidelines (Charter) for the Committee for Planning and
assumptions in each initiative are met and
Risk Evaluation and Monitoring of the Company (Persero)
running well.
PT Telekomunikasi Indonesia Tbk.
• Ensure that the Group Business Development
(GBD) Directorate provides added value in
KEMPR’S PERFORMANCE AND accelerating and improving the performance of
IMPLEMENTATION ACTIVITIES TelkomGroup’s new engine growth.
• It is necessary to sharpen the strategy in the Five
1, Telkom Long Term Plan (RJPP) and Corporate Bold Moves initiative to provide a higher financial
Strategic Scenario (CSS) impact than at present, based on evaluations
a. Focus on Monitoring Implementation of RJPP and benchmarks against other companies in the
2020-2024 and CSS 2023-2025 domestic or global scope.
• Update/renewal of Telkom’s RJPP for 2020-2024, c. Evaluation of 2024-2026 CSS Proposals
which includes changes to priority initiatives, • Preparation of business targets, especially those
KPI aspirations & targets, accountability for related to B2B IT Services, so that they are carried
priority initiatives, and implementation of a out realistically and in stages per Company
timeline adjusted to current developments in conditions developments.
the Telecommunications business and industry • In preparing the Company’s strategic planning
situation. documents to optimize the market intelligence
• CSS Changes (CSS-P) for 2023 – 2025 is a function and utilize the information obtained to
follow-up to the results of the annual GMS of enrich the analysis of competitors and sharpen
PT Telkom Indonesia (Persero) Tbk on May the formulation of business strategy in dealing
30, 2023, especially regarding the approval with competitors.
of the separation of the Indihome business • Ensure that the execution carried out can run
segment from Telkomsel and changes to the well and achieve the targets that have been set.
nomenclature of positions for members of 2. Telkom Work Plan and Budget, as well as Capital
the Board of Directors (removal of the Director Expenditures
Consumer Service and the addition of a Director a. Focus on Monitoring the Implementation of the
Group Business Development). Apart from 2023 RKAP and Capital Expenditures
that, there is a sharpening of the strategy and • Increasing the competitiveness of the IndiHome
roadmap related to the plan to establish Infraco. business and transferring the IndiHome business
• CSS for 2024 – 2026 is adjusted to the five bold to Telkomsel as an implementation of the FMC
moves initiative and industry benchmarks. initiative.
• Improved business performance, digital • Ready to implement B2B IT Services and digital
platforms & services. product portfolio as Telkom’s transformation
b. Evaluation of 2024-2026 CSS Proposals after transferring the IndiHome business to FMC.
• Ensure that the post-FMC transition process runs • TelkomGroup Performance Improvement.
smoothly by taking anticipatory and mitigating • Increasing profitability, efficiency, and timeliness
steps towards potential risks that arise and in capex deployment, including ensuring
ensuring the quality of business processes and anticipation and risk mitigation for potential
services to customers runs well. delays in capex deployment.
• Strengthening Enterprise Risk Management to
oversee five bold moves.
224 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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b. Evaluation of the 2024 RKAP and Capital 3. Telkom Risk Management (Enterprise Risk
Expenditure Proposals Management/ERM)
• The future state of network architecture will Based on monitoring of the Telkom’s risk profile, there
receive more attention to increasing sustainable are three things that receive attention, specifically:
value creation in developing digital ecosystems a. Implementation of risk management both within
and continuing the transformation of society the scope of the Company and on strategic
based on digital-ready organizations to fulfill projects.
shareholder aspirations (APS). b. Improving the quality of ERM implementation in
• Increase the productivity of Human Resources Subsidiaries.
(HR) to create superior and professional human c. Preparation and calculation of the Telkom Group
resources to maintain technological leadership Risk Profile.
in connectivity, support Indonesia’s digital d. Telkom Group’s compliance with SOE Ministerial
innovation, provide digital solutions, and improve Regulation No. 2 of 2023 regarding Implementation
ecosystem digital services to the community. of Risk Management in SOEs.
• Use of capex that is right on target and optimal 4. Certain Actions of the Board of Directors that
and ensures the creation of efficiency in capex Require the Approval of the Board of
deployment through thoughtful capex planning Commissioners
During 2022 KEMPR has assisted the Board of
so that there is no duplication of capex in the
Commissioners in reviewing strategic plan proposals
TelkomGroup and strives to increase the level of
submitted by the Board of Directors, including the
domestic content (TKDN).
following projects:
• Ensure a more aggressive increase in customer
a. Strategic Fit Project Grand, including the continued
acquisition by sharpening the GoTo Market
development of HDC Cikarang campus 1 (floors 2-4)
strategy through external hiring to strengthen
and campus 2 (floor 1), and the Telin Singapore Data
external revenue.
Center consolidation to TDE.
• Ensure regional Telkom readiness in
b. Batam Data Center Initiative Final Approval.
implementing B2B IT Services products and
c. Final Approval Project FMC (Fix Mobile Convergence)
digital product portfolio.
Speed 2.
• Focusing on strategic partnerships for Telkom
d. Final Approval Project Grand, namely the continued
businesses.
construction of HDC Cikarang campus 1 (floors 2-4)
• Ensure that the execution of the five bold moves
and campus 2 (floor 1), as well as the consolidation
goes according to the plans that have been
of the Telin Singapore Data Center to TDE.
prepared.
e. Final Approval Project Infraco, namely establishing
• Acceleration of the digitalization process and
a New Telkom Subsidiary as an InfraCo-FiberCo
standardization of agreements with customers.
Entity and approval of an Equity Call for PT Telkom
• Anticipate non-terrestrial network (NTN)
Infrastruktur Indonesia.
technologies such as LEO satellites (Starlink,
f. Approval to Write Off Bad Debts in 2023.
OneWeb).
g. Release Capex phase 1 RKAP 2024.
• Increase maturity and readiness in implementing
cybersecurity within Telkom (parent) and the
Telkom’s subsidiaries.
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Corporate Governance
KEMPR’S MEETING
KEMPR Telkom has held 23 Committee meetings throughout 2023, with the attendance level of KEMPR members as
follows:
No. Date Meetings Agenda/Disscusion
1. Wednesday, January 4, Discussion of Strategic Fit Project Grand
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ N/a
2. Friday, January 20, 2023 Batam Data Center Initiative Approval Discussion
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ N/a
3. Friday, March 10, 2023 Risk Management Implementation
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
4. March 8, 13, 17, 21, 2023 FMC Discussion for Financial, Legal &; Risk, Network &; IT, HR, Marketing &;
Communication Aspects
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
5. Monday, April 10, 2023 Discussion of RJPP Draft Update
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
6. Monday, April 17, 2023 Telkom Infra Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
7. Friday, May 05, 2023 TDE Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
8. Wednesday, May 17, 2023 Final Approval Project Grand Discussion
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
9. Friday, May 26, 2023 Telkom Metra Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
10. June 06, 19, 20, 21, 22, 2023 The Telkom’s Work Plan and Budget Changes (RKAP-P) for 2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ N/a √ √
11. Wednesday, August 09 PINS Performance Monitoring
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
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No. Date Meetings Agenda/Disscusion
12. Wednesday, August 23, CSS Discussion 2024 - 2026
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
13. Thursday, August 24, 2023 Telin Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
14. Friday, August 25, 2023 Discussion of Strategic Fit Approval for Project Conversion
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
15. Thursday, September 14, Final Approval Project Grand Discussion (Consolidation of Telin SG to TDE)
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
16. Monday, September 18, Final Approval Project infraco (Establishment of Infraco Subsidiary)
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
17. Thursday, October 12, 2023 Telkomsat Performance Monitoring
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
18. October 23-21 and The Telkom’s Work Plan and Budget for 2024
November 01-03, 2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
19. Thursday, November 23, Risk Management Monitoring
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ - √ √ √
20. Thursday, December 14, Discussion on Removing the Uncollectible Receivables Book in 2023
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
21. Friday, December 15, 2023 Discussion of Capex Release Phase 1 of RKAP 2024
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
22. Monday, December 18, Telkom Sigma Monitoring
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
23. Monday, December 20, Further Discussion of Project Infraco
2023
Attendance List AMS BPSB BDA IR IS RM SK SR JN
√ √ √ √ √ √ √ √ √
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Corporate Governance
Committee for Planning and Risk Evaluation and Monitoring’s Meeting Attendance in 2023
Total of Percentage of Attendance
No. Name Total of Meetings
Attendance (%)
1. Arya Mahendra Sinulingga 57 57 100
2. Bambang P.S. Brodjonegoro 57 47 82
3. Bono Daru Adji 57 47 82
4. Isa Rachmatarwata 57 49 86
5. Ismail 57 47 82
6. Rizal Mallarangeng 57 48 84
7. Silmy Karim (1)
19 16 84
9. Siswa Rizali 23 23 100
10. Janson (2)
22 22 100
Remark:
(1) Silmy Karim since June 27, 2023
(2) Janson since March 8, 2023
KEMPR’S EDUCATION AND TRAINING
In 2023, Telkom has included KEMPR members to improve their competence, through education and/or training as
shown in the table below.
Training and Education Attended by Committee for Planning and Risk Evaluation and Monitoring 2023
No. Name Training Program Date Location
1. Siswa Rizali Mobile World Congress 2023, Barcelona February 27 – Barcelona
March 2, 2023
Telefonica B2B IT Services Benchmarking March 3, 2023 Madrid
NCS B2B IT Services Benchmarking August 04, 2023 Singapore
McKinsey Digital Capability Center August 04, 2023 Singapore
BSE GRC Masterclass: Risk Management Effectiveness September 07, Online BUMN
Evaluation 2023 School
ESG for Boards: Governance of ESG September 29, Online BUMN
2023 School
Thales B2B IT Services Benchmarking October 16, 2023 Paris
Unleash World: HR Tech & Digitalization Conference October 16-17, 2023 Paris
CG Methodology and Environmental and Social November 6, 2023 Online BUMN
Management Systems School
228 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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No. Name Training Program Date Location
2. Janson Securities Trader Intermediary advanced education March 2023 Propami
training
Benchmark to HUawei Head Quarter and Huawei June 13 - 15, 2023 China
Research Development Center
Benchmark to Tencent Head Quarter and Data Center June 13 - 15, 2023 China
Business
Benchmark to ZTE Head Quarter June 13 - 15, 2023 China
Executive Development Program, DEB SV UGM and July 2023 Yogyakarta
G-Multi
BSE GRC Masterclass: Risk Management Effectiveness September 07, Online BUMN
Evaluation 2023 School
ESG for Boards: Governance of ESG September 29, Online BUMN
2023 School
CG Methodology and Environmental and Social November 6, 2023 Online BUMN
Management Systems School
Benchmark with companies Mintly, 2NS, Aves Netsec, November 28—29, Finland
Alto University, Gofore, SSH, Ubisecure, and Artic which 2023
are cybersecurity companies.
Slush Event 2023 (Benchmark with companies November 30 to Finland
Magnotherm, Stedy Ebergy, Holy, Tozero, Synergi, BBVA December 1, 2023
and Mettsa Group (Financial European startup)
Remark:
* 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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Corporate Governance
BOAR D OF D IRECTO R S
Based on Law No. 40 Year 2007 regarding Limited
Liability Companies, the Board of Directors is an organ of
BOARD OF DIRECTORS’
the Company which is authorized and fully responsible AUTHORITIES, DUTIES, AND
to Company’s management for the Company’s interest, RESPONSIBILITIES
in accordance with the aims and objectives of the
Company, and represents the Company both inside and The management of the Company is carried out through
outside the court in accordance with the provisions of the the TelkomGroup Board of Executives (BoE), which is
Articles of Association and laws and regulations. Board coordinated by the Main Director of Telkom as the Chief
of Directors must comply with the Articles of Association of Executive (CEO) of the TelkomGroup. The main duties
of the Company, Board of Directors’ Charter, and laws of the President Director are:
and regulations and must implement the principles of a. Coordinating the process of structuring and/or
professionalism, efficiency, transparency, independence, reconstructing aspects of the Company’s philosophy
accountability, responsibility, and fairness. which includes but is not limited to the vision, mission,
goals, corporate culture, and leadership architecture;
BOARD OF DIRECTORS’ b. Formulate and state the strategic direction in order to
condition the Company’s ability to achieve sustainable
CHARTER competitive growth in the entire TelkomGroup
business portfolio and risk control as well as interacting
Telkom has a guideline for Work Procedures of the
with external constituents;
Board of Commissioners and Directors (Board Manual)
c. Controlling the strategic planning function within
which is outlined in the Joint Regulation of the Board of
the scope of the TelkomGroup and directing growth
Commissioners and Directors No. 05/KEP/DK/2022 and
efforts with a focus on new business portfolios;
PD.620.00/r.01/HK200/COP-M4000000/2022 regarding
d. Controlling the direction of the Company and the
Guidelines for the Work Procedures of the Board of
TelkomGroup in driving new business, entering/
Commissioners and Directors (Board Manual) of the
developing new markets, as well as internationalization/
Telkom (Persero) PT Telekomunikasi Indonesia Tbk. The
regionalization;
Board Manual serves as a guide for the Board of Directors
e. Controlling the management of strategic aspects of
in carrying out their duties and contains work rules,
the functions of finance and risk management, human
authority, duties, responsibilities, obligations, division of
capital, digital business, and strategic portfolios in all
tasks, meetings, provisions on conflicts of interest, share
business portfolios carried out within the scope of the
ownership, mechanism arrangements, and division of
TelkomGroup;
work between members of the Board of Directors which
f. Leading the development process for TelkomGroup
are not regulated in the budget. The Telkom’s principles
leaders, as well as appointing and dismissing office
and applicable statutory provisions. Through the Board
holders in certain positions in accordance with
of Directors Manual, the Telkom hopes that the Directors’
stipulated career management regulations, as well as
performance can be more focused and synergistic with
coaching TelkomGroup leaders;
each other.
g. Periodically reporting the Company’s performance in
accordance with the provisions applicable to public
companies; and
h. Establish policies and decisions related to the
management of the Company and the TelkomGroup
as referred to in letters a through g and other matters
that have not been formulated in the duties and
authorities of each member of the Board of Directors
in this regulation.
230 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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In carrying out his duties, the President Director is assisted by several Directors. The following table is the duties and
responsibilities of each Director according to their field:
Directorship Duties and Responsibilities
Director of In addition to his duties as a member of the Board of Directors, the EBIS Director is responsible
Enterprise & for business strategy in the context of conditioning sustainable competitive growth through
Business Service winning competitions and growing the corporate segment business portfolio (enterprise,
(Director of EBIS) government, and business).
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 In addition to his duties as a member of the Board of Directors, the Director of WINS is
Wholesale & responsible for business strategy in the context of conditioning sustainable competitive
International growth through winning competitions and growing the business portfolio in the wholesale
Service (Director of and international segment.
WINS) 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.
Director of Strategic In addition to his duties as a member of the Board of Directors, the SP Director is responsible
Portfolio (Director for providing a corporate-level strategy formulation, which includes directional strategy,
of SP) portfolio strategy, and parenting strategy, as well as exploring new sources of growth for the
growth of TelkomGroup’s business portfolio through alliances & acquisitions.
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 In addition to his duties as a member of the Board of Directors, the DB Director is responsible
Business (Director for the availability of innovation strategy formulation to optimize coherent digital service
of DB) business exploration within the scope of TelkomGroup.
1The 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 In addition to his duties as a member of the Board of Directors, the NITS Director is responsible
& IT Solution for the business strategy to leverage the Company’s resource capabilities to grow/enlarge/
(Director of NITS) 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.
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.
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Corporate Governance
Directorship Duties and Responsibilities
Director of Finance In addition to his duties as a member of the Board of Directors, the KMR Director is responsible
and Management for the availability of directional strategy formulation, portfolio strategy, and parenting
Risk (Director of strategy, especially from the Company’s financial, supply, and risk management aspects to
KMR) realize sustainable competitive growth within the scope of the TelkomGroup.
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 In addition to his duties as a member of the Board of Directors, the HCM Director acts as
Human Capital a strategic partner for the business lines and corporate functions of TelkomGroup’s human
Management capital management, supporting business units and subsidiaries through developing a center
(Director of HCM) 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.
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.
Director of In addition to his duties as a member of the Board of Directors, the GBD Director is responsible
Group Business for the business development and corporate strategic governance covering development
Development strategy, alignment strategy, business planning, and business development to build
(Director of GBD) competitive advantage for the growth engine of the business portfolio.
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
BASIS OF APPOINTMENT OF
liable for losses caused by errors or negligence in carrying THE BOARD OF DIRECTORS
out their duties. Members of the Board of Directors are not
responsible for the Telkom’s losses if they can prove it: The selection and appointment of members of Telkom
1. Such loss is not caused by their mistake or negligence; Board of Directors are carried out through the GMS
2. They have performed actions in good faith, with full by considering the competency, expertise, integrity,
responsibility, and prudentially for the interest and and background required by the Company. Selected
based on the purpose and objective of the Telkom; prospective members must meet the criteria and
3. They do not have any conflict of interest either, directly requirements specified in the fit and proper test.
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.
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EDUCATION, TRAINING, SEMINAR, AND CONGRESS
Telkom provides opportunities for members of the Board of Directors to participate in various education, training, and
similar activities to develop their knowledge and skills. The education and/or training programs that members of the
Board of Commissioners will participate in during 2023 are as follows:
Directors Who
No. Event Date Institution Location
Attended
1. GRC Masterclass “Sosialisasi September 14, 2023 Minister of SOE Online Zoom All BoD
pemeringkatan BUMN & Anak
Perusahaan”
2. GRC Masterclass – ESG for September 27, 2023 Minister of SOE Online Zoom BoD & BoC
Boards – Governance of ESG
3. GRC Masterclass – GRC October 05, 2023 Minister of SOE Online Zoom BoD & BoC
Integrated Information for
Supervisory Board
4. GRC Masterclass – Corporate October 25, 2023 Minister of SOE Online Zoom BoD & BoC
Governance Methodology
and Environmental and Social
Management Systems
5. FGD with Badan Pengawasan August 14, 2023 BPKP Nusa Dua Bali CEO
Keuangan dan Pembangunan
(BPKP)
6. Direction on preventing January 11, 2023 Minister of SOE Jakarta CEO
corruption in SOE
7. Fortune Summit March 16, 2023 Fortune Indonesia Jakarta CEO
8. Socialization of several SOE March 27, 2023 Minister of SOE Jakarta CEO, Dir of
Ministerial Regulation KMR, Dir of
HCM
9. Microsoft CEO Summit May 10-11, 2023 Microsoft Seattle, USA CEO
10. Asian Indo Pacific Forum September 5, 2023 Minister of Jakarta CEO, Dir of
(AIPF) foreign affairs and EBIS
Ministry of SOE
11. Training and Certified Risk October 2023 LPK MKS Online Zoom All BoD & BoC
Governance Professional
12. BLMI GRC Masterclass – Pre September 14, 2023 SOE Leadership Jakarta Dir of DB
IPO and Post IPO & Management (Online)
Institute
13. ESG for Boards – Governance October 04, 2023 SOE School of Jakarta Dir of DB
of ESG Excellence (Online)
14. Certified Risk Executive Leader 2023 GIACorpu (BPKP) Jakarta Dir of KMR
15. Qualified Risk Governance November 02, 2023 LSP MKS Jakarta Dir of KMR, Dir
Professional of GBD, Dir of
WINS, Dir of
NITS
16. Qualified Risk Governance October 2023 CRMS Indonesia Jakarta Dir of NITS
Professional (QRGP)
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Corporate Governance
Directors Who
No. Event Date Institution Location
Attended
17. GRC Integrated Information October 2023 SOE School of Jakarta Dir of NITS
for Supervisory Board Excellent
18. GRC Masterclass: CG October 2023 SOE School of Jakarta Dir of NITS
Methodology and Excellent
Environmental and social
management system
19. Chief Business Development February 10-11, 2023, Leadership Bali & Online Dir of SP
Officer Innovation School & March- April, 2023 Management
Institute
20. Stewardship & Portfolio November 07-09, Forum Human Singapore Dir of SP
Management Training 2023 Capital Indonesia
Program
21. Qualified Governance Risk October 31, 2023 LSP MKS Jakarta Dir of SP
Governance Professional
22. Colloquium of merger & November 30, 2023 Minister Of SOE Singapore Dir of SP
acquisition of SOE.
23. Risk Management October 2023 BNSP (Badan Jakarta Dir of EBIS
Nasional
Sertifikasi Profesi)
24. CHRO School of SOE October 13-14, 2023, Minister of SOE Merusaka, Dir of HCM
and November 17, Nusa Dua, Bali
2023
25. Qualified Risk Governance October 31, 2023 BNSP Online Dir of HCM
Professional - QRGP
26. BLMI Masterclass – Chief January 4, 2023 Minister of SOE Mandiri Dir HCM
Human Resources Officer Corporate
(CHRO) University,
Jakarta Barat
27. Training and Qualified Risk September – CRMS & LPK MKS Online Dir HCM
Governance Professional – Oktober 2023
QRGP
28. BSE GRC Master Class: September 14, 2023 SOE School of Online Board of
“Sosialisasi Pemeringkatan Excellence Director and
BUMN & Anak Perusahaan Commissioner
BUMN.”
29. BUMN GRC Master Class 2023: September 27, 2023 SOE School of Online Board of
ESG for Boards - Governance Excellence Director and
of ESG. Commissioner
30. GRC Masterclass Program October 05, 2023 SOE School of Online Board of
2023: GRC Integrated Excellence Director and
Information for Supervisory Commissioner
Board.
31. GRC Masterclass Program October 25, 2023 SOE School of Online Board of
2023: CG Methodology and Excellence Director and
Environmental and Social Commissioner
Management Systems.
234 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 237
Pa r t/ 05.
BOARD OF DIRECTORS’ DIVERSITY
As stated in Law no. 39 of 1999 regarding Human Rights, Telkom upholds equal human rights by guaranteeing no
discrimination in selecting and appointing Directors. Members of the Board of Directors are chosen because they are
professionals with suitable skills and integrity following Telkom’s needs in the digital era. The results of the 2022 AGMS
appointed nine members of the Board of Directors are male with one female member. This decision was based on the
selection results without discrimination against certain genders.
Board of Directors’ Diversity as of December 31, 2023
Background of Level of
No. Name Position Gender
Expertise and Skill Education
1. Ririek Adriansyah President Male Electrical Engineering Bachelor
Director
2. Heri Supriadi Director of KMR Male Business Management Doctoral
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, DB Digital Business, SP Strategic Portfolio,
HCM Human Capital Management, WINS Wholesale & International Service, 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 Composition Diversity of Board
Board of Directors Gender of Directors Education Level
Female Male Bachelor Doctor
11.11% 88.89% 22.22% 11.11%
Master
66.67%
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 235
Page 238
Corporate Governance
BOARD OF DIRECTORS’ DOUBLE POSITION
In 2023, 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, 2023
Telkom Other
No. Name Subsidiaries
Position Other Position Entities
1. Ririek Adriansyah President Director None None None
2. Heri Supriadi Director of KMR Commissioner PT Telekomunikasi Selular ( None
Telkomsel)
3. FM Venusiana R. Director of EBIS None None None
4. Herlan Wijanarko Director of NITS Commissioner PT Dayamitra Telekomunikasi None
5. Muhamad Fajrin Direktur DB Commissioner a. PT Digiserve None
Rasyid Commissioner b. PT MDI
6. Budi Setyawan Director of SP Commissioner a. PT Sigma Cipta Caraka None
Wijaya Member of b. Yayasan Pendidikan Telkom
the Board of
Supervisor
7. Afriwandi Director of HCM None None None
8. Bogi Witjaksono Director of WINS Commissioner a. PT Telekomunikasi Indonesia None
Internasional
Commissioner b. PT Telkom Satelit
Commissioner c. PT Telkom Data Ekosistem
9. Honesti Basyir Director of GBD None None None
Remarks:
KMR Keuangan & Manajemen Risiko, EBIS Enterprise & Business Service, NITS Network & IT Solution, DB Digital Business, SP Strategic Portfolio,
HCM Human Capital Management, WINS Wholesale & International Service, GBD Group Business Development.
BOARD OF DIRECTORS’ SELF Directors. The assessment is carried out by each member
of the Board of Directors by evaluating the performance
ASSESSMENT POLICY of the Board of Directors in a collegial manner, not by
evaluating individual performance. This policy is a form
Based on Joint Regulation of the Board of Commissioners of accountability for assessing the performance of the
and Directors No. 05/KEP/DK/2022 and PD.620.00/r.01/ Board of Directors so each member can contribute to
HK200/COP-M4000000/2022 regarding Guidelines for improving the performance of the Board of Directors on
Work Procedures of the Board of Commissioners and an ongoing basis. More complete information regarding
Directors (Board Manual) of the Company (Persero) PT the Directors’ self-assessment policy can be seen on the
Telekomunikasi Indonesia Tbk, self-assessment policy is Telkom website in the GCG menu - Directors and Board of
implemented to assess the performance of the Board of Commissioners Work Guidelines.
236 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 239
Pa r t/ 05.
BOARD OF DIRECTORS’ COLLEGIATE ASSESSMENT
No. KPI Unit Target Polarity Score
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. Telkomsel EBITDA 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
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: The effectiveness of Telkom Synergy with Time Dec 2023 Maximize 5
Cluster Members (PFN, Peruri, Antara)
C. Technology Leadership
8. Project milestone completion for planned 5G initiatives: Sum 16 Maximize 2
Infrastructure preparation to support 5G
9. 5G Readiness: % of fiber-connected towers, Number of piloting % 100 Maximize 3
use cases, and 5G implementation cities (strengthening 5G
implementation)
D. Investment Increase
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: Winter Strategy implementation Time Dec 2023 Maximize 3
for startups and potential unicorns
12. Value Creation Effectiveness
a. Subs with ROIC>WACC % 50 Maximize 3
b. Streamlining program effectiveness % 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. Ratio of Women in nominated talent % 18 Maximize 5
b. Ratio of Top Young Talent in Nominated Talent % 6 Maximize 5
15. Digital capability readiness (build) Talent 2,500 Maximize 5
Total 100
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 237
Page 240
Corporate Governance
BOARD OF DIRECTORS’ MEETING
Based on the Company’s Articles of Association, the Telkom Board of Directors must hold internal meetings monthly
and at any time necessary. The Board of Directors must also hold joint meetings with the Board of Commissioners at
least once every 4 months. If more than half of the total number of members of the Board of Directors are present or
legally represented at the meeting, a quorum can be achieved. Each member of the Board of Directors present or
legally represented has one vote.
Decision-making at meetings is carried out by prioritizing deliberation to reach a consensus. If consensus cannot be
reached, decisions are made based on the majority vote of the members of the Board of Directors who are present
or legally represented. Throughout 2023, Board of Directors meetings have been held 68 times. The following tables
present the frequency of attendance of members of the Board of Directors at meetings during 2023.
Board of Directors’ Attendance and Agenda at Internal Meetings
No. Date Meetings Agenda
1. January 3, 2023 1. Operational Performance Report & Revenue W4 December 2022
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ - √ - √ √ N/A
2. January 10, 2023 1. Report of Limited Meetings Agenda
2. Report of Limited Meetings Agenda
3. Report of TelkomClick 2023
4. Operational Performance Report & Revenue W1 January 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
3. January 17, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
December 2022 (Outlook)
2. Report of Update New Telkom Corporate Uniform
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ - N/A
4. January 24, 2023 1. Report of Telkom Performance YtD December 2022
2. Update litigation cases EoY 2022
3. Handling/Negotiating with Sekar for the Implementation of the Five BMs: PKB
IX dan Employee Transfer Policy
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
5. January 27, 2023 1. Operational Performance Report and Revenue YtD December (Closing) 2022
and W3 January 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
238 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 241
Pa r t/ 05.
No. Date Meetings Agenda
6. January 29, 2023 1. Report of Indihome Business Plan
2. Report of Indicative Valuation/Transaction Structure
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
7. January 31, 2023 1. Report of Limited Meetings Agenda
2. Operational Performance Report & Revenue w4 January 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ - √ √ √ √ √ √ N/A
8. February 07, 2023 1. Operational Performance Report & Revenue YtD January 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - √ - √ N/A
9. February 14, 2023 1. Operational Performance Report and Revenue W1 February 2023
2. Kick Off Satgas Transformation B2B Service
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ - √ N/A
10. February 21, 2023 1. Report of Limited Meetings Agenda
2. Report of Limited Meetings Agenda
3. Report of Limited Meetings Agenda
4. Operational Performance Report, Revenue & SI Program Action Based YtD
January (Closing) 2023 and W2 February 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ - √ N/A
11. February 28, 2023 1. Report of Limited Meetings Agenda
2. Operational Performance Report & Revenue W3 February 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
12. March 7, 2023 1. Operational Performance Report & Revenue YtD February 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - √ √ √ N/A
13. March 14, 2023 1. Operational Performance Report and Revenue W1 March 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
- √ √ √ √ √ √ √ N/A
14. March 20, 2023 1. Update Acceleration Payment of Mansol Telkomsat (addition to the Perhutani
project)
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 239
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Corporate Governance
No. Date Meetings Agenda
15. March 24, 2023 1. Financial Report Audited 2022
2. Review DEKOM for KPI Director Individual 2023
3. FMC Approval regarding Valuation, Asset Removal, Final CSA, WSA, TSA,
License, and Post FMC
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
16. March 27, 2023 1. Report of Management YtD February 2023
2. Policy and Roadmap of ESG Implementation at TelkomGroup
3. Report of FMC
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
17. March 28, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
February (Closing) 2023 and W2 March 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
18. March 29, 2023 1. Report of Final Approval FMC
2. Report of Telkomsel’s Dividend
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
19. April 03, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
20. April 04, 2023 1. Operational Performance Report and Revenue W4 March 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
21. April 11, 2023 1. Operational Performance Report and Revenue YtD March 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
22. April 12, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
23. April 17, 2023 1. Operational Performance Report and Revenue W2 April 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - √ √ √ N/A
240 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda
24. April 19, 2023 1. Report of FMC Progress
2. Report of Telkom Performance YtD March 2023
3. Update on Personal Data Protection (PDP) and Cyber Security at TelkomGroup
: Strengthening Governance and Tools
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
25. April 27, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
March (Closing) 2023 and W3 April 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
26. May 02, 2023 1. Report of Limited Meetings Agenda
2. Operational Performance Report & Revenue W4 April 2023
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
27. May 19, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
28. May 26, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
29. May 30, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ N/A
30. May 31, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
31. June 07, 2023 1. Report of Proposed Group Business Development
2. Report of Renumeration of the Board of Directors and Commissioners of
Subsidiaries
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
32. June 13, 2023 1. Operational Performance Report & Revenue YtD May 2023 (Outlook) and W1
June 2023
2. Report of Readiness of Celebrate Telkom’s Anniversary
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 241
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Corporate Governance
No. Date Meetings Agenda
33. June 20, 2023 1. Operational Performance Report & Revenue W2 June 2023
2. Report of Limited Meetings Agenda
3. Report of Limited Meetings Agenda
4. Report of Limited Meetings Agenda
5. Sharing Session Generative AI by BCG
6. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ - √ √ √
34. June 26, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
35. June 27, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD May
(Closing) 2023 and W3 June 2023
2. Report of Limited Meetings Agenda
3. Report of Spin Off Agreement IndiHome
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ - √ √ √
36. July 04, 2023 1. Operational Performance Report & Revenue W4 June 2023
2. Report of Limited Meetings Agenda
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ - √ √ √
37. July 11, 2023 1. Operational Performance Report, Revenue YtD Juni 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
38. July 18, 2023 1. Operational Performance Report & Revenue W2 July 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
39. July 21, 2023 1. Telkom Performance YtD June 2023 and BoC concern
2. Update on Litigation Case TW II/2022
3. Explanation of Sinergy Telkomsel-Go-To 2020-2023
4. Telkom’s Corporate Communication (Corcom) Strategy: Evaluation for Semester
1 2023 & Corcomm focus points in Semester 2 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
242 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda
40. July 25, 2023 1. Report of Limited Meetings Agenda
2. Operational Performance Report, Revenue & SI Program Action Based YtD
June (Closing) 2023 and W3 July 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ - √ √
41. August 01, 2023 1. Sharing Session Business Partner SME Implementation on China (Macro,
Geopolitics, Innovation/R&D and Supply Chain)
2. Report of Limited Meetings Agenda
3. Report of Limited Meetings Agenda
4. Operational Performance Report and Revenue W4 July 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
42. August 08, 2023 1. Operational Performance Report & Revenue YtD July 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
43. August 15, 2023 1. Operational Performance Report & Revenue W2 August 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
44. August 21, 2023 1. Report of Infraco
2. Report of 1 on 1 SL Discussion
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
45. August 23, 2023 1. Progress in Handling KDK for Audit Investigation (Outstanding > 1 years)
2. Evaluate of FMC Progress and Infraco
3. Telkom Performance YtD July 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
46. August 29, 2023 1. Operational Performance Report & Revenue W4 August 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - √ √ √ √
47. September 05, 2023 1. Report of Progress ASEAN-Indo-Pacific Forum 2023
2. Report of Limited Meetings Agenda
3. Operational Performance Report & Revenue YtD August 2023 (Outlook)
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ - √ √ √
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 243
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Corporate Governance
No. Date Meetings Agenda
48. September 12, 2023 1. Operational Performance Report and Revenue W1 September 2023
2. Report of Certification Program “Qualified Risk Governance Professional” for
Board of Directors and Board of Commissioners.
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
- √ √ √ √ √ √ √ √
49. September 19, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
August (Closing) 2023 and W2 September 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
50. September 21, 2023 1. Discussion on Proposed Changes to Pension Fund Regulations (PDP) Telkom
2. Telkom Performance YtD August 2023
3. Evaluate of FMC Progress
4. Submission of Proposals regarding Telkom Risk Categories in accordance with
SOE Minister’s Regulation No.02/2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
51. September 26, 2023 1. Operational Performance Report & Revenue W4 September 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
52. October 03, 2023 1. Operational Performance Report & Revenue W4 September 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
- √ √ √ √ √ √ √ √
53. October 10, 2023 1. Operational Performance Report and Revenue YtD September 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
54. October 17, 2023 1. Operational Performance Report & Revenue W2 October 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
- √ - √ - √ √ √ √
55. October 20, 2023 1. Telkom Performance YtD September 2023
2. Update Progress FMC : Aspect Go To Market
3. Report of Compliance Telkom and Telkomsel to fulfilling obligations as Data
Controller and/or Data Processor in accordance with the Personal Data
Protection Law
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
244 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
No. Date Meetings Agenda
56. October 24, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
August (Closing) 2023 and W2 September 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ - √ √ √
57. October 25, 2023 1. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
58. October 31, 2023 1. Operational Performance Report & Revenue W4 October 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ - √ √ √ √ √
59. November 01, 2023 1. Report of Earning Call Q3 2023
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
60. November 07, 2023 1. Operational Performance Report & Revenue YtD October 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - - √ √ √
61. November 10, 2023 1. Report of Final Draft RKAP 2024 (Including response to RKAP 2024 Concerns
from the Board of Commissioners during 1 0n 1 session)
2. Report of Five Bold Moves: Reconfirming Position and Strategic Alignment of
Subsidiaries in Implementing Five Bold Moves
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
62. November 14, 2023 1. Operational Performance Report & Revenue W2 November 2023
2. Update on LKPP Progress and Committee Decision
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
63. November 21, 2023 1. Telkom Performance Report YtD October 2023 and BoC Concern routine
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ - √ √ √ √ √ √ √
64. November 28, 2023 1. Operational Performance Report & Revenue W4 November 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ - √ √ √ √ √ √ √
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 245
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Corporate Governance
No. Date Meetings Agenda
65. December 5, 2023 1. Operational Performance Report & Revenue YtD November 2023 (Outlook)
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ √ √ √ √ √
66. December 12, 2023 1. Operational Performance Report & Revenue W1 December 2023
2. Update Competitive Intelligence Icon+ and Lintas Artha
3. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ - √ √ √ √ - √ √
67. December 19, 2023 1. Operational Performance Report, Revenue & SI Program Action Based YtD
November (Closing) 2023 and W2 September 2023
2. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - √ - √ √
68. December 28, 2023 1. Operational Performance Report & Revenue W3 December 2023
2. Report of Progress Satgas Impact Centre Digital Connectivity Service
Governance and Orchestration (DCSGO)
3. Report of TelkomClick 2024
4. Report of Limited Meetings Agenda
Attendance List RA HS FMV HW MFR BSW AW BW HB
√ √ √ √ - - √ √ √
Remark:
RA Ririek Adriansyah BSW Budi Setyawan Wijaya
HS Heri Supriadi AW Afriwandi
FMV FM Venusiana R. BW Bogi Witjaksono
HW Herlan Wijanarko HB Honesti Basyir
MFR Muhamad Fajrin Rasyid
Board of Directors’ Attendance at Internal Meetings
Total of Total of Percentage of
No. Name Position
Meetings Attendance Attendance (%)
1. Ririek Adriansyah President Director 68 66 97.06
2. Heri Supriadi Director of KMR 68 64 94.12
3. FM Venusiana R Director of EBIS 68 67 98.53
4. Herlan Wijanarko Director of NITS 68 65 95.59
5. Muhamad Fajrin Rasyid Director of DB 68 59 86.76
6. Budi Setyawan Wijaya Director of SP 68 58 85.29
7. Afriwandi Director of HCM 68 61 89.71
8. Bogi Witjaksono Director of WINS 68 66 97.06
9. Honesti Basyir Director of GBD 39 39 100.00
246 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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CO RPORAT E S ECR E TA RY
In accordance with POJK No. 35/POJK.04/2014 Regarding
Corporate Secretary of Issuers or Public Companies, Telkom
CORPORATE SECRETARY’S
has the function of Corporate Secretary/Investor Relations, PROFILE
which facilitates internal communication between the Board
of Directors and the Board of Commissioners. The Corporate
Secretary is a Company organ that plays an essential
role in facilitating internal Company communications, Anetta Hasan
establishing relationships between the Company and its
Shareholders, Government, Financial Services Authority,
and other stakeholders, as well as ensuring the Company’s
Age
compliance with regulations relating to the Capital Market.
36 years old
CORPORATE SECRETARY’S Nationality
Indonesian
DUTY AND RESPONSIBILITY
Domicile
Jakarta, Indonesia
The Corporate Secretary has the following duties and
responsibilities: Educational Background
1. Preparing and organizing GMS, including the material, 2010 Bachelor of Economics, Universitas Indonesia.
particularly the Annual Report;
Basis of Appointment
2. Attending the Board of Directors’ Meetings and Joint
Resolution of the Board of Directors.
Meetings between the Board of Commissioners and
Board of Directors; Term of Office
3. Managing and maintaining documents related to the Appointed at November 1, 2023
Company’s activities, including the GMS’s documents
Career Experience
and other important documents of the Company; and • 2019-2023 Institutional Equity Sales, Macquarie
4. Determining criteria regarding the types and Sekuritas.
contents of information that can be presented to • 2019 Head of Equity Capital Market, Danareksa
Sekuritas.
the Stakeholders, including information that can be
published as public documents.
CORPORATE SECRETARY’S
CORPORATE SECRETARY’S IMPLEMENTATION TASKS
FUNCTIONS
Telkom’s Corporate Secretary has organized various activities
The functions of Corporate Secretary include: throughout 2023, including examples; please summarize.
1. To prepare and communicate accurate, complete, and 1. Prepare the implementation of the Annual GMS and
timely information regarding the performance and Extraordinary GMS;
prospect of the Company to Stakeholders. 2. Attend seminars, workshops, and other events as a
2. To synergize with related units, including the subsidiaries, Telkom representative;
for socialization, implementation, monitoring and 3. Attend TelkomGroup Leadership Meetings, Board of
reviewing of GCG, and its implementation. Directors Meetings, and joint meetings with leaders at
3. To assist the Board of Directors in various activities, TelkomGroup;
information, and documentation, among others: 4. Holding Earnings Calls, Investor Meetings, and Investor
a. Preparing the Register Book of Shareholders; Days;
b. Attending the Board of Directors’ meetings and 5. Prepare Annual Report, Sustainability Report,
preparing its minutes of meetings; and Infomemo, and other incidental reports.
c. Preparing and organizing GMS. 6. Provide opinions and input on corporate actions
4. To publish the Company’s information in a tactical, carried out at TelkomGroup, in relation to the Capital
strategic, and timely manner. Market.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 247
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Corporate Governance
No. Date Event Name Organizers Location
1. January 16-17, 2023 Nomura Verdhana Indonesia Corporate Day Nomura Online
2023
2. February 2, 2023 Mandiri Investment Forum Mandiri Sekuritas Jakarta
3. March 9-10, 2023 19th CITIC CLSA ASEAN Forum CLSA Bangkok
4. March 20-21, 2023 26th Credit Suisse Asian Investment Credit Suisse Hong Kong
Conference
5. May 3-4, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Singapore
6. May 4, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Hong Kong
7. May 10, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas San
Francisco
8. May 11, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Boston
9. May 11-12, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas York
10. May 15, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Zurich
11. May 17, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Copenhagen
12. May 16-17, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas London
13. May 17, 2023 Jeffries Conference Jeffries London
14. May 18, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Edinburgh
15. May 9,10,11,12,23,24, 25, 2023 Non-Deal Roadshow FMC Mandiri Sekuritas Jakarta
16. June 8-9, 2023 Nomura Investment Forum Asia 2023 - Asia’s Nomura Singapore
Time to Shine
17. June 27, 2023 Morgan Stanley Virtual ASEAN Conference Morgan Stanley Online
2023
18. August 18, 2023 Daiwa ASEAN Conference 2023 Daiwa Singapore
19. August 22-23, 2023 KIS Global Investors Conference KIS Securities South Korea
20. September 12, 2023 Indonesia Corporate Day: Introducing IDX-Mandiri Sekuritas Shanghai
Indonesia’s Agile Equity Market
21. September 13-14, 2023 30th CITIC CLSA Investors’ Forum CLSA Hong Kong
22. November 2-3, 2023 Emerging & Frontier Market Virtual Investor Online
Conference
23. November 6-7, 2023 Verdhana-Nomura Indonesia Conference Nomura Jakarta
2023
24. November 13-14, 2023 JPMorgan 2023 Global TMT Conference JPMorgan Hong Kong
in Asia
25. November 15-16, 2023 Morgan Stanley Twenty-Second Annual Asia Morgan Stanley Singapore
Pacific Summit
26. November 20-21, 2023 Non-Deal Roadshow UBS Online
27. November 27-28, 2023 Non-Deal Roadshow UBS Sydney
28. December 11, 2023 Non-Deal Roadshow JPMorgan York
29. December 12, 2023 Non-Deal Roadshow JPMorgan Boston
30. December 13, 2023 Non-Deal Roadshow JPMorgan Chicago
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 2023 are as follows.
Training and Education Attended by Corporate Secretary 2023
No. Date Name of Activities
1. September 2023 Financial Risk Analyst for Corporation
2. October 2023 Proficiency for Analyst in Finance and Investments
248 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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INT ER N AL AU D IT D E PA RT M E N T
Internal Audit (IA) Department is a section of TelkomGroup 5. To provide consultancy needed by the Telkom,
whose function is to provide an independent and Subsidiaries, Affiliated Companies, and Other Entities
objective view of the Company’s business activities and following the agreed scope of internal audit;
help TelkomGroup achieve its goals through a systematic 6. To perform audit synergies with units that carry out
and disciplined approach in evaluating and improving the internal audit function in Subsidiaries, Affiliated
the effectiveness of risk management, control, and Companies, and Other Entities;
implementation of good company governance. IA is 7. Follow up on reports of whistleblower coming through
also expected to provide added value and increase the the Telkom Integrity Line regarding alleged fraud
effectiveness and efficiency of Telkom’s business operations. in the Company, Subsidiaries, and other Affiliated
Entities, and submit reports to the Audit Committee
INTERNAL AUDIT CHARTER and President Director.
Telkom has IA Charter No. SK.01/PW000/ SVP INTERNAL AUDIT
TEL-00000000/2024 dated January 3, 2024, which the DEPARTMENT’S PROFILE
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.
Daru Mulyawan
INTERNAL AUDIT DEPARTMENT’S
DUTIES AND RESPONSIBILITIES Age
52 years old
Duties and responsibilities of IA Telkom, based on Internal
Nationality
Audit Charter, are:
Indonesian
1. To prepare work plans and annual risk-based audit
programs in line with the direction and development of Domicile
the Company’s business and carry out work plans and South Tangerang, Indonesia
audit programs that have been approved by the Audit
Educational Background
Committee and approved by the President Director; • 1996 Bachelor Degree of Accounting in Universitas
2. To help the Company to ensure that internal Diponegoro.
controls and risk management systems have been
Basis of Appointment
implemented effectively and efficiently about:
Resolution of the Board of Directors of the Company (Persero)
a. Financial reporting to produce information that is PT Telekomunikasi Indonesia Tbk Number SK 981/PS720/
free from material misstatement and by applicable HCB-105/2022 dated June 30, 2022 regarding Assignment of
standards and regulations; Employee Exchange Employees as SVP of Internal Audit.
b. Operational controls to ensure that management
Term of Office
objectives are achieved appropriately; July 1, 2022 – June 30, 2024.
c. Asset management has been carried out
appropriately to protect assets from physical and Career Experience
• July 2022 - present SVP Internal Audit, Telkom.
legal risks and ensure optimal use of assets; and
• January 2020 - June 2022 SVP Internal Audit, Telkomsel.
d. Ensure that theCompany’s activities comply with • July - December 2019 VP Risk Management,
the applicable laws and regulations. Telkomsel.
3. To monitor, analyze, and report on follow-up • July 2016 - June 2019 SVP Enterprise Resource
Planning, Telkomsel.
improvements that have been recommended;
• July 2013 - June 2016 VP Accounting and Asset
4. To develop evaluation methods and quality improvement Management, Telkomsel.
programs for the activities and results of the Internal • January 2012 - June 2013 GM Financial Accounting
Audit in collaboration with the Audit Committee; Policy and System, Telkomsel.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 249
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Corporate Governance
INTERNAL AUDIT DEPARTMENT’S STRUCTURE AND POSITION
Telkom’s IA is headed by the Senior Vice President of Internal Audit (SVP IA), who is appointed and dismissed by the
President Director with the approval of the Board of Commissioners. The IA Department reports directly to the President
Director. Until the end of 2023, IA Telkom consists of 90 people.
In line with the Financial Service Authority’s Regulation No. 56/POJK.04/2015 regarding the Formation and Guidelines
for Preparing the Internal Audit Unit Charter, the President Director, with the approval of the Board of Commissioners,
can dismiss SVP IA who do not meet the requirements and/or fail or are incompetent in carrying out their duties. As of
December 31, 2023, IA Telkom’s organizational structure chart is as follows:
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 AUDIT ASSURANCE AVP ICOFR & RISK
INFRASTRUCTURE TRANSCATION
PARTNER 1 & SYSTEM MANAGEMENT AUDIT
& SUPPLY AUDIT AUDIT
DEVELOPMENT
AVP SERVICE
AVP INFORMATION
AVP AUDIT AVP RESOURCE OPERATION AVP FINANCIAL & ASSET
SYSTEM OPERATION
PARTNER 2 & ADMINISTRATION & SUPPORT MANAGEMENT AUDIT
AUDIT
AUDIT
AVP AUDIT POOL OF AVP SERVICE AVP INFORMATION AVP A&A
PARTNER 3 AUDITOR DELIVERY AUDIT SECURITY AUDIT COMPLIANCE AUDIT
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 67 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) 10 5 - 4 19
Integrated & Financial Audit (IFA) 5 4 5 14 28
Information & Technology Audit (ITA) 9 10 1 - 20
Total 24 19 6 18 67
250 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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INTERNAL AUDIT’S QUALIFICATION AND PROFESSIONAL
CERTIFICATION
Telkom’s IA Employees have various certifications to maintain quality work implementation and internal supervision
that comply with standards. Until the end of 2023, the certifications held by IA Telkom employees are as follows:
Number of
No. Certification Type
Certification
1. Asian Chartered Professional Accountant (ACPA) 2
2. Certificate in International Financial Reporting Standard (IFRS) 2
3. Certification in Audit Committee Practice (CACP) 3
4. Certification in Risk Management Assurance (CRMA) 1
5. Certification of Internal Audit Executive (CIAE) 3
6. Certified Chief Information Security Officer (CISO) 1
7. Certified Data Center Professional (CDCP) 2
8. Certified Data Center Specialist (CDCS) 2
9. Certified Data Privacy Solution Engineer (CDPSE) 1
10. Certified Ethical Hacker (CEH) 7
11. Certified Financial Consultant (CFC) 1
12. Certified Forensic Auditor (CFrA) 1
13. Certified Fraud Examiner (CFE) 4
14. Certified Governance, Risk Management and Compliance Auditor (GRCA) 1
15. Certified Governance, Risk Management and Compliance Professional (GRCP) 1
16. Certified Hacking Forensic Investigator (CHFI) 1
17. Certified Human Resource Professional Executive (CHRPE) 1
18. Certified Indonesia Scrum Master I 2
19. Certified Indonesia Scrum Product Owner I 1
20. Certified Information Systems Auditor (CISA) 3
21. Certified Information Systems Security Professional (CISSP) 1
22. Certified Internal Audit Leader (CIAL) 1
23. Certified Internal Auditor (CIA) 3
24. Certified International Procurement Professional (CIPP) 1
25. Certified IT Infrastructure Library (ITIL) – IT Intermediate Examination Service Strategy 1
26. Certified IT Infrastructure Library (ITIL) – IT Intermediate Examination Service Transition 1
27. Certified IT Infrastructure Library (ITIL) – IT Service Management 2
28. Certified Management Accountant (CMA) 2
29. Certified Professional Auditor of Indonesia (CPAI) 1
30. Certified Professional Industrial Relation (CPIR) 3
31. Certified Professional Marketer (CPM) 2
32. Certified Public Accountant (CPA) 1
33. Certified Risk Associate (CRA) 3
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 251
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Corporate Governance
Number of
No. Certification Type
Certification
34. Certified Risk Governance Professional (CRGP) 1
35. Certified Risk Management Officer (CRMO) 7
36. Certified Risk Management Professional (CRMP) 1
37. Certified Risk Professional (CRP) 2
38. Certified Scrum Product Owner (CSPO) 1
39. Certified Securities Analyst (CSA) 1
40. Chartered Accountant (CA) 10
41. Cisco Certified Network Associate (CCNA) 4
42. Cisco Certified Network Professional (CCNP) 2
43. Google Career Certificate (GCC) Digital Marketing & E-Commerce 3
44. Google Career Certificate (GCC) Project Management 5
45. Human Resource Business Professional (HRBP) 1
46. Human Resource Management Professional (HRMP) 1
47. Indonesia Internal Audit Practitioner (IIAP) 1
48. ISO 14001: 2015 EMS – Auditor/Lead Auditor 1
49. ISO 20000: 2018 ITSMS – Auditor/Lead Auditor 1
50. ISO 22301: 2014 BCMS 1
51. ISO 27001: 2013 ISMS – Auditor/Lead Auditor 3
52. ISO 37001: 2016 ISMS – Lead Auditor 2
53. Metro Ethernet Forum – Carrier Ethernet Certified Professional (MEF-CECP) 2.0 1
54. Microsoft Certified Solution Associate 1
55. Microsoft Certified Technology Specialist: Windows Server 2008 Network Infrastructure 1
Configuration
56. MikroTik Certified Network Associate (MTCNA) 1
57. Offensive Security Certified Professional (OSCP) 2
58. Open Network Foundation Certified SDN Associate (ONF OCSA) 1
59. Qualified Chief Risk Officer (QCRO) 15
60. Qualified Internal Audit (QIA) 5
61. Qualified Risk Governance Professional (QRGP) 1
62. Qualified Risk Management Analyst (QRMA) 18
63. Qualified Risk Management Professional (QRMP) 16
64. Qualified Wealth Planner (QWP) 1
252 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Number of
No. Certification Type
Certification
65. Red Hat Certified System Administrator (RHCSA) 1
66. Register Negara Akuntan (RNA) 5
67. Sertifikasi Ahli Pembangun Integritas Muda (API) 1
68. Sertifikasi Akuntan Publik 1
69. Sertifikasi Akuntan Publik Tingkat Pemeriksa 1
70. Sertifikasi Analitik Data Google 7
71. Sertifikasi Asesor Kompetensi 1
72. Sertifikasi Auditor Hukum Indonesia 1
73. Sertifikasi Desain UX 1
74. Sertifikasi Manajemen Umum Dana Pensiun (MUDP) 1
75. Sertifikasi Pendidikan Khusus Profesi Advokat (PKPA) 1
76. Sertifikasi Wakil Manajer Investasi (WMI) 2
77. Sertifikasi Profesi Akuntan (PPAk) 2
78. Telkom Certified Customer Experience (TCCX) 1
79. The Open Group Architecture Framework version 0.1 Foundation (TOGAF 9.1 Foundation)
@
1
80. The Open Group Arrchitecture Framework version 0.1 Foundation (TOGAF 9.2 Foundation)
@
1
Total 201
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 2023.
Programs Number of Participants Number of Days
Culture 155 13
Leadership 12 119
Business 172 16
Technical 88 32
Certification 95 354
Sharing Knowledge 278 11
Total 800 545
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 253
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Corporate Governance
I NTERN AL CONT RO L SYST E M
The Internal Control System (SPI) is a continuous laws and regulations. The Legal & Compliance Unit under
monitoring mechanism that includes the reliability of the Corporate Secretary Department is responsible for
financial reports and the availability of complete and statutory compliance, which carries out several activities,
timely financial reports, including the evaluation of such as legal advisory, legal opinion, legal review, and
financial reporting. SPI Telkom is run collectively by the litigation.
Board of Directors, management, and other personnel
under the supervision of the President Director and Telkom implements five internal control components
Director of Finance. with the COSO Framework, which are interconnected at
all levels and business units of the Company,, namely.:
Through SPI, Telkom ensures that the preparation of 1. Control Environment
consolidated financial reports is in accordance with the a. Demonstrates commitment to integrity and
Financial Accounting Standards set by the Indonesian ethical values.
Institute of Accountants (IAI). Telkom’s shares are listed b. Exercises oversight responsibility.
on the New York Stock Exchange, therefore Telkom c. Establishes structure, authority, and responsibility.
must also comply with the provisions of SOX Section 404, d. Demonstrates commitment to competence.
which requires Telkom to establish, maintain, test, and e. Enforces accountability.
disclose the effectiveness of internal control over financial
reporting. 2. Risk Assessment
a. Specifies relevant objectives.
SPI also ensures the achievement of efficiency and b. Identifies and analyzes risk.
effectiveness of operational activities and compliance c. Assesses fraud risk.
with regulations. Through SPI, Telkom can monitor d. Identifies and analyzes significant change.
the Company, compliance with applicable regulations,
both regulations from Telkom officials and government 3. Control Activities
regulations. Telkom can also control its operational a. Selects and develops control activities.
activities in accordance with the work procedures in each b. Selects and develops general controls over
function. technology.
c. Deploys through policies and procedures.
INTERNAL CONTROL
4. Information and Communication
FRAMEWORK a. Uses relevant information.
b. Communicates internally.
Telkom implements SPI in accordance with the Internal c. Communicates externally.
Control-Integrated Framework 2013 from The Committee
of Sponsoring Organizations of the Treadway Commission 5. Monitoring Activity
(COSO). Telkom continues to ensure that all business a. Conducts ongoing and/or separate evaluations.
activities are carried out in accordance with applicable b. Evaluates and communicate deficiencies.
254 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
INTERNAL CONTROL IMPLEMENTATION IN TELKOM
Telkom implements and applies the COSO Framework components to its policies, namely:
Internal Control Implementation In Telkom
Control Environment
• 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.
• Telkom ensures the effectiveness of implemented Internal Audit activities by implementing the SOA 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.
• Telkom has a Competency Directory that defines the Telkom’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
• 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.
• Telkom has a principle of financial assertion in ICOFR planning that is well respected by all relevant employees.
• Telkom manages internal and external corporate risk with established mechanisms.
• Telkom also implements an anti fraud policy control system and has potential fraud prevention.
Control Activities
• Telkom sets up a Business Process Owner (BPO) and AO (Application Owner) that have duties and responsibilities related
to ICOFR.
• Risk determination rules and internal controls refer to the ICOFR policy consisting of segregation of duties, risk
determination, and determination of internal controls.
• Telkom has guidelines for the implementation of information systems security that are aligned with Telkom needs and can
be implemented on an ongoing basis.
Information and Communication
• 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.
• 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 Telkom covers aspects of IT governance and IT management.
Monitoring Activity
• 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.
• CEO TelkomGroup always increases awareness from management regarding audit and change management in the form
of CEO Notes and establishes Integrated Audit and forms Probis IFRS.
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Corporate Governance
In accordance with Minister of State-Owned Enterprises
Regulation No. PER-01/MBU/2011 regarding the
EFFECTIVENESS OF INTERNAL
Implementation of Good Corporate Governance (GCG) CONTROL SYSTEM OVERVIEW
in SOE, specifically Article 26 paragraph (2), Telkom
carries out regular assessments of the implementation of Telkom reviewed SPI’s effectiveness based on supervision
SPI to improve the quality of SPI. The results of the SPI carried out by the Internal Audit (IA) and External
assessment in 2023 show that Telkom’s Control System Audit Departments. The IA Department submits SPI
is effective. supervision reports to the Board of Directors and Board
of Commissioners. Management is responsible for
implementing an effective and reliable SPI and ensuring
FINANCIAL AND OPERATIONAL that this is embedded at every level of the Company.
CONTROL
The Internal Audit Department reports the results of
Financial control carried out by Telkom includes financial SPI supervision to the Board of Directors and Board of
plans, feedback, adjustments, and validation processes to Commissioners. The audit findings will be submitted to
ensure plan implementation or change plans in response the relevant management for follow-up. Based on the
to various changes. Meanwhile, operational control supervision in 2023, Telkom’s SPI is considered to have
consists of the deployment process to ensure operational been running effectively.
activities run effectively and efficiently.
In general, financial and operational control at Telkom,
STATEMENT OF THE BOARD
includes: OF DIRECTIONS AND/OR THE
1. Physical Control of Assets and Intangible Assets BOARD OF COMMISSIONERS
Physical control of assets in the corporate environment
is directed at securing and protecting risky assets.
ON ADEQUACY OF INTERNAL
2. Separation of Functions and Authorization CONTROL SYSTEM
Segregation of functions is geared towards adequate
review and reduces the potential for errors and fraud. Through the Audit Committee, the Board of Directors
3. Execution of Events and Transactions and Board of Commissioners hold regular meetings with
Control is carried out to ensure that transaction the Internal Audit and External Audit Departments to
activities are carried out properly according to the plan discuss internal control monitoring and follow-up plans
and need that have been determined. on matters management needs to pay attention to. The
4. Accurate and On Time Records on Events and Internal Audit and External Audit Unit reports the results
Transactions of monitoring and testing of internal control to the Board
Accurate and on time records of operational events of Directors and Board of Commissioners at least once a
and transactions that carried out. year.
5. Restricted Access and Accountability for Resources
and Their Records The Board of Directors and Board of Commissioners
Access to Telkom resources and records should be assess that Telkom’s internal control system has been
limited only to the personnel that assigned the duties running effectively and has met the adequacy of the
and responsibilities. policies and standards referred to, among others:
6. Good Documentation of Control Events and
Transactions
Every event and transaction in the Company is well
documented as basic evidence of the occurrence and
fairness of the transaction.
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Pa r t/ 05.
1. Provisions of Sarbanes-Oxley Act (SOX) 302, 404, and c. SOX 906 Corporate Responsibilities for Financial
906. Reports: Failure of Corporate Officers to Certify
a. SOX 302 Corporate Responsibility for Financial Financial Reports
Reports i. If misrepresented, the CEO and CFO are subject
Require the CEO and CFO to provide certification to criminal penalties of up to $1 million or up to 10
regarding the effectiveness of design and years in prison, or both, or
implementation of internal control and disclosure ii. If the disclosure is intentional, the CEO and CFO
of significant deficiencies in internal control in the are subject to criminal penalties of up to $5
context of financial reporting (Internal Control over million or up to 20 years in prison, or both.
Financial Reporting/ICoFR). 2. Regulation of Minister of State-Owned Enterprises
b. SOX 404 Management Assessment of Internal Article 26 Paragraph 2 of 2011 regarding
Controls Implementation of Good Corporate Governance
Require companies that list their shares on United (GCG) in SOE.
States stock exchange to design, implement,
document, evaluate, and disclose the result of
evaluation of the effectiveness of internal control
over financial reporting (Internal Control over
Financial Reporting/ICoFR).
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Corporate Governance
RIS K MAN AG E M E N T SYST E M
The risk management system is essential in realizing Good 5. Standard Operation Procedure, (Number: SOP.
Corporate Governance (GCG). By implementing a good risk RMPP.03/RSG/2022) regarding the explanation of
management system within Telkom and its subsidiaries, the regulations for the director of finance and risk
the Company can identify various business risks faced management for corporate companies (Persero) PR
and develop appropriate risk mitigation to expand the 614.00/r.01/HK200/COP-I0000000/2022 regarding
business scope for communication transformation in the implementation guidelines for enterprise risk
digital era, improve the risk management system on an management.
ongoing basis, and support business continuity.
These various regulations and provisions form the
GENERAL ILLUSTRATION foundation for Telkom to carry out risk management, of
course referring to various existing standards and best
REGARDING THE RISK practices.
MANAGEMENT SYSTEM
RISK MANAGEMENT SYSTEM
As a Company listed on the New York Stock Exchange
(NYSE), Telkom is also required to implement risk
(FRAMEWORK) AND POLICY
management that complies with the Sarbanes-Oxley
Telkom’s risk management implementation is based
Act, significantly articles 302 and 404. Based on the
on two policies: Regulation of the Board of Directors
Minister of State-Owned Enterprises Regulation No. PER-
No. PD.614.00/r.01/HK.200/COP-D0030000/2021 dated
2/MBU/03/2023 regarding Guidelines for Governance
April 30, 2021 regarding Company Risk Management
and Significant Corporate Activities of State-Owned
(Telkom Enterprise Risk Management) and Regulation
Enterprises, Telkom, as a state-owned Telkom, is also
of the Director of Finance and Risk Management No.
required to implement a risk management system.
PR.614.00/r.01/HK200/COP-I0000000/2022 regarding
Implementing a risk management system is carried
Guidelines for Implementing Enterprise Risk
out to fulfill compliance aspects and maintain business
Management (Telkom Enterprise Risk Management).
continuity so that it runs well.
Since 2021, Telkom’s risk management policy has referred
to the ISO 31000:2018 Risk Management – Principles
Telkom publishes various Telkom policies relating to risk
and Guidelines standard, which consists of 3 main
management implementation arrangements, among
components, namely:
others:
1. Decision of the Commissioners (KAKOM No. 7/2006
1. Principle
Risk Management regarding the Authorities and
Risk Management Principles as the foundation for
Responsibilities of the Commissioners, the Obligations
how risk management works to ensure the creation
of the Directors regarding the Implementation of Risk
and protection of value, including:
Management);
1) Integrated
2. Resolution of the Board of Directors/Regulation of the
Risk management is an integrated part of the
Board of Directors (KD 13/2009regarding Guidelines for
Company’s overall activities.
the Management of SOX Sections 302 and 404, Telkom
2) Structured and Comprehensive
Management refers to the provisions of the US SEC;
In practice, the Company takes a structured and
3. Regulation of the Board of Directors of a Limited
comprehensive approach to provide consistent and
Liability Telkom (Persero) (Number: 614.00/r/01/
comparable results.
HK200/COP-D0030000/2021)regarding Telkom Risk
3) Costumized
Management;
The risk management framework and process
4. Regulation of the Director of Finance and Risk
must be adapted and proportionate to the external
Management (PR 614.00/r.01/HK200/COP-
and internal context of the organization in line with
I0000000/2022regarding Guidelines for Implementing
the Company’s goals.
Corporate Risk Management (Telkom Enterprise Risk
Management);
258 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
4) Inclusive ii. Risk management becomes inseparable
It is necessary to involve the right stakeholders from the Company’s objectives, governance,
at the right time to take their knowledge, views, leadership and commitment, strategy, goals,
and perceptions into account, thereby increasing and operations.
awareness of risk management, which is 2) Integration
well-informed. i. Risk management becomes inseparable from
5) Dynamic the Telkom’s objectives, governance, leadership
Risks can appear, change, and disappear along and commitment, strategy, goals, and
with the changes in the context and conditions of operations;
the Company’s internal and external environment. ii. The integration of risk management into the
The application of risk management must be able Company is a dynamic and iterative process and
to anticipate, detect, acknowledge, and respond to must be adapted to the needs and culture of the
these changes and events in an appropriate and Company.
timely manner. iii. Risks are managed in every part of the Companys
6) Best Available Information structure, where everyone in the Company has
Risk management is based on historical, current the responsibility to manage risks.
information, and expectations for the future. Risk 3) Design
management explicitly considers all limitations and i. The design of the risk management framework
uncertainties associated with such information and is carried out by examining and understanding
expectations. Information must be timely, clear, and the external and internal context of the Telkom.
available to relevant stakeholders. ii. The Board of Directors and the Board of
7) Human and Culture Factors Commissioners demonstrate and articulate
Behavior and culture significantly affect all aspects their ongoing commitment to risk management
of risk management at every level and stage of the through policies, statements, or other forms, and
Company’s activities. are communicated within the Company and
8) Continuous Improvement stakeholders.
Risk management is continuously improved iii. Authority, responsibility, and accountability
through learning and experience. related to risk management are established and
communicated at all levels within the Company.
2. Framework iv. Management ensures the appropriate allocation
The framework that regulates the commitment to of resources for risk management.
the role and division of Telkom’s risk management v. The Company establishes approved
functions includes: communication and consulting approaches
1) Leadership and Commitmen to support the framework and facilitate the
i. The Board of Directors ensures that risk implementation of effective risk management.
management is integrated into all activities of 4) Implementation
the Company and must demonstrate leadership Risk management implementation requires
and commitment, by: stakeholders’ involvement and awareness, thus
a. Customize and implement all components of allowing the Company to consider uncertainty in
the framework; decision-making explicitly.
b. Issue a statement or policy that sets out risk 5) Evaluation
management approaches, plans, or actions; The Company evaluates the effectiveness of the
c. Ensure that necessary resources are allocated risk management framework by periodically
to manage risk; measuring its performance of the risk management
d. Establish authority, responsibility, and framework.
accountability at the appropriate level within
the Telkom.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 259
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Corporate Governance
6) Improvement 2) Risk treatment
i. The Company monitors and adjusts the risk i. Risk treatment is to select and implement
management framework in anticipation of options for dealing with risk, which consists of:
external and internal changes. a. Risk aversion
ii. The Company is constantly improving the b. Accept risk
suitability, adequacy, and effectiveness of the risk c. Mitigating risk
management framework and how to integrate d. Dividing/transferring risk
risk management processes. ii. The risk treatment plan should be integrated
into the Company’s management plans and
3. Context assignment - Scope, Context, and Criteria; processes in consultation with appropriate
1) Risk assessment consisting of: stakeholders.
i. Risk identification 3) Monitoring dan review
It is a process to find, recognize, and describe risks i. Monitoring and review are to ensure and improve
in achieving the Company’s objectives. Relevant, the quality and effectiveness of the process
appropriate, and up-to-date information is design, implementation, and risk management
essential in identifying risks. outcomes.
ii. Risk Analysis ii. Monitoring and review should be carried out at
It is a process to understand the nature and all process stages, including planning, collecting,
characteristics of risk, including its level of risk. analyzing information, documenting results, and
Risk analysis involves a detailed consideration providing feedback.
of the uncertainty, the source of the risk, the 4) Recording and Reporting
consequences, the possibilities, events, scenarios, i. The risk management process and its results
controls, and their effectiveness. An event can should be documented and reported through
have many causes and consequences and can appropriate mechanisms.
also affect a variety of objectives. ii. Reporting is an integral part of corporate
iii. Risk evaluation governance. It is intended to improve the
Is a process to support decision-making. Risk quality of dialogue with stakeholders and
evaluation involves comparing risk analysis support the Board of Directors and the Board of
results with established risk criteria to determine Commissioners in fulfilling their responsibilities.
where additional measures are needed.
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HEAD OF RISK MANAGEMENT DEPARTMENT’S PROFILE
Jati Widagdo Prayudi Utomo
Age Age
50 years old 55 years old
Nationality Nationality
Indonesian Indonesian
Domicile Domicile
Jakarta, Indonesia Jakarta, Indonesia
Educational Background Educational Background
• 1996 Bachelor Degree in Industrial Engineering, Sekolah • 1993 Bachelor of Electrical Engineering, Universitas
Tinggi Teknologi Telkom, Indonesia. Gadjah Mada, Indonesia
Executive Course Executive Course
• Executive Education: INSEAD (Global Leadership Course) • Great Executive Development Program (GEDP), Telkom -
• Kellog Northwestern (Operational Strategy) Indonesia
• Standford (Driving Innovation) • Studium Generale : B2B IT SERVICE TREG, Telkom -
•. BCI (Risk Management & Business Continuity Plan) Indonesia
•. Certified Qualified Chief Risk Officer (QCRO) • Great People Development Program (GPDP) II, Telkom -
Indonesia
Basis of Appointment • Smart People Development Program - CRM, Telkom -
Decision Letter of Telkom Directors No. SK 1804/PS720/HCB- Indonesia
105/2021 dated July 30, 2021 regarding Employee Movements.
Certification
Term of Office • 2023 Certified Qualified Chief Risk Officer (QCRO).
August 1, 2021 – up to present. • 2023 Certified Professional Cert in Risk Management.
• 2017 Certified Aplikasi KPRO & SIIS.
Career Experience
• 2021 - Present SVP Risk Management, Telkom. Basis of Appointment
• 2020 - 2021 CEO, Admedika. Decision Letter of Telkom Directors No. SK 783/PS720/HCB-
• 2019 - 2020 CEO, BOSNET Distribution Indonesia. 105/2023 June 27, 2023 regarding Employee Movements.
• 2016 - 2019 Director IT and Operation, PT Integrasi
Logistik Cipta Solusi. Term of Office
• 2009 - 2016 Assistant Vice President RPM, Telkom. July 1, 2023 – up to present.
Experience Engaged in Strategic Projects Career Experience
• 2020 - 2021 Head of PMO Digital Market (PADI) • 2023 - present VP Risk Operation & Process
MSME Ministry of SOE Management.
• 2020 Digital Healthcare. • 2023 - 2023 Deputy EVP Marketing Treg 2.
• 2017 - 2019 Lead of Digitization Port and Logistics. • 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.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 261
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Corporate Governance
Gunawan Wasisto Ciptaning Andri
Risk Management’s
Organizational Structure
Age As an initiative to strengthen risk management based
46 years old
on the directions and aspirations of the Ministry of
Nationality SOEs and the Board of Commissioners, Telkom’s risk
Indonesian management governance is under the responsibility of
the Risk Management Department, which is under the
Domicile
Directorate of Finance & Risk Management. Appointment
Bogor, Indonesia
and dismissal of members of the Risk Management
Educational Background Department are carried out by the President Director,
• 2001 Bachelor of Electrical Engineering – Telekomunikasi Director of HCM or SGM HCBP based on a Resolution of
Multimedia, ITS Surabaya
the President Director, Director of HCM or SGM HCBP.
Executive Course The Risk Management Department currently has 28
• International Leadership Program (ILP) : Sofrecom-Orange - employees.
France
• Global Talent Program (GTP) : ZTE University - China
Management of the risk management function is
• Great Executive Development Program (GEDP): Telkom -
Indonesia regulated in Directors Regulation No. PD.202.47/r.08/
HK200/COP-A2000000/2023 regarding the Organization
Certification of the Directorate of Finance & Risk Management which
• 2023 Qualified Chief Risk Officer (QCRO), LSP MKS.
explains that the Risk Management & Sustainability
Basis of Appointment Department is responsible for the availability of functional
Decision Letter No. 782/PS720/HCB-105/2023 date June 27, and cross-functional business processes based on internal
2023 regarding Employee Movements. control (SOA/ICoFR), implementation governance and
Term of Office quality management, managing strategic & operational
July 1, 2023 – up to present. risk management and managing enterprise risk
management (ERM), as well as carrying out the role as
Career Experience
• 2023 - present VP Risk Strategy & Governance – Risk a governance orchestrator for the implementation of
Management, Telkom. sustainability initiatives including environmental, social
• 2019 - 2022 Deputy EGM Infrastructure & Operation – and governance (ESG) aspects and acting as a Center of
Divisi TV Video, Telkom.
Excellence in matters of risk management & sustainability
• 2016 - 2018 Senior Manager Programming – Divisi TV
Video, Telkom. within the scope of TelkomGroup. Meanwhile, the
• 2014 - 2015 Media Operation Coordinator – Probis organizational structure of the Risk Management
UseeTV, Telkom. Department in 2023 is as follows.
262 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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President Director
Director of Finance
Director
& Risk Management
VP Departemen 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 5. In carrying out its responsibilities, SVP Risk
Management carries out the main activities, among
Departement Tasks And others, but not limited to the following:
Responsibilities a. Determine strategies, roadmaps, policies,
governance, and mechanisms in risk management
SVP Risk Management (Enterprise Risk Management), governance &
quality management, and process management at
1. The Risk Management Department is led by the Senior TelkomGroup;
Vice President of Risk management, referred to as SVP b. Coordinating the implementation of risk
Risk Management. management, Good Corporate Governance, quality
2. In carrying out its duties and authorities, the SVP of management, and process management with
Risk Management is responsible for reporting to the related units within the TelkomGroup;
Director of Finance and Risk Management. c. Coordinating strategies and implementation of
3. SVP Risk Management is responsible for managing risk management and GCG with external parties,
policies, controlling, supervising, and implementing including regulators; and
risk management functions, including the d. Coordinate the monitoring, evaluation, and
management of Enterprise Risk Management reporting processes of management, GCG,
(ERM), the implementation of governance and quality management, and process management
quality management, business processes, and risk implementation at TelkomGroup.
management reports within the TelkomGroup. 5. In carrying out the duties and authorities as referred to
4. If not otherwise determined by the Board of Directors in paragraph (3), SVP Risk Management is assisted by:
or Company Regulations related to the Executive a. VP Risk Strategy & Governance; and
Committee, the SVP of Risk Management is b. VP Risk Operation & Process Management.
responsible as Secretary of the Executive Committee
of the Risk Management, Compliance, and Revenue
Assurance Telkom.
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Corporate Governance
VP Risk Strategy & Governance c. All Subsidiaries in terms of advisory risk
management;
1. VP Risk Strategy & Governance is responsible for d. Financial Controller Unit in terms of risk budgeting
managing Enterprise Risk Management (ERM) & monitoring;
at an adequate and effective strategic level and e. Internal Audit Department in terms of auditing the
implementing governance and quality within the effectiveness of Enterprise Risk Management (ERM)
scope of TelkomGroup. implementation; and
2. In carrying out its responsibilities, VP Risk Strategy & f. Performance management unit determines and
Governance carries out the main activities, among measures KPI Risk Management Department.
others, but not limited to the following: 4. In carrying out the duties and authorities as referred
a. Formulate and develop Enterprise Risk to in paragraph (3), VP Risk Strategy & Governance is
Management (ERM) strategies, roadmaps, policies, assisted by:
and architectures; a. AVP Strategic Risk Management;
b. Compiling and managing the Company’s risks, b. AVP Risk Management Planning & Policy; dan
including Risk Profile, Risk Factors, RKAP, including c. AVP Governance & Quality Management.
risk management advisory activities within the
TelkomGroup; VP Risk Operation & Process Management
c. Develop, assign, and assess the Key Performance
Indicator Risk Management Department and 1. VP Risk Operation & Process Management is responsible
develop, manage, and update the Application for managing Enterprise Risk Management (ERM) at
Support ERM; the operational level and the availability of adequate
d. Formulate strategies, policies, and mechanisms and effective business processes within the scope of
for Good Corporate Governance (GCG) and quality the Company.
management within the scope of TelkomGroup; 2. In carrying out its responsibilities, VP Risk Operation &
e. Coordinating and overseeing the implementation of Process Management carries out the main activities,
GCG & quality management as well as mechanisms among others, but not limited to the following:
and business process disclosure (DCP) along with a. Coordinate management business continuity
its evaluation and reporting; management (BCP), insurance management,
f. Carry out advisory functions for implementing revenue assurance, and fraud management;
GCG and quality management within the scope of b. Conduct business risk reviews, regularization notes,
TelkomGroup. waivers, and ICoFR risk assessments;
3. In carrying out its activities, VP Risk Strategy & c. Coordinating risk-based budgeting, support
Governance interacts among others, but is not limited hedging, budget management & KPI/KM, risk
to: culture, and risk competency enhancement;
a. All units in the Company and its Subsidiaries and d. Prepare the Company’s risk management reporting;
other entities, including the Foundation, in terms e. Formulate strategies, policies, governance, and
of managing enterprise quality management and management mechanism management processes
Good Corporate Governance (GCG); that include, among others, enterprise-wide
b. All units in the Company in terms of advisory on the process, business unit process, cross-functional
preparation of risk register units, preparation of Risk process, and business process ICoFR (Transactional
Profile, and KPI assessment of Risk Management Level Control) of the Company;
Effectiveness;
264 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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f. Ensure that all ICoFR business processes are by the d. All units in terms of business risk review, risk culture
provisions of SOA 404 to meet compliance with management, risk competency enhancement, and
financial and internal control audits (integrated risk management reporting; and
audits); and e. Organizational Development Management Unit,
g. Formulate strategies, policies, governance, and Corporate Policy Management Unit, Internal
control mechanisms for the Company’s Internal Audit Management Unit, all operational units and
Entity Level Control. subsidiaries in terms of management and audit of
3. In carrying out its activities, VP Risk Operation & the enterprise-wide process, business unit process,
Process Management interact, among others, but is cross-functional process, and business process
not limited to: ICoFR (Transactional Level Control).
a. Infrastructure Management Business Unit and Asset 3. In carrying out the duties and authorities as referred
Management Unit in terms of business continuity to in paragraph (3), VP Risk Operation & Process
management and insurance management; Management is assisted by:
b. Customer Management Business Unit in terms of a. AVP Process Management;
revenue assurance and fraud management; b. AVP Risk Reporting & Support; dan
c. Financial controller unit in terms of risk-based c. AVP Operational Risk Management.
budgeting and budget management;
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 2023 are as follows.
Risk Management Training in 20233
No. Name Training Activities Organization Institution
1. Qualified Risk Management Analyst Online CRMS
2. Qualified Risk Management Professional Online CRMS
3. Qualified Chief Risk Officer Online CRMS
4. Financial Risk Analyst for Corporation Online CRMS
5. Certified Risk Professional Online Tap Kapital
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 265
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Corporate Governance
Professional Certification
The members of the Risk Management Department consist of professionals who are experts in their fields. Until the
end of 2023, there are 22 members of the Telkom Risk Management Department who have professional certification
related to risk management, including:
Professional Certification of Members of Telkom Risk Management Department as of December 31, 2023
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 Purnaratman a. Certified Risk Professional (CRP) 2023 Active
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
h. Ahli Pembangun Integritas (KPK) 2023 Active
3. Tatwanto Prastistho a. Certified Risk Professional (CRP) 2021 Active
b. Qualified Chief Risk Officer (QCRO) 2023 Active
c. Financial Risk Analyst for Corporation (FRAC) 2023 Active
4 Rizky Ponti Annastuti a. Certified Accountant 2022 Active
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 Hasanah a. Certified Risk Professional (CRP) 2020 Active
b. Qualified Risk Management Professional (QRMP) 2023 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
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No. Member’s Name Certification Year of Review Status
11. Arie Hestiningdaru a. Certified Risk Professional (CRP) 2023 Active
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. Fivtina Marbelanty a. Certified Risk Professional (CRP) 2020 Active
b. Qualified Risk Management Analyst (QRMA) 2023 Active
14. Sophia Khana a. Certified Risk Professional (CRP) 2021 Active
b. Certified Governance Professional (CGP) 2021 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
d. Ahli Pembangun Integritas Muda (KPK) 2023 Active
15. Meylia Candrawati a. Certified Risk Professional (CRP) 2021 Active
b. Certified Governance Professional (CGP) 2021 Active
c. Financial Risk Analyst for Corporation (FRAC) 2023 Active
d. Qualified Risk Management Analyst (QRMA) 2023 Active
16. Dimas Prasstyo a. Certified Risk Professional (CRP) 2021 Active
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Wakil Manajer Investasi (OJK) 2017 Active
17. Dear Ahmad Adhomul a. Certified Risk Professional (CRP) 2023 Active
S b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
18. 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 Wirawan a. Certified Risk Professional (CRP) 2022 Active
b. Finansial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
18. Alya Mutiara Basti a. Certified Risk Professional (CRP) 2022 Active
b. Financial Risk Analyst for Corporation (FRAC) 2023 Active
c. Qualified Risk Management Analyst (QRMA) 2023 Active
19. Rizka Raniah Rahmat a. Certified Risk Professional (CRP) 2022 Active
b. Qualified Risk Management Analyst (QRMA) 2023 Active
20. Niken Dwi a. Certified Risk Professional (CRP) 2022 Active
Trisnaningati b. Qualified Risk Management Analyst (QRMA) 2023 Active
21. Fenita Nabilah a. Certified Risk Professional (CRP) 2023 Active
b. Qualified Risk Management Analyst (QRMA) 2023 Active
22. Rifqi Ali Raffi a. Certified Risk Professional (CRP) 2023 Active
b. Qualified Risk Management Analyst (QRMA) 2023 Active
In 2023, a Professional Certification program in Risk Management will be carried out, and there will be an extension of
Professional Certification for 54 Telkom employees who are the main risk managers in their divisions and/or sub-units.v
Thus, since 2021, 128 TelkomGroup employees have taken and have Professional Certification in Risk Management.
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Corporate Governance
RISK AWARENESS AND CULTURE 1. Leader Journey
a. Sharing Session Involving Telkom Leaders
Telkom routinely conducts sharing sessions
Increasing Risk Aware Culture is an important factor in
involving C-Level Executives from divisions and
achieving the Telkom’s targets and objectives, in line with the
subsidiaries with the aim of building a commitment
Strategic Plan of the Ministry of SOEs 2020-2024, especially
to risk management implementation.
regarding strengthening the risk management function and
b. Training and Certification
GCG of SOE. A good Risk Aware Culture can improve:
Telkom also strengthens risk management through
1. Organizational capability to manage measurable risk
relevant training programs that are attended by
levels.
Heads of Units and Management of Subsidiaries.
2. Improving Corporate Governance Compliance.
c. Webinars with External Experts
3. Achievement of Telkom performance targets.
The webinar program is conducted by external
experts, both consultants, practitioners, and
Risk Aware Culture also applies one of AKHLAK’s core
academics
values, especially the KOMPETEN aspect, namely
2. People Journey
continuing to learn and develop capabilities. For this
a. Communicate Clearly (Compile Story)
reason, the risk awareness program is carried out in 3
Telkom’s Risk Management Department intensively
categories, namely the leader journey, people journey,
conducts advisory and also provide coaching
and program journey.
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 Channels
Risk Awareness Risk Awareness Tel...
Risk Awareness Diarium by Telkom Indo... 174 subscribers
28213 Pengikut
28213 Pengikut
Risk Awareness Telkom Group
Dalam rangka meningkatkan Semangat Pagi Telkomers ..!!
kualitas Manajemen Risiko,
Risk Awareness Berdasarkan PD.614/r.01/K.200/
Risk Awareness saat ini Departemen Risk COP-D0030000/2021/ tentang
1 tahun yang lalu
1 tahun yang lalu Management sedang manajemen risiko perusahaan,
mengadangkan survei yang Telkom menggunakan ISO
bertujuan untuk mengumpulkan 31000:2018, yang disusun oleh
International Organization for
persepsi Bapak/Ibu terhadap
Standarization, sebagai standar
budaya risiko perusahaan manajemen risiko perusahaan.
dan masukan megenai
pelaksanaan manajemen risiko di ISO 31000 : 2018 memberikan
TelkomGroup. pedoman bahwa pengelolaan risiko
didasarkan pada prinsip, kerangka
kerja, dan proses.
Untuk itu kami mohon bantuan Hari ini kak min akan memperk-
Bapak/Ibu untuk dapat enalkan Prinsip manajemen risiko
mengisi Survei Budaya Risiko berdasarkan ISO 31000 : 2018.
Perusahaan di TelkomGroup &
Prinsip manajemen risiko
Peningkatan Kualitas Manajemen
memberikan panduan terhadap
Risiko di TelkomGroup. Silahkan karakteristik manajemen risiko
klik link; berikut, diperlukan yang efektif dan efisien,
sekitar 5 - 10 menit untuk mengkomunikasikan nilainya, serta
mengisi. menjelaskan maksud dan
Tampilan Channel Risk Awareness Tampilan Broadcast Tampilan Channel Risk Awareness
di Platform Diarium TelkomGroup di Whatsapp Diarium
Display of the Risk Awareness Display Broadcast Display ofdi
theTelegram
Risk Awareness
Channel on the TelkomGroup on Whatsapp Diarium Channel on Telegram
Diarium Platform
b. Mandatory digital learning
Telkom conducts digital training related to risk management knowledge refreshment, which all TelkomGroup
entities must follow. The minimum score to meet the graduation threshold is 70.
268 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Display of ERM TelkomGroup Online Application
Summary Improvement Program Risk Awareness
No. Issue 2022 2023
1. Policies, regulations As many as 89% of respondents strongly Including ERM strengthening aspects
and SOPs related to agree and agree that information regarding consisting of risk culture strengthening
Risk Management risk management policies and procedures programs in each unit as part of the
can be accessed easily by all units. KPI Risk Management Effectiveness
2. Implementation of As many as 86% of respondents strongly assessment, which is one of the KPI/
Risk Management agree and agree that they have monitored Management Contract indicators at all
(Risk Monitoring) risks, have used ERM Online in compiling BOD-1 levels.
and regularly updating the Risk Register and
Risk Reporting. The company has added a risk
management strengthening component
3. Implementation of As many as 92% of respondents strongly
as a KPI assessment component in 2023.
Risk Management agree and agree that periodic monitoring
The risk management strengthening
(Risk Evaluation) and updating of risk mitigation reports have
component can take the form of support
been carried out which have been evaluated
from other divisions in increasing
by the Risk Management Department.
the effectiveness of mitigation and
4. Risk management As many as 93% of respondents strongly
implementation of risk culture activities.
budget agree and agree that the risk mitigation
plan has been integrated with the budget
The company uses myDigiLearn media
preparation process to mitigate risk.
to implement e-learning and webinars.
5. Risk management As many as 90% of respondents strongly
competency agree and agree have PIC Risk Management The company has internalized and
to help identify and manage risks. developed a risk awareness culture
for employees through CFU/FU and
business units.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 269
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Corporate Governance
c. New Employee Training Program b. Assume responsibility for risk
Every new employee is required to attend There is a risk manager in each division and
several trainings, one of which is regarding Risk subsidiary who conducts direct identification and
Management. monitoring so that it is expected to be able to
capture all possible risks that exist in the Telkom.
3. Program Journey c. Utilization of technology and IT tools
a. Breakdown Silos Telkom has an online ERM application that is used
The Risk Management Department acts as an by all divisions and subsidiaries in real time. Some of
intermediary and communication center across the modules that have been developed include:
divisions and subsidiaries to be able to carry Modul Risk Register Telkom dan Anak Perusahaan
out collaborative cooperation in the context of 1) Telkom and Subsidiaries’ Risk Register Module
mitigating corporate risk. One form of activity that 2) Project Risk Module
has been implemented is advisory for the alignment 3) EWS (Early Warning System) Module
of strategy and risk management of all units. 4) LED Module (Loss Event Database)
5) Support Needed Module
FRAMES: Revenue ICCA: EITA: i-Library: Portal SAS:
Assurance & Fraud Mgt CSA ICOFR Management Process Management Dokumentasi IMS Evaluasi Security Physic
Tools pendukung
lainnya:
Display of ERM TelkomGroup Online Application
d. Implement risk management KPIs
The Senior Leader’s commitment to the
RISK MANAGEMENT
implementation of risk management is evidenced DEPARTMENT’S ACTIVITIES
by the implementation of KPI Risk Management
Effectiveness as one of the performance indicators The Risk Management Department has carried out its
assessed for all BOD-1 units in Telkom. Assessment is duties and responsibilities in risk management during
carried out quarterly by Telkom’s Risk Management 2023, namely:
Department on the Risk Register and Risk 1. Compile and update the TelkomGroup risk profile.
Reporting of all BOD-1 units. The parameters used 2. Developing CSS and RKAP risk factors.
to evaluate the effectiveness of Risk Management 3. Coordinate and carry out advisory activities in the
include completeness, quality, and reporting time context of compiling risk registers, risk reviews, and
delivery. escorting ERM improvements in both units and
subsidiaries.
270 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
4. Updating the risk universe. 18. Oversee the implementation of fraud management.
5. Conduct risk taxonomy mapping based on SOE 19. Carry out the ICoFR fraud risk assessment business
Minister Regulation Number PER-5/MBU/09/2022 process.
regarding Implementation of Risk Management in 20 Prepare risk management reports to BOD and BOC.
State-Owned Enterprises. 21. Prepare risk management reporting and support the
6. Categorizing parent entities and entities under the risk management agenda of the Ministry of SOEs.
TelkomGroup parent Telkom based on risk intensity 22. Develop and update ERM policies and SOPs (ERM
referring to the Minister of SOE Regulation Number PR, ERM SOP, guidelines for implementing risk
PER-5/MBU/09/2022 regarding Implementation of assessment, BCMS, insurance, fraud management,
Risk Management in State-Owned Enterprises. and revenue).
7. Perform alignment of risk management 23. Planning and facilitating the assessment of the
implementation with Subsidiaries. effectiveness of risk management (risk maturity
8. Conducting Risk Maturity 2022 measurements at assessment).
Telkom and 12 Subsidiaries with external independent 24. Compiling, developing, and evaluating key
consultants. performance indicators for risk management
9. Develop a TelkomGroup ERM strategy and roadmap. effectiveness units.
10. Develop and implement a risk management 25. Develop policies, governance, and good corporate
architecture (risk appetite, risk acceptance criteria, governance roadmaps.
risk tolerance, risk capacity). 26. Develop policies, governance, and quality
11. Coordinating the risk-based budgeting unit together management roadmaps.
with financial control. 27. Formulate policies (including methods), governance,
12. Coordinating the preparation/updating of the BCP process management mechanisms, and
Set. communications.
13 Coordinate risk assessment and business impact 28. Manage, design, and develop Telkom business
analysis. processes (enterprise-wide processes, business unit
14. Perform BCP (sampling) evaluation and testing. processes).
15. Carry out ISO 22301 Certification: BCMS. 29. Manage, design, and remediate ICoFR business
16. Managing Insurance (property, Director & Officer/DNO, processes.
personal accident, in-orbit satellite insurance, etc.). 30. Review the organization’s high-layer business
17. Support revenue assurance. processes.
TYPES OF RISK AND MANAGEMENT METHOD
The Risk Management Department at Telkom has a function to assist the Telkom’s management in identifying strategic risks
related to business processes. The following table presents some of the main risks that affect Telkom’s business activities.
Table of Risk and Management Method
Mitigation/Risk
Type of Risk Risks that is Faced The Impact to Telkom
Management
1. Sistemic Risks
Political and Social Disruptions to political Has a negative impact on a. Monitoring the influence
stability, social, and security business growth, operations, of socio-political turmoil
turmoil both domestically financial condition, results of on operational/service
and internationally caused operations, supply chain of disruptions.
by specific issues such as production equipment and b. The maintenance of
geopolitical crises, trade wars, prospects, as well as market awareness through the
and so on. prices of securities. improvement of safety &
security functions.
c. Monitoring supply chain
issues related to raw
materials and looking for
alternatives to materials/
device designs.
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Corporate Governance
Mitigation/Risk
Type of Risk Risks that is Faced The Impact to Telkom
Management
Macro Economy Changes in the rate of a. Affects the purchasing a. Monitoring of the influence
inflation. power and ability to pay of macroeconomy to the
The fluctuation of Rupiah customers. change to increase the
Exchange rate b. Have the impact on the expense through Cost
business, financial condition, Leadership program.
Increase in energy and fuel
business result or business b. To look for the opportunity
prices
prospect. to increase the spending
Increase in loan interest rates
c. Have a material adverse of APBN pursuant to the
The decrease of government effect to the business, government focus (health,
or Telkom’s credit rating financial, condition, business energy, education, etc).
proceeds or business
prospect.
Risk of Disaster Natural disasters such as Disrupting its business a. Monitoring indicators that
floods, lightning, hurricanes, operations and give negative have the potential to cause
earthquakes, tsunamis, impact to the financial disturbances to equipment
volcanic eruptions, epidemics, performance and profit, such as device humidity
fires, droughts and pandemics, business prospect as well as and temperature, ship
as well as other events such as market price of securities. traffic on the SKKL route
power outages, riots, terrorist through the system.
attacks, which are beyond b. Transfer of risk by using
Telkom’s control. the insurance of assets
to anticipate the natural
disaster and fire.
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.
2. Business Related Risks
Operational Risk The failure in the sustainability Has the negative impact to the a. Implementation of BCM,
of network operation, main business, financial condition, BCP, and DRP.
system, gateway on Telkom’s proceeds from the operation b. Certification of Integrated
network, or other operator’s and business prospect. Management System
network. (IMS) for infrastructure
management.
Threat of physical and cyber Has the negative impact to the a. The upgrade of preventive
security, such as brute force business, financial condition, action in the form of
attack, DDoS attack, and result from the operation vulnerability assessment
threats do Data Center. materially. and penetration test
periodically.
b. Monitor and identify all
types of attack in the real-
time 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.
272 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Mitigation/Risk
Type of Risk Risks that is Faced The Impact to Telkom
Management
Risks related to sub-optimal May face a lawsuit and damage To be more prudent in the
internet services. the reputation. preparation of contract with
content provider partner.
New technology. Has an impact on the a. The preparation of
competitive power. Technology Roadmap by
taking into account 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
damage or ruin, delay or failure condition, operation result and satellite of which operation
to launch, or the revocation of capability to give services. period will be immediately
satellite license. expired.
b. The insurance of satellite
operation 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 increasing Interest rate swap contract
interest expenses, especially for from the float interest rate to
floating interest loans. become the fix interest rate
upon certain loan term.
Market price risk. Has an impact of changes in Perform hedging activities of
fair value on the performance financial assets.
of financial assets measured
through profit or loss.
Foreign exchange rate risk. Has negative impact on the Placement of time deposit
financial condition or result and hedging to cover the
from the operation. fluctuation risk of foreign
exchange.
Credit risk mainly from Adverse impact on financial Continuous monitoring of
trade receivables and other condition, operational accounts receivable balances
receivables. performance and business and periodic billing.
prospects.
Liquidity risk. Has an impact on the ability a. Maintaining adequate cash
to meet financial obligations balances in an effort to
when these financial liabilities fulfill 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.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 273
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Corporate Governance
Mitigation/Risk
Type of Risk Risks that is Faced The Impact to Telkom
Management
The limitation of financing the Has a material adverse effect to Maintaining and improving
capital expenditures. the business, financial condition, the Telkom’s performance
operational performance, and to gain trust from national
business prospect. or global fund institution
sources.
Legal and Penalty/fine by KPPU in Reducing Telkom’s revenue Strengthening legal review
Compliance Risk relation to the price-fixing and and has negative impact to the towards corporate action plan
the occurrence of class action. business, reputation, and profit. or certain contract.
Regulation Risk The change of Indonesian or Has the impact to the business, a. Analysis on the impact of
International Regulation. financial condition, operational the regulation plan towards
performance, and business the industry in general and
prospect. Telkom in particular.
b. Giving inputs so that the
regulation that will be
stipulated will give positive
impact to the Telkom and
industry.
Transformation Risk The failure of significant Has an impact on business a. Market Assessment
business and organizational growth and the Telkom's and strategic situation
transformation initiatives. financial performance in the analysis on transformation
short and long term. initiatives.
b. Preparation of strategic
fit and 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.
274 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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RISK MANAGEMENT STATEMENT OF BOARD OF
SYSTEM’S REVIEW ON THE DIRECTORS AND BOARD
EFFECTIVENESS OF COMMISSIONERS
ON ADEQUACY OF RISK
During 2023, Telkom’s risk management system has
effectively managed various Telkom business risks to MANAGEMENT SYSTEM
support every policy and process in the TelkomGroup.
Telkom uses several tools or risk management information The Board of Directors and Board of Commissioners,
systems, including: through the Planning and Risk Evaluation and Monitoring
1. Generic Tools Enterprise Risk Management Online Committee (KEMPR), hold regular meetings with the Risk
(ERM Online), which is used by all units to manage risk Management Department to discuss risk monitoring
register. within the Company as well as follow-up actions that
risk owners have carried out to minimize risks that occur.
2. Specific Tools for certain Risk Management which are:
The Risk Management Department will report risk
a. Fraud Management System (FRAMES) application
monitoring results to the Board of Directors and Board of
is used as an early detection system for the
Commissioners every quarter.
possibility of Customer and Third Party Fraud.
b. i-Library application managed by Service
The Board of Directors and Board of Commissioners
Operation Division and to be used to manage
assess that Telkom’s risk management system in 2023
the documentation system of the Integrated
has run well and meets the adequacy of the policies and
Management System.
standards referred to. These adequacies include, among
c. SMK 3 Online application managed by Security &
others:
Safety unit for Health and Safety Documentation
1. Adequacy of Risk Management Information System
Management.
The risk management system implemented in the
The evaluation process for assessing the effectiveness of
Company refers to the ISO 31000:2018 framework
Risk Management implementation will be carried out in
and adopts various international standards to ensure
2023, namely:
the best implementation of risk management. The
1. Measurement of Risk Maturity Index (RMI).
Company has utilized the ERM Online application to
2. Monitoring and evaluation of the effectiveness of risk
compile risk registers and risk profiles and monitor
mitigation through the ERM Online application.
and evaluate risks.
3. One-on-one evaluation/discussion and advisory with
2. Adequacy of Risk Identification, Measurement,
business units as needed.
Monitoring, and Control Processes.
4. Joint reporting and evaluation with BOD and
The Board of Directors through the Internal Audit
Committee for Planning and Risk Evaluation and
function has carry out inspections, evaluations,
Monitoring (KEMPR).
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.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 275
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Corporate Governance
WHISTL E BLOWIN G SYST E M
Following up on the Sarbanes-Oxley Act of 2002, Telkom become a media that the public trusts to report violations.
established a violation reporting system or Whistleblowing For this reason, the Audit Committee conducted various
System (WBS), which has been running since 2006. studies and comparative studies to improve Telkom’s
This WBS mechanism is an effort to prevent fraud. It is WBS while improving the quality of internal control.
a medium for all individuals within Telkom and third
parties to report violations, fraud, or other forms of ethical As a result, on January 31, 2022, the Telkom Integrity
violations related to TelkomGroup. Line was launched, resulting from WBS development
involving Deloitte as an independent consultant, with 7
The WBS is managed by the Audit Committee and is (seven) complaint channels. The policies and provisions
designed to receive, review, and follow up on complaints of this system are regulated in Kep. Dekom No. 01/KEP/
received while maintaining the confidentiality of the DK/2022 dated January 25, 2022, and has been ratified
reporter’s identity. The Audit Committee continues to strive through Directors’ Regulation No. PD.622/r.00/HK200/
to increase the credibility of the WBS system so that it can COP-C0000000/2022 dated February 22, 2022.
DELIVERING A VIOLATION REPORT
Channels for the Telkom Integrity Line reporting system include:
The complaint must meet the following requirements:
1. Issues in accounting and internal control over financial
Website : https://id.deloitte-halo.com/ reporting that has the potential to result in material
Telkomwbs/ misstatements in the Company’s financial statements;
2. Audit issues, especially those involving the
Hotline : (021) 5088 4601
independence of the Public Accounting Firm;
Faksimili : (021) 5088 4602
3. Violation of the laws and regulations of the capital
Email : Telkomwbs@tipoffs.info market relating to the Company’s operations;
PO Box : Telkom Integrity Line 4. Violation of internal regulations that have the potential
PO Box 2800 to cause harm to the Company;
JKP 10028 5. Fraud and/or Abuse of Position committed by
SMS : 0813 9000 3217 officials and/or employees within the TelkomGroup
WhatsApp : 0813 9000 3217 Environment;
6. Disrespectful behavior of the Board of Commissioners,
Organs of the Board of Commissioners, Directors,
Management, and employees of the Telkom, including
but not limited to dishonesty, conflict of interest and
providing misleading information to the public which
directly or indirectly has the potential to damage
reputation or cause losses to the Company.
276 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
PROTECTION TO THE THE COMPLAINT HANDLING
COMPLAINANT
Telkom operates Whistleblowing System mechanism
under responsibility of Audit Committee. In practice,
Telkom guarantees and ensures the protection of
WBS mechanism refers to Financial Service Authority
whistleblower confidentiality based on the following
Regulation No. 55/ POJK.04/2015 and Sarbanes-Oxley
internal policies:
Act 2002 Section 301 regarding Public Telkom Audit
1. Resolution of the Board of Commissioners No. 01/KEP/
Committee.
DK/2022 dated January 25, 2022, regarding Policies and
Procedures for Handling Complaints (Whistleblowing
In order to fulfill a responsible and not defamatory
System) within the Telkom Group;
complaint report against someone, Telkom determines
2. Board of Directors Regulation No. PD. 622/r.00/
certain complaint requirements. Report can be followed
HK200/COP-C0000000/2022 dated February 22, 2022,
up immediately if the type of complaint is in accordance
regarding Ratification of the Resolution of Board
with the scope of the Whistleblowing System mechanism,
of Commissioners No.01/KEP/DK/2022 regarding
the truth and the accuracy of the complaint information
Complaint Handling Policies and Procedures
has been supported by sufficient data. Some WBS
(Whistleblowing System) within the Telkom Group.
complaints could not be followed up due to incomplete,
inaccurate and unreliable data and information.
Telkom always prioritizes confidentiality and the principle
of presumption of innocence when following up on every
report submitted via WBS. This encourages all parties to
have courage and feel safe without fear or worry when
submitting violation reports.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 277
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278
INVESTIGATION PROCESS REPORTING AND FOLLOW-UP
Material
Archive
Evaluation
AUD I T
KOMI T E
Appointment No
ANNUAL REPORT 2023
Approval to
Start Process of Expert CC FU? Fu Report
Follow up Expert
D I R UT
Yes Yes
Corporate Governance
No No
No
The Result of
Case Forming an Need The
Subsidiaries? Investigation Team
Investigation KKD? FU Notes
Review Experts? Investigation Report
Ya Yes
KO M I T E
Letter of the President
Director to Subsidiary Cc.
1. Related President FU Notes Documentation End
Directorof Telkom
INVE ST I G A S I
2. Audit Committee
3. Internal Audit Subsidiary
Yes
Yes
Subsidiary Combined The Audit
KKD Report
Discussion FU? Report
No
COMPLAINT HANDLING MECHANISM
Response Investigation by KKD
FU? Subsidiary
Letter Subsidiary
No
S U BS ID IA RY
No
Tim
Gabungan?
Yes
H R
Joint KDK KDK Report
Ubis FU FU report
U BIS
Remark: KKD: Komite Etika dan Kepatuhan & Disiplin or Ethics and Compliance & Discipline Committee
PT Telkom Indonesia (Persero ) Tbk
FU: Follow Up
Page 281
Pa r t/ 05.
THE PARTY THAT MANAGES THE 4. Make a letter requesting an internal investigation to
the President Director for an investigation process that
COMPLAINT does not require the assistance of an independent
party. Next, the President Director assigned the
Telkom’s WBS mechanism is managed by the Audit Investigation Committee to conduct an investigative
Committee, Internal Audit Department, Investigation audit; and
Committee, and Consultants/Independent Third Parties 5. Request approval from the Board of Commissioners for
with their respective duties and responsibilities. investigation processes that require the assistance of
independent parties. If the Board of Commissioners
The Audit Committee is a committee formed by the Board agrees, it will continue with the selection process,
of Commissioners of PT Telkom Indonesia Tbk to carry appointing and assigning selected Consultants/
out oversight (oversight) over the quality and integrity of Independent Third Parties to conduct investigations
the company’s financial reporting with the scope of its and report the results.
duties covering all companies within the TelkomGroup
and following up on complaints received according to its The Internal Audit Department plays a role in:
authority. 1. Examine complaint reports received from the Audit
Committee or Consultants/Third Parties managing
The Internal Audit Department is appointed to monitor complaint reports;
all complaints received from independent consultants 2. Collaborate with related units to ensure the truth of
who manage the receipt of complaints from all WBS complaint reports, prove whether or not there are
channels and follow up on complaints in accordance with violations and follow-up actions;
its authority. 3. If during the audit process, there is a need to carry out
an in-depth investigation through an Investigative
The Investigation Committee is a committee formed Audit, the SVP Internal Audit can report this to
by the Company’s President Director to follow up on the President Director, who will then assign the
Investigation Reports on complaints that require a further Investigation Committee to carry out an investigative
investigative audit process according to its authority. audit; and
4. Report the examination results and close the
Consultant/Independent Third Party is a third party Complaint Report through the Complaint Report
appointed by Telkom to participate and play an active role system, which can be accessed and analysed by the
in receiving and distributing complaints and/or play an Audit Committee for further follow-up.
active role in the process of resolving complaints received
through the complaint management system. The Investigative Committee has a role in:
1. Reviewing problems and examination results of
The Audit Committee has a role in: complaint reports that require an investigative
1. Together with the Consultant/Third Party managing audit process. If the investigation process concerns
complaint reports, receive and submit complaint personnel and/or units in a subsidiary, the Investigation
reports that meet the requirements to the Internal Committee will convey it to the Commissioners and
Audit Department or other independent parties for Directors of the subsidiary in question;
examination; 2. Form an Investigation Team to carry out an
2. Monitoring the progress of the examination process for investigative audit process in accordance with the
complaint reports; authority referring to applicable regulations. The
3. Evaluating and decide whether the results of the Investigation Team can consist of personnel from
inspection by the Internal Audit Department or other subsidiaries as needed;
independent parties require a further investigation 3. Submit the Investigation Results Report to the
process or do not require a further investigation President, Director, and/or Audit Committee as
process and are stored as archives; evaluation material for company management to be
followed up to the next stage.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 279
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Corporate Governance
Consultants/Third Parties appointed as complaint report 3. Keep whistleblowing management archives, including
managers play a role in: complaints that do not meet the requirements
1. Receiving and distribute incoming complaints from all 4. Monitoring the process of resolving complaints
Telkom Integrity Line channels through the complaint management system.
2. Conducting initial review and verification to ensure
that the complaint meets the requirements to be
designated as a valid complaint and will be processed
further
THE RESULT OF COMPLAINT HANDLING
Throughout 2023, Telkom received 59 complaint reports. Total of the 28 complaints eligible for follow-up, 19 complaints
were declared closed, with 3 complaints proven to have violations and 9 other still waiting for additional data to carry
out the follow-up process.
Complaint Based on Category
Reporting Channel
Category Total
Website Email PO Box Fax Hotline WhatsApp SMS
Accounting issues and 0 0 0 0 0 0 0 0
internal control over financial
reporting
Auditing issues 0 0 0 0 0 0 0 0
Violation of the laws and 0 0 0 0 0 0 0 0
regulations of the capital
market relating to the
Company’s operations
Violation of internal 2 3 0 0 0 6 0 11
regulations
Fraud and/or abuse of the 13 0 0 0 0 0 0 13
position
Disgraceful behavior 3 1 0 0 0 0 0 4
Total 18 4 0 0 0 6 0 28
280 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
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Pa r t/ 05.
Comparison of Complaint Handling with the Previous Year
Total
Description 2023 2022 Remarks
2021
(Deloitte) (Deloitte)
Total Complaints 59 44 36 Complaints received
Qualified 28 26 0 Complaints worthy of actions
Follow-up
Closed 19 16 0 -
Additional Data 9 9 0 -
Further studies according to the procedure 0 1 0 -
Remarks:
- Total complaints in the Annual Report 2022 is 129 records consisting of 44 complaint records, as well as 85 records testing complaint channels and additional
communications related to complaints.
- In the Annual Report 2023, records of the results of testing the complaint channel and additional communications related to complaints are not counted in
the number of complaints.
THE COMPLAINT HANDLING 4. For complaints that meet the requirements as referred
to in points 3.a. and 3.b. above, audits are carried out by
PROCEDURES the Internal Audit Department or other independent
parties if necessary
The handling process for complaints received is as follows: 5. The Internal Audit Department reports the results of
1. Unit or third party appointed as the party responsible examinations and closes Complaint Reports through
for receiving complaints in the whistleblowing system the Complaint Report system, which can be accessed
monitors incoming complaints from all existing and further analysed by the Audit Committee for
reporting channels; further follow-up;
2. The complaints received are reviewed and verified to 6. Based on the results of the inspection by the Internal
ensure that the complaint meets the requirements Audit Department or an independent party, the
to be determined as a valid complaint and will be Audit Committee will evaluate and decide whether
processed further. Meanwhile, complaints that do not the results of the audit need to be followed up and
meet the requirements are not processed and stored processed further through an investigative audit or
as archives for the Whistleblowing Manager; whether there is no need for a further investigation
3. Complaints that meet the requirements and will process and will be stored as an archive;
be processed further, are sorted based on the level/ 7. If it is decided to carry out an investigative audit process
levelling being complained about and submitted to: that does not require the assistance of an independent
a. The Board of Commissioners through the Audit party, the Audit Committee and/or SVP Internal Audit
Committee, for complaints against one or more can make a letter requesting an internal investigation
members of the Board of Directors of Telkom to the President Director, who will then assign the
(including the Main Director), employees on duty at Investigation Committee to carry out the Investigation
Telkom’s Internal Audit Unit or employees within the audit process and prepare an Investigation Result’s
supporting organs of the Board of Commissioners; Report; and
b. Main Director of Telkom through SVP Internal 8. If it is decided to carry out an investigative audit
Audit, for all complaints against all Telkom Group process that requires the assistance of an independent
employees including members of the Board of party, the Audit Committee will request approval
Directors and/or Commissioners of Subsidiaries, from the Board of Commissioners. If the Board of
except for Telkom Directors and Telkom employees Commissioners approves, the Audit Committee will
who serve in the Internal Audit Unit; select, appoint, and assign selected Consultants/
c. Ministry of SOE, for complaints against the Board of Independent Parties to conduct investigative audits
Commissioners. and prepare Investigation Results Reports.
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 281
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Corporate Governance
INVESTIGATION PROCESS the appointment and assignment of a Team of
Experts to assist in handling the investigative audit
process.
As a follow-up to instructions from the President
Director to carry out the investigative audit process, the
Investigation Committee carried out the following: COOPERATION HANDLING OF
1. Review problems and examination results of complaint INTEGRATED WBS
reports that require an investigative audit process. If
the investigation process concerns personnel and/or Telkom, together with 26 other SOEs and the Corruption
units in a subsidiary, the Investigation Committee will Eradication Commission (KPK), signed a Perjanjian Kerja
convey it to the Commissioners and Directors of the Sama (PKS) on March 2, 2021. This PKS aims to be an
subsidiary in question; effort to eradicate criminal acts of corruption through the
2. Form an Investigation Team to carry out an implementation of an integrated WBS. The scope of this
investigative audit process in accordance with the collaboration includes:
authority referring to applicable regulations. The 1. Formulation and/or strengthening of the internal rules
Investigation Team can consist of personnel from for handling complaints;
subsidiaries as needed; 2. Commitment to complaint handling management;
3. Submit the Investigation Results Report to the 3. Handling complaint through application;
President, Director, and/or Audit Committee as 4. Coordination and joint activities for handling
evaluation material for company management to be complaints; and
followed up to the next stage; and 5. Exchange of data and/or information.
4. If expert assistance is required to carry out the
investigative audit process, the Investigation Further discussion of WBS can be found in Sustainability
Committee may request the Main Director to process Report.
POLICY REGARDING REPORTING SHARE
OWNERSHIP OF DIRECTORS AND COMMISSIONERS
Each member of the Board of Directors and Board of The Company routinely reports the share ownership of
Commissioners of Telkom has reported to the Financial members of the Board of Directors and members of the
Services Authority, either directly or indirectly, regarding Board of Commissioners every month. It is disclosed in
ownership and any changes in ownership of Public the Annual Report and Financial Report. In the Annual
Company shares in accordance with the provisions Report for Fiscal Year 2023, Telkom reports information on
of OJK Regulation No. 11/POJK.04/2017 concerning share ownership by members of the Board of Directors
Ownership Reports or Any Changes in Ownership of and Board of Commissioners, as well as changes in the
Public Company Shares by the Board of Directors and “Shareholder Composition” section.
Board of Commissioners. Provisions regarding reporting
of share ownership are also regulated internally in the All members of the Board of Directors and Board of
Board Manual for the Board of Directors and Board Commissioners must report changes in share ownership
of Commissioners as stated in the Joint Regulation by three working days after ownership or change in
of the Board of Commissioners and Directors No. ownership of Public Company shares occurs. This
05/KEP/DK/2022 and No. PD.620.00/r.01/HK200/ policy applies to all members of the Board of Directors
COP-M4000000/2022 concerning Guidelines for the and Board of Commissioners. In 2023, several Board of
Work Procedures of the Board of Commissioners and Directors and Board of Commissioners will receive Long
Directors (Board Manual) of the Company (Persero) PT Term Incentive (LTI) and Tantiem, which will be deferred
Telekomunikasi Indonesia, Tbk. for the 2022 financial year in the form of Telkom shares.
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EM PLOYE E STOCK OWN E R S H I P PR O G R A M
Telkom has a policy of providing long-term, performance- 2. Execution Time
based compensation for employees and management Telkom stock ownership program by employees and/
through share ownership programs, namely the Employee or management was implemented on June 14, 2013.
Stock Ownership Program (ESOP) and Management
Stock Ownership Program (MSOP). The program aims 3. Employee and/or Management Requirements in
to foster a sense of belonging and retain and appreciate Telkom Stock Ownership Program
employee contributions. This share ownership program a. Meet Eligibility Criteria:
started in 1995 when Telkom conducted an Initial Public i. Employees of Company and Employees
Offering (IPO) and was carried out again on June 14, 2013. of Subsidiaries/Affiliates whose financial
The conditions for implementing the ESOP carried out in statements are consolidated in Telkom Financial
2013 were: Statements;
1. Number of Shares ii. Directors of Subsidiaries/Affiliates whose
Number of shares offered during ESOP program financial statements are consolidated, except
period in 2013 was 64,284,000 Series B stock which BOD/BOC Telkom and Telkomsel.
were the result of buyback phase III or Treasury Stock. b. Have contributed at least 1 month in 2012;
c. In the event that employee has an inactive status in
The amount was allocated to each participant with the 2013, then:
following conditions: i. The person concerned is still entitled to
a. Participants have an active status, referring to the participate in the program, with the allocation of
Band Position level, Role Category, and participant’s stock calculated proportionally according to the
contribution period as of December 31, 2012; contribution of the person concerned in 2012;
temporary ii. The person concerned did not quit at his own
b. Participants have a non-active status, referring to request (APS), was dismissed due to a serious
the Band Position level and the contribution period violation of employee discipline, and/or quit
during 2012, except in the event that the person because he was appointed as the Board of
concerned dies, the contribution is calculated at Directors of a SOE.
100%. d. The program is optional with conditions: the right
to buy is non-transferable and void if it is not used
Regarding the stock transfer process, employees during the offer period.
who become program participants are subject to
the provisions of the Lock-Up Period based on the 4. Execution Pricing or Pricing
following levels: Whereas, in the implementation of employee stock
a. Level BP I and II are subject to a Lock Up Period of 12 ownership program in 2013, Telkom set a stock transfer
(twelve) months; price of Rp10,714 (ten thousand seven hundred and
b. Level BP III and IV are subject to a Lock Up Period of fourteen rupiah), which is 90% of the average closing
6 (six) months; price of stock trading for a period of 25 days prior to the
c. Levels BP V to VII are subject to a Lock Up Period of price fixing date.
3 (three) months.
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)
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Corporate Governance
S IGNIFICAN T LEG A L D I S PUT E s
Throughout 2023, Telkom faced 153 legal cases consisting of 55 criminal law cases and 98 civil law cases. Among these
cases, 62 cases are a continuation of cases from the previous period, while the remaining 91 cases are cases that began
in 2023. Until the end of 2023, there are 97 cases that have not been completed and the process will continue for the
next period.
Recapitulation of Lawsuits Cases in 2021-2023
Legal Issues
Status 2023 2022 2021
Criminal Civil* Criminal Civil* Criminal Civil*
In process 42 55 18 44 18 28
Final and binding (inkracht) 13 43 27 27 10 14
Sub Total 55 98 45 71 28 42
Total 153 116 70
Remark:
* Combination of Civil and Non-Litigation Cases.
Meanwhile, throughout 2023, there is one civil case against Telkom’s Board of Director, whether they are still serving or
those who have ended their positions.
I NFOR M AT ION REG A R D I N G
ADM IN IST RAT IVE SA N CT I O N S
Throughout 2023, Telkom did not receive administrative sanctions, whether members of the Board of Commissioners
and/or Directors, by the Financial Service Authority (OJK) and other authorities.
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INFO RM AT ION ACC E S S A N D T elkom ‘ S
PUBLIC DATA
Telkom provides easy access to information for documenting, and/or serving public information.
Stakeholders to establish good relations with all Telkom has an E-PPID channel as an online service
Stakeholders and fulfill the provisions of Financial Service facility for requests for public information and as
Authority Regulation No. 31/POJK.04/2015 regarding a form of implementing information disclosure in
Disclosure of Material Information and Facts by Issuers or the TelkomGroup which can be accessed via the
Public Companies. Telkom provides several approaches https://eppid.Telkom.co.id/sites page.
and media as communication channels, namely: 5. Meeting with Analyst and Investor
1. General Meeting of Shareholders (GMS) Telkom always held meetings with Analyst and
GMS is a media for Telkom to convey information Investor. This meeting is held for Telkom to provide
related to the Company’s performance to Shareholders. information on the Company’s performance and
Shareholders can participate in strategic decision prospects as well as providing the latest information on
making, for the betterment of the Company. the telecommunications industry in general. In times
2. Media of pandemic, meetings with Analyst and Investor are
Throughout 2023, Telkom made news releases and held online.
sent them to the mass media to disseminate Telkom 6. Contact via E-Mail
information to Stakeholders. One of the corporate contact facilities listed on the
3. Website Telkom website is in the form of e-mail contacts, which
Telkom’s website is available in two languages, namely can be used by Stakeholders to communicate with
Indonesian and English, with a page www.Telkom.co.id each other. Specifically, Telkom customers can use the
page. Stakeholders can access the latest information e-mail address customercare@Telkom.co.id, while the
on profile, Good Corporate Governance practices, e-mail address Investor@Telkom.co.id is intended for
implementation of CSR programs, job opportunities Investor.
and career development, as well as Telkom products. 7. Internal Media
In addition, Stakeholders can also access Telkom Telkom has an Intra Telkom bulletin which is managed
reports, including Annual Report, Financial Report, as a means of information, education, and outreach to
and other report. all internal employees of the Telkom.
4. Information and Documentation Management 8. Social Media
Officer (PPID) In line with the current digital era, Telkom uses a variety
PPID is a form of transparent and accountable of social media to reach out to Stakeholders and the
corporate public information service to fulfill the rights wider community. This communication channel is also
of applicants for public information in accordance useful for communicating with young people who are
with statutory provisions. PPID is an official who is very familiar with digital media and social media today.
responsible for carrying out the functions of storing,
Social Media Twitter/X Facebook Instagram YouTube TikTok
Account Telkom Telkom
@TelkomIndonesia @telkomindonesia @telkomindonesia
Indonesia Indonesia Official
Followers/ 522k
151.5K Followers 565k Followers 31.3k Subscribers 75k Followers
Subscribers/Fans Followers
Remark:
Data as of December 31, 2023.
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Corporate Governance
COR P O RAT E COD E O F CO N D UCT
CODE OF CONDUCT’S IMPLEMENTATION FOR BOARD OF
DIRECTORS, BOARD OF COMMISSIONERS AND EMPLOYEES
Based on the Sarbanes-Oxley Act (SOA) 2002 section 406, Telkom has a code of ethics regulated in Directors Regulation
No. PD.201.01/r.00/PS150/COP-B0400000/2014 regarding Business Ethics in the TelkomGroup Environment and
Regulation of the Director of Human Capital Management No. PR.209.05/r.01/HK250/COP-A4000000/2020 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, which 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 a commitment from employees and management
not to violate the established integrity and code of ethics. this integrity Pact is stated in 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 mattersregarding:
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 Telkom, management, and its
employees to interact with the surrounding business environment.
DISSEMINATION OF THE CODE OF ETHICS AND ITS EFFORTS TO
ENFORCEMENT
Any code of ethics violation will be subject to sanctions after going through an investigation process and various
considerations. The following table presents the sanctions provisions 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
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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 (SOA), 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 2023
No. Oncoming Amount Reached
1. E-learning 9,543/9,543
2. Face to face (training, communication forum/workshop) 244/9,543
3. Socialization material through the intranet portal 9,543/9,543
REPORT ON RESULTS OF APPLICATION OF CODE OF CONDUCT
Violations of Employee Discipline that will be processed at Telkom in 2023 are as many as 17 cases, consisting of 3
cases that have been decided with 26 perpetrators and 14 cases still in process with 75 people. This number increased
compared to the previous year, with 13 cases with 143 perpetrators. Judging from the information, Telkom still needs
to improve the quality of internal control so that the number of code of ethics violations can continue to be reduced.
Results of Code of Conduct in 2023
No. Form of Code Violation Number of Code Violations Sanctions Given
1. Misuse of Goods/Assets/Money/ 16 case Disciplinary Punishment:
Authority-Position Minor :3
Medium :2
Severe :4
Acquitted : 16
On progress : 75
2. Absenteeism 0 case Dismissal :-
Acquitted :-
3. Criminal Case 0 case Severe :-
4. Violations of Moral Norms 0 case Severe :-
5. Others 1 case Disciplinary Punishment:
Minor :-
Medium :-
Severe :-
Acquitted :1
On progress :-
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Corporate Governance
ANTI CORRU PT ION P O L I CY
Telkom is committed to maintaining GCG principles to
ensure that the Telkom avoids corrupt practices, kickbacks,
ANTI-CORRUPTION, KICKBACKS,
fraud, bribery, and illegal gratuities. This commitment ANTI-GRATIFICATION, AND
has been realized through implementing ISO 37001:2016 ANTI-FRAUD PROGRAMS AND
regarding Anti-Bribery Management Systems (SMAP)
since 2020. The SMAP standard determines various
PROCEDURES
steps and controls that companies must implement to
To support the prevention of corruption, kickbacks,
prevent and reveal bribery and corruption cases. Telkom
gratuities, and fraud within the company, Telkom holds
also prepares programs and procedures as outlined in
training and outreach programs for all employees to
internal policies as follows:
support the prevention of corruption, kickbacks, gratuities,
1. Decision of the Board of Directors of the Company
and fraud within the Telkom. Training programs carried
Number: KD.36/HK290/COP-D0053000/2009
out by Telkom during 2023 include:
regarding Integrity Pact.
1. Conducting training and understanding of business
2. Telkom Regulation PD.201.01/r.00/PS150/
ethics and signing the annual Integrity Pact, which is
COP-B0400000/2014 regarding Business Ethics in
mandatory for all employees.
TelkomGroup.
2. Conducted Awareness on ISO 37001:2016 Anti-Bribery
3. Regulation of Director of Human Capital Management
Management System by experts in their fields to the
Number: PR.209.03/r.01/PS000/COP-A4000000/2017
team on the scope of expansion.
regarding Obligations for Reporting on Assets of State
3. Extending the ISO 37001:2016 Anti-Bribery
Administrators within TelkomGroup.
Management System (SMAP) Lead Auditor certificate
4. Regulation of Director of Human Capital Management
through the external agency Professional Evaluation
Number: PR.209.05/r.01/HK250/COP-A4000000/2020
and Certification Board.
regarding Employee Discipline.
4. Conducting training on Lead Auditor ISO 37001:2016
5. Regulation of Director of Human Capital Management
Anti-Bribery Management System (SMAP)
Number: PR.209.04/r.01/PS950/COP-A4000000/2021
5. Conducting Integrity Development Expert certification
regarding Gratification Control.
through KPK to representatives of the scope and FKAP
6. Decision of President Director No.SK08/PS.000/
Committee.
COP-A0000000/2023 regarding Composition of
6. Conducted ISO 19011:2018 Internal Auditor training
the Organizational Structure of the Anti-Bribery
for representatives of the scope of the Anti-Bribery
Management System.
Management System certification.
7. Carry out an Internal Surveillance Audit ISO 37001:2016
Policies, targets, and all SMAP implementation on
Anti-Bribery Management System.
TelkomGroup are outlined in ISO 37001:2016 Anti Bribery
8. Carry out an External Surveillance Audit ISO 37001:2016
Management System Manual and 17 Procedures.
Anti-Bribery Management System.
9. Organized a program to commemorate World Anti-
Corruption Day (HAKORDIA) within Telkom.
With the implementation of these programs within
Telkom Indonesia, it is hoped that it will further enhance
a work environment that is conducive and free from
corrupt practices.
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06.
RESPONSIBILITY AND
ENVIRONMENT (CSR)
CORPORATE SOCIAL
A N N UA L R E P O RT • 202 3
PPTT TTEELLKKOOMM I N
I NDDOONNEESSI A
I A ( (PPEERRSSEERROO) ) TTBBKK 291
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CORPORATE SOCIAL
RESPONSIBILITY AND ENVIRONMENT
BR IEF S U M M ARY O F CO R P O R AT E S O C I A L
RES P ONS IBILITY AN D E NVI R O N M E N T
Telkom implements good corporate governance by periodic and Annual Reports. Telkom presents the TJSL
considering the rights of employees and stakeholders, Program implementation report in the Annual Report
contributing to environmental sustainability, and carrying in the subchapter Corporate Social and Environmental
out social and ecological responsibility (TJSL) or Corporate Responsibility Program Implementation Report, while
Social Responsibility (CSR). Telkom’s CSR information the TJSL Financial Report, namely the MSE Funding
reporting refers to several international standards, namely Program Financial Report, is shown in the attachment to
the Global Reporting Initiative (GRI), ISO 26000 Guidance this Annual Report.
for Social Responsibility, and Sustainable Development
Goals (SDGs).
CORPORATE SOCIAL
Telkom conveys information on CSR implementation in a RESPONSIBILITY AND
Sustainability Report, which is separate from this Annual ENVIRONMENT PROGRAM
Report, following SEOJK No. 16/POJK.04/2021 regarding
IMPLEMENTATION REPORT
the Form and Content of Annual Reports of Issuers or
Public Companies, with the basis for preparation based
CSR SUSTAINABILITY STRATEGY
on OJK Regulation No. 51/POJK.03/2017 regarding the
FRAMEWORK
Implementation of Sustainable Finance for Financial
Telkom’s Board of Directors also supervises the
Services Institutions, Issuers, and Public Companies.
implementation of sustainability practices through the
TJSL Program and encourages compliance to ensure
Access to the 2023 Sustainability Report:
program accountability. Telkom’s TJSL Program aligns
with environmental, social, and governance (ESG) aspects
to support business objectives and achieve sustainability
performance contributions.
Telkom’s sustainability strategy is embodied in the
“SUSTAIN” Main Program, which aligns with efforts to
achieve the Sustainable Development Goals (SDGs)
As a SOE, Telkom also implements CSR based on the targets. The details of the program are as follows:
Minister of State-Owned Enterprises Regulation Number
PER-1/MBU/03/2023 regarding Special Assignments and 1. Speed-up Inclusive Digital Education to Develop
Social and Environmental Responsibility Programs for Superior Digital Talent and Increase National
State-Owned Enterprises which revokes and replaces Digital Adoption, which encourages the realization
the Minister of BUMN Regulation Number PER-05/ of inclusive education and good quality of healthy
MBU/04/2021 regarding Social and Environmental life to support a prosperous and competitive nation
Responsibility Programs for State-Owned Enterprises as through digital infrastructure support and digital
amended by Regulation of the Minister of State-Owned talent education to improve national digital literacy;
Enterprises Number PER-6/MBU/09/2022 regarding 2. Unlock Sustainable Digital Ecosystem and
Amendments to Regulation of the Minister of State- Uplift Greeneration to Increase Climate
Owned Enterprises Number PER-05/MBU/04/2021 Change Resiliency, which supports the realization
concerning Social and Environmental Responsibility of sustainable infrastructure and encourages efforts
Programs for State-Owned Enterprises. Article 33 PM to increase resilience to climate change through
BUMN PER-1/2023 regulates that financial reports and community empowerment and the deployment of
implementation of the SOE CSR Program are reported in digital environmental ecosystems;
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3. Strengthen Excellent MSME Digital Platform regarding Special Assignments and Social and
to Scale up MSME Capacity and Drive Digital Environmental Responsibility Programs of State-Owned
Economy Growth, namely enlarging the access and Enterprises which revokes and replaces the Regulation
capacity of Micro and Small Enterprises (MSEs) to of the Minister of SOEs Number PER-05/MBU/04/2021
financial services to expand employment, increase regarding Social and Environmental Responsibility
labor productivity, and drive economic growth Programs of State-Owned Enterprises as amended
through intensification of distribution quality and by the Regulation of the Minister of State-Owned
strengthening loan repayment capacity; Enterprises Number PER-6/MBU/09/2022 concerning
4. Transform Good Viability and Well-being to Build Amendments to the Regulation of the Minister of SOEs
more Prosperous Society, which accelerates the Number PER-05/MBU/04/2021 regarding Social and
transformation of essential service aspects to support Environmental Responsibility Programs of State-Owned
a prosperous and competitive society; Enterprises. Meanwhile, the internal policy basis as a
5. Assuring Good CSR GRC Management guideline for the implementation of the TJSL Program
Reinforcement, namely maintaining the is the Board of Directors Regulation No. PD.703.000/
accountability aspects of TJSL Program r.00/H-K200/CDC-A1000000/2021 dated 31 December
management and aspects of risk management 2021 regarding Social and Environmental Responsibility
implementation and compliance through quality Programs and the Shareholder/Capital Owner Aspiration
improvement and governance evaluation, as well letter No. S-683/MBU/10/2022 dated 24 October 2022
as overseeing the audit process and management regarding Shareholder/Capital Owner Aspirations for the
reporting; Preparation of the Company’s Work Plan and Budget for
6. Intensifying Strong Impact CSR Branding & 2023.
Communication Impact Amplification, namely
activating the publication of the implementation Telkom’s TJSL program is the authority of the Community
of the TJSL program by prioritizing communication Development Center (CDC) Unit, while the Corporate
from the aspect of the impact of Telkom’s TJSL Communication Sub-Department is specifically
Program through multi-stakeholder partnerships/ responsible for the publication of the implementation
collaboration; of the TJSL Program. Telkom conducts socialization of
7. Nurturing National CSR Process Digitalization to core values and development of the Company’s culture
Enable Data-driven & Analytics Reporting, namely to encourage socially and environmentally responsible
strengthening the transformation of digitization and behavior in all TelkomGroup people. Telkom also
digitalization of TJSL Program management through involves employees in TJSL activities in the Employee
improving and maintaining information systems, Volunteering Program (EVP) through an employee
utilizing data analytics and decision support systems social project program called TESA (Telkom Employee
in strategic decision making. Social Activity) as a forum for one employee, and one
social activity. Telkom also continues to encourage and
COMMITMENT AND POLICY ON ensure the active role of stakeholders in the planning
and formulation of TJSL Programs that are integrated,
SOCIAL AND ENVIRONMENTAL directed, and measurable in impact to create shared
RESPONSIBILITY value for stakeholders.
The legal basis for the implementation of Telkom’s TJSL
Program activities is the Regulation of the Minister of
State-Owned Enterprises Number PER-1/MBU/03/2023
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CORPORATE SOCIAL
RESPONSIBILITY AND ENVIRONMENT
TJSL 2023 Program Formulation Framework
Strategic Situation Analysis
Key Shareholder Direction Corporate/Functional Strategy Alignment
Permen TJSL CSS 2023-2025 Strategic Initiatives External Factor Analysis Internal Factor Analysis
• Economy Post Pandemic • SIPOC Analysis
• Geopolitical Situation Analysis • Telkom Technology Stack
Planning Supervision
• Global Rating Index • Identify Business Challenges
• Global Issue-Sustainable • Local Excellence and Wisdom
Development (Telkom Regional)
Imple
Reporting • Nation & Global Telco Benchmark • TJSL Assets Inventory
mentation 10.C Telkom can leverage global
SIPOC
trends to realign sustainbility
contribution - starting with adoption Social Pillar
of ESG framework and improving
communication to stakeholders Economic Pillar ANALYSIS
Implementation with a Priority FU HCM Strategy 2023-2025
Focus on Education, Environment, Environmental
Pillar
Suppliers Process Customers
and MSE Development
(Article 10 Paragraph 3)
Inputs Outputs
Pillars of Law
2025
and Governance
CSV
Business
Opportunities
Shareholders’ aspirations for Corporate
preparation of the 2023 RKAP 10. Deploy TJSL Towards Achievement Social
Needs
Assets &
Expertise
of Social Development Goals (SDGs)
for Sustainable Business Strategy
Strategic Formulation
Speed-up Unlock Strengthen Transform
Digital Education Sustainable MSME Digital Platform Prosperous Society
CSV CSV
Environment
Assuring GRC Management Intensifying Branding & Communication Nurturing TJSL Digitization
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
TJSL Main Programs 2023
Creating Shared Value S-U-S-T-A-I-N FU HCM Strategic Initiatives
Society | MSME | Digital Literacy Orchestrate Foundations & Social Responsibility Programs
to Increase Corporate Value & Support Business
Speed-up Unlock Strengthen Transform
DIGITAL EDUCATION SUSTAINABLE ENVIRONMENT MSME DIGITAL PLATFORM PROSPEROUS SOCIETY
1 • Digital Learning Lab
• Computer Education Program 2 • Program Bantuan Sarana Air Bersih
• Program Penyediaan atau Renovasi
MCK Umum
3 • Initiate MSMEs Caring
Partnership 4 • Program Pengentasan
Kemiskinan Desa Prasejahtera
• Indusive and Effective Learning • Pengembangan Kapasitas • Program Bantuan Kegiatan
• Program E-Waste Management Bisnis UMK Melalui Pembinaan Budaya dan Keagamaan
Environment for Disabilities
• Program Eduvice • Strengthening MSME • Program Bantuan
• Program Digi Up • Sinergi Program Komunitas Payment Collectibility Moneva Peningkatan Produktivitas
• Program Indonesia Digital Sadar Lingkungan
csv • MSME Capacity Development csv Hasil Perikanan
Learning • Program Penanaman
Terumbu Karang through Go Modern & Go Digital • Program Bantuan
• Program Bantuan Biaya
• Program Penanaman Mangrove • Go to Market Program through Penanganan Stunting
Pendidikan untuk Siswa tidak
Mampu • Konservasi Hutan Binaan Digital Go Online & Go Global • Pemberdaya Wirausaha
• Pengembangan Energi Bersih & • Acceleration Creating Shared Perempuan
Terbarukan Values Rumah BUMN • Program Desa Binaan Telkom
• Program Sociodigipreneurship
(Innovillage) • Penyelenggaraan Tata Kelola
Kelembagaan yang Akuntabel
• Employee Volunteering Program
(Ind. ABN)
5 Assuring GRC (Governance, Risk, and Compliance) Management
6 Intensifying Branding & Communication TJSL
7 Nurturing TJSL Digitization
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REALIZATION OF SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
(TJSL) PROGRAM 2023
Realization of the TJSL Program in 2023
In 2023, the amount of funds realized for the TJSL Realizations
No. TJSL Pillars
Program activities was Rp154.94 billion, a 58.34% decrease (Rp)
from 2022.
1. Social Pillar 71,558,333,354
2. Economic Pillar 35,729,584,436
3. Environmental Pillar 46,629,687,782
Pillars of Law and 1,023,142,068
4.
Governance
Total 154,940,747,640
TJSL REALIZATION PER PRIORITY SECTOR
No. Featured Program Descriptions SDGs Realizations
TJSL Program Focuses on Education
1. Digital Learning Telkom assists schools and students in • 435 location points
Lab and Basic obtaining internet and computer access and • 15,810 benefit
ICT Skills Training improving ICT skills for learning purposes. recipients
Assistance
2. Digital Telkom's Synergy Program with industry • 2,170 registrants
certification and educational institutions to increase the • 1,397 participants
program for capabilities of high school/vocational school passed
vocational (DIGI- graduate students to support the industrial certification
UP) world through national standard digital skills • 421 schools
certification. • 26 provinces
3. Indonesia Digital Training Assistance for Increasing Teacher • 1,148 participants
Learning Program Competency (Training and Certification) • 3 location points
through digital technology.
Computer and Internet DIGIUP Program
Assistance for Education
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RESPONSIBILITY AND ENVIRONMENT
No. Featured Program Descriptions SDGs Realizations
TJSL Program Focuses on Education
4. Empowerment of Telkom's commitment to inclusive education • 980 people with
disabled groups through infrastructure assistance and digital disabilities
to increase the talent education for people with disabilities to • 6 location points
independence gain access to education, training, and digital
of vulnerable certification to increase capabilities and
communities competencies for job search opportunities.
The program is realized through cooperation
with the Telkom Education Foundation (YPT).
Educator Quality Improvement Educational Skills Training and Learning
Training Program Program for Disabilities
No. Featured Program Descriptions SDGs Realizations
TJSL Program Focuses on the Environmental Sector
1. Reduction of e-waste through Activities/efforts to help reduce • 230 electronic
digital device recycling Electronic Waste, which has the devices
(EDUVICE) potential to contain B3 Waste, • 480
within the Company environment beneficiaries
(including those owned by
employees), which are successfully
managed well and then distributed
to beneficiaries.
Implementation of
the EDUVICE Program
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No. Featured Program Descriptions SDGs Realizations
TJSL Program Focuses on the Environmental Sector
2. Integrated Waste Management Initiate the development of • 900 kgs of
Solutions and Circular Economy integrated waste management managed
Development using a recycling and circular waste
economy approach into • 700 kgs of
economically valuable products recycled waste
that can produce social, • Rp2 million
environmental, and economic per month
benefits for the community, which of circular
are strengthened by the integration economy
of digital platforms to facilitate income
access to TPS service information.
3. Reducing the effect of Telkom mangrove conservation and • 45,500
greenhouse gases through the coral reef transplant rehabilitation mangrove
planting of mangroves and as an effort to reduce greenhouse plantings
coral reefs gas effects. • 3,920 coral reef
substrates
4. Handling Climate Change Environmental ecosystem • 62,150 tree
through restoration and improvement initiative by Telkom seedlings/62
conservation of fostered forests as an effort to restore and protect ha
forests that have been damaged • 10 location
or lost in synergy with institutions/ points
communities that care about and
have an environmental culture.
Assistance for Revitalizing
Waste Management
Infrastructure
Coral Reef Built Forest Mangrove Conservation
Conservation Assistance Conservation Assistance
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No. Featured Program Descriptions SDGs Realizations
TJSL Program Focuses on MSE Development
The TJSL MSE Development Program is implemented by distributing MSE Funding Program funds, and MSE
Development Program grants through a 3C approach, namely access to capital, competence, and commerce.
Through this program, Telkom supports strengthening the capacity of assisted MSEs to contribute to national
economic growth and create added value for the Company. The realization of the implementation of the MSE
Development Program in 2023 is as follows:
1. Increasing MSEs access to Telkom distributes the MSE Funding Rp20 billion
Financial Services (Access to Program as working capital and to distribution of
Capital) increase the business capacity of the PUMK funds
MSEs it supports. It assisted MSEs through BRI
operating in various business sectors, collaboration
such as industry, trade, livestock,
plantations, fisheries, agriculture,
services, etc.
2. Strengthening MSE Business Product Quality Improvement • 11,180 Go
Capacity through coaching Program and digitalization of MSE Modern MSEs
of Go Modern and Go Digital businesses through assistance in • 10,844 Go
(Access to Competence) obtaining permits, business training, Digital MSEs
making product packaging, and • 2,107 Halal
offline exhibition events to increase & PIRT
sales, expand markets, and increase Certifications
the operational efficiency of MSEs. • 4,578 NIB
3. Penetration of digital and Program to increase online sales and • 4,060 Go
global market access: online global markets through e-commerce Online MSEs
marketplace, and virtual training, Business Matching, and • 22 Go
expo (Access to Commerce) Go Global training to increase the Global MSEs
competitiveness of MSEs in domestic
and global markets.
Rumah BUMN Tual Issuance Rumah BUMN Malang Digital Rumah BUMN Batam Training for
of NIB for 49 Business Actors in Marketing Soft-skills Training RB Creating Instagram Business with
Loon Village, Southeast Maluku Telkom Chapter 8 MSMEs
Rumah BUMN Simalungun Johor International Islamic and China Expo
Training Go Online Digitalisasi x Halal Festival
Tokopedia
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REALIZATION OF THE COMPANY’S CREATING SHARED VALUE
PROGRAM
Creating Shared Value (CSV) is a strategic step taken by Telkom to contribute to efforts to resolve social and economic
problems and improve the social welfare of society. In 2023, Telkom will implement CSV through 2 (two) programs,
namely:
No. CSV Programs Descriptions Social Benefit Business Benefit Realizations
1. Student 'Innovillage' is a digital Potential for - Telkom has • 2,385
social project talent development increasing the socio- an inventory registrants
competition: event to encourage economic benefits of applicable • 795 social
‘Innovillage’ the nation's digital of the community at digital project
capability and the location where solutions to proposals
adoption rate through the social project is be developed • 101 colleges
sociodigipreneurship implemented to market • 163 social
incubation as a validation projects
form of synergy - Telkom has funded
between industry Company • 27 provinces
and universities in Digital Talent distributed
improving students' Pool profiling social projects
digital capabilities, funded
which has an impact • 85 districts
on social improvement or cities with
for the community social projects
while producing digital funded
talent as input to meet • 489 Digital
the needs of the digital Talent
industry. Candidates
Implementation of Innovillage 2023
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No. CSV Programs Descriptions Social Benefit Business Benefit Realizations
2. Utilization Telkom initiated - Encouraging digital - Increase the • 14,926 MSEs
of Digital digitalization solutions literacy of MSEs number of Class Up
Platforms for for MSE business towards increasing subscribers (Cluster 4 Go)
MSEs activities through user adoption and user • 2,354
application and of digital service traction registered
digital platform utilization on digital users for
utilization and product - Helping MSEs platforms for indibizPay
commercialization innovate to develop MSEs • 3,151 PaDi
through digital businesses quickly - Increase UMKM
e-commerce. to be applied usage digital registered
independently connectivity users
- Encouraging MSEs • 400 SSL
to advance to IndibizNet
class through the
implementation of
digitalization
PaDi UMKM and Online indibizPay Training
Shop Training
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COLLABORATION TJSL PROGRAM REALIZATION
Telkom also contributes to the TJSL Collaboration Program with BUMN and other parties which will be implemented
in 2023, including:
No. Programs Program Realization Participants
1. Environmental Community empowerment program in the village at Telkom, Perhutani, and
Collaboration the foot of Mount Raung District Banyuwangi, East Java, ITS
Program helps provide micro-hydro electrical energy by utilizing
potential sources of water flow energy in rivers. Apart
from that, training is also offered in the maintenance,
control, and management of PLTMH from technical and
economic aspects, as well as entrepreneurship training
to the community so that they can develop productive
business opportunities such as the production of
cassava chips, dragon fruit jam, porang cultivation, and
Edutourism.
2. Educational A collaborative collaboration program between Telkom Telkom, Biofarma, and
Collaboration & Biofarma that aims to improve the quality and digital PGRI
Program competence of educators or teachers in the era of
massive technology so that it is helpful in learning and
teaching activities in schools that it is hoped that it can
improve the quality of education in Indonesia as a whole.
Implementation of this program is spread across three
districts in West Java Province.
Evidence of Environmental Collaboration Program
Evidence of Educational Collaboration Program
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No. Programs Program Realization Participants
3. MSEs Development 1. Karya Nyata Festival Telkom, Telkomsel,
Collaboration The Collaboration Synergy Program between SOEs BNI, Pertamina, AP2,
Program organized by Telkom BUMN House is supported by the Mandiri, BRI, BSI,
SOE Foundation and 13 other SOEs, which aims to develop PELNI, PNM, Pelindo,
MSEs to expand marketing and a place for Millennial HK, Jasamarga, and
talents to contribute to Indonesia’s development actively. SOEs Foundation
They are organized in South Tangerang to enliven the
78th Indonesian Independence Day.
• Number of Participating SMEs: 62 SMEs
• Number of Visitors: 10,100 people
• Number of Products Sold: 7,472 products
• Total Transaction Amount: 105,635,000
2. ErgaPods Telkom and Jasamarga
The MSE development program was carried out by
Telkom BUMN House by helping the fostered MSEs
increase marketing access by providing offline MSME
Booths located at KM 88A Cipularang Toll Road – Kab.
Purwakarta, West Java, so the fostered MSEs can
experience increased sales of their products.
Evidence of PUMK Collaboration Program: ErgaPods
Evidence of PUMK Collaboration Program: Karya Nyata Festival
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MSE DEVELOPMENT Environmental Responsibility Programs of State-Owned
Enterprises as amended by Regulation of the Minister of
PROGRAM State-Owned Enterprises Number PER-6/MBU/09/2022
regarding Amendments to Regulation of the Minister of
In 2023, the Ministry of SOEs issued Regulation of the SOEs Number PER-05/MBU/04/2021 concerning Social
Minister of State-Owned Enterprises of the Republic and Environmental Responsibility Programs of State-
of Indonesia Number: PER-1/MBU/03/2023 regarding Owned Enterprises. Referring to the regulation, as part
Special Assignments and Social and Environmental of SOE, Telkom helps the Government to develop the
Responsibility Programs of State-Owned Enterprises local economy by the 8th SDG, namely Decent Work
which revoked and replaced Regulation of the Minister of and Economic Growth, through the MSE Development
SOEs Number PER-05/MBU/04/2021 regarding Social and program as follows:
1. Access to Capital: Capital Assistance Program for MSE Business Acceleration
Implementing the distribution of the MSE Funding program of Rp20 billion through a cooperation mechanism
with BRI as a recommended SOE by letter S-721/MBU/11/2022, and Telkom Stopping the activities of independently
distributing the MSE Funding program to partners/fostered MSEs and focusing on collection and MSE coaching
programs.
2. Accesst to Competence: MSE Coaching/Guidance Program in terms of modernization of MSE internal
business processes
Digitalization of MSE business activity solutions through 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.
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.
4. Moneva Collection
Optimizing the monitoring and billing teams and socializing with foster partners on how to pay through virtual
bank accounts.
MSE FUNDING PROGRAM
The MSE (Access to capital) Funding Program aims to In 2023, Telkom distributed funds amounting to
increase the income of Micro and Small Enterprises Rp20 billion. The amount of funds disbursed decreased
(UMK) through providing assistance in the form of capital by 91.57%compared to last year due to adjusting the
loans with a relatively low level of administrative services. distribution mechanism by SK-721 KBUMN.
The management of this program is also strengthened
by the digitalization process, making it easier for MSEs to
access loan applications as well as obtain information and
monitoring and installment history.
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FUND DISTRIBUTION EFFECTIVENESS OF THE MSE FUNDING
PROGRAM
The level of effectiveness in distributing PUMK Program funds in 2023 will reach 8.00% (score 1) of available funds,
with a target set at 90%. This achievement has been consistent in the last three years as a manifestation of Telkom’s
commitment to empowering the national MSE sector.
Effectiveness of Distribution of Telkom Partnership Program Funds
Partnership Program Unit 2023 2022 2021
Amount of Funds Disbursed Rp billion 20.00 237.52 124,76
Amount of Funds Available Rp billion 249.73 238.35 125
Level of Effectiveness of
Funding % 8.00 95.11 96,68
Funding Effectiveness Level
Score 1 3 3
COLLECTIBILITY OF MSE FUNDING PROGRAM REFUNDS
Realization of collectibility of refunds for the Telkom MSE Funding Program in 2023 reached 60.29% (score 2), with a
collectibility target of 60%. Consistent performance in the last three years shows Telkom’s success in managing MSE
Funding Program loan funds.
Partnership Program Refund Collectibility
Collectibility Unit 2023 2022 2021
Collectibility Percentage % 60.29 76.07 74.82
Score 2 3 3
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MSE DEVELOPMENT PROGRAMS
Types of MSE Development Programs
Digitalization
Training • Introduction to Business
Digitalization and Marketplace
• Simple Financial • Digital Marketing Training
Reporting
Training Networking
• Offline Marketing
Training
• MSME Skills MSEs • Business Matching
• Benchmark
Training
DEVELOPMENT • Local Sharing (local hero/
plasma/Podcast)
PROGRAMS
Product Packaging
• Product Photo Assistance Online Onboarding
• Packaging Grants Product
• Marketplace Optimization
• Advanced Digital
Marketing Training
• B2B Marketing Training
Legal Assistance Exhibition
• Curation
• NIB Regisration at OSS • Offline Exhibition Event
• SP-PIRT/Halal/BPOM/HAKI (Local/Regional/International)
Telkom encourages MSEs to upgrade by increasing Achievements of the 2023 MSE Development Program
the capacity of MSEs and digitalization through the Go
Modern, Go Digital, Go Online, and Go Global programs, Achievement of
No Program Type
as well as various activities to increase the productivity Fostered MSE
of Assisted MSEs. In 2023, Telkom also included Assisted 1. Go Modern MSEs 11,332
MSEs in multiple activities, such as Trade Mission
2. Go Digital MSEs 10,968
Singapore in collaboration with KADIN, the 20th China-
ASEAN Expo, the Islamic and Halal Festival between 3. Go Online MSEs 4,060
Johor Malaysia, Packaging Festival 2023, and the SMEs 4. Go Global MSEs 22
Hub of the 42nd ASEAN Summit to introduce products
Certifications
and increase the level of MSEs in Indonesia with export 5.
(Halal and PIRT) 2,107
activities abroad. In addition, the MSE Development
6. NIB Assistance 3,515
Program is also carried out to improve the competence
of MSEs through Mindset, Skillset, and Toolset Training 7. Mindset Training 4
and assist MSEs in obtaining business certifications 8. Skillset Training 274
and licenses.
9. Toolset Training 1,028
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DISTRIBUTION Effectiveness of Telkom’s Social, Economic, and
Environmental Empowerment Program Distribution
EFFECTIVENESS OF SOCIAL of Funds
AND ENVIRONMENTAL
Community
RESPONSIBILITY PROGRAMS Development Unit 2023 2022 2021
Program
Telkom targets in 2023 to distribute 100% of the
Amount
TJSL Program funds from the budget allocation of of Funds Rp
Rp136 billion (including MSE development). The budget Disbursed billion 134,93 124,78 124,76
realization achieved in 2023 was Rp134.94 billion or Fund
99.22% of the budget allocation. Allocation Rp
Available billion 136 125 125
Level of
Effective-
% 99,22 99,82 99,80
ness of
Funding
BUDGET ALLOCATION OF SOCIAL AND ENVIRONMENTAL
RESPONSIBILITY PROGRAM
Based on the provisions of the Ministry of SOEs, the budget allocation for the TJSL Program is part of the budget
calculated as the Company’s costs or setting aside a portion of the Company’s net profit in the previous fiscal year. The
total TJSL budget decreased from Rp355 billion in 2022 to Rp293.5 billion in 2023. This decrease is due to the budget
allocation for the MSE Funding Program through cooperation with BRI being smaller than the budget for independent
distribution in the previous year.
Budget Allocation for Telkom’s Social and Environmental Responsibility Program
Changes 2023 2022 2021
No. Program Type
% Rp billion
1. MSE Funding Program -31.5% 157.5 230 220
Social and Environmental
2.
Responsibility Program 8.8% 136 125 125
Total Number -17.32% 293.5 355 345
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F INA NCIAL STAT E M E N T
STATEMENT OF FINANCIAL POSITION (Rp)
ASSETS
Current Assets
Cash and Cash Equivalents 172,397,845,349
Loans to Fostered Partners after deducting allowance for
impairment losses amounting to Rp65,467,649,369 125,662,508,521
Total current assets 298,060,353,870
Non current assets
Distribution of loans to SOEs/Distributing Institutions 20,000,000,000
Troubled loans after deducting allowance for impairment of
Rp305,394,729,086 -
Total non current assets 20,000,000,000
TOTAL ASSETS 318,060,353,870
LIABILITIES AND NET ASSETS
LIABILITIES
Current Liabilities
Payables and other current liabilities 391,498,832
Overpayment of Installments 236,965,753
TOTAL LIABILITIES 628,464,585
NET ASSETS
Without restrictions from resource provider 317,431,889,285
With restrictions from resource provider -
TOTAL NET ASSETS 317,431,889,285
TOTAL LIABILITIES DAN NET ASSETS 318,060,353,870
STATEMENT OF COMPREHENSIVE INCOME (Rp)
WITHOUT RESTRICTIONS FROM RESOURCE PROVIDER
REVENUES
Loan Administration Service Income 8,264,381,189
Interest Income 1,471,296,836
Other Income 8,053,620
TOTAL REVENUES 9,743,731,645
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INCOME (EXPENSES)
Recovery/(Allowance) for Impairment of Loan 4,019,102,201
Other Income/(Expenses) (346,206,901)
TOTAL INCOME/(EXPENSES) 3,672,895,300
SURPLUS 13,416,626,945
WITH RESTRICTIONS FROM RESOURCE PROVIDER -
OTHER COMPREHENSIVE INCOME -
TOTAL COMPREHENSIVE INCOME 13,416,626,945
STATEMENT OF CHANGES IN NET ASSETS (Rp)
NET ASSETS
WITHOUT RESTRICTIONS FROM RESOURCE PROVIDER
Beginning balance 304,015,262,340
Surplus 13,416,626,945
Ending balance 317,431,889,285
Other comprehensive income -
Total 317,431,889,285
WITH RESTRICTIONS FROM RESOURCE PROVIDER -
TOTAL NET ASSETS 317,431,889,285
STATEMENT OF CASH FLOWS (Rp)
OPERATING ACTIVITIES
Loan repayments from Foster Partners 171,333,881,031
Payment Loan (2,700,000)
Acceptance of Loan Administration Services 8,045,335,305
Interest Income 1,471,296,836
Distribution of Loan Funds to Fostered Partners -
Distribution of SOEs Collaboration Loans (20,000,000,000)
Return of Excess Installments to Fostered Partners (49,387,428)
NET CASH FLOWS RECEIVED TO OPERATING ACTIVITIES 160,798,425,744
INCREASE IN CASH AND CASH EQUIVALENTS 160,798,425,744
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 11,599,419,605
CASH AND CASH EQUIVALENTS AT END OF YEAR 172,397,845,349
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DIGITALIZATION OF MSE CSR ACTIVITIES SUCCESS
MANAGEMENT PARAMETERS
Starting 2021, Telkom implemented digitalization of The success of Telkom’s TJSL Program activities is
integrated MSE Funding Program management through measured using the Community Satisfaction Index
the UKM Access application, making it easier for MSEs to (IKM), Net Promoter Score (NPS), and Social Return on
access all MSE services provided by Telkom and the loan Investment (SROI) methods. Telkom’s CSR (TJSL) Index
application process for MSEs became easier and faster. measurement in 2023 will reach 83.84%, which shows that
Apart from that, digital management also makes it easier Telkom’s CSR activities are in the good category or strong
for Telkom to monitor loan repayments. level and have a positive influence on the Company’s
image. This is due to an increase in the perception
Furthermore, in 2022, Telkom has re-engineered the of assisted MSEs/beneficiaries and the surrounding
UKM Access application by dividing the application community regarding Telkom’s CSR program, especially
specifically for TJSL Managers through New Smart Survey in the Corporate Governance & Economic Responsibility.
and specifically for Foster Partners through UKM Access
Reborn. Telkom also migrated the CDC Dashboard Then, the Net Promoter Score (NPS) is used to measure
from the Extract Transform Load (ETL) mechanism to the success of social responsibility towards society and
become a machine to machine mechanism through identify the level of community motivation to promote
the Application Programming Interface (API) which is Telkom products and services. The NPS measurement
integrated with SIMPKBL in real time. In addition, Telkom results in 2023 reached 56, showing a positive value
CDC developed the Satu Data UKM platform to create a from the public’s perspective in recommending Telkom
comprehensive profile of Telkom-assisted MSEs based products.
on personal data profiles and business data, which is
expected to help Company determine and offer the right Meanwhile, Social Return on Investment (SROI) is used
TelkomGroup products for MSEs. to measure the beneficial impact of the TJSL Program.
In 2023, measurements were carried out on 4 priority
programs in the fields of Environment, Education and
MSE Development with an average value 2.01 from the
target of > 1.5. This shows that every rupiah invested in
the TJSL Program provides a return in the form of a social
beneficial impact of more than 1 Rupiah.
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AWARDS OF TJSL PROGRAM 2023
Providing Agencies/
Events Awards
Intitutions
Penghargaan Transparansi • Transparency in Corporate Emission Reduction in Bumi Global Karbon
dan Penurunan Emisi Green Category Foundation (BGK
Korporasi 2023 • Transparency in Corporate Emission Calculations Foundation) in collaboration
in Gold Category with B-Universe Investor
Magazine
Indonesia Best Workplace for Best Workplaces for Women 2023 in Providing HerStory.co.id
Women Award 2023 Women Employee Welfare Facilities, Category
Telecommunications, and Internet Provider
Asia-Pacific Climate Leaders Asia-Pacific Climate Leaders Award 2023 in Action Financial Times & Statista
Award 2023 Category for the Internet Service Provider Sector
HR Excellent Awards 2023 • CSR Category – Silver Awards Human Resource Online
• Employee Volunteerism Category – Gold Awards Singapore
The International CSR Best CSR Excellence Concept The Green Organization UK
Excellent Awards
International Business Awards Gold Winner in the Education Sector Category The Asia-Pacific Stevie
Awards
BUMN Corporate CID Education Category as Gold Winner Ministry of SOE
Communication and
Sustainability Summit
(BCOMSS)
Padmamitra Award Gold Winner in Educational Empowerment CSR Indonesia Forum
Category
Bisnis Indonesia Corporate Gold in the Economic Pillar Category Bisnis Indonesia Group
Social Responsibility Award
(BISRA) 2023
CSR IDX Channel Award Best Program in Environmental Development IDX Channel
Initiatives Category
B-Universe Award Best Program in Economic SCR Initiatives Category B-Universe
Katadata Green Initiative Katadata Green Initiative Awards 2023 Katadata Insight Center
Awards 2023 Transportation/Technology Sector
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APPENDICES
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Appendices
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APPENDICES
APPEN D IX 1 :
GLOS S A RY
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
Development assist 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 Intelligent Defined as computer program developed by human on a system so that they can think like
human and can complete certain task by processing and recognizing data pattern.
B2B (Business-to- The sale of products or services provided by one business and intended for another business,
Business) not to consumers.
B2C (Business-to- A business that provides services or sales of goods or services to individual or group of
Customer) consumers 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 Platform Defined as a large, varied, and dynamic data processing 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.
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Glossary Description
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 Computing The practice of using a network of remote servers hosted on the internet to store, manage,
and 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.
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 Management Defined as a platform that manages data, such as collecting, organizing, and activating data
Platform from various online and offline sources, for the purposes of advertising and personalization
initiatives.
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.
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 Operating profit before interest, taxes, depreciation, and amortization. Adjusted EBITDA
and Other related ratios contained in this Annual Report are indicators in addition to the
company’s performance and liquidity, which are financial measures not regulated in SAK.
Edutainment Education and entertainment.
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APPENDICES
Glossary Description
Face Recognition The technology capable of matching a human face from a digital image or a video frame
against a 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).
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.
GSM 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
GMS Global System for Mobile Telecommunication which is the European standard for digital
cellular telephones.
High Throughput Communication satellite that provides more throughput than conventional communication
Satellite satellites (Fixed Satellite Service or FSS), which refers to a significant increase in capacity when
using the same 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
Center 10,000 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 Things Computing concept that describes the idea of everyday physical objects being connected to
the 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.
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Glossary Description
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.
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 Broadband The marketing term for wireless internet access through a portable modem, mobile phone,
USB Wireless Modem or other mobile devices.
Multimedia Data Defined as advances in web analytics, news, social media crawlers (such as text, sound, and
Extraction images) 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.
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APPENDICES
Glossary Description
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
Transponder and transmits the signal back to the earth.
Security Insight Defined as a platform for creating insights about cyber security.
Platform
Self Assessment Guidelines are used as a form of accountability for assessing the Board of Commissioners
collegial performance.
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.
SMS Short Messaging Service, a technology allowing the exchange of text messages between
mobile phones and between fixed wireless phones.
SOA 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 404 SOX Section 404 (Sarbanes-Oxley Act Section 404) mandates that all Public companies must
establish internal controls and procedures for financial reporting and document, test, and
maintain such controls and procedures to ensure effectiveness.
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Glossary Description
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 standalone Defined as various kinds of artificial intelligence (AI) capabilities, both stand-alone and
and embedded AI combined with other devices, such as Indonesian Natural Language Processing (NLP),
capabilities Sentiment Analysis, Text to Speech, Speech to Text, Image Recognition for Objects Detection/
Counting/Segmentation, 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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APPENDICES
APPEN D IX 2 :
LIST O F AB B REVIATI O N S
Keyword Descriptions Keyword Descriptions
A2P Application to Person BPS Badan Pusat Statistik or Central
ACGS ASEAN Corporate Governance Bureau of Statistics
Scorecard BSCS Batam-Singapore Cable System
ACHI AKHLAK Culture Health Index BTS Base Transceiver Station
ACMF ASEAN Capital Market Forum CAGR Compund Annual Growth Rate
ADS American Depositary Shares CAPEX Capital Expenditure
AGMS Annual General Meeting of CDC Community Development Center
Shareholders CDIO Chief Digital & Innovation Officer
AKHLAK Amanah Kompeten Harmonis Loyal CDN Content Delivery Networks
Adaptif Kolaboratif
CEO Chief Executive Officer
AO Application Owner
CFO Chief Financial Officer
AP Administered Prices
CFRO Chief Financial & Risk Officer
API Application Programming Interface
CHCO Chief Human Capital Officer
ARPU Average Revenue per Unit
CITO Chief Information Technology Officer
ASEAN Association of Southeast Asian
COCA Calendar of Culture Action
Nations
CONS Consumer Service
ASKALSI Asosiasi Kabel Laut Seluruh
Indonesia or Indonesian Submarine COSO Committee of Sponsoring
Cable Association Organizations of the Treadway
Commission
ATM Automated Teller Machine
COVID-19 Corona Virus Disease 19
B2B Business-to-Business
Communication Platform as a
B2C Business-to-Consumer
CPaaS Service
BAKAMLA Badan Keamanan Laut or Maritime
CPE Customer Premises Equipment
Security Agency
Customer Satisfaction and Loyalty
BAM Business Account Manager
CSLS Survey
Badan Pengawas Pasar Modal dan
CRM Customer Relationship Management
Lembaga Keuangan or Financial
Bapepam-LK Institution Supervisory Agency CSA Control Self Assessment
BBM Bahan Bakar Minyak CSR Corporate Social Responsibility
BCM Business Continuity Management CSS Corporate Strategic Scenario
BCP Business Continuity Plan DB Digital Business
BOC Board of Commissioners DC Co Data Center Co
BOD Board of Directors DRP Disaster Recovery Plan
BPJS Badan Penyelenggara Jaminan DSL Digital Subscriber Line
Sosial or Social Insurance DTH Direct to Home
Administration Organization
EBIS Enterprise & Business Service
BPK Badan Pemeriksa Keuangan
Edutainment Education and Entertainment
BPO Business Process Outsourcing
EGM Executive General Manager
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Keyword Descriptions Keyword Descriptions
ERM Enterprise Risk Management IDN Indonesia Digital Network
ESG Environmental, Social, and IDX/BEI Indonesia Stock Exchange/Bursa
Governance Efek Indonesia
ESOP Employee Stock Ownership Program IFAS Indonesian Financial Accounting
ETL Extract Transform Load Standard
EWR Early Warning Report IFRS International Financial Reporting
Standard
EY Ernst & Young
IGG Indonesia Global Gateway
FHCI Forum Human Capital Indonesia
IHSG Indeks Harga Saham Gabungan or
FMC Fixed & Mobile Convergence
Composite Stock Price Index
FRAMES Fraud Management System
IIA Institute of Internal Auditor
FRM Finance & Risk Management
IICD Indonesia Institute for Corporate
Gbps Gigabit per second Directorship
GCG Good Corporate Governance IKM Indeks Kepuasan Masyarakat or
GCT Group Corporate Transformation Community Satisfaction Index
GDP Gross Domestic Product IMF International Monetary Fund
GHz Gigahertz IMS Integrated Management System
GMS General Meeting of Shareholders IOH Indosat Ooredoo Hutchsion
GRI Global Reporting Initiative IoT Internet of Things
GRO Government Relationship Officer IPLC International Data Center or
International Connectivity
GSD Graha Sarana Duta
IPO Initial Public Offering
GSM Global System for Mobile
Communication IPR Intellectual Property Rights
Hari Anti Korupsi Dunia or World ISAK Interpretasi Standar Akuntansi
HAKORDIA Anti-Corruption Day Keuangan or Interpretation of
Statements of Financial Accounting
HAM Hak Asasi Manusia or Human Rights
Standards
HCM Human Capital Management
ISO International Organization for
HD High Definition Standardization
HR Human Resource ISP Internet Service Provider
HSDC HyperScale Data Center IT Information Technology
HTS High Throughput Satellite Indonesia Telecommunication and
IA Internal Audit ITDRI Digital Research Institute
IAI Ikatan Akuntan Indonesia JaKaLaDeMa Jawa Kalimantan Sulawesi Denpasar
Mataram
IAS International Accounting Standards
Jo. Juncto
ICOFR Internal Control over Financial
Reporting KAP Kantor Akuntan Publik or Public
Accountant Firm
ICT Information and Communications
Technology KEKD Komite Etika dan Kepatuhan &
Disiplin
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APPENDICES
Keyword Descriptions Keyword Descriptions
KEMPR Komite Evaluasi dan Monitoring NAP Network Access Point
Perencanaan dan Risiko or NIB Nomor Induk Berusaha
Committee for Planning and Risk
NITS Network & IT Solution
Evaluation and Monitoring
NPS Net Promoter Score
KEU Keuangan or Finance
NPWP Nomor Pokok Wajib Pajak or Tax
KIPAS Komunitas Provokasi Aktivasi or
Identification Number
Community Cultural Activation
Provocation NSP Nada Sambung Pribadi
KNKG Komite Nasional Kebijakan NYSE New York Stock Exchange
Governance or Governance Policy OECD Organization for Economic Co-
National Committee operation and Development
KNR Komite Nominasi dan Remunerasi OJK Otoritas Jasa Keuangan or Financial
or Committee for Nomination and Services Authority
Remuneration
OLO Other Licensed Operator
KPI Key Performance Indicator
OTT Over the Top
Komisi Pemberantasan Korupsi or
PaDi Pasar Digital
KPK Corruption Eradication Commission
PAYU Pay As You Use
KPPU Komisi Pengawasan Persaingan
Usaha or Commission for the PEFINDO PT Pemeringkat Efek Indonesia
Supervision of Business Competition PKBL Program Kemitraan dan Bina
KTI Kawasan Timur Indonesia or Eastern Lingkungan or Partnership and
Indonesia Community Development Program
kWh KiloWatt Hour PN Perusahaan Negara or State
Company
LED Light Emitting Diode
POJK Peraturan Otoritas Jasa Keuangan
LSE London Stock Exchange
or Regulation of Indonesia Financial
LTE Long Term Evolution Services Authority
LTI Long Term Incentive PoP Point of Presence
M&A Merger & Acquisition POTS Plain Old Telephone Service
MDI Metra Digital Investama PPID Pejabat Pengelola Informasi
MDM Metra Digital Media dan Dokumentasi or Information
Management and Documentation
MNO Mobile Network Operator
Officer
Management Stock Ownership
MSOP PPKM Pemberlakuan Pembatasan
Program
Kegiatan Masyarakat
MSE Micro and Small Enterprise
PPMP Program Pensiun Manfaat Pasti
MTN Medium-Term Notes
PSAK Pernyataan Standar Akuntansi
MTTI Mean Time to Install Keuangan or Statements of Financial
MTTR Mean Time to Repair Accounting Standards
MVNO Mobile Virtual Network Operator PSTN Public Switched Telephone Network
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Keyword Descriptions Keyword Descriptions
QMS Quality Management System Sistem Manajemen Anti Penyuapan
QoS Quality of Service SMAP or Anti-Bribery Management System
RJPP Rencana Jangka Panjang Perseroan SMB Small Medium Business
or Company’s Long Term Plan SME Small and Medium Enterprise
RKAP Rencana Kerja Anggaran dan Sekolah Menengah Kejuruan or
Pendapatan or Budgeting and SMK Vocational School
Revenue Work Plan SMK3/OHSAS Sistem Manajemen Keselamatan
ROA Return on Asset dan Kesehatan Kerja or
ROE Return on Equity Occupational Health and Safety
Assessment System
RPT Related Party Transaction
SOX Sarbanes Oxley Act
SaaS Software as a Service
SP Strategic Portfolio
SAK Standar Akuntansi Keuangan or
Financial Accounting Standard SPI Sistem Pengendalian Internal or
Internal Control System
SASB Sustainability Accounting Standards
Board SROI Social Return on Investment
SDG Sustainable Development Goals SSO Shared Service Operation
SD-WAN Software Defined-Wide Area Network TAM Tele Account Management
SEA-ME- Southeast Asia-Middle East -Western THR Tunjangan Hari Raya or Religious
WE 5 Europe 5 Holiday Allowance
SEA-ME- Southeast Asia-Middle East -Western TIOC Telkom Integrated Operation Center
WE 6 Europe 6 TKDN Tingkat Komponen dalam Negeri
SEA-US Southeast Asia-United States TLK Telkom Ticker in New York Stock
SEC Securities and Exchange Commission Exchange
SEM Structural Equation Modeling TLKM Telkom Ticker in Bursa Efek Indonesia
SEOJK Surat Edaran Otoritas Jasa USO Universal Service Obligation
Keuangan or Circular Letter of VAR Value Added Reseller
Indonesia Financial Service Authority VF Volatile Food
SFH School from Home VOD Video on Demand
SGM Senior General Manager VOD Voice over Data
SIUP Surat Izin Usaha Perdagangan or VoIP Voice over Internet Protocol
Business Permit
VP Vice President
SKKL Sistem Komunikasi Kabel Laut or
VPN Virtual Private Network
Submarine Communications Cable
System WBS Whistleblowing System
SKSO Sistem Komunikasi Serat Optik or WEO World Economic Outlook
Fiber Optic Communication System WIB Wholesale and International Business
SLI Sambungan Langsung Internasional WINS Wholesale and International Service
or International Direct Dialing
WPO Whistleblower Protection Officer
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APPENDICES
APPEN D IX 3 :
C R OS S RE FE RE NCE TO T H E C I R CUL A R
LET T ER BY T H E FIN A N C I A L S E R VI C E S
AUT HORITY N O. 1 6 /S EOJ K .0 4 /202 1
No. 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; 16-19
contain information about: 2) stock information (if any); 20-22
3) Board of Commissioners’ report; 26-33
4) Directors’ report; 34-41
5) Issuer or Public Company’s profile; 6-9
6) management discussion and analysis; 96-161
7) Issuer or Public Company’s governance; 162-288
8) Issuer or Public Company social and environmental 290-310
responsibility;
9) audited annual financial report; and 367
10) statement of Directors and board of Commissioners on 42-43
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 16-19
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;
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No. CRITERIA EXPLANATION PAGES
8) total assets;
9) total liabilities;
10) total equity;
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: 20-22
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;
e) stock prices before and after corporate actions;
2) in the event of corporate actions such as stock split, 22
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; and
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 ongoing suspension/
until the final period of the Annual Report, the Issuer delisting
or Public Company should explain the actions taken to
resolve the matter.
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APPENDICES
No. CRITERIA EXPLANATION PAGES
c. Board of Directors’ Report Board of Directors’ Report shall at least contain: 34-41
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’ Board of Commissioners’ Report shall at least contains: 26-33
Report 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 The Issuer or Public Company’s Profile at least contains:
Company 1) name of Issuer or Public Company, including, if any, 6
changes in names, reasons for such changes, and the
effective date of name;
2) access to Issuer or Public Company, including branch 6-7
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; 50-51
4) vision and mission of Issuer or Public Company and 46-49
corporate culture or company values;
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No. CRITERIA EXPLANATION PAGES
5) business activities according to the latest articles of 52-53
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 14-15
area for the implementation of operational activities or
the range of the company’s operational activities.
7) organizational structure of Issuer or Public Company 54-55
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 56-57
on a national and international scale related to the
implementation of sustainable finance;
9) profile of the Directors, consisting of at least: 66-70
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 71
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 72
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
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No. CRITERIA EXPLANATION PAGES
10) profile of Board of Commissioners, consisting of: 58-62
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
(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 63
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 63
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 64
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 64
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;
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No. CRITERIA EXPLANATION PAGES
12) number of employees by gender, position, age, 74-77
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 79-81
the end of financial year, information includes among
others:
a) shareholders having 5% (five percent) or more
shares of Issuer or Public Company;
b) member of Directors and Board of Commissioners
owning shares of 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, then this
matter is 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.
14) the percentage of indirect ownership of the shares 80-81
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 80
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 79
shareholder of Issuer or Public Company, both direct
and indirect, until the individual owner, presented in
the form of scheme or diagram;
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17) names of subsidiaries, associated companies, joint 82-88
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 value, 89-90
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 91-92
the 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 95
(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
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 95
institutions and/or professions other than AP and KAP.
f. Management Discussion and Annual Report must contain discussion and analysis of 96-161
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 103-121
with the industry of Issuer or Public Company,
consisting of at least:
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a) Production, which includes process, capacity and
its development;
b) Revenue; and
c) Profitability;
2) comprehensive financial performance including a 132-146
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) capability to pay debts by presenting relevant ratio; 147
4) account receivables collectability of Issuer or Public 151
Company receivable by presenting relevant ratio;
5) capital structure and management’s policies on the 148
capital structure, as well as basis of the policy making;
6) discussion on material commitment for the investment 150
of capital expenditure with explanation concerning:
a) purpose of such commitment;
b) sources of funds expected to fulfill to the
commitment;
c) currency of denomination;
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 149
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;
8) material information and facts occurring after the date 152
of accountant’s report (if any);
9) business prospects of Issuer or Public Company in 153-154
relation to the industry, economy in general, and
international market, and accompanied with the
supporting quantitative data from reliable Data
resource;
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No. CRITERIA EXPLANATION PAGES
10) comparison between target/projection at the beginning 154
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 155
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 Issuer 122-131
or Public Company, including among others marketing
strategies and market Share;
13) description of dividend during the past 2 (two) financial 156
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 157
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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15) material information (if any) concerning, among others 158
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;
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No. CRITERIA EXPLANATION PAGES
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 159
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 160-161
on the financial statement (if any).
g. Governance of Issuer or Public Governance of Issuer or Public Company at least contains
Company brief description of:
1) General Meeting of Shareholders (GMS) shall at least 172-177
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) Directors, consisting of among others: 230-246
a) scope of work and responsibility of each member
of the 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 Directors have 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:
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(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
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: 178-198
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);
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No. CRITERIA EXPLANATION PAGES
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 218-220
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
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) Syariah 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:
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a) name;
b) the legal basis for the appointment of the syariah
supervisory board;
c) period of assignment of the syariah supervisory
board;
d) tasks and responsibilities of syariah supervisory
board; and
e) frequency and method of advising and
supervisory on the compliance of syariah
principles in capital market toward the Issuer or
Public Company;
6) Audit Committee, consisting of among others: 199-208
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, 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
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 209-220
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:
PT Telkom Indonesia (Persero ) Tbk ANNUAL REPORT 2023 337
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(1) legal basis of appointment as committee
member;
(2) double position, either as member of
Board of Commissioners, 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 221-229
in order to support the function and tasks 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;
(2) double position, either as member of
Board of Commissioners, Directors and/or
committee and the other positions (if any);
and
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(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: 247-248
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: 249-253
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;
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No. CRITERIA EXPLANATION PAGES
f) description of tasks and responsibilities of internal
audit unit;
g) disclosure that the unit has charter internal audit
unit; and
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 254-257
Issuer or Public Company, consisting of at least:
a) operational and financial control, along with
compliance with other prevailing rules and
regulations; and
b) review on effectiveness of internal control system;
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 258-275
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;
and
c) review on effectiveness of the risk management
system of Issuer or Public Company;
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 284
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 284
or Public Company, members of the Board of
Commissioners and Directors, by Financial Service
Authority and other authorities during the fiscal year (if
any);
15) information on code of conducts and culture of Issuer 286-287
or Public Company (if any) consisting of:
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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 Directors, Board of Commissioners,
and employers of Issuer or Public Company;
16) a brief description of the policy of providing long-term 283
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 282
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 276-282
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.
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19) a description of the anti-corruption policy of the Issuer 288
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 164-169
Guidelines for Issuer that issues Equity Securities or
Public Company, consisting of:
a) disclosure of implemented recommendations;
and/or
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 responsibility section is a Sustainability Report as publish
Public Company referred to in the Financial Services Authority’s the 2023
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;
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3) Information on the Sustainability Report in number 1) Information
could be: available on
Sustainability
Report 2023
a) disclosed in other relevant sections outside of the
social and environmental responsibility section,
such as the Directors’ explanation regarding the
Sustainability Report disclosed in the section
related to the 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;
4) The Sustainability Report as referred to in number 1) is Telkom
an inseparable part of the Annual Report but can be publish
presented separately from the Annual Report; the 2023
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 292
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.
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No. CRITERIA EXPLANATION PAGES
i. Audited Financial Statement The annual financial statements contained in the Annual 367
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 Directors and Board of 42-43
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
Responsibility for the Annual of Members of Directors and Board of Commissioners on
Report the Responsibility for the Annual Report as attached in the
Appendix I as an inseparable part of the Circular Letter of FSA.
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APPENDICES
APPEN D IX 4 :
AF FILIAT E T RAN S ACT I O N S L I ST
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Telkom
SHL Interest √ √ √ √
Advertising/Printing Service √ √
APP2P Service
Technical Assistant/ Investigation Survey
√
Service
Call Center / Contact Center Service -
√
Outsourcing
Colocation / Maintenance / Supporting
√
Service
CPE Managed Application Service
Health Service √
Jasa I/C SLI 007
ii_007 – Signalling Service
Domestic Incoming Service (Intercon-
nection)
Device Installation Service √ √
Construction Service √
Content Service/PIB
IPLC/SIMBOX International Services
Lease & Trade Service
License/Application Service
Manage Capacity Service
Management Service √ √ √
PE2PE Service
Building Management Service/Site √ √ √
Building Rental Service/Tower √
Telecommunication Facilities Service:
CINOP, GRX, etc
346 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 349
√
√
16
Melon
√
√
17
Telkom Metra
√
√
18
Pramindo
√
√
√
√
√
√
√
19
Telkomsel
√
20
Telin
√
21
Telin HK
√
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
23
Sigma Cipta Caraka
24
Telkomedika
25
SSI
√
√
√
26
Telkom Akses
27
Telin Timor Leste
√
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
√
30
MDM
31
Metrasat
32
Telin malaysia
33
TSGN
√
√
34
Digiserve
√
35
Telkom Data Ekosistem
√
36
Persada Soka
√
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
347
Page 350
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SARTEL-SARPEN Service √
SARTEL-SARPEN Service (IDR) √ √
SARTEL-SARPEN Service-CALLCENTER √
SARTEL-SARPEN Service-WIFI.ID (IDR)
Satellite Link/Transponder/VISAT/
√
Sirkit Service
Rental Link : Metroethernet, Astinet,
√ √ √ √ √ √ √ √ √ √ √ √ √ √
VPN IP, DINACCESS Service
Work Facilities / Seat Management Rent-
al Services
Training/Assessment Service √ √ √ √ √ √ √
AdMedika
Health Service √
Finnet
Collection Service √
Colocation/Maintenance/Supporting
Service
CPE Managed Platform Service √
Credit Voucher Fee Service/RITNAS
Injapati Service/VAS: call center,
calling card, vas
E-Payment/Money Service √
ISH
Colocation/Maintenance/Supporting
Service
Outsourcing Service √ √ √ √ √
MDI
Incubation Service √
GYS
Building Management Service/Site √
348 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 351
√
√
16
Melon
√
√
√
17
Telkom Metra
√
√
√
√
18
Pramindo
√
√
√
√
19
Telkomsel
√
√
√
√
20
Telin
√
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
23
Sigma Cipta Caraka
√
24
Telkomedika
√
√
25
SSI
√
√
√
26
27 Telkom Akses
Telin Timor Leste
√
√
28
Collega Inti Pratama
√
29
Media Nusantara Data Global
√
30
MDM
31
Metrasat
√
32
Telin malaysia
33
TSGN
34
Digiserve
√
√
√
√
35
Telkom Data Ekosistem
√
36
Persada Soka
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
√
39
Telin Australia
07.
349
Page 352
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Metranet
Advertising/Printing Service √ √ √ √
Colocation/Maintenance/Supporting
√
Service
CPE Managed Device Service √
Satellite Service & VAS
Nutech
CPE Managed Device Service √
E-Payment/Money Service
Pojok Celebes Mandiri
E-Ticketing Service √ √ √ √
Management Service √
TelkomSat
Incubation Service √
Manage Capacity Service √
Management Service √
Telecommunication Facilities Service:
CINOP, GRX, etc
SARTEL-SARPEN Service √
Satellite Link/Transponder/VISAT/
√
Sirkit Service
Satellite Service & VAS
SMS KA Service
TelkomInfra
Device Installation Service √
Maintenance Service √
Manage Capacity Service √
Management Service
Supporting Service
350 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 353
16
Melon
√
√
17
Telkom Metra
18
Pramindo
√
√
√
√
√
√
19
Telkomsel
√
√
20
Telin
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
23
Sigma Cipta Caraka
√
24
Telkomedika
25
SSI
√
26 Telkom Akses
√
√
27
Telin Timor Leste
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
√
30
MDM
√
31
Metrasat
32
Telin malaysia
33
TSGN
√
34
Digiserve
√
√
35
Telkom Data Ekosistem
36
Persada Soka
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
351
Page 354
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
TLT
Technical Assistance Service/
Investigation Survey
Credit Voucher Fee Service/RITNAS
Building Management Service/Site √ √ √ √
Building Rental Service/Tower √ √ √
Mitratel
Technical Assistance Service/
√
Investigation Survey
Device Installation Service √
Manage Capacity Service √
Building Rental Service/Tower √
GSD
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Hosting Service/CDN
Construction Service √
Lease & Trade Service √
Building Management Service/Site √ √ √ √ √ √ √
Building Rental Service/Tower √
Supporting Service √
Transport Management Service √
Infomedia Nusantara
Call Center/Contact Center Service -
√ √ √
Outsourcing
Colocation/Maintenance/Supporting
Service
Access Network Service √
352 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 355
√
16
Melon
√
√
17
Telkom Metra
√
√
18
Pramindo
√
√
√
√
√
19
Telkomsel
√
√
20
Telin
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
√
23
Sigma Cipta Caraka
√
√
24
Telkomedika
√
25
SSI
√
√
26 Telkom Akses
√
27
Telin Timor Leste
√
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
√
30
MDM
31
Metrasat
32
Telin malaysia
33
TSGN
34
Digiserve
√
√
√
35
Telkom Data Ekosistem
√
36
Persada Soka
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
353
Page 356
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Management Service
Outsourcing Service √ √
Building Management Service/Site √
Supporting Service √
Melon
Content Service/PIB √
SARTEL-SARPEN Service √
Telkom Metra
SHL Interest
Advertising/Printing Service √
Content Service/PIB √ √
Building Rental Service/Tower √
Supporting Service √ √ √ √
Pramindo Ikat Nusantara
CPE Managed Application Service √
CPE Managed Device Service
CPE Managed Network Service √
Credit Voucher Fee Service/RITNAS √
Maintenance Service √
Building Management Service/Site √
Supporting Service √
Work Facilities Rental Service/Seat
√ √ √
Management
Server Rental Service √
Telkomsel
Advertising/Printing Service √ √
APP 2P Service √
Collection Service √
354 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 357
√
16
Melon
√
17
Telkom Metra
√
18
Pramindo
√
√
√
√
√
19
Telkomsel
√
20
Telin
√
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
23
Sigma Cipta Caraka
24
Telkomedika
25
SSI
√
√
√
26 Telkom Akses
√
27
Telin Timor Leste
√
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
30
MDM
31
√ Metrasat
32
Telin malaysia
33
TSGN
34
Digiserve
35
Telkom Data Ekosistem
36
Persada Soka
37
Napsindo
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
√
39
Telin Australia
07.
355
Page 358
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Colocation/Maintenance/Supporting
Service
Credit Voucher Fee Service/RITNAS √ √
I/C SLI 007 Service √
Domestic Incoming Service
√
(Interconnection)
Content Service/PIB √
E-Payment/Money Service √
IoT Service √
PE2PE Service √
Building Management Service/Site √
Building Rental Service/Tower √
Supporting Service √
Telecommunication Facilities Service:
√ √
CINOP, GRX, etc
Rental Link : Metroethernet, Astinet,
√
VPN IP, DINACCESS Service
SMS KA Service
Telin
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Hosting Service/CDN √ √
International Service IPLC/SIMBOX √ √
SARTEL-SARPEN Service -WIFI
√
ROAM ING (IDR)
SARTEL-SARPEN Service -WIFI
√
ROAM ING (USD)
Jasa SARTEL-SARPEN-WIFI.ID (IDR) √
356 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 359
√
16
Melon
√
√
17
Telkom Metra
18
Pramindo
√
19
Telkomsel
20
Telin
√
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
23
Sigma Cipta Caraka
24
Telkomedika
25
SSI
26 Telkom Akses
√
27
Telin Timor Leste
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
√
30
MDM
31
Metrasat
32
Telin malaysia
√
33
TSGN
34
Digiserve
√
35
Telkom Data Ekosistem
√
36
Persada Soka
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
357
Page 360
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
SARTEL-SARPEN Service -WIFI.ID
√
(IDR)
Telin HK
I/C SLI 007 Service √
Injapati Service/VAS: call center,
√
calling card, vas
Content Service/PIB
Supporting Service √
Satellite Link/Transponder/VISAT/
√
Sirkit Service
Telin SG
I/C SLI 007 Service √
Data Center Service
Supporting Service
Sigma Cipta Caraka
Colocation/Maintenance/Supporting
√ √ √ √ √ √ √ √ √
Service
License/Application Service √
Maintenance Service
Supporting Service
Server Rental Service √
TelkomMedika
Health Service √ √ √ √ √ √ √
Health Equipment Sales √
SSI
Colocation/Maintenance/Supporting
Service
Satellite Link/Transponder/VISAT/
√
Sirkit Service
358 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 361
√
√
√
√
16
Melon
√
√
17
Telkom Metra
√
√
18
Pramindo
√
√
19
Telkomsel
√
√
20
Telin
21
Telin HK
√
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
23
Sigma Cipta Caraka
√
24
Telkomedika
√
25
SSI
√
√
26 Telkom Akses
√
27
Telin Timor Leste
√
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
30
MDM
31
Metrasat
32
Telin malaysia
33
TSGN
√
34
Digiserve
√
√
35
Telkom Data Ekosistem
36
Persada Soka
37
Napsindo
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
359
Page 362
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Bosnet
Management Service √ √ √
Telkom Akses
Technical Assistance Service/
√ √
Investigation Survey
Access Network Service √
Construction Service √
Lease & Trade Service √
Maintenance Service √
Manage Capacity Service √
Management Service √
Supporting Service √
Transport Management Service √
Telin Timor Leste
I/C SLI 007 Service
Content Service/PIB
Metrasat
Content Service/PIB √
Telin USA
Technical Assistance Service/
√
Investigation Survey
Media Nusantara Data Global
Colocation/Maintenance/Supporting
√ √
Service
Data Center Service √
MDM
Advertising/Printing Service √ √ √
APP 2P Service √
360 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 363
√
√
16
Melon
17
Telkom Metra
18
Pramindo
√
√
√
√
√
19
Telkomsel
√
20
Telin
21
Telin HK
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
23
Sigma Cipta Caraka
24
Telkomedika
25
SSI
26
27 Telkom Akses
Telin Timor Leste
28
Collega Inti Pratama
29
Media Nusantara Data Global
30
MDM
31
Metrasat
32
Telin malaysia
33
TSGN
34
Digiserve
√
35
Telkom Data Ekosistem
√
36
Persada Soka
37
Napsindo
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
361
Page 364
APPENDICES
Pojok Celebes Mandiri
Service Receiver
TelkomInfra
TelkomSat
Infomedia
AdMedika
Metranet
Mitratel
Telkom
Nutech
Finnet
GSD
MDI
GYS
ISH
TLT
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Colocation/Maintenance/Supporting
Service
Management Service √
Satellite Service & VAS Service √
SMS KA Service √ √
Telin malaysia
Satellite Link/Transponder/VISAT/
Sirkit Service
Digiserve
Colocation/Maintenance/Supporting
√
Service
CPE Managed Application Service √
Incubation Service √
License/Application Service √ √
Management Service √
Persada Soka
Technical Assistance Service/
√
Investigation Survey
Construction Service √
Manage Capacity Service √
Building Rental Service/Tower
Sigma Group
Colocation/Maintenance/Supporting
√
Service
Supporting Service √
Telkom Data Ekosistem
Colocation/Maintenance/Supporting
√ √
Service
Data Center Service √
362 ANNUAL REPORT 2023 PT Telkom Indonesia (Persero ) Tbk
Page 365
16
Melon
17
Telkom Metra
18
Pramindo
√
√
19
Telkomsel
√
√
20
Telin
21
Telin HK
√
22
Telin SG
PT Telkom Indonesia (Persero ) Tbk
√
√
23
Sigma Cipta Caraka
24
Telkomedika
25
SSI
√
26
27 Telkom Akses
Telin Timor Leste
28
Collega Inti Pratama
29
Media Nusantara Data Global
√
30
MDM
31
Metrasat
32
√ Telin malaysia
33
TSGN
34
Digiserve
√
35
Telkom Data Ekosistem
36
Persada Soka
37
Napsindo
√
38
Sigma Group
Pa r t/
ANNUAL REPORT 2023
39
Telin Australia
07.
363
Page 366
Consolidated Financial Statements 364 ANN U AL RE P OR T 2 0 2 3 PT Telkom Indonesia (Persero ) Tbk
Page 367
Pa r t/ 08.
08.
Financial Statements
Consolidated
PT Telkom Indonesia (Persero ) Tbk ANN U AL RE P OR T 2 0 2 3 365
Page 368
This page is intentionally left blank
Page 369
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. and its subsidiaries Consolidated financial statements as of December 31, 2023 and for the year ended with independent auditor’s report
Page 370
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2023 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITOR’S REPORT
TABLE OF CONTENTS
Page
Statement of the Board of Directors
Report of Independent Registered Public Accounting Firm
Consolidated Statement of Financial Position 1
Consolidated Statement of Profit or Loss and Other Comprehensive Income 2
Consolidated Statement of Changes in Equity 3
Consolidated Statement of Cash Flows 4
Notes to the Consolidated Financial Statements 5-113
Page 371
Page 372
Indepe ndent A uditor’s Report
Report No. 0 02 6 8 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-2 / 1 /III/ 2 0 2 4
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 Perusahaan 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
December 3 1, 2 0 2 3 , and the consolidated statement of profit or loss and other comprehensive
income, consolida ted 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 Decembe r 3 1 , 2 0 2 3 , and its consolida ted
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 establishe d 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 requir ements relevant to our audit of the consolidated financial statements in Indonesia,
and we have fulfilled 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
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the consolidated financial statements of the curr ent period. Such key audit matters
wer e 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 audit matter is provided in such context.
i
Page 373
Indepe ndent A uditor’s Report (continued)
Report No. 0 02 6 8 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-2 / 1 /III/ 2 0 2 4 (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 Consolidated Financial Statements paragraph of our report, including in relation to the key
audit matter communicated below. Accordingly, our audit included the perfor mance 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.
Evalua tion of telecommunication infrastructure estimat ed useful lives
Description of the key audit matter:
As of December 3 1, 2 0 2 3 , the balance of consolida ted telecommunication infrastructures
amounted to Rp1 5 8,51 6 billion which represents 5 5% 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
infrastru ctures, at least annually and such estimates are updated if expecta tions differ from
pre vious 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 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 plans, 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 a nd
assessing the appropriateness of the judgments regarding the most relevant data to be
considered in determining its use ful lives. We also tested management’s control on
benchmarking analysis, including the selection criteria, on the estim ated useful lives of
telecommunication infrastructures.
To test whether the estimated useful lives of telecommunication infrastructures used by
management was reasonable, our audit procedures included, among others, obtaining an
understanding of management’s strategy rela ted to asset replacements and assessed the
reasonableness of assumptions by considering external sources, such as telecommunication
te chnology 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 comparison with sample portfolio of public companies within the telecommunication
industry.
ii
Page 374
Indepe ndent A uditor’s Report (continued)
Report No. 0 02 6 8 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-2 / 1 /III/ 2 0 2 4 (continued)
O t her information
Management is responsible for the other information. Other information comprises the
information included in the 2 0 2 3 Annual Report (“The Annual Report”) other than the
accompanying consolida ted 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 communicate the matter to those charged with governance and take
appropriate actions based on the applicable laws and regulations.
Responsibilities of manageme nt and those charged with gov ernance for the consolidat e d
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 stateme nts 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, matters related to going
concern, and using the going concern basis of a ccounting, 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 reporting
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 consolidated 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 consider ed 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 375
Indepe ndent A uditor’s Report (continued)
Report No. 0 02 6 8 / 2.1 0 3 2 / AU.1 / 0 6 / 0 6 8 7-2 / 1 /III/ 2 0 2 4 (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:
x 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 invol ve collusion, forgery, intentional
omissions, misrepresentations, or override of internal control.
x 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.
x Evalua te the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
x 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 requir ed
to draw attention in our independent auditor’s report to the related disclosures in the
consolidated financial statements or, if such disclosur es 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. However, future events or conditions may cause the Group to cease to
continue as a going concern.
x Evalua te the overall presentation, structure, and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial statements
represent the underlying transactions and events in a manner tha t achieves fair presenta tion.
x 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 communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, includi ng 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 376
Page 377
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2023
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
Notes 2023 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,32,37 29,007 31,947
Other current financial assets 4,32,37 1,661 1,349
Trade receivables - net allowance for expected
credit losses
Related parties 5,32,37 1,918 1,620
Third parties 5,37 8,749 7,014
Contract assets 6,32,37 2,704 2,457
Inventories 7 997 1,144
Contract cost 9 653 671
Claim for tax refund and prepaid taxes 27 1,928 1,844
Other current assets 8,32 7,996 7,011
Total Current Assets 55,613 55,057
NON-CURRENT ASSETS
Contract assets 6,32 26 34
Long-term investments 10 8,162 8,653
Contract cost 9 1,568 1,741
Property and equipment 11,32,35a 180,755 173,329
Right-of-use assets 12a 22,584 20,336
Intangible assets 14 8,731 8,302
Deferred tax assets 27f 4,170 4,117
Other non-current assets 13,27,32 5,433 3,623
Total Non-current Assets 231,429 220,135
TOTAL ASSETS 287,042 275,192
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
Related parties 15,32,37 585 431
Third parties 15,37 18,023 18,026
Contract liabilities 17a,32 6,848 6,295
Other payables 37 441 463
Taxes payable 27c 4,525 5,372
Accrued expenses 16,32,37 13,079 15,445
Customer deposits 32 2,566 2,382
Short-term bank loans 18a,32,37 9,650 8,191
Current maturities of long-term
loans and other borrowings 18b,32,37 10,276 8,858
Current maturities of lease liabilities 12a,37 5,575 4,925
Total Current Liabilities 71,568 70,388
NON-CURRENT LIABILITIES
Deferred tax liabilities 27f 841 1,023
Contract liabilities 17b,32 2,591 1,561
Long service award provisions 31 1,153 1,031
Pension benefits and other post-employment
benefits obligations 30 11,414 10,272
Long-term loans and other borrowings 19,32,37 27,773 27,331
Lease liabilities 12a,37 14,850 13,736
Other liabilities 290 588
Total Non-current Liabilites 58,912 55,542
TOTAL LIABILITIES 130,480 125,930
EQUITY
Capital stock 21 4,953 4,953
Additional paid-in capital 2,711 2,711
Other equity 22 9,639 9,697
Retained earnings
Appropriated 29 15,337 15,337
Unappropriated 103,104 96,560
Net equity attributable to:
Owners of the parent company 135,744 129,258
Non-controlling interest 20 20,818 20,004
TOTAL EQUITY 156,562 149,262
TOTAL LIABILITIES AND EQUITY 287,042 275,192
The accompanying notes form an integral part of these consolidated financial statements.
1
Page 378
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2023
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
Notes 2023 2022
REVENUES 23,32 149,216 147,306
COST AND EXPENSES
Operation, maintenance, and telecommunication
service expenses 25,32 (39,718) (38,184)
Depreciation and amortization expenses 11,12a,14 (32,663) (33,255)
Personnel expenses 24 (15,927) (14,907)
Interconnection expenses 32 (6,363) (5,440)
General and administrative expenses 26,32 (6,099) (5,854)
Marketing expenses 32 (3,530) (3,929)
Unrealized loss on changes in fair value of investments 10 (748) (6,438)
Other income - net 252 26
Gain (loss) on foreign exchange - net (36) 256
OPERATING PROFIT 44,384 39,581
Finance income 32 1,061 878
Finance cost 32 (4,652) (4,033)
Share of profit (loss) of long-term investment in associates 10 1 (87)
PROFIT BEFORE INCOME TAX 40,794 36,339
INCOME TAX (EXPENSE) BENEFIT 27d
Current (8,796) (9,259)
Deferred 210 600
(8,586) (8,659)
PROFIT FOR THE YEAR 32,208 27,680
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss) to be reclassified to profit
or loss in subsequent periods:
Foreign currency translation 22 (66) 299
Changes in fair value of investments 10 2 3
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 (1,389) 1,464
Other comprehensive income (loss) - net (1,454) 1,767
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 30,754 29,447
Profit for the year attributable to:
Owners of the parent company 24,560 20,753
Non-controlling interests 20 7,648 6,927
32,208 27,680
Total comprehensive income for the year attributable to:
Owners of the parent company 23,083 22,468
Non-controlling interests 7,671 6,979
30,754 29,447
BASIC EARNINGS PER SHARE
(in full amount) 28
Net income per share 247.92 209.49
Net income per ADS (100 Series B shares per ADS) 24,792.50 20,949.46
The accompanying notes form an integral part of these consolidated financial statements.
2
Page 379
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Year Ended December 31, 2023
(Amounts in the tables 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, 2022 4,953 2,711 9,395 15,337 89,250 121,646 23,753 145,399
Investment from non-controlling interests
for newly established indirect subsidiary - - - - - - 45 45
Changes in non-controlling interest - - - - - - 11 11
Cash dividend 29 - - - - (14,856) (14,856) (10,103) (24,959)
Repurchase of non-controlling interest shares 1e - - - - - - (681) (681)
Profit for the year 20 - - - - 20,753 20,753 6,927 27,680
Other comprehensive income - net - - 302 - 1,413 1,715 52 1,767
Balance, December 31, 2022 4,953 2,711 9,697 15,337 96,560 129,258 20,004 149,262
Balance, January 1, 2023 4,953 2,711 9,697 15,337 96,560 129,258 20,004 149,262
Differences in non-controlling interest 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 interest - - - - - - 22 22
Cash dividend 29 - - - - (16,603) (16,603) (9,803) (26,406)
Repurchase of non-controlling interest 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
The accompanying notes form an integral part of these consolidated financial statements.
3
Page 380
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2023
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
Notes 2023 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other operators 148,458 146,268
Cash receipts from interests 1,049 865
Cash receipts from tax refund 681 2,411
Cash payments for expenses (53,410) (45,559)
Cash payments to employees (16,116) (14,052)
Cash payments for corporate and final income taxes (10,746) (8,465)
Cash payments for finance costs (4,748) (4,064)
Cash payments for short-term and low-value lease assets 12a (3,770) (3,873)
Cash payments for value added taxes - net (1,410) (515)
Cash receipts from others - net 593 338
Net cash provided by operating activities 60,581 73,354
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from insurance claims 11 199 299
Proceeds from sale of property and equipment 11 100 526
Dividend received from associated company 14 17
Purchase of property and equipment 11,39 (33,601) (35,138)
Purchase of intangible assets 14,39 (2,817) (3,259)
Addition of long-term investment in financial instrument (340) (1,401)
Placement in other current financial assets - net (315) (854)
(Increase) decrease of other assets (149) 560
Net cash used in investing activities (36,909) (39,250)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and other borrowings 18,19 38,834 35,958
Proceeds from issuance of new shares of subsidiaries 1e 2,961 45
Repayments of loans and other borrowings 18,19 (35,323) (44,304)
Cash dividend paid to the Company's stockholders 29 (16,603) (14,856)
Cash dividend paid to non-controlling interests of subsidiaries (9,803) (10,103)
Repayments of principal portion of lease liabilities 39 (6,602) (6,896)
Placement in shares buyback of subsidiary 1e (31) (681)
Net cash used in financing activities (26,567) (40,837)
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,895) (6,733)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS (44) 370
ALLOWANCE FOR EXPECTED CREDIT LOSSES (1) (1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 3 31,947 38,311
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 3 29,007 31,947
The accompanying notes form an integral part of these consolidated financial statements.
4
Page 381
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, 2023 and For the Year Then Ended
(Amounts in the tables 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, the status of the Company was changed into a state-owned limited liability corporation
(“Persero”) based on Government Regulation No. 25/1991. The ultimate parent of the Company is
the Government of the Republic of Indonesia (the “Government”) (Note 21).
The Company was established based on Notarial Deed No. 128 dated September 24, 1991 of Imas
Fatimah, S.H. 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 have 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 Articles of Association as stated in the Notary Deed of Ashoya Ratam, S.H.,
M.Kn. No. 37 dated June 22, 2022, the amendment 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 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 capital 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 network.
(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 repairs
and maintenance facilities.
(c) Collaborating with other parties in order to optimize the information and communication or
technology resources owned by other parties as services provider in the information,
communication and technology industry as to achieve the purposes and objectives of the
Company.
5
Page 382
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 as long as 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 comprises 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:
1 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 to operate IPTV 022/KEP/M.KOMINFO/ Multimedia IPTV February 25, 2021
service provider 02/2021 service provider
License of electronics Bank Indonesia License Electronics money and July 1, 2021
money issuer and money 23/587/DKSP/Srt/B money transfer
transfer service
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 383
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees
i. Boards of Commissioners and Directors
Based on 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. 35 dated June 23, 2023 and
No. 34, dated June 18, 2021, the composition of the Company’s Boards of Commissioners and
Directors as of December 31, 2023 and 2022, respectively, were as follows:
2023 2022
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* 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 -
President Director Ririek Adriansyah Ririek Adriansyah
Director of Enterprise
F.M. Venusiana R. F.M. Venusiana R.
& Business Service
Director of Digital Business Muhamad Fajrin Rasyid Muhamad Fajrin Rasyid
Director of Human
Capital Management Afriwandi Afriwandi
Director of Finance and
Risk Management Heri Supriadi Heri Supriadi
Director of Network & 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 -
Director of Consumer Service - F.M. Venusiana R.
* Based on Notification Letter of VP Investor Relations No. Tel.03/LP 000/DCI-M0200000/2024 dated January 19, 2024, regarding Resignation of
the Company’s Independent Commissioners, Mr. Abdi Negara Nurdin was no longer effectively serve as an Independent Commissioner.
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, 2023 and 2022, respectively, were as follows:
2023 2022
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* Abdi Negara Nurdin
Member Emmanuel Bambang Emmanuel Bambang
Suyitno Suyitno
Member Edy Sihotang Edy Sihotang
Corporate Secretary Anetta Hasan R. Achmad Faisal
Internal Audit Daru Mulyawan Daru Mulyawan
* Based on the Company’s Board of Commissioner Letter No. 04/KEP/DK/2024 dated February 6, 2024, regarding the Composition of the
Company's Audit Committee Membership, Mr. Abdi Negara was no longer effectively serve as an Audit Committee of the Company.
7
Page 384
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
b. Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees (continued)
iii. Employees
As of December 31, 2023 and 2022, the Company and its subsidiaries (collectively referred to
as “the Group”) had 20,605 employees and 20,951 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, 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.
At the AGM of Stockholders of the Company held on July 30, 2004, the minutes of which were
covered by Notarial Deed No. 26 of A. Partomuan Pohan, S.H., LLM., 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 385
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 No. 38 dated April 19, 2013 of
Ashoya Ratam, S.H., M.Kn., 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 change 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 No. 35 dated May 15, 2018, of
Ashoya Ratam, S.H., M.Kn., 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, 2023, all of the Company’s Series B shares are listed on the IDX and
39,734,520 ADS or equivalent to 3,973,451,980 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 a nominal
amount 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, which respectively are listed on the IDX (Note 19b).
9
Page 386
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
d. Subsidiaries
As of December 31, 2023 and 2022, the Company has consolidated the following directly and
indirectly owned subsidiaries (Notes 2b and 2d):
i. Direct subsidiaries:
Start year of Total assets before
operation Percentage of ownership* elimination
Subsidiary Nature of business commencement 2023 2022 2023 2022
PT Telekomunikasi Mobile 1995 70 65 112,966 100,991
Selular telecommunication,
(“Telkomsel”)** fixed broadband, network
service, and IPTV
PT Dayamitra Leasing of towers and 1995 72 72 57,010 56,072
Telekomunikasi Tbk. digital support services
(“Mitratel”) for mobile infrastructure
PT Multimedia Network 1998 100 100 18,457 18,710
Nusantara telecommunication
(“Metra”) services and multimedia
PT Telekomunikasi International 1995 100 100 15,175 13,949
Indonesia telecommunication
International and information
(“Telin”) services
PT Telkom Satelit Telecommunication - 1996 100 100 7,938 6,470
Indonesia provides satellite
(“Telkomsat”) communication
system and its
related services
PT Sigma Cipta Consultation service 1988 100 100 7,616 8,522
Caraka of hardware
(“Sigma”) computer software
PT Graha Sarana Duta Developer, trade, service 1982 100 100 5,614 5,865
("GSD") and transportation
PT Telkom Akses Construction, service 2013 100 100 4,777 5,308
(“Telkom Akses”) and trade in the field of
telecommunication
PT Telkom Data Data center 1996 100 100 4,059 3,202
Ekosistem
(“TDE”)
PT Metra-Net Multimedia portal service 2009 100 100 1,654 1,731
(“Metra-Net”)
PT Infrastruktur Construction, service 2014 100 100 1,261 1,360
Telekomunikasi and trading in
Indonesia the field of
(“Telkom Infra”) telecommunication
PT PINS Indonesia Telecommunication 1995 100 100 775 797
(“PINS”) construction and
services
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
PT Telkom Network not 100 - 0 -
Infrastruktur telecommunication yet operating***
Indonesia services and information
(“Infraco”)
*Percentage of ownership amounting to 99.99% is presented with rounding of 100%.
** Refer to Note 1e for details of the Company's ownership changes in Telkomsel.
*** Commencement of commercial operation starts in 2024.
All direct subsidiaries are domiciled in Indonesia.
10
Page 387
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 2023 2022 2023 2022
PT Metra Digital Trading, information 2013 100 100 8,556 9,019
Investama and multimedia
(“MDI”) technology,
entertainment
and investment
service
Telekomunikasi Investment 2010 100 100 3,842 2,981
Indonesia holding and
International Ltd. telecommunication
("Telin Hong Kong"), services
domiciled in
Hong kong
Telekomunikasi Telecommunication 2008 100 100 3,499 3,678
Indonesia and related
International Pte. Ltd. services
("Telin Singapore"),
domiciled in
Singapore
PT Infomedia Information provider 1984 100 100 2,248 2,268
Nusantara services, contact
(“Infomedia”) center and content
directory
PT Telkom Landmark Property development 2012 55 55 1,986 2,100
Tower and management
(“TLT”) services
PT Finnet Indonesia Information 2006 60 60 1,761 1,248
(“Finnet”) technology
services
PT Persada Sokka Leasing of towers 2008 100 100 1,622 1,401
Tama and other
("PST") telecommunication
services
PT Nuon Digital Digital content 2010 100 100 1,194 1,199
Indonesia exchange hub
(“Nuon”) services
Telekomunikasi Telecommunication 2012 100 100 1,082 836
Indonesia networks, mobile,
International (TL) S.A. internet, and
("Telkomcel"), data services
domiciled in
Timor Leste
PT Telkomsel Mitra Business 2019 100 100 1,030 945
Inovasi management
(“TMI”) consulting and
investment
services
PT Metra Digital Telecommunication 2013 100 100 993 986
Media information digital
(“MD Media”) media provider
PT Telkomsel Business management 2021 100 100 777 807
Ekosistem Digital consulting services
("TED") and investment
and/or investment
in other companies
*Percentage of ownership amounting to 99.99% is presented with rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
11
Page 388
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 2023 2022 2023 2022
PT Administrasi Health insurance 2003 100 100 757 632
Medika administration
(“Admedika”) services
PT Teknologi Data Telecommunication 2013 60 100 606 7
Infrastruktur service and
(“TDI”) data center
TS Global Satellite services 1996 70 70 420 566
Network Sdn. Bhd.
(“TSGN”),
domiciled in
Malaysia
PT Swadharma Cash replenishment 2001 51 51 397 458
Sarana Informatika services and
(“SSI”) ATM maintenance
PT Digital Aplikasi Communication 2014 100 100 341 384
Solusi system services
("Digiserve")
PT Graha Telkomsigma Management and 1999 100 100 333 190
("GTS") consultation
services
PT Nusantara Sukses Service and trading 2014 100 100 292 301
Investasi
(“NSI”)
PT Graha Yasa Tourism and hospitality 2012 51 51 290 285
Selaras services
(”GYS”)
PT Nutech Integrasi System integrator 2001 60 60 227 273
(“Nutech”) service
Telekomunikasi Telecommunication 2014 100 100 212 294
Indonesia and information
International (USA) Inc. services
(“Telin USA”),
domiciled in USA
PT Collega Inti Trading and services 2001 70 70 191 173
Pratama
("CIP")
PT Media Nusantara Consultation services 2012 55 55 136 116
Data Global of hardware, software,
("MNDG") data center, and
internet exchange
Telekomunikasi Telecommunication 2013 70 70 125 125
Indonesia International and information
(Malaysia) Sdn. Bhd. services
(”Telin Malaysia”),
domiciled in
Malaysia
Telekomunikasi Telecommunication 2013 100 100 67 33
Indonesia and information
International services
(Australia) Pty. Ltd.
(“Telin Australia”),
domiciled in
Australia
PT Metra TV Subscription 2013 100 100 50 34
(“Metra TV”) broadcasting
services
*Percentage of ownership amounting to 99.99% is presented with rounding of 100%
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
12
Page 389
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 2023 2022 2023 2022
PT Pojok Celebes Travel agent services 2008 100 100 44 33
Mandiri
("PCM")
PT Bosnet Distribution Trade and consultation 2012 60 60 40 36
Indonesia fast moving
(“BDI”) consumer goods
distribution solution
provider
PT Metraplasa Network and 2014; ceased 60 60 30 30
(“Metraplasa”) e-commerce operations on
services October, 2020
NeutraDC Data center not 100 - - -
Singapore Pte. Ltd. yet operating***
(“NeutraDC
Singapore”)
domiciled in
Singapore
*Percentage of ownership amounting to 99.99% is presented with rounding of 100%
***Commencement of commercial operation starts in 2024.
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
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 to
be transferred is Rp58,250 billion. 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 IDR 2,713 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
(a) On June 2, 2022, Mitratel announced to buyback its shares with a maximum amount of
Rp1,000 billion. The buyback period of Mitratel's shares is for three months starting from
June 2, 2022 to September 2, 2022. Mitratel has exercised buyback of 885,200,000 of its
shares or equivalent to Rp681 billion. On March 6, 2023, Mitratel announced another share
buyback of a maximum of Rp1,500 billion. The buyback period for Mitratel's shares starts
on April 14, 2023. As of December 31, 2023 Mitratel has conducted a share buyback
amounting to 47,700,000 shares or equivalent to Rp31 billion.
(b) On March 1, 2023, Mitratel and PT Indosat Tbk. (“Indosat”) signed a Seller Closing
Certificate for the acquisition of 997 Indosat’s telecommunications towers amounting to
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, as part of the agreement,
Indosat has also agreed to deliver order for 3,500 collocations for next 3 years compensate
Mitratel for amounted Rp473 billion as commitment and as of December 31, 2023, Mitratel
has paid amounted Rp406 billion.
(c) On November 24, 2023, Mitratel acquired 803 telecommunication towers belonging to
PT Gametraco Tunggal for Rp1,753 billion.
13
Page 390
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
1. GENERAL (continued)
e. Other important informations (continued)
iii. Sigma
Based on Notarial Deed No. 120 dated April 19, 2022 of Jimmy Tanal, S.H., M.Kn.,
the Company acquired Sigma shares from Metra, resulted in 56.39% ownership by the
Company and diluting Metra’s ownership into 43.61%.
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,
with 1 share and the par value of SGD 1.
v. Infraco
Based on Notarial Deed No. 26 dated December 8, 2023 of Aulia Taufani, S.H, the Company
established PT Telkom Infrastruktur Indonesia ("Infraco”).
vi. TDI
Based on Notarial Deed of Jimmy Tanal, SH., MKn No. 201 dated October 25, 2023, the
shareholders approved the issuance of 4,825,932 new shares with nominal value per share of
Rp 104,438, of which PT Telkom Data Ekosistem took 2,451,319 shares or amounted to Rp256
billion, ST Dynamo ID Pte, Ltd. took 2,077,787 shares or amounted to Rp217 billion and
PT Medco Power Indonesia took 296,826 shares or amounted to Rp31 billion. This additional
capital contribution diluting TDE's ownership into 60.0% and the dilution effect was recorded as
differences in non-controlling interest ownership acquisition transaction of subsidiary amounted
to Rp6 billion.
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 March 22, 2024.
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION
The Group consolidated financial statements have been prepared in accordance with Financial
Accounting Standards ("Standar Akuntansi Keuangan” or “SAK") including Indonesian Statement of
Financial Accounting Standards ("Pernyataan Standar Akuntansi Keuangan" or “PSAK”) and
interpretation of Financial Accounting Standards ("Interpretasi Standar Akuntansi Keuangan" or
“ISAK”) in Indonesia published by the Financial Accounting Standards Board of Institute of Indonesian
Chartered Accountants 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 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 used in the consolidated financial statements is the Indonesian Rupiah
(“Rp”) which is also the functional currency of each entity in the Group except for certain
subsidiaries which have the functional currency of the United States Dollar, Australian Dollar and
Malaysian Ringgit. Figures in the consolidated financial statements which still contain values but
below Rp1 billion and US$1 million, are presented with zeros.
14
Page 391
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (CONTINUED)
a. Basis of preparation of consolidated financial statements (continued)
New accounting standards
On January 1, 2023, 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. Amendment PSAK 1: Presentation of Financial Statements
ii. Amendment PSAK 16: Fixed Assets
iii. Amendment PSAK 25: Accounting Policies, Changes in Accounting Estimates, and Errors
iv. Amendment to PSAK 46: Income Tax
Accounting standards issued but not yet effective
Financial Accounting Standards Pillars
These standards provides requirements and guidelines for entities to apply the correct 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 (PSAK),
iii. Pillar 3 Indonesian Financial Accounting Standards for Private Entities/Indonesian Financial
Accounting Standards for Entities without Pubic Accountability, and
iv. Pillar 4 Indonesian Financial Accounting Standards for Micro Small and Medium Entities.
Financial Accounting Standards Nomenclature
This standard regulates the new numbering for financial accounting standards applicable in
Indonesia issued by DSAK IAI.
Effective January 1, 2024
i. Amendment PSAK 1: Presentation of Financial Statements
This amendment clarifies long-term liabilities with covenant and the classification of liabilities as
short-term liabilities or long-term liabilities
ii. Amendment PSAK 73: Leases
This amendment regulates lease liabilities in sale and leaseback transactions.
iii. Amendment PSAK 2 Statements of Cash Flow and PSAK 60 Financial Instruments: Disclosures
This amendment explains supplier financing agreements.
Effective January 1, 2025
i. Amendment PSAK 10: Effect of Changes in Foreign Exchange Rate
This amendment clarifies the lack of interchangeability.
15
Page 392
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
b. Principles of consolidation
The consolidated financial statements consist of the financial statements of the Company and
the subsidiaries over which it has control. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. Specifically, the Group controls an investee if and only
if the Group has the power over the investee, exposure or rights, to variable returns from its
involvement with the investee, and the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has
power over an investee, including:
i. The contractual arrangement with the other vote holders of the investee,
ii. Rights arising from other contractual arrangements, and
iii. The Group's voting rights and potential voting rights.
The Group re-assesses whether it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses
control over the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statements of 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.
16
Page 393
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
c. Transactions with related parties
The Group has transactions with related parties. The definition of related parties used is in
accordance with the Bapepam-LK’s Regulation No. VIII.G.7 regarding the Presentations and
Disclosures of Financial Statements of Issuers or Public Companies, enclosed in the decision letter
No. KEP-347/BL/2012. The party which is considered as 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 choice of measurement basis is
made on a transaction-by-transaction basis. Acquisition-related costs are expensed as incurred.
The acquiree’s identifiable assets and liabilities are recognized at their fair values at the acquisition
date.
Goodwill is initially measured at cost, being the excess of the aggregate of the 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 net assets
acquired is in excess of 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. Measurement-period
adjustments are adjustments that arise 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.
17
Page 394
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
d. Business combinations and goodwill (continued)
If the initial accounting for a business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group shall report in its consolidated financial statements
provisional amounts for the items for which the accounting is incomplete. During the measurement
period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition
date to reflect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the amounts recognized
as of that date. The measurement period ends immediately after the Company receives the
information about the facts and circumstances that existed at the acquisition date or learns that
additional information cannot be obtained. However, the measurement period must not exceed one
year from the date of acquisition.
In a business combination achieved in stages, the acquirer remeasures its previously held equity
interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if
any, in profit or loss.
Based on PSAK 38 (Revised 2012), “Common Control Business Combination”, 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
statement of financial position.
At the initial application of PSAK 38 (Revised 2012), 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 statement of financial position.
e. Cash and cash equivalents
Cash and short-term deposits in the statement 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 statement 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 (Note 2q).
18
Page 395
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
f. Inventories
Inventories consist of components, which represent telephone terminals, cables, and other spare
parts. Inventories also include Subscriber Identification Module ("SIM") cards, handsets, wireless
broadband modems, and prepaid vouchers which are expensed upon sale.
Inventories are valued at the lower of cost and net realizable value. Net realizable value is
determined by either estimating the selling price in the ordinary course of business, less estimated
cost to sell or determining the prevailing replacement costs.
The costs of inventories consist of the purchase price, import duties, other taxes, transport,
handling, and other costs directly attributable to their acquisition.
Cost is determined using the weighted average method.
The amounts of any write-down of inventories below cost to net realizable value and all losses
of inventories are recognized as an expense in the period in which the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net
realizable value, is recognized as a reduction in the amount of general and administrative expenses
in the year in which the reversal occurs.
Provision for obsolescence is primarily based on the estimated forecast of future usage of these
inventory items.
g. Prepaid expenses
Prepaid expenses are amortized over their future beneficial periods using the straight-line method.
Prepaid expenses are presented in the consolidated statement of financial position as part of Other
current assets and Other non-current assets.
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 each 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.
19
Page 396
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
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
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 statement 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 can not 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.
20
Page 397
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
i. Property and equipment (continued)
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 betterments are capitalized
to the 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 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.
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 under PSAK 73, 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 exclusion of initial direct costs for the measurement of the right-of-use assets (“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 to separate non-lease components from lease components, and instead, account for both
as a single lease component; and
• not to recognize 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 73 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.
21
Page 398
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 leased 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 48: 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 73 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.
22
Page 399
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 73, 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 71, an allowance for expected credit loss has been recognized on the
finance lease receivables and presented under “Other receivables”.
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 statement 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 assets 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 72
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.
23
Page 400
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, 2023 and For the Year Then Ended
(Amounts in the tables 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):
2023 2022
Buy Sell Buy Sell
United States Dollar (“US$”) 1 15,396 15,401 15,567 15,571
Australian Dollar (“AU$”) 1 10,499 10,505 10,583 10,589
Singapore Dollar (“SGD”) 1 11,666 11,673 11,614 11,622
New Taiwan Dollar (“TWD”) 1 501.32 501.53 508.15 508.47
Euro (“EUR”) 1 17,025 17,036 16,623 16,635
Japanese Yen ("JPY") 1 108.78 108.82 118.12 118.17
Malaysian Ringgit ("MYR") 1 3,350 3,359 3,529 3,539
Hong Kong Dollar (“HKD”) 1 1,971 1,971 1,996 1,997
Myanmar Kyart (“MMK”) 1 7.31 7.35 7.39 7.44
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).
24
Page 401
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 72 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 services 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 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 points 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 fixed telephone and IndiHome
services. Revenues from fixed telephone service are derived from customer who subscribes to
fixed telephone service only, while 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, customer can decide to stop subscribing in
accordance with the applicable terms and conditions without incurring any penalties. In
accordance with PSAK 72, 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.
25
Page 402
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 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.
26
Page 403
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, 2023 and For the Year Then Ended
(Amounts in the tables 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/fulfilling contract with customers
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 profit or loss.
27
Page 404
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 plans 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).
Remeasurement, comprising of actuarial gain 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 amendement or curtailment ; and
(b) the date that the Group recognized restructuring-related costs.
28
Page 405
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, 2023 and For the Year Then Ended
(Amounts in the tables 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)
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.
In April 2022, the Institute of Indonesia Chartered Accountants’ Accounting Standard Board
issued a press release regarding attribution of benefits to periods of service in accordance with
PSAK 24: Imbalan Kerja which was adopted from IAS 19 Employee Benefits. The press release
conveyed the information that the fact pattern of the pension program based on the Labor Law
currently enacted in Indonesia is similar to those responded and concluded in the IFRS
Interpretation Committee (“IFRIC”) Agenda Decision Attributing Benefit to Periods of Service
IAS 19. The Group has adopted the said press release and accordingly changed its accounting
policy regarding attribution of benefits to periods of service previously applied.
In prior years, the Group attributed benefits under the defined benefit plan’s benefit formula to
periods of service from the date when employees provide their services until their retirement
age. The Group changed the policy for attributing benefits under the plan to 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.
29
Page 406
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 an 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 assessment
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 an 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 the 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.
30
Page 407
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, 2023 and For the Year Then Ended
(Amounts in the tables 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
ISAK 34: 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 predict
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 tax payer incurred a loss on the transaction.
Final tax on construction services and lease 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 of 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, transactions costs.
Trade receivables that do not contain a significant financing component or which the Group
has applied the practical expedient are measured at the transaction price in determined under
PSAK 72.
31
Page 408
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i. Financial assets (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 (“SPPI”) test and is performed at 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 buy or 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.
The Group has no debt instruments classified at FVTOCI with recycling of cumulative
gains and losses as of December 31, 2023 and 2022.
32
Page 409
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 71 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
profit or loss. 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 investment 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 (“SPPI”) 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 statement of financial position at fair value
with net changes in fair value recognized in the statement of profit or loss. The Group’s
financial assets at FVTPL consists of other long-term investment 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.
33
Page 410
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 a provision model 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 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 cost.
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 note, long-term bank loans, and
other borrowings.
34
Page 411
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 71 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:
(a) the normal course of business;
(b) the event of default; and
(c) the event of insolvency or bankruptcy of the Group and all of the counterparties.
iv. Derecognition of financial instruments
The Group derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or when the Group transfers substantially all the risks and rewards
of ownership of the financial asset.
The Group derecognizes a financial liability when the obligation specified in the contract is
discharged or cancelled or has expired.
35
Page 412
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, 2023 and For the Year Then Ended
(Amounts in the tables 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. The portion of treasury stock
transferred for employee stock ownership program is accounted for at its fair value at grant date.
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.
The Company does not have potentially dilutive financial instruments.
u. Segment information
The Group's segment information is presented based upon identified operating segments. An
operating segment is a component of an entity:
i. that engages in business activities from which it may earn revenues and incur expenses
(including revenues and expenses relating to transactions with other components of the same
entity);
ii. whose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker
(“CODM”) i.e., the Directors, to make decisions about resources to be allocated to the segment
and assess its performance; and
iii. for which discrete financial information is available.
v. Provisions
Provisions are recognized when the Group has present obligations (legal or constructive) arising
from past events and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligations and the amount can be measured reliably.
Provisions for onerous contracts are recognized when the contract becomes onerous for the lower
of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill
the contract.
w. Impairment of non-financial assets
At the end of each reporting period, the Group assesses whether there is an indication that an non-
financial assets may be impaired. These assets include property and equipment, current assets,
and other non-current assets, including intangible assets. If such indication exists, the recoverable
amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount
of the individual asset, the Group determines the recoverable amount of the Cash-Generating Unit
(“CGU”) to which the asset belongs (“the asset’s CGU”).
36
Page 413
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 the consolidated statement 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 can not 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
and 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; or
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 unconditional right 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.
Deffered tax assets and liabilities are classified as non-current assets and liabilities.
37
Page 414
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, 2023 and For the Year Then Ended
(Amounts in the tables 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.
38
Page 415
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, 2023 and For the Year Then Ended
(Amounts in the tables 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.
In 2021, the Company accelerated the useful lives of Multi-Service Access Node (“MSAN”)
assets until 2022. In 2022, the Group changed the estimated useful lives of towers in
Indonesia (Note 11). In 2023, there is no change of estimated useful lives.
(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
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has
established an allowance for expected credit losses methodology that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors,
and the economic environment.
For term deposits and debt instruments at FVTOCI, the Group applies the low credit risk
simplification. At every reporting date, the Group evaluates whether the deposits or debt
instrument are considered to have low credit risk using all reasonable and supportable
information that is available without undue cost or effort. In making that evaluation, the
Group reassesses the internal credit rating of the debt instrument. In addition, the Group
considers that there has been a significant increase in credit risk when contractual
payments are more than 30 days past due.
39
Page 416
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, 2023 and For the Year Then Ended
(Amounts in the tables 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)
(d) Allowance for expected credit losses for financial assets (continued)
The Group assesses whether there is objective evidence that other receivables or other
financial assets have been impaired at the end of each reporting period. Allowance for
expected credit losses of receivables is calculated based on a review of the current status
of existing receivables and historical collection experience. Such allowances are adjusted
periodically to reflect the actual and anticipated experience. Details of the nature and
carrying amounts of allowance for expected credit losses of receivables are disclosed in
Note 5.
The Group has reassessed the model used to calculate ECLs based on the latest
reasonable and supportable data to better reflect the current change in circumstances.
Methods and approaches will continue to be monitored and updated if additional
reasonable and supportable data and information are available, including forward-looking
information and other input in the future.
(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 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.
40
Page 417
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, 2023 and For the Year Then Ended
(Amounts in the tables 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)
(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 48: Impairment
of Assets.
(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
41
Page 418
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS
2023 2022
Balance Balance
Currency Rupiah Currency Rupiah
Currency (in million) equivalent (in million) equivalent
Cash on hand Rp - 14 - 11
Cash in bank
Related parties
PT Bank Mandiri (Persero) Tbk (“Bank Mandiri”) Rp - 3,346 - 6,413
US$ 37 572 49 758
EUR 2 38 2 34
JPY 6 1 6 1
HKD 1 3 3 5
AU$ 0 0 0 0
PT Bank Negara Indonesia (Persero) Tbk (“BNI”) Rp - 4,228 - 4,298
US$ 4 64 7 111
SGD 0 0 0 0
EUR 0 0 0 0
PT Bank Tabungan Negara (Persero) Tbk ("BTN") Rp - 2,597 - 2,713
PT Bank Rakyat Indonesia (Persero) Tbk (“BRI”) Rp - 1,471 - 2,691
US$ 0 6 11 179
TWD 1 0 - -
Others (each below Rp100 billion) Rp - 59 - 230
US$ 0 0 0 0
Sub-total 12,385 17,433
Third parties
The Hongkong and Shanghai Banking Corporation Ltd.
("HSBC Hongkong") US$ 43 661 55 861
HKD 5 9 5 10
Standard Chartered Bank (“SCB”) US$ 14 215 16 245
SGD 6 74 5 53
PT Bank CIMB Niaga Tbk (”Bank CIMB Niaga”) Rp - 265 - 1,379
US$ 0 2 0 5
PT Bank Central Asia Tbk (“BCA”) Rp - 144 - 80
US$ 0 3 0 3
Bank Pembangunan Daerah ("BPD") Rp - 140 - 75
DBS Bank (Hong Kong) Ltd. ("DBS Hong Kong") US$ 9 138 0 0
HKD 0 0 0 0
Citibank, N.A. (“Citibank”) Rp - 6 - 10
US$ 8 127 5 80
EUR 0 0 - -
Others (each below Rp100 billion) Rp - 219 - 652
US$ 10 151 12 187
TWD 41 21 58 29
MYR 5 15 5 17
AU$ 0 5 2 23
MMK 353 3 386 3
SGD 3 36 2 29
EUR - - 0 0
Sub-total 2,234 3,741
Total of cash in bank 14,619 21,174
Time deposit
Related parties
BRI Rp - 1,550 - 845
US$ 22 340 21 319
BNI Rp - 1,266 - 378
US$ 23 353 9 145
BTN Rp - 1,065 - 1,655
PT Bank Syariah Indonesia Tbk. (“BSI”) Rp - 1,160 - 1,220
Mandiri Rp - 513 - 844
US$ 25 392 31 489
Sub-total 6,639 5,895
42
Page 419
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
3. CASH AND CASH EQUIVALENTS (continued)
2023 2022
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 - 1,433 - 1,986
US$ 20 312 12 181
PT Bank Tabungan Pensiunan Nasional Syariah Tbk
("BTPN Syariah") Rp - 137 - -
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk
(“BJB”) Rp - 1,419 - 1,423
Bank CIMB Niaga Rp - 928 - 122
US$ 5 70 11 168
PT Bank Maybank Indonesia Tbk ("Maybank") Rp - 658 - 220
US$ 23 358 14 224
MYR - - 2 6
BPD Rp - 1,569 - 25
PT Bank Danamon Indonesia Tbk (“Bank Danamon”) Rp - 491 - 40
US$ 9 137 9 133
Others (each below Rp100 billion) Rp - 60 - 340
US$ 10 156 - -
MYR 2 8 - -
Sub-total 7,736 4,868
Total of time deposits 14,375 10,763
Allowance for expected credit losses (1) (1)
Total 29,007 31,947
Interest rates per annum on time deposits are as follows:
2023 2022
Rupiah 1.95% - 7.25% 1.95% - 6.50%
Foreign currency 2.50% - 5.50% 0.25% - 4.05%
The Group placed the majority of its cash and cash equivalents in state-owned (related party) banks
because they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks.
43
Page 420
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
4. OTHER CURRENT FINANCIAL ASSETS
2023 2022
Balance Balance
Foreign Foreign
currency Rupiah currency Rupiah
Currency (in millions) equivalent (in millions) equivalent
Time deposit
Related parties
BRI Rp - 255 - 50
BNI Rp - 160 - 80
Bank Mandiri Rp - 95 - 10
US$ 5 77 5 79
BSI Rp - 118 - 100
Others (each below Rp100 billion) Rp - 10 - -
Third parties
United Overseas Bank Limited Singapore
(“UOB Singapore”) US$ 12 186 12 182
Standard Chartered Bank (Singapore) Limited
(“SCB Singapore”) US$ 7 100 7 102
Others (each below Rp100 billion) Rp - 85 - 18
US$ 2 32 2 32
Total time deposits 1,118 653
Escrow accounts Rp - 214 - 383
US$ 2 24 2 30
Total escrow accounts 238 413
Mutual funds
Related parties
Others (each below Rp100 billion) Rp - 85 - 81
Third parties
PT Henan Putihrai Asset Management
(“HPAM”) Rp - 217 - 200
Total mutual funds 302 281
Others (each below Rp100 billion) Rp - 3 - 0
US$ - - 0 2
MYR 0 0 0 0
Total others 3 2
Allowance for expected credit losses (0) (0)
Total 1,661 1,349
The time deposits have maturities of more than three months but not more than one year, with interest
rates as follows:
2023 2022
Rupiah 2.75% - 6.75% 2.50% - 5.00%
Foreign currency 2.30% - 5.85% 1.95% - 5.06%
44
Page 421
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, 2023 and For the Year Then Ended
(Amounts in the tables 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
2023 2022
State-owned enterprises 1,914 1,985
PT Indonusa Telemedia ("Indonusa") 386 385
Indosat 303 175
Others (each below Rp100 billion) 443 156
Total 3,046 2,701
Allowance for expected credit losses (1,128) (1,081)
Net 1,918 1,620
(ii) Third parties
2023 2022
Individual and business subscribers 13,586 12,517
Overseas international carriers 1,541 984
Total 15,127 13,501
Allowance for expected credit losses (6,378) (6,487)
Net 8,749 7,014
b. By age
2023 2022
Allowance for Expected Allowance for Expected
expected credit expected credit
Gross credit losses loss rate Gross credit losses loss rate
Not past due 7,020 386 5.5% 6,964 399 5.7%
Past due up to 3 months 2,758 369 13.4% 1,674 349 20.8%
Past due more than 3 to 6 months 1,215 313 25.8% 664 222 33.4%
Past due more than 6 months 7,180 6,438 89.7% 6,900 6,598 95.6%
Total 18,173 7,506 16,202 7,568
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, 2023 and 2022, the carrying amounts of trade receivables of the
Group considered past due but not impaired amounted to Rp4,033 billion and Rp2,069 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
2023 2022
Rupiah 15,646 14,714
U.S. Dollar 2,360 1,359
Singapore Dollar 143 89
Others (each below Rp100 billion) 24 40
Total 18,173 16,202
Allowance for expected credit losses (7,506) (7,568)
Net 10,667 8,634
45
Page 422
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
5. TRADE RECEIVABLES (continued)
d. Movements in the allowance for expected credit losses
2023 2022
Beginning balance 7,568 7,802
Allowance for expected credit losses 513 567
Receivables written-off (575) (801)
Ending balance 7,506 7,568
The receivables written-off relate to both related party and third party 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, 2023 and 2022, certain trade receivables of the subsidiaries amounting to
Rp1,248 billion and Rp1,129 billion, respectively, have been pledged as collateral under lending
agreements (Notes 18a and 19c).
6. CONTRACT ASSETS
2023 2022
Contract assets 2,877 2,610
Allowance for expected credit losses (147) (119)
Net 2,730 2,491
Current portion (2,704) (2,457)
Non-current portion 26 34
Management believes that the allowance for expected credit losses of contract assets 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:
2023 2022
SIM cards and prepaid vouchers 791 321
Components 29 588
Others (each below Rp100 billion) 231 294
Total 1,051 1,203
Provision for obsolescence (54) (59)
Net 997 1,144
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 2023 and 2022 amounted to Rp797 billion and Rp747 billion, respectively
(Note 25).
There were no inventories pledged as collateral under lending agreements as of December 31, 2023
and 2022.
46
Page 423
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
7. INVENTORIES (continued)
As of December 31, 2023 and 2022, modules (part of property and equipment) and components held
by the Group with book value amounting to Rp96 billion and Rp94 billion, respectively, have been
insured against fire, theft, and other specific risks. The total sum insured as of December 31, 2023 and
2022 amounted to Rp94 billion and Rp111 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 are as follows:
2023 2022
Prepaid frequency license fees - current
portion (Note 35c.i) 6,173 5,289
Advances 768 679
Prepaid salaries 276 218
Other receivables 266 245
Others (each below Rp100 billion) 513 580
Total 7,996 7,011
9. CONTRACT COST
Movements of contract costs are as follows:
2023
Cost to obtain Cost to fulfill Total
At January 1, 2023 1,554 858 2,412
Amortization during the year (374) - (374)
Expense during the year - (704) (704)
Impairment - (184) (184)
Addition current year 461 610 1,071
At December 31, 2023 1,641 580 2,221
Current (427) (226) (653)
Non-current 1,214 354 1,568
2022
Cost to obtain Cost to fulfill Total
At January 1, 2022 1,532 732 2,264
Amortization during the year (338) - (338)
Expense during the year - (514) (514)
Addition current year 360 640 1,000
At December 31, 2022 1,554 858 2,412
Current (354) (317) (671)
Non-current 1,200 541 1,741
47
Page 424
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
10. LONG-TERM INVESTMENTS
The breakdown of long-term investments are as follows:
2023 2022
Financial instruments
At fair value through profit or loss:
Equity 7,537 7,624
Convertible bonds 491 884
At fair value through other comprehensive income:
Equity 25 22
8,053 8,530
Associates
PT Jalin Pembayaran Nusantara ("Jalin") 105 115
Others (each below Rp100 billion) 4 8
109 123
Total long-term investments 8,162 8,653
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, 2023,
Telkomsel assessed the fair value of the investment in GOTO was Rp86 per share.
The total unrealized loss from changes in fair value of Telkomsel’s investment in GOTO as of
December 31, 2023, amounted to Rp119 billion and was presented as unrealized loss arising
from change of valuation of investments in the consolidated statements of profit or loss.
(ii) Investments by MDI in several start-up entities engaged in the information and technology sector.
The additional investments during the year by MDI amounted to Rp338 billion. The total unrealized
loss from changes in fair value of MDI’s investment amounted to Rp514 billion as of December
31, 2023 and was presented as unrealized loss arising from change of valuation of investments
in the consolidated statements of profit or loss.
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, which will be immediately converted into shares when they mature.
The unrecognized share in losses in other investments cumulatively as of December 31, 2023 and
2022 was amounting to Rp328 billion and Rp346 billion, respectively
48
Page 425
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, 2023 and For the Year Then Ended
(Amounts in the tables 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,
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
49
Page 426
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, 2023 and For the Year Then Ended
(Amounts in the tables 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,
2021 Additions Deductions Translations 2022
At cost:
Directly acquired assets
Land rights 1,821 10 - 7 1,838
Buildings 17,296 778 (1) 874 18,947
Leasehold improvements 1,477 80 (86) 100 1,571
Switching equipment 18,324 1,066 (130) 823 20,083
Telegraph, telex, and data communication
equipment 1,583 - - - 1,583
Transmission installation and equipment 165,621 4,494 (9,501) 10,492 171,106
Satellite, earth station, and equipment 10,528 155 (5) 126 10,804
Cable network 67,559 7,807 (9) (662) 74,695
Power supply 22,035 433 (719) 1,527 23,276
Data processing equipment 19,258 877 (390) 1,209 20,954
Other telecommunication peripherals 9,121 1,261 - 20 10,402
Office equipment 2,352 157 (85) 201 2,625
Vehicles 537 100 (165) 133 605
Other equipment 47 2 (3) 5 51
Property under construction 2,950 16,936 - (15,288) 4,598
Total 340,509 34,156 (11,094) (433) 363,138
Accumulated depreciation:
Directly acquired assets
Buildings 5,537 632 (1) 60 6,228
Leasehold improvements 1,163 130 (86) - 1,207
Switching equipment 12,225 1,985 (127) 17 14,100
Telegraph, telex, and data communication
equipment 1,582 - - - 1,582
Transmission installation and equipment 94,532 12,087 (9,362) 78 97,335
Satellite, earth station, and equipment 5,199 830 (5) 17 6,041
Cable network 18,735 4,388 (9) (604) 22,510
Power supply 15,874 1,699 (712) 29 16,890
Data processing equipment 14,130 1,806 (388) (58) 15,490
Other telecommunication peripherals 4,330 1,717 - 20 6,067
Office equipment 1,866 261 (79) 25 2,073
Vehicles 270 38 (135) 69 242
Other equipment 40 3 (2) 3 44
Total 175,483 25,576 (10,906) (344) 189,809
Net book value 165,026 173,329
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
2023 2022
Proceeds from sale of property and equipment 100 526
Net book value (16) (129)
Gain on disposal or sale of property and equipment 84 397
b. Others
(i) During 2023 and 2022, 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, 2023 and 2022.
(ii) Interest capitalized to property under construction amounted to Rp124 billion and
Rp79 billion for the year ended December 31, 2023 and 2022, respectively. The capitalization
rate used to determine the amount of borrowing costs eligible for capitalization ranged from
2.50% to 8.24% and 5.63% to 7.90% for the year ended December 31, 2023 and 2022,
respectively.
(iii) No foreign exchange loss was capitalized as part of property under construction for the year
ended December 31, 2023 and 2022.
50
Page 427
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(iv) During 2023 and 2022, the Group obtained proceeds from the insurance claim on lost and
damaged property and equipment, with a total value of Rp199 billion and Rp299 billion,
respectively, and were recorded as part of “Other income - net” in the consolidated
statements of profit or loss and other comprehensive income. During 2023 and 2022, the net
carrying values of these assets amounted to Rp185 billion and Rp270 billion, respectively,
were charged to the consolidated statements of profit or loss and other comprehensive
income.
(v) In 2022, the estimated useful lives of Group towers were changed from 30 to 40 years.
The impact of reduction in the depreciation expense for the year ended December 31, 2022
amounted to Rp93 billion. Towers are presented as part of transmission installation and
equipment.
(vi) In 2022, the equipment units of Telkomsel with the net carrying amount of Rp909 billion had
been exchanged with equipment units of PT ZTE Indonesia.
(vii) In 2021, the Company decided to discontinue the use of MSAN assets and accelerate the
depreciation of the MSAN assets, which were fully depreciated in 2022. The impact of
accelerated depreciation of MSAN assets for the year ended December 31, 2022 amounted
to Rp1,494 billion. MSAN assets are presented as part of cable network.
(viii) 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 2024
and 2071. Management believes that there will be no issue in obtaining the extension of the
land rights when they expire.
(ix) As of December 31, 2023 and 2022, the Group’s property and equipment excluding land
rights, with a net carrying amount of Rp175,519 billion and Rp172,112 billion, respectively,
were insured againts fire, theft, earthquake and other specified risks, including business
interruption. The total blanket policies as of December 31, 2023 and 2022 amounted to
Rp41,045 billion and Rp36,319 billion, HK10 million, SG$373 million, and MYRNil and
MYR54 million, respectively, and first loss basis amounted to Rp2,750 billion, respectively.
Management believes that the insurance coverage is adequate to cover potential losses from
the insured risks.
(x) As of December 31, 2023 and 2022, the percentage of completion of property under
construction was approximately 74.09% and 55.91%, respectively, of the total contract value
or Rp5,836 billion and Rp3,934 billion are recorded as amount of expenditures in property
under construction, respectively, with estimated dates of completion until December 2025
and August 2025, respectively. The balance of property under construction mainly consist 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.
(xi) As of December 31, 2023 and 2022, 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 Rp3,076 billion and Rp18,370 billion,
respectively, have been pledged as collateral under lending agreements (Notes 18a and
19c).
51
Page 428
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(xii) As of December 31, 2023 and 2022, the cost of fully depreciated property and equipment of
the Group that are still used in operations amounted to Rp85,564 billion and Rp67,979 billion,
respectively. The Group is currently conducting modernization of network assets to replace
the fully depreciated property and equipment.
(xiii) In 2023 and 2022, the total fair values of land rights and buildings of the Group amounted to
Rp51,373 billion and Rp49,014 billion, respectively.
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 movement are as follows:
Transmission
installation and
Land rights Buildings equipment Vehicles Others Total
As at January 1, 2022 4,002 729 13,120 410 208 18,469
Additions 1,169 121 8,205 488 23 10,006
Deductions and reclassifications (217) 17 (2,399) (197) 8 (2,788)
Depreciation expense (867) (204) (4,067) (178) (35) (5,351)
As at December 31, 2022 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
The carrying amounts of the lease liabilities and the movements are as follows:
2023 2022
As at January 1 18,661 16,387
Accretion of interest 976 931
Additions (Note 39a) 10,390 10,006
Deductions (9,602) (8,663)
As at December 31 20,425 18,661
Current (5,575) (4,925)
Non-current 14,850 13,736
Maturity analysis of lease payments are as follows:
2023
Less than 1 year 6,614
1-5 years 11,453
More than 5 years 6,431
Total lease payments 24,498
Interest (4,073)
Net present value of lease payments 20,425
Current (5,575)
Non-current 14,850
52
Page 429
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, 2023 and For the Year Then Ended
(Amounts in the tables 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.
Detail of expenses related to leases for the year ended December 31, 2023 and 2022 are as follows:
2023 2022
Depreciation expense of right-of-use assets 5,160 5,351
Expense relating to short-term leases 3,743 3,821
Interest expense on lease liabilities 976 931
Expense relating to leases of low-value assets 27 52
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 32 years and with expiry dates between 2024 and 2051. 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:
2023 2022
Less than 1 year 5,099 2,582
1-5 years 9,412 8,354
More than 5 years 5,098 5,107
Total 19,609 16,043
13. OTHER NON-CURRENT ASSETS
The breakdown of other non-current assets is as follows:
2023 2022
Prepaid frequency license fees -
net of current portion (Note 35c.i) 1,987 1,291
Claims for tax refund – net of current portion (Note 27b) 1,606 621
Prepaid expenses 984 446
Advances 368 781
Security deposit 159 144
Others (each below Rp100 billion) 329 340
Total 5,433 3,623
53
Page 430
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, 2023 and For the Year Then Ended
(Amounts in the tables 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, 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
Other intangible
Goodwill Software License assets Total
Gross carrying amount:
Balance, January 1, 2022 1,492 17,458 174 1,512 20,636
Additions - 2,527 440 49 3,016
Deductions - (175) - (70) (245)
Reclassifications/translations - (31) 6 - (25)
Balance, December 31, 2022 1,492 19,779 620 1,491 23,382
Accumulated amortization:
Balance, January 1, 2022 (402) (11,714) (125) (889) (13,130)
Amortization - (2,063) (26) (91) (2,180)
Deductions - 175 - 70 245
Reclassifications/translations - (14) (1) - (15)
Balance, December 31, 2022 (402) (13,616) (152) (910) (15,080)
Net book value 1,090 6,163 468 581 8,302
(i) Goodwill resulted from the acquisition of Sigma (2008), Admedika (2010), data center PT Bina
Data Mandiri (“BDM”) (2012), MNDG (2015), Melon and PT Griya Silkindo Drajatmoerni (“GSDm”)
(2016), TSGN, Nutech, and BDI (2017), SSI, CIP, and Telin Malaysia (2018), PST (2019), and
Digiserve (2021).
(ii) As of December 31, 2023, the impairment of goodwill arising from the acquisition of BDI amounted
to Rp11 billion. 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 periods ended December 31, 2023 and
2022 ranges from 1-6 years, respectively. The amortization 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, 2023 and 2022, the cost of fully amortized intangible assets that are still used
in operations amounted to Rp10,604 billion and Rp9,640 billion, respectively.
54
Page 431
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
15. TRADE PAYABLES
The breakdown of trade payables is as follows:
2023 2022
Related parties
Purchases of equipment, materials, and services 424 262
Payables to other telecommunication providers 161 169
Sub-total 585 431
Third parties
Purchases of equipment, materials, and services 12,748 14,453
Payables to other telecommunication providers 2,876 2,231
Radio frequency usage charges, concession fees,
and Universal Service Obligation (“USO”) charges 2,399 1,342
Sub-total 18,023 18,026
Total 18,608 18,457
Trade payables by currency are as follows:
2023 2022
Rupiah 15,929 16,727
U.S. Dollar 2,537 1,636
Others 142 94
Total 18,608 18,457
Terms and conditions of the above trade payables:
b. The Group’s trade payables are non-interest bearing and are normally settled on 1 year term.
c. Refer to Note 32 for details on related party transactions.
d. Refer to Note 37b.v for the Group’s liquidity risk management.
16. ACCRUED EXPENSES
The breakdown of accrued expenses is as follows:
2023 2022
Operation, maintenance,
and telecommunication services 5,813 8,183
Salaries and benefits 3,909 4,014
General, administrative, and marketing expenses 3,114 3,067
Interest and bank charges 243 181
Total 13,079 15,445
Refer to Note 32 for details of related party transactions.
55
Page 432
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
17. CONTRACT LIABILITIES
a. Current portion
2023 2022
Advances from customers for Mobile 3,267 3,577
Advances from customers for Enterprise 1,587 1,126
Advances from customers for WIB 1,291 1,188
Advances from customers for Consumer 244 233
Advances from customers for others 459 171
Total 6,848 6,295
b. Non-current portion
2023 2022
Advances from customers for WIB 795 700
Advances from customers for Consumer 705 844
Advances from customers for Enterprise 251 17
Advances from customers for others 840 -
Total 2,591 1,561
Contract liabilities at the beginning of the period which were recognized as revenue in 2023 and
2022 amounted to Rp6,295 billion and Rp6,795 billion, respectively.
Refer to Note 32 for details of related party transactions.
18. SHORT-TERM BANK LOANS AND CURRENT MATURITIES OF LONG-TERM LOANS AND
OTHER BORROWINGS
a. Short-term bank loans
Outstanding
Lenders 2023 2022
Related parties
Bank Mandiri 4,013 3,483
BNI 903 979
Sub-total 4,916 4,462
Third parties
PT Bank HSBC Indonesia ("HSBC") 2,547 1,836
MUFG Bank ("MUFG") 1,155 1,349
UOB Indonesia 500 -
PT Bank DBS Indonesia ("DBS") 440 475
Others (each below Rp100 billion) 92 69
Sub-total 4,734 3,729
Total 9,650 8,191
56
Page 433
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS AND CURRENT MATURITIES OF LONG-TERM LOANS AND
OTHER BORROWINGS (continued)
a. Short-term bank loans (continued)
Other significant information relating to short-term bank loans as of December 31, 2023 is as
follows:
Total
facility
(in Interest rate per
Borrower Currency billions)* Maturity date Interest rate annum Security**
Mandiri
2020 Finnet Rp 500 October 31, 2024 Monthly 1 month None
JIBOR + 1.30%
2021 - 2022 Nutech, Rp 3,550 July 26, 2024 - Monthly 5.85% - 9.00% Trade
Mitratel September 27, 2024 receivables
and property
and
equipment
BNI
2014 - 2017 GSD, Sigma Rp 350 January 9, 2024 - Monthly 7.90% - 8.50% Trade
November 7, 2024 receivables
and property
and
equipment
2017 - 2021 Metranet, Rp 1,135 February 18, 2024 - Monthly 1 month JIBOR + Trade
Telkom Infra, June 6, 2024 1.75% - 2.50% receivables
Infomedia
HSBC
2014 Sigmaa Rp 400 November 6, 2024 Monthly Under BLR 7.40% Trade
receivables
2018 - 2023 Sigma, Metra, Rp 2,613 June 4, 2024 - Monthly, 1 month JIBOR + None
PINS, December 31, 2024 Quarterly 0.35% - 0.80%
Metranet, 3 months
Telkomsat, JIBOR + 2.00%
GSD, TDE
MUFG Bank
2018 - 2019 Infomedia, Rp 1,616 October 31, 2024 Monthly, 1 month JIBOR + None
Metra, GSD, Quarterly 0.70% - 0.80%
Telkom Infra, 3 months
Telkomsat JIBOR + 0.25%
UOB Indonesia
2016 Finnet Rp 500 October 31, 2024 Monthly 1 month None
JIBOR + 1.75%
DBS
2018 Telkom Infra, Rp 475 July 31, 2024 Monthly 1 month None
Infomedia JIBOR + 1.20%
* 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.
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 financial ratios. As of December 31, 2023, the Group has complied with
all covenants regarding these financial ratios, except for Sigma which its debt service coverage
ratio is still lower than required. As of December 31, 2023, the Group obtained waiver from lenders
for the non-fulfillment financial ratios in Sigma. The waivers from BNI, Bank DBS, and HSBC were
received on December 11, 2023, December 18, 2023, and December 22, 2023.
The credit facilities were obtained by the Group for working capital purposes.
57
Page 434
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
18. SHORT-TERM BANK LOANS AND CURRENT MATURITIES OF LONG-TERM LOANS AND
OTHER BORROWINGS (continued)
b. Current maturities of long-term loans and other borrowings
Notes 2023 2022
Two-step loans 19a 84 118
Bonds and Medium-term notes ("MTN") 19b 548 -
Bank loans 19c 9,282 7,788
Other borrowings 19d 362 952
Total 10,276 8,858
19. LONG-TERM LOANS AND OTHER BORROWINGS
Notes 2023 2022
Two-step loans 19a - 91
Bonds and MTN 19b 4,795 4,793
Bank loans 19c 22,978 22,085
Other borrowings 19d - 362
Total 27,773 27,331
Scheduled principal payments as of December 31, 2023 are as follows:
Year
Notes Total 2025 2026 2027 2028 Thereafter
Bonds and MTN 19b 4,795 2,099 - - - 2,696
Bank loans 19c 22,978 6,512 5,801 3,858 3,019 3,788
Total 27,773 8,611 5,801 3,858 3,019 6,484
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.
2023 2022
Outstanding Outstanding
Foreign currency Rupiah Foreign currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Overseas banks Yen 768 84 1,536 181
Rp - - - 28
Total 84 209
Current maturities (Note 18b) (84) (118)
Long-term portion - 91
Principal payment Interest rate per
Lenders Currency schedule Interest payment period annum
Overseas banks Yen Semi-annually Semi-annually 2.95%
Rp Semi-annually Semi-annually 7.125%
The loans were intended for the development of telecommunications infrastructure and supporting
telecommunications equipment. The loans will be settled semi-annually and due on various dates
until 2024.
58
Page 435
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM BANK LOANS AND OTHER BORROWINGS (continued)
a. Two-step loans (continued)
The Company had used all facilities under the two-step loans program since 2008 and the
withdrawal period for the two-step loan has ended.
Under the loan covenants, the Company is required to maintain financial ratios as follows:
i. Projected net revenue to projected debt service ratio should exceed 1.2:1 for the two-step loans
originating from Asian Development Bank (“ADB”).
ii. Internal financing (earnings before depreciation and finance costs) should exceed 20%
compared to annual average capital expenditures for loans originating from the ADB.
As of December 31, 2023, the Company has complied with the above-mentioned ratios.
b. Bonds and Medium-term notes (“MTN”)
Outstanding
Bonds and MTN 2023 2022
Bonds
2015
Series B 2,100 2,100
Series C 1,200 1,200
Series D 1,500 1,500
MTN
MTN Mitratel 2023 550 -
Total 5,350 4,800
Unamortized debt issuance cost (7) (7)
Long-term portion 5,343 4,793
Current maturities (Note 18b) (548) -
Long-term portion 4,795 4,793
i. Bonds
2015
Issuance Interest Interest rate
Bonds Principal Issuer Listed 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.xi). 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 wave broadband, backbone, metro network, regional
metro junction, information technology application and support, and acquisition of some
domestic and international entities.
As of December 31, 2023, the rating of the bonds issued by Pefindo is idAAA (Triple A).
59
Page 436
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM BANK LOANS AND OTHER BORROWINGS (continued)
b. Bonds and Medium-term notes (“MTN”) (continued)
i. Bonds (continued)
Based on the Indenture Trusts Agreement, the Company is required to comply with all
covenants or restrictions, including maintaining financial ratios as follows:
(a) Debt to equity ratio should not exceed 2:1.
(b) EBITDA to interest ratio should not be less than 4:1.
(c) Debt service coverage is at least 125%.
As of December 31, 2023, the Company has complied with the above-mentioned ratios.
ii. Medium-term notes (“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.
MTN Mitratel 2023 with annual interest rate 6.20% will mature on October 26, 2024.
Bank Mandiri was appointed as trustee for the issuance of MTN Mitratel 2023. The rating of the
MTN issued by Pefindo is idAAA (Triple A).
c. Bank loans
2023 2022
Outstanding Outstanding
Foreign Foreign
currency Rupiah currency Rupiah
Lenders Currency (in millions) equivalent (in millions) equivalent
Related parties
BNI Rp - 6,182 - 5,472
Bank Mandiri Rp - 3,453 - 4,381
BRI Rp - 955 - 1,409
BSI Rp - 509 - 22
Sub-total 11,099 11,284
Third parties
BCA Rp - 10,170 - 9,757
Syndication of banks Rp - 2,500 - 680
USD 10 160 17 265
Bank CIMB Niaga Rp - 2,110 - 2,221
USD 4 60 4 61
DBS Rp - 1,500 - 1,500
Bank Permata Rp - 1,313 - 1,021
Bank of China Rp - 1,400 - 1,000
HSBC Rp - 625 - 750
BJB Rp - 500 - -
MUFG Bank Rp - 500 - 500
Bank Danamon Rp - 273 - 455
PT Bank ANZ Indonesia ("Bank ANZ") Rp - 110 - 198
UOB Singapore USD - - 13 205
Others (each below Rp100 billion) Rp - 13 - 60
MYR 9 29 10 34
Sub-total 21,263 18,707
Total 32,362 29,991
Unamortized debt issuance cost (102) (118)
32,260 29,873
Current maturities (Note 18b) (9,282) (7,788)
Long-term portion 22,978 22,085
60
Page 437
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM BANK LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
Other significant information relating to bank loans as of December 31, 2023 is as follows:
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
BNI
2013 - 2022 The Rp 10,175 1,281 2018 - 2033 Monthly, 1 month Trade
Company, Quarterly JIBOR + 2.25%; receivables
GSD, TLT, 3 months JIBOR + and
Sigma, 0.50% - 1.85% property
Mitratel and
equipment
2018 GSD Rp 182 10 2021 - 2024 Quarterly 8.50% Trade
receivables
Bank Mandiri
2017 - 2023 The Rp 6,893 1,128 2019 - 2029 Quarterly 3 months JIBOR + None
Company, 1.00% - 1.85%
GSD,
Mitratel,PST
BRI
2017 - 2019 The Rp 2,500 455 2019 - 2026 Quarterly 3 months JIBOR + None
Company 0.75% - 1.35%
BSI
2018 - 2021 SSI, Rp 1,055 509 2019 - 2025 Monthly 5.50% - 7.50% None
Telkomsel
BCA
2020 - 2023 The Rp 4,500 - 2024 - 2030 Quarterly 6.75% - 6.80% None
Company,
Mitratel
2020 - 2023 The Rp 9,186 1,359 2020 - 2031 Quarterly 3 months JIBOR + None
Company, 1.00% - 1.50%
PST, GSD
Syndication
of banks
2018 Telin USD 0 0 2020 - 2025 Semi- 6 months None
annually SOFR + 1.55%
2022 Mitratel Rp 2,500 0 2024 - 2030 Quarterly 7.68% None
Bank CIMB
Niaga
2019 - 2022 PINS, Rp 2,300 70 2021 - 2029 Quarterly 3 months JIBOR + None
Mitratel 1.30% - 1.95%
2021 - 2022 Telin USD 0 - 2024 - 2030 Semi- 6 months None
annually SOFR + 1.82%
DBS
2021 Mitratel Rp 3,500 - 2023 - 2028 Quarterly 3 months None
JIBOR + 1.20%
Bank Permata
2020 - 2022 Mitratel Rp 2,000 208 2021 - 2029 Quarterly 3 months None
JIBOR + 1.30%
61
Page 438
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM BANK LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
Other significant information relating to bank loans as of December 31, 2023 is as follows
(continued):
Current
Total period
facility payment Principal Interest
(in (in payment payment Interest rate
Borrower Currency billions)* billions)* schedule period per annum Security**
Bank of China
2019 Telkomsel Rp 1,400 2,000 2021 - 2025 Monthly 4.90% None
HSBC
2021 Mitratel Rp 750 125 2023 - 2028 Quarterly 3 months None
JIBOR + 1.85%
BJB
2023 Telkomsel Rp 1,000 2,000 2023 - 2025 Monthly 5.85% None
MUFG Bank
2021 Mitratel Rp 500 - 2022 - 2028 Quarterly 3 months None
JIBOR + 1.15%
Bank Danamon
2022 Mitratel Rp 636 181 2022 - 2025 Quarterly 3 months None
JIBOR + 1.50%
ANZ
2015 GSD, Rp 440 88 2020 - 2025 Quarterly 3 months JIBOR + None
PINS 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.
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,
2023, the Group has complied with all covenants regarding these financial ratios, except for Sigma
and GSD which its debt service coverage ratio is still lower than required. As of
December 31, 2023, the Group obtained waiver from lenders for the non-fulfillment financial ratios
in Sigma and GSD. The waivers from BNI, Bank Mandiri, and BCA were received on
December 11, 2023, December 13, 2023, and December 22, 2023.
The credit facilities were obtained by the Group for working capital purposes and investment
purposes.
As of December 31, 2023, the Group had available Rp28,995 billion and USD96 million of undrawn
committed borrowing facilities.
d. Other borrowings
Outstanding
Lenders 2023 2022
PT Sarana Multi Infrastruktur (Persero)
("Sarana Multi Infrastruktur") 362 1,315
Unamortized debt issuance cost 0 (1)
Total 362 1,314
Current maturities (Note 18b) (362) (952)
Long-term portion - 362
62
Page 439
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
19. LONG-TERM BANK LOANS AND OTHER BORROWINGS (continued)
d. Other borrowings (continued)
Other significant information relating to other borrowings as of December 31, 2023, is as follows:
Total Current
facility period Principal
(in payment payment Interest rate
Borrower Currency billions) (in billions) schedule per annum Security
Sarana Multi
Infrastruktur
March 29, 2019* The Rp 2,836 700 Semi-annually 3 months None
Company (2020 - 2024) JIBOR + 1.75%
March 29, 2019* Telkomsat Rp 164 24 Semi-annually 3 months None
(2020 - 2024) JIBOR + 1.75%
* Based on the latest amendment on June 15, 2020.
Under the agreement, the Company and Telkomsat are required to comply with all covenants or
restrictions, including maintaining financial ratios as follows:
(a) Debt to equity ratio should not exceed 2:1
(b) Net debt to EBITDA ratio should not exceed 4:1
(c) Minimal debt service coverage at least 125%
As of December 31, 2023, the Company and Telkomsat have complied with the above-mentioned
ratios.
20. NON-CONTROLLING INTERESTS
The details of non-controlling interests are as follows:
2023 2022
Non-controlling interests in net assets of subsidiaries:
Telkomsel 11,108 10,535
Mitratel 9,106 9,038
Others 604 431
Total 20,818 20,004
2023 2022
Non-controlling interests in profit (loss)
in current year of subsidiaries:
Telkomsel 7,104 6,419
Mitratel 566 502
Others (22) 6
Total 7,648 6,927
63
Page 440
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS (continued)
Material partly-owned subsidiaries
The non-controlling interest which are considered material to the Company are the non-controlling
interest in Telkomsel and Mitratel.
On December 31, 2023 and 2022, non-controlling interest ownership in Telkomsel is 30.10% and
35.00%, respectively. The change in ownership of non-controlling interests in Telkomsel is the result
of the transfer of the Company's IndiHome business to Telkomsel and capital injection from Singtel to
Telkomsel, which became effective from July 1, 2023 (Note 1e).
On December 31, 2023 and 2022, non-controlling interest ownership in Mitratel is 28.16% and
28.15%, respectively. The change in ownership of non-controlling interests in Mitratel is the result of
the execution of the Management and Employee Stock Option Program (“MESOP”).
The summarized financial information of Telkomsel and Mitratel are provided below. This information
is based on amounts before intercompany eliminations.
Summarized statements of financial position:
Telkomsel Mitratel
2023 2022 2023 2022
Current assets 20,505 16,290 3,420 7,886
Non-current assets 92,461 84,701 53,590 48,185
Current liabilities (40,009) (32,241) (11,071) (10,200)
Non-current liabilities (42,308) (38,708) (11,901) (12,064)
Total equity 30,649 30,042 34,038 33,807
Attributable to:
Owners of the parent company 19,541 19,507 24,932 24,769
Non-controlling interests 11,108 10,535 9,106 9,038
Summarized statements of profit or loss and other comprehensive income:
Telkomsel Mitratel
2023 2022 2023 2022
Revenues 102,372 89,039 8,595 7,729
Operation expenses (72,005) (59,574) (4,955) (4,576)
Other expenses - net (2,271) (5,343) (1,501) (1,193)
Profit before income tax 28,096 24,122 2,139 1,960
Income tax expense - net (6,217) (5,755) (128) (175)
Profit for the year 21,879 18,367 2,011 1,785
Other comprehensive income (loss) - net 78 145 2 (1)
Total comprehensive income
for the year 21,957 18,512 2,013 1,784
Attributable to
non-controlling interests 7,104 6,419 566 502
Dividends paid to
non-controlling interests 9,267 9,784 484 272
64
Page 441
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
20. NON-CONTROLLING INTERESTS (continued)
Summarized statements of cash flows:
Telkomsel Mitratel
2023 2022 2023 2022
Operating 41,693 42,970 5,162 6,020
Investing (14,302) (8,652) (6,504) (10,893)
Financing (28,601) (30,783) (4,118) (7,921)
Net increase (decrease) in cash and
cash equivalents (1,210) 3,535 (5,460) (12,794)
CF
21. CAPITAL STOCK
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
Commisioner (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
2022
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* 3,889,668,580 3.93 194
Directors (Note 1b):
Ririek Adriansyah 1,156,955 0 0
Budi Setyawan Wijaya 275,000 0 0
Afriwandi 42,500 0 0
Herlan Wijanarko 42,500 0 0
Heri Supriadi 40,000 0 0
Commisioner (Note 1b):
Arya Mahendra Sinulingga 87,500 0 0
Public (individually less than 5%) 43,568,550,005 43.98 2,179
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 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 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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
22. OTHER EQUITY
2023 2022
Difference from the acquisition of non-controlling interests
in subsidiaries 8,364 8,358
Exchange rate translation 844 910
Effect of changes in associates' equity 386 386
Unrealized gain on available-for-sale securities 8 6
Other equity components 37 37
Total 9,639 9,697
23. REVENUES
The Group derives revenues in the following major product lines:
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 - 27,263 1,522 - - 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 27,707 18,226 14,136 1,070 146,430
Revenues from lessor transactions - - - 2,786 - 2,786
Total revenues 85,291 27,707 18,226 16,922 1,070 149,216
Adjustments and eliminations - 6 11 6 (668)
Total external revenues as reported in
note operating segment 85,291 27,713 18,237 16,928 402
2022 Mobile Consumer Enterprise WIB Others Consolidated revenue
Telephone revenues
Cellular 11,905 - - 147 - 12,052
Fixed lines - 757 604 175 - 1,536
Total telephone revenues 11,905 757 604 322 - 13,588
Interconnection revenues 285 - - 8,187 - 8,472
Data, internet, and information
technology service revenues
Cellular data and internet 69,006 - - - - 69,006
Internet, data communication, and
information technology services - 308 7,750 2,228 - 10,286
SMS 4,260 - 49 - - 4,309
Others 9 - 1,733 860 207 2,809
Total data, internet, and information
technology service revenues 73,275 308 9,532 3,088 207 86,410
Network revenues 3 - 1,438 937 - 2,378
IndiHome revenues - 25,232 2,788 - - 28,020
Other services
Call center service - - 1,139 25 - 1,164
Manage service and terminal - - 1,156 1 - 1,157
E-health - - 729 - - 729
E-payment 20 - 454 - - 474
Others 5 52 1,309 280 664 2,310
Total other services 25 52 4,787 306 664 5,834
Total revenues from
contract with customer 85,493 26,349 19,149 12,840 871 144,702
Revenues from lessor transactions - - - 2,604 - 2,604
Total revenues 85,493 26,349 19,149 15,444 871 147,306
Adjustments and eliminations - 5 12 (2) (632)
Total external revenues as reported in
note operating segment 85,493 26,354 19,161 15,442 239
66
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, 2023 and For the Year Then Ended
(Amounts in the tables 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, 2023 will be recognized as revenue during the next reporting periods. Unsatisfied
performance obligations as of December 31, 2023, which management expect to be realised within
one year is Rp9,421 billion, and more than one year is Rp5,441 billion.
The Group entered into non-cancellable lease agreements as a lessor. The lease agreements cover
leased lines, telecommunication equipment, and land and building. These leases have terms of
between 1 to 10 years. All leases include a clause to enable an upward revision of the rental charge
on an annual basis according to the prevailing market conditions. These lessees are also required to
provide a residual value guaranted on the properties.
Refer to Note 32 for details of related parties transactions.
24. PERSONNEL EXPENSES
The breakdown of personnel expenses is as follows:
2023 2022
Salaries and related benefits 9,674 9,360
Vacation pay, incentives, and other benefits 4,159 3,835
Pension and other post-employment
benefits (Note 30) 1,764 1,585
LSA expense (Note 31) 289 92
Others 41 35
Total 15,927 14,907
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:
2023 2022
Operation and maintenance 23,057 22,746
Radio frequency usage charges (Note 35c.i) 7,412 6,510
Leased lines and Customer Premise Equipment ("CPE") 3,462 3,530
Concession fees and USO charges (Note 15) 2,836 2,601
Electricity, gas, and water 877 904
Cost of SIM cards, vouchers, and
sales of peripherals (Note 7) 797 747
Project management 489 400
Vehicles rental and supporting facilities 308 343
Insurance 269 230
Others (each below Rp100 billion) 211 173
Total 39,718 38,184
Refer to Note 32 for details of related parties transactions.
67
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
26. GENERAL AND ADMINISTRATIVE EXPENSES
The breakdown of general and administrative expenses is as follows:
2023 2022
General expenses 2,446 2,259
Professional fees 996 1,097
Allowance for expected credit losses
trade receivables (Note 5) 513 567
Training, education, and recruitment 461 371
Traveling 443 421
Meeting 334 312
Social contribution 232 218
Collection expenses 195 173
Others (each below Rp100 billion) 479 436
Total 6,099 5,854
Refer to Note 32 for details of related parties transactions.
27. TAXATION
a. Prepaid taxes
2023 2022
The Company:
Income Tax
Article 22 - Withholding tax on goods delivery
and imports 0 1
Article 23 - Withholding tax on service delivery 238 97
Subsidiaries:
Income Tax
Corporate Income Tax - 3
Article 4(2) - Final tax 1 24
Article 23 - Withholding tax on service delivery 4 16
VAT 1,669 1,323
Total prepaid taxes 1,912 1,464
Current portion (1,912) (1,464)
Non-current portion (Note 13) - -
b. Claims for tax refund
2023 2022
The Company
Corporate Income Tax 271 19
Article 21 - Individual income tax 2 3
VAT 164 155
Subsidiaries
Income Tax
Corporate income tax 699 578
Article 23 - Withholding tax on services delivery 10 8
VAT 476 238
Total claims for tax refund 1,622 1,001
Current portion (16) (380)
Non-current portion (Note 13) 1,606 621
68
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
c. Taxes payable
2023 2022
The Company:
Income taxes
Article 4(2) - Final tax 33 50
Article 21 - Individual income tax 102 79
Article 22 - Withholding tax on goods delivery
and imports 2 7
Article 23 - Withholding tax on services 24 48
Article 25 - Installment of corporate income tax 122 190
Article 26 - Withholding tax on non-resident
income 0 5
Article 29 - Corporate income tax - 575
VAT 170 244
VAT - Tax collector 163 286
616 1,484
Subsidiaries:
Income taxes
Article 4(2) - Final tax 317 287
Article 21 - Individual income tax 182 206
Article 22 - Withholding tax on goods delivery
and imports 9 5
Article 23 - Withholding tax on services 152 68
Article 25 - Installment of corporate income tax 539 260
Article 26 - Withholding tax on non-resident
income 10 262
Article 29 - Corporate income tax 1,672 1,782
VAT 399 493
VAT - Tax collector 629 525
3,909 3,888
Total taxes payable 4,525 5,372
d. The components of consolidated income tax expense (benefit) are as follows:
2023 2022
Current
The Company 1,271 2,134
Subsidiaries 7,525 7,125
8,796 9,259
Deferred
The Company 503 (103)
Subsidiaries (713) (497)
(210) (600)
Net income tax expense 8,586 8,659
69
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 the years ended December 31, 2023 and 2022 are as follows:
2023 2022
Profit before income tax consolidation 40,794 36,339
Add back consolidation eliminations 24,647 28,617
Consolidated profit before income tax and eliminations 65,441 64,956
Less: profit before income tax of the subsidiaries (38,965) (38,892)
Profit before income tax attributable to the Company
before deduction of income subject to final tax 26,476 26,064
Less: income subject to final tax (642) (414)
Profit before income tax attributable to the Company
after deduction of income subject to final tax 25,834 25,650
Temporary differences:
Allowance for expected credit losses (284) (54)
Deferred installation fee 2 104
Leases 8 7
Provision for employee benefits 36 (507)
Land rights, intangible assets, and other 30 7
Net periodic pension and other post-employment
benefits costs (1,032) (131)
Difference between book value of accounting
and tax property equipment (2,006) 209
Accrued expenses and provision for inventory
obsolescence 28 68
Contract cost 63 125
Net temporary differences (3,155) (172)
Permanent differences:
Net periodic post-retirement health care benefit costs 204 212
Donations 231 239
Employee benefits 33 169
Expense related to income subject to final tax 217 168
Equity in net income of associates and subsidiaries (17,062) (15,304)
Other (income) expense from tax assesment result 1 4
Others 37 73
Net permanent differences (16,339) (14,439)
Taxable income of the Company 6,340 11,039
Current corporate income tax expense 1,204 2,098
Final income tax expense 67 36
Total current income tax expense of the Company 1,271 2,134
Current income tax expense of the subsidiaries 7,525 7,125
Total current income tax expense 8,796 9,259
70
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, 2023 and For the Year Then Ended
(Amounts in the tables 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:
2023 2022
Profit before income tax consolidation 40,794 36,339
Less consolidated income subject to final tax - net (11,015) (5,812)
29,779 30,527
Income tax expense calculated at the Company’s
applicable statutory tax rate 5,658 5,800
Difference in applicable statutory tax rate for
subsidiaries 623 694
Non-deductible expenses 2,016 1,992
Final income tax expense 64 36
Deferred tax adjusment (203) (508)
Unrecognized deferred tax 180 (61)
Others 248 706
Net income tax expense 8,586 8,659
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 tax 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 has applied the tax rate of 19% for the years ended December 31, 2023 and 2022.
The subsidiaries applied the tax rate of 22% for the years ended December 31, 2023 and 2022.
The Company has submitted its Annual Corporate Income Tax Return for the 2022 fiscal year on
April 28, 2023 to the Tax Authority in accordance with the applicable tax regulations.
e. Tax assessment
(i) The Company
Income tax fiscal year 2015
On April 25, 2017, the Tax Authorities issued Tax Overpayment Assessment Letter (“SKPLB”)
for corporate income tax amounting to Rp147 billion. The Company accepted tax audit decision
amounting to Rp17 billion for corporate income tax, to transfer deductible temporary
differences related to provision for incentives to fixed wireless (Flexi) subscribers’ migration
amounting to Rp42 billion from Annual Tax Return of corporate income tax fiscal year 2015 to
Annual Tax Return of corporate income tax fiscal year 2016. The accepted portion was charged
to the 2017 consolidated statements of profit or loss and other comprehensive income. On July
24, 2017, the Company filed Objection Letter to the Tax Authorities for corporate income tax
amounting to Rp210.5 billion.
On July 18, 2018, the Tax Authorities issued Decision Letter on Company’s objections for
SKPLB of corporate income tax, wherein the Tax Authorities has granted the several
Company’s objection and additional amount of overpayment which should be received
amounting to Rp76 billion. On October 10, 2018, the Company filed an appeal.
71
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(i) The Company (continued)
Income tax fiscal year 2015 (continued)
On July 8, 2020, the Company received appeal decision from the Tax Court regarding
corporate income tax dispute for fiscal year 2015. The Tax Court partially approved the appeal
filed by the Company. On September 9, 2020, the Company received tax refund of additional
overpayment of corporate income tax amounting to Rp90.9 billion.
On October 26, 2020, the Company received notification letter from Tax Court that Tax
Authorities filed a judicial review of corporate income tax dispute for fiscal year 2015. On
December 2, 2020, the Company filed a contra memorandum for judicial review as response
of Tax Authorities judicial review.
The entire file of the Judicial Review Memorandum submitted by the Judicial Review Applicant
(DGT) and the Judicial Review Counter Memorandum file sent by the Respondent (Telkom)
have been forwarded by the Secretariat of the Tax Court to the Supreme Court on December
13, 2022, with a letter of introduction number PKMA-1594/XII/ PAN.Wk/2022.
On May 25, 2023, the Supreme Court issued Decision number 1365/B/PK/Pjk/2023 which
rejected the DGT's request for review. Thus, all tax obligations for 2015 have permanent legal
force through the Issuance of the Supreme Court Decision and have passed the tax
determination expiration period as stipulated in the tax law.
Income Tax and VAT fiscal year 2019
On May 12, 2022, the Company received a notice of field audit for overpayment of domestic
VAT for period January to December 2019. On November 30, 2022, the Company received
SKPKB and STP WAPU VAT for the period January to December 2019 amounting to Rp6.3
billion (including a fine of Rp3.1 billion) and domestic VAT SKPLB for January to December
2019 amounting to Rp 60.8 billion. The Company agrees to accept the auditor's tax correction
and has charged fines and audit corrections to the 2022 income statement. Thus, for the 2019
VAT tax type, the Company has received a decision that is final and has permanent legal
force.
On April 12, 2023, the Company received a Field Audit Notification Letter to test compliance
with tax obligations on Corporate Income Tax and Income Tax Withholding/collection for the
2019 Fiscal Year. As of the issuance date of these financial statements, the tax audit process
is still ongoing.
Income Tax and VAT fiscal year 2020
On September 1, 2022, the Company received a notice of field audit for overpayment of
domestic VAT for period May 2020. On March 10, 2023, the Company received SKPKB and
STP VAT for May 2020 WAPU in the amount of Rp0.6 billion (including a fine of Rp0.3 billion),
SKPN and STP VAT JKP from Outside the Customs Area in the amount of Rp0.1 billion, and
SKPLB VAT In Country Period May 2020 valued at Rp0.3 billion. The Company agreed to
accept the auditor's tax correction and has charged fines and correctional sanctions to the
2023 income statement.
On March 13, 2023, the Company received a Field Audit Notification Letter for Overpayment
of VAT Tax Return for January to April, July, September and November to December 2020.
On April 6, 2023, the Company received a Field Audit Notification Letter regarding the
overpayment of VAT Tax Return for June, August and October 2020. On June 20, 2023, the
Company received Audit Notification Letter to test compliance with tax obligations regarding
Corporate Income Tax, VAT and Income Tax Withholding/Collection for the 2020 Fiscal Year.
72
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(i) The Company (continued)
Income Tax and VAT fiscal year 2020 (continued)
As of the issuance date of these financial statements, the Company has received Tax
Assessment Letters and Tax Collection Letters (STP) for the period of January, February, April
and July 2020, consisting of Domestic VAT SKPLB amounting to Rp39.7 billion, VAT SKPKB
and STP JKP from outside the Customs Area amounting to Rp0.6 billion and SKPKB and STP
VAT WAPU amounting to Rp0.6 billion. Meanwhile, the audit process for Corporate Income
Tax and Withholding/Collection Tax is still ongoing.
Income tax and VAT fiscal year 2021
On June 20, 2023, the Company received an Audit Notification Letter for Corporate Income
Tax, VAT and Withholding Income Tax for the 2021 Fiscal Year. As of the issuance date of
these financial statements, the audit process for all types of taxes is still ongoing.
(ii) Telkomsel
Income tax and VAT fiscal year 2014
In May 2019, Telkomsel received tax underpayment assessment letters for the 2014 CIT, VAT
and WHT in total amount of Rp151 billion (including penalty of Rp55 billion). Telkomsel
partially accepted the portion of Rp16 billion and charged it as expense in 2019 consolidated
statement of profit or loss. Telkomsel also paid a portion of Rp99 billion out of the remaining
underpayment and recorded it as claim for tax refund. In August 2019, Telkomsel filed an
objection to the Tax Authorities for full amount of Rp134 billion.
In July 2020, Telkomsel received an objection decision letter which accepted Telkomsel’s
objection of Rp27 billion and rejected the remaining Rp107 billion. Telkomsel received the tax
refund of Rp27 billion in August 2020.
In September 2020, Telkomsel filed an appeal to the Tax Court for the 2014 CIT, WHT and
VAT assessments amounting to Rp107 billion.
In April 2022, Telkomsel received the Tax Court’s Verdict for the 2014 underpayment of WHT
and VAT, which partially accepted Telkomsel’s appeal amounting to Rp66 billion. Telkomsel
received the refund in April, May and June 2022, and charged the rejected portion of Rp4
billion in the 2022 consolidated statement of profit or loss.
In August 2022, Telkomsel received notifications that the Tax Authorities had filed a judicial
review to the Supreme Court (“SC”) for the 2014 VAT amounting to Rp8 billion. Telkomsel had
since submitted its contra memorandums for the Judicial Review in September 2022.
In February and March 2023, the SC fully rejected the judicial review claimed by the Tax
Authorities on tax periods of 2014 VAT amounting to Rp8 billion. Thus, these cases have been
legally enforced (in-kracht) and no additional tax payables for fiscal year 2014.
As at the authorization date of these consolidated financial statements, the result of appeal for
CIT have not yet been received.
Income tax and VAT fiscal year 2015
In August 2019, Telkomsel received the tax underpayment assessment letters for the 2015
CIT, VAT and WHT in total amount of Rp385 billion (including penalty of Rp129 billion).
Telkomsel accepted the portion of Rp35 billion, which was paid and charged as expense in
the 2019 consolidated statement of profit or loss. Telkomsel also paid the remaining amount
of underpayment and recorded it as claim for tax refund. In September 2019, Telkomsel filed
an objection to the Tax Authorities for Rp350 billion.
73
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
e. Tax assessments (continued)
(ii) Telkomsel (continued)
Income tax and VAT fiscal year 2015 (continued)
In July 2020, Telkomsel received an objection decision letter from Tax Authorities that rejected
all Company’s objection.
In September 2020, Telkomsel filed an appeal to the Tax Court for the 2015 CIT, WHT and
VAT assessments amounting to Rp350 billion.
In April and May 2022, Telkomsel received the Tax Court’s Verdict for the 2015 underpayment
of WHT and VAT which partially accepted the Telkomsel’s appeal amounting to Rp53 billion.
Telkomsel received the refund in April and May 2022, and charged the rejected portion of Rp3
billion in the 2022 consolidated statement of profit or loss.
In August 2022, Telkomsel received notifications that the Tax Authorities had filed a judicial
review to the SC for the 2015 VAT amounting to Rp24 billion. Telkomsel had since submitted
its contra memorandums for the Judicial Review in August 2022.
During February to May 2023, Telkomsel received decision letters from SC, which fully
rejected the Judicial Review claimed by the Tax Authorities for the tax periods of 2015 fiscal
year VAT amounting to Rp24 billion. Telkomsel has received all final decisions, which are
legally enforced (in-kracht) and thus, there are no additional tax payables for 2015 fiscal year
VAT.
As at the authorization date of these consolidated financial statements, the results of appeal
for CIT has not yet been received.
Income tax and VAT fiscal year 2018
In September 2022, Telkomsel received tax underpayment assessment letters for the 2018
CIT, VAT and WHT amounting to Rp160 billion (including penalty of Rp49 billion) in total. At
the same time, Telkomsel also received tax assessment letters for 2018 VAT confirming tax
overpayments in the amount of Rp40 billion.
On October 14, 2022, Telkomsel paid and accepted a portion of the CIT tax assessment of
Rp0.16 billion, and charged it as expense in the 2022 consolidated statement of profit or loss.
Telkomsel also paid the remaining amount of tax assessment for CIT and VAT amounting to
Rp57 billion, after netting-off with overpayment of Rp40 billion. Telkomsel recorded it as claim
for tax refund in the consolidated statement of financial position.
On December 13, 2022, Telkomsel filed an objection to the Tax Authorities amounting to
Rp120 billion for CIT, VAT and WHT.
In October 2023, Telkomsel received objection decision letters from Tax Authorities, which
partially accepted Telkomsel’s objection for WHT and VAT as well as rejected the entire
Telkomsel’s objection for CIT.
Telkomsel has fully received tax refunds amounting to Rp22 billion for WHT and VAT in
October 2023 and charged the rejected portion of WHT and VAT amounting to Rp0.2 billion
in total as expense in 2023 consolidated statement of profit or loss. Telkomsel has submitted
an appeal for entire portion of CIT in January 2024.
74
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, 2023 and For the Year Then Ended
(Amounts in the tables 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
2023 2022 2023 2022
The Company
Allowance for expected credit losses 831 885 (54) (10)
Net periodic pension and other
post-employment benefit costs 822 981 (196) (25)
Difference between accounting and tax
bases of property and equipment 430 806 (285) 175
Provision for employee benefits 299 292 7 (96)
Deferred installation fee 21 203 1 20
Land rights, intangible assets and others 29 23 6 1
Accrued expenses and provision for
inventory obsolescence 86 85 5 13
Leases - (1) 1 1
Contract cost 14 (49) 12 24
Total deferred tax assets - net 2,532 3,225 (503) 103
Telkomsel
Provision for employee benefits 1,385 1,220 168 33
Allowance for expected credit losses 205 144 61 (35)
Leases 554 468 86 (207)
Contract liabilities 400 - 217 -
Fair value measurement of financial
instruments - (7) 7 542
Difference between accounting and tax bases of
property and equipment (1,228) (1,445) 122 178
License amortization (171) (146) (25) 6
Contract cost (46) - 5 -
Other financial instruments (165) (119) (45) (27)
Deferred tax assets (liabilities) of Telkomsel - net 934 115 596 490
Deferred tax assets of the other subsidiaries - net 704 777 (70) 164
Deferred tax liabilities of the other subsidiaries - net (841) (1,023) 187 (157)
Deferred tax expense (income) 210 600
Total deferred tax assets - net 4,170 4,117
Total deferred tax liabilities - net (841) (1,023)
As of December 31, 2023 and 2022 the aggregate amounts of temporary differences associated
with investments in subsidiaries and associated companies, for which deferred tax liabilities are
not recognized were Rp79,794 billion and Rp23,915 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 estimate.
g. Administration
In October 2021, the Government also issued Law No.7/2021 on the Harmonization of Tax
Regulations, which, among other things, regulates the rates of income tax and VAT. Starting
January 1, 2022, the Group applies the income tax rate on employee taxable income in accordance
with paragraph (1) letter a of Article 17 Chapter III, and starting April 1, 2022 the VAT rate changes
to 11%. The Company ensures the readiness of the surrounding billing system, administrative and
legal aspects of transactions, and builds intensive coordination between units, concerned to
prepare for the implementation of these rules.
In February 2022, the Government issued Government Regulation No. 9/2022 concerning the
Second Amendment to Government Regulation No. 51/2008 concerning Income Tax on Income
from Construction Services Business. The Company ensures administrative and legal aspects of
transactions and builds solid coordination between related units to prepare for the application of
the income tax rate rule for construction service businesses as stipulated in article 3 paragraph (1)
of the regulation.
75
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
27. TAXATION (continued)
g. Administration (continued)
In June 2023, the Government issued Minister of Finance Regulation No. 66/PMK.03/2023
concerning Income Tax Treatment of Reimbursement or Compensation in Relation to Work or
Services Received or Obtained in Kind and/or Enjoyment. The Company ensures administrative
and legal aspects of transactions, and builds intensive coordination between related units to
implement these rules.
In December 2023, the Government issued Government Regulation No. 58 of 2023 concerning
Income Tax Withholding Rates Article 21 on Income in Connection with Work, Services or Activities
of Individual Taxpayers as well as Regulation of the Minister of Finance No. 168 of 2023 concerning
Guidelines for Implementing Tax Deductions on Income in Connection with Work, Services or
Individual Activities which will come 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.
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 Rp24,560 billion and Rp20,753 billion by the weighted average number of
shares outstanding during the period totaling 99,062,216,600 shares for the year ended December
31, 2023 and 2022, 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 Rp247.92 and Rp209.49 (in full amount) for the year ended
December 31, 2023 and 2022, respectively. The Company does not have potentially dilutive financial
investments for the year ended December 31, 2023 and 2022.
29. CASH DIVIDENDS AND GENERAL RESERVE
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 29 dated
May 27, 2022 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution
of cash dividend for 2021 amounting to Rp14,856 billion (Rp149.97 per share). The Company paid
cash dividend on June 30, 2022.
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.
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, 2023 and
2022 is Rp15,337 billion, respectively.
76
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 2023 2022
Pension benefit and other post-employment
benefit obligations
Pension benefit
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 3,666 4,234
Additional pension benefit obligation 30a.i.a.ii 44 44
The Company - unfunded 30a.i.b 258 522
Telkomsel 30a.ii 4,726 4,275
Projected pension benefit obligations 8,694 9,075
Net periodic post-employment health care
benefit 30b 1,470 -
Other post-employment benefit 30c 244 268
Long service employee benefit 30d 1 1
Obligation under the Labor Law 30e 1,005 928
Total 11,414 10,272
The details of net pension benefit expense recognized in the consolidated statements of profit or loss
and other comprehensive income is as follows:
Notes 2023 2022
Pension benefit cost
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i 629 577
Additional pension benefit obligation 30a.i.a.ii 3 37
The Company - unfunded 30a.i.b 54 58
Telkomsel 30a.ii 633 596
Total periodic pension benefit cost 24 1,319 1,268
Net periodic post-employment health care
benefit cost 24,30b 205 213
Other post-employment benefit cost 24,30c 22 25
Long service employee benefit cost 24,30d 1 1
Obligation under the Labor Law 24,30e 217 78
Total 1,764 1,585
77
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The amounts recognized in OCI are as follows:
Notes 2023 2022
Defined benefit plan actuarial gain (loss)
The Company - funded 30a.i.a
Defined pension benefit obligation 30a.i.a.i (524) 467
Additional pension benefit obligation 30a.i.a.ii 1 (7)
The Company - unfunded 30a.i.b 246 55
Telkomsel 30a.ii 91 218
Others 0 1
Post-employment health care benefit cost 30b (1,265) 851
Other post-employment benefit 30c (2) 14
Obligation under the Labor Law 30e 41 13
Sub-total (1,412) 1,612
Deferred tax effect at the applicable tax rates 27f 23 (148)
Defined benefit plan acturial gain (loss) -
net of tax (1,389) 1,464
The following table presents the changes in projected post-employment health care benefit provision,
changes in post-employment health care benefit plan assets, funded status of the post-employment
health care benefit plan, and net amount recognized in the Company’s consolidated statement of
financial position as of December 31, 2023 and 2022:
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 demographic assumptions - - - - - - -
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
FMC's transfer program (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
78
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in projected post-employment health care benefit provision,
changes in post-employment health care benefit plan assets, funded status of the post-employment
health care benefit plan, and net amount recognized in the Company’s consolidated statement of
financial position as of December 31, 2023 and 2022 (continued):
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, 2022 23,838 (18,947) 5,020 (832) 13,416 (12,778) 9,717
Service costs 178 - 326 - - - 504
Interest costs (income) 1,635 (1,347) 328 (58) 982 (933) 607
Plan administration cost - 63 - - - 164 227
Additional welfare benefits 65 - - - - - 65
Cost recognized in the consolidated
statement of profit or loss 1,878 (1,284) 654 (58) 982 (769) 1,403
Actuarial (gain) loss on:
Experience adjustments (737) - (1) - (730) - (1,468)
Changes in demographic assumptions - - (1) - - - (1)
Changes in financial assumptions (30) - (67) - (136) - (233)
Return on plan assets
(excluding amount included in
net interest expense) - 300 (186) 37 - (69) 82
Changes in asset ceiling - - - - - 84 84
Cost recognized in OCI (767) 300 (255) 37 (866) 15 (1,536)
Employer’s contributions - (719) - - - - (719)
Pension plan participants’ contributions 19 (19) - - - - -
Benefits paid from plan assets (1,767) 1,767 (291) - - - (291)
Benefits paid by employer (65) - - - (654) 654 (65)
Balance, December 31, 2022 23,136 (18,902) 5,128 (853) 12,878 (12,878) 8,509
Projected pension benefit
obligation at end of year 4,234 4,275 - 8,509
The following table presents the changes in projected post-employment health care benefit provision,
changes in post-employment health care benefit plan assets, funded status of the post-employment
health care benefit plan, and net amount recognized in the Company’s consolidated statement of
financial position as of December 31, 2023 and 2022:
The Company
The Company and its subsidiaries
Other
post- Long
Additional employment 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)
FMC's transfer program (19) 0 (10) - 3 (26)
Balance, December 31, 2023 258 44 244 1 1,005 1,552
79
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in projected post-employment health care benefit provision,
changes in post-employment health care benefit plan assets, funded status of the post-employment
health care benefit plan, and net amount recognized in the Company’s consolidated statement of
financial position as of December 31, 2023 and 2022 (continued):
The Company
The Company and its subsidiaries
Other
post- Long
Additional employment service Obligations
pension benefit benefit employee under
Unfunded obligations obligations benefit the Labor Law Total
Balance, January 1, 2022 613 - 300 4 926 1,843
Service costs 24 37 8 1 78 148
Interest costs 34 - 17 - - 51
Cost recognized in the consolidated
statement of profit or loss 58 37 25 1 78 199
Actuarial gain recognized in OCI (55) 7 (14) - (13) (75)
Benefits paid by employer (94) - (43) (4) (63) (204)
Balance, December 31, 2022 522 44 268 1 928 1,763
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 Rp1,635 billion and
Rp719 billion, for the years ended December 31, 2023 and 2022, respectively.
Risks exposed to defined benefit programs are risks such as asset volatility and
changes in bond yields. The project liabilities are calculated using a discount rate that
refers to the level of government bond yields, if the return on program assets is lower,
it will result in a program deficit. A decrease in the yield of government bonds will
increase the program liabilities, although this will be offset in part by an increase in the
value of the program bonds held. The Company ensures that the investment position is
set within the framework of asset-liability matching ("ALM") that has been formed to
achieve long-term results that are in line with the liabilities in the defined benefit pension
plan. Within the ALM framework, the Company's objective is to adjust its pension assets
and liabilities by investing in a well diversified portfolio to produce an optimal rate of
return, taking into account the level of risk. Investment in the program has been well
diversified, so that one investment's poor performance will not have a material impact
on all asset groups.
80
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
As of December 31, 2023 and 2022, plan assets consist of:
2023 2022
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 559 - 1,320 -
Equity instruments:
Financials 1,799 - 1,638 -
Consumer non-cyclicals 98 - 505 -
Basic material 276 - 271 -
Infrastructures 741 - 639 -
Energy 161 - 141 -
Technology 41 - 89 -
Industrials 267 - 315 -
Consumer cyclicals 516 - 115 -
Properties and real estate 112 - 98 -
Healthcare 209 - 208 -
Transportation and logistic 7 - 8 -
Equity-based mutual fund 376 - 410 -
Fixed income instruments:
Corporate bonds - 2,447 - 3,117
Government bonds 10,257 - 7,884 -
Fixed income mutual funds - 100 - 122
Midterm notes - 99 - 100
Asset-backed securities - 13 - 30
Sukuk - 1,054 - 1,090
Non-public equity:
Direct placement - 371 - 368
Property - 186 - 187
Others - 363 - 247
Total 15,419 4,633 13,641 5,261
Pension plan assets include Series B shares issued by the Company with fair values
totalling to Rp457 billion and Rp336 billion, representing 2.28% and 1.78% of total plan
assets as of December 31, 2023 and 2022, respectively, and bonds issued by the
Company with fair value totalling to Rp345 billion and Rp348 billion representing 1.72%
and 1.84% of total plan assets as of December 31, 2023 and 2022, respectively.
The expected return is determined based on market expectation for returns over the
entire life of the obligation by considering the portfolio mix of the plan assets. The actual
return on plan assets was Rp1,768 billion and Rp984 billion for the years ended
December 31, 2023 and 2022, 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 statement as of December 31, 2023, Dapen’s FSR is below 105%.
Therefore, the Company will contribute to the defined benefit pension plan.
81
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
Based on the Company Regulations issued on September 30, 2022, regarding the
Pension Fund Regulations from the Telkom Pension Fund, the Company stipulates that
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 2023 and 2022, the
Company provided employee welfare benefit to pensioners and pension beneficiaries
who entered their retirement period before June 30, 2002 amounting to Rp50 billion and
Rp65 billion,respectively.
The actuarial valuation for the defined benefit pension plan was performed based on
the measurement date as of December 31, 2023 and 2022, with reports dated
March 1, 2024 and March 18, 2023, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for December 31,
2023 and 2022 are as follows:
2023 2022
Discount rate 6.75% 7.25%
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 annual contribution period which is calculated proportionally according to
the amount received.
The actuarial valuation for additional pension benefit plan was performed based on the
measurement date as of December 31, 2023 and 2022, with reports dated
March 1, 2024 and March 18, 2023, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for December 31,
2023 and 2022 are as follows:
2023 2022
Discount rate 6.75% 7.25%
Indonesian mortality table 2019 2019
82
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, 2023 and For the Year Then Ended
(Amounts in the tables 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)
Additional pension benefit obligation has been set aside since 2018 according to the
approval by the Oversight Board. As of December 31, 2023, there is 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 Rp50 billion and Rp48 billion, for the years ended
December 31, 2023 and 2022, 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, 2023 and 2022, with reports dated
March 1, 2024 and March 8, 2023, respectively, by KKA I Gde Eka Sarmaja, FSAI. The
principal actuarial assumptions used by the independent actuary for December 31, 2023
and 2022 are as follows:
2023 2022
Discount rate 6.75% 7.00% -7.25%
Rate of compensation increases 6.10%-8.00% 6.10%-8.00%
Indonesian mortality table 2019 2019
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.
83
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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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
ii. Telkomsel (continued)
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, 2023 was amounting to Rp20.50 billion.
The actuarial valuation for the defined benefit pension plan was performed based on the
measurement date as of December 31, 2023 and 2022 with reports dated March 5, 2024 and
February 28, 2023, 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, 2023 and 2022, are as follows:
2023 2022
Discount rate 6.70% 6.75% - 7.25%
Rate of compensation increases 7.50% - 8.00% 6.10% - 8.00%
Indonesian mortality table 2019 2019
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”).
84
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
b. Post-employment health care benefit cost (continued)
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, 2023 and 2022. As of December 31, 2023 and 2022, plan assets
consists of:
2023 2022
Quoted in Quoted in
active market Unquoted active market Unquoted
Cash and cash equivalents 391 - 1,085 -
Equity instruments:
Financials 1,465 - 1,368 -
Consumer non-cyclicals 115 - 114 -
Basic material 260 - 264 -
Infrastructures 617 - 598 -
Energy 156 - 221 -
Technology 24 - 63 -
Industrials 261 - 185 -
Consumer cyclicals 394 - 457 -
Properties and real estate 110 - 95 -
Healthcare 147 - 233 -
Transportation and logistic 5 - 3 -
Equity-based mutual funds 434 - 1,035 -
Fixed income instruments:
Government obligations 1,269 - 82 -
Corporate obligations 6 - - -
Fixed income mutual funds 7,053 - 6,761 -
Unlisted shares:
Private placement - 447 - 398
Total 12,707 447 12,564 398
Yakes Telkom plan assets also include Series B shares issued by the Company with fair value
totalling Rp321 billion and Rp228 billion, representing 2.45% and 1.76% of total plan assets as of
December 31, 2023 and 2022, respectively. Bonds issued by The Company with a fair value of
Rp6 billion each represent 0.04% of total assets as of December 31, 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 Rp987 billion
and Rp839 billion for the years ended December 31, 2023 and 2022, respectively.
The actuarial valuation for the post-employment health care benefits plan was performed based on
the measurement date as of December 31, 2023 and 2022, with reports dated
March 1, 2024 and March 8, 2023, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal
actuarial assumptions used by the independent actuary for December 31, 2023 and 2022 are as
follows:
2023 2022
Discount rate 6.75% 7.25%
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 2023 2022
Indonesian mortality table 2019 2019
85
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, 2023 and For the Year Then Ended
(Amounts in the tables 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, 2023 and 2022, with reports dated
March 1, 2024 and March 8, 2023, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal
actuarial assumptions used by the independent actuary for December 31, 2023 and 2022 are as
follows:
2023 2022
Discount rate 6.50% 6.75%
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, 2023 and 2022 amounted to Rp1 billion, respectively. The related
long service employee benefits cost charged to expense amounted to Rp1 billion for the years
ended December 31, 2023 and 2022, 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, 2023 and 2022 amounted to Rp1,005 billion and
Rp928 billion, respectively. The related pension employee benefits cost charged to expense
amounted to Rp217 billion and Rp78 billion for the years ended December 31, 2023 and 2022,
respectively. The actuarial gain in OCI amounted to Rp41 billion and Rp13 billion for the years
ended December 31, 2023 and 2022, respectively.
f. Maturity Profile of Defined Benefit Obligation (“DBO”)
The timing of benefits payments and weighted average duration of DBO for 2023 and 2022 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)
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
86
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 2023 and 2022 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)
2022
Within next 10 years 21,232 40 705 5,111 8,092 324 59
Within 10-20 years 16,485 31 229 11,178 12,746 123 414
Within 20-30 years 10,414 18 430 7,827 12,019 83 497
Within 30-40 years 4,209 6 96 473 5,491 6 80
Within 40-50 years 882 1 - - 970 - -
Within 50-60 years 77 - - - 59 - -
Within 60-70 years 2 - - - 6 - -
Within 70-80 years - - - - 1 - -
Weighted average
duration of DBO 8.48 years 8.48 years 5.52 years 9.45 years 12.40 years 4.62 years 11.69 years
g. Sensitivity Analysis
As of December 31, 2023 and 2022, 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
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)
2022
Funded:
Defined pension benefit obligation (1,948) 2,291 268 255
Unfunded (24) 27 29 (27)
Telkomsel (430) 491 536 (477)
Post-employment health care benefits (1,413) 1,703 1,629 1,380
Other post-employment benefits (12) 13 - -
Post-employment benefits UUCK (Telkom) (8) 10 27 (24)
87
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
g. Sensitivity Analysis (continued)
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.
28.
31. LONG SERVICE AWARDS (“LSA”) PROVISIONS
Telkomsel and Telkomsat provide certain cash awards or certain number of days leave benefits to
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 Rp1,153 billion and Rp1,031 billion as of
December 31, 2023 and 2022, respectively. The related benefit costs charged to expense amounted
Rp289 billion and Rp92 billion for the years ended December 31, 2023 and 2022, respectively (Note
24).
88
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
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, 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 Taspen (Persero) (“Taspen”) Entity under common control Internet and data service revenues and other
telecommunication service revenues
PT Perusahaan Listrik Negara Entity under common control Internet and data service revenues, other
(“PLN”) telecommunication service revenues, and
electricity expenses
PT Asuransi Jasa Indonesia Entity under common control Fixed assets insurance expenses and personal
(“Jasindo”) insurance expenses
PT BNI Life Insurance (“BNI Life Entity under common control Medical expenses
Insurance”)
PT Mandiri Sekuritas (“Mandiri Entity under common control Consultant expenses
Sekuritas”)
Bahana TCW Entity under common control Mutual funds
BTN Entity under common control Cash in bank and time deposits
BSI Entity under common control Cash in bank and time deposits
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 company Distribution of SIM cards and pulse reload
(“Omni Inovasi Indonesia”) voucher
PT Fintek Karya Nusantara Associated company Marketing expenses and distribution of SIM
(“Finarya”) cards and pulse reload voucher
Indonusa Associatedcompany
Associated company Internet and data service revenues and other
telecommunication service revenues
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
The outstanding balances of trade receivables and payables as of December 31, 2023 and 2022 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, 2023 and 2022, the Group
recorded an increase (decrease) of impairment loss from trade receivables of related party amounted to
Rp47 billion and Rp(57) billion, respectively.
89
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
b. Significant transactions with related parties
2023 2022
% of total % of total
Amount revenues Amount revenues
Revenues
Majority Stockholder
Ministry of Finance 174 0.12 199 0.14
Entities under common control
Indosat 2,195 1.47 1,923 1.31
Pertamina 755 0.51 752 0.51
BNI 509 0.34 493 0.33
BRI 190 0.13 104 0.07
Bank Mandiri 156 0.10 180 0.12
Taspen 106 0.07 56 0.04
Others (each below Rp100 billion) 900 0.60 1,369 0.93
Sub-total 4,811 3.22 4,877 3.31
Other related entities 130 0.09 52 0.04
Associated companies 8 0.01 6 0.00
Total 5,123 3.44 5,134 3.49
2023 2022
% of total % of total
Amount expenses Amount expenses
Expenses
Entities under common control
PLN 2,602 2.49 2,473 2.43
Indosat 566 0.54 537 0.53
Jasindo 198 0.19 296 0.29
BNI Life Insurance 143 0.14 - -
Mandiri Sekuritas 109 0.10 - -
Others (each below Rp100 billion) 272 0.26 228 0.22
Sub-total 3,890 3.72 3,534 3.47
Other related entities
Padi UMKM 561 0.54 626 0.62
Others (each below Rp100 billion) 94 0.09 98 0.10
Sub-total 655 0.63 724 0.72
Associated companies
Finarya 126 0.12 110 0.11
Others (each below Rp100 billion) 0 0.00 37 0.04
Sub-total 126 0.12 147 0.15
Total 4,671 4.47 4,405 4.34
2023 2022
% of total % of total
Amount finance income Amount finance income
Finance income
Entities under common control
State-owned banks 312 29.41 459 52.28
Total 312 29.41 459 52.28
2023 2022
% of total % of total
Amount finance cost Amount finance cost
Finance cost
Majority stockholder
Ministry of Finance 5 0.11 10 0.25
Entities under common control
State-owned banks 1,111 23.88 1,004 24.89
Sarana Multi Infrastruktur 74 1.59 109 2.70
Total 1,190 25.58 1,123 27.84
90
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
b. Significant transactions with related parties (continued)
2023 2022
% of total % of total
Amount purchases Amount purchases
Purchase of property
and equipments
Entities under common control 64 0.19 121 0.35
Total 64 0.19 121 0.35
2023 2022
% of total % of total
Amount revenues Amount revenue
Distribution of SIM
card and voucher
Associated companies
Omni Inovasi Indonesia 467 0.31 981 0.67
Finarya 159 0.11 141 0.10
Total 626 0.42 1,122 0.77
c. Balance of accounts with related parties
2023 2022
% of total % of total
Amount assets Amount assets
Cash and cash equivalents
(Note 3) 19,024 6.63 23,328 8.48
Other current financial
asset (Note 4) 800 0.28 400 0.15
Trade receivables
(Note 5) 1,918 0.67 1,620 0.59
Contract assets
Majority stockholder
Ministry of Finance 36 0.01 24 0.01
Entities under common control 252 0.09 248 0.09
Associated companies 1 0.00 1 0.00
Other related entities 1 0.00 1 0.00
Total 290 0.10 274 0.10
Other current asset 53 0.02 98 0.04
Other non-current asset 5 0.00 15 0.01
2023 2022
% of total % of total
Amount liabilities Amount liabilities
Trade payables (Note 15)
Majority stockholder
Ministry of Finance 18 0.01 0 0.00
Entities under common control
State-owned enterprises 302 0.23 197 0.16
Indosat 129 0.10 140 0.11
Others 12 0.01 37 0.03
Sub-total 443 0.34 374 0.30
Associated companies 40 0.03 - -
Other related entities 84 0.06 57 0.05
Total 585 0.44 431 0.35
91
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
c. Balance of accounts with related parties (continued)
2023 2022
% of total % of total
Amount liabilities Amount liabilities
Accrued expenses
Majority stockholder
Ministry of Finance 1 0.00 1 0.00
Entities under common control
State-owned enterprises 137 0.10 57 0.05
State-owned banks 39 0.03 74 0.06
Others 0 0.00 2 0.00
Sub-total 176 0.13 133 0.11
Total 177 0.13 134 0.11
Contract liabilities
Majority stockholder
Ministry of Finance 18 0.01 34 0.03
Entities under common control
State-owned enterprises 312 0.24 170 0.13
Others 1 0.00 0 0.00
Sub-total 313 0.24 170 0.13
Associated companies 13 0.01 2 0.00
Other related entities
KCIC 1,133 0.87 - -
Others 2 0.00 3 0.00
Sub-total 1,135 0.87 3 0.00
Total 1,479 1.13 209 0.16
Customer deposits 19 0.01 19 0.02
Short-term bank loans (Note 18) 4,916 3.77 4,462 3.54
Two-step loans (Note 19a) 84 0.06 209 0.17
Long-term bank loans (Note 19c) 11,099 8.51 11,284 8.96
Other borrowings (Note 19d) 362 0.28 1,314 1.04
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 allowing Indosat’s mobile customers to access the
Company’s IDD service by dialing “007”.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
32. RELATED PARTIES TRANSACTIONS (continued)
d. Significant agreements with related parties (continued)
ii. Indosat (continued)
The Company has been handling customer billings and collections for Indosat. Indosat is
gradually taking over the activities and performing its own direct billing and collection. The
Company has received compensation from Indosat computed at 1% of the collections made
by the Company starting from January 1, 1995, as well as the billing process expenses which
are fixed at a certain amount per record. On December 11, 2008, the Company and Indosat
agreed to implement IDD service charge tariff which already took into account the
compensation for billing and collection. The agreement is valid and effective in the current year
and can be applied until a new agreement becomes available.
On December 18, 2017, the Company and Indosat signed amendments to the interconnection
agreements for the fixed line networks (local, long distance direct connection and international)
and mobile network for the implementation of the cost-based tariff obligations under the MoCI
Regulation No.8/Year 2006. These amendments took effect starting on January 1, 2018.
Telkomsel also entered into an agreement with Indosat for the provision of international
telecommunications services to its GSM mobile cellular customers.
The Company provides leased lines to Indosat and its subsidiaries, namely PT Indosat Mega
Media and PT Aplikanusa Lintasarta (“Lintasarta”). The leased lines can be used by these
companies for telephone, telegraph, data, telex, facsimile, or other telecommunication
services.
iii. Others
The Company entered into an agreement with Lintasarta for the use of satellite transponders
or the Company's subscribed circuit telecommunication satellite frequency channels.
e. Remuneration of key management and supervisory personnel
Key management personnel consists of the Directors of the Company and supervisory personnel
consists of 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 and the leadership and
management duties of the Directors. The total of such remuneration is as follow:
2023 2022
% of total % of total
Amount expenses Amount expenses
Board of Directors 475 0.46% 401 0.39%
Board of Commissioners 179 0.17% 164 0.16%
The amounts disclosed in the table are the amounts recognized as an expense during the reporting
periods.
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, 2023 and For the Year Then Ended
(Amounts in the tables 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 a group basis and are not separately monitored and allocated to operating segments.
Segment revenues dan expenses include transactions between operating segments and are
accounted at prices that management believes represent market prices.
2023
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segment elimination consolidated
Segment result
Revenues
External revenues 85,291 27,713 18,237 16,928 402 148,571 645 149,216
Inter-segment revenues 3,628 (1,106) 26,505 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)
2022
Adjustment
Total and Total
Mobile Consumer Enterprise WIB Others segmen elimination consolidated
Segment result
Revenues
External revenues 85,493 26,354 19,161 15,442 239 146,689 617 147,306
Inter-segment revenues 3,344 195 24,646 19,658 2,486 50,329 (50,329) -
Total segment revenues 88,837 26,549 43,807 35,100 2,725 197,018 (49,712) 147,306
Segment results 26,122 7,579 831 8,925 (1,063) 42,394 (6,055) 36,339
Other information
Capital expenditures (12,343) (9,038) (5,983) (6,612) (5) (33,981) (175) (34,156)
Depreciation and amortization (21,028) (6,738) (3,999) (5,805) (19) (37,589) 4,334 (33,255)
Provision recognized in
current year (128) (434) (45) 34 (5) (578) 11 (567)
Adjustments and eliminations:
a. Revenue reconciliation
2023 2022
Total segment revenues 199,945 197,018
Revenue from other non-operating segments 645 617
Adjustment and inter-segment elimination (51,374) (50,329)
Consolidated revenues 149,216 147,306
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
33. OPERATING SEGMENTS (continued)
b. Segment results reconciliation
2023 2022
Total segment results 45,464 42,394
Loss from other non-operating segments (2,679) (1,772)
Adjustment and inter-segment elimination 1,599 (1,041)
Finance income 1,061 878
Finance cost (4,652) (4,033)
Share of profit (loss) of long-term investment in associates 1 (87)
Consolidated profit before income tax 40,794 36,339
c. Capital expenditure reconciliation
2023 2022
Total segment capital expenditure (32,852) (33,981)
Capital expenditure from
other non-operating segments (116) (175)
Consolidated capital expenditure (32,968) (34,156)
d. Depreciation and amortization reconciliation
2023 2022
Total segment depreciation and amortization (37,113) (37,589)
Depreciation and amortization from
other non-operating segments (250) (263)
Adjustment and inter-segment elimination 4,700 4,597
Consolidated depreciation and amortization (32,663) (33,255)
e. Provision recognized in current year reconciliation
2023 2022
Total segment provision (537) (578)
Provision recognized from other
non-operating segments (5) (7)
Adjustment and inter-segment elimination 29 18
Consolidated provision recognized
in current year (513) (567)
Geographic information:
2023 2022
External revenues
Indonesia 141,157 139,983
Abroad 8,059 7,323
Total 149,216 147,306
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 year ended
December 31, 2023 and 2022.
2023 2022
Non-current operating assets
Indonesia 186,554 178,424
Abroad 2,932 3,207
Total 189,486 181,631
Non-current operating assets for segmen reporting purpose consist of property and equipment and
intangible assets.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
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.
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
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.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
34. TELECOMMUNICATIONS SERVICE TARIFFS (continued)
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.
35. SIGNIFICANT COMMITMENTS AND AGREEMENTS
a. Capital expenditures
As of December 31, 2023, capital expenditures committed under the contractual arrangements are
Rp8,596 billion, US$235 million, and CNY33 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, 2024
Relationship Management ("CRM")
Solution System Integrator
Telkomsel, PT Ericsson Indonesia,
February 1, 2021 - Procurement Agreement for Radio
PT Huawei Tech Investment, and
January 31, 2024 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 September 1, 2024
Node ("GGSN") (Virtualized EPC)
Indonesia
Telkomsel, Amdocs Software
Agreement Online Charging System
Solutions Limited Liability October 8, 2021 -
(“OCS”) and Service Control Points
Company, and PT Application October 8, 2024
(“SCP”) System Solution Development
Solutions
Telkomsel and PT Application October 8, 2021 -
TSA for OCS and SCP
Solutions October 8, 2024
Telkomsat and Thales Alenia October 28, 2021 - Procurement and Installation Agreement
Space 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")
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS AND AGREEMENTS (continued)
b. Borrowings and other credit facilities
(i) As of December 31, 2023, 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, 2024 Rp 23
BNI 500 March 31, 2024 Rp 105
Bank Mandiri 500 June 21, 2025 Rp 127
Total 1,500 255
(ii) As of December 31, 2023, Telkomsel has bank guarantee facilities for various projects, as
follows:
Lenders Total facility Maturity Currency Facility utilized
BRI 1,000 September 25, 2028 Rp 621
BNI 2,100 December 11, 2024 Rp 1,453
Total 3,100 2,074
Bank guarantee facility with BRI and BNI are mainly for performance bond and surely bond of
radio frequency (Note 35c.i).
(iii) Telin has a bank guarantee facilities from Bank Mandiri with a maximum credit limit of
US$25 million or equal to Rp385 billion will expire on December 23, 2024. As of
December 31, 2023, 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 Rp617.15 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.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS AND AGREEMENTS (continued)
c. Others (continued)
(i) Radio frequency usage (continued)
2. Radio frequency for band up to 2.1 GHz
license
License No. Description
Decree No. 90 Year 2023 of the On February 27, 2023, Telkomsel granted to utilize the
MoCI amd. Decree No. 76 Year annual radio frequency license for band 1,975-1,980
2023 of the MoCI 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 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.
3. Radio frequency for band up to 2.3 GHz
License No. Description
Decree No. 1896 Year 2017 of Telkomsel was appointed to use the radio frequency
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.
Decree No. 188 Year 2023 of On April, 2023, Telkomsel granted an approval to
the MoCI 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.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
35. SIGNIFICANT COMMITMENTS AND AGREEMENTS (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 authorizing Sigma as a supplier of Google products. This Agreement
requires Sigma to meet the minimum commitment to purchase Google products and is
obligated to pay the difference between the realized value of the purchase of Google products
and the minimum commitment. The minimum commitment values from November 2023 up to
November 2024 and November 2024 up to November 2025 are US$4,500 million and
US$9,000 million, respectively.
(iv) USO
On December 27, 2011, Telkomsel (on behalf of Konsorsium Telkomsel, a consortium which
was established with Mitratel on December 9, 2011) was selected by Balai Penyedia dan
Pengelola Pembiayaan Telekomunikasi dan Informatika (“BPPPTI”), now has been renamed
as Badan Aksesibilitas Telekomunikasi dan Informasi (“BAKTI”) as a provider of the USO
Program in the border areas with a total price of Rp261 billion.
In 2015, the Program was ceased. In January 2016, Telkomsel filed an arbitration claim to
BANI for the settlement of the outstanding receivables of USO Programs.
On June 22, 2017, Telkomsel received a decision letter from BANI No. 792/1/ARB-BANI/2016
requesting BAKTI to pay compensation to Telkomsel amounting to Rp218 billion, and as of
the date of the issuance of these consolidated financial statements Telkomsel has received
the payment from BAKTI amounting to Rp91 billion (before tax) and no additional payment.
The MoCI issued Regulation No. 5 Year 2021 dated March 31, 2021 which replaced previous
regulations regarding policies underlying the USO program. The regulation requires
telecommunications operators in Indonesia to contribute 1.25% of gross revenues (with due
consideration for bad debts and/or interconnection charges and/or connection charges and/or
the exclusion of certain revenues that are not considered as part of gross revenues as a basis
to calculate the USO charged) for USO development.
Based on Decree No. 827/KOMINFO/BAKTI.31/KS.1/10/2021 dated October 4, 2021 of BAKTI
granted Telkomsel as operating cooperation partners (“KSO”) for eight packages KSO, which
cover Nusa Tenggara, Kalimantan, Sulawesi, Maluku, West Papua, West Central Papua,
North Central Papua and South East Papua for period from 2021 until 2031.
100
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These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2023 and For the Year Then Ended
(Amounts in the tables 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:
2023
U.S 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
2022
U.S Dollar Japanese Yen Others* Rupiah equivalent
(in millions) (in millions) (in millions) (in billions)
Assets
Cash and cash equivalents 261.09 5.74 13.60 4,298
Other current financial assets 27.06 - 0.02 427
Trade receivables
Related parties 0.47 - - 7
Third parties 86.06 - 8.24 1,481
Contract assets 30.91 - - 486
Other receivables 0.92 - 1.11 32
Other current assets 0.30 - 0.46 13
Long-term investment in financial instruments 372.84 - 6.22 5,907
Other non-current assets 0.43 - 0.55 17
Total assets 780.08 5.74 30.20 12,668
Liabilities
Trade payables
Related parties (0.13) - - (2)
Third parties (104.25) (25.34) (5.82) (1,728)
Other payables (1.58) - (2.93) (70)
Accrued expenses (39.41) (5.21) (2.31) (657)
Customer deposits (2.39) - (0.11) (38)
Current maturities of long-term borrowings (15.78) (767.90) (4.72) (413)
Long-term borrowings – net of current maturities (24.75) (767.90) (30.60) (958)
Other liabilities (2.00) - - (33)
Total liabilities (190.29) (1,566.35) (46.49) (3,899)
Assets (liabilities) - net 589.79 (1,560.61) (16.29) 8,769
*Assets and liabilities denominated in other foreign currencies are presented as U.S. 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.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS
a. Fair value of financial assets and financial liabilities
i. Classification
(a) Financial asset
2023 2022
Amortized cost
Cash and cash equivalents 29,007 31,947
Other current financial assets 1,359 1,268
Trade receivables 10,667 8,634
Other receivables 266 245
Other non-current assets 155 186
FVTPL
Long-term investment in financial instruments 8,028 8,508
Other current financial assets 302 81
FVTOCI
Long-term investment in financial instruments 25 22
Total financial assets 49,809 50,891
(b) Financial liabilities
2023 2022
Financial liabilities measured at amortized cost
Trade payables 18,608 18,457
Other payables 441 463
Accrued expenses 13,079 15,445
Customers deposits 42 44
Short-term bank loans 9,650 8,191
Two-step loans 84 209
Bonds and MTN 5,343 4,793
Long-term bank loans 32,260 29,873
Other borrowings 362 1,314
Lease liabilities 20,425 18,661
Other liabilities 141 170
Total financial liabilities 100,435 97,620
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
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
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Fair value of 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
2022 value Fair value (level 1) (level 2) (level 3)
FVTPL
Other current financial assets 81 81 81 - -
Long-term investment in financial instruments 8,508 8,508 2,172 - 6,336
FVTOCI
Long-term investment in financial instruments 22 22 - - 22
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Two-step loans 209 207 - - 207
Bonds and MTN 4,793 5,614 5,614 - -
Long-term bank loans 29,873 29,860 - - 29,860
Other borrowings 1,314 1,311 - - 1,311
Lease liabilities 18,661 18,661 - - 18,661
Other liabilities 170 170 - - 170
Total 63,631 64,434 7,867 - 56,567
As of December 31, 2022, there was a transfer of the fair value hierarchy of financial assets
from level 2 and level 3 to level 1 with the consideration that there was a quoted price in an
active market condition for identical assets that could be accessed on the measurement date.
Therefore, these financial assets can be categorized as level 1. These financial assets are
long-term investments in shares in GOTO of Rp2,159 billion and in PT Global Sukses Solusi
Tbk. of Rp13 billion.
Loss on fair value measurement recognized in consolidated statements of profit or loss and
other comprehensive income for the years ended December 31, 2023 amounting to Rp687
billion.
Reconciliations of the beginning and ending balances for items measured at fair value using
significant unobservable inputs (level 3) for the years ended December 31, 2023 and 2022 are
as follows:
2023 2022
Beginning balance 6,358 4,762
Gain (loss) recognized in consolidated statement
of profit or loss and other comprehensive income (687) 282
Purchase 330 1,338
Settlement (4) (24)
Ending balance 5,997 6,358
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Fair value of financial assets and financial liabilities (continued)
ii. Fair values (continued)
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 40% - 70% 10% increase (decrease) in the
technology method percentage of volatility would result
in an increase (decrease) Rp36
billion of the Investment value
Exit timing 1 - 4 Years Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp54 billion of the
Investment value
Probability of 50% 50% increase (decrease) in IPO
IPO probability would result in an
increase (decrease) Rp0 billion of
the Investment value
CoCos Equity Volatility 20% - 100% 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-weighted Volatility 60% - 80% 10% increase (decrease) in the
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 Transaction Volatility 53.66% - 73.66% 10% increase (decrease) in the
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 45% - 68% 10% increase (decrease) in the
percentage of volatility would result
in an increase (decrease) Rp1
billion of the Investment value
Time to liquidity 2.3 - 3.3 Years Increase (decrease) in 1 year time
to liquidity would result in an
increase (decrease) Rp2 billion of
the Investment value
104
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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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Fair value of financial assets and financial liabilities (continued)
ii. Fair values (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 11% - 22% 1% increase (decrease) in the
credit rating agency flow Cost of Capital percentage of WACC would result in an
("WACC") increase (decrease) Rp10 billion of the
Investment value
Terminal growth rate 1% - 5% 1% increase (decrease) in terminal
growth rate would result in an increase
(decrease) Rp7 billion of the Investment
value
Non-listed equity investment - Discounted cash WACC 3.85% - 16.5% 0.5% increase (decrease) in WACC
telecommunication flow would result in an increase (decrease)
Rp0 billion of the Investment value
Terminal growth rate 2% - 3.2% 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 - OPM Backsolve Volatility 10% 10% increase (decrease) in the
technology method percentage of volatility would result in an
increase (decrease) Rp0 billion of the
Investment value
Exit timing 1 Year Increase (decrease) in 1 year exit timing
would result in an increase (decrease)
Rp0 billion of the Investment value
Market movement Volatility 50.80% 10% increase (decrease) in the
percentage of volatility would result in an
increase (decrease) Rp0 billion of the
Investment value
Time to liquidity 3.3 Years Increase (decrease) in 1 year time to
liquidity would result in an increase
(decrease) Rp0 billion of the Investment
value
Conversion Probability of 50% 50% increase (decrease) in probability of
discount qualified financing 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.
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
a. Fair value of 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 consist 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 are determined
using valuation technique. Corporate and government bonds are stated at fair value by
reference to prices of similar 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 Corporate Finance unit under policies approved
by the Board of Directors. The Corporate Finance 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.
106
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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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
i. Foreign exchange risk (continued)
Increasing risks of foreign currency exchange rates on the obligations of the Group are
expected to be partly offset by the effects of the exchange rates on time deposits and
receivables in foreign currencies that are equal to at least 25% of the outstanding current
foreign currency liabilities.
The following table presents the Group’s financial assets and financial liabilities exposure to
foreign currency risk:
2023 2022
U.S. Dollar Japanese Yen U.S. Dollar Japanese Yen
(in billions) (in billions) (in billions) (in billions)
Financial assets 0.83 0.01 0.78 0.01
Financial liabilities (0.24) (0.80) (0.19) (1.57)
Net exposure 0.59 (0.79) 0.59 (1.56)
Sensitivity analysis
A strengthening of the U.S. Dollar and Japanese Yen, as indicated below, against the Rupiah
at December 31, 2023 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, 2023
U.S. Dollar (1% strengthening) 91
Japanese Yen (5% strengthening) (4)
A weakening of the U.S. Dollar and Japanese Yen against the Rupiah at December 31, 2023,
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, 2023, 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.
107
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, 2023 and For the Year Then Ended
(Amounts in the tables 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:
2023 2022
Fixed rate borrowings 38,386 27,767
Variable rate borrowings 29,738 35,274
Sensitivity analysis for variable rate borrowings
As of December 31, 2023, a decrease (increase) by 25 basis points in interest rates of variable
rate borrowings would have increased (decreased) equity and profit or loss by Rp74 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:
2023 2022
Cash and cash equivalents 29,007 31,947
Other current financial assets 1,661 1,349
Trade receivable 10,667 8,634
Other receivable 266 245
Other non-current assets 155 186
Total 41,756 42,361
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’s Corporate Finance 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. 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 3.53% of trade receivables as of December 31, 2023.
(December 31, 2022: 4.33%)
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.
108
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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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
v. Liquidity risk
Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities
when they become due.
Prudent liquidity risk management implies maintaining sufficient cash in order to meet the
Group’s financial obligations. The Group continuously performs an analysis to monitor
financial position ratios, such as liquidity ratios and debt-to-equity ratios, against debt covenant
requirements.
The following is the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments:
Carrying Contractual 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)
Carrying Contractual 2027 and
amount cash flows 2023 2024 2025 2026 thereafter
2022
Trade payables 18,457 (18,457) (18,457) - - - -
Other payables 463 (463) (463) - - - -
Accrued expenses 15,445 (15,445) (15,445) - - - -
Customer deposits 44 (44) (44) - - - -
Interest bearing loans and
other borrowings:
Short-term bank loans 8,191 (8,191) (8,191) - - - -
Two-step loans 209 (216) (123) (93) - - -
Bonds and MTN 4,793 (10,096) (509) (510) (2,574) (293) (6,210)
Long-term bank loans 29,873 (36,301) (10,020) (8,346) (6,871) (4,874) (6,190)
Other borrowings 1,314 (1,394) (1,027) (367) - - -
Lease liabilities 18,661 (22,053) (5,893) (4,545) (2,766) (2,258) (6,591)
Other liabilities 170 (196) (20) (44) (44) (44) (44)
Total 97,620 (112,856) (60,192) (13,905) (12,255) (7,469) (19,035)
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.
109
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
38. CAPITAL MANAGEMENT
The capital structure of the Group is as follows:
2023 2022
Amount Portion Amount Portion
Short-term debts 9,650 4.73% 8,191 4.26%
Long-term debts 58,474 28.68% 54,850 28.52%
Total debts 68,124 33.41% 63,041 32.78%
Equity attributable to owners
of the parent company 135,744 66.59% 129,258 67.22%
Total 203,868 100.00% 192,299 100.00%
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, 2023 and 2022, respectively were as follows:
2023 2022
Total interest-bearing debts 68,124 63,041
Less: cash and cash equivalents (29,007) (31,947)
Net debts 39,117 31,094
Total equity attributable to owners of the parent
company 135,744 129,258
Net debt-to-equity ratio 28.82% 24.06%
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 year ended December 31, 2023 and 2022, the Group has
complied with externally imposed capital requirements.
110
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, 2023 and For the Year Then Ended
(Amounts in the tables 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, 2023 and 2022 are as follows:
2023 2022
Acquisition of property and equipment:
Credited to trade payables 3,905 4,662
Borrowing cost capitalization 124 79
Addition of right of uses assets credited
to leases (Note 12) 10,390 10,006
Acquisition of intangible assets:
Credited to trade payables 479 258
b. The changes in liabilities arising from financing activities is as follows:
Non-cash changes
Foreign
exchange Other
January 1, 2023 Cash flows movement New leases Changes December 31, 2023
Short-term bank loans 8,191 1,459 - - - 9,650
Two step loans 209 (128) 3 - - 84
Bonds 4,793 550 - - - 5,343
Long-term bank loans 29,873 2,584 (213) - 16 32,260
Other borrowings 1,314 (954) - - 2 362
Lease liabilities 18,661 (6,602) (15) 10,390 (2,009) 20,425
Total liabilities from
financing activities 63,041 (3,091) (225) 10,390 (1,991) 68,124
40. SUBSEQUENT EVENT
In January 2024, Telkomsel has paid the entire outstanding loans to BSI, Bank of China, and BJB
amounting to Rp500 billion, Rp1,400 billion, and Rp500 billion, respectively.
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 2023.
Impact of significant differences between PSAK and IFRS on items in consolidated statements of
financial position as of December 31, 2023 were as follows:
Reference PSAK Reconciliation IFRS
ASSETS
Trade receivables - net allowance for
expected credit losses
Related parties b 1,918 439 2,357
Third parties b 8,749 (439) 8,310
Other current assets d 7,996 15 8,011
Total Current Assets 55,613 15 55,628
Property and equipment - net of accumulated depreciation a 180,755 (1,955) 178,800
Right-of-use asset a,d 22,584 1,440 24,024
Deferred tax assets - net d 4,170 50 4,220
Total Non-current Assets 231,429 (465) 230,964
TOTAL ASSETS 287,042 (450) 286,592
111
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
Reference PSAK Reconciliation IFRS
LIABILITIES AND EQUITY
Trade payables
Related parties b 585 2,405 2,990
Third parties b 18,023 (2,405) 15,618
Current maturities of lease liabilities d 5,575 (117) 5,458
Total Current Liabilities 71,568 (117) 71,451
Lease liabilities d 14,850 (6) 14,844
Total Non-current Liabilites 58,912 (6) 58,906
TOTAL LIABILITIES 130,480 (123) 130,357
EQUITY
Additional paid-in capital c 2,711 (734) 1,977
Other equity c 9,639 (9,139) 500
Retained earnings c 118,441 9,705 128,146
Net equity attributable to owners of the parent company d 135,744 (168) 135,576
Non-controlling interest d 20,818 (159) 20,659
TOTAL EQUITY 156,562 (327) 156,235
TOTAL LIABILITIES AND EQUITY 287,042 (450) 286,592
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, 2023 were as follows:
Reference PSAK Reconciliation IFRS
Depreciation and amortization expenses a,d (32,663) 94 (32,569)
Other income - net d 252 7 259
OPERATING PROFIT 44,384 101 44,485
Finance cost d (4,652) (40) (4,692)
PROFIT BEFORE INCOME TAX 40,794 61 40,855
INCOME TAX (EXPENSE) BENEFIT (8,586) (201) (8,787)
PROFIT FOR THE YEAR 32,208 (140) 32,068
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 30,754 (140) 30,614
Profit for the year attributable to:
Owners of the parent company 24,560 (133) 24,427
Non-controlling interests 7,648 (7) 7,641
32,208 (140) 32,068
Total comprehensive income for the year attributable to:
Owners of the parent company 23,083 (134) 22,949
Non-controlling interests 7,671 (6) 7,665
30,754 (140) 30,614
BASIC EARNING PER SHARE
(in full amount)
Net income per share 247.92 (1.34) 246.58
Net income per ADS (100 Series B shares per ADS) 24,792.50 (134.26) 24,658.24
112
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, 2023 and For the Year Then Ended
(Amounts in the tables expressed in billions of Rupiah, unless otherwise stated)
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
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.
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 73 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
Page 490
Program Pendanaan Usaha Mikro dan Usaha Kecil Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk Laporan keuangan tanggal 31 Desember 2023 dan untuk tahun yang berakhir pada tanggal tersebut beserta laporan auditor independen/ Financial statements as of December 31, 2023 for the year then ended with independent auditor’s report
Page 491
The original financial statements included herein are in
Indonesian language.
PROGRAM PENDANAAN USAHA MIKRO DAN PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN KEUANGAN FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2023 AS OF DECEMBER 31, 2023
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
Community Development Center (SGM CDC) Community Development Center (SGM CDC)
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 - 22 ............................ Notes to the Financial Statements
************************
Page 492
Page 493
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen Independent Auditor’s Report
Laporan No. 00181/2.1032/AU.2/10/1902- Report No. 00181/2.1032/AU.2/10/1902-
1/1/III/2024 1/1/III/2024
Pemegang Saham, Dewan Komisaris dan The Shareholders and Boards of Commissioners
Direksi Perusahaan Perseroan (Persero) and Directors 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 (Community Development Center) dan Usaha Kecil (Community Development
Perusahaan Perseroan (Persero) Center) 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 (Community Development Center) dan Usaha Kecil (Community Development Center)
Perusahaan Perseroan (Persero) Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk (“CDC”) PT Telekomunikasi Indonesia Tbk (“CDC”), which
terlampir, yang terdiri dari laporan posisi comprise of statement financial position as of
keuangan tanggal 31 Desember 2023, serta December 31, 2023, 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 CDC tanggal the financial position of the CDC as of
31 Desember 2023, serta kinerja keuangan dan December 31, 2023, and its 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.
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 Statements paragraph of our report. We are
CDC berdasarkan ketentuan etika yang relevan independent of the CDC 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.
i
Page 494
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 00181/2.1032/AU.2/10/1902- Report No. 00181/2.1032/AU.2/10/1902-
1/1/III/2024 (lanjutan) 1/1/III/2024 (continued)
Informasi lain Other information
Pengelola CDC bertanggung jawab atas CDC’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 2023 (“Laporan Tahunan”). 2023 (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.
Tanggung jawab pengelola CDC dan pihak yang Responsibilities of CDC’s management and those
bertanggung jawab atas tata kelola terhadap charged with governance for the financial
laporan keuangan statements
Pengelola CDC bertanggung jawab atas CDC’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 CDC’s management determines is
pengelola CDC 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.
ii
Page 495
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 00181/2.1032/AU.2/10/1902- Report No. 00181/2.1032/AU.2/10/1902-
1/1/III/2024 (lanjutan) 1/1/III/2024 (continued)
Tanggung jawab pengelola CDC dan pihak yang Responsibilities of CDC’s management and those
bertanggung jawab atas tata kelola terhadap charged with governance for the financial
laporan keuangan (lanjutan) statements (continued)
Dalam penyusunan laporan keuangan, pengelola In preparing the financial statements, CDC’s
CDC bertanggung jawab untuk menilai management is responsible for assessing the CDC’s
kemampuan CDC 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 CDC’s management either
basis akuntansi kelangsungan usaha, kecuali intends to liquidate the CDC or to cease its
pengelola CDC memiliki intensi untuk melikuidasi operations or has no realistic alternative but to do
CDC 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 CDC’s financial reporting process.
pelaporan keuangan CDC.
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan financial statements
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 496
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 00181/2.1032/AU.2/10/1902- Report No. 00181/2.1032/AU.2/10/1902-
1/1/III/2024 (lanjutan) 1/1/III/2024 (continued)
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan (lanjutan) financial statements (continued)
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 melibatkan 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 CDC’s internal control.
CDC.
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 CDC. made by CDC’s management.
iv
Page 497
The original report included herein is in
The Indonesian language.
Laporan Auditor Independen (lanjutan) Independent Auditor’s Report (continued)
Laporan No. 00181/2.1032/AU.2/10/1902- Report No. 00181/2.1032/AU.2/10/1902-
1/1/III/2024 (lanjutan) 1/1/III/2024 (continued)
Tanggung jawab auditor terhadap audit atas Auditor’s responsibilities for the audit of the
laporan keuangan (lanjutan) financial statements (continued)
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 CDC’s
akuntansi kelangsungan usaha oleh management’s use of the going concern basis
pengelola CDC 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 CDC's ability to
menyebabkan keraguan signifikan atas continue as a going concern. If we conclude
kemampuan CDC 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 CDC 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 CDC
tidak dapat mempertahankan kelangsungan
usahanya.
Mengevaluasi penyajian, struktur, 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 498
Page 499
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN POSISI KEUANGAN STATEMENT OF FINANCIAL POSITION
Tanggal 31 Desember 2023 As of December 31, 2023
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan/
2023 Notes 2022
ASET ASSETS
Aset Lancar Current Assets
Kas dan Setara Kas 172.397.845.349 4 11.599.419.605 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
Rp65.467.649.369 Rp65,467,649,369
(2022: Rp84.929.581.437) 125.662.508.521 5 293.000.450.534 (2022: Rp84,929,581,437)
Jumlah Aset Lancar 298.060.353.870 304.599.870.139 Total Current Assets
Aset Tidak Lancar Non Current Asset
Pinjaman Kolaborasi BUMN 20.000.000.000 6 - SOE Loan Collaboration
Pinjaman Bermasalah Troubled Loan
setelah dikurangi penyisihan net of allowance
penurunan nilai sebesar impairment losses of
Rp305.394.729.086 Rp305,394,729,086
(2022: Rp289.951.899.219) - 7 - (2022: Rp289,951,899,219)
Jumlah Aset Tidak Lancar 20.000.000.000 - Total Non Current Assets
JUMLAH ASET 318.060.353.870 304.599.870.139 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 391.498.832 8 380.916.088 Current Liabilities
Kelebihan Pembayaran Angsuran 236.965.753 9 203.691.711 Overpayment of Installments
JUMLAH LIABILITAS 628.464.585 584.607.799 TOTAL LIABILITIES
ASET NETO NET ASSETS
Tanpa Pembatasan dari Without Restrictions from
Pemberi Sumber Daya 317.431.889.285 304.015.262.340 Resource Provider
Dengan Pembatasan dari With Restrictions from
Pemberi Sumber Daya - - Resource Provider
JUMLAH ASET NETO 317.431.889.285 304.015.262.340 TOTAL NET ASSETS
JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND
ASET NETO 318.060.353.870 304.599.870.139 NET ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan financial statements
1
Page 500
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) 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 2023 December 31, 2023
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan/
2023 Notes 2022
TANPA PEMBATASAN DARI WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA FROM RESOURCE PROVIDER
PENDAPATAN REVENUES
Pendapatan Jasa Administrasi Loan Administration Service
Pinjaman 8.264.381.189 10 15.482.696.576 Income
Pendapatan Bunga 1.471.296.836 11 306.909.879 Interest Income
Pendapatan Lain - lain 8.053.620 46.014.976 Other Income
JUMLAH PENDAPATAN 9.743.731.645 15.835.621.431 TOTAL REVENUES
PENDAPATAN/(BEBAN) INCOME/(EXPENSES)
Pemulihan Penyisihan Recovery for
Nilai Pinjaman 4.019.102.201 5d 4.422.134.092 Impairment of Loan
(Beban)/Pendapatan Lainnya (346.206.901) 185.359.369 Other (Expenses)/Income
JUMLAH PENDAPATAN - NETO 3.672.895.300 4.607.493.461 TOTAL INCOME - NET
SURPLUS 13.416.626.945 20.443.114.892 SURPLUS
DENGAN PEMBATASAN DARI WITH RESTRICTIONS
PEMBERI SUMBER DAYA - - FROM RESOURCE PROVIDER
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN - - INCOME
TOTAL PENGHASILAN TOTAL COMPREHENSIVE
KOMPREHENSIF 13.416.626.945 20.443.114.892 INCOME
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan financial statements
2
Page 501
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) 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 Tanggal For the Year Ended
31 Desember 2023 December 31, 2023
(Disajikan dalam Rupiah) (Expressed in Rupiah)
Catatan/
2023 Notes 2022
ASET NETO NET ASSETS
TANPA PEMBATASAN DARI WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA FROM RESOURCE PROVIDER
Saldo awal 304.015.262.340 283.572.147.448 Beginning balance
Surplus 13.416.626.945 20.443.114.892 Surplus
Saldo akhir 317.431.889.285 304.015.262.340 Ending balance
Penghasilan komprehensif lain - - Other comprehensive income
Jumlah 317.431.889.285 304.015.262.340 Total
DENGAN PEMBATASAN DARI WITH RESTRICTIONS
PEMBERI SUMBER DAYA - - FROM RESOURCE PROVIDER
JUMLAH ASET NETO 317.431.889.285 304.015.262.340 TOTAL NET ASSETS
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan financial statements
3
Page 502
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) 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 2023 December 31, 2023
(Disajikan dalam Rupiah) (Expressed in Rupiah)
2023 2022
AKTIVITAS OPERASI OPERATING ACTIVITIES
Rekonsiliasi surplus Reconciliation of surplus to
menjadi kas neto dari aktivitas operasi net cash from operating activities
Surplus 13.416.626.945 20.443.114.892 Surplus
Rekonsiliasi: Reconciliation:
Pemulihan penyisihan (4.019.102.201) (4.422.134.092) Reversal allowance
penurunan nilai pinjaman for impairment of loan
Perubahan aset dan liabilitas Change in asset and liabilities
Pinjaman kepada mitra binaan 171.357.044.214 (11.681.638.049) Loan to fosters partners
Pinjaman kolaborasi BUMN (20.000.000.000) - SOE loan collaboration
Kelebihan pembayaran angsuran 33.274.042 (193.307.826) Overpayment of installments
Utang dan liabilitas lancar lainnya 10.582.744 8.304.183 Payables and other current liabilities
KAS NETO DITERIMA NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI 160.798.425.744 4.154.339.108 FROM OPERATING ACTIVITIES
KENAIKAN INCREASE IN
KAS DAN SETARA KAS 160.798.425.744 4.154.339.108 CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AWAL TAHUN 11.599.419.605 7.445.080.497 AT BEGINNING OF THE YEAR
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AKHIR TAHUN 172.397.845.349 11.599.419.605 AT END OF THE YEAR
Catatan atas laporan keuangan terlampir merupakan The accompanying notes form an integral part of these
bagian integral dari laporan keuangan financial statements
4
Page 503
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
1. INFORMASI MENGENAI UNIT COMMUNITY 1. INFORMATION OF COMMUNITY
DEVELOPMENT CENTER DEVELOPMENT 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) (“CDC”) didirikan oleh Development Center) (“CDC”) 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
PR.202.60/r.02/ HK200/ COP-A2000000/ 2021, of Human Capital Management Number.
tanggal 25 November 2021, tentang Organisasi PR. 202.60/r.02/HK200/COPA2000000/2021
Community Development Center. dated November 25, 2021 regarding
Organization of Community Development
Center.
CDC didirikan sebagai implementasi dari CDC 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
Lingkungan. Keputusan Menteri BUMN and Community Development Program. The
tersebut didasarkan pada Undang-Undang Decree of Minister SOE was based on The Law
Republik Indonesia No. 19 Tahun 2003 tentang of 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
Kecil dan Program Bina Lingkungan and Community Development Program
menggantikan Keputusan Menteri BUMN replaced the Decree of Minister of SOE
No. KEP-236/MBU/2003. No. KEP-236/MBU/2003.
5
Page 504
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
1. INFORMASI MENGENAI UNIT COMMUNITY 1. INFORMATION OF COMMUNITY
DEVELOPMENT CENTER (lanjutan) DEVELOPMENT CENTER UNIT (continued)
a. Pendirian dan Informasi Umum (lanjutan) a. Establishment and General Information
(continued)
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 SOE
No.PER-07/MBU/05/2015 tentang Program Partnership Program with Small Business and
Kemitraan Badan Usaha Milik Negara dengan Community Development Program replaced
Usaha Kecil dan Program Bina Lingkungan 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 replaced
Usaha Kecil dan Program Bina Lingkungan dan the Decree of Minister of SOE No. PER-
menggantikan Peraturan Menteri BUMN 07/MBU/2015.
No.PER-07/MBU/05/2015.
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 Jawah 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 Assignmment and Social and Environmental
Tanggung Jawab Sosial dan Lingkungan Responsibility Program (TJSL).
(TJSL).
Kantor pusat CDC berdomisili di Graha Merah CDC head office is located at Graha Merah
Putih PT Telkom Indonesia (Persero) Tbk, Putih PT Telkom Indonesia (Persero) Tbk,
Jalan Gatot Subroto Kav. 52 Jakarta. Gatot Subroto Kav. 52 Jakarta. Community
Community Development (“CD”) Regional dan Development (“CD”) Regional and CD Witel is
CD Witel berdomisili di Kantor Telkom Regional located in Telkom Regional Office and Telkom
dan Kantor Telkom Wilayah (“Witel”) yang Wilayah Office (“Witel”) Telkom which spread
tersebar di seluruh Indonesia. all over Indonesia.
b. Kegiatan Utama b. Primary Activities
Sebelum periode tahun 2023, kegiatan utama Before the 2023 period, CDC’s primary
yang dilakukan CDC adalah pembiayaan dan activities are financing and developing Micro
pembinaan Usaha Mikro dan Usaha Kecil and Small Business (SME) through Program
(UMK) melalui Program Pendanaan UMK Pendanaan UMK (PUMK) to Foster Partners.
(PUMK) kepada mitra binaan.
6
Page 505
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
1. INFORMASI MENGENAI UNIT COMMUNITY 1. INFORMATION OF COMMUNITY
DEVELOPMENT CENTER (lanjutan) DEVELOPMENT CENTER UNIT (continued)
b. Kegiatan Utama (lanjutan) b. Primary Activities (continued)
Pada periode tahun 2023, kegiatan utama yang In the 2023 period, CDC’s primary activities are
dilakukan CDC 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.
berkolaborasi dengan PT Bank Rakyat (BRI).
Indonesia (Persero) Tbk. (BRI).
c. Sumber Dana c. Fund Resources
Sumber dana Program PUMK berasal dari PUMK program fund resources are from budget
anggaran yang diperhitungkan sebagai biaya which has been allocated by Perusahaan
Perusahaan Perseroan (Persero) Perseroan (Persero) PT Telekomunikasi
PT Telekomunikasi Indonesia Tbk (BUMN Indonesia Tbk’s (Foster SOE) expenses and
Pembina) dan hasil pengembangan dana additional fund sourced from fund management
program. activities.
d. Susunan Pengelola d. Management Structures
Susunan Pengelola CDC pada tanggal Management structures of CDC as of
31 Desember 2023 dan 2022 adalah sebagai December 31, 2023 and 2022 is as follows:
berikut:
2023 2022
Senior General Manager Hery Susanto Hery Susanto Senior General Manager
Pengelola Fungsi Dukungan: Supporting Management:
Senior Manager Senior Manager of
Perencanaan dan Planning and
Pengendalian Arif Swasono M. Wahyudi Controlling
Senior Manager Keuangan Soni Galih Riadi Soni Galih Riadi Senior Manager of Finance
Senior Manager Senior Manager of
Pemberdayaan SME Empowerment
UMK Gandung Pratidhina M. Wahyudi Program
Senior Manager
Pemberdayaan Sosial Senior Manager of Social and
dan Lingkungan Suharsono Suharsono Environment Empowerment
Senior Manager Senior Manager of
Rumah BUMN Adrian Sani Harahap Bambang Febriansyah Rumah BUMN
Berdasarkan KD.21/PR000/COP-0030000/2010 Based on KD.21/PR000/COP-B0030000/2010
tentang Pengelolaan Program Kemitraan regarding Management of Partnership
dan Program Bina Lingkungan Program and Community Development
yang telah diubah dengan Program which was amended by
PD.703.00/r.00/HK200 / CDC - A1000000/2021 PD.703.00/r.00/ HK200/ CDC-A1000000/2021
tanggal 31 Desember 2021 tentang Program dated December 31, 2021 where CDC is the
Tanggung Jawab Sosial dan Lingkungan, TJSL Program Management Unit is supervised
dimana CDC adalah Unit Kerja Pengelola by the Director of Human Capital Management
Program TJSL di bawah supervisi Direktur (HCM). As of December 31, 2023 and 2022,
Human Capital Management (HCM). Pada the Director of HCM of PT Telkom Tbk is
tanggal 31 Desember 2023 dan 2022, Direktur Mr. Afriwandi.
HCM PT Telkom Tbk adalah Bapak Afriwandi.
7
Page 506
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
1. INFORMASI MENGENAI UNIT COMMUNITY 1. INFORMATION OF COMMUNITY
DEVELOPMENT CENTER (lanjutan) DEVELOPMENT CENTER UNIT (continued)
d. Susunan Pengelola (lanjutan) d. Management Structure (continued)
Jumlah karyawan pada tanggal 31 Desember Number of employees as of December 31,
2023 dan 2022 adalah sebagai berikut: 2023 and 2022 are as follows:
2023 2022
______________________________
CDC Pusat 53 33 CDC 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 CDC dilakukan assigned at CDC are performed by Foster SOE.
oleh BUMN Pembina.
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 CDC authorized for issuance by CDC’s Management
pada 8 Maret 2024. on March 8, 2024.
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 2023 adalah financial statements for the year ended
sebagai berikut: December 31, 2023 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.
8
Page 507
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
a. Dasar Penyusunan Laporan Keuangan a. Basis of Preparation of Financial Statements
(lanjutan) (continued)
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 CDC adalah The financial reporting period of CDC 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 CDC’s Management evaluation on the
Pengelola CDC terhadap tingkat ketertagihan collectibility of these loans.
saldo pinjaman.
9
Page 508
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in 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 509
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in 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 CDC
berdasarkan taksiran Pengelola CDC terhadap estimation of their collectibility.
tingkat ketertagihan saldo pinjaman.
CDC pertama kali menentukan apakah terdapat CDC 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 significat loan or collectively for loan which are
individual atau secara kolektif untuk penerimaan insignificant. If CDC decides that there is no
yang jumlahnya tidak signifikan secara objective evidence of individual impairment,
individual. Jika CDC menentukan tidak terdapat regardless those loans are significant or
bukti objektif mengenai penurunan nilai atas insignificant, CDC 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 CDC 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 510
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
e. Pinjaman Kolaborasi BUMN e. SOE Loan Collaboration
Pinjaman Kolaborasi BUMN adalah pinjaman SOE Loan Collaboration represents loan is
diberikan kepada Mitra Binaan melalui PT Bank provided to Foster Partners through PT Bank
Rakyat Indonesia (Persero) Tbk. (BRI) sebagai Rakyat Indonesia (Persero) Tbk. (BRI) as a
bentuk sinergi untuk meningkatkan efisiensi synergy to increase efficiency and effectiveness
dan efektivitas dalam pengembangan dan in the economic development and
pemberdayaan ekonomi usaha mikro dan empowerment of micro and small businesses.
usaha kecil. Pinjaman kolaborasi BUMN diakui SOE loan collaboration is recognized when
pada saat terjadi penyetoran dana kepada BRI, funds are transferred to BRI, measured, and
diukur serta dicatat sebesar jumlah dana yang 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.
aset tidak lancar.
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 Peraturan adhere to the Ministry of SOE’s regulations.
Menteri BUMN.
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
Peraturan Senior General Manager Decree of Senior General Manager
Community Development Center Nomor: Community Development Center Number:
PK.703.01.01/r.00/HK200/CDC1000000/2022 PK.703.01.01/r.00/HK200/CDC1000000/2022
tanggal 30 Mei 2022 tentang Petunjuk dated on May 30, 2022 regarding Operational
Pelaksanaan Operasional Program Tanggung Guidelines of Social and Environmental
Jawab Sosial dan Lingkungan (TJSL). 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.
12
Page 511
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
2. IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI 2. SUMMARY OF MATERIAL ACCOUNTING
YANG MATERIAL (lanjutan) POLICIES INFORMATION (continued)
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 spesific 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.
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 CDC are charged
terjadi di CDC menjadi beban CDC dan to CDC and reported by Foster SOE.
dilaporkan atas nama BUMN Pembina.
13
Page 512
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
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 CDC adalah mata uang CDC’s functional currency is currencies from
dari lingkungan ekonomi primer di mana CDC premier economic environment where CDC
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. CDC services given. CDC determines that their
menentukan bahwa mata uang fungsionalnya functional currency is Rupiah.
adalah Rupiah.
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, CDC
CDC 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
mempengaruhi tingkat tertagihnya pinjaman
tersebut.
CDC menggunakan pertimbangan berdasarkan CDC uses judgements based on available facts
fakta dan situasi yang tersedia, termasuk tetapi and situations, including but not limited to, CDC’s
tidak terbatas pada, jangka waktu hubungan period of relationship with foster partners and
CDC dengan mitra binaan dan status kualitas foster partner’s loan quality status (Notes 5 and
pinjaman pelanggan (Catatan 5 dan 7). 7).
b. Estimasi dan Asumsi b. Estimations and Assumptions
Penyisihan penurunan nilai pinjaman Allowance for impairment of loan
CDC menggunakan pertimbangan berdasarkan CDC 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.
CDC juga melakukan penilaian penyisihan CDC 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.
14
Page 513
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
3. PENGGUNAAN PERTIMBANGAN, ESTIMASI DAN 3. ACCOUNTING JUDGEMENTS, ESTIMATION,
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
2023 2022
______________________________________________
Kas di Bank: Cash in Banks:
PT Bank Negara Indonesia (Persero) Tbk 80.929.673.147 3.301.996.025 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Mandiri (Persero) Tbk 80.740.988.108 5.601.276.696 PT Bank Mandiri (Persero) Tbk
PT Bank Syariah Indonesia (Persero) Tbk 10.727.184.094 2.696.146.884 PT Bank Syariah Indonesia (Persero) Tbk
______________________________________________
Jumlah Kas dan Setara Kas 172.397.845.349 11.599.419.605 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 CD
CD Regional Regional
2023 2022
______________________________________________
Pinjaman kepada Mitra Binaan Loan to Foster Partners
CD Regional I Sumatera 40.274.170.243 78.869.801.420 CD Regional I Sumatera
CD Regional II DKI Jakarta dan Banten 27.894.093.677 55.370.480.606 CD Regional II DKI Jakarta and Banten
CD Regional III Jabar 15.181.361.655 37.392.543.608 CD Regional III Jabar
CD Regional IV Jateng dan DIY 22.335.223.183 47.494.822.387 CD Regional IV Jateng and DIY
CD Regional V Jatim dan Madura 44.306.096.466 75.285.453.474 CD Regional V Jatim and Madura
CD Regional VI Kalimantan 21.305.913.986 45.652.380.063 CD Regional VI Kalimantan
CD Regional VII Kawasan Timur CD Regional VII Kawasan Timur
Indonesia 19.833.298.680 37.864.550.413 Indonesia
____________________________________________
Jumlah 191.130.157.890 377.930.031.971 Total
Penyisihan Penurunan Nilai Pinjaman (65.467.649.369) (84.929.581.437) Allowance for Impairment of Loan
____________________________________________
Jumlah Pinjaman kepada Mitra
Binaan - Neto 125.662.508.521 293.000.450.534 Total Loan to Foster Partners - Net
15
Page 514
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in 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
2023 2022
____________________________________
Perdagangan 101.799.553.652 202.340.741.536 Trading
Industri 41.597.474.025 80.851.746.195 Industry
Jasa 28.738.681.262 59.171.986.477 Service
Peternakan 6.597.542.825 11.995.501.388 Farming
Pertanian 4.964.428.725 8.736.387.330 Agriculture
Perikanan 4.430.709.957 8.269.562.995 Fishing
Perkebunan 1.747.979.736 4.161.211.880 Plantation
Lainnya 1.253.787.708 2.402.894.170 Others
Jumlah 191.130.157.890 377.930.031.971 Total
Penyisihan penurunan nilai pinjaman (65.467.649.369) (84.929.581.437) Allowance for impairment of loan
Jumlah pinjaman kepada Mitra
Binaan - Neto 125.662.508.521 293.000.450.534 Total Loan to Foster Partners - Net
Manajemen berpendapat bahwa saldo penyisihan Management believes that the balance of
penurunan nilai pinjaman cukup untuk menutup allowance for impairment of loan is adequate to
kerugian atas tidak tertagihnya pinjaman. cover losses from the uncollectible loan.
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 tanggal 1 Januari 2022 Interest rate start from January 1 to
sampai dengan 30 September 2022 diatur September 30, 2022 is regulated based on
berdasarkan PER-05/MBU/04/2021 sebesar 6% PER-05/MBU/04/2021 by 6% per annum.
per tahun. Tingkat suku bunga mulai 1 Oktober Interest rate start from October 1, 2022 is
2022 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:
2023 2022
_________________________________
Saldo awal 84.929.581.437 83.373.615.274 Beginning balance
Penambahan 24.421.413.685 10.902.288.650 Additional
Pemulihan (19.461.932.068) (4.278.571.317) Recovery
Reklasifikasi ke Reclassification to
pinjaman bermasalah (Catatan 7) (24.421.413.685) (5.067.751.170) troubled loan (Note 7)
Saldo akhir 65.467.649.369 84.929.581.437 Ending balance
_________________________________
16
Page 515
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
5. PINJAMAN KEPADA MITRA BINAAN (lanjutan) 5. LOAN TO FOSTER PARTNERS (continued)
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 98.509.817.459 0,26% 252.737.968 (1.480.483.015) Current
Kurang lancar > 30 hari ≤ 180 hari 19.187.322.698 2,50% 480.597.003 (673.735.746) Substandard
> 30 days < 180 days
Diragukan > 180 hari ≤ 270 hari 9.314.318.472 6,61% 615.615.137 (208.433.028) Doubtful
> 180 days < 270 days
Macet > 270 hari/ > 270 days 64.108.380.926 100,00% 64.108.380.926 (17.099.280.279) Loss
Sub jumlah 191.119.839.555 65.457.331.034 (19.461.932.068) Sub total
Bermasalah Troubled
Mitra Binaan 296.174.522.903 100,00% 296.174.522.903 15.442.829.867 Foster Partner
BUMN Pembina lain/ Other Foster SOE/
Lembaga Penyalur 9.220.206.183 100,00% 9.220.206.183 - Distributing Partners
Sub jumlah 305.394.729.086 305.394.729.086 15.442.829.867 Sub total
Dinilai secara individual Individual assessment
Mitra Binaan Pinjaman Tambahan Additional Loan Foster Partners
Macet 10.318.335 100,00% 10.318.335 - Loss
Jumlah 496.524.886.976 370.862.378.455 (4.019.102.201) Total
2022
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 272.931.204.899 0,64% 1.733.220.983 (1.102.643.915) Current
Kurang lancar > 30 hari ≤ 180 hari 17.224.907.352 6,70% 1.154.332.749 (1.298.368.754) Substandard
> 30 days < 180 days
Diragukan > 180 hari ≤ 270 hari 6.555.940.180 12,57% 824.048.165 (1.877.558.648) Doubtful
> 180 days < 270 days
Macet > 270 hari/ > 270 days 81.207.661.205 100,00% 81.207.661.205 5.834.537.480 Loss
Sub jumlah 377.919.713.636 84.919.263.102 1.555.966.163 Subtotal
Bermasalah Troubled
Mitra Binaan 280.731.693.036 100,00% 280.731.693.036 (5.951.650.255) Foster Partner
BUMN Pembina lain/ Other Foster SOE/
Lembaga Penyalur 9.220.206.183 100,00% 9.220.206.183 (26.450.000) Distributing Partners
Sub jumlah 289.951.899.219 289.951.899.219 (5.978.100.255) Sub total
Dinilai secara individual Individual assessment
Mitra Binaan Pinjaman Tambahan Additional Loan Foster Partners
Macet 10.318.335 100,00% 10.318.335 - Substandard- Loss
Jumlah 667.881.931.190 374.881.480.656 (4.422.134.092) Total
17
Page 516
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
6. PINJAMAN KOLABORASI BUMN 6. SOE LOAN COLLABORATION
Pada tanggal 29 Agustus 2023, CDC telah On August 29, 2023, CDC 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/ CDC-A1000000/2023 with PT Bank Rakyat
CDC-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.
terhitung sejak ditandatanganinya perjanjian.
Pada tanggal 29 November 2023, CDC On November 29, 2023, CDC signed Perjanjian Kerja
menandatangani Perjanjian Kerja Sama Turunan Sama Turunan No. B.827-MBD/11/2023 or
No.B.827-MBD/11/2023 atau No. Tel.1603/ HK.810/ No. Tel 1603/ HK.810/ CDC-A1000000/ 2023 with
CDC-A1000000/ 2023 dengan BRI untuk mengatur BRI to regulate in more detail regarding the
lebih detail mengenai pelaksanaan Perjanjian Kerja implementation of Perjanjian Kerja Sama Induk.
Sama Induk.
Pada tanggal 30 November 2023, CDC telah On November 30, 2023, CDC transferred funds to
melakukan penyetoran dana ke rekening giro BRI the BRI checking account of IDR20,000,000,000.
sebesar Rp20.000.000.000. CDC dan BRI sepakat CDC and BRI agree to hold a meeting at least 1 (one)
untuk mengadakan pertemuan minimal 1 (satu) kali time in 1 (one) year to evaluate the implementation of
dalam 1 (satu) tahun untuk mengevaluasi this agreement.
pelaksanaan perjanjian ini.
Berdasarkan perjanjian, BRI berkewajiban untuk Based on the agreement, BRI is obliged to
(1) melakukan penyaluran dana Program Pendanaan (1) distribute funds from the CDC's Program
UMK CDC kepada usaha mikro dan usaha kecil, Pendanaan UMK to micro and small businesses,
(2) melakukan penagihan angsuran pinjaman UMK (2) collect installments of the Foster MSE loans for
Binaan atas penyaluran dana Program Pendanaan the funds distribution of the CDC’s Program
UMK CDC sampai dengan pelunasan pinjaman oleh Pendanaan UMK until the loan repayment by the
UMK Binaan yang disetorkan melalui rekening CDC Foster MSEs is transferred through CDC's account
oleh BRI, meskipun perjanjian telah berakhir, by BRI, even though the agreement has ended,
(3) melakukan efektivitas kinerja penyaluran dan (3) carry out effective performance of distribution and
kolektibilitas Program Pendanaan UMK, collectibility of Program Pendanaan UMK, (4) report
(4) melaporkan pelaksanaan penyaluran dana the implementation of the funds distribution for
Program Pendanaan UMK sebagaimana diatur dalam Program Pendanaan UMK as regulated in Ministry of
Permen BUMN No: PER-1/2023 kepada Kementerian SOE No: PER-1/2023 to the Ministry of BUMN,
BUMN, (5) melakukan monitoring dan evaluasi atas (5) carry out monitoring and evaluation of the
pelaksanaan penyaluran dana Program Pendanaan implementation of the distribution of funds for CDC's
UMK CDC, (6) memberikan laporan atas penyaluran Program Pendanaan UMK, (6) providing a report on
dana Program Pendanaan UMK CDC sebagai dasar the distribution of funds for CDC's Program
dari pelaksanaan audit Program Pendanaan UMK Pendanaan UMK as a basis for the audit of the
CDC, (7) mengalokasikan kembali jasa administrasi implementation of Program Pendanaan UMK,
yang diperoleh dari penyaluran dana Program (7) reallocating administrative services obtained from
Pendanaan UMK yang untuk selanjutnya menjadi the distribution of Program Pendanaan UMK funds
bagian dari penyaluran dana Program Pendanaan for then becomes part of the distribution of funds for
UMK pada periode berikutnya yang akan the Program Pendanaan UMK in the following period
dikembalikan kepada CDC pada akhir periode which will be returned to CDC at the end of the period
Perjanjian Kerja Sama Induk. of Perjanjian Kerja Sama Induk.
CDC berkewajiban (1) melakukan penyetoran/ CDC 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 bukti penyetoran/ pemindahbukuan penyaluran of deposit/book-entry of disbursement of Program
dana Program Pendanaan UMK. Pendanaan UMK.
18
Page 517
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
7. PINJAMAN BERMASALAH 7. TROUBLED LOAN
Pinjaman Bermasalah Kepada Mitra Binaan Troubled Loan to Foster Partners Classified by
Berdasarkan CD Regional CD Regional
Pada tanggal 31 Desember 2023 dan 2022, pinjaman As of December 31, 2023 and 2022, the troubled
bermasalah yang di klasifikasikan berdasarkan CD loan which classified per CD Regional is as follow:
Regional adalah sebagai berikut:
2023 2022
_________________________________
CD Regional I Sumatera 64.861.818.497 61.593.873.574 CD Regional I Sumatera
CD Regional II DKI Jakarta dan Banten 42.105.787.524 40.391.500.941 CD Regional II DKI Jakarta and Banten
CD Regional III Jabar 52.650.358.256 46.951.230.032 CD Regional III Jabar
CD Regional IV Jateng dan DIY 26.092.338.269 23.997.654.788 CD Regional IV Jateng and DIY
CD Regional V Jatim dan Madura 46.636.054.096 45.974.823.576 CD Regional V Jatim and Madura
CD Regional VI Kalimantan 28.372.235.839 28.128.613.103 CD Regional VI Kalimantan
CD Regional VII Kawasan Timur CD Area VII Kawasan Timur
Indonesia 35.455.930.422 33.693.997.022 Indonesia
296.174.522.903 280.731.693.036
_________________________________
CD Corporate CD Corporate
PT Sang Hyang Seri (Persero) (“SHS”) 7.602.387.468 7.602.387.468 PT Sang Hyang Seri (Persero) (“SHS”)
Baitul Mal Wal Tamwil (“BMT Hidayah”) 1.617.818.715 1.617.818.715 Baitul Mal Wal Tamwil (“BMT Hidayah”)
9.220.206.183 9.220.206.183
Jumlah 305.394.729.086 289.951.899.219 Total
Penyisihan Pinjaman Bermasalah (305.394.729.086 ) (289.951.899.219) Allowance for Impairment of Troubled Loan
Jumlah Pinjaman Bermasalah-Neto - - Troubled Loan Distribution-Net
Mutasi penyisihan penurunan nilai pinjaman Movement of allowance for impairment of troubled
bermasalah adalah sebagai berikut: loan is as follow:
2023 2022
_________________________________
Saldo awal 289.951.899.219 295.929.999.474 Beginning balance
Reklasifikasi dari pinjaman macet
(Catatan 5d) 24.421.413.685 5.067.751.170 Reclasification from loss loan (Note 5d)
Pemulihan (8.978.583.818) (11.045.851.425) Reversal
Saldo akhir 305.394.729.086 289.951.899.219 Ending balance
8. UTANG DAN LIABILITAS LANCAR LAINNYA 8. PAYABLES AND OTHER CURRENT LIABILITIES
Pada tanggal 31 Desember 2023 dan 2022, akun ini As of December 31, 2023 and 2022, this account
merupakan uang titipan. represents incidental deposit.
19
Page 518
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
9. KELEBIHAN PEMBAYARAN ANGSURAN 9. OVERPAYMENT OF INSTALLMENTS
2023 2022
_________________________________
Saldo awal 203.691.711 396.999.537 Beginning balance
Penambahan 82.661.470 43.480.772 Additional
Pengembalian (49.387.428) (236.788.598) Refund
Saldo akhir 236.965.753 203.691.711 Ending balance
10. PENDAPATAN JASA ADMINISTRASI PINJAMAN 10. LOAN ADMINISTRATION SERVICE INCOME
2023 2022
_________________________________
CD Regional I Sumatera 1.612.629.663 3.043.107.021 CD Regional I Sumatera
CD Regional II DKI Jakarta dan Banten 1.257.881.504 2.355.986.902 CD Regional II DKI Jakarta and Banten
CD Regional III Jabar 762.629.782 1.389.465.716 CD Regional III Jabar
CD Regional IV Jateng dan DIY 1.124.712.492 1.994.521.838 CD Regional IV Jateng and DIY
CD Regional V Jatim dan Madura 1.509.559.660 2.915.537.163 CD Regional V Jatim and Madura
CD Regional VI Kalimantan 1.209.058.729 2.189.135.166 CD Regional VI Kalimantan
CD Regional VII Kawasan Timur Indonesia 787.909.359 1.594.942.770 CD Regional VII Kawasan Timur Indonesia
Jumlah 8.264.381.189 15.482.696.576 Total
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/ Foster SOE
sepengendali oleh Pemerintah/
Entity under common control of
the Government
20
Page 519
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in 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:
2023 2022
Aset Assets
Kas dan Setara Kas (Catatan 4) Cash and Cash Equivalents (Note 4)
Kas di bank Cash in banks
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk. 80.929.673.147 3.301.996.025 (Persero) Tbk.
PT Bank Mandiri (Persero) Tbk. 80.740.988.108 5.601.276.696 PT Bank Mandiri (Persero) Tbk.
PT Bank Syariah Indonesia PT Bank Syariah Indonesia
(Persero) Tbk. 10.727.184.094 2.696.146.884 (Persero) Tbk.
172.397.845.349 11.599.419.605
Pinjaman Kolaborasi BUMN SOE Loan Collaboration
(Catatan 6) (Note 6)
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk. 20.000.000.000 - (Persero) Tbk.
Pinjaman Bermasalah (Catatan 7) Troubled Loan (Note 7)
PT Sang Hyang Seri (Persero) 7.602.387.468 7.602.387.468 PT Sang Hyang Seri (Persero)
Penyisihan Pinjaman Bermasalah (7.602.387.468) (7.602.387.468) Allowance for Impairment of Troubled Loan
Jumlah pinjaman 20.000.000.000 - Total loan
Jumlah aset pada pihak berelasi 192.397.845.349 11.599.419.605 Total assets in related parties
Jumlah aset 318.060.353.870 304.599.870.139 Total assets
Sebagai prosentase terhadap
jumlah aset 60,49% 3,81% As percentage to total assets
Pendapatan Revenues
Pendapatan Jasa Giro Interest from Current Account
PT Bank Mandiri (Persero) Tbk. 842.439.454 85.875.409 PT Bank Mandiri (Persero) Tbk.
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk. 623.608.084 221.034.470 (Persero) Tbk.
PT Bank Syariah Indonesia PT Bank Syariah Indonesia
(Persero) Tbk. 5.249.298 - (Persero) Tbk.
Jumlah pendapatan jasa giro 1.471.296.836 306.909.879 Total interest from current account
Jumlah pendapatan dari pihak berelasi 1.471.296.836 306.909.879 Total revenues from related parties
Jumlah pendapatan 9.743.731.645 15.835.621.431 Total revenues
Sebagai prosentase terhadap
jumlah pendapatan 15,10% 1,94% As percentage to total revenues
21
Page 520
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO PROGRAM PENDANAAN USAHA MIKRO
DAN USAHA KECIL DAN USAHA KECIL
(COMMUNITY DEVELOPMENT CENTER) (COMMUNITY DEVELOPMENT CENTER)
PERUSAHAAN PERSEROAN (PERSERO) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 Desember 2023 dan Tahun yang December 31, 2023 and
Berakhir pada Tanggal Tersebut For the Year Ended
(Disajikan dalam Rupiah) (Expressed in Rupiah)
12. LAPORAN ARUS KAS - METODE LANGSUNG 12. STATEMENT OF CASH FLOWS - DIRECT
METHOD
2023 2022
AKTIVITAS OPERASI OPERATING ACTIVITIES
Pengembalian Pinjaman dari Mitra Binaan 171.333.881.031 226.744.890.542 Loan Repayments from Foster Partners
Penerimaan Jasa Administrasi Receipt from
Pinjaman 8.045.335.305 15.236.139.190 Loan Administration Service
Pendapatan Bunga 1.471.296.836 306.909.879 Interest Income
Penyaluran Dana Pinjaman ke Mitra Binaan - (237.524.200.000) Fund transferred to Foster Partners
Fund Distribution for
Penyaluran Pinjaman Kolaborasi BUMN (20.000.000.000 ) - SOE Loan Collaboration
Pembayaran Utang (2.700.000) (372.611.905) Payable Payment
Pengembalian Kelebihan Angsuran Refund of Overpayment Installment to
ke Mitra Binaan (49.387.428) (236.788.598) Foster Partners
KAS NETO DITERIMA NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI 160.798.425.744 4.154.339.108 FROM OPERATING ACTIVITIES
KENAIKAN INCREASE
KAS DAN SETARA KAS 160.798.425.744 4.154.339.108 IN CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AWAL PERIODE 11.599.419.605 7.445.080.497 AT BEGINNING OF PERIOD
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AKHIR PERIODE 172.397.845.349 11.599.419.605 AT END OF PERIOD
13. PERISTIWA SETELAH PERIODE LAPORAN POSISI 13. EVENT AFTER THE REPORTING PERIOD
KEUANGAN
Berdasarkan Peraturan Direktur Human Capital Based on Decree of the Director Human Capital
Management Nomor: PR.202.60/r.03/HK250/COP- Management Number: PR.202.60/r.03/HK250/ COP-
A0200000/2024 tanggal 29 Februari 2024 tentang A0200000/ 2024, dated February 29, 2024 regarding
Organisasi Social Responsibility Center bahwa: Organization of Social Responsibility Center that:
1. Untuk memastikan efektivitas pelaksanaan 1. To ensure the effectiveness of the implementation
Program Tanggung Jawab Sosial dan Lingkungan of the Company's Social and Environmental
(TJSL) Perusahaan yang berfokus pada pilar Responsibility Program (TJSL) which focuses on
environment dan social initiative, perlu dilakukan environmental pillars and social initiatives, it is
penyesuaian fungsi dan peran Community necessary to adjust the function and role of the
Development Center menjadi Social Responsibility Community Development Center to Social
Center; Responsibility Center;
2. Terjadi penyesuaian dan perubahan atas 2. There have been adjustments and changes to
Peraturan Perusahaan Nomor: Company Regulation Number:
PR.202.60/2.02/HK-200/COP/A2000000/2021 PR.202.60/2.02/HK-200/COP/A2000000/2021
tanggal 25 November 2021 tentang organisasi dated 25 November 2021 regarding the
Community Development Center menjadi Community Development Center organization
organisasi Social Responsibility Center. becoming Social Responsibility Center
organization.
Manajemen meyakini bahwa Peraturan Direktur Management believes that Decree of the Director of
Human Capital Management Nomor: Human Capital Management Number:
PR.202.60/r.03/HK250/COP-A0200000/2024 tanggal PR.202.60/r.03/HK250/COP-A0200000/2024, dated
29 Februari 2024 tidak berdampak signifikan terhadap February 29, 2024 does not have a significant impact
operasional CDC. on CDC operations.
22
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Page 522
A N NUA L REP ORT 202 3 FE E DBACK FORM
PT T E L KOM I N DON ESIA (PE RSE RO ) T BK
Thank you for your willingness to read this 2023 Annual Report. As part of an effort to perfect the contents of the following year’s
reporting. we look forward to hearing from you by answering the questions below.
QUESTION
1. In your opinion, this Annual Report has provided useful information regarding various activities carried out by PT Telkom Indonesia
(Persero) Tbk.
SS S RR TS STS
2. In your opinion, the material in this report including the data and information presented is easy to understand and understand.
SS S RR TS STS
3. In your opinion, the material in this report including the data and information presented is quite complete, covering all sustainability
issues.
SS S RR TS STS
4. In your opinion, the material in this report including the data and information presented is reliable for
decision-making.
SS S RR TS STS
Keterangan:
SA: Strongly Agree A: Agree OTA: On The Average D: Disagree SD: Strongly Disagree
5. In your opinion, what information has been submitted in this report and is felt to be useful?
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
6. In your opinion, what information has been conveyed in this report and is felt to be of little use?
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
7. In your opinion, what about the display of this report both from the contents, design and layout as well as photos included?
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
8. In your opinion, what information is felt to be lacking and must be completed in the upcoming Annual Report?
a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .
Your profile
Full name :.....................................
Age and Gender : . . . . . . . . . . .Yo. M / F (cross the unnecessary ones)
Institution / Company :.....................................
Type of Institution / Company : Government Government Media
NGO NGO Etc
Returning forms and other matters related to the 2023 Annual Report can be submitted to:
Investor Relations
The Telkom Hub, Telkom Landmark Tower Lantai 39
Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710
Tel : (6221) 521 5109
Fax : (6221) 522 0500
E-mail : investor@telkom.co.id
Website : www.telkom.co.id
Names mentioned 181 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Financial Services Authority
p.5 ×2
unresolved
org
Legality
· Company Name
p.8
unresolved
org
Telekomunikasi Indonesia Tbk
p.8 ×15
unresolved
person
Imas Fatimah
p.8
unresolved
org
Government of the Republic of Indonesia
p.8 ×7
unresolved
org
Indonesia Stock Exchange
p.9 ×3
unresolved
org
PT Telekomunikasi Selular
p.10 ×5
unresolved
org
PT Multimedia Nusantara
p.10 ×2
unresolved
org
PT Telkom Satelit Indonesia
p.10
unresolved
org
PT Telkom Akses
p.10 ×2
unresolved
org
PT Dayamitra
p.11 ×3
unresolved
org
PT Metranet
p.11 ×2
unresolved
org
PT Graha Sarana Duta
p.11 ×3
unresolved
org
PT Telkom Data Ekosistem
p.11 ×2
unresolved
org
PT Sigma Cipta Caraka
p.11 ×3
unresolved
org
PT BRI Telkom Shelf
p.24
unresolved
org
Indonesia Tbk
p.24 ×3
unresolved
org
Minister of SOEs
p.32
unresolved
org
PT Telkom
p.43 ×10
unresolved
org
PT Telkomsel Digital Ecosystem
p.49
unresolved
person
Minister of SOE Number SE-
p.50
unresolved
org
PT Persada Sokka
p.53 ×2
unresolved
org
Jasa Pengamanan Indonesia
p.58 ×2
unresolved
org
Milik Negara
p.58
unresolved
org
Telkom
50. | Indonesia
p.59
unresolved
org
PT Prudential Syariah
p.60
unresolved
org
PT Combiphar
p.60
unresolved
org
Indofood Tbk
p.60 ×2
unresolved
org
PT Nusantara Green Energy Work Experiences
p.60
unresolved
org
PT Oligo Infrastruktur
p.60
unresolved
org
Minister of Research
p.60
unresolved
org
Minister of National Development Planning of Republic of Indonesia
p.60
unresolved
org
Minister of Finance of Republic
p.60
unresolved
org
Minister of Finance of Republic of Indonesia
p.60
unresolved
org
PT Nagara Sains Ekosistem
p.61
unresolved
org
PT Sugih Reksa Indotama
p.61
unresolved
org
PT NSA
p.61
unresolved
org
PT Hijau Multi Kreatif Work Experiences
p.61
unresolved
—
GAICD
· Director
p.62
unresolved
org
Teknologi Bandung
· Director
p.62
unresolved
org
Directorate General of Post
p.62
unresolved
org
Ministry of Finance
p.63 ×3
unresolved
org
Freedom Corp
p.63
unresolved
org
Minister of Finance
p.63
unresolved
org
Minister of State-Owned
p.64
unresolved
org
PT INALUM
p.64
unresolved
org
Ministry of Law and Human Rights
p.64
unresolved
org
MNC Tbk
p.64 ×6
unresolved
org
PT MNC Infotainment
p.64
unresolved
org
PT IDX Channel
p.64
unresolved
org
PT Hikmat
p.64
unresolved
org
PT GE Power Solution Makna Aksara
p.64
unresolved
org
PT Barata Indonesia
p.64
unresolved
org
PT MCI
p.64
unresolved
org
MNC Investama Tbk
p.64 ×2
unresolved
org
PT Pindad (Persero)
p.64
unresolved
org
PT PAL Indonesia (Persero)
p.64
unresolved
org
PT Hikmat Makna Aksara
p.64
unresolved
—
Brodjonegoro
· Independent
p.65
unresolved
org
Minister of SOE
p.65
unresolved
org
PT Graha
p.68 ×2
unresolved
org
PT Fintech
p.68
unresolved
org
PT Telkomsel
p.68 ×2
unresolved
org
PT Dayamitra Telekomunikasi Work Experiences
p.69
unresolved
org
Dayamitra Indonesia (Persero) Tbk
p.69 ×2
unresolved
org
PT PINS
p.69
unresolved
org
PT Telkom Telekomunikasi Akses
p.69
unresolved
org
PT Telkom Indonesia Telekomunikasi Selular
p.69
unresolved
org
Jabodetabek-Telkom Indonesia (Persero) Tbk
p.69
unresolved
org
PT Sigma Cipta Caraka Basis
p.70
unresolved
org
PT Multimedia
p.70 ×2
unresolved
org
PT MDI
p.70 ×2
unresolved
org
PT Jalin Pembayaran Work Experiences Nusantara
p.70
unresolved
org
PT Admedika
p.70
unresolved
org
PT MD Media
p.70
unresolved
org
PT Melon Indonesia
p.70
unresolved
org
PT Telkom Satelit
p.71
unresolved
org
Work Experiences Indonesia (Persero) Tbk
p.71
unresolved
org
PT Telkom Infra
p.71
unresolved
org
PT Telkom Metra
p.71
unresolved
org
Patrakom (Persero) Tbk
p.71 ×2
unresolved
org
PT Metrasat
p.71
unresolved
—
Wijaya
· Strategic Portfolio
p.73
unresolved
—
Witjaksono
· Wholesale &
p.73
unresolved
org
Ministry of State-Owned Enterprises
p.73
unresolved
—
Appointed Honesti Basyir
· Director
p.74 ×9
unresolved
—
Dwiwarna
p.81
unresolved
—
Commisioners
p.81
unresolved
org
A THE PRUDENTIAL ASSURANCE CO LTD
p.83
unresolved
org
PT Sigma Cipta
p.86
unresolved
org
PT Graha Sarana
p.87
unresolved
org
PT Telkom Data
p.87
unresolved
org
PT Napsindo
p.87
unresolved
org
PT Infomedia
p.88
unresolved
org
PT Infomedia Nusantara Nusantara
p.88
unresolved
org
PT Finnet Indonesia
p.88
unresolved
org
PT Nuon Digital
p.88
unresolved
org
PT Telkomsel Mitra
p.89
unresolved
org
PT Swadharma
p.89
unresolved
org
PT Graha Yasa
p.89
unresolved
org
PT Nutech Integrasi
p.90
unresolved
org
PT Collega Inti
p.90
unresolved
org
Australia Pty. Ltd.
p.90
unresolved
org
PT Metra TV
p.90
unresolved
org
PT Pojok Celebes
p.90
unresolved
org
PT Metraplasa
p.90
unresolved
org
BRI Tbk
p.93 ×2
unresolved
org
Niaga Tbk
p.93
unresolved
org
PT Mandiri Sekuritas Telkom Bond II
p.93
unresolved
org
PT Mandiri
p.93 ×2
unresolved
org
Telkom Shelf
p.93
unresolved
org
PT Bank CIMB Telkom’s
p.94
unresolved
org
PT Ijarah I A
p.94
unresolved
org
Purwantono
p.95 ×6
unresolved
org
International Global Limited
p.95
unresolved
org
PT Metra Digital Investama.
p.95
unresolved
org
PT Pemeringkat
p.96
unresolved
org
Service Singapore Pte. Ltd
p.96
unresolved
org
Young Global Limited
p.97 ×5
unresolved
org
Bank Indonesia
p.100
unresolved
org
PT Eka Mas Republik
p.102
unresolved
org
PT Supra Primatama Nusantara
p.102
unresolved
org
PT MNC Kabel Mediacom
p.102
unresolved
org
PT Oxygen Multimedia Indonesia
p.102
unresolved
org
PT Indonesia Comnets Plus
p.102
unresolved
org
PT Telkomsel Ekosistem Digital
p.104
unresolved
org
PT Gametraco Tunggal
p.118
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