The transformation journey of
PT Telkom Indonesia (Persero)
Tbk (Telkom) through the
implementation of the Five
Bold Moves (5 BM) strategy has
created a significant impact for
stakeholders and the Indonesian
society. In 2024, Telkom
successfully accelerated the
execution of the 5 BM strategy
across its three core business
pillars: digital connectivity (FMC
and Infraco), digital platforms
(Data Center Co and B2B Digital
IT Services), and digital services
(DigiCo initiatives).
REACHING
NEW HEIGHTS
2024
ANNUAL
REPORT
IDX Ticker : TLKM
NYSE Ticker : TLK
Telkom stakeholders can submit questions and
suggestions to:
Investor Relations Unit
PT Telkom Indonesia (Persero) Tbk
The Telkom Hub, Telkom Landmark Tower 51st
Floor
Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710,
Indonesia
Phone : (6221) 521 5109
Facsimile : (6221) 522 0500
E-mail : investor@telkom.co.id
Facebook : TelkomIndonesia
Instagram : telkomindonesia
Twitter/X : @telkomindonesia
PT Telkom Indonesia (Persero) Tbk
has published this Report as a form of
transparency and accountability to present
material data and information for our
stakeholders. In general, the contents of this
Report are derived from internal analysis
as well as credible document sources and
trustworthy sources. Some parts of this
Report contain data and information that are
forward-looking statements such as targets,
expectations, forecasts, estimates, prospects,
or projections of Telkom’s future operational
performance and business conditions. Before
being presented in this Report, Telkom has
carefully considered the data and information.
However, Telkom understands that risks and
uncertainties that are caused by several
factors, such as changes in the economic,
social, and political conditions in Indonesia
may affect future operational performance
and business conditions. Consequently,
Telkom would like to remind readers that
Telkom cannot guarantee that the data and
information that comprise this Report’s
forward-looking statements are true,
accurate, and can be fulfilled entirely.
In addition to publishing this Report, Telkom
as a company listed on the New York Stock
Exchange (NYSE) is also required to submit
SEC Form 20-F as Annual Report to the
Securities and Exchange Commission (SEC).
Therefore, some of the information in the
2024 Annual Report can also be found in the
SEC Form 20-F, although the two Reports are
not the same.
The terms of “Telkom” and Company in this
Report refer to the parent entity, while the
terms of “Telkom and Subsidiaries” or “Telkom
and Subsidiaries” or “TelkomGroup” refer to
the parent company and its subsidiaries and
affiliated entities together. However, the
use of the term “Telkom” does not exclude
subsidiaries and affiliates from the scope of
the contents and discussion of the Report.
For the convenience of stakeholders, the
electronic document of this 2024 Annual
Report can be accessed and downloaded
through http://www.telkom.co.id or by
scanning the following QR code:
Disclaimer
However, much like climbing a mountain towards
the summit, this journey requires hard work,
dedication, and precise strategies. The theme
Reaching New Heights reflects Telkom's relentless
spirit in navigating the dynamic industry landscape
with a focus on continuous innovation, operational
efficiency, and strong collaboration. Each step taken
embodies the aspiration to harness technology as a
catalyst for broad-based change.
Through these efforts, Telkom is not only surpassing
limits but also paving the way for a more inclusive and
sustainable future, contributing to the development
of a digital ecosystem for all levels of society, and
leading Indonesia towards new heights in the digital
economy era.
1
2
3
4
5
Fixed-Mobile Convergence (FMC)
Infrastructure Company (InfraCo)
B2B Digital IT Service Company
Digital Company (DigiCo)
Data Center Co (DC Co)
FMC (Fixed–Mobile Convergence) was
established through a structural consolidation
by transferring IndiHome from Telkom to
Telkomsel, aiming to add business value
and strengthen the broadband market
consolidation of the TelkomGroup. This
initiative integrates fixed and mobile services
by optimizing interoperability that enables
customers to switch seamlessly between
services regardless of location and device, with
the goal of strengthening market penetration
while optimizing cost efficiency.
Updates in 2024 :
1
Operational Efficiency Improvements.
2
Realization of FMC Synergy Value.
3
Enhanced sales performance and IT
systems (including smart offering,
onebilling system, and Telkomsel One
offering).
Telkom established Infrastructure Company (InfraCo)
to optimize its existing fiber-based network to meet
the infrastructure needs of other operators. InfraCo
focuses on providing consolidated telecommunications
infrastructure to enable efficient network sharing
while unlocking customer business value and
potential through optimal asset utilization, affordable
connectivity, and accelerated market penetration.
2
3
4
5
Infrastructure Company (InfraCo)
B2B Digital IT Service Company
Digital Company (DigiCo)
Data Center Co (DC Co)
2
Infrastructure Company (InfraCo)
Updates in 2024 :
1
Early commercialization stage (obtaining
license and first sale in December 2024).
2
Asset preparation and business spin-Off.
3
Business mindset shift (focus on efficiency).
Telkom established Data Center (DC) with the objective of
driving the growth of its Regional DC business and preparing
for a potential Initial Public Offering (IPO) in the future. This
initiative also aims to strengthen Telkom's position as a leader
in the data business by addressing the rising demand for data
centers. Through collaborations with hyperscalers and the
adoption of cutting-edge technology, Telkom seeks to expand
its data center presence both in Indonesia and across the
ASEAN region.
3
4
5
Data Center (DC)
B2B Digital IT Service Company
Digital Company (DigiCo)
3
Data Center (DC)
Updates in 2024 :
1
Consolidation of Data Center Domestic and Regional.
2
Expansion of Data Center (Cikarang & Batam).
3
Exploration of Data Center Strategic Partnership.
Telkom established the B2B IT Service Company (B2B IT Service Co) to
capture untapped market opportunities in Indonesia. B2B IT Service Co
focuses on providing the most comprehensive B2B IT digital services
to build and grow customers' businesses. This initiative is designed
to enhance the competitiveness of Telkom's B2B IT services through
partnerships with various technology companies.
Updates in 2024 :
1
B2B market penetration & business acceleration.
2
Vertical ecosystem of the Indibiz platform.
3
Strengthening B2B talent capabilities.
4
5
B2B Digital IT Service Company
Digital Company (DigiCo)
Telkom established the Digital Company (DigiCo) to unlock
new digital business opportunities while strengthening
TelkomGroup's portfolio in the digital industry and supporting
its connectivity business. DigiCo offers integrated B2B and B2C
services to reach a broader customer base, aiming to drive new
revenue streams for the company.
5
Digital Company (DigiCo)
Updates in 2024 :
1
B2C scale up - scaling up operating company and strategic
partner assessment.
2
B2C redesign - with a new play approach, to scale the digital
business and explore strategic partner.
01
02
03
04
Table of Contents
Telkom Highlights
16
Profile of Telkom and Its Subsidiaries
20
Products and Customers
22
Operational Areas and Services
24
Key Financial Data Overview
28
Stock Information
30
Information Regarding Obligations,
Sukuk or Convertible Bonds
Management Reports
34
Report of the Board of Commissioners
44
Report of the Board of Directors
54
Statement Letter of Responsibility for
the 2024 Annual Report
About Telkom
58
Purpose, Vision, Mission, and Strategy
60
Corporate Culture and Value
62
Telkom Milestones and Company
Name Changes
64
Business Activities
66
Telkom Organizational Structure
68
List of Industry Association
Memberships
70
Profile of the Board of Commissioners
78
Profile of the Board of Directors
84
Profile of the Senior Vice President
86
Profile of Telkom Employees
91
Shareholders Composition
94
Subsidiaries, Associated Companies,
and Joint Ventures
100
Chronology of Share Listing
103
Chronology of Other Securities
Listing
105
Use of Public Accounting Services and
Public Accounting Firms
106
Name and Address of Institutions
and/or Supporting Capital Market
Profession
Management Discussion
And Analysis
110
Business Overview
117
Operational Overview by Business
Segment
132
Marketing Overview
145
Comprehensive Financial Performance
160
Solvency
161
Capital Structure and the
Management Policies for Capital
Structure
162
Realization of Capital Expenditure
163
Material Commitment for Capital
Expenditure
164
Receivables Collectability
165
Material Information and Fact After
Accountant Reporting Date
165
Business Prospects and Sustainability
of the Company
168
Comparison of Initial Year Target and
Realization
169
Target or Projections for the Following
Year
170
Dividend
171
Realization of the Use of Public
Offering Proceeds
12
05
06
07
08
172
Material Information Regarding
Transaction with Conflict of Interest,
Transaction with Affiliated Parties,
Investment, Divestment, and
Acquisition
173
Changes in Law and Regulation
174
Changes in Accounting Policy
Corporate Governance
178
Corporate Governance Principle and
Platform
185
Corporate Governance Structure
186
Corporate Governance Assessment
187
General Meeting of Shareholders
(GMS)
198
Board of Commissioners
221
Committees Under the Board of
Commissioners
221
Audit Committee
236
Committee for Nomination and
Remuneration
251
Committee for Planning and Risk
Evaluation and Monitoring
265
Integrated Governance Committee
281
Board of Directors
308
Corporate Secretary
311
Internal Audit Department
316
Internal Control System
320
Risk Management System
340
Significant Legal Disputes
342
Corporate Code of Conduct
345
Employee Stock Ownership Program
346
Policy Regarding Reporting Share
Ownership of Directors and
Commissioners
347
Whistleblowing System
354
Anti-Corruption Policy
362
Information regarding Administrative
Sanctions
362
Information Access and Company’s
Public Data
Corporate Social
Responsibility and
Environment (CSR)
366
Brief Summary of Corporate Social
Responsibility and Environment
367
Implementation Report on the
Corporate Social Responsibility and
Environment
Appendices
382
Appendix 1
Glossary
387
Appendix 2
List of Abbreviations
390
Appendix 3
Cross Reference to
the Circular Letter by
the Financial Services
Authority No. 16/
SEOJK.04/2021
408
Appendix 4
Affiliate Transactions List
Consolidated Financial
Statements
426
Audited Consolidated Financial
Statements 2024 and Audited
Financial Statements 2024 for
Program Pendanaan Usaha Mikro dan
Usaha Kecil
Annual Report 2024 Feedback Form
PT Telkom Indonesia (Persero) Tbk
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
13
TELKOM
HIGHLIGHTS
01.
Unwavering dedication to the
nation, delivering digital solutions
through collaboration, innovation,
and seamless connectivity.
14
Annual Report
2024
PT TELKOM INDONESIA (PERSERO) TBK
2024
15
Profile of Telkom and
its Subsidiaries
16
Telkom Highlights
Telkom Highlights
Profile of Telkom
Company Name
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk
Abbreviated Name
PT Telkom Indonesia (Persero) Tbk
Commercial Name
Telkom
Business Fields, Type of
Products, and Services
The operation and management of telecommunications networks and services, informatics
as well as the optimalization of the utilization of the Company’s resources
Corporate Status
Public Company, State-Owned Enterprise
Ownership
52.09% The Government of the Republic of Indonesia
47.91% Public
Legality
Tax Identification Number (NPWP) 01.000.013.1-093.000
Trade Business License (SIUP) based on Business Identification Number (NIB) No.
9120304490415
Company
Establishment Date
November 19, 1991
Legal Basis of
Establishment
Based on Government Regulation No. 25 of 1991, the status of our Company was converted
into a State-owned Limited Liability Company (“Persero”), based on the Notarial Deed of
Imas Fatimah, S.H. No.128 dated September 24, 1991, as approved by the Ministry of Justice
of the Republic of Indonesia by virtue of Decision Letter No. C2-6870.HT.01.01.th.91 dated
November 19, 1991 and as announced in the State Gazette of Republic of Indonesia No. 5
dated January 17, 1992, Supplement to the State Gazette No. 210
Head Office Address
Graha Merah Putih
Jl. Japati No. 1 Bandung
Jawa Barat, Indonesia - 40133
Contact
Phone
Fax
Call Center
Website
E-mail
: +62‑22‑4521404
: +62‑22‑7206757
: +62-21-147
: www.telkom.co.id
: corporate_comm@telkom.co.id and investor@telkom.co.id
Social Media
Facebook
Instagram
Twitter/X
YouTube
LinkedIn
: TelkomIndonesia
: telkomindonesia
: @telkomindonesia
: TelkomIndonesiaOfficial
: Telkom Indonesia
Stock Listing
The Company is listed on the Indonesia Stock Exchange (IDX) and New York Stock Exchange
(NYSE) since November 14, 1995
Ticker
Indonesia Stock Exchange (IDX): TLKM
New York Stock Exchange (NYSE): TLK
Stock Type
Series A Dwiwarna shares and series B shares
Authorized Capital
1 series A Dwiwarna share
389,999,999,999 series B shares
Issued and Fully Paid
Capital
1 series A Dwiwarna share
99,062,216,599 series B shares
Rating
International
: Baa1 (stable) from Moody’s and BBB/stable from Fitch Ratings
Domestic
: idAAA by Pefindo for 2024
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
17
13
31
8
Subsidiaries with direct
ownership
Subsidiaries with indirect
ownership
Affiliated entities
Profile of Subsidiaries
As the largest telecommunications company in Indonesia, Telkom has:
Subsidiaries with direct ownership and actively operating:
PT Telekomunikasi Selular (Telkomsel) is a cellular operator with the widest 4G/LTE network that
has reached 97% of Indonesia's population with the core business of cellular telecommunication
service, cellular telecommunication network operation, and fixed broadband service.
PT Telkom Satelit Indonesia (Telkomsat) is a company with a satellite business portfolio that
provides end-to-end satellite-based digital service focusing on customer needs (customer-
oriented).
PT Telkom Akses (Telkom Akses) is a subsidiary of PT Telkom Indonesia (Persero) Tbk which
is engaged in providing telecommunication access network in Indonesia, with core businesses
including the construction and maintenance of fiber optic network.
PT Multimedia Nusantara (TelkomMetra) is an investment company and sub-holding which
has expanded into various basic digital services and ICT industries through acquisition, strategic
partnership and the construction of a strong business ecosystem.
PT PINS Indonesia (PINS) is a company that provides various technological facilities equipment,
device integration, networks, systems, processes, and the Internet of Things (IoT).
PT Telekomunikasi Indonesia International (Telin) is a company that provides customized voice,
data services and business solutions to wholesale, enterprise, digital and retail customers. Telin
operates in several countries, including Indonesia, Singapore, Hong Kong, Australia, Malaysia, Taiwan,
the United States, Timor Leste, the United Arab Emirates, and Myanmar, with sales representatives
in Canada, the United Kingdom, the Philippines, India, and Vietnam.
www.telkomsel.com
www.telkomsat.co.id
www.telkomakses.co.id
www.metra.co.id
www.pins.co.id
www.telin.net
18
Telkom Highlights
PT Dayamitra Telekomunikasi (Mitratel) is a company that operates in the
telecommunication tower business and its ecosystem, including digital support
services for mobile infrastructure and optimizing the utilization of resources owned
by the Company.
PT Metra Net (Metranet) is an integrated digital media and content provider, with
core businesses including online media, digital content, and digital billing.
PT Infrastruktur Telekomunikasi Indonesia (Telkom Infra) is a provider of domestic
and international telecommunication infrastructure maintenance services (services
and solution), with core businesses of infrastructure network services, power solution,
and submarine cable service.
PT Graha Sarana Duta (Telkom Property) is a property service provider that prioritizes
the utilization of Telkom's idle assets with core businesses of property management,
property development, project solutions, fleet management transportation system (TMS),
and transport management service.
PT Sigma Cipta Caraka (Telkomsigma) is a company that provides Information and
Technology (ICT) services in Indonesia, focusing on IT Services, Cloud, and Cyber
Security.
PT Telkom Infrastruktur Indonesia (TIF) is a company that provides telecommunication
networks and services through a network-sharing scheme.
PT Telkom Data Ekosistem (TDE) is a data center ecosystem provider company that provides
world-class infrastructure and innovative solution spread across various strategic locations in
Indonesia and internationally to support digital transformation in Southeast Asia, including
colocation service, cloud solution, managed service, and AI infrastructure, which enables
business and government to utilize AI technology to drive innovation and business growth.
Note:
A more complete list of subsidiaries can be seen in the Consolidated Financial Statements.
www.mitratel.co.id
www.metranet.co.id
www.telkominfra.co.id
www.telkomproperty.co.id
www.telkomsigma.co.id
www.infraco.id
www.neutradc.com
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
19
Products and
Customers
Consumer
Mobile
Enterprise
Fixed voice, fixed broadband, IP-TV,
and digital services.
Cellular legacy services (voice and SMS),
mobile broadband, as well as mobile digital
services including IoT, big data, financial
services, VOD, music, gaming, and digital
advertisement.
ICT service and platform covering connectivity
(including Satellite business), Digital IT Services such
as information technology (IT) service, cloud, Digital
Adjacent Service such as e-health service and ATM
management, and Business Process Outsourcing.
10.8
159.4
513
8.0
1,790
151.4
591,618
717
million
million
million
million
cellular
subscribers
Groups of SOEs
and MOCs
customers
postpaid
subscribers
Private
customers
prepaid
subscribers
SME
customers
Government
Institution
customers
IndiHome fixed
broadband subscribers
20
Telkom Highlights
Others
Wholesale &
International Business
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.
Domestic and international wholesale traffic,
network, and digital platform and services as
well as tower, satellite, data center, and managed
infrastructure and network.
13.5
22.7
9.9
other licensed
operator (OLO)
customers
internet service
provider
customers
satellite service
customers
global partner
customers
million
million
million
paying users of digital
lifestyle (OTT Video)
paying users of
digital games
active users of digital music
(RBT, music streaming, and
Langit Musik)
6
256
420
513
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
21
MAN
LON
BRU LUX
PRS
MUN
TUR
SWI
MIL
PAL
MAR
MDR
DUB
LSB
ALG
SEA-ME-WE-5
Southeast Asia-Middle East
- Western Europe 5 Cable
SEA-ME-WE-6
Southeast Asia-Middle East
- Western Europe 6 Cable
DMCS
Intra Asia
Asia - US
(Pacific)
Dumai Melaka
Cable System
BSCS
Batam Singapore
Cable System
IGG
Indonesia Global
Gateway Cable
BCS
Bifrost
Cable System
SJC-2
Southeast Asia
- Japan Cable
CAI
SOF
IST
GRE
KIV
VNA
FRA
WRS
Merah Putih
(1080E)
SJC-2
BAK
ALM
DOS
AST
RYD
IND
BKK
HAN
KL
SG
SBY
DPS
DIL
SYD
BSW
MDO
GUA
HWI
DVO
MAC
SHA
SEO
TYO
TWN
DUB
DJI
EIG
IMEWE
SEA-ME-WE 5
AAE-1
DMCS
IGG
SEA-US
TGN-IA
SJC
ASE
C2C
UNITY
JUS
FASTER
AAG
Merah Putih-2
(1130E)
Telkom - 3S
(1180E)
SJC
IGG
BSCB
DMCS
TIS
TGN-JA
BBG
ASE
APG
C2C
APCN-2
BCS
Atlantic
GTT Atlantic
SEA-US
AAG
FASTER
JUS
Asia - Europe
(Europe)
SEA-ME-WE-6
SEA-ME-WE-5
Poin of Presence (POP)
Global Office
AAE-1
IMEWE
EIG
UNITY
Operational Areas
and Services
22
Telkom Highlights
AAG
Asia - America
Gateway Cable
SEA-US
Southeast Asia
- United States Cable
SLO
SF
SEA
SJ
CHG
NYX
LYN
TOR
HAL
MIA
ASH
BCS
5
Telkom Regional Offices
31
Telecommunications areas
10
Global Offices in Indonesia, Singapore, Hong
Kong, Australia, Malaysia, Taiwan, United
States, Timor Leste, United Arab Emirates, and
Myanmar
5
Global Sales Representatives in Canada, United
Kingdom, Philippines, India, and Vietnam
1
Global Sales Representative Telkomsel in Saudi
Arabia
486
GraPARI in Indonesia (which includes Plasa
Telkom outlets that are currently also
recognized as GraPARI)
35 Data Centers
• 5 data centers (overseas)
• 26 neuCentrlX in 18 locations (domestic)
• 3 data centers enterprise tier 3 and 4 (domestic)
• 1 data center hyperscale tier 3 and 4 (domestic)
Cybersecurity
To prevent cyber-attacks on systems and
applications, Vulnerability Assessments are routinely
conducted on the applications and network elements
that we operate. The testing process is carried out
using Vulnerability Assessment Tools to ensure the
accuracy of the test results.
177,443 km Fiber Optic Backbone Network
• 112,743 km domestic fiber optic
• 64,700 km international fiber optic
122 Point of Presence (PoP)
• 64 PoP in the domestic network
• 58 PoP in the international network
3 Satellites
• Merah Putih-2 Satellite (32.4 Gbps)
• Merah Putih Satellite (5.4 Gbps)
• Telkom 3S (4.4 Gbps)
271,040 BTS Mobile Network
• 48,775 BTS 2G
• 221,290 BTS 4G
• 975 BTS 5G
43,825 Towers
• 4,421 Telkomsel towers
• 39,404 Mitratel towers
Fiber Optic Access Network
• 39 million Homes Passed
• 16.7 million Optical Port
376,212 Wi-Fi Access Point
• 106,836 Managed Access Point
• 221,000 Homespot
• 48,376 ONT Premium
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
23
Key Financial
Data Overview
Description
2024
2023
2022
2021
2020
In billion Rupiah, unless stated otherwise
Total revenues
149,967
149,216
147,306
143,210
136,462
Total expenses*
107,581
104,300
101,569
99,303
93,274
EBITDA
75,029
77,579
78,992
75,723
72,080
Operating profit
42,991
44,384
39,581
47,563
43,505
Profit for the year
30,743
32,208
27,680
33,948
29,563
Profit for the year attributable to:
Owners of the parent company
23,649
24,560
20,753
24,760
20,804
Non-controlling interest
7,094
7,648
6,927
9,188
8,759
Total profit for the year
30,743
32,208
27,680
33,948
29,563
Total comprehensive profit for the year attributable to:
Owners of the parent company
24,434
23,083
22,468
26,767
17,595
Non-controlling interest
7,204
7,671
6,979
9,161
8,391
Total comprehensive income for the year
31,638
30,754
29,447
35,928
25,986
Basic earning per share (in full):
Net income per share
238.73
247.92
209.49
249.94
210.01
Net income per ADS (1 ADS : 100 common
stock)
23,873
24,792
20,949
24,994
21,001
Remark:
* Excluding other expenses.
Description
2024
2023
2022
2021
2020
In billion Rupiah, unless stated otherwise
Assets
299,675
287,042
275,192
277,184
246,943
Liabilities
137,185
130,480
125,930
131,785
126,054
Equity attributable to owner of the parent
company
142,094
135,744
129,258
121,646
102,527
Net working capital (current asset -
current liabilities)
(13,687)
(15,955)
(15,331)
(7,854)
(22,590)
Long-term investment in associates
110
109
123
139
192
Consolidated Statement of Comprehensive Income
Consolidated Statement of Financial Position
24
Telkom Highlights
Description
2024
2023
2022
2021
2020
In billion Rupiah, unless stated otherwise
Capital Expenditure
24,449
32,968
34,156
30,341
29,436
Capital Expenditure
Consolidated Financial and Operation Ratios
Description
Unit
2024
2023
2022
2021
2020
Return on Assets (ROA) (1)
%
10.3
11.2
10.1
12.2
12.0
Return on Equity (ROE) (2)
18.9
20.6
18.5
23.3
24.5
Operating Profit Margin (3)
28.7
29.7
26.9
33.2
31.9
Current Ratio (4)
82.2
77.7
78.2
88.6
67.3
Total Liabilities to Equity (5)
84.4
83.3
84.4
90.6
104.3
Total Liabilities to Total Assets (6)
45.8
45.5
45.8
47.5
51.0
Debt to Equity Ratio (7)
x
0.5
0.4
0.4
0.5
0.5
Debt to EBITDA Ratio (8)
1.0
0.9
0.8
0.9
0.9
EBITDA to Interest Expense (9)
14.4
16.7
19.6
17.3
15.9
Remarks:
(1)
ROA is calculated as profit for the year divided by total assets at year-end December 31.
(2)
ROE is calculated as profit for the year divided by total equity at year-end December 31.
(3)
Operating profit margin is calculated as operating profit divided by revenues.
(4)
Current ratio is calculated as current assets divided by current liabilities at year-end December 31.
(5)
Liabilities to equity ratio is calculated as total liabilities divided by total equity at year-end December 31.
(6)
Liabilities to total assets ratio is calculated as total liabilities divided by total assets at year-end December 31.
(7)
Debt to equity ratio is calculated as debt (including finance lease) divided by total equity.
(8)
Debt to EBITDA ratio is calculated as debt (including finance lease) divided by EBITDA.
(9)
EBITDA to interest ratio is calculated as EBITDA divided by cost of funds.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
25
2024
2024
2023
2023
2022
2022
2021
2021
2020
2020
yoy
yoy
0.5%
3.3%
149,967
75,029
149,216
77,579
147,306
78,992
143,210
75,723
136,462
72,080
2024
2024
2023
2023
2022
2022
2021
2021
2020
2020
yoy
yoy
3.7%
3.7%
23,649
238.73
24,560
247.92
20,753
209.49
24,760
249.94
20,804
210.01
Revenue
EBITDA
Net Income
Earning Per Share
(Rp Billion)
(Rp Billion)
(Rp Billion)
(Rp Billion)
26
Telkom Highlights
Telkom Highlights
52.0%
20.6%
11.2%
10.1%
12.2%
12%
18.5%
23.3%
0.9%
0.4%
0.4%
0.5%
0.5%
0.8%
0.9%
0.9%
24.5%
53.6%
52.9% 52.8%
50.0%
18.9%
1.0%
0.5%
10.3%
15.8%
16.5%
14.1%
17.3%
15.2%
50
0
0
2024
2024
2024
2024
2023
2023
2023
2023
2022
2022
2022
2022
2021
2021
2021
2021
2020
2020
2020
2020
51
6
0.1
52
12
0.5
8
53
18
0.7
12
54
24
0.9
16
55
30
1.1
20
EBITDA Margin
Profitability Ratio
Net Income Margin
Leverage Ratio
Return on Equity (ROE)
Debt to EBITDA Ratio
Return on Assets (ROA)
Debt to Equity Ratio
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
27
Telkom's share price on the last trading day of December 30, 2024 on the IDX closed at Rp2,710. With this share
price, Telkom's market capitalization reached Rp268.5 trillion or 2.18% of the IDX's total capitalization.
Stock Information
Telkom’s Stock Information at IDX
Calendar Year
Price Per Share
Volume
Outstanding
Shares
Market
Capitalization
Highest
(Rp)
Lowest
(Rp)
Closing
(Rp)
(Shares)
Excluding Treasury
Stock
(Rp billion)
2023
4,500
3,390
3,950
21,047,954,600
99,062,216,600
391,296
1st Quarter
4,130
3,690
4,060
4,825,397,400
99,062,216,600
402,193
2nd Quarter
4,500
3,930
4,000
5,570,072,100
99,062,216,600
396,249
3rd Quarter
4,030
3,670
3,750
5,786,841,600
99,062,216,600
371,483
4th Quarter
4,000
3,390
3,950
4,865,643,500
99,062,216,600
391,296
2024
4,240
2,500
2,710
29,355,067,200
99,062,216,600
268,459
1st Quarter
4,240
3,430
3,470
6,088,142,200
99,062,216,600
343,746
2nd Quarter
3,520
2,700
3,130
9,426,813,700
99,062,216,600
310,065
3rd Quarter
3,280
2,760
2,990
7,176,112,400
99,062,216,600
296,196
4th Quarter
3,130
2,500
2,710
6,663,998,900
99,062,216,600
268,459
Volume (Shares)
Price (Rp)
02/01/2023
02/02/2023
02/03/2023
02/04/2023
02/05/2023
02/06/2023
02/07/2023
02/08/2023
02/09/2023
02/10/2023
02/11/2023
02/12/2023
02/01/2024
02/02/2024
02/03/2024
02/04/2024
02/05/2024
02/06/2024
02/07/2024
02/08/2024
02/09/2024
02/10/2024
02/11/2024
02/12/2024
0
1,000
2,000
3,000
4,000
5,000
4,500
3,500
2,500
1,500
500
700,000,000
630,000,000
560,000,000
490,000,000
420,000,000
350,000,000
280,000,000
210,000,000
140,000,000
70,000,000
0
Volume
Price
28
Telkom Highlights
On December 31, 2024, the closing price for 1 Telkom ADS on the New York Stock Exchange (NYSE) was
US$16.45. The following table reports the high, low, closing prices and trading volume of Telkom ADS listed on
NYSE for the periods indicated.
Calendar Year
Price Per
ADS
Volume
(ADS)
Highest
(US$)
Lowest
(US$)
Closing
(US$)
2023
29.58
21.67
25.76
54,900,663
1st Quarter
27.53
23.76
27.27
14,860,295
2nd Quarter
29.58
26.16
26.67
11,001,104
3rd Quarter
26.66
23.72
24.10
13,205,441
4th Quarter
26.01
21.67
25.76
15,833,823
2024
26.85
15.35
16.45
100,869,627
1st Quarter
26.85
22.04
22.26
11,576,176
2nd Quarter
22.38
16.62
18.70
29,009,841
3rd Quarter
21.00
16.88
19.78
30,915,534
4th Quarter
20.01
15.35
16.45
29,368,076
Telkom’s American Depositary Shares (ADS) Information at NYSE
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Price (US$)
Volume (ADS)
3,000,000
3,500,000
35.0
25.0
30.0
20.0
15.0
10.0
5.0
0
1/03/2023
2/03/2023
3/03/2023
4/03/2023
5/03/2023
6/03/2023
7/03/2023
8/03/2023
9/03/2023
10/03/2023
11/03/2023
12/03/2023
1/03/2024
2/03/2024
3/03/2024
4/03/2024
5/03/2024
6/03/2024
7/03/2024
8/03/2024
9/03/2024
10/03/2024
11/03/2024
12/03/2024
Volume
Price
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
29
Until the end of 2024, both 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
Corporate Action Information Regarding Stocks
reduction in capital. Apart from that, there are
also no sanctions for temporary termination of
suspension and/or delisting. Therefore, this Report
does not contain information related to this matter.
Information Regarding Obligations,
Sukuk or Convertible Bonds
Bonds
Principal
(Rp million)
Issuance
Date
Maturity
Date
Term
(Years)
Interest
Rate per
Annum
(%)
Underwriter
Trustee
Rating
(Pefindo)
Telkom Shelf
Registered
Bond I 2015
Series B
2,100,000
June 23,
2015
June 23,
2025
10
10.25
PT Bahana
Sekuritas;
PT BRI
Danareksa
Sekuritas;
PT Mandiri
Sekuritas;
PT Trimegah
Sekuritas
Indonesia Tbk
PT Bank
Permata
Tbk
idAAA
Telkom Shelf
Registered
Bond I 2015
Series C
1,200,000
June 23,
2015
June 23,
2030
15
10.60
Telkom Shelf
Registered
Bond I 2015
Series D
1,500,000
June 23,
2015
June 23,
2045
30
11.00
30
Telkom Highlights
January
• Telkom Click 2024: Commitment to continue transforming
and providing the best CX
• Assistance with various BNSP standard certifications for
900 selected high school & vocational school students
• Indigo, Nuon, and Ministry of Trade prepare local game
Startup to reach global market
February
• Successfully overseeing the 2024 Election through national
& regional
• Launch of Merah Putih-2 Satellite to strengthen IKN access
and equalize connectivity in Indonesia
May
• MoU with F5 to strengthen Indonesia’s cyber security
• Reforestation of 33,800 tree seedlings and restoration of
82.1 ha of critical land
• Telkom AGMS for Fiscal Year 2023
• Official Telco Partner KTT 10th World Water Forum 2024
Bali
June
• Telin and Singtel develop SKKL INSICA
• Together with Google, accelerate national digital
transformation
• Distribution of sacrificial animals on Eid al-Adha 1445 H
September
• Support the international event HLF MSP & IAF 2024
• Inauguration of IndigoSpace Aceh
• TelkomGroup makes successful PON XXI Aceh - North
Sumatra 2024
October
• Strengthening maritime digitalization through Merah
Putih-2 Satellite
• Inauguration of neuCentrIX Pugeran, Yogyakarta
• Successfully supporting the inauguration of the President
and Vice President for the 2024-2029 period
• Financial Report Q3 - 2024: Book positive revenue of
Rp112.2 T
March
• Groundbreaking of Telkom Smart Office in IKN
• NeutraDC completes Telin Singapore data center
consolidation
• Safari Ramadan 2024: Ensuring the readiness of
telecommunication infrastructure, customer visit, and CSR
assistance
April
• More than 2,000 homecoming travelers join TelkomGroup’s
2024 Mudik Bersama
• SIAGA RAFI 2024 ensures prime infrastructure and services
ahead of Eid al-Fitr 1445 H
• Financial Report Q1 - 2024: Operating net profit grows
3.1% YoY
July
• Successful implementation of Digiland 2024
• More than 10,000 runners enliven Digiland Run 2024
• Financial Report H1 - 2024: Revenue grows 2.5% YoY
August
• PT Telkom Infrastruktur Indonesia (TIF) officially operates
• Preparing connectivity access for the 79th Independence
Day of the Republic of Indonesia at IKN
• NeutraDC international conference: The Other Side of AI
• Collaboration with Palo Alto improves Indonesia’s cyber
security resilience
• BATIC 2024 was attended by 1,300 participants from 446
global companies in 40 countries
November
• Declaration of Anti-Corruption commitment
• Telkom ESG Program: Earth Restoration Action
• GoZero% launch, Telkom’s ESG commitment for a
sustainable future
• Innovillage 2024 attended by 2,815 collage students
December
• Together with Alibaba Cloud strengthen the digital
ecosystem
• President of the Republic of Indonesia inaugurates
E-Catalog version 6.0
• Welcome Christmas and New Year moment by
strengthening the telecommunication service infrastructure
KALEIDOSCOPE TELKOM 2024
Telkom Indonesia for a Sustainable Future
Thank you for the support and trust from all customers, communities, and stakeholders. Throughout the ongoing digital transformation journey, Telkom
Indonesia has always taken actual steps to positively impact society and the environment, which is realized through implementing sustainability principles or
ESG (Environmental, Social, and Governance). This commitment is reflected through various strategic initiatives that not only support business growth but
also encourage environmental conservation, improve social welfare, and implement good corporate governance. Let’s create a more sustainable future for
Indonesia together.
AWARDS AND
ACHIEVEMENTS
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
31
32
MANAGEMENT
REPORTS
02.
32
33
Laporan Tahunan
2024
PT TELKOM INDONESIA (PERSERO) TBK
With visionary leadership, the
Company continues to drive
innovation and sustainable
growth to strengthen
competitiveness in the
industry.
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
33
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
33
Report of the Board of
Commissioners
Bambang
Permadi Soemantri
Brodjonegoro
President Commissioner/
Independent Commissioner
34
Management Reports
Honorable stakeholders,
We extend our gratitude to God Almighty for
His blessings and grace, enabling PT Telkom
Indonesia (Persero) Tbk (“Telkom” or “the
Company”) to navigate through 2024 with solid
performance, demonstrating resilience amid
evolving challenges and an increasingly complex
industry landscape.
As part of our supervisory duties, we hereby
present our supervisory report on Telkom’s
management for the fiscal year of 2024. This
report includes an evaluation of the Board
of Directors’ performance, oversight of the
formulation and execution of business strategies,
assessment of the business outlook prepared
by the Board of Directors, and our view on the
implementation of good corporate governance
principles within the Company.
MACROECONOMIC AND
INDUSTRY OVERVIEW
The year 2024 marked a pivotal moment in the
recovery and growth of the global economy.
According to IMF, the global economy grew by
3.2%, signaling increasing stability after navigating
challenges such as high inflation, protectionism,
geopolitical shifts, and trade tensions. Emerging
markets, including Indonesia, played a key role in
this recovery, contributing significantly to global
economic expansion.
In
Indonesia,
economic
resilience
remained
strong, with GDP projected to grow by 5.03%
in 2024. Driving this growth were several key
sectors, including manufacturing, wholesale and
retail trade, information and communication,
as well as government spending and household
consumption. Macroeconomic stability was also
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
35
Upon on the Board of
Commissioners’ evaluation of
the Company’s management, it
is our opinion that the Board of
Directors performed its duties
and responsibilities satisfactorily
in 2024. This is reflected in the
Company’s ability to sustain its
performance amid economic
uncertainty and increasingly intense
competition in the industry.
reflected in the inflation rate, which was under
control at 1.57% (YoY as of December 2024),
supported by the synergy between the government
and Bank Indonesia in maintaining price stability
and prudent monetary measures. Additionally,
Indonesia’s Sovereign Credit Rating remained at
BBB with a stable outlook, reflecting strong investor
confidence in the prospects of the national economy.
The trend of Fixed Mobile Convergence (FMC)
has emerged as a key strategy to deliver a more
integrated and seamless user experience across the
telecommunications industry. FMC serves as one of
Telkom’s flagship strategies to gain a competitive
edge while unlocking efficiency and optimization
opportunities from the convergence of fixed and
mobile services. However, intensifying competition,
high infrastructure outlays, and challenges posed
by Over-the-Top (OTT) services pose significant
hurdles for telecommunications operators.
On the other hand, digital growth prospects
continue to expand, with a Gross Merchandise
Value (GMV) projected to reach USD 210-
360 billion by 2030, driven by innovations in
e-commerce, fintech, and artificial intelligence-
based
technologies.
From
a
technological
standpoint,
domestic
telecommunications
36
Management Reports
36
Management Reports
operators are tirelessly developing innovations
based on the latest technologies to enable high-
quality services, efficient investment, and enhanced
solution capabilities.
5G, expected to contribute USD 41 billion to
Indonesia’s
GDP
between
2024
and
2030,
represents a strategic investment opportunity
for
telecommunications
operators,
including
TelkomGroup. The key challenge in 5G deployment
lies in developing relevant use cases alongside other
technological innovations, such as IoT, which can
then be applied across sectors like manufacturing,
healthcare, logistics, and others, so that it provides
benefits beyond increased data transmission
speed. Telkomsel, as part of TelkomGroup, has taken
the lead in 5G implementation by establishing
nearly 1,000 5G base stations across 50 cities and
is continuously expanding 5G-based enterprise
solutions to generate greater value.
With a combination of economic resilience, digital
infrastructure
development,
and
technological
innovation, Indonesia is poised to strengthen its
digital transformation, thereby fostering sustainable
economic growth. Through the execution of its
Five Bold Moves strategy, TelkomGroup remains
committed to playing a leading role in realizing this
vision and creating added value for the society and
its stakeholders.
ASSESSMENT OF THE
BOARD OF DIRECTORS’
PERFORMANCE IN COMPANY
MANAGEMENT
Each year, the Board of Commissioners conducts a
comprehensive evaluation of the Board of Directors’
performance, as reflected in both individual and
collective Key Performance Indicators (KPI). The
results of this evaluation are subsequently reported
to the Shareholders during the General Meeting of
Shareholders (GMS). Based on our supervision, the
Board of Directors optimally carried out its duties
and responsibilities throughout 2024, as evinced by
the Company’s solid performance achievements.
Throughout 2024, the Board of Commissioners
acknowledged the several strategic initiatives
undertaken by the Board of Directors of Telkom
Indonesia, including:
a. Strengthening the foundation for future business
growth through the implementation of the Five
Bold Moves strategic initiatives.
b. Maintaining
profitability
at
an
industry-
comparable level through well-directed and
measured efficiency efforts, such as megavendor
initiatives, early retirement programs, and risk-
based budgeting.
c. Structuring the business portfolio through
subsidiary streamlining initiatives and reinforcing
the business and financial fundamentals of
subsidiaries to enhance their contribution to
TelkomGroup’s overall performance.
d. Enhancing the quality of human capital by
introducing scholarship programs for employees
and acquiring highly qualified external talent
to strengthen the Company’s competencies,
particularly in new digital business segments.
e. Modernizing the network, optimizing technology
selection, refining network topology, improving
infrastructure quality and cybersecurity, and
strengthening
information
and
technology
aspects as fundamental elements for the
Company’s business growth.
BOARD OF COMMISSIONERS’
SUPERVISION IN THE
FORMULATION AND
IMPLEMENTATION OF
CORPORATE STRATEGY BY
THE BOARD OF DIRECTORS
As part of its duties as stipulated in the Company’s
Articles of Association and applicable regulations,
including Minister of SOEs Regulation No. PER-
2/MBU/03/2023 on Corporate Governance and
Significant Corporate Activities of State-Owned
Enterprises, the Board of Commissioners plays a
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
37
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
37
critical role in ensuring that the corporate strategy
is effectively formulated and executed. Additionally,
the Board ensures that the strategic initiatives
undertaken by the Board of Directors fully align with
the Company’s vision, mission, and purpose.
The Company’s strategic planning process follows
a systematic approach, encompassing the Long-
Term Corporate Plan (RJPP), the Corporate Strategic
Scenario (CSS), and the Corporate Budget and
Work Plan (RKAP). The Board of Commissioners
is responsible for reviewing proposals submitted
by the Board of Directors, providing guidance
during the approval process, and overseeing the
implementation to ensure proper execution in
accordance with the Company’s strategic direction.
Through
the
Evaluation,
Planning,
and
Risk
Monitoring Committee (KEMPR), the Board of
Commissioners conducts comprehensive oversight
of the strategic planning process, particularly in
relation to RJPP and CSS. This includes analyzing
internal and external factors, identifying and
assessing risks, and verifying financial projections.
During
the
RKAP
evaluation
and
approval,
the Board reviews the RKAP’s alignment with
the strategic plans outlined in RJPP and CSS,
assesses its relevance to the aspirations of the
Dwiwarna Shareholder, evaluates the underlying
assumptions, examines business, financial, and
capital expenditure projections, and ensures that
the RKAP incorporates a risk-based budgeting
approach.
Furthermore, to ensure effective implementation
of
the
corporate
strategy,
the
Board
of
Commissioners
establishes
priority
oversight
agendas in collaboration with its supporting
Committees at the beginning of the year, based
on the risk assessment conducted during the
planning evaluation. Throughout 2024, the Board
of Commissioners placed particular emphasis on
several strategic aspects, including: Implementation
of the Five Bold Moves initiative, strengthening
the
business
fundamentals
of
subsidiaries,
enhancing internal control quality, including risk
management and fraud prevention, finalizing the
subsidiary streamlining program, and monitoring
management’s
responsiveness
to
competitive
pressures and technological advancements.
Through
this
structured
and
comprehensive
oversight approach, the Board of Commissioners
strives to ensure that the Company’s strategy
implementation
delivers
optimal
impact
in
supporting sustained growth and the achievement
of the Company’s long-term objectives.
MECHANISM FOR ADVISING
THE BOARD OF DIRECTORS
As part of its responsibilities, in addition to
overseeing
and
monitoring
the
Company’s
management by the Board of Directors, the Board of
Commissioners also plays a role in providing counsel
to the Board of Directors. This function is carried
out through various mechanisms, including offering
guidance during Board of Commissioners meetings,
joint meetings with the Board of Directors, and in
writing through official letters or Resolutions of the
Board of Commissioners.
Throughout 2024, the Board of Commissioners
regularly
conducted
Internal
Meetings,
Joint
Meetings
with
the
Board
of
Directors,
and
committee meetings, to ensure the effectiveness
of its oversight and advisory functions. Over the
course of the year, the Board convened 24 Internal
Meetings of the Board of Commissioners, 12 Joint
Meetings with the Board of Directors, 30 Audit
Committee Meetings, 28 Evaluation, Planning, and
38
Management Reports
Risk Monitoring Committee Meetings, 24 Nomination
and Remuneration Committee Meetings, and 4
Integrated
Governance
Committee
Meetings.
Additionally, the Board of Commissioners issued 30
approval letters, 16 advisory letters, and 20 Board of
Commissioners Resolutions.
Through these various mechanisms, the Board
of Commissioners actively provided insights and
recommendations to ensure that every strategic
decision made by the Board of Directors was based
on comprehensive analysis and a well-rounded and
balanced perspective, considering both the potential
benefits to the Company and the associated risks
to support the Company’s sustainable long-term
growth.
ASSESSMENT OF THE
PERFORMANCE OF
COMMITTEES UNDER THE
BOARD OF COMMISSIONERS
In carrying out its supervisory function, the
Board of Commissioners is supported by several
committees: the Audit Committee, the Nomination
and Remuneration Committee (KNR), and the
Evaluation, Planning, and Risk Monitoring Committee
(KEMPR). In April 2024, the number of committees
increased to four with the establishment of the
Integrated
Governance
Committee,
following
Telkom’s classification as a Systemic A State-
Owned Enterprise (BUMN Sistemik A). Based on
our evaluation, all four committees have optimally
fulfilled their roles and responsibilities. Each
committee has conducted in-depth assessments
and provided recommendations that enhance
the effectiveness of the Board of Commissioners’
supervision of the Company’s management.
The Evaluation, Planning, and Risk Monitoring
Committee
provides
recommendations
to
the
Board
of
Commissioners
regarding
risk
management
monitoring,
implementation
of
the
Company’s
strategy,
and
evaluation
of
strategic planning proposals submitted by Board
of Directors, including the Company’s Long-
Term Plan (RJPP), Corporate Strategic Scenario
(CSS), and the Company Budget and Work Plan
(RKAP). The committee also reviews and approves
corporate actions within certain thresholds as
outlined in the Company’s strategic plan. The
Nomination
and
Remuneration
Committee
offers recommendations on policies, criteria, and
selection processes for strategic positions within
TelkomGroup, including policies related to the Board
of Directors remuneration. The Audit Committee
plays a role in ensuring the integrity of financial
information to be published, reviewing the internal
control system, and handling reports submitted
through the whistleblowing system. Finally, the
Integrated Governance Committee is responsible
for evaluating the Integrated Governance Policy
proposed by the Board of Directors, assessing its
implementation, and ensuring alignment between
Telkom’s governance framework and that of its
subsidiaries.
Contributions of these committees are instrumental
in enabling the Board of Commissioners to exercise
comprehensive oversight while ensuring sustained
growth and strong corporate governance at Telkom
Indonesia.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
39
VIEW ON THE
IMPLEMENTATION OF GOOD
CORPORATE GOVERNANCE
To sustain the Company’s long-term presence and
achievements, good corporate governance (GCG)
must be upheld at all times and strengthened as one
of the Company’s key pillars. Telkom’s commitment
to implementing best-in-class governance practices
is not only aimed at enhancing stakeholder value but
also at reinforcing the Company’s reputation and
integrity. The recognition of Telkom’s governance
quality is reflected in its ASEAN Corporate
Governance Scorecard (ACGS) in 2024 which
reached 103.31, marking an increase of 4.81 points
from the previous year. While this achievement is
commendable, the true significance lies beyond the
numbers—it reflects the awareness and concrete
actions taken by all elements within TelkomGroup to
persistently elevate the quality of its governance.
In the area of risk management, the Board of
Directors has demonstrated tangible efforts to
enhance corporate governance quality through
various strategic initiatives aimed at strengthening
internal
controls
and
comprehensive
risk
management, including:
1. Enhancing the Risk Management Unit, by
ensuring an appropriate organizational structure
and staffing, issuing policies and procedures
related to risk management implementation,
developing information technology systems and
tools to support risk identification, measurement,
monitoring, and evaluation, and designing a role
map for the risk management unit so that they
can express their opinion in the Company’s
strategic decisions.
2. Measuring the Risk Maturity Index (RMI) and
implementing follow-up actions to address areas
for improvement.
3. Strengthening the first line of defense as a
critical component of risk management quality
enhancement, through training, certification,
and dissemination of policies and procedures.
4. Applying
risk
assessments
for
projects
undertaken by the Company.
5. Setting KPI targets in the risk area in the Board of
Directors’ KPI.
6. Providing periodic risk management reports to
the Board of Commissioners.
The consistent and comprehensive implementation
of corporate governance is expected to serve as a
strategic foundation for Telkom to continue evolving
into a resilient, sustainable, and trusted corporation
in the eyes of all stakeholders. We extend our
appreciation to the entire team, management, and
stakeholders for their dedication and contributions
in upholding and embedding the principles of good
corporate governance.
OUTLOOK ON BUSINESS
PROSPECTS
In our view, Telkom’s business prospects in the
coming years remain challenging, accompanied
by optimism surrounding the growth of new
digital
telco
businesses
and
the
evolving
competitive
landscape
among
players
in
the
telecommunications
industry.
With
a
capital expenditure allocation of 22% of total
revenue, primarily focused on mobile business
development, fixed broadband, data centers &
cloud, and infrastructure, the Company is well-
40
Management Reports
positioned to achieve sustainable and positive
performance growth. The key focus going forward
is to maximize the value of capital investments
through more effective investment initiatives,
enhanced monetization of production assets via
sales optimization, and strengthening the business
and financial fundamentals across all entities
within TelkomGroup, including improvements in
governance and risk management.
Our business outlook will also be shaped by the
ascending use of technology by telecommunications
operators, particularly in data analytics & artificial
intelligence, Internet of Things (IoT), with two
main objectives: enhancing operational quality
and broadening business opportunities through
technology-driven customer solutions. The rapid
evolution of technology also notably impacts our
infrastructure business, particularly in the satellite
and broadband segments.
From a competitive standpoint, the broadband
market—both fixed and mobile—is expected to
face heightened competition, driven by expanding
infrastructure penetration and increased market
reach into lower-income segments. Meanwhile, the
telecommunications industry may face declining
demand from the government segment, following
the efficiency measures outlined in the 2025 State
Budget. However, rather than seeing this as a
setback, this should give us the impetus to further
drive innovation and excellence in B2B IT Services &
Enterprise Solutions, ensuring that these initiatives
can be transformed into a sustainable growth
engine for the business.
APPRECIATION TO
STAKEHOLDERS AND
CLOSING REMARKS
On behalf of the Board of Commissioners, we
extend our appreciation to the Board of Directors,
management, and all employees of Telkom Indonesia
for their dedication, hard work, and commitment in
realizing the Company’s goals, vision, and mission.
Amid the increasingly complex industry landscape in
2024, strong collaboration, continuous innovation,
and a relentless drive for progress have been the
key forces enabling Telkom to maintain its leadership
in the telecommunications and digital industries.
This spirit of collaboration must continue to be
accompanied by a shared awareness among all
members of TelkomGroup to uphold sound business
practices and ethical standards.
We also extend our sincere appreciation to our loyal
customers, shareholders, the Government, business
partners, and all stakeholders for their unwavering
support and trust in Telkom. This support serves
as a crucial foundation for us to continue building
an inclusive and sustainable digital ecosystem,
while further strengthening Telkom’s role in driving
Indonesia’s digital economic growth.
Jakarta, April 21, 2025
On Behalf of the Board of Commissioners
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
41
Silmy
Karim
Bono
Daru Adji
Marcelino
Rumambo Pandin
Isa
Rachmatarwata
Commissioner
Independent
Commissioner
Commissioner
Commissioner
COMMISSIONERS
BOARD OF
42
42
Management Reports
Management Reports
Bambang Permadi
Soemantri Brodjonegoro
Wawan
Iriawan
Ismail
Rizal
Mallarangeng
Arya Mahendra
Sinulingga
President Commissioner/
Independent Commissioner
Independent
Commissioner
Commissioner
Commissioner
Commissioner
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
43
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
43
Report of the
Board of Directors
Ririek
Adriansyah
President Director
44
Management Reports
To Our Esteemed Shareholders, Members of the
Board of Commissioners, and all stakeholders,
We extend our deepest gratitude to God
Almighty for His blessings and guidance, with
which PT Telkom Indonesia (Persero) Tbk
(“Telkom” or “the Company”) concluded 2024
demonstrating sound performance. In a year
marked by mounting challenges and increasing
industry complexity, the Company succeeded
in delivering sustained growth and recording
several key milestones.
REVIEW OF ECONOMIC AND
INDUSTRY LANDSCAPE
Amid disruption and global uncertainties marked
by a slowing macroeconomic environment,
heightened industry volatility, and escalating
geopolitical tensions, Indonesia’s national GDP
recorded cumulative growth of 5.03% by the
end of 2024. This achievement was driven
by increased investment and manufacturing
activities, galvanized by resilient domestic
demand
and
gradually
recovering
global
markets. Meanwhile, inflation was maintained
at 1.57% YoY through consistent monetary
and fiscal policies and effective coordination
between Bank Indonesia and the Government
in managing inflation. These developments
reflect the resilience and potential of Indonesia’s
economy for sustainable growth.
The telecommunications industry continues
to play a vital role in supporting inclusive and
sustainable economic progress in Indonesia.
Telecommunications services not only provide
accessibility but also stand as a foundation
for innovation, business growth, and social
advancement.
To
foster
a
healthy
and
sustainable
telecommunications
and
information
ecosystem, we have continued investing in
network development, digital and information
technology innovation, and service quality
enhancement. It is our endeavor to deliver best-
in-class services to improve accessibility for all
segments of society across Indonesia.
STRATEGY AND
CORPORATE STRATEGIC
POLICY
The year 2024 was a pivotal moment which
demonstrated
the
success
of
Telkom’s
transformation
journey
through
the
Five
Bold Moves (5BM) initiative. Telkom had been
expected to deliver tangible results and a
compelling growth story to meet market and
investor expectations across both business
pillars—B2C (FMC) and B2B—by realizing
optimal
FMC
synergy
value
and
making
significant progress in the B2B transformation,
particularly in building business capabilities at
both the parent company and subsidiary levels.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
45
The year 2024 was a pivotal moment
which demonstrated the success
of Telkom’s transformation journey
through the Five Bold Moves (5BM)
initiative. Telkom had been expected
to deliver tangible results and a
compelling growth story to meet
market and investor expectations across
both business pillars—B2C (FMC) and
B2B—by realizing optimal FMC synergy
value and making significant progress
in the B2B transformation, particularly
in building business capabilities at both
the parent company and subsidiary
levels.
To achieve these objectives, we adopted the
corporate theme for 2024:
“Achieve outstanding results in B2C integration
and strive for significant improvements in B2B
transformation”, supported by three main programs:
1. Leverage data-driven approach in addressing
customer pain-points and increasing customer
lifetime value.
Improving
Customer
Lifetime
Value
(CLV)
is a critical priority, and a comprehensive
understanding of customer needs is a key
prerequisite for enhancing loyalty. Accordingly,
we have adopted a disciplined, data-driven
approach to customer management. This has
enabled us to respond effectively to customer pain
points and deliver the best possible experience.
2. Ensure
business
competitiveness
through
streamlined portfolio and relentless Five Bold
Moves execution while confirming strategic
partners.
To remain competitively positioned, we have
focused on driving business efficiency and
optimizing the Group’s assets, while enhancing
the business capabilities under development—
especially those aligned with the 5BM strategy.
Strategic partners play a vital role in building these
capabilities, and in 2024 we accelerated strategic
partnership initiatives as a key success factor.
46
Management Reports
46
Management Reports
3. Execute fit-for-purpose talent fulfillment to
enhance business capabilities and productivity.
To support sustainable business growth, Telkom
has continued to strengthen its business
capabilities and productivity through a strategic
talent management approach. This approach is
grounded in aligning employee competencies
with the specific characteristics and needs of
the business, ensuring timely and effective
execution.
FORMULATION OF COMPANY
STRATEGY AND STRATEGIC
POLICIES
In formulating our strategies, we must always align
with our vision and mission, while taking into account
a thorough analysis of strategic conditions—covering
both external and internal factors—and input from
stakeholders. This process also incorporates careful
consideration of risk factors that may impact the
continuity of the Company’s business. The results
of the formulation are compiled into a document
to be discussed intensively with the Board of
Commissioners through a dedicated workshop. The
Board of Directors plays a central role in formulating
the Company’s strategy and strategic policies. These
strategies and policies are structured according to
specific timeframes, as follows:
a. Long-Term Corporate Plan (RJPP), a document
at the corporate level that contains strategic
aspirations from stakeholders, as well as strategic
direction and KPIs that are of a high level in nature
prepared for periodic planning of 5 (five) years;
b. Medium-Term Plan, a document at the corporate
level that serves as the primary document
containing the Company’s strategic scenario in
implementing the directives stated in the RJPP,
prepared for a planning timeframe of 3 (three)
years. The Medium-Term Plan is updated annually
so that the strategic scenario can follow the
Company’s internal and external dynamics; and
c. Corporate Work Plan and Budget (RKAP), a
document at the strategic execution level
containing the plans for the next 1 (one) year,
including the targets, work programs, and
budgets needed as directed by the long-term
and medium-term strategies, accompanied at all
times by due consideration of industry dynamics,
stakeholder aspirations, and the latest business
outlook data.
IMPLEMENTATION OF
CORPORATE STRATEGY
The
strategic
documents
developed
by
the
Company serve as a key reference for the execution
of work programs across all business units, support
functions, and subsidiaries, ensuring that every
part of the organization operates under a unified
direction aligned with their respective targets and
authorities. To further ensure consistency in actions
and decision-making across the organization in
the execution of its strategy, the Company issues
strategic policies in the form of the Board of
Directors Regulations or other relevant regulations
that provide more detailed guidance on how the
Company operates and behaves effectively and
efficiently. These strategic policies cover a broad
range of areas, including resource allocation, risk
management, product development and customer
relations,
supplier
engagement,
environmental
sustainability, corporate governance, and other
strategic imperatives as needed.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
47
PT TELKOM INDONESIA (PERSERO) TBK
47
To monitor the execution of work programs, the
Board of Directors conducts regular reviews and
evaluations of the Company’s performance against
a set of financial, operational, and other relevant
indicators. The Board of Directors is also accountable
for reviewing and updating the effectiveness of the
strategies adopted, ensuring the Company remains
relevant and competitive in a dynamic market
environment.
PERFORMANCE
ACHIEVEMENT AGAINST
TARGETS
In 2024, Telkom attained several key milestones in
executing its Five Bold Moves (5BM) strategy, which
had been designed to strengthen the Company’s
strategic positioning within Indonesia’s digital
ecosystem. Through the Fixed Mobile Convergence
(FMC) initiative, Telkom successfully integrated
IndiHome services into Telkomsel, aiming to unleash
the synergy between fixed and mobile services,
strengthen market leadership, enhance customer
experience, and optimize operational and capital
expenditure efficiency. This move accelerated
customer growth and market penetration, while
driving synergy through content optimization,
cross-selling, and streamlined customer touchpoints
at 486 GraPARI outlets, thereby boosting customer
satisfaction and operational efficiency. The launch
of a unified billing system (one-billing system),
Telkomsel One, is expected to be a new catalyst
for future growth. By the end of 2024, IndiHome
recorded 10.8 million subscribers and TelkomGroup’s
convergence service penetration reached 56%.
In addition, Telkomsel’s mobile subscriber base
reached 159.4 million with over 50% market share
and coverage extending to 97% of Indonesia’s
population. These outcomes affirm that the FMC
strategy is progressing as planned in support of
Telkom’s vision to be the leading convergence
operator in Indonesia.
Furthermore, Telkom also activated PT Telkom
Infrastruktur Indonesia (TIF) as its InfraCo entity
to manage TelkomGroup’s fiber network. Through
TIF, Telkom is able to unlock the full value of its fiber
assets and accelerate national digital adoption
by providing neutral wholesale fiber connectivity
services. This model enhances investment efficiency,
asset management, operational effectiveness, and
creates opportunities for network sharing with other
industry players, further sharpening TelkomGroup’s
competitive edge in the market.
In the Data Center business, Telkom bolstered its
position through the consolidation of NeutraDC,
which now operates 35 data centers across Indonesia
and abroad, with a business value reaching USD 3
billion. NeutraDC continues to expand its capacity
to meet growing cloud storage demands driven by
the rapid development of Artificial Intelligence (AI).
NeutraDC is also exploring strategic partnerships
with global players to augment its capabilities
as a digital ecosystem hub, reinforcing Telkom’s
positioning in Southeast Asia’s data center market.
Telkom further enhanced its capabilities and
business competencies under the B2B IT Services
initiative, supported by a notable financial recovery.
The Indibiz platform deepened vertical penetration,
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Management Reports
accelerating business growth. Telkom remains
focused on strengthening Cloud services, Digital
IT Services, and Cybersecurity through strategic
partnerships with global tech companies, targeting
the needs of 2,303 corporate clients, 717 government
institutions, and 591,618 SMEs currently served by
the Company.
In 2024, the DigiCo initiative grew, marked by positive
financial contributions and well-received products in
the market. This progress has attracted substantial
investor interest, contributing to the Company’s
overall development.
As a result of these strategic initiatives, Telkom
recorded revenue of Rp149.97 trillion by the end of
2024, representing a 0.5% increase from Rp149.22
trillion in 2023. This growth was supported by several
positive indicators, including a solid year-on-year
payload growth of 13.9%, reflecting strong future
growth potential for the Company. Despite this,
revenue remained slightly below the 2024 target. In
terms of profitability, EBITDA declined by 3.3% from
Rp77.58 trillion to Rp75.03 trillion, primarily due to
the Company’s investment in an Early Retirement
Program, which we expect to enhance efficiency and
productivity in the future. Net income decreased
to Rp23.65 trillion from Rp24.56 trillion in 2023,
factoring in unrealized losses from investments in
GOTO. This net income outcome was marginally
below the Company’s 2024 target.
CHALLENGES AND
CONSTRAINTS FACED
We faced a range of challenges in our business
operations within the dynamic telecommunications
industry, including:
1. Evolving Regulatory Landscape:
The
Company
must
proactively
address
and anticipate regulatory changes that may
significantly impact on how we operate. This
requires
rapid
adjustment
and
adaptation
to ensure continued growth while remaining
compliant with new rules. One notable example
was the implementation of Ministry of Home
Affairs Regulation No. 7/2024, whose practical
implementation continued to be fraught—
particularly due to varying interpretations by
regional governments that still apply outdated
schemes
in
determining
lease
rates
for
Regional Government Assets (BMD) used for
telecommunications infrastructure that may
hinder the efficient rollout of infrastructure.
2. Intensifying Market Competition:
The digital telco industry in Indonesia continues
to experience increasing competition with the
entry of new players—both local and global—
alongside a growing range of commoditized
products and services, as well as expanded
offerings from existing competitors. In response,
the Company must consistently innovate across
both business and operating models, including
forging strategic partnerships that align with
our portfolio strategy. This ensures the delivery
of up-to-date, efficient services to enhance
customer experience and satisfaction. We also
monitor competitor consolidation, which we
believe will ultimately lead to a healthier industry
landscape.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
49
3. Infrastructure Reach:
Despite the Company’s continuous efforts to
expand infrastructure, particularly for digital
connectivity and platform services, there are still
limitations in reaching all regions, especially the 3T
areas (Frontier, Outermost, and Disadvantaged).
We aim to overcome these barriers with more
efficient, cutting-edge technologies and by
collaborating with local governments, regional
partners, and other stakeholders to increase
infrastructure penetration and service coverage.
4. High Capital Requirements:
The
development
and
maintenance
of
connectivity
service
infrastructure
and
platforms requires a significant investment. At
the same time, the telecommunications industry
is grappling with the growing commoditization
of connectivity services. To address this, the
Company has begun preparing and developing
second-curve services within the digital platform
and digital services portfolio such as Data
Centers, Cloud Services, and IT Services.
5. Cybersecurity Threats:
Along with the digital lifestyle of today’s society,
which implies an increasing dependence on
digital technology, the Company also faces
greater risks related to cyber security. Threats
such as cyberattacks and data breaches pose
significant reputational and operational risks. In
response, we are relentlessly strengthening our
information security systems and promoting
cyber risk awareness and understanding across
all TelkomGroup employees and partners.
6. Global Macroeconomic Uncertainty:
Global economic uncertainty, influenced by
several factors such as geopolitical conflicts,
changes in political leadership, and weak
economic growth, was one of the main factors
behind Indonesia’s stagnant economic expansion
in 2024. These conditions have created a
challenging business environment for Telkom,
influencing market dynamics and requiring
strategic recalibration to sustain growth and
competitiveness amid global volatility. To navigate
this uncertainty, the Company continues to build
capacity and capabilities to leverage emerging
technologies that can meet the evolving digital
needs of society.
2025 BUSINESS OUTLOOK
AND TARGETS
In 2025, the Company is targeting low single-digit
revenue growth, with an EBITDA margin in the
range of 50%–52%, and a capital expenditure-to-
revenue ratio of 15%–20%. To achieve these targets,
we will continue executing the Five Bold Moves
(5BM) strategy, with a strong focus on accelerating
Indonesia’s
digitalization
and
redoubling
our
investments across core business lines in digital
connectivity, digital platforms, and digital services.
We are confident that digitalization presents
Indonesia with an exceptional opportunity to leap
forward across key sectors such as education,
healthcare,
finance,
and
beyond—achieving
progress more efficiently and cost-effectively. To
this end, the development of robust and extensive
digital connectivity infrastructure, advanced digital
platforms, and community-relevant digital services
are critical components in building a connected
society and accelerating the growth of Indonesia’s
digital economy.
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Management Reports
We believe the rollout of Telkomsel One, a unified
billing system, will offer a more integrated and
seamless digital experience by combining home and
mobile internet services into a single ecosystem.
This platform is expected to act as a new catalyst,
driving future B2C growth.
Telkom will also continue to strengthen its B2B
segment by prioritizing high-margin, recurring
services
such
as
enterprise
solutions
that
provide a range of integrated solutions such
as system integration, IT service management,
and Customer Relationship Management (CRM)
services. Furthermore, we will accelerate strategic
partnerships in the data center business to fuel
sustainable B2B growth.
Looking ahead, Indonesia’s economy is expected
to improve, supported by government programs
already underway, which will provide a positive
outlook for the Company’s long-term growth
trajectory.
IMPLEMENTATION OF GOOD
CORPORATE GOVERNANCE
We remain committed to upholding the principles
of Good Corporate Governance (GCG), aligning with
the eight principles of company management and
governance as stipulated in the OJK’s Guidelines
for Public Company Governance. The consistent
application of GCG supports the realization of
our purpose, vision, and mission while delivering
sustainable value for shareholders and all other
stakeholders. We firmly believe that sound corporate
governance is a critical enabler of the Company’s
long-term sustainability.
Throughout 2024, we have made significant
enhancements across various areas to ensure
the effective implementation of good corporate
governance, including the strengthening of the
Internal Audit organization and its competencies
aimed at improving the effectiveness of internal
control and oversight, the establishment of a Data
Protection Unit to ensure compliance with the
Personal Data Protection Law, and the reinforcement
of the Company’s risk management function.
CLOSING
To conclude this report, on behalf of the Board of
Directors of PT Telkom Indonesia (Persero) Tbk,
we would like to extend our highest appreciation
to the shareholders, the Board of Commissioners,
customers, business partners, media, the public,
and all other stakeholders who have supported us
throughout 2024. We also extend our gratitude
to the entire management team and employees
of TelkomGroup, who have played a vital role in
implementing strategic initiatives and achieving the
Company’s objectives in 2024.
Looking ahead, we believe that Telkom is emboldened
to come up with innovation after innovation amid
the swift evolution of the digital era. We hope
Telkom will continue to grow, deliver added value
for stakeholders, and strengthen its position as a
leading digital telecommunications company, in
line with our commitment to accelerating digital
transformation and providing the best services for
the people of Indonesia.
Jakarta, April 21, 2025
On behalf of the Board of Directors
Ririek Adriansyah
President Director
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
51
02
Afriwandi
Honesti
Basyir
Herlan
Wijanarko
Bogi
Witjaksono
Director of
Human Capital
Management
Director of
Group Business
Development
Director of
Network & IT
Solution
Director of
Group Business
Development
DIRECTORS
52
Management Reports
Management Reports
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
03
Ririek
Adriansyah
Muhamad
Fajrin Rasyid
Heri
Supriadi
FM
Venusiana R
Budi Setyawan
Wijaya
President Director
Director of Digital
Business
Director of
Finance & Risk
Management
Director of
Enterprise &
Business Service
Director of Strategic
Portfolio
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
53
STATEMENT OF THE MEMBER OF BOARD OF COMMISSIONERS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2024 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2024 Annual Report has been presented in its entirety and that we assume full responsibility
for the accuracy of the content of the Company’s Annual Report.
This statement is made in all truthfulness.
Jakarta, April 21, 2025
Board of Commissioners
Wawan Iriawan
Independent Commissioner
Bono Daru Adji
Independent Commissioner
Marcelino Rumambo Pandin
Commissioner
Ismail
Commissioner
Rizal Mallarangeng
Commissioner
Isa Rachmatarwata
Commissioner
Arya Mahendra Sinulingga
Commissioner
Silmy Karim
Commissioner
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
STATEMENT OF THE MEMBER OF BOARD OF DIRECTORS
REGARDING WITH RESPONSIBILITY FOR
PT TELKOM INDONESIA (PERSERO) TBK 2024 ANNUAL REPORT
We the undersigned hereby declare that all the information in the PT Telkom Indonesia (Persero) Tbk
2024 Annual Report has been presented in its entirety and that we assume full responsibility
for the accuracy of the content of the Company’s Annual Report.
This statement is made in all truthfulness.
Jakarta, April 21, 2025
Board of Directors
Ririek Adriansyah
President Director
Bogi Witjaksono
Director of Wholesale & International
Service
Honesti Basyir
Director of Group Business
Development
Heri Supriadi
Director of Finance & Risk
Management
FM Venusiana R
Director of Enterprise & Business
Service
Herlan Wijanarko
Director of Network &
IT Solution
Muhamad Fajrin Rasyid
Director of Digital
Business
Budi Setyawan Wijaya
Director of Strategic
Portfolio
Afriwandi
Director of Human Capital
Management
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Annual Report
2024
PT TELKOM INDONESIA (PERSERO) TBK
ABOUT
TELKOM
To strengthen its satellite business portfolio, Telkom
partners with SpaceX to provide Starlink’s low Earth
orbit (LEO) satellite backhaul services, offering
connectivity solutions for underserved and unserved
areas, particularly in 3T regions.
03.
57
PURPOSE
MISSION
VISION
To build a more prosperous
and competitive nation as well
as deliver the best value to our
stakeholders.
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.
To be the most preferred digital
telco to empower the society.
PURPOSE, VISION,
MISSION, AND STRATEGY
58
About Telkom
1. Leverage data-driven approach in addressing customer pain-points and increasing
customer lifetime value;
2. Ensure business competitiveness through streamlined portfolio and relentless 5 BM
execution while confirming strategic partners; dan
3. Execute fit-for-purpose talent fulfillment to enhance business capabilities and
productivity.
STRATEGIC FOCUS 2024
In 2024, we will continue the ongoing business transformation and investment and
strengthen the Company’s fundamental core to drive sustainable growth. This year
also proves the Five Bold Moves initiative, focusing on B2C business synergy (FMC) and
increasing B2B capabilities. The challenges of global uncertainty, including economic
slowdown, industry dynamics, and geopolitical situations, may affect our business.
Therefore, we prioritize programs that have a significant impact by adhering to
compliance principles and prudence and mitigating potential risks. We have launched
a corporate theme for 2024, “Achieve outstanding results in B2C integration and strive
for significant improvements in B2B transformation” with three main programs, namely:
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
59
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.
Corporate Culture
and Value
Amanah/Trustworthy
Holding on to the trust given
Kompeten/Competent
Continue to learn and develop capabilities
Harmonis/Harmonious
Caring for each other and respecting
differences
Loyal
Dedicated and prioritizing the interests of the
nation and the state
Adaptif/Adaptive
Continue to innovate and be enthusiastic in
moving or facing change
Kolaboratif/Collaborative
Building a synergistic collaboration
As a form of TelkomGroup’s commitment to implementing Core Values AKHLAK, Telkom’s Corporate
Strategic Scenario 2024 - 2026 mandates the Company to Transform to Digital Telco Talents & Incorporate
Digital Culture - Ways of Working Under Digital Age which is in line with Core Values AKHLAK. The Corporate
Annual Message (CAM) also contains the spirit to strengthen Telkom’s culture and digital culture attributes
by leveraging AKHLAK core values as foundation. Furthermore, one of the focuses in the HC Strategy also
mandates to Instill Harmony & Productive Working Environment Based on AKHLAK & compelling EVP.
60
About Telkom
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 4,306 people, with 2,164 people coming
from units at Telkom and 2,142 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 programs 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.
BUILDING DIGITAL CULTURE
To accelerate Telkom’s transformation towards
Digital Telco, strengthening Digital Culture in line
with the implementation of Core Values AKHLAK, is
one of the factors believed to support the Company’s
digital transformation. All TelkomGroup people are
expected to implement Core Values AKHLAK, which
will be strengthened by the actualization of Digital
Ways of Working (digital behavior). Digital Ways of
Working are internalized and actualized through
regular activations so that they are embedded into
employee behavior and will ultimately improve the
Company’s performance.
To ensure that cultural activation impacts the
Company’s performance, Core Values AKHLAK and
Digital Ways of Working are implemented through
strategic programs that become the focus of the
Company to achieve the Company’s targets, which
are regulated in provisions and supporting systems.
Supporting systems include digital tools such as
the Diarium collaboration application, which is
used as a corporate portal, daily operations, which
include e-office, e-budgeting, file sharing, Ingenium
application for career & succession management,
MyDigilearn application for learning & knowledge
management, and others.
CORPORATE CULTURE
EVALUATION
To maintain and improve the implementation of
AKHLAK and digital behavior at TelkomGroup, HCM
TelkomGroup conducted Culture TelkomGroup 2024
survey measurement as an effort to determine the
extent to which the implementation of AKHLAK
culture and digital behavior can support the
Company’s digital transformation process. With
the implementation of Culture TelkomGroup 2024
survey, it is expected that information on the level of
implementation of AKHLAK Implementation Index,
Digital Ways of Working Index, and Net Promoter
Score will be obtained.
Culture TelkomGroup 2024 survey was conducted
online and then deepened the survey results
with
qualitative
methods
through
Focus
Group Discussions. Telkom obtained AKHLAK
Implementation Index score of 86.52% (Healthy
Category), Digital Ways of Working Index of 85.77%
(Differentiators), and Net Promoter Score of
94.35% (Mature).
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
61
Telkom Milestone and
Company Name Changes
Through Government Regulation Number 240 year 1961 regarding the Establishment of State Post and
Telecommunication Company, Indonesian Government established Perusahaan Negara Pos dan Telekomunikasi
(PN Postel). Furthermore, PN Postel was split into PN Post and Giro and Perusahaan Negara Telekomunikasi
(PN Telekomunikasi) according to Government Regulation No. 30 dated July 6, 1965. This date is the basis for
determining the anniversary of Telkom Indonesia.
PN Telekomunikasi was split into two entities in 1974, namely Perusahaan Umum Telekomunikasi (Perumtel)
and PT Industri Telekomunikasi Indonesia (PT INTI). Perumtel then turned into a state-owned limited liability
company with the official name of PT Telekomunikasi Indonesia (Persero) or Telkom in 1991. In 1995, Telkom
became a public company listed on IDX and NYSE, with a market capitalization value achieved by the end of
2024 of Rp268 trillion on IDX and US$16.81 billion on NYSE.
• Telkom successfully launched the Merah
Putih-2 Satellite from Cape Canaveral Florida,
to support the realization of equitable access
to connectivity to remote areas of the country.
• In addition, as part of implementing Five Bold
Moves, PT Telkom Infrastruktur Indonesia (TIF)
officially started the end-to-end operation of
TelkomGroup’s connectivity network through
the Managed Service Agreement (MSA)
mechanism.
• In applying ESG principles, Telkom
launched a new ESG program entitled
GoZero - Sustainability Action by Telkom
Indonesia, Telkom’s real ESG action for a
sustainable future.
Telkom and Telkomsel have signed a deed
of separation to integrate IndiHome into
Telkomsel, an essential step in the Fixed Mobile
Convergence (FMC) initiative within the Five
Bold Moves strategy. In addition, Telkom
launched the ESG Existence for Sustainability
by Telkom Indonesia (EXIST) program to affirm
its commitment to managing and implementing
environmental, social, and governance (ESG)
aspects.
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.
Telkomsel is the first cellular operator to provide
5G service in Indonesia. Telkom also increased its
collaboration through additional investment in
Gojek and signing an MoU with Microsoft.
TelkomGroup has carried out several initiatives
to respond to COVID-19 pandemic. Several
corporate actions carried out by Telkomsel,
including signing a conditional sale and purchase
agreement for selling 6,050 telecommunication
towers to Mitratel as well as entering into
cooperation and investing in Gojek.
2024
2023
2022
2021
2020
62
About Telkom
TelkomGroup acquired 2,100 towers belonging
to Indosat Ooredoo and acquired 95% of
PT Persada Sokka Tama shares. Telkom also
received “2019 Indonesia IoT Services Provider
of the Year” award in Frost & Sullivan 2019 Asia
Pacific Best Practices Awards.
Telkom launched Merah Putih Satellite and
inaugurated Telkom Hub as a Center of
Excellence and Source of Inspiration to Build
Digital Indonesia. Telkom has also completed the
construction of Indonesia Global Gateway (IGG).
Telkom launched Telkom-1 satellite in 1999 and
Telkom-2 satellite in 2005. Telkom has also
successfully completed JaKaLaDeMa underwater
fiber optic cable project.
Perumtel officially changed to Telkom in 1991.
Then in 1995, Telkom established subsidiary
Telkomsel as a cellular operator and conducted
an IPO on Jakarta Stock Exchange and Surabaya
Stock Exchange, registered shares on NYSE and
LSE, and offered open shares without listing on
Tokyo Stock Exchange.
Telkom launched Telkom 3S Satellite and
completed the Southeast Asia-United States
(SEA-US) submarine fiber optic cable line.
Telkom has completed construction of the
Southeast Asia-Middle East-Western Europe 5
(SEA-ME-WE 5) submarine system.
PN Telekomunikasi was split into Perumtel,
which provides telecommunication
services, and PT INTI, which manufactures
telecommunications equipment.
PN Postel was split into two entities, namely
Perusahaan Negara Pos dan Giro (PN Pos and
Giro) and Perusahaan Negara Telekomunikasi
(PN Telekomunikasi).
Telkom completed Super Nusantara Highway
project and True Broadband Access project in 2011.
Then in 2014, Telkom became the first operator in
Indonesia to provide 4G LTE service. A year later,
Telkom launched IndiHome.
2019
2018
1999-2010
1991-1995
2017
2016
1974
1965
2011-2015
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
63
Business Activities
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
transactions
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.
All business activities, both main and supporting,
were carried out in the financial year.
64
About Telkom
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
Home Digital Service
Pay TV, OTT, Other Digital Services
Enterprise
Connectivity
Fixed Voice, Fixed BB, Enterprise Data (include Managed CPE,
Advanced Connectivity), Wi-Fi, Satellite
Digital IT Services
IT Service, Big Data, IoT, Cybersecurity, Cloud (IaaS, PaaS, SaaS),
Managed Solution (including Managed Device)
Digital Adjacent Service
Financial Services, eHealth (Health Service Claim and Provider
Management Services), Digital Advertising, POS Managed Services
BPO
Customer Relationship Management, Shared Service Operations
Wholesale &
International
Service
WS Network
International Network, Domestic Network
WS Traffic
International Voice, Domestic Voice, Internet Traffic
WS FTTX
Wholesale FTTH
WS Intl, Platform & Services
SMS A2P, CDN
Satellite
Upstream (Orbital Slot, Satellite Mission, Transponder),
Downstream (VSAT, Broadband Satellite), Link
DC
Collocation & Hosting, Integrated DC Services, Hyperscale
Tower
Tower Owned (Macro, Micro, etc.), Reseller, Managed Service,
Project
Infrastructure
Infra & Network Managed Service, Submarine Cable Service, Power
Solutions
Digital
B2B Digital
B2B e-Commerce, e-Logistic, Digital Advertising
B2B2C Digital (Transition
Portfolio)
Music, Gaming, Digital Content
Smart Platform
Big Data & IoT Platform, Digi Ads, Financial Services
Other
Non-portfolio
Digital Investment, Property Development, Property Management,
Hospitality
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
65
President Director
RIRIEK ADRIANSYAH
VP Enterprise
Business Strategy
IRWAN
ANDRIYANTO
NUGROHO
VP Corporate
Strategic Planning
TORKIS ROPINDA
SIHOMBING
VP Network/IT
Strategy, Technology,
& Architecture
ERMONO LIMAN
PRABOWO
VP Digital Business
Strategy &
Governance
DR RIZA A N
RUKMANA
VP Business
Planning
ANANG
SUPRIADI
VP Strategy
Planning &
Performance
PRAYUDI
NUGROHO
VP Enterprise
Business Governance
ARIWIATI
VP Synergy
KUNCORO
WASTUWIBOWO
EVP Digital
Business & Technology
KOMANG BUDI
ARYASA
EGM Digital
Connectivity Service
TEUKU MUDA
NANTA
EVP Private Service
MOHAMMAD
SALSABIL
EVP Divisi Wholesale
Service
MUHAMMAD ROFIK
EGM Digital
Infrastructure
Development
CHOLIS SAFRUDIN
EVP Government
Service
SYAIFUDIN
EVP Telkom
Regional I
DWI PRATOMO
JUNIARTO
EVP Telkom
Regional II
EDIE KURNIAWAN
EVP Telkom
Regional III
FERA PEBRAYENTI
EVP Telkom
Regional IV
RACHMAD DWI
HARTANTO
EVP Telkom
Regional V
AMIN SOEBAGYO
EGM Solution
Delivery & Assurance
ADMIRAL DASRIN
EGM Information
Technology
-
EVP SOE Service
DEDY
MARDHIANTO
VP Strategic
Investment ICT
& Services
AGUNG NUGROHO
VP Performance &
Governance Mgt.
IRWAN
INDRIASTANTO
VP Business
Performance Mgt
SAIFUL HIDAJAT
VP Wholesale
Solution & Customer
Management
OKTADIASIH
MUNINGGAR
VP Enterprise
Product
Development
-
VP Integrated
Portfolio
Management
CANDRA KUSUMA
WARDHANA
VP Connectivity
Service & Budget
Strategy
MARFANI
VP Digital Business
Performance
JOKOADI
WIBOWO
VP Business
Parenting & Risk Mgt
ERVIA
TISSYARAKSITA DEVI
VP Wholesale
Product & Service
MICHAEL ADIGUNA
OVP Enterprise
Regional
Management
-
VP Strategic
Investment
Digital Telco
YUSUF WIBISONO
VP Global Strategic
Partnership
M ROSADI
OVP Cyber
Security
ELYSABETH
DAMAYANTI
DIVISIONS/CENTERS
TERRITORY
CRO
CORPORATE OFFICE
Director of Enterprise &
Business Service
FM VENUSIANA R
Director of
Strategic Portfolio
BUDI SETYAWAN
WIJAYA
Director of Network
& IT Solution
HERLAN WIJANARKO
Director of
Digital Business
MUHAMAD FAJRIN
RASYID
Director of Group
Business Development
HONESTI BASYIR
Director of Wholesale &
International Service
BOGI WITJAKSONO
AVP Directorate
Secretariat EBIS
DESSY
AVP Directorate
Secretariat GBD
R RIFA HERDIAN
AVP Directorate
Secretariat SP
SIGIT ADI PRAMONO
AVP Directorate
Secretariat NITS
AGUNG KERTIOSO
AVP Directorate
Secretariat DB
H MOHAMAD RAHMAT
YUSUF
AVP Directorate
Secretariat WINS
-
Telkom Organizational
Structure
Telkom organizational structure as of December 31, 2024 with
disclosures at least up to the structure of one level below the
Board of Directors is presented as follows:
66
About Telkom
Board of Commissioners
Audit Committee
Committee for Nomination
and Remuneration
Committee for Planning
and Risk Evaluation and
Monitoring
Integrated Governance
Committee
SVP Corporate
Secretary
JATI WIDAGDO
SVP Internal Audit
MOHAMAD RAMZY
SVP Group Corporate
Transformation
JEMY VESTIUS
CONFIDO
SVP Group
Sustainability &
Corporate
Communication
AHMAD REZA
SVP Risk
Management
ROBERTO S
NEGARA
VP HC Strategic
Management
AHMED YASSER
VP Risk Operation
& Process Mgt.
PRAYUDI
UTOMO
SGM Finance System
& Acc Controller
ACHMAD ALIYADIN
SGM HC Service
Operations
PUSPO HENDRIADI
SGM HC Strategic
Partner
SENDY ADITYA
KAMESVARA
SSGM Telkom Shared
Service Center
EKA SETIAWAN
SGM Social
Responsibility
HERY SUSANTO
SGM Telkom
Corporate University
MUHAMMAD
SUBHAN ISWAHYUDI
SGM Group
Procurement
MOKHTAR ISMAIL
SGM Assessment Center
Indonesia
JUSTI
ARIESTHIAWATI
VP Investor
Relation
OCTAVIUS OKY
PRAKARSA
VP Subsidiaries
Financial Planning &
Analysis
HENDRA
KURNIAWAN
VP HC Culture &
Industrial Relations
IWAN SETIAWAN
VP Risk Strategy
& Governance
RINI FITRIANI
VP HC Talent
Management Policy
GANJAR
DANISWARA
VP TelkomGroup
Financial Planning &
Analysis
DEVINDRA KAMAL
VP Group Financial
Accounting &
Treasury
JUNAINAH
VP Financial &
Procurement Policy
NURCHOLIS FERI
AHMADI
OVP HC Intelligence,
Analytic, &
Performance
DIDI HARYADI
VP Regulatory
Management
CHAIRUDIN MIRZA
VP Planning &
Development Audit
AFDOL MUFTIASA
Taskforce Leader
VP Corporate
Communication
ANDRI HERAWAN
SASOKO
VP Legal &
Compliance
JUNIAN SIDHARTA
VP Information
Technology Audit
RUDY BERLIANDY
VP Product
Management
-
VP Corporate
Office Support
HARDI
PURWANTO
VP Infrastructure &
Operation Audit
UMAR SYAHID
VP Change Mgt. &
Communication
SETYO BUDIANTO
VP Sustainability
GUNAWAN WASISTO
CIPTANING ANDRI
VP Data Protection
RIZAL AKBAR
VP Integrated &
Financial Audit
KENNY NAZAR
CEO’s Office
Director of Finance
& Risk Management
HERI SUPRIADI
Director of Human
Capital Management
AFRIWANDI
AVP Directorate
Secretariat Finance
WILLY KOESPRASETYO
AVP Directorate
Secretariat HCM
YULIO GUNTUR
WICAKSANA
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
67
List of Industry
Association Memberships
No.
National
Member
1.
Masyarakat Telematika Indonesia (MASTEL)
Telkom, Telkomsat, TelkomMetra,
Infomedia, AdMedika, Mitratel,
Telkomsel, Telin
2.
Asosiasi Kliring Trafik Telekomunikasi (ASKITEL)
Telkom, Telkomsel
3.
Asosiasi Penyelenggara Jaringan Internet Indonesia (APJII)
Telkom, Telkomsat, TelkomMetra,
Telkomsel
4.
Asosiasi Telekomunikasi Seluruh Indonesia (ATSI)
Telkom, Telkomsel
5.
Indonesia Telecommunication Users Group (IDTUG)
Telkom
6.
Asosiasi Penyelenggara Pengiriman Uang Indonesia (APPUI)
Telkom, Finnet, Telkomsel
7.
Asosiasi Sistem Pembayaran Indonesia (ASPI)
Telkom, Finnet, Telkomsel
8.
Asosiasi Sistem Komunikasi Kabel Laut Seluruh Indonesia (ASKALSI)
Telkom, Telin
9.
Indonesia Mobile Content Association (IMOCA)
Telkom
10.
Asosiasi Televisi Swasta Indonesia (ATVSI)
Telkom
11.
Asosiasi Satelit Indonesia (ASSI)
Telkom, Telkomsat
12.
Forum Komunikasi Satuan Pengawas Internal (FKSPI)
Telkom
13.
Asosiasi Gabungan Pelaksana Konstruksi Nasional Indonesia (GAPENSI)
Graha Sarana Duta, Telkomsat,
Mitratel
14.
Keanggotaan Green Building Council Indonesia (GBCI)
Graha Sarana Duta
15.
Keanggotaan Persatuan Perusahaan Real Estate Indonesia (REI)
Graha Sarana Duta
16.
Asosiasi Gabungan Rekanan Konstruksi Indonesia (GARANSI)
Graha Sarana Duta
17
Asosiasi Badan Usaha Jasa Pengamanan Indonesia (ABUJAPI)
Graha Sarana Duta
18.
Asosiasi Perusahaan Klining Servis Indonesia (APKLINDO)
Graha Sarana Duta
19.
Kamar Dagang dan Industri (KADIN)
Telkom, Graha Sarana Duta, Telkomsat,
Infomedia, Nutech, AdMedika, Bosnet,
Swadharma Sarana Informatika (SSI),
Telkomsel
20.
Asosiasi Perawatan Bangunan Indonesia (APBI)
Graha Sarana Duta
21.
Asosiasi Kontraktor Ketenagalistrikan Indonesia (AKLINDO)
Graha Sarana Duta
22.
Asosiasi Pengelola Gedung Badan Usaha Milik Negara (APG BUMN)
Graha Sarana Duta
23.
Indonesia Cyber Security Forum (ICSF)
Telkom
24.
Asosiasi Inkubator Bisnis Indonesia (AIBI)
Indigo Creative Nation
25.
Asosiasi Perusahaan Nasional Telekomunikasi (APNATEL)
Telkom, Telkom Akses
26.
Asosiasi Perusahaan Teknik Mekanikal Elektrikal (APTEK)
Nutech, Swadharma Sarana
Informatika (SSI)
27.
Asosiasi Perusahaan Pengadaan Komputer dan Telematik Indonesia
(ASPEKMI)
Nutech, Infomedia, Swadharma
Sarana Informatika (SSI), Telkomsat
28.
Asosiasi Pengusaha Indonesia (APINDO)
Infomedia
29.
Asosiasi Bisnis Alih Daya Indonesia (ABADI)
Infomedia
30.
Indonesia Contact Center Association (ICCA)
Infomedia
31.
Asosiasi Cloud Computing Indonesia
Telkomsigma
32.
Asosiasi Data Center Indonesia (IDPRO)
Telkomsigma
33.
Asosiasi PMOI (Project Management Office Professional Indonesia)
Telkomsigma
34.
Asosiasi Badan Usaha Jasa Pengamanan Indonesia (ABUJAPI)
Swadharma Sarana Informatika (SSI)
35.
Asosiasi Perusahaan Jasa Pengolahan Uang Tunai Indonesia (APJATIN)
Swadharma Sarana Informatika (SSI)
36.
Asosiasi Perusahaan dan Konsultan Telematika Indonesia (ASPEKTI)
Swadharma Sarana Informatika (SSI)
37.
Asosiasi Perusahaan Perdagangan Barang Distributor, Keagenan dan
Industri (ARDIN)
Swadharma Sarana Informatika (SSI),
Telkomsat
38.
Asosiasi Fintech (AFTECH)
Finnet, Telkomsel
68
About Telkom
No.
National
Member
39.
Asosiasi E-Commerce Indonesia (idEA)
Finnet
40.
Ikatan Ahli Ekonomi Islam Indonesia (IAEI)
Telkom
41.
Masyarakat Ekonomi Syariah (MES)
Telkom
42.
BUMN Muda
Telkom
43.
Forum Digital BUMN (FORDIGI)
Telkom
44.
Kolaborasi Riset dan Inovasi Industri Kecerdasan Artifisial Indonesia
(KORIKA)
Telkom
45.
Forum Human Capital Indonesia (FHCI)
Telkom
46.
Asosiasi Pengembang Menara Telekomunikasi (ASPIMTEL)
Mitratel
47.
Asosiasi Penyelenggara Jaringan Telekomunikasi (APJATEL)
Mitratel (2024)
48.
Asosiasi IoT Indonesia (ASIOTI)
Telkomsel
49.
Asosiasi Emiten Indonesia (AEI)
Telkom, Mitratel
50.
Himpunan Jasa Konstruksi Indonesia (HJKI)
Telkom Akses
51.
Ikatan Akuntan Indonesia (IAI)
Telkom
52.
Indonesia Corporate Secretary Association (ICSA)
Mitratel
53.
Cyber Defense Indonesia (CDEF ID)
Telkom, Telkomsel
54.
Asosiasi Pelaksana Konstruksi Nasional (ASPEKNAS)
Graha Sarana Duta
55.
Asosiasi Perusahaan Teknik Mekanikal Elektrikal
Graha Sarana Duta
No.
International
Member
1.
International Telecommunication Union (ITU)
Telkom
2.
International Telecommunications Satellite Organization (ITSO)
Telkom
3.
International Telecommunications Satellite (INTELSAT)
Telkom
4.
International Marine/Maritime Satellite (INMARSAT)
Telkom
5.
Asia Pacific Telecommunication (APT)
Telkom, Telkomsel
6.
Asia Pacific Economic Cooperation (APECTEL)
Telkom
7.
TM Forum
Telkom, Telkomsel
8.
ASEAN CIO Association (ACIOA)
Telkom
9.
Wireless Broadband Alliance (WBA)
Telkom
10.
The Institute of Certified Management Accountants
Telkom
11.
Asia-Pacific Satellite Communications Council (APSCC)
Telkomsat
12.
Asia Pacific Network Information Centre (APNIC)
Telkomsel
13.
Bridge Alliance
Telkomsel
14.
Global System for Mobile Communications Association (GSMA)
Telkomsel
15.
PMO Global Alliance (PMOGA)
Telkomsigma
16.
Pacific Telecommunications Council (PTC)
Telin
17.
Mobile Ecosystem Forum (MEF)
Telin
18.
International Cable Protection Committee (ICPC)
Telin
19.
The ITW Global Leader's Forum (GLF)
Telin
20.
Executive Global Network (EGN)
Telin
21.
Information Systems Audit and Control Association (ISACA) Chapter
Indonesia
Telkom
22.
Global Information Assurance Certification (GIAC) Advisory Board
Telkom
23.
International Information System Security Certification Consortium
(ISC2)
Telkom
24.
International Association of Privacy Professionals (IAPP)
Telkom
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
69
Profile of the Board of Commissioners
MEMBER OF THE BOARD OF COMMISSIONERS
WHO OFFICIATE AS OF DECEMBER 31, 2024
BAMBANG
WAWAN
PERMADI
SOEMANTRI
BRODJONEGORO
IRIAWAN
President
Commissioner/
Independent
Commissioner
Independent
Commissioner
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
1997
Ph.D, University of Illinois at Urbana
Champaign, United States of America
1993
Master of Urban Planning, University of
Illinois at Urbana Champaign, United States
of America
1990
Bachelor’s degree in Economics, Universitas
Indonesia, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders (AGMS) of
Telkom on May 28, 2021
Concurrent
Positions
2024
Special Advisor to the President for
Economic and National Development
2021
President Commissioner, PT Bukalapak Tbk
2021
President Commissioner, PT Nusantara
Green Energy
2021
Independent Commissioner, PT Astra
International Tbk
2021
Independent Commissioner, PT Indofood Tbk
2021
Commissioner, PT Combiphar
Work
Experiences
2022 -
2024
President Commissioner, PT Prudential
Syariah
2021 -
2025
Independent Commissioner, PT TBS Energi
Utama Tbk*
2021 -
2023
President Commissioner, PT Oligo
Infrastruktur
2019 -
2021
Minister of Research, Technology, and the
National Innovation of Republic of Indonesia
2016 -
2019
Minister of National Development Planning
of Republic of Indonesia
2014 -
2016
Minister of Finance of Republic of Indonesia
2013 -
2014
Vice Minister of Finance of the Republic of
Indonesia
Professional
Certificationss
2021
Qualified Risk Governance Professional
(QRGP)
Age
61 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2018
Doctoral degree in Law,
Universitas Padjadjaran, Indonesia
2005
Master degree in Law, Universitas
Padjadjaran, Indonesia
1989
Bachelor’s degree in Law,
Universitas Jenderal Soedirman,
Indonesia
Basis of
Appointment
Annual General Meeting of Shareholder
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
No concurrent positions held
Work Experiences
1999 -
2000
Managing Partner, Iriawan & Co
Professional
Certifications
2023
Qualified Risk Governance
Professional (QRGP)
2021
Certification in Audit Committee
Practices (CACP)
Remark:
* Resigned on March 7, 2025.
70
About Telkom
BONO
MARCELINO
DARU ADJI
RUMAMBO
PANDIN
Independent
Commissioner
Komisaris
Age
56 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
1995
LLM, Monash University,
Australia
1993
Bachelor’s degree in Law,
Universitas Trisakti, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on May 28, 2021
Concurrent
Positions
2023
Member of the Ethics
Committee of the Indonesian
Football Association
2023
Member of the Management
Board of the Indonesian Audit
Committee Association
2017
Managing Partner, Assegaf
Hamzah & Partners
Work Experiences
2019 -
2022
Disciplinary Committee, PT
Bursa Efek Indonesia
2018 -
2021
Chairman, Standards Board
of the Association of Capital
Market Legal Consultants
Professional
Certifications
2024
Chartered Accountant, Ikatan
Akuntan Indonesia
2024
Certificate in Accounting,
Finance Business (CAFB)
Advanced Level, Ikatan Akuntan
Indonesia
2024
Certificate in Accounting,
Finance Business (CAFB)
Professional Level, Ikatan
Akuntan Indonesia
2023
Qualified Risk Governance
Professional (QRGP)
2017
Licensed to practice law as an
advocate by Capital Market
Legal Consultants Association
(Himpunan Konsultan Hukum
Pasar Modal - HKHPM)
2017
Licensed to practice law as an
advocate by the Indonesian Bar
Association (PERADI)
Age
59 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2007
Ph.D. of Technology and Innovation, the
University of Queensland, Australia
2005
Graduate Diploma in Company Director
Course, Australian Institute of Company
Director (GAICD), Australia
2003
Diploma in Company Direction (Chartered
Director Level II), The Institute of Directors
(IoD) London, United Kingdom
1999
Master of Philosophy, Judge Business School
University of Cambridge, United Kingdom
1991
Bachelor’s degree in Architectural Engineering,
Institut Teknologi Bandung, Indonesia
Basis of
Appointment
First Period: Telkom Annual General Meeting of
Shareholders (AGM) on May 24, 2019
Second Period: Telkom Annual General Meeting of
Shareholders (AGM) on May 3, 2024
Concurrent
Positions
No concurrent positions held
Work
Experiences
2018
-
2019
Committee, World Observatory on
Subnational Government Finance and
Investment OECD Paris, France
2017 -
2019
Senior Policy Advisor on City Finance, United
City and Local Government (UCLG) Asia Pacific
Professional
Certifications
2024
Chartered Accountant, Ikatan Akuntan
Indonesia
2024
Certificate in Accounting, Finance Business
(CAFB) Advanced Level, Ikatan Akuntan
Indonesia
2024
Certificate in Accounting, Finance Business
(CAFB) Professional Level, Ikatan Akuntan
Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2020
Certification in Audit Committee Practices
(CACP)
2015
The Company Directors' Course (CDC)
2014
The Company Directors' Course (CDC)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
71
RIZAL
ISMAIL
MALLARANGENG
Commissioner
Commissioner
Age
60 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2000
Doctoral Comparative
Politics, Ohio State
University, United States of
America
1994
Magister Comparative
Politics, Ohio State
University, United States of
America
1990
Bachelor degree in
Communication Science,
Universitas Gadjah Mada,
Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
2020
Commissioner, PT Energi
Mega Persada
Work Experiences
2001 -
2020
Executive Director, Freedom
Institute
2016
Founder, Freedom Corp
2009
Founder, Fox Indonesia
2008 -
2012
Director of IT System
Operation, Financial
Transaction Report and
Analysis Center (PPATK)
Professional
Certifications
2023
Qualified Risk Governance
Professional (QRGP)
Age
55 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2010
Doctoral degree in Electrical and Informatics
Engineering, Institut Teknologi Bandung,
Indonesia
1999
Master’s degree in Electrical Engineering,
Universitas Indonesia, Indonesia
1993
Bachelor’s degree in Physics Engineering, Institut
Teknologi Bandung, Indonesia
Basis of
Appointment
First Period: Telkom Annual General Meeting of
Shareholders (AGM) on May 24, 2019
Second Period: Telkom Annual General Meeting of
Shareholders (AGM) on May 3, 2024
Concurrent
Positions
2025
General Secretary of the Ministry of
Communication and Digital
Work
Experiences
2023 -
2024
Chairman of the Supervisory Board of MASTEL
2021 -
2023
Acting as Director General of Post and
Information Technology, Ministry of
Communication and Information Technology
2018 -
2019
Chairman, Indonesian Telecommunications
Regulatory Agency (BRTI)
2016 -
2025
Director General of Resources and Equipment
of Post and Information Technology, Ministry of
Communication and Information of the Republic
of Indonesia
2014 -
2016
Director of PPKU Telecommunications/Broadband
Development, Ministry of Communication and
Information of the Republic of Indonesia
2012 -
2014
Director of Telecommunications, Directorate
General of Post and Information Technology,
Ministry of Communication and Information
Technology of the Republic of Indonesia
2008 -
2012
Director of IT System Operation, Financial
Transaction Report and Analysis Center (PPATK)
Professional
Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business
(CAFB) Professional Level, Ikatan Akuntan
Indonesia
2024
Certificate in Accounting, Finance Business
(CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification in Audit Committee Practices (CACP)
2012
Computer Emergency Response Team (CERT),
Carnegie Mellon - USA
2010
Certified Information System Security
Professional (CISSP), INIXINDO
2010
Certified Data Center Professional (CDCP),
INIXINDO
2010
Certified Information Technology Manager
(CITM), INIXINDO
72
About Telkom
ISA
RACHMATARWATA
Commissioner
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
1994
Master of Mathematic,
Actuarial Science, University of
Waterloo, Canada
1990
Bachelor degree in
Department of Mathematics
and Natural Sciences, Institut
Teknologi Bandung, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on May 28, 2021
Concurrent
Positions
2021
Director General of Budget,
Ministry of Finance of the
Republic of Indonesia
Work Experiences
2017 -
2021
Director, General of State
Assets, Ministry of Finance of
the Republic of Indonesia
2013 -
2017
Expert Staff to the Minister
of Finance for Policy and
Regulation on Financial
Services and Capital Markets,
Ministry of Finance of the
Republic of Indonesia
2013
Senior Employee at the Fiscal
Policy Agency, Ministry of
Finance of the Republic of
Indonesia
2006 -
2012
Head of the Insurance Bureau,
Capital Market and Financial
Institution Supervisory Agency
(BPPMLK), Ministry of Finance
of the Republic of Indonesia
Professional
Certifications
2024
Chartered Accountant, Ikatan
Akuntan Indonesia
2024
Certificate in Accounting,
Finance Business (CAFB)
Professional Level, Ikatan
Akuntan Indonesia
2024
Certificate in Accounting,
Finance Business (CAFB)
Advanced Level, Ikatan
Akuntan Indonesia
2023
Qualified Risk Governance
Professional (QRGP)
2020
Fellow of the Society of
Actuaries of Indonesia (FSAI)
1993
Associate of the Society of
Actuaries (ASA)
SILMY
KARIM
Commissioner
Age
50 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2014
Defense Management, Naval
Postgraduate School (NPS), United
States of America
2012
Advance Security, George C. Marshall
European Center for Security Studies,
Germany
2012
NATO School, Germany
2012
National and International Defense,
United States of America
2010
Georgetown University, GLS,
Washington D.C, United States of
America
2007
Master degree in Economics, Universitas
Indonesia, Indonesia
1997
Bachelor degree in Economics,
Universitas Trisakti, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders (AGMS)
of Telkom on May 30, 2023
Concurrent
Positions
2024
Deputy Minister of Immigration and
Community
Work Experiences
2023 -
2024
General Director of Immigration of the
Republic of Indonesia, Ministry of Law
and Human Rights
2018 -
2023
President Director, PT Krakatau Steel
(Company) Tbk
2016 -
2019
Commissioner, PT GE Power Solution
Indonesia
2016 -
2018
President Director, PT Barata Indonesia
(Persero)
2015 -
2016
President Commissioner, MAN Diesel &
Turbo Indonesia
2014 -
2016
President Director, PT Pindad (Persero)
2011 -
2014
Commissioner, PT PAL Indonesia
(Persero)
2010 -
2011
Special Advisor to the Indonesian
Investment Coordinating Board
Professional
Certifications
2023
Qualified Risk Governance Professional
(QRGP)
2014
Naval Postgraduate School (NPS)
in Defense Management, Monterey,
California, United States of America
2012
Harvard University in National and
International Defense, Cambridge,
Massachusetts, United States of America
2012
NATO School, Oberammergau, Germany
2012
George C. Marshall European Center for
Security Studies, Program in Advance
Security, Garmisch-Partenkirchen,
Germany
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
73
ARYA
MAHENDRA
SINULINGGA
Commissioner
Age
54 years old
Citizenship
Indonesian
Domicile
Tangerang, Indonesia
Educational
Background
1995
Bachelor degree in Civil Engineering, Institut Teknologi Bandung,
Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders (AGMS) of Telkom on May 28, 2021
Concurrent
Positions
2024
Acting as Chairman of Provincial Association of the Indonesian
Football Association (PSSI) in North Sumatra
2023
Member of the Executive Committee of the Indonesian Football
Association (PSSI)
2021
General Secretary, Institut Teknologi Bandung Alumni Association
2021
Advisory Board for the Central Board of the Indonesian Engineers
Association
2020
Member of the Board of Trustees, North Sumatera University
2019
Special Staff III, The Minister of State-Owned Enterprises (SOE)
Work
Experiences
2019 - 2021
Commissioner, PT INALUM
2018 - 2019
Corporate Secretary Director, PT MNC Tbk
2017 - 2018
President Commissioner, PT MNC Infotainment
2015 - 2018
President Director, PT IDX Channel
2015 - 2018
Deputy Director, iNews TV
2014 - 2019
President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019
News Director, PT MNC Tbk
2014 - 2018
Director, PT MCI
2014 - 2015
Director, PT MNC Investama Tbk
2014 - 2015
Editor-in-Chief, RCTI
2011 - 2014
Editor-in-Chief, Global TV
2010 - 2018
News Director & Corporate Secretary, Global TV
2010 - 2014
Corporate Secretary, PT MNC Tbk
2008 - 2014
President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014
Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015
Corporate Secretary, PT MNC Sky Visison
2004 - 2007
Member, North Sumatra Regional Indonesian Broadcasting
Commission
2001 - 2004
Expert Staff, The Chairman of the Regional House of
Representatives and Spatial Consultant for North Sumatera
Province
1995 - 2001
Drainage & Marine Consultant, Bandung
Professional
Certifications
2023
Qualified Risk Governance Professional (QRGP)
74
About Telkom
INDEPENDENT STATEMENT OF THE MEMBER OF INDEPENDENT
COMMISSIONERS
In accordance with Article 25 of FSA Regulation No. 33/POJK.04/2014, Independent Commissioners who
have served for two terms of office (two terms of office in five years) can be reappointed by declaring their
independence to the GMS and disclosed publicly in the Annual Report. Until the 2024 financial year, no Telkom
Independent Commissioners served for two periods. Nevertheless, Telkom still requires each Independent
Commissioner to sign a Statement of Independence annually as one of the efforts to implement GCG, which
ensures that each member of the Board of Commissioners carries out his duties independently without
intervention from other parties.
COMMISSIONER AFFILIATION RELATIONSHIPS
Telkom discloses the affiliation with fellow members of the Board of Commissioners, Directors and major
and controlling shareholders, including the names of affiliated parties in accordance with the principle of
transparency in the implementation of Good Corporate Governance or GCG.
Name
Position
Financial Affiliation with
Family Affiliation with
BoC
BoD
Major &
Controlling
Shareholder(1)
BoC
BoD
Major &
Controlling
Shareholder(1)
Bambang Permadi
Soemantri
Brodjonegoro
President
Commissioner/
Independent
Commissioner
No
No
No
No
No
No
Wawan Iriawan
Independent
Commissioner
No
No
No
No
No
No
Bono Daru Adji
Independent
Commissioner
No
No
No
No
No
No
Marcelino
Rumambo Pandin
Commissioner
No
No
No
No
No
No
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
Sinulingga
Commissioner
No
No
No
No
No
No
Silmy Karim
Commissioner
No
No
No
No
No
No
Remarks:
(1)
The controlling shareholder in this matter is the Government of Indonesia represented by the Minister of SOE as a primary shareholder.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
75
BOARD OF COMMISSIONERS’ COMPOSITION
On January 19, 2024, Mr. Abdi Negara Nurdin as Independent Commissioner of the Company submitted a
letter of resignation to the Company, which has been responded to by the Company through the letter of
Pgs President Director Number C.Tel.01/HK 000/TEL-00000000/2024 dated January 24, 2024 regarding
Response to Letter of Resignation as Independent Commissioner of PT Telkom Indonesia (Persero) Tbk. The
Company has also carried out the obligation to report this resignation to the Financial Services Authority
through letter Number Tel.03/LP 000/DCI-M0200000/2024 dated January 22, 2024, regarding the
Resignation of Independent Commissioner of PT Telkom Indonesia (Persero) Tbk.
At the Annual General Meeting of Shareholders of PT Telkom Indonesia (Persero) Tbk for Financial Year 2023
on May 3, 2024, there was an agenda to confirm the resignation of Mr. Abdi Negara Nurdin as Independent
Commissioner and the reappointment of Mr. Ismail and Mr. Marcelino Rumambo Pandin as Commissioners.
Thus, the composition of the Telkom Board of Commissioners as of December 31, 2024 is as follows:
January 1, 2024 - May 3, 2024
May 3, 2024 - December 31, 2024
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
Bambang Permadi Soemantri Brodjonegoro
President Commissioner/Independent Commissioner
Wawan Iriawan
Independent Commissioner
Wawan Iriawan
Independent Commissioner
Bono Daru Adji
Independent Commissioner
Bono Daru Adji
Independent Commissioner
Abdi Negara Nurdin
Independent Commissioner
Marcelino Rumambo Pandin
Commissioner
Marcelino Rumambo Pandin
Commissioner
Ismail
Commissioner
Ismail
Commissioner
Rizal Mallarangeng
Commissioner
Rizal Mallarangeng
Commissioner
Isa Rachmatarwata
Commissioner
Isa Rachmatarwata
Commissioner
Arya Mahendra Sinulingga
Commissioner
Arya Mahendra Sinulingga
Commissioner
Silmy Karim
Commissioner
Silmy Karim
Commissioner
76
About Telkom
ACHIEVE OUTSTANDING RESULTS
IN B2C INTEGRATION AND
STRIVE FOR SIGNIFICANT IMPROVEMENTS
IN B2B TRANSFORMATION
Leverage data-driven approach in addressing
customer pain-points and increasing customer
lifetime value
Ensure business competitiveness through
streamlined portfolio and relentless 5 BM
execution while confirming strategic partners
Execute fit-for-purpose talent fulfillment to
enhance business capabilities and productivity
TelkomGroup
CORPORATE THEME 2024
MAIN PROGRAM
ACHIEVE OUTSTANDING RESULTS
IN B2C INTEGRATION AND STRIVE
FOR SIGNIFICANT IMPROVEMENTS
IN B2B TRANSFORMATION
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
77
v
Profile of the Board of Directors
MEMBER OF THE BOARD OF DIRECTORS WHO
OFFICIATE AS OF DECEMBER 31, 2024
HERI
RIRIEK
ADRIANSYAH
SUPRIADI
President
Director
Director of
Finance & Risk
Management
Age
61 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
1989
Bachelor degree in Electrical
Engineering, Institut Teknologi
Bandung, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on May 3, 2024
Concurrent
Positions
No concurrent positions held
Work Experiences
2019 -
2021
President Commissioner,
PT Telekomunikasi Selular
(Telkomsel)
2015 -
2019
President Director, PT
Telekomunikasi Selular
(Telkomsel)
2014
Director of Wholesale &
International Service, PT
Telkom Indonesia (Persero) Tbk
2012 -
2013
Director of Compliance &
Risk Management, PT Telkom
Indonesia (Persero) Tbk
2011 -
2012
President Director, PT
Telekomunikasi Indonesia
International
2010 -
2011
Director of Marketing & Sales,
PT Telekomunikasi Indonesia
International
2008 -
2010
Director of International Carrier
Service, PT Telekomunikasi
Indonesia International
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
Age
59 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2013
Honorary Doctoral degree in
Business Management, Universitas
Padjadjaran, Indonesia
1997
Master of Business Administration
(MBA), Saint Mary’s University,
Canada
1991
Bachelor degree in Industrial
Engineering, Institut Teknologi
Bandung, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
2021
Commissioner, PT Telekomunikasi
Selular (Telkomsel)
Work
Experiences
2020
- 2023
President Commissioner, PT Graha
Sarana Duta (Telkom Property)
2020
Commissioner, PT Telekomunikasi
Selular (Telkomsel)
2019 -
2020
President Commissioner, PT
Fintech Karya Nusantara (LinkAja)
2019 -
2020
President Commissioner, PT
Telkomsel Mitra Inovasi
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
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
78
About Telkom
FM
VENUSIANA R
HERLAN
WIJANARKO
Director of
Enterprise &
Business Service
Director of
Network & IT
Solution
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2004
Master degree in Management,
Universitas Hasanuddin, Indonesia
1992
Bachelor degree in Electrical
Engineering, Universitas
Diponegoro, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on May 30, 2023
Concurrent
Positions
No concurrent positions held
Work
Experiences
2020 -
2023
Director of Consumer Service, PT
Telkom Indonesia (Persero) Tbk
2022 -
2023
President Commissioner, PT PINS
Indonesia
2020 -
2023
President Commissioner, PT Telkom
Akses
2020
Director Network, PT Telekomunikasi
Selular (Telkomsel)
2017 -
2020
Senior Vice President Procurement,
PT Telekomunikasi Selular (Telkomsel)
2016 -
2017
Senior Vice President Consumer
Marketing, PT Telekomunikasi Selular
(Telkomsel)
2013 -
2016
Executive Vice President,
Jabodetabek West Java Areas, PT
Telekomunikasi Selular (Telkomsel)
2010 -
2013
Vice President Jabotabek West Java
Areas, PT Telkomsel
2010
Vice President Customer Lifecycle
Management, PT Telkomsel
2006 -
2010
Vice President Radio Access
Engineering Java - Bali, PT Telkomsel
2005 -
2006
Vice President Network Operations,
PT Telkomsel
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
Age
59 years old
Citizenship
Indonesian
Domicile
Bandung, Indonesia
Educational
Background
2005
Master degree in Management, Sekolah
Tinggi Manajemen Bisnis Telkom,
Indonesia
1989
Bachelor degree in Electrical Engineering,
Institut Teknologi Bandung, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders (AGMS)
of Telkom on June 19, 2020
Concurrent
Positions
2023
Commissioner, PT Dayamitra
Telekomunikasi
Work
Experiences
2020 -
2023
President Commissioner, PT Dayamitra
Telekomunikasi
2022
President Commissioner, PT Infrastruktur
Indonesia
2018 -
2020
President Director, PT Dayamitra
Telekomunikasi
2016 -
2018
EGM Service Operations Division, PT
Telkom Indonesia (Persero) Tbk
2015 -
2016
Deputy EGM Infra Operations &
Maintenance, PT Telkom Indonesia
(Persero) Tbk
2014 -
2015
Deputy EGM Network Infrastructure &
Access, PT Telkom Indonesia (Persero) Tbk
2014
Deputy EGM IP Network & Operation, PT
Telkom Indonesia (Persero) Tbk
2013 -
2014
GM Regional West Java in North Region
(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
Professional
Certifications
2023 -
2025
Qualified Risk Governance Professional
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
79
MUHAMAD
SETYAWAN
BUDI
FAJRIN RASYID
WIJAYA
Director of
Digital Business
Director of
Strategic Portfolio
Age
38 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
2019
Executive Educations in
Innovations and Growth,
Stanford University of Business,
United States of America
2018
Executive Educations in Scaling
Entrepreneurial Ventures,
Harvard Business School,
United States of America
2009
Bachelor degree in Technical
Information, Institut Teknologi
Bandung, Indonesia
2008
Student Exchange Program,
Daejeon University, South Korea
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
2023
Commissioner, PT Digital
Aplikasi Solusi (Digiverse)
2020
Commissioner, PT MDI
Work
Experiences
2020 -
2023
Commissioner, PT Sigma Cipta
Caraka
2020 -
2023
President Commissioner, PT MDI
2020 -
2023
President Commissioner, PT
Metranet
2011 -
2020
Co-Founder & President,
Bukalapak
2011 -
2014
President Director, Suitmedia
2009 -
2011
Consultant, The Boston
Consulting Group (BCG)
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
Age
52 years old
Citizenship
Indonesian
Domicile
Bandung, Indonesia
Educational
Background
2003
Master degree in Management,
Sekolah Tinggi Manajemen
Telkom, Indonesia
1996
Bachelor degree in Technical
and Industrial Management,
Sekolah Tinggi Teknologi
Telkom, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
2023
Commissioner, PT Sigma Cipta
Caraka
Work Experiences
2022 -
2023
President Commissioner, PT
Multimedia Nusantara
2020 -
2023
President Commissioner, PT
Sigma Cipta Caraka
2020 -
2023
President Commissioner, PT
Jalin Pembayaran Nusantara
2017 -
2020
President Director, PT
Admedika
2015 -
2017
President Director, PT MD
Media
2013 -
2015
President Director, PT Melon
Indonesia
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
80
About Telkom
Director of
Human Capital
Management
BOGI
WITJAKSONO
Director of
Wholesale &
International
Service
Age
53 years old
Citizenship
Indonesian
Domicile
Bekasi, Indonesia
Educational
Background
2011
Master degree in
Management, Universitas
Islam Sumatera Utara,
Indonesia
1995
Bachelor degree in Industrial
Engineering, Sekolah Tinggi
Teknologi Telkom, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on June 19, 2020
Concurrent
Positions
No concurrent positions held
Work
Experiences
2020 -
2023
President Commissioner,
Infomedia
2020 -
2023
Chairman of the Supervisory
Board, Telkom Pension Fund
2015 -
2020
SVP Corporate Secretary, PT
Telkom Indonesia (Persero)
Tbk
2015
Advisor CEO, PT Telkom
Indonesia (Persero) Tbk
2014 -
2015
Executive General Manager
Regional VII, PT Telkom
Indonesia (Persero) Tbk
2013 -
2014
Deputy EGM of Business
Service Division, PT Telkom
Indonesia (Persero) Tbk
2012 -
2013
General Manager of National
Segment of Welfare Service
Unit, PT Telkom Indonesia
(Persero) Tbk
2012
GM Enterprise West Regional,
PT Telkom Indonesia
(Persero) Tbk
2011 -
2012
GM Enterprise Regional 2, PT
Telkom Indonesia (Persero)
Tbk
2008 -
2011
GM Enterprise Regional 1, PT
Telkom Indonesia (Persero)
Tbk
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
Age
57 years old
Citizenship
Indonesian
Domicile
Bogor, Indonesia
Educational
Background
1995
Master degree in
Telecommunication
Engineering, Institut
Teknologi Bandung, Indonesia
1989
Bachelor degree in
Electrical Engineering,
Institut Teknologi Sepuluh
Nopember, Indonesia
Basis of
Appointment
Annual General Meeting of Shareholders
(AGMS) of Telkom on May 28, 2021
Concurrent
Positions
2023
Commissioner, PT Telkom
Data Ekosistem (NeutraDC)
2023
Commissioner, PT Telkom
Satelit (Telkomsat)
2023
Commissioner, PT
Telekomunikasi Indonesia
International (Telin)
Work Experiences
2020 -
2021
Professional on IT/ICT
Solution
2019 -
2020
Director of Enterprise &
Business Service, PT Telkom
Indonesia (Persero) Tbk
2019 -
2020
President Commissioner, PT
Telkom Satelit
2019 -
2020
Commissioner, PT Telkom
Metra
2018 -
2019
Deputy President Director/
COO, PT Telkom Satelit
2015 -
2019
President Director, PT
Patrakom
2012 -
2019
Managing Director, PT
Metrasat
2009 -
2012
General Manager of
Operations, PT Metrasat
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
AFRIWANDI
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
81
HONESTI
BASYIR
Director of
Group Business
Development
Age
56 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational
Background
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
Concurrent
Positions
No concurrent positions held
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
Professional
Certifications
2023 -
2025
Qualified Risk Governance
Professional
82
About Telkom
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.
Name
Position
Financial Affiliation with
Family Affiliation with
BoC
BoD
Major &
Controlling
Shareholder(1)
BoC
BoD
Major &
Controlling
Shareholder(1)
Ririek Adriansyah
President
Director
No
No
No
No
No
No
Heri Supriadi
Director of
Finance & Risk
Management
No
No
No
No
No
No
FM Venusiana R
Director of
Enterprise
& Business
Service
No
No
No
No
No
No
Herlan Wijanarko
Director of
Network & IT
Solution
No
No
No
No
No
No
Muhamad Fajrin
Rasyid
Director
of Digital
Business
No
No
No
No
No
No
Budi Setyawan
Wijaya
Director of
Strategic
Portfolio
No
No
No
No
No
No
Afriwandi
Director of
Human Capital
Management
No
No
No
No
No
No
Bogi Witjaksono
Director of
Wholesale &
International
Service
No
No
No
No
No
No
Honesti Basyir
Director
of Group
Business
Development
No
No
No
No
No
No
Remarks:
(1)
Controlling Shareholder in this matter is the Indonesian government represented by the Ministry of State-Owned Enterprises as the primary shareholder.
BOARD OF DIRECTORS’ COMPOSITION
In 2024, there is no change in the composition of the Board of Directors.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
83
w
Profile of the Senior
Vice President
JATI WIDAGDO
AHMAD REZA
MOHAMAD RAMZY
SVP Corporate Secretary
SVP Group Sustainability & Corporate
Communication
SVP Internal Audit
Age
51 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
August 6, 2021
Educational
Background
1996
Bachelor degree in Industrial Engineering, Sekolah Tinggi
Teknologi Telkom, Indonesia
Age
47 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
October 1, 2020
Educational
Background
2001
Bachelor degree in Economics, STIE IBII (Kwik Kian Gie
Business School), Indonesia
Age
51 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
July 22, 2024
Educational
Background
2005
Master of Telecommunication Management Engineering,
Universitas Indonesia, Indonesia
1997
Bachelor degree in Electrical Engineering, Sekolah Tinggi
Teknologi Telkom, Indonesia
84
About Telkom
JEMY VESTIUS CONFIDO
ROBERTO SURYA NEGARA
SVP Group Corporate Transformation
SVP Risk Management
Age
49 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
January 1, 2024
Educational
Background
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
Age
53 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Serving since
November 1, 2024
Educational
Background
2014
Master of Management, Universitas Gajah Mada, Indonesia
1996
Bachelor Degree in Accounting Economics, Universitas
Indonesia, Indonesia
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
85
Profile of Telkom
Employees
Total Employee
Age
Education
Employee Position
Employees are the main asset in achieving the
Company’s strategic goals. Therefore, TelkomGroup
always empowers all employees to be highly
competent and adapt to changes to support Telkom’s
transformation into a digital telecommunication
company. TelkomGroup management is committed
to creating an inclusive, safe, and conducive work
environment so that every employee can contribute
optimally, carry out their duties with integrity, and
support the effective implementation of company
policies and strategies.
Telkom Employee
Postgraduate (Master
and Doctorate)
Middle Management
Diploma
Supervisor
Pre-University
Others
Subsidiary
Employee
Bachelor
Senior Management
16,743
3,175
107
4,930
1,451
1,880
129
2,092
30-45 years old
>45 years old
<30 years old
175
851
1,432
2,127
1,371
86
About Telkom
Employment
Gender
Professional
Female
Study Assignment
Rehire
Retirement
Preparation Period
Permanent Employee
Male
4,575
2,703
224
2,227
93
0
38
By the end of 2024, Telkom had a total of 21,673 employees, with 4,930 employees coming from the parent
company and 16,743 from subsidiaries. The number of TelkomGroup employees decreased by 1,391 people or
around 6.03% compared to 2023. Throughout 2024, Telkom did not terminate employment before retirement.
Number of Telkom and Subsidiaries Employees in 2022 - 2024
Description
2024
2023
2022
Telkom Employee
4,930
7,469
8,919
Subsdiary Employee
16,743
15,595
14,874
Total
21,673
23,064
23,793
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
87
GENDER EQUALITY ASSURANCE AND NUMBER OF EMPLOYEES
BASED ON GENDER
In carrying out its business activities, TelkomGroup ensures gender equality by the Resolution of the Board of
Directors PD.201.01/r.00/PS150/COP-B0400000/2014 dated May 6, 2014 regarding Business Ethics within
TelkomGroup. By the end of 2024, TelkomGroup has 14,746 male employees and 6,927 female employees.
Although there are more male employees, TelkomGroup does not set quotas based on gender or discriminate
against either gender. The higher number of male employees is because men tend to be more interested in
working in the telecommunication sector than women, along with the characteristics of this industry.
Number of Telkom and Subsidiary Employees Based on Gender
Gender
2024
2023
2022
Telkom
Subsidiary
Total
%
Total
%
Total
%
Male
2,703
12,043
14,746
68.04
16,019
69.5
16,654
70.0
Female
2,227
4,700
6,927
31.96
7,045
30.5
7,139
30.0
Total
4,930
16,743
21,673
100.0
23,064
100.0
23,793
100.0
TelkomGroup’s efforts to provide equal opportunities for male and female employees who have the capability
and competence to occupy various positions in the company can be seen in the table below. By 2024, there
will be 36 women in senior management positions, 1,314 women in middle management positions, 3,562
women in supervisory positions, and 2,015 women in other positions.
Number of Telkom and Subsidiary Employees Based on Position and Gender in 2024
Employee
Position
Telkom
Subsidiary
Total
Male
Female
Total
Male
Female
Total
Male
Female
Total
Senior
Management
91
16
107
144
20
164
235
36
271
Middle
Management
1,196
684
1,880
3,244
630
3,874
4,440
1,314
5,754
Supervisor
1,031
1,061
2,092
6,508
2,501
9,009
7,539
3,562
11,101
Others
385
466
851
2,147
1,549
3,696
2,532
2,015
4,547
Total
2,703
2,227
4,930
12,043
4,700
16,743
14,746
6,927
21,673
88
About Telkom
NUMBER OF EMPLOYEES BY POSITION AND EMPLOYMENT
STATUS
TelkomGroup has various levels of positions, including senior management, middle management, supervisor,
and other levels of positions below supervisor. Until the end of 2024, the largest number of employees was at
the supervisory level, with a total of 11,101 people, a decrease of 9.97% or 1,230 employees compared to the
previous period.
Number of Telkom and Subsidiary Employees Based on Position
Employee
Position
2024
2023
2022
Telkom
Subsidiary
Total
%
Total
%
Total
%
Senior
Management
107
164
271
1.3
307
1.3
322
1.4
Middle
Management
1,880
3,874
5,754
26.5
6,155
26.7
6,209
26.1
Supervisor
2,092
9,009
11,101
51.2
12,331
53.5
12,632
53.1
Others
851
3,696
4,547
21
4,271
18.5
4,630
19.4
Total
4,930
16,743
21,673
100.0
23,064
100.0
23,793
100.0
Based on employment status, as of December 31, 2024, TelkomGroup has 19,695 permanent employees
(including employees in retirement preparation and study assignments), representing 90.87% of total
employees. Meanwhile, non-permanent employees are divided into two categories, namely professional and
rehire, with a total of 1,978 people or 9.13% of all employees.
Number of Telkom and Subsidiary Employees Based on Employment Status
Employment
Status
2024
2023
2022
Telkom
Subsidiary
Total
%
Total
%
Total
%
Permanent
Employee
4,575
14,928
19,503
90.0
20,362
88.3
20,869
87.7
Professional
224
1,739
1,963
9.0
2,435
10.6
2,531
10.7
Rehire
0
15
15
0.1
24
0.1
311
1.3
Retirement
Preparation
Period
38
40
78
0.4
110
0.5
58
0.2
Study
Assignment
93
21
114
0.5
133
0.5
24
0.1
Total
4,930
16,743
21,673
100.0
23,064
100.0
23,793
100.0
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
89
NUMBER OF EMPLOYEES BASED ON EDUCATION LEVEL AND
AGE DISTRIBUTION
By the end of 2024, the majority of TelkomGroup employees will have a bachelor's degree, reaching 66.89%
or as many as 14,496 people. The following table displays data on TelkomGroup employees based on pre-
university, diploma, bachelor, and postgraduate education levels for 2022 - 2024.
Number of Telkom and Subsidiary Employees Based on Education Level
Education Level
2024
2023
2022
Telkom
Subsidiary
Total
%
Total
%
Total
%
Pre-University
175
1,595
1,770
8.2
2,063
8.9
2,276
9.6
Diploma
129
1,390
1,519
7.0
2,179
9.5
2,492
10.5
Bachelor
3,175
11,321
14,496
66.9
15,624
67.7
15,837
66.5
Postgraduate
(Master and
Doctorate)
1,451
2,437
3,888
17.9
3,198
13.9
3,188
13.4
Total
4,930
16,743
21,673
100.0
23,064
100.0
23,793
100.0
Based on age, most of TelkomGroup employees as many as 16,479 employees or 76.03% are under 45 years
old. This number decreased by 2.63% compared to the previous year.
Number of Telkom and Subsidiary Employees Based on Age
Age
2024
2023
2022
Telkom
Subsidiary
Total
%
Total
%
Total
%
< 30 years old
1,432
2,667
4,099
18.91
4,922
21.3
5,401
22.7
30 - 45 years old
2,127
10,253
12,380
57.12
12,003
52.1
11,681
49.1
> 45 years old
1,371
3,823
5,194
23.97
6,139
26.6
6,711
28.2
Total
4,930
16,743
21,673
100.0
23,064
100.0
23,793
100.0
90
About Telkom
Telkom’s shareholder structure as of December 31, 2024 can be seen in the following diagram.
Shareholders Composition
Public (47.91%)
Series B Shares
Foreign Ownership
(36.56%)
Local Ownership
(11.35%)
PT Telkom Indonesia (Persero) Tbk
Government of the Republic of
Indonesia (52.09%)
Series A Shares
Series B Shares
INFORMATION ON MAJOR/CONTROLLING SHAREHOLDERS TO
ULTIMATE OWNERS
Telkom’s issued and fully paid-up authorized capital is 99,062,216,600 shares, which are divided into 1 share of
Series A Dwiwarna shares owned solely by the Government of the Republic of Indonesia and 99,062,216,599
shares of Series B (ordinary shares). Series A Dwiwarna shares are shares exclusively owned by the Republic of
Indonesia and provide special rights to the holder as a Series A Dwiwarna shareholder, meanwhile, the Republic
of Indonesia and/or the public can own Series B shares. Thus, Telkom’s principal and controlling shareholder is
the Government of the Republic of Indonesia with a share ownership percentage of 52.09%.
Composition of Shareholders Telkom as of December 31, 2024
Shareholders
Series A
Dwiwarna
Series B
Ordinary Shares
%
The Government of the Republic of
Indonesia
1
51,602,353,559
52.09
Public
-
47,459,863,040
47.91
Total
1
99,062,216,599
100.00
The following tables present Telkom’s shareholder composition in more detail to provide a complete picture
of the shareholding structure in the Company.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
91
1. Shareholders with More than 5% Ownership (Major/Controlling Shareholders)
Type of Share
Individual or Group
Identity
January 1, 2024
December 31, 2024
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. Shareholders with Less than 5% Ownership
Telkom shareholders with individual ownership less than 5%, as of December 31, 2024.
Description
Group
January 1, 2024
December 31, 2024
Total Shares
%
Total Shares
%
Foreign
Business/Institution
37,017,581,228
37.37
36,190,410,361
36.53
Individual
16,870,800
0.02
23,590,100
0.02
Local
Business/
Institution
Pensions Funds
3,858,668,094
3.90
3,982,346,644
4.02
Mutual Fund
2,457,790,575
2.48
2,140,229,846
2.16
Insurance Company
2,442,919,996
2.47
1,973,283,996
1.99
Limited Liability
139,068,231
0.14
236,006,504
0.24
Others
136,440,950
0.14
139,306,550
0.14
Individual
1,390,523,166
1.40
2,774,689,039
2.81
Total
47,459,863,040
47.91
47,459,863,040
47.91
3. Ownership of Shares by Directors and the Board of Commissioners
As of December 31, 2024, no Commissioner or Director owns more than 1.0% of Telkom shares.
BoC and BoD
January 1, 2024
December 31, 2024
Total Shares
%
Total Shares
%
Board of
Commisioners
Bambang Permadi
Soemantri
Brodjonegoro
-
-
-
-
Wawan Iriawan
-
-
-
-
Bono Daru Adji
-
-
-
-
Marcelino Rumambo
Pandin
1,968,000
<0.01
3,312,700
<0.01
Ismail
1,968,000
<0.01
3,312,700
<0.01
Rizal Mallarangeng
1,968,000
<0.01
3,312,700
<0.01
Isa Rachmatarwata
1,968,000
<0.01
3,312,700
<0.01
Arya Mahendra
Sinulingga
2,014,800
<0.01
3,359,500
<0.01
Silmy Karim
-
-
1,344,700
<0.01
Board of
Directors
Ririek Adriansyah
6,016,355
<0.01
9,336,755
<0.01
Heri Supriadi
4,170,400
<0.01
7,242,700
<0.01
FM Venusiana R
7,806,900
0.01
10,629,200
0.01
Herlan Wijanarko
4,172,900
<0.01
6,995,200
<0.01
92
About Telkom
BoC and BoD
January 1, 2024
December 31, 2024
Total Shares
%
Total Shares
%
Muhamad Fajrin
Rasyid
4,130,400
<0.01
6,952,700
<0.01
Budi Setyawan
Wijaya
4,585,400
<0.01
7,407,700
<0.01
Afriwandi
4,172,900
<0.01
6,995,200
<0.01
Bogi Witjaksono
4,130,400
<0.01
6,952,700
<0.01
Honesti Basyir
370,544
<0.01
3,250,844
<0.01
4. Percentage of Indirect Ownership of Shares of Issuers or Public Companies by Members of the Board
of Directors and Members of the Board of Commissioners at the Beginning and End of Financial Year
All members of the Board of Directors and/or the entire Board of Commissioners do not own shares of
issuers or public companies indirectly at the beginning and end of 2024.
5. Percentage of Shares Owned by Domestic and Foreign
As of December 31, 2024, 233,293 shareholders (including the Government of the Republic of Indonesia)
were registered as ordinary shareholders. From this amount, 36,214,000,461 common shares are owned
by 2,140 foreign shareholders or 36.56%. In addition, there are 65 ADS shareholders who own 49,801,940
ADS (1 ADS is equivalent to 100 common shares).
6. List of 20 Largest Public Shareholders
The following are the list of 20 largest public shareholders as of December 31, 2024.
No.
Institution
%
1.
DJS KETENAGAKERJAAN PROGRAM JHT
2.39
2.
BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD
1.79
3.
CITIBANK SINGAPORE S/A GOVERNMENT OF SIN
1.46
4.
NTC-HARDING LOEVNER FUNDS. INC. INTERNAT
0.78
5.
JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL
0.66
6.
HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE
0.65
7.
JPMCB NA RE-T. ROWE PRICE INTERNATIONAL
0.60
8.
JPMCB NA RE - VANGUARD EMERGING MARKETS
0.60
9.
JPMCB NA RE-T.ROWE PRICE INTERNATIONAL
0.58
10.
JPMCB NA RE-NEW WORLD FUND.INC
0.50
11.
SSB 2Q27 ISHARES CORE MSCI EMERGING MARK
0.44
12.
BNYMSANV RE BNYM RE PEOPLE’S BANK OF CHI
0.43
13.
DJS KETENAGAKERJAAN PROGRAM JP
0.42
14.
NTC-WGI EMERGING MARKETS FUND. LLC
0.41
15.
SSB 52B0 MFS EMERGING MARKETS EQUITY FUN
0.37
16.
JPMCB NA RE-VANGUARD FIDUCIARY TRUST COM
0.33
17.
CITIBANK SINGAPORE S/A MONETARY AUTHORITY
0.33
18.
PT. TASPEN
0.31
19.
HSBC BANK PLC S/A KUWAIT INVESTMENT AUTH
0.30
20.
CITIBANK NEW YORK S/A GOVERNMENT OF NORW
0.29
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
93
Subsidiaries, Associated Companies,
and Joint Ventures
As of December 31, 2024, Telkom has 44 subsidiaries with direct and
indirect ownership, with a percentage of ownership of more than 50%,
so that the Financial Statements of these entities, both directly and
indirectly owned, have been consolidated with Telkom as the parent
company. In addition, there are 8 unconsolidated subsidiaries (affiliates).
100.00%
100.00%
30.40%
100.00%
100.00%
TED
51.00%
100.00%
100.00%
60.00%
60.00%
99.99%
24.83%
24.00%
99.99%
100.00%
60.00%
100.00%
99.99%
69.90%
99.99%
71.83%
100.00%
Direct Ownership (Consolidated)
Indirect Ownership (Consolidated)
Unconsolidated
99.99%
100.00%
99.99%
94
About Telkom
TDI SG
TDE
15.67%
6.32%
2.11%
25.00%
33.00%
100.00%
100.00%
70.00%
51.00%
100.00%
100.00%
100.00%
55.00%
100.00%
100.00%
60.00%
100.00%
55.00%
70.00%
100.00%
70.00%
The Government of
the Republic of Indonesia
52.09%
Public
47.91%
100.00%
100.00%
99.99%
99.99%
100.00%
100.00%
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
95
SUBSIDIARIES WITH DIRECT OWNERSHIP
Company
Share
Ownership
Business Field
Operational
Status
Total Asset
(Rp billion)
Address
PT Telekomunikasi
Selular (“Telkomsel”)
Jakarta, Indonesia
70%
Mobile
telecommunication,
fixed broadband,
network service, and
internet protocol
television (“IPTV”)
Operating
117,403
Telkomsel Smart Office
1st – 20th floor,
The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Dayamitra
Telekomunikasi
(“Mitratel”)
Jakarta, Indonesia
72%
Leasing of towers
and digital support
services for mobile
infrastructure
Operating
58,140
Telkom Landmark Tower
27th floor
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Multimedia
Nusantara (“Metra”)
Jakarta, Indonesia
100%
Network
telecommunication
service and
multimedia
Operating
17,995
Telkom Landmark Tower II
41st floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Telekomunikasi
Indonesia
International
(“Telin”)
Jakarta, Indonesia
100%
International
telecommunication
and information
services
Operating
17,173
Telkom Landmark Tower
16th - 17th floor, The Telkom
Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Telkom
Satelit Indonesia
(“Telkomsat”)
Jakarta, Indonesia
100%
Telecommunication
– provides satellite
communication
system and its
related services
Operating
8,858
Telkom Landmark Tower
21st floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Telkom Data
Ekosistem (“TDE”)
Tangerang, Indonesia
100%
Data center
Operating
8,461
Graha Telkomsigma Tower
5th floor
Jl. Kapten Subijanto DJ
Blok COA No. 1 Lengkong
Gudang Serpong, South
Tangerang, Banten
PT Sigma Cipta
Caraka (“Sigma”)
Tangerang, Indonesia
100%
Hardware and
software computer
consultation service
Operating
6,207
Commercial Office:
Telkom Landmark Tower
23rd floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
Head Office: Graha
Telkomsigma II
Jl. CBD lot VIII No. 8,
Lengkong Gudang,
Tangerang 15321,
Indonesia
PT Graha Sarana
Duta (“GSD”)
Jakarta, Indonesia
100%
Developer, trade,
service, and
transportation
Operating
5,485
Graha Telkom Property
Jl. Kebon Sirih No. 10,
Central Jakarta 10110,
Indonesia
PT Telkom Akses
(“Telkom Akses”)
Jakarta, Indonesia
100%
Construction,
service, and trade
in the field of
telecommunication
Operating
4,480
Telkom Building
West Jakarta
Jl. S. Parman Kav. 8 West
Jakarta 11440, Indonesia
96
About Telkom
Company
Share
Ownership
Business Field
Operational
Status
Total Asset
(Rp billion)
Address
PT Telkom
Infrastruktur
Indonesia (“TIF”)
Jakarta, Indonesia
100%
Network
telecommunication
and information
services
Operating
3,048
Telkom Landmark Tower,
The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52, Jakarta 12710,
Indonesia
PT Metra-Net
(”Metra-Net”)
Jakarta, Indonesia
100%
Multimedia portal
service
Operating
2,096
Mulia Business Park,
Building J
Jl. Letjen MT Haryono Kav.
58 - 60 Pancoran, Jakarta
12780, Indonesia
PT Infrastruktur
Telekomunikasi
Indonesia (“Telkom
Infra”)
Jakarta, Indonesia
100%
Developer service
and trading
in the field of
telecommunication
Operating
1,359
Telkom Landmark Tower
19th floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT PINS Indonesia
(“PINS”)
Jakarta, Indonesia
100%
Trade in
telecommunication
devices
Operating
733
Telkom Landmark Tower
42nd floor, The Telkom Hub
Jl. Jend. Gatot Subroto
Kav. 52 Jakarta 12710,
Indonesia
PT Napsindo
Primatel
Internasional
(“Napsindo”)
Jakarta, Indonesia
60%
Telecommunication
- provides Network
Access Point (NAP),
Voice Over Data
(VOD) and other
related services
1999;
Ceased
operations
on January
13, 2006
5
-
SUBSIDIARIES WITH INDIRECT OWNERSHIP
Company
Share
Ownership
Business Field
Operational
Status
Total Asset
(Rp billion)
Address
PT Metra Digital
Investama (“MDI”)
Jakarta, Indonesia
100%
Trading, information
and multimedia
technology,
entertainment, and
investment service
Operating
9,110
Mulia Business Park
Building J
Jl. MT Haryono Kav.
58 - 60, Pancoran,
South Jakarta 12780
Telekomunikasi
Indonesia
International
Pte. Ltd. (“Telin
Singapore”)
Singapore
100%
Telecommunication
and related services
Operating
6,090
Maritime Square, #09-63
Harbour Front Centre,
Singapore - 099253
Telekomunikasi
Indonesia
International Ltd.
(“Telin Hong Kong”)
Hong Kong
100%
Investment
holding and
telecommunication
services
Operating
3,624
Suite 905, 9/F, Ocean
Centre, 5 Canton Road,
Tsim Sha Tsui, Kowloon,
Hong Kong
NeutraDC Singapore
Pte. Ltd. (“NeutraDC
Singapore”)
Singapore
100%
Data center
Operating
3,478
30 Changi North Way
Singapore (498814)
PT Infomedia
Nusantara
(“Infomedia”)
Jakarta, Indonesia
100%
Information provider
services, contact
center, and content
directory
Operating
2,198
PT Infomedia Nusantara
Head Office
Jl. RS Fatmawati 77 - 81
Jakarta 12150, Indonesia
PT Telkom Landmark
Tower (“TLT”)
Jakarta, Indonesia
55%
Property
development and
management services
Operating
2,120
Telkom Landmark Tower,
The Telkom Hub
Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710, Indonesia
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
97
Company
Share
Ownership
Business Field
Operational
Status
Total Asset
(Rp billion)
Address
PT Persada Sokka
Tama (“PST”)
Jakarta, Indonesia
100%
Leasing of
towers and other
telecommunication
services
Operating
1,621
Persada Office Park
Building B 7th floor
Jl. KH. Noer Ali No. 3A,
Kayuringin, Bekasi 17144
PT Teknologi Data
Infrastruktur (“TDI”)
Jakarta, Indonesia
60%
Telecommunication
service and data
center
Operating
1,426
Telkom STO Building
Batam Center
Jl. Laksamana Bintan, Baloi
PT Nuon Digital
Indonesia (“Nuon”)
Jakarta, Indonesia
100%
Digital content
exchange hub
services
Operating
1,393
Telkom Landmark Tower II
45th floor, The Telkom Hub
Jl. Jend. Gatot Subroto Kav.
52 Jakarta 12710, Indonesia
PT Finnet Indonesia
(“Finnet”)
Jakarta, Indonesia
60%
Information
technology services
Operating
1,383
Telkom Landmark Tower II
28th & 51st floor, The Telkom
Hub
Jl. Jend. Gatot Subroto Kav.
52 Jakarta 12710, Indonesia
PT Telkomsel Mitra
Inovasi (“TMI”)
Jakarta, Indonesia
100%
Business
management
consulting and
investment services
Operating
1,040
Telkom Landmark Tower
Building 1
Jl. Gatot Subroto Kav. 52,
Jakarta 1270, Indonesia
Telekomunikasi
Indonesia
International (TL)
S.A. (“Telkomcel”)
Dili, Timor Leste
100%
Telecommunication
networks, mobile,
internet, and data
services
Operating
1,035
Timor Plaza 4th floor, Rua
Presidente Nicolao Lobato,
Comoro, Dili Timor Leste
PT Metra Digital
Media (“MD Media”)
Jakarta, Indonesia
100%
Telecommunication
information and other
information services
Operating
876
Telkom Landmark Tower
18th floor, The Telkom Hub
Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710 Indonesia
PT Administrasi
Medika
(“Ad Medika”)
Jakarta, Indonesia
100%
Health insurance
administration
services
Operating
702
STO Telkom Gambir
Building C 3rd floor
Jl. Medan Merdeka Selatan,
No. 12, Central Jakarta
10110, Indonesia
PT Telkomsel
Ekosistem Digital
(“TED”)
Jakarta, Indonesia
100%
Business
management
consulting services
and investment and/
or investment in
other companies
Operating
451
Telkom Landmark Tower
Building 1, 20th floor, The
Telkom Hub
Jl. Jend. Gatot Subroto Kav.
52 Jakarta 12710, Indonesia
PT Digital Aplikasi
Solusi (“Digiverse”)
Jakarta, Indonesia
100%
Communication
system services
Operating
441
EightyEight@Kasablanka,
35th floor
Jl. Casablanca Raya Kav. 88,
Jakarta 12870
PT Swadharma
Sarana Informatika
(“SSI”)
Jakarta, Indonesia
51%
Cash replenishment
services and
Automated Teller
Machine (“ATM”)
maintenance
Operating
387
Bellagio Office Park, Unit
OUG 31 - 32, Jalan Mega
Kuningan Barat, Kav E4.3,
Mega Kuningan Area,
Setiabudi, South Jakarta
PT Ultra Mandiri
Telekomunikasi
(“UMT”)
Tangerang, Indonesia
100%
Telecommunication
network
infrastructure
services
Operating
366
Ayoma Apartment, Ground
Floor, Jl. Raya Ciater Barat,
Rawa Buntu, Serpong,
South Tangerang, Banten
15310
TS Global Network
Sdn. Bhd. (“TSGN”)
Petaling Jaya,
Malaysia
70%
Satellite services
Operating
357
Teknorat ½ street, Cyber 3,
6300 Cyberjaya, Selangor
Darul Ehsan, Malaysia
98
About Telkom
Company
Share
Ownership
Business Field
Operational
Status
Total Asset
(Rp billion)
Address
PT Nusantara Sukses
Investasi (“NSI”)
Jakarta, Indonesia
100%
Service and trading
Operating
288
Multimedia Tower, Annex
Building 2nd floor
Jl. Kebon Sirih No. 10 - 12,
Central Jakarta, Indonesia
PT Graha Yasa
Selaras (“GYS”)
Jakarta, Indonesia
51%
Tourism and
hospitality services
Operating
277
Jl. Cimanuk No. 33
Bandung, Indonesia
Telekomunikasi
Indonesia
International (USA)
Inc. (“Telin USA”)
Los Angeles, USA
100%
Telecommunication
and information
services
Operating
267
800 Wilshire Boulevard,
Suite 620 Los Angeles,
California 90017, USA
PT Nutech Integrasi
(“Nutech”)
Jakarta, Indonesia
60%
System integrator
service
Operating
225
Jl. Tanjung Barat Raya, No.
17, Pasar Minggu, South
Jakarta 12510, Indonesia
PT Collega Inti
Pratama (“CIP”)
Jakarta, Indonesia
70%
Trading and services
Operating
196
Talavera Office Park, 6th
floor
Jl. TB Simatupang Kav. 22 -
26, South Jakarta 12430
PT Graha
Telkomsigma (“GTS”)
Jakarta, Indonesia
100%
Management and
consultation services
Operating
167
Jl. Kapten Subijanto DJ
BSD City, Tangerang 15321,
Indonesia
Telekomunikasi
Indonesia
International
(Malaysia) Sdn. Bhd.
(“Telin Malaysia”)
Kuala Lumpur,
Malaysia
70%
Telecommunication
and information
services
Operating
144
Suite 7 - 3, Level 7, Wisma
UOA II No. 21, Jalan Pinang,
KLCC, 50450, Kuala
Lumpur, Malaysia
PT Media Nusantara
Data Global
(“MNDG”)
Jakarta, Indonesia
55%
Consultation
services of hardware,
software, data
center, and internet
exchange
Operating
134
Cyber 1 Building, 1st floor
Kuningan Barat No. 8,
Mampang Prapatan South
Jakarta, DKI Jakarta 12710,
Indonesia
PT Pojok Celebes
Mandiri (“PCM”)
Jakarta, Indonesia
100%
Travel agent services
Operating
69
Plasa TelkomGroup 2nd
floor
Jl. RS. Fatmawati No. 65,
Cilandak Barat, South
Jakarta 12430, Indonesia
PT Metra TV
(“Metra TV”)
Jakarta, Indonesia
100%
Subscription
broadcasting services
Operating
57
Telkom Landmark Tower
22nd floor, The Telkom Hub
Jl. Jend. Gatot Subroto Kav.
52, Jakarta 12710, Indonesia
Telekomunikasi
Indonesia
International
(Australia) Pty. Ltd.
(“Telin Australia”)
Sydney, Australia
100%
Telecommunication
and information
services
Operating
52
Suite 408, Level 5, 20 Bond
Street Sydney 2000 NSW
Australia
PT Metraplasa
(“Metraplasa”)
Jakarta, Indonesia
60%
Network and
e-commerce services
2012;
Ceased
operations
on October,
2020
29
-
PT Bosnet
Distribution
Indonesia (“BDI”)
Jakarta, Indonesia
-
Trade and
consultation services
Not in
operation
-
-
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
99
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.
Date
Corporate Actions
Price (Rp/Sheet)
Composition of Share Ownership
Nominal
Bid
Government of Republic
of Indonesia
Public
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
Shares to All Public
Shareholders
500
3,675
(2,670,300)
2,670,300
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) (Each
50 Shares Gets 4
Shares)
500
3,275
494,239,656
252,426,984
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
Chronology of
Share Listing
100
About Telkom
Date
Corporate Actions
Price (Rp/Sheet)
Composition of Share Ownership
Nominal
Bid
Government of Republic
of Indonesia
Public
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 to Employees
through ESOP
Program
250
10,550
-
59,811,400
Composition of
Share Ownership
10,320,470,712
8,888,409,508
30/07/2013
Transfer of Shares
Buy Back Program
I through Private
Placement
250
11,750
-
211,290,500
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 through Private
Placement
50
2,440
-
1,075,000,000
Composition of
Share Ownership
51,602,353,560
46,573,500,040
21/12/2015
Transfer of
Remaining Shares
Buy Back Program
III through Private
Placement
50
3,110
-
22,363,000
Composition of
Share Ownership
51,602,353,560
46,595,863,040
29/06/2016
Transfer of
Remaining Shares
Buy Back Program
IV through Private
Placement
50
3,970
-
864,000,000
Composition of
Share Ownership
51,602,353,560
47,459,863,040
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
101
Date
Corporate Actions
Price (Rp/Sheet)
Composition of Share Ownership
Nominal
Bid
Government of Republic
of Indonesia
Public
2017
No corporate action
-
-
-
-
Composition of
Share Ownership
51,602,353,560
47,459,863,040
02/07/2018
Transfer of Treasury
Stock throught
Withdrawal by way of
Capital Reduction
50
3,750
-
1,737,779,800
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
2024
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.
102
About Telkom
Chronology of Other
Securities Listing
On July 16, 2002, Telkom issued its first bonds with a value of Rp1,000 billion with a tenor of 5 years on Surabaya
Stock Exchange. Telkom has fulfilled its obligations on the bonds on the maturity date, namely July 16, 2007.
Then on June 25, 2010, Telkom issued its second bond consisting of Series A worth Rp1,005 billion with a tenor
of 5 years and Series B worth Rp1,995 billion with a tenor of 10 years. These two bonds were issued on IDX and
were paid in full on their maturity dates, namely July 6, 2015 and July 6, 2020.
Furthermore, Telkom issued Phase I Sustainable Bonds I on June 16, 2015, consisting of Series A worth Rp2,200
billion with a tenor of 7 years, Series B worth Rp2,100 billion with a tenor of 10 years, Series C worth Rp1,200
billion with a tenor of 15 years, and Series D worth Rp1,500 billion with a tenor of 30 years. All of these bonds
have been listed and traded on IDX. Series A bonds have been paid in full on the maturity date, namely June
23, 2022.
Bond
Name
Amount
(Rp million)
Issuance
Date
Maturity
Date
Period
(Year)
Interest
Rate
Underwriter
Trustee
Settlement
Date
Telkom Bond I
2002
1,000,000
July 16, 2002
July 16,
2007
5
17.00%
PT Danareksa
Sekuritas
PT BNI Tbk;
PT BRI Tbk
July 16,
2007
Telkom Bond II
2010 Series A
1,005,000
June 25,
2010
July 6,
2015
5
9.60%
PT Bahana
Sekuritas;
PT Danareksa
Sekuritas;
PT Mandiri
Sekuritas
PT Bank
CIMB
Niaga Tbk
July 6,
2015
Telkom Bond II
2010 Series B
1,995,000
June 25,
2010
July 6,
2020
10
10.20%
PT Bahana
Sekuritas;
PT Danareksa
Sekuritas;
PT Mandiri
Sekuritas
PT Bank
Tabungan
Negara
(Persero)
Tbk
July 6,
2020
Telkom Shelf
Registered
Bond I 2015
Series A
2,200,000
June 23,
2015(1)
June 23,
2022
7
9.93%
PT Bahana
Sekuritas;
PT Danareksa
Sekuritas;
PT Mandiri
Sekuritas;
PT Trimegah
Sekuritas
Indonesia
(Tbk)
PT Bank
Permata
Tbk
-
Telkom Shelf
Registered
Bond I 2015
Series B
2,100,000
June 23,
2015(1)
June 23,
2025
10
10.25%
Telkom Shelf
Registered
Bond I 2015
Series C
1,200,000
June 23,
2015(1)
June 23,
2030
15
10.60%
Telkom Shelf
Registered
Bond I 2015
Series D
1,500,000
June 23,
2015(1)
June 23,
2045
30
11.00%
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
2024
103
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.
Medium-
Term
Notes
Currency
Principal
(Rp
million)
Issuance
Date
Maturity
Date
Term
(Year)
Interest Rate
per Annum (%)
/Installment
Payment
per Year
(Rp million)
Arranger
Monitoring
Agent
Settlement
Date
Telkom’s
2018 MTN
I A Series
262,000
September
4, 2018
September
14, 2019
1
7.25%
PT Bahana
Sekuritas;
PT BNI
Sekuritas;
PT CGS-CIMB
Sekuritas
Indonesia;
PT Danareksa
Sekuritas;
PT Mandiri
Sekuritas
PT Bank
Tabungan
Negara
(Persero)
Tbk
September
14, 2019
Telkom’s
2018 MTN
I B Series
200,000
September
4, 2018
September
4, 2020
2
8.00%
September
4, 2020
Telkom’s
2018 MTN
I C Series
296,000
September
4, 2018
September
4, 2021
3
8.35%
September
4, 2021
Telkom’s
2018 MTN
Syariah
Ijarah I A
Series
264,000
September
4, 2018
September
14, 2019
2
Rp19,000
September
14, 2019
Telkom’s
2018 MTN
Syariah
Ijarah I B
Series
296,000
September
4, 2018
September
4, 2020
2
Rp24,000
September
4, 2020
Telkom’s
2018 MTN
Syariah
Ijarah I C
Series
182,000
September
4, 2018
September
4, 2021
2
Rp15,000
September
4, 2021
104
About Telkom
Every year, Telkom conducts an audit of the Consolidated Financial Statements. Through the GMS, company
appoints a Public Accounting Firm (KAP) to audit the Financial Statements. In 2024, in addition to audit
services, KAP also provided non-audit services. The costs incurred for these other services have never
exceeded those for audit services.
KAP Service in 2024
Public
Accounting
Firm
Address
Assignment
Period
Certified
Public
Accountant
Services
Fee
(Rp million)
KAP
Purwantono,
Sungkoro
& Surja (A
member firm
of Ernst &
Young Global
Limited) and
associated
entities*
Indonesia
Stock
Exchange
Building,
2nd Tower,
7th floor
Jl. Jend.
Sudirman
Kav. 52 -
53 Jakarta
12190
Since 2012
Agung
Purwanto
• Conducting general and integrated audit
of the Consolidated Financial Statements
based on Financial Accounting Standards
(”SAK”) in Indonesia and International
Financial Reporting Standards (”IFRS”) and
the effectiveness of internal control over
financial reporting.
83,727
• Conducting audit based on ETAP Accounting
Standards
(Entities
Without
Public
Accountability) on the Financial Statements
of the Corporate Social Responsibility and
Environment (CSR) Program.
• Conducting audit based on Financial Audit
Standards State regarding the Company’s
Compliance with Legislation and Internal
Control of PT Telkom for the 2024 financial
year.
• Conducting collaborative audit services with
BPK RI regarding the preparation of LKPP RI
for the 2024 financial year (SA 600).
• Conducting
Agreed
Upon
Procedures
(“AUP”) service for SOE Financial Information
Package.
• Conducting compliance attestation services
for the Prudential Principal Implementation
Activity Report (KPPK Report) in managing
Non-Bank Corporate Foreign Debt for the
Company, Telkomsel, and Telin.
• Conducting
Agreed
Upon
Procedures
(“AUP”) services for KPI calculation and
measurement for the Company’s Board of
Directors and Board of Commissioners.
• Conducting general audit based on financial
accounting standards applicable to the
Company’s subsidiaries.
Remark:
(1)
In 2015, Public Accounting Firm Purwantono, Suherman & Surja has changed into Public Accounting Firm Purwantono, Sungkoro & Surja due to the
changes on composition of partners.
Use of Public Accounting Services
and Public Accounting Firms
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
105
KAP SERVICE IN 2020 - 2024
No.
Audited
Financial
Year
Public Accounting Firm
Certified Public
Accountant
Fee
(Rp million)
Assurance
Service
Other
Service
Total
1.
2024
KAP Purwantono,
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
and associated entities
Agung
Purwanto
79,003
4,724
83,727
2.
2023
KAP Purwantono,
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
and associated entities
Agung
Purwanto
68,969
3,964
72,933
3.
2022
KAP Purwantono,
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
Agung
Purwanto
59,700
5,440
65,140
4.
2021
KAP Purwantono,
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
Widya Arijanti
59,050
11,540
70,590
5.
2020
KAP Purwantono,
Sungkoro & Surja
(A member firm of Ernst
& Young Global Limited)
Handri Tjendra
63,461
1,925
65,386
Supporting Capital Market
Profession
Address
Services
2024 Fee
Assignment
Period
Securities
Administration
Bureau
PT Datindo
Entrycom
Wisma Sudirman
Jl. Jend. Sudirman
Kav. 34 - 35 Jakarta
10220
Acting
as
a
depository
institution (Custodian) for
Telkom’s
common
shares
traded on the IDX, providing
administrative services for
holding GMS, and providing
administrative services for
dividend payment.
Rp1.5 billion
Since 1995
Trustee
PT Bank
Permata Tbk
WTC II Building 28th
floor
Jl. Jend Sudirman Kav.
29 - 31 Jakarta 12920
Representing the interests
of bondholders with the
Company for Telkom’s phase
I sustainable bonds.
Rp75 million
Since 2015
Name and Address of Institutions and/or
Supporting Capital Market Profession
106
About Telkom
Supporting Capital Market
Profession
Address
Services
2024 Fee
Assignment
Period
Central
Custodian
PT Kustodian
Sentral Efek
Indonesia
Bursa Efek Indonesia
Building, Tower 1, 5th
floor
Jl. Jend. Sudirman
Kav. 52 - 53 Jakarta
12190
• Providing central custodial
service and settlement of
stock/bond transactions
on the IDX.
Rp40 million
Since 1995
• Storage
services
and
settlement of securities
transactions, distribution
of
corporate
action
results.
Rating Agency
PT
Pemeringkat
Efek
Indonesia
Equity Tower, 30th
Floor Sudirman
Central Business
District Lot. 9
Jl. Jenderal Sudirman
Kav. 52 - 53 Jakarta
12190
Providing rating on credit risk
of Telkom bond issuance.
Rp150
million
Since 2012
Moody’s
Moody’s Investors
Service Singapore
Pte. Ltd, 50 Raffles
Place #23 - 06,
Singapore Land
Tower,
Singapore - 048623
Provides ratings on Telkom
credit risk.
US$88,000
Since 2018
Fitch
Fitch (Hong Kong)
Limited
19/F Man Yee
Building
68 Des Voeux Road
Central,
Hong Kong + 852
2263 9963
Provides ratings on Telkom
credit risk.
US$77,000
Since 2018
ADS Custodian
Bank
The Bank
of New
York Mellon
Corporation
Corporate
Headquarters
240 Greenwich
Street
New York, NY 10286
USA
+1 212 495 1784
Acting
as
a
depository
institution (Custodian) of
ADS shares traded on the
NYSE.
US$109,314
Since 1995
Legal Counsel
Herbert
Smith
Freehills
50 Raffles Place,
#24-01 Singapore
Land Tower,
Singapore 048623
Acted as a corporate legal
consultant
regarding
the
United States capital market
for the Annual Report on
Form 20F.
Rp2.8 billion
Since 2023
UMBRA
Partnership
Telkom Landmark
Tower 49th floor
Jl. Jend. Gatot
Subroto Kav. 52
Jakarta
Notary
Notaries/
PPAT Ashoya
Ratam, SH,
MKn
Jl. Suryo No. 54,
Kebayoran Baru,
Jakarta 12180
Acting as a notary in the
Annual General Meeting of
Shareholders (AGMS).
Rp67.9
million
Since 2012
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
107
MANAGEMENT
DISCUSSION
AND ANALYSIS
04.
Navigating business dynamics with adaptive and
innovative strategies, the Company continues
to optimize performance and create sustainable
value for stakeholders.
108
Annual Report
2024
PT TELKOM INDONESIA (PERSERO) TBK
109
GLOBAL AND INDONESIA’S
ECONOMY OVERVIEW IN
2024
According to the IMF’s World Economic Outlook, the
global economy was projected to grow by 3.2% in
2024, a decrease from 3.3% in 2023. Despite ongoing
uncertainty and uneven recovery in various regions,
developing countries primarily drive this growth.
The global inflation rate was expected to decline
from 6.7% in 2023 to 5.8% in 2024, especially in
developed countries. In response to this positive
trend, central banks have adopted policies to
reduce interest rates, aiming to mitigate the risks
associated with economic uncertainty. However,
rising protectionism and trade tensions, particularly
between major economies like the US and China,
pose significant threats to global economic stability.
Indonesia’s economy has shown resilience amidst
external challenges. The country’s Gross Domestic
Product (GDP) was recorded at 4.95% in Q424 and
has increased to 5.03% year-to-date, supported
by strong domestic consumption, growth in Non-
Profit Institutions Serving Households (NPISHs),
and robust performance in exports and imports.
Additionally,
the
momentum
from
the
2024
General Election (Pemilu) has contributed to
economic activities, including election officer fees
and related expenditures. As of October 2024, the
Consumer Confidence Index (CCI) stands at 121.1,
Business Overview
reflecting optimism about the economy and positive
expectations for the future, as it remains above the
optimistic threshold of 100.
Standard & Poor’s Sovereign Credit Rating signifies
Indonesia’s macroeconomic stability. In July 2024,
Indonesia maintained a BBB rating with a stable
outlook, affirming global perceptions of the country’s
economic
stability
despite
external
volatility.
The upcoming Pemilu has further stimulated
economic activity through increased consumption,
government expenditures, and growth in printing,
food and beverages, and transportation.
As of December 2024, Indonesia’s inflation rate
remains under control at 1.57% year-on-year. This
stability was attributed to the strong collaboration
between Bank Indonesia (BI) and the government
via the Central Inflation Control Team (TPIP) and
the Regional Inflation Control Team (TPID), as well
as the implementation of the National Movement
for Controlling Food Inflation (GNPIP) across many
regions.
The Indonesian capital market has performed
positively, with the Indonesia Stock Exchange
Composite Index (IHSG) increasing by 6.16%,
surpassing the previous year’s growth of 4.09%. This
rise was driven by investor confidence in domestic
economic stability, positive growth prospects, and
expectations surrounding the 2024 Pemilu, which
was anticipated to boost domestic spending.
110
Management Discussion and Analysis
The exchange rate between the Indonesian Rupiah
(IDR) and the United States Dollar (USD) has
experienced significant fluctuations. In June 2024,
the IDR hit a low of Rp16,458 per USD, influenced by
the strengthening of the USD in the global foreign
exchange market and market reactions to the new
Government’s fiscal policies. However, by September
2024, the IDR improved to Rp15,145 per USD, aided by
market stability and BI’s stringent monetary policies.
Overall, the currency exchange rate was Rp16,157 per
USD by the end of the year.
Throughout 2024, BI made several adjustments to
the benchmark interest rate (BI Rate) to maintain
national economic stability. At the start of the
year, the BI Rate was set at 6.00% and remained
unchanged until March 2024. In April 2024, BI
increased the rate to 6.25% to address inflationary
pressures and respond to global economic dynamics.
Subsequently, in September 2024, the BI Rate was
reduced to 6.00% and stable to December 2024
following the Federal Reserve’s interest rate cut.
INDONESIAN
TELECOMMUNICATIONS
INDUSTRY
In 2024, Indonesia’s telecommunication industry
made notable improvements, focusing on expanding
access and enhancing quality throughout the
region. The rising demand for reliable and fast
digital connectivity across various economic sectors
prompted the Government and industry players to
collaborate on strengthening infrastructure and
accelerating the adoption of new technologies, such
as 5G and service convergence. This partnership
aims to provide equal digital access and support
digital transformation in Indonesia.
Major telecommunication operators in Indonesia,
including Telkom, XL Axiata (now XLSmart as
officially merged with Smartfren in 2024), and
Indosat Ooredoo Hutchison (IOH), allocated
significant investments to expand their networks
and enhance service capacity.
These initiatives reflect a strong response to
Government targets. The Ministry of Communication
and Digital Affairs aims for more evenly distributed
infrastructure and improved internet connectivity
to reach 3T regions (underdeveloped, frontier,
and outermost regions) and provide faster access
throughout Indonesia.
The development of 5G technology is one of the
strategic initiatives for the telecommunication
industry in 2024, and it has the potential to
impact Indonesia’s digital economy significantly.
The Global System for Mobile Communications
Association (GSMA) estimates that 5G technology
could contribute approximately US$41 billion to
Indonesia’s GDP from 2024 to 2030. By the end
of 2024, 5G adoption was still in its early stages,
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
111
with a 3% adoption rate, while 4G dominated the
market. GSMA also predicts that 5G penetration
will increase substantially to 32% of Indonesia’s
population by 2030.
Notably, major operators like Telkomsel have led by
building nearly 1,000 5G BTS in 56 cities/regencies
at end of 2024. Telkomsel’s advancements are
expected to pave the way for more advanced
digital applications, such as augmented reality (AR),
virtual reality (VR), the Internet of Things (IoT),
and autonomous vehicles. This technology also
supports faster and more reliable connectivity in
critical sectors such as healthcare, education, and
manufacturing, which could significantly accelerate
national digitalization.
The Indonesian telecommunication industry has
also seen service consolidation and convergence
trends in recent years. These trends have garnered
considerable
attention
from
industry
players,
particularly the implementation of Fixed Mobile
Convergence (FMC) by three major operators:
Telkomsel, XLSmart, and IOH.
The integration of fixed broadband and mobile
broadband
networks
into
a
Fixed-Mobile
Convergence (FMC) framework creates a more
seamless, enriched, and efficient user experience.
FMC also reflects the widespread consolidation
trend
among
telecommunications
companies.
Through its integration with IndiHome, Telkomsel
captured over 65% of the market share, representing
fixed broadband subscribers at the end of 2024. In
2023, XL Axiata announced strategic initiatives to
enhance its position in both the fixed broadband
and FMC markets through an agreement with Link
Net. This agreement includes transferring Link
Net’s fixed broadband business, which consists of
750K subscribers, to XL Axiata. Additionally, in the
same year, IOH announced its strategic efforts to
strengthen its commitment to providing home
internet services to a broader community by
acquiring over 300K MNC Play subscribers. IOH also
aims to offer a combination of FTTH (Fiber to the
Home) and IPTV services in one integrated package.
This trend toward consolidation is expected to
enhance operational efficiency and drive business
growth for the operators involved.
Indonesia’s telecommunication industry faces several
complex challenges despite these opportunities
and developments. Intense competition among
operators and declining consumer purchasing
power
affect
companies’
abilities
to
attract
new customers, while high infrastructure costs
limit expansion in remote areas. Consequently,
Indonesia’s telecommunication growth in 2024 is
predicted to stagnate at around 1.4%, a trend also
observed globally.
112
Management Discussion and Analysis
One factor contributing to this stagnation is the rise
of Over-the-Top (OTT) services, such as WhatsApp,
Netflix, and YouTube, which deliver attractive
content over operators’ networks without providing
proportional
contributions
to
infrastructure
maintenance costs. The Indonesian Government
is working on regulations to address this issue,
aiming to require OTT services to contribute to
infrastructure costs, similar to measures in several
EU countries.
Additionally, there are significant disparities in the
quality of telecommunication services, which have
become essential for people’s daily lives. Many areas
still rely on 2G connections, resulting in slow internet
speeds that hinder digital productivity. Furthermore,
the emergence of new technologies like Low Earth
Orbit (LEO) satellite technology poses a challenge
to territory-based cellular businesses. However,
there are opportunities for telecommunications
companies to collaborate with LEO operators to
enhance existing services.
Despite
these
challenges,
Indonesia’s
telecommunication industry remains optimistic
about its long-term growth potential. As internet
demand continues to rise, collaboration among the
Government, telecommunication operators, and
other stakeholders will be crucial in addressing these
issues and fostering development.
The
telecommunication
technology
includes
5G and LEO satellite were anticipated to be the
foundation of Indonesia’s digital economy, creating
new opportunities in key sectors such as healthcare,
manufacturing,
and
education.
The
country’s
dedication to strengthening and expanding the
infrastructure that supports this network is crucial
for achieving an inclusive and sustainable digital
transformation.
This
commitment
will
ensure
equal access and improved connectivity for all
communities.
TELECOMMUNICATION
INDUSTRY COMPETITION
Cellular (Mobile) Business
In
the
cellular
segment
of
the
Indonesian
telecommunications industry, Telkomsel is projected
to maintain its market leadership until the end
of 2024, with a total of 159.4 million subscribers
and over 50% market share. It represents relative
stability compared to the end of 2023 and is
supported by our ability to meet market demand,
address affordability, and compete effectively
in the industry. It also focuses on increasing the
existing subscribers’ productivity to use products
and services, including digital products. Other
major cellular operators in Indonesia include Indosat
Ooredoo Hutchison (IOH) and XL Axiata. Together,
the three largest operators in the cellular sector
serve approximately 312.9 million subscribers, a
slight decrease of 0.9% from the previous year.
PT TELKOM INDONESIA (PERSERO) TBK
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2024
113
Telkomsel demonstrates resilience and notable
growth in customer productivity, which is reflected
in payload growth. It illustrates the strength of
market demand and our capacity to leverage our
product and service advantages. The growth is
driven by a shift from traditional voice and SMS
services, which are declining, to data services
supported by the Over-the-Top (OTT) offerings.
The rise in smartphone affordability and the
demographic advantage currently experienced in
Indonesia also contribute to this trend. Despite
the ongoing decline in legacy services and
macroeconomic challenges related to reduced
purchasing power, which have led to a contraction
in Average Revenue Per User (ARPU) compared to
the previous year, Telkomsel continues to lead with
the highest ARPU, followed by XL Axiata and IOH.
Furthermore, the planned merger between XL Axiata
and Smartfren, announced in December 2024,
could reduce competitive pressure in the market.
This merger is expected to shift the focus toward
profitability and foster more substantial industry
growth. We view this development positively, as the
consolidation can promote healthier competition
in the telecommunications sector by encouraging
market rationality and price stabilization.
Fixed Broadband & Fixed Mobile
Business
Competition in the fixed broadband business
was becoming increasingly intense in 2024. Major
players are implementing various strategies to
capture a growing market share. Telkom, through
its subsidiary Telkomsel and the IndiHome brand,
leads the market with more than 65% market share.
Telkom’s efforts to maintain its leadership position
align with IndiHome’s initiative to accelerate fixed
broadband penetration, which remains relatively
low, and to promote digitalization in Indonesia.
This is demonstrated by the impressive growth of
IndiHome’s B2C customer base, which has increased
by 918K subscribers, the highest growth rate in the
industry.
Telkom’s main competitor is a new entrant to the
fixed broadband sector, PT Indonesia Comnets Plus
(PLN Icon Plus, a subsidiary of PT PLN), operating
under the IconNet brand. IconNet has successfully
gained customers and now holds the second-
largest market share after Telkom, primarily by
leveraging its broad service coverage outside Java.
Other competitors include PT First Media Tbk (First
Media), PT Supra Primatama Nusantara (Biznet
Home), and PT Eka Mas Republik (MyRepublic).
Despite the intensifying competition, the industry
has seen strategic acquisitions to boost subscriber
growth, such as IOH’s acquisition of MNC Play and
XL Axiata’s purchase of PT Link Net Tbk. These
moves are intended to achieve service convergence
and identify new growth opportunities.
However, Telkomsel is expanding its reach to a
broader audience through the targeted pricing
to address affordability concerns. This includes
targeting the mass market segment with its EZnet
service, which complements existing offerings. At
the same time, Telkomsel encourages IndiHome
customers in the premium segment to upgrade
to higher-value packages and bundled content,
all while ensuring the delivery of high-quality
broadband services.
114
Management Discussion and Analysis
Data Center Business
In 2024, Indonesia’s data center industry solidly
grew with a total business value of US$3 billion,
encouraged by the increasing demand for reliable
digital and data storage services. Telkom experienced
competition in this industry from several major
players, such as DCI Indonesia and Dian Swastika
Sentosa.
DCI Indonesia aims to achieve a target capacity of
119 MW by the end of 2024, solidifying its position as
the market leader in this sector. This goal coincides
with completing the 36 MW JK6 data center in
Cibitung. By December 2024, the TelkomGroup will
operate 35 data centers, including five locations
in Singapore, Hong Kong, and Timor Leste, with a
combined capacity of 18 MW. Domestically, Telkom
operates 26 neucentrIX data centers, offering
2,420 racks. These include three Tier 3 and Tier 4
enterprise data centers with an IT load capacity of 16
MW and one hyperscale data center that currently
holds a capacity of 4 MW out of a designed capacity
of 51 MW.
NeutraDC, our subsidiary responsible for the data
center business, manages Telkom’s Enterprise
Data Center, the data center in Singapore, and the
hyperscale data center in Cikarang. Additionally, we
are constructing a new hyperscale data center in
Batam to further enhance our data center capacity.
In addition to local companies, global companies like
EDGNEX Data Centres by DAMAC and BW Digital are
showing significant interest in investing in Indonesia.
EDGNEX has announced plans to construct a 15 MW
data center in Jakarta, while BW Digital intends to
build an 80 MW data center in Batam.
International Traffic and
Interconnection Business
There are two international traffic operators of
traditional IDD or International Direct Connection
(non-VoIP) in Indonesia, such as Telkom and Indosat
Ooredoo Hutchison. However, these non-VoIP
services are less popular due to the OTT and digital
communication services, such as Line, WhatsApp,
and Skype, which provide VoIP (Voice over Internet
Protocol) for opening international access. These
services decreased Telkom’s revenue from traditional
IDD international traffic (non-VoIP). Therefore,
Telkom strives to add more value by collaborating
with OTT to provide connectivity, data center,
and Content Delivery Network (CDN) services to
generate more profit for TelkomGroup.
Network and Satellite Infrastructure
Business
Four
companies
dominate
the
network
infrastructure market in Indonesia, Mitratel, Sarana
Menara Nusantara, Tower Bersama Infrastructure,
and Centratama Telekomunikasi Indonesia. These
companies enhance their telecommunication tower
portfolio to meet the increasing demand from
cellular operators and connectivity needs in many
regions, which Mitratel dominates the market. As of
December 2024, Mitratel operated 40K towers and
more than 50K km of fiber-optic networks.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
115
Telkom Infrastruktur Indonesia (TIF), Telkom’s
subsidiary,
officially
started
its
end-to-end
connectivity network operation on August 1,
2024. This showed Telkom’s concern for fiberoptic
infrastructure and that it could create revenue
growth potential and an improved consolidated
valuation.
IOH
had
positioned
substantial
investment
to
develop
telecommunication
infrastructure in Eastern Indonesia, which is still
underdeveloped in internet access distribution.
In 2024, through its subsidiary Telkomsat, Telkom
collaborated with Starlink, a satellite division of
SpaceX, to conduct a service trial in the new capital
city of Nusantara to improve internet access in
remote areas. That same year, Telkomsat successfully
launched the Merah Putih 2 Satellite, the 11th
satellite in the TelkomGroup fleet and the first to
utilize High Throughput Satellite (HTS) technology,
also known as broadband satellite. The Merah Putih
2 Satellite was launched using a Falcon 9 rocket and
will operate from an orbital position at 113 degrees
East Longitude (113° East). It has a capacity of up to
32 Gbps and is equipped with active C-band and Ku-
band frequency transponders, allowing it to serve all
regions of Indonesia.
Digital Business
The increasing technology adoption and expansion
of internet access have resulted in digital business
growth in Indonesia. According to the Digital
Indonesia Report by Hootsuite and We Are Social,
there has been a significant increase in mobile device
usage and digital content demand.
E-commerce continues to dominate the digital
economy, with a projected Gross Merchandise Value
(GMV) of US$110 billion in 2025. The Government
targets Indonesia’s digital economy to achieve
US$210-360 billion in 2030.
This growth requires innovation, such as live
streaming, to increase seller-buyer interactions
and solid endorsement of local and SME brands.
Competition is fiercer due to the new platform’s
existence and regulatory dynamics. Companies
like Shopee, Tokopedia, Lazada, and TikTok Shop
compete to offer innovative features to attract
consumers.
Telkom,
through
its
subsidiary
PT
Telkomsel
Ekosistem Digital (INDICO) under Telkomsel, is
a holding company that focuses on driving the
development of Indonesia’s digital ecosystem and
operates in various business lines in multiple sectors,
including Fita (health-tech), Kuncie (edu-tech),
Majamojo (gaming), and Digital Food Ecosystem
(agri-tech).
116
Management Discussion and Analysis
Mobile
Consumer
Enterprise
Wholesale &
International Business
Others
Providing high-speed
internet connectivity
through mobile voice,
SMS, and data and
digital services.
Provides broadband
internet connection
to facilitate
fixed voice, fixed
broadband, IP-TV, and
digital services.
Provides Enterprise
Connectivity, Digital
IT Services, Digital
Adjacent Services,
and Business Process
Outsourcing (BPO)
for a range of
clients, including
corporate customers
(SOEs/ROEs and
private companies),
government
institutions, and
small and medium
enterprises (SMEs).
Provides domestic
and international
wholesale services for
traffic, network, digital
platform & service,
data center, tower,
satellite, and managed
infrastructure &
network.
Provides digital
payment solutions,
big data & smart
platforms, digital
advertising, music,
gaming, and
e-commerce.
Telkomsel has
established itself
as the largest
cellular operator in
Indonesia. Its widest
4G/LTE network
covers 97% of the
population. This
extensive coverage is
supported by 5G, 4G,
and 2G 271,040 BTS
throughout Indonesia
as of the end of 2024.
IndiHome, which is
now integrated with
Telkomsel through
the FMC scheme,
leads the fixed
broadband market
with 10.8 million
subscribers.
We aim to maintain
and strengthen our
leading position in
the market, serving
a diverse clientele
that includes 513 SOE
and ROE customers,
1,790 private clients,
717 government
institutions, and
591,618 SMEs.
Operating across 15
countries with 1 office
in Indonesia and 9
Telin’s global and 5
sales representative
offices outside
Indonesia.
At the end of
2024: GMV from
e-commerce was
Rp132.3 billion, 13.5
million active users
of digital music, 22.7
million paid users of
digital games, and 9.9
million paid users of
digital edutainment.
Operational Overview
by Business Segment
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
117
SEGMENT PERFORMANCE HIGHLIGHTS
TelkomGroup always delivers excellent products and services to meet the community’s needs and strengthen
the Five Bold Moves strategy in the advancing digitalization era. In line with this commitment, TelkomGroup’s
segment performances in 2024 were generally positive, as the Mobile segment still dominated the most
contributions.
As in previous years, the Mobile segment contributed the most to TelkomGroup’s revenues in 2024, with
approximately 43% of total revenues or Rp86,626 billion. The Enterprise segment represented 23% (Rp45,342
billion), followed by the WIB segment of 20% (Rp39,400 billion), the Consumer segment of 13% (Rp26,362
billion), and the Others segment of 1% (Rp2,735 billion).
The highest growth was recorded in the WIB segment, which increased by Rp2,139 billion or 5.7, but the
Others segment had the most significant growth, which increased by 13.2%. On the other hand, the Mobile
and Consumer segment experienced a slight decrease due to fiercer competition in each segment.
Telkom’s Results of Operation by
Segment
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Mobile
Revenues
External revenues
(2.2)
83,400
5,182
85,291
85,493
Inter-segment revenues
(11.1)
3,226
200
3,628
3,344
Total segment revenues
(2.6)
86,626
5,382
88,919
88,837
Total segment expenses
0.7
(60,649)
(3,768)
(60,226)
(62,715)
Segment results
(9.5)
25,977
1,614
28,693
26,122
Consumer
Revenues
External revenues
(0.5)
26,312
1,635
26,442
26,354
Inter-segment revenues
(69.7)
50
3
165
195
Total segment revenues
(0.9)
26,362
1,638
26,607
26,549
Total segment expenses
(2.6)
(18,146)
(1,127)
(18,636)
(18,970)
Segment results
3.1
8,216
510
7,971
7,579
118
Management Discussion and Analysis
Telkom’s Results of Operation by
Segment
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Enterprise
Revenues
External revenues
5.6
20,593
1,279
19,508
19,161
Inter-segment revenues
(1.9)
24,749
1,538
25,234
24,646
Total segment revenues
1.3
45,342
2,817
44,742
43,807
Total segment expenses
1.7
(44,899)
(2,790)
(44,140)
(42,976)
Segment results
(26.4)
443
28
602
831
WIB
Revenues
External revenues
6.3
18,002
1,118
16,928
15,442
Inter-segment revenues
5.2
21,398
1,329
20,333
19,658
Total segment revenues
5.7
39,400
2,448
37,261
35,100
Total segment expenses
8.7
(30,298)
(1,882)
(27,875)
(26,175)
Segment results
(3.0)
9,102
566
9,386
8,925
Others
Revenues
External Revenues
168.2
1,078
67
402
239
Inter-segment revenues
(17.7)
1,657
103
2,014
2,486
Total segment revenues
13.2
2,735
170
2,416
2,725
Total segment expenses
5.0
(3,786)
(235)
(3,604)
(3,788)
Segment results
11.5
(1,051)
(65)
(1,188)
(1,063)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
119
OPERATIONAL HIGHLIGHT
Unit
Year Ended on December 31
2024
2023
2022
SUBSCRIBERS
Cellular Subscribers
million subscribers
159.4
159.3
156.8
Telkomsel Halo
million subscribers
8.0
7.5
7.1
Telkomsel Prabayar
million subscribers
151.4
151.8
149.7
IndiHome Subscribers
million subscribers
10.8
10.1
9.2
INFRASTRUCTURE
Satellite Capacity
TPE
485
109
109
Point of Presence
PoP
122
122
122
Domestic
PoP
64
64
64
International
PoP
58
58
58
BTS
unit
271,040
247,472
265,194
BTS 2G
unit
48,775
48,980
50,158
BTS 3G
unit
-
-
49,632
BTS 4G
unit
221,290
197,838
165,120
BTS 5G
unit
975
654
284
Tower
unit
43,825
43,047
40,588
Fiber Optic Backbone
Network
km
177,443
176,663
173,266
Domestic
km
112,743
111,663
108,566
International
km
64,700
64,700
64,700
Wi-Fi Services
access point
376,212
394,031
391,317
CUSTOMER SERVICE
PlasaTelkom
location
0
186
387
Global sales representative
of Telkomsel
location
1
-
0
GraPARI (including Plasa
Telkom)
location
486
309
372
GraPARI
location
477
-
363
GraPARI TelkomGroup
location
9
-
9
GraPARI Mobile
unit
-
-
0
IndiHome Sales Car
unit
0
571
750
EMPLOYEES
people
21,673
23,064
23,793
In line with the network infrastructure expansion, particularly with the inclining 5G BTS by around 50%,
TelkomGroup’s subscribers consisting of 159.4 million cellular subscribers and 10.8 million IndiHome
subscribers. All operational metrics that represent TelkomGroup’s Five Bold Moves experienced a growth in
2024, it demonstrated that TelkomGroup succeed its business strategies in a disciplined manner.
120
Management Discussion and Analysis
Mobile Segment
TelkomGroup works on the Mobile segment through
Telkomsel, which provides complete services in this
area, including mobile voice, SMS, data, and digital
services. Telkomsel’s operations in this segment are
supported by 5G/4G/2G technology, which continues
to improve its capacity and capabilities, with the
broadest 4G/LTE network coverage reaching more
than 97% of the Indonesia population.
Telkomsel’s products in Mobile segment include
Telkomsel Halo, Telkomsel PraBayar, by.U, and
Telkomsel Orbit.
1. Telkomsel Halo
As
a
postpaid
cellular
telecommunication
product, Telkomsel Halo emphasizes its excellent
network quality, communication experience,
entertainment,
and
comprehensive
and
attractive packages.
2. Telkomsel PraBayar
Telkomsel Prabayar integrated the prepaid
offers of simPATI, Kartu As, and LOOP into one
brand. Therefore, Telkomsel Prabayar could
offer integrated products and services to
deliver essential elements to subscribers’ digital
experiences.
3. by.U
by.U is an end-to-end digital prepaid that can be
accessed with the application, including selecting
phone numbers, delivery options, internet quota,
additional quota (topping), and payment, which
is digitally available.
4. Telkomsel Orbit
Telkomsel Orbit is a home internet service based
on modem Wi-Fi devices on 4G and 5G networks.
Subscribers may purchase data packages without
a monthly subscription. The MyOrbit application
allows subscribers to access many features with
ease.
Telkomsel
continues
to
maintain
its
market
dominance and productivity through a customer-
oriented approach. It aims to promote healthier
market behavior by ensuring price stability and
diverse product offerings while reaching a broader
audience. Customer Value Management (CVM)
remains crucial in optimizing market relevance and
strengthening our competitive position, particularly
within the market.
By the end of 2024, Telkomsel recorded a stable
customer base of 159.4 million cellular subscribers,
with 95.0% being prepaid customers and the
remaining postpaid. This stability aligns with
Telkomsel’s efforts to meet market demand and
address affordability concerns while also focusing on
enhancing customer productivity through a range
of products and services, including digital product
offerings. Our customer-oriented strategies and
competitive pricing, supported by Telkomsel’s
commitment to delivering more significant benefits
and continuously improving network quality, have
contributed to sustainable customer productivity
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
121
growth. This is evident in the 13.9% increase in data
payload, reaching 20.4 million TB in 2024. This rise in
productivity demonstrates the resilience of market
demand and Telkomsel’s capability to optimize a
diverse portfolio of high-quality content, products,
and services amid macroeconomic pressures and
declining purchasing power.
As customer needs rapidly evolve and society
undergoes
transformation,
Telkomsel
strives
to enhance its product offerings and digital
capabilities, moving beyond simple connectivity.
We are committed to fostering the acceleration
and expansion of the digital ecosystem. Our focus
remains on understanding customer needs and
achieving long-term growth, supported by our
network quality. Telkomsel continues to provide
on-demand video content through the Maxsteam
app, along with music and gaming services via the
Langit Musik app and Dunia Games, which offers a
comprehensive gaming ecosystem that integrates
media content, distribution, payment facilities,
e-sports, and gaming communities to enrich the
customer experience.
Telkomsel remains the only telecommunications
operator to offer its customers the most complete
video experience. The latest bundling packages for
2024 include UEFA EURO 2024 and HBO MAX due to
a strategic partnership with a newly launched OTT
service. Additionally, Telkomsel provides content
bundling for the mass market, including Amazon
Prime Video, WeTV, and CATCHPLAY+, as well as
other OTT streaming services like YouTube and
Netflix, all integrated within our Digital Lifestyle
Video ecosystem.
To
bolster
the
digital
ecosystem,
we
have
established strategic partnerships and transformed
the MyTelkomsel app by integrating end-to-end
services. This initiative encompasses package and
quota monitoring, usage transparency, a new loyalty
program, a one-bill feature, and the incorporation
of all digital lifestyle services—such as MyOrbit and
MyIndiHome—into a single application.
The Mobile segment revenues in 2024 still resulted in
the highest contribution for TelkomGroup. However,
the Mobile segment, through its subsidiary of
Telkomsel, revenues in 2024 decreased by Rp2,293
billion or 2.6% from Rp88,919 billion in 2023 to Rp
86,626 billion in 2024. It was due to the intense
competition among cellular operators in Indonesia,
along with weakening purchasing power, deflationary
pressures, and a shift in consumer behavior from
voice and SMS services to data services. This shift
has been driven by the availability of affordable
smartphones and an increasing demand for Over-
the-Top (OTT) services, which have transformed the
market away from traditional telecommunications
services. Despite this decline, the Mobile segment
still
contributes
significantly
to
TelkomGroup,
accounting for 43% of total revenue. In addition,
revenues from other services that deliver more
add value to subscribers, such as digital education
ecosystem, digital health ecosystem, e-payment,
online game, began to impact positively to Mobile
segment, which increased by Rp255 billion 185%.
On the other hand, its expense increased by Rp423
billion or 0.7% from 2023. Therefore, net profit in
2024 was Rp25,977 billion, it decreased by 9.5%
compared to Rp28,693 billion in 2023.
Mobile Segment
2024-2023
2024
2023
2022
(%)
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
(2.6)
86,626
5,382
88,919
88,837
Expenses
0.7
(60.649)
(3,768)
(60,226)
(62,715)
Result
(9.5)
25.977
1,614
28,693
26,122
122
Management Discussion and Analysis
Consumer Segment
The Consumer segment includes products and
services of fixed voice, fixed broadband, IP-TV, and
digital services, which they under the IndiHome
brand. IndiHome is Telkom’s mainstay to reach the
market with FMC, one of the TelkomGroup’s Five Bold
Moves strategies.
In the Consumer segment, Telkomsel offers two
primary products, IndiHome and Telkomsel One.
1. IndiHome
IndiHome provides internet, landline telephone,
interactive TV services, and various additional
packages that customers can select based on
their needs. The IndiHome network is widely
available throughout Indonesia and is known for
its high reliability.
2. Telkomsel One
Telkomsel One is a convergence service that
reflects TelkomGroup’s Bold Move strategy,
known as FMC (Fixed Mobile Convergence). This
service combines fixed network connectivity
(IndiHome) and mobile broadband (Telkomsel)
into one offering, providing users with a superior
and seamless digital experience.
Telkomsel aims to accelerate fixed broadband
penetration by utilizing the most expansive 4G/
LTE network coverage, reaching 97% population in
Indonesia, and targeting various market segments
with flexible pricing. This initiative includes the
planned launch of EZnet in 2024, which addresses
the
increasing
demand
for
affordable
fixed
broadband connectivity. This launch is intended
to
complement
existing
products,
maintain
competitiveness, capture new opportunities, and
tackle affordability issues in the mass-market
segment, focusing on customer criteria and
targeted areas. At the same time, Telkomsel is
committed to enhancing service offerings and
maintaining high-quality standards to meet the
demand for reliable high-speed broadband.
As of the end of 2024, IndiHome subscribers reached
10.8 million, reflecting a 6.9% increase from the
previous year. In addition, Telkomsel also accelerated
the acquisition of new IndiHome B2C subscribers,
adding approximately 918K new subscribers, which
brought the total to 9.6 million subscribers, a 10.6%
increase from the last year. Telkomsel is committed
to reinforcing its leadership in the Fixed Broadband
(FBB) market by strategically expanding IndiHome
and EZnet in the future. The company aims to offer
solutions tailored to various market segments.
IndiHome continues to be a premium broadband
option, while EZnet provides affordable services to
promote increased broadband adoption across the
nation. This approach not only drives volume growth
but also contributes to revenue growth in the FBB
sector while addressing affordability challenges that
can lead to a decrease in Average Revenue Per User
(ARPU).
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
123
Market penetration of TelkomGroup’s converged
services stood at 57% at the end of 2024, showing a
significant increase from 37% in July 2023, indicating
that the FMC strategy is proceeding as planned.
Telkomsel is dedicated to ensuring the sustainability
of IndiHome’s business by maximizing synergies
between mobile and fixed broadband services
while driving revenue growth. This is achieved
through cross-selling, upselling, service integration
initiatives, optimizing platform and content costs,
minimizing investment duplication, and closing
around 300 adjacent customer service outlets.
The strategy development of TelkomGroups’s
FMC in 2024 focused B2C segment aiming to
accelerate operational efficiencies. Through FMC,
TelkomGroup aims to maximize synergy in fixed
and mobile broadband services, increase revenues,
decrease operational expenses, and enhance the
capital expense efficiency. It expects to improve
the sustainable growth, increase the productivity,
and create more seamless digital experience for
subscribers.
IndiHome is reinforcing its position as a service
provider that extends beyond connectivity with
IndiHome TV, which serves as an integrated digital
Consumer Segment
2024-2023
2024
2023
2022
(%)
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
(0.9)
26,362
1,638
26,607
26,549
Expenses
(2.6)
(18,146)
(1,127)
(18,636)
(18,970)
Result
3.1
8,216
510
7,971
7,579
entertainment hub (Window of Entertainment Hub).
IndiHome TV now offers the most comprehensive
range of TV channels and has officially partnered
with 16 OTT platforms, establishing it as Indonesia’s
most complete entertainment platform.
In 2024, we will enhance the subscription process and
expand sales channels to ensure a smoother, faster,
and more intuitive user experience. Additionally, we
have optimized our products to align with market
demands, including developing the IndiHome TV
application, simplifying Minipacks, and introducing
Single OTT and Multibundle OTT products.
To support IndiHome’s performance, we are utilizing
a fiber optic network that provides fixed broadband
access to every subscriber’s home. By the end of
2024, this fiber optic network covered 39 million
homespassed.
TelkomGroup’s revenue from the Consumer segment
in 2024 was Rp26,362 billion or decreased by 0.9%.
It was due to the fixed line telephone revenue
decreased by Rp332 billion in 2024. In addition, other
service revenues such as managed services, grew by
37% in 2024. With operating expenses of Rp18,146
billion in 2024, this segment recorded a profit of
Rp8,216 billion, or 3.1% higher than Rp7,971 billion
in 2023.
124
Management Discussion and Analysis
Enterprise Segment
The Enterprise segment offers various services,
including
Connectivity,
Digital
IT
Services,
Digital Adjacent Services, and Business Process
Outsourcing
(BPO).
These
services
aim
to
deliver end-to-end solutions and create robust
information
technology
ecosystems.
Our
customers in this segment include corporate
clients (SOEs/ROEs and private companies),
government institutions, and small and medium
enterprises (SMEs). The Enterprise segment
focuses on high-profitability business lines with
recurring
revenue,
particularly
in
enterprise
solutions such as enterprise connectivity, data
center, cloud, cybersecurity, and IoT & Big Data.
Enterprise
connectivity
services
encompass
fixed broadband, Wi-Fi, Ethernet, and data
communication, including leased channels such
as metro ethernet, VPN-IP, and high-capacity
data
networks
that
provide
point-to-point
connections. These also include fixed voice
services. Additionally, the Cloud and Data Center
covers software, platforms, and infrastructure,
assisting companies in enhancing their business
efficiency and flexibility. Cybersecurity services
provide comprehensive protection for network
security and customer data. Custom IoT solutions
strengthen the functionality of smart devices
across
various
applications,
while
Big
Data
solutions facilitate precise, data-driven decision-
making.
In 2024, Enterprise segment business showed
a decent performance, supported by Digital
Connectivity
services,
Fixed
Broadband
in
particular, and Digital Service of e-payment.
The highest contribution was from Enterprise
Connectivity and Digital IT Services that includes
High Speed Internet (HSI) Indibiz, ASTINet,
TelkomNet
VPN
Intranet,
billing
payment
aggregator, and CRM services. These solutions
support the digital transformation in Indonesia
and strengthen TelkomGroup’s position as the
leading telecommunication provider for enterprise
and Government market.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
125
Enterprise segment revenues for 2024 were
Rp45,342 billion, grew 1.3% from 2023. This increase
was primarily driven by the development of High-
Speed Internet (HSI) services through various
IndiBiz products. In addition to HSI, services such as
ASTINet, TelkomNet VPN Intranet, and Wifi Managed
Service contributed significantly to the revenue
from data, internet, and information technology
services within the Enterprise segment, showing
an overall growth of 28% or an increase of Rp2,875
billion in 2024. Network revenue within this segment
is also anticipated to grow by 21%, representing
an increase of Rp250 billion, aided by leased line
services and VSAT (Very Small Aperture Terminal)
satellite system services. Furthermore, revenue from
other services in this segment increased by Rp808
billion, reflecting a 17% increase in 2023. This growth
was driven by significant increases in e-payment
services revenue of Rp790 billion (increased by
159%), managed services and terminals by Rp131
billion (increased by 14%), and e-health services,
which will see an increase of Rp6 billion (increased by
1%). However, it’s important to note that operating
expenses for this segment increased by 1.7% or
Rp44,899 billion, compared to the previous year.
Therefore, the net profits in this segment for 2024
were Rp443 billion, it decreased 26.4% from the
previous year.
Enterprise Segment
2024-2023
2024
2023
2022
(%)
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
1.3
45,342
2,817
44,742
43,807
Expenses
1.7
(44,899)
(2,790)
(44,140)
(42,976)
Result
(26.4)
443
28
602
831
126
Management Discussion and Analysis
Wholesale and International
Business (WIB) Segment
In 2024, TelkomGroup’s WIB segment introduced new
initiatives that support domestic and international
connectivity demands.
WIB services include wholesale traffic, wholesale
network,
digital
platform
&
services,
and
managed infrastructure & network, which serve
telecommunication
operators,
digital
service
providers, and corporations. The service categories
in this segment are Carrier, Data Center, Tower,
Satellite, Network Infrastructure and Management,
and International Business.
As the Carrier service, TelkomGroup provides
wholesale services of voice, data, and network
interconnection for domestic and international.
We continue developing Enabler Digital Ecosystem
initiative to expand the wholesale network coverage.
Telkom improves the carries network by focusing on
domestic and international networks, and internet
traffic, which contributes to operation significantly.
In operating its Data Center business, through
the
subsidiary
of
NeutraDC,
TelkomGroup
keeps increasing the data center capacity to
accommodate the digital connectivity needs. It
aimed to anticipate the inclined cloud storage and
data processing demands, particularly in the rapid
Artificial Intelligence (AI) advancement. NeutraDC
also has been exploring strategic collaboration with
global partners to increase its value as the digital
ecosystem center, which improves Telkom’s position
in data center service in Southeast Asia.
In Tower service, Mitratel as Telkom’s subsidiary that
manages its telecommunication towers, remained its
position as the largest tower operator in SEA region
with almost 40K towers and 60K tenants. Mitratel
implemented an aggressive expansion strategy
by building new towers and acquiring towers from
tower industry ecosystem. In addition, Mitratel
also expanded its service capacity by providing
fiberoptic connectivity and satellite service, hence
it continues supporting the acceleration of national
digitalization.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
127
TelkomGroup, through its subsidiary Telkomsat,
oversees
the
entire
satellite
business,
from
upstream to downstream. In 2024, Telkomsat
planned to enhance satellite capacity in Indonesia
by over 60 Gbps through the Merah Putih 2 and
Merah Putih 3 satellites. This initiative will further
solidify TelkomGroup’s position as a leader in the
satellite industry in Indonesia. Additionally, in 2024,
Telkomsat continued collaborating with Space
Exploration Technologies Corp (SpaceX), the world’s
largest provider of low-orbit satellite systems. This
partnership has been in place since 2022 and focuses
on providing backhaul services. Telkomsat has also
been appointed as an authorized reseller of Starlink
Business Service (SBS) since May 2024, emphasizing
its commitment to promoting digital equality in
Indonesia. Furthermore, Telkomsat, through its
subsidiary in Malaysia, TSGN, offers satellite-based
communication services in that region by utilizing
the MySat1 satellite.
In Network Infrastructure and Management, Telkom
established PT Telkom Infrastruktur Indonesia (TIF)
on August 1, 2024, to increase the investment
efficiency of infrastructure assets. TIF was assigned
to manage TelkomGroup’s infrastructure assets,
which assets transfer between Telkom and TIF was
expected to complete in 2025. TIF was a part of the
Five Bold Moves initiative to increase investment
efficiency, assets management, and operational
effectiveness.
In International Business, TelkomGroup enhances its
services in many countries by providing wholesale,
cloud, data center solutions, and digital services with
global coverage through its subsidiary of Telin. Telin is
now present in 14 countries, including through Sales
Representatives. In 2024, the Company launched an
innovative service as part of its WABA (WhatsApp
Business API) initiative. This messaging service will
enable corporations to promote their products
using WhatsApp platforms.
As part of its commitment to enhancing Indonesia’s
position in the global arena, Telin is actively
expanding its international business by developing
reliable
digital
infrastructure
and
forming
strategic partnerships with key players in the
global telecommunications industry. One of Telin’s
strategic initiatives to strengthen its international
presence involves constructing a subsea cable
system as a backbone for global connectivity. This
subsea cable development aims to increase network
capacity, connect more countries, and support
the growing demand for digital connectivity in a
digital transformation era. By creating a broader
and more dependable infrastructure ecosystem,
Telin is crucial in securing Indonesia’s standing as a
telecommunications hub in the Asia-Pacific region.
128
Management Discussion and Analysis
To achieve this vision, Telin is focused on building
physical infrastructure and enhancing strategic
collaboration to ensure wider and more efficient
network optimization. The Bali Annual Telkom
International Conference (BATIC) represents a
significant opportunity for Telin to forge various
partnerships
that
support
the
development
of
subsea
cables
while
accelerating
digital
transformation at a global level.
During BATIC, Telin signed several memorandums
of understanding (MoUs) with various strategic
partners to strengthen the digital ecosystem. One
of the key agreements is the collaboration with
Indosat Ooredoo Hutchison (IOH) for the Indonesia
Cable Express (ICE), which aims to enhance the
capacity and reliability of domestic connectivity and
expedite international network integration.
Additionally, Telin collaborates with various global
partners to ensure that its subsea cables can
be optimized with innovative and competitive
additional services. Some of the leading partners
involved in BATIC 2024 include:
•
BW Digital, to expand data center coverage and
connectivity services
•
Singtel, to enhance network capabilities and
telecommunications services
•
Telecom Egypt, to bolster connectivity between
Asia, the Middle East, and Europe
•
e& (Etisalat), to drive digital service innovation and
telecommunications ecosystem development
These partnerships ensure that the subsea cable
built by Telin not only serves as a connectivity
pathway but also functions as a digital backbone
supported by a robust service ecosystem. With
these collaborations, Telin is increasingly positioned
to deliver innovative digital solutions and contribute
to the growth of the global digital economy.
In 2024, Telin will also introduce new initiatives to
strengthen its competitiveness and global service
capabilities. A significant step is the partnership
with Dialog Axiata, which will support Telin’s
expansion in South Asia, particularly in Sri Lanka and
surrounding countries. This collaboration is part of
Telin’s strategy to broaden its international footprint
and provide enhanced connectivity solutions for
corporate customers and global telecommunications
operators.
Through these initiatives, Telin not only reinforces
its
international
business
position
but
also
contributes to building a sustainable and inclusive
digital infrastructure. By continuing to innovate and
establish strategic collaborations, Telin is dedicated
to supporting TelkomGroup’s vision of making
Indonesia a digital hub on the global stage.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
129
TelkomGroup’s revenue from the WIB business
segment increased by 5.7% in 2024. Interconnection
revenue contributed the largest to external revenue
from this segment, with 49% of the total external
revenue of the WIB segment. This interconnection
revenue in 2024 increased by 1%, indicating that
international voice hubbing and SMS hubbing
services between countries can still provide
positive performance. Through tower rental and
building solution services, revenue from lessor
transactions in this segment increased by 6% or
Rp835 billion in 2024. Network revenue from this
segment also increased by 35% or Rp448 billion,
triggered by increased leased line service, IPLC
(International Private Leased Circuit) rental, and
satellite transponder rental revenue. On the other
hand, data, internet, and information technology
service revenue from this segment increased by 10%
or Rp353 billion in 2024, generated by data center
colocation services, IP transit revenue, and Telkom
Metro Ethernet services. Positive growth was also
in other service revenues, which increased by 2%
to Rp8 billion in 2024. Although these revenues
increased, the expenses incurred increased by 8.7%
or Rp2,423 billion to support the operations. With
revenues of Rp39,400 billion and operating expenses
of Rp30,298 billion, the profit from this segment was
Rp9,102 billion in 2024, which decreased 3.0% from
Rp9,386 billion in 2023.
WIB Segment
2024-2023
2024
2023
2022
(%)
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
5.7
39,400
2,448
37,261
35,100
Expenses
8.7
(30,298)
(1,882)
(27,875)
(26,175)
Result
(3.0)
9,102
566
9,386
8,925
130
Management Discussion and Analysis
Other Segment
Until 2024, TelkomGroup’s Other Segments include
big data, smart platforms, digital advertising, digital
entertainment (music and games), and e-commerce.
TelkomGroup offers digital advertising services
through its subsidiary, PT Metranet, which operates
the online media platform Uzone.id. This platform
provides information about gadgets, technology,
and automotive trends. Metranet’s business line
of Scala also delivers B2B platforms and solutions
for data-driven digital business transformation,
enterprise resource planning (ERP), and digital
signatures. In 2024, Metranet successfully managed
the digital transformation projects of 33 clients,
collaborating with Indonesia’s integrated digital
platform, GovTech.
Furthermore, Telkom’s subsidiary, PT Nuon Digital
Indonesia, oversees digital entertainment services,
which include game publishing, game top-ups
through Upoint, streaming services via Langit Musik,
and platforms for tickets and white-label services
through tiketapasaja.com. In 2024, digital music
services recorded 13.5 million active users with 87.7
million transactions, digital games of 22.7 million
paid users generated 133.5 million transactions, and
digital edutainment services reached 9.9 million paid
customers, resulting in 29.3 million transactions.
In addition to these offerings, by the end of 2024,
TelkomGroup also managed a venture capital
company, MDI, focusing on investing, synergy,
portfolio
management,
value
creation,
and
fundraising. By then, 91 startup companies had
received funding from TelkomGroup, resulting in a
synergy value of Rp4.24 trillion between the startups
with TelkomGroup and SOEs.
Driven
by
TelkomGroup’s
intense
efforts
to
diversify its business portfolio in this segment
and strong growth from most subsidiaries due to
having attractive and high-value offerings for the
community, its revenue from the Other segment
in 2024 recorded at Rp2,735 billion increased by
13.2% from 2023. It was driven by an increase in
data, internet and information technology services
revenue in this segment of Rp634 billion or grew
299% from the previous year. However, the operating
expenses of this segment also increased by 5.0%
or Rp3,786 billion, which resulted in TelkomGroup’s
net profit from this segment decreasing by 11.5% in
2024.
Others Segment
2024-2023
2024
2023
2022
(%)
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
13.2
2,735
170
2,416
2,725
Expenses
5.0
(3,786)
(235)
(3,604)
(3,788)
Result
(11.5)
(1,051)
(65)
(1,188)
(1,063)
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MARKET SHARE
TelkomGroup
closely
monitors
the
latest
technological developments and works to create
products, services, standards, and business models
that align with market dynamics. This effort aims to
strengthen its position in both domestic and global
competition. Telkom and its subsidiaries continue
collaborating to enhance the Company’s value and
deliver customers the best, most relevant, and high-
quality digital experiences.
Mobile Segment Market Share
Competition in the telecommunications industry in
Indonesia continues to grow as companies expand
into new regions, increasing service coverage
in areas where Telkomsel has long had a strong
presence. However, supply and demand conditions
are starting to stabilize, indicating a healthier
competitive environment. In 2024, Telkomsel is
expected to maintain its position as the largest
cellular operator in Indonesia, holding a market
share of approximately 50.3%. The total subscriber
base is projected to reach 159.4 million subscribers,
comprising 151.4 million prepaid subscribers and 8
million postpaid subscribers. This reflects relative
stability compared to the previous year, as Telkomsel
implements strategies to meet market demand
and address affordability issues while also focusing
on enhancing existing subscribers’ productivity
through various products and services, including
digital offerings.
Telkomsel’s annual Average Revenue Per User (ARPU)
is anticipated to decline by 6.6% from 2023 to 2024,
reflecting challenges such as the decreasing trend
Marketing Overview
of legacy services and macroeconomic pressures
stemming from weakening public purchasing power.
To maintain ARPU stability and growth despite these
macroeconomic conditions and market competition,
Telkomsel continues to develop its digital product
portfolio, optimize Customer Value Management
(CVM)
initiatives,
and
leverage
Fixed-Mobile
Convergence (FMC) offerings to drive customer
productivity and strengthen ARPU resilience in the
long term.
Despite the macroeconomic challenges, positive
productivity indicators have emerged due to
increased subscriber consumption. This is evidenced
by a 13.9% rise in data usage, increasing from
17,481 petabytes on December 31, 2023, to 19,909
petabytes on December 31, 2024. This growth
demonstrates the resilience of market demand and
Telkomsel’s capacity to optimize a diverse portfolio
of high-quality products and services.
In 2024, Telkomsel aims to promote healthier
market
behavior
to
strengthen
business
profitability and industry rationalization through
various price adjustments. Major competitors
also implement these adjustments as part of
their price rationalization strategies. A merger
plan between PT XL Axiata Tbk and PT Smartfren
Telecom Tbk was also announced in December 2024.
Telkomsel views this development positively, as this
consolidation can foster healthier competition in the
telecommunications industry by promoting market
rationality and price stabilization. Furthermore,
this merger could help reduce market aggression,
shifting operators’ focus towards profitability and
driving more substantial industry growth.
132
Management Discussion and Analysis
2024
2023
2022
50.9%
50.5%
49.5%
49.1%
49.5%
50.5%
Telkomsel
Competitors
Consumer Segment Market Share
In 2024, the Consumer IndiHome B2C segment
faces stiff competition from major fixed broadband
service providers, including IconNet, First Media,
Biznet Home, and MyRepublic. The industry is also
challenged by Indonesia’s economic conditions,
which remain affected by global geopolitical
dynamics
and
declining
purchasing
power.
Additionally, competition has intensified due to
strategic acquisitions in the sector to increase
customer growth and market share, such as IOH’s
acquisition of MNC Play and XL Axiata’s purchase
of Link Net. The entry of IconNet, a PT Perusahaan
Telkomsel demonstrates its strong commitment
as a leading digital telecommunications company
by consistently expanding its network coverage,
including the rollout of 5G technology. Although the
launch of 5G comes with challenges, such as the cost
of infrastructure deployment, Indonesia’s unique
geographical conditions, and the currently low
penetration of 5G devices, the Company remains
focused on overcoming these obstacles.
Throughout 2024, Telkomsel’s ongoing development
of 5G services includes expanding its Hyper 5G
network, such as launching 5G coverage in Bali in
July 2024 and the Jabotabek area in November
2024. These expansions aim to facilitate various
5G use cases, empower users, and meet their
needs. This initiative is crucial for Indonesia’s digital
transformation and positively impacts the growth of
digital connectivity across the country.
Cellular Subscribers Market Share for Telkomsel and Competitors 2022-2024
Listrik Negara subsidiary, as a new player in the
market, has further complicated the landscape.
IconNet has successfully captured second place in
market share and subscriber numbers, leveraging its
extensive coverage beyond Java.
By the end of 2024, the number of IndiHome
subscribers
reached
10.8
million
subscribers.
The increase of 918K subscribers of Telkomsel’s
IndiHome B2C underscores Telkomsel’s commitment
to boosting fixed broadband penetration in Indonesia,
which remains low at under 20%. This growth was
achieved through a flexible pricing strategy that
addresses affordability in the mass market while
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133
65% of the fiber-based fixed broadband market
share despite fierce competition. The IndiHome
B2C network now covers 99% of districts and cities
in Indonesia, reaching 507 out of a total of 514
districts.
The Company recognizes the growing demand
for affordable fixed connectivity to strengthen
Telkomsel’s position as the market leader in
fixed broadband services. To address this need,
Telkomsel launched EZnet, a new offering to
provide subscribers with reliable network access
and cost-effective internet solutions. This initiative
complements existing services, allowing Telkomsel
to remain competitive, seize new opportunities,
and meet affordability needs in the mass market.
Through EZnet, Telkomsel aims to reach underserved
markets by offering high-quality connectivity at
more affordable prices for a broader audience.
This reflects Telkomsel’s commitment to delivering
innovative and inclusive services that enhance the
digital experience for subscribers across Indonesia.
Telkomsel has developed a strategy to dominate
the home connectivity sector through seamless
Fixed Mobile Convergence (FMC) to capitalize on
its market leadership in fixed broadband and mobile
services. This strategy involves accelerating FMC as
a core aspect of its new business model and creating
an actual converged experience.
Telkomsel One is a convergence service that offers
superior connectivity through both fixed (IndiHome)
and mobile broadband (Telkomsel) networks, all
integrated under a single service (One Bill, One
App, One Touchpoint, One Solution). This approach
is designed to deliver a seamless broadband
experience and enhance subscribers’ overall digital
experience.
By the end of 2024, the penetration of our
convergence services had increased to 56%, up
from 37% since the official launch in July 2023.
This achievement positions Telkomsel as the most
significant convergence operator in Indonesia.
Fixed Broadband Market Share for IndiHome B2C and Competitors 2022-2024
Remarks:
*) Considering dynamics of industry competition, market share calculations are updated using the latest figures from market intelligence.
2024
2023
2022*
65.2%
66.7%
34.8%
33.3%
Indihome B2C
Competitors
75.2%
24.8%
134
Management Discussion and Analysis
2024
2023
2022
11.8%
13.8%
88.2%
86.2%
Telkomsigma
Competitors
14.6%
85.4%
Enterprise Segment Market Share
In 2024, TelkomGroup continued strengthening
its position in the enterprise segment by offering
various comprehensive digital services. These
services include the Internet of Things (IoT),
cybersecurity, big data solutions, and digital
advertising,
all
designed
to
complement
its
connectivity, satellite, IT services, data center, and
cloud offerings. Additionally, TelkomGroup provides
an artificial intelligence platform that assists
companies in decision-making, governance, and
formulating future business strategies.
Throughout
2024,
TelkomGroup
successfully
delivered a bandwidth of 3,870 Gbps, representing
an increase of 20% from the previous year.
In 2025, the cloud and IT services markets
in Indonesia recorded CAGRs of 36% and
12%, respectively. This potential presents an
opportunity for Telkomsigma, a subsidiary of
TelkomGroup, which is actively enhancing its B2B
Digital IT services portfolio by expanding services
and increasing collaborations with global players
to meet the anticipated surge in demand for cloud
services.
Through
Telkomsigma,
TelkomGroup
achieved a market share of 11.8% in the system
integration segment in 2024, while Infomedia,
another entity within the group, holds a market
share of 28% in the Man Power Outsourcing (MPO)
and 50% Customer Relationship Management
(CRM).
System Integration Market Share for Telkomsigma and Competitors 2022-2024
Wholesale & International Business
Segment Market Share
TelkomGroup’s WIB segment encompasses carrier
traffic, carrier network services, tower operations,
and managed network & infrastructure services.
In 2024, TelkomGroup continued to lead the
carrier traffic market in Indonesia, holding a voice
interconnection market share of 92.6%. Additionally,
the Company controls 62.5% of the wholesale
network market and 23.1% of the wholesale internet
market. TelkomGroup’s dominance in the wholesale
network segment is bolstered by its Metro E and
leased line products, while its IP Transit product
supports its success in the wholesale domestic
segment.
The wireless telecommunications tower business
is operated by Mitratel, which recorded a market
share of 39.9% in Q32024, which decreased from
41.6% the previous year. As of the fourth quarter
of 2024, Mitratel had 39,404 towers, reflecting a
5.8% increase from the prior year. The Company’s
fiber optic assets reached 51,039 km, 56.9% longer
than the previous year. Alongside this asset growth,
tenants increased by 4.3% to 59,868 tenants, and
colocation services also grew by 5.5%.
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As of the end of December 2024, Mitratel had
16,154 towers in Java, contributing 41% of the total.
In contrast, there were 11,426 towers in Sumatra
(29%), 3,656 towers in Sulawesi (9.3%), 3,780
towers in Kalimantan (9.6%), 2,640 towers in Bali
Nusa Tenggara (6.7%), and 1,748 towers in Maluku
and Papua (4.4%). This distribution indicates that
59% of tower assets are outside Java. Amidst a
consolidation trend in the telecommunications
operator industry and an expansion agenda towards
developing regions, Mitratel’s digital infrastructure
represents a significant advantage.
Furthermore, Mitratel is developing its Fiber-to-the-
Tower business to enhance its product offerings
and position as a digital infrastructure company.
The fiber optic segment has demonstrated strong
performance, with revenue growth of 64.3%
reported by the end of 2024, presenting a promising
new source of revenue.
Tower Market Share from Mitratel and Competitors 2022-2024
2024*
2023
2022
39.9%
41.6%
60.1%
58.4%
Mitratel
Competitors
40.7%
59.3%
Remarks:
*) Tower Market Share from Mitratel at third quarter 2024
Digital and Other Segments Market
Share
TelkomGroup’s Digital segment encompasses a
diverse range of service portfolios, which include
smart platforms, digital content, and e-commerce
solutions. Within the smart platform business
line, TelkomGroup provides services such as digital
advertising,
intelligent
applications,
big
data
analytics, Internet of Things (IoT) solutions, and
financial services tailored to meet the demands
of a growing market. In the digital content sector,
TelkomGroup offers music and gaming services
via streaming platforms, including Langit Musik for
music streaming and Upoint for top-up services
and game vouchers, enhancing the user experience
within the digital ecosystem.
Additionally, TelkomGroup manages venture capital
funds through its subsidiary, MDI Ventures, which
focuses on investing in high-potential business
verticals to bolster customer digital services. Priority
sectors for investment include financial technology,
cloud computing, big data, health technology,
e-commerce, and IoT. Since its inception in 2016,
MDI Ventures has invested in more than 91 startups
in Southeast Asia and globally at various stages,
primarily targeting early and mid-stage startups.
136
Management Discussion and Analysis
MARKETING STRATEGY
TelkomGroup has developed competitive, strategic,
and comprehensive distribution channels for its
products and services to boost sales. The Company
is also strengthening its brand by enhancing
the customer experience and adding value to
its offerings. TelkomGroup consistently adjusts
the prices of its products and services to remain
competitive, considering market purchasing power,
network utilization, traffic load, and revenue.
Additionally, TelkomGroup leverages current trends,
such as the rising public consumption of digital
services and government policies that support
the
development
of
the
telecommunications
industry. This approach accelerates national digital
transformation
and
creates
opportunities
for
collaboration and infrastructure development in
remote areas of Indonesia. These initiatives are part
of TelkomGroup’s marketing strategy.
Telkom plans various marketing strategies, including
market
expansions,
partnerships
with
other
strategic companies to build a sustainable digital
ecosystem, and the development of innovative
products and services. The company aims to
foster strong customer relationships and maintain
reliable network infrastructure to provide optimal
services continuously. To ensure that the network
delivers the best possible experience for customers,
TelkomGroup is focused on:
•
Conducting upgrades and increasing the capacity
to ensure proper services.
•
Monitoring
network
issues
through
the
integrated command center (TIOC).
•
Having
the
maintenance
team
constantly
patrolling
to
prevent
errors
or
intrusions
equipped with an application to handle issues
end-to-end.
Mobile
As digital transformation accelerates, the demand for
traditional legacy services is declining due to the rise
of Over-the-Top (OTT) communication platforms
and the rapid adoption of new technologies,
particularly in urban areas. Additionally, market
saturation limits growth opportunities further.
To address the impact of declining revenue from
legacy services in 2024, Telkomsel has launched
various strategic initiatives to stabilize and retain
subscribers. These efforts focus on increasing the
adoption of legacy voice and SMS packages among
existing and potential subscribers. Key programs
include seasonal voice promotions, affordable
and customizable voice packages, and a simplified
SMS pricing structure to ensure greater value and
accessibility.
Furthermore, Telkomsel is enhancing its international
roaming services through the RoadMAX package,
making it more attractive and accessible to travelers.
By integrating these offerings through targeted
marketing and strategic partnerships, Telkomsel
aims to position legacy services as a valuable
complement to its broader service portfolio,
offsetting the downward trend while maintaining
subscribers engagement.
In the mobile broadband sector, Telkomsel shows
positive momentum, indicated by growth in key
metrics such as increased data users and overall
data consumption. While this trend is encouraging,
competitive pressures remain, especially with the
expansion of competitors’ footprints. However,
since the end of 2024, market conditions have
improved with greater supply side stability.
To sustain its growth trajectory and reinforce its
leadership in the mobile and fixed broadband
markets, Telkomsel is implementing a targeted
strategy that includes local marketing campaigns,
innovative pricing models, and investments in
enhancing network quality and capacity.
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Telkomsel continues to focus on sustainable growth
by strengthening its brand position through
targeted marketing campaigns and affordable
product offerings to encourage increased customer
spending. Telkomsel maintains its position in
the high-value segment by adjusting its zone-
based pricing strategy and utilizing data-driven
Customer Value Management (CVM). To enhance
customer engagement and simplify the experience,
Telkomsel
introduced
gamification
campaigns,
loyalty programs, and an integrated CVM approach
to optimize customer retention, conversion, and
service usage.
More than just a utility, Telkomsel is enhancing
the
customer
experience
in
digital
lifestyle.
MyTelkomsel has introduced the “Digital Hyper
Ecosystem,” which features three main innovations.
The “Unbreakable Connectivity” allows customers
to manage mobile and home internet services
simultaneously,
supported
by
Telkomsel
One
bundling for seamless connectivity between fixed
and mobile networks. The application has also
evolved into a digital entertainment hub, offering
access to exclusive movies, series, live TV, music,
and games. Furthermore, the virtual assistant
Veronika, powered by Microsoft’s generative AI, has
significantly improved customer support services.
By the end of 2024, Telkomsel had 159.4 million
mobile subscribers, consisting of 151.4 million
pre-paid subscribers, and 8.0 million post-paid
subscribers.
Consumer
Fixed
broadband
penetration
is
experiencing
positive growth, which Telkomsel recorded the
IndiHome B2C growth reaching 918K new subscribers
by 2024. This development reinforces our converged
revenue stream. The successful completion of IT
billing integration marks a key operational milestone
that enhances our Fixed-Mobile Convergence (FMC)
capabilities and lays the groundwork for long-term
household income growth. By the end of 2024,
convergence penetration reached 56%, confirming
the effectiveness of our strategy to increase
household spending on digital services through
product bundling.
The fixed broadband industry continues to expand,
fueled by the growing demand for household
digital connectivity. Telkomsel has solidified its
position as the market leader by offering high-
quality products, introducing advanced technology,
and responding to the demand for affordable
and reliable connectivity. Telkomsel has launched
affordable fixed and wireless internet packages to
serve unconnected segments better. Additionally,
we are accelerating the FMC business as a growth
catalyst by optimizing wireless products and
enhancing the digital experience through Telkomsel
One, which integrates fixed and mobile broadband
services.
To drive growth for IndiHome, Telkomsel is utilizing
machine learning to prioritize sales strategies.
Following the IT billing system integration in late
2024, we plan to introduce a convergence trial
product, which is expected to expand in the
coming years.
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Management Discussion and Analysis
We are strengthening our sales execution through
micro-demand surveys, pre-launch campaigns,
and improvements to the service fulfillment
process. The sales application has also been
enhanced to support IndiHome sales, making
the
subscribers’
onboarding
process
more
straightforward. Furthermore, our Go-To-Market
(GTM) strategy is refined to the sub-district level,
ensuring product availability aligns with local
market
dynamics
to
maximize
reach
and
competitiveness.
Telkomsel’s differentiated strategies for Fixed
Broadband and FMC position us uniquely to expand
household spending beyond traditional cellular
services. Our strong customer engagement and
increased service convergence will be key benefits.
Our top priority is to improve multi-product
offerings to enhance customer satisfaction and
loyalty. With solid network leadership, ongoing
product innovation, and a growing digital ecosystem,
Telkomsel is well-positioned to optimize long-term
value while upholding rational market practices
crucial for maintaining overall sector stability.
Enterprise
Telkom Group, through its Enterprise segment,
continues to be committed to strengthening
its position as a national B2B market leader by
encouraging
impactful
digital
transformation
through innovative and sustainable marketing
strategies
for
stakeholders.
The
innovative
marketing strategies implemented are as follows:
1. Strengthening Business Fundamentals
TelkomGroup continues to enhance the quality
of its products and services to ensure customer
and stakeholder satisfaction. By employing a
consultative selling approach, we deeply listen
to market needs and provide tailored solutions,
ensuring that each customer receives services
that align with their business requirements.
2. Strengthening
the
Digital
Connectivity
Network
With broad connectivity and bandwidth network
capacity, TelkomGroup is poised to lead the
digital transformation agenda in the enterprise
sector. We will leverage this strength to establish
ourselves as a trusted and leading digital solution
provider for our customers.
3. Accelerating
Digital
Transformation
and
Service Innovation
Beyond connectivity, TelkomGroup is committed
to leading the digital transformation agenda.
By utilizing the latest digital technologies
and solutions, we aim to assist businesses
across various sectors, including state-owned
enterprises (SOEs) and government institutions,
in optimizing their digital infrastructure. This
will enable business processes to function
more effectively, efficiently, innovatively, and
adaptively to meet customer needs.
4. Supporting the Digital Economy by Empowering
SMEs
TelkomGroup is dedicated to empowering small
and medium-sized enterprises (SMEs) by acting
as their digital enabler. We offer digital platforms
and channels that support market access,
funding, and technology, making it easier for
SMEs to engage in Indonesia’s rapidly growing
digital
ecosystem.
This
access
accelerates
Indonesia’s digital transformation, creating more
opportunities for digital-based business growth
across various sectors.
5. Trusted ICT Partner for the Government
TelkomGroup
actively
builds
strategic
partnerships with the government to support
significant national digital initiatives. We strive to
be a reliable ICT partner by providing solutions
that effectively aid public sector digitalization.
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6. Special Approach for Each Customer Segment
To facilitate and accelerate digital transformation
in
the
enterprise
and
corporate
sectors,
TelkomGroup
provides
Account
Managers
who deliver end-to-end solutions and reliable
after-sales services. We offer a Government
Relationship Officer (GRO) for government
institutional customers who proactively manage
relationships and explore strategic information
related to government programs. In line with our
goal to strengthen our position as a B2B market
leader in Indonesia, we provide an integrated
digital channel to enhance customer relationship
management for the corporate sector and
government institutions.
Telkom is dedicated to becoming a key player in
Indonesia’s digital transformation by employing
innovative,
integrated,
and
customer-focused
marketing strategies. It includes a consultative
selling approach and enhancing the Indibiz brand
for SMEs and Telkom Solution for corporate and
government clients. We strive not only to provide
the best service but also to support the growth of
the digital economy at both national and local levels.
With this sustainable collaborative approach, we are
optimistic about becoming a valued partner capable
of significantly impacting digital transformation for
various customer segments and stakeholders.
Wholesale and International
Business
The marketing strategy for the WIB segment
focuses on enhancing both the effectiveness
and efficiency of the cost structure, exploring
new opportunities, and supporting the relevant
ministry’s BUMN Go Global program. Additionally,
we continuously review our overseas operations to
improve our portfolio structure and maximize the
value of the WIB segment.
Some of the marketing strategies we plan to
implement in 2024 are as follows:
•
We are offering an appealing business scheme
for our voice traffic portfolio to counteract the
decline in traffic. This includes bundling voice
traffic products at competitive prices that match
the quality of our services.
•
We are collaborating with Over-the-Top (OTT)
providers and other network/service providers to
deliver digital, cloud-based voice communication
services. We focus on maintaining service quality
and security, ensuring competitive pricing, and
adhering to government regulations.
•
We are introducing smart pricing for A2P
SMS services aimed at potential partners and
enhancing our revenue assurance capabilities
through a robust filtering system.
•
We are developing and expanding our data center
capacity in a measurable and targeted manner to
meet the demands of the wholesale market.
•
We are strengthening our wholesale network
business by offering a variety of configurations
to capture specific markets and enhancing
end-to-end connectivity between data center
services at competitive prices.
•
We
are
enriching
the
wholesale
internet
ecosystem
through
content
consolidation
and eyeball aggregation and developing CDN
(Content Delivery Network) as a service.
•
We are providing digital touchpoints, which will
continue to be developed as tools to support
the efficiency of our product delivery process,
ultimately improving the customer experience.
140
Management Discussion and Analysis
Digital and Others Services
Through digital innovations, Telkom has implemented
various marketing strategies for the Digital and Other
segments. These enhancements include enriching
digital content, offering digital services with special
features, improving branding and operations, and
enhancing the overall customer experience. We are
also focused on building digital business models that
support Indonesia’s digital economy, utilizing assets
and inventory to gain insights into digital services
and customer experiences, and developing a digital
business portfolio by investing in digital startups.
We use multiple communication channels to serve
our customers effectively, including contact centers,
dedicated account management, customer care,
channel management, websites, and social media
platforms.
Additionally, our digital service program enhances
IndiHome B2C services through the MyTelkomsel
application, which serves as a digital touchpoint
for customers. This application offers a variety
of features, including a bundling starter package
with Disney+ Hotstar, IndiBox as an additional
service providing video content, games, and Google
applications, GameQoo as a cloud gaming service,
and as an IoT home service for IndiHome B2C
customers.
Telkomsel is committed to improving product
differentiation and expanding digital capabilities
beyond mere connectivity. We are focused on
enhancing the current digital ecosystem to meet
customer needs and ensuring long-term growth, all
supported by high-quality network services.
DISTRIBUTION CHANNEL
Digital Touch Point
After
integrating
IndiHome
into
Telkomsel,
the digital touchpoints for cellular and fixed
broadband subscribers have been incorporated
into the MyTelkomsel application. Fixed broadband
subscribers can use this app to submit new
installation requests and manage their bills and
payments. To enhance customer experience, we
have integrated MyTelkomsel with Veronika, a
chatbot-based virtual assistant for B2C customers.
This integration is supported by advanced AI
technology from Microsoft Azure and OpenAI,
enabling more natural and intuitive interactions
and providing a comfortable and personalized
service experience for our users. Additionally, we
have introduced Ted, an Enterprise Digital Account
Manager that utilizes Generative AI technology
to improve service quality for B2B customers. Ted
functions as a consultative tool, offering tailored
digital solutions. He is available through a chatbot
on our website and can appear as a Metahuman™
at specific events.
TelkomGroup
also
offers
web-based
digital
touchpoints for enterprise customers through
the My Telkom Enterprise Solution (MyTeNS).
This platform aims to improve productivity and
customer service by simplifying business processes.
With MyTeNS, customers can easily access product
catalogs, obtain digital quotes, track delivery
tickets, and submit service disruption reports
through release tickets.
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For SME customers, Telkom offers MyIndibiz, a
digital platform that provides various services and
products to help SMEs in Indonesia build a digital
business ecosystem. Customers can find numerous
solutions to enhance their business operations and
marketing through MyIndibiz.
Telkom offers a self-service digital touchpoint,
MyCarrier,
for
wholesale
customers,
which
delivers a seamless end-to-end digital customer
experience. This includes real-time integration
with internal processes such as product catalogs,
order management, service installation/activation
tracking, billing and payments, and monitoring
disruption
reports.
We
measure
customer
experience and the voice of the customer by closing
the loop method through transactional digital
touchpoints using the Net Promoter Score (NPS)
survey metric. This approach allows us to gather
accurate data to enhance our product and service
quality and overall customer satisfaction.
Customer Service Point
TelkomGroup operates GraPARI as a customer
service point that offers solutions for various
products and services. Through GraPARI, customers
can access the complete range of offerings from
Telkom and Telkomsel, which include fixed broadband
and cellular services. The services encompass billing,
payment, subscription cancellations, promotions, and
handling complaints. We are working to optimize and
reduce duplication among customer touchpoints,
aiming to have 486 GraPARI Centers in Indonesia by
the end of 2024.
We are focusing on optimizing around 300
GraPARI locations to enhance synergy initiatives.
This strategy will maintain our current customer
satisfaction levels, provide better overall customer
experience, and increase operational efficiency in
the future.
Authorized Dealers, Retail Outlets,
and Modern Channels
Authorized dealers and retail outlets act as a non-
exclusive distribution network for various Telkomsel
products, including starter packs and top-up
vouchers, often with multiple discounts. With
the growing preference for online transactions
over traditional outlets, Telkom is adjusting the
performance indicators for its outlet partners. This
change aims to provide appropriate rewards and
assist partners in optimizing their business models
to boost sales.
We recognize a significant shift from traditional
channels to modern ones, primarily driven by
changes in consumer behavior during the COVID-19
pandemic. Many consumers want to minimize
physical interactions or adhere to social distancing
measures and guidelines. As a result, they
increasingly prefer to transact online, utilizing the
internet or dedicated mobile applications instead
of visiting traditional outlets.
The
digitalization
and
implementation
of
digital strategies by various private companies,
institutions, and public agencies have contributed
to a surge in transaction volumes through
modern channels. This has led to rapid growth in
the e-commerce, fintech, e-money, and delivery
service sectors. Telkomsel has been closely
monitoring these changes to adapt and redefine
the key performance indicators used for rewarding
partners and helping them enhance their business
models and increase sales.
142
Management Discussion and Analysis
Partnership Stores
TelkomGroup collaborates with various third-party
marketing outlets to expand its distribution network,
including computer and electronics stores, banking
ATM networks, and other business networks.
Contact Centers
TelkomGroup operates a 24-hour contact center
service in Semarang, Bandung, and Malang. This
service is designed to help customers register,
submit complaints, and obtain information about
TelkomGroup products and services.
Account Management Team
TelkomGroup has an account management team
that serves as the primary channel for customer
interaction. This team is responsible for managing
customer relations and portfolios, catering to
various corporate customers, SMEs, government
institutions, and wholesale and international clients.
Sales Specialist
TelkomGroup employs sales specialists who work
alongside account managers to identify and address
customers’ technical needs.
Channel Partner
TelkomGroup collaborates with various organizations
to organize events for customers in the Enterprise
segment. Additionally, TelkomGroup collaborates
with Community Partners and B2B Partners to meet
the demands of Enterprise customers and reach
retail consumers.
Website
TelkomGroup maintains several websites to give
customers easy access to information, complaint
submissions,
and
services
such
as
e-billing,
registration, and consolidated billing information.
Customers can visit these websites as needed,
including
www.telkom.co.id,
www.telkomsel.com,
www.telin.net, and www.indihome.co.id.
Social Media
TelkomGroup
actively
manages
social
media
accounts across various platforms, such as Facebook,
Instagram, and X (formerly Twitter). This enables
them to reach a broader audience, communicate
with customers, and quickly gather feedback on
their products and services.
Instant Messaging
TelkomGroup
also
utilizes
instant
messaging
channels via Facebook, X (Twitter), Telegram, and
WhatsApp. Telkomsel subscribers can communicate
with Veronika’s virtual chatbot assistant to explore
products and services.
LinkAja
Launched in 2019, LinkAja—formerly known as
T-Cash—is a digital wallet application developed
by PT Fintek Karya Nusantara (Finarya). Accessible
via smartphone, LinkAja offers a wide range of
features, including bill payments, the purchase of
digital products and services, and various financial
transactions, both online and offline. This service
enables users to easily and conveniently make retail
payments, transfer funds, and perform various
banking activities.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
143
CUSTOMER RELATIONSHIP
MANAGEMENT (CRM)
In 2024, Telkomsel successfully integrated its call
center services by centralizing all customer services
under 188, beginning in January for Telkomsel and
IndiHome customers. This centralization aims to
enhance operational efficiency and improve the
quality of customer interactions. As part of its
service innovations, Telkomsel introduced the
convenience of purchasing an eSIM card at GraPARI
without requiring a physical SIM card in March. In May,
the company facilitated the replacement of physical
SIM cards with eSIMs, promoting a transition to
more sustainable technology.
Telkomsel also made a strategic move by reopening
GraPARI in Mecca. This made it easier for customers
to access international roaming services during the
Umrah and Hajj pilgrimages. Additionally, to support
the development of the Indonesian Capital City,
Telkomsel inaugurated a GraPARI at a new location
in the “IKN Construction Workers Housing (HPK)” in
July 2024, aligning with the government’s initiative
to create a modern and sustainable government
center.
In the high-value service segment, Telkomsel
launched GraPARI Prestige in Batam, specifically
designed to cater to priority customers. This facility
features a special queue, a food and beverage area,
a photo box, and AR & VR technology to enhance
customer
experience.
Furthermore,
Telkomsel
conducted a live demonstration of facial recognition
technology for the KYC process, tested at GraPARI
Graha Merah Putih in the presence of MoCI, as part
of its efforts to secure customer data and minimize
the risk of fraud.
Moreover, we continuously refine our approach
using the “close the loop” methodology, which
emphasizes
addressing
customer
needs
and
satisfaction
throughout
the
overall
process.
We sustain improvement by providing solutions
for customers’ problems to enhance customer
experience. We gather feedback from dissatisfied
customers through NPS (Net Promoter Score)
surveys, analyze it thoroughly to identify the root
cause of their issues, and develop a priority action
plan to improve customer satisfaction effectively.
We also focus on providing services aligned with
customer needs and preferences by utilizing profiles
generated from data collection and enhanced hype
micro-segmentation analysis tools. This strategy
allows us to deliver more personalized services and
product offerings priced appropriately to maintain
customer engagement and increase satisfaction
based on their unique profiles.
Additionally, we implement comprehensive customer
relationship management that we can monitor from
start to finish. This enables us to identify and resolve
problems proactively without waiting for customer
complaints. With various contact points available
nationwide, we ensure our customers receive
prompt and convenient service.
144
Management Discussion and Analysis
FINANCIAL POSITION OVERVIEW
As of December 31, 2024, TelkomGroup had total assets of Rp299,675 billion or US$18,619 million, increased by
4.4% from the previous period. The increase was due to an increase in right-of-use assets, trade receivables,
cash and cash equivalents, and other non-current assets. Meanwhile, total liabilities were Rp137,185 billion
or US$8,523 million. It increased by 5.1% from last year. The increase was due to an increase in bank loans,
accrued expenses, bonds and promissory notes, and lease liabilities.
Telkom and Its Subsidiaries Financial Position 2022-2024
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Total Current Assets
13.4
63,080
3,919
55,613
55,057
Total Non-Current Assets
2.2
236,595
14,700
231,429
220,135
Total Assets
4.4
299,675
18,619
287,042
275,192
Total Current Liabilities
7.3
76,767
4,770
71,568
70,388
Total Non-Current Liabilities
2.6
60,418
3,754
58,912
55,542
Total Liabilities
5.1
137,185
8,523
130,480
125,930
Total Equity attributable to owners
of the parent company
4.7
142,094
8,828
135,744
129,258
Financial Position Comparison
The position of Telkom’s current assets and non-current assets as of December 31, 2024, was 21% and 79%
towards total assets. Meanwhile, for the liabilities, Telkom had 44% current liabilities and 56% non-current
liabilities towards total liabilities.
Asset Composition 2022-2024 (Rp billion)
Comprehensive Financial
Performance
2024
2023
2022
63,080 ; 21.0%
55,613 ; 19.4%
55,057 ; 20.0%
236,595 ; 79.0%
231,429 ; 80.6%
220,135 ; 80.0%
Current Asset
Non Current Asset
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
145
Liabilities Composition 2022-2024 (Rp billion)
Comparison of Financial Position as
of December 31, 2024, Compared to
as of December 31, 2023
1. Assets
At the end of 2024, Telkom’s total assets
were Rp299,675 billion or US$18,619 million. It
increased by Rp12,633 billion or 4.4% compared
to 2023. It was due to:
a. Current Assets
Telkom’s current assets of December 31,
2024, were recorded at Rp63,080 billion or
US$3,919 million, increased by Rp7,467 billion
or 13.4% from 2023. It was due to:
•
An increase in cash and cash equivalents
of Rp4,898 billion or 16.9% due to the
increase in cash in bank for related and
third parties, which resulted from the
increase in cash flows from operating
activities, sale of property and equipment,
and proceeds from loans and other
borrowings.
•
An increase in trade receivables of Rp1,526
billion or 14.3% due to the increase in
trade receivables of related parties of
Rp432 billion and trade receivables of
third parties of Rp1,094 billion.
•
An increase in claim for tax refund and
prepaid taxes of Rp916 billion or 47.5%
due to the increase in total prepaid taxes
– current portion.
•
An increase in Contract cost of Rp481
billion or 73.7% due to the increase in
contract fulfilment costs.
•
An increase in other current assets of
Rp178 billion or 2.2% due to the increase
in other receivables, prepaid frequency
license fees – current portion, and prepaid
salaries.
•
An increase in inventories of Rp99 billion
or 9.9% due to the increase in inventories
of spare part components and other
inventories.
76,767 ; 56.0%
71,568 ; 54.8%
70,388 ; 55.9%
60,418 ; 44.0%
58,912 ; 45.2%
55,542 ; 44.1%
2024
2023
2022
Current Liabilities
Non Current Liabilities
146
Management Discussion and Analysis
The increases were offset by:
•
A decrease in other current financial
assets of Rp376 billion or 22.6% due to
the decrease in time deposits and mutual
funds.
•
A decrease in contract assets of Rp255
billion or 9.4% due to the decrease in
contract assets - current portion.
b. Non-Current Assets
TelkomGroup’s
non-current
asset
as
of
December 31, 2024, were Rp236,595 billion
or US$14,700 million, increased by 2.2% or
Rp5,166 billion from 2023. It was due to:
•
An increase in right-of-use assets of
Rp4,326 billion or 19.2% due to the
increase in right-of-use assets in land
rights, buildings, transmission installation
and equipment, vehicles, and others.
•
An increase in other non-current assets of
Rp775 billion or 14.3% due to the increase
in claims for tax refund – net of current
portion, prepaid expenses, and security
deposit.
•
An increase in intangible assets of Rp711
billion or 8.1% due to the value increase in
software and license.
•
An increase in long-term investments
in financial instruments of Rp173 billion
or 2.1% due to the increase in long-term
investments in financial instruments of
equity in the form of shares, long-term
investment in financial instruments of
FVTPL and FVTOCI.
•
An increase in contract assets Rp103 billion
or 396.2% due to the increase in contract
asset – non current portion and decrease
in allowance for expected credit losses in
2024.
•
An increase in contract cost of Rp28 billion
or 1.8% due to the increase in difference
between amortization during the year
with additional cost to obtain and cost to
fulfill, and impairment.
The increases were offset by:
•
A decrease in deferred tax assets - net of
Rp761 billion or 18.2% due to the decrease
in allowance for expected credit losses,
pension and other post-employment
benefits, difference between book value of
accounting and tax property equipment,
provision for employee benefits, and
deferred tax assets of Telkomsel and other
subsidiaries.
•
A decrease in property and equipment of
Rp189 billion or 0.1% due to the decrease
in
net
book
value
from
switching
equipment; telegraph, telex, and data
communication equipment; transmission
installation
and
equipment;
satellite,
earth station, and equipment; cable
network; power supply; data processing
equipment; and other telecommunication
peripherals.
2. Liabilities
At the end of 2024, TelkomGroup recorded total
liabilities of Rp137,185 billion or US$8,523 million,
it increased by 5.1% or Rp6,705 billion from 2023.
The following influenced changes in liabilities:
a. Current Liabilities
At
the
end
of
2024,
TelkomGroup’s
current liabilities were Rp76,767 billion or
US$4,770 million, it increased by 7.3% or
Rp5,199 billion and was due to:
•
An increase in current maturities of
long-term loans and other borrowings
of Rp5,590 billion or 54.4% due to the
increase in long-term bank loans, bonds
and medium-term notes (MTN).
•
An increase in short-term bank loans of
Rp1,875 billion or 19.4% due to the increase
in short-term bank loans of related and
third parties.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
147
•
An increase in accrued expenses of
Rp1,113 billion or 8.5% due to the increase
in
accrued
expenses
for
operation,
maintenance,
and
telecommunication
services; and general, administrative, and
marketing expenses.
•
An increase in contract liabilities of Rp890
billion or 13.0% due to the increase in
advances from customers for Mobile,
Enterprise, WIB, and others.
•
An increase in customer deposits of
Rp306 billion or 11.9% due to the increase
in customers.
•
An increase in other payables of Rp13
billion or 2.9% due to the increase in other
payables from external and affiliation, and
customer deposits.
The increases were offset by:
•
A decrease in trade payables of Rp3,272
billion or 17.6% due to the settlement
of trade payables from third parties for
purchases of equipment, materials, and
services, and settlement of payables to
other telecommunication providers.
•
A decrease in taxes payable of Rp1,232
billion or 27.2%, mostly due the decrease
in taxes payable of The Company and
subsidiaries, such as corporate income
tax.
•
A decrease in current maturities of lease
liabilities of Rp84 billion or 1.5%.
b. Non-Current Liabilities
At the end of 2024, TelkomGroup recorded
non-current liabilities of Rp60,418 billion
or US$3,754 million, it increased by 2.6% or
Rp1,506 billion, which was due to:
•
An increase in lease liabilities of Rp3,618
billion or 24.4% due to the increase in
lease activities of the Company.
•
An increase in deferred tax liabilities – net
of Rp151 billion or 18% due to the increase
in deferred tax liabilities of Telkomsel and
other subsidiaries.
•
An increase in pension benefits and other
post-employment benefits obligations of
Rp126 billion or 1.1% due to the increase in
projected pension benefit obligations of
Telkomsel, net periodic post-employment
health care benefit, and obligation under
the Labor Law.
•
An
increase
in
long
service
award
provisions of Rp39 billion or 3.4% due
to the increase in Long Service Awards
(LSA) and Long Service Leaves (LSL) of
Telkomsel and Telkomsat.
The increases were offset by:
•
A decrease in long-term borrowings - net
of current maturities of Rp2,255 billion or
8.1% due to the decrease in bank loans,
bonds and MTN.
•
A decrease in contract liabilities of Rp107
billion or 4.1% due to the decrease in
advances from customers for Consumer,
Enterprise and others.
•
A decrease in other non-current assets of
Rp66 billion or 22.8%.
3. Equity
TelkomGroup’s equity in 2024 was recorded at
Rp162,490 billion or US$10,096 million, increased
by 3.8% or Rp5,928 billion from the 2023 of
Rp156,562 billion.
148
Management Discussion and Analysis
PROFIT AND LOSS OVERVIEW
Telkom’s consolidated revenue as of December 31, 2024, was Rp149,967 billion (US$9,317 million), or increased
by 0.5% compared to the last year of Rp149,216 billion (US$9,690 million). The increase was due to the
increase in data, internet, and information technology service revenues, network revenues, revenues from
lessor transaction, and other services revenues.
The total expense of TelkomGroup in 2024 was Rp107,581 billion (US$6,684 million), it increased by 3.1%
compared to the total expense in 2023 of Rp104,300 billion (US$6,773 million). It was due to several factors,
such as the increase in operations, maintenance, and telecommunication services expenses; personnel
expenses due to early retirement program; interconnection expenses; marketing expenses; and general
and administrative expenses. As of the end of 2024, TelkomGroup recorded a net profit of Rp30,743 billion
(US$1,910 million), it decreased by 4.5%, and EBITDA of Rp75,029 billion that decreased by 3.3% compared
to 2023.
Telkom and Its Subsidiaries Consolidated Profit and Loss in 2022-2024
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Revenues
(0.5)
149,967
9,317
149,216
147,306
Telephone revenues
(25.9)
6,739
419
9,093
13,588
Cellular
(23.6)
6,260
389
8,194
12,052
Fixed Line
(46.7)
479
30
899
1,536
Interconnection revenues
1.3
9,187
571
9,067
8,472
Data, internet, and information
technology service revenues
3.9
94,338
5,861
90,820
86,410
Celluler internet and data
(0.7)
72,639
4,513
73,187
69,006
Internet, data communication and
information technology services
29.4
14,104
876
10,899
10,286
Short Messaging Service (SMS)
12.6
3,805
236
3,380
4,309
Others
13.0
3,790
235
3,354
2,809
Network revenues
28.1
3,179
198
2,482
2,378
IndiHome revenues
(8.8)
26,262
1,632
28,785
28,020
Other services revenues
17.0
7,233
449
6,183
5,834
Manage service and terminal
13.6
1,045
65
920
1,157
Call center service
(0.7)
1,255
78
1,264
1,164
E-health
0.8
767
48
761
729
E-payment
162.1
1,300
81
496
474
Others
4.5
2,866
178
2,742
2,310
Revenues from lessor transaction
8.7
3,029
188
2,786
2,604
Expenses
3.1
107,581
6,684
104,300
101,569
Depreciation and amortization
expenses
(0.1)
32,643
2,028
32,663
33,255
Operations, maintenance, and
telecommunication services expenses
3.7
41,202
2,560
39,718
38,184
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
149
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Operations and maintenance
5.7
24,365
1,514
23,057
22,746
Radio frequency usage charges
3.7
7,687
478
7,412
6,510
Leased lines and CPE
(1.2)
3,422
213
3,462
3,530
Concession fees and USO charges
3.4
2,933
182
2,836
2,601
Electricity, gas, and water
25.1
1,097
68
877
904
Cost of SIM cards and vouchers
(26.7)
584
36
797
747
Project management
(12.7)
427
27
489
400
Insurance
14.5
308
19
269
230
Vehicles rental and supporting
facilities
(12.0)
271
17
308
343
Others
(48.8)
108
7
211
173
Personnel expenses
5.5
16,807
1,044
15,927
14,907
Salaries and related benefits
(2.2)
9,457
588
9,674
9,360
Vacation pay, incentives and other
benefits
1.3
4,214
262
4,159
3,835
Pension and other post-employment
benefits
(4.1)
1,691
105
1,764
1,585
Long Service Award (LSA) expense
(21.8)
226
14
289
92
Early Retirement Program
100.0
1,186
74
-
-
Others
(19.5)
33
2
41
35
Interconnection expenses
8.1
6,880
427
6,363
5,440
Marketing expenses
8.3
3,824
238
3,530
3,929
General and administrative expenses
2.1
6,225
387
6,099
5,854
General Expenses
0.1
2,448
152
2,446
2,259
Professional fees
(14.2)
855
53
996
1,097
Allowance for expected credit losses
50.1
770
48
513
567
Travelling
(5.0)
421
26
443
421
Training, education, and recruitment
(1.7)
453
28
461
371
Social contribution
0.4
233
14
232
218
Collection expenses
(0.5)
194
12
195
173
Meeting
16.8
390
24
334
312
Others
(3.8)
461
29
479
436
Gain (loss) on foreign exchange-net
(477.8)
136
8
(36)
256
Unrealized gain on changes in fair value
of investments
(125.1)
188
12
(748)
(6,438)
Other Income - net
11.5
281
17
252
26
Operating Profit
(3.1)
42,991
2,671
44,384
39,581
Finance income
28.8
1,367
85
1,061
878
Finance costs
12.0
(5,208)
(324)
(4,652)
(4,033)
Share of profit (loss) of associated
companies
200.0
3
0
1
(87)
150
Management Discussion and Analysis
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Profit Before Income Tax
(4.1)
39,153
2,433
40,794
36,339
Income Tax (Expense) Benefit
(2.0)
(8,410)
(523)
(8,586)
(8,659)
Profit for the Year
(4.5)
30,743
1,910
32,208
27,680
Other comprehensive income (loss)
161.6
895
56
(1,454)
1,767
Net comprehensive income for the year
2.9
31,638
1,966
30,754
29,447
Profit for the year attributable to
owners of the parent company
(3.7)
23,649
1,469
24,560
20,753
Profit for the year attributable to non-
controlling interest
(7.2)
7,094
441
7,648
6,927
Net comprehensive income attributable
to owner of the parent company
5.9
24,434
1,518
23,083
22,468
Net comprehensive income for the year
attributable to non-controlling interest
(6.1)
7,204
448
7,671
6,979
Profit and Loss Comparison
TelkomGroup’s highest revenue composition in 2024 was data, internet, and information technology service
revenues of 62.9%, followed by IndiHome revenue with the contribution of 17.5% and interconnection revenue
of 6.1%.
The highest expense composition was from operation, maintenance, and telecommunication services of
38.3%, followed by depreciation and amortization expenses related to property and equipment, software,
hardware, and technology infrastructure use of 30.3%. The least expense in 2024 was the marketing expense
of 3.6%.
Revenue Composition 2022-2024 (Rp billion)
Data, Internet
and Information
Technology
IndiHome
Telephone
Interconnection
Revenue
from Lessor
Transactions
Network
Other Services
90,820 ; 60.9%
86,410 ; 58.7%
9,093 ; 6.1%
13,588 ; 9.2%
2,786 ; 1.9%
2,604 ; 1.8%
28,785 ; 19.3%
28,020 ; 19.0%
9,067 ; 6.1%
8,472 ; 5.8%
2,482 ; 1.6%
2,378 ; 1.5%
6,183 ; 4.1%
5,834 ; 4.0%
2024
2023
2022
94,338 ; 62.9%
6,739 ; 4.5%
3,029 ; 2.0%
26,262 ; 17.5%
9,187 ; 6.1%
3,179 ; 2.1%
7,233 ; 4.8%
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
151
Expenses Composition 2022-2024 (Rp billion)
Comparison of Profit and Loss for
The Year Ended December 31, 2024
Compared to Year Ended
December 31, 2023
1. Revenues
In 2024, TelkomGroup recorded revenues at
Rp149,967 billion (US$9,317 million), it increased
by 0.5% or Rp751 billion, compared to the
2023 revenue of Rp149,216 billion. The increase
was due to an increase in data, internet, and
information
technology
services
revenues,
revenues from lessor transactions, and other
services revenues.
a. Cellular Telephone Revenues
The cellular voice revenue decreased by
23.6% in 2024 to Rp6,260 billion (US$389
million) compared to the last year of Rp8,194
billion. It was due to a decrease in Over-the-
Top (OTT) services interest by subscribers
for communication, and a decrease in cellular
usage revenue, both local, Long Distance
Direct
Connections
and
international,
postpaid revenue and Mobile Virtual Network
Operator (MVNO) revenue.
b. Fixed Lines Telephone Revenues
Fixed lines telephone revenues in 2024 were
Rp479 billion (US$30 million), it decreased
by 46.7% or Rp420 billion compared to 2023
of Rp899 billion. It was due to the decrease
in the abonnement of fixed lines telephone,
which consumer would prefer to use mobile
device nowadays.
c. Data, Internet, and Information Technology
Services Revenues
TelkomGroup recorded data, internet, and
information technology services revenue in
2024 of Rp94,338 billion (US$5,861 million), it
increased by 3.9% or Rp3,518 billion compared
to the 2023 revenue of Rp90,820 billion. The
increase was due to:
Operations,
Maintenance and
Telecommunication
Services
Depreciation and
Amortization
Personnel
Interconnection
General and
Administrative
Marketing
39,718 ; 38.1%
38,184 ; 37.6%
15,927 ; 15.3%
14,907 ; 14.7%
6,099 ; 5.8%
5,854 ; 5.7%
32,663 ; 31.3%
33,255 ; 32.7%
6,363 ; 6.1%
5,440 ; 5.4%
3,530 ; 3.4%
3,929 ; 3.9%
2024
2023
2022
41,202 ; 38.3%
16,807 ; 15.6%
6,225 ; 5.8%
32,643 ; 30.3%
6,880 ; 6.4%
3,824 ; 3.5%
152
Management Discussion and Analysis
•
An
increase
in
data,
internet,
and
information technology service revenues
of Rp3,205 billion or 29.4% due to the
revenue growth of HSI, Wi-Fi, internet,
managed service from Enterprise segment
and IP transit from WIB segment.
•
An increase in others revenues of Rp436
billion or 13.0%, driven by the growth of
data usage in Enterprise and WIB segment
products, and an increase in online games,
e-commerce, and Infrastructure as a
Service (IaaS) revenue.
•
An increase in SMS revenues of Rp425
billion or 12.6% due to the increase in
domestic and international SMS revenues.
The increases were compensated by the
decrease in cellular data and internet
revenues of Rp548 billion or 0.7% due to the
declining mobile data usage.
d. Interconnection Revenues
TelkomGroup’s
interconnection
revenue
was from fixed-line telephone, including
direct international services of IDD 007 and
Telkomsel cellular network. TelkomGroup’s
interconnection revenues in 2024 were
Rp9,187 billion (US$571 million), it increased
by 1.3% or Rp120 billion from the last year of
Rp9,067 billion. It was due to an increase in
traffic between countries in for hubbing voice,
international interconnect, international SMS
hubbing, and Application to Person (A2P)
SMS revenues.
e. Network Revenues
TelkomGroup’s network revenues in 2024
were Rp3,179 billion (US$198 million), it
increased by 28.1% or Rp697 billion, from
Rp2,482 billion in 2023. It was due to an
increase in transponder satellite, leased line,
VSAT Starlink, C-Band abonnement standard,
and International Private Leased Circuit (IPLC)
revenues.
f. IndiHome Revenues
IndiHome revenues in 2024 were Rp26,262
billion (US$1,632 million), a decrease of
8.8% or Rp2,523 billion from the previous
year’s Rp28,785 billion. It was due to the
reclassification
of
IndiHome
Enterprises
(B2B) revenues to the Data, Internet, and
Information Technology Services revenues.
g. Other Services Revenues
TelkomGroup recorded revenue for the other
services of Rp7,233 billion (US$449 million) in
2024, it increased by 17.0% or Rp1,050 billion
compared to the 2023 revenues of Rp6,183
billion. It was due to:
•
An increase in e-payment revenues of
Rp804 billion or 162.1%.
•
An increase in manage service and terminal
revenues of Rp125 billion or 13.6%.
•
An increase in others revenues of Rp124
billion or 4.5%.
•
An increase in e-health revenues of Rp6
billion or 0.8%.
The increases were compensated by the
decrease in call center service revenues by
Rp9 billion or 0.7%.
h. Revenues from Lessor Transactions
TelkomGroup’s
revenues
from
lessor
transactions in 2024 were Rp3,029 billion
(US$188 million). It resulted from adopting
PSAK 115, which Telkom requires to disclose
revenues
from
lessor
transactions;
for
instance, operation leases were separate
from contracts with customers’ revenues.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
153
2. Expense
TelkomGroup’s total expenses as of December
31, 2024, were Rp107,581 billion (US$6,684
million), it increased by 3.1% or Rp3,281 billion,
compared to Rp104,300 billion in 2023. These
changes were due to:
a. Operation, Maintenance and
Telecommunication Service Expense
In
2024,
TelkomGroup’s
operating,
maintenance,
and
telecommunications
services expenses were Rp41,202 billion
(US$2,560 million), it increased by 3.7% or
Rp1,484 billion compared to 2023 of Rp39,718
billion. It was due to:
•
An increase in operation and maintenance
expenses of Rp1,308 billion or 5.7% from
due to the increase in direct costs for
digital provider services, billing payment
aggregators, and value-added services
cooperation expenses.
•
An increase in radio frequency usage
charges expenses of Rp275 billion or 3.7%
in line with the increase in prepayment
assets for frequency rights expenses.
•
An increase in electricity, gas, and water
expenses of Rp220 billion or 25.1% due to
the increase in direct costs for electricity,
gas, and water in subsidiaries.
•
An increase in concession fees and USO
charges expenses of Rp97 billion or 3.4%
due to an increase in the contribution of
gross telecommunications revenue for
USO development in accordance with the
MCDA policy.
•
An increase in insurance expenses of
Rp39 billion or 14.5% due to the increase
in insurance expenses on property and
equipment, satellites, and building leases
and in line with the rise in insurance of
property and equipment except land
against the risks of fire, theft, earthquakes
and
other
risks,
including
business
disruptions.
The increases were compensated by:
•
A decrease in cost of SIM cards, vouchers,
and sales of peripherals expenses of Rp213
billion or 26.7% related to the decrease
in the value of SIM card and voucher
inventory and the decrease in card printing
costs and SIM Cards - MVNO.
•
A decrease in others expenses of Rp103
billion or 48.8% in line with the decrease
in
non-trade
receivables
allowance
expenses.
•
A
decrease
in
project
management
expenses of Rp62 billion or 12.7% in line
with the decrease in new projects that
recently commenced.
•
A decrease in leased lines and CPE
expenses of Rp40 billion or 1.2% due to
the decrease in retail CPE expenses, Media
Hub direct costs and other manage non
device expenses.
•
A
decrease
in
vehicles
rental
and
supporting facilities expenses of Rp37
billion or 12% due to the decrease in
transportation management expenses
and vehicle rental operations driven by the
Company‘s efficiency program.
154
Management Discussion and Analysis
b. Depreciation and Amortization Expense
TelkomGroup
recorded
depreciation
and
amortization expenses in 2024 at Rp32,643
billion (US$2,028 million), it decreased by
0.1% or Rp20 billion compared to the last year
of Rp32,663 billion. It was due to the decrease
in goodwill value resulted from Digiserve of
Rp64 billion and MNDG of Rp13 billion, and the
decrease in depreciation expenses of IMS.
c. Personnel Expense
The personnel expense in 2024 was Rp16,807
billion (US$1,044 million). It increased by 5.5%
or Rp880 billion from Rp15,927 billion in 2023.
It was due to the early retirement program
in 2024 of Rp1,184 billion and the increase in
vacation pay, incentives, and other benefits
expenses of 1.3% or Rp55 billion. Although
personnel expense increased, due to the
decrease in TelkomGroup’s employees of 6%
from 23,064 employees in 2023 to 21,673
employees in 2024, there was a decrease in
salaries and related benefits expenses by
2.2%, pension and other post-employment
benefits expenses by 4.1%, and LSA expenses
by 21.8% compared to the previous year.
d. Interconnection Expense
TelkomGroup’s interconnection expense in
2024 was Rp6,880 billion (US$427 million), it
increased by 8.1% or Rp517 billion compared
to the last period of Rp6,363 billion. It was
in line with the increase in interconnection
revenues, as it indicated in the increasing
expenses of voice hubbing and cellular
interconnection to IDD.
e. Marketing Expense
TelkomGroup recorded marketing expenses
in 2024 at Rp3,824 billion (US$238 million), it
increased by 8.3% or Rp294 billion compared
to 2023 of Rp3,530 billion. It was due to the
increase in sales force expenses, sales fee,
exhibition expenses, and advertising of the
Company and its subsidiaries in line with the
increase in various program initiatives for the
Five Bold Moves strategy implementation.
f. General and Administrative Expense
TelkomGroup’s general and administrative
expenses in 2024 were Rp6,225 billion
(US$387 million), it increased by 2.1% or
Rp126 billion compared to Rp6,099 billion in
2023. It was due to the increase in allowance
for expected credit losses trade receivables
expenses of Rp257 billion or 50.1%, general
expenses of Rp2 billion or 0.1%, meeting
expense of Rp56 billion or 16.8%, and social
contribution of Rp1 billion or 0.4%.
3. Gain (Losses) on Foreign Exchange-Net
TelkomGroup’s
business
involves
foreign
currencies and exchange rate fluctuations,
so it may positively or negatively impact the
Company’s
financial
transactions.
In
2024,
TelkomGroup recorded gain on foreign exchange
- net of Rp136 billion (US$8 million), it increased
by 172% compared to the previous period that
lost Rp36 billion.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
155
4. Unrealized Gain (Loss) on Changes in Fair Value
of Investments
In 2024, TelkomGroup recorded unrealized gain
on changes in fair value of investments at Rp188
billion, it increased by 125.1% compared to the
last period unrealized loss of Rp748 billion. It was
due to the changes in the fair values on GOTO
dan MDI investments.
5. Other Income – Net
TelkomGroup recorded other income - net in
2024 at Rp281 billion (US$17 million), it increased
by 11.5% or Rp29 billion compared to the last
period of Rp252 billion.
6. Operating Profit and Operating Profit Margin
TelkomGroup recorded the operating profit in
2024 at Rp42,959 billion (US$2,669 million),
it decreased by 3.2% compared to the last
operating profit of Rp44,384 billion. Meanwhile,
the operating profit margin decreased from
29.7% in 2022 to 28.6% in 2024.
7. Profit Before Income Tax and Pre-Tax Margin
TelkomGroup’s profit before income tax in
2024 was Rp39,153 billion (US$2,433 million), it
decreased by 4.1% compared to the last period
of Rp40,794 billion. Meanwhile, the pre-tax
margin decreased from 27.3% in 2023 to 26.1%
in 2024.
8. Income Tax (Expense) Benefit
TelkomGroup recorded expense tax benefit in
2024 was Rp8,410 billion (US$523 million), it
decreased by 2.0% or Rp176 billion compared to
2023 of Rp8,586 billion. It was due to the decrease
in the current income tax of the Company and its
subsidiaries.
9. Other Comprehensive Income (Losses)
TelkomGroup recorded other comprehensive
income in 2024 at Rp895 billion (US$56 million),
it increased by 161.6% or Rp2,349 billion
compared to other comprehensive losses in
2023 of Rp1,454 billion. It was due to an increase
in the difference of foreign currency translation
of Rp324 billion, defined benefit actuarial gain –
net of Rp2,204 billion that resulted losses in the
previous year.
10. Profit for The Year Attributable to Owners of
The Parent Company
Profit for the year attributable to owners of the
parent company in 2024 recorded at Rp23,649
billion (US$1,469 million), it decreased by 3.7%
from Rp24,560 billion in 2023.
11. Profit for The Year Attributable to Non-
Controlling Interest
Profit for the year attributable to non-controlling
interests was at Rp7,094 billion (US$441 million),
it decreased by 7.2% from Rp7,648 billion in
2023.
12. Total Comprehensive Income for The Year
In 2024, Telkom recorded comprehensive income
for the year of Rp31,638 billion (US$1,966 million),
it increased by 2.9% or Rp884 billion compared
to 2023 of Rp30,754 billion.
13. Net Income per Share
TelkomGroup’s net income per share in 2024
was Rp283.73 per share, it decreased by 3.7%
or Rp9.19 per share compared to the last year of
Rp247.92 per share.
156
Management Discussion and Analysis
CASHFLOW OVERVIEW
As of December 31, 2024, TelkomGroup’s cash and cash equivalent was decent at Rp33,905 billion
(US$2,106 million). The net cash provided by operating activities was Rp61,600 billion, net cash used in
investing activities was Rp29,456 billion, and net cash used in financing activities was Rp27,505 billion.
TelkomGroup Cashflow 2022-2024
Growth
2024-2023
(%)
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Net Cash
Provided by operating activities
1.7
61,600
3,827
60,581
73,354
Used in investing activities
(20.2)
(29,456)
(1,830)
(36,909)
(39,250)
Used in financing activities
3.5
(27,505)
(1,709)
(26,567)
(40,837)
Net increase (decrease) in cash and
cash equivalents
(260.2)
4,639
288
(2,895)
(6,733)
Effect of exchange rate changes on
cash and cash equivalents
(675.6)
259
16
(45)
369
Cash and cash equivalents at end
of year
(9.2)
29,007
1,802
31,947
38,311
Cash and cash equivalents at end
of year
16.9
33,905
2,106
29,007
31,947
Cashflow Comparison
TelkomGroup’s highest cash receipt in 2024 was from operating activities of 73.7%, followed by the cash
receipt from financing activities of 25.8%, and cash receipt from investing activities of 0.5%. This composition
indicated that TelkomGroup’s internal and external funds supported the Company’s operational activities.
Composition of Cash Receipt 2022-2024 (Rp billion)
151,444 ; 73.7%
150,781 ; 78.2%
149,882 ; 80.0%
52,975 ; 25.8%
41,795 ; 21.7%
36,003 ; 19.2%
1,202 ; 0.5%
313 ; 0.1%
1,402 ; 0.8%
2024
2023
2022
Operating
Financing
Investing
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
157
Composition of Cash Disbursement 2022-2024 (Rp billion)
Comparison of Cash Flow for
Year Ended December 31, 2024,
Compared to Year Ended
December 31, 2023
TelkomGroup recorded cash and cash equivalents as
of December 2024 of Rp33,905 billion or US$2,106
million. It increased by 16.9% or Rp4,898 billion
from last year’s total cash and cash equivalents of
Rp29,007 billion. The cash receipts of operating
activities in 2024 were Rp151,444 billion or 73.7%
of total cash receipts, while the cash receipts
from financing activities were Rp52,975 billion or
contributed to 25.8%, and the cash receipt from
investing activities of Rp1,202 billion or contributed
to 0.5%.
In 2024, the cash disbursements for operating
activities were Rp89,844 billion or 44.7% of total
cash disbursements. Then, cash disbursements
for financing activities were Rp80,480 billion or
40.0% of total cash disbursements, and the cash
disbursements
from
investing
activities
were
Rp30,658 billion or 15.3%.
1. Cash Flow from Operating Activities
Net cash provided by operating activities in 2024
was recorded at Rp61,600 billion or US$3,827
million. It increased by Rp1,019 billion or 1.7%
compared to the last period.
TelkomGroup
recorded
cash
receipts
from
operating activities of Rp151,444 billion in 2024.
It increased by Rp663 billion or 0.4% from cash
receipts from operating activities in 2023 of
Rp150,781 billion. The cash receipts were from:
•
Cash receipts from customers and other
operators of Rp148,415 billion.
•
Cash
receipts
from
interests
of
Rp1,366 billion.
•
Cash
receipts
from
tax
refund
of
Rp1,144 billion.
•
Cash
receipts
from
others
-
net
of
Rp519 billion.
Meanwhile, cash disbursements for operating
activities
in
2024
were
Rp89.844
billion
or US$5,582 million, it decreased by 0.4%
or Rp356 billion compared to the 2023
cash
disbursements
of
Rp90,200
billion.
TelkomGroup’s cash disbursements were for:
2024
2023
2022
89,844 ; 44.7%
90,200 ; 46.1%
76,528 ; 39.4%
80,480 ; 40.0%
68,362 ; 34.9%
76,840 ; 39.6%
30,658 ; 15.3%
37,222 ; 19.0%
40,652 ; 21.0%
Operating
Financing
Investing
158
Management Discussion and Analysis
•
Cash
payments
for
expenses
of
Rp51,273 billion.
•
Cash
payments
to
employees
of
Rp16,364 billion.
•
Cash payments for corporate and final income
taxes of Rp11,528 billion.
•
Cash
payments
for
finance
costs
of
Rp5,295 billion.
•
Cash payments for short-term and low-value
lease assets of Rp3,693 billion.
•
Cash payments for value added taxes - net of
Rp1,691 billion.
2. Cash Flow from Investing Activities
TelkomGroup
recorded
net
cash
used
in
investing activities in 2024 was Rp29,456 billion
or US$1,830 million, it increased by 20.2% or
Rp7,453 billion compared to the last period of
Rp36,909 billion.
Cash receipts from investing activities in 2024
were Rp1,202 billion, it increased by 284% or
Rp889 billion from the last period of Rp313 billion.
Cash receipts were from:
•
Purchase of property and equipment of
Rp717 billion.
•
Placement in other current financial assets -
net of Rp339 billion.
•
Proceeds from insurance claims of Rp143
billion.
•
Dividend received from associated company
of Rp3 billion.
Meanwhile, the cash disbursements for investing
activity of Rp30,658 billion, decreased by
17.6% or Rp6,564 billion from the last year of
Rp37,222 billion. The cash disbursement was for:
•
Purchase of property and equipment of
Rp26,005 billion.
•
Purchase of intangible assets of Rp3,658
billion.
•
Business purchases after deducting cash
acquired of Rp635 billion.
•
Addition of down payment and other assets
of Rp330 billion.
•
Addition of long-term investment in financial
instrument of Rp30 billion.
3. Cash Flows from Financing Activities
TelkomGroup’s net cash used in financing
activities in 2024 was Rp27,505 billion or
US$1,709 million, it decreased by 3.5% or Rp938
billion from the 2023 of Rp26,567 billion.
TelkomGroup received cash from financing
activities of Rp52,975 billion, it increased by
26.7% or Rp11,180 billion compared to the last
period of Rp41,795 billion. The cash receipt was
from:
•
Proceeds from loans and other borrowings of
Rp52,653 billion.
•
Proceeds from issuance of new shares of
subsidiaries of Rp322 billion.
Meanwhile, the cash disbursement for financing
activities was Rp80,480 billion, it increased by
17.7% or Rp12,118 billion compared to the last
period of Rp68,362 billion. The cash disbursement
was for:
•
Repayments of loans and other borrowings of
Rp47,607 billion.
•
Cash dividend paid to the Company’s
stockholders of Rp17,683 billion.
•
Repayments of principal portion of lease
liabilities of Rp7,387 billion.
•
Cash
dividend
paid
to
non-controlling
shareholders of subsidiaries of Rp7,099 billion.
•
Placement
in
shares
buyback
of
non-
controlling shareholders of subsidiary of
Rp704 billion.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
159
Solvency
TelkomGroup’s 2024 Consolidated Financial Statements (Audited) show the Company’s decent liquidity,
solvency, and ability to pay short and long-term liabilities. TelkomGroup’s debt repayment was from cash
inflows of operational activities. It shows that the management could adequately manage its operations and
liquidity.
SHORT-TERM LIABILITY
TelkomGroup uses several ratios to measure its ability to pay short-term debt, such as the current, quick, and
cash ratios. We use these ratios to maintain liquidity and ensure the funds’ availability to pay short-term debt.
TelkomGroup maintains the current ratio percentage above the industry average current ratio and retains the
available loan that can be withdrawn if needed.
TelkomGroup Liquidity Ratio 2022-2024
Ratio
2024
2023
2022
Current Ratio
82.2%
77.7%
78.2 %
Quick Ratio
61.7%
57.8%
59.9 %
Cash Ratio
45.8%
42.9%
47.3 %
LONG-TERM LIABILITY
TelkomGroup monitors various ratios to ensure its ability to pay its long-term debt, such as the Debt to
Equity Ratio, the Debt to EBITDA Ratio, and the EBITDA to Interest Expense Ratio. The TelkomGroup 2024
Consolidated Financial Statements indicated the Debt to Equity Ratio of 0.47 times, Debt to EBITDA Ratio
of 1.02 times, and EBITDA to Interest Expense Ratio of 14.41 times. Those ratios indicated that TelkomGroup’s
ability to pay the long-term debt was a relatively low risk of default.
Ratio
2024
2023
2022
Debt to Equity Ratio
0.47X
0.44X
0.42X
Debt to EBITDA Ratio
1.02X
0.88X
0.80X
EBITDA to Interest Expense Ratio
14.41X
16.68X
19.59X
TelkomGroup actively evaluates its debt profile, particularly with floating interest, to decrease interest
expenses and exposure to interest rate fluctuations in the future. Further information regarding liquidity
and the discussion regarding the debt of Telkom and its subsidiaries can be seen in Notes 18 and Notes 19 in
TelkomGroup’s Consolidated Financial Statements for 2024.
160
Management Discussion and Analysis
Capital Structure and the Management
Policies for Capital Structure
CAPITAL STRUCTURE
TelkomGroup’s capital structure consists of short-term debt, long-term debt, and equity. As of
December 31, 2024, the most significant composition of TelkomGroup’s capital structure was equity. There
were no substantial changes to the equity and capital composition in 2024 compared to the previous period.
Capital Structure
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Debt
76,868
4,776
68,124
63,041
Short Term Debt
11,525
716
9,650
8,191
Long Term Debt
65,343
4,060
58,474
54,850
Equity
142,094
8,828
135,744
129,258
Total
218,962
13,604
203,868
192,299
MANAGEMENT POLICY FOR CAPITAL STRUCTURE
TelkomGroup is required to maintain its creditworthiness, as indicated in its credit rating and capital structure.
In 2024, TelkomGroup kept the debt levels below the industry average, signified in the Debt to Equity Ratio
and Debt to EBITDA Ratio. TelkomGroup also successfully maintained its solid capital structure by optimizing
the weighted average cost of capital, tax benefits, and ensuring healthy financial ratios to maintain a balanced
capital structure.
These measures aligned with TelkomGroup’s capital structure policy to achieve an optimal funding composition.
The capital structure policy in the current year will become the basis for management decision-making in
terms of adding or paying short-term and long-term debt.
In 2024, TelkomGroup’s Debt to Equity Ratio (DER) was 0.47 times, while it was 0.44 times in 2023.
TelkomGroup’s Debt Service Coverage Ratio as of December 31, 2024, was 1.4 times, while in 2023, it was
1.9 times. Further information regarding management’s policy on capital structure is in Notes 38 Capital
Management in the 2024 TelkomGroup’s Consolidated Financial Statements.
Capital Structure 2022-2024 (Rp billion)
2024
2023
2022
135,744; 66.6%
129,258 ; 67.2%
58,474 ; 28.7%
9,650 ; 4.7%
54,850 ; 28.5%
8,191 ; 4.3%
Equity
Long Term
Short Term
142,094 ; 64.9%
65,343 ; 29,8%
11,525 ; 5.3%
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
161
Realization of Capital
Expenditure
To
anticipate
the
dynamic
technology
transformation, TelkomGroup has realized capital
expenditure investments that adjusted to the
Company’s needs and strategies throughout
2024. 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 2024, TelkomGroup invested capital expenditure
to build infrastructure capacity and capability for
increasing customer demand in the future.
TYPES OF INVESTMENT IN
CAPITAL EXPENDITURE
TelkomGroup’s capital expenditure types in 2024
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, 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
During
2024,
total
investment
realization
of
TelkomGroup’s
capital
expenditure
was
Rp24,449 billion or US$1,519 million. It decreased by
25.8% from the previous year of Rp32,968 billion.
The following are some of TelkomGroup’s capital
expenditure:
•
Constructed Telkomsel BTS.
•
Building neuCentrix and hyperscale data center.
•
Tower addition and its supporting capacity.
•
National project of submarine cable system
deployment, such as the subsea cables of Labuha
– Obi, and international subsea cable system,
such as PEACE subsea cable.
•
Telkomsat built high-throughput satellite (HTS)
on the 133°E orbital to improve terrestrial network
infrastructure.
TelkomGroup’s Capital Expenditure Investment 2022-2024
Years ended December 31
2024
2023
2022
(Rp billion)
(US$ million)
(Rp billion)
(Rp billion)
Total Investment in Capital
Expenditure
24,449
1,519
32,968
34,156
162
Management Discussion and Analysis
Material Commitment for
Capital Expenditure
OBJECTIVES OF MATERIAL COMMITMENT
FOR CAPITAL EXPENDITURE
As a digital telco company, TelkomGroup should make sustainable investments to accelerate digital
transformation. We made several material commitments for capital expenditure to support transmission and
network equipment and other digital infrastructure. The material commitment of TelkomGroup and other
parties in the form of project agreements is in Note 35 Significant Commitments and Agreements in the 2024
TelkomGroup’s Consolidated Financial Statements.
SOURCES OF FUNDS TO FULFILL MATERIAL COMMITMENT FOR
CAPITAL EXPENDITURE
In 2024, TelkomGroup had a decent leverage to fund capital expenditures. TelkomGroup has several alternatives
for other funding, including internal and external funding sources, such as bank funding, debt instruments,
and additional share capital for capital expenditure investment according to a predetermined business plan.
DENOMINATED CURRENCIES OF MATERIAL COMMITMENT
FOR CAPITAL EXPENDITURE
TelkomGroup uses two currency denominations in material commitments for capital expenditure investment,
such as the ID Rupiah and the US Dollar. The most significant bond is in the Rupiah currency of Rp11,374 billion.
Material Commitments Based on Currency as of December 31, 2024
Table of Material Commitment based on
Currencies
Amounts in Foreign Currencies
(million)
Equivalent in Rupiah
(billion)
IDR
-
11,272
USD
223
3,589
Total
14,861
FOREIGN CURRENCY RISK MITIGATION OF MATERIAL
CONTRACTS FOR CAPITAL EXPENDITURE
Material commitments for capital expenditure in foreign currencies can be affected by fluctuations in
currency rates. To mitigate this risk, TelkomGroup determines time deposits and receivables of at least 25%
of the outstanding foreign currency short-term liabilities. Therefore, TelkomGroup can offset exchange rate
fluctuation losses with exchange rate gains on time deposits and receivables. More details regarding material
commitments for capital expenditure investment and foreign exchange rate risk are in Note 35 Significant
Commitments and Agreements and Note 37 Financial Instruments in the 2024 TelkomGroup’s Consolidated
Financial Statements.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
163
Receivables
Collectability
TelkomGroup had a decent receivables collectability
level with consolidated maturity receivables as
of December 31 for 2024 and 2023, which are
not impaired or collectible of Rp5,281 billion and
Rp4,033 billion. Meanwhile, the accounts receivable
turnover ratio was recorded at 13.1%, and the
average collection time ratio was 27.8 days.
TelkomGroup monitors receivables and collection
balances regularly to minimize the customers’ credit
risk. Methods in collecting its accounts receivable
are direct visits, reminding letter, direct billing,
cooperating
with
partners
regarding
account
receivable collection service to temporarily isolate
services, and actively contacting customers via
phone, letter, or email.
TelkomGroup’s Receivables Collectability 2022-2024
Ratio
Average Collection Duration Ratio (%)
2024
2023
2022
Average collection ratio (days)
27.8
23.6
21.2
Receivables turnover ratio (%)
13.1
15.5
17.2
ANALYSIS AND EXPLANATION OF RECEIVABLES
COLLECTABILITY
TelkomGroup classifies receivables in analyzing accounts receivable based on the age of accounts receivable.
Analysis of TelkomGroup’s Accounts Receivables by Age Period 2022-2024
Analysis of Accounts Receivable by Age
2024
2023
2022
Rp (billion)
Not past due
7,319
7,020
6,964
0 – 3 months
3,602
2,758
1,674
3 – 6 months
1,305
1,215
664
> 6 months
6,031
5,235
6,900
Total receivables before provision
18,257
16,228
16,202
Provision for impairment of receivables
(6,064)
(5,561)
(7,568)
Net receivables after provision
12,193
10,667
8,634
TelkomGroup established a provision for impairment of trade receivables based on the collective historical
impairment rate and individual customer credit historical rates. Provision for impairment of receivables in
2024 was Rp6,064 billion, increased by 9.0% from the provision for 2023 of Rp5,561 billion. Further discussion
of TelkomGroup’s receivables is in Note 5 Trade Receivables in the 2024 TelkomGroup’s Consolidated Financial
Statements.
164
Management Discussion and Analysis
Material Information and Fact After
Accountant Reporting Date
Business Prospects and
Sustainability of the Company
TelkomGroup continues to comply with the principles of transparency and accountability to implement good
corporate governance. Thus, TelkomGroup conveys material information and facts after the financial reporting
date as of December 31, 2024, as follows:
Material Information and Fact After Accountant Reporting Date for 2024 Reporting Period
No.
Material Information and Facts
1.
On January 10, 2025, February 10, 2025, and March 10, 2025, Telkomsel has partially paid the outstanding long-
term loans to Bank Mandiri amounting to Rp4,000 billion.
2.
Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 121, dated March 22, 2025, the Government
transferred its ownership of 51,602,353,559 Series B shares, representing 52.09% of the Company’s total
shares, to PT Biro Klasifikasi Indonesia (“BKI”) through “inbreng” capital contribution. This share transfer was
conducted in accordance with prevailing legal regulations, specifically Government Regulation Number 15 Year
2025 regarding the Addition of Capital Participation of the Republic of Indonesia into the Share Capital of BKI for
the Establishment of an Operational Holding, and Government Regulation Number 16 Year 2025 regarding the
Addition of State Capital Participation of the Republic of Indonesia into the Daya Anagata Nusantara Investment
Management Agency (“Danantara”). BKI, as the transferee, serves as the Operational Holding Company, with all
of its shares owned by the Government through the Minister of State-Owned Enterprises and Danantara. The
Government retains its position as the Company’s Ultimate Beneficial Owner through its direct ownership of 1
Series A Dwiwarna share with special rights and its indirect ownership of BKI’s Series B shares through Danantara.
3.
On April 17, 2025, the Company announced plans to conduct shares buyback which is planned to be carried out
during the period from May 28, 2025 to May 27, 2026, with a maximum amount of Rp3,000 billion.
Detailed explanations regarding the above transactions can be found in Note 40 Subsequent Event in
TelkomGroup’s 2024 Consolidated Financial Statements.
The global economy is expected to face significant
challenges in 2025. According to the IMF, global
economic growth will reach 3.2%, slightly lower
than the initial projection of 3.3%. This adjustment
is attributed to the risk of escalating geopolitical
conflicts and the resurgence of trade protectionism,
mainly due to the US presidential election. We
anticipate that policies, such as a price war with
China, will create new uncertainties in the global
supply chain and hinder economic growth.
Amid these challenges, Indonesia is predicted to
maintain economic resilience. The Bank of Indonesia
projects that the Gross Domestic Product (GDP)
in 2025 will be around 4.8% to 5.6%, supported
by strong private consumption, investment, and
export performance. Inflation is also expected
to remain manageable, targeting 2.5±1% in 2025
and 2026, facilitated by consistent monetary and
fiscal policies, as well as the National Movement for
Controlling Food Inflation (GNPIP).
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
165
Indonesia’s
telecommunications
industry
is
projected to grow with the increasing demand
for internet access and digital services. The high
interest in internet usage is seen as a primary
growth driver in this sector, creating significant
opportunities for telecommunications operators to
expand their coverage and improve service quality.
However, macroeconomic factors, such as declining
purchasing power due to the economic recession,
could impact industry revenues, necessitating
innovative
approaches
to
maintain
consumer
interest in telecommunications services.
Alongside
economic
growth,
Indonesia’s
telecommunications sector is expected to thrive,
driven by high internet access and demand for
digital services. The widespread use of digital
technology presents excellent opportunities for
telecommunications operators to extend their
service coverage. However, challenges such as
decreased purchasing power due to the global
economic recession may affect revenues, requiring
operators to adopt innovative strategies to engage
consumers.
Additionally,
the
telecommunications
industry
faces
intensified
price
competition,
including
irrational price wars. Although data service costs in
Indonesia are among the lowest in the world, this
pricing pressure could threaten the operational
sustainability of telecommunications operators. To
address this, operators must improve operational
efficiency and diversify their revenue sources.
Another
challenge
comes
from
Over-the-Top
(OTT) players, such as streaming platforms and
global technology companies, aggressively entering
the
telecommunications
sector.
OTT
players
not only compete in providing digital services
but also utilize network infrastructure without
significantly contributing to the costs of developing
that infrastructure. This situation necessitates
collaborative efforts between telecommunications
operators and regulators to establish a fairer and
more sustainable ecosystem.
To optimize growth opportunities in the mobile
segment
in
2025,
Telkom
is
committed
to
accelerating the expansion of digital connectivity
and digital platforms by adopting more sophisticated
and innovative technologies. A key strategic initiative
being developed is enhancing 5G network-based
services with broader and more efficient coverage.
This technology is expected to significantly improve
the quality of cellular services, including faster
connection speeds, increased network capacity,
and low latency. These advancements will support
the implementation of more complex real-time
services, such as the Internet of Things (IoT), cloud
computing, and Artificial Intelligence (AI)-based
solutions, ultimately enhancing the overall customer
experience. Moreover, Indonesia must anticipate
LEO satellite services through mutually beneficial
cooperation in the mobile business.
Telkom will continue to enhance operational
efficiency and network quality by implementing
more measurable and optimal network deployment,
particularly in expanding 5G services to various
regions, including second-tier cities in Indonesia.
166
Management Discussion and Analysis
Telkomsel has reported 4.7 million active 5G
subscribers and nearly 13 million devices supporting
this service. By 2025, Telkom targets significant
growth by expanding service coverage to Tangerang,
Depok, Bogor, and Bekasi, with a projected increase
of 12.8 million subscribers.
Telkom will focus on enhancing customer experience
in the Consumer segment to maintain its market
share while attracting new customers through the
Fixed Mobile Convergence (FMC) strategy. This
strategy aims to provide a more connected and
seamless digital experience by integrating home
and mobile internet services into one cohesive
ecosystem. Additionally, the FMC initiative by
Telkomsel in the B2C segment aims to strengthen
Telkom’s dominance in the telecommunications
market, accelerate operational efficiency, and
promote inclusive and sustainable digital access
throughout Indonesia.
In the Enterprise segment, Telkom is strengthening
its business lines by focusing on high-profitability
and recurring services, such as enterprise solutions
that cater to various modern business needs.
One strategic step is to address the increasing
demand for hybrid cloud solutions tailored for
different customer segments, including corporates
(SOEs/ROEs and private companies), government
institutions, and SMEs.
With the acceleration of digitalization in various
business activities in Indonesia, Telkom sees a
significant opportunity to become a key partner in
supporting digital transformation for businesses.
To meet this need, Telkom offers various integrated
solutions such as system integration, IT service
management,
and
Customer
Relationship
Management (CRM) services designed to help the
Enterprise segment manage their operations more
efficiently and innovatively. Furthermore, Telkom will
also enhance its market presence in the SME sector
by promoting digital transformation through a range
of training, education, and technological solutions
within the Indibiz ecosystem, all aimed at supporting
the growth of small and medium-sized businesses.
In the Wholesale & International Business (WIB)
segment, Telkom aims to enhance its role as an
enabler of the digital ecosystem by increasing its
infrastructure capacity. This includes expanding
carrier services, telecommunication towers, fiber
infrastructure, domestic and international Submarine
Cable Communication Systems (SKKL), satellites,
and data centers. Telkom boosted its data center
capacity by constructing a Hyperscale Data Center
in Cikarang and another in Batam. Additionally, the
Company will explore strategic partnerships to
accelerate development and enhance its internal
capabilities. This expansion is expected to turn
data centers into a new source of income for the
Company. Telkom will extend its reach to Singapore
and other countries in the Southeast Asia region to
meet high market demand and effectively compete
in the regional data center business.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
167
Comparison of Initial Year
Target and the Realization
TelkomGroup’s revenue grew by 0.5% to Rp149,967 billion in 2024. Telkom’s EBITDA and Net Profit in 2024
were recorded at Rp74,812 billion and Rp23,472 billion. Meanwhile, the EBITDA and Net Profit margins were
recorded at 50.0% and 15.8%. TelkomGroup used Rp24,449 billion for capital expenditures in 2024 or 16.3%
of total revenue.
Comparison of TelkomGroup Targets and Realizations in 2024
Indicator
Realization In 2024
Targets In Initial 2024
Revenue Growth
Revenues grew by 0.5%.
We estimate that the more challenging
competition will impact the Company. Overall,
we expected the Company to grow positively in
the low to mid-single digit range.
EBITDA Margin and
Net Income Margin
EBITDA Margin decreased to 50.0% while Net
Income Margin decreased to 15.8%.
EBITDA Margin and Net Income Margin 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
to Rp24,449 billion, or 16.3% of revenue
with focused investment in digital business
infrastructure.
Around 25%-30% of our revenue is planned for
capital expenditure, focusing on building digital
business infrastructure.
168
Management Discussion and Analysis
Target or Projections for
the Following Year
TelkomGroup is committed to achieving sustainable growth by focusing on developing four key business
pillars: digital infrastructure, integrated B2C services, B2B ICT services, and New Play. These pillars align with
a digital business framework (connectivity, platform, and service), supported by six delivery model directions:
inorganic & partnership, technology, organizations, operations, people capability & culture, and sustainability
& governance.
By 2025, TelkomGroup aims to maintain competitive revenue growth despite the uncertainties in global and
national economic conditions and the current decline in consumers’ purchasing power. Mobile broadband and
IndiHome remain the primary revenue contributors. Additionally, Telkom is pursuing growth opportunities
through its Five Bold Moves (5BM) strategic initiative. Alongside revenue growth, Telkom is working to
streamline operational expenditures and optimize capital spending to strengthen its financial position and
ensure sustainable profitability.
TelkomGroup’s Target or Projections for The Following Year
Indicator
Target in 2025
Revenue Growth
The Company is expected to grow positively in the low to mid-single-digit range amid more
challenging global and national economic conditions and competition.
EBITDA Margin and
Net Income Margin
EBITDA Margin and Net Income Margin are projected to have healthy growth in line with the
decline in legacy business shifting to digital business (connectivity, platform, and service).
Capital Expenditure
Around 15%-25% of our revenue is planned for capital expenditure, focusing on building digital
business infrastructure.
Dividend Policy
The dividend payout ratio ranges from 60%-90%.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
169
Dividend
TelkomGroup annually distributes dividends. The dividend distribution is to optimize value for shareholders. The
dividend distribution policy is determined and approved by the shareholders at the Annual General Meeting
of Shareholders (AGMS). In the last five years, TelkomGroup has set a dividend payout ratio that ranges from
60% to 90%. The dividend paid in 2024 for business performance in 2023 was Rp17,683,019 million (72% from
net profit).
Telkom’s Dividend Payment for the Year 2019-2023 Operational Performance
Dividend
Year
Dividend Policy
Date of Dividend
Payment in Cash
and/or Date of
Dividend
Distribution in
Non-Cash
Payment Ratio
/ Payout ratio
(%) 1
Dividend
Amount paid
per year
(Rp million)
Dividend
Amount per
Share (cash
and/or non-
cash) after Stock
Split (Rp)
2019
AGMS, June 19,
2020
July 23, 2020
81.78
15,262,3382
154.07
2020
AGMS, May 28,
2021
July 2, 2021
80.00
16,643,4433
168.01
2021
AGMS, May 27,
2022
June 30, 2022
60.00
14,855,9214
149.97
2022
AGMS, May 30,
2023
July 5, 2023
80.00
16,602,6975
167.59
2023
AGMS May 3,
2024
June 6, 2024
72.00
17,683,0196
178.50
Remarks:
1. Represents the percentage of profit attributable to owners of the parent paid to shareholders in dividends.
2. Consists of cash dividend amounting to Rp11,197,606 million and special cash dividend amounting to Rp4,064,730 million.
3. Consists of cash dividend amounting to Rp12,482,582 million and special cash dividend amounting to Rp4,160,860 million.
4. Only consists of cash dividend amounting to Rp14,855,921 million.
5. Only consists of cash dividend amounting to Rp16,602,697 million.
6. Only consists of cash dividend amounting to Rp17,683,019 million.
170
Management Discussion and Analysis
Realization of the Use
of Public Offering Proceeds
We have issued several bonds which are currently outstanding and owned by investors. We have several
underwriters for bond issuance, namely PT Bahana Sekuritas, PT Danareksa Sekuritas, PT Mandiri Sekuritas,
and PT Trimegah Sekuritas Tbk, and a bank that is the trustee, namely PT Bank Permata Tbk. Telkom guarantees
all bonds with assets, and Pefindo assigns an idAAA rating to all Telkom bonds. The following table presents the
unmatured bond status as of December 31, 2024.
Realization of Telkom’s Public Offering Funds as of December 31, 2024
Name of the Bond
Amount
(Rp million)
Date of
Issue
Maturity
Date
Time
Periode
(year)
Realization of Funds
Balance
(Rp million)
Year
The Shelf Registered
Bonds I Telkom 2015
series B
2,100,000
June 23,
2015
June 23,
2025
10
0
2016
The Shelf Registered
Bonds I Telkom 2015
series C
1,200,000
June 23,
2015
June 23,
2030
15
0
2016
The Shelf Registered
Bonds I Telkom 2015
series D
1,500,000
June 23,
2015
June 23, 2045
30
0
2016
Telkom has realized all the funds obtained from the public offering, with the remaining funds recorded as nil.
There is no change regarding the realization of the previously planned use of funds. Details related to bond
information can be seen in Note 18 Short-Term Bank Loans and Long-Term Loans Maturing Within One Year
and Note 19 Long-Term Loans and Other Loans in the 2024 TelkomGroup Consolidated Financial Statements.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
171
Material Information Regarding
Transaction with Conflict of Interest,
Transaction with Affiliated Parties,
Investment, Divestment, and Acquisition
TelkomGroup recorded affiliated transactions in
2024. 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. Meanwhile, no transactions
with related parties contain conflicts of interest as
they are according to the principles of fairness and
business practice in 2024.
The list of affiliated transactions that must be
disclosed in the Annual Report during the 2024
financial year is as follows:
No.
Transaction Type
Parties Involved and Nature of Affiliate Relationship
Transaction Value
1.
Purchase of Land
and Building GTS 1
1. PT Telkom Data Ekosistem (a subsidiary company)
2. PT Graha Telkomsigma (a subsidiary company)
Rp555,500,000,000
The Board of Directors stated that the Affiliate Transaction had gone through the Internal Affiliate Transaction
Procedures applicable within the TelkomGroup. Moreover, it can be seen in Note 32 regarding Related Parties
Transactions in 2024 TelkomGroup’s Consolidated Financial Statements and Appendix 4 in Annual Report for
2024 Reporting Period.
172
Management Discussion and Analysis
Changes in Law
and Regulation
In implementing Good Corporate Governance (GCG)
practices, TelkomGroup consistently reviews any
changes in laws and regulations that may impact its
operational activities. In 2024, a significant regulatory
change occurred with the issuance of Minister of
Home Affairs Regulation (Permendagri) No. 7 of
2024. This regulation, established by the Minister of
Home Affairs on June 20, 2024, was promulgated by
the Directorate General of Legislation of the Ministry
of Law and Human Rights on July 2, 2024.
Permendagri 7/2024 modifies several provisions
regarding utilizing Regional Property (BMD), which
were previously governed by Permendagri 19/2016.
This new regulation explicitly addresses the use
of BMD for telecommunications and informatics
infrastructure, including buildings, land surfaces,
and underground spaces that contain Integrated
Utility Network Facilities (SJUT), ducting, or tunnels.
An essential aspect of Permendagri 7/2024 is its
incorporation of TelkomGroup’s aspirations that
were not addressed in the previous regulation. Key
changes that benefit telecommunications operators
include:
1. Establishment of the BMD rental adjustment
factor for telecommunications and informatics
infrastructure at a rate between 4% and 16%.
2. Clarification that if there is no SJUT, ducting,
or tunnel, the BMD rental adjustment factor
for
telecommunications
and
informatics
infrastructure will be 0%.
With the implementation of Permendagri 7/2024,
telecommunications operators are now required to
pay only 4% to 16% of the applicable BMD rental fee
in each region. Furthermore, they cannot be charged
BMD rent if the Regional Government does not
establish SJUT, ducting, or tunnels for shared use.
This regulation aims to provide legal certainty for
the telecommunications industry while encouraging
Regional
Governments
to
create
supportive
infrastructure to accelerate the deployment of
telecommunications.
Previously,
each
Regional
Government had its own regulations regarding
BMD rental, with differing amounts that often
burdened
telecommunications
companies.
The
new Permendagri 7/2024 offers a more structured
and transparent BMD rental scheme, alleviating
regulatory costs for TelkomGroup and motivating
Regional Governments to be more proactive in
developing telecommunications infrastructure that
supports national digital connectivity.
Despite the enactment of Permendagri 7/2024,
challenges remain in its implementation, particularly
with Regional Governments’ understanding of the
new provisions. Some Regional Governments are still
applying the old scheme to determine BMD rentals
for telecommunications infrastructure, potentially
causing conflicts with the latest regulations.
Therefore, further efforts are essential to ensure
optimal implementation of this policy.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
173
Changes in
Accounting Policy
TelkomGroup’s Consolidated Financial Statements refers to the Financial Accounting Standards (SAK) issued
by the Indonesian Institute of Accountants (IAI). It also complies with the Regulation of the Capital Market
and Financial Institution Supervisory Agency (Bapepam-LK) No. VIII.G.7 regarding the Presentation and
Disclosure of Financial Statements of Issuers or Public Companies, attached to the letter KEP347/BL/2012.
TelkomGroup also applies the International Financial Reporting Standard (IFRS) accounting standards based
on the Securities and Exchange Commission (SEC) regulations.
Changes in accounting policies in 2024, including:
1. Indonesian Financial Reporting Standards Framework (KSPKI) and Indonesian SAK Nomenclature
2. Amendment to PSAK 116 on Leases.
3. Amendment to PSAK 201 on Presentation of Financial Statements.
4. Amendment to PSAK 207 on Cash Flow Statements and PSAK 107 on Financial Instruments: Disclosures.
5. Amendment to IAS 1 on Presentation of Financial Statements.
6. Amendment to IFRS 16 on Leases.
7. Amendment to IAS 7 on Statement of Cash Flows and IFRS 7 on Financial Instruments: Disclosures.
As a next step, Regional Governments need to
harmonize regional regulations to align with the
provisions outlined in Permendagri 7/2024. This
harmonization is crucial to avoid discrepancies
between central regulations and regional policies,
which could hinder the efficient deployment of
telecommunications infrastructure.
Internally, TelkomGroup has conducted outreach
to all business units to ensure they understand the
implications of this regulation and can optimize
the use of BMD in compliance with the provisions.
A unified understanding within TelkomGroup will
facilitate the implementation of more effective
operational strategies and ensure adherence to the
latest regulations.
Additionally, TelkomGroup continues to collaborate
with the Central Government to promote expedited
communication
with
Regional
Governments.
Enhanced coordination among stakeholders is
needed to ensure that this regulation is effectively
implemented across all regions, thereby supporting
the acceleration of digitalization and the equitable
distribution of telecommunications infrastructure in
Indonesia.
174
Management Discussion and Analysis
Implementation and Changes of Accounting Policies of TelkomGroup in 2024
No
Accounting
Policy
Reason for Change
Impact on Financial Statements for
Financial Year 2024
SAK Financial Report
IFRS Financial Report
1.
Indonesian
Financial
Reporting
Standards
Framework
(KSPKI) and
Indonesian
SAK
Nomenclature
There is an International SAK as
a pillar of the new SAK so that
DSAK IAI ratifies the KSPKI to
clarify the application of each
pillar of the SAK. Furthermore, in
line with the ratification of the
KSPKI, the DSAK IAI also ratifies
the changes in the numbering
of PSAK and ISAK. It aims to
distinguish PSAK and ISAK
that refer to IFRS accounting
standards and PSAK and ISAK
that do not refer to these
standards, which include:
• IFRS Standards issued by
the International Accounting
Standards Board (IASB);
• IAS Standards issued by the
International Accounting
Standards Committee (IASC),
which were then continued by
the IASB;
• IFRIC Interpretations issued
by the IFRS Interpretations
Committee (IFRIC), which is a
continuation and replaces SIC
in 2001; and
• SIC Interpretations issued by
the Standing Interpretations
Committee (SIC).
KSPKI and changes to the
numbering of Indonesian SAK
do not affect the substance
of the regulations of each
PSAK and ISAK and therefore
no material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
2.
PSAK 116
DSAK issued amendments to
the accounting standards as
the adoption of Amendment to
IFRS 16.
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
3.
PSAK 201
DSAK issued amendments to
the accounting standards as
the adoption of Amendment to
IAS 1.
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
4.
PSAK 207 and
PSAK 107
DSAK issued amendments to
the accounting standards as the
adoption of Amendment to IAS
7 and IFRS 7.
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
5.
IAS 1
IASB issued amendments to
IAS 1 regarding Classification
of Liabilities as Current or
Non-current and Non-current
Liabilities with Covenants.
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
6.
IFRS 16
IASB issued amendments to IAS
8 regarding Lease Liability in a
Sale and Leaseback.
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
7.
IAS 7 and
IFRS 7
IASB issued amendments to
IAS 12 regarding Disclosures:
Supplier Finance Arrangements
No material impact on SAK
financial statements.
No material impact on IFRS
financial statements.
Further details of the changes in accounting policies in Telkom’s financial statements for the current year
are disclosed in Note 2 Summary of Accounting Policies of 2024 TelkomGroup’s Consolidated Financial
Statements.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
175
CORPORATE
GOVERNANCE
05.
Telkom Indonesia implements transparent
and strategic corporate governance,
ensuring compliance and sustainable
growth for shareholders.
176
2024
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
177
TelkomGroup
consistently
implements
the
principles
of
Good
Corporate
Governance
(GCG) to strengthen the trust of shareholders
and stakeholders and increase added value for
the Company. The implementation of GCG is
also expected to support the achievement of
TelkomGroup's Vision and Mission in the long term.
With the continuous implementation of GCG,
TelkomGroup believes it can maintain a healthy
and
competitive
business
continuity,
while
strengthening the company's competitiveness in
the industry.
Apart from that, Telkom also pays special attention
to the consistency of GCG implementation,
especially in the Anti-Corruption and Business
Ethics Program. The Company ensures that anti-
corruption policies and procedures are clearly
communicated
to
employees
and
business
partners, with firm and active commitment from
senior management. Telkom adopts a "zero bribery"
and “zero tolerance” approach to all forms of fraud,
corruption, and other unethical behaviors that
contradict GCG principles. This is part of Telkom's
efforts to maintain the integrity of the company
and ensure that all operations are carried out in
accordance with good governance standards.
FUNDAMENTALS OF THE
IMPLEMENTATION OF
CORPORATE GOVERNANCE IN
TELKOMGROUP
The implementation of GCG in TelkomGroup refers
to the prevailing laws and regulations, as well as
other GCG implementation guidelines, such as the
principles of Corporate Governance developed by
the Organization for Economic Cooperation and
Development (OECD) and the Indonesian General
Guidelines for Corporate Governance prepared by the
National Committee on Governance Policy (KNKG)
Corporate Governance
Principle and Platform
and the ASEAN Corporate Governance Scorecard
(ACGS). Telkom built a strong foundation in the
implementation of GCG for its subsidiaries, which is
regulated by the Resolution of Board of Director's
No.PD.602.00/r.00/HK000/COPD0030000/2011
regarding TelkomGroup GCG Guidelines as a
guideline for Telkom and its Subsidiaries in operating
and transacting by ethics and GCG principles.
In implementing GCG, Telkom refers to various
relevant regulations as a reference, including:
1. Law No. 40 of 2007 regarding Limited Liability
Companies;
2. Law No. 8 of 1995 regarding Capital Market;
3. Financial Services Authority (OJK) Regulation
No. 33/POJK.04/2014 regarding Directors and
Commissioners of Issuers or Public Companies;
4. Financial Service Authority
Regulation No.
34/POJK.04/2014 regarding Nomination and
Remuneration Committee of Issuers or Public
Companies;
5. Financial Service Authority Regulation No. 55/
POJK.04/2015 regarding the Establishment and
Work Guidelines of Audit Committees;
6. Financial Service Authority Regulation No. 11/
POJK.04/2017
regarding
Ownership
Report
or Any Change in Share Ownership of Public
Companies;
7. Financial Service Authority
Regulation No.
8/POJK.04/2015 regarding Issuer or Public
Company Website;
8. Financial Service Authority Regulation No. 29/
POJK.04/2016 regarding Annual Report of Issuers
or Public Companies;
9. Financial Service Authority Regulation No. 21/
POJK.04/2015 regarding the Implementation of
Public Company Governance Guidelines;
10. Financial Service Authority Circular Letter No.
32/SEOJK.04/2015
regarding
Guidelines
for
Public Company Governance;
178
Corporate Governance
11. Financial Service Authority Circular Letter No.
16/SEOJK.04/2021 regarding the Form and
Content of the Annual Report of Issuers or Public
Companies;
12. Letter of the Minister of SOEs No. S-35 / MBU /
01/2020 regarding the Implementation of Anti-
Bribery Management Systems in SOEs;
13. Regulation of the Minister of SOEs No. PER-
2/MBU/03/2023
regarding
Guidelines
for
Governance and Significant Corporate Activities
of State-Owned Enterprises; and
14. Regulation of the Minister of SOEs No. PER-3/
MBU/03/2023 on Organs and Human Resources
of State-Owned Enterprises.
IMPLEMENTATION OF GCG
BASIC PRINCIPLES
Telkom
bases
its
corporate
governance
implementation on five GCG principles that serve
as pillars in carrying out all of its business activities.
In addition, Telkom has also complied with all
governance principles in accordance with Financial
Service Authority Regulation No. 21/SEOJK.04/2015
regarding implementing Public Company Governance
Guidelines and Circular Letter of Financial Service
Authority No. 32/SEOJK.04/2015 regarding Public
Company Governance Guidelines.
GCG Principles
Principle
Explanation
Implementation at Telkom
Transparency
Openness in carrying
out the decision-making
process and openness in
disclosing material and
relevant information about
the company.
1. Publication of Financial Statements and Annual Reports as well as other
material information as a means for investors to access important
information easily and transparently.
2. Access information in the form of company websites, print media and
press releases, direct meetings with investors, public exposure, and
gatherings.
Accountability
Clarity of functions,
implementation and
accountability of the
Company's Organs so that
the management of the
company is carried out
effectively.
1. Availability of Charters, guidelines, or manuals that contain clarity on
the functions, implementation, and responsibilities of Shareholders,
Board of Commissioners, Board of Directors, Committees, and
Corporate Secretary.
2. Implement a check and balance mechanism of authority and role in the
management of the Company.
3. Have clear Key Performance Indicators (KPIs) and operational targets.
Responsibility
Conformity in the
management of the
company with the
provisions of laws and
regulations and the
principles of a healthy
company.
1. Comply with laws and/or regulations on taxation, fair competition,
industrial relations, occupational health and safety, payroll standards,
and other related regulations.
2. Having mechanisms and procedures that regulate and evaluate
compliance with applicable provisions and laws and regulations, as well
as implementing sound corporate principles.
3. It has the function of a Legal and Compliance manager who is tasked
with ensuring the fulfillment of all provisions of regulations and
legislation.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
179
Principle
Explanation
Implementation at Telkom
Independency
A situation in which the
company is managed
professionally without
a Conflict of Interest
and influence/pressure
from any party that is
not in accordance with
the provisions of laws
and regulations and the
principles of a sound
corporation.
1. Carry out professionalism within the Company without conflict of
interest and free from the influence of pressure from other parties that
are not in accordance with regulations and contrary to the principles
of a healthy corporation.
2. Include the rules/authority for corporate decision-making in the Board
Charter and the Company's Articles of Association that emphasize
independence.
3. It has additional policies in the Corporate Governance Guidelines that
are oriented towards the principle of independence, such as the policy
of conflict-of-interest transactions, the prohibition of political party
donations, and the prohibition of affiliation relationships.
Equality and
Fairness
Fairness and equality
in fulfilling stakeholder
rights arising based on
agreements and provisions
of laws and regulations.
1. Apply the principles of equality and fairness in fulfilling the rights of
Stakeholders that arise based on agreements and applicable laws and
regulations.
2. Respect the rights of minority Shareholders.
3. Prohibits Insider Trading practices.
4. Implement performance management based on the Balanced
Scorecard.
5. Conduct an open auction in the procurement of goods/services and
implement e-procurement.
IMPLEMENTATION OF GCG MANAGEMENT PRINCIPAL -
FINANCIAL SERVICES AUTHORITY
Telkom applies eight company management principles following the Public Company Governance Guidelines
from the Financial Services Authority (OJK) from the evaluation results as of the end of 2024, as follows:
Principle
Recommendation
Implementation
Status
Aspect 1: The Public-Listed Company's Relationship with Shareholders in Ensuring Shareholders' Rights
Principle 1
Improving The Value
of General Meeting
Shareholders (GMS).
1.
Technical methods or
procedures for open
and closed voting that
prioritizes independence
and interest of the
Shareholders.
Telkom already has technical procedures for
voting set out in the procedures for the General
Meeting of Shareholders.
Comply
2.
Members of the Board of
Directors and the Board
of Commissioners attend
the Annual GMS.
All of the members of the Board of Directors
and the Board of Commissioners attended the
GMS.
Comply
3.
A summary of minutes
of GMS is available at the
Website at least 1 year.
Telkom provided a Summary of Minutes of
GMS at the Company’s Website under Investor
Relations.
Comply
Principle 2
Improving The Public
Listed Company
Communication
Quality with
Shareholders or
Investors.
1.
To have a policy on
communications between
Public Company and
Shareholders or Investors.
Telkom has a policy on communications with
investor through Non-Deal Roadshow, One
on One Meeting, Earnings Call, Public Expose,
Conference, and Investor Summit.
Comply
180
Corporate Governance
Principle
Recommendation
Implementation
Status
2.
Posted the
communications policy of
a Public Company at the
Website.
Telkom has made available materials of each
Earnings Call, Conference and materials of
presentation to investor at the Company’s
website to provide equality for Shareholders
and Investor regarding the implementation of
Communications with the Company.
Comply
Aspect 2: Function and Role of the Board of Commissioners
Principle 3
Strengthening
The Membership
and Composition
of Board of
Commissioners.
1.
Determination of the
numbers of the Board
of Commissioners
members should take into
account the Company’s
Conditions.
Telkom has complied with the provision
applicable to the Company as Public Company
as set out in Article 20 of Regulation of Financial
Services
Authority
No.
33/POJK.04/2014
that the number of members of the Board
of Commissioners must be at least 2 (two)
persons.
Comply
2.
Determination of
the composition of
members of the Board
of Commissioners
takes into account
the required variety of
skills, knowledge, and
experience.
At the Shareholders’ discretion, members of the
Board of Commissioners have been appointed
by taking into account a variety of skills,
knowledge, experiences and Telkom’s business
conditions, and complexity.
Comply
Principle 4
Improving The
Quality of Duty
and Responsibility
of Board of
Commissioners.
1.
The Board of
Commissioners has the
policy to self-assess the
performance of the Board
of Commissioners.
Based on the Joint Regulation 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) Limited Liability Company (Persero)
PT Telekomunikasi Indonesia Tbk, there is a
policy to assess the performance of Company's
Board of Commissioners carried out by Series
A Dwiwarna shareholders through the General
Meeting of Shareholders mechanism.
Comply
2.
The self-assessment
policy is reported in the
Annual Report.
Based on the Joint Regulation 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)
Limited
Liability
Company
(Persero)
PT
Telekomunikasi Indonesia Tbk, there is a policy
for self-assessment which is disclosed in the
Annual Report.
Comply
3.
The Board of
Commissioners has a
policy of resignation in
the event of involvement
in any financial crimes.
In
accordance
with
Telkom’s
Articles
of
Association, jo. Regulation of Financial Services
Authority No. 33/POJK.04/2014 regarding the
Board of Directors and Board of Commissioners
of Issuers or Public Companies, any member of
the Board of Commissioners who does not meet
any requirements to be a member of the Board
of Commissioners as set out in the Articles of
Association and Regulation of Financial Services
Authority
No.
33/POJK.04/2014
including
any involvement in any financial crimes,
consequently his/her position will be null and
void.
In the event that the members of the Board of
Commissioners resign, it will be resolved at the
GMS.
Comply
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
181
Principle
Recommendation
Implementation
Status
4.
The Board of
Commissioners through
the Nomination and
Remuneration Committee
formulates a succession
policy in the process of
nominating members of
the Board of Directors.
The Nomination and Remuneration Committee
in
the
Nomination
and
Remuneration
Committee Charter states that one of its duties
is to provide recommendations to the Board of
Commissioners to be submitted to the Series
A Dwiwarna Shareholders, one of which is
regarding Succession Planning for 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.
Comply
Aspect 3: Function and Role of the Board of Directors
Principle 5
Strengthening
Membership and
Compositions of
Board of Directors.
1.
Determination of the
number of members of
the Board of Directors
takes into account the
Company’s conditions and
effectiveness in decision-
making.
Determination of the number of Directors of
the company refers to Article 2 paragraph (1)
and paragraph (2) of Financial Service Authority
Regulation No. 33/POJK.04/2014 regarding the
Board of Directors and Board of Commissioners
of Issuers or Public Companies which stipulates
that the number of members of the Board of
Directors consists of at least 2 (two) members
of the Board of Directors, of which 1 (one) is
appointed as President Director.
Comply
2.
Determination of
the composition of
members of the Board
of Directors takes into
account a variety of
skills, knowledge, and
experiences as required.
At the shareholders’ discretion, members of
the Board of Directors of the Company have
been appointed by taking into account a variety
of skills, knowledge, experiences, and the
Company’s conditions and business complexity.
Comply
3.
Members of the Board
of Directors in charge
of accounting and
finance have skills and/or
knowledge in accounting.
The members of the Board of Directors in charge
of accounting and finance in the company is the
Finance Director & Risk Management who has
sufficient accounting and financial knowledge
and experience as can be seen in the position
and education history of the Board of Directors
under the section of Profiles of the Board of
Directors.
Comply
Principle 6
Improving The
Quality of Task
execution and
Responsibility of
Board of Directors.
1.
The Board of Directors
has the policy to self-
assess the performance
of the Board of Directors.
The Board of Directors has a policy that regulates
performance evaluation, process and indicators
for assessing the performance of the Board
of Directors individually and collegially, this is
stated in the Board of Directors Performance
Assessment section in the Joint Regulations of
the Board of Commissioners and Directors No.
05/KEP/DK/2022 and No. PD.620.00 /r.01/
HK200/COP-M4000000/2022
regarding
Guidelines for the Work Procedures of the Board
of Commissioners and Directors (Board Manual)
of the Company (Persero) PT Telekomunikasi
Indonesia Tbk.
Comply
2.
The self-assessment
policy is reported in an
Annual Report.
Results of the self-assessment of the Board
of Directors are reported in the Company’s
Annual Report under the section of Corporate
Governance.
Comply
182
Corporate Governance
Principle
Recommendation
Implementation
Status
3.
The Board of Directors
has a policy of
resignation in the event
of involvement in any
financial crimes.
Based on Telkom's Articles of Association and
Financial Service Authority Regulation No. 33/
POJK.04/2014 regarding the Board of Directors
and Board of Commissioners of Issuers or
Public Companies, any member of the Board of
Directors who does not meet the requirements
to become a member of the Board of Directors
and who is involved in a financial crime, his
position as Director will be null and void.
In the event that the member of the Board of
Directors resigns, it will be decided through the
GMS mechanism.
Comply
Aspect 4: Stakeholders' Participation
Principle 7
Improving Corporate
Governance
Aspect Through
Stakeholders
Participation.
1.
To have a policy to
prevent Insider Trading
practice
Based on Regulation of the Director of Human
Capital Management No. PR 209.05/r.01/ K250/
COP-A4000000/2020 regarding Employee
Discipline, the policy to prevent Insider Trading
practice is contained in Article 5 regarding
prohibitions for each employee include abuse of
authority or position and unauthorized use of
company information.
Comply
2.
To have a policy of Anti-
Corruption and Anti-
Fraud.
Telkom is always committed to supporting
the implementation of anti-corruption and
anti-corruption in the corporate environment
by developing programs and procedures as
outlined in internal policies, namely the Integrity
Pact,
Business
Ethics,
LHKPN
Reporting
(Wealth Report of State Administrators),
Employee Discipline, Gratification Control, and
ISO implementation 37001:2016 Anti-Bribery
Management System. In 2023, Telkom will
received again ISO 37001:2016 certification for
implementing SMAP in several work units.
Comply
3.
To have a policy on the
selection and capacity
building of Suppliers and
Vendors.
Telkom selects suppliers and vendors based
on procurement policies that exist within
Telkom internally which are managed through
the SSO Procurement & Sourcing Center Unit
which is carried out based on Regulation of the
Director of Finance & Risk Management No. PR
301.08//r.07/HK240/COP-K0700000/2023
regarding
Guidelines
for
Procurement
Implementation.
Comply
4.
To have a policy on the
fulfillment of creditors’
rights.
Telkom has a policy to fulfill the rights of our
Creditors through the Financial Accounting
Unit & Corporate Finance Unit that sets out and
manages the rights of Telkom’s creditors.
Comply
5.
To have a policy on
Whistleblowing system.
Through the Resolution of the Board of
Commissioners
No.
01/KEP/DK/2022
regarding Policies and Procedures for Handling
Complaints (Whistleblowing System) within
the TelkomGroup which was later ratified by
Directors Regulation No. PD. 622.00/r.00/
HK200/COP-C0000000/2022 dated January
25, 2022, Telkom guarantees and ensures the
protection of the confidentiality of reporters,
both employees and third parties who submit
complaints or reports of alleged violations. This
Whistleblowing System develops complaint
channels into 7 (seven) complaint channels,
which can be accessed on the Telkom website in
the Telkom Integrity Line menu.
Comply
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
183
Principle
Recommendation
Implementation
Status
6.
To have a Policy on the
granting of long-term
incentives to the Board of
Directors and Employees.
In determining the incentives obtained by
the Board of Directors, Telkom is guided
by Regulation of Minister of SOE No. PER-
12/MBU/11/2020
regarding
Guidelines
for
Determining the Income of the Board of
Directors,
Board
of
Commissioners,
and
Supervisory Board of State-Owned Enterprises
and their amendments as well as Guidelines
for the Implementation of Work (Charter) of
Committee for Nomination and Remuneration.
As for employees, this incentive is contained
in the Collective Labor Agreement regarding
Compensation and Benefits and Director of
Human Capital Management Regulation No.
PR
207.22/r.00/PS770/COP-J2000000/2016
regarding Awards and Recognition which
explain the mechanism of giving rewards to
employees in the form of stock option as well
as an explanation of reward level, one of them
at the advanced level are rewarded consistently
and in the long-term financially.
Comply
Principle 8
Improving The
Implementation
of Information
Disclosure.
1.
To use wider information
technology along with
website as a medium of
information disclosure.
Telkom also active in various social media as
medium for information disclosure and product
promotion. In addition, Telkom also use the
mailing list system as medium for information
disclosure and communication with Investor.
Comply
2.
The Annual Report
of Public Companies
disclose the most current
beneficial owners of the
company’s ownership,
at least 5% other than
major shareholders and
controllers.
Telkom discloses the ultimate beneficial owner
in the ownership of company shares with
ownership of 5% or more in Telkom's Annual
Report in the Composition of Shareholders
section.
Comply
The company's commitment to preventing and eradicating corruption is carried out in three stages. The
first is establishing anti-corruption policies, integrating anti-corruption policies into business operations,
and reporting and being involved in anti-corruption programs. Anti-corruption policies and procedures are
established to identify, prevent, and overcome corruption in the company. Telkom's anti-corruption policy is
based on a comprehensive risk assessment regarding the potential for corruption in all business operations.
Telkom has also developed programs and procedures outlined in internal policies, including integrity pact
policies, business ethics, LHKPN reporting obligations, employee discipline, gratification control, and the Anti-
Bribery Management System (SMAP) assessment.
184
Corporate Governance
Referring to Law No. 40 of 2007 regarding Limited Liability Companies, the Governance structure in Telkom
consists of three main Corporate Organs, namely the General Meeting of Shareholders (GMS), the Board of
Commissioners, and the Board of Directors.
1. The General Meeting of Shareholders (GMS) is a Company Organ that has authority that is not granted
to the Board of Directors or the Board of Commissioners within the limits specified in the Law and/or the
Articles of Association.
2. The Board of Commissioners is the Company's Organ in charge of conducting general and/or special
supervision in accordance with the Articles of Association and providing advice to the Board of Directors.
3. The Board of Directors is an Organ of the Company that is authorized and fully responsible for managing
the Company for the interests of the Company, in accordance with the purposes and objectives of the
Company, and representing the Company, both inside and outside the court, in accordance with the
provisions of the Articles of Association.
The Board of Commissioners and Board of Directors may establish supporting organs to carry out their duties
and responsibilities in accordance with the needs and prevailing laws and regulations. The supporting organs
are the Corporate Secretary, Internal Audit Department, Audit Committee, Nomination and Remuneration
Committee, and Evaluation, Monitoring, Planning and Risk Committee, and Integrated Governance Committee.
These organs have essential functions, authorities, and responsibilities in implementing Good Corporate
Governance.
Corporate Governance
Structure
General Meeting of
Shareholders (GMS)
MAIN ORGANS
SUPPORTING ORGANS
Board of Director
Corporate Secretary
Internal Audit Department
Board of Commissioners
Audit Committee
Committee for Nomination
and Remuneration
Committe for Planning
and Risk Evaluation and
Monitoring
Integrated Governance
Committee
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
185
Through the implementation of GCG, Telkom
supports accountability, increases business success,
increases value, and creates a superior company
image. Telkom is committed to implementing
comprehensive governance in the future by relevant
regulations, such as Laws, Government Regulations,
and Ministerial Regulations, as well as complying with
the rules imposed by the Financial Service Authority
as an issuer registered on the IDX.
In addition, Telkom follows governance standards
measured through the ASEAN Corporate Governance
Scorecard (ACGS), developed by the ASEAN Capital
Market Forum (ACMF) based on OECD principles.
This parameter aims to increase investor confidence
in ASEAN companies, including Telkom, to strengthen
its reputation in the international market. There are
four main parameters assessed, including Rights
and Fair Treatment of Shareholders, Sustainability
Corporate Governance
Assessment
and Resilience, Disclosure and Transparency, and
Responsibilities of the Board of Directors and Board
of Commissioners. TelkomGroup has implemented
governance according to the ACGS parameters,
which an independent assessor annually assesses.
Commitment to good corporate governance is an
important foundation for creating a sustainable,
competitive, and trusted company. Implementing
Good Corporate Governance is an obligation and a
strategy to achieve competitive advantage. This is
evidenced by the acquisition of the title “Best Non-
Financial Sector Big Cap” in the 15th IICD Corporate
Governance and Award. The award was given to
appreciate the implementation of good corporate
governance so that the company could grow and
develop in the midst of competition and global
economic uncertainty.
186
Corporate Governance
The General Meeting of Shareholders (GMS) is Telkom's
highest governing organ, where Shareholders make
important and strategic decisions.
The organization of the GMS refers to the following
provisions, namely:
1. Law No. 40 of 2007 regarding Limited Liability
Companies;
2. Law No. 19 of 2003 regarding State Owned
Enterprise Minister;
3. Financial Service Authority Regulation No. 15/
POJK.04/2020
regarding
the
Planning
and
Holding of General Meeting of Shareholders of
Public Companies;
4. Financial Services Authority Regulation No. 16/
POJK.04/2020 regarding the Implementation of
Electronic General Meeting of Shareholders of
Public Companies; and
5. Company's Articles of Association.
In accordance with Telkom's Articles of Association
and Legislative Regulations, the Annual GMS (AGMS)
is held once every year with a routine discussion
agenda as follows:
1. Approval of the Company’s Annual Report,
including Board of Commissioners Supervisory
Task Report.
2. Ratification of the Company’s Financial Statement
and
Annual
Partnership
and
Community
Development Program Report, as well as the
Exemption of Liabilities of the members of the
Board of Directors and Commissioners.
3. Determination of Company’s Net Income, including
dividend payment in the Financial Year.
4. The determination of remuneration for the
members
of
the
Board
of
Directors
and
Commissioners.
5. The appointment of Public Accounting Firm
to audit the Company’s Financial Statements,
including audit of Internal Control over Financial
Reporting and Appointment of a Public Accounting
Firm to audit Financial Statements of Partnership
and Community Development Programs.
General Meeting of
Shareholders (GMS)
6. Any other agenda proposed by one or more
shareholders that represent 1/20 or more of all
shares that have a voting right.
In organizing the GMS, Shareholders are given
rights based on POJK No. 15-Year 2020 and the
Company's Articles of Association, as follows as
follows:
1. Shareholders either personally or represented
based on a power of attorney, are entitled to
attend GMS.
2. Shareholders, either in person or by proxy by a
power of attorney shall be entitled to vote in
the GMS.
3. Shareholders who are entitled to attend
the GMS are shareholders whose names are
registered in the list of shareholders 1 (one)
business day before the the invitation to the
GMS.
4. Shareholders are entitled to raise Questions
and/or opinions are in the GMS.
In addition, Shareholders also have the right to
submit a Request for the GMS with the condition
that the person submitting is 1 (one) or more
shareholders who jointly representing 1/10 (one-
tenth) or more of the total number of shares with
voting rights.
AGMS FOR THE 2022
FINANCIAL YEAR
Telkom held the AGMS for the 2022 Financial Year
on May 30, 2023, at the Fairmont Hotel Jakarta.
The 2022 AGMS was attended by independent
supporting
professionals
appointed
by
the
Company, namely Notary Ashoya Ratam SH., MKn.
to record the proceedings of the Meeting and
PT Datindo Entrycom to count and/or validate
votes. The summary information of the minutes
of the 2022 AGMS, which contains the agenda and
realization of the meeting resolutions, is as follows:
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
187
Process of organizing the GMS
The implementation of the company’s GMS is based on Financial Service Authority Regulation No. 15/POJK
provisions.04/2020, Financial Service Authority Regulation No. 16/POJK.04/2020, and the Company's Articles
of Association. The stages of organizing the AGMS for the 2022 financial year are as follows:
Process of Organizing the GMS of 2022 Financial Year
Stage
Implementation Date
Notification Letter of GMS Plan
to Financial Service Authority
March 30th, 2023
Announcement of GMS
April 6th, 2023
Invitation to the GMS
May 8th,2023
Implementation of GMS
May 30th, 2023
Summary of GMS Minutes
June 5th, 2023
Retrieved of the GMS
June 27th, 2023
Information
Annual GMS for the Financial Year 2022
Meeting Leader
Mr. Bambang Permadi Soemantri Brodjonegoro
Quorum of Attendance
The holders/proxies of Series A shareholders Dwiwarna and the holders/proxies of Series
B shareholders who are present and/or represented physically and electronically through
eASY.KSEI which together represent 89,065,650,347 shares or 89.9088002% of the total
number of shares with voting rights issued by the Company as of the day of the Meeting,
namely 99,062,216,600 shares, by paying attention to the Register of Shareholders at the
close of stock trading on May 5, 2023.
Attendance of the Board
of Directors and Board of
Directors
Commissioner
Board of Commissioners
• Bambang Permadi Soemantri Brodjonegoro – President Commissioner/ Independent
Commissioner
• Wawan Iriawan – Independent Commissioner
• Bono Daru Adji – Independent Commissioner
• Abdi Negara Nurdin – Independent Commissioner*
• Marcelino Rumambo Pandin – Commissioner*
• Ismail – Commissioner
• Rizal Mallarangeng – Commissioner
• Isa Rachmatarwata – Commissioner
Board of Directors
• Ririek Adriansyah – President Director;
• F.M. Venusiana R; – Director of Enterprise, PLT Director of Enterprise and Business Service.
• Muhamad Fajrin Rasyid – Director of Digital Business;
• Afriwandi – Director of Human Capital Management;
• Heri Supriadi – Director of Finance & Risk Management;
• Herlan Wijanarko – Director of Network & IT Solution;
• Budi Setyawan Wijaya – Director of Strategic Portfolio;
• Bogi Witjaksono – Director of Wholesale & International Service;
*Attend the Meeting via video teleconference
Agenda of the First
Meeting
Approval of the Annual Report and Ratification of the Company's Consolidated Financial
Statements, Approval of the Report on the Board of Commissioners' Supervisory Duties and
Ratification of the Financial Statements of the Micro and Small Business Funding Program
(PUMK) for the Fiscal Year 2022, as well as the provision of full repayment and exemption
of responsibility (volledig acquit et de charge) to the Board of Directors for the Company's
management actions and the Board of Commissioners for the Company's supervisory
actions that have been carried out during the Fiscal Year 2022.
Number of Shareholders
Asking
There was 1 response from Series A Shareholders Dwiwarna and 2 (two) questions from
Shareholders
188
Corporate Governance
Information
Annual GMS for the Financial Year 2022
The Result of Decision
Making
Approved: 87,149,158,636 shares or 97.8482258%
Disapproval: 687,997,518 shares or 0.7724611%
Abstained: 1,228,494,193 shares or 1.3793131%
Meeting Decision
"The Meeting with the most votes of 88,377,652,829 (99.2275389%) of the total votes
issued in the Meeting decided:
1. Approved the Company's Annual Report including the Report on the Supervisory Duties of
the Board of Commissioners for the Financial Year 2022 and the Report on the Social and
Environmental Responsibility Program and ratified the Company's Consolidated Financial
Statements for the Financial Year 2022 ended December 31, 2022, which have been
audited by the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member
of Firm of Ernst & Young Global Limited) according to its report, Number 00351/2.1032/
AU.1/06/0687-1/1/III/2023 dated March 24, 2023 with a reasonable opinion in all material
matters, and providing full repayment and exemption from responsibility (volledig acquit
et de charge) to the Board of Directors and the Board of Commissioners of the Company
for the company's management and supervision actions that have been carried out in the
financial year ending on December 31, 2022 as long as such actions are not criminal acts
and are reflected in the report books Company.
2. Ratifying the Financial Statements of the Micro and Small Business Funding Program for
the Financial Year 2022 which ended on December 31, 2022 which is part of the Social
and Environmental Responsibility Report as audited by the Public Accounting Firm (KAP)
Purwantono, Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited)
according to its report, Number 00181/2.1032/AU.2/11/0687-6/1/II/2023 dated February
21, 2023 with a reasonable opinion in all material matters and provide full repayment and
exemption from responsibility (volledig acquit et de charge) to the Board of Directors and
the Board of Commissioners of the Company for the management and supervision of the
Micro and Small Business Funding Program that has been implemented in the Financial
Year ended December 31, 2022 as long as such actions do not constitute a criminal
offense and are reflected in the Company's report books."
Follow-up/Realization
Approved
Second Meeting Agenda
Determination of the Use of the Company's Net Profit for the Fiscal Year 2022.
Number of Shareholders
Asking
There were no questions or responses.
The Result of Decision
Making
Approved: 87,883,991,487 shares or 98.6732721%
Disapproval: 40,760,800 shares or 0.0457649%
Abstained: 1,140,898,060 shares or 1.2809630%
Meeting Decision
"The Meeting with the most votes of 89,024,889,547 (99.9542351%) of the total votes
issued in the Meeting decided:
1. To determine the use of the Company's net profit for the Fiscal Year 2022 amounting
to Rp20,753,370,820,999,000 (Twenty Trillion Seven Hundred Fifty Three Billion Three
Hundred Seventy Million Eight Hundred Twenty Thousand Nine Hundred and Ninety Nine
Rupiah) is intended as follows:
a. Cash dividend of 80.00% (eighty percent) of net profit or an amount of
Rp16,602,696,656,799.20 (sixteen trillion six hundred two billion six hundred ninety
six million six hundred fifty six thousand seven hundred and ninety-nine Rupiah point
twenty cents) or Rp167.5987 (one hundred and sixty-seven Rupiah point five nine eight
seven) per share, based on the number of shares that have been issued as of the date
of the Meeting, which is 99,062,216,600 (ninety-nine billion sixty-two million two
hundred sixteen thousand six hundred) shares;
b. Recorded as Retained Earnings of 20% (twenty percent) of net profit or an amount of
Rp4,150,674,164,199.80 (four trillion one hundred and fifty billion six hundred seventy
four million one hundred sixty four thousand one hundred and ninety-nine Rupiah point
eighty cents) which will be used to finance the Company's business development.
2. The distribution of Cash Dividends for the Fiscal Year 2022 is carried out with the following
provisions:
a. Those who are entitled to receive dividends are shareholders whose names are recorded
in the Company's Register of Shareholders at the close of trading of the Company's
shares on the Indonesia Stock Exchange on June 13, 2023;
b. The Cash Dividend will be paid in a lump sum no later than July 5, 2023.
3. Granting authority and power to the Board of Directors with the right of substitution to
further regulate the dividend distribution procedures and announce it by paying attention
to the regulations applicable on the stock exchange where the Company's shares are
listed.
Follow-up/Realization
Approved
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
189
Information
Annual GMS for the Financial Year 2022
Third Meeting Agenda
Determination of Tantiem for the 2022 Fiscal Year, Salaries for the Board of Directors and
Honorarium for the Board of Commissioners along with Other Facilities and Allowances for
2023.
Number of Shareholders
Asking
There were no questions or responses.
The Result of Decision
Making
Approved: 83,379,664,969 shares or 93.6159615%
Disapproval: 4,518,659,891 shares or 5.0734036%
Abstained: 1,167,325,487 shares or 1.3106349%
Meeting Decision
"The Meeting with the most votes of 84,546,990,456 (94.9265964%) of the total votes
issued in the Meeting decided:
1. Granting authority and power of attorney to the Series A Shareholders of Dwiwarna
to determine the amount of tantiem/work incentives/special incentives for the 2022
Financial Year, as well as to determine honorariums, allowances, and facilities for members
of the Company's Board of Commissioners for 2023.
2. Granting authority and power of attorney to the Board of Commissioners by first
obtaining written approval from the Series A Shareholders of Dwiwarna to determine the
amount of tantiem/work incentive/special incentive for the 2022 Financial Year, as well
as determining salaries, allowances, facilities and other incentives for members of the
Company's Board of Directors for 2023."
Follow-up/Realization
Approved
Fourth Meeting Agenda
Appointment of a Public Accounting Firm (KAP) to Audit the Company's Consolidated
Financial Statements and the Company's MSE Funding Program Financial Statements for
the Financial Year 2023.
Number of Shareholders
Asking
1 (one) question from Shareholders
The Result of Decision
Making
Approved: 82,612,878,599 shares or 92.7550389%
Disapproval: 5,271,709,422 shares or 5.9189030%
Abstained: 1,181,062,326 shares or 1.3260582%
Meeting Decision
"The Meeting with the most votes of 83,793,940,925 (94.0810970%) of the total votes
issued in the Meeting decided:
1. Re-appoint the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member
firm of Ernst & Young Global Limited) as the KAP that will audit the Company's Consolidated
Financial Statements as well as the Financial Statements for the Implementation of the
Micro and Small Business Funding Program and other reports for the Financial Year 2023.
2. Granting authority and power of attorney to the Board of Commissioners of the Company
to appoint KAP to conduct an audit of the Company's consolidated Financial Statements
for other periods in the Fiscal Year 2023 for the Company's purposes and interests.
3. Authorizing the Board of Commissioners of the Company to determine the remuneration
for audit services and other requirements for the KAP, as well as appointing a replacement
KAP in the case of KAP Purwantono, Sungkoro & Surja (a member of Firm of Ernst &
Young Global Limited), for any reason unable to complete the audit of the Company's
Consolidated Financial Statements, Financial Statements of the Micro and Small Business
Funding Program and other reports for the Financial Year 2023, including determining
audit service fees and other requirements for the replacement KAP.
Follow-up/Realization
Approved
Fifth Meeting Agenda
Approval of the Company's plan for Business Separation which is an Affiliate Transaction
as referred to in Financial Service Authority’ Regulation No. 42/2020 regarding Affiliate
Transactions and Conflicts of Interest and is also a Material Transaction as referred to in
Financial Service Authority’ Regulation No. 17/2020 regarding Material Transactions and
Changes in Business Activities.
Number of Shareholders
Asking
1 (one) question from Shareholders
The Result of Decision
Making
Approved: 36,319,798,327 shares or 76.6137954%
Disapproval: 1,277,300 shares or 0.0026944%
Abstained: 1,142,221,160 shares or 2.4094269%
190
Corporate Governance
Information
Annual GMS for the Financial Year 2022
Meeting Decision
"The Meeting with the most votes of 37,462,019,487 (79.0232223%) of the total number of
votes owned by the Independent Shareholders issued in the Meeting decided:
Approved the Company's plan to conduct material transactions and affiliate transactions,
namely the Separation of IndiHome Business Segment which is an impure separation
("Separation") from the Company to PT Telekomunikasi Selular ("Telkomsel") and
transactions related to the Separation, including the provision of infrastructure and the
provision of fixed broadband core and IT system services from the Company to Telkomsel,
in order to comply with the provisions of FSA Regulation No. 42/POJK.04/2020 regarding
Affiliate Transactions and Conflicts of Interest Transactions and Financial Service Authority’
Regulation No. 17/POJK.04/2020 regarding Material Transactions and Changes in Business
Activities ("Transaction Plan")."
Follow-up/Realization
Approved and implemented
Sixth Meeting Agenda
Approval of the Company's plan to carry out a Business Separation, in connection with the
fulfillment of Law No. 40 of 2007 regarding Limited Liability Companies as last amended by
Law No. 6 of 2023 regarding the Stipulation of Government Regulations in Lieu of Law No. 2
of 2022 regarding Job Creation into Law.
Number of Shareholders
Asking
There were no questions or responses.
The Result of Decision
Making
Approved: 87,922,699,887 shares or 98.7167326%
Disapproval: 1,299,000 shares or 0.0014585%
Abstained: 1,141,651,460 shares or 1.2818089%
Meeting Decision
"The meeting with the most votes of 89,064,351,347 (99.9985415%) including the
Shareholders of series A Dwiwarna, from the total number of votes issued in the Meeting,
decided:
1. Approved the Company's plan to carry out the Separation of the IndiHome Business
Segment by PT Telkom Indonesia (Persero) Tbk. with a fair value in connection with the
fulfillment of Law No. 40 of 2007 regarding Limited Liability Companies as last amended
by Law No. 6 of 2023 regarding the Stipulation of Government Regulations in Lieu of Law
N0. 2 of 2022 regarding Job Creation into Law.
2. Approve the Separation Plan announced by the Company and its amendments.
3. Granting power and authority with the right of substitution to the Company's Board
of Directors to carry out all actions related to the implementation of the Transaction
Plan, including but not limited to making necessary adjustments and/or changes to
the Transaction Plan document as long as such changes are not material, restating the
decisions made in this Meeting, either partially or in full in the form of notary deeds, make
or request the making of all necessary deeds, letters and documents, appear before the
authorized parties/officials including notaries, submit applications to the authorized
parties/or officials to obtain approval or report the matter to the authorized parties/
officials and register them in the company register as intended in the applicable laws and
regulations until the receipt of the application, without anyone being exempted, and all
other actions to comply with the laws and regulations."
Follow-up/Realization
Approved and implemented
Seventh Meeting Agenda
Approval of the Company's Special Assignment by the President of the Republic of Indonesia.
Number of Shareholders
Asking
1 (one) question from Shareholders
The Result of Decision
Making
Approved: 69,276,958,543 shares or 77.7819039%
Disapproval: 17,197,005,257 shares or 19.3082913%
Abstained: 2,591,636,547 shares or 2.9098048%
Meeting Decision
"The Meeting with the most votes of 71,868,595,090 (80.6917087%) of the total votes
issued in the Meeting decided:
Approve a special assignment from the Government of the Republic of Indonesia to the
Company, the implementation of which is in accordance with Presidential Regulation No.
17 of 2023 regarding the Acceleration of Digital Transformation in the Field of Government
Procurement of Goods/Services."
Follow-up/Realization
Approved and implemented
Eighth Meeting Agenda
Inauguration of the Implementation of the Regulation of the Minister of SOEs Number:
a. PER-1/MBU/03/2023 dated March 3, 2023 regarding Special Assignments and Social and
Environmental Responsibility Programs of SOEs and their Changes
b. PER-2/MBU/03/2023 dated March 3, 2023 regarding Guidelines for Governance and
Significant Corporate Activities of SOEs and their Changes
c. PER-3/MBU/03/2023 dated March 20, 2023 regarding SOE Organs and Human Resources
and its amendments.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
191
Information
Annual GMS for the Financial Year 2022
Number of Shareholders
Asking
1 (one) question from Shareholders
The Result of Decision
Making
Approved: 87,922,830,687 shares or 98.7168795%
Disapproval: 1,421,400 shares or 0.0015959%
Abstained: 1,141,398,260 shares or 1.2815246%
Meeting Decision
"The Meeting with the most votes of 89,064,228,947 (99.9984041%) including the Series A
Shareholders of Dwiwarna, from the total number of votes issued in the Meeting, decided:
Confirming the enactment of the Regulation of the Minister of State-Owned Enterprises of
the Republic of Indonesia Number:
1. PER-1/MBU/03/2023 dated March 3, 2023 regarding Special Assignments and Social and
Environmental Responsibility Programs of SOEs;
2. PER-2/MBU/03/2023 dated March 3, 2023 regarding Guidelines for Governance and
Significant Corporate Activities of SOEs;
3. PER-3/MBU/03/2023 dated March 20, 2023 regarding SOE Organs and Human
Resources;
and its changes in the future."
Follow-up/Realization
Approved and implemented
Ninth Meeting Agenda
Changes in the Company's Board of Directors.
Number of Shareholders
Asking
There were no questions or responses.
The Result of Decision
Making
Agreed: 58,569,354,561 shares or 65.7597562%
Disagreed: 26,327,035,515 shares or 29.5591347%
Abstained: 4,169,260,271 shares or 4.6811091%
Meeting Decision
"The meeting with the most votes of 62,738,614,832 (70,4408653%) including the
Shareholders of series A Dwiwarna, from the total number of votes issued in the Meeting,
decided:
1. Confirming the honorable dismissal of Mr. EDI WIJTARA as Director of Enterprise and
Business Service of the Company who was appointed based on the Resolution of the GMS
for the Financial Year 2018 dated May 24, 2019, effective July 8, 2022. with gratitude for
the contribution of energy and thoughts given during his tenure as the Company's Board."
2. Changing the position of the members of the Board of Directors of the Company as
follows:
From: Director of Consumer Service
Becomes: Director of Group Business Development
3. Transferring the assignment of Mrs. F. M VENUSIANA R who was appointed based on the
Resolution of the GMS for the Financial Year 2019 dated July 16, 2020 from the original
Director of Consumer Service to the Director of Enterprise and Business Service, with the
term of office continuing the remaining term of office as the GMS.
4. Appointing the names below as the Company's Board of Directors as follows:
a. Mr. SILMY KARIM as Commissioner
b. Mr. HONESTI BASYIR as Director of Group Business Development
5. The term of office of the appointed members of the Board of Commissioners and the
Board of Directors as referred to in number 4, is in accordance with the provisions of
the Company's Articles of Association by taking into account the applicable laws and
regulations without prejudice to the right of the GMS to dismiss at any time
192
Corporate Governance
Information
Annual GMS for the Financial Year 2022
6. With the inauguration of dismissal, change of nomenclature of positions, transfer of duties,
and appointment of members of the Board of Directors and Board of Commissioners
as referred to in numbers 1 to 4. the composition of the members of the Board of
Commissioners and the Board of Directors of the Company is as follows:
a. Board of Commissioners
1) President/Independent Commissioner: Bambang Permadi Soemantri B
2) Independent Commissioner: Wawan Iriawan
3) Independent Commissioner: Bono Daru Adji
4) Independent Commissioner: Abdi Negara Nurdin
5) Commissioner: Arya Mahendra Sinulingga
6) Commissioner: Marcelino Rumambo Pandin
7) Commissioner: Ismail
8) Commissioner: Rizal Mallarangeng
9) Commissioner: Isa Rachmatarwata
10) Commissioner: Silmy Karim
b. Board of Directors
1) President Director: Ririek Adriansyah
2) Direktur Enterprise and Business: Service F. M. Venusiana R
3) Director of Digital Business: Muhamad Fajrin Rasyid
4) Director of Human Capital Management :Afriwandi
5) Director of Finance and Risk Management: Of Heri Supriadi
6) Director of Network and IT Solution: Herlan Wijanarko
7) Director of Strategic Portfolio: Budi Setyawan Wijaya
8) Director of Wholesale And International Business: Bogi Witjaksono
9) Direktur Group Business Development: Honesti Basyir
7. Members of the Board of Commissioners and Members of the Board of Directors who
are appointed as referred to in number 4 who are still holding other positions that are
prohibited by laws and regulations to be concurrently held as members of the Board of
Commissioners and Directors of State-Owned Enterprises, then the person concerned
must resign or be dismissed from their positions.
8. Authorize the Board of Directors of the Company to declare the decision of this GMS
in the form of a Notary Deed and to meet with the Notary or authorized officials, and
make necessary adjustments or improvements if required by the authorized party for the
purpose of implementing the contents of the Meeting's resolutions."
Follow-up/Realization
Approved
The implementation of the 2022 AGMS was in accordance with the mechanism stated in Financial Service
Authority Regulation 15/2020, Financial Service Authority Regulation 16/2020, and the provisions of
the Company's Articles of Association. In its implementation, the decisions of the 2022 AGMS are directly
applicable to the implementation of the Company's business and operations. All AGMS decisions were realized
in 2023, and no decisions were realized until the end of 2024.
AGMS FOR THE 2023 FINANCIAL YEAR
Throughout 2024, the Company has held one GMS, namely the AGMS for the Financial Year 2023, held in a
hybrid manner on May 3, 2024, at the Ballroom of the Four Seasons Hotel, Jl. Jend. Gatot Subroto No.18, Jakarta.
The implementation of the AGMS was in accordance with the mechanism stated in Financial Service Authority'
Regulation No. 15/POJK.04/2020 and Financial Service Authority' Regulation No. 16/POJK.04/2020, as well as
the Company's Articles of Association.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
193
Process of Organizing GMS
The stages of holding the AGMS for the 2023 financial year are as follows:
Stages of the Implementation of the GMS
Stage
Implementation Date
Notification Letter of GMS
Plan to OJK
March 13, 2024
Announcement of GMS
March 21, 2024
Invitation to the GMS
April 5, 2024
Implementation of GMS
May 3, 2024
Summary of GMS Minutes
May 7, 2024
Minutes of GMS
May 31, 2024
To ensure independence, the Company appointed an independent party as a supporting profession, namely
Notary Ashoya Ratam SH., MKn. to record the progress of the meeting and PT Datindo Entrycom to calculate
and/or validate votes. The details of the agenda and realization of the AGMS decision for the 2023 Fiscal Year
are as follows:
Information
Annual GMS for Financial Year 2023
Meeting Leader
Mr. Bambang Permadi Soemantri Brodjonegoro
Quorum Attendance
The holders/proxies of Series A shareholders Dwiwarna and the holders/proxies of Series
B shareholders who are present and/or represented physically and electronically through
eASY.KSEI which together represent 85,078,795,949 shares or constitute 85.8842038%
of the total number of shares with voting rights that have been issued by the Company
until the day of the Meeting, which is a total of 99,062,216,600 shares, by paying
attention to the Register of Shareholders at the close of stock trading on April 4, 2024.
Attendance of the Board of
Directors and Board of
Commissioner
Board of Commissioners
• Bambang Permadi Soemantri Brodjonegoro – President Commissioner/ Independent
Commissioner
• Wawan Iriawan – Independent Commissioner
• Bono Daru Adji – Independent Commissioner
• Marcelino Rumambo Pandin – Commissioner
• Ismail – Commissioner
• Rizal Mallarangeng – Commissioner*
• Isa Rachmatarwata – Commissioner
• Silmy Karim – Commissioner
Board of Directors
• Ririek Adriansyah – President Director;
• F.M. Venusiana R; – Director of Enterprise & Business Service;
• Muhamad Fajrin Rasyid – Director of Digital Business;
• Afriwandi – Director of Human Capital Management;
• Heri Supriadi – Director of Finance & Risk Management;
• Herlan Wijanarko – Director of Network & IT Solution;
• Budi Setyawan Wijaya – Director of Strategic Portfolio;
• Bogi Witjaksono – Director of Wholesale & International Service; and
• Honesti Basyir – Head of Group Business Development.
*Attend the meeting via video teleconference.
194
Corporate Governance
Information
Annual GMS for Financial Year 2023
Agenda of the First Meeting
Approval of the Annual Report and Ratification of the Company's Consolidated
Financial Statements, Approval of the Report on the Supervisory Duties of the Board
of Commissioners and Ratification of the Financial Statements of the Micro and Small
Business Funding Program ("MSE") for the 2023 Fiscal Year, as well as the provision of full
repayment and exemption from responsibility (volledig acquit et de charge) to the Board
of Directors for the Company's management actions and the Board of Commissioners for
the Company's supervisory actions that have been carried out during the Financial Year
2023
Number of Shareholders
Asking
There was 1 response from Series A Shareholders Dwiwarna and 2 (two) questions from
Shareholders
The Result of Decision Making
Approved: 83,762,560,125 shares or 98.4529214%
Disapproval: 261,092,978 shares or 0.3068837%
Abstained: 1,055,142,846 shares or 1.2401949%
Meeting Decision
1. Approved the Company's Annual Report including the Report on the Supervisory
Duties of the Company's Board of Commissioners for the Financial Year 2023 which
ended on December 31, 2023.
2. Verify:
a. The Company's Consolidated Financial Statements for the Financial Year 2023 ended
December 31, 2023 which have been audited by the Public Accounting Firm (KAP)
Purwantono, Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited)
in accordance with report Number 00268/2.1032/AU.1/06/06/0687-2/1/III/2024
dated March 22, 2024 with a reasonable opinion in all material matters; and
b. The Financial Statements of the Micro and Small Business Funding Program for
the Financial Year 2023 ended December 31, 2023 which have been audited by the
Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a member of Firm of
Ernst & Young Global Limited) in accordance with report Number 00181/2.1032/
AU.2/10/1902- 1/1/111/2024 dated March 8, 2024 with a reasonable opinion in all
material matters.
3. With the approval of the Company's Annual Report, including the Supervisory Report
of the Board of Commissioners, and the ratification of the Company's Consolidated
Financial Statements and the Financial Statements of the Micro and Small Business
Funding Program (MSE), all for the Financial Year 2023 which ended on December 31,
2023, the Meeting provides full repayment and exemption from responsibility (volledig
acquit et de charge) to all members of the Board of Directors for the Company's
management actions and to all Members of the Board of Commissioners for the
Company's supervisory actions that have been carried out during the Fiscal Year 2023
ending on December 31, 2023, as long as such actions do not constitute criminal
offenses and are reflected in the reports mentioned above.
Follow-up/Realization
Approved
Second Meeting Agenda
Determination of the Use of the Company's Net Profit for the Fiscal Year 2023
Number of Shareholders
Asking
There is 1 (one) question from the Shareholders but it is not relevant
The Result of Decision Making
Approved: 83,605,330,146 shares or 98.2681163%
Disapproval: 491,448,855 shares or 0.5776396%
Abstained: 982,016,948 shares or 1.1542441%
Meeting Decision
Stipulates the use of the Company's net profit for the Fiscal Year 2023 amounting to
Rp24,559,749,105,967 (twenty-four trillion five hundred and fifty-nine billion seven
hundred and forty-nine million one hundred five thousand nine hundred and sixty-seven
Rupiah) is allocated as follows:
1. Cash dividend of 72% of net profit or an amount of Rp17,683,019,356,296.20 (seventeen
trillion six hundred eighty-three billion nine betas million three hundred fifty-six
thousand two hundred ninety-six point two zero Rupiah) or Rp178.5041761 (one
hundred seventy-eight point five zero four one seven six one Rupiah) per share, based
on the number of shares that have been issued as of the date of the Meeting, which is
99,062,216,600 (ninety-nine billion sixty-two million two hundred six betas thousand
six hundred) shares. The payment is carried out with the following conditions:
a. The dividend of the State share of the Republic of Indonesia amounting to
Rp9,211,235,606,774.44 (nine trillion two hundred and eleven billion two hundred
thirty-five million six hundred six thousand seven hundred and seventy four point
four four Rupiah) is deposited into the State General Treasury account.
b. The distribution of Cash Dividends for the Fiscal Year 2023 is carried out with the
following provisions:
i. Those who are entitled to receive Cash Dividends are shareholders whose names
are recorded in the Company's Register of Shareholders at the close of trading of
the Company's shares on the Indonesia Stock Exchange on May 17, 2024;
ii. The Cash Dividend will be paid in a lump sum no later than June 6, 2024.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
195
Information
Annual GMS for Financial Year 2023
c. Granting authority and power of attorney to the Board of Directors with the right of
substitution to further regulate the dividend distribution procedures and announce
them by paying attention to the regulations applicable on the stock exchange where
the Company's shares are listed.
2. Recorded as Retained Profit of 28% of net profit or an amount of Rp6,876,729,749,670.80
(six trillion eight hundred seventy six billion seven hundred twenty nine million seven
hundred forty nine thousand six hundred seventy point eight zero Rupiah) which will
be used to finance the Company's business development.
Follow-up/Realization
Approved and implemented
Third Meeting Agenda
Determination of Tantiem for the 2023 Fiscal Year, Salaries for the Board of Directors and
Honorarium for the Board of Commissioners Along with Other Facilities and Allowances
for 2024
Number of Shareholders
Asking
No questions or responses
The Result of Decision Making
Approved: 76,780,119,391 shares or 90.2458933%
Disapproval: 7,327,563,963 shares or 8.6126794%
Abstained: 971,112,595 shares or 1.1414273%
Meeting Decision
1. Approved the granting of authority and power of attorney to the Shareholders of
Series A Dwiwarna to stipulate for the Members of the Board of Commissioners:
a. Special Performance/Incentive for the 2023 Fiscal Year and/or Long-Term Incentives
for the 2024-2026 Fiscal Year period, in accordance with applicable provisions; and
b. Honorarium, Allowances and Facilities for the 2024 Financial Year.
2. To approve the granting of authority and power of attorney to the Board of
Commissioners by first obtaining written approval from the Series A Shareholders of
Dwiwarna to stipulate for the Members of the Board of Directors:
a. Special Performance/Incentive for the 2023 Fiscal Year and/or Long-Term Incentives
for the 2024-2026 Fiscal Year period, in accordance with applicable provisions; and
b. Salary, Allowances, and Facilities for the 2024 Financial Year.
Follow-up/Realization
Approved and implemented
Fourth Meeting Agenda
Appointment of a Public Accounting Firm to Audit the Company's Consolidated Financial
Statements and the Company's MSE Funding Program Financial Statements for the Fiscal
Year 2024
Number of Shareholders
Asking
No questions or responses
The Result of Decision Making
Approved: 78,242,088,661 shares or 91.9642642%
Disapproval: 5,857,698,774 shares or 6.8850278%
Abstained: 979,008,514 shares or 1.1507080%
Meeting Decision
1. Appointing the Public Accounting Firm (KAP) Purwantono, Sungkoro & Surja (a
member firm of Ernst & Young Global Limited) as the KAP that will audit the Company's
Consolidated Financial Statements as well as the Financial Statements of the Micro and
Small Business Funding Program as well as other reports for the Financial Year 2024.
2. To approve the granting of authority and power to the Board of Commissioners of the
Company to:
a. Appointment of a Public Accountant and/or Public Accounting Firm to audit the
Company's Consolidated Financial Statements for other periods in the Financial Year
2024 for the Company's purposes and interests; and
b. Determination of audit service fees and other requirements for Public Accountants
and/or Public Accounting Firms, as well as appointing a Public Accountant and/or
Substitute Public Accounting Firm in the case of Public Accounting Firm Purwantono,
Sungkoro & Surja (a member of Firm of Ernst & Young Global Limited), for any reason,
unable to complete the provision of audit services for the Company's Consolidated
Financial Statements for the Financial Year 2024 and/or other periods in the Financial
Year 2024, and Financial Statements and Implementation of the Micro and Small
Business Funding Program for the Fiscal Year 2024, including determining audit
service fees and other requirements for the Public Accountant and/or the Substitute
Public Accounting Firm.
Follow-up/Realization
Approved
Fifth Meeting Agenda
Changes in the Company's Management Structure
Number of Shareholders
Asking
There are 2 (two) questions from Shareholders
196
Corporate Governance
Information
Annual GMS for Financial Year 2023
The Result of Decision Making
Approved: 53,124,457,182 shares or 62.4414774%
Disapproval: 29,064,071,748 shares or 34.1613576%
Abstained: 2,890,267,019 shares or 3.3971649%
Meeting Decision
1. To confirm the honorable dismissal of Mr. Abdi Negara Nurdin as an Independent
Commissioner of the Company who was appointed based on the Resolution of the
Annual GMS for the Financial Year 2020 dated May 28, 2021, effective January 19, 2024,
with gratitude for the contribution of energy and thoughts given during his tenure as
a Member of the Board of Commissioners of the Company.
2. Honorably dismiss the following names as the Company's Administrators:
1) Mr. Ririek Adriansyah – as President Director;
2) Mr. Ismail – as Commissioner;
3) Mr. Marcelino Rumambo Pandin – as Commissioner, who were appointed respectively
based on the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, and the Resolution of the Annual GMS of the Financial Year 2018 dated May 24,
2019, effective as of the closing of this GMS, with gratitude for the contribution of
energy and thought given during their tenure as the Company's Management.
3. Appointing the following names as the Company's Managements:
1) Mr. Ririek Adriansyah – as President Director;
2) Mr. Ismail – as Commissioner;
3) Mr. Marcelino Rumambo Pandin – as Commissioner.
4. The term of office of the members of the Board of Directors and the Board of
Commissioners appointed as referred to in number 3 shall be in accordance with the
provisions of the Company's Articles of Association, taking into account the prevailing
laws and regulations and without prejudice to the right of the GMS to dismiss at any
time.
5. With the inauguration of the dismissal, dismissal, and appointment of the Company's
Management as referred to in numbers 1, 2, and 3, the composition of the members of
the Board of Directors and the Board of Commissioners of the Company is as follows:
a. Board of Directors
1) President Director: Ririek Adriansyah
2) Director of Digital Business: Muhamad Fajrin Rasyid
3) Director of Human Capital Management: Afriwandi
4) Director of Finance & Risk Management: Heri Supriadi
5) Director of Strategic Portfolio: Budi Setyawan Wijaya
6) Director of Wholesale & International Service: Bogi Witjaksono
7) Director of Network & IT Solution: Herlan Wijanarko
8) Director of Enterprise & Business Service: F. M. Venusiana R
9) Direktur Group Business Development: Honesti Basyir
b. Board of Commissioners
1) President/Independent Commissioner: Bambang Permadi Soemantri
Brodjonegoro
2) Independent Commissioner: Wawan Iriawan
3) Independent Commissioner: Bono Daru Adji
4) Commissioner : Marcelino Rumambo Pandin
5) Commissioner : Ismail
6) Commissioner : Rizal Mallarangeng
7) Commissioner : Isa Rachmatarwata
8) Commissioner : Arya Mahendra Sinulingga
9) Commissioner : Silmy Karim
6. Members of the Board of Directors and Board of Commissioners who are appointed
as referred to in number 3 who are still holding other positions that are prohibited
by laws and regulations to concurrently hold the positions of members of the Board
of Directors or the Board of Commissioners of State-Owned Enterprises, then the
person concerned must resign or be dismissed from their positions.
7. Authorize the Board of Directors of the Company to declare the decision of the GMS
in the form of a Notary Deed and to appear before the Notary or authorized officials,
and make necessary adjustments or improvements if required by the authorized
parties for the purpose of implementing the contents of the Meeting's resolutions.
Follow-up/Realization
Approved and implemented
In its implementation, the decision of the Annual GMS for the Fiscal Year 2023 immediately applies to the
implementation of the Company's business and operations.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
197
The Board of Commissioners is a company organ that
plays an important role in supervisory and advising
the Board of Directors in managing the company.
In accordance with the provisions of Law No. 40 of
2007 on Limited Liability Companies, the Board
of Commissioners is collectively responsible for
ensuring that the company operates properly and
in accordance with the principles of Good Corporate
Governance (GCG). In addition to overseeing the
company's running, the Board of Commissioners
is also obliged to monitor and ensure that the
implementation of GCG is carried out effectively
and sustainably in every business practice of the
company.
BOARD OF COMMISSIONERS’
CHARTER
Telkom has a Board Manual that is authorized and
signed by the Board of Commissioners and the
Board of Directors in Joint Regulation of the Board
of Commissioners and the Board of Directors No.
05/KEP/DK/2022
and
PD.620.00/r.01/HK200/
COP-M4000000/2022 on the Board Manual of the
Company (Persero) PT Telekomunikasi Indonesia
Tbk. The charter regulates the responsibilities,
obligations, and division of duties of the Board of
Commissioners, provisions on meetings, conflicts
of interest, and share ownership, as well as the
relationship of the Board of Commissioners with
the Board of Directors and the GMS. The duties
and responsibilities of the members of the Board
of Commissioners are also stated in the Company's
Articles of Association.
Board of
Commissioners
BASIS OF APPOINTMENT
OF THE BOARD OF
COMMISSIONERS
The appointment of the Telkom’s Board of
Commissioners is based on the regulation of the
Articles of Association and other regulations,
including the Regulation of the Minister of SOE
No.PER-3/MBU/03/2023 regarding Organs and
Human Resources of State-Owned Enterprises,
carried out by ensuring that the requirements
stipulated in these regulations are met, among
others:
a. Have good morals and good integrity;
b. Competent in carrying out legal actions;
c. Commit to comply with statutory regulations;
d. Fulfill the requirements for a good track record;
e. Commit to comply with statutory regulations;
have knowledge and/or expertise in the field
required by the Company; and
f. And other requirements in accordance with
the Limited Liability Company Law, laws and
regulations in the Capital Market sector, and
other laws and regulations that apply to and
relate to the Company's business activities.
In addition, the GMS appoints members of the
Board of Commissioners, considering integrity,
understanding of the Company's management
issues, providing sufficient time to carry out their
duties, and other requirements based on laws and
regulations.
198
Corporate Governance
TERM OF SERVICE OF
MEMBERS OF THE BOARD OF
COMMISSIONERS
Based on the Articles of Association and others
regulation, including the Regulation of the Minister
of SOE No. PER-3/MBU/03/2023 regarding Organs
and Human Resources of State-Owned Enterprises,
members of the Board of Commissioners have a five-
year terms of office without reducing the authority
of the GMS to dismiss members at any time. The GMS
has the right to reappoint members of the Board
of Commissioners for 1 more term after the term
expires. Members of the Board of Commissioners
have a term of office that is effective from the closing
or the date set by the GMS, and the GMS confirms
the end of their term of office.
MECHANISM OF RESIGNATION
AND DISMISSAL OF THE
BOARD OF COMMISSIONERS
In accordance with the regulations of the Articles
of Association and other regulations, including
the Regulation of the Minister of SOE No. PER-
3/MBU/03/2023 regarding Organs and Human
Resources of State-Owned Enterprises, the position
of a member of the Board of Commissioners ends if:
a. Pass away;
b. The term of office ends, including resigning from
office;
c. Dismissed based on GMS decision; and/or
d. No longer meets the requirements as a member
of the Board of Commissioners of SOE based on
the regulations of the articles of association and
statutory regulations, including the prohibition
of holding concurrent positions.
BOARD OF COMMISSIONERS’
DIVERSITY
Telkom's Board of Commissioners’ diversity policy
is based on the implementation of GCG principles
and Law No. 39 of 1999 regarding Human Rights.
Candidates for the Board of Commissioners are
determined by considering aspects of diversity,
non-discrimination, human rights, and the principle
of justice. In the appointment or selection process,
Telkom considers competence, expertise, integrity,
and background in accordance with the company's
needs.
Even though there are currently no female members
of the Board of Commissioners, Telkom has had
female members appointed through the 2014 EGMS,
2015, and 2017 GMS. Telkom remains consistent in
applying the principle of gender equality throughout
the company, which has encouraged more women to
occupy senior leadership positions in TelkomGroup.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
199
Diversity of the Composition of the
Board of Commissioners
Diversity of the Composition of the Board
of Commissioners' Education Level
Independent
Non-Independent 66.67%
33.33%
Master
Bachelor
Doctor
55.56%
33.33%
11.11%
Board of Commissioners’ Diversity as of December 31, 2024
No.
Name
Position
Gender
Background of Expertise &
Proficiency
Education
Level
1.
Bambang Permadi Soemantri
Brodjonegoro
President Commissioner
/ Independent
Commissioner
Male
Economics and Planology
Doctor
2.
Wawan Iriawan
Independent
Commissioner
Male
Law
Doctor
3.
Bono Daru Adji
Independent
Commissioner
Male
Law
Master
4.
Marcelino Rumambo Pandin
Commissioner
Male
Architect, Business
Management and
Technology
Doctor
5.
Ismail
Commissioner
Male
Electrical Engineering
and Telecommunication
Engineering
Doctor
6.
Rizal Mallarangeng
Commissioner
Male
Public and Political
Communication
Doctor
7.
Isa Rachmatarwata
Commissioner
Male
Mathematics
Master
8.
Arya Mahendra Sinulingga
Commissioner
Male
Civil Engineering
Bachelor
9.
Silmy Karim
Commissioner
Male
Defense Economics and
Management
Master
200
Corporate Governance
BOARD OF COMMISSIONERS’ DOUBLE POSITION
In order to apply the principle of transparency, Telkom discloses information on the concurrent positions of
the Board of Commissioners as of December 31, 2024 in the table below:
Board of Commissioners’ Double Position as of December 31, 2024
No.
Name
Telkom
Subsidiary
Other Entities
Position
Other Position
1.
Bambang Permadi
Soemantri
Brodjonegoro
President
Commissioner/
Independent
Commissioner
Audit
Committee,
KEMPR, KTKT
None
1. Special Advisor to the President for
Economic and National Development
2. President Commissioner of
PT Bukalapak Tbk
3. President Commissioner of
PT Nusantara Green Energy
4. Independent Commissioner of
PT Astra International Tbk
5. Independent Commissioner of
PT Indofood Tbk
6. Commissioner of PT Combiphar
2.
Wawan Iriawan
Independent
Commissioner
Audit
Committee, KNR
None
None
3.
Bono Daru Adji
Independent
Commissioner
Audit
Committee,
KEMPR, KTKT
None
1. Managing Partner, Assegaf Hamzah &
Partners
2. Member of the Management Board
of the Indonesian Audit Committee
Association
3. Member of the PSSI code of Ethics
4.
Marcelino
Rumambo Pandin
Commissioner
KNR, KTKT
None
None
5.
Ismail
Commissioner
KNR, KEMPR
None
General Secretary of the Ministry of
Communications and Digital
6.
Rizal Mallarangeng
Commissioner
KNR, KEMPR
None
Commissioner of PT Energi Mega
Persada
7.
Isa
Rachmatarwata
Commissioner
KEMPR
None
General Director of Budget, Ministry of
Finance
8.
Arya Mahendra
Sinulingga
Commissioner
KNR, KEMPR
None
1. Plt. Chairman of the North Sumatra
PSSI Provincial Association
2. Member of the Board of Trustees of
the University of North Sumatra
3. Special Staff III of the Minister of
State-Owned Enterprises (BUMN)
4. Secretary General of the Bandung
Institute of Technology Alumni
Association
5. Advisory Board of the Indonesian
Engineers Association
6. Executive Committee of the
Indonesian Football Association
(PSSI)
9.
Silmy Karim
Commissioner
KNR, KEMPR
None
Deputy Minister of Immigration and
Correctional Affairs
Remarks:
KTKT
: Integrated Governance Committee
KEMPR
: Committee for Planning and Risk Evaluation and Monitoring
KNR
: Committee for Nomination and Remuneration
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
201
BOARD OF COMMISSIONERS’
AUTHORITIES, DUTIES, AND
RESPONSIBILITIES
Company’s Articles of Association stipulates the
Board of Commissioners' obligations to:
1. Provide advice to the Board of Directors in
performing the Company’s management;
2. Provide opinion and give approval over the Annual
Work Plan and Budget of the Company as well as
other work plans which have been prepared by
the Board of Directors, in accordance with the
provisions of the Articles of Association and the
prevailing laws and regulations;
3. Keep up with Company’s activities progress,
provide opinions and advice to the GMS
regarding every issue considered important for
the Company’s management;
4. Report to Series A Dwiwarna shareholder if there
is any indication of decreasing performance of
the Company;
5. Propose to the GMS for the appointment of Public
Accountant who will perform the audit over the
Company’s book;
6. Review and analyze the periodic reports and the
Annual Report prepared by the Board of Directors
as well as execute the Annual Report;
7. Provide explanation, opinion, and advice to the
GMS regarding the Annual Report, if requested;
8. Draw up the minutes of the meeting of the Board
of Commissioners and keep their copies;
9. Report to the Company with regard to their and/
or their families share ownership in the Company
aforesaid and in other companies;
10. Provide report regarding the supervisory duties,
which have been performed during the recently
passed Financial Year to the GMS;
11. Provide explanation regarding any matters
inquired about or requested by Series A
Dwiwarna share-holder with due observance
of the statutory regulations, particularly those
prevailing in the Capital Market sector; and
12. Perform other obligations in the framework of
supervisory duties and advice provision, to the
extent, it does not contradict the statutory
regulations, the Articles of Association and/or
the resolutions of the GMS.
In the event of a company loss, members of the Board
of Commissioners have a collective responsibility for
mistakes or omissions in carrying out their duties,
unless proven:
1. Such loss is not caused by their mistake or
negligence;
2. They have performed in good faith, full
responsibility, and prudentially for the interest
and based on the purpose and objective of the
Company;
3. They do not have any conflict of interest either
directly or indirectly with the management
activities causing the loss; and
4. They have taken the action to prevent the
occurrence or continuation of such loss.
The authority of the Board of Commissioners is as
follows:
1. Examine books, letters, as well as other
documents, examine cash position for verification
purposes and other securities and examine the
assets of the Company;
2. Enter the yards, buildings, and offices used by the
Company;
3. Ask explanation from the Board of Directors and/
or other officials regarding any issuesregarding
the Company’s management;
4. Be informed of any policies and actions, which
have been and which will be taken by the Board
of Directors;
5. Ask the Board of Directors and/or other officials
under the level of the Board of Directors, with the
knowledge of the Board of Directors, to attend
the meeting of the Board of Commissioners,
while requests for or support 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;
202
Corporate Governance
6. Appoint and dismiss a secretary of the Board of
Commissioners;
7. Suspend the members of the Board of Directors
in accordance with the provisions of this Articles
of Association of the Company;
8. Form the Audit Committee, the Remuneration
and Nomination Committee, the Risk Monitoring
Committee, and other committees, if considered
necessary, with due observance of the capability
of the company;
9. Utilize experts for certain matters and within a
certain period on the account of the Company, if
considered necessary;
10. Perform the management actions over the
Company in certain conditions for a certain
period under the provisions of this Articles of
Association;
11. Approve the appointment and dismissal of the
Corporate Secretary and/or the Head of Internal
Supervisory Unit;
12. Examine and review the Annual Report prepared
by the Board of Directors and sign the Annual
Report;
13. Attend the meeting of the Board of Directors
and give viewpoint towards the matters being
discussed;
14. Perform other supervisory authorities as long
as it does not contradict with the statutory
regulations, the Articles of Association and/or
the resolutions of the GMS; and
15. In order to carry out their supervisory function,
members of the Board of Commissioners at
agreed working hours or other times, jointly or
individually, with or without prior notification to
the Board of Directors, by taking into account
professionalism, the interests of the Company,
the public and organs, have rights access but not
limited to buildings and locations from or other
places that are used to be controlled by the
Company's subsidiaries and have rights to check
books, documents, reports, and inventory of
goods, and check cash positions (for verification
purposes) and other guarantees and to find
out all actions taken by the Directors of the
subsidiary which are based on the principle of
disclosure of information by taking into account
the confidentiality of the Company, and can
provide advice to subsidiaries regarding policies/
actions that have been decided or will be taken
by the Directors of the subsidiaries either
requested or not.
President Commissioner Duties
The President Commissioner acts as primus inter
pares, which means coordinator of implementing the
activities and duties of the Board of Commissioners.
However, the President Commissioner has an equal
position with other members of the Board of
Commissioners. The following are the duties and
responsibilities of the President Commissioner:
1. Lead and ensure the Board of Commissioners'
performance effectiveness.
2. Creating, implementing, and reviewing work
guidelines/procedures related to the Board of
Commissioners' duties.
3. Create a calendar of the Board of Commissioners
meeting schedule and coordinate it with the
Board of Commissioners Committees.
4. Organize and submit meeting agendas and
promptly inform all Commissioners.
5. Interact periodically with the President Director
and act as a liaison between the Board of
Commissioners and the Board of Directors.
6. Ensure
that
the
information
provided
to
all Commissioners is accurate, timely, and
transparent.
7. Ensure
effective
communication
with
shareholders.
8. Organize
regular
performance
evaluations
of the Board of Commissioners, including all
Committees and Independent Commissioners.
9. Facilitate the effective contribution of the
Independent
Commissioners
and
establish
constructive
relationships
among
the
Commissioners.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
203
Independent Commissioner Duties
As an independent member of the Board of
Commissioners, the Independent Commissioner is
responsible for supporting the implementation of
Good Corporate Governance principles within the
Company. The Independent Commissioner has the
following duties:
1. Ensure transparency and openness of the
Company's financial statements.
2. Fair treatment of minority shareholders and other
stakeholders.
3. Disclose transactions that contain conflicts of
interest fairly and reasonably.
4. Ensuring
the
Company's
compliance
with
applicable laws and regulations.
5. Ensuring the accountability of the Company's
organs.
In addition, the Independent Commissioner also has
the following responsibilities:
1. Ensuring the Company has an effective business
strategy, including monitoring the schedule,
budget, and effectiveness.
2. Ensuring that the Company appoints professional
executives and managers.
3. Ensure
the
Company
has
well-functioning
information, court, and audit systems.
4. Ensure
that
the
Company
complies
with
applicable laws and regulations and its values in
carrying out its operations.
5. Ensure that risks and potential crises are always
identified and appropriately managed.
6. Ensure that GCG principles and practices are
followed and implemented correctly.
INDEPENDENT
COMMISSIONER
As of December 31, 2024, Telkom has a total of 9
Commissioners and 3 of them are Independent
Commissioners. This amount exceeds the provisions
of the Financial Services Authority’s Regulation No.
33/POJK.04/2014 by 30%. Criteria for determining
Independent Commissioners and appointments at
the GMS refers to:
1. Telkom's Articles of Association
2. Financial Services Authority Regulation No. 33/
POJK.04/2014 regarding Directors and Board of
Commissioners of Issuers or Public Companies,
as follows:
a. Not a person who works or has the authority
and responsibility to plan, lead, control, or
supervise the activities of the Company
in the past 6 (six) months, except for
the
reappointment
as
an
Independent
Commissioner in the following period.
b. Do not have Telkom shares either directly or
indirectly.
c. Has no affiliation with Telkom, members of
the Board of Commissioners, members of the
Board of Directors, or main Shareholders of
Telkom.
d. Has no direct or indirect business relationship
related to Telkom’s business activities.
In addition to the Articles of Association and
Financial Service Authority Regulation No 33/
POJK.04/2014, Telkom also pays attention to the
regulations of Independent Commissioners, which
are regulated in the Minister of SOE Regulation No:
PER-3/MBU/03/2023 regarding Organs and Human
Resources of State-Owned Enterprises.
204
Corporate Governance
Independence Statement
In accordance with Article 25 of the Financial Service Authority's Regulation No. 33/POJK.04/2014,
Independent Commissioners who have served for 2 terms of office (2 times for 5 years) may be reappointed
by declaring their independence to the GMS and disclosed publicly in the Annual Report. Until the 2024
Financial Year, no Independent Commissioners of Telkom served for 2 periods. However, Telkom still requires
each Independent Commissioner to sign a Statement of Independence every year as one of the efforts
to implement GCG, ensuring that each member of the Board of Commissioners carries out his duties
independently without intervention from other parties.
BOARD OF COMMISSIONERS’ MEETING
Board of Commissioners’ Meeting Policy
Based on the Telkom’s Board Manual and in line with Financial Service Authority’s Regulation Number 33/
POJK.04/2014, the Board of Commissioners is required to hold meetings at least once a month or at any time
deemed necessary, and holding joint meetings with the Board of Directors at least once every three months or
at any time needed. If more than half of the members of the Board of Commissioners are present at a meeting
being held, the meeting is considered a quorum. Decision-making in Board of Commissioners meetings is
done by prioritizing deliberation to reach consensus. If consensus cannot be reached, decisions are made
based on the majority vote of the members of the Board of Commissioners present or represented at the
meeting. If the number of votes is balanced, then the decision follows the opinion of the Chair of the Meeting.
Implementation of the 2024 Meeting
Throughout 2024, the Board of Commissioners has held internal meetings 24 times and joint meetings with
the Board of Directors 12 times. The following tables show the frequency of attendance of members of the
Board of Commissioners at internal meetings and the frequency of attendance of members of the Board of
Commissioners and Directors at joint meetings during 2024.
Agenda and Attendance of the Board of Commissioners at the 2024 Internal Meeting
No
Date
Meeting Agenda/Discussion
1.
Friday, January 19, 2024
Update on Talent Planning and Research Agenda 2024
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
-
-
-
√
-
-
2.
Wednesday, January 31,
2024
1. Discussion of YtD December 2023 Performance;
2. Others: a. Resignation of Commissioner Abdi Negara Nurdin
b. Revision of several Decisions of the Board of Commissioners
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
-
√
√
√
√
3.
Tuesday, February 27,
2024
EoY Legal Case Update 2023
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
-
√
√
√
4.
Wednesday, March 13,
2024
Update Top Talent Telkom 2024
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
205
No
Date
Meeting Agenda/Discussion
5.
Friday, March 15, 2024
Project Falcon Decision Making
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
-
-
√
6.
Monday, March 18,
2024
Discussion of Selected and Nominated Talent 2024
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
7.
Tuesday, March 19,
2024
Project Conversion Decision Making
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
-
-
√
8.
Thursday, March 21,
2024
1. Decision Making on Telkom Risk Classification
2. Establishment of the Integrated Governance Committee
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
9.
Tuesday, March 26,
2024
1. Presentation from the Audit Committee on the Results of the 2023 Integrated
Audit;
2. Presentation of KEMPR and the Audit Committee on Monitoring Subsidiary
Problems
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
-
√
√
√
√
10.
Friday, April 5, 2024
1. Update on the preparation of the AGMS for the 2023 financial year;
2. Approval of Changes in the Threshold of Certain Actions of the Board of Directors;
3. Proposal for the Appointment of a Public Accounting Firm for the Fiscal Year 2024;
4. Proposed Tantiem for Fiscal Year 2023 and Remuneration of the Company's
Management for Fiscal Year 2024;
5. Others: 2024 Nominated Talent Cluster
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
√
√
√
11.
.
Wednesday, April 29,
2024
KEMPR Update on Satellite Technology Development
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
12.
Thursday, May 30, 2024
Interview of SVP Internal Audit candidates
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
√
√
√
13.
Monday, June 10, 2024
1. Discussion of the Draft Decision of the Board of Commissioners
2. Others: KEMPR Membership Structure and Data Management System
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
√
-
√
14.
Tuesday, July 16, 2024
1. Decision Making on Proposed Organizational Transformation for B2B Strengthening
After the Establishment of TIF
2. Others: Nomination of SVP Internal Audit and SVP Corporate Secretary
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
-
√
15.
Monday, August 19,
2024
1. Organization of the Secretary of the Board of Commissioners;
2. Others: Assignment Period of the Secretary of the Commission, Secretary of the
Nomination and Remuneration Committee and Staff of the Secretariat of the Board
of Commissioners
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
206
Corporate Governance
No
Date
Meeting Agenda/Discussion
16.
Wednesday, September
18, 2024
Discussion of Strategic Fit OpCo-1
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
-
-
√
-
17.
Thursday, September
26, 2024
Board of Directors Update on Project Alpaca, Project Ultra, and Project Elcano
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
-
√
√
√
18.
Thursday, October 10,
2024
Discussion of Project Eureka
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
19.
Friday, October 25,
2024
Discussion of Release Commitment Budget Capex Phase II of 2024
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
-
√
-
20.
Friday, October 31,
2024
Discussion of Project Conversion
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
21.
Friday, November 15,
2024
1. Discussion of the Work Plan and Budget of the Secretariat of the Board of
Commissioners
2. Submission of KEMPR Analysis of the 2024 RKAP Proposal
3. Others:
a. Proposed Telkom Performance Target and Governance of the Third LTI Grant for
the 2024-2026 Period
b. Proposal related to the Extension of the Organ Contract of the Board of
Commissioners
c. Proposal related to the Remuneration of the Organ of the Board of
Commissioners
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
√
√
√
22.
Monday, December 9,
2024
Write-off of Uncollectible Accounts Receivable for Fiscal Year 2024
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
√
√
√
23.
Tuesday, December 10,
2024
Discussion of the Proposed Contingency Plan 2024 Document
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
√
24.
Friday, December 27,
2024
Changes in Parenting of PT Telkom Infrastruktur Indonesia (TIF)
Attendance List
BPSB
ANN
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
√
√
-
Remarks:
BPSB
Bambang Permadi Soemantri Brodjonegoro
AMS
Arya Mahendra Sinulingga
MRP
Marcelino Rumambo Pandin
ANN
Abdi Negara Nurdin
IR
Isa Rachmatarwata
RM
Rizal Mallarangeng
BDA
Bono Daru Adji
IS
Ismail
SK
Silmy Karim
WI
Wawan Iriawan
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
207
Board of Commissioners’ Attendance at Internal Meetings
No.
Name
Position
Total
Meetings
Total Attendance
Percentage of
Attendance (%)
1.
Bambang Permadi
Soemantri Brodjonegoro
President Commissioner/
Independent Commissioner
24
24
100
2.
Abdi Negara Nurdin
Independent Commissioner
1
1
100
3.
Bono Daru Adji
Independent Commissioner
24
24
100
4.
Wawan Iriawan
Independent Commissioner
24
24
100
5.
Arya Mahendra Sinulingga
Commissioner
24
18
75
6.
Isa Rachmatarawata
Commissioner
24
21
88
7.
Ismail
Commissioner
24
20
83
8.
Marcelino Rumambo
Pandin
Commissioner
24
20
83
9.
Rizal Mallarangeng
Commissioner
24
19
79
10.
Silmy Karim
Commissioner
24
20
83
Remarks:
*) Abdi Negara Nurdin was in attendance until 19 January 2024.
Board of Commissioners’ and Board of Directors’ Attendance and Agenda at Joint
Meetings
No.
Date
Meeting Agenda/Discussion
1.
Wednesday, January 31, 2024
1. YtD December 2023 Performance
2. BoC Thematic Concern: FMC Update, InfraCo
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
-
√
√
√
√
√
2.
Wednesday, February 28, 2024
1. YtD Performance January 2024
2. BoC Thematic Concerns: FMC, InfraCo, and Integrated Audit
Updates for Fiscal Year 2023
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
-
√
3.
Wednesday, March 27, 2024
Submission of Evaluation from the Board of Commissioners on the
Company’s Condition
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
208
Corporate Governance
No.
Date
Meeting Agenda/Discussion
4.
Monday, April 29, 2024
1. YtD Performance March 2024
2. Regular BoC Concern: FMC & Data Center Updates
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
5.
Wednesday, April 29, 2024
1. Company Performance YtD April 2024
2. BOC Concern
a. Regular: FMC and InfraCo Updates
b. Thematic: FGD Updates on Stocks, Data Centers, and Starlink
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
6.
Wednesday, June 26, 2024
1. YtD May 2024 Performance
2. BoC Concern
Regular: FMC and InfraCo Updates
Thematic: 1) Early Retirement Implementation Progress Report
2) Mitigation and Handling of PDNS Disturbances
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
-
√
√
√
√
√
√
√
-
7.
Friday, July 26, 2024
1. Company Performance YtD June 2024
2. FMC and InfraCo Progress
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
-
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
8.
Monday, August 26, 2024
Discussion of the Company’s Performance Update YtD July 2024
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
-
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
-
√
√
√
√
√
√
9.
Monday, September 30, 2024
1. Comany Performance in August 2024
2. Progress FMC & InfraCo
3. Discussion of the concerns of the Board of Commissioners in the
CSS 2025-2027
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
-
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
209
No.
Date
Meeting Agenda/Discussion
10.
Wednesday, October 30, 2024
1. Company Performance TW III/2024
2. Update:
a. Development of Regional Transformation TW III/2024;
b. Progress InfraCo and FMC Tw III/2024.
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
-
11.
Wednesday, November 20, 2024
Discussion and Ratification of the 2025 RKAP
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
12.
Friday, December 20, 2024
1. Company Performance YtD November 2024;
2. FMC and InfraCo Progress Update;
3. Others.
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
-
√
√
√
√
√
√
√
√
Remarks:
BPSB
Bambang Permadi Soemantri Brodjonegoro
AMS
Arya Mahendra Sinulingga
MRP
Marcelino Rumambo Pandin
ANN
Abdi Negara Nurdin
IR
Isa Rachmatarwata
RM
Rizal Mallarangeng
BDA
Bono Daru Adji
IS
Ismail
SK
Silmy Karim
WI
Wawan Iriawan
RA
Ririek Adriansyah
HW
Herlan Wijanarko
AW
Afriwandi
HS
Heri Supriadi
MFR
Muhamad Fajrin Rasyid
BW
Bogi Witjaksono
FMV
FM Venusiana R.
BSW
Budi Setyawan Wijaya
HB
Honesti Basyir
Board of Commissioners’ Attendance at Joint Meetings
No.
Name
Position
Total
Meetings
Total Attendances
Percentage of
Attendance (%)
1.
Bambang Permadi
Soemantri Brodjonegoro
President Commissioner/
Independent Commissioner
12
12
100
2.
Bono Daru Adji
Independent Commissioner
12
11
92
3.
Wawan Iriawan
Independent Commissioner
12
12
100
4.
Arya Mahendra Sinulingga
Commissioner
12
11
92
5.
Isa Rachmatarwata
Commissioner
12
12
100
6.
Ismail
Commissioner
12
12
100
7.
Marcelino Rumambo
Pandin
Commissioner
12
12
100
8.
Rizal Mallarangeng
Commissioner
12
11
92
9.
Silmy Karim
Commissioner
12
12
100
210
Corporate Governance
Board of Directors’ Attendance at Joint Meetings
No.
Name
Position
Total
Meetings
Total Attendances
Percentage of
Attendance (%)
1.
Ririek Adriansyah
President Director
12
10
83
2.
Afriwandi
Director of Human Capital
Management
12
12
100
3.
Budi Setyawan Wijaya
Director of Strategic
Portfolio
12
11
92
4.
Bogi Witjaksono
Director of Wholesale &
International Service
12
11
92
5.
FM Venusiana R.
Director of Enterprise &
Business Service
12
12
100
6.
Honesti Basyir
Director of Group Business
Development
12
12
100
7.
Heri Supriadi
Director Finance and Risk
Management
12
12
100
8.
Herlan Wijanarko
Director of Network & IT
Solution
12
11
92
9.
Muhamad Fajrin Rasyid
Director of Digital Business
12
10
83
BOARD OF COMMISSIONERS' ATTENDANCE LEVEL
In the Joint Meeting of the Board of Commissioners and the Board of Directors, the Internal Meeting of the
Board of Commissioners, and the Meeting on Concurrent Positions in the Committee.
No
Name
Position
Joint
Meetings
Internal
Meetings
KA
Meeting
KEMPR
Meeting
KNR
Meeting
KTKT
Meeting
Average
Attendance
1.
Bambang
Permadi
Soemantri
Brodjonegoro
President
Commissioner
/ Independent
Commissioner
100%
100%
100%
89%
-
100%
98%
2.
Bono Daru Adji
Independent
Commissioner
92%
100%
97%
89%
-
75%
91%
3.
Wawan Iriawan
Independent
Commissioner
100%
100%
100%
-
100%
-
100%
4.
Arya Mahendra
Sinulingga
Commissioner
92%
75%
-
83%
92%
-
85%
5.
Isa
Rachmatarwata
Commissioner
100%
88%
-
100%
-
-
96%
6.
Ismail
Commissioner
100%
83%
-
100%
92%
-
94%
7.
Marcelino
Rumambo
Pandin
Commissioner
100%
83%
-
-
88%
75%
87%
8.
Rizal
Mallarangeng
Commissioner
92%
79%
-
78%
83%
-
83%
9.
Silmy Karim
Commissioner
100%
83%
-
83%
92%
-
90%
Average Attendance of the
Board of Commissioners
97%
88%
99%
89%
91%
83%
91%
Remarks:
Joint Meetings
Meeting of the Board of Commissioners and Directors
KEMPR
Committee for Planning and Risk Evaluation and Monitoring
Internal Meetings
Meetings Internal of the Board of Commissioners
KNR
Committee for Nomination and Renumeration
KA
Audit Committee
KTKT
Integrated Governance Committee
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
211
IMPROVING THE COMPETENCE OF THE BOARD OF
COMMISSIONERS
Board of Commissioners Competency Improvement Policy
To enhance the knowledge and competence of members of the BOC, as well as to ensure that the professional
insight, competence, and leadership capabilities of the BOC continue to develop in line with the latest
industry developments, Telkom provides various training programs. The Company offers opportunities
for each member of the Board of Commissioners to participate in multiple educational activities, training,
workshops, or other similar activities to develop their knowledge and expertise. The implementation of the
Board of Commissioners competency improvement program is also a form of compliance with the Regulation
of the Minister of SOEs Number PER-2/MBU/03/2023 regarding Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises and Decree of the Deputy Minister of SOEs for Finance and
Risk Management Number SK-3/DKU.MBU/05/2023 dated May 26, 2023 regarding Technical Guidelines for
the Composition and Qualifications of Risk Management Organs within State-Owned Enterprises.
Board of Commissioners Competency Improvement Activities in 2024
The education and training programs attended by members of the Board of Commissioners during 2024 are
as follows:
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
1.
Public Discussion in the
Context of Monitoring the
Implementation of Law
No. 6 of 2011 regarding
Immigration
Secretariat
General - The
House of
Representatives
of the Republic of
Indonesia
Jakarta
January 16, 2024
Silmy Karim
2.
RSB Evaluation Workshop
2020-2024 and Transitional
RSB 2025-2029
Rumah Sakit
Jantung dan
Pembuluh Darah
Harapan Kita
Jakarta
January 17, 2024
Isa Rachmatarwata
3.
SOE Transformation
Workshop
The Ministry of
State-Owned
Enterprises
Singapore
January 23, 2024
Arya M Sinulingga
4.
Workshop Online on SAR
Conformity Assessment
The Ministry of
Communication
and Information
Indonesia
January 30, 2024
Ismail
5.
BUMN NEXT GEN 2024
The Ministry of
State-Owned
Enterprises
Indonesia
February 13, 2024
Arya M Sinulingga
6.
Training INSEAD Singapore:
M&As and Corporate
Strategy
INSEAD
Singapore
February 19-23,
2024
Marcelino R. Pandin
7.
Mobile World Congress 2024
GSM Association
Barcelona,
Spain
February 26-29,
2024
Rizal Malarangeng
8.
Spectrum Towards 2030:
Capacity and Affordability,
MWC 2024
GSM Association
Barcelona,
Spain
February 26-29,
2024
Ismail
9.
XCION 11th Conference &
Exhibition 2024
XCION
Jakarta,
Indonesia
March 4-6, 2024
Marcelino R. Pandin
10.
CNBC Indonesia Tech
and Telco Summit Panel
Discussion
CNBC Indonesia
Jakarta
March 5, 2024
Ismail
11.
187th Session of the OPEC
Fund Governing Board
OPEC Fund for
International
Development
Vienna
March 7, 2024
Isa Rachmatarwata
212
Corporate Governance
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
12.
Training Harvard Kennedy
School: Leadership in Crises
Harvard
Boston, United
States
March 30 -
April 6, 2024
Marcelino R. Pandin
13.
10th Asia-Pacific Spectrum
Management Conference
APAC
Jakarta
April 23, 2024
Ismail
14.
Lost or Stolen
Telecommunication Device
Service Seminar
The Ministry of
Communication
and Information
& KAIT
Jakarta
April 24, 2024
Ismail
15.
International Seminar of
the Indonesian Judges
Association
Ikatan Hakim
Indonesia
Jakarta
April 25, 2024
Isa Rachmatarwata
16.
Digital Future Operation
Automation
Huawei
France and
Croatia
April 26-30, 2024
Wawan Iriawan
17.
Digital Business Leadership
Series Lecture
Teuku Umar
University
Aceh, Indonesia
April 30, 2024
Marcelino R. Pandin
18.
Ministry of Finance Talent
Development Program in
2024
Secretariat
General Ministry
of Finance
Jakarta
May 6, 2024
Isa Rachmatarwata
19.
Talent Development
Workshop of the Ministry of
Finance
Secretariat
General Ministry
of Finance
Jakarta
May 15, 2024
Isa Rachmatarwata
20.
Workshop Standardization &
Emerging Technologies
The Ministry of
Communication
and Information
Jakarta
May 22, 2024
Ismail
21.
APT Training Workshop on
Policy Development for
High-Level Officials
APT dan JTEC
Tokyo, Japan
May 27, 2024
Ismail
22.
High Level Technical
Workshop Indonesia’s Public
Financial Management
Frontier: Looking Back to
Build the Future
World Bank
Jakarta
June 4, 2024
Isa Rachmatarwata
23.
APSAT International
Conference 2024
ASSI & APSAT
Jakarta
June 4, 2024
Ismail
24.
Pertamina Troopers Summit
2024
Pertamina
Bali, Indonesia
June 12, 2024
Arya M Sinulingga
25.
PKN STAN Public Lecture
PKN STAN
Jakarta
June 13, 2024
Isa Rachmatarwata
26.
Digital Public
Communication Workshop
for Communication and
Informatics Leaders
The Ministry of
Communication
and Information &
LSPR
Jakarta
June 19, 2024
Ismail
27.
Ascademy “Problem Solving
for Leaders”
Ascademy
Jakarta
June 19, 2024
Arya M Sinulingga
28.
187th Session of the OPEC
Fund Governing Board
OPEC Fund for
International
Development
Jakarta
June 26, 2024
Isa Rachmatarwata
29.
Professional Level Certified
Public Accountant
Ikatan Akuntan
Indonesia (IAI) and
BUMN School of
Excellence
Jakarta
May 16-24, 2024
1. Bono Daru Adji
2. Isa
Rachmatarwata
3. Ismail
4. Marcelino R.
Pandin
30.
CyberLaw Expert Panel:
Strategic Approaches to
Cyber Governance
Indonesia Cyber
Security Forum
(ICSF)
Jakarta
June 26-27, 2024
Marcelino R. Pandin
31.
PKN Level II Batch XVI in
2024
Lembaga
Administrasi
Negara RI (LAN RI)
Jakarta
July 2, 2024
Silmy Karim
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
213
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
32.
CNBC Indonesia Tech & Telco
Forum
CNBC Indonesia
Jakarta
July 5, 2024
Ismail
33.
FGD on LEO NGSO Satellite
Implementation
The Ministry of
Communication
and Information
Jakarta
July 10, 2024
Ismail
34.
Public Sector Day Indoensia
Amazon Web
Services (AWS)
Jakarta
July 10, 2024
Silmy Karim
35.
National Seminar on LEO
Satellite Technology
ITB
Indonesia
July 11, 2024
Ismail
36.
Discussion on the
Implementation of the
National SPBE Infrastructure
Domain and Application
Domain
APTIKA Kominfo
Jakarta
July 15, 2024
Ismail
37.
International Corporate
Governance Network (ICGN)
2024 Annual Conference
ICGN
London,
England
July 15-17, 2024
Wawan Iriawan
38.
Short Course Harvard-
Advanced Business
Strategy: Gaining a
Competitive Edge
Harvard University
United States
July 29-31, 2024
Silmy Karim
39.
Digital Transformation
Indonesia Conference &
Expo (DTI-CX) 2024
MASTEL
Jakarta
July 31, 2024
Ismail
40.
BOE Forum in Telkom Metra
Group Tahun 2024
TelkomMetra
Group
Tangerang
July 31, 2024
Bono Daru Adji
41.
Workshop Corporate
Strategic Scenario 2025 -
2027
Telkom
Jakarta
August 8, 2024
Semua Dewan
Komisaris
42.
Converged
Telecommunications Policy
and Regulation Masterclass
2024
XL Axiata
Jakarta
August 12, 2024
Ismail
43.
FGD Siskomnas PMPB
Kominfo
Jakarta
August 13, 2024
Ismail
44.
Indonesia Internet Expo and
Summit (IIXS)
APJII
Jakarta
August 14, 2024
Ismail
45.
Advanced Level Professional
Accountant Certification
Ikatan Akuntan
Indonesia (IAI) and
BUMN School of
Excellence
Jakarta
May 30 - July 13, 2024
1. Bono Daru Adji
2. Isa
Rachmatarwata
3. Ismail
4. Marcelino R.
Pandin
46.
Neutra DC Summit 2024
Telkom Data
Ekosistem
Bali, Indonesia
August 26, 2024
1. Bambang P.S.
Brojonegoro
2. Marcelino R.
Pandin
3. Wawan Iriawan
47.
Managing Risk And
Reputation in a Complex
World
Stanford Business
School
Illinois, United
States
August 26-30, 2024
Bono Daru Adji
48.
Indonesia Cloud and Hosting
Association Workshop
ACHI
Jakarta
August 27, 2024
Ismail
49.
Bali Annual Telkom
International Conference
(BATIC)
TELIN
Bali, Indonesia
August 27-30, 2024
1. Bambang P.S.
Brojonegoro
2. Marcelino R.
Pandin
3. Wawan Iriawan
50.
Launching Shopping in
Indonesia Aja and Indonesia
Retail Summit 2024
Himpunan Peritel
dan Penyewa
Pusat Perbelanjaan
Indonesia
(HIPPINDO)
Jakarta
August 28, 2024
Silmy Karim
214
Corporate Governance
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
51.
Workshop EMC
(Electromagnetic
Compatibility)
The Ministry of
Communication
and Information
Jakarta
September 10, 2024
Ismail
52.
GSMA Digital Nations
Summit
GSMA
Jakarta
September 10, 2024
Ismail
53.
Seminar HKHPM
HKHPM
(Himpunan
Konsultan Hukum
Pasar Modal)
Jakarta
September 11, 2024
Bono Daru Adji
54.
Generative AI: Business and
Legal Concerns for Creatives
LinkedIn
Online
September 12, 2024
1. Rizal Malarangeng
2. Wawan Iriawan
September 19, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
55.
IT and Cybersecurity Risk
Management Essential
Training
LinkedIn
Online
September 13, 2024
Rizal Malarangeng
September 19, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
56.
Protecting Profitability by
Reducing Financial Risk
LinkedIn
Online
September 13, 2024
Rizal Malarangeng
September 18, 2024
Wawan Iriawan
September 19, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
Arya M Sinulingga
December 17, 2024
Bono Daru Adji
57.
Risk-Taking for Leaders
LinkedIn
Online
September 14, 2024
Rizal Malarangeng
September 18, 2024
Wawan Iriawan
September 19, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
3. Bono Daru Adji
58.
GDPR Compliance: Essential
Training
LinkedIn
Online
September 14, 2024
Rizal Malarangeng
September 18, 2024
Wawan Iriawan
September 22, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
59.
Cybersecurity: Key Policies
and Resources
LinkedIn
Online
September 16, 2024
1. Rizal Malarangeng
2. Wawan Iriawan
60.
Cybersecurity Foundations:
Governance, Risk, and
Compliance (GRC)
LinkedIn
Online
September 16, 2024
Rizal Malarangeng
61.
Economics for Business
Leaders
LinkedIn
Online
September 17, 2024
Rizal Malarangeng
September 20, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
62.
Finance Foundations:
Corporate Governance
LinkedIn
Online
September 18, 2024
Rizal Malarangeng
September 22, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
3. Wawan Iriawan
63.
Corporate Finance
Foundations
LinkedIn
Online
September 18, 2024
Rizal Malarangeng
September 22, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
September 23, 2024
Wawan Iriawan
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
215
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
64.
Finance for Non-Financial
Managers
LinkedIn
Online
September 18, 2024
Rizal Malarangeng
65.
Satellite Internet and
Communications:
Fundamentals
LinkedIn
Online
September 18, 2024
Wawan Iriawan
September 19, 2024
Rizal Malarangeng
September 20, 2024
1. Arya M Sinulingga
2. Bambang P.S.
Brojonegoro
66.
Measuring Business
Performance
LinkedIn
Online
September 18, 2024
Wawan Iriawan
September 19, 2024
Rizal Malarangeng
67.
Accounting for Non-
Accountants
LinkedIn
Online
September 18, 2024
Wawan Iriawan
68.
Reputation Risk
Management
LinkedIn
Online
September 19, 2024
Rizal Malarangeng
September 20, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
69.
Introduction to Data
Protection and Privacy
Corsera
Online
September 19, 2024
Rizal Malarangeng
70.
Balanced Scorecard and Key
Performance Indicators
LinkedIn
Online
September 19, 2024
Rizal Malarangeng
September 22, 2024
Wawan Iriawan
71.
Audit and Due Diligence:
Priorities and Best Practices
LinkedIn
Online
September 19, 2024
Wawan Iriawan
September 21, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
72.
Introduction to Prompt
Engineering for Generative
AI (2023)
LinkedIn
Online
September 22, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
73.
Accounting Foundation:
Internal Control
LinkedIn
Online
September 22, 2024
1. Bambang P.S.
Brojonegoro
2. Arya M Sinulingga
3. Wawan Iriawan
74.
Accounting Foundations:
Understanding the GAAP
(Generally Accepted
Accounting Principles)
LinkedIn
Online
September 22, 2024
Wawan Iriawan
75.
The Future of Audit
LinkedIn
Online
September 22, 2024
Wawan Iriawan
76.
Cybersecurity for Executive
LinkedIn
Online
September 23, 2024
Wawan Iriawan
77.
The Dynamic Spectrum
Alliance 2024 Global Summit
DSA
Geneva, Swiss
September 23-25,
2024
Ismail
78.
Talkshow TVRI Palangkaraya
TVRI
Indonesia
September 28, 2024
Ismail
79.
TechWeek Singapore
Singapore
Technology
Singapore
October 8-10, 2024
Marcelino R. Pandin
80.
Domestic Test Center Forum
The Ministry of
Communication
and Information
Indonesia
October 9, 2024
Ismail
81.
Rakornas REPNAS 2024 :
Empowering New Energy
Resources and Green
Initiatives Forum
Relawan
Pengusaha
Muda Nasional
(REPNAS)
Jakarta
October 14, 2024
Silmy Karim
82.
The Important Role of
Immigration Policy in
Advancing Ease of Doing
Business in Indonesia
The Nordic
Chamber of
Commerce in
Indonesia
Jakarta
October 16, 2024
Silmy Karim
83.
National Seminar on Nation’s
Digital Sovereignty and
Resilience
Garuda Emas
Indonesia
Indonesia
October 24, 2024
Ismail
216
Corporate Governance
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
84.
Business Management
Course: From Management
to Leadership
Harvard University
Boston, United
States
October 28 -
November 1, 2024
Bambang P.S.
Brojonegoro
85.
Workshop Advanced
Spectrum Monitoring
Guidance on Mobile
Broadband Technology
The Ministry of
Communication
and Information,
MIC Japan, ASEAN
Jakarta
October 29, 2024
Ismail
86.
Indonesia Investment Week
2024
Consulate
General Republic
of Indonesia for
Hongkong
Hong Kong
November 1, 2024
Silmy Karim
87.
CNBC News
CNBC Indonesia
Jakarta
November 5, 2024
Ismail
88.
ASOCIO Digital Summit
2024
ASOCIO
Japan
November 6-8, 2024
Wawan Iriawan
89.
National Coordination
Meeting for Regional
Government Implementation
The Ministry of
Communication
and Information
Jakarta
November 7, 2024
Ismail
90.
Futurist Summit 2024
The D.Futuro
Jakarta
November 7, 2024
Ismail
91.
IATB Half-Day Workshop
ITB
Jakarta
November 9, 2024
Ismail
92.
General Stadium and
National Seminar
IKA Fakultas
Teknologi Industri
Universitas Trisakti
Jakarta
November 11, 2024
Silmy Karim
93.
Ooredoo’s Digital Ecosystem
Conference 2024
Indosat
Doha, Qatar
November 20, 2024
Ismail
94.
Industrial 5G Day
The Ministry of
Communication
and Information
Cikarang,
Bekasi
November 28, 2024
Ismail
95.
Indonesia Business Forum
Update : Indonesia’s Golden
Visa Policy
Indonesia Embassy
in Singapore
Singapore
November 29, 2024
Silmy Karim
96.
The 18th Global Citizenship
Conference
Henley & Partners
Singapore
November 29, 2024
Silmy Karim
97.
Developing Investment
Acumen
LinkedIn
Online
December 4, 2024
Bono Daru Adji
98.
IndoTelko Forum
IndoTelko
Jakarta
December 5, 2024
Ismail
99.
Risk Beyond 2024 on
Enterprise Risk Management
ERMA
Bali
December 5-6, 2024
Wawan Iriawan
100.
India - Indonesia Investent
Synergy Forum
Embassy of India
Indonesia
December 6, 2024
Ismail
101.
Strategic R&D Management
Programme
INSEAD
France
December 8–13, 2024
Marcelino R. Pandin
102.
Opening of the World Anti-
Corruption Day (Hakordia)
2024 Series of Activities
Komisi
Pemberantasan
Korupsi (KPK)
Jakarta
December 9, 2024
Silmy Karim
103.
Investment Evaluation
LinkedIn
Online
December 10, 2024
Bono Daru Adji
104.
Evaluating Business
Investment Decisions
LinkedIn
Online
December 11, 2024
Bono Daru Adji
105.
AI Day : Job Fair dan IT
Education Fair
Gajah Mada
University and
the Ministry
Communication
and Digital
Indonesia
December 11, 2024
Ismail
106.
The New Age of Risk
Management Strategy for
Business
LinkedIn
Online
December 13, 2024
Bono Daru Adji
107.
Introduction to ESG:
Environmental, Social, and
Governance
LinkedIn
Online
December 16, 2024
Bambang P.S.
Brojonegoro
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
217
No
Program Name
Organizers
City/ Country
Implementation Time
Participants
108.
Leveraging Business Analysis
in ESG
LinkedIn
Online
December 16, 2024
Bambang P.S.
Brojonegoro
109.
Demonstrating
Accountability as a Leader
LinkedIn
Online
December 17, 2024
Bambang P.S.
Brojonegoro
110.
Driving Organizational
Accountability for Diversity,
Equity, Inclusion and
Belonging
LinkedIn
Online
December 17, 2024
Bambang P.S.
Brojonegoro
111.
Leadership Effectiveness:
Moving Beyond Traditional
Success Metrics
LinkedIn
Online
December 17, 2024
Bambang P.S.
Brojonegoro
112.
Corporate Finance:
Environmental, Social, and
Governance (ESG)
LinkedIn
Online
December 27, 2024
Wawan Iriawan
113.
Setting Business Unit Goals
LinkedIn
Online
December 29, 2024
Wawan Iriawan
114.
Leading with Vision
LinkedIn
Online
December 29, 2024
Wawan Iriawan
115.
Vision in Action: Leaders Live
Case Studies
LinkedIn
Online
December 29, 2024
Wawan Iriawan
ORIENTATION PROGRAM FOR
NEW MEMBERS OF THE BOARD
OF COMMISSIONERS
In accordance with the Regulation of the Minister
of SOEs 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 each new member of the Board of
Commissioners must attend to understand Telkom's
activities and conditions. In 2024, no new members
of the Board of Commissioners existed, so no
orientation program was conducted.
BOARD OF COMMISSIONERS’
SELF-ASSESSMENT POLICY
Based on the Joint Regulation of the Board
of Commissioners and the Board of Directors
No
05/KEP/DK/2022
and
PD.620.00/r.01/
HK200/COP-M4000000/2022
on
the
Board
of Commissioners and Board of Directors Work
Procedure Manual (Board Manual) of the Company
(Persero)
PT
Telekomunikasi
Indonesia
Tbk,
Telkom has a self-assessment policy to assess
the performance of the Board of Commissioners.
This policy is a form of accountability for the
collegial performance assessment of the Board of
Commissioners. It is expected to motivate each
member of the Board of Commissioners to improve
their performance.
218
Corporate Governance
BOARD OF COMMISSIONERS’ PERFORMANCE ASSESSMENT
The performance assessment of Telkom's Board of Commissioners is carried out based on an evaluation
of the achievement of Key Performance Indicators (KPIs) formulated from the main duties of the Board of
Commissioners, including overseeing the policies and management of the Company by the Board of Directors,
providing advice to the Board of Directors, and managing the implementation of the Company's Long-Term
Plan, Annual Work Plan and Budget, provisions of the Articles of Association, GMS Decisions, and laws and
regulations in accordance with company objectives. KPI evaluation is conducted annually, and the evaluation
results in 2024 show that the Board of Commissioners has performed its duties well.
Board of Commissioners’ Performance Assessment Based on KPI Year 2024
Key Performance Indicators (KPI)
Achievement Score
Point (%)
Score (%)
Planning
20
115
Supervision and Direction
36
115
Reporting
16
85
Dynamic
28
100
Point (%)
100
105
COMMITTEE UNDER BOARD OF COMMISSIONERS’
ASSESSMENT
The Board of Commissioners, in carrying out its duties, is assisted by the Audit Committee, Nomination
and Remuneration Committee, Planning and Risk Evaluation and Monitoring Committee, and Integrated
Governance Committee. The Board of Commissioners assesses the performance of the committees under it
annually, and in 2024, the assessment was conducted with a KPI self-assessment. In general, the committees
performed their duties and responsibilities well throughout 2024.
Performance of The Committees Under the Board of Commissioners in 2024
Committees
Score (%)
Audit Committee
100%
Committee for Nomination and Remuneration
100%
Committee for Planning and Risk Evaluation and Monitoring
100%
Integrated Governance Committee
100%
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
219
BOARD OF DIRECTORS’ PERFORMANCE ASSESSMENT
One of the measuring tools that can be used to assess the performance of the Board of Directors is the Key
Performance Indicator (KPI) based on the Regulation of the Minister of SOE No.PER-3/MBU/03/2023 dated
March 20, 2023, regarding Organs and Human Resources of State-Owned Enterprises, which contain:
1. Obligation to sign the Management Contract by the Board of Directors. The Management Contract con-
tains promises or statements from prospective members of the Board of Directors, namely that if they
are appointed/re-appointed as members of the Board of Directors, they promise, among other things,
to fulfill all targets set by the GMS/Minister, including KPIs that have been previously determined, and
implement the principles of Good Corporate Governance (GCG).
2. Performance appraisal based on KPI is determined collegially for the President Director, and individually for
each member of the Board of Directors.
3. The establishment of five perspectives in collegial preparation of the KPI for the Board of Directors, namely:
a. Economic and social values for Indonesia;
b. Business model innovation;
c. Technology leadership;
d. Increased investment; and
e. Talent development.
At the end of each third quarter, the Minister of SOEs Seri A Dwiwarna Shareholder submits a Shareholder
Aspiration letter containing strategic and tactical directions, performance targets, risk management policies,
and KPI parameters that can be selected as components of the KPI of the Board of Directors collegially and
individually. The achievement of the KPIs of the Board of Directors is calculated collegially and individually and
reviewed by the Public Accounting Firm (KAP) that audits Telkom's financial statements.
220
Corporate Governance
LEGAL BASIS FOR
COMMITTEE ESTABLISHMENT
Committees under the Board of Commissioners
are established based on the following regulations/
legislation:
1. Article 121 of Law Number 40 Year 2007 regarding
Limited Liability Companies.
2. Article 21 of the Regulation of the Minister of
SOEs Number 2 of 2023 regarding Guidelines for
Governance and Significant Corporate Activities
of State-Owned Enterprises.
3. Article 28 paragraph (4) of the Financial Services
Authority Regulation Number: 33/POJK.04/2014
regarding Directors and Board of Commissioners
of Issuers or Public Companies.
4. Telkom's Articles of Association Article 15 number
2 letter a.8.
AUDIT COMMITTEE
In accordance with the regulation of the Company's
Articles of Association, Telkom formed an Audit
Committee who assists the Board of Commissioners
in its supervisory function. The Audit Committee
works based on the Resolution of the Board of
Commissioners Number 13/KEP/DK/2024 dated
July 9, 2024 regarding Work Implementation
Guidelines (Charter) for the Company Audit
Committee (Persero) PT Telekomunikasi Indonesia
Tbk. The formation of the Audit Committee is also a
form of compliance with Financial Service Authority
Regulation No 55/POJK.04/2015 dated December
23, 2015, provisions of the US SEC Exchange
Act 10A-3, Regulation of the Minister of SOE
No PER-2/MBU/03/2023 regarding Governance
Guidelines and Significant Corporate Activities
of State-Owned Enterprises and Number PER-3/
MBU/03/2023 dated March 20, 2023 regarding
Organs and Human Resources of State-Owned
Enterprises.
Committees Under
the Board of Commissioners
Audit Committee’s Scope, Duties,
and Responsibilities
Telkom's Audit Committee has the following scope,
duties and responsibilities:
1. Supervision of Internal Control over Financial
Reporting (ICoFR)
a. Overseeing Internal Control over Financial
Reporting (ICoFR) governance refers to
processes designed to ensure the reliability
of the company's financial reporting in
accordance with accounting principles and
applicable regulations; and
b. Communicating with Internal and External
Auditors on the effectiveness of ICoFR.
2. Supervision of Financial Information
a. Reviewing the process of preparing financial
reports to ensure that the preparation of
financial reports has been carried out in
accordance
with
applicable
regulations,
policies, systems, and procedures;
b. Evaluating the financial information that
will be published by the Company such as
financial reports, projections, and other
financial information; and
c. Ensuring that financial reports and other
related information are presented based on
financial or management accounting data
and information correctly and accurately
in
accordance
with
generally
accepted
accounting principles.
3. Supervision of Internal Audit
a. Reviewing the Annual Audit Work Program
(PKAT) and the Internal Audit Annual Non-
Audit Work Program (PKNAT);
b. Evaluating the effectiveness of the Company's
Internal Audit;
PT TELKOM INDONESIA (PERSERO) TBK
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221
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;
d. Evaluating status and follow-up on significant
issues; and
e. Regularly
review
and
recommending
improvements to the Internal Audit Charter.
4. Oversight of Internal Control
a. Reviewing the adequacy of management
efforts to build and operate effective internal
controls, particularly internal controls over
financial reporting; and
b. Conducting
immediate
discussions
on
findings and matters containing indications
of weaknesses and/or obstacles in internal
control, inefficiencies in the Company's
activities,
errors
in
the
application
of
accounting standards, and violations of the
applicable laws and regulations.
5. Supervision of External Audit
a. Assisting the Board of Commissioners in the
process of appointing independent auditor
candidates who will carry out integrated
audits of the Company and its consolidated
Subsidiaries;
b. Providing recommendations to the Company's
Board of Commissioners regarding
the
appointment of AP and/or KAP who will
provide audit services;
c. reviewing and providing pre-approval for non-
audit services to be assigned to independent
auditors;
d. Overseeing the integrated audit process
in the Company and the audit process in
Subsidiaries whose financial statements are
consolidated into the Company's consolidated
financial statements;
e. Providing an independent opinion in the
event of a difference of opinion between
management and the independent auditors;
and
f. Evaluating
the
implementation
of
the
provision of audit services on annual historical
financial information by AP and/or KAP.
6. Supervision of compliance with regulations and
legislation as well as complaints regarding the
process of accounting and financial reporting
a. Conducting a review of compliance with laws
and regulations related to the Company's
business activities including but not limited
to laws and regulations in the Capital Market
sector, taxation, and/or regulations related
to good corporate governance, as well as
regulations and other laws relating to financial
reporting risks (financial reporting risk);
b. Providing facilities to receive, review and
follow up on complaints (Whistle-blower)
which includes the Company, Subsidiaries,
and affiliates with the definition of affiliate is
as regulated in Law No. 8 of 1995 regarding
Capital Markets, in Article 1 number 1; and
c. Ensuring that the Company's management
creates a work culture that encourages every
employee to comply with the Company's code
of ethics.
7. Carry out other tasks given by the Board of
Commissioners
8. Maintain the confidentiality of documents,
data and information of the Company and its
consolidated Subsidiaries
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 the
regulation, through the Resolution of the Board
of Commissioners No. 04/KEP/DK/2024 dated
February 6, 2024, on the Membership Composition
of the Audit Committee of Perusahaan Perseroan
(Persero) PT Telekomunikasi Indonesia Tbk, the
composition of the Audit Committee as of December
31, 2024, is as follows:
222
Corporate Governance
Audit Committee’s Composition as of December 31, 2024
Position
Name and
Double Position Status
Basis of Appointment
Term of Service
Chairman
Bono Daru Adji
Independent Commissioner
Resolution of the Board of Commissioners
No. 05/KEP/DK/2021 dated June 8, 2021, and
finally re-established through Resolution of
the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
June 8, 2021 - present
Members
Bambang P. S. Brodjonegoro
President Commissioner/
Independent Commissioner
Resolution of the Board of Commissioners
No. 05/KEP/DK/2021 dated June 8, 2021, and
finally re-established through Resolution of
the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
June 8, 2021 - present
Wawan Iriawan
Independent Commissioner
Resolution of the Board of Commissioners
No. 09/KEP/DK/2020 dated June 29, 2020
and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
June 29, 2020 -
present
Emmanuel Bambang Suyitno
Independent Member/ Financial
Expert
Resolution of the Board of Commissioners No.
17/KEP/DK/2020 dated September 1, 2020,
and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
September 1, 2020 -
present
Edy Sihotang
Independent Member/ Financial
& Forensic Audit Expert
Resolution of the Board of Commissioners
No. 08/KEP/DK/2021 dated August 2, 2021,
and finally re-established through Resolution
of the Board of Commissioners No. 04/KEP/
DK/2024 dated February 6, 2024.
August 2, 2021 -
present
Audit Committee Member’s Profile Who are also Members of the Board
of Commissioners
BONO DARU ADJI
Chairman of Audit Committee
Age
56 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1995
LLM, Monash University, Australia.
1993
Bachelor Degree of Law, Trisakti University, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners No. 05/KEP/DK/2021 dated June 8, 2021, and finally re-established through
Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 8, 2021 - present
Concurrent Positions
2023
Member of the Ethics Committee of the Indonesian Football Association
2022
Member of the Management Board of the Indonesian Audit Committee Association
2017
Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022
Disciplinary Committee, PT Bursa Efek Indonesia
2018 - 2021
Chairman, Standards Board of the Association of Capital Market Legal Consultants
PT TELKOM INDONESIA (PERSERO) TBK
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2024
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BONO DARU ADJI
Chairman of Audit Committee
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2017
Licensed to practice law as an advocate by Capital Market Legal Consultants Association (Himpunan
Konsultan Hukum Pasar Modal - HKHPM)
2017
Licensed to practice law as an advocate by the Indonesian Bar Association (PERADI)
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Audit Committee
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1997
Ph.D., University of Illinois at Urbana-Champaign, Amerika Serikat
1993
Master of Urban Planning, University of Illinois at Urbana-Champaign, Amerika Serikat
1990
Bachelor of Economics, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 05/KEP/DK/2021 dated June 8, 2021, and finally re-established through
Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 8, 2021 - present
Concurrent Positions
2024
Special Advisor to the President for Economic and National Development
2021
President Commissioner, PT Bukalapak Tbk
2021
President Commissioner of PT Nusantara Green Energy
2021
Independent Commissioner of PT Astra International Tbk
2021
Independent Commissioner of PT Indofood Tbk
2021
Commissioner of PT Combiphar
Work Experiences
2022 - 2024
President Commissioner, PT Prudential Syariah
2021 - 2025
Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023
President Commissioner, PT Oligo Infrastruktur
2019 - 2021
Minister of Research, Technology, and National Innovation Research Agency
2016 - 2019
Minister of National Development Planning of Indonesia
2014 - 2016
Minister of Finance of the Republic of Indonesia
2013 - 2014
Vice Minister of Finance of the Republic of Indonesia
Professional Certifications
2021
Qualified Risk Governance Professional (QRGP)
*Resigned on March 7, 2025
224
Corporate Governance
WAWAN IRIAWAN
Member of Audit Committee
Age
61 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2018
Doctoral degree in Law, Universitas Padjadjaran, Indonesia
2005
Master degree in Law, Universitas Padjadjaran, Indonesia
1989
Bachelor degree in Law, Universitas Jenderal Soedirman, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 17/KEP/DK/2020 dated September 1, 2020, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Service
June 29, 2020 - present
Concurrent Positions
No concurrent positions held
Work Experiences
1999 - 2000
Managing Partner, Iriawan & Co
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification in Audit Committee Practices (CACP)
Audit Committee Member’s Profile who are not Board of Commissioners’
Double Position
EMMANUEL BAMBANG SUYITNO
Member of Audit Committee
Age
54 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2007
MBA, Institut Pengembangan Manajemen Indonesia (IPMI) International Business School, Indonesia.
1995
Bachelor Degree in Accounting, Universitas Indonesia, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners No. 17/KEP/DK/2020 dated September 1, 2020, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024.
Term of Office
September 1, 2020 - present
Duties and Responsibilities
Served to oversee and monitor the integrated audit process, the process of consolidating financial state-ments, and the
effectiveness of internal control over financial reporting.
Work Experiences
2020 - present
Independent Member/Financial Expert Audit Committee.
2017 - 2020
Corporate Secretary Division, PT PP Presisi Tbk.
2016 - 2017
SVP - Head of Investor Relations, Corporate Finance, MIS & Audit, Lucky Group of Indonesia.
2014 - 2016
Audit Committee Member, PT Danareksa (Persero).
1994 - 2014
Audit Committee, Risk Management and Audit, Corporate Secretary, Investor Rela-tions, Corporate
Finance, ChemOne Holdings Pte Ltd, PT Indika Energy Tbk, PT. Surya Citra Media Tbk, PT. Kopitime
Dot Com Tbk, Jan Darmadi Group, Ernst and Young.
PT TELKOM INDONESIA (PERSERO) TBK
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EMMANUEL BAMBANG SUYITNO
Member of Audit Committee
Professional Certifications
2024
Certified Professional Financial Analyst (CPFA®) by IEEEF Institute
2024
Certified Performance Management Professional (CPMP®) by IEEEF Institute
2023
Certified Risk Management Specialist (CRMS), Esas Management
2019
Certification in Audit Committee Practices (CACP), Ikatan Komite Audit Indonesia
2015
Indonesia Registered Accountant (RNA) by Ministry of Finance of the Republic of Indonesia
2014
Chartered of Accountant by International Federation of Accountants (IFAC), Ikatan Akuntan
Indonesia
2011
Certified of Investor Relations by Indonesia Investor Relations Institute
2001
Investment Manager License by Capital Market Supervisory Board (OJK/Bapepam)
EDY SIHOTANG
Member of Audit Committee
Age
59 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1997
MBA, University of Illinois at Urbana-Champaign, USA
1991
Diploma IV in Accounting, Sekolah Tinggi Akuntansi Negara, Indonesia
1985
Diploma III in Accounting, Sekolah Tinggi Akuntansi Negara, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 08/KEP/DK/2021 dated August 2, 2021, and finally re-established
through Resolution of the Board of Commissioners No. 04/KEP/DK/2024 dated February 6, 2024
Term of Office
August 2, 2021 - present
Duties and Responsibilities
Served to oversee and monitor the integrated audit process, the process of consolidating financial state-ments, and the
effectiveness of internal control over financial reporting.
Work Experiences
2021 - present
Independent Member/Financial & Forensic Audit Expert.
2019 - 2020
Vice President Investigation & WBS, PT Pertamina (Persero).
2018 - 2019
Head of Internal Audit, PT Pertamina Geothermal Energy.
2013 - 2017
Head of Internal Audit, PT Pertamina Internasional Eksplorasi dan Produksi.
2009 - 2012
GCG & Compliance, Corporate Secretary, PT Pertamina (Persero).
2006 - 2009
Head of Internal Auditor/Inspector, Badan Rehabilitasi dan Rekonstruksi NAD-Nias.
1999 - 2005
Widyaiswara/Lecturer, Badan Pendidikan dan Pelatihan Keuangan, Department of Finance.
1997 - 1998
Auditor, Public Accounting Firm (KAP) Hadori, Soejatna & Rekan.
1985 - 1997
Auditor, Badan Pengawasan Keuangan dan Pembangunan (BPKP).
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification of Audit Committee Practices (CACP), Ikatan Komite Audit Indonesia.
2019
Certification Forensic Auditor (CFrA), Lembaga Sertifikasi Profesi Auditor Forensik, Indonesia.
2014
Chartered Accountant (CA), Ikatan Akuntan Indonesia.
2014
Certified Control Self-Assessment (CCSA), Institute of Internal Auditor, United States of America.
226
Corporate Governance
EDY SIHOTANG
Member of Audit Committee
2013
Certified Risk Management Assurance (CRMA), Institute of Internal Auditor, United States of
America.
2012
Qualified Internal Auditor (QIA), Institute of Internal Auditor, Indonesia.
2011
Certified Internal Auditor (CIA), Institute of Internal Auditor, United States of America.
2009
Certified Fraud Examiner (CFE), Association of CFE, United States of America.
1996
Certified Public Accountant (CPA), United States of America.
Audit Committee Independence
Telkom Audit Committee members must always
have integrity and be independent in carrying
out their duties and responsibilities. As a form of
commitment to independence, all members of
the Audit Committee must sign an Integrity and
Independence Pact to ensure that every decision
taken by the Audit Committee is free from pressure
from other parties.
Performance and Implementation of
Audit Committee Activities
The following summarizes the performance and
implementation of Audit Committee activities
during the fiscal year 2024 in the Committee Activity
Report, among others:
1. Supervision of Internal Control over Financial
Reporting (ICoFR)
Considering that Internal Control over Financial
Reporting (ICoFR) is very important to ensure
the integrity and reliability of the Company's
financial statements, the Audit Committee
conducts the following supervision:
a. Conduct discussions with all parties related to
the control design process, especially those
directly related to the financial reporting
process, to ensure the adequacy of policies
and procedures to identify, measure, and
control risks that may affect the reliability of
financial statements;
b. Discussed with the Internal Auditor regarding
the
implementation
of
Control
Self-
Assessment (CSA) through strengthening
first and second-line capabilities;
c. Discussing with the Internal Auditor and
External Auditor regarding the process
of implementing Control Deficiency (CD)
remediation;
d. Discuss the continuous improvement of
ICoFR with the first, second, and third lines;
and
e. Discuss with the Internal Auditor to evaluate
the effectiveness of ICoFR as well as the level of
compliance with regulations, including capital
market regulations, such as the Financial
Services Authority (OJK) Regulations and the
Sarbanes-Oxley Act (SOX), considering that
the Company is also listed on the New York
Stock Exchange.
2. Supervision
of
the
Company's
quarterly
consolidated financial statements
a. The Audit Committee has reviewed and
discussed with the Internal Auditor and
Management, including the Director of
Finance and Risk Management, the Company's
quarterly consolidated financial statements
before the financial statements are reported
to the Financial Services Authority (OJK)
and the Stock Exchange to ensure that the
financial statements issued by Management
are fairly presented in accordance with
generally accepted accounting principles,
have sufficient disclosure aspects. There are
no material mistakes which the readers need
in making decisions.
b. The Audit Committee has provided input
or recommendations to Management and
the
Board
of
Commissioners
regarding
improvements or enhancements in the
financial reporting process.
c. The Audit Committee has also ensured that
stakeholders' interests are protected through
reliable and transparent financial statements.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
227
3. Oversight of internal controls
To
supervise
internal
control,
the
Audit
Committee conducted a joint review with Internal
Audit on the following matters:
a. The Audit Committee has reviewed and
discussed with Internal Audit the results
of
the
Control
Self-Assessment
(CSA)
conducted by each risk owner.
b. The Audit Committee has reviewed and
discussed with the Internal Audit the results
of internal consulting conducted by Internal
Audit.
c. The Audit Committee has reviewed and
discussed with Internal Audit the significant/
critical issues and other findings, as well as
the follow-up that has been and/or will be
carried out, such as through follow-up audits,
special audits, or investigative audits.
d. The Audit Committee has reviewed and
discussed with Internal Audit the company's
risk management. The Audit Committee
oversees and monitors fraud risks and
financial reporting risks that may have a
material impact on the presentation of
financial statements.
4. Supervise the Integrated Audit process for
Financial Year 2023 and Financial Year 2024
Matters discussed by the Audit Committee
together with KAP PSS/EY, Internal Auditor, and
Management, among others:
a. The closing audit process of the Financial
Statements as of December 31, 2023, for
the consolidated Subsidiaries and the Parent
Entity
(PT
Telkom
Indonesia
(Persero)
Tbk), which includes significant accounting
and auditing issues, IT General Control &
Application Control, quality and acceptability
to
Financial
Accounting
Standards,
appropriateness of accounting estimates and
judgment and adequacy of disclosures in the
consolidated financial statements.
b. Internal Control Over Financial Reporting
(ICoFR) is implemented by management
to ensure that the financial statements
are fairly presented and free from material
misstatement.
c. Audited Consolidated Financial Statements
and
Notes
to
Consolidated
Financial
Statements in the Annual Report (Form 20F).
d. The Audit Committee also reviews and
discusses with KAP PSS/EY the Management's
compliance with Capital Market regulations
and
other
regulations
related
to
the
company's business, in accordance with PSA
62 standards which aim to:
i.
Ensure that the company has complied
with all applicable regulations, thereby
reducing
legal,
reputational
and
operational risks.
ii. Provide
assurance
to
stakeholders
that the company is well managed and
in accordance with the principles of
regulatory compliance.
iii. Increase transparency and accountability
in the implementation of corporate
governance.
e. In relation to the Integrated Audit process for
Financial Year 2024, the Audit Committee also
discussed audit planning and audit scoping as
well as Early Warning Report (EWR).
5. Evaluation
of
the
performance
of
the
Independent
Auditor
who
audited
the
Company's
consolidated
financial
statements for the Financial Year 2023 and
providing recommendations to the Board of
Commissioners regarding the appointment
of an Independent Auditor who will audit the
Company's consolidated financial statements
for the Financial Year 2024
a. The Audit Committee has prepared an
evaluation report on the audit of the
Company's consolidated financial statements
for the Financial Year 2023, which was
submitted to the Board of Commissioners
and the Financial Services Authority (OJK).
b. Based on the evaluation report of the audit
of the consolidated financial statements for
the Financial Year 2023, the Audit Committee
provided recommendations to the Board of
Commissioners regarding the Independent
Auditor to audit the consolidated financial
statements for the Financial Year 2024.
228
Corporate Governance
The Board of Commissioners then proposed
the
Independent
Auditor
candidate
to
the Company's Annual General Meeting of
Shareholders (AGMS).
c. In addition, the Audit Committee provides
pre-approval for the Independent Auditor
to provide non-audit services to ensure
independence.
6. Review and supervise the Internal Audit
Department Work Program implementation
every quarter
Matters carried out by the Audit Committee,
among others:
a. Review the Management Report of the
Internal Audit Department, which contains
the implementation of the entire Internal
Audit Department's work program, and the
obstacles encountered in the field.
b. Assessing
the
progress
of
completion
of
internal
audits,
special
audits,
and
investigative audits, as well as monitoring the
status of resolution of pending issues.
c. Evaluate the progress of internal consulting
provided by Internal Audit (an independent
sub-department separate from the audit
department) to business/risk owners.
d. Monitor the progress of implementing the
submitted recommendations, both from the
results of audits (internal and external) and
internal consultations.
e. Monitor the development of maturity level
and sustainability of Internal Audit.
7. Annual Audit Work Program (PKAT) and Annual
Non-Audit Work Program (PKNAT) of Internal
Audit Department for Financial Year 2025
The Audit Committee has reviewed and discussed
the proposed Annual Audit Work Program
(PKAT) and Annual Non-Audit Work Program
(PKNAT) of the Internal Audit Department
for Fiscal Year 2025. In this process, the Audit
Committee provided constructive input and
recommendations
on
the
proposed
work
program to ensure the programs are relevant and
aligned with the Company's internal control and
supervision needs. After review and discussion,
the Audit Committee ensures that the work
program has undergone a thorough evaluation
before it is finally approved and determined by
Management to be implemented in the coming
year.
8. Annual Workshop with the Internal Audit
Department
The Audit Committee held a workshop with
the Internal Audit Department to explore the
dynamics of the Internal Audit function and
identify best practices that can be applied.
The workshop also aimed to understand the
company's changing needs for the Internal Audit
function and changes in business and corporate
actions, such as five bold moves or other business
strategy changes.
In the workshop, a strategic session discussed
various important matters related to the adequacy
of fulfilling the duties and functions of Internal
Audit to ensure that this function can effectively
support firm internal control. In addition, the
session also discussed how to strengthen the
Internal Audit function to face current and future
challenges, such as technological developments,
new risks, or regulatory changes. The focus
of this workshop was to develop strategies
that can enhance the role of Internal Audit in
supporting the sustainability and growth of the
company, as well as maintaining the reliability
of financial statements and compliance with
applicable regulations, given the increasingly high
expectations of stakeholders for transparency,
accountability, and corporate governance.
9. Supervise
the
Social
and
Environmental
Responsibility (CSR) Program audit process
carried out by the Community Development
Center (CDC) Unit
The Audit Committee has held discussions with
CDC management regarding the implementation
of the Social and Environmental Responsibility
Program—PUMK
(Social
and
Environmental
Responsibility—Micro
and
Small
Business
Program) for the year 2024. This discussion aims
to ensure that the program is well-planned and
implemented in accordance with the objectives
and policies that have been set.
PT TELKOM INDONESIA (PERSERO) TBK
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2024
229
In addition, the Audit Committee also discussed
with KAP PSS/EY the entire audit process of
the financial statements of the Social and
Environmental Responsibility—PUMK Program
for the fiscal year 2023. This discussion covered
the Agreed Upon Procedure (AUP), which focused
on compliance with applicable regulations in
the program's management. The objective is
to ensure that the program is managed with
transparency and in accordance with existing
regulations.
In addition, the Audit Committee also discussed
with KAP PSS/EY the audit planning for the
financial statements of the TJSL—PUMK Program
for the fiscal year 2024. This discussion is
important so that the audit can run smoothly and
on target and ensure that the program's financial
statements provide an accurate picture and
comply with applicable standards.
10. Review
and
formulation
of
TelkomGroup
Management Letter 2024
The Audit Committee has held discussions with
Internal Audit regarding the results of internal
and external audits conducted in 2024. This
discussion discussed various opportunities for
improvement or significant findings found during
the audit process. These findings may include
weaknesses in the internal control system,
non-compliance of procedures with applicable
policies, or other areas that require more
attention to improve the company's performance
and compliance.
After
discussing
the
findings,
the
Audit
Committee also explores the recommendations
provided by the internal and external auditors.
The recommendations aim to correct deficiencies
or weaknesses found during the audit, with a
focus on improving efficiency, effectiveness, and
better control.
The
Audit
Committee
ensures
that
the
recommendations are submitted to Management
for immediate follow-up so that the company
can improve and strengthen its internal control
system. In addition, the Audit Committee
will
monitor
the
implementation
of
the
recommendations to ensure that the necessary
improvements can be made appropriately and
effectively.
11. Review and supervise special assignments the
Board of Commissioners gives to the Audit
Committee
The Audit Committee has reviewed and discussed
several dispositions the Board of Commissioners
gave. These dispositions relate to decisions
or instructions that need to be followed up by
management or related parties in the company.
The Audit Committee evaluates to ensure that
the disposition is in accordance with applicable
policies and procedures, positively impacting the
company's overall management, and is carried
out correctly, on time, and in accordance with
the desired objectives. This supervision aims
to ensure transparency, accountability, and
compliance with applicable regulations in every
step taken by management in following up on the
disposition given.
12. Join
Committee
Assignment
with
other
Committees within the Board of Commissioners
In accordance with the special assignments
given by the Board of Commissioners, the
Audit Committee carries out joint committee
assignments with other committees, such as
KEMPR and/or the Nomination and Remuneration
Committee. One of the main topics discussed
is a study related to the accounting and audit
aspects of the corporate action plan to be
carried out by the Company. In this assignment,
the Audit Committee will ensure that each step
in the corporate action is thoroughly examined,
especially from the accounting and audit side,
including
identifying
possible
impacts
on
the Company's financial statements and risk
management. In addition, the Audit Committee
also evaluates the adequacy of disclosure
and compliance with applicable regulations
so that corporate actions can be carried out
transparently, efficiently, and in accordance with
230
Corporate Governance
established standards. Other joint assignments
are with the Nomination and Remuneration
Committee regarding key performance indicators
of the Board of Directors both individually and
collegially, and verification of the integrity of
talent candidates who will be placed in strategic
positions in the Company or its subsidiaries.
13 Audit Committee Annual Work Program 2025
The Audit Committee has submitted the Audit
Committee Annual Work Program for 2025 to
the Board of Commissioners. Submitting this
Annual Work Program ensures that the work
program compiled has comprehensively covered
all duties and responsibilities outlined in the
Audit Committee Charter. The Audit Committee
also ensures that the annual work program
includes special tasks assigned by the Board of
Commissioners. These special tasks can be in the
form of assignments related to certain issues or
projects considered important by the Board of
Commissioners and need special attention from
the Audit Committee, such as specific audits,
evaluation of certain risks, or supervision of new
company policies.
The Audit Committee strives to ensure the
annual work program is relevant and covers all
aspects that need attention during the year.
The work program serves as a guideline for the
Audit Committee in carrying out its duties and
responsibilities more focused and in accordance
with the company's needs and the principles of
good corporate governance.
14. Audit Committee Charter Update in 2024
a. The Audit Committee has evaluated the
Audit Committee Charter to ensure that its
contents and provisions are still in accordance
with the current objectives, duties, and
needs of the company, including the latest
regulatory changes, including Regulation
of the Minister of SOEs Number PER-2/
MBU/03/2023 on Guidelines for Governance
and Significant Corporate Activities of State-
Owned Enterprises. This process includes
checking the structure, responsibilities, and
functions set out in the Charter.
b. Based on the results of evaluation and
discussion,
the
Audit
Committee
has
developed an updated Audit Committee
Charter that includes necessary changes or
additions. The revised Charter has been well
structured and covers all relevant roles and
responsibilities. It is set out in the Decision of
the Board of Commissioners Number 13/KEP/
DK/2024 dated July 9, 2024.
15. Review of incoming complaint information
through the Whistleblowing System (WBS)
program Fiscal Year 2024
The Audit Committee evaluates and monitors all
incoming Whistleblowing System (WBS) reports
through the Telkom Integrity Line and conducts
a review and follow-up of each WBS report
according to the level of escalation. In addition,
the Audit Committee coordinates with relevant
stakeholders to ensure that each WBS report
has been handled in accordance with good
governance principles.
16. Oversight of employee integrity management
with
the
Directorate
of
Human
Capital
Management (HCM)
a. My Integrity application is aimed at monitoring
and improving the culture of integrity and
reporting violations.
b. ISO
37001:2016
SMAP,
a
form
of
implementation of anti-bribery management
standards to manage bribery risks.
c. The Business Ethics and Integrity Pact is a
guideline for implementing ethical values and
an integrity commitment among employees.
d. LHKPN is part of corruption prevention
efforts
through
wealth
reporting
for
Company officials.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
231
Audit Committee’s Meeting
Audit Committee’s Meeting Policy
Based on Telkom's Audit Committee Charter, the Audit Committee is required to hold meetings at least
once every month. This provision is more intensive than Financial Service Authority’s Regulation No. 55/
POJK.04/2015 regarding the Establishment and Implementation Guidance of the Audit Committee,
particularly Article 13, which only requires meetings to be held at least once every three months.
The Implementation of Audit Committee Meetings
Throughout 2024, Telkom Audit Committee has held Committee meetings as many as 30 times, with the
attendance rate presented in the following table.
Audit Committee Meeting in 2024
No
Date
Meeting Agenda/Discussion
1.
Thursday, January 18, 2024
Weekly Progress Integrated Audit 2023 Discussion
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
-
√
√
2.
Friday, January 26, 2024
Discussion of Management Report & Significant/Critical Issue TW4 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
3.
Wednesday, February 7, 2024
Discussion of the Progress of the 2023 Integrated Audit
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
4.
Tuesday, February 13, 2024
Audit of Telkom Access Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
5.
Tuesday, February 13, 2024
MetraNet Closing Meeting Audit for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
6.
Thursday, February 15, 2024
Audit of Telkomsat Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
7.
Thursday, February 15, 2024
Audit of TDE Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
8.
Friday, February 16, 2024
Audit of PINS Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
9.
Monday, February 19, 2024
Audit Closing Meeting of PT Graha Sarana Duta for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
232
Corporate Governance
No
Date
Meeting Agenda/Discussion
10.
Tuesday, February 20, 2024
Audit of PT Infrastruktur Telekomunikasi Indonesia Closing Meeting for Fiscal
Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
11.
Wednesday, February 21, 2024
Audit Closing Meeting of PT Telekomunikasi Indonesia International for Fiscal
Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
12.
Thursday, February 29, 2024
Audit of Mitratel Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
13.
Thursday, February 29, 2024
Audit of PUMK / TJSL Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
14.
Friday, March 1, 2024
Audit of Sigma Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
15.
Friday, March 1, 2024
Metra Closing Meeting Audit for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
16.
Friday, March 8, 2024
Audit of Telkomsel’s Closing Meeting for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
17.
Monday, March 18, 2024
Discussion of the 2023 Integrated Audit Progress
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
18.
Wednesday, March 20, 2024
Audit Closing Meeting of PT Telkom Indonesia for Fiscal Year 2023
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
19.
Wednesday, April 17, 2024
Discussion of the First Quarter Financial Statements 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
20.
Wednesday, April 24, 2024
Discussion of Management Report & Significant / Critical Issue TW I 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
21.
Monday, July 29, 2024
Discussion of Management Report & Significant/Critical Issue & Financial
Report TW II 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
22.
Thursday, September 19, 2024
Discussion of the PUMK / TJSL Financial Statements for the First Semester of
2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
233
No
Date
Meeting Agenda/Discussion
23.
Thursday, October 10, 2024
Discussion of Planning & Scoping Integrated Audit 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
24.
Tuesday, October 15, 2024
ITGC Remediation Discussion
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
25.
Friday, October 18, 2024
CSA discussion with IA and RM
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
26.
Thursday, October 24, 2024
Discussion of Management Report & Significant / Critical Issue TW III-2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
27.
Wednesday, October 30, 2024
Discussion of the Financial Statements of TW III 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
28.
Thursday, November 14, 2024
Discussion of the Progress of Integrated Audit 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
-
√
√
N/A
√
√
29.
Friday, December 6, 2024
Discussion of the Progress of Integrated Audit 2024
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
30.
Monday, December 23, 2024
Discussion of PKAT & PKNAT IA 2025
Attendance List
BDA
BPSB
WI
ANN
EBS
ES
√
√
√
N/A
√
√
Remark:
BDA
Bono Daru Adji
WI
Wawan Iriawan
EBS
Emmanuel Bambang Suyitno
BPSB
Bambang Permadi Soemantri Brodjonegoro
ANN
Abdi Negara Nurdin
ES
Edy Sihotang
Audit Committee’s Meeting Attendances 2024
No.
Name
Total Meetings
Total Attendances
Percentage of
Attendance (%)
1.
Bono Daru Adji
30
29
97
2.
Bambang P. S. Brodjonegoro
30
30
100
3.
Wawan Iriawan
30
30
100
4.
Abdi Negara Nurdin*
1
0
0
5.
Emmanuel Bambang Suyitno
30
30
100
6.
Edy Sihotang
30
30
100
Remark:
* : Abdi Negara Nurdin Attendance until 19 January 2024
234
Corporate Governance
Audit Committee’s Education and Training
Audit Committee’s Education and Training Policy
To improve the competence and capability of its members, the Telkom Audit Committee consistently
participates in education and training programs as mandated by the Financial Services Authority
Regulation Number 55/POJK.04/2015 on the Establishment and Implementation Guidelines of the Audit
Committee, particularly in Article 7 letter d, as well as the Regulation of the Minister of SOEs Number
PER-2/MBU/03/2023 on Guidelines for Governance and Significant Corporate Activities of State-Owned
Enterprises and the Regulation of the Deputy Minister of SOEs for Finance and Risk Management Number
SK-3/DKU.MBU/05/2023, dated May 26, 2023, on Technical Guidelines for the Composition and Qualifications
of Risk Management Organs within State-Owned Enterprises, which regulates the composition of Integrated
Governance Committee members. These provisions emphasize the importance of each member of the
Audit Committee having adequate knowledge, both in carrying out supervisory duties and in understanding
business risks relevant to the Company's business activities.
Audit Committee Education and Training in 2024
To improve and develop their competencies, Telkom Audit Committee members regularly participate in
various trainings, seminars, and workshops. The following table presents information on the training that
members of the Audit Committee have participated in during 2024.
Audit Committee Education and Training in 2024
No.
Training Programs
Organizers
City/Country
Date
Participants
1.
Dissemination of the
Results of the Study on the
Implementation of the First Year
of HAU in LAI on the Issuer’s
Audited Financial Statements for
the Fiscal Year 2022
Indonesian
Institute of Public
Accountants (IAPI)
& OJK
Online
June 5, 2024
E. Bambang Suyitno
2.
Finance, Risk Management &
Corporate Governance
London Premier
Center (LPC)
Barcelona
June 24-28,
2024
E. Bambang Suyitno
3.
Financial Accounting and
Detecting Fraud
London Premier
Centre
Singapore
July 1-5, 2024
Edy Sihotang
4.
Enhancing Financial Reporting
Integrity Through Robust
Internal Controls
SPA FEB UI
Online
July 27, 2024
E. Bambang Suyitno
5.
The Strategic Role of the Audit
Committee in Realizing a Secure
Cyber Domain
Indonesian Audit
Committee
Association (IKAI)
Jakarta
August 1, 2024
E. Bambang Suyitno
6.
Business Presentation &
Storytelling Skills
Foster & Bridge
Indonesia
Jakarta and
Bogor
5.6, August 14,
2024
1. E. Bambang Suyitno
2. Edy Sihotang
7.
Uncovering Accounting Fraud -
Forensic Audit Technology
SPA FEB UI
Online
August 10,
2024
E. Bambang Suyitno
8.
Tips & Tricks for Effective
Communication Based on
Personality
Institute of Applied
Psychology UI
Bogor
August 15,
2024
1. E. Bambang Suyitno
2. Edy Sihotang
9.
Preparation and Evaluation of KPI
of the Board of Commissioners
Telkom Corpu
Jakarta
August 19,
2024
1. E. Bambang Suyitno
2. Edy Sihotang
10.
ACIIA Regional Conference
Institute of Internal
Auditor (IIA)
Bali
August 28-29,
2024
Edy Sihotang
11.
Strengthening Financial
Integrity: Advanced Strategies
and Innovations in Anti
Fraud
Financial Services
Authority (OJK)
Institute
online
September 21,
2024
1. E. Bambang Suyitno
2. Edy Sihotang
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
235
No.
Training Programs
Organizers
City/Country
Date
Participants
12.
Tax Update, PSAK and
Sustainability Reporting 2024
Indonesian Institute
of Accountants (IAI)
online
September
24-25, 2024
E. Bambang Suyitno
13.
SPI Talk 2024
FKSPI
Bandung
November 28-
29, 2024
Edy Sihotang
14.
“Fraud & Forensic Investigations”
PPL 2 IKAI
Indonesian Audit
Committee
Association (IKAI)
Jakarta
December 3,
2024
E. Bambang Suyitno
15.
Risk Beyond 2024: Sustainable
Symphony – Echoes of Change
Enterprise Risk
Management
Academy (ERMA)
Bali
December 5-6,
2024
E. Bambang Suyitno
Remark:
* Education and Training of Audit Committee members who are members of the Board of Commissioners can be seen in the Education and Training of the Board
of Commissioners.
COMMITTEE FOR NOMINATION
AND REMUNERATION
The Nomination and Remuneration Committee
(KNR) is one of the Committees established by
the Board of Commissioners to assist the Board of
Commissioners in its supervisory function, especially
on nomination and remuneration policies and
processes within the Company. In carrying out its
duties, KNR acts professionally and independently
to ensure that the policies and processes carried
out by the Company in the field of nomination and
remuneration, both at the level of the Company
and its subsidiaries, are in line with the Company's
goals and objectives and run in accordance with the
principles of good corporate governance and the
provisions of applicable laws and regulations.
The establishment and implementation of the
duties of the KNR are guided by FSA Regulation
No. 34/POJK.04/2014 on the Nomination and
Remuneration Committee of Issuers or Public
Companies, Regulation of the Minister of SOEs No.
PER-2/MBU/03/2023 on Guidelines for Governance
and Significant Corporate Activities of State-
Owned Enterprises and Regulation of the Minister
of SOEs Number PER-3/MBU/03/2023 on Organs
and Human Resources of State-Owned Enterprises.
To
further
regulate
the
establishment
and
implementation of the KNR's duties, the Resolution
of the Board of Commissioners issued Board of
Commissioners No. 14/KEP/DK/2024, dated July 23,
2024, contains the Charter of the Nomination and
Remuneration Committee.
KNR’s Scope, Duties, and
Responsibilities
Based on the Nomination and Remuneration
Committee's Charter Guidelines issued through the
Resolution of the Board of Commissioners No. 14/
KEP/DK/2024 dated July 23, 2024, KNR Telkom has
the following scope, duties, and responsibilities:
1. For Nomination
a. Conduct periodic reviews of the Company's
Talent Management System and monitor and
evaluate its implementation;
b. Evaluate the talent classification system
and procedures carried out by the Board of
Directors;
c. Evaluate the position of the subsidiary's
assets and income against Telkom parent's
assets and income as a basis for proposing
candidates for the management of the
subsidiary to the GMS/Minister. The evaluation
will be carried out no later than one month
after the implementation of Telkom's AGMS;
d. Validate and calibrate the talent proposed
by the Board of Directors to the Board
of
Commissioners/Board
of
Supervisors
(selected talent) to produce a list of talents to
be nominated by the Board of Commissioners/
Board of Supervisors (nominated talent) to
the GMS/Minister;
e. Evaluate the Candidate for the Company's
Deputy who will be proposed as a member
of the Board of Directors or the Board of
Commissioners of the Company's subsidiaries,
before submitting it to the GMS/Minister;
236
Corporate Governance
f. Evaluate the proposal of the Board of Directors
regarding
the
Company's
organizational
structure, referring to the principles of good
corporate governance;
g. Assist the Board of Commissioners who
co/consult with the Board of Directors in
selecting candidates for strategic positions
within the Company in accordance with
the provisions of the Company's Articles of
Association, including the management of
subsidiaries and Senior Vice President (SVP)
Corporate Secretary;
h. Provide recommendations to the Board of
Commissioners to be submitted to the Series
A Shareholders of Dwiwama regarding:
1) Proposed composition of the position of
members of the Board of Directors of the
Company;
2) Candidates for members of the Board
of
Directors
and
Commissioners
of
subsidiaries
in
accordance
with
the
threshold;
3) Candidates for President Director and
President Commissioner of all subsidiaries
of the Company; and
i. To formulate policies and criteria needed
in the nomination process for candidates
for members of the Board of Directors,
including the management of the Company's
subsidiaries.
2. For Remuneration
a. To provide recommendations to the Board
of Commissioners to be submitted to the
GMS through the Series A Shareholders of
Dwiwarna regarding the policy, amount and/
or structure of the remuneration of the Board
of Directors and the Board of Commissioners
by paying attention to:
1) Remuneration
applicable
in
the
telecommunications industry;
2) Duties, responsibilities and authorities of
members of the Board of Directors and/or
the Board of Commissioners to achieve the
Company's objectives and performance;
3) Performance targets for each member
of the Board of Directors and Board of
Commissioners;
b. Propose remuneration of the Board of
Directors and the Board of Commissioners
in the form of salaries or honorariums, fixed
allowances and facilities as well as variable
incentives to the Board of Commissioners at
least once a year;
c. Evaluate
the
proposed
indicators
and
performance evaluation (Key Performance
Indicator) of the Board of Commissioners;
d. Prepare
a
proposal
for
an
individual
performance evaluation system (Individual
Key Performance Indicator) for members of
the Board of Directors;
e. Compile and monitor the implementation of
Performance Achievement Indicators (KPIs)
both Collegial KPIs and Individual KPIs of the
Board of Directors;
f. Convey the progress of the realization of
Collegial Performance Indicators (KPIs) and
Individual KPIs of the Board of Directors to
the Shareholders/Ministers in accordance
with the provisions of laws and regulations;
g. Evaluate
the
remuneration
policy
for
employees who require approval/response
from the Board of Commissioners; and
h. Prepare
a
proposal
for
a
competency
development program for Members of the
Board of Directors and/or Members of the
Board of Commissioners.
Specifically for the implementation of the submission
of proposals for the Company's representatives who
are placed as Subsidiaries administrators, it is carried
out in accordance with the Letter of the Minister
of SOEs No. S.675/MBU/10/2018 dated October
18, 2018 regarding the Approval of Proposals,
Limitations, and/or Authority Criteria of the Board
of Commissioners of PT Telekomunikasi Indonesia
(Persero) Tbk. In the Letter, the division of approval
authority regarding the submission of proposals
for the Company's representatives who are placed
as administrators of the Company's Subsidiaries is
carried out. as follows:
1. Authority of the Board of Commissioners and
Shareholders of Series A Dwiwarna
Covering the submission of proposals for filling:
a. President
Director
and
President
Commissioner of the Company's Subsidiaries.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
237
b. The Company's Board of Directors (Directors and Commissioners), with total assets ≥ 50% of the total
assets of the Parent and/or the Subsidiary's revenue ≥ 50% of the Parent' s revenue.
2. Authority of the Board of Commissioners of PT Telkom Indonesia (Persero) Tbk
Includes the submission of proposals to fill the positions of Director (other than President Director)
and members of the Board of Commissioners (other than President Commissioner) in the Company's
Subsidiaries with total assets < 50% of the total assets of the Parent Company and/or Subsidiaries with <
50% of the total revenue of the Parent Company.
As the implementation of the provisions in the Letter of the Minister of SOEs Number S.675/MBU/10/2018,
dated October 18, 2018, KNR in 2024 conducted 16 Feasibility and Compliance Tests for 16 management
positions (target positions) with 18 candidates in 6 subsidiaries.
KNR’S Composition
Financial Service Authority Regulation No. 34/POJK.04/2015 regarding the Committee for Nomination
and Remuneration of Issuers or Public Companies stipulates that the number of KNR members is at least 3
people, with one Independent Commissioner who doubles as a member and Chair of the KNR and the other 2
members can come from members of the Board of Commissioners, parties from outside the Company, as well
as management under the Board of Directors referring to these provisions, and Regulation of the Minister of
SOE No. PER-2/MBU/03/2023 regarding Guidelines for Governance and Significant Corporate Activities of
State-Owned Enterprises and No. PER-3/MBU/03/2023 dated March 20, 2023, regarding Organs and Human
Resources of State-Owned Enterprises Country, Telkom's Board of Commissioners issued Resolution of the
Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024, that stipulated the composition of
Telkom's KNR membership as follows:
Committee for Nomination and Remuneration’s Composition as of December 31, 2024
Position
Name and Double
Position Status
Basis of Appointment
Terms of Service
Chairman
Wawan Iriawan
Independent
Commissioner
Resolution of the Board of Commissioners No. 06/
KEP/DK/2021 dated June 8, 2021, updated several
times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
June 8, 2021 - present
Members
Arya Mahendra
Sinulingga
Commissioner
Resolution of the Board of Commissioners No. 06/
KEP/DK/2021 dated June 8, 2021, updated based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
June 8, 2021 - present
Ismail
Commissioner
Resolution of the Board of Commissioners No. 06/
KEP/DK/2019 dated December 17, 2019, updated
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Mei 29, 2019 - present
Marcelino Rumambo
Pandin
Commissioner
Resolution of the Board of Commissioners No. 06/
KEP/DK/2019 dated December 17, 2019, updated
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
Mei 29, 2019 - present
Rizal Mallarangeng
Commissioner
Resolution of the Board of Commissioners No. 10/
KEP/DK/2020 dated June 29, 2020 and updated
several times with the latest amendment based on
Resolution of the Board of Commissioners No. 05/
KEP/DK/2024 dated February 6, 2024
June 29, 2020 - present
Silmy Karim
Commissioner
Resolution of the Board of Commissioners No. 07/
KEP/DK/2023 dated June 27, 2023 and updated
based on Resolution of the Board of Commissioners
No. 05/KEP/DK/2024 dated February 6, 2024
June 27, 2023 - present
238
Corporate Governance
Committee for Nomination and Renumeration Member’s Profile Who are
Also Members of the Board of Commissioners’
WAWAN IRIAWAN
Chairman of Committee for Nomination and Renumeration
Age
61 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2018
Doctoral degree in Law, Padjajaran University, Indonesia
2005
Master degree in Law, Padjajaran University, Indonesia.
1989
Bachelor Degree in Law, Jenderal Soedirman University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2021 dated June 8, 2021, updated several times with the
latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024
Concurrent Position
No concurrent positions held
Work Experiences
1999 - 2000
Managing Partner, Iriawan & Co
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification in Audit Committee Practices (CACP)
ARYA MAHENDRA SINULINGGA
Member of Committee for Nomination and Renumeration
Age
54 years old
Citizenship
Indonesian
Domicile
Tangerang, Indonesia
Educational Background
1995
Bachelor degree in Civil Engineering, Bandung Institute of Technology, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2021 dated June 8, 2021, updated based on Resolution of
the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024
Concurrent Positions
2024
Chairman of the North Sumatra PSSI Provincial Association
2023
Member of the Executive Committee of the Indonesian Football Association (PSSI)
2021
General Secretary, Bandung Institute of Technology Alumni Association
2021
Advisory Board of the Central Board of the Indonesian Engineers Association
2020
Member of the Board of Trustees, University of North Sumatra
2019
Special Staff III, Minister of State-Owned Enterprises (SOEs)
Work Experiences
2019 - 2021
Commissioner, PT INALUM
2018 - 2019
Corporate Secretary Director, PT MNC Tbk
2017 - 2018
President Commissioner, PT MNC Infotainment
2015 - 2018
President Director, PT IDX Channel
2015 - 2018
Deputy Director, iNews TV
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
239
ARYA MAHENDRA SINULINGGA
Member of Committee for Nomination and Renumeration
2014 - 2019
President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019
News Director, PT MNC, Tbk
2014 - 2018
Director, PT MCI
2014 - 2015
Director, PT MNC Investama Tbk
2014 - 2015
Editor-in-Chief, RCTI
2011 - 2014
Editor-in-Chief, Global TV
2010 - 2018
Director of News & Corporate Secretary, Global TV
2010 - 2014
Corporate Secretary, PT MNC Tbk
2008 - 2014
President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014
Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015
Corporate Secretary of PT MNC Sky Visison
2004 - 2007
Member, North Sumatra Regional Indonesian Broadcasting Commission
2001 - 2004
Expert Staff, Chairman of the Regional House of Representatives and Spatial Planning Consultant of
North Sumatra Province
1995 - 2001
Drainage & Marine Consultant, Bandung
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
ISMAIL
Member of Committee for Nomination and Renumeration
Age
55 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2010
Doctoral degree in Electrical Engineering and Informatics, Bandung Institute of Technology, Indonesia
1999
Master degree in Electrical Engineering, University of Indonesia, Indonesia
1993
Bachelor degree in Engineering Physics, Bandung Institute of Technology, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2019, December 17, 2019, and updated several times
with the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated
February 6, 2024
Concurrent Positions
2025
General Secretary of the Ministry of Communication and Digital
Work Experiences
2023 - 2025
Chairman of MASTEL Supervisory Board
2021 - 2023
Acting Director General of Post and Information Technology, Ministry of Communication and
Information Technology
2018 - 2019
Chairman, Indonesian Telecommunications Regulatory Agency (BRTI)
2016 - 2025
General Director of Resources and Postal and Informatics Devices, Ministry of Communication and
Informatics of the Republic of Indonesia
2014 - 2016
Director of PPKU Special Telecommunications/Broadband Development, Ministry of Communication
and Information of the Republic of Indonesia
2012 - 2014
Director of Telecommunications, Directorate General of Post and Information Administration, Ministry
of Communication and Information of the Republic of Indonesia
2008 - 2012
Director of IT System Operations, Financial Transaction Reporting and Analysis Center (PPATK)
240
Corporate Governance
ISMAIL
Member of Committee for Nomination and Renumeration
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification in Audit Committee Practices (CACP)
2012
Computer Emergency Response Team (CERT), Carnegie Mellon - USA
2010
Certified Information System Security Professional (CISSP), INIXINDO
2010
Certified Data Center Professional (CDCP), INIXINDO
2010
Certified Information Technology Manager (CITM), INIXINDO
MARCELINO RUMAMBO PANDIN
Member of Committee for Nomination and Renumeration
Age
59 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2007
Ph.D. of Technology and Innovation, The University of Queensland, Australia
2005
Graduate Diploma in Company Director Course, Australian Institute of Com-pany Director (GAICD),
Australia
2003
Diploma in Company Direction (Chartered Director Level II), The Institute of Directors (IoD), London,
Inggris
1999
Master of Philosophy, Judge Business School University of Cambridge, Inggris
1991
Bachelor of Architectural Engineering, Bandung Institute of Technology, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 06/KEP/DK/2019 dated December 17, 2019, updated several times
with the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated
February 6, 2024
Concurrent Position
No concurrent positions held
Work Experiences
2018 - 2019
Committee, World Observatory on Subnational Government Finance, and Investment OECD Paris,
France
2017 - 2019
Senior Policy Advisor on City Finance, United City and Local Government (UCLG) Asia Pacific
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2020
Certification in Audit Committee Practices (CACP)
2015
The Company Directors' Course (CDC)
2014
The Company Directors' Course (CDC)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
241
RIZAL MALLARANGENG
Member of Committee for Nomination and Renumeration
Age
60 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2000
Doctoral Comparative Politics, Ohio State University, United States of America
1994
Magister Comparative Politics, Ohio State University, United States of America
1990
Bachelor degree in Communication Science, Gadjah Mada University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 10/KEP/DK/2020 dated June 29, 2020 and updated several times with
the latest amendment based on Resolution of the Board of Commissioners No. 05/KEP/DK/2024 dated February 6,
2024
Concurrent Positions
2020
Commissioner, PT Energi Mega Persada
Work Experiences
2001 - 2020
Executive Director, Freedom Institute
2016
Founder, Freedom Corp
2009
Founder, Fox Indonesia
2008 - 2012
Director of IT System Operations, Financial Transaction Reporting and Analy-sis Center (PPATK)
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
SILMY KARIM
Member of Committee for Nomination and Renumeration
Age
50 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2014
Defense Management, Naval Postgraduate School (NPS), United States of America
2012
Advance Security, George C. Marshall European Center for Security Studies, Germany
2012
NATO School, Germany
2012
National and International Defense, United States of America
2010
Georgetown University, GLS, Washington D.C, United States of America
2007
Master degree in Economics, Universitas Indonesia, Indonesia
1997
Bachelor degree in Economics, Universitas Trisakti, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No. 07/KEP/DK/2023 dated June 27, 2023, uupdate based on Resolution of
the Board of Commissioners No. 05/KEP/DK/2024 dated February 6, 2024
Concurrent Positions
2024
Deputy Minister of Immigration and Correctional Affairs
Work Experiences
2023 - 2024
General Director of Immigration of the Republic of Indonesia, Ministry of Law and Human Rights
2018 - 2023
President Director, PT Krakatau Steel (Company) Tbk
2016 - 2019
Commissioner, PT GE Power Solution Indonesia
2016 - 2018
President Director, PT Barata Indonesia (Persero)
242
Corporate Governance
SILMY KARIM
Member of Committee for Nomination and Renumeration
2015 - 2016
President Commissioner, MAN Diesel & Turbo Indonesia
2014 - 2016
President Director, PT Pindad (Persero)
2011 - 2014
Commissioner, PT PAL Indonesia (Persero)
2010 - 2011
Special Advisor to the Indonesian Investment Coordinating Board
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
iii. The
discussion
of
the
progress
of
subsidiary streamlining was carried out
2 times, namely for the first and second
quarters of 2024.
iv. InfraCo manning 1 time.
v. Discussion of KPI proposals for the
Collegial Board of Directors, 3 times,
including 1 time with the Ministry of SOEs
vi. Submission of CEO salary survey results by
Independent Consultants, 1 time.
vii. Remuneration was discussed 2 times,
namely i) the 2023 tantiem proposal
and 2024 remuneration, and ii) the 2025
remuneration budget of the Company's
management.
viii. LTI consultation with the Ministry of SOEs.
c. The meeting was held in the context of the
Feasibility and Propriety Test, which was
held through 4 meetings which included 16
feasibility and propriety tests for filling 16
positions in 6 subsidiaries, namely PT Sigma
Cipta Caraka, PT Multimedia Nusantara,
PT Graha Sarana Duta, PT Infrastruktur
Telekomunikasi Indonesia, PT Telkom Data
Ecosystem, and PT Telekomunikasi Indonesia
International.
(A more detailed explanation of the KNR
meeting can be seen in the KNR Meeting
section).
2. Monitoring the development of FMCs in
Telkom Regional I (January 29-30, 2024),
Telkom Regional II (February 22-23, 2024),
Telkom Regional V (March 4-5, 2024), Telkom
Regional III (March 25, 2024), Telkom Regional
IV (May 21, 2024), Telkom Regional VI (July 2-3,
2024), Telkom Regional V (formerly Telkom
Regional VII, December 10, 2024).
KNR’S Independence
In carrying out their duties, each KNR member has
fulfilled the independence aspect in accordance
with the terms and conditions applicable in Financial
Services Authority Regulation No. 34/POJK.04/2015
regarding
Committees
for
Nomination
and
Remuneration of Issuers or Public Companies
Regulation of the Minister of SOEs No. PER-3/
MBU/03/2023 on Organs and Human Resources
of State-Owned Enterprises, and Resolution of the
Board of Commissioners No. 14/KEP/DK/2024 dated
July 23, 2024 on the Charter of the Nomination and
Remuneration Committee of PT Telekomunikasi
Indonesia Tbk.
KNR’S Performance and
Implementation Activities
In 2024, KNR will carry out the following activities:
1. Committee Meeting, which includes:
a. KNR Internal Meeting, as many as 3 times,
which included discussions on i) Changes
to the 2024 Collegial Board of Directors KPI
targets, InfraCo Candidate updates, Pefindo
updates, ii) Telkom Top Talent 2024, and iii)
2024 Collegial Board of Directors KPIs.
b. Committee Meeting with external parties,
with the following agenda details:
i.
Organizational changes, 2 times, each
for i) Directorate of Human Capital
Management and Directorate of Finance
and Risk Management, ii) Corporate
Communication & Investor Relations.
ii. Discussion of transformation progress 4
times, namely for Quarter I, II, III 2024 and
B2B Strengthening.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
243
KNR's Meetings Policy
Based on the Financial Service Authority's Regulation Number 34/POJK.04/2014 regarding the Nomination
and Remuneration Committee, KNR meetings must be held at least once every 4 (four) months. However,
the Charter of the Nomination and Remuneration Committee issued through the Decision of the Board of
Commissioners Number 14/KEP/DK/2024 dated July 23 outlines that the KNR meeting must be held at least
once every 2 (two) months.
KNR'S Meetings
During 2024, KNR Telkom has conducted Committee meetings, including circular resolutions as many as
24 times.
KNR Meeting’s Agenda
No
Date
Meeting Agenda/Discussion
1.
Monday, January 8, 2024
Organizational Change in HCM and KMR
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
√
√
√
√
√
√
2.
Tuesday, January 9, 2024
Propriety and Feasibility Test (UKK) of Business & Sales Director of PT Sigma
Cipta Caraka
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
-
√
√
√
√
√
3.
Thursday, January 18, 2024
Transformation in the First Quarter of 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
√
-
√
√
√
-
4.
Monday, February 12, 2024
InfraCo Manoeuvring
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
5.
Tuesday, February 20, 2024
1. Changes in KNR Collegial KPI Targets in 2024
2. InfraCo Board of Directors Candidate Update
3. Update Pefindo
4. Proposed Statement Letter of the Board of Directors
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
6.
Monday, February 26, 2024
Subsidiary Streamlining Triwulan I 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
-
-
7.
Thursday, February 29, 2024
KPI of the 2024 Collegial Board of Directors
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
8.
Friday, March 1, 2024
Top Talent Telkom 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
9.
Tuesday, March 5, 2024
Propriety and Feasibility Test (UKK) of Infraco’s Board of Directors
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
-
√
244
Corporate Governance
No
Date
Meeting Agenda/Discussion
10.
Wednesday, March 13, 2024
Discussion of the 2024 Collegial Board of Directors KPI Proposal
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
11.
Thursday, March 14, 2024
Telkom Collegial KPI Consultation in 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
-
-
√
√
12.
Tuesday, April 2, 2024
Submission of CEO Salary Survey Results by Korn Ferry Consultant
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
-
√
√
13.
Thursday, April 4, 2024
Proposed Tantiem 2023 and Remuneration 2024 of the Company’s
Management
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
14.
Thursday, April 4, 2024
Submission of KPI of Individual Directors 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
15.
Monday, May 13, 2024
Propriety and Feasibility Test (UKK)
1. President Director of PT Multimedia Nusantara;
2. Director of Business & Digital Transformation of PT Multimedia Nusantara;
3. President Director PT Graha Sarana Duta;
4. Director of Finance & Risk Management of PT Graha Sarana Duta;
5. President Director of PT Sigma Cipta Caraka;
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
16.
Tuesday, May 14, 2024
Propriety and Feasibility Test (UKK)
1. President Director of PT Infrastruktur Telekomunikasi Indonesia;
2. Director of Finance and Risk Management of PT Telkom Data Ecosystem;
3. Director of Delivery and Operation PT Sigma Cipta Caraka;
4. Director of Technology of PT Telekomunikasi Indonesia International.
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
-
√
√
√
√
17.
Tuesday, May 21, 2024
Transformation in the Second Quarter of 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
-
-
√
18.
Monday, May 27, 2024
Subsidiary Streamlining Triwulan II 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
-
√
19.
Tuesday, July 16, 2024
Organizational Transformation and B2B Strengthening
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
-
20.
Wednesday, August 7, 2024
TW III Transformation Update in 2024
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
245
No
Date
Meeting Agenda/Discussion
21.
Wednesday, August 21, 2024
Discussion of Proposed Corporate Communication & Investor Relations
Transformation
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
-
√
√
√
22.
Monday, November 11, 2024
Discussion of the Company’s Management Remuneration Budget for 2025
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
23.
Thursday, November 14, 2024
KPI Consultation for Telkom Collegial Directors in 2024 Ministry of SOEs
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
24.
Tuesday, November 26, 2024
Long Term Incentive (LTI) Consultation with the Ministry of SOEs
Attendance list
WI
ANN
AMS
IS
MRP
RM
SK
√
N/A
√
√
√
√
√
Remark:
WI
Wawan Iriawan
IS
Ismail
RM
Rizal Mallarangeng
AMS
Arya Mahendra Sinulingga
MRP
Marcelino Rumambo Pandin
SK
Silmy Karim (appointed on June 27, 2023)
ANN
Abdi Negara Nurdin
Committee for Nomination and Remuneration’s Meeting Attendance in 2024
No.
Name
Position
Number of
Meetings
Number of
Attendance
Percentage of
Attendance (%)
1.
Wawan Iriawan
Chairman
24
24
100%
2.
Arya Mahendra Sinulingga
Member
24
22
92%
3.
Ismail
Member
24
22
92%
4.
Marcelino Rumambo
Pandin
Member
24
21
88%
5.
Rizal Mallarangeng
Member
24
20
83%
6.
Silmy Karim
Member
24
22
92%
7.
Abdi Negara Nurdin*
Member
3
2
67%
Remark:
* Abdi Negara Nurdin before resigning on January 19, 2024.
246
Corporate Governance
Policies and Implementation of
Succession of Directors
The succession mechanism of the SOE Board of
Directors is regulated in the Regulation of the Minister
of SOEs Number PER-3/MBU/03/2023 regarding
Organs and Human Resources of State-Owned
Enterprises. Based on the Regulation of the Minister
of SOEs, the Board of Directors of SOEs submits
the List of Selected Talents (selected talent) to the
Board of Commissioners, which is then based on the
evaluation of the List of Selected Talents carried out
by the Board of Commissioners with the assistance
of KNR to the Board of Directors who are currently
in office, the Board of Commissioners will send the
results of the evaluation as Nominated Talent to
the Chairman of the Telecommunication and Media
Services Cluster which in the 2024 period will be held
by President Commissioner of PT Telekomunikasi
Indonesia (Persero) Tbk. Furthermore, the Chairman
of the Telecommunication and Media Services
Cluster submitted the List of Nominated Talents
from all members of the Telecommunication and
Media Services Cluster to the Minister of SOEs.
KNR with reference to the Guidelines for the
Implementation of the Work of the Nomination
and Remuneration Committee whose preparation
is guided by the Regulation of the Minister of SOEs
above, in the process of succession of the SOE Board
of Directors carries out the following matters:
a. Conduct periodic reviews of the Company's
Talent Management System as well as monitoring
and evaluation of its implementation;
b. Evaluate the talent classification system and
procedures carried out by the Board of Directors;
c. Validate and calibrate the talent proposed by the
Board of Directors to the Board of Commissioners
(selected talent) to produce a list of talents that
will be nominated by the Board of Commissioners
(nominated talent) to be proposed in the GMS/
Minister;
d. Provide recommendations to the Board of
Commissioners to be submitted to the Series A
Shareholders Dwiwama regarding the proposed
composition of the positions of members of the
Company's Board of Directors; and
e. Develop policies and criteria needed in the
nomination process for prospective members of
the Board of Directors.
Remuneration of the Board of
Commissioners and the Board of
Directors
The provision of remuneration for members of
Telkom's Board of Commissioners and Board of
Directors is prepared in accordance with the
Regulation
of
the
Minister
of
State-Owned
Enterprises Number PER-3/MBU/03/2023 regarding
Organs and Human Resources of State-Owned
Enterprises and then followed up with the Resolution
of the Board of Commissioners Number 03/KEP/
DK/2024 regarding the Income of Members of the
Board of Directors and Board of Commissioners.
Guided by the provisions mentioned above, the
remuneration of the Board of Commissioners has
components consisting of:
1. Honorarium
2. Allowances, which consist of:
a.
Holiday allowance;
b.
Transportation allowance; and
c.
Retirement insurance.
3. Facilities, which consist of:
a.
Health facilities; and
b.
Legal aid facilities.
4. Tantiem/Performance Incentives/Special
Incentives
5. Long Term Incentive/LTI
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
247
The remuneration for members of the Board of
Directors has components consisting of:
1. Honorarium
2. Allowances, which consist of:
a.
Holiday allowance;
b.
Housing allowance; and
c.
Retirement insurance.
KNR asked for input from
Independent party
Board of Commissioners
requested KNR Drafted
remuneration
The result are submited to
GMS/Ministed of SOE
GMS/Decision Letter
Ministed of SOE
Independent Party provide
input to KNR
1
2
4
5
3
3. Facilities, which consist of:
a.
Health facilities;
b.
Vehicle facilities; and
c.
Legal aid facilities.
4. Tantiem/Performance Incentives/Special
Incentives
5. Long Term Incentive/LTI
Procedure and Mechanism of Remuneration of the Board of Commissioners
and Board of Directors
Furthermore, the procedure for proposing up to
the determination of the remuneration of Telkom's
Board of Commissioners and Board of Directors are
explained as follows:
1. The Board of Commissioners requests the KNR
to draft a remuneration proposal for the Board
of Commissioners and the Board of Directors;
2. If needed, Committee for Nomination and
Remuneration can request an independent party
to draw up a framework on the remuneration
of the Board of Commissioner and the Board of
Directors;
3. The Committee for Nomination and Remuneration
proposes the remuneration framework referred
to to the Board of Commissioners;
4. The
Board
of
Commissioners
proposes
remuneration for the Board of Commissioners
and the Board of Directors to GMS; and
5. The GMS can give the authority and power to the
Board of Commissioners, with the prior approval
of Series A Dwiwarna Shareholders to determine
the remuneration for Board of Commissioners
and the Board of Directors.
In 2023, the Minister of SOE issued Regulation of
the Minister of State-Owned Enterprises No. Per-
3/MBU/03/2023 regarding Organs and Human
Resources of State-Owned Enterprises (Permen
3 SOE). Telkom has confirmed the implementation
of Permen 3 SOE in Telkom areas through the GMS
248
Corporate Governance
Resolution for the 2022 financial year. One of the
things regulated in the Minister of State-Owned
Enterprises Regulation Permen 3 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.
Board of Commissioners Remuneration Recapitulation for 2024
No
Board of
Commissioners
Position
Salary
Religious
Holiday
Allowance
(THR)
Transport
Allowance
Tantiem
Financial Year
2023
Total
Rp
1 .
Bambang
Permadi
Soemantri
Brodjonegoro
President
Commissioner/
Independent
Commissioner
2,397,600,000
199,800,000
479,520,000
9,591,947,066
12,668,867,066
2.
Wawan Iriawan
Independent
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
3.
Bono Daru Adji
Independent
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
4.
Marcelino
Rumambo
Pandin
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
5.
Ismail
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
6.
Rizal
Mallarangeng
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
7.
Isa
Rachmatarwata
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,360
8.
Arya Mahendra
Sinulingga
Commissioner
2,157,840,000
179,820,000
431,568,000
8,632,752,360
11,401,980,260
9.
Silmy Karim
Commissioner
2,157,840,000
179,820,000
431,568,000
5,012,438,252
7,781,666,252
10.
Abdi Negara
Nurdin1)
Independent
Commissioner
179,820,000
0
35,964,000
9,001,292,324
9,217,076,324
Total
19,840,140,000
1,638,360,000
3,968,028,000
84,034,944,162
109,481,472,162
Remark:
* All remuneration of the Board of Commissioners are included tax.
1) Honorarium and transportation allowances for January 2024
Remuneration Acceptance of the Board of
Commissioners
The total remuneration paid by Telkom to all Board of
Commissioners who served in 2024, and the previous
period was Rp109,481 billion. The following table
presents details of the Board of Commissioners'
remuneration in 2024.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
249
Remuneration Acceptance of the Board of Directors
The total remuneration paid by Telkom to all Board of Directors who served in 2024, and the previous period
was Rp206,383 billion. The following table presents details of the Board of Directors’ remuneration in 2024:
Board of Directors’ Recapitulation of Remuneration 2024
No
Directors
Position
Salary
Religious
Holiday
Allowance
(THR)
Transport
Allowance
Tantiem
Financial Year
2023
Total
Rp
1.
Ririek
Adriansyah
President
Director
5,328,000,000
444,000,000
300,000,000
21,315,437,925
27,387,437,925
2.
Herlan
Wijanarko
Director of
Network & IT
Solution
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
3.
Bogi
Witjaksono
Director of
Wholesale &
International
Service
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
4.
FM
Venusiana
R.
Director of
Enterprise
& Business
Service
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
5.
Heri
Supriadi
Director of
Keuangan &
Manajemen
Risiko
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
6.
Afriwandi
Director
of Human
Capital
Management
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
7.
Budi
Setyawan
Wijaya
Director of
Strategic
Portfolio
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
8.
Muhamad
Fajrin
Rasyid
Director
of Digital
Business
4,528,800,000
377,400,000
300,000,000
18,118,122,236
23,324,322,236
9.
Honesti
Basyir 1)
Director
of Group
Business
Development
4,528,800,000
377,400,000
300,000,000
10,519,932,136
15,726,132,136
Total
41,558,400,000
3,463,200,000 2,700,000,000 158,662,225,713 206,383,825,713
Remark:
* All remuneration of the Board of Directors are included tax.
1) Tantiem for the period of May 30 to December 31, 2023.
250
Corporate Governance
COMMITTEE FOR PLANNING
AND RISK EVALUATION AND
MONITORING
Telkom has a Planning and Risk Evaluation and
Monitoring Committee (KEMPR), which is tasked with
supporting the Board of Commissioners in evaluating
and monitoring the company's planning and risk
management in achieving the quantitative and
qualitative targets of the Company's Budget Work
Plan (RKAP), Corporate Strategic Scenario (CSS) and
the Company's Long Term Plan (RJPP), monitoring the
performance and financial health of subsidiaries and
assisting the Board of Commissioners in reviewing the
proposed strategic plan of the Company. This step
aligns with the Company's efforts to continuously
improve the planning quality and ensure the
effectiveness of risk management implementation in
all its operational activities.
KEMPR’S Scope, Duties, and
Responsibilities
KEMPR's duties and responsibilities are regulated
in the Committee for Risk and Planning Monitoring
and Evaluation Charter, which is established based
on Resolution of Board of Commissioners No.
12/KEP/DK/2024 dated July 9, 2024, regarding
Work
Implementation
Guidelines
(Charter)
for
the Committee for Planning and Risk Evaluation
and Monitoring of the Company (Persero) PT
Telekomunikasi
Indonesia
Tbk.
The
guidelines
stipulate, among other things:
1. The establishment and the appointment of its
members;
2. The structure and requirements of membership;
3. Duties, responsibilities, and authority KEMPR;
4. The scope of work; and
5. Meetings, reporting, a term of office, and funding.
Then, the scope, duties, and responsibilities of KEMPR
in helping the Board of Commissioners oversee the
course of the Company are:
1. Conduct a comprehensive evaluation of the
proposed Company's Long-Term Plan (RJPP),
Corporate
Strategic
Scenario
(CSS),
and
Company's Budget Work Plan (RKAP) submitted
by the Board of Directors;
2. To evaluate the implementation of RJPP, CSS, and
RKAP to assess whether the implantation is in line
with the target of RJPP, CSS, and RKAP which has
been approved by the Board of Commissioners;
and
3. Monitoring the implementation of enterprise
risk management and project risk management,
especially for projects whose implementation
is through the approval of the Board of
Commissioners.
Composition of KEMPR
Based
on
the
Resolution
of
the
Board
of
Commissioners No. 11/KEP/DK/2024 dated July 9,
2024 regarding the Membership of the Evaluation and
Monitoring Committee for Corporate Risk Planning of
the Company (Persero) PT Telekomunikasi Indonesia
Tbk, the composition of KEMPR members is as follows:
KEMPR Member Composition as of December 31, 2024
Position
Name and Status of
Concurrent Positions
Basis of Appointment
Term of Office
Chairman
Arya Mahendra Sinulingga
Commissioner
Resolution of the Board of Commissioners No 07/KEP/
DK/2021 dated June 8, 2021 and was updated several
times with the latest changes based on the Resolution
of the Board of Commissioners Number 11/KEP/
DK/2024 dated July 9, 2024.
June 8, 2021 -
present
Members
Bambang P. S. Brodjonegoro
President Commissioner/
Independent Comissioner
Resolution of the Board of Commissioners Number 07/
KEP/DK/2021 dated June 8, 2021 and updated several
times with the latest changes based on the Resolution
of the Board of Commissioners Number 11/KEP/
DK/2024 dated July 9, 2024.
June 8, 2021 -
present
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
251
Position
Name and Status of
Concurrent Positions
Basis of Appointment
Term of Office
Bono Daru Adji
Independent Commissioner
Resolution of the Board of Commissioners Number
07/KEP/DK/2021 dated June 8, 2021 and was updated
several times with the latest changes based on the
Resolution of the Board of Commissioners Number 11/
KEP/DK/2024 dated July 9, 2024.
June 8, 2021 -
present
Isa Rachmatarwata
Commissioner
Resolution of the Board of Commissioners Number
07/KEP/DK/2021 dated June 8, 2021 and was updated
several times with the latest changes based on the
Resolution of the Board of Commissioners Number 11/
KEP/DK/2024 dated July 9, 2024.
June 8, 2021 -
present
Ismail
Commissioner
Resolution of the Board of Commissioners Number
05/KEP/DK/2019 dated May 29, 2019 and updated
several times with the latest amendments based on
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
May 29, 2019 -
present
Rizal Mallarangeng
Commissioner
Resolution of the Board of Commissioners Number
11/KEP/DK/2020 dated June 29, 2020 and updated
several times with the latest amendments based on
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
June 29, 2020 -
present
Silmy Karim
Commissioner
Resolution of the Board of Commissioners Number
06/KEP/DK/2023 dated June 27, 2023 and updated
several times with the latest amendments based on
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
June 27, 2023 -
present
Siswa Rizali
Independent Member
Resolution of the Board of Commissioners Number 09/
KEP/DK/2021 dated August 2, 2021 and updated with
Resolution of the Board of Commissioners Number 11/
KEP/DK/2024 dated July 9, 2024.
August 2, 2021 -
present
Janson
Independent Member
Resolution of the Board of Commissioners Number 01/
KEP/DK/2023 dated March 20, 2023 and updated with
the Resolution of the Board of Commissioners Number
11/KEP/DK/2024 dated July 9, 2024.
March 20, 2023 -
present
KEMPR's Member Profile Who are also Member of the Board of
Commissioners’s Member
ARYA MAHENDRA SINULINGGA
Chairman of Committee for Planning and Risk Evaluation and Monitoring
Age
54 years old
Citizenship
Indonesian
Domicile
Tangerang, Indonesia
Educational Background
1995
Bachelor degree in Civil Engineering, Institut Teknologi Bandung, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners No 07/KEP/DK/2021 dated June 8, 2021 and was updated several times with
the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Concurrent Position
2024
Chairman of the North Sumatra PSSI Provincial Association
2023
Member of the Executive Committee of the Indonesian Football Association (PSSI)
2021
General Secretary, Institut Teknologi Bandung Alumni Association
2021
Advisory Board for the Central Board of the Indonesian Engineers Association
2020
Member of the Board of Trustees, North Sumatera University
2019
Special Staff III, The Minister of State-Owned Enterprises (SOE)
252
Corporate Governance
ARYA MAHENDRA SINULINGGA
Chairman of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2019 - 2021
Commissioner, PT INALUM
2018 - 2019
Corporate Secretary Director, PT MNC Tbk
2017 - 2018
President Commissioner, PT MNC Infotainment
2015 - 2018
President Director, PT IDX Channel
2015 - 2018
Deputy Director, iNews TV
2014 - 2019
President Commissioner, PT Hikmat Makna Aksara (Sindo Weekly)
2014 - 2019
News Director, PT MNC Tbk
2014 - 2018
Director, PT MCI
2014 - 2015
Director, PT MNC Investama Tbk
2014 - 2015
Editor-in-Chief, RCTI
2011 - 2014
Editor-in-Chief, Global TV
2010 - 2018
News Director & Corporate Secretary, Global TV
2010 - 2014
Corporate Secretary, PT MNC Tbk
2008 - 2014
President Director, PT Hikmat Makna Aksara (Sindo Weekly)
2008 - 2014
Corporate Secretary, PT Global Mediacom Tbk
2007 - 2015
Corporate Secretary, PT MNC Sky Visison
2004 - 2007
Member, North Sumatra Regional Indonesian Broadcasting Commission
2001 - 2004
Expert Staff, The Chairman of the Regional House of Representatives and Spatial Consultant for North
Sumatera Province
1995 - 2001
Drainage & Marine Consultant, Bandung
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1997
Ph.D, University of Illinois at Urbana Champaign, United States of America
1993
Master of Urban Planning, University of Illinois at Urbana Champaign, United States of America
1990
Bachelor degree in Economics, Universitas Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and updated several times with
the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Concurrent Position
2024
Special Advisor to the President for Economic and National Development
2021
President Commissioner, PT Bukalapak Tbk
2021
Independent Commissioner, PT Astra International Tbk
2021
Commissioner, PT Combiphar
2021
Independent Commissioner, PT Indofood Tbk
2021
President Commissioner, PT Nusantara Green Energy
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
253
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2021 - 2024
President Commissioner, PT Prudential Syariah
2021 - 2025
Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023
President Commissioner, PT Oligo Infrastruktur
2019 - 2021
Minister of Research, Technology, and the National Innovation of Republic of Indonesia
2016 - 2019
Minister of National Development Planning of Republic of Indonesia
2014 - 2016
Minister of Finance of Republic of Indonesia
2013 - 2014
Vice Minister of Finance of the Republic of Indonesia
Professional Certifications
2021
Qualified Risk Governance Professional (QRGP)
*Resigned on March 7th, 2025
BONO DARU ADJI
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
56 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1995
LLM, Monash University, Australia
1993
Bachelor of Law, Trisakti University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and was updated several times
with the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9,
2024.
Concurrent Position
2023
Member of the Ethics Committee of the Indonesian Football Association
2022
Member of the Management Board of the Indonesian Audit Committee Association
2017
Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022
Disciplinary Committee, PT Bursa Efek Indonesia
2018 - 2021
Chairman, Standards Board of the Association of Capital Market Legal Consultants
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2017
Licensed to practice law as an advocate by Capital Market Legal Consultants Association (Himpunan
Konsultan Hukum Pasar Modal - HKHPM)
2017
Licensed to practice law as an advocate by the Indonesian Bar Association (PERADI)
254
Corporate Governance
ISA RACHMATARWATA
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1994
Master of Mathematic, Actuarial Science, University of Waterloo, Canada
1990
Bachelor degree in Department of Mathematics and Natural Sciences, Institut Teknologi Bandung,
Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 07/KEP/DK/2021 dated June 8, 2021 and was updated several times
with the latest changes based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9,
2024.
Concurrent Position
2021
Director General of Budget, Ministry of Finance of the Republic of Indonesia
Work Experiences
2017 - 2021
Director-General of State Assets, Ministry of Finance of the Republic of Indonesia
2013 - 2017
Expert Staff to the Minister of Finance for Policy and Regulation on Financial Services and Capital
Markets, Ministry of Finance of the Republic of Indonesia
2013
Senior Employee at the Fiscal Policy Agency, Ministry of Finance of the Republic of Indonesia
2006 - 2012
Head of the Insurance Bureau, Capital Market and Financial Institution Supervisory Agency (BPPMLK),
Ministry of Finance of the Republic of Indonesia
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2020
Fellow of the Society of Actuaries of Indonesia (FSAI)
1993
Associate of the Society of Actuaries (ASA)
ISMAIL
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
55 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2010
Doctorate in Electrical Engineering and Informatics, Institut Teknologi Bandung, Indonesia
1999
Master's in Electrical Engineering, Universitas Indonesia, Indonesia
1993
Bachelor's in Engineering Physics, Institut Teknologi Bandung, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 05/KEP/DK/2019 dated May 29, 2019 and updated several times
with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated
July 9, 2024.
Concurrent Positions
2025
General Secretary of the Ministry of Communication and Digital
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
255
ISMAIL
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2023 - 2025
Chairperson of the Supervisory Board
2021 - 2023
Acting Director of Postal and Informatic Operation
2018 - 2019
Chairman, Indonesian Telecommunications Regulatory Agency (BRTI)
2014 - 2016
Director of PPKU Telecommunications/Broadband Development, Ministry of Communication and
Information of the Republic of Indonesia
2012 - 2014
Director of Telecommunications, Directorate General of Post and Information Technology, Ministry of
Communication and Information Technology of the Republic of Indonesia
2008 - 2012
Director of IT System Operation, Financial Transaction Report and Analysis Center (PPATK)
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2021
Certification in Audit Committee Practices (CACP)
2012
Computer Emergency Response Team (CERT), Carnegie Mellon - USA
2010
Certified Information System Security Professional (CISSP), INIXINDO
2010
Certified Data Center Professional (CDCP), INIXINDO
2010
Certified Information Technology Manager (CITM), INIXINDO
RIZAL MALLARANGENG
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
60 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2000
Doctoral Comparative Politics, Ohio State University, United States of America
1994
Magister Comparative Politics, Ohio State University, United States of America
1990
Bachelor degree in Communication Science, Universitas Gadjah Mada, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 11/KEP/DK/2020 dated June 29, 2020 and updated several times
with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated
July 9, 2024.
Concurrent Positions
2020
Commissioner, PT Energi Mega Persada
Work Experiences
2001 - 2020
Executive Director, Freedom Institute
2016
Founder, Freedom Corp
2009
Founder, Fox Indonesia
2008 - 2012
Director of IT System Operation, Financial Transaction Report and Analysis Center (PPATK)
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
256
Corporate Governance
SILMY KARIM
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
50 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
2014
Defense Management, Naval Postgraduate School (NPS), United States of America
2012
Advance Security, George C. Marshall European Center for Security Studies, Germany
2012
NATO School, Germany
2012
National and International Defense, United States of America
2010
Georgetown University, GLS, Washington D.C, United States of America
2007
Master degree in Economics, Universitas Indonesia, Indonesia
1997
Bachelor degree in Economics, Universitas Trisakti, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2023 dated June 27, 2023 and updated several times
with the latest amendments based on the Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated
July 9, 2024.
Concurrent Positions
2024
Deputy Minister of Immigration and Correctional Affairs
Work Experiences
2023 - 2024
General Director of Immigration of the Republic of Indonesia, Ministry of Law and Human Rights
2018 - 2023
President Director, PT Krakatau Steel (Company) Tbk
2016 - 2019
Commissioner, PT GE Power Solution Indonesia
2016 - 2018
President Director, PT Barata Indonesia (Persero)
2015 - 2016
President Commissioner, MAN Diesel & Turbo Indonesia
2014 - 2016
President Director, PT Pindad (Persero)
2011 - 2014
Commissioner, PT PAL Indonesia (Persero)
2010 - 2011
Special Advisor to the Indonesian Investment Coordinating Board
Professional Certifications
2023
Qualified Risk Governance Professional (QRGP)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
257
KEMPR’S Member Profile Who are Not Part of the Board of
Commissioners’s Member
SISWA RIZALI
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
52 years old
Citizenship
Indonesian
Domicile
South Tangerang, Indonesia
Educational Background
2002
Master of Social Sciences (Economics), National University of Singapore, Singapura.
1996
Bachelor Degree in Economics, Universitas Indonesia, Indonesia.
Basis of Appointment
Resolution of the Board of Commissioners Number 09/KEP/DK/2021 dated August 2, 2021 and updated with Resolution
of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Term of Office
August 2, 2021 - present
Duties and Responsibilities
Together with other KEMPR members, it is tasked with evaluating the proposed Company Long Term Plan (RJPP),
Corporate Strategic Scenario (CSS), and Company Budget Activity Plan (RKAP) submitted by the Board of Directors,
evaluating the implementation of RJPP, CSS, and RKAP, and supervising the implementation of Telkom's enterprise risk
management and Telkom’s project risk management, especially for projects whose implementation is approved by the
Board of Commissioners.
Work Experiences
2019 - present
Member of Committee for Planning and Risk Evaluation and Monitoring (KEMPR)
2019 - 2021
Investment and Placement Committee, Badan Pengelola Keuangan Haji.
2015 - 2018
Director of Investment, PT Asanusa Asset Management.
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2022
Certified Risk Professional (CRP) by Association of Indonesian Capital Market Professionals
2008
Investment Manager Representative Certificate
JANSON
Member of Committee for Planning and Risk Evaluation and Monitoring
Age
52 years old
Citizenship
Indonesian
Domicile
South Tangerang, Indonesia
Education
1998
Bachelor of Science, Finance, University of Maryland, College Park, U.S.A
Basis of Appointment
Resolution of the Board of Commissioners Number 01/KEP/DK/2023 dated March 20, 2023 and updated with the
Resolution of the Board of Commissioners Number 11/KEP/DK/2024 dated July 9, 2024.
Term of Office
March 20, 2023 - present
Duties and Responsibilities
Together with other KEMPR members, they are tasked with evaluating the proposed Company Long Term Plan (RJPP),
Corporate Strategic Scenario (CSS), and Company Budget Work Plan (RKAP) submitted by the Board of Directors,
evaluating the implementation of RJPP, CSS, and RKAP, as well as conducting supervising the implementation of Telkom's
enterprise risk management and project risk management, especially for projects whose implementation is approved by
the Board of Commissioners.
258
Corporate Governance
JANSON
Member of Committee for Planning and Risk Evaluation and Monitoring
Work Experiences
2023 - present
Member of Committee for Planning and Risk Evaluation and Monitoring
2021 - 2022
Senior Corporate Finance, PT ASLI RI
2020 - 2021
SVP Equity Research, PT Kanaka Hita Solvera
2017 - 2019
SVP Equity Division and Research, PT Royal Investium Sekuritas
2013 - 2016
Head of Institutional Equity, PT MNC Sekuritas
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Finance Business (CAFB) Level Professional, Ikatan Akuntan Indonesia
2023
Certified Risk Professional (CRP) by Association of Indonesian Capital Market Professional.
2021
Sertifikat Wakil Manajer Investasi, Financial Service Authority.
2019
Sertifikat Wakil Perantara Pedagang Efek, Financial Service Authority
KEMPR’S Independence
All KEMPR members must fulfill the independence aspect in carrying out their duties in accordance with the
terms and conditions stated in the Resolution of the Board of Commissioners No. 12/KEP/DK/2024 dated
July 9, 2024, regarding the Charter of the Planning and Risk Evaluation and Monitoring Committee of the
Company (Persero) PT Telekomunikasi Indonesia Tbk.
KEMPR’S Meeting
KEMPR’S Meeting Policy
The policy of the KEMPR Meeting is contained in the KEMPR charter No. 12/KEP/DK2024 dated July 9, 2024,
among others, regulating the KEMPR meeting. The KEMPR Meeting consists of the KEMPR Meeting and the
Ad-Hoc Meeting. The KEMPR Meeting consists of an Internal Meeting of the Ministry of Health, and a Meeting
of the Ministry of Internal Affairs with external parties. More than 1/2 (one-half) of the KEMPR members
attended the two meetings. Meanwhile, the Ad-Hoc Meeting is a meeting with external parties which is held
according to needs and its implementation is carried out by non-Commissioner KEMPR members.
KEMPR’S Meeting 2024
KEMPR Telkom has held 22 Committee meetings throughout 2024, with the attendance level of KEMPR
members as follows:
Agenda and Attendance of the 2024 KEMPR Meeting
No
Date
Meeting Agenda/Discussion
1.
Wednesday, January 10, 2025
Telkomsat Performance Monitoring
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
-
√
√
√
√
√
√
√
2.
Thursday, January 25, 2025
Risk Management Evaluation of TW IV in 2023
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
-
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
259
No
Date
Meeting Agenda/Discussion
3.
Friday, March 15, 2024
Strategic Fit Project Falcon
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
-
√
√
√
4.
Tuesday, March 19, 2024
Project Conversion
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
-
√
√
√
5.
March 21, 2024
Determination of Telkom’s Risk Level in the Classification of SOEs
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
6.
Thursday, April 4, 2024
Telkom Sigma Equity Call Reallocation
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
-
√
√
√
√
√
√
√
√
7.
Tuesday, April 30, 2024
Risk Management Evaluation for the First Quarter of 2024
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
-
√
√
√
√
√
√
√
8.
Tuesday, July 30, 2024
TW II Risk Management Evaluation in 2024
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
-
√
-
√
√
√
9.
Tuesday, September 10, 2024
Draft RJPP for 2025 - 2029
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
10.
Wednesday, September 18, 2024
Strategic Fit OpCo-1
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
-
√
-
√
√
11.
Monday, October 7, 2024
Dekom’s Concern Discussion on the Falcon Strategic Fit Project
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
12.
Thursday, October 10, 2024
Project Eureka
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
13.
Monday, October 14, 2024
Mangostar Pricing Structure
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
14.
Monday, October 21, 2024
Telkomsel Performance Monitoring
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
-
√
√
√
-
√
√
15.
Friday, 25 October 2024
Release Commitment Budget Capex Phase 2 of 2024
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
-
√
√
260
Corporate Governance
No
Date
Meeting Agenda/Discussion
16.
Monday, October 28, 2024
Implementation of Risk Management in the Third Quarter of 2024
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
-
√
√
√
17.
Thursday, October 31, 2024
Project Conversion
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
18.
November 1 – 15, 2024
1on1 RKAP CFU-FU Year 2025
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
19.
Monday, December 9, 2024
Write-off of Uncollectible Accounts Receivable in 2024
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
-
√
√
√
√
√
√
√
√
20.
Tuesday, December 10, 2024
Contingency Plan Document
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
√
√
√
√
√
√
√
√
√
21.
Wednesday, December 11, 2024
Update Project Falcon
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
-
√
-
√
√
√
√
√
√
22.
Friday, December 27, 2024
TIF Parenting Changes
Attendance List
AMS
BPSB
BDA
IR
IS
RM
SK
SR
JN
-
√
√
√
√
√
-
√
√
Remark:
AMS
Arya Mahendra Sinulingga
BPSB
Bambang Permadi Soemantri Brodjonegoro
SK
Silmy Karim
BDA
Bono Daru Adji
IR
Isa Rachmatarwata
SR
Siswa Rizali
IS
Ismail
RM
Rizal Mallarangeng
JN
Janson
Recapitulation of Attendance at the 2024 KEMPR Meeting
No.
Name
Position
Total of
Meetings
Total of Attendance
Percentage of
Attendance (%)
1.
Arya Mahendra Sinulingga
Chairman
22
19
86
2.
Bambang P.S.
Brodjonegoro
Member
22
20
91
3.
Bono Daru Adji
Member
22
20
91
4.
Isa Rachmatarwata
Member
22
21
95
5.
Ismail
Member
22
21
95
6.
Rizal Mallarangeng
Member
22
17
77
7.
Silmy Karim
Member
22
18
82
8.
Siswa Rizali
Member
22
22
100
9.
Janson
Member
22
22
100
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
261
Performance and Activities
Implementation of KEMPR
Throughout 2024, KEMPR has carried out the
following activities:
1. Corporate Strategic Scenario (CSS) for 2024-
2026
a. Focus on Monitoring the Implementation of
RJPP and CSS 2024-2026
• For the implementation of the CSS,
prioritization of the 5 Bold Moves should
be prepared based on their impact on
Telkom’s finances. This will affect the
allocation of resources.
•
CSS needs to be equipped with the latest
technology that may emerge so that
Telkom can have a suitable strategy for
dealing with these technologies.
b. Evaluation of the Proposed CSS 2025-2027
• Implementation of strategic initiatives,
including the 5 Bold Moves, in CSS 2025-
2027 should be carried out according
to the roadmap and timeline, taking
into account lessons learned from the
implementation of previous initiatives so
that the operational and financial targets
set can be met.
• The capability of people in subsidiaries
that carry out strategic initiatives should
be improved immediately to increase
the competitiveness of the subsidiaries’
products, including in the marketing &
sales aspect, especially in DC Co and B2B
IT Service Co so that the go-to-market
process is not significantly dependent on
the parent.
• Efforts
to
introduce
and
accelerate
superior products to increase revenue
within the TelkomGroup should be carried
out in parallel with efforts to minimize
costs.
•
In preparing competitive strategies to
regain market share, Telkomsel should be
more careful in reading market conditions
and more observant in exploring new
market potentials, including in suburban
and rural areas.
• Increasing
revenue
from
external
markets
(outside
TelkomGroup)
in
subsidiaries should be done with careful
consideration of the benefits and impact
on TelkomGroup.
• Control of the C2R ratio in capex
deployment, especially strategic ones, to
be accompanied by an increase in IR2C
and RoIC.
• The preparation and implementation of
risk mitigation, especially against strategic
risk, needs to be sharpened so that its
effectiveness
increases
and
financial
targets for related business portfolios can
be met.
2. Company’s Work Plan and Budget and Capital
Expenditure
a. Focus on Monitoring the Implementation
of 2024 RKAP and 2024 Capex Capital
Expenditure
• Improvement
of
TelkomGroup
Performance.
•
Increased profitability, efficiency, and
timeliness in capex deployment, including
ensuring anticipation and risk mitigation
of potential delays in capex deployment.
• Increasing
TelkomGroup's
human
resources
capabilities,
especially
marketing for Telkomsel products.
• Capex deployment must be right on
target and productive to generate optimal
revenue.
• Strengthening
Enterprise
Risk
Management to oversee the five bold
moves.
b. Evaluation of the 2025 RKAP Proposal and
Capital Expenditure
• Ensure every project and procurement has
implemented good corporate governance
and complies with applicable internal and
external regulations.
• Prioritize
efficiency
in
managing
operational activities and ensure that
partnerships with partners run effectively
and generate profits for Telkom.
262
Corporate Governance
• Improve the capabilities of TelkomGroup’s
human resources, especially in Telkom
Regional, and improve sales capabilities
in marketing B2C products. Increase the
productivity of employees who handle
enterprise
business
and
accelerate
expertise in each industry vertical.
• Increased
supervision
of
subsidiary
performance within the scope of CFU.
• Maintain synergy between businesses
developed
in
each
subsidiary
of
TelkomGroup.
• Develop and sharpen strategies, especially
to increase revenue and profitability in
the digital business and prepare the right
products to face competition in that
business.
• Ensure that policies related to the
technology portfolio and technology
roadmap have been implemented with
discipline so that capex deployment is
on target, the network modernization
program is completed, and an optimal
level of capex efficiency is achieved.
• Develop the focus of Telkom’s business
model
and
identify
TelkomGroup's
strengths
in
infrastructure
and
connectivity to improve TelkomGroup's
competitiveness
and
financial
performance.
•
Ensure the use of capex is targeted and
efficient
and
quantitatively
impacts
revenue, EBITDA, and Net Income.
•
Ensure capex spending is anticipatory
and responsive by considering leading-
edge technological advances such as
integrating AI, machine learning, and
automation.
3. Enterprise Risk Management (ERM)
Based on the monitoring of the Company’s risk
profile, three things receive attention, namely:
•
Implementation of risk management within
the Company and on strategic projects.
•
Improvement
of
the
quality
of
ERM
implementation in subsidiaries.
•
Residual risks are still categorized as “High,”
so more effort is needed to reduce the risks.
4. Certain Actions of the Board of Directors that
require the Board of Commissioners’ Approval
KEMPR has assisted the Board of Commissioners
in reviewing the strategic plan proposals
submitted by the Board of Directors during
2024, among others:
•
Strategic Fit Project Falcon
•
Project Conversion-1 Support
•
Final Approval of Batam Data Center Initiative
•
B2B and TIF Organizational Transformation
•
KMR and CCIR Organizational Transformation
•
Strategic Fit OpCo-1
•
Project Eureka Support
•
Contingency Plan Document for 2024
•
Write-off of Unbilled Accounts Receivable
in 2024
•
PT Telkom Infrastruktur Indonesia (TIF)
Parenting Adjustment
5. Subsidiary Monitoring
During FY-2024, KEMPR has assisted the Board
of Commissioners in monitoring subsidiaries’
performance
and
financial
health.
Some
subsidiaries need attention in terms of the
following:
• Maintaining
the
Health
Level
of
the
Subsidiaries, including the Altman Z-score
ratio and capital adequacy to Debt to Equity
ratio.
• Residual risk level in effective capex and OPEX
management.
• Increasing the Capacity and Capability of
Human Resources in each of the Subsidiaries
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
263
Education and Training of KEMPR
KEMPR Education and Training Policy
The KEMPR education and training policy refers to the Regulation of the Minister of SOEs No. PER-2/
MBU/02/2023 regarding Guidelines for Governance & Significant Corporate Activities of SOEs and the Decree
of the Deputy Minister of SOEs for Finance and Risk Management No. SK-3/DKU. MBU/05/2023 dated May
26, 2023 regarding Technical Guidelines for the Composition and Qualification of Risk Management Organs
in State-Owned Enterprises which regulates the composition of members of the Integrated Governance
Committee. The regulation, among others, states that the Board of Commissioners are required to undergo
training of at least 20 hours on topics such as risk management, fraud, business, corporate business activities,
legal, compliance, finance, accounting and auditing. The same applies to members of the Risk Monitoring
Committee in this case the KEMPR in the Company, where the KEMPR is required to undergo training for at
least 20 hours per year on the same topic as described above.
KEMPR Education and Training in 2024
During 2024, Telkom will include KEMPR members in various education and training programs to improve their
competence. Some of them include:
KEMPR Education and Training in 2024
No.
Training Program
Organizer
City/Country
Date
Participants
1.
Deputy Investment Manager
Continuing Professional
Education
Association of
Deputy Investment
Managers
Jakarta
January 17,
2024
Janson
2.
Viva Technology
Publicis Groupe &
Groupe LesEchos Le
Parisien
Paris, France
May 22-25,
2024
Janson
3.
Professional Level Certified
Public Accountant
Indonesian Institute
of Accountants (IAI)
and BUMN School
of Excellence
Jakarta
May 16-24,
2024
1. Janson
2. Siswa Rizali
4.
Business Presentation and Story
Telling Skills
Foster & Bridge
Jakarta and
Bogor
August 5, 6
and 14, 2024
1. Janson
2. Siswa Rizali
5.
Tips & Tricks for Effective
Communication Based on
Personality
Institute of Applied
Psychology UI
Bogor
August 15,
2024
1. Janson
2. Siswa Rizali
6.
Advanced Level Professional
Accountant Certification
Indonesian Institute
of Accountants (IAI)
and BUMN School
of Excellence
Jakarta
August 19,
2024
1. Janson
2. Siswa Rizali
7.
Preparation and Evaluation of KPI
of the Board of Commissioners
Telkom Corpu
Jakarta
May 30 -
July 13, 2024
1. Janson
2. Siswa Rizali
8.
Tech Week Singapore
Tech Week
Singapore
Singapore
October 9-10,
2024
Janson
9.
Deputy Investment Manager
Continuing Professional
Education
Association of
Deputy Investment
Managers
Jakarta
November 26,
2024
Siswa Rizali
10.
Risk Beyond 2024 Bali
Enterprise Risk
Management
Academy
Bali
December
5-6, 2024
1. Janson
2. Siswa Rizali
Remarks:
* Education and Training of KEMPR members who are members of the Board of Commissioners can be seen in the Education and Training of the Board of
Commissioners.
264
Corporate Governance
INTEGRATED GOVERNANCE
COMMITTEE
In accordance with the Resolution of the Board of
Commissioners Number 028/SRT/DK/2024 dated
April 1, 2024, regarding the Approval of Telkom's Risk
Classification Based on the Level of Risk Intensity
in accordance with the Regulation of the Minister
of SOEs Number PER-2/MBU/03/2023, Telkom
has been designated as an SOE with a systemic A
classification. As such, Telkom is required to establish
KTKT by referring to the Regulation of the Minister
of SOEs Number PER-2/MBU/03/2023 regarding
Guidelines for Governance and Significant Corporate
Activities of State-Owned Enterprises and Decree
of the Deputy Minister of SOEs for Finance and Risk
Management No SK-3/DKU.MSU/05/2023, dated
May 26, 2023, regarding Technical Guidelines for the
Composition and Qualifications of Risk Management
Organs within State-Owned Enterprise, regulates
the composition of members of the Integrated
Governance Committee ("Juknis").
The Integrated Governance Committee (KTKT) is
a Committee tasked with assisting the Board of
Commissioners in evaluating and approving the
Integrated Governance policies proposed by the
Board of Directors, monitoring and assessing the
suitability of the Integrated Governance policies
of the Company and its Subsidiaries, as well as
monitoring
and
evaluating
other
Integrated
Governance functions in accordance with the
provisions of laws and regulations, articles of
association, and/or decisions of the GMS/Minister of
SOEs.
Duties and Responsibilities of the
Integrated Governance Committee
The scope, duties and responsibilities of KTKT are
regulated in the Guidelines for the Implementation of
Integrated Governance Work, which is outlined in the
Resolution of the Board of Commissioners Number
08/KEP/DK/2024 dated April 16, 2024 regarding the
Guidelines for the Implementation of Work (Charter)
of the Integrated Governance Committee of the
Company (Persero) PT Telekomunikasi Indonesia Tbk.
The guidelines govern, among others, the following
rules: (i) membership structure and requirements;
(ii) duties, obligations, and authorities; (iii) the scope
of work implementation, meeting arrangements,
reporting, term of duty, and funding.
Duties of the Integrated Governance
Committee
1. Evaluate and approve the Integrated Governance
policy proposed by the Board of Directors;
2. Monitoring and evaluating the conformity of
the Company's and its subsidiaries' Integrated
Governance policies;
3. Evaluate the implementation of Integrated
Governance, at least through an assessment
of the adequacy of internal control and the
implementation of compliance functions in an
integrated manner; and
4. Monitoring and evaluating other Integrated
Governance functions in accordance with the
provisions of laws and regulations, articles
of association, and/or decisions of the GMS/
Minister.
Obligations of the Integrated Governance
Committee
1. Provide recommendations to the Board of
Commissioners for the improvement of the
Integrated Governance policy;
2. Prepare a report on the realization of the annual
work program submitted in the Company's
Annual Report; and
3. Uphold the Committee's confidentiality in
accordance with applicable regulations.
Composition of the Integrated
Governance Committee
Based
on
the
Resolution
of
the
Board
of
Commissioners No.06/KEP/DK/2024 dated April 2,
2024 which was updated with the Resolution of the
Board of Commissioners No. 01/KEP/DK/2025 dated
January 2, 2025 regarding the Membership Structure
of the Integrated Governance Committee of the
Company (Persero) PT Telekomunikasi Indonesia
Tbk, the composition of the KTKT membership is as
follows:
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
265
Composition of Integrated Governance Committee Members as of December 31, 2024
Position
Name and Status of
Concurrent Positions
Basis of Appointment
Served since
Head
Bambang P.S.
Brodjonegoro
President Commissioner
/ Independent
Commissioner
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Member
Bono Daru Adji
Independent
Commissioner
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Marcelino Rumambo
Pandin
Commissioner
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Sarwoto Atmosutarno
Commissioner of
PT Telekomunikasi Selular
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Andi Agus Akbar
Commissioner of
PT Graha Sarana Duta
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
I Ketut Budi Utama
Commissioner of
PT Infrastruktur
Telekomunikasi Indonesia
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024
April 2, 2024 - June
30, 2024
Vedi Noviana Suherman
Commissioner of PT
Metra-Net
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Sofian Saleh
Commissioner of
Independen
PT Multimedia Nusantara
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
I Gusti Bagus Astawa
Commissioner of PT PINS
Indonesia
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Farida Sunarjati
Commissioner of
Independent
PT Sigma Cipta Caraka
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024-Present
Michael Adiguna
Commissioner of PT
Telkom Data Ekosistem
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Muhammad Rofik
Commissioner of
PT Telekomunikasi
Indonesia International
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
M. Ridwan Rizqi R
Nasution
Komisaris Independen PT
Dayamitra Telekomunikasi
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Suharyoto
Commissioner of PT
Telkom Akses
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024
April 2, 2024 - May 30,
2024
266
Corporate Governance
Position
Name and Status of
Concurrent Positions
Basis of Appointment
Served since
Rama Pratama
Commissioner of PT
Telkom Satelit Indonesia
Resolution of the Board of Commissioners Number 06/
KEP/DK/2024 dated April 2, 2024 and updated based
on the Resolution of the Board of Commissioners
Number 01/KEP/DK/2025 dated January 2, 2025.
April 2, 2024 - present
Oktadiasih Muninggar *
Commissioner of
PT Infrastruktur
Telekomunikasi Indonesia
Resolution of the Board of Commissioners Number 01/
KEP/DK/2025 dated January 2, 2025
July 15, 2024 - present
Fahd Pahdepie **
Commissioner of PT
Telkom Akses
Resolution of the Board of Commissioners Number 01/
KEP/DK/2025 dated January 2, 2025
July 10, 2024 - present
Remarks:
*)
Mrs. Oktadiasih Muninggar replaced I Ketut Budi Utama;
**)
Mr. Fahd Pahdepie replaced Mr. Suharyoto.
Profile of Members of the Integrated Governance Committee and Member
of the Board of Commissioners
BAMBANG PERMADI SOEMANTRI BRODJONEGORO
Chairman of Integrated Governance Committee
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
1997
Ph.D., University of Illinois at Urbana-Champaign, Amerika Serikat
1993
Master of Urban Planning, University of Illinois at Urbana-Champaign, Amerika Serikat
1990
Bachelor of Economics, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
2024
Special Advisor to the President for Economic and National Development
2021
President Commissioner, PT Bukalapak Tbk
2021
Independent Commissioner, PT Astra International Tbk
2021
Commissioner, PT Combiphar
2021
Independent Commissioner, PT Indofood Tbk
2021
President Commissioner, PT Nusantara Green Energy
Work Experiences
2022 - 2024
President Commissioner, PT Prudential Syariah
2021 - 2025
Independent Commissioner, PT TBS Energi Utama Tbk*
2021 - 2023
President Commissioner, PT Oligo Infrastruktur
2019 - 2021
Minister of Research, Technology, and National Innovation Research Agency
2016 - 2019
Minister of National Development Planning of Indonesia
2014 - 2016
Minister of Finance of the Republic of Indonesia
2013 - 2014
Deputy Minister of Finance of the Republic of Indonesia
Professional Certifications
2021
Qualified Risk Governance Professional (QRGP)
*Resigned on March 7, 2025
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
267
BONO DARU ADJI
Member of Integrated Governance Committee
Age
56 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
1995
LLM, Monash University, Australia
1993
Bachelor of Law, Trisakti University, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
2023
Member of the Ethics Committee of the Indonesian Football Association
2022 - 2025
Member of the Board of Directors of the Indonesian Audit Committee Association
2017
Managing Partner, Assegaf Hamzah & Partners
Work Experiences
2019 - 2022
Disciplinary Committee, Indonesia Stock Exchange
2018 - 2021
Chairman of the Standards Board of the Capital Market Legal Consultants Association
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2017
Licensed to practice law as an advocate from the Association of Capital Market Legal Consultants
(HKHPM)
2017
Licensed to practice as an advocate from the Indonesian Advocates Association (PERADI)
MARCELINO RUMAMBO PANDIN
Member of Integrated Governance Committee
Age
59 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
2007
Ph.D. of Technology and Innovation, The University of Queensland, Australia
2005
Graduate Diploma in Company Director Course, Australian Institute of Company Director (GAICD),
Australia
2003
Diploma in Company Direction (Chartered Director Level II), The Institute of Directors (IoD), London,
Inggris
1999
Master of Philosophy, Judge Business School University of Cambridge, Inggris
1991
Bachelor of Architectural Engineering, Bandung Institute of Technology, Indonesia
268
Corporate Governance
MARCELINO RUMAMBO PANDIN
Member of Integrated Governance Committee
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Concurrent Position
Does not have a dual position
Work Experiences
2018 - 2019
Committee, World Observatory on Subnational Government Finance, and Investment OECD Paris,
France
2017 - 2019
Senior Policy Advisor on City Finance, United City and Local Government (UCLG) Asia Pacific
Professional Certifications
2024
Chartered Accountant, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Advanced Level, Ikatan Akuntan Indonesia
2024
Certificate in Accounting, Financial Business (CAFB) Professional Level, Ikatan Akuntan Indonesia
2023
Qualified Risk Governance Professional (QRGP)
2020
Certification of Audit Committee Practice (CACP)
2015
Company Directors Course (CDC)
2014
Company Directors Course (CDC)
Profiles of Members of the Integrated Governance Committee Who Are
Members of the Board Of Committee of Subsidiaries
SARWOTO ATMOSUTARNO
Member of Integrated Governance Committee
Age
67 years old
Citizenship
Indonesian
Domicile
Yogyakarta, Indonesia
Educational Backgrounds
S2 – Master of European Business Engineering (MSc)
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
November 27, 2023 - present
Work Experiences
2021 - 2024
Chairman of Indonesian Telematics Society (MASTEL)
2009 - 2012
President Director of PT Telkomsel
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
269
ANDI AGUS AKBAR
Member of Integrated Governance Committee
Age
57 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
1998
Master of Business Telecommunication, technology University of Delft, Netherland
1991
Bachelor of Electrical Engineering, Universitas Hasanuddin, Makassar
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
November 28, 2023 - present
Work Experiences
June 2024 -
present
Chairman of the Risk Monitoring Committee and Integrated Governance Committee of PT Graha
Sarana Duta
December 2023
- present
Chairman of the Audit Committee of PT Graha Sarana Duta
November 2023
- present
Commissioner of PT Graha Sarana Duta
July 2020 -
present
SVP Corporate Secretary of PT Telekomunikasi Cellular
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
2024
Regulatory Compliance
I KETUT BUDI UTAMA
Member of Integrated Governance Committee
Age
58 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
Master of Science of Electrical Engineering & Computer Science (The George Washington University)
Bachelor (Ir) of field Study Telecommunication (ITS)
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024
Term of Office
2023 - 2024
Work Experiences
2024 - present
CEO PT Telkom Infrastructure Indonesia (TIF)
2023 - 2024
Chief Commission PT Infrastruktur Telekomunikasi Indonesia
2021 - 2023
CEO PT Telkom Akses
2020 - 2021
Supply & Commerce Director PT Telkom Akses
2019 - 2020
EVP at Telkom Regional Sumatera
270
Corporate Governance
I KETUT BUDI UTAMA
Member of Integrated Governance Committee
2016 - 2019
EVP at Telkom Regional Jawa Barat
2015 - 2016
Deputy EVP of Infrastructure at Telkom Regional Jawa Timur
2014 - 2015
Deputy EGM of Business Solution at Telkom IT Division
2012 - 2014
GM of Telkom Bali
2007 - 2012
GM of Network Flexi at Telkom Jatim, Bali & Nusra
2004 - 2007
GM of Corporate Customer at Telkom Jatim&Sumatera
2002 - 2004
GM of Internet Business Unit at Telkom JATIM
1991
Staff at Project Telecom III at PT Telkom HQ
Professional Certifications
2022
Qualified Risk Governance Professional (QRGP)
2017
Leading Transformation in Digital Edge, Executive Training at Kellog School of Management
Northwestern Univ, Chicago, USA
VEDI NOVIANA SUHERMAN
Member of Integrated Governance Committee
Age
57 years old
Citizenship
Indonesian
Domicile
Bogor, Indonesia
Educational Backgrounds
2018
S2 STIE Indonesia School of Management, Indonesia
2003
S1 Open University, Indonesia
1991
D3 State College of Accounting, Indonesia
1986
SMA Equivalent SMAN Cicalengka, Indonesia
1983
Junior High School Equivalent to Cicalengka State Junior High School, Indonesia
1980
Tenjolaya State Elementary School I, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2024 - present
Work Experiences
2021 - present
Manager of Procurement of Young Goods / Services of the Ministry of SOEs
2020 - 2021
Sub-Coordinator of the Ministry of SOEs
2020
Controller of the Sub-Function of the Ministry of SOEs
2015 - 2020
Head of the Equipment and Household Subdivision of the Ministry of SOEs
2014 - 2015
Head of the Energy and Mining Business Sub-Division of the Ministry of SOEs
2012 - 2014
Head of the Administration Sub-Division of the Inspectorate General of the Ministry of SOEs
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP) 2024
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
271
SOFIAN SALEH
Member of Integrated Governance Committee
Age
60 years old
Citizenship
Indonesian
Domicile
South Tangerang, Indonesia
Educational Backgrounds
1984 - 1989
Under Graduate , Faculty of Economy, University of Southern California (USC), Los Angeles, USA
1980 - 1983
SMA Negeri 37 Jakarta, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
December 2022 - present
Work Experiences
2022 - present
Independent Commissioner of PT Multimedia Nusantara
2022 - present
Secretary of the Indonesian Bilateral Committee - Brunei / Indonesian Chamber of Commerce and
Industry
2022 - present
Supervisory Board of the Indonesian Film Companies Association
2019 - present
PR & Communication, B2G Business/V2 Indonesia (Teknologi Audio Visual)
2007 - 2019
President Director of PT MM Insa Film (Film Production)
2001 - 2006
Marketing Director of PT Tria Putra Pertiwi (Retail)
1999 - 2001
Government Relations Officer of PT Surya Cipta Internusa, Tbk. (Construction & Property)
1995 - 1999
Manager Marketing PT Multi Media Lestari (Advertising)
1990 - 1995
Manager Marketing PT Satria Timur Wisesa (Artist Promotor)
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
I GUSTI BAGUS ASTAWA
Member of Integrated Governance Committee
Age
51 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
S2 Telecommunication Engineering, University of Indonesia, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2023 - present
272
Corporate Governance
I GUSTI BAGUS ASTAWA
Member of Integrated Governance Committee
Work Experiences
2022 - present
Deputy Executive Vice President Divisi Government Service PT Telkom Indonesia (Persero) Tbk
2016 - 2022
OSM Bidding Management Divisi Government Service PT Telkom Indonesia (Persero) Tbk
2015 - 2016
OSM Legal & Compliance Divisi Government Service PT Telkom Indonesia (Persero) Tbk
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
FARIDA SUNARJATI
Member of Integrated Governance Committee
Age
54 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
1993
Bachelor of Economics and Accounting - Tarumanagara University, Jakarta
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
1 August 2023 - present
Work Experiences
2023 - present
Independent Commissioner PT Sigma Cipta Caraka
2010 - 2023
Head of Risk Management PT Beyond Media
2007 - 2020
Deputy Chief Financial Officer (CFO) PT Emas Indonesia Duaribu
2005 - 200
Financial Controller Mugi Rekso Abadi (MRA) Group - Printed Media Division
1999 - 2005
Treasury & Accounting Manager PT Higina Alhadin
1996 - 1999
Supervisor Group Finance PT Eterindo Wahanatama, Tbk
1993 - 1996
Senior Auditor Prasetio Utomo & Co – Arthur Andersen & Co, SC Registered Public Accountant
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
273
MICHAEL ADIGUNA
Member of Integrated Governance Committee
Age
50 years old
Citizenship
Indonesian
Domicile
Jakarta
Educational Backgrounds
1997
S1 STT Telekomunikasi – Bandung, Indonesia
2007
S2 Diponegoro University – Semarang, Indonesia
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
June 26, 2023 - present
Work Experiences
2021 - present
Vice President Wholesale Product & Service PT Telkom Indonesia (Persero) Tbk
2020 - 2021
Senior Executive Account Manager PT Telkom Indonesia (Persero) Tbk
2019 - 2020
General Manager Carrier Service PT Telkom Indonesia (Persero) Tbk
2016 - 2018
OSM Business Operation & Rev Assurance Telkom PT Telkom Indonesia (Persero) Tbk
2015 - 2016
Assistant Vice President Sales Strategy - Carrier Voice & VAS PT Telkom Indonesia (Persero) Tbk
2015
Manager Revenue Assurance PT Telkom Indonesia (Persero) Tbk
2014
Manager Business Assurance & Fraud Management PT Telkom Indonesia (Persero) Tbk
Professional Certifications
2024
GRCE (Governance, Risk & Compliance Professional Certification) TRK Key Professional Certification.
404.00096.2024 - BNSP
2024
Advanced Governance, Risk & Compliance For Executive - PT Strategic Development Group
MUHAMMAD ROFIK
Member of Integrated Governance Committee
Age
52 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
2009
Master of Management, Institut Manajemen Telkom Bandung
1997
Bachelor of Information Technology, STT Telkom
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
July 2023 - present
274
Corporate Governance
MUHAMMAD ROFIK
Member of Integrated Governance Committee
Work Experiences
2022 - present
EVP Wholesale Division of PT Telkom Indonesia (Persero) Tbk
2020 - 2022
VP Corporate Strategic Planning & Performance Direktorat Wholesale & International Service PT
Telkom Indonesia (Persero) Tbk
2018 - 2020
VP Corporate Strategy PT Telekomunikasi Indonesia International
2012 - 2018
1. AVP Business Development, PT Telkom Indonesia (Persero) Tbk;
2. AVP Business Performance, PT Telkom Indonesia (Persero) Tbk;
3. AVP Business Transformation, PT Telkom Indonesia (Persero) Tbk.
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
M. RIDWAN RIZQI R NASUTION
Member of Integrated Governance Committee
Age
42 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
2008 - 2009
London Metropolitan University, UK
MA in International Finance
2007 - 2008
Middlesex University
BA Honours in Business Studies
2003 - 2006
University of Newcastle upon Tyne
BA Honours in Financial & Business Economics
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
August 2020 – present
Work Experiences
2020 - present
Independent Commissioner of PT Dayamitra Telekomunikasi
2026 - present
Commissioner of PT Majoris Asset Management
2015 - 2020
Independent Commissioner of PT Asuransi BRI Life
2014 - 2016
President Commissioner of PT Mitra Sentosa Paramaabadi
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
2016
Capital Market Professional Standards Committee (Deputy Investment Manager)
2015
Risk Management of Level 5 Insurance Companies (Indonesian Insurance Management Experts
Association)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
275
SUHARYOTO
Member of Integrated Governance Committee
Age
52 years old
Citizenship
Indonesian
Domicile
Bandung, Indonesia
Educational Backgrounds
2011
Master of Management, Universitas Semarang
1995
Bachelor of Electrical Engineering, STT Telkom
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024
Term of Office
March 19 - July 9, 2024
Work Experiences
February - September 2024
Independent Commissioner of PT Telkom Akses
September 2022 - June 2024
EGM Divisi Service Operation PT Telkom Indonesia (Persero) Tbk.
October 2021 - August 2022
EVP Global Digital & Service Operation PT Telkom Indonesia International
Professional Certifications
-
RAMA PRATAMA
Member of Integrated Governance Committee
Age
50 years old
Citizenship
Indonesian
Domicile
Depok, Indonesia
Educational Backgrounds
1999
Bachelor of Economics and Accounting, Faculty of Economics, UI
2008
Master of Postgraduate Political Science, Faculty of Social and Political Sciences, UI
2021
Doctor of Accounting Postgraduate Science, Faculty of Economics and Business, UI
Basis of Appointment
Resolution of the Board of Commissioners Number 06/KEP/DK/2024 dated April 2, 2024 and updated based on the
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025.
Term of Office
2021 - present
Work Experiences
2024
Member of TelkomGroup's Integrated Governance Committee
2021 - present
Telkomsat Board of Commissioners
2021 - present
Telkomsat Audit Committee
Professional Certifications
Certified Risk Executive Leader (CREL) Nomor: SERT-2059/DL/3/2024 BPKP
276
Corporate Governance
OKTADIASIH MUNINGGAR
Member of Integrated Governance Committee
Age
52 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Backgrounds
2007
Master of Telecommunication Management, Universitas Indonesia
1995
Bachelor degree of Electrical Engineering, STT Telkom
Basis of Appointment
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
2024 - present
Work Experiences
2022 - present
VP Wholesale Solution & Customer Management PT Telkom Indonesia (Persero) Tbk
2019
OSM Managed Service Planning and Development PT Telkom Indonesia (Persero) Tbk
2016 - 2018
OSM Business Development PT Telkom Indonesia (Persero) Tbk
Professional Certifications
2023
Certified in Enterprise Risk Governance
2023
Qualified Risk Governance Professional (QRGP)
FAHD PAHDEPIE
Member of Integrated Governance Committee
Age
37 years old
Citizenship
Indonesia
Domicile
South Tangerang, Indonesia
Educational Backgrounds
2015
Master of International Relations & Affairs, Monash University, Australia
2009
Bachelor of International Relation, Universitas Muhammadiyah, Yogyakarta
Basis of Appointment
Resolution of the Board of Commissioners Number 01/KEP/DK/2025 dated January 2, 2025
Term of Office
July 10, 2024 – present
Work Experiences
2022 - present
Independent Commissioner of PT Telkom Akses
2024 - present
Member of the Integrated Governance Committee of PT Telkom Indonesia (Persero) Tbk
2021 - present
CEO Inilah.com
Professional Certifications
2024
Qualified Risk Governance Professional (QRGP)
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
277
Independence of the Integrated
Governance Committee
All
members
of
the
Integrated
Governance
Committee are required to fulfill the aspect of
independence in carrying out their duties in
accordance with the terms and conditions listed in
the Guidelines for the Implementation of Work
(Charter) of the Integrated Governance Committee,
namely:
1. Not a member of the Board of Directors of the
Company within the last 6 (six) months before
being appointed by the Board of Commissioners
of the Company.
2. Do not have a family relationship due to marriage
and descent up to the second degree, either
horizontally or vertically with the Board of
Commissioners and Directors of the Company or
its subsidiaries.
3. Not concurrently as a member of the Committee
whose scope of duties is related to the Governance
function in the Issuer or Public Company which is
Agenda and Attendance of Integrated Governance Committee Meeting
No
Date
Meeting Agenda
1.
Wednesday
May 22, 2024
First Meeting, Introduction of KTKT Members
Attendance
list
BPSB BDA
MRP
SA
AAA
OM
IKBU
VNS
SS
IGBA
FS
MA
MR
MRRN
S
FP
RP
√
√
-
√
√
N/A
√
√
-
√
√
√
√
√
√
N/A
√
2.
Tuesday
July 23, 2024
Sharing session with KTKT members:
• Satellite industry updates
• TelkomGroup's accounts receivable
• Cyber security
Attendance
list
BPSB BDA
MRP
SA
AAA
OM
IKBU
VNS
SS
IGBA
FS
MA
MR
MRRN
S
FP
RP
√
√
√
√
√
√
N/A
√
√
√
√
√
√
√
N/A √
√
3.
Wednesday
October 16,
2024
Sharing session by Deloitte: Identifying Potential Corporate Weaknesses Through Financial Reports
Attendance
list
BPSB BDA
MRP
SA
AAA
OM
IKBU
VNS
SS
IGBA
FS
MA
MR
MRRN
S
FP
RP
√
-
√
√
√
√
N/A
√
√
√
√
√
√
√
N/A √
√
4.
Tuesday
December
10, 2024
Discussion on Risk Management Management at TelkomGroup
Attendance
list
BPSB BDA
MRP
SA
AAA
OM
IKBU
VNS
SS
IGBA
FS
MA
MR
MRRN
S
FP
RP
√
√
√
√
√
√
N/A
√
√
√
√
√
√
√
N/A √
√
Remarks:
BPSB
Bambang Permadi Soemantri Brodjonegoro
IKBU
I Ketut Budi Utama
MR
Muhammad Rofik
BDA
Bono Daru Adji
VNS
Vedi Noviana Suherman
MRRN
M. Ridwan Rizqi R Nasution
MRP
Marcelino Rumambo Pandin
SS
Sofian Saleh
S
Suharyoto
SA
Sarwoto Atmosutarno
IGBA
I Gusti Bagus Astawa
FP
Fahd Pahdepie
AAA
Andi Agus Akbar
FS
Farida Sunarjati
RP
Rama Pratama
OM
Oktadiasih Muninggar
MA
Michael Adiguna
different from the same industrial sector as the
Company in the same period.
Activity Implementation of
Integrated Governance Committee
Integrated Governance Committee Meeting
Policy
The KTKT Meeting Policy is regulated in the
Guidelines for the Implementation of Work (Charter)
of the Integrated Governance Committee, including
regulating the type of meeting, quorum requirements,
frequency of meetings, procedures for holding
meetings, decision-making and documentation of
meeting results.
2024 Integrated Governance Committee
Meeting
During
2024,
Telkom's
Integrated
Governance
Committee has held 4 (four) meetings with the
following levels of member attendance.
278
Corporate Governance
Recapitulation of the Attendance of the 2024 Integrated Governance Committee Meeting
No.
Name
Position
Number of
Meetings
Number of
Attendance
Attendance
Percentage
1.
Bambang P.S.
Brodjonegoro
Chairman
4
4
100%
2.
Bono Daru Adji
Member
4
3
75%
3.
Marcelino Rumambo
Pandin
Member
4
3
75%
4.
Sarwoto Atmosutarno
Member
4
4
100%
5.
Andi Agus Akbar
Member
4
4
100%
6.
I Ketut Budi Utama
Member
1
1
100%
7.
Vedi Noviana Suherman
Member
4
4
100%
8.
Sofian Saleh
Member
4
3
75%
9.
I Gusti Bagus Astawa
Member
4
4
100%
10.
Farida Sunarjati
Member
4
4
100%
11.
Michael Adiguna
Member
4
4
100%
12.
Muhammad Rofik
Member
4
4
100%
13.
M. Ridwan Rizqi R Nasution
Member
4
4
100%
14.
Suharyoto
Member
1
1
100%
15.
Rama Pratama
Member
4
4
100%
16.
Oktadiasih Muninggar
Member
3
3
100%
17.
Fahd Pahdepie
Member
3
3
100%
Education and Training Policy of the Integrated Governance Committee
Education and Training Policy of the Integrated Governance Committee
The implementation of Education and Training for members of the Integrated Governance Committee
refers to:
1. Regulation of the Minister of SOEs No PER-2/MBU/03/2023 regarding Guidelines for Governance and
Significant Corporate Action Activities of SOEs;
2. Resolution of the Deputy for Finance and Risk Management of the Ministry of SOEs Number SK-3/DKU.
MBU/05/2023 regarding Technical Instructions for the Composition and Qualification of Risk Management
Organs in the SOE Environment; and
3. Letter of the Minister of SOEs Number S-491/MBU/10/2023 dated September 29, 2023 addressed to the
Board of Directors and the Board of Commissioners/Supervisors of SOEs regarding the Aspirations of
Shareholders (APS) for the Preparation of the Company's Work Plan and Budget for 2024.
Integrated Governance Committee Education and Training 2024
During 2024, Telkom will involve members of the Integrated Governance Committee in various education and
training programs to improve their competencies. Some of them include:
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
279
Education and Training of Telkom Integrated Governance Committee 2024
No
Name
Program Name
Year
Organizers
1.
Sarwoto Atmosutarno
• Qualified Risk Governance
Professional
• Regulatory Compliance
2024
LSP MKS
2.
Andi Agus Akbar
Qualified Risk Governance
Professional
2024
LSP MKS
3.
Vedi Noviana Suherman
Qualified Risk Governance
Professional
2024
LSP MKS
4.
Sofian Saleh
Qualified Risk Governance
Professional
2024
LSP MKS
5.
I Gusti Bagus Astawa
Qualified Risk Governance
Professional
2024
LSP MKS
6.
Farida Sunarjati
Qualified Risk Governance
Professional
2024
LSP MKS
7.
Muhammad Rofik
Qualified Risk Governance
Professional
2024
LSP MKS
8.
M. Ridwan Rizqi R Nasution
Qualified Risk Governance
Professional
2024
LSP MKS
9.
Michael Adiguna
• GRCE (Governance, Risk &
Compliance Professional
Certification) TRK.
404.00096.2024 - BNSP (2024)
2024
BNSP
• Advanced Governance, Risk &
Compliance For Executive - PT
Strategic Development Group
(2024)
2024
PT Strategic
Development
Group
10.
Oktadiasih Muninggar **
• Certified in Enterprise Risk
Governance
2023
BNSP
• Qualified Risk Governance
professional
2023
LSP MKS
11.
Fahd Pahdepie **
• Qualified Risk Governance
Professional
2023
CRMS
• Certified in Enterprise Risk
Governance
2023
CRMS
12.
Rama Pratama
Certified Risk Executive Leader
2023
BPKP
Remarks:
*)
Education and Training of members of the TKT Committee who are members of the Board of Commissioners of the Company can be seen in the Education
and Training of the Board of Commissioners of the Company.
**)
The obligation to meet the training hour quota is calculated starting in 2025.
280
Corporate Governance
Law No. 40 of 2007 on Limited Liability Companies
stipulates that the Board of Directors is an organ of
the Company that has full authority and responsibility
for the management of the Company, with the aim
of the Company's interests in accordance with the
vision and mission that has been set. The Board
of Directors also has the role of representing the
Company, both in legal matters inside and outside
the court, in accordance with the provisions of
the articles of association and applicable laws and
regulations.
In carrying out its duties, the Board of Directors
must comply with all applicable laws and regulations,
follow the provisions in the Company's articles of
association, and be guided by the Board Charter.
In addition, the Board of Directors is required
to implement the principles of professionalism,
efficiency,
transparency,
independence,
accountability, responsibility, and fairness in every
step and decision.
BASIS OF APPOINTMENT OF
THE BOARD OF DIRECTORS
The mechanism for selecting and appointing Telkom's
Board of Directors members is carried out through
the GMS. Telkom's main and controlling shareholder
is the Government of Indonesia, represented by
the Ministry of State-Owned Enterprises (BUMN).
The
appointment
or
selection
of
Directors
considers the competence, expertise, integrity, and
background required by the Company. Prospective
members who are elected are ensured to have met
the criteria and requirements determined in the Fit
and Proper Test.
Board of Directors
BOARD OF DIRECTORS’
CHARTER
To improve the performance of the Board of
Directors to be more focused and create better
synergy among members of the Board of Directors,
Telkom has a Board Manual as outlined in the Joint
Regulation of the Board of Commissioners and
Directors No. 05/KEP/DK/2022 and PD.620.00/r.01/
HK200/COP-M4000000/2022. This Board Manual
serves as a guideline for the Board of Directors in
carrying out its duties, including work rules, authority,
duties, responsibilities, obligations, division of
duties, meetings, provisions regarding conflicts of
interest, share ownership, as well as regulation of
mechanisms and division of labor between members
of the Board of Directors that are not regulated in
the Company's articles of association or applicable
laws and regulations.
BOARD OF DIRECTORS’
DIVERSITY
Telkom upholds equal human rights as stipulated in
Law No. 39 Year 1999 on Human Rights. Therefore,
Telkom's
Major
and
Controlling
Shareholders
guarantee the absence of discrimination in the
selection and appointment of the Board of Directors,
even though it is not stated in a special policy.
Members of the Board of Directors are selected
as professionals with good expertise, skills, and
integrity, per Telkom's digital era needs.
The 2023 AGMS appointed nine members of the
Board of Directors, one of whom is a woman. The
decision was made based on a transparent selection
process that showed no discrimination against
women in the appointment of Telkom's Board of
Directors.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
281
Composition Diversity of Board of
Directors Gender
Composition Diversity of Board of
Directors Education Level
Board of Directors’ Diversity as of December 31, 2024
No.
Name
Position
Gender
Background of Expertise
and Skill
Level of
Education
1.
Ririek Adriansyah
President Director
Male
Electrical Engineering
Bachelor
2.
Heri Supriadi
Director of KMR
Male
Business Management
Doctor
3.
FM Venusiana R.
Director of EBIS
Female
Electrical Engineering
Master
4.
Herlan Wijanarko
Director of NITS
Male
Electrical Engineering
Master
5.
Muhamad Fajrin Rasyid
Director of DB
Male
Informatics Engineering
Bachelor
6.
Budi Setyawan Wijaya
Director of SP
Male
Industrial Engineering and
Management
Master
7.
Afriwandi
Director of HCM
Male
Industrial Engineering
Master
8.
Bogi Witjaksono
Director of WINS
Male
Telecommunication
Engineering
Master
9.
Honesti Basyir
Director of GBD
Male
Corporate Finance
Master
Remarks:
KMR
Keuangan & Manajemen Risiko
EBIS
Enterprise & Business Service
NITS
Network & IT Solution
WINS
Wholesale & International Service
HCM
Human Capital Management
DB
Digital Business
SP
Strategic Portfolio
GBD
Group Business Development
Telkom supports the diversity of members of the Board of Directors, especially regarding gender diversity as
stated in the Policy. Currently, there is one woman as a member of the Board of Director whose position as
Director of EBIS.
Female
Male
88,89%
11,11%
Master
Bachelor
Doctor
11,11%
66,67%
22,22%
282
Corporate Governance
BOARD OF DIRECTORS’
AUTHORITIES, DUTIES, AND
RESPONSIBILITIES
The management of the TelkomGroup is carried out
through the TelkomGroup Board of Executives (BoE),
which is coordinated by the Main Director of Telkom
as the Chief of Executive (CEO) of the TelkomGroup.
The main duties of the President Director are:
a. Coordinating the process of structuring and/
or reconstructing aspects of the Company's
philosophy which includes but is not limited to
the vision, mission, goals, corporate culture, and
leadership architecture;
b. Formulate and state the strategic direction
in order to condition the Company's ability to
achieve sustainable competitive growth in the
entire TelkomGroup business portfolio and
risk control as well as interacting with external
constituents;
c. Controlling the strategic planning function within
the scope of the TelkomGroup and directing
growth efforts with a focus on new business
portfolios;
d. Controlling the direction of the Company and
the TelkomGroup in driving new business,
entering/developing new markets, as well as
internationalization/regionalization;
e. Controlling the management of strategic aspects
of the functions of finance and risk management,
human capital, digital business, and strategic
portfolios in all business portfolios carried out
within the scope of the TelkomGroup;
f. Leading
the
development
process
for
TelkomGroup leaders, as well as appointing and
dismissing office holders in certain positions in
accordance with stipulated career management
regulations, as well as coaching TelkomGroup
leaders;
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
and other matters that have not been formulated
in the duties and authorities of each member of
the Board of Directors in this regulation.
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 Enterprise & Business
Service (Director of EBIS)
1. In addition to his duties as a member of the Board of Directors, the EBIS Director
is responsible for business strategy in the context of conditioning sustainable
competitive growth through winning competitions and growing the corporate
segment business portfolio (enterprise, government, and business).
2. The Director of EBIS, as a member of the Board of Executive was appointed
as CEO of Enterprise Business and is tasked with carrying out the parenting
strategy function through strategic control, coordination, and subsidiary
performance management in the context of creating company's value through
optimizing and harmonizing interrelationships between the parent and all
entities managing CFU operations Enterprise Business within the scope of
TelkomGroup.
Director of Wholesale & International
Service (Director of WINS)
1. In addition to his duties as a member of the Board of Directors, the Director
of WINS is responsible for business strategy in the context of conditioning
sustainable competitive growth through winning competitions and growing
the business portfolio in the wholesale and international segment.
2. The Director of WINS as part of the Board of Executive members was appointed
as CEO of Wholesale & International Business who is tasked with carrying out
the parenting strategy function through strategic control, coordination, and
subsidiary performance management in the context of creating company's
value through optimizing and harmonizing interrelationships between the
parent and all managing entities CFU operations Wholesale & International
Business (WIB) within the scope of TelkomGroup.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
283
Directorship
Duties and Responsibilities
Director of Strategic Portfolio
(Director of SP)
1. In addition to his duties as a member of the Board of Directors, the SP Director
is responsible for providing a corporate-level strategy formulation, which
includes directional strategy, portfolio strategy, and parenting strategy, as well
as exploring new sources of growth for the growth of TelkomGroup's business
portfolio through alliances & acquisitions.
2. The SP Director, as part of the Board of Executive members was appointed
as Chief Strategic Officer (CSO) who is tasked with implementing functional
strategy and business development parenting strategy in the context of
creating company's value through optimizing and harmonizing strategy and
business development management within the scope of TelkomGroup.
Director of Digital Business (Director
of DB)
1. In addition to his duties as a member of the Board of Directors, the DB Director
is responsible for the availability of innovation strategy formulation to optimize
coherent digital service business exploration within the scope of TelkomGroup.
2. The DB Director, as part of the Board of Executive members was appointed as
Chief Digital and Innovation Officer (CDIO) who is tasked with implementing
the digital business functional parenting strategy in the context of creating
company's value through optimizing and harmonizing digital business
management within the scope of TelkomGroup.
Director of Network & IT Solution
(Director of NITS)
1. In addition to his duties as a member of the Board of Directors, the NITS
Director is responsible for the business strategy to leverage the Company's
resource capabilities to grow/enlarge/exploit established businesses/services
through the utilization of infrastructure and IT to support the TelkomGroup's
business portfolio in a synergistic manner as well as transforming the Network/
IT infrastructure at TelkomGroup to increase operational management
efficiency by prioritizing investment in networks and IT systems to accelerate
digital business growth.
2. The NITS Director, as part of the Board of Executive members was appointed as
Chief Information Technology Officer (CITO) who is tasked with implementing
parenting strategies to increase company's value through optimizing and
harmonizing NITS functional management within the scope of TelkomGroup.
Director of Finance and Management
Risk (Director of KMR)
1. In addition to his duties as a member of the Board of Directors, the KMR Director
is responsible for the availability of directional strategy formulation, portfolio
strategy, and parenting strategy, especially from the company's financial,
supply, and risk management aspects to realize sustainable competitive
growth within the scope of the TelkomGroup.
2. The Director of KMR as part of the members of the Board of Executives,
is appointed as Chief Financial & Risk Officer (CFRO) who is tasked with
implementing TelkomGroup's functional financial and risk management
parenting strategy, including controlling asset management and asset leverage
by implementing strategic control, coordination and subsidiary performance
management in the context of creating company's value through optimizing
and harmonizing interrelationships between the parent and all operational
management entities and subsidiaries FU Finance & Risk Management.
Director of Human Capital
Management (Director of HCM)
1. In addition to his duties as a member of the Board of Directors, the HCM Director
acts as a strategic partner for the business lines and corporate functions of
TelkomGroup's human capital management, supporting business units and
subsidiaries through developing a center of excellence for human capital
management functions, providing guidance and policies in implementing
alignment and strategic human capital integration, as well as integrating the
talent management system.
2. The HCM Director as part of the members of the Board of Executives,
is appointed as Chief Human Capital Officer (CHCO) who is tasked with
implementing the functional human capital management parenting strategy
within the scope of the TelkomGroup and managing the supervision of the
Pension Fund and the Telkom Foundation by implementing strategic control,
coordination and foundation performance management in order to create
company's value through optimizing and harmonizing interrelationships
between the parent and all operational management entities of the FU HCM
Subsidiaries.
284
Corporate Governance
Directorship
Duties and Responsibilities
Director of Group Business
Development (Director of GBD)
1. In addition to his duties as a member of the Board of Directors, the GBD
Director is responsible for the business development and corporate strategic
governance covering development strategy, alignment strategy, business
planning, and business development to build competitive advantage for the
growth engine of the business portfolio.
2. The GBD Director, as part of the Board of Executive members, is appointed
as CEO of Growth Business (GB) who is tasked with implementing parenting
strategy, functional strategy & business development in the context of creating
Company's value through optimizing and harmonizing the interrelation
between parent and CFU Group Business Development (GBD) operations
within the scope of TelkomGroup.
Furthermore, in the event of Company’s losses, each member of the Board of Directors is jointly and severally
liable for losses caused by errors or negligence in carrying out their duties. Members of the Board of Directors
are not responsible for the Company's losses if they can prove it:
1. Such loss is not caused by their mistake or negligence;
2. They have performed actions in good faith, with full responsibility, and prudentially for the interest and
based on the purpose and objective of the Company;
3. They do not have any conflict of interest either, directly or indirectly, for the management activities causing
the loss; and
4. They have taken the action to prevent the occurrence or continuation of such loss.
BOARD OF DIRECTORS’ DOUBLE POSITION
Board of Directors’ Double Position Policy
In 2024, there will be members of the Telkom Board of Directors who hold concurrent positions, both in the
Parent Company, Subsidiaries, and other entities, as presented in the following table:
Board of Directors’ Double Position as of December 31, 2024
No.
Name
Telkom
Subsidiaries
Other Entities
Position
Other Position
1.
Ririek Adriansyah
President
Director
None
None
None
2.
Heri Supriadi
Director of KMR
Commissioner
PT Telekomunikasi
Selular (Telkomsel)
None
3.
FM Venusiana R.
Director of EBIS
None
None
None
4.
Herlan Wijanarko
Director of NITS
President
Commissioner
PT Dayamitra
Telekomunikasi
None
5.
Muhamad Fajrin
Rasyid
Director of DB
President
Commissioner
a. PT Metranet
None
President
Commissioner
b. PT MDI
Commissioner
c. PT Sigma Cipta
Caraka
6.
Budi Setyawan
Wijaya
Director of SP
Commissioner
PT Sigma Cipta
Caraka
None
7.
Afriwandi
Director of HCM
President
Commissioner
a. Infomedia
Supervisory Board
Chairman
b. Dana Pensiun
Telkom
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
285
No.
Name
Telkom
Subsidiaries
Other Entities
Position
Other Position
8.
Bogi Witjaksono
Director of WINS
Commissioner
a. PT Telekomunikasi
Indonesia
Internasional
None
Commissioner
b. PT Telkom Satelit
Commissioner
c. PT Telkom Data
Ekosistem
9.
Honesti Basyir
Director of GBD
None
None
None
Remarks:
KMR
Finance and Risk Management
EBIS
Enterprise & Business Service
NITS
Network & IT Solution
WINS
Wholesale & International Service
HCM
Human Capital Management
DB
Digital Business
SP
Strategic Portfolio
GBD
Group Business Development
BOARD OF DIRECTORS MEETING
Board of Directors Meeting Policy
Based on the Company's Articles of Association, Telkom’s Board of Directors is required to hold an internal
meeting at least once a month and whenever deemed necessary. In addition, the Board of Directors is also
required to hold a joint meeting with the Board of Commissioners at least once every four months. The
meeting is considered to have reached a quorum if more than half of the number of members of the Board
of Directors are present or legally represented. Each member of the Board of Directors who is present or
represented has the right to one vote, and decision-making is carried out by prioritizing deliberation for
consensus. If consensus is not reached, the decision is taken based on the majority vote of the members
present or represented.
Implementation of the 2024 Board of Directors Meeting
Throughout 2024, the Board of Directors has held 67 meetings. The following table presents the frequency of
attendance of members of the Board of Directors during meetings throughout 2024:
Agenda and Attendance of the Board of Directors at the 2024 Internal Meeting
No.
Date
Meeting Agenda/Discussion
1.
January 3,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 December 2023
3. TelkomClick 2024 Readiness Report (Guidance for BoE Presentation)
4. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
√
√
√
√
√
√
√
2.
January 9,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 December 2023 (Outlook)
3. Update Telkom's Report on the implementation of LKPP to the Minister of Finance and Head of
LKPP (Limited)
4. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
286
Corporate Governance
No.
Date
Meeting Agenda/Discussion
3.
January 16,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 January 2024 Operational Performance & Revenue Report
3. Subsidiary Tier Report for InfraCo (Limited)
4. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
4.
January 18
2024
1. Agenda Update Project InfraCo
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
5.
January 23
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance, Revenue & SI Program Action Based YtD December 2023 (Closing)
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
-
√
√
√
√
-
-
-
6.
January 24
2024
1. FMC Implementation Report and InfraCo Project Progress
2. Points of Response to the Audit Committee's Management Letter by the Board of Directors
3. YtD Company Performance Report December 2024 and Routine Concerns
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
√
-
-
√
7.
January 30,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W4 January 2024 Operational Performance & Revenue Report
3. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
-
√
8.
February 6,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FU SP Report: Inorganic, FMC and InfraCo (Limited)
3. YtD Operational Performance & Revenue Report January 2024 (Outlook)
4. Report on the Impact of Indihome's 100Mbps Policy on Cost Network
5. Agenda 4: Kimia Farma Project Progress Update Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
√
√
√
√
√
-
√
9.
February 13,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W2 February 2024
3. Satellite Launch & Media Publication Communication Update
4. Telkomsat Bailout Report with Telkomsat's Underlying AR to Telkom (Limited)
5. Going concern report for Telkom Infra and PINS (Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
287
No.
Date
Meeting Agenda/Discussion
10.
February 20,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report January (Closing) 2024 & W3 February 2024
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
√
√
√
√
√
√
-
-
11.
February 21,
2024
1. Limited HCM & Sijab
2. Company Performance Report YtD January 2024
3. FMC Implementation Update and InfraCo Project Progress
4. Integrated Audit Progress Report for Fiscal Year 2023
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
-
-
12.
February 27,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 February 2024
3. Telkom Smart Office IKN Ground Breaking Readiness Report
4. KPI Report of the 2024 Collegial Board of Directors (Limited)
5. Follow-up report on the KBUMN Letter related to the RJPP 2025-2029 and White Paper
(Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
-
-
√
√
√
√
√
13.
March 5, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report YtD February 2024 (Outlook)
3. TelkomGroup Ramadan Safari Readiness Report in 2024
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
-
√
√
√
√
√
14.
March 15,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. Telkomsel Dividend Proposal Report and Subsidiary AGMS Plan (Limited)
4. Report on the Proposal for the Provision of Hari Raya Welfare Assistance (Retirees) (Limited)
5. W1 March 2024 Operational Performance & Revenue Report
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
15.
March 19,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance and Revenue Report February 2024 (Closing) & W2 March 2024
3. Update on the Closing of the FY 2023 Financial Statements (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (additional Potential Summons Report to Telkomsat)
(Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
-
16.
March 22,
2024
1. Company Performance Report YtD February 2024
2. Update on FMC Implementation and InfraCo Project Progress
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
-
288
Corporate Governance
No.
Date
Meeting Agenda/Discussion
17.
March 26,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W3 March 2024
3. FY 2023 Earning Call Material Update (Limited)
4. GMS Readiness Report for Fiscal Year 2023 (Limited)
5. FU SP Report: FMC, InfraCo and Inorganic (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
18.
April 2, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 March 2024
3. Report on the Readiness of the Tekom GMS for the 2023 Fiscal Year (Limited)
4. Report on the Subsidiary's GMS Plan (Limited)
5. Individual KPI Report of the Board of Directors in 2024 (Limited)
6. FU SP Report: FMC, InfraCo and Inorganic (additional TelkomGroup Infrastructure Readiness
Report in Supporting Priority SPBE) (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
19.
April 17, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 April 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
-
√
√
-
√
√
√
√
20.
April 18, 2024
1. Consolidated Financial Statements Quarter I of 2024 (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
21.
April 20, 2024
1. Update of RAGAB YtD Materials March 2024
2. Report on the Results of the 2023 KPI Audit of the Board of Directors and Harmonization
Proposal
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
√
√
√
√
22.
April 23, 2024
1. Q1 2024 Earning Call Material Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
23.
April 30, 2024
1. Report on the Proposed Decision of all AGMS Agenda for the 2023 Fiscal Year
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
24.
May 7, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report April 2024 (Outlook)
3. Report on the Preparation of the Subsidiary's AGMS (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
289
No.
Date
Meeting Agenda/Discussion
25.
May 14, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 Operational Performance & Revenue Report May 2024
3. Media & Investor Briefing Preparation Report
4. Tantiem Liquidity Approval Report/Performance Incentives for Subsidiaries and Affiliates
(Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
√
√
√
√
√
√
√
√
26.
May 21, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational & Revenue Based Performance Report April (Closing) 2024 & W3 May 2024
3. Report of Accelerating B2B Operating Model for TelkomGroup (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
5. Update Report on Handling Accounts Receivable (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
27.
May 22, 2024
1. YtD Company's Performance Report April 2024 (Limited)
2. Update on FMC and Project InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
28.
May 28, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 May 2024
3. Report on the Update of RDP Materials for Commission VI of the House of Representatives of
the Republic of Indonesia and FGD of Dekom and Telkom Board of Directors (Limited)
4. Telkom Project Progress Report in IKN (Limited)
5. RJPP Update Report 2025-2029 (Limited)
6. TelkomGroup AI Task Force Initiative Strengthening Report
7. FU SP Report: Inorganic, FMC and InfraCo (Limited)
8. FMC Progress Update by McKinsey (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
29.
June 4, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W5 May 2024 Operational & Revenue Performance Report
3. Telkom's 59th Anniversary Anniversafari Report
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
√
√
√
√
√
√
√
√
30.
June 11, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Report on Organizational Transformation of InfraCo Impact and B2B Strengthening (Limited)
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
4. Telkom 59th Anniversary Network Report: Digiland and Funtastic Day
5. Progress Report FMC
6. YtD Operational Performance & Revenue Report May 2024 (Outlook)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
√
√
-
√
√
√
√
290
Corporate Governance
No.
Date
Meeting Agenda/Discussion
31.
June 14, 2024
1. Organizational Transformation Report on InfraCo Impact and B2B Strengthening (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
32.
June 20, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W2 June 2024
3. Petrol Station Digitalization Amendment Report (Limited)
4. Fund Formation Progress Report (Ascent Fund, MDI) (Limited)
5. Update of RAGAB YtD May 2024 Materials (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
√
√
-
-
33.
June 25, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Report related to the Disruption of the Sementera National Data Center (PDNS) (Limited)
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
4. YtD Operational & Revenue Based Performance Report May 2024 (Closing) & W3 June 2024
5. FMC Progress Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
√
√
√
-
√
√
√
√
34.
July 2, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 June 2024
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
√
√
√
√
35.
July 9, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report June 2024 (Outlook)
3. EBIS Customer Bad Receivables Settlement (Limited)
4. FMC Escort Report (Limited)
5. Regional Transformation Task Force Proposal Report (Transition Task Force) (Limited)
6. InfraCo Managed Service Agreement (MSA) Report (Limited)
7. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
36.
July 16, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 July 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
-
√
√
√
√
√
37.
July 19, 2024
1. Company Performance Report YtD June 2024 (Limited)
2. FMC and InfraCo Progress Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
291
No.
Date
Meeting Agenda/Discussion
38.
July 23, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report June (Closing) & W3 July 2024
3. Digiland Readiness Report 2024
4. Progress Report FMC
5. Reports related to Cyber Security
6. First Draft of the CSS 2025-2027 Report
7. FU SP Report: Inorganic, FMC, InfraCo (additional Report on the Submission of Strategic fit
Project Opco-1 (MSME Rice)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
39.
July 30, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 July 2024
3. Update on Earning Call Materials Q1/2024 (Limited)
4. FY 2024 Financial Performance Outlook Report
5. NKU Report of the Board of Directors for the Period Q1/2024 and Proposed Changes to KPI of
the Collegial Board of Directors
6. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
40.
August 6,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Update of Dekom and Board of Directors Workshop Materials related to CSS 2025 - 2027
(Limited)
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
4. PRM (Project Resolution Management) Plan and Target Report (Limited)
5. FMC Progress Report (Limited)
6. YtD Operational Performance & Revenue Report July 2024 (Outlook)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
41.
August 13,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W1 August 2024
3. Progress Report on E2E B2B & IFRS 15 System Capabilities Improvement (L2C & P2P) (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
-
√
√
42.
August 21,
2024
1. Company Performance Report YtD July 2024 (Limited)
2. FMC and InfraCo Progress Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
43.
August 27,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FMC Progress Report (Limited)
3. Report related to Employee Retirement Period Health Facilities 1995-2023 (Limited)
4. CSS Draft Final Report 2025-2027 (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
6. W3 August 2024 Operational Performance & Revenue Report
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
-
√
√
√
292
Corporate Governance
No.
Date
Meeting Agenda/Discussion
44.
September 3,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance & Revenue Report W4 August 2024
3. Report related to Training Activities to BOD-BOC for 2024 in the context of Fulfilling the
Qualifications of Risk Management Organs in accordance with PER-2/2023 (Limited)
4. Pertamina Digitalization Report (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
√
√
√
√
√
√
√
45.
September
10, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance & Revenue Report August 2024 (Outlook)
3. Report on the Performance Value of the Board of Directors for the Second Quarter of 2024
(Limited)
4. LKPP Talent Project Based Tariff Report (Limited)
5. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
-
√
√
√
46.
September 18,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 September 2024 Operational Performance & Revenue Report
3. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
-
√
√
√
√
√
√
√
47.
September
20, 2024
1. Discussion of BoC Concerns related to CSS 2025 – 2027
2. Company Performance YtD August 2024
3. BoC concern rutin: Progress Report FMC & InfraCo
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
48.
September
24, 2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance, Revenue & SI Program Action Based YtD August (Closing) 2024 & W3
September 2024
3. FMC Progress Report (Limited)
4. Report on Proposed Strengthening of Product Governance (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
6. Report related to Pertamina Digitalization (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
-
√
√
√
49.
October 1,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W4 September 2024 Operational Performance & Revenue Report
3. Final Evaluation Report of PDP Readiness in October 2024 (Limited)
4. Enterprise Go-to-Market Strategy Report on Data Center Business (Limited)
5. 1st Submission Report RKAP 2025 (Limited)
6. FU SP Report: Inorganic, FMC, InfraCo
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
293
No.
Date
Meeting Agenda/Discussion
50.
October 7,
2024
1. Project Eureka Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
51.
October 8,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. YtD Operational Performance and Revenue Report September 2024 (Outlook)
4. Champion SOE Partner Event Readiness Report
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
52.
October 15,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 Operational Performance and Revenue Report October 2024
3. Capex Release Phase 2 Submission Report (Limited)
4. Progress Project Resolution Management Report (Limited)
5. Remediation Report on Outstanding Significant Deficiencies (SD) in IT General Control (ITGC)
(Limited)
6. FU SP Report: Inorganic, InfraCo and FMC (including Falcon Project Launch to Market Readiness
Report and MDI Inorganic Plan) (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
53.
October 22,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. YtD Operational Performance and Revenue Report September (Closing) 2024 & W3 October
2024
3. Share Price Performance Report (Limited)
4. Megavendor Procurement Progress Report (Limited)
5. FU SP Report: Inorganic, FMC, InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
54.
October 23,
2024
1. YtD Company Performance Report September 2024 (Limited)
2. FMC and InfraCo Progress Report (Restricted)
3. Regional Transformation Progress Report Quarter III of 2024 (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
55.
October 29,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Telkom ESG Program Report
3. FMC Progress Report (Limited)
4. Corporate Annual Message (CAM) Report 2025 (Limited)
5. FU SP Report: Inorganic, InfraCo and FMC (Limited)
6. Financial Statements Q3-2024 (Limited)
7. Legal Case Report (Limited)
8. DGSO Report 2025-2027 (Limited)
9. W4 October 2024 Operational Performance and Revenue Report
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
√
√
√
√
294
Corporate Governance
No.
Date
Meeting Agenda/Discussion
56.
October 31,
2024
1. Update on Q3 2024 Earning Call Materials (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
57.
November 5,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Procurement Progress Report of SKKL PASELA and SUB-2 (Limited)
3. AI Task Force Update Report (Limited)
4. FU SP Report: Inorganic, FMC, InfraCo (Limited)
5. YtD Operational Performance and Revenue Report October 2024 (Outlook)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
58.
November 13,
2024
1. TelkomGroup III Pre-RAPIM Results Report for 2024 (Limited)
2. 2nd Submission Report of RKAP 2025 (Limited)
3. Project Falcon Report (Update on TDE Readiness and Falcon Launch to Market Approval &
documents to be submitted to partners) (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
59.
November 19,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance and Revenue Report for November 3, 2024
3. Report on Strengthening Product Management Governance at Telkom (Limited)
4. FU SP Report: Inorganic, InfraCo and FMC (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
-
-
√
√
√
60.
November 20,
2024
1. YtD Company Performance Report October 2024 (Limited)
2. FMC and InfraCo Progress Report (Limited)
3. RKAP 2025 Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
61.
November 26,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FU SP Report: Inorganic, FMC, InfraCo (Limited)
3. Performance Report of the Company's Board of Directors Quarter III of 2024 (Limited)
4. FMC Progress Report (Limited)
5. YtD Operational Performance & Revenue Report October (Closing) 2024 & W3 November 2024
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
295
No.
Date
Meeting Agenda/Discussion
62.
December 3,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Agenda 1: Operational Performance and Revenue Report for November 5, 2024
3. Sigma Performance and Strategic Action Report (Limited)
4. FU SP Report: Inorganic, InfraCo and FMC (Limited)
5. 2024 WriteOff Approval Submission Report
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
-
-
√
63.
December 11,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. FRM FU Report: Capex Release 2025 Phase 1 Submission Report and Draft Contingency Plan
Report (Limited)
3. Bandung Technoplex Living (BTL) Apartment Development Report (Limited)
4. Proposed Report of PD 200 on TelkomGroup Human Capital Management (Limited)
5. Report on the Proposed KPI of the Collegial Board of Directors 2025 (Limited)
6. FU SP Report: Inorganic, FMC, InfraCo (Limited)
7. TelkomClick 2025 Readiness Report
8. YtD Operational Performance and Revenue Report November 2024 (Outlook)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
64.
December 16,
2024
1. YtD Company Performance Report November 2024 (Limited)
2. FMC and InfraCo Progress Report (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
65.
December 17,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. W2 December 2024 Operational Performance and Revenue Report
3. Guidance Report on BoE Presentation for Telkom Click 2025
4. BW International Rework Cost Report: IPTxCost Transformation (Limited)
5. CNOP 3.0 Progress Report (Limited)
6. FMC Progress Report (Limited)
7. 2025 Turn Around Program Management Report (Limited)
8. FU SP Report: Inorganic, InfraCo and FMC
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
296
Corporate Governance
No.
Date
Meeting Agenda/Discussion
66.
December 24,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance and Revenue Report for December 3, 2024
3. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
-
-
√
-
√
-
√
√
√
67.
December 31,
2024
1. Update SVP Corporate Secretary: Update Agenda BoE
2. Operational Performance and Revenue Report for December 4, 2024
3. Corporate Theme Logo 2025 and Bold Action Report
4. FU SP Report: Inorganic, FMC and InfraCo (Limited)
Attendance
List
RA
HS
FMV
HW
MFR
BSW
AW
BW
HB
√
√
√
√
√
√
√
√
√
Remarks:
RA
Ririek Adriansyah
HW
Herlan Wijanarko
AW
Afriwandi
HS
Heri Supriadi
MFR
Muhamad Fajrin Rasyid
BW
Bogi Witjaksono
FMV
FM Venusiana R.
BSW
Budi Setyawan Wijaya
HB
Honesti Basyir
Recapitulation of Board of Directors Attendance at Internal Meeting
No.
Name
Position
Number of
Meetings
Number of
Attendance
Attendance
Percentage (%)
1.
Ririek Adriansyah
President Director
67
60
89,55%
2.
Heri Supriadi
Director of KMR
67
58
86,57%
3.
FM Venusiana R
Director of EBIS
67
66
98,51%
4.
Herlan Wijanarko
Director of NITS
67
63
94,03%
5.
Muhamad Fajrin Rasyid
Director of DB
67
58
86,57%
6.
Budi Setyawan Wijaya
Director of SP
67
62
92,54%
7.
Afriwandi
Director of HCM
67
64
95,52%
8.
Bogi Witjaksono
Director of WINS
67
59
88,06%
9.
Honesti Basyir
Director of GBD
67
61
91,04%
Agenda and Attendance of the Board of Directors in the Joint Meeting
No.
Date
Meeting Agenda/Discussion
1.
Wednesday, January 31, 2024
1. YtD December 2023 Performance
2. BoC Thematic Concern: FMC Update, InfraCo
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
-
√
√
√
√
√
2.
Wednesday, February 28, 2024
1. YtD Performance January 2024
2. BoC Thematic Concerns: FMC, InfraCo, and Integrated Audit
Updates for Fiscal Year 2023
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
-
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
297
No.
Date
Meeting Agenda/Discussion
3.
Wednesday, March 27, 2024
Submission of Evaluation from the Board of Commissioners on the
Company’s Condition
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
4.
Monday, April 29, 2024
1. YtD Performance March 2024
2. Regular BoC Concern: FMC & Data Center Updates
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
5.
Wednesday, April 29, 2024
1. Company's Performance YtD April 2024
2. BOC Concern
a. Regular: FMC and InfraCo Updates
b. Thematic: FGD Updates on Stocks, Data Centers, and Starlink
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
6.
Wednesday, June 26, 2024
1. YtD May 2024 Performance
2. BoC Concern
Regular: FMC and InfraCo Updates
Thematic: 1) Early Retirement Implementation Progress Report
2) Mitigation and Handling of PDNS Disturbances
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
-
√
√
√
√
√
√
√
-
7.
Friday, July 26, 2024
1. Company's Performance YtD June 2024
2. FMC and InfraCo Progress
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
-
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
8.
Monday, August 26, 2024
Discussion of the Company’s Performance Update YtD July 2024
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
-
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
-
√
√
√
√
√
√
9.
Monday, September 30, 2024
1. Perseoran Performance in August 2024
2. Progress FMC & InfraCo
3. Discussion of the concerns of the Board of Commissioners in the
CSS 2025-2027
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
-
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
298
Corporate Governance
No.
Date
Meeting Agenda/Discussion
10.
Wednesday, October 30, 2024
1. Company's Performance TW III/2024
2. Update:
a. Development of Regional Transformation TW III/2024;
b. Progress InfraCo and FMC Tw III/2024.
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
-
11.
Wednesday, November 20, 2024
Discussion and Ratification of the 2025 RKAP
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
√
√
√
√
√
√
√
√
√
12.
Friday, December 20, 2024
1. Company's Performance YtD November 2024;
2. FMC and InfraCo Progress Update;
3. Others.
Attendance of the Board of
Commissioners
BPSB
BDA
WI
AMS
IR
IS
MRP
RM
SK
√
√
√
√
√
√
√
√
√
Attendance of the Board of Directors
RA
AF
BSW
BW
FMVR
HB
HS
HW
MFR
-
√
√
√
√
√
√
√
√
Remarks:
BPSB
Bambang Permadi Soemantri Brodjonegoro
MRP
Marcelino Rumambo Pandin
BW
Bogi Witjaksono
BDA
Bono Daru Adji
RM
Rizal Mallarangeng
FMVR
FM Venusiana R.
WI
Wawan Iriawan
SK
Silmy Karim
HB
Honesti Basyir
AMS
Arya Mahendra Sinulinggfa
RA
Ririek Adriansyah
HS
Heri Supriadi
IR
Isa Rachmatarwata
AF
Afriwandi
HW
Herlan Wijanarko
IS
Ismail
BSW
Budi Setyawan Wijaya
MFR
Muhamad Fajrin Rasyid
Recapitulation of Board of Directors Attendance in the Joint Meeting
No.
Name
Position
Number of
Meetings
Number of
Attendance
Attendance
Percentage (%)
1.
Ririek Adriansyah
President Director
12
10
83
2.
Afriwandi
Director of HCM
12
12
100
3.
Budi Setyawan Wijaya
Director of SP
12
11
92
4.
Bogi Witjaksono
Director of WINS
12
11
92
5.
FM Venusiana R.
Director of EBIS
12
12
100
6.
Honesti Basyir
Director of GBD
12
12
100
7.
Heri Supriadi
Director of KMR
12
12
100
8.
Herlan Wijanarko
Director of NITS
12
11
92
9.
Muhamad Fajrin Rasyid
Director of DB
12
10
83
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
299
Resolution of the Board of Directors That Need to Be Approved by the
Board of Commissioners
Based on the provisions in the Board Manual of the Board of Directors and Board of Commissioners of Telkom,
the Board of Directors must hold a Joint Meeting with the Board of Commissioners regularly at least 1 (one)
in 3 (three) months. Any corporate action to be taken by the Board of Directors will be included as an agenda
to be discussed in the Joint Meeting with the Board of Commissioners to seek opinions, considerations, and
approval from the Board of Commissioners.
The agenda of the Joint Meeting during 2024 can be accessed in this Annual Report under the Board of
Commissioners Meeting section.
IMPROVEMENT OF THE COMPETENCE OF THE BOARD OF
DIRECTORS
Policy on Improving the Competence of the Board of Directors
To support the effectiveness of the Board of Directors' duties, members must regularly participate in relevant,
independent, and sustainable training, knowledge development, and certification programs. Telkom provides
opportunities for members of the BOD to participate in various educational programs, trainings, workshops,
seminars, conferences, or other similar activities aimed at updating their knowledge and enhancing their
expertise. These programs are specifically designed to strengthen the effectiveness of the BOD in carrying
out its functions.
Activities to Improve the Competence of the Board of Directors in 2024
The following is a list of education and training programs that members of the Board of Directors participate
in during 2024:
No
Program Name
Organizer
Place
Participants
1.
Data Privacy and Protection
Standards
Coursera - University of
Pennsylvania
Online
President Director
2.
Introduction to Data Protection and
Privacy
Coursera - University of
Pennsylvania
Online
President Director
3.
What is Compliance
Coursera - University of
Pennsylvania
Online
President Director
4.
Effective Compliance Programs
Coursera - University of
Pennsylvania
Online
President Director
5.
Privacy law and data protection
Coursera - University of
Pennsylvania
Online
President Director
6
Regulatory Compliance
Coursera - University of
Pennsylvania
Online
President Director
7
Leveraging AI for Governance Risk and
Compliance
Linkedin Learning
Online
President Director
8
Insider Threat Risk Management
Linkedin Learning
Online
President Director
9
Cybersecurity for Executives
Linkedin Learning
Online
President Director
10
CNBC Indonesia Tech & Telco
Forum 2024
CNBC
Mega Bank Tower
Auditorium
President Director
11
Bali Annual Telkom International
Conference 2024
Telekomunikasi Indonesia
Internasional
Bali
President
Director, Director
of Wholesale
& International
Service, Director
of Group Business
Development
300
Corporate Governance
No
Program Name
Organizer
Place
Participants
12.
Course - Regulatory Compliance
University of Pennsylvania
Online
Director of WINS
13.
Course - What is Compliance?
University of Pennsylvania
Online
Director of WINS
14.
Course - Effective Compliance
Programs
University of Pennsylvania
Online
Director of WINS
15.
Course - Privacy Law and Data
Protection
University of Pennsylvania
Online
Director of WINS
16.
Course - What is Corruption: Anti-
Corruption and Compliance
University of Pennsylvania
Online
Director of WINS
17.
World Mobile Conference
Huawei
Barcelona
Director of EBIS,
Director of DB
18.
Speaker of Strategic Financial
Management MM UNJA
Universitas Jambi
Online
Director of
Finance and Risk
Management
19.
Fulfillment of Risk Management Organ
Qualification (40 hours of training)
Coursera & LinkedIn
Online
All BoD
20.
Speaker of SOE CFO School
Kementerian BUMN
Four Seasons Hotel
Jakarta
Director of
Finance and Risk
Management
21.
Training Regulatory Compliance
University of Penssylvania
Online
Dir SP
22.
Seminar Basic Legal Understanding
for Business: How to Address
business Risk from Legal Perspectives
HukumOnline.com
Jakarta
Dir SP
BOARD OF DIRECTORS’ SELF
ASSESSMENT POLICY
Based on Joint Regulation of the Board of
Commissioners and Directors No. 05/KEP/DK/2022
and PD.620.00/r.01/HK200/COP-M4000000/2022
regarding Guidelines for Work Procedures of
the
Board
of
Commissioners
and
Directors
(Board Manual) of the Company (Persero) PT
Telekomunikasi
Indonesia
Tbk,
self-assessment
policy is implemented to assess the performance
of the Board of Directors. The assessment is carried
out by each member of the Board of Directors
by evaluating the performance of the Board of
Directors in a collegial manner, not by evaluating
individual performance. This policy is a form of
accountability for assessing the performance of the
Board of Directors so each member can contribute to
improving the performance of the Board of Directors
on an ongoing basis. More complete information
regarding the Directors' self-assessment policy can
be seen on the Telkom website in the GCG menu
- Directors and Board of Commissioners Work
Guidelines.
COMMITTEES UNDER THE
BOARD OF DIRECTORS
The Company's Board of Directors has established
the Executive Committee through the Company's
Corporate
Regulation
PT
Telkom
Indonesia
(Persero) Tbk. Number: PD.608.00/r.02/HK.000/
COP-D0030000/2014 regarding the Executive
Committee. The Executive Committee assists
the Board of Directors in decision-making In the
Company's Regulations, the Executive Committee
is formed by the Board of Directors consisting of 2
(two) directors or more and is given the authority to
decide/approve policies, the Company's Regulations
or certain transactions.
Have the authority to decide or give approval
to certain policies, Company's Regulations or
transactions in accordance with the object of the
Committee. The following Executive Committee is
formed based on the objectives of its authority:
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
301
Investment Committee
This committee was formed to assist the work of the board of directors in approving investment programs
to be carried out, and evaluating investment programs that have been implemented. The composition of the
Investment Committee consists of:
Head
Director of Finance and Risk Management
Member
1.
Director of Strategic Portfolio
2. Director of Network, & IT Solutions
3. Director of the relevant business (Director of Enterprise & Business Services or Director
of Wholesale & International Services)
Working Group
1.
VP in charge of the Management Accounting function;
2. VP in charge of the Infrastructure Planning Policy function;
3. VP in charge of the Product Management function;
4. VP in charge of the Corporate Strategic Planning function;
5. VP in charge of the Risk Management function;
6. VP in charge of Supply Planning & Control;
7.
VP-level officials required.
Subsidiary Management Committee
This committee assists the Company's Board of Directors to give approval and determine work plans,
directions, and policies related to business management and risk management in Telkom Subsidiaries, as well
as other matters that require Telkom's approval for the corporate action plan to be implemented by Telkom
Subsidiaries.
The composition of the Subsidiary Management Committee consists of:
Head
Director of Finance and Risk Management
Member
1.
Director of Strategic Portfolio
2. Other directors if necessary for the management of the Subsidiary.
Working Group
1.
VP in charge of subsidiary performance (Management Accounting) or VP in charge
of Strategic Business Development;
2. VP in charge of the Corporate Strategic Planning function;
3. VP in the field of Legal & Compliance functions;
4. VP in charge of the Financial Logistic Policy function;
5. VP-level officials required.
Risk, Compliance and Revenue Assurance Committee
The establishment of the Risk, Compliance and Revenue Assurance Committee, has the function of assisting
the Board of Directors in the following objectives:
1) Determine risk profile & mitigate risks that need to be considered by all Board of Directors.
2) Formulate and establish GCG policies.
3) Oversee the effectiveness of the Revenue Assurance process, including the establishment of preventive
measures and remediation of potential leaks.
302
Corporate Governance
4) Formulate and implement policies carried out in the framework: elimination of inefficient business
processes, strengthening internal control and risk mitigation as well as policies related to Risk Management
and Compliance.
5) Establish decision recommendations on dispute resolution, which requires the approval of the Board of
Directors.
6) Conduct a review of the implementation of GCG, Compliance and Enforcement of business ethics.
The composition of the Risk, Compliance, and Revenue Assurance Committee consists of:
Head
Director of Finance and Risk Management
Member
1.
Director of Strategic Portfolio
2. Director of Human Capital
3. Other directors related to the decision material of the Committee
Working Group
1.
VP in charge of the Risk Management function;
2. VP in charge of Compliance, Risk Management and General Affairs;
3. The position that heads the Internal Audit function;
4. VP in charge of the Corporate Strategic Planning function;
5. VP in charge of the Risk Management function;
6. VP in charge of Supply Planning & Control;
7.
VP-level officials required.
Disclosure Committee
In managing the disclosure to be submitted by the Company, the Disclosure Committee helps to decide or
approve in relation to:
1) Approve the disclosure of information that contains elements of projections regarding operations,
financial conditions, financial performance and matters of a financial and statistical nature.
2) Determine the level of materiality of the disclosure of information and ensure that the material information
submitted has been disclosed in a complete, accurate, consistent and in accordance with applicable rules.
3) Discuss internal audit reports.
4) Provide recommendations and/or letters of representation to the Approver to certify/approve a disclosure
that will be issued to external parties.
5) Other objects of authority are regulated in more detail in the Company's Regulation on Disclosure
Guidelines.
The composition of the Disclosure Committee consists of:
Head
Director of Finance and Risk Management
Member
1.
Director of Strategic Portfolio
2. Other directors related to the decision material of the Committee
Working Group
1.
VP in charge of the Financial Accounting function or VP in charge of the Enterprise
Management function or VP in charge of the Investor Relations function (in accordance
with the material discussed).
2. VP-level officials required in accordance with the Disclosure material discussed
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
303
Procurement Committee
The Procurement Committee has the authority to give approval to procurement with the value that has
been determined by the applicable logistics policy, including approval and determination related to the
determination of the winner according to the applicable procurement policy, and the determination of HPS
The composition of the Procurement Committee consists of:
Head
Director of Finance and Risk Management
Member
1.
Director of Strategic Portfolio
2. Director of Network, & IT Solutions
3. Director of related business (Enterprise & Business Services or Wholesale & International
Services)
Working Group
1.
VP in charge of Supply Planning & Control
2. Head in charge of Compliance Risk Management & General Affair
3. SGM in charge of Supply Center
4. VP in charge of Legal & Compliance functions
5. VP in charge of Infrastructure Planning Policy
6. Required VP-level officials
Pricing Committees
This committee has the task of ensuring the pricing strategy of Telkom/TelkomGroup products in accordance
with the company's strategy, competitive product prices and periodic pricing reviews, as well as supervising
and evaluating the implementation of single point margin in the TelkomGroup. The composition of the Pricing
Committee consists of:
Head
Director in charge of Enterprise & Business functions
Member
1.
Director Strategic Portfolio
2. Director Network, & IT Solution
3. Director Enterprise & Business Services
4. Director Wholesale & International Services
5. Director in charge of related business areas
Working Group
1.
VP in charge of Enterprise Management
2. VP in charge of Enterprise Business & Strategic functions
3. VP in charge of the Enterprise Service function
4. VP in charge of Business Service functions
5. VP in charge of Wholesale & International Development function
6. VP in charge of Marketing & Sales
7.
VP in charge of Innovation Strategy and Synergy
8. VP in charge of the Management Accounting function
9. VP in charge of the Tarif Preparation function
10. VP-level officials required in accordance with the Disclosure material discussed
PERFORMANCE ASSESSMENT
OF THE BOARD OF DIRECTORS
One of the measuring tools used to assess the
performance of the Board of Directors is the Key
Performance Indicator (KPI) which is compiled
based on the Regulation of the Minister of SOEs
Number PER-3/MBU/03/2023 dated March 20, 2023
regarding Organs and Human Resources of State-
Owned Enterprises, which stipulates:
1. Obligation to sign the Management Contract
by the Board of Directors. The Management
Contract contains a promise or statement of a
prospective member of the Board of Directors,
namely if appointed/re-appointed as a member
of the Board of Directors, promises, among
other things, that it will meet all targets set by
the GMS/Minister, including KPIs that have been
previously set, and apply the principles of Good
Corporate Governance.
2. Performance appraisals based on KPIs are
determined collegially for the President Director,
and individually for each member of the Board of
Directors.
304
Corporate Governance
3. The determination of five perspectives in the
preparation of KPI of the Board of Directors
collegially, namely:
a. Economic and social value for Indonesia;
b. Business model innovation;
c. Technology leadership;
d. Increased investment; and
e. Talent development.
The achievement of the KPI of the Board of
Directors is calculated collegial and individually, and
reviewed by the Public Accounting Firm (KAP) that
audits Telkom's Financial Statements. Along with
Telkom's commitment to manage ESG aspects in its
business value chain, the Company has also set key
performance indicators in the ESG aspect category,
including:
1. The environmental aspect is reflected in the TJSL
effectiveness parameters, and, ITDRI research
effectiveness;
2. The social aspect, as seen from the parameters
of total shareholder return and social impact;
3. The governance aspect is reflected in the risk
marturity index parameters, the effectiveness of
the 2023 Financial Statements, and procurement
excellence.
In addition, based on the Joint Regulation of the
Board of Commissioners and Board of Directors
No.
05/KEP/DK/2022
and
PD.620.00/r.01/
HK200/COP-M4000000/2022
regarding
the
Guidelines for the Work Procedures of the Board
of Commissioners and Directors (Board Manual)
of the Company (Persero) PT Telekomunikasi
Indonesia
Tbk,
Telkom
implements
a
self-
assessment policy to assess the performance of
the Board of Directors. The assessment is carried
out by each member of the Board of Directors
by assessing the performance of the Board of
Directors collegially, not individual performance
assessments. This policy is a form of accountability
for the performance assessment of the Board of
Directors, so that it is hoped that each member
can contribute to improving the performance
of the Board of Directors on an ongoing basis.
More complete information about the Board of
Directors' self-assessment policy can be found
on the Telkom website on the GCG menu – Work
Guidelines for the Board of Directors and Board of
Commissioners.
Results of Collegial Assessment of the Performance of the Board of Directors
No.
KPI
Unit
Target
Polarites
Weight
A. Economic and Social Value for Indonesia
1.
Financial Performance
a. Revenue Consolidated
T Rp
156,22
Maximize
3
b. EBITDA Consolidated
T Rp
83,96
Maximize
6
c. EBITDA Telkomsel
T Rp
54,74
Maximize
4
2.
Operating Cash Capability and Economic Value
Added
a. Free Cash Flow
T Rp
34,23
Maximize
5
b. ROIC≥WACC
%
6,2
Maximize
5
3.
Funding Debt Ratio
%
100
Maximize
5
4.
Operational Excellence
a. Home Served/Home Passed
%
45,5
Maximize
4
b. CAPEX to Revenue
%
28,7
Maximize
4
c. Mobile Data Revenue Share
%
48,38
Maximize
4
5.
Social Impact
%
100
Maximize
5
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
305
No.
KPI
Unit
Target
Polarites
Weight
B. Business Model Innovation
6.
External Revenue
a. B2B Digital
T Rp
17,46
Maximize
5
b. B2C Digital
T Rp
11,19
Maximize
5
7.
TMT Cluster Synergy: Effectiveness of Telkom
Synergy with Cluster Members (PFN, Peruri,
Antara)
Time
Des 2023
Maximize
5
C. Technology Leadership
8.
Project milestone completion for planned
5G initiatives: Infrastructure preparation to
support 5G
Total
16
Maximize
2
9.
5G Readiness: % Fiber Connected Towers,
Number of Pilot Use Cases, and 5G
Implementation Cities (Strengthening 5G
Implementation)
%
100
Maximize
3
D. Increased investment
10.
Telkom Digital Venture:
a. Telkom Venture Fund Value
T Rp
9,06
Maximize
3
b. Money multiplier
x
1,3
Maximize
3
11.
TELKOM MPF effectiveness: Implementation
of Winter Strategy for startups and potential
unicorns
Time
Des 2023
Maximize
3
12.
Effectiveness of Value Creation
a. Subs with ROIC>WACC
%
50
Maximize
3
b. Streamlining effectiveness program
%
100
Maximize
3
13.
Data Center
a. Strategic Partnership
Time
Jun-23
Maximize
3
b. Capacity Expansion
%
100
Maximize
2
E. Talent Development
14.
Female talent and millennial talent
a. Female ratio in nominated talent
%
18
Maximize
5
b. Ratio of young Top Talent to nominated talent
%
6
Maximize
5
15.
Digital capability readiness (build)
Talent
2.500
Maximize
5
Total
100
AFFILIATION RELATIONSHIP
BETWEEN THE BOARD OF
DIRECTORS AND THE BOARD
OF COMMISSIONERS
Telkom's Board of Commissioners and Board of
Directors are prohibited from having affiliated
relationships between fellow members of the Board
of Commissioners, fellow members of the Board
of Directors, between the Board of Directors and
the Board of Commissioners, or with Shareholders,
in accordance with the provisions of Law No. 40
of 2007 regarding Limited Liability Companies,
as well as TelkomGroup's affiliated relationship
provisions conveyed in the form of President
Director's
Memorandum
Number:
C.Tel.02/HK
000/TEL-00000000/2021 regarding Temporary
Procedures for Affiliated Transactions and Conflict
306
Corporate Governance
of Interest Transactions of TelkomGroup. This provision aims to avoid conflicts of interest so that the Board of
Commissioners and Directors can make objective decisions and not harm Telkom's interests.
The table below displays the family relationships between members of the Board of Commissioners and fellow
members of the Board of Commissioners, members of the Board of Directors, and/or Majority/Controlling
Shareholders:
Name
Position
Affiliate Relations
Board of
Commissioners
Management
Major Shareholder/
Controlling
Yes
No
Yes
No
Yes
No
Board of Commissioners
Bambang Permadi
Soemantri
Brodjonegoro
President
Commissioner/
Independent
Commissioner
√
√
√
Wawan Iriawan
Independent
Commissioner
√
√
√
Bono Daru Adji
Independent
Commissioner
√
√
√
Marcelino Rumambo
Pandin
Commissioner
√
√
√
Ismail
Commissioner
√
√
√
Rizal Mallarangeng
Commissioner
√
√
√
Isa Rachmatarwata
Commissioner
√
√
√
Arya Mahendra
Sinulingga
Commissioner
√
√
√
Silmy Karim
Commissioner
√
√
√
Board of Directors
Ririek Adriansyah
President Director
√
√
√
Herlan Wijanarko
Director of Network
& IT Solutions
√
√
√
Bogi Witjaksono
Direktur Wholesale &
International Service
√
√
√
FM Venusiana R.
Director of
Enterprise & Business
Service
√
√
√
Heri Supriadi
Director of Finance &
Risk Management
√
√
√
Afriwandi
Director of Human
Capital Management
√
√
√
Budi Setyawan Wijaya
Director of Strategic
Portfolio
√
√
√
Muhamad Fajrin
Rasyid
Director of Digital
Business
√
√
√
Honesti Basyir
Direct Group
Business
Development
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
307
In accordance with POJK No. 35/POJK.04/2014
regarding Corporate Secretary of Issuers or Public
Companies, Telkom has the function of Corporate
Secretary/Investor
Relations,
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
Corporate Secretary
communications,
establishing
relationships
between the Company and its Shareholders,
Government, Financial Services Authority, and
other stakeholders, as well as ensuring the
Company's compliance with regulations relating to
the Capital Market. In 2024, the position of Telkom
Corporate Secretary was held by Mr. Octavius Oky
Prakarsa.
CORPORATE SECRETARY’S PROFILE
CORPORATE SECRETARY’S DUTY AND RESPONSIBILITY
The Corporate Secretary has the following duties and responsibilities:
1. Preparing and organizing GMS, including the material, particularly the Annual Report;
2. Attending the Board of Directors’ Meetings and Joint Meetings between the Board of Commissioners and
Board of Directors;
3. Managing and maintaining documents related to the Company’s activities, including the GMS’s documents
and other important documents of the Company; and
4. Determining criteria regarding the types and contents of information that can be presented to the
Stakeholders, including information that can be published as public documents.
OCTAVIUS OKY PRAKARSA
Vice President Investor Relation
Age
41 years old
Citizenship
Indonesia
Domicile
Jakarta, Indonesia
Education
2007
Master of Science, University of Nottingham
Major in Corporate Strategy
2006
Bachelor of Arts (Hons), University of Northumbria, New Castle
Major in International Business Administration
Basis of Appointment
Appointment letter by the Board of Directors
Term of Office
Appointed on July 1, 2024
Work Experiences
2013-2024
Fund Manager, Schroder Investment Management Indonesia
2010-2013
Research Analyst – Vice President, Mandiri Sekuritas
2008-2010
Investment Banking – Associate, Mandiri Sekuritas
308
Corporate Governance
CORPORATE SECRETARY’S FUNCTIONS
The functions of Corporate Secretary include:
1. To prepare and communicate accurate, complete, and timely information regarding the performance and
prospect of the Company to Stakeholders.
2. To synergize with related units, including the subsidiaries, for socialization, implementation, monitoring
and reviewing of GCG, and its implementation.
3. To assist the Board of Directors in various activities, information, and documentation, among others:
a. Preparing the Register Book of Shareholders;
b. Attending the Board of Directors’ meetings and preparing its minutes of meetings; and
c. Preparing and organizing GMS.
4. To publish the company’s information in a tactical, strategic, and timely manner.
CORPORATE SECRETARY’S IMPLEMENTATION TASKS
Telkom's Corporate Secretary has organized various activities throughout 2024, including:
No.
Date
Event Name
Organizers
Location
1.
January 12, 2024
BofA ASEAN Conference 2024
BofA
Singapore
2.
January 22-23, 2024
Non-Deal Roadshow with Nomura - Tokyo
Nomura
Tokyo
3.
January 24, 2024
Non-Deal Roadshow with Nomura - Hong Kong
Nomura
Hong Kong
4.
February 19-21, 2024
Non-Deal Roadshow with Citi – London
Citi
London
5.
March 7-8, 2024
Mandiri Investment Forum 2024
Mandiri Sekuritas
Jakarta
6.
April 16, 2024
Non Deal Roadshow with Mandiri Sekuritas and
Jefferies - Paris
Mandiri Sekuritas &
Jeffries
Paris
7.
April 17-18, 2024
Non Deal Roadshow with Mandiri Sekuritas and
Jefferies - London
Mandiri Sekuritas &
Jeffries
London
8.
April 19, 2024
Non Deal Roadshow with Mandiri Sekuritas and
Jefferies – Frankfurt
Mandiri Sekuritas &
Jeffries
Frankfurt
9.
May 13-14, 2024
Macquarie Asia Conference 2024
Macquarie
Hong Kong
10.
May 16, 2024
Morgan Stanley Virtual ASEAN Conference
2024
Morgan Stanley
Virtual
11.
May 30-31, 2024
Citi’s 2024 Macro & Pan-Asia Investor
Conference
Citi
Singapore
12.
June 12-13, 2024
20th CITIC CLSA ASEAN Forum
CLSA
Jakarta
13.
August 14, 2024
Telkom Power Breakfast
Telkom
Jakarta
14.
June 20, 2024
J.P. Morgan’s APAC Telco Call Series
JPMorgan
Virtual
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
309
No.
Date
Event Name
Organizers
Location
15.
August 5-8 and 15,
2024
Non-Deal Roadshow Jakarta
BNI Sekuritas
Jakarta
16.
August 20-21, 2024
Non-Deal Roadshow Kuala Lumpur
Macquarie
Kuala Lumpur
17.
August 27-28, 2024
Macquarie ASEAN Conference 2024
Macquarie
Singapore
18.
September 3, 2024
Non-Deal Roadshow USA (Boston)
Citi
Boston
19.
September 4, 2024
Non-Deal Roadshow USA (New York)
Telkom
New York
20.
September 4-5, 2024
Citi GEMS Conference 2024
Citi
New York
21.
September 6, 2024
Non-Deal Roadshow USA (SF)
JPMorgan
San Francisco
22.
September 10, 2024
Non-Deal Roadshow Hong Kong
HSBC & Telkom
Hong Kong
23.
September 11-12, 2024
31st CITIC CLSA Investors’ Forum
CLSA
Hong Kong
24.
September 19,2024
J.P. Morgan’s ASEAN TMT & Fintech Access
Series
JPMorgan
Virtual
25.
November 4-6 and 12,
2024
Non-Deal Roadshow Jakarta with BRIDS
BRIDS
Jakarta
26.
November 7-8, 2024
Nomura x Verdhana Indonesia Conference 2024
Nomura and
Verdhana
Jakarta
27.
November 18, 2024
Non-Deal Roadshow Hong Kong with CLSA
CLSA
Hong Kong
28.
November 19, 2024
2024 Global TMT Conference in Asia
JPMorgan
Hong Kong
29.
November 20-21, 2024
Morgan Stanley 23rd Annual Asia Pacific Summit
Morgan Stanley
Singapore
30.
November 28-29, 2024
Non-Deal Roadshow Kuala Lumpur with CGS
CGS
Kuala Lumpur
CORPORATE SECRETARY’S TRAINING AND EDUCATION
Telkom provides various education and training to develop the competence of Corporate Secretaries. The
education and/or training programs to be participated in during 2024 are as follows.
Training and Education Attended by Corporate Secretary 2024
No.
Date
Name of Activities
1.
August 28-29, 2024
Capital Market Legal Training
2.
December 13, 2024
Bloomberg Training
310
Corporate Governance
Internal Audit (IA) Department is a section of TelkomGroup whose function is to provide an independent
and objective view of the Company's business activities and help TelkomGroup achieve its goals through
a systematic and disciplined approach in evaluating and improving the effectiveness of risk management,
control, and implementation of good company governance. IA is also expected to provide added value and
increase the effectiveness and efficiency of Telkom's business operations.
INTERNAL AUDIT CHARTER
Telkom has IA Charter No. SK.01/PW000/TEL-00000000/2024 dated January 3, 2024, which the President
Director, President Commissioner, and Chair of the Audit Committee have approved. This IA Charter contains
references and guidelines for IA in carrying out its duties, such as vision, mission, structure, status, duties,
responsibilities, authority, and the code of ethics of IA and requirements for internal auditors.
SVP INTERNAL AUDIT DEPARTMENT’S PROFILE
Internal Audit
Department
MOHAMAD RAMZY
Age
51 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Education
2005
Master Degree of Management Communication,
Universitas Indonesia
1997
Bachelor Degree of Engineering, Sekolah Tinggi
Teknologi Telkom
Basis of Appointment
Prohire Contract Employee Employment Agreement Number K.TEL.13/HK810/HCS-
10000000/ 2024 dated July 19, 2024
Term of Office
2024, 22 July – 2025, 31 July
Work Experiences
July 2024 - present
SVP Internal Audit Telkom
May 2021 - May 2024
Board of Director of Finance and Management Risk,
Telkomsel
November 2020 - May 2021
SVP Financial Planning Analysis & Business Partner,
Telkomsel
October 2018 - October 2021
VP Wins Strategy and Planning, Telkom
January 2015 - September 2018
VP Wins Development,
September 2013 - December 2014
AVP Performance Development Dit.WINS, Telkom
INTERNAL AUDIT DEPARTMENT’S DUTIES AND
RESPONSIBILITIES
Duties and responsibilities of IA Telkom, based on Internal Audit Charter, are:
1. To prepare work plans and annual risk-based audit programs in line with the direction and development of
the company's business and carry out work plans and audit programs that have been approved by the Audit
Committee and approved by the President Director;
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
311
2. To help the Company to ensure that internal
controls and risk management systems have
been implemented effectively and efficiently
about:
a.
Financial reporting to produce information
that is free from material misstatement and by
applicable standards and regulations;
b.
Operational
controls
to
ensure
that
management
objectives
are
achieved
appropriately;
c.
Asset management has been carried out
appropriately to protect assets from physical and
legal risks and ensure optimal use of assets;
d.
Ensure that the Company’s activities comply
with the applicable laws and regulations.
3. To monitor, analyze, and report on follow-up
improvements that have been recommended;
4. To develop evaluation methods and quality
improvement programs for the activities and
results of the Internal Audit in collaboration with
the Audit Committee;
5. To provide consultancy needed by the Company,
Subsidiaries, Affiliated Companies, and Other
Entities following the agreed scope of internal
audit;
6. To perform audit synergies with units that carry
out the internal audit function in Subsidiaries,
Affiliated Companies, and Other Entities;
VP PLANNING &
DEVELOPMENT AUDIT
AVP AUDIT
PARTNER 1
AVP AUDIT
PARTNER 2
AVP AUDIT
PARTNER 3
AVP QUALITY
ASSURANCE
& SYSTEM
DEVELOPMENT
AVP RESOURCE
& ADMINISTRATION
POOL OF
AUDITOR
AVP QUALITY
INFRASTRUCTURE
& SUPPLY AUDIT
AVP SERVICE
OPERATION
& SUPPORT
AUDIT
AVP INFORMATION
SYSTEM OPERATION
AUDIT
AVP FINANCIAL &
ASSET
MANAGEMENT
AUDIT
AVP SERVICE
DELIVERY AUDIT
AVP INFORMATION
SECURITY AUDIT
AVP A&A
COMPLIANCE
AUDIT
AVP APPLICATION
TRANSCATION
AUDIT
AVP ICOFR & RISK
MANAGEMENT
AUDIT
SVP INTERNAL
AUDIT
VP INFORMATION &
TECHNOLOGY AUDIT
VP INFRASTRUCTURE
& OPERATION AUDIT
VP INTERGRATED
& FINANCIAL AUDIT
7. Follow up on reports of whistle-blowers coming
through the Telkom Integrity Line regarding
alleged fraud in the Company, Subsidiaries, and
other Affiliated Entities, and submit reports to
the Audit Committee and President Director.
INTERNAL AUDIT
DEPARTMENT’S STRUCTURE
AND POSITION
Telkom's Internal Audit Department is headed by
the Senior Vice President (SVP), 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 2024, IA Telkom consists of
88 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. Until
the end of 2024, IA Telkom's organizational structure
chart is as follows:
312
Corporate Governance
INTERNAL AUDIT DEPARTMENT’S TASK IMPLEMENTATION
Every year, IA Telkom makes a work plan as outlined in the Program Kerja Audit Tahunan (PKAT) or Annual
Audit Work Program and Program Kerja Non-Audit Tahunan (PKNAT) or Annual Non-Audit Work Program
of the Internal Audit Department, which the Audit Committee and the Main Director approve. In 2023, IA
Telkom carried out 54 assignments outside PKNAT, which included audit, consultation, evaluation, and review
activities. The description of IA Telkom's activities is as follows:
Sub Departement
Audit
Consultation
Evaluation
Review
Total
Infrastructure & Operation Audit (IOA)
8
4
-
3
15
Integrated & Financial Audit (IFA)
5
4
5
13
27
Information & Technology Audit (ITA)
3
7
1
1
12
Total
16
15
6
17
54
INTERNAL AUDIT’S QUALIFICATION AND PROFESSIONAL
CERTIFICATION
Telkom Internal Auditors need to have various certifications to carry out standardized work so that the quality
of internal supervision can run well. At the end of 2024, the certifications held by IA Telkom employees are as
follows:
No.
Certification Type
Number of Certification
1.
Asean Chartered Professional Accountant (ACPA)
3
2.
Certificate in International Financial Reporting Standard (IFRS)
3
3.
Certification in Audit Committee Practices (CACP)
7
4.
Certification of Internal Audit Executive (CIAE)
3
5.
Certified Behavior Consultant (CBC)
2
6.
Certified Business Hijrah Coach (CBHC)
1
7.
Certified Compliance Professional (CCP)
39
8.
Certified Data Center Professional (CDCP)
1
9.
Certified Data Privacy Solution Engineer (CDPSE)
1
10.
Certified Data Science Specialist (CDSS)
1
11.
Certified Financial Consultant (CFC)
1
12.
Certified Fraud Examiner (CFE)
5
13..
Certified Governance, Risk Management and Compliance Auditor (GRCA)
1
14.
Certified Governance, Risk Management and Compliance Professional (GRCP)
1
15.
Certified Human Resource Professional Executive (CHRPE)
1
16.
Certified Indonesia Scrum Master I
1
17.
Certified Information Systems Auditor (CISA)
3
18.
Certified Information Systems Security Professional (CISSP)
1
19.
Certified Internal Audit Leader (CIAL)
5
20.
Certified Internal Audit Officer (CIAO)
28
21.
Certified Internal Auditor (CIA)
5
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
313
No.
Certification Type
Number of Certification
22.
Certified International Procurement Professional (CIPP)
1
23.
Certified IT Infrastructure Library (ITIL)
2
24.
Certified IT Infrastructure Library (ITIL) - IT Intermediate Examination Service
Strategy
1
25.
Certified IT Infrastructure Library (ITIL) - IT Intermediate Examination Service
Transition
1
26.
Certified IT Infrastructure Library (ITIL) - IT Service Management
1
27.
Certified Management Accountant (CMA)
3
28.
Certified Professional Auditor of Indonesia (CPAI)
1
29.
Certified Professional Industrial Relation (CPIR)
3
30.
Certified Professional Marketer (CPM)
1
31.
Certified Public Accountant (CPA)
1
32.
Certified Public Speaking (CPS)
1
33.
Certified Risk Associate (CRA)
2
34.
Certified Risk Executive Leader (CREL)
1
35.
Certified Risk Management Assurance (CRMA)
1
36.
Certified Risk Management Officer (CRMO)
8
37.
Certified Risk Professional (CRP)
3
38.
Certified Securities Analyst - Analis Saham (CSA)
1
39.
Chartered Accountant (CA)
8
40.
Cisco Certified Internetwork Expert (CCIE)
1
41.
Data Management & Reporting
1
42.
Diploma in International Financial Reporting Standard (DipIFRS)
1
43.
Google Career Certificates (GCC) Data Analytics
13
44.
Google Career Certificates (GCC) Digital Marketing & E-Commerce
3
45.
Google Career Certificates (GCC) Project Management
9
46.
Google Career Certificates (GCC) UX Design
1
47.
Human Resource Business Professional (HRBP)
2
48.
Human Resource Management Professional (HRMP)
1
49.
Indonesia Internal Audit Practitioner (IIAP)
1
50.
ISO 27001: 2013 ISMS - Auditor/Lead Auditor
1
51.
ISO 37001: 2016 Lead Auditor
1
52.
Metro Ethernet Forum - Carrier Ethernet Certified Professional (MEF-CECP) 2.0
1
53.
Microsoft Certified Solution Associate
1
54.
Microsoft Certified Technology Specialist: Windows Server 2008 Active Directory
Configuration
1
55.
Microsoft Certified Technology Specialist: Windows Server 2008 Network
Infrastructure Configuration
1
56.
MikroTik Certified Network Associate (MTCNA)
1
57.
Offensive Security Certified Professional (OSCP)
2
314
Corporate Governance
No.
Certification Type
Number of Certification
58.
Open Network Foundation Certified SDN Associate (ONF OCSA)
1
59.
Oracle Certified Associate (OCA)
1
60.
Professional Scrum Product Owner I (PSPO)
1
61.
Qualified Chief Risk Officer (QCRO)
15
62.
Qualified Internal Audit (QIA) Manajerial
13
63.
Qualified Risk Governance Professional (QRGP)
1
64.
Qualified Risk Management Analyst (QRMA)
17
65.
Qualified Risk Management Professional (QRMP)
14
66.
Qualified Wealth Planner (QWP)
1
67.
Red Hat Certified System Administrator (RHCSA)
1
68.
Register Negara Akuntan (RNA)
3
69.
Project Management Expert Certification (AMP)
1
70.
Young Integrity Builder Expert Certification (API)
1
71.
Examiner Level Public Accountant Certification
1
72.
Competency Assessor Certification
1
73.
Indonesian Legal Auditor Certification
1
74.
Industrial Relations Certification
2
75.
Pension Fund General Management Certification (MUDP)
1
76.
Brevet C Tax Certification
3
77.
Advocate Professional Special Education Certification (PKPA)
1
78.
Professional Accountant Certification (PPAk)
2
79.
Investment Manager Representative Certification (WMI)
2
80.
Telkom Certified Customer Experience (TCCX)
1
81.
Telkom Certified Performance Management (TCPM)
1
82.
The Open Group Architecture Framework version 0.1 Foundation (TOGAF® 9.1
Foundation)
1
83.
The Open Group Architecture Framework (TOGAF® Standard, Version 9.2)
1
Total
283
INTERNAL AUDIT’S TRAINING AND EDUCATION
Telkom involves IA employees in various education and training activities held by Telkom CorpU, ACFE, IIA,
ISACA, SPRINT, BPKP, and others to maintain and improve the competence of its internal auditors. The
following table summarizes the education and training attended by IA Telkom employees throughout 2024.
Programs
Number of Participants
Number of Days
Culture
16
144
Leadership
26
260
Business
399
9,177
Technical
123
2.829
Certification
125
50,875
Sharing Knowledge
372
6,324
Total
1,061
69,609
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
315
The Internal Control System (SPI) is a continuous
monitoring mechanism that includes the reliability
of financial reports and the availability of complete
and timely financial reports, including the evaluation
of financial reporting. SPI Telkom is run collectively
by the Board of Directors, management, and other
personnel under the supervision of the President
Director and Director of Finance.
Through SPI, Telkom ensures that the preparation
of consolidated financial reports is in accordance
with the Financial Accounting Standards set by
the Indonesian Institute of Accountants (IAI).
Telkom's shares are listed on the New York Stock
Exchange, therefore Telkom must also comply with
the provisions of SOX Section 404, which requires
Telkom to establish, maintain, test, and disclose
the effectiveness of internal control over financial
reporting.
SPI also ensures the achievement of efficiency
and effectiveness of operational activities and
compliance with regulations. Through SPI, Telkom can
monitor the Company's compliance with applicable
regulations, both regulations from Telkom officials
and government regulations. Telkom can also control
its operational activities in accordance with the work
procedures in each function.
INTERNAL CONTROL
FRAMEWORK
Telkom implements SPI in accordance with the
Internal Control-Integrated Framework 2013 from
The Committee of Sponsoring Organizations of the
Treadway Commission (COSO). Telkom continues
to ensure that all business activities are carried out
in accordance with applicable laws and regulations.
The Legal & Compliance Unit under the Corporate
Secretary Department is responsible for statutory
compliance, which carries out several activities, such
as legal advisory, legal opinion, legal review, and
litigation.
Internal Control
System
Telkom implements five internal control components
with the COSO Framework, which are interconnected
at all levels and business units of the Company,
namely:
1. Control Environment
a. Demonstrates commitment to integrity and
ethical values.
b. Exercises oversight responsibility.
c. Establishes
structure,
authority,
and
responsibility.
d. Demonstrates commitment to competence.
e. Enforces accountability.
2. Risk Assessment
a. Specifies relevant objectives.
b. Identifies and analyzes risk.
c. Assesses fraud risk.
d. Identifies and analyzes significant change.
3. Controlling Activities
a. Selects and develops control activities.
b. Selects and develops general controls over
technology.
c. Deploys through policies and procedures.
4. Information and Communication
a. Uses relevant information.
b. Communicates internally.
c. Communicates externally.
5. Monitoring Activity
a. Conducts
ongoing
and/or
separate
evaluations.
b. Evaluates and communicate deficiencies.
316
Corporate Governance
INTERNAL CONTROL IMPLEMENTATION IN TELKOM
Telkom implements and applies the COSO Framework components to its policies, namely:
Internal Control Implementation in Telkom
Control Environment
1.
Telkom is committed to integrity and ethical values by building and establishing a corporate culture as a guide for
main players in building leadership patterns and strengthening organizational synergies, as an engine of economic
growth, an accelerator of social welfare, a provider of employment, and a provider of high performing culture talent.
Telkom guarantees sustainable competitive growth in the form of long-term superior performance achievement.
Core Values AKHLAK (Amanah, Kompeten, Harmonis, Loyal, Adaptif, and Kolaboratif) are the main values of SOE
human resources that must be adopted by TelkomGroup so that every TelkomGroup resource knows, implements,
and internalizes seriously, consistently and consequently, thus bring forth to daily behaviors that shape the work
culture of TelkomGroup which is in line with the Core Values of SOE.
2.
Telkom ensures the effectiveness of implemented Internal Audit activities by implementing the SOX 302/404
prerequisites and managed with a risk-based audit approach. Telkom also ensures that effective coordination
and co-operation with internal and external parties, and business risks to all business activities are adequately
managed with internal control systems.
3.
Telkom has a Competency Directory that defines the company's competency needs. One of them is Finance
Stream which includes the competence of Corporate Finance with the sub-area of capital structure competency
and Working Capital Management (Treasury Management). Then, Accounting with sub-area competence of
Financial Accounting, Management Accounting, and Corporate Tax. The competency development policy is aimed
at creating superior, global quality, and highly competitive employees.
Risk Assessment
4.
Telkom has several considerations in developing accounting policies, such as Statements of Financial Accounting
Standards (PSAK), Interpretation of Statements of Financial Accounting Standards (ISAK), International Accounting
Standards (IAS), related laws, and changes in impacted internal environments.
5.
Internal Control over Financial Reporting (ICOFR) is designed on the principle of risk-based assessment.
6.
Telkom has a principle of financial assertion in ICOFR planning that is well respected by all relevant employees.
7.
Telkom manages internal and external corporate risk with established mechanisms.
8.
Telkom also implements an anti fraud policy control system and has potential fraud prevention.
Control Activities
9.
The governance of ICOFR control activities in Telkom applies the three-line model, where the business unit (Business
Process Owner) is responsible for control implementation as the first line, Risk Management as the second line for
ensuring the suitability of control design, and Internal Audit as the third line for assessing the effectiveness of
control design compared to operational implementation.
10.
Telkom establishes and updates the ICOFR design, which consists of Entity-Level Control (ELC), Transactional-
Level Control (TLC), and IT General Control (ITGC), regularly.
11.
Telkom sets up a Business Process Owner (BPO) and AO (Application Owner) that have duties and responsibilities
related to ICOFR.
12.
Risk determination rules and internal controls refer to the ICOFR policy consisting of segregation of duties, risk
determination, and determination of internal controls.
13.
Telkom has guidelines for the implementation of information systems security that are aligned with company needs
and can be implemented on an ongoing basis.
14.
Telkom conducts ICOFR Control Self-Assessment (CSA) to assess the design's effectiveness periodically.
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Information and Communication
15.
Telkom has accounting policies implemented under IFAS and IFRS, outlined following accounting principles and
implementation, including information or data related to the process and disclosure of financial reporting, and
regulates the components of the consolidated financial statements.
16.
Telkom has an information technology policy that provides a frame of reference for each process or unit associated
with the organization's IT operations in the preparation and implementation of guidelines and procedures. The
scope of IT regulations in our company covers aspects of IT governance and IT management.
Monitoring Activity
17.
Telkom has an Internal Audit Charter that includes the auditor's requirements in Internal Audit Department, which
has professional integrity and behavior, knowledge of risks and important controls in the field of information
technology, knowledge of Capital Market laws and regulations.
18.
CEO TelkomGroup always increases awareness from management regarding audit and change management in the
form of CEO Notes and establishes Integrated Audit.
In accordance with Minister of State-Owned
Enterprises Regulation No. PER-2/MBU03/2023
regarding the Implementation of Good Corporate
Governance (GCG) in SOE, specifically Article
26 paragraph (2), Telkom carries out regular
assessments of the implementation of SPI to
improve the quality of SPI. The results of the SPI
assessment in 2024 show that Telkom's Control
System is effective.
FINANCIAL AND
OPERATIONAL CONTROL
Financial control carried out by Telkom includes
financial
plans,
feedback,
adjustments,
and
validation processes to ensure plan implementation
or change plans in response to various changes.
Meanwhile, operational control consists of the
deployment process to ensure operational activities
run effectively and efficiently.
In general, financial and operational control at
Telkom, includes:
1. Physical Control of Assets and Intangible Assets
Physical control of assets in the corporate
environment
is
directed
at
securing
and
protecting risky assets.
2. Separation of Functions and Authorization
Segregation of functions is geared towards
adequate review and reduces the potential for
errors and fraud.
3. Execution of Events and Transactions
Control is carried out to ensure that transaction
activities are carried out properly according to
the plan and need that have been determined.
4. Accurate and On Time Records on Events and
Transactions
Accurate and on time records of operational
events and transactions that carried out.
5. Restricted Access and Accountability for
Resources and Their Records
Access to company resources and records should
be limited only to the personnel that assigned
the duties and responsibilities.
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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Corporate Governance
EFFECTIVENESS OF
INTERNAL CONTROL SYSTEM
OVERVIEW
Telkom reviewed SPI's effectiveness based on
supervision carried out by the Internal Audit (IA) and
External Audit Departments. The IA Department
submits SPI supervision reports to the Board of
Directors and Board of Commissioners. Management
is responsible for implementing an effective and
reliable SPI and ensuring that this is embedded at
every level of the Company.
The Internal Audit Department reports the results
of SPI supervision to the Board of Directors and
Board of Commissioners. The audit findings will be
submitted to the relevant management for follow-
up. Based on the supervision in 2023, Telkom's SPI is
considered had running effectively.
STATEMENT OF THE BOARD
OF DIRECTIONS AND/OR THE
BOARD OF COMMISSIONERS
ON ADEQUACY OF INTERNAL
CONTROL SYSTEM
Through the Audit Committee, the Board of
Directors and Board of Commissioners hold regular
meetings with the Internal Audit and External Audit
Departments to discuss internal control monitoring
and follow-up plans on matters management needs
to pay attention to. The Internal Audit and External
Audit Unit reports the results of monitoring and
testing of internal control to the Board of Directors
and Board of Commissioners at least once a year.
The Board of Directors and Board of Commissioners
assess that Telkom's internal control system has
been running effectively and has met the adequacy
of the policies and standards referred to, among
others:
1. Provisions of Sarbanes-Oxley Act (SOX) 302,
404, and 906.
a. SOX 302 Corporate Responsibility for
Financial Reports
Require the CEO and CFO to provide
certification regarding the effectiveness of
design and implementation of internal control
and disclosure of significant deficiencies in
internal control in the context of financial
reporting (Internal Control over Financial
Reporting/ICoFR).
b. SOX 404 Management Assessment of
Internal Controls
Require companies that list their shares on
United 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).
c. SOX 906 Corporate Responsibilities for
Financial Reports: Failure of Corporate
Officers to Certify Financial Reports
i.
If misrepresented, the CEO and CFO are
subject to criminal penalties of up to $1
million or up to 10 years in prison, or both,
or
ii. If the disclosure is intentional, the CEO and
CFO are subject to criminal penalties of up
to $5 million or up to 20 years in prison, or
both.
2. Regulation
of
Minister
of
State-Owned
Enterprises No. PER-2/MBU/03/2023 regarding
Implementation
of
Good
Governance
and
Significancy Corporate Activity at SOEs.
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The risk management system is essential in realizing
Good Corporate Governance (GCG). By implementing
a good risk management system within Telkom and
its subsidiaries, the Company can identify various
business risks faced and develop appropriate
risk mitigation to expand the business scope for
communication transformation in the digital era,
improve the risk management system on an ongoing
basis, and support business continuity.
GENERAL ILLUSTRATION
REGARDING THE RISK
MANAGEMENT SYSTEM
As a company listed on the New York Stock Exchange
(NYSE), Telkom is also required to implement risk
management that complies with the Sarbanes-Oxley
Act, significantly articles 302 and 404. Based on the
Minister of State-Owned Enterprises Regulation
No. PER-2/MBU/03/2023 regarding Guidelines for
Governance and Significant Corporate Activities
of State-Owned Enterprises, Telkom, as a state-
owned company, is also required to implement
a risk management system. Implementing a risk
management system is carried out to fulfill compliance
aspects and maintain business continuity so that it
runs well.
Telkom publishes various company policies relating
to risk management implementation arrangements,
among others:
1. Decision
of
the
Commissioners
(KAKOM
No.
7/2006
Risk
Management
regarding
the Authorities and Responsibilities of the
Commissioners,
the
Obligations
of
the
Directors regarding the Implementation of Risk
Management);
2. Resolution of the Board of Directors/Regulation
of the Board of Directors (KD 13/2009 regarding
Guidelines for the Management of SOX Sections
302 and 404, Company Management refers to
the provisions of the US SEC;
Risk Management
System
3. Regulation of the Board of Directors of a
Limited Liability Company (Persero) (Number:
614.00/r/01/HK200/COP-D0030000/2021)
regarding Company Risk Management;
4. Regulation of the Director of Finance and
Risk
Management
(PR
614.00/r.01/HK200/
COP-I0000000/2022
regarding
Guidelines
for Implementing Corporate Risk Management
(Telkom Enterprise Risk Management);
5. Standard Operation Procedure, (Number: SOP.
RMPP.03/RSG/2022) regarding the explanation
of
the
regulations
for
the
director
of
finance and risk management for corporate
companies
(Persero)
PR
614.00/r.01/HK200/
COP-I0000000/2022 regarding implementation
guidelines for enterprise risk management.
These various regulations and provisions form the
foundation for Telkom to carry out risk management,
of course referring to various existing standards and
best practices.
RISK MANAGEMENT SYSTEM
(FRAMEWORK) AND POLICY
Telkom's risk management implementation is based
on two policies: Regulation of the Board of Directors
No.
PD.614.00/r.01/HK.200/COP-D0030000/2021
dated April 30, 2021 regarding Company Risk
Management (Telkom Enterprise Risk Management)
and Regulation of the Director of Finance and
Risk
Management
No.
PR.614.00/r.01/HK200/
COP-I0000000/2022
regarding
Guidelines
for Implementing Enterprise Risk Management
(Telkom Enterprise Risk Management). Since 2021,
Telkom's risk management policy has referred to
the ISO 31000:2018 Risk Management –Principles
and Guidelines standard, which consists of 3 main
components, namely:
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Corporate Governance
1. Principle
Risk Management Principles as the foundation
for how risk management works to ensure the
creation and protection of value, including:
1) Integrated
Risk management is an integrated part of the
company's overall activities.
2) Structured and Comprehensive
In practice, the company takes a structured
and comprehensive approach to provide
consistent and comparable results.
3) Customized
The risk management framework and process
must be adapted and proportionate to
the external and internal context of the
organization in line with the company's goals.
4) Inclusive
It is necessary to involve the right stakeholders
at the right time to take their knowledge,
views, and perceptions into account, thereby
increasing awareness of risk management,
which is well-informed.
5) Dynamic
Risks can appear, change, and disappear
along with the changes in the context and
conditions of the company's internal and
external environment. The application of risk
management must be able to anticipate,
detect, acknowledge, and respond to these
changes and events in an appropriate and
timely manner.
6) Best Available Information
Risk management is based on historical,
current information, and expectations for the
future. Risk management explicitly considers
all limitations and uncertainties associated
with such information and expectations.
Information must be timely, clear, and available
to relevant stakeholders.
7) Human and Culture Factors
Behavior and culture significantly affect all
aspects of risk management at every level and
stage of the company's activities.
8) Continuous Improvement
Risk management is continuously improved
through learning and experience.
2. Framework
The framework that regulates the commitment to
the role and division of Telkom's risk management
functions includes:
1) Leadership and Commitment
i.
The Board of Directors ensures that risk
management is integrated into all activities
of the Company and must demonstrate
leadership and commitment, by:
a. Customize
and
implement
all
components of the framework;
b. Issue a statement or policy that sets out
risk management approaches, plans, or
actions;
c. Ensure that necessary resources are
allocated to manage risk;
d. Establish authority, responsibility, and
accountability at the appropriate level
within the Company.
ii. Risk management becomes inseparable
from
the
Company's
objectives,
governance, leadership and commitment,
strategy, goals, and operations.
2) Integrasi (Integration)
i.
Risk management becomes inseparable
from
the
Company's
objectives,
governance, leadership and commitment,
strategy, goals, and operations;
ii. The integration of risk management into
the Company is a dynamic and iterative
process and must be adapted to the needs
and culture of the Company.
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321
iii. Risks are managed in every part of the
Company's structure, where everyone in
the Company has the responsibility to
manage risks.
3) Design
i.
The design of the risk management
framework is carried out by examining and
understanding the external and internal
context of the Company.
ii. Authority, responsibility, and accountability
related to risk management are established
and communicated at all levels within the
Company.
iii. Authority, responsibility, and accountability
related to risk management are established
and communicated at all levels within the
Company.
iv. Management ensures the appropriate
allocation of resources for risk management.
v. The
Company
establishes
approved
communication and consulting approaches
to support the framework and facilitate
the implementation of effective risk
management.
4) Implementation
Risk management implementation requires
stakeholders' involvement and awareness, thus
allowing the Company to consider uncertainty
in decision-making explicitly.
5) Evaluation
The company evaluates the effectiveness
of the risk management framework by
periodically measuring its performance of the
risk management framework.
6) Improvement
i.
The Company monitors and adjusts the risk
management framework in anticipation of
external and internal changes.
ii. The Company is constantly improving the
suitability, adequacy, and effectiveness of
the risk management framework and how
to integrate risk management processes.
3. Context assignment - Scope, context, and
criteria;
1) Risk assessment consisting of:
i.
Risk identification
It is a process to find, recognize, and
describe risks in achieving the Company's
objectives.
Relevant,
appropriate,
and
up-to-date information is essential in
identifying risks.
ii. Risk analysis
It is a process to understand the nature
and characteristics of risk, including its
level of risk. Risk analysis involves a detailed
consideration of the uncertainty, the
source of the risk, the consequences, the
possibilities, events, scenarios, controls,
and their effectiveness. An event can have
many causes and consequences and can
also affect a variety of objectives.
iii. Risk evaluation
Is a process to support decision-making.
Risk evaluation involves comparing risk
analysis results with established risk criteria
to determine where additional measures
are needed.
2) Risk treatment
i.
Risk treatment is to select and implement
options for dealing with risk, which
consists of:
a. Risk aversion
b. Accept risk
c. Mitigating risk
d. Dividing/transferring risk
ii. The risk treatment plan should be integrated
into the Company's management plans and
processes in consultation with appropriate
stakeholders.
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Corporate Governance
3) Monitoring and review
i.
Monitoring and review are to ensure and
improve the quality and effectiveness of
the process design, implementation, and
risk management outcomes.
ii. Monitoring and review should be carried
out at all process stages, including
planning, collecting, analyzing information,
documenting
results,
and
providing
feedback.
4) Recording and Reporting
i.
The risk management process and its results
should be documented and reported
through appropriate mechanisms.
ii. Reporting is an integral part of corporate
governance. It is intended to improve the
quality of dialogue with stakeholders and
support the Board of Directors and the
Board of Commissioners in fulfilling their
responsibilities.
HEAD OF RISK MANAGEMENT DEPARTMENT’S PROFILE
ROBERTO SURYA NEGARA
Age
53 years old
Citizenship
Indonesian
Domicile
Jakarta, Indonesia
Educational Background
1996
Bachelor Degree in Economics Accounting, Faculty of Economy
Universitas Indonesia, Indonesia.
2014
Magister of Management, Universitas Gajah Mada, Indonesia
Executive Course
1. Overview of Operational Risk Management
2. Directorship Program
3. Application of Business Judgment in SOEs
4. Great Executive Development Program
Professional Certifications
2024
Certified Risk Executive Leader (CREL)
Basis of Appointment
Resolution of the Board of Directors Telkom' No. SK 220/PS000/TII-11/XI/2024 regarding
Talent Mobility Program Employee Assignment
Term of Office
November 1, 2024 – present
Work Experiences
2024 - present
SVP Risk Management, Telkom
2023 - 2024
CEO PINS
2020 - 2023
CFO Telkom Sigma
2018 - 2020
CFO Infomedia
2017 - 2018
Executive Vice President Investment & Strategic Portfolio
Telekomunikasi Indonesia International
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
323
PRAYUDI UTOMO
Age
56 years old
Citizenship
Indonesia
Domicile
Bandung, Indonesia
Educational Background
1993
Bachelor of Electrical Engineering, Universitas Gadjah Mada, Indonesia
Executive Course
1. Great Executive Development Program (GEDP), Telkom - Indonesia
2. Studium Generale : B2B IT SERVICE TREG, Telkom - Indonesia
3. Great People Development Program (GPDP) II, Telkom - Indonesia
4. Smart People Development Program - CRM, Telkom - Indonesia
Professional Certification
2023
Certified Qualified Chief Risk Officer (QCRO)
2023
Certified Professional Cert in Risk Management
2017
Certified Aplikasi KPRO & SIIS
Basis of Appointment
Resolution of Telkom Directors No. SK 783/PS720/HCB-105/2023 June 27, 2023 regarding Employee Movements
Term of Office
August 26, 2022 - present
Work Experiences
2023 - present
VP Risk Operation & Process Management
2023 - 2023
Deputy EVP Marketing Treg 2
2021 - 2023
Deputy EVP Marketing Treg 2
2021 - 2021
Senior Principal Expert Marketing & Sales Partnership
2018 - 2021
OSM Customer Touch Point
2016 - 2018
OSM Customer Interface Management
2014 - 2016
OSM Home Commerce & Caring
RINI FITRIANI
Age
47 years old
Citizenship
Indonesia
Domicile
Bandung, Indonesia
Educational Background
2009
Master of Business & Information Technology, University of Melbourne
Executive Course
Leading Digital Transformation and Innovation Programme, INSEAD - France
Professional Certifications
2024
Qualified Chief Risk Officer (QCRO), LSP MKS
Basis of Appointment
Resolution of the Board of Directors of Telkom No. SK 18/PS720/HCP-a104/2024, dated March 28, 2024, regarding
Employee Mutation
Term of Office
April 1, 2024 - present
Work Experiences
2024 - present
VP Risk Strategy & Governance – Risk Management, Telkom
2023 - 2024
Deputy Deputy SGM Finance & Asset Operation – Direktorat KMR, Telkom
2018 - 2023
VP Financial Accounting & Asset Management – Direktorat KMR, Telin
2013 - 2018
VP Accounting – Direktorat KMR, Telin
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Corporate Governance
RISK MANAGEMENT’S ORGANIZATIONAL STRUCTURE
As an initiative to strengthen risk management based on the directions and aspirations of the Ministry of SOEs
and the Board of Commissioners, Telkom's risk management governance is under the responsibility of the Risk
Management Department, which is under the Directorate of Finance & Risk Management. Appointment and
dismissal of members of the Risk Management Department are carried out by the President Director, Director
of HCM or SGM HCBP based on a Resolution of the President Director, Director of HCM or SGM HCBP. The Risk
Management Department currently has 27 employees.
Management of the risk management function is regulated in Directors Regulation No. PD.202.47/r.09/
HK250/COP-A0200000/2024 The Finance & Risk Management Directorate is responsible for several
important aspects, including the availability of functional and cross-functional business processes based
on internal control (SOX/ICoFR), governance implementation, strategic and operational risk management,
and Enterprise Risk Management (ERM). Meanwhile, the organizational structure of the Risk Management
Department in 2024 is as follows.
Director
VP
SV RM
VP Risk
Strategy &
Governance
AVP
Governance &
Quality Mgt
AVP Risk
Reporting &
Support
AVP Risk
Mgt Planning
& Policy
AVP
Operational
Risk Mgt
AVP
Process Mgt
VP Risk Strategy
& Governance
VP Risk Operation &
Process Management
Director of Finance & Risk
Management
President Director
Departemen
Risk Management
Risk Management Department Tasks And Responsibilities
SVP Risk Management
1. The Risk Management Department is led by the Senior Vice President of Risk management, referred to as
SVP Risk Management.
2. In carrying out its duties and authorities, the SVP of Risk Management is responsible for reporting to the
Director of Finance and Risk Management.
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3. SVP
Risk
Management
is
responsible
for
managing
policies,
controlling,
supervising,
and implementing risk management functions,
including the management of Enterprise Risk
Management (ERM), the implementation of
governance and quality management, business
processes, and risk management reports within
the TelkomGroup.
4. In carrying out its responsibilities, SVP Risk
Management carries out the main activities,
among others, but not limited to the following:
a. Serve as CoE and/or subject matter expert of
the Directorate of Finance & Risk Management
organization in risk management, among
others:
i.
Determining
strategies,
roadmaps,
policies, governance, and mechanisms
in risk management (Enterprise Risk
Management),
governance
&
quality
management, and process management
at TelkomGroup;
ii. Coordinating the implementation of risk
management, governance and quality
management, and process management
with related units within the TelkomGroup;
iii. Coordinating the monitoring, evaluation,
and reporting processes of management,
governance and quality management, and
process management implementation at
TelkomGroup.
b. Ensure the implementation of strategy
management and implementation of risk
management and governance with external
parties including regulators
5. In carrying out the duties and authorities
as referred to in paragraph (3), SVP Risk
Management is assisted by:
a. Vice
President
(VP)
Risk
Strategy
&
Governance; and
b. Vice President (VP) Risk Operation & Process
Management.
VP Risk Strategy & Governance
1. VP Risk Strategy & Governance is responsible for
managing Enterprise Risk Management (ERM)
at an adequate and effective strategic level and
implementing governance and quality within the
scope of TelkomGroup.
2. In carrying out its responsibilities, VP Risk Strategy
& Governance carries out the main activities,
among others, but not limited to the following:
a. Carry out the role of CoE organization of the
Directorate of Finance & Risk Management in
risk management, among others:
i.
Formulating and develop Enterprise Risk
Management (ERM) strategies, roadmaps,
policies, and architectures;
ii. Compiling and managing the Company’s
risks, including Risk Profile, Risk Factors,
RKAP, including risk management advisory
activities within the TelkomGroup;
iii. Measuring risk maturity index (RMI), risk
culture, and risk competency enhancement,
as well as integrated risk governance;
iv. Formulating
strategies,
policies,
and
mechanisms
for
Good
Corporate
Governance
(GCG)
and
quality
management
within
the
scope
of
TelkomGroup;
v. Carrying
out
advisory
functions
for
implementing
GCG
and
quality
management
within
the
scope
of
TelkomGroup.
b. Ensure the implementation of risk-based
planning management, including RJPP, CSS,
and budgeting, as well as management of unit
budgets & key performance indicators (KPI) or
management contracts (KM)
c. Ensure the implementation of coordination
with the Ministry of State-Owned Enterprises
(SOEs) and other external parties, related
to the establishment of risk strategies, risk
assessment, risk mitigation, and reporting
on the implementation of the Company’s risk
management and other purposes;
d. Develop,
assign,
and
assess
the
Key
Performance
Indicator
Risk
Management
Department and develop, manage, and update
the Application Support ERM;
e. Coordinating
and
overseeing
the
implementation of GCG & quality management
as well as mechanisms and business process
disclosure (DCP) along with its evaluation and
reporting;
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Corporate Governance
3. In carrying out its activities, VP Risk Strategy &
Governance interacts among others, but is not
limited to:
a. All units in the Company and its Subsidiaries
and other entities, including the Foundation,
in terms of managing enterprise quality
management and Good Corporate Governance
(GCG);
b. All units in the Company in terms of advisory
on the preparation of risk register units,
preparation of Risk Profile, and KPI assessment
of Risk Management Effectiveness;
c. All Subsidiaries in terms of advisory risk
management;
d. Financial Controller Unit in terms of risk
budgeting & monitoring;
e. Internal
Audit
Department
in
terms
of
auditing the effectiveness of Enterprise Risk
Management (ERM) implementation; and
f. Performance management unit determines
and
measures
KPI
Risk
Management
Department.
4. In carrying out the duties and authorities as
referred to in paragraph (3), VP Risk Strategy &
Governance is assisted by:
a. Assistant Vice Presiden (AVP) Risk Strategy &
Reporting
b. Assistant Vice Presiden (AVP) Governance &
Risk Policy
VP Risk Operation & Process Management
1. VP Risk Operation & Process Management
is responsible for managing Enterprise Risk
Management (ERM) at the operational level and
the availability of adequate and effective business
processes within the scope of the Company.
2. In carrying out its responsibilities, VP Risk
Operation & Process Management carries out the
main activities, among others, but not limited to
the following:
a. Serving as CoE and/or subject matter expert
of the Finance & Risk Management Directorate
organization on operational risk and business
process management aspects.
b. Ensuring the implementation of business risk
management, regularization notes, forms of
waiver, and IcoFR risk assessment;
c. Ensuring
the
formulation
of
strategies,
policies,
governance,
and
process
management
mechanisms
such
as
enterprise-wide processes and business unit
processes of the Company.
d. Ensuring the implementation of the review
process on risk management for compliance
and financial aspects (including hedging and
asset impairment) in TelkomGroup; and
e. Ensuring the design of the IcoFR business
process as part of the transactional level
control process and the design of entity level
control documents based on the applicable
internal control framework and SOX standards.
3. In carrying out its activities, VP Risk Operation &
Process Management interact, among others, but
is not limited to:
a. Infrastructure Management Business Unit and
Asset Management Unit in terms of business
continuity
management
and
insurance
management;
b. Customer Management Business Unit in terms
of revenue assurance and fraud management;
c. Financial controller unit in terms of risk-based
budgeting and budget management;
d. All units in terms of business risk review,
risk culture management, risk competency
enhancement, and risk management reporting;
and
e. Organizational
Development
Management
Unit,
Corporate
Policy
Management
Unit, Internal Audit Management Unit, all
operational units and subsidiaries in terms
of management and audit of the enterprise-
wide process, business unit process, cross-
functional process, and business process
ICoFR (Transactional Level Control).
4. In carrying out the duties and authorities as
referred to in paragraph (3), VP Risk Operation &
Process Management is assisted by:
a. Assistant Vice Presiden (AVP) Process
Management;
b. Assistant Vice Presiden (AVP) Financial &
Compliance Risk Management; and
c. Assistant Vice Presiden (AVP) Operational
Risk Management.
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RISK MANAGEMENT DEPARTMENT’S TRAINING AND
CERTIFICATION
Telkom regularly involves members of the Risk Management Department in various education and training
to improve the competence and quality of its members, as well as to continue to perfect the Company's
risk management system. Telkom also conducts outreach and workshops regarding risk management in
offices, divisions, and subsidiaries so that all TelkomGroup units can understand the implementation of risk
management. Various risk management training activities to be held in 2024 are as follows.
Risk Management Training in 2024
No.
Name
Organization Institution
1.
Qualified Risk Management Analyst
CRMS
2.
Qualified Risk Management Professional
CRMS
3.
Qualified Chief Risk Officer
CRMS
4.
Financial Risk Analyst for Corporation
CRMS
5.
Certified Risk Professional
Tap Kapital
6.
Certified Risk Management Professional
AAFM
Professional Certifications
The members of the Risk Management Department consist of professionals who are experts in their fields.
Until the end of 2024, there were 22 members of the Telkom Risk Management Department who have
professional certification related to risk management, including:
Professional Certifications of Members of Telkom Risk Management Department as of
December 31, 2024
No.
Member’s Name
Certification
Year of Review
Status
1.
Moh Ahmad
a. Certified in Enterprise Risk Governance (CERG)
2017
Active
b. Certified Risk Professional (CRP)
2020
Active
c. Certified Governance Professional (CGP)
2021
Active
d. Certified Risk Governance Professional (CRGP)
2022
Active
e. Financial Risk Analyst for Corporation (FRAC)
2023
Active
2.
Hendri
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
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
328
Corporate Governance
No.
Member’s Name
Certification
Year of Review
Status
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
c. Certified Quality Management System ISO 9001:2015
Lead Auditor (CQI IRCA)
2024
Active
d. Certified Project Risk Manager (CPRM)
2024
Active
9.
Tati Krisnayanti
a. Certified Risk Professional (CRP)
2020
Active
b. Financial Risk Analyst for Corporation (FRAC)
2023
Active
c. Qualified Risk Management Professional (QRMP)
2023
Active
10.
Leonard Lolo
Sutardodo
Parapat
a. Certified Governance Professional (CGP)
2021
Active
b. Qualified Risk Management Professional (QRMP)
2023
Active
c. Ahli Pembangun Integritas Muda (KPK)
2023
Active
d. PECB Certified ISO 37001 Lead Auditor
2023
Active
11.
Arie
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.
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
14.
Dimas Prasetyo
a. Certified Risk Professional (CRP)
2021
Active
b. Financial Risk Analyst for Corporation (FRAC)
2023
Active
c. Wakil Manajer Investasi (OJK)
2017
Active
d. Certified Management Accountant (CMA)
2021
Active
15.
Dear Ahmad
Adhomul S
a. Certified Risk Professional (CRP)
2023
Active
b. Financial Risk Analyst for Corporation (FRAC)
2023
Active
c. Qualified Risk Management Analyst (QRMA)
2023
Active
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No.
Member’s Name
Certification
Year of Review
Status
16.
Umar Farouk
a. Certified Risk Professional (CRP)
2023
Active
b. Qualified Risk Management Analyst (QRMA)
2023
Active
c. Financial Risk Analyst for Corporation (FRAC)
2023
Active
17.
Ardistya
Wirawan
a. Certified Risk Professional (CRP)
2022
Active
b. Financial 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
d. Certified Risk Management Professional (CRMP)
19.
Rizka Raniah
Rahmat
a. Certified Risk Professional (CRP)
2022
Active
b. Qualified Risk Management Analyst (QRMA)
2023
Active
c. Certified in Financial Risk Management
2024
20.
Niken Dwi
Trisnaningati
a. Certified Risk Professional (CRP)
2022
Active
b. Qualified Risk Management Analyst (QRMA)
2023
Active
21.
Muhammad
Azhar Ashari
a. Certified Compliance Professional (CCP)
2024
Active
In 2024, Telkom implemented a Professional
Certification program in Risk Management and
extended certification for employees who act as
key risk managers in their respective divisions and/
or sub-units.
RISK AWARENESS AND
CULTURE
Increasing Risk Aware Culture is an important factor
in achieving the Company's targets and objectives, in
line with the Strategic Plan of the Ministry of SOEs
2020-2024, especially regarding strengthening the
risk management function and GCG of SOE. A good
Risk Aware Culture can improve:
1. Organizational capability to manage measurable
risk levels.
2. Improving Corporate Governance Compliance.
3. Achievement of company performance targets.
Risk Aware Culture also applies one of AKHLAK's core
values, especially the KOMPETEN aspect, namely
continuing to learn and develop capabilities. For this
reason, the risk awareness program is carried out
in 3 categories, namely the leader journey, people
journey, and program journey.
1. Leader Journey
a. Sharing Session Involving Telkom Leaders
Telkom routinely conducts sharing sessions
involving C-Level Executives from divisions
and subsidiaries with the aim of building
a
commitment
to
risk
management
implementation.
b. Training and Certification
Telkom also strengthens risk management
through relevant training programs that are
attended by Heads of Units and Management
of Subsidiaries.
c. Webinars with External Experts
The webinar program is conducted by external
experts, both consultants, practitioners, and
academics.
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Corporate Governance
2. People Journey
a. Communicate Clearly (Compile Story)
Telkom's Risk Management Department intensively conducts advisory and also provide coaching to
Units and Subsidiaries in order to strengthen risk management through several platforms (information
listed on the platform is available in Indonesian language) including:
1) Diarium (Digital Poster)
2) Telegram Channel
b. Mandatory Digital Learning
Telkom conducts mandatory digital training related to risk management which must be attended by
all TelkomGroup entities. Besides that, after participating in digital training, awareness measurements
were also carried out in the form of a risk culture survey.
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c. New Employee Training Program
Every new employee is required to attend several trainings, one of which is regarding Risk Management.
3. Program Journey
a. Breakdown Silos
The Risk Management Department acts as an intermediary and communication center across divisions and
subsidiaries to be able to carry out collaborative cooperation in the context of mitigating corporate risk. One
form of activity that has been implemented is advisory for the alignment of strategy and risk management
of all units.
b. Assume responsibility for risk
There is a risk manager in each division and subsidiary who conducts direct identification and monitoring
so that it is expected to be able to capture all possible risks that exist in the company.
c. Utilization of technology and IT tools
Telkom has an online ERM application that is used by all divisions and subsidiaries in real time. Some of
the modules that have been developed include:
1) Telkom and Subsidiaries' Risk Register Module
2) Telkom and Subsidiaries’ Risk Reporting Module
3) Risk Project Module
4) EWS (Early Warning System) Module
5) LED Module (Loss Event Database)
6) Support Needed Module
7) Repository Module
8) Helpdesk and Ticketing Module
9) Risk Universe Module
10) Risk Taxonomy Module
332
Corporate Governance
d. Implement risk management KPIs
The Senior Leader's commitment to the implementation of risk management is evidenced by the
implementation of KPI Risk Management Effectiveness as one of the performance indicators assessed
for all BOD-1 units in Telkom. Assessment is carried out quarterly by Telkom's Risk Management
Department on the Risk Register and Risk Reporting of all BOD-1 units. The parameters used to
evaluate the effectiveness of Risk Management include completeness, quality, and reporting time
delivery.
Improvement Program of Risk Awareness
No.
Issue/Obstacle
2024
2025
1.
Awareness of Risk
Management
As many as 98% of respondents strongly
agree and agree that the responsibility
of risk culture is not only on the Risk
Management Department, but also on
each business unit of the Company.
The company created a program to develop a
risk-aware culture for employees as well as to
improve Telkom's 2025 RMI score.
The Company has myDigiLearn media as a
medium for the implementation of e-learning
and webinars in the Company with the aim
of improving competencies related to Risk
Management. The company conducts webinars
by inviting external practitioners to present
material related to risk management.
The Risk Management Department conducts
socialization to each PIC Risk in each Unit
The Risk Management Department provides
advisory advice to each unit and subsidiary
to help identify risks, develop risk mitigation
programs and monitor risks.
The company conducted a survey related to risk
awareness to TelkomGroup employees as an
assessment of the improvement that has been
carried out in 2025.
2.
Competencies
related to Risk
Management
As many as 93% of respondents strongly
agree and agree that the company
provides training programs to improve
employees' understanding in the field of
risk management.
3.
Risk management
structure
A total of 89% of respondents strongly
agree and agree that the Company has a
clear risk governance structure for each
Unit.
4.
Risk management
interactions
82% of respondents strongly agree
and
agree
that
there
has
been
effective interaction between the Risk
Management Department at the Head
Office and CFU/FU/Subsidiaries in the
Risk Management hierarchy to align risk
strategies.
RISK MANAGEMENT
DEPARTMENT’S ACTIVITIES
The Risk Management Department has carried out
its duties and responsibilities in risk management
during 2024, namely:
1. Compiling and upgrading TelkomGroup’s risk
profile.
2. Compiling CSS and RKAP risk factors.
3. Coordinating and conducting advisory activities
in the context of preparing risk registers, risk
reviews, and escorting ERM improvements both
in units and subsidiaries.
4. Updating the risk universe.
5. Conducting risk taxonomy mapping based on the
Regulation of the Minister of SOEs Number PER-
5/MBU/09/2022 concerning the Implementation
of Risk Management in State-Owned Enterprises.
6. Categorizing parent entities and entities under
TelkomGroup’s parent based on risk intensity
refers to the Regulation of the Minister of SOEs
Number PER-5/MBU/09/2022 concerning the
Implementation of Risk Management in State-
Owned Enterprises.
7. Aligning
the
implementation
of
Risk
Management with the Subsidiary.
8. Measuring the 2024 Risk Maturity at Telkom
with independent external consultants.
9. Developing Telkom’s ERM strategy and roadmap.
10. Developing and develop Risk Management
architecture (risk appetite, risk acceptance
criteria, risk tolerance, risk capacity).
11. Coordinating the risk-based budgeting unit
together with financial control.
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12. Coordinating the preparation/updating of the
BCP Set.
13 Coordinating risk assessment and business
impact analysis.
14. Evaluating and test BCP (sampling).
15. Implementing ISO 22301: BCMS Re-Certification.
16. Supporting the management of Insurance
(Property insurance, Director & Officer/D&O,
personal accident, in-orbit satellite insurance,
etc.).
17. Supporting revenue assurance.
18. Overseeing
the
implementation
of
fraud
management.
19. Performing
Risk
Assessment
Scoping
&
Significant ICOFR periodically.
20 Performing Entity Level Control (ELC) design for
ICOFR.
21. Performing design, evaluation, and remediation
of Business Process & Risk Control Matrix design
as part of ICOFR Transaction Level Control (TLC)
design.
22. Performing Risk Assessment of ICOFR’s Key
Control Business Process periodically.
23. Supervising the ICOFR Control Self-Assessment
process carried out by the Business Process
Owner.
24. Carrying out a fraud risk assessment of the ICoFR
business process.
25. Preparing risk management reporting to BOD
and BOC.
26. Preparing
risk
management
reporting
and
support the Risk Management agenda of the
Ministry of SOEs.
27. Developing and updating ERM policies and SOPs
(PR ERM, SOP ERM, guidelines for implementing
risk
assessment,
BCMS,
insurance,
fraud
management, and revenue).
28. Planning and facilitating the assessment of the
effectiveness of Risk Management management
(risk maturity assessment).
29. Preparing,
developing,
and
assessing
key
performance indicators of the Risk Management
effectiveness unit.
30. Developing policies, governance, and roadmap of
good corporate governance.
31 Formulate policies, governance, and roadmap for
quality management.
32 Formulating
policies
(including
methods),
governance, process management mechanisms,
and communication.
33. Managing, designing, and developing company
business processes (enterprise-wide process,
business unit process).
34. Reviewing the organization’s high-layer business
process.
35. Conducting risk review of business initiatives
(corporate actions, business cooperation, new
business, business problem solving, etc.).
36. Conducting Fraud Risk Assessment of New
Products/Services.
37. Preparation/Updating
of
SOP
business
continuity plan (BCP).
TYPES OF RISK AND
MANAGEMENT METHOD
The
Risk
Management
Department
identified
several strategic risks that affect Telkom's business
activities, including:
334
Corporate Governance
Table of Risk and Management Method
Type of Risk
Risks that is Faced
The Impact to Telkom
Mitigation/Risk Management
1. Systemic Risks
Political and
Social
Disruptions
to
political
stability, social, and security
turmoil
both
domestically
and
internationally
caused
by specific issues such as
geopolitical crises, trade wars,
and so on.
Has a negative impact
on
business
growth,
operations,
financial
condition,
results
of
operations, supply chain
of production equipment
and prospects, as well
as
market
prices
of
securities.
a. Monitoring the influence of socio-
political
turmoil
on
operational/
service disruptions.
b. The
maintenance
of
awareness
through the improvement of safety &
security functions.
c. Monitoring
supply
chain
issues
related to raw materials and looking
for alternatives to materials/device
designs.
Macro
Economy
Changes in the rate of inflation.
a. Affects
the
purchasing
power
and ability to pay
customers.
b. Have the impact on
the business, financial
condition,
business
result
or
business
prospect.
c. Have
a
material
adverse effect to the
business,
fi-nancial,
condition,
busi-ness
proceeds or business
prospect.
a. Monitoring
of
the
influence
of
macroeconomy to the change to
increase the expense through Cost
Leadership program.
b. To look for the opportunity to
increase the spending of APBN
pursuant to the government focus
(health, energy, education, etc).
The
fluctuation
of
Rupiah
Exchange rate
Increase in energy and fuel
prices
Increase in loan interest rates
The decrease of government
or Company’s credit rating
Penurunan peringkat kredit
pemerintah atau Perseroan.
Risk of Disaster
Natural
disasters
such
as
floods, lightning, hurricanes,
earthquakes,
tsunamis,
volcanic eruptions, epidemics,
fires, droughts and pandemics,
as well as other events such as
power outages, riots, terrorist
attacks, which are beyond
Telkom's control.
Disrupting its business
opera-tions
and
give
negative impact to the
financial performance and
profit, business prospect
as well as market price of
se-curities.
a. Monitoring indicators that have the
potential to cause disturbances to
equipment such as device humidity
and temperature, ship traffic on the
SKKL route through the system.
b. Transfer of risk by using 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.
Sustainability
Implementation
of
ESG
&
Climate Change strategy is
not in accordance with IFRS
standards
Telkom may be subject
to
legal
sanctions
or
fines
from
regulatory
authorities
a. Fulfillment of employee capacity and
capability to implement ESG based on
applicable standards/requirements at
NYSE and IDX.
b. Develop
information
systems
to
support the fulfillment of ESG data
metrics and reporting.
c. Improve collaboration and synergy
across
entities
to
support
the
achievement of ESG targets.
d. Improve
communication
with
assessors and ESG Rating institutions.
e. Integrate
climate
risk
and
its
mitigation into Telkom's Risk Profile.
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Type of Risk
Risks that is Faced
The Impact to Telkom
Mitigation/Risk Management
2. Business Related Risks
Operational
Risk
The failure in the sustaina-
bility of network operation,
main
system,
gateway
on
Telkom’s network, or other
operator’s network.
Has the negative impact
to the business, financial
condition,
proceeds
from the operation and
business prospect.
a. Implementation of BCM, BCP, and
DRP.
b. Certification
of
Integrated
Management
System
(IMS)
for
infrastructure management.
Threat of physical and cyber
security, such as brute force
attack,
DDoS
attack,
and
threats do Data Center.
Has the negative impact
to the business, financial
condition, result from the
operation materially.
a. The upgrade of preventive action in
the form of vulnerability assessment
and penetra-tion test periodically.
b. Monitor and identify all types of
attack in the realtime as well as to
choose and conduct a necessary
action immediately.
c. Preparing the recommendation to
handle cyber attack based on the
historical incident analysis.
d. Intensive coordination with relevant
parties to handle the cyber attack.
Risks related to sub-optimal
internet services.
May face a lawsuit and
damage the reputation.
To be more prudent in the prepa-ration of
contract with content provider partner.
New technology.
Has an impact on the
competi-tive power.
a. The
preparation
of
Technology
Roadmap by taking into ac-count
future technologies and the possible
implementation
of
competitor’s
technologies.
b. Acceleration of IDN (Indonesia Digital
Network) program to support future
services.
The limit of operation period,
damage or ruin, delay or failure
to launch, or the revocation of
satellite license.
Can create loss to financial
condition,
operation
result and capability to
give services.
a. The planning to change the satellite
of which operation period will be
immediately expired.
b. The insurance of satellite op-eration
during the active period.
c. Insurance for manufacturing and
launching of new satellite.
d. Developing the understanding with
regulator in relation to the satellite
operation by Telkom.
Financial Risk
Interest rate risk.
Has
an
impact
on
increasing
interest
expenses, especially for
floating interest loans.
Interest rate swap contract from the float
interest rate to become the fix interest
rate upon certain loan term.
Market price risk.
Has an impact of changes
in
fair
value
on
the
performance of financial
assets measured through
profit or loss.
Perform hedging activities of fi-nancial
assets.
Foreign exchange rate risk.
Has negative impact on
the financial condition or
result from the operation.
Placement of time deposit and hedging
to cover the fluctuation risk of foreign
exchange.
Credit
risk
mainly
from
trade receivables and other
receivables.
Adverse
impact
on
financial
condition,
operational performance
and business prospects.
Continuous
monitoring
of
accounts
receivable balances and periodic billing.
336
Corporate Governance
Type of Risk
Risks that is Faced
The Impact to Telkom
Mitigation/Risk Management
Liquidity risk.
Has an impact on the
ability to meet financial
obligations when these
financial liabilities mature.
a. Maintaining adequate cash balances
in an effort to fulfill fi-nancial
liabilities.
b. Perform
analysis
to
monitor
statement
of
financial
position
liquidity ratios such as current ratio
and debt to equity ratio against debt
agreement requirements.
The limitation of financing the
capital expenditures.
Has a material adverse
effect to the business,
financial
condition,
operational performance,
and business prospect.
Maintaining and improving the Company’s
performance to gain trust from national
or global fund institution sources.
Legal and
Compliance
Risk
Penalty/fine
by
KPPU
in
relation to the price-fixing and
the occurrence of class action.
Reducing
Telkom’s
revenue and has negative
impact to the business,
reputation, and profit.
Strengthening
legal
review
towards
corporate action plan or certain contract.
Civil
lawsuits
from
third
parties (vendors, partners or
cooperation partners)
It lowers Telkom's revenue
and negatively impacts its
business, reputation, and
profits.
Strengthening
legal
review
of
engagement
documents
with
third
parties and escorting the settlement
of rights and obligations according to
contracts.
Administrative
sanctions
for the implementation of
business activities
It lowers Telkom's revenue
and negatively impacts its
business, reputation, and
profits.
Complete
all
necessary
permits
in
the context of the implementation of
business activities.
Regulation Risk
The change of Indonesian or
International Regulation.
Has the impact to the
business,
financial
condition,
operational
performance,
and
business prospect.
a. Analysis on the impact of the
regulation plan towards the industry
in general and Telkom in particular.
b. Giving inputs so that the regulation
that will be stipulated will give
positive impact to the Company and
industry.
Transformation
Risk
The
failure
of
significant
business and organizational
transformation initiatives.
Has
an
impact
on
business
growth
and
the company's financial
performance in the short
and long term.
a. Market Assessment and strategic
situation analysis on transformation
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.
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RISK MANAGEMENT
SYSTEM’S REVIEW ON THE
EFFECTIVENESS
During 2024, Telkom's risk management system has
been effective in managing Telkom's various business
risks to support every policy and process in the
TelkomGroup. Telkom uses several risk management
tools or information systems, including:
1. Generic Tools Enterprise Risk Management
Online (ERM Online) which is used by all units for
Risk Register management.
2. Specific Tools for specific risk management
purposes e.g.:
a. The Fraud Management System (FRAMES)
application is used for the early detection
system of potential Customer and Third-
Party Fraud.
b. The Online Quality Document Information
System (Sidomo) is a web application
that stores quality documents to ensure
that Quality Management System (SMM)
documents within the Digital Connectivity
Service Division are always controlled and
become uncontrollable when printed.
c. ICCA is a tool or application used to facilitate
the self-assessment process and enable
timely reporting of assessment results.
d. EITA (Enterprise IT Acquisition) Application
is an application that manages the logic
of data, applications and infrastructure,
which is summarized in a set of policies and
technical choices to achieve the company's
business goals, technical standardization and
integration.
Telkom has also carried out an assessment
process for the effectiveness of risk management
implementation in 2024, namely:
1. Measurement Risk Maturity Index (RMI).
2. Monitoring and evaluation of the effectiveness
of risk mitigation through the ERM Online
application.
3. Evaluation/discussion and advisory on a one-on-
one basis with business units as needed.
4. Reporting and evaluation together with the
BOD and the Planning and Risk Evaluation and
Monitoring Committee (KEMPR).
5 Preparation and reporting of contingency plan
2024 documents.
STATEMENT OF BOARD OF
DIRECTORS AND BOARD
OF COMMISSIONERS
ON ADEQUACY OF RISK
MANAGEMENT SYSTEM
The Board of Directors and Board of Commissioners,
through the Planning and Risk Evaluation and
Monitoring Committee (KEMPR), regularly hold
meetings with the Risk Management Department
to discuss risk monitoring throughout the Company.
These meetings also cover follow-up actions taken
by risk owners in an effort to minimize identified
risks. The Risk Management Department reports the
results of risk monitoring to the Board of Directors
and Board of Commissioners on a quarterly basis,
ensuring that risk management is carried out
effectively and sustainably.
338
Corporate Governance
1. Adequacy of Risk Management Information System
The risk management system implemented in the Company refers to the ISO 31000:2018 framework
and adopts various international standards to ensure the best implementation of risk management. The
preparation of the company's risk register and risk profile has utilized the ERM Online application, as well
as the monitoring and evaluation process as well as the dashboard.
2. Adequacy of Risk Identification, Measurement, Monitoring, and Control Processes
The Board of Directors through the Internal Audit function has carry out inspections, evaluations, reports,
and/or recommendations for improvement of adequacy and the effectiveness of the risk management
process then followed up through evaluation by the Evaluation Committee and Planning and Risk
Monitoring.
TELKOM'S RISK APPETITE STATEMENT
Attitude
Risk Appetite Statement Telkom
Intolerance
1. TelkomGroup is intolerant in terms of integrity and compliance, including damage to the environment
and negligence in cybersecurity and personal data protection that can affect the company's
reputation.
2. TelkomGroup is committed to meeting the dividend payment target to SOEs in accordance with the
set target.
Conservative
1. TelkomGroup strives to optimize the management and development of digital connectivity business.
2. TelkomGroup is committed to fulfilling its financial obligations and maintaining a healthy financial
structure and maintaining business continuity.
Moderate
1. TelkomGroup strives to optimize the management and development of digital platforms & digital
services.
2. TelkomGroup SOEs optimize the management of market and macroeconomic volatility by accepting
the consequences of burdens in a measurable manner.
Strategic
1. TelkomGroup has conducted a careful risk calculation, increased capital cost increase (CAPEX)
with reasonable and measurable risks commensurate with investment returns, and increased ESG
implementation.
PT TELKOM INDONESIA (PERSERO) TBK
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2024
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Throughout 2024, Telkom faced 223 legal cases
consisting of 98 criminal law cases and 125 civil
law cases. Among these cases, 96 cases are a
continuation of cases from the previous period,
while the remaining 127 cases are cases that began
in 2024. Until the end of 2024, there are 125 cases
that have not been completed, and the process will
continue for the next period.
In addition to the above matters, in October 2023,
the Company received a document request from
the U.S. Securities and Exchange Commission
(“SEC”) as it relates to Telkominfra’s involvement
in a project with the Indonesian Information and
Telecommunication Accessibility Agency of the
Ministry of Communication and Information (“BAKTI
Kominfo”) regarding the provision of 4G Base
Transceiver Station (“BTS”) infrastructure. The
SEC has since expanded its investigation to include
accounting and disclosures issues relating to our
revenue recognition and financial reporting practices
and internal control over financial reporting, as
well as public reports regarding certain Indonesian
legal proceedings involving our Company, various
subsidiaries and affiliates, and certain of our clients
Significant
Legal Disputes
and suppliers. Beginning in May 2024, the Company
also received additional requests for information
from the U.S. Department of Justice (“DOJ”)
focused on compliance with the U.S. Foreign Corrupt
Practices Act (“FCPA”).
The Company cannot predict the duration, outcome
or impact of these investigations on our business,
including whether they will have a material impact
on the Company’s audited consolidated financial
statements. Furthermore, in February 2025, the
U.S. administration issued an executive order titled,
“Pausing Foreign Corrupt Practices Act Enforcement
to Further American Economic and National
Security,” pausing the DOJ’s enforcement of the
FCPA for 180 days (which period can be renewed an
additional 180 days) until the U.S. Attorney General
issues revised FCPA enforcement guidance. Due to
the changing nature of and uncertainties related to
the regulatory environment, we cannot be certain
if or not the DOJ’s enforcement of the FCPA will
change or its impact on the outcome of the DOJ’s
investigations into our business. It is additionally
uncertain
whether
our
Company,
affiliates,
employees, agents, or contractors would meet the
requirements of any individual exception to the
FCPA enforcement moratorium.
340
Corporate Governance
Furthermore, while an investigation or inquiry
by the SEC or DOJ should not be construed as an
indication by the SEC or the DOJ that any violation
of law has occurred, nor as a reflection upon any
person, entity or security, publicity surrounding the
foregoing, any SEC or DOJ enforcement action or
settlement as a result of these investigations, even
if ultimately resolved favorably for us, could have
an adverse impact on our reputation, business,
prospects, financial condition, and results of
operations.
We are also cooperating with and have in certain
instances self-reported various matters involving
alleged or potential violations of Indonesian
laws and regulations by our business units and
subsidiaries and affiliates, including anti-corruption,
alleged fraud, embezzlement and issues associated
with accounts receivable, some of which are related
to the above-described matters investigated by
the SEC and the DOJ, to government authorities
in Indonesia, including the Indonesian National
Police, Public Prosecution Service and Corruption
Eradication Commission. The length, scope or
results of these self-disclosures and proceedings, or
their impact on our results of operations, business
or financial condition remain uncertain.
Although the outcome of this process is not yet
certain, management emphasizes its commitment
to
continue
to
follow
the
entire
process
transparently, maintain compliance with applicable
regulations, and prudently manage all potential
legal, financial and reputational risks.
Recapitulation of Lawsuits Cases in 2022 - 2024
Status
Legal Issues
2024
2023
2022
Criminal
Civil*
Criminal
Civil*
Criminal
Civil*
In process
62
63
42
55
18
44
Closed
36
62
13
43
27
27
Sub Total
98
125
55
98
45
71
Total
223
153
116
Remark:
* Combination of Civil and Non-Litigation Cases.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
341
CODE OF CONDUCT’S IMPLEMENTATION FOR BOARD OF
DIRECTORS, BOARD OF COMMISSIONERS AND EMPLOYEES
Based on the Sarbanes-Oxley Act (SOX) 2002 section 406, Telkom has a code of ethics regulated in
the Board of Directors Regulation No. PD.201.01/r.00/PS150/COP-B0400000/2014 regarding Business
Ethics within the TelkomGroup and the Regulation of the Director of Human Capital Management No.
PR.209.05/r.02/HK250/COP-A4000000/2024 regarding Employee Discipline.
Telkom's code of ethics regulates business ethics for the external environment (customers, suppliers,
contractors, and other external parties) as well as employee work ethics for the internal environment
that applies to all members of the Board of Directors, members of the Board of Commissioners, and
the extended family of Telkom employees. Telkom requires all internal parties to sign an Integrity Pact
which contains the commitment of employees and management not to violate the integrity and code
of ethics set. This Integrity Pact is stated in the Resolution of the Board of Directors No. KD.36/HK290/
COP-D0053000/2009.
CODE OF CONDUCT’S PRINCIPLES
The Telkom Code of Conduct, which applies, among others, regulates the main matters regarding:
1. Employee Ethics
The system of values or norms that are used by all employees and leaders in the daily work.
2. Business Ethics
The system of values or norms that are upheld by the Company as guidelines for the company, management,
and its employees to interact with the surrounding business environment.
DISSEMINATION OF THE CODE OF ETHICS AND ITS EFFORTS
TO ENFORCEMENT
Every Telkom employee who violates the code of ethics will potentially receive sanctions after going through
an investigation process and various considerations. The following table presents Telkom's code of ethics,
which regulates provisions related to sanctions for each type of violation.
No.
Main Thing
Type of Violation
Penalty
1.
Employee Work Ethics
1.
Misdemeanor
Light Discipline Punishment
2.
Moderate Violation
Moderate Discipline Punishment
3.
Serious Violation
Severe Discipline Punishment
2.
Business Ethics
1.
Insider Trading
Integrity Committee Decision
2.
Conflict of Interest
Employee Discipline Committee
Decision
3.
Window Dressing
Integrity Committee Decision
4.
Do gratuities
Employee Discipline Committee
Decision
Corporate Code
of Conduct
342
Corporate Governance
EFFORTS TO DISSEMINATION OF CODE OF CONDUCT
Every year, Telkom management sends outreach materials to all employees at TelkomGroup regarding
understanding of GCG, Business Ethics, Integrity Pact, Fraud, Risk Management, Internal Control (SOX),
Whistleblowing, Prohibition of Gratification, IT Governance, Information Security, Anti-Bribery Management
System and other matters. Others related to ethics and corporate governance practices.
Telkom implements an obligation for every employee to create an Integrity Pact, which is filled out and signed
by all employees every year as long as they are still employees of TelkomGroup. Telkom also carries out business
ethics outreach through various media and e-learning, which also includes awareness of the implementation
of SNI ISO 37001:2016 Anti-Bribery Management System (SMAP).
Table of Code of Conduct Socialization 2024
No.
Oncoming
Amount Reached
1.
E-learning
6,414/6,414
2.
Face to face (training, communication forum/workshop)
66/6,414
3.
Socialization material through the intranet portal
6,414/6,414
REPORT ON RESULTS OF APPLICATION OF CODE OF CONDUCT
In 2024, Telkom will process as many as 21 cases of violations of the code of ethics and employee discipline
involving 131 perpetrators. Of these, 16 cases have been decided while 5 other cases are still in process. The
employees who have received the decision are as many as 104 perpetrators while 27 other perpetrators are still
in process. This number shows a significant increase in case settlement compared to the previous year, where
from 17 cases with 101 perpetrators there are still 14 cases involving 75 employees who are still in process.
Therefore, Telkom continues to make various efforts to improve the quality of internal control to reduce the
number of violations of the code of ethics in the future.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
343
Results of Code of Conduct in 2024
No.
Form of Code Violation
Number of Code Violations
Sanctions Given
1.
Misuse of Goods/
Assets/Money/
Authority-Position
16 cases
Disciplinary Punishment:
Minor
: 3
Medium
: 17
Severe
: 35
Acquitted
: 44
On progress
: 27
2.
Absenteeism
2 cases
Dismissal
: -
Acquitted
: 2
3.
Criminal Case
1 case
Severe
: 1
4.
Violations of Moral
Norms
2 cases
Severe
: 2
5.
Others
0 case
Disciplinary Punishment:
Minor
: -
Medium
: -
Severe
: -
Acquitted
: -
On progress
: -
344
Corporate Governance
Telkom has a policy of providing long-term,
performance-based compensation for employees
and
management
through
share
ownership
programs, namely the Employee Stock Ownership
Program (ESOP) and Management Stock Ownership
Program (MSOP). The program aims to foster a sense
of belonging and retain and appreciate employee
contributions. This share ownership program started
in 1995 when Telkom conducted an Initial Public
Offering (IPO) and was carried out again on June
14, 2013. The conditions for implementing the ESOP
carried out in 2013 were:
1. Number of Shares
Number of shares offered during ESOP program
period in 2013 was 64,284,000 Series B stock
which were the result of buyback phase III or
Treasury Stock.
The amount was allocated to each participant
with the following conditions:
a. Participants have an active status, referring
to the Band Position level, Role Category,
and participant's contribution period as of
December 31, 2012; temporary
b. Participants
have
a
non-active
status,
referring to the Band Position level and the
contribution period during 2012, except in
the event that the person concerned dies, the
contribution is calculated at 100%.
Regarding the stock transfer process, employees
who become program participants are subject to
the provisions of the Lock-Up Period based on
the following levels:
a. Level BP I and II are subject to a Lock Up Period
of 12 (twelve) months;
b. Level BP III and IV are subject to a Lock Up
Period of 6 (six) months;
Employee Stock
Ownership Program
c. Levels BP V to VII are subject to a Lock Up
Period of 3 (three) months.
2. Execution Time
Telkom stock ownership program by employees
and/or management was implemented on June
14, 2013.
3. Employee and/or Management Requirements in
Telkom Stock Ownership Program
a. Meet Eligibility Criteria:
i.
Employees of Company and Employees
of Subsidiaries/Affiliates whose financial
statements are consolidated in Telkom
Financial Statements;
ii. Directors of Subsidiaries/Affiliates whose
financial statements are consolidated,
except BOD/BOC Telkom and Telkomsel.
b. Have contributed at least 1 month in 2012;
c. In the event that employee has an inactive
status in 2013, then:
i.
The person concerned is still entitled
to participate in the program, with
the
allocation
of
stock
calculated
proportionally
according
to
the
contribution of the person concerned in
2012;
ii. The person concerned did not quit at his
own request (APS), was dismissed due to
a serious violation of employee discipline,
and/or quit because he was appointed as
the Board of Directors of a SOE.
d. The program is optional with conditions: the
right to buy is non-transferable and void if it is
not used during the offer period.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
345
Each member of the Board of Directors and Board
of Commissioners of Telkom has reported to the
Financial Services Authority, either directly or
indirectly, regarding ownership and any changes in
ownership of Public Company shares in accordance
with the provisions of FSA Regulation No. 11/
POJK.04/2017 regarding Ownership Reports or
Any Changes in Ownership of Public Company
Shares by the Board of Directors and Board of
Commissioners. Provisions regarding reporting of
share ownership are also regulated internally in the
Board Manual for the Board of Directors and Board
of Commissioners as stated in the Joint Regulation
of the Board of Commissioners and Directors No.
05/KEP/DK/2022 and No. PD.620.00/r.01/HK200/
COP-M4000000/2022 regarding Guidelines for the
Work Procedures of the Board of Commissioners and
Directors (Board Manual) of the Company (Persero)
PT Telekomunikasi Indonesia, Tbk.
Policy Regarding Reporting
Share Ownership of Directors and
Commissioners
The Company routinely reports on the share
ownership of members of the Board of Directors
and members of the Board of Commissioners every
month. It is disclosed in the Annual Report and
Financial Report. In the Annual Report for Fiscal
Year 2023, Telkom reports information on share
ownership by members of the Board of Directors
and Board of Commissioners, as well as changes in
the "Shareholder Composition" section.
All members of the Board of Directors and Board
of Commissioners must report changes in their
share ownership no later than three working days
after the ownership or change in ownership of the
Public Listed Company's shares. This policy applies
to all members of the Board of Directors and
Board of Commissioners. In 2023 and 2024, several
members of the Board of Directors and Board of
Commissioners received Long Term Incentives (LTI)
and deferred Tantiem in the form of Telkom shares.
4. Execution Pricing or Pricing
Whereas, in the implementation of employee stock ownership program in 2013, Telkom set a stock transfer
price of Rp10,714 (ten thousand seven hundred and fourteen rupiah), which is 90% of the average closing
price of stock trading for a period of 25 days prior to the price fixing date.
No.
Date
Number of Employees
Number of Shares
Stock Value
1.
November 14, 1995
43,218
116,666,475 shares
Rp239 billion
2.
June 14, 2013
24,993
59,811,400 shares
(equivalent to 299,057,000
shares after a stock split)
Rp661 billion
346
Corporate Governance
Telkom has established a whistleblowing system
(WBS) since 2006 as a follow-up to the Sarbanes-
Oxley Act of 2002. This WBS is part of Telkom's
efforts to prevent fraud and provide a medium for all
individuals within Telkom and third parties to report
violations, fraud, or other forms of ethical violations
related to TelkomGroup.
As part of continuous improvement, on January 31,
2022, Telkom launched Telkom Integrity Line, the
latest version of the WBS, with the involvement
of Deloitte as an Independent Consultant. The
policies and procedures of this system are regulated
through the Decision of the Board of Commissioners
Number
01/KEP/DK/2022
dated
January
25,
Whistleblowing System
2022, and ratified through the Regulation of the
Board of Directors Number PD.622/r.00/HK200/
COP-C0000000/2022 on February 22, 2022. The
Company is updating the policies and procedures for
handling WBS to be relevant to the latest regulatory
developments.
One of the regulatory considerations that Telkom
pays attention to in revising WBS policies and
procedures is POJK Number 12 of 2024 regarding the
Implementation of Anti Fraud Strategies for Financial
Services Institutions. Although the Company is not a
financial institution, the important things regulated
in the POJK are relevant to be applied in Telkom.
DELIVERING A VIOLATION REPORT
The channels for the Telkom Integrity Line reporting system include:
Website
https://id.deloitte-halo.com/telkomwbs/
Hotline
(021) 5088 4601
Faksimile
(021) 5088 4602
E-mail
telkomwbs@tipoffs.info
PO Box
Telkom Integrity Line
PO Box 2800
JKP 10028
SMS
0813 9000 3217
WhatsApp
0813 9000 3217
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
347
Types of complaints that can be followed up
through the WBS mechanism are complaints related
to alleged violations and/or fraud that have the
potential to cause Telkom losses, both material
losses and immaterial losses, including:
1. Fraud is a speech or action in the form of fraud,
fraud, conflict of interest, or the use of something
in any form illegally to obtain material or
immaterial benefits that should not be obtained
or to avoid obligations that should be completed
that result in harm to the TelkomGroup. Types of
acts that are classified as fraud include:
a. Corruption includes:
i.
Conflict of interest that is detrimental to
the company and/or consumers;
ii. Bribery;
iii. Invalid admission; and/or
iv. Extortion.
b. Asset abuse includes:
i.
Misuse of cash;
ii. Misuse of supplies; and/or
iii. Misuse of other assets.
c. Financial statement fraud includes:
i.
Excess net worth and/or net income; or
ii. Reduce net worth and/or net income.
d. Deceit;
e. Leakage of confidential information; and/or
Other actions that can be equated with fraud
in accordance with the provisions of laws and
regulations.
2. Accounting problems and internal control over
financial reporting that have the potential to
result in material misstatements in the company's
financial statements other than those described
in point 1.c;
3. Audit problems, especially those related to the
independence of Public Accounting Firms;
4. Violations of capital market laws and regulations
related to the company's operations;
5. Violation of internal regulations that have the
potential to result in losses to the company;
6. Uncommendable
behavior
of
the
Board
of Commissioners, Organs of the Board of
Commissioners, Board of Directors, Management
and employees of the company such as but not
limited to: abuse of position, and/or providing
misleading information to the public that directly
or indirectly has the potential to tarnish the
reputation and/or cause losses to the company;
7. Offensive actions or behaviors such as degrading,
insulting, harassing or humiliating someone, and
are identified as inappropriate within social and
moral norms.
PROTECTION FOR
WHISTLEBLOWERS
Telkom always prioritizes confidentiality and the
principle of presumption of innocence in following
up on every report submitted through WBS. This is
done to encourage all parties to have courage and
feel safe without fear or worry in submitting violation
reports and is one of the aspects that are of concern
to the cooperation between Telkom Integrated TPK
and the KPK. Telkom has included a protection policy
for whistleblowers in the draft policy for handling
complaints of alleged violations (Whistleblowing
System).
COMPLAINT HANDLING
Telkom's
WBS
mechanism
is
under
the
responsibility of the Audit Committee and refers
to Financial Service Authority Regulation Number
55/POJK.04/2015 and Sarbanes-Oxley Act 2002
Section 301 regarding the Public Company Audit
Committee.
To fulfill a complaint report that is responsible and not
defamatory, Telkom determines the requirements
for complaints with reports supported by sufficient
evidence. Reports can be followed up immediately
if the type of complaint is in accordance with the
scope of the Whistleblowing System mechanism,
supporting evidence can be relied on as preliminary
data for further examination. Some WBS complaints
cannot be followed up due to incomplete, inaccurate
and unreliable data and information.
348
Corporate Governance
COMPLAINT HANDLING MECHANISM
PROSES INVESTIGASI
PROSES INVESTIGASI
Mulai
Mulai
Proses
Penunjukan
Tenaga ahli
Tidak
Tidak
Tidak
Tidak
Tidak
Tidak
Tidak
CC
Ya
Ya
Ya
Ya
Ya
Ya
Ya
Perlu Ahli?
Menyusul Tim
Investigasi
Persetujuan
Tindak Lanjut
Komite
Audit
Direktur
Utama
Komite
Investigasi
Subsidiary
HR
UBIS
Persetujuan
Tindak Lanjut
Pembahasan
di Subsidiary
TL Gabungan
Laporan Hasil
Audit
Laporan KEKD
TL?
Surat Jawaban
Investigasi oleh
Subsidiary
KEKD
Subsidiary
Surat DIRUT ke
Subsidiary Cc.
1. DIRUT Terkait
2. Komite Audit
3. IA Subsidiary
Tenaga Ahli
Pelaksanaan
Investigasi
TL?
Arsip
KEKD?
Nota TL
Tim
Gabungan?
KEKD
Gabungan
Dokumentasi
Laporan KEKD
TL Ubis
Laporan TL
Nota TL
Bahan
Evaluasi
Laporan Hasil
Investigasi
Laporan TL
Selesai
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
349
THE PARTY THAT MANAGES
THE COMPLAINT
Telkom's WBS mechanism is managed by the
Audit Committee, Internal Audit Department,
Investigation
Committee,
and
Independent
Consultant/Third
Party
and
implemented
by
each party in accordance with their respective
responsibilities.
The Audit Committee is a Committee formed by the
Board of Commissioners of PT Telkom Indonesia Tbk
to oversee the quality and integrity of the company's
financial reporting with the scope of its duties
covering all companies within the TelkomGroup and
follow up on complaints received according to its
authority.
The Internal Audit Department is an organization
appointed to monitor all complaints received from
Independent Consultants who manage the receipt
of complaints from all WBS channels and follow up on
complaints in accordance with their authority.
The Investigation Committee is a Committee formed
by the President Director of the Company to follow
up on the Audit Report on complaints that require a
further investigative audit process according to its
authority. Consultants/Independent Third Parties
are third parties appointed by Telkom to participate
and play an active role in receiving and distributing
complaints and/or playing an active role in the
complaint resolution process received through the
complaint management system.
The Audit Committee plays a role in:
1. Together
with
the
Consultant/Third
Party
managing the complaint report, receive and
submit qualified complaint reports to the Internal
Audit Department or other Independent Parties
for examination;
2. Monitoring the progress of the examination
process on complaint reports;
3. Evaluaate and decide whether the results
of the Internal Audit Department's or other
independent
investigations'
investigations
require further investigation processes, or do
not require further investigation processes and
are kept on file;
4. Drafting an internal investigation request letter
to the President Director for an investigation
process that does not require the assistance of
an independent party. Furthermore, the President
Director assigns the Investigation Committee to
conduct an investigative audit; and
5. Seek the approval of the Board of Commissioners
for an investigation process that requires the
assistance of an independent party. In the event
that the Board of Commissioners approves, it will
be continued by conducting a selection process,
appointing and assigning selected Independent
Consultants/Third
Parties
to
conduct
investigations and report the results.
The Internal Audit Department plays a role in:
1. Conducting
an
examination
of
complaint
reports received from the Audit Committee or
Consultants/Third Parties managing complaint
reports;
2. Collaborate with relevant units to ensure the
correctness of complaint reports, prove the
existence or absence of violations and subsequent
follow-up;
3. If in the audit process there is a need to conduct
an in-depth investigation through an Investigative
Audit, then the SVP of Internal Audit can report
the matter to the President Director, who will then
assign the Investigation Committee to carry out
the investigative audit; and
4. Reporting the results of the audit and close the
Complaint Report through the Complaint Report
system which can be accessed and analyzed by
the Audit Committee for further follow-up.
The Investigative Committee is responsible for:
1. Examine the problems and results of the
examination of complaint reports that require an
investigative audit process. If the investigation
process concerns individuals and/or units in the
Subsidiary, the Investigation Committee will
submit to the Commissioners and Directors of the
Subsidiary concerned;
2. Forming an Investigation Team to conduct an
investigative audit process in accordance with the
authority referring to applicable regulations. The
Investigation Team may consist of Personnel from
the Subsidiary as needed;
350
Corporate Governance
3. Submit the Investigation Report to the President
Director and/or the Audit Committee as material
for the evaluation of the company's management
to be followed up to the next stage.
Consultants/Third Parties appointed as complaint
report managers play a role in:
1. Receive and distribute incoming complaints from
all Telkom Integrity Line channels.
2. Conduct an initial review and verification
to ensure that the complaint has met the
requirements to be designated as a valid
complaint and will be further processed.
3. Keeping
an
archive
of
whistleblowing
management including complaints that do not
meet the requirements.
4. Monitor
the
complaint
resolution
process
received through the complaint management
system.
THE COMPLAINT HANDLING
PROCEDURES
1. Unit or third party appointed as the party
responsible for receiving complaints in the
whistleblowing
system
monitors
incoming
complaints from all existing reporting channels;
2. The complaints received are reviewed and
verified to ensure that the complaint meets
the requirements to be determined as a valid
complaint
and
will
be
processed
further.
Meanwhile, complaints that do not meet the
requirements are not processed and stored as
archives for the Whistleblowing Manager;
3. Complaints that meet the requirements and
will be processed further, are sorted based on
the level/levelling being complained about and
submitted to:
a. The Board of Commissioners through the
Audit Committee, for complaints against one
or more members of the Board of Directors
of Telkom (including the Main Director),
employees on duty at Telkom's Internal Audit
Unit or employees within the supporting
organs of the Board of Commissioners;
b. Main Director of Telkom through SVP
Internal Audit, for all complaints against
all
TelkomGroup
employees
including
members of the Board of Directors and/or
Commissioners of Subsidiaries, except for
Telkom Directors and Telkom employees who
serve in the Internal Audit Unit; and
c. Ministry of SOE, for complaints against the
Board of Commissioners.
4. For complaints that meet the requirements as
referred to in points 3.a. and 3.b. above, audits
are carried out by the Internal Audit Department
or other independent parties if necessary
5. The Internal Audit Department reports the
results of examinations and closes Complaint
Reports through the Complaint Report system,
which can be accessed and further analysed by
the Audit Committee for further follow-up;
6. Based on the results of the inspection by the
Internal Audit Department or an independent
party, the Audit Committee will evaluate and
decide whether the results of the audit need to
be followed up and processed further through an
investigative audit or whether there is no need for
a further investigation process and will be stored
as an archive;
7. If it is decided to carry out an investigative audit
process that does not require the assistance of
an independent party, the Audit Committee and/
or SVP Internal Audit can make a letter requesting
an internal investigation to the President Director,
who will then assign the Investigation Committee
to carry out the Investigation audit process and
prepare an Investigation Result's Report;
8. If it is decided to carry out an investigative
audit process that requires the assistance of
an independent party, the Audit Committee
will request approval from the Board of
Commissioners. If the Board of Commissioners
approves, the Audit Committee will select,
appoint, and assign selected Consultants/
Independent Parties to conduct investigative
audits and prepare Investigation Results Reports.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
351
INVESTIGATION 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:
1. Review problems and examination results of
complaint reports that require an investigative
audit process. If the investigation process
concerns personnel and/or units in a subsidiary,
the Investigation Committee will convey it to the
Commissioners and Directors of the subsidiary in
question;
2. Form an Investigation Team to carry out an
investigative audit process in accordance with
the authority referring to applicable regulations.
The Investigation Team can consist of personnel
from subsidiaries as needed;
3. Submit the Investigation Results Report to the
President Director, and/or Audit Committee as
evaluation material for company management to
be followed up to the next stage;
4. If expert assistance is required to carry out the
investigative audit process, the Investigation
Committee may request the Main Director
to process the appointment and assignment
of a Team of Experts to assist in handling the
investigative audit process.
COOPERATION HANDLING OF
INTEGRATED WBS
Telkom, together with 26 other SOEs and the
Corruption Eradication Commission (KPK), signed
a Perjanjian Kerja Sama (PKS) on March 2, 2021.
This PKS aims to be an effort to eradicate criminal
acts of corruption through the implementation of
an integrated WBS. The scope of this collaboration
includes:
1. Formulation and/or strengthening of the internal
rules for handling complaints;
2. Commitment
to
complaint
handling
management;
3. Handling complaint through application;
4. Coordination and joint activities for handling
complaints; and
5. Exchange of data and/or information.
As part of this cooperation, the Corruption
Eradication
Commission
of
the
Republic
of
Indonesia (KPK RI) carried out Monitoring and
Evaluation activities on 12 December 2024 with
the conclusion that the Company has made efforts
to realize the Integrated Corruption Crime WBS
Development plan in 2024 well. However, some
obstacles prevent activities from being realized
according to the planned target time. The Company
remains committed to building an Integrated WBS
of Corruption Crime with the Corruption Eradication
Commission. The entire cooperation agenda is
expected to be realized in 2025.
WBS can be found in Sustainability Report.
THE RESULT OF COMPLAINT
HANDLING
Throughout 2024, Telkom received 56 complaint
reports, with 33 complaints declared closed and 13
others still waiting for additional data to carry out
the next follow-up process.
352
Corporate Governance
Complaint Based on Category
Category
Reporting Channel
Total
Website
Email
PO Box
Fax
Hotline
WhatsApp
SMS
Accounting issues and
internal control over
financial reporting
1
0
0
0
0
0
0
1
Audit issues
0
0
0
0
0
0
0
0
Violations of capital
market laws and
regulations related to the
company's operations
0
0
0
0
0
1
0
1
Violation of internal
regulations
1
4
1
0
0
9
0
15
Fraud and/or abuse of
position
6
8
0
0
1
10
0
25
Uncommendable
behavior
6
2
0
0
1
4
0
13
Gratuities and Bribery
0
0
0
0
0
0
0
0
Harassment
1
0
0
0
0
0
0
1
Total
15
14
1
0
2
24
0
56
Comparison of Complaint Handling with the Previous Year
Description
Total
Remarks
2024
2023
2022
Total Complaints
56
59
44
Complaints received
Qualified
46
28
26
Complaints worthy of actions
Follow-up
Closed (not proven/not
fulfilled)
33
19
16
-
Additional Data
12
9
9
-
Further studies according
to the pro-cedure
1
0
1
-
TRANSPARENCY OF BAD GOVERNANCE PRACTICES
The Company is committed to implementing good corporate governance during 2024. The form of
commitment carried out by the Company is through the fulfillment of the required provisions for the Company
and operational activities that do not practice bad corporate governance.
No
Information
Practice
1.
Report on the Company's Activities that pollute the environment
Zero
2.
Non-compliance in fulfilling tax obligations
Zero
3.
Inconsistency between the presentation of annual reports and financial statements
with applicable regulations and financial accounting standards (SAK)
Zero
4.
Not submitting legal cases/cases related to labor and employees
Zero
5.
Does not disclose an overview of the operating segment
Zero
6.
Annual Report file discrepancy
Zero
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
353
Telkom is committed to preventing and eradicating
corruption through the implementation of various
national and international standards through three
main stages, namely setting policies, integrating
them into business operational activities, and
implementing anti-corruption programs.
Telkom's
various
anti-corruption
policies
and
programs are designed to identify, prevent, and
address corrupt practices, including potential
corruption across all aspects of the business based
on a comprehensive risk assessment. Some examples
of policies related to anti-corruption includeintegrity
pacts, business ethics, LHKPN, employee discipline,
and gratuity control.
Telkom has implemented the ISO 37001:2016
standard on Anti-Bribery Management System
(SMAP) since 2020 which is equipped with the
ISO 37001:2016 Anti-Bribery Management System
manual document and 17 Procedures. All manuals
and procedures include operational measures
and controls to prevent, detect, and handle cases
of bribery and corruption, as well as ensure that
companies avoid corrupt practices, kickbacks,
bribery, fraud, and illegal gratuities. In addition to
SMAP, Telkom has implemented the Corruption
Prevention Guide (PANCEK) from the KPK, Whistle
Blowing, GCG principles and various anti-corruption
policies.
Other anti-corruption programs include that Telkom
actively participates in Hakordia (World Anti-
Corruption Day) every year where in 2024 Telkom
and its subsidiaries have declared an Anti-Corruption
Commitment in stages.
Anti-Corruption
Policy
A. ANTI-CORRUPTION,
KICKBACKS, ANTI-
GRATIFICATION, AND ANTI-
FRAUD PROGRAMS AND
PROCEDURES
The following are Telkom’s internal policies related to
anti-corruption:
1. Resolution of the Board of Directors No: KD.36/
HK290/COP-D0053000/2009 regarding the
Integrity Pact.
2. Company
Regulation
PD.201.01/r.00/PS150/
COP-B0400000/2014 regarding Business Ethics
in TelkomGroup.
3. Resolution of the Director of Human Capital
Management
No:
PR.209.03/r.02/HK270/
COP-A0900000/2024 regarding the Obligation
to Submit Reports on the Assets of State
Administrators within the TelkomGroup.
4. Regulation of the Director of Human Capital
Management
No:
PR.209.05/r.02/HK250/
COP-A0900000/2024
regarding
Employee
Discipline.
5. Regulation of the Director of Human Capital
Management
No:
PR.209.04/r.02/HK270/
COP-A0900000/2024
regarding
Gratuity
Control.
6. Resolution of the President Director No. SK08/
PS 000/COP-A0000000/2023 regarding the
Organizational Structure of the Anti-Bribery
Management System.
7. Resolution of the Board of Directors of the
Company
(Persero)
of
PT
Telekomunikasi
Indonesia Tbk No PD 622.00/r.00/HK200/
COP-C0000000/2022
regarding
the
Ratification of the Resolution of the Board of
Commissioners No 01/KEP/DK/2022 regarding
Complaint Handling Policies and Procedures
(Whisleblowing System) within the TelkomGroup
Environment.
354
Corporate Governance
B. PROGRAMS AND PROCEDURES FOR THE IMPLEMENTATION
OF ANTI-CORRUPTION, KICKBACKS, ANTI-GRATIFICATION,
AND ANTI-FRAUD
In order to support the management of Anti-Corruption programs, such as the implementation of reporting,
integrity pact obligations, and awareness for the implementation of anti-corruption, kickbacks, anti-gratuities,
and anti-fraud, Telkom uses the following platforms:
1.
State Official Wealth Report (LHKPN) functions to prevent corruption by
monitoring the wealth of public officials, as well as allowing public supervision
of the assets of Commissioners, Directors and Positions I, II and Commissioners
and directors of subsidiaries.
2.
The implementation of the Business Ethics Certification and the signing of
the Integrity Pact are carried out by all Directors and all Employees, to find out
the company's ethical standards and the ethics of its employees.
3.
The gratuity control unit (UPG) manages Awareness, gratuity control,
and reporting using the myintegrity.telkom.co.id application and the KPK
application Gol.kpk.go.id and conducts monitoring and evaluation reports
every period to the KPK.
4.
PANCEK is a guide that contains measures to prevent corrupt crimes. PANCEK
is designed to assist business entities in building a business environment that
is free from corruption and has integrity by inputting data into the JAGA
application.
5.
Based on the Letter of the Ministry of SOEs No. S-17/S.MBU/02/2020
regarding ISO 37001 Certification of Anti-Bribery Management System
in SOEs, it is required that all SOEs must carry out ISO 37001:2016 SMAP
certification before August 17, 2020.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
355
GRATIFICATION
A. Gratification Management Unit
There is a unit responsible for performing the
function of helpdesk, supervision, management,
and control of Gratification at Telkom, called the
Gratification Management Unit (UPG). The UPG is
determined through a decision from the Director in
charge of the Human Capital function. UPG has the
following duties and authorities:
a. Receiving, analyzing, and administering Gratuity
receipt reports from the complainant;
b. Receive and administer a report of refusal of
Gratuity, in the event that the reporting party
reports a refusal of Gratuity;
c. Forward the Gratuity receipt report to the KPK;
Director &
employee
of Telkom
Indonesia
• Acceptance & Rejection of
Gratification;
• Report to UPG Telkom through
http://myintegrity.telkom.
co.id by filling out the form and
uploading supporting documents;
• Submit employee report
• Report is followed up (verification
process)
If it exceeds 10 working
days, the reporter can
directly submit the
gratification to the KPK
through gol.kpk.go.id
Delivered 7
working days
after the
decision letter
was issued
by KPK
gol.kpk.go.id
30 working
days after the
verification is
completed
10 working days
since the gratuity is
received/rejected
Report
Forwarded
to KPK
reports are
followed up
by UPG Telkom
Finished
Gratuities are owned
by the government
Rekening
Kas Negara
Kementerian
Keuangan
Republik
Indonesia
• Informing the status and
utilization of gratuities to the
whistleblower through the
determination email.
• Status on myintegrity
application: completed
Receive the gratification reporting
determination email via the
determination email sent by the
Telkom UPG Chairperson.
myintegrity
report status:
Followed up
by UPG
Unit of Gratification Contol
Director / Employee
Unit of Gratification Control
• Verification of gratification
report documents
• Analyze the gratification report
• Follow up the gratification
report by UPG
• Forwarding gratification report
to KPK http://gol.kpk.go.id (if
• needed)
Komisi Pemberantasan Korupsi
• Receive gratification reports
• Request for data and
information through UPG/
reporters
• Analysis and Status
Determination
• Status on myintegrity:
Forwarded to KPK
KPK Determination Letter
(submitted to UPG)
• Receipts are handed over to
the State
• Acceptance is utilized by the
reporter
d. Report the recapitulation of the report on
the receipt and rejection of Gratuities and the
proposed Gratification control policy to Telkom
leadership;
e. Submit the results of the management of the
report on the receipt and rejection of Gratuities
and the proposed policy for controlling Gratuities
to Telkom leaders;
f. Socializing the provisions of Gratuity to internal
and external parties;
g. Carry out the maintenance of gratuity goods
until the status of the goods is determined;
h. Conducting monitoring and evaluation in the
context of Gratification control; and
i.
Conduct monitoring and evaluation reports for
each period reported to the KPK.
B. Gratification Reporting Flow
356
Corporate Governance
Gratification Disclosure Report
C. 2024 Gratification Report
Gratification handling is carried out by the Gratification Control Unit (UPG). Reporting can be submitted by
organic and non-organic employees through the myintegrity.telkom.co.id application on the gratuity report
page. If needed, the report received by UPG will be followed up by the KPK through the gol.kpk.go.id.
2024
2023
2022
4
13
16
3
2
6
100%
reports followed
up by Telkom's UPG
Follow up by UPG
Follow up by KPK
D. LHPKN
A. LHKPN GUIDELINES
1. Regulation of the Corruption Eradication
Commission
Number
7
of
2016
regarding
Procedures
for
Registration,
Announcement, and Inspection of Assets
of State Administrators has been amended
through the Regulation of the Corruption
Eradication Commission Number 2 of 2020
and subsequently a second amendment
was made through the Regulation of the
Corruption Eradication Commission Number
3 of 2024;
2. Circular Letter of the Minister of State-
Owned
Enterprises
Number:
SE-12/
MBU/10/2021
dated
October
5,
2021
regarding the Obligation to Submit State
Official Wealth Report (LHKPN) for Officials
in Megara-Owned Enterprises, it is stipulated
that the Board of Directors of State-Owned
Enterprises (SOEs) must designate officials
at one level under the Board of Directors who
are obliged to submit LHKPN and impose the
obligation to submit LKHPN to the Board of
Directors and the Board of Commissioners
of subsidiaries/affiliated companies that
consolidated with SOEs;
3. Regulation
of
the
Director
of
Human
Capital
Management
of
the
Company
(Persero)
PT
Telekomunikasi
Indonesia
Tbk
Number:
PR.209.05/r.02/HK250/
COP-A0900000/2024 dated August 9, 2024
regarding Employee Discipline;
4. Regulation of the Director of Human Capital
Management
Number
PR.
209.03/r.02/
PS000/COP-A4000000/2024
dated
December 31, 2024 Regarding the Obligation
to Submit Reports on the Assets of State
Administrators within the TelkomGroup;
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
357
B. MANDATORY REPORTING & MANAGEMENT OF LHKPN REPORTING
TelkomGroup officials and employees who are subject to the obligation to report LHKPN every year are:
a. Member of the Board of Commissioners of Telkom;
b. Members of Telkom's Board of Directors;
c. Member of the Board of Commissioners of affiliated subsidiaries consolidated with Telkom (EDLT);
d. Members of the Board of Directors of affiliated subsidiaries consolidated with Telkom (EDLT);
e. Telkom Band Employees Position I and II including Talent Mobility In Employees & Talent Mobility Out
Employees; and
f. Contract employees who occupy positions are required to report.
To support the orderly implementation of LHKPN reporting, Telkom has a unit appointed by the Board of
Directors to manage Asset Reporting within the TelkomGroup. The Asset Reporting Manager has the task
to:
a. Become a partner of the KPK in managing LHKPN within the TelkomGroup;
b. Coordinate with the KPK regarding changes in regulations on the management of LHKPN in the
TelkomGroup;
c. Notify the Mandatory LHKPN Reporter of the obligation to submit the LHKPN;
d. Register for employees who have just occupied the position of Mandatory Reporting using the KPK
application;
e. Assist in filling out LHKPN;
f. Monitor compliance with Mandatory Reporting in the submission of LHPKN through the KPK
application;
g. Provide data and information regarding changes in positions from Mandatory Reporting to the KPK;
and
h. Update or adjust the data of Affiliated and Consolidated Companies with Telkom.
C. SOCIALIZATION OF LHKPN
In order for LHKPN reporting at Telkom to be carried out in an orderly manner and in accordance with
applicable regulations, Telkom conveys the Annual Granting of LHKPN Filling out periodically during the
LHKPN submission period. In addition to the Official Memorandum to the Reporters, socialization was also
carried out related to filling out the LHKPN in 2024:
358
Corporate Governance
D. TRAINING AND SOCIALIZATION PROGRAMS ON CORRUPTION PREVENTION, KICKBACKS,
GRATUITIES, AND FRAUD IN THE ENVIRONMENT
Telkom has held training and socialization programs for all employees to support the prevention of
corruption, kickbacks, gratuities, and fraud within the Company. The socialization programs carried out by
Telkom during 2024 include:
p
p
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
1. Sosialisasi ETBIS & PI
2.Sosialisasi LHKPN
Sosialisasi Etika Bisnis
1. Sosialisasi Gratifikasi
2.Sosialisasi SMAP
Sosialisasi Gratifikasi
1. Sosialisasi Disiplin Karyawan
2.Sosialisasi WBS
1. Sosialisasi Gratifikasi
2.Soisalisasi SMAP
3.Laporan PANCEK KPK
1. Sosialisasi Gratifikasi
2.Sosialisasi COI & SMAP
1. Sosialisasi Disiplin Karyawan
2.Sosialisasi SMAP
1. Sosialisasi Gratifikasi
2.Sosialisasi SMAP
3.Sosialisasi WBS
Sosialisasi SMAP
1. Sosialisasi HAKORDIA
2.Sosialisasi SMAP
Sosialisasi SMAP
The training programs carried out by Telkom
during 2024 include:
1. Conducted
training
and
understanding
of Business Ethics as well as signing the
annual Integrity Pact which is required for all
employees.
2. Held
ISO
37001:2016
Anti-Bribery
Management System (SMAP) Awareness
training by experts to the scope team and the
FKAP Committee.
3. Extended the ISO 37001:2016 Anti-Bribery
Management System (SMAP) Lead Auditor
certificate through an external institution
Professional Evaluation and Certification
Board to the certificate owner.
4. Completed SNI ISO 37001:2016 Anti-Bribery
Management
System
(SMAP)
e-learning
training.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
359
5. Held ISO 19011:2018 Internal Auditor training
for new personnel within the scope of Anti-
Bribery Management System certification
and FKAP Committee.
6. Conducted an Internal Audit Recertification
of ISO 37001:2016 Anti-Bribery Management
System.
7. The Anti-Corruption Declaration was made
by all TelkomGroup BoDs on November 14,
2024 and all BoD Subsidiaries in stages on
December 9, 2024.
8. Conducted
an
external
audit
of
ISO
37001:2016
Anti-Bribery
Management
System Recertification.
9. Held
the
World
Anti-Corruption
Day
(HAKORDIA) Commemoration program in
Telkom.
Through the socialization and training program,
it is hoped that it can create a conducive work
environment at TelkomGroup and free from corrupt
practices.
Insider Trading Policy
TelkomGroup has a strict policy to prevent insider
trading practices, as stipulated in the Director
of Human Capital Management Regulation No.
PR
209.05/r.01/HK250/COP-A4000000/2020
regarding Employee Discipline. This policy is
contained in Article 5, which regulates the prohibition
of every employee from abusing authority or position
and the unauthorized use of company information.
This prohibition aims to ensure that all TelkomGroup
employees' activities are in accordance with the
principles of good corporate governance, especially
regarding integrity and transparency. Insider trading
practices violate internal company regulations and
applicable laws in the capital market, which can
harm the company's reputation and undermine
shareholder confidence.
Goods and/or Services Procurement
Policy
Telkom has established several policies that serve
as guidelines in implementing the procurement
of goods and/or services. The policy set by the
Company refers to the Regulation of the Minister of
State-Owned Enterprises No. PER-2/MBU/03/2023
regarding Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises.
Telkom goods and/or services Procurement Policy:
1. PD.301.00/r.02/HK240/COP-K0700000/2022
dated April 6, 2022 regarding Procurement
Synergy and Strategic Sourcing TelkomGroup;
2. PD.302.00/r.00/HK240/COP-K0E00000/2024
dated October 29, 2024 regarding Logistics
Management;
3. PR.301.08/r.07/HK240/COP-K0700000/2023
dated November 24, 2023 regarding Guidelines
for Procurement Implementation; and
4. PR.301.09/r.01/HK240/COP-K0700000/2023
dated December 8, 2023, regarding Guidelines
for Implementing Procurement Synergy and
Strategic Sourcing TelkomGroup.
360
Corporate Governance
The
scope
of
the
goods
and/or
services
procurement policy at Telkom regulates the goods
and/or services procurement mechanism, including
planning, implementation, documents, acceptance,
and reporting.
General Provisions for Procurement
of Goods and/or Services in Telkom
The implementation of goods and/or services
procurement in Telkom is guided by the principles of
Good Corporate Governance as follows:
a. Efficient, meaning that the procurement of
goods and/or services must endeavor to obtain
the optimal and best results in a short time
by using the maximum possible funds and
capabilities reasonably and not only based on
the lowest price, except strategic procurement
of goods and/or services that have significant
value, a total cost of ownership approach can be
taken;
b. Effective, meaning that the procurement of
goods and/or services must be in accordance
with the predetermined needs and provide
benefits in accordance with the specified
objectives;
c. Competitive means that the procurement of
goods and/or services must be open to providers
who meet the requirements and carried out
through fair competition among equal Providers
and meet specific requirements/criteria based on
clear and transparent provisions and procedures;
d. Transparent means that all provisions and
information regarding the procurement of
goods and/or services, including the technical
requirements of procurement administration,
evaluation procedures, evaluation results, and
determination of prospective providers, must be
open to interested provider participants;
e. Fair and reasonable, meaning that in the
implementation
of
goods
and/or
services
procurement, Telkom provides equal treatment
for all qualified prospective providers;
f. Open means that all eligible providers can follow
the procurement of goods and/or services; and
g. Accountable means that the procurement of
goods and/or services must achieve targets and
be accountable, thus avoiding potential abuse
and irregularities.
Procurement of goods and/or services at Telkom can
be carried out using auction, direct selection, direct
appointment, or direct purchase by considering
the type of work. The Company prioritizes using
domestic products and empowering micro, small,
and medium enterprise products as long as the
quality, price, and purpose are accounted for.
Telkom is committed to implementing ISO 37001:
2016 standard on Anti-Bribery Management
System Anti-Bribery Management System (SMAP).
In implementing procurement of goods and/or
services within Telkom, there is an obligation to
sign an integrity pact.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
361
Information Access and
Company‘s Public Data
Information regarding
Administrative Sanctions
Telkom provides easy access to information for
Stakeholders to establish good relations with all
Stakeholders and fulfill the provisions of Financial
Service Authority Regulation No. 31/POJK.04/2015
regarding Disclosure of Material Information and
Facts by Issuers or Public Companies. Telkom provides
several approaches and media as communication
channels, namely:
1. General Meeting of Shareholders (GMS)
GMS is a media for Telkom to convey information
related to the Company's performance to
Shareholders. Shareholders can participate in
strategic decision making, for the betterment of
the Company.
2. Media
Throughout 2024, Telkom made news releases
and sent them to the mass media to disseminate
Company information to Stakeholders.
3. Website
Telkom's website is available in two languages,
namely Indonesian and English, with a page www.
telkom.co.id page. Stakeholders can access the
latest information on profile, Good Corporate
Governance
practices,
implementation
of
CSR programs, job opportunities and career
development, as well as Telkom products. In
addition, Stakeholders can also access Telkom
reports, including Annual Report, Financial
Report, and other report.
Throughout 2024, there are no administrative sanctions were imposed on Telkom, members of the Board of
Commissioners, and/or the Board of Directors by OJK and other authorities.
362
Corporate Governance
4. Information and Documentation Management Officer (PPID)
PPID manages Telkom's public information disclosure and is responsible for performing the functions
of storing, documenting, providing, and/or serving public information. PPID provides accurate and
accountable public information through fast, timely, and simple public information services to fulfill
the rights of public information applicants in accordance with Telkom's public information policy. Public
information services that are fast, timely, and simple to fulfill the rights of public information applicants in
accordance with statutory provisions.
Telkom has an E-PPID channel which is an online service for public information requests and as a form of
implementation of information disclosure in TelkomGroup. E-PPID utilizes information and communication
technology to support public information management, which can be accessed on the Telkom website
through the PPID menu or through the page https://eppid.telkom.co.id.
5. Meeting with Analyst and Investor
Telkom always held meetings with Analyst and Investor. This meeting is held for Telkom to provide
information on the Company's performance and prospects as well as providing the latest information on
the telecommunications industry in general. In times of pandemic, meetings with Analyst and Investor are
held online.
6. Contact via E-Mail
One of the corporate contact facilities listed on the Telkom website is in the form of e-mail contacts, which
can be used by Stakeholders to communicate with each other. Specifically, Telkom customers can use the
e-mail address customercare@telkom.co.id, while the e-mail address Investor@telkom.co.id is intended
for Investor.
7. Internal Media
Telkom has various internal media, namely the TelkomGroup Portal as a medium for information, education,
and socialization for all employees, and Diarium which is the social media for TelkomGroup employees in
the internal scope.
8. Social Media
In line with the current digital era, Telkom uses a variety of social media to reach out to Stakeholders and
the wider community. This communication channel is also useful for communicating with young people
who are very familiar with digital media and social media today.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
363
@TelkomIndonesia
Telkom Indonesia
@telkomindonesia
Telkom Indonesia
Official
@telkomindonesia
154,137
followers
536,570
followers
600,448
followers
646,202
subscribers
95,674
followers
364
CORPORATE
SOCIAL
RESPONSIBILITY
AND ENVIRONMENT
(CSR)
06.
PT TELKOM INDONESIA (PERSERO) TBK
Laporan Tahunan
2024
03
In implementing CSR programs,
the Company adopts a sustainability
strategy realized through the flagship
"SUSTAIN" program, aligned with efforts
to achieve the Sustainable Development
Goals (SDGs).
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
365
Brief Summary of Corporate
Social Responsibility and
Environment
Telkom implements good corporate governance by considering the rights of employees and stakeholders,
contributing to environmental sustainability, and carrying out social and ecological responsibility (TJSL) or
Corporate Social Responsibility (CSR). Telkom’s CSR information reporting refers to several international
standards, namely the Global Reporting Initiative (GRI), ISO 26000 Guidance for Social Responsibility, and
Sustainable Development Goals (SDGs).
Telkom conveys information on CSR implementation in a Sustainability Report, which is separate from this
Annual Report, following SEOJK No. 16/POJK.04/2021 regarding the Form and Content of Annual Reports of
Issuers or Public Companies, with the basis for preparation based on FSA Regulation No. 51/POJK.03/2017
regarding the Implementation of Sustainable Finance for Financial Services Institutions, Issuers, and Public
Companies.
Access to the 2024 Sustainability Report:
As a SOE, Telkom also implements CSR based on the Minister of State-Owned Enterprises Regulation Number
PER-1/MBU/03/2023 regarding Special Assignments and Social and Environmental Responsibility Programs
for State-Owned Enterprises which revokes and replaces the Minister of BUMN Regulation Number PER-05/
MBU/04/2021 regarding Social and Environmental Responsibility Programs for State-Owned Enterprises as
amended by Regulation of the Minister of State-Owned Enterprises Number PER-6/MBU/09/2022 regarding
Amendments to Regulation of the Minister of State-Owned Enterprises Number PER-05/MBU/04/2021
regarding Social and Environmental Responsibility Programs for State-Owned Enterprises. Article 33 PM
BUMN PER-1/2023 regulates that financial reports and implementation of the SOE CSR Program are reported
in Periodic and Annual Reports. Telkom presents the CSR Program implementation report in the Annual Report
in the subchapter Corporate Social and Environmental Responsibility Program Implementation Report, while
the CSR Financial Report, namely the MSE Funding Program Financial Report, is shown in the attachment to
this Annual Report.
366
Corporate Social Responsibility and Environment
Implementation Report on
the Corporate Social Responsibility
and Environment
SOCIAL AND
ENVIRONMENTAL
RESPONSIBILITY
COMMITMENTS AND POLICIES
The
Board
of
Directors
of
Telkom
ensures
the
implementation
and
supervision
of
the
implementation of sustainability practices in the
CSR program, aims to provide benefits for economic
development, social development, environmental
development,
and
legal
and
governance
development for the Company, contributing to the
creation of added value for the Company, fostering
micro and small businesses to be more resilient
and independent and the communities around the
Company. It also encourages compliance to ensure
the application of integrated, directed, measurable
impact and accountable principles.
The legal basis for the implementation of the CSR
Program activities are:
1. Regulation of the Minister of SOEs No. PER-1/
MBU/03/2023 regarding Special Assignments
and Social and Environmental Responsibility
Programs of SOEs;
2. Decree of the Board of Commissioners of PT
Telekomunikasi Indonesia Tbk Number: 12/KEP/
DK/2023/RHS
08/KEP/DK/2022/RHS
dated
November 27, 2023, on the Approval of the Work
Plan and Budget (RKAP) of PT Telekomunikasi
Indonesia Tbk for 2024;
3. Regulation of the Board of Directors of
the Company (Persero) PT Telekomunikasi
Indonesia Tbk number: PD.320.00/r.00/HK230/
COP-K0400000/2023
dated
December
21,
2023 regarding the Company’s Work Plan and
Budget for 2024;
4. Regulation of the Board of Directors of the
Company (Persero) PT Telekomunikasi Indonesia
Tbk
number:
PD.703.00/r.010/HK200/
CDC-A1000000/2023
dated
December
31,
2023 regarding the Social and Environmental
Responsibility Program;
5. Regulation of the Director of Human Capital
Management
of
the
Company
(Persero)
PT
Telekomunikasi
Indonesia
Tbk
Number:
PR.202.60/r.03/HK250/COP-A2000000/2024
dated February 29, 2024, regarding Social
Responsibility Center Organization;
6. Regulation of the Director of Human Capital
Management
of
the
Company
(Persero)
PT
Telekomunikasi
Indonesia
Tbk
Number:
PR.301.01/r.00/HK200/CDC-A1000000/2022
dated March 30, 2022 regarding Social and
Environmental Responsibility.
CSR PROGRAM
SUSTAINABILITY STRATEGY
FRAMEWORK
Telkom is committed to providing added value to
the people of Indonesia, both directly through
business activities and indirectly through Social
and Environmental Responsibility activities, as a
form of social responsibility in the form of Good
Corporate Citizenship (GCC) implementation by
fulfilling aspects of Good Corporate Governance
(GCG) by ISO 26000 (regarding Social and
Environmental Responsibility).
The CSR program is carried out in a systematic and
integrated manner to ensure its implementation,
success, and impact management in accordance
with the priorities and/or achievement of the
objectives guided by the work plan.
The sustainability strategy of Telkom’s CSR
program is embodied in the Main Program
Framework “SUSTAIN”, which is in line with
efforts to achieve the Sustainable Development
Goals (SDGs) targets aligned with environmental,
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
367
social, and governance (ESG) aspects to contribute to the creation of added value for the Company
and achieve sustainability performance contributions. The details of the program are as follows:
CSR PROGRAM PLANNING 2024
Strategic Planning Framework
STRATEGIC SITUATION ANALYSIS
STRATEGIC FORMULATION
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
EXTERNAL FACTOR ANALYSIS
INTERNAL FACTOR ANALYSIS
CSR-RELATED REGULATION
• Implementation of PER-01/23: CSR program
priorities: (1) education, (2) environment,
(3) MSE development
• OJK Regulation/51: Issuer Sustainability
Program
BENCHMARK AND TREND
• Global & National Benchmark
• ESG Rating Report
• Government Regulation (SDG Presidential
Regulation, POJK)
CSR PROGRAM PROGNOSIS
• CSR Program 2023 Achievement
• Disbursement Realization Profile 2023
• Budget Realization 2023
• OFI Program Implementation 2023
Z1. Integrate ESG, SDGs, and CSR to Create
Holistic Approach to Community Development
CSS 2024-2026 STRATEGIC INITIATIVES
FU HCM STRATEGY 2024-2026
SHAREHOLDER ASPIRATIONS
• Planning SOEs' CSR programs to take into
account the identification of company risks
• Optimizing the distribution of PUMK funds,
providing guidance to MSEs, implementing
collections, and resolving bad debts
• KPIs for the CSR Program include: (1) SROI
measurement, (2) SIM CSR data entry, (3)
collaboration on CSR programs, (4) involving
employees in CSR programs
SETUP SUSTAINABLE NET
ZERO INITIATIVES
TRANSFORM EFFECTIVE CSR
GOVERNANCE
AMPLIFY CSR BRANDING
AND COMMUNICATION
INTENSIFY CSR DIGITALIZATION
AND ANALYTICS
NURTURING INNOVATIVE
CULTURE
UPLIFT IMPACTFUL
SOCIAL EMPOWERMENT
STRENGTHEN MSME
DIGITAL CAPACITY
Social Pillar
Economic Pillar
Environmental Pillar
Pillar of Law and Governance
CSV
CSV
CSR Main Program 2024 - SUSTAIN
E
S
G
MATERIAL TOPICS
INITIATIVES
ENABLER
E
G
S
Environment
Governance
Social
• GHG Emission Reduction
• Waste Management
• Addressing Climate Change
Company carbon stock
initiation
• Mangrove Planting
• Coral Reef Conservation
• Reforestation of Critical Land
• Integrated Waste Management
• Electronic Waste Management
• Water Conservation Efforts
• Building Climate Change
Resilience
• Digital Skill for Woman
• Digital Skill for Disabilities
Digital Capacity Building for MSEs
• Digitalization to Increase MSE
Business Capacity (Social Media
Marketing & packaging grants)
through MSE Go Digital
• Acceleration of Market Expansion
online (ecommerce/online stores)
through MSE Go Online
• Expansion of International Market
Access through MSE Go Global
• Leadership and Communication
• Risks-based CSR Strategy
• Internal Process Assessment
• Audit Supervision
• Monitoring and Review
• MSOE CSR Report Data Filling
• Annual Report CSR Submission
• SR/ESG Report Disclosure
Management of MSE Funding
• MSE Loan Moneva
• MSE Loan Recovery
Quality Education
• Digital Learning School
• Digital Skill for Vocational
• Sociodigipreneurship
(Innovillage)
Reduce Inequalities
• Community Empowerment
Underprivileged Village
• Food Insecure Community
Support
• Health Support Facilities
• Infrastructure Revitalization and
Sustainable Public Facilities
SETUP SUSTAINABLE NET ZERO INITIATIVES
AMPLIFY CSR BRANDING AND COMMUNICATION
INTENSIFY CSR DIGITALIZATION AND ANALYTIC
NURTURE INNOVATIVE CULTURE
UPLIFT IMPACTFUL SOCIAL EMPOWERMENT
STRENGTHEN MSME DIGITAL CAPACITY
TRANSFORM EFFECTIVE CSR GOVERNANCE
Carbon Offset
Inclusive Digital Empowerment
Driving Digital MSME Growth
Governance and Compliance Management
Management Reporting
Waste Management & Circular Economy
Inclusive and Affordable Access
Climate Change Action
• Compliance and Risk
Management
• Accountability and Reporting
• Diversity and Inclusion
• Inclusive and Affordable Access
• Drive Economic Growth
FU HCM Strategic Initiatives
Education | Environment | MSME
Creating Shared Value
368
Corporate Social Responsibility and Environment
1. Sustainable Net Zero Initiatives, an initiative
to implement environmental programs based
on climate action through the creation of
carbon pockets to encourage the reduction and
compensation of carbon emissions as a result
of the company’s operations through a carbon
offset scheme;
2. Uplift Impactful Social Empowerment, which
encourages the realization of inclusive education
and a good quality of healthy life to support
a prosperous and competitive nation through
digital infrastructure support and inclusive digital
talent education to support the improvement of
national digital literacy;
3. Strengthen Excellent MSME Digital Capacity,
namely enlarging the capacity of Micro and Small
Enterprises (MSEs) through providing access
to financial services, increasing capabilities and
access to national and international markets to
expand employment, increase labor productivity
and encourage economic growth;
4. Transform Effective CSR Governance,
maintaining accountability aspects of CSR
Program management and aspects of risk
management implementation and compliance by
applying the principles of integrated, targeted,
measurable impact and accountability;
5. Amplify CSR Branding & Communication, which
activates the communication of CSR program
implementation to stakeholders by prioritizing
aspects of the impact of Telkom’s CSR Program
through
multi-stakeholder
partnerships/
collaboration;
6. Intensify CSR Digitization & Data Analytics,
namely strengthening the transformation of
digitization and digitalization of CSR Program
management through the improvement and
maintenance of information systems, utilization
of data analytics in strategic decision making;
7. Nurture Innovation Culture, namely maintaining
a culture of innovation in managing the CSR
Program as an identity for creating sustainable
added value.
Telkom conducts socialization of core values and
activation of corporate culture to encourage
socially and environmentally responsible behavior
in all TelkomGroup people. Telkom also involves
employees in CSR activities through an employee
social project program called TESA (Telkom
Employee Social Activity), a forum for one employee
and one social activity.
PROGRAM IMPLEMENTATION
OF CORPORATE SOCIAL AND
RESPONSIBILITY (CSR) 2024
In 2024, the amount of funds realized for the CSR
Program activities was Rp144,825,177,295 billion.
Realization of the CSR Program in 2024
CSR Pillars
Realizations (Rp)
Social Pillar
61,284,668,038
Economic Pillar
34,833,212,433
Environmental Pillar
48,344,617,739
Pillar of Law and
Governance
362,679,085
Total
144,825,177,295
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
369
IMPLEMENTATION OF CSR BASED ON PRIORITY FIELDS
CSR Program Focuses on Education
No.
Featured Program
Descriptions
SDGs
Realizations
1.
Digital Learning
School &
Cybersecurity
Awareness
First, the CSR education program is aimed at schools
because they are essential in improving digital
literacy in Indonesia. Telkom helps schools provide
students access to learning applications, internet
connections, and computer devices. As a digital
and telecommunications service provider, Telkom
strengthens its role in improving ICT skills and
cybersecurity awareness to support the learning
process, healthy internet usage, and continuous
improvement of digital literacy in Indonesia.
• 472 location
points
• 30,100 benefit
recipients
2.
Digital certification
program for
vocational (DIGI-UP)
Second, the CSR program in education is aimed
at students to develop digital talent in Indonesia.
Telkom collaborates with the National Education
Office at the district/city, province, universities,
and certification institutions to provide guidance
and training in digital skills targeting high school
students and the equivalent. This program consists
of training programs, case-based experience, and
certification, which are expected to encourage
digital talents in Indonesia who are ready to work.
• 1,637 applicants
• 1,376 participants
passed certification
3.
Indonesia Digital
Learning Program
Third, the CSR program in the education sector
is aimed at teachers. Teacher competence is
essential in improving the quality of education
in
Indonesia.
Telkom
collaborates
with
the
Ministry of National Education at the district/city,
province, PGRI, and universities to provide training
assistance to improve teacher competence. This
program includes digitization-based training and
certification to enhance competence and prepare
teachers for the Teacher Competency Test (UKG).
2,022 participants
4.
Empowerment of
disabled groups
to increase the
independence
of vulnerable
communities
Telkom’s commitment to inclusive education
is
realized
through
infrastructure
assistance
and improving digital literacy for people with
disabilities to access education, training, and digital
certification. The initiative’s purpose is to increase
the capabilities and competencies of people with
disabilities to open up opportunities for decent
work. The program is realized through collaboration
with Yayasan Pendidikan Telkom (YPT).
• 675 applicants
• 570 participants
passed
• 81 disabled
communities
370
Corporate Social Responsibility and Environment
CSR Program Focuses on the Environmental Sector
No.
Featured Program
Descriptions
SDGs
Realizations
1.
Integrated waste
management
solutions and
circular economy
development
Pollution is one of the leading environmental
problems in Indonesia and the world today.
Proper
waste
management
can
reduce
pollution. Telkom developed an integrated
waste management development initiative
with a recycling and circular economy approach,
strengthened by the integration of digital
platforms to facilitate access to TPS service
information. The expected positive impacts
include social, environmental, and economic
benefits for the community.
4 location points
2.
E-waste reduction
through digital device
recycling (EDUVICE)
As a digital and telecommunications service
provider, Telkom seeks to manage electronic
waste that potentially contains hazardous
waste. This effort involves company employees
and uses the 3R approach (Reduce, Reuse,
Recycle). Some results of electronic waste
collection and management (recycling) are
distributed to beneficiaries, especially in the
education community.
• 286 electronic
devices managed
• 88 devices
distribution
• 18 beneficiary
communities
3.
Greenhouse Gas
reduction through
mangrove planting
and coral reef
rehabilitation
In
addition
to
restoring
and
conserving
terrestrial
ecosystems,
Telkom
also
runs
ecosystem
restoration
and
conservation
programs in coastal and marine areas through
mangrove planting and coral reef rehabilitation.
This program supports the realization of the
Net Zero 2060 commitment by contributing to
the increase in blue carbon (carbon absorbed
and stored by coastal and marine ecosystems).
• 62,250 mangrove
plantings in 15
locations
• 896 coral reef
substrates in 5
locations
4.
Addressing climate
change through
restoration and
conservation of
assisted forests
Telkom’s initiatives to improve environmental
ecosystems are to restore and protect forests
damaged or lost in synergy with institutions/
communities that care and have an ecological
culture. This program supports realizing the Net
Zero 2060 commitment by increasing green
carbon (carbon stored in the land ecosystem).
• 102,400 tree
seedlings
• 15 location points
CSR Program Focuses on MSE Development
The MSE Development Program is implemented through the distribution of MSE funding programs and MSE coaching
program grants through the 3C approach, namely access to capital, access to competence, and access to commerce.
Through this program, Telkom supports strengthening the capacity of Assisted MSEs towards resilient and independent
MSEs so that they can contribute to national economic growth and the creation of added value for the Company.
1.
Access to Capital: Capital Assistance Program for MSE Business Acceleration
The MSE Funding Program (Access to Capital) aims to increase the income of Micro and Small Enterprises (MSEs) by
assisting in capital loans with relatively low administrative services. The digitalization process also strengthens the
management of this program, making it easier for MSEs to access loan applications, obtain information, and monitor
installment history.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
371
Featured Program
Descriptions
SDGs
Realizations
Increasing MSEs’ access to
Financial Services (Access to
Capital)
In 2024, Telkom distributed the MSE Funding
program through a cooperation mechanism
with BRI, which was recommended according to
the letter S-721/MBU/11/2022. Telkom stopped
distributing the program independently to
the assisted MSEs and focused on billing and
coaching them. The assisted MSEs’ business
sectors
include
trade,
animal
husbandry,
plantations, fisheries, agriculture, services, and
others.
Moneva Collection is carried out by optimizing
the monitoring and billing teams and socializing
to foster partners’ understanding of how to pay
through virtual account.
Rp10 billion
distribution of PUMK
funds through BRI
collaboration
2. Access to Competence: Coaching/mentoring program for MSEs to modernize their internal business processes.
Digitalization of MSE business activity solutions through the utilization of digital platforms: as an application toolset to solve
the end-to-end business process needs of MSEs through the Go Modern and Go Digital programs.
Featured Program
Descriptions
SDGs
Realizations
Strengthening the Business
Capacity of MSEs through
Go Modern and Go Digital
Coaching (Access to
Competence)
Strengthening the capacity of MSEs is very
important so that MSEs can continue to grow
sustainably. The program scope at this stage is:
• Go
Modern:
facilitating
product
standardization, licensing/business legality
processes, entrepreneurship training, and
branding
and
packaging
improvement
assistance.
• Go Digital: Encouraging the use of digital
technology in MSE business management.
• 18,102 MSEs Go
Modern
• 16,845 MSEs Go
Digital
• 1,629 Halal
certification
• 5,647 NIB
• 2,127 PIRT
• 2,581 MSE Training
• 615 MSE Exhibitions
3. Access to Commerce: MSE Guidance Program in access to a broader market
Acceleration of MSE product promotion through marketplaces and virtual expos to increase MSE market access to
consumers without having to open physical outlets through the Go Online and Go Global programs.
Featured Program
Descriptions
SDGs
Realizations
Penetration of digital and
global market access: online
marketplace and virtual
expo (Access to Commerce)
The next critical stage in the development of
MSEs is to increase access to markets at the
national and international scope, including:
• Go Online: Facilitating MSEs to expand market
access through digital marketing training,
training, and sales assistance through online
stores/marketplaces
and
local/national
exhibitions.
• Go Global: MSEs are introducing and opening
access to international markets.
• 7,392 MSEs Go
Online
• 96 MSEs Go Global
372
Corporate Social Responsibility and Environment
DIGITALIZATION OF MSE MANAGEMENT
Telkom developed the Satu Data UKM platform to create a comprehensive profile of Telkom-assisted MSEs
based on personal and business data profiles, which is expected to assist the Company in determining and
offering the right TelkomGroup products for MSEs.
MSE FUNDING PROGRAM FINANCIAL STATEMENT
Audited Figures (In Millions Rupiah)
STATEMENT OF FINANCIAL POSITION (Rp)
Assets
Current Assets
Cash and Cash Equivalents
254,915
Loan to Foster Partners net of allowance for impairment losses of Rp53,343
36,014
Total current assets
290,929
Non-current assets
PUMK Collaboration Receivable to Foster Partners
28,021
PUMK Collaboration Receivable to BRI
2,098
Troubled Loan net of allowance impairment losses of Rp320,222
-
Total non-current assets
30,119
Total Assets
321,048
Strengthening
the
business
foundation
of
MSEs
towards
competitive MSEs
Expansion of market
access through online
stores & exhibitions
Optimization
of
application solutions to
support MSE capabilities
Export
marketing
onboarding assistance
MSEs COMPANION ACTIVITIES
• Skillset and toolset training
• Assistance with business
legality and product/service
certification
• Mentoring and coaching
• Network and community access
• MSE business process
digitization support (payment,
point of sales, inventory)
MSE COMPANION ACTIVITIES
• Marketplace registration and
onboarding assistance
• Assistance in marketing MSE
products through social media
channels
• Exhibition participation curation
• Assistance with export licensing
process
MSEs COMPANION ACTIVITIES
• Marketplace registration and
onboarding assistance
• Assistance in marketing MSE
products through social media
channels
MONITORING
COMPANION
ACTIVITIES
Monitoring the performance of
MSE facilitators from a balance
scorecard
perspective,
and
can be evaluated periodically
(daily, monthly, quarterly, and
annually), including attendance
BENEFITS FOR MSEs
MSEs get an increase in their
business
capacity
through
training to improve production
skills, branding, get business
legality
assistance,
to
the
digitalization
process
for
business
effectiveness
and
efficiency
Facilitators can complete MSE business
data to determine the most appropriate
coaching treatment
The process of MSE participation in
exhibitions, which is integrated from
product curation to registration to
exhibition events, up to the report on
exhibition results
Exclusive
menu
to
monitor
the
performance achievement of facilitators
in the coaching program and access
information
on
collectibility
and
outstanding receivables of MSEs
• After profiling, facilitator can create
training events for MSEs, in order to
improve the mindset and skillset of
MSEs
• The type of training can be invitational
or public
Treatment of coaching that is specific
to MSEs
1. Micro Teaching
Mini training provided by the
accompanying facilitator, can be
attended by 1 to 5 fostered partners
2. Business Licensing and Certifications
Assistance in the process of obtaining
business licenses and certification to
related institutions
3. Consultations and Business Matching
General business consultation
activities carried out by the assisted
MSEs with the facilitator
BENEFITS FOR MSEs
MSEs
get
opportunities
to
increase
transactions
and
turnover
through
access
to
exhibition
participation
and
transactions
through
online
stores, social media, and global
markets
BENEFIT FOR MSEs
MSEs can access information
about
the
remaining
installments and monitor the
amount of installments that
have been paid
BENEFIT FOR MSE
MSEs get MSE development
services from BUMN Pembina
that
are
programmed,
scheduled, and accountable
DIGITALIZATION OF MSE COACHING PROCESS
FEATURES
DIGITIZATION OF PROCESS & PEOPLE MONITORING
Access to Competence
PROFILING
EXHIBITION
MONITORING AND EVALUATION
TRAINING
ASSISTANCE
Access to Commerce
Access to Capital
Go Modern
Go Online
Go Digital
Go Global
SMEs HUB FEATURES AND SERVICES
RESOURCEs
INFRASTRUCTURE
Integration of MSE Development Elements
into MSE Development Platform Centers
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
373
LIABILITIES AND NET ASSETS
Liabilities
Current Liabilities
Payables and other current liabilities
406
Overpayment of Installments
261
Total Liabilities
667
Net Assets
Without restrictions from resource provider
320,381
With restrictions from resource provider
-
Total Net Assets
320,381
Total Liabilities and Net Assets
321,048
STATEMENT OF COMPREHENSIVE INCOME (RP)
Without Restrictions from Resource Provider
Revenues
Loan Administration Service Income
2,847
Interest Income
3,359
Other Income
4
Total Revenues
6,210
Income (Expenses)
(Allowance)/Recovery for Impairment of Loan
(2,702)
Other Income/(Expenses)
(558)
Total Income/(Expenses)
(3,260)
Surplus
2,950
With Restrictions from Resource Provider
-
Other Comprehensive Income
-
Total Comprehensive Income
2,950
STATEMENT OF CHANGES IN NET ASSETS (RP)
Net Assets
Without Restrictions from Resource Provider
Beginning balance
317,431
Surplus
2,950
Ending balance
320,381
Other comprehensive income
-
Total
320,381
With Restrictions from Resource Provider
-
Total Net Assets
320,381
374
Corporate Social Responsibility and Environment
STATEMENT OF CASH FLOWS (RP)
Operating Activities
Loan to fosters partners
86,538
Payment Loan
(5)
Acceptance of Loan Administration Services
2,694
Interest Income
3,359
Distribution of Loan Funds to Foster Partners
-
PUMK Collaboration Receivable to BRI
(10,000)
Return of Excess Installments to Foster Partners
(68)
Net Cash Flows Received to Operating Activities
82,518
Increase in Cash and Cash Equivalents
82,518
Cash and Cash Equivalents at Beginning of Year
172,397
Cash and Cash Equivalents at End of Year
254,915
IMPLEMENTATION OF THE COMPANY’S CREATING SHARED
VALUE PROGRAM
Creating Shared Value (CSV) is a strategic step taken by Telkom to create added value for the Company while
having a positive impact on society and the environment by utilizing Telkom’s core business capabilities, such
as empowering MSMEs through digitization and developing digital infrastructure to support digital inclusion.
Implementation of Creating Shared Value is part of sustainability efforts. In 2024, Telkom will implement CSV
through 2 (two) main programs, namely:
CSV Type
CSV Programs
Descriptions
Social Benefit
Business Benefit
Realizations
CSV 1
U t i l i z a t i o n
of
Digital
Platforms
for
MSEs
Telkom
initiates
the
utilization
of
digitalization
solutions
for
MSE’s
business
activities
by
utilizing
applications
&
digital
platforms and product
c o m m e r c i a l i z a t i o n
through
digital
e-commerce.
• E n c o u r a g i n g
digital literacy of
MSEs to increase
user
adoption
of digital service
utilization
• Helping
MSEs
i n n o v a t e
to
develop
business
quickly
to
be
applied
independently
• E n c o u r a g i n g
MSEs to upgrade
through
the
implementation of
digitalization
• Increase
the
number
of
subscribers and
user
traction
of
digital
platforms
for
MSE
• Increase usage
of
digital
connectivity
• 10.6%
of
MSEs
upgrade
in
terms
of
turnover, assets
and
human
resources
• 4,703
users
registered Kasir
Aja
• 2,991
PaDI
UMKM
user
registered
• 1,273
SSL
Internet
for
MSEs
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
375
CSV Type
CSV Programs
Descriptions
Social Benefit
Business Benefit
Realizations
CSV 3
S t u d e n t
social
project
competition:
‘Innovillage’
A
digital
talent
development event to
encourage the nation’s
digital
capability
and
adoption rate through
sociodigipreneurship
incubation,
a
form
of
synergy
between
industry and universities,
to
improve
students’
digital capabilities. This
has an impact on social
improvement
for
the
community by involving
students and universities
while producing digital
talent as input to meet
the needs of the digital
industry.
Potential
to
increase the socio-
economic
benefits
of the community
at
the
location
of
social
project
implementation
• Telkom has an
inventory
of
digital solutions
that
are
applicable
to
be
developed
for
market
validation
• Telkom has a
profiling of the
C o m p a n y ’ s
Digital
Talent
Pool
• 2,145 applicants
• Funding
165
Social Projects
• Implementation
of
60
Social
P r o j e c t s
for
1,500
beneficiaries
COLLABORATION CSR PROGRAM IMPLEMENTATION
The implementation of the CSR program is carried out effectively through collaboration with various parties
(pentahelix), including increasing the internal synergy of TelkomGroup, external cooperation with the
government, SOEs, academics, communities, media, and institutions/agencies related to the field of CSR.
Collaboration programs with SOEs and other parties implemented in 2024 include:
No.
Programs
Program Realization
Participants
1.
Environmental
Collaboration Program
- Integrated Waste
Management
The Integrated Waste Management Program in Cikole
Village, in collaboration between Telkom and Perhutani,
includes Ecoenzyme production training, which teaches
how to process kitchen waste (such as fruit peels,
vegetables, and food scraps) into useful products and
helps reduce the amount of organic waste that ends up
in landfills (TPA).
Telkom and Perhutani
2.
Education Collaboration
Program - Training for
Teacher Competency
Improvement
This collaborative program between Telkom, PGRI,
and Tribun Network aims to improve the quality and
digital competence of educators in the era of massive
technology so that it is helpful in learning and teaching
activities in schools. The hope is to encourage the
quality of education in Indonesia as a whole. The
implementation of this program is spread across three
districts in West Java Province.
Telkom, Tribun Network,
and PGRI
3.
MSE Development
Collaboration
Program
The program strengthens the marketing aspects of
fostered MSEs through Vending Machines to expand
MSE market access within the SOEs and broader
ecosystems.
Telkom and Angkasa Pura II
376
Corporate Social Responsibility and Environment
ACHIEVEMENT OF IMPACT-BASED CSR PROGRAM SUCCESS
To ensure the implementation of the impact-based CSR program's success, Telkom Indonesia consistently
measures the impact and success of the Social and Environmental Responsibility (CSR) program. Impact
measurement is conducted through an integrated approach, namely the Social Return on Investment
(SROI) method, CSR (TJSL) Index, Net Promoter Score (NPS), and Community Satisfaction Index (CSI).
These methods ensure that CSR programs provide value to the community while supporting the company's
reputation.
Social Return on Investment (SROI) measurements
were conducted on four priority programs covering
the environment, education, MSME development,
and creating shared values. The measurement results
showed an average SROI value of 2.65, exceeding
the target of 1.5. This achievement reflects the
program's success in creating social, environmental,
and economic benefits for stakeholders.
Details of the SROI value per field are as follows:
The environmental sector, through the sanitation
and clean water program, recorded the highest
score, which was 3.33; the education sector,
with a digital training program for people with
disabilities received a score of 2.86; the field of
MSME development through the Packfest program
(packaging grants) received a score of 2.23; and the
field of creating shared values through the MSME
development digitalization program received a
score of 2.21.
Program 1:
Sanitation and
Clean Water Initiative
SROI Value
1 : 3.51
Efforts to improve water security in
the community through the provision
of sanitation and clean water facilities
and community empowerment for
sustainable management.
Every 1 rupiah
that generates an impact
of 3.51 rupiah
Program 2:
Digital Empowerment
for Disability
SROI Value
1 : 2.85
The Company's commitment in
improving digital skills for vulnerable
groups to be able to compete.
Every 1 rupiah
that generates an impact
of 2.85 rupiah
Program 3:
Digitalization of
MSE Coaching
SROI Value
1 : 2.14
Initiative to increase impact
creation on sustainable economic
programs through digitalization
of MSE coaching process.
Every 1 rupiah
that generates an impact
of 2.14 rupiah
Program 4:
PACKFEST PROGRAM
SROI Value
1 : 2.23
Competition to provide sustainable
designs and materials for
Telkom-assisted MSE products.
Every 1 rupiah
that generates an impact
of 2.23 rupiah
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
377
In addition, Telkom recorded a CSR (TJSL) Index score
of 85.10% in 2024. This achievement places Telkom's
CSR activities in the good category or strong level,
which positively influences the company's image.
Positive perceptions from beneficiaries drove this
increase and fostered MSMEs and the surrounding
community
toward
Telkom's
CSR
program,
especially in Corporate Governance and Economic
Responsibility.
On the other hand, to measure the success of the
CSR program in increasing community involvement,
Telkom uses the Net Promoter Score (NPS). The NPS
measurement results in 2024 reached 74.9, which
reflects the high level of trust and satisfaction of the
community in recommending Telkom products and
CSR INDEX
NET PROMOTER SCORE
SATISFACTION INDEX
85.1
74.9
87.7
83.84
61.31
84.9
83.08
55.53
2024
2023
2022
2.4%
34%
3.2%
services. Thus, Telkom's CSR program provides social
benefits and supports strengthening customer
loyalty to the company's products and services.
The
company
also
recorded
a
Community
Satisfaction Index (CSI) score of 87.7, which reflects
a high level of satisfaction from respondents or
beneficiaries with the CSR programs that have
been implemented. This result shows that most
beneficiaries are satisfied with the various initiatives
designed to have a positive impact.
Telkom Indonesia continues to be committed
to running relevant CSR programs that provide
measurable positive impacts in line with sustainable
development goals and support the sustainability of
the company's business.
378
Corporate Social Responsibility and Environment
AWARDS OF CSR PROGRAM 2024
No.
Events
Awards
Providing Agencies/Intitutions
1.
BUMN Corporate
Communication &
Sustainability Summit
(BCOMSS)
Gold Winner in category SME
Development as Gold Winner
Kementerian BUMN
2.
HR Excellence Award
Best CSR Strategy
HR Excellence Singapore
3.
ESG World Summit & Grit
Awards
Best UN SDG Impact
ESG Grit Award Singapore
4.
CSR Excellence
Best CSR Environmental Initiatives on
carbon offset program
UK International CSR Excellence
5.
International Business
Awards
Gold Winner in category CSR Achievement
The Asia-Pacific Stevie Awards
6.
CSR IDX Channel Award
Anugrah Utama Sustainability - Integrated
Sustainability Initiative in the field of
Education
IDX Channel
7.
Indonesia Corporate
Sustainability Award
Gold in Best Practice in SME Empowerment
IBCSD & Olahkarsa
1
2
3
4
5
6
7
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
379
380
APPENDICES
07.
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
381
Appendix 1:
Glossary
Glossary
Description
2G
The abbreviation for second-generation: relating to or using a technology that gave mobile phone
users improved features and allowed people to send text messages (SMS).
3G
The generic term for third generation mobile telecommunications technology. 3G offers high speed
connections to cellular phones and other mobile devices, enabling video conference and other
applications requiring broadband connectivity to the internet.
4G/LTE
A fourth generation super fast internet network technology based on IP that makes the process of
data transfer much faster and more stable.
5G
A fifth generation of cellular mobile communications which targets high data rate, reduced latency,
energy saving, cost reduction, higher system capacity and massive device connectivity.
ADS
American Depositary Share (also known as an American Depositary Receipt, or an “ADR”), a
certificate traded on a U.S. securities market (such as the New York Stock Exchange) representing a
number of foreign shares. Each of our ADS represents 100 shares of common stock.
AKHLAK
Defined as Amanah (trustworthy), Kompeten (competent), Harmonis (harmonious), Loyal (loyal),
Adaptif (adaptive), and Kolaboratif (collaborative) values that underlie the behavior of SOE personnel.
Application
Development
Platform
Defined as an application creation platform which refers to a set of technologies that can assist
companies in designing, developing, and implementing these applications.
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-Business)
The sale of products or services provided by one business and intended for another business, not to
consumers.
B2C (Business-
to-Customer)
A business that provides services or sales of goods or services to individual or group of 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
Scorecard
One of the tools used by managers to measure the performance of a business seen from four
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.
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.
382
Appendices
Glossary
Description
Co-Location
Telecommunication infrastructure leasing service that owned existing sites after the first customer
or Anchor Tenant, which offers the space in telecommunication infrastructure to install their
equipments.
Common Stock
Our Series B shares having a par value of Rp50 per share.
CPE
Customer Premises Equipment, any handset, receiver, set-top box or other equipment used by the
consumer of wireless, fixed line or broadband services, which is the property of the network operator
and located on the customer’s premises.
Cyber Attack
A cyber attack is deliberate of the exploitation of computer systems, technology-dependent
enterprises, and networks. Cyber attacks use malicious code to alter computer code, logic or data,
resulting in disruptive consequences that can compromise data and lead to cybercrimes, such as
information and identity theft.
Cyber Security
An effort to protect information from cyber attacks. Cyber attacks in information operations are
any kind of deliberate action to disrupt the confidentiality, integrity, and availability of information.
Data Center
The facility composed of networked computers, storage systems and computing infrastructure that
organizations use to assemble, process, store and disseminate large amounts of data.
Data
Management
Platform
Defined as a platform that manages data, such as collecting, organizing, and activating data 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.
Dwiwarna Share
The Series A Dwiwarna Share have a par value of Rp50 per share. The Dwiwarna Share is held by the
Government and provides special voting rights and veto rights over certain matters related to our
corporate governance.
e-Commerce
Electronic commerce, the buying and selling of products or services over electronic systems such as
the internet and other computer networks.
e-Procurement
Electronic procurement, the process of procuring goods and services carried out online.
Earth Station
Antennas and related equipment used to receive or transmit telecommunication signals via satellites.
EBITDA
Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortization.
Adjusted EBITDA and other related ratios in this Annual Report serve as additional indicators on our
performance and liquidity, which is a non-GAAP financial measure.
Edutainment
Education and entertainment.
Face
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).
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
383
Glossary
Description
Gbps
Gigabit per second, the average number of bits, characters, or blocks per unit time passing between
equipment in a data transmission system. This is typically measured in multiples of the unit bit per
second.
GHz
Gigahertz, The hertz (symbol Hz), is the international standard unit of frequency defined as the
number of cycles per second of a periodic phenomenon.
GMS
General Meeting of Shareholders, which may be an Annual General Meeting of Shareholders (“AGMS”)
or an Extraordinary General Meeting of Shareholders (“EGMS”).
GraPARI
Telkomsel service network.
Graphical
Processing Unit
(GPU) Farming
Defined as a graphics processing usage allocation system.
GSM
Global System for Mobile Telecommunication which is the European standard for digital cellular
telephones.
High
Throughput
Satellite
Communication satellite that provides more throughput than conventional communication 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
Center
Data center that can accommodate 5,000 or more servers and has an area of more than 10,000
square feet (over 900 square meters).
Homes Passed
A connection with access to fixed-line voice, IPTV and broadband services.
In-memory
database
Defined as database processing performed on memory storage media.
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.
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.
384
Appendices
Glossary
Description
Metro Ethernet
Bridge or relationship between locations that are apart geographically. This network connects LAN
customers at several different locations.
MHz
Megahertz, a unit of measure of frequency equal to one million cycles per second.
Mobile
Broadband
The marketing term for wireless internet access through a portable modem, mobile phone, USB
Wireless Modem or other mobile devices.
Multimedia Data
Extraction
Defined as advances in web analytics, news, social media crawlers (such as text, sound, and images)
that are integrated with analytics engines.
Network Access
Point
A public network exchange facility where ISPs connected in peering arrangements.
OJK
Otoritas Jasa Keuangan, or the Financial Services Authority, the successor of Bapepam-LK, is an
independent institution with the authority to regulate and supervise financial services activities in
the banking sector, capital market sector as well as a non-bank financial industry sector.
OTT
Over The Top, a generic term commonly used to refer to the delivery of audio, video, and other
media over the internet without the involvement of a multiple-system operator in the control or
distribution of the content.
PoP
Point of Presence. An access point, location or facility that connects to and helps other devices
establish a connection with the Internet, which may consist of a router, switches, servers and
other data communication devices. We operate two points of presence, namely main and primary
points of presence. The “main point of presence” is the main transportation network that contains
traffic aggregates within a country. The “primary point of presence” is a collection of major regional
transportation networks that have the ability to create a service.
Postpaid
A type of communication service where customers can use telecommunications services first and
then pay for them.
Prepaid
A type of communication service where the customer makes an advance payment in order to use
telecommunications services.
PSA 62
Audit Standard Statement No. 62 (PSA 62) is a statement issued by the Indonesian Accounting
Association which states that in conducting audits of financial statements of government entities or
other recipients of government financial assistance which conducts stock offers through the capital
market, auditors must comply with the provisions of the Capital Market Law.
PSTN
Public Switched Telephone Network, a telephone network operated and maintained by Telkom.
Pulse
The unit in the calculation of telephone charges.
Reverse Stock
The compression of shares to become a smaller amount of shares using higher value per share.
RMJ
Regional Metro Junction, an inter-city cable network installation service in one regional (region/
province).
Satellite
Transponder
Radio relay equipment embedded in a satellite that receives signals from earth and amplifies and
transmits the signal back to the earth.
Security Insight
Platform
Defined as a platform for generating insights on cyber security.
Self Assessment
Guidelines are used as a form of accountability for collegially assessing the performance of the Board
of Commissioners.
SIM cards
Subscriber Identity Module card is a stamp-sized smart card placed on a mobile phone that holds the
key to the telecommunication service.
SKKL
Sistem Komunikasi Kabel Laut/Submarine Communications Cable System, a cable laid on the sea bed
between land-based stations to carry telecommunication signals across stretches of ocean.
SKSO
Sistem Komunikasi Serat Optik/Optical Fiber Communication System is a system that transmits
information or data from one point to another through optical fiber.
PT TELKOM INDONESIA (PERSERO) TBK
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2024
385
Glossary
Description
SMS
Short Messaging Service, a technology allowing the exchange of text messages between mobile
phones and between fixed wireless phones.
SOX
Sarbanes-Oxley Act, effective from July 30, 2002, also known as the Public Company Accounting
Reform and Investor Protection Act and Corporate and Auditing Accountability and Responsibility
Act.
SOE/BUMN
State-Owned Enterprise/Badan Usaha Milik Negara is a government-owned company, state-
owned company, state-owned entity, state-owned company, public-owned company, or parastatal
which is a legal entity formed by the Government to conduct commercial activities on behalf of the
Government as the owner.
SOX Section
404
SOX Section 404 (Sarbanes-Oxley Act Section 404) mandates that all publicly-traded companies
must establish internal controls and procedures for financial reporting and must document, test,
and maintain those controls and procedures to ensure their effectiveness.
Stock Split
Splitting the number of shares to increase the shares volume using a lower value per share.
Switching
A mechanical, electrical or electronic device that opens or closes circuits, completes or breaks an
electrical path, or selects paths or circuits, used to route traffic in a telecommunications network.
TPE
A normalized way to refer to transponder bandwidth which simply means how many transponders
would be used if the same total bandwidths used only 36 Mt transponder (1 TPE = 36 MHz).
Treasury Stock
Stock/share which bought back/repurchased by the issuing company.
USO
Universal Service Obligation, the service obligation imposed by the Government on all
telecommunications services providers for the purpose of providing public services in Indonesia.
Various
standalone and
embedded AI
capabilities
Defined as various kinds of artificial intelligence (AI) capabilities, both stand-alone and combined
with other devices, such as Indonesian Natural Language Processing (NLP), 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
Management
Platform
It is a platform for managing cyber security vulnerabilities such as malware, viruses or hacking.
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.
386
Appendices
Appendix 2:
List of Abbreviations
Keyword
Descriptions
A2P
Application to Person
ACGS
ASEAN Corporate Governance Scorecard
ACHI
AKHLAK Culture Health Index
ACMF
ASEAN Capital Market Forum
ADS
American Depositary Shares
AGMS
Annual General Meeting of Shareholders
AKHLAK
Amanah Kompeten Harmonis Loyal Adaptif
Kolaboratif
AO
Application Owner
AP
Administered Prices
API
Application Programming Interface
AR
Augmented Reality
ARPU
Average Revenue per Unit
ASEAN
Association of Southeast Asian Nations
ASKALSI
Asosiasi Kabel Laut Seluruh Indonesia or
Indonesian Submarine Cable Association
ATM
Automated Teller Machine
B2B
Business-to-Business
B2C
Business-to-Consumer
BAKAMLA
Badan Keamanan Laut or Maritime Security
Agency
BAM
Business Account Manager
Bapepam-LK
Badan Pengawas Pasar Modal dan
Lembaga Keuangan or Financial Institution
Supervisory Agency
BBM
Bahan Bakar Minyak
BCM
Business Continuity Management
BCP
Business Continuity Plan
BMD
Regional Property or Barang Milik Daerah
BOC
Board of Commissioners
BOD
Board of Directors
BPJS
Badan Penyelenggara Jaminan Sosial
or Social Insurance Administration
Organization
BPK
Badan Pemeriksa Keuangan
BPO
Business Process Outsourcing
BPS
Badan Pusat Statistik or Central Bureau of
Statistics
BSCS
Batam-Singapore Cable System
BTS
Base Transceiver Station
BUMN/SOE
Badan Usaha Milik Negara or State-Owned
Enterprise
CAGR
Compound Annual Growth Rate
CAPEX
Capital Expenditure
CDC
Community Development Center
CDIO
Chief Digital & Innovation Officer
CDN
Content Delivery Networks
CEO
Chief Executive Officer
CFO
Chief Financial Officer
Keyword
Descriptions
CFRO
Chief Financial & Risk Officer
CHCO
Chief Human Capital Officer
CITO
Chief Information Technology Officer
COCA
Calendar of Culture Action
CONS
Consumer Service
COSO
Committee of Sponsoring Organizations
of the Treadway Commission
CPaaS
Communication Platform as a Service
CPE
Customer Premises Equipment
CSLS
Customer Satisfaction and Loyalty Survey
CRM
Customer Relationship Management
CSA
Control Self Assessment
CSR
Corporate Social Responsibility
CSS
Corporate Strategic Scenario
CVM
Customer Value Management
DB
Digital Business
DC Co
Data Center Co
DER
Debt to Equity Ratio
DRP
Disaster Recovery Plan
DSL
Digital Subscriber Line
DTH
Direct to Home
EBIS
Enterprise & Business Service
Edutainment
Education and Entertainment
ELC
Entity Level Control
EGM
Executive General Manager
ERM
Enterprise Risk Management
ERP
Enterprise Resource Planning
ESG
Environmental, Social, and Governance
ESOP
Employee Stock Ownership Program
ETL
Extract Transform Load
EWR
Early Warning Report
EY
Ernst & Young
FBM
Five Bold Moves
FHCI
Forum Human Capital Indonesia
FMC
Fixed Mobile Convergence
FRAMES
Fraud Management System
FRM
Finance & Risk Management
Gbps
Gigabit per second
GCG
Good Corporate Governance
GCT
Group Corporate Transformation
GDP
Gross Domestic Product
GHz
Gigahertz
GMS
General Meeting of Shareholders
GNPIP
National Movement for Controlling Food
Inflation or Gerakan Nasional Pengendalian
Inflasi Pangan
GRI
Global Reporting Initiative
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2024
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Keyword
Descriptions
GRO
Government Relationship Officer
GSD
Graha Sarana Duta
GSM
Global System for Mobile Communication
GSMA
Global System for Mobile Communications
Association
HAKORDIA
Hari Antikorupsi Dunia or World Anti-
Corruption Day
HAM
Hak Asasi Manusia or Human Rights
HCM
Human Capital Management
HD
High Definition
HR
Human Resource
HSDC
HyperScale Data Center
HSI
High Speed Internet
HTS
High Throughput Satellite
IA
Internal Audit
IAI
Ikatan Akuntan Indonesia
IAS
International Accounting Standards
IASB
International Accounting Standards Board
IASC
Internasional Accounting Standards
Committee
ICOFR
Internal Control over Financial Reporting
ICT
Information and Communications
Technology
IDN
Indonesia Digital Network
IDR
Indonesian Rupiah
IDX/BEI
Indonesia Stock Exchange/Bursa Efek
Indonesia
IFAS
Indonesian Financial Accounting Standard
IFRS
International Financial Reporting Standard
IFRIC
IFRS Interpretations Committee
IGG
Indonesia Global Gateway
IHSG
Indeks Harga Saham Gabungan or
Composite Stock Price Index
IIA
Institute of Internal Auditor
IICD
Indonesia Institute for Corporate
Directorship
IKM
Indeks Kepuasan Masyarakat or
Community Satisfaction Index
IMF
International Monetary Fund
IMS
Integrated Management System
IOH
Indosat Ooredoo Hutchison
IoT
Internet of Things
IPLC
International Data Center or International
Connectivity
IPO
Initial Public Offering
IPR
Intellectual Property Rights
ISAK
Interpretasi Standar Akuntansi Keuangan
or Interpretation of Statements of
Financial Accounting Standards
ISO
International Organization for
Standardization
ISP
Internet Service Provider
IT
Information Technology
ITDRI
Indonesia Telecommunication and Digital
Research Institute
JaKaLaDeMa
Jawa Kalimantan Sulawesi Denpasar
Mataram
Keyword
Descriptions
Jo.
Juncto
KAP
Kantor Akuntan Publik or Public
Accountant Firm
KEKD
Komite Etika dan Kepatuhan & Disiplin
KEMPR
Komite Evaluasi dan Monitoring
Perencanaan dan Risiko or Committee
for Planning and Risk Evaluation and
Monitoring
KEU
Keuangan or Finance
KIPAS
Komunitas Provokasi Aktivasi or
Community Cultural Activation
Provocation
KNKG
Komite Nasional Kebijakan Governance or
Governance Policy National Committee
KMR
Keuangan dan Manajemen Risiko or
Finance and Risk Management
KNR
Komite Nominasi dan Remunerasi
or Committee for Nomination and
Remuneration
KPI
Key Performance Indicator
KPK
Komisi Pemberantasan Korupsi or
Corruption Eradication Commission
KPPU
Komisi Pengawas Persaingan Usaha
or Commission for the Supervision of
Business Competition
KSPKI
Indonesian Financial Reporting Standards
Framework or Kerangka Standar Pelaporan
Keuangan Indonesia
KTI
Kawasan Timur Indonesia or Eastern
Indonesia
KTKT
Integrated Governance Committee or
Komite Tata Kelola Terintegrasi
kWh
KiloWatt Hour
LED
Light Emitting Diode
LEO
Low Earth Orbit
LSA
Long Service Awards
LSL
Long Service Leaves
LSE
London Stock Exchange
LTE
Long Term Evolution
LTI
Long Term Incentive
M&A
Merger & Acquisition
MDI
Metra Digital Investama
MDM
Metra Digital Media
MNO
Mobile Network Operator
MPO
Man Power Outsourcing
MSOP
Management Stock Ownership Program
MSE
Micro and Small Enterprise
MTN
Medium-Term Notes
MTTI
Mean Time to Install
MTTR
Mean Time to Repair
MVNO
Mobile Virtual Network Operator
NAP
Network Access Point
NIB
Nomor Induk Berusaha
NITS
Network & IT Solution
NPS
Net Promoter Score
NPWP
Nomor Pokok Wajib Pajak or Tax
Identification Number
388
Appendices
Keyword
Descriptions
NPISHs
Non-Profit Institutions Serving
Households
NSP
Nada Sambung Pribadi
NYSE
New York Stock Exchange
OECD
Organization for Economic Co-operation
and Development
OHS
Occupational Health and Safety
OJK
Otoritas Jasa Keuangan or Financial
Services Authority
OLO
Other Licensed Operator
OTT
Over the Top
PaDi
Pasar Digital
PAYU
Pay As You Use
PEFINDO
PT Pemeringkat Efek Indonesia
Pemilu
General Election or Pemilihan Umum
Permendagri
Minister of Home Affairs Regulation or
Peraturan Menteri Dalam Negeri
PKBL
Program Kemitraan dan Bina Lingkungan or
Partnership and Community Development
Program
PMO
Project Management Office
PN
Perusahaan Negara or State Company
POJK
Peraturan Otoritas Jasa Keuangan or
Regulation of Indonesia Financial Services
Authority
PoP
Point of Presence
POTS
Plain Old Telephone Service
PPID
Pejabat Pengelola Informasi dan
Dokumentasi or Information Management
and Documentation Officer
PPKM
Pemberlakuan Pembatasan Kegiatan
Masyarakat
PPMP
Program Pensiun Manfaat Pasti
PSAK
Pernyataan Standar Akuntansi Keuangan
or Statements of Financial Accounting
Standards
PSTN
Public Switched Telephone Network
QMS
Quality Management System
QoS
Quality of Service
RJPP
Rencana Jangka Panjang Perseroan or
Company’s Long Term Plan
RKAP
Rencana Kerja Anggaran dan Pendapatan
or Budgeting and Revenue Work Plan
ROA
Return on Asset
ROE
Return on Equity
RPT
Related Party Transaction
SaaS
Software as a Service
SAK
Standar Akuntansi Keuangan or Financial
Accounting Standard
SASB
Sustainability Accounting Standards Board
SDG
Sustainable Development Goals
SD-WAN
Software Defined-Wide Area Network
SEA-ME-WE 5
Southeast Asia-Middle East -Western
Europe 5
SEA-ME-WE 6
Southeast Asia-Middle East -Western
Europe 6
SEA-US
Southeast Asia-United States
SEC
Securities and Exchange Commission
SEM
Structural Equation Modeling
Keyword
Descriptions
SEOJK
Surat Edaran Otoritas Jasa Keuangan
or Circular Letter of Indonesia Financial
Service Authority
SFH
School from Home
SGM
Senior General Manager
SIC
Standing Interpretations Committee
SIUP
Surat Izin Usaha Perdagangan or Business
Permit
SJUT
Integrated Utility Network Facilities or
Sarana Jaringan Utilitas Terpadu
SKKL
Sistem Komunikasi Kabel Laut or
Submarine Communications Cable System
SKSO
Sistem Komunikasi Serat Optik or Fiber
Optic Communication System
SLI
Sambungan Langsung Internasional or
International Direct Dialing
SMAP
Sistem Manajemen Anti Penyuapan or
Anti-Bribery Management System
SMB
Small Medium Business
SME
Small and Medium Enterprise
SMK
Sekolah Menengah Kejuruan or Vocational
School
SMK3/OHSAS
Sistem Manajemen Keselamatan dan
Kesehatan Kerja or Occupational Health
and Safety Assessment System
SOX
Sarbanes Oxley Act
SP
Strategic Portfolio
SPI
Sistem Pengendalian Internal or Internal
Control System
SROI
Social Return on Investment
SSO
Shared Service Operation
TAM
Tele Account Management
THR
Tunjangan Hari Raya or Religious Holiday
Allowance
TIOC
Telkom Integrated Operation Center
TKDN
Tingkat Komponen dalam Negeri
TLC
Transaction Level Control
TLK
Telkom Ticker in New York Stock Exchange
TLKM
Telkom Ticker in Bursa Efek Indonesia
TPID
Regional Inflation Control Team or Tim
Pengendalian Inflasi Daerah
TPIP
Central Inflation Control Team or Tim
Pengendalian Inflasi Pusat
USD
United States Dollar
USO
Universal Service Obligation
VAR
Value Added Reseller
VF
Volatile Food
VOD
Video on Demand
VOD
Voice over Data
VoIP
Voice over Internet Protocol
VP
Vice President
VPN
Virtual Private Network
VR
Virtual Reality
WBS
Whistleblowing System
WEO
World Economic Outlook
WIB
Wholesale and International Business
WINS
Wholesale and International Service
WPO
Whistleblower Protection Officer
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
389
Appendix 3: Cross Reference to the
Circular Letter by the Financial Services
Authority No. 16/SEOJK.04/2021
Criteria
Explanation
Pages
I
FORM OF ANNUAL REPORT
1.
Annual Report is presented in the form of printed documents and electronic copies of documents.
2.
Annual Report presented as printed document should be printed on light-colored, good quality, A4
sized paper, bound and possible to be reproduced in good quality.
3.
Annual Report can present information in the form of pictures, graphs, tables, and/or diagrams by
including clear titles and/or descriptions, thus they are easy to read and understand.
4.
Annual Report presented in the form of a copy of an electronic document is the Annual Report
converted in PDF format.
II
CONTENT OF ANNUAL REPORT
1.
Annual Report should at least
contain information about:
1)
key financial data highlight;
24-27
2)
stock information (if any);
28-30
3)
Board of Commissioners’ report;
34-41
4)
Board of Directors’ report;
44-51
5)
Issuer or Public Company’s profile;
16-19
6)
management discussion and analysis;
108-175
7)
Issuer or Public Company’s governance;
176-363
8)
Issuer or Public Company social and environmental
responsibility;
364-379
9)
audited annual financial report; and
426
10)
statement of Directors and board of Commissioners on
the responsibility for the Annual Report.
54-55
2.
Description of The Contents of Annual Report
a.
Key Financial Data Highlight
Highlights of Key Financial Data presents information in
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:
24-27
1)
revenue;
2)
gross profit;
3)
profit (loss);
4)
profit (loss) attributable to parent and non-controlling
interests;
5)
comprehensive profit (loss);
6)
comprehensive profit (loss) attributable to parent and
non-controlling interests;
7)
net profit (loss) per share;
8)
total assets;
9)
total liabilities;
10)
total equity;
390
Appendices
Criteria
Explanation
Pages
11)
profit (loss) to total asset ratio;
12)
profit (loss) to equity ratio;
13)
profit (loss) to revenue ratio;
14)
current ratio;
15)
liabilities to equity ratio;
16)
liabilities to total asset ratio; and
17)
other financial information and ratios relevant to Issuer
or Public Company and their industry type.
b.
Stock Information
Information of stock for Public Company shall at least contains:
28-29
1)
stock issued for three months period (if any) presented
in comparative form in the last 2 (two) financial years at
least contain:
a)
outstanding stock;
b)
market capitalization by the price in the Stock
Exchange where the stock is listed;
c)
highest, lowest, and closing stock price by the
price in the Stock Exchange where the stock is
listed; and
d)
traded volume in the Stock Exchange where the
stock is listed;
Informasi dalam huruf b), huruf c) dan huruf d) hanya
diungkapkan jika sahamnya tercatat di bursa efek;
2)
in the event of corporate actions such as stock split,
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:
30
a)
date of corporate actions;
b)
ratio of stock split, reverse stock, stock dividend,
stock bonus, and the changes of par value;
c)
amount of outstanding stock before and after
corporate actions;
d)
number of conversion effects executed (if any);
and
e)
stock price before and after corporate actions;
3)
in the event that the company’s stock trade is
suspended and/or delisted during the year reported,
Issuer or Public Company should explain the reason for
such suspension and/or delisting; and
No
suspension/
delisting
4)
in the event that the suspension as referred to in
number 3) and/or the process of delisting is still
ongoing until the final period of the Annual Report, the
Issuer or Public Company should explain the actions
taken to resolve the matter.
No
suspension/
delisting
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
391
Criteria
Explanation
Pages
c.
Board of Directors’ Report
Board of Directors’ Report shall at least contain:
44-51
1)
brief description about the performance of Issuer or
Public Company, that at least include:
a)
strategies and strategic policies of Issuer or
Public Company;
b)
Board of Directors' role in strategy formulation
and the strategic policy of the Issuer or Public
Company;
c)
the process carried out by the Board of Directors
to ensure the implementation of the Issuer's or
Company's strategy Public;
d)
comparison between the results achieved with
those targeted by the Issuer or Public Company;
and
e)
constraints experienced by Issuers or Public
Company;
2)
description of the Issuer or Public Company's business
prospects; and
3)
implementation
of
Issuer
or
Public
Company’s
governance.
d.
Board of Commissioners’ Report
Board of Commissioners’ Report shall at least contains:
34-41
1)
assessment on the performance of the Directors in
managing the Issuer or Public Company, including
supervision of the Board of Commissioners in the
formulation and implementation of the Issuer's or
Public Company's strategy by the Board of Directors;
2)
overview on the business prospects of Issuer or Public
Company established by the Board of Directors;
3)
overview on the implementation of Issuer or Public
Company’s governance;
e.
Profile of Issuer or Public Company
The Issuer or Public Company’s Profile at least contains:
1)
name of Issuer or Public Company, including, if any,
changes in names, reasons for such changes, and the
effective date of name;
17
2)
access to Issuer or Public Company, including branch
or representative offices that enables people to obtain
the information of:
17
a)
address;
b)
telephone number;
c)
e-mail address; and
d)
website address;
3)
brief history of the Issuer or Public Company;
62-63
4)
vision and mission of Issuer or Public Company and
corporate culture or company values;
58-61
5)
business activities according to the latest articles of
association, business activities conducted during the
financial year, and as well as types of goods and/or
services produced;
64-65
6)
the operational area of Issuer or Public Company; is an
area for the implementation of operational activities or
the range of the company’s operational activities.
22-23
392
Appendices
Criteria
Explanation
Pages
7)
organizational structure of Issuer or Public Company
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;
66-67
8)
a list of industry association memberships both
on a national and international scale related to the
implementation of sustainable finance;
68-69
9)
profile of the Directors, consisting of at least:
78-82
a)
name and position that corresponds to the
duties and responsibilities;
b)
latest photograph;
c)
age;
d)
nationality;
e)
educational background;
f)
employment record, consisting of:
(1)
legal basis of Board of Directors members
appointment for the first time at the
related Issuer or Public Company;
(2)
double
position,
either
as
member
of
Directors,
Commissioners,
and/or
committee as well as other positions (if
any); and
(3)
work experience and the time period both
inside and outside the Issuer or Public
Company;
g)
affiliation with other members of the Board
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
83
h)
changes in the composition of the members of
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
83
10)
profile of Board of Commissioners, consisting of:
70-74
a)
name and title;
b)
latest photograph;
c)
age;
d)
nationality;
e)
educational background and/or certification;
f)
employment record, consisting of:
(1)
legal basis for the appointment as a
member of the Board of Commissioners
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
393
Criteria
Explanation
Pages
(2)
legal basis for the first appointment as a
member of the Board of Commissioners
who is an independent commissioner of the
related Issuer or Public Company;
(3)
double position, either as member of
Board of Commissioners, Directors, and/
or committee, as well as other positions,
both inside and outside the Issuer or Public
Company. In the event that a member of
the Board of Commissioners does not have
double positions, then this is disclosed; and
(4)
work experience and the time period both
inside and outside the Issuer or Public
Company;
g)
affiliation with other members of the Board
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;
75
h)
statement of independence of the independent
commissioner in the event that the independent
commissioner has served more than 2 (two)
terms; and
75
i)
changes in the composition of the members of
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;
76
11)
in the event of a change in the composition of the
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;
76
12)
number of employees by gender, position, age,
education level, and employment status (permanent/
contracted) in the financial year. Disclosure of
information can be presented in tabular form;
86-90
13)
name of shareholders and ownership percentage at
the end of financial year, information includes among
others:
91-93
a)
shareholders having 5% (five percent) or more
shares of Issuer or Public Company;
b)
members of the Board of Directors and members
of the Board of Commissioners who own shares
in the Issuer or Public Company. In the event that
all members of the Board of Directors and/or all
members of the Board of Commissioners do not
own shares, this shall be disclosed; and
c)
group of public shareholders each having less
than 5% (five percent) share ownership of Issuer
or Public Company;
The above information can be presented in tabular
form.
394
Appendices
Criteria
Explanation
Pages
14)
the percentage of indirect ownership of the shares
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.
93
15)
number of shareholders and ownership percentage
at the end of financial year presented in the following
classifications:
92
a)
local institution ownership;
b)
foreign institution ownership;
c)
local individual ownership; and
d)
foreign individual ownership;
16)
information
concerning
major
and
controlling
shareholder of Issuer or Public Company, both direct
and indirect, until the individual owner, presented in the
form of scheme or diagram;
91
17)
names of subsidiaries, associated companies, joint
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;
94-99
18)
chronology of stock listing, number of stock, par
value, and offering price from the beginning of listing
up to the end of the financial year and name of Stock
Exchange where Issuer or Public Company’s stock
are listed including stock splits, reverse stock, stock
dividends, shares bonuses, and changes in the nominal
value of shares, implementation of conversion effects,
implementation of capital additions and subtractions
(if any);
100-102
19)
information of other securities listing other than 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);
103-104
20)
information on the use of public accounting services
(AP) and public accounting firms (KAP) and their
networks/associations/allies include:
105-106
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
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
395
Criteria
Explanation
Pages
Disclosure of information on the use of AP and KAP
services and their networks/associations/allies can be
presented in tabular form.
21)
name and address of capital market supporting
institutions and/or professions other than AP and KAP.
106-107
f.
Management Discussion and
Analysis
Annual Report must contain discussion and analysis of
Financial Report and other significant information by
emphasizing material changes taking place during the year
under review. It should at least contain:
108-175
1)
operational review by business segment in accordance
with the industry of Issuer or Public Company, consisting
of at least:
117-131
a)
Production, which includes process, capacity and
its development;
b)
Revenue; and
c)
Profitability;
2)
comprehensive financial performance including a
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:
145-159
a)
current assets, non-current assets, and total
assets;
b)
Short-term liabilities, long-term liabilities, and
total liabilities;
c)
equity;
d)
revenue, expenses and profit (loss), other
comprehensive revenue and comprehensive
income (loss); and
e)
cash flow;
3)
ability to pay debts or obligations, by presenting the
calculations for the relevant ratios;
160
4)
The collectibility level of receivables of Issuers or Public
Companies, presented through the calculation of
relevant financial ratios;
164
5)
capital structure and management policy on the
capital structure along with the basis for determining
such policy;
161
6)
discussion of material commitments for capital goods
investments, with the explanation containing at least:
163
a)
purpose of such commitment;
b)
sources of funds expected to fulfill to the
commitment;
c)
currency of denomination; and
d)
steps taken by the Issuer or Public Company to
protect the position of related foreign currency
against risks;
7)
discussion on realization of investment of capital
expenditure within the last Financial year, that at least
contains:
163
a)
type of capital expenditure investments;
b)
purpose of capital expenditure investments;
c)
value of capital expenditure investments issued;
396
Appendices
Criteria
Explanation
Pages
8)
material information and facts occurring after the date
of accountant’s report (if any);
165
9)
business prospects of Issuer or Public Company in
relation to the industry, economy in general, and
international market, and accompanied with the
supporting quantitative data from reliable Data
resource;
165-167
10)
comparison
between
target/projection
at
the
beginning of financial year and the realization, that
includes:
168
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
within 1 (one) year, that includes:
169
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 or Public Company, including among others
marketing strategies and market Share;
132-144
13)
description of dividend during the past 2 (two) financial
years (if any), includes at least:
170
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
is under the Following conditions:
171
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;
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
397
Criteria
Explanation
Pages
15)
material information (if any) concerning, among others
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:
172
a)
date, value and object of transaction;
b)
name of transacting parties;
c)
nature of Affiliated relation (if any);
d)
explanation of fairness of transaction; and
e)
compliance with related rules and regulations;
f)
in the event that there is an affiliation relationship,
in addition to disclosing the information as
referred to in letter a) to letter e), the Issuer or
Public Company also discloses information:
(1)
a statement from the Board of Directors
that the affiliate transaction has gone
through adequate procedures to ensure
that the affiliated transaction is carried
out in accordance with generally accepted
business practices, among others, by
complying with the arms-length principle;
and
(2)
the role of the Board of Commissioners
and the audit committee in carrying out
adequate procedures to ensure that
affiliated transactions are carried out
in accordance with generally accepted
business practices, among others, by
complying with the arms-length principle;
g)
for
affiliated
transactions
or
material
transactions which are business activities carried
out in order to generate business income and
are carried out regularly, repeatedly and/or
continuously, an explanation is added that the
affiliated transactions or material transactions
are business activities carried out in order to
generate business income and are carried out
regularly. routine, repetitive, and/or continuous;
In the case of affiliate transactions or material
transactions referred to has been disclosed in
the report annual financial, added information
regarding disclosure references in reports the
annual finances.
h)
for disclosure of affiliated transactions and/or
conflict of interest transactions resulting from
the implementation of affiliated transactions
and/or conflict of interest transactions that have
been approved by independent shareholders,
additional information regarding the date of the
GMS which approved the affiliated transactions
and/or conflict of interest transactions is added;
i)
in the event that there are no affiliated
transactions
and/or
conflict
of
interest
transactions,
then
such
matters
shall
be
disclosed;
16)
description of changes in regulation which have a
significant effect on the Issuer or Public Company and
its impacts on the financial report (if any); and
173-174
17)
changes in the accounting policy, rationale and impacts
on the financial statement (if any).
174-175
398
Appendices
Criteria
Explanation
Pages
g.
Governance of Issuer or Public
Company
Governance of Issuer or Public Company at least contains brief
description of:
1)
General Meeting of Shareholders (GMS) shall at least
contain:
187-197
a)
Information regarding the resolutions of the GMS
in the financial year and 1 (one) year prior to the
financial year includes:
(1)
resolutions of the GMS in the financial year
and 1 (one) year before the financial year
are realized in the financial year; and
(2)
resolutions of the GMS for the financial
year and 1 (one) year before the financial
year that have not been realized and the
reasons for not realizing them;
b)
in the event that the Issuer or Public Company
uses an independent party in the conduct of the
GMS to calculate the votes, then this matter shall
be disclosed;
2)
Board of Directors, consisting of among others:
281-307
a)
scope of work and responsibility of each member
of the Board of Directors;
Information
regarding
the
duties
and
responsibilities of each member of the Board of
Directors is described and can be presented in
tabular form.
b)
disclosure that the Board of Directors have
Board of Directors’ charter;
c)
policies and implementation regarding the
frequency of meetings of the Board of Directors,
joint meetings of the Board of Commissioners,
and the level of attendance of members of the
Board of Directors in such meetings including
attendance at the GMS;
Information on the level of attendance of
members of the Board of Directors at the
meeting of the Board of Directors, the meeting
of the Board of Directors with the Board of
Commissioners, or the GMS can be presented in
tabular form.
d)
training and/or competency improvement of
members of the Board of Directors:
(1)
policies on training and/or improving the
competence of members of the Board of
Directors, including an orientation program
for newly appointed members of the Board
of Directors (if any); and
(2)
training and/or competency improvement
attended by members of the Board of
Directors in the financial year (if any);.
e)
The Board of Directors’ assessment of the
performance of the committees that support
the implementation of the Board of Directors’
duties for the financial year shall at least contain:
(1)
performance appraisal procedures; and
(2)
criteria
used
such
as
performance
achievement during the financial year,
competence and attendance in a meeting;
and
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
399
Criteria
Explanation
Pages
f)
in the case that the Issuer or Public Company
does not have a committee that supports the
implementation of tasks the Board of Directors,
then it is disclosed regarding this matter.
3)
Board of Commissioners, consisting of among others:
198-220
a)
description of responsibility of the Board of
Commissioners;
b)
disclosure that the Board of Commissioners has
Board of Commissioners’ charter;
c)
policies and implementation of the frequency
of meetings of the Board of Commissioners,
meetings of the Board of Commissioners with the
Board of Directors and the level of attendance of
members of the Board of Commissioners in the
meeting including attendance at the GMS;
Information on the level of attendance of
members of the Board of Commissioners at the
meeting of the Board of Commissioners, the
meeting of the Board of Commissioners with the
Board of Directors, or the GMS can be presented
in tabular form.
d)
training and/or competency improvement of
members of the Board of Commissioners:
(1)
policies on training and/or improving the
competence of members of the Board
of Commissioners, including orientation
programs for newly appointed members of
the Board of Commissioners (if any); and
(2)
training and/or competency improvement
attended by members of the Board of
Commissioners in the financial year (if any);
e)
performance appraisal of the Board of Directors
and the Board of Commissioners as well as each
member of the Board of Directors and the Board
of Commissioners, including among others:
(1)
procedure of performance assessment
implementation;
(2)
the
criteria
used
are
performance
achievements during the financial year,
competence and attendance at meetings;
and
(3)
parties conducting the assessment;
f)
The Board of Commissioners’ assessment of the
performance of the Committees that support
the implementation of the duties of the Board of
Commissioners in the financial year includes:
(1)
performance appraisal procedures; and
(2)
the
criteria
used
are
performance
achievements during the financial year,
competence and attendance at meetings;
4)
The nomination and remuneration of the Board of
Directors and the Board of Commissioners shall at least
contain:
247-250
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
400
Appendices
Criteria
Explanation
Pages
b)
procedures and implementation of remuneration
for the Board of Directors and the Board of
Commissioners, among others:
(1)
procedures for determining remuneration
for the Board of Directors and the Board of
Commissioners;
(2)
the remuneration structure of the Board of
Directors and the Board of Commissioners
such as salaries, allowances, bonuses and
others; and
(3)
the amount of remuneration for each
member of the Board of Directors and
member of the Board of Commissioners;
Disclosure of information can be presented
in tabular form.
5)
Shariah supervisory board, for Issuer or Public Company
running business under the principles of Syariah as
expressed in the Articles of Association, contains at
least:
Not relevant
a)
name;
b)
the legal basis for the appointment of the shariah
supervisory board;
c)
period of assignment of the shariah supervisory
board;
d)
tasks and responsibilities of shariah supervisory
board; and
e)
frequency
and
method
of
advising
and
supervisory on the compliance of shariah
principles in capital market toward the Issuer or
Public Company;
6)
Audit Committee, consisting of among others:
221-236
a)
name and position in the committee;
b)
age;
c)
nationality;
d)
educational background;
e)
employment record, consisting of:
(1)
legal basis of appointment as member of
committee;
(2)
double position, either as member of Board
of Commissioners, Board of Directors, and/
or committee and other positions (if any);
and
(3)
work experience and the time period, both
inside and outside the Issuer or Public
Company;
f)
period of service of Audit Committee members;
g)
disclosure of independence of Audit Committee;
h)
training and/or competency improvement that
have been followed in the financial year (if any);
i)
disclosure
of
company
policies
and
the
implementation
on
frequency
of
Audit
Committee meetings and the attendance of
Audit Committee members in such meetings;
and
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
401
Criteria
Explanation
Pages
j)
brief description activities carried out by Audit
Committee during the financial year based on
what is stated in Audit Committee Charter;
7)
Committee or function of nomination and remuneration
of Issuers or Public Companies, consisting of among
others:
236-246
a)
name and position in the committee;
b)
age;
c)
nationality;
d)
educational background;
e)
employment record, consisting of:
(1)
legal basis of appointment as committee
member;
(2)
double position, either as member of Board
of Commissioners, Board of Directors and/
or committee and the other positions (if
any); and
(3)
work experience and the time period both
inside and outside the Issuer or Public
Company;
f)
period of service of committee members;
g)
disclosure of independence of committee;
h)
training and/or competency improvement that
have been followed in the financial year (if any);
i)
description of duties and responsibilities;
j)
disclosure that the committee has charter of
committee;
k)
disclosure
of
company
policies
and
the
implementation on frequency of committee
meetings and the attendance of committee
members in such meetings;
l)
brief description activities during the financial
year;
m)
in the event that no nomination and remuneration
committee is formed, the Issuer or Public
Company is sufficient to disclose the information
as referred to in letter i) to letter l) and disclose:
(1)
reasons for not forming the committee;
and
(2)
the party carrying out the nomination and
remuneration function;
8)
other committees the Issuer or Public Company has
in order to support the function and tasks of Board of
Directors (if any) and/or committees that support the
functions and duties of the Board of Commissioners,
consisting of among others:
251-280
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;
402
Appendices
Criteria
Explanation
Pages
(2)
double position, either as member of Board
of Commissioners, Board of Directors and/
or committee and the other positions (if
any); and
(3)
work experience and the time period both
inside and outside the Issuer or Public
Company;
f)
period of service of committee members;
g)
disclosure of independence of committee;
h)
training and/or competency improvement that
have been followed in the financial year (if any);
i)
description of duties and responsibilities;
j)
disclosure that the committee has charter of
committee;
k)
disclosure
of
company
policies
and
the
implementation on frequency of committee
meetings and the attendance of committee
members in such meetings; and
l)
brief description activities during the financial
year;
9)
Corporate Secretary, consisting among others:
308-310
a)
name;
b)
domicile;
c)
employment record, consisting of:
(1)
legal basis of appointment as Corporate
Secretary; and
(2)
work experience and the time period both
inside and outside the Issuer or Public
Company;
d)
educational background;
e)
training and/or competency improvement that
have been followed in the financial year; and
f)
brief description activities carried out by
Corporate Secretary during the financial year;
10)
Internal audit unit, consisting among others:
311-315
a)
name of internal audit unit’s chief;
b)
employment record, consisting of:
(1)
legal basis of appointment as internal audit
unit’s chief; and
(2)
work experience and the time period both
inside and outside the Issuer or Public
Company;
c)
qualification/certification as an internal audit (if
any);
d)
training and/or competency improvement that
have been followed in the financial year;
e)
structure and position of internal audit unit;
f)
description of tasks and responsibilities of
internal audit unit;
g)
disclosure that the unit has charter internal audit
unit; and
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
403
Criteria
Explanation
Pages
h)
brief description of the implementation of the
duties of the internal audit unit in the financial
year including the policy and implementation
of the frequency of meetings with the Board of
Directors, Board of Commissioners, and/or audit
committee;
11)
description of internal control system implemented by
Issuer or Public Company, consisting of at least:
316-319
a)
operational and financial control, along with
compliance with other prevailing rules and
regulations;
b)
review on effectiveness of internal control
system; and
c)
statement of the Board of Directors and/or
Board of Commissioners on the adequacy of the
internal control system;
12)
risk management system implemented by Issuer or
Public Company, consisting of at least:
320-339
a)
general description of risk management system
of Issuer or Public Company;
b)
types of risks and efforts to manage such risks;
c)
review on effectiveness of the risk management
system of Issuer or Public Company; and
d)
statement of the Board of Directors and/or
Board of Commissioners on the adequacy of the
internal control system;
13)
legal cases that have a material impact faced by
Issuers or Public Companies, subsidiaries, members of
the Board of Directors and members of the Board of
Commissioners (if any), at least contain:
340-341
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
or Public Company, members of the Board of
Commissioners and Board of Directors, by Financial
Service Authority and other authorities during the
fiscal year (if any);
362
15)
information on code of conducts and culture of Issuer
or Public Company (if any) consisting of:
342-344
a)
main points of code of conducts;
b)
form of socialization of code of conducts and
efforts to enforce it; and
c)
disclosure of that code of conducts is applicable
to member of Board of Directors, Board of
Commissioners, and employers of Issuer or
Public Company;
404
Appendices
Criteria
Explanation
Pages
16)
a brief description of the policy of providing long-term
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:
345-346
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
regarding:
346
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
or Public Company to report misconducts causing
potential loss to the company or the stakeholders (if
any), consisting of among others:
347-353
a)
procedure to submit whistleblowing report;
b)
protection for whistleblower;
c)
handling of whistleblowing;
d)
party managing whistleblowing; and
e)
results of whistleblowing handling, consisting of
at least:
(1)
number of whistleblowing registered and
processed in financial year; and
(2)
follow up of whistleblowing;
In the event that the Issuer or Public Company
does not have a whistleblowing system, it is
disclosed regarding this matter.
19)
a description of the anti-corruption policy of the Issuer
or Public Company, at least containing:
354-361
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
Guidelines for Issuer that issues Equity Securities or
Public Company, consisting of:
178-184
a)
disclosure of implemented recommendations;
and/or
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
405
Criteria
Explanation
Pages
b)
explanation
concerning
unimplemented
recommendation, including reasons for such
conditions and alternatives (if any).
Disclosure of information can be presented in tabular
form.
h.
Social and Environmental
Responsibility of Issuer or Public
Company
1)
Information disclosed in the social and environmental
responsibility section is a Sustainability Report as
referred to in the Financial Services Authority’s
Regulation
No.
51/POJK.03/2017
concerning
the
Implementation of Sustainable Finance for Financial
Services Institutions, Issuers, and Public Companies,
containing at least :
Telkom
publishes
the 2024
Sustainability
Report
separately
a)
explanation of the sustainability strategy;
b)
an overview of sustainability aspects (economic,
social, and environmental);
c)
brief profile of the Issuer or Public Company;
d)
explanation of the Board of Directors;
e)
sustainability governance;
f)
sustainability performance;
g)
written verification from an independent party,
if any;
h)
feedback sheet for readers, if any; and
i)
the response of the Issuer or Public Company to
the previous year's report feedback;
2)
The Sustainability Report as referred to in number 1),
must be prepared in accordance with the Technical
Guidelines for the Preparation of a Sustainability
Report for Issuers and Public Companies as contained
in Appendix II which is an integral part of this Financial
Services Authority Circular Letter;
3)
Information on the Sustainability Report in number 1)
could be:
Information
available on
the 2024
Sustainability
Report
a)
disclosed in other relevant sections outside
of the social and environmental responsibility
section, such as the Board of Directors’
explanation regarding the Sustainability Report
disclosed in the section related to the Board of
Directors’ Report; and/or
b)
refers to other sections outside the social and
environmental responsibility section while still
referring to the Technical Guidelines for the
Preparation of Sustainability Reports for Issuers
and Public Companies as listed in Appendix II
which is an integral part of this Financial Services
Authority Circular Letter, such as profiles Issuer
or Public Company;
406
Appendices
Criteria
Explanation
Pages
4)
The Sustainability Report as referred to in number 1)
is an inseparable part of the Annual Report but can be
presented separately from the Annual Report;
Telkom
publishes
the 2024
Sustainability
Report
separately
5)
In the event that the Sustainability Report is presented
separately from the Annual Report, the information
disclosed in the said Sustainability Report must:
a)
contains all the information as referred to in
number 1); and
b)
prepared in accordance with the Technical
Guidelines for the Preparation of a Sustainability
Report for Issuers and Public Companies as
contained in Appendix II which is an integral
part of this Circular Letter of Financial Services
Authority;
6)
In the event that the Sustainability Report is presented
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
366
7)
Submission of the Sustainability Report which is
presented separately from the Annual Report must be
submitted together with the submission of the Annual
Report.
i.
Audited Financial Statement
The annual financial statements contained in the Annual
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.
426
j.
Statement of Members
Board of Directors and Board
of Commissioners on The
Responsibility for the Annual
Report
Statement of members of Board of Directors and Board of
Commissioners on the responsibility for the Annual Report
is composed in accordance to the format of Statement of
Members of Board of Directors and Board of Commissioners
on the Responsibility for the Annual Report as attached in
the Appendix I as an inseparable part of the Circular Letter
of FSA.
54-55
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
407
Appendix 4:
Affiliate Transactions List
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Telkom
SHL Interest
√
√
Dividend
√
√
ESOP
Advertising/Printing Service
√
√
√
APP2P Service
√
Technical Assistant/Investigation Survey
Service
Colocation/Maintenance/Supporting
Service
√
CPE Managed Application Service
Credit Voucher Fee Service/RITNAS
Health Service
√
I/C IDD 007 Service
ii_007 – Signaling Service
Domestic Incoming Service
(Interconnection)
Incubation Service
√
Device Installation Service
Construction Service
√
Content Service/PIB
Data Center Service
e-Payment/Money Service
√
IoT Service
Lease & Trade Service
√
License/Application Service
Maintenance Service
Manage Capacity Service
Management Service
√
PE2PE Service
Building Management Service/Site
√
√
Building Lease Service/Tower
408
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
409
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Royalty Service
Telecommunication Facilities Service:
CINOP, GRX etc
SARTEL-SARPEN Service
√
√
SARTEL-SARPEN (IDR) Service
√
SARTEL-SARPEN Service-CALLCENTER
SARTEL-SARPEN Service-WIFI.ID (IDR)
SARTEL-SARPEN Service-WIFI.ID (USD)
Jasa Satellite Link/Transponder/VISAT/
Circuit
Link Lease Service: Metroethernet,
Astinet, VPN IP, DINACCESS
√
√
√
√
√
√
√
√
√
√
√
√
Work Facilities Rental Service/Seat
Management
Training/Assessment Service
√
√
√
√
√
√
Balebat
Advertising/Printing Service
√
Infomedia Solusi Humanika
Colocation/Maintenance/Supporting
Service
Outsourcing Service
√
√
Media Nusantara Data Global
Colocation/Maintenance/Supporting
Service
√
Data Center Service
NeutraDC Singapore
Colocation/Maintenance/Supporting
Service
Admedika
Health Service
√
Collega Inti Pratama
License/Application Service
√
Finnet
Collection Service
√
Colocation/Maintenance/Supporting
Service
e-Data Service
Credit Voucher Fee Service/RITNAS
Injapati Service/VAS: call center, calling
card, vas
410
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
411
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
e-Payment/Money Service
√
Graha Sarana Duta
ESOP
√
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Hosting Service/CDN
Construction Service
√
Building Management Service/Site
√
√
√
√
Building Lease Service/Tower
Supporting Service
√
Management Transport Service
√
Graha Telkom Sigma
Colocation/Maintenance/Supporting
Service
Electricity Service
Graha Yasa Selaras
Building Management Service/Site
√
MD Investama
Dividend
√
Incubation Service
√
Metra Digital Media
Advertising/Printing Service
√
√
√
APP2P Service
√
Colocation/Maintenance/Supporting
Service
Management Service
√
Satellite Service & VAS
√
SMS KA Service
√
Metra Net
Advertising/Printing Service
√
√
√
√
Colocation/Maintenance/Supporting
Service
√
CPE Managed Device Service
√
Supporting Service
√
Satellite Service & VAS
412
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
413
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Training/Assessment Service
Metra TV
Content Service/PIB
NU TECH
Colocation/Maintenance/Supporting
Service
CPE Managed Device Service
√
E-Payment/Money Service
Supporting Service
√
Sharing EDC Cooperation
NUON
Advertising/Printing Service
√
Colocation/Maintenance/Supporting
Service
√
Content Service/PIB
√
SARTEL-SARPEN Service
√
Pojok Celebes Mandiri
E-ticketing Service
√
√
√
Sigma Cipta Caraka
ESOP
√
Colocation/Maintenance/Supporting
Service
√
√
√
√
√
√
√
√
√
License/Application Service
Maintenance Service
Supporting Service
SARTEL-SARPEN Service
Server Rental Service
√
Sigma Metrasys
License/Application Service
SSI
Colocation/Maintenance/Supporting
Service
Satellite Link Service/Transponder/
VISAT/Circuit
√
Telin Malaysia
Colocation/Maintenance/Supporting
Service
√
414
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
415
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Satellite Link Service/Transponder/
VISAT/Circuit
Telkom Akses
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
Access Network Service
√
Construction Service
√
Maintenance Service
√
Manage Capacity Service
√
Management Service
√
Supporting Service
√
Training/Assessment Service
Transport Management Service
√
Telkomsat
Advertising/Printing Service
√
Incubation Service
√
Device Installation Service
√
Manage Capacity Service
√
Management Service
√
Telecommunication Facilities Service:
CINOP, GRX etc
Satellite Link/Transponder/VISAT/Circuit
Service
√
Satellite Service & VAS
√
TIF
Management Service
√
Mitratel
ESOP
√
Technical Assistance Service/
Investigation Survey
√
Device Installation Service
√
Maintenance Service
Manage Capacity Service
√
Building Management Service/Site
√
Building Lease Service/Tower
√
SARTEL-SARPEN (IDR) Service
√
416
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
417
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Rental Power Supply Service
Digital Aplikasi Solusi
Colocation/Maintenance/Supporting
Service
CPE Managed Application Service
√
License/Application Service
√
Management Service
√
Infomedia Nusantara
Advertising/Printing Service
Technical Assistance Service/
Investigation Survey
Call Center/Contact Center Service –
Outsourcing
√
√
Colocation/Maintenance/Supporting
Service
Injapati/VAS Service: call center, calling
card, vas
Access Network Service
√
Management Service
√
Outsourcing Service
√
Building/Site Management Service
√
Supporting Service
√
SARTEL-SARPEN Service-CALLCENTER
√
Multimedia Nusantara
SHL Interest
Dividend
ESOP
√
Advertising/Printing Service
√
Content Service/PIB
√
Data Center Service
Building Management Service/Site
Building Lease Service/Tower
√
Supporting Service
√
√
√
√
Satellite Link/Transponder/VISAT/Circuit
Service
Persada Sokka Tama
Technical Assistance Service/
Investigation Survey
√
Construction Service
√
Manage Capacity Service
√
418
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
419
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Building Lease Service/Tower
PINS
ESOP
√
Colocation/Maintenance/Supporting
Service
CPE Managed Application Service
√
CPE Managed Device Service
CPE Managed Network Service
√
Credit Voucher Fee Service/RITNAS
√
Lease & Trade Service
√
Maintenance Service
√
Building/Site Management Service
Supporting Service
√
Work Facilities Rental Service/Seat
Management
√
√
√
Server Rental Service
√
Telin Hong Kong
I/C IDD 007 Service
√
√
Content Service/PIB
√
Satellite Link/Transponder/VISAT/Circuit
Service
√
SMS KA Service
Telin Singapore
Colocation/Maintenance/Supporting
Service
√
I/C IDD 007 Service
√
Data Center Service
Supporting Service
√
Telkomsel
Advertising/Printing Service
√
√
√
APP2P Service
√
Collection Service
√
Colocation/Maintenance/Supporting
Service
√
CPE Managed Device Service
Credit Voucher Fee Service/RITNAS
√
I/C IDD 007 Service
√
420
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
421
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Incoming Domestic Service
(Interconnection)
√
Content Service/PIB
√
√
√
E-Payment/Money Service
√
IoT Service
√
Management Service
√
Outsourcing Service
PE2PE Service
√
Building/Site Management Service
√
Service Solution Management Service &
Power
Building Rental Service/Tower
Supporting Service
Telecommunication Facilities Service:
CINOP, GRX etc
√
SARTEL-SARPEN Service
SARTEL-SARPEN Service-WIFI.ID (IDR)
√
Satellite Link/Transponder/VISAT/Circuit
Service
Rental Link Service: Metroethernet,
Astinet, VPN IP, DINACCESS
√
Rental Power Supply Service
SMS KA Service
√
TII
ESOP
√
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
√
Hosting Service/CDN
√
International IPLC/SIMBOX Service
Management Service
Supporting Service
√
SARTEL-SARPEN Service-WIFI ROAMING
(IDR)
√
SARTEL-SARPEN Service-WIFI ROAMING
(USD)
√
422
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
423
Service Receiver
Telkom
Balebat
Infomedia Solusi Humanika
Media Nusantara Data Global
NAPSINDO
NeutraDC Singapore
Admedika
Collega Inti Pratama
Finnet
Graha Sarana Duta
Graha Telkom Sigma
Graha Yasa Selaras
MD Investama
Metra Digital Media
Metra Net
Metra TV
NU TECH
NUON
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Satellite Link/Transponder/VISAT/Circuit
Service
√
Rental Link Service: Metroethernet,
Astinet, VPN IP, DINACCESS
√
Telin Timor Leste
I/C IDD 007 Service
Content Service/PIB
√
Telin USA
Technical Assistance Service/
Investigation Survey
√
Telkom Data Ekosistem
Technical Assistance Service/
Investigation Survey
Colocation/Maintenance/Supporting
Service
√
√
√
Data Center Service
√
√
SARTEL-SARPEN Service
√
Telkom Infra
Device Installation Service
√
Maintenance Service
Manage Capacity Service
√
Management Service
Supporting Service
Telkom Landmark Tower
Technical Assistance Service/
Investigation Survey
Credit Voucher Fee Service/RITNAS
Content Service/PIB
Building Management Service/Site
√
√
√
√
Building Lease Service/Tower
√
√
Supporting Service
√
TelkoMedika
Health Service
√
√
√
√
√
Telkomsel Ekosistem Digital
Content Service/PIB
√
424
Appendices
Pojok Celebes Mandiri
Sigma Cipta Caraka
SSI
Telin Malaysia
Telkom Akses
Telkomsat
Telkomsel Mitra Inovasi
TIF
Mitratel
Digital Aplikasi Solusi
Infomedia Nusantara
Multimedia Nusantara
Persada Sokka Tama
PINS
Telin Hong Kong
Telin Singapore
Telkomsel
TII
Teknologi Data Infrastruktur
Telin Australia
Telin Timor Leste TP USD
Telkom Data Ekosistem
Telkom Infra
Telkom Landmark Tower
TelkoMedika
Telkomsel Ekosistem Digital
TSGN
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
38
39
40
41
42
43
44
45
46
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
425
426
CONSOLIDATED
FINANCIAL
STATEMENTS
08.
427
PT TELKOM INDONESIA (PERSERO) TBK
Annual Report
2024
Perusahaan Perseroan
(Persero)
PT Telekomunikasi
Indonesia Tbk. and its and
subsidiaries
Consolidated financial statements
as of December 31, 2024 and for
the year ended with independent
auditor’s report
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024 AND FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITOR’S REPORT
TABLE OF CONTENTS
Page
Statement of the Board of Directors
Independent Auditor’s Report
Consolidated Statements of Financial Position
1
Consolidated Statements of Profit or Loss and Other Comprehensive Income
2
Consolidated Statements of Changes in Equity
3
Consolidated Statements of Cash Flows
4
Notes to the Consolidated Financial Statements
5-113
Statement of the Board of Directors
regarding the Board of Director’s Responsibility for
Consolidated Financial Statements
as of December 31, 2024 and for the year ended
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk and its Subsidiaries
On behalf of the Board of Directors, we the undersigned:
1. Name
: Ririek Adriansyah
Business address
: Jl. Japati No.1 Bandung 40133
Address
: Jl. Karang Tengah Raya Pertanian I/99 RT 05 RW 04
Kelurahan Lebak Bulus, Kecamatan Cilandak, Jakarta Selatan
Phone
: (022) 452 7101
Position
: President Director
2. Name
: Heri Supriadi
Business address
: Jl. Japati No.1 Bandung 40133
Address
:
Phone
: (022) 452 7201/ (021) 520 9824
Position
: Director of Finance and Risk Management
hereby state as follows:
1. We are responsible for the preparation and presentation of the consolidated financial statements of
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk (the “Company”) and its subsidiaries
as of December 31, 2024 and for the year ended;
2. The Company and its subsidiaries’ consolidated financial statements as of December 31, 2024 and for
the year ended have been prepared and presented in accordance with Indonesian Financial Accounting
Standards;
3. All information has been fully and correctly disclosed in the Company and its subsidiaries’ consolidated
financial statements;
4. The Company and its subsidiaries’ consolidated financial statements do not contain false material
information or facts, nor do they omit any material information or facts;
5. We are responsible for the Company and its subsidiaries’ internal control system.
This statement is considered to be true and correct.
Jakarta, April , 2025
for and behalf of
PT Telkom Indonesia (Persero) Tbk.
Ririek Adriansyah
President Director
Heri Supriadi
Director of Finance and Risk Management
Jl. Birah II No.16 RT 05 RW 06
Kelurahan Rawa Barat, Kecamatan Kebayoran Baru, Jakarta Selatan
April 17
i
Independent Auditor’s Report
Report No. 00646/2.1032/AU.1/06/0687-3/1/IV/2025
The Shareholders and the Boards of Commissioners and Directors
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk.
Opinion
We have audited the accompanying consolidated financial statements of Perusahaan Perseroan
(Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) and its subsidiaries (collectively
referred to as the “Group”), which comprise the consolidated statement of financial position as
of December 31, 2024, and the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of changes in equity, and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material
respects, the consolidated financial position as of December 31, 2024, and its consolidated
financial performance and cash flows for the year then ended, in accordance with Indonesian
Financial Accounting Standards.
Basis for opinion
We conducted our audit in accordance with Standards on Auditing established by the Indonesian
Institute of Certified Public Accountants (“IICPA”). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements paragraph of our report. We are independent of the Group in accordance with the
ethical requirements relevant to our audit of the consolidated financial statements in Indonesia,
and we have 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.
Key audit matters
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 current period. Such
key audit matters were addressed in the context of our audit of the consolidated financial
statements taken as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on such key audit matters. For the key audit matter below, our description of
how our audit addressed such key audit matter is provided in such context.
ii
Independent Auditor’s Report (continued)
Report No. 00646/2.1032/AU.1/06/0687-3/1/IV/2025 (continued)
Key audit matters (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 performance of
procedures designed to respond to our assessment of the risks of material misstatement of the
accompanying consolidated financial statements. The results of our audit procedures, including
the procedures performed to address the key audit matter below, provide the basis for our
opinion on the accompanying consolidated financial statements.
Evaluation of telecommunication infrastructure estimated useful lives
Description of the key audit matter:
As of December 31, 2024, the balance of consolidated telecommunication infrastructures
amounted to Rp161,035 billion which represents 54% of total consolidated assets. As discussed
in Notes 2y and 11 to the accompanying consolidated financial statements, the Group reviews
the estimated useful lives of its property and equipment, including telecommunication
infrastructures, at least annually and such estimates are updated if expectations differ from
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 property
and equipment.
Auditing the Group's estimated useful lives of telecommunication infrastructures is complex and
requires significant judgment because the determination of the estimated 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 and
assessing the appropriateness of the judgments regarding the most relevant data to be
considered in determining its useful lives. We also tested management’s control on
benchmarking analysis, including the selection criteria, on the estimated 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 related to asset replacements and assessed the
reasonableness of assumptions by considering external sources, such as telecommunication
technology growth, changes in market demand, and current economic and regulatory trends.
We assessed whether the benchmarking analysis on the estimated useful lives of
telecommunication infrastructures used by management was complete and consistent with the
selection criteria through comparison with sample portfolio of public companies within the
telecommunication industry.
iii
Independent Auditor’s Report (continued)
Report No. 00646/2.1032/AU.1/06/0687-3/1/IV/2025 (continued)
Other information
Management is responsible for the other information. Other information comprises the
information included in the 2024 Annual Report (“The Annual Report”) other than the
accompanying consolidated financial statements and our independent auditor’s report thereon.
The Annual Report is expected to be made available to us after the date of this independent
auditor’s report.
Our opinion on the accompanying consolidated financial statements does not cover the Annual
Report, 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 management and those charged with governance for the consolidated
financial statements
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with Indonesian Financial Accounting Standards, and for
such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern, and using the going concern basis of accounting, unless management either
intends to liquidate the Group or to cease its operations, or has no realistic alternative but to
do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting
process.
Auditor’s responsibilities for the audit of the consolidated financial statements
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 guarantee that an audit conducted in
accordance with Standards on Auditing established by the IICPA will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
iv
Independent Auditor’s Report (continued)
Report No. 00646/2.1032/AU.1/06/0687-3/1/IV/2025 (continued)
Auditor’s responsibilities for the audit of the consolidated financial statements (continued)
As part of an audit in accordance with Standards on Auditing established by the IICPA, we
exercise professional judgment and maintain professional skepticism throughout the audit. We
also:
Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to such risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Group's ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our independent auditor’s report to the related disclosures in
the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusion is based on the audit evidence obtained up to the date of our
independent auditor’s report. However, future events or conditions may cause the Group to
cease to continue as a going concern.
Evaluate 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 that achieves fair
presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group to express an opinion on the consolidated
financial statements. We are responsible for the direction, supervision, and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
These consolidated financial statements are originally issued in the Indonesian language.
The accompanying notes form an integral part of these consolidated financial statements.
1
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes
2024
2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
3,32,37
33,905
29,007
Other current financial assets
4,32,37
1,285
1,661
Trade receivables - net allowance for expected
credit losses
Related parties
5,32,37
2,350
1,918
Third parties
5,37
9,843
8,749
Contract assets
6,32
2,449
2,704
Inventories
7
1,096
997
Contract costs
9
1,134
653
Claim for tax refund and prepaid taxes
27
2,844
1,928
Other current assets
8,32
8,174
7,996
Total Current Assets
63,080
55,613
NON-CURRENT ASSETS
Contract assets
6,32
129
26
Long-term investments
10,37
8,335
8,162
Contract costs
9
1,596
1,568
Property and equipment
11,32,35a
180,566
180,755
Right-of-use assets
12a
26,910
22,584
Intangible assets
14
9,442
8,731
Deferred tax assets
27f
3,409
4,170
Other non-current assets
13,27,32
6,208
5,433
Total Non-current Assets
236,595
231,429
TOTAL ASSETS
299,675
287,042
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
Related parties
15,32,37
626
585
Third parties
15,37
14,710
18,023
Contract liabilities
17a,32
7,738
6,848
Other payables
37
454
441
Taxes payable
27c
3,293
4,525
Accrued expenses
16,32,37
14,192
13,079
Customer deposits
32
2,872
2,566
Short-term bank loans
18,32,37
11,525
9,650
Current maturities of long-term
loans and other borrowings
19,32,37
15,866
10,276
Current maturities of lease liabilities
12a,37
5,491
5,575
Total Current Liabilities
76,767
71,568
NON-CURRENT LIABILITIES
Deferred tax liabilities
27f
992
841
Contract liabilities
17b,32
2,484
2,591
Long service award provisions
31
1,192
1,153
Pension benefits and other post-employment
benefits obligations
30
11,540
11,414
Long-term loans and other borrowings
19,32,37
25,518
27,773
Lease liabilities
12a,37
18,468
14,850
Other non-current liabilities
224
290
Total Non-current Liabilities
60,418
58,912
TOTAL LIABILITIES
137,185
130,480
EQUITY
Capital stock
21
4,953
4,953
Additional paid-in capital
2,310
2,711
Other equity
22
9,898
9,639
Retained earnings
Appropriated
29
15,337
15,337
Unappropriated
109,596
103,104
Net equity attributable to:
Owners of the parent company
142,094
135,744
Non-controlling interests
20
20,396
20,818
TOTAL EQUITY
162,490
156,562
TOTAL LIABILITIES AND EQUITY
299,675
287,042
These consolidated financial statements are originally issued in the Indonesian language.
The accompanying notes form an integral part of these consolidated financial statements.
2
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes
2024
2023
REVENUES
23,32
149,967
149,216
COST AND EXPENSES
Operation, maintenance, and telecommunication
service expenses
25,32
(41,202)
(39,718)
Depreciation and amortization expenses
11,12a,14
(32,643)
(32,663)
Personnel expenses
24
(16,807)
(15,927)
Interconnection expenses
32
(6,880)
(6,363)
General and administrative expenses
26,32
(6,225)
(6,099)
Marketing expenses
32
(3,824)
(3,530)
Unrealized gain (loss) on changes in fair value of investments
10
188
(748)
Other income - net
281
252
Gain (loss) on foreign exchange - net
136
(36)
OPERATING PROFIT
42,991
44,384
Finance income - net
32
1,367
1,061
Finance cost
32
(5,208)
(4,652)
Share of profit of long-term investment in associates
10
3
1
PROFIT BEFORE INCOME TAX
39,153
40,794
INCOME TAX (EXPENSE) BENEFIT
27d
Current
(7,635)
(8,796)
Deferred
(775)
210
(8,410)
(8,586)
PROFIT FOR THE YEAR
30,743
32,208
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income (loss) to be reclassified to profit or
loss in subsequent periods:
Foreign currency translation
22
258
(66)
Changes in fair value of investments
10
1
2
Share of other comprehensive income (loss) of
long-term investment in associates
10
1
(1)
Other comprehensive income (loss) not to be reclassified to profit
or loss in subsequent periods:
Defined benefit actuarial gain (loss) - net
30
635
(1,389)
Other comprehensive income (loss) - net
895
(1,454)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
31,638
30,754
Profit for the year attributable to:
Owners of the parent company
23,649
24,560
Non-controlling interests
20
7,094
7,648
30,743
32,208
Total comprehensive income for the year attributable to:
Owners of the parent company
24,434
23,083
Non-controlling interests
7,204
7,671
31,638
30,754
BASIC EARNINGS PER SHARE
(in full amount)
28
Profit per share
238.73
247.92
Profit per ADS (100 Series B shares per ADS)
23,872.88
24,792.50
These consolidated financial statements are originally issued in the Indonesian language.
The accompanying notes form an integral part of these consolidated financial statements.
3
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Attributable to owners of the parent company
Retained earnings
Description
Notes
Capital
stock
Additional
paid-in capital Other equity
Appropriated
Unappropriated
Net
Non-controlling
interests
Total equity
Balance, January 1, 2023
4,953
2,711
9,697
15,337
96,560
129,258
20,004
149,262
Differences in non-controlling interests ownership acquisition
transactions of subsidiary
-
-
6
-
-
6
-
6
Additional capital contributions from non-controlling interests
of subsidiary
1e
-
-
-
-
-
-
2,955
2,955
Changes in non-controlling interests
-
-
-
-
-
-
22
22
Cash dividend
29
-
-
-
-
(16,603)
(16,603)
(9,803)
(26,406)
Repurchase of non-controlling interests shares
1e
-
-
-
-
-
-
(31)
(31)
Profit for the year
20
-
-
-
-
24,560
24,560
7,648
32,208
Other comprehensive income (loss) - net
-
-
(64)
-
(1,413)
(1,477)
23
(1,454)
Balance, December 31, 2023
4,953
2,711
9,639
15,337
103,104
135,744
20,818
156,562
Balance, January 1, 2024
4,953
2,711
9,639
15,337
103,104
135,744
20,818
156,562
Difference in value of restructuring transactions of
entities under common control
1e
-
(401)
-
-
-
(401)
(158)
(559)
Additional capital contributions from non-controlling interests
of subsidiary
1e
-
-
-
-
-
-
322
322
Changes in non-controlling interests
-
-
-
-
-
-
13
13
Cash dividend
29
-
-
-
-
(17,683)
(17,683)
(7,099)
(24,782)
Repurchase of non-controlling interests shares
1e
-
-
-
-
-
-
(704)
(704)
Profit for the year
20
-
-
-
-
23,649
23,649
7,094
30,743
Other comprehensive income (loss) - net
-
-
259
-
526
785
110
895
Balance, December 31, 2024
4,953
2,310
9,898
15,337
109,596
142,094
20,396
162,490
The accompanying notes form an integral part of these consolidated financial statements.
4
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year Ended December 31, 2024
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
Notes
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other operators
148,415
148,458
Cash receipts from interests
1,366
1,049
Cash receipts from tax refund
1,144
681
Cash payments for expenses
(51,273)
(53,410)
Cash payments to employees
(16,364)
(16,116)
Cash payments for corporate and final income taxes
(11,528)
(10,746)
Cash payments for finance costs
(5,295)
(4,748)
Cash payments for short-term and low-value lease assets
12a
(3,693)
(3,770)
Cash payments for value added taxes - net
(1,691)
(1,410)
Cash receipts from others - net
519
593
Net cash provided by operating activities
61,600
60,581
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property and equipment
11
717
100
Proceeds from (placement in) other current financial assets - net
339
(315)
Proceeds from insurance claims
11
143
199
Dividend received from associated company
3
14
Purchase of property and equipment
11,39
(26,005)
(33,601)
Purchase of intangible assets
14,39
(3,658)
(2,817)
Business acquisition - net of cash acquired
1e
(635)
-
Increase in advances and other assets
(330)
(149)
Addition of long-term investment in financial instrument
(30)
(340)
Net cash used in investing activities
(29,456)
(36,909)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and other borrowings
18,19
52,653
38,834
Proceeds from issuance of new shares of subsidiaries
1e
322
2,961
Repayments of loans and other borrowings
18,19
(47,607)
(35,323)
Cash dividend paid to the Company's stockholders
29
(17,683)
(16,603)
Cash dividend paid to non-controlling interests of subsidiaries
(7,099)
(9,803)
Repayments of principal portion of lease liabilities
39
(7,387)
(6,602)
Shares buyback of subsidiary
1e
(704)
(31)
Net cash used in financing activities
(27,505)
(26,567)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
4,639
(2,895)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
260
(44)
ALLOWANCE FOR EXPECTED CREDIT LOSSES
(1)
(1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR
3
29,007
31,947
CASH AND CASH EQUIVALENTS AT END OF THE YEAR
3
33,905
29,007
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
5
1.
GENERAL
a. Establishment and general information
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (the “Company”) was
originally part of “Post en Telegraafdienst”, which was established and operated commercially in
1884 under the framework of Decree No. 7 dated March 27, 1884 of the Governor General of the
Dutch Indies which was published in State Gazette No. 52 dated April 3, 1884.
In 1991, based on Government Regulation No. 25 of 1991, the status of the Company was changed
into a state-owned limited liability corporation (“Persero”). The ultimate parent of the Company is
the Government of the Republic of Indonesia (the “Government”).
The Company was established based on Notarial Deed of Imas Fatimah, S.H., No. 128 dated
September 24, 1991. The deed of establishment was approved by the Ministry of Justice of the
Republic of Indonesia in its Decision Letter No. C2-6870.HT.01.01.Th.1991 dated November 19,
1991 and was published in State Gazette No. 5 dated January 17, 1992, Supplement No. 210. The
Company's Articles of Association had been amended several times, with the latest amendments
made is in relation with adjustments of the Company’s business activities in the Articles of
Association with the Standard Classification of Indonesian Business Fields in 2020.
Amendments to the Company’s Articles of Association as stated in the Notary Deed of Ashoya
Ratam, S.H., M.Kn., No. 37 dated June 22, 2022 has been received and approved by the Minister
of Law and Human Rights of the Republic of Indonesia (“MoLHR”) based on letter No. AHU-
0044650.AH.01.02. Year of 2022 dated June 29, 2022 concerning the Acceptance of Notification
Approval of Amendment to the Articles of Association of the Limited Liability Company (Persero)
PT Telekomunikasi Indonesia Tbk.
In accordance with Article 3 of the Company’s Articles of Association, the scope of the Company’s
activities is to provide telecommunication network and telecommunication and information services,
and to optimize the Company’s resources to provide high quality and competitive goods and/or
services to gain/pursue profit in order to increase the value of the Company by applying the Limited
Liability Company principle. To achieve these objectives, the Company is involved in the following
activities:
i.
Main business:
(a) Planning, building, providing, developing, operating, marketing or selling or leasing, and
maintaining telecommunications and information networks in a broad sense in
accordance with the prevailing laws and regulations;
(b) Planning, developing, providing, marketing or selling, and improving telecommunications
and information services in a broad sense in accordance with the prevailing laws and
regulations;
(c) Investing, including in the form of equity contribution in other companies, in line with and
to achieve the purposes and objectives of the Company.
ii.
Supporting business:
(a) Providing
payment
transactions
and
money
transfer
services
through
telecommunications and information networks;
(b) Performing other activities and undertakings in connection with the optimization of the
Company's resources, which includes the utilization of the Company's property and
equipment and movable assets, information systems, education and training, and repair
and maintenance facilities;
(c) Collaborating with other parties in order to optimize the information and communication
or technology resources owned by other service provider in information, communication
and technology industry to achieve the purposes and objectives of the Company.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
6
1.
GENERAL (continued)
a. Establishment and general information (continued)
The Company is domiciled and headquartered in Bandung, West Java, located at Jalan Japati
No.1, Bandung.
The Company was granted several networks and/or services provision licenses by the Government
which are valid for an unlimited period of time, given that the Company complies with the prevailing
laws and regulations and fulfills the obligation stated in those licenses. For every license issued by
the Ministry of Communication and Information (“MoCI”), an evaluation is performed annually and
an overall evaluation is performed every five years. The Company is obliged to submit reports of
networks and/or services annually to the Indonesian Directorate General of Post and Informatics
(“DGPI”), replacing the previously known as Indonesian Directorate General of Post and
Telecommunications (“DGPT”).
The reports comprise of several information, such as network development progress, service
quality standard achievement, number of customers, license payment, and universal service
contribution. Meanwhile, for internet telephone services for public purpose, internet interconnection
service, and internet access service, additional information is required, such as operational
performance, customer segmentation, traffic, and gross revenue.
Details of these licenses are as follows:
Grant date/latest
License
License No.
Type of service
renewal date
License to operate internet 127/KEP/DJPPI/
Internet telephone
March 30, 2016
telephone services for
KOMINFO/3/2016
services for public
public purpose
purpose
License to operate internet 2176/KEP/M.KOMINFO/ Internet service
December 30, 2016
service provider
12/2016
provider
License to operate content 1040/KEP/M.KOMINFO/ Content service
May 16, 2017
service provider
16/2017
provider
License for the
1004/KEP/M.KOMINFO/ Internet interconnection December 26, 2018
implementation of internet 2018
services
interconnection services
License to operate data
046/KEP/M.KOMINFO/ Data communication
August 3, 2020
communication system
02/2020
system services
services
License of electronic
Bank Indonesia License Electronic money and
July 1, 2021
money issuer and money 23/587/DKSP/Srt/B
money transfer service
transfer
License to operate fixed
073/KEP/M.KOMINFO/ Fixed network long
August 23, 2021
network long distance
02/2021
distance direct line
direct line
License to operate fixed
082/KEP/M.KOMINFO/ Fixed international
October 8, 2021
international network
02/2021
network
License to operate fixed
094/KEP/M.KOMINFO/ Fixed closed network
December 9, 2021
closed network
02/2021
License to operate circuit 095/KEP/M.KOMINFO/ Circuit switched-based
December 9, 2021
switched-based local
02/2021
and packet
fixed line network
switched-based
local fixed line
network
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
7
1.
GENERAL (continued)
b. The Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees
i.
Boards of Commissioners and Directors
Based on the resolutions made at Annual General Meeting (“AGM”) of Stockholders of the
Company as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 58 dated
May 28, 2024 and No. 35 dated June 23, 2023, the composition of the Company’s Boards of
Commissioners and Directors as of December 31, 2024 and 2023, respectively, were as
follows:
2024
2023
President Commissioner/
Bambang Permadi
Bambang Permadi
Independent Commissioner
Soemantri Brojonegoro*
Soemantri Brojonegoro
Independent Commissioner
Wawan Iriawan
Wawan Iriawan
Independent Commissioner
Bono Daru Adji
Bono Daru Adji
Independent Commissioner
-
Abdi Negara Nurdin
Commissioner
Arya Mahendra Sinulingga
Arya Mahendra Sinulingga
Commissioner
Marcelino Rumambo Pandin Marcelino Rumambo Pandin
Commissioner
Ismail
Ismail
Commissioner
Rizal Mallarangeng
Rizal Mallarangeng
Commissioner
Isa Rachmatarwata
Isa Rachmatarwata
Commissioner
Silmy Karim
Silmy Karim
President Director
Ririek Adriansyah
Ririek Adriansyah
Director of Enterprise
& Business Service
F.M. Venusiana R.
F.M. Venusiana R.
Director of Digital Business
Muhamad Fajrin Rasyid
Muhamad Fajrin Rasyid
Director of Human
Capital Management
Afriwandi
Afriwandi
Director of Finance &
Risk Management
Heri Supriadi
Heri Supriadi
Director of Network & IT Solution
Herlan Wijanarko
Herlan Wijanarko
Director of Strategic Portfolio
Budi Setyawan Wijiaya
Budi Setyawan Wijiaya
Director of Wholesale &
International Services
Bogi Witjaksono
Bogi Witjaksono
Director of Group
Business Development
Honesti Basyir
Honesti Basyir
*Based on the Notification Letter from the Vice President of Investor Relations No. Tel.28/UM000/COP-K0F00000/2025 dated April 11, 2025,
regarding the Resignation of the President Commissioner/Independent Commissioner of the Company, effective April 14, 2025, Mr. Bambang
Permadi Soemantri Brodjonegoro will no longer serve as President Commissioner/Independent Commissioner of the Company.
ii.
Audit Committee, Corporate Secretary, and Internal Audit
The composition of the Company’s Audit Committee, Corporate Secretary, and Internal Audit
as of December 31, 2024 and 2023, respectively, were as follows:
2024
2023
Chairman
Bono Daru Adji
Bono Daru Adji
Member
Bambang Permadi
Bambang Permadi
Soemantri Brojonegoro*
Soemantri Brojonegoro
Member
Wawan Iriawan
Wawan Iriawan
Member
-
Abdi Negara Nurdin
Member
Emmanuel Bambang
Suyitno
Emmanuel Bambang
Suyitno
Member
Edy Sihotang
Edy Sihotang
Corporate Secretary
Octavius Oky Prakarsa
Anetta Hasan
Internal Audit
Mohamad Ramzy
Daru Mulyawan
*Based on the resignation letter of Mr. Bambang Permadi Brodjonegoro as President Commissioner/Independent Commissioner of the Company,
effective April 14, 2025, Mr. Bambang Permadi Soemantri Brodjonegoro is no longer active/unable to serve as a Member of the Company's Audit
Committee.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
8
1.
GENERAL (continued)
b. The Company’s Board of Commissioners, Board of Directors, Audit Committee, Corporate
Secretary, Internal Audit, and Employees (continued)
iii.
Employees
As of December 31, 2024 and 2023, the Company and its subsidiaries (collectively referred to
as “the Group”) had 19,695 employees and 20,605 employees (unaudited), respectively.
c. Public offering of securities of the Company
The Company’s number of shares prior to its Initial Public Offering (“IPO”) totalled 8,400,000,000,
consisting of 8,399,999,999 Series B shares and 1 Series A Dwiwarna share, and were wholly-
owned by the Government. On November 14, 1995, 933,333,000 new Series B shares and
233,334,000 Series B shares owned by the Government were offered to the public through an IPO
and listed on the Indonesia Stock Exchange (“IDX”) and 700,000,000 Series B shares owned by
the Government were offered to the public and listed on the New York Stock Exchange (“NYSE”)
and the London Stock Exchange (“LSE”) in the form of American Depositary Shares (“ADS”). There
were 35,000,000 ADS and each ADS represented 20 Series B shares at that time.
In December 1996, the Government had a block sale of its 388,000,000 Series B shares, and
in 1997, Government distributed 2,670,300 Series B shares as incentive to the Company’s
stockholders who did not sell their shares within one year from the date of the IPO. In May 1999,
the Government further sold 898,000,000 Series B shares.
To comply with Law No. 1/1995 on Limited Liability Companies, at the AGM of Stockholders of
the Company on April 16, 1999, the Company’s stockholders resolved to increase the Company’s
issued share capital by the distribution of 746,666,640 bonus shares through the capitalization of
certain additional paid-in capital, which was made to the Company’s stockholders in August 1999.
On August 16, 2007, Law No. 1/1995 on Limited Liability Companies was amended by the
issuance of Law No. 40/2007 on Limited Liability Companies which became effective on the same
date. Law No. 40/2007 has no effect on the public offering of shares of the Company.
The Company has complied with Law No. 40/2007.
In December 2001, the Government had another block sale of 1,200,000,000 shares or
11.9% of the total outstanding Series B shares. In July 2002, the Government further sold a block
of 312,000,000 shares or 3.1% of the total outstanding Series B shares.
Based on the results of the Company's AGM Stockholders as stated in the Notarial Deed of
A. Partomuan Pohan, S.H., LLM., No. 26 dated July 30, 2004, the Company’s stockholders
approved the Company’s 2-for-1 stock split for Series A Dwiwarna and Series B share. The Series
A Dwiwarna share with par value of Rp500 per share was split into 1 Series A Dwiwarna share with
par value of Rp250 per share and 1 Series B share with par value of Rp250 per share. The stock
split resulted in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna
share
and
39,999,999,999
Series
B
shares
to
1 Series A
Dwiwarna
share
and
79,999,999,999 Series B shares, and the issued capital stock from 1 Series A Dwiwarna share and
10,079,999,639 Series B shares to 1 Series A Dwiwarna share and 20,159,999,279 Series B
shares. After the stock split, each ADS represented 40 Series B shares.
During the Extraordinary General Meeting (“EGM”) held on December 21, 2005 and the AGMs held
on June 29, 2007, June 20, 2008, and May 19, 2011, the Company’s stockholders approved
phase I, II, III, and IV plan, respectively, of the Company’s program to repurchase its issued
Series B shares.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
9
1.
GENERAL (continued)
c. Public offering of securities of the Company (continued)
During the period of December 21, 2005 to June 20, 2007, the Company had bought back
211,290,500 shares from the public (stock repurchase program phase I). On July 30, 2013, the
Company had sold all such shares.
At the AGM held on April 19, 2013 as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 38 dated April 19, 2013, the stockholders approved the changes to the Company’s plan on the
treasury stock acquired under phase III. At the AGM held on April 19, 2013, the minutes of which
were covered by Notarial Deed No. 38 of Ashoya Ratam, S.H., M.Kn., the stockholders approved
the Company’s 5-for-1 stock split for Series A Dwiwarna and Series B shares. Series A Dwiwarna
share with par value of Rp250 per share was split into 1 Series A Dwiwarna share with par value
of Rp50 per share and 4 Series B shares with par value of Rp50 per share. The stock split resulted
in an increase of the Company’s authorized capital stock from 1 Series A Dwiwarna and
79,999,999,999 Series B shares to 1 Series A Dwiwarna and 399,999,999,999 Series B shares.
The issued capital stock increased from 1 Series A Dwiwarna and 20,159,999,279 Series B shares
to 1 Series A Dwiwarna and 100,799,996,399 Series B shares. After the stock split, each ADS
represented 200 Series B shares. Effective from October 26, 2016, the Company has changed the
ratio of Depositary Receipt from 1 ADS representing 200 series B shares to become 1 ADS
representing 100 series B shares. Profit per ADS information have been retrospectively adjusted
to reflect the changes in the ratio of ADS.
On May 16 and June 5, 2014, the Company deregistered from Tokyo Stock Exchange (“TSE”)
and delisted from the LSE, respectively.
On December 21, 2015, the Company sold the remaining shares of treasury shares phase III.
On June 29, 2016, the Company sold the treasury shares phase IV.
At the AGM held on April 27, 2018, as covered by Notarial Deed of Ashoya Ratam, S.H., M.Kn.,
No. 35 dated May 15, 2018, the stockholders approved the changes of the Company’s plan on the
transfer of shares from the repurchase through the withdrawal of 1,737,779,800 shares of treasury
stock, by reducing the issued and paid-up capital from the initial amount of Rp5,040 billion into
amount of Rp4,953 billion. Thus, in order to comply with the provisions of Article 33
UU No. 40 of 2007 concerning Limited Liability Companies, the AGM approved the reduction of the
Company's authorized capital from the original Rp20,000 billion to Rp19,500 billion, so the
Company's total authorized share capital became 1 Series A Dwiwarna and 389,999,999 Series B
shares.
As of December 31, 2024, all of the Company’s Series B shares are listed on the IDX and
41,856,946 ADS or equivalent to 4,185,694,850 Series B shares are listed on the NYSE (Note 21).
On June 16, 2015, the Company issued Continuous Bonds I Telkom Phase I 2015, with nominal
of Rp2,200 billion for Series A with a seven-year period, Rp2,100 billion for Series B with a ten-
year period, Rp1,200 billion for Series C with a fifteen-year period, and Rp1,500 billion for Series
D with a thirty-year period, all of which are listed on the IDX (Note 19b).
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
10
1.
GENERAL (continued)
d. Subsidiaries
As of December 31, 2024 and 2023, the Company has consolidated the financial statements of all
subsidiaries, both directly and indirectly owned, as follows (Notes 2b and 2d):
i. Direct subsidiaries:
Start year of
Total assets before
operation
Percentage of ownership*
elimination
Subsidiary
Nature of business
commencement
2024
2023
2024
2023
PT Telekomunikasi
Mobile
1995
70
70
117,403
112,966
Selular
telecommunication,
(“Telkomsel”)
fixed broadband, network
service, and internet
protocol television ("IPTV")
PT Dayamitra
Leasing of towers and
1995
72
72
58,140
57,010
Telekomunikasi Tbk.
digital support services
(“Mitratel”)
for mobile infrastructure
PT Multimedia
Network
1998
100
100
17,995
18,457
Nusantara
telecommunication
(“Metra”)
services and multimedia
PT Telekomunikasi
International
1995
100
100
17,173
15,175
Indonesia
telecommunication
International
and information
(“Telin”)
services
PT Telkom Satelit
Telecommunication -
1996
100
100
8,858
7,938
Indonesia
provides satellite
(“Telkomsat”)
communication
system and its
related services
PT Telkom Data
Data center
1996
100
100
8,461
4,059
Ekosistem
(“TDE”)
PT Sigma Cipta
Hardware and software
1988
100
100
6,207
7,616
Caraka
computer consultation
(“Sigma”)
service
PT Graha Sarana Duta Developer, trade, service
1982
100
100
5,485
5,614
("GSD")
and transportation
PT Telkom Akses
Construction, service
2013
100
100
4,480
4,777
(“Telkom Akses”)
and trade in the field of
telecommunication
PT Telkom
Network
2024
100
100
3,048
0
Infrastruktur
telecommunication
Indonesia
and information services
(“TIF”)
PT Metra-Net
Multimedia portal service
2009
100
100
2,096
1,654
(“Metra-Net”)
PT Infrastruktur
Developer service and
2014
100
100
1,359
1,261
Telekomunikasi
trading in the field
Indonesia
of telecommunication
(“Telkom Infra”)
PT PINS Indonesia
Trade in telecommunication
1995
100
100
733
775
(“PINS”)
devices
PT Napsindo
Telecommunication -
1999; ceased
60
60
5
5
Primatel
provides Network
operations on
Internasional
Access Point ("NAP"),
January 13,
(“Napsindo”)
Voice Over Data ("VOD")
2006
and other related services
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
All direct subsidiaries are domiciled in Indonesia.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
11
1.
GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries:
Start year of
Total assets before
operation
Percentage of ownership*
elimination
Subsidiary
Nature of business commencement
2024
2023
2024
2023
PT Metra Digital
Trading, information
2013
100
100
9,110
8,556
Investama Ventura
and multimedia
(“MDI”)
technology,
entertainment
and investment
services
Telekomunikasi
Telecommunication
2008
100
100
6,090
3,499
Indonesia
and related
International Pte. Ltd.
services
("Telin Singapore"),
domiciled in
Singapore
Telekomunikasi
Investment
2010
100
100
3,624
3,842
Indonesia
holding and
International Ltd.
telecommunication
("Telin Hong Kong"),
services
domiciled in
Hong Kong
NeutraDC
Data center
2024
100
100
3,478
0
Singapore Pte. Ltd.
(“NeutraDC Singapore”)
domiciled in
Singapore
PT Infomedia
Information provider
1984
100
100
2,198
2,248
Nusantara
services, contact
(“Infomedia”)
center and content
directory
PT Telkom Landmark
Property development
2012
55
55
2,120
1,986
Tower
and management
(“TLT”)
services
PT Persada Sokka
Leasing of towers
2008
100
100
1,621
1,622
Tama
and other
("PST")
telecommunication
services
PT Teknologi Data
Telecommunication
2013
60
60
1,426
606
Infrastruktur
service and
(“TDI”)
data center
PT Nuon Digital
Digital content
2010
100
100
1,393
1,194
Indonesia
exchange hub
(“Nuon”)
services
PT Finnet Indonesia
Information
2006
60
60
1,383
1,761
(“Finnet”)
technology
services
PT Telkomsel Mitra
Business
2019
100
100
1,040
1,030
Inovasi
management
(“TMI”)
consulting and
investment
services
Telekomunikasi
Telecommunication
2012
100
100
1,035
1,082
Indonesia
networks, mobile,
International (TL) S.A.
internet, and
("Telkomcel"),
data services
domiciled in
Timor Leste
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
12
1.
GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of
Total assets before
operation
Percentage of ownership*
elimination
Subsidiary
Nature of business commencement
2024
2023
2024
2023
PT Metra Digital
Telecommunication
2013
100
100
876
993
Media
information and
(“MD Media”)
other information
services
PT Administrasi
Health insurance
2002
100
100
702
757
Medika
administration
(“Ad Medika”)
services
PT Telkomsel
Business management
2021
100
100
451
777
Ekosistem Digital
consulting services
("TED")
and investment
and/or investment
in other companies
PT Digital Aplikasi
Communication
2014
100
100
441
341
Solusi
system services
("Digiserve")
PT Swadharma
Cash replenishment
2001
51
51
387
397
Sarana Informatika
services and
(“SSI”)
Automated Teller
Machine ("ATM")
maintenance
PT Ultra Mandiri
Telecommunication
2019
100
-
366
-
Telekomunikasi
network infrastructure
("UMT")**
services
TS Global
Satellite services
1996
70
70
357
420
Network Sdn. Bhd.
(“TSGN”),
domiciled in Malaysia
PT Nusantara Sukses
Service and trading
2014
100
100
288
292
Investasi
(“NSI”)
PT Graha Yasa
Tourism and
2012
51
51
277
290
Selaras
hospitality services
(”GYS”)
Telekomunikasi
Telecommunication
2014
100
100
267
212
Indonesia
and information
International (USA) Inc.
services
(“Telin USA”),
domiciled in USA
PT Nutech Integrasi
System integrator
2001
60
60
225
227
(“Nutech”)
service
PT Collega Inti
Trading and services
2001
70
70
196
191
Pratama
("CIP")
PT Graha Telkomsigma
Management and
1999
100
100
167
333
("GTS")
consultation
services
Telekomunikasi
Telecommunication
2013
70
70
144
125
Indonesia International
and information
(Malaysia) Sdn. Bhd.
services
(”Telin Malaysia”),
domiciled in Malaysia
PT Media Nusantara
Consultation services
2012
55
55
134
136
Data Global
of hardware, software,
("MNDG")
data center, and
internet exchange
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
**UMT was acquired by Mitratel in December 2024 (Note 1e).
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
13
1.
GENERAL (continued)
d. Subsidiaries (continued)
ii. Indirect subsidiaries (continued):
Start year of
Total assets before
operation
Percentage of ownership*
elimination
Subsidiary
Nature of business commencement
2024
2023
2024
2023
PT Pojok Celebes
Travel agent services
2008
100
100
69
44
Mandiri
("PCM")
PT Metra TV
Subscription
2013
100
100
57
50
(“Metra TV”)
broadcasting
services
Telekomunikasi
Telecommunication
2013
100
100
52
67
Indonesia
and information
International
services
(Australia) Pty. Ltd.
(“Telin Australia”),
domiciled in
Australia
PT Metraplasa
Network and
2012; ceased
60
60
29
30
(“Metraplasa”)
e-commerce
operations on
services
October, 2020
PT Bosnet Distribution
Trade and consultation
2012
-
60
-
40
Indonesia
services
(“BDI”)***
* Percentage of ownership amounting to 99.99% is presented into rounding of 100%.
*** BDI was no longer a subsidiary of Metra as of February 2024 (Note 1e).
Other than those specifically stated, indirect subsidiaries are domiciled in Indonesia.
e. Other important informations
i.
Telkomsel
On June 27, 2023, the Company signed the Spin-off Decree of IndiHome Business to
Telkomsel based on Notarial Deed of Aulia Taufani, S.H., No. 140 that has been approved by
AGM of Stockholders based on Notarial Deed of Ashoya Ratam, S.H., M.Kn., No. 35 dated
June 23, 2023. The value of IndiHome business segment transferred is Rp58,250 billion. In
parallel, Singapore Telecom Mobile Pte. Ltd. ("Singtel"), Telkomsel's minority shareholder,
also decided to participate in the capital injection in the form of cash to Telkomsel of
Rp2,713 billion. As the result of this, starting from July 1, 2023, the Company's effective
ownership in Telkomsel increased from 65% to 69.9% and Singtel's ownership is diluted from
35% to 30.1%.
ii.
Mitratel
Share buyback
On March 6, 2023, Mitratel announced another share buyback owned by the public, with
a maximum number of 7.88% of Mitratel’s issued and fully paid shares. The share buyback
period is 18 (eighteen) months starting from April 14, 2023 to October 13, 2024. As of
December 31, 2024, and 2023, Mitratel has conducted share buyback amounting to
1,095,945,900 shares and 47,700,000 shares or equivalent to Rp704 billion and Rp31 billion
respectively.
Towers acquisition
(a) On February 15, 2023, based on the Telecommunication Tower Conditional Sale and
Purchase Agreement (“CSPA”) between Mitratel and PT Indosat Tbk. (“Indosat”), Mitratel
agreed to acquire 997 telecommunication towers belonging to Indosat for Rp1,648 billion.
Mitratel and Indosat also agreed to lease back 983 slots of Indosat’s telecommunications
towers for 10 years lease period. In addition, Indosat have also agreed to deliver order for
colocations for the next 3 years which will be compensated by Mitratel amounting to
Rp473 billion as commitment.
(b) On November 24, 2023, Mitratel acquired 803 telecommunication towers belonging to
PT Gametraco Tunggal for Rp1,753 billion.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
14
1.
GENERAL (continued)
e. Other important informations (continued)
ii.
Mitratel (continued)
Acquisition of entity under common control
Based on Notarial Deed of Shinta Dewi, S.H., No. 2 and No. 3 dated December 2, 2024,
Mitratel entered into Share Purchase Agreement with PT Pembangunan Perumahan
Infrastruktur ("PPIN") and Yayasan Kesejahteraan Karyawan Pembangunan Perumahan
("YKPP") for the acquisition of 100% shares of UMT. This transaction represents a business
combination of entities under common control, where the ultimate controlling shareholder of
both Mitratel and UMT is the Government. As a result of this transaction, Mitratel obtained
control of UMT.
The difference between the consideration transferred and the carrying amount of the
investment acquired from this transaction has been recognized as Additional Paid-in Capital
within the Consolidated Statements of Changes in Equity, with the following details:
Consideration paid
650
Book value of UMT’s equity at the acquisition date
(91)
Difference in value of restructuring transactions of entities under common control
559
iii.
TDI
Based on the Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 201 dated October 25, 2023,
the shareholders approved the issuance of 4,825,932 new shares. Regarding this share
issuance, TDE subscribed 2,451,319 shares, amounting to Rp256 billion; ST Dynamo ID Pte.
Ltd. subscribed 2,077,787 shares, amounting to Rp217 billion; and PT Medco Power
Indonesia subscribed 296,826 shares, amounting to Rp31 billion. The additional capital
contribution diluted TDE's ownership to 60.0%. The effect of this dilution was recognized as
differences in non-controlling interests ownership acquisition transaction of the subsidiary,
amounting to Rp6 billion.
Based on Notarial Deed of Jimmy Tanal, S.H., M.Kn., No. 313 dated October 14, 2024,
the shareholders of TDI approved the issuance of 8,050,000 new shares. Regarding this share
issuance, TDE subscribed 4,830,000 shares, amounting to Rp483 billion; Nxera ID Pte. Ltd.
(formerly known as ST Dynamo ID Pte. Ltd.) subscribed 2,817,500 shares, amounting to
Rp282 billion; and PT Medco Power Indonesia subscribed 402,500 shares or amounted to
Rp40 billion. This additional capital contribution did not result in a change to TDE’s ownership.
iv.
NeutraDC Singapore
Based on Accounting and Corporate Regulatory Authority Singapore (“ACRA”) documents,
TDE established NeutraDC Singapore which is domiciled in Singapore on December 7, 2023,
by the issuance of 1 share with par value of SGD 1.
Based on ACRA, on February 28, 2024, TDE added capital contribution to NeutraDC
Singapore Pte. Ltd. with 219,411,975 shares at a par value of US$219 million, amounting to
Rp3,448 billion.
v.
TIF
Based on Notarial Deed of Aulia Taufani, S.H., No. 26 dated December 8, 2023, the Company
and Metra established TIF by the issuance of 125 shares with total nominal value of
Rp12,5 million.
Based on Notarial Deed of Aulia Taufani, S.H., No. 7 dated July 3, 2024, the shareholders
approved the issuance of 19,240,001 new shares with nominal value per share of Rp100,000.
Of these, the Company subscribed 19,240,000 shares or amounted to Rp1,924 billion and
Metra subscribed 1 share or amounted to Rp100,000.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
15
1. GENERAL (continued)
e. Other important informations (continued)
vi.
Metra
Based on the Notarial Deed of Utiek Rochmuljati Abdurachman, S.H., M.L.I., M.Kn., No. 31
dated February 29, 2024, Metra divested 40% of its shares in BDI with a transaction value of
Rp29 billion to PT Algolab Solution. Subsequently, based on Notarial Deed of Utiek
Rochmuljati Abdurachman, S.H., M.L.I., M.Kn., No. 9 dated December 16, 2024, Metra
divested the remaining 20% of its shares in BDI to PT Algolab Solution for a transaction value
of Rp14 billion. As a result of these transactions, BDI is no longer as a subsidiary of Metra.
f. Completion and authorization for the issuance of the consolidated financial statements
The Company’s management is responsible for the preparation and fair presentation of these
consolidated financial statements in accordance with Indonesian Financial Accounting Standards,
which have been completed and authorized for issuance by the Board of Directors of the Company
on April 17, 2025.
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION
The Group consolidated financial statements have been prepared in accordance with Indonesian
Financial Accounting Standards which includes Statements of Financial Accounting Standards
("Pernyataan Standar Akuntansi Keuangan" or “PSAK”) and Interpretations of Financial Accounting
Standards ("Interpretasi Standar Akuntansi Keuangan" or “ISAK”) published by the Financial
Accounting Standards Board of the Institute of Indonesian Chartered Accountants (Dewan Standar
Akuntansi Keuangan Ikatan Akuntan Indonesia or “DSAK IAI”) and Regulation No. VIII.G.7 of the
Capital Market and Financial Institution Supervisory Agency (“Bapepam-LK”) regarding the
Presentation and Disclosure of Financial Statements of Issuers or Public Companies, enclosed in the
decision letter KEP-347/BL/2012.
a. Basis of preparation of the consolidated financial statements
The consolidated financial statements, except for the consolidated statements of cash flows, are
prepared on the accrual basis. The measurement basis used is historical cost, except for certain
accounts which are measured using the basis mentioned in the relevant notes herein.
The consolidated statements of cash flows are prepared using the direct method and present the
changes in cash and cash equivalents from operating, investing, and financing activities.
The reporting currency in the consolidated financial statements is the Indonesian Rupiah (“Rp”)
which is also the functional currency of the Group, except for subsidiaries whose functional
currencies are the U.S. Dollar, Australian Dollar, Singapore Dollar, and Malaysian Ringgit.
Figures in the consolidated financial statements containing values under Rp1 billion and
US$1 million are presented with zero.
New accounting standards
On January 1, 2024, the Group adopted the new and revised statement of financial accounting
standards and interpretations of financial accounting standards effective from that date.
Adjustments to the Group's accounting policies have been made as required, in accordance with
the transitional provisions of the respective standards and interpretations. The adoption of the new
and revised standards and interpretations did not result in major changes to the Group's accounting
policies and had no material effect on the amounts reported for the current or prior financial year:
i.
Amendments to PSAK 201: Presentation of Financial Statements
ii.
Amendments to PSAK 116: Leases
iii.
Amendments to PSAK 207: Statements of Cash Flow and PSAK 107 Financial Instruments:
Disclosures
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
16
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
a. Basis of preparation of the consolidated financial statements (continued)
New accounting standards (continued)
Financial Accounting Standards Pillars
These standards provides requirements and guidelines for entities to apply the appropriate financial
accounting standards in preparing general purpose financial statements. There will be 4 (four)
financial accounting standards that are currently applied in Indonesia, namely:
i.
Pillar 1 International Financial Accounting Standards,
ii.
Pillar 2 Indonesian Financial Accounting Standards,
iii.
Pillar 3 Indonesian Financial Accounting Standards for Private Entities/Indonesian Financial
Accounting Standards for Entities without Public Accountability, and
iv.
Pillar 4 Indonesian Financial Accounting Standards for Micro Small and Medium Entities.
Financial Accounting Standards Nomenclature
There are changes to nomenclature of PSAK and ISAK in Indonesian Financial Accounting
Standards as published by the DSAK IAI.
Accounting standards issued but not yet effective
Effective January 1, 2025
Amendments to PSAK 221: Effect of Changes in Foreign Exchange Rate:
This amendment clarifies the criteria for interchangeability between two currencies and requires
disclosure of information that enables users of financial statements to understand the impact of a
currency not being exchangeable. These amendments are not expected to have an impact to the
Group’s consolidated financial statement.
Effective January 1, 2026
Amendments to PSAK 109: Financial Instruments and PSAK 107: Financial Instruments:
Disclosures:
These amendments provide clarifications regarding derecognition of financial liabilities settled
through electronic payment systems, classification of financial assets, disclosures related to
investments in equity instruments designated to be measured at fair value through other
comprehensive income, and disclosures related to contractual requirements that modify the timing
or amount of contractual cash flows. These amendments are not expected to have an impact to
the Group’s consolidated financial statement.
b. Principles of consolidation
The consolidated financial statements consist of the financial statements of the Company and
the subsidiaries over which it has control. Control is achieved when the Group is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those
returns through its power over the investee. Specifically, the Group controls an investee if and only
if the Group has power over the investee, exposure, or rights, to variable returns from its
involvement with the investee, and the ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support this
presumption and when the Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances in assessing whether it has
power over an investee, including:
i.
The contractual arrangement with the other vote holders of the investee,
ii.
Rights arising from other contractual arrangements, and
iii.
The Group's voting rights and potential voting rights.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
17
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
b. Principles of consolidation (continued)
The Group re-assesses whether it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses
control over the subsidiary. Assets, liabilities, income, and expenses of a subsidiary acquired or
disposed of during the year are included in the consolidated statements of financial position and
consolidated statements of profit or loss and other comprehensive income from the date the Group
gains financial control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the
equity holders of the Company and to the non-controlling interests, even if this results in the non-
controlling interests having a deficit balance.
All intra-Group assets and liabilities, equity, revenue and expenses, and cash flow relating to
transactions within Group are fully eliminated on consolidation.
In case of loss of control over a subsidiary, the Group:
i.
derecognizes the assets (including goodwill) and liabilities of the subsidiary at the carrying
amounts on the date when it loses control;
ii.
derecognizes the carrying amounts of any non-controlling interests of its former subsidiary on
the date when it loses control;
iii.
recognizes the fair value of the consideration received (if any) from the transaction, events, or
condition that caused the loss of control;
iv.
recognizes the fair value of any investment retained in the subsidiary at fair value on the date
of loss of control; and
v.
recognizes any surplus or deficit in profit or loss that is attributable to the Group.
c. Transactions with related parties
The Group has transactions with related parties. The definition of related parties used is in
accordance with the Bapepam-LK’s Regulation No. VIII.G.7 regarding the Presentations and
Disclosures of Financial Statements of Issuers or Public Companies, enclosed in the decision letter
No. KEP-347/BL/2012. The party which is considered a related party is a person or entity that is
related to the entity that is preparing its financial statements.
Under the Regulation of Bapepam-LK No. VIII.G.7, a government-related entity is an entity that is
controlled, jointly controlled or significantly influenced by the government. Government in this
context is the Minister of Finance or the Local Government, as the shareholder of the entity.
Key management personnel are identified as the persons having authority and responsibility for
planning, directing, and controlling the activities of the entity, directly or indirectly, including any
director (whether executive or otherwise) of the Group. The related party status extends to the key
management of the subsidiaries to the extent they direct the operations of subsidiaries with minimal
involvement from the Company’s management.
d. Business combinations and goodwill
Business combination is accounted for using the acquisition method. The consideration transferred
is measured at fair value, which is the aggregate of the fair value of the assets transferred, liabilities
incurred or assumed, and the equity instruments issued in exchange for control of the acquiree.
For each business combination, non-controlling interest is measured at fair value or at the
proportionate share of the acquiree’s identifiable net assets. The measurement basis is selected
on a transaction-by-transaction basis. Acquisition-related costs are expensed as incurred. The
acquiree’s identifiable assets and liabilities are recognized at their fair values at the acquisition
date.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
18
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
d. Business combinations and goodwill (continued)
Goodwill is initially measured at cost, which represents the excess of the aggregate consideration
transferred and the amount recognized for non-controlling interests, and any previous interest held,
over the net identifiable assets acquired and liabilities assumed. If the fair value of the acquired net
assets exceeds the aggregate consideration transferred, the Group re-assesses whether it has
correctly identified all of the assets acquired and all of the liabilities assumed, and reviews the
procedures used to measure the amounts to be recognized at the acquisition date. If the re-
assessment still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognized in profit or loss.
When the determination of consideration from a business combination includes contingent
consideration, it is measured at its fair value on acquisition date. Contingent consideration is
classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair value recognized in profit or loss when
adjustments are recorded outside the measurement period. Changes in the fair value of the
contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding adjustments made against goodwill. A measurement period
adjustments refers to adjustments arising from additional information obtained during the
measurement period, which cannot exceed one year from the acquisition date, about facts and
circumstances that existed at the acquisition date.
If the initial accounting for a business combination is incomplete by the end of the reporting period
in which the combination occurs, the Group shall report in its consolidated financial statements
provisional amounts for the items for which the accounting is incomplete. During the measurement
period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition
date to reflect new information obtained about facts and circumstances that existed as of the
acquisition date and, if known, would have affected the measurement of the amounts recognized
as of that date. The measurement period ends immediately after the Company receives the
information about the facts and circumstances that existed at the acquisition date or learns that
additional information cannot be obtained. However, the measurement period must not exceed one
year from the date of acquisition.
In a business combination achieved in stages, the acquirer remeasures its previously held equity
interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss,
if any, in profit or loss.
Based on PSAK 338: Business Combination of Entities Under Common Control, the transfer of
assets, liabilities, shares or other ownership instruments among the companies under common
control would not result in a gain or loss for the Company or individual entity in the same group.
Since the restructuring transaction between entities under common control does not result in a
change of the economic substance of the ownership of assets, liabilities, shares, or other
instruments of ownership, which are exchanged, assets or liabilities transferred are recorded at
book value using the pooling-of-interests method.
In applying the pooling-of-interests method, the components of the financial statements for the
period during the restructuring occurred must be presented in such a manner as if the restructuring
has occurred since the beginning of the earliest period presented. The excess of consideration paid
or received over the carrying value of interest acquired, net of income tax, is directly recognized to
equity and presented as “Additional Paid-in Capital” under the equity section of the consolidated
statements of financial position.
At the initial application of PSAK 338, all balances of the Difference In Value of Restructuring
Transactions of Entities under Common Control was reclassified to “Additional Paid-in Capital” in
the consolidated statements of financial position.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
19
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
e. Cash and cash equivalents
Cash and cash equivalents in the consolidated statements of financial position comprise cash in
banks and on hand and short-term highly liquid deposits with a maturity of three months or less,
that are readily convertible to a known amount of cash and subject to an insignificant risk of
changes in value.
For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist
of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are
considered an integral part of the Group’s cash management.
Time deposits with maturities of more than three months but not more than one year are
presented as part of “Other current financial assets” in the consolidated statements of financial
position.
f. Inventories
Inventories consist of components, which represent telephone terminals, cables, and other spare
parts. Inventories also include Subscriber Identification Module ("SIM") cards, handsets, wireless
broadband modems, and prepaid vouchers which are expensed upon sale.
Inventories are valued at the lower of cost and net realizable value. Net realizable value is
determined by either estimating the selling price in the ordinary course of business, less estimated
cost to sell or determining the prevailing replacement costs.
The costs of inventories consist of the purchase price, import duties, other taxes, transport,
handling, and other costs directly attributable to their acquisition.
Cost is determined using the weighted average method.
The amounts of any write-down of inventories below cost to net realizable value and all losses
of inventories are recognized as an expense in the period in which the write-down or loss occurs.
The amount of any reversal of any write-down of inventories, arising from an increase in net
realizable value, is recognized as a reduction in the amount of general and administrative expenses
in the year in which the reversal occurs.
Provision for obsolescence is primarily based on the estimated forecast of future usage of these
inventory items.
g. Prepaid expenses
Prepaid expenses are amortized over their future beneficial periods using the straight-line method.
Prepaid expenses are presented in the consolidated statements of financial position as part of other
current assets and other non-current assets.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
20
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
h. Intangible assets
Intangible assets are recognized if it is highly probable that the expected future economic benefits
that are attributable to each asset will flow to the Group, and the cost of the asset can be reliably
measured.
Intangible assets are stated at cost less accumulated amortization and impairment losses (if any).
Intangible assets are amortized over their estimated useful lives. The amortization period and the
amortization method for an intangible asset with a finite useful life are reviewed at least at the end
of the reporting period. The Group estimates the recoverable value of its intangible assets. When
the carrying amount of an intangible asset exceeds its estimated recoverable amount, the asset is
written down to its estimated recoverable amount.
Intangible assets except goodwill, are amortized using the straight-line method, based on the
estimated useful lives of the intangible assets as follows:
Years
Software
3-6
License
3-20
Other intangible assets
3-30
Intangible assets are derecognized on disposal, or when no further economic benefits are
expected, either from further use or from disposal. The difference between the carrying amount
and the net proceeds received from disposal is recognized in the consolidated statements of profit
or loss and other comprehensive income.
i. Property and equipment
Property and equipment are stated at cost less accumulated depreciation, and impairment losses
(if any).
The cost of an item of property and equipment includes: (a) purchase price; (b) any costs directly
attributable to bringing the asset to its location and condition; and (c) the initial estimate of the costs
of dismantling and removing the item and restoring the site on which it is located. Each part of an
item of property and equipment with a cost that is significant in relation to the total cost of the item
is depreciated separately.
Property and equipment, except land rights, are depreciated using the straight-line method based
on the estimated useful lives of the assets as follows:
Years
Buildings
15-50
Leasehold improvements
2-10
Switching equipment
3-15
Telegraph, telex, and data communication equipment
5-15
Transmission installation and equipment
3-40
Satellite, earth station, and equipment
3-20
Cable network
5-25
Power supply
3-20
Data processing equipment
3-20
Vehicles
4-8
Other telecommunication peripherals
5
Office equipment
2-5
Other equipment
2-5
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
21
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
i. Property and equipment (continued)
Significant expenditures related to leasehold improvements are capitalized and depreciated over
the lease term.
The depreciation method, useful life, and residual value of an asset are reviewed at least at each
financial year-end and adjusted, if appropriate. The residual value of an asset is the estimated
amount that the Group would currently obtain from disposal of the asset, after deducting the
estimated costs of disposal, if the asset is already of the age and in the condition expected at the
end of its useful life.
Property and equipment acquired in exchange for a non-monetary asset or for a combination of
monetary and non-monetary assets are measured at fair value unless, (i) the exchange transaction
lacks commercial substance; or (ii) the fair value of neither the asset received, nor the asset given
up is measured reliably.
Major spare parts and standby equipment that are expected to be used for more than 12 months
are recorded as part of property and equipment.
When assets are retired or otherwise disposed of, their cost and the related accumulated
depreciation are derecognized from the consolidated statements of financial position and the
resulting gains or losses on the disposal or sale of the property and equipment are recognized in
the consolidated statements of profit or loss and other comprehensive income.
Certain computer hardware cannot be used without the availability of certain computer software.
In such circumstance, the computer software is recorded as part of the computer hardware. If the
computer software is independent from its computer hardware, it is recorded as part of intangible
assets.
The cost of maintenance and repairs are charged to the consolidated statements of profit or loss
and other comprehensive income as incurred. Significant renewals and improvements are
capitalized to related property and equipment account.
Property under construction is stated at cost less impairment (if any), until the construction is
completed, at which time it is reclassified to the property and equipment account to which it relates.
During the construction period and until the property is ready for its intended use or sale, borrowing
costs, which include interest expense and foreign currency exchange differences incurred on loans
obtained to finance the construction of the asset, as long as it meets the definition of a qualifying
asset are, capitalized in proportion to the average amount of accumulated expenditures during the
period. Capitalization of borrowing cost ceases when the construction is completed, and the asset
is ready for its intended use or sale.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
22
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The lease term corresponds to the non-cancellable period of each contract,
except in cases where the Group is reasonably certain of exercising renewal options contractually
foreseen.
The Group has made use of the package of practical expedients available within PSAK 116, which
among other things:
•
the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
•
the accounting for operating leases with a remaining lease term of less than 12 months as
short-term leases;
•
the exemption of initial direct costs for the measurement of the right-of-use asset (“ROU”) as
short-term leases;
•
the use of hindsight in determining the lease term where the contract contains options to
extend or terminate the lease;
•
not separating non-lease components from lease components, and instead, account for both
as a single lease component; and
•
not recognizing a lease liability and a ROU asset for leases where the underlying assets are
low-value assets (i.e. underlying assets with a maximum value of US$5,000 or Rp50 million
when it is new).
The Group applies the definition of a lease and related guidance set out in PSAK 116 to all lease
contracts.
i.
The Group as lessee
The Group applies a single recognition and measurement approach for all leases, except for
short-term leases and leases of low-value assets. The Group recognizes lease liabilities to
make lease payments and ROU assets representing the right to use the underlying assets.
The Group recognizes ROU assets at the commencement date of the lease. ROU assets are
measured at cost, less any accumulated amortization and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of ROU assets includes the amount of lease
liabilities recognized, initial direct costs incurred, restoration costs and lease payments made
at or before the commencement date less any lease incentives received.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
23
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases (continued)
i.
The Group as lessee (continued)
ROU assets are amortized on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets, as follows:
Years
Land rights
1-33
Buildings
1-30
Transmission installation and equipment
1-25
Vehicles
1-6
Others
1-6
If ownership of the ROU asset transfers to the Group at the end of the lease term or the cost
reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The ROU assets are subject to impairment in accordance with
PSAK 236: Impairment of Assets.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts expected
to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by the Group and payments of
penalties for terminating the lease, if the lease term reflects the Group exercising the option to
terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing
rate at the lease commencement date because the interest rate implicit in the lease is not
readily determinable. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments, or a change in the assessment
of an option to purchase the underlying asset.
Short-term leases with a duration of less than 12 months and low-value assets leases, as well
as those lease elements, partially or totally not complying with the principles of recognition
defined by PSAK 116 will be treated similarly to operating leases. The Group will recognize
those lease payments on a straight-line basis over the lease term in the consolidated
statements of profit or loss and other comprehensive income.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
24
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
j. Leases (continued)
ii.
The Group as lessor
Under PSAK 116, a lessor continues to classify leases as either finance leases or operating
leases and account for those two types of leases differently. Leases in which the Group
transfers substantially all the risks and rewards incidental to ownership of an asset are
classified as finance leases, otherwise it will be classified as operating leases. Lease
classification is made at the inception date and is reassessed only if there is a lease
modification.
At the commencement date, the Group recognizes assets held under a finance lease at an
amount equal to the net investment in the lease and present it as finance lease receivable.
The net investment in the lease includes fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and residual value guarantees provided to the lessor by the lessee. The lease
payments also include the exercise price of a purchase option reasonably certain to be
exercised by the lessee and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate.
As required by PSAK 109, an allowance for expected credit loss has been recognized on the
finance lease receivables and presented under “Other receivables” (Note 8).
Rental income arising from operating leases is accounted for on a straight-line basis over the
lease terms and is included in revenue in the consolidated statements of profit or loss and
other comprehensive income due to its operating nature. Initial direct costs incurred in
negotiating and arranging an operating lease are added to the carrying amount of the
underlying asset and recognized over the lease term on the same basis as rental income.
Contingent rents are recognized as revenue in the period in which they are earned.
If an arrangement contains lease and non-lease components, the Group applies PSAK 115:
Revenue from Contracts with Customers to allocate the consideration in the contract. Revenue
arising from operating lease is recorded as revenue from lessor transactions (Note 2n).
k. Deferred charges - land rights
Costs incurred to process the initial legal land rights are recognized as part of the property and
equipment and are not amortized. Costs incurred to process the extension or renewal of legal land
rights are deferred and amortized using the straight-line method over the shorter of the legal term
of the land rights or the economic life of the land.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
25
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
l. Borrowings
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are
subsequently carried at amortized cost, any difference between the proceeds (net of transaction
costs) and the redemption value is recognized in the consolidated statements of profit or loss and
other comprehensive income over the period of the borrowings using the effective interest method.
Fees paid on obtaining loan facilities are recognized as transaction costs of the loan to the extent
that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred
until the drawdown occurs. To the extent there is no evidence that it is probable that some or all of
the facilities will be drawn down, the fee is capitalized as a prepayment for liquidity services and
amortized over the period of the facilities to which it relates.
m. Foreign currency translations
Transactions in foreign currencies are translated into Indonesian Rupiah at the Reuters’ mid rates
of exchange prevailing at transaction date. At the consolidated statements of financial position
dates, monetary assets and liabilities denominated in foreign currencies are translated into
Indonesian Rupiah based on the buy and sell rates quoted by Reuters prevailing at the consolidated
statements of financial position dates, as follows (in full amount):
2024
2023
Buy
Sell
Buy
Sell
United States Dollar (“US$”) 1
16,090
16,100
15,396
15,401
Australian Dollar (“AU$”) 1
9,995
10,009
10,499
10,505
Singapore Dollar (“SGD”) 1
11,815
11,829
11,666
11,673
New Taiwan Dollar (“TWD”) 1
490.07
490.52
501.32
501.53
Euro (“EUR”) 1
16,761
16,775
17,025
17,036
Japanese Yen ("JPY") 1
103.02
103.11
108.78
108.82
Malaysian Ringgit ("MYR") 1
3,591
3,601
3,350
3,359
Hong Kong Dollar (“HKD”) 1
2,072
2,074
1,971
1,971
Myanmar Kyat (“MMK”) 1
7.64
7.69
7.31
7.35
The result of foreign exchange gains or losses, realized and unrealized, are credited or charged to
the consolidated statements of profit or loss and other comprehensive income of the current year,
except for foreign exchange differences incurred on borrowings during the construction of qualifying
assets which are capitalized to the extent that the borrowings can be attributed to the construction
of those qualifying assets (Note 2i).
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
26
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition
Revenue from contract with customers
PSAK 115 establishes a comprehensive framework to determine how, when, and how much
revenue is to be recognized. The standard provides a single principles-based five-step model for
the determination and recognition of revenue to be applied to all contracts with customers. The
standard also provides specific guidance requiring certain types of costs to obtain and/or fulfil
a contract to be capitalized and amortized on a systematic basis that is consistent with the transfer
to the customer of the goods or services to which the capitalized cost relates.
Below is the summary of the Group’s revenue recognition accounting policy for each revenue
stream:
i.
Mobile
Revenue from mobile primarily comprises of revenue from cellular service which among
others: telephone service, interconnection service, internet and data service and Short
Messaging Services (“SMS”) service. Those services are offered on postpaid or prepaid basis.
For prepaid services, initial package sales (also known as SIM cards and initial charging
vouchers) and top-up vouchers are initially recognized as contract liabilities. The Group
recognizes contract assets for the services from postpaid customers that have not been billed.
All mobile services revenues are recognized based on output method, either per actual usage
or allowance unit used (if the services are sold in plan basis), because the customer
simultaneously receives and consumes the benefits provided by the Group.
For services sold in bundled plan, total consideration is allocated to performance obligations
based on stand-alone selling price for each of the product and/or service. The Group estimates
the stand-alone selling price using the price enacted if the services are sold on a stand-alone
basis. Most bundled plans sold by the Group only include services which are generally
satisfied over the same period of time. Therefore, the revenue recognition pattern is generally
not impacted by the allocation.
The consideration that is received is allocated between the telecommunication services sold
and the points issued, with the consideration allocated to points that are equal to its fair value.
The fair value of the points that are issued is deferred and recognized as revenue when the
points are redeemed, expired, or when the program is terminated.
ii.
Consumer
Revenue from consumer primarily comprises of revenue from IndiHome services. Revenues
from IndiHome service are derived from customer who subscribes to internet services or to
bundled package with combination of consumer service (i.e. telephone, internet and data, and
paid TV). Those services are offered on a postpaid basis and billed in the following month.
The Group applies terms and conditions that requires the customer to pay substantive early
termination penalty if the customer’s contract is ended at the customer’s request and/or fault
within the first 12 months after the service is activated. After the initial 12-month period, the
customer can decide to stop subscribing in accordance with the applicable terms and
conditions without incurring any penalties. In accordance with PSAK 115, the contract period
is 12 months, which is then followed by a monthly contract.
All consumer services are recognized using the output method based on the customer's actual
usage or time elapsed basis as the customer simultaneously receives and consumes the
benefits provided by the Group.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
27
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
ii.
Consumer (continued)
Customers are required to pay an upfront fee at the commencement of the contract. The
upfront fee is considered to be a material right because the customer is not required to pay an
upfront fee when the customer renews the service beyond the original contract period. The
Group values the renewal option in the amount of the consideration received from the upfront
fee for the installation service. The Group defers the amount of renewal option as contract
liabilities and recognizes it as revenue on a straight-line basis over the expected customer life.
The Group estimates the expected customer life based on the historical information and
customer trends and updates the evaluation on an annual basis.
iii.
Enterprise
Revenue from enterprise customers primarily comprises of revenue from providing telephone
service, internet and data, information technologies, and other services (e.g. manage service,
call center service, e-health, e-payment, and others). Some of the contracts with enterprise
customers are bespoke in nature.
Revenues from enterprise customers are recognized overtime using output method based on
actual usage or time elapsed if the provision of service does not depend on usage (i.e. minute
of voice, kilobyte of data, etc.), except for sales of goods which are recognized at a point in
time, because the customer simultaneously receives and consumes the benefits provided by
the Group. Revenues for performance obligations that are satisfied at a point in time is
recognized when control of goods is transferred to the customer, typically when the customer
has physical possession of the goods.
Some of the arrangements in enterprise customers are offered as bundled arrangements. For
bundled arrangements, the product and/or service in the contract is accounted for as a single
performance obligation when it is separately identifiable from other promises in the contract
and the customer can benefit from the product/service on its own. The total consideration is
allocated to each distinct performance obligation that has been included in the contract, based
on its stand-alone selling price. The stand-alone selling price is determined according to the
observable prices at which individual product and/or service are sold separately, adjusted for
market conditions and normal discounts as appropriate. Alternatively, when the observable
prices are not available, the expected cost-plus margin approach is used to determine the
stand-alone selling prices.
Certain contracts with enterprise customers may give rise to variable consideration as the
contract price depends on a future event (e.g. usage based contract or revenue-share based
contract). In estimating the variable consideration, the Group is required to use either the
expected value method or the most likely amount method based on the method that better
predicts the amount of consideration to which it will be entitled. The Group determines that the
most expected value method is the appropriate method to use in estimating the variable
consideration for a single contract with a large number of possible outcomes.
Before including any amount of variable consideration in the transaction price, the Group
considers whether the amount of variable consideration is constrained. The Group determines
that the estimates of variable consideration are not constrained based on its historical
experience, business forecast, and the current economic conditions and only includes variable
consideration to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognized will not occur when the uncertainty associated with the
variable consideration is subsequently resolved.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
28
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from contract with customers (continued)
iii.
Enterprise (continued)
When another party is involved in providing products and/or services to a customer, the Group
is the principal if it controls the specified products and/or services before those products and/or
services are transferred to the customer. Revenues are recorded on the net amount that has
been retained (the amount paid by the customer less the amount paid to the suppliers), when,
in substance, the Group has acted as agent and earned commission from the suppliers of the
products and/or services sold.
iv.
Wholesale and International Business (“WIB”)
Revenue from WIB is mainly comprises of interconnections service for interconnection of other
telecommunications carriers’ subscriber calls to the Group’s subscribers (incoming call) and
calls between other telecommunications carriers subscribers through the Group’s network
(transit) and network service with other telecommunications carriers. All of these services are
recognized based on the output method using the basis of the actual recorded traffic for the
month.
Contract assets
A contract asset is initially recognized for revenue earned from delivery of goods or services
because the receipt of consideration is conditional on certain milestones or upon completion of the
project. Upon completion of the milestones or the project, the amount recognized as contract assets
is reclassified to trade receivables.
Contract assets are subject to impairment assessment.
Contract liabilities
A contract liability is recognized if a payment is received or a payment is due (whichever is earlier)
from a customer before the Group transfers the related goods or services. Contract liabilities are
recognized as revenue when the Group performs under the contract (i.e., transfers control of the
related goods or services to the customer).
Incremental cost of obtaining and cost of fulfilling contract
The incremental costs of obtaining/fulfilling contracts with customers, which principally are
comprised of sales commissions and contract fulfilment costs, are initially recognized on the
consolidated statements of financial position as contract costs. These costs are subsequently
amortized on a systematic basis that is consistent with the period and pattern of transfer to the
customer of the related products or services. Costs that do not qualify as costs of obtaining/fulfilling
contract with customers are expensed as incurred or in accordance with other relevant standards.
At the end of each reporting year, the Group evaluates whether there is an indication that
capitalized contract costs may be impaired. An impairment exists when the carrying amount of the
contract costs exceeds the amount expected to be received in exchange for goods and services.
When impairment exists, an impairment loss is recognized in consolidated statements of profit or
loss and other comprehensive income.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
29
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
n. Revenue and expense recognition (continued)
Revenue from lessor transactions
Revenue from lessor transactions comprises of revenue from telecommunication tower operating
leases and other rental. Rental income is recognized on a straight-line basis over the lease term
and is included in revenue in the statement of profit or loss due to its operating nature.
Expenses
Expenses are recognized as they are incurred.
o. Employee benefits
i.
Short-term employee benefits
All short-term employee benefits which consist of salaries and related benefits, vacation pay,
incentives and other short-term benefits are recognized as expense on undiscounted basis
when employees have rendered service to the Group.
ii.
Post-employment benefit plans and other long-term employee benefits
Post-employment benefit plans consist of funded and unfunded defined benefit pension plans,
defined contribution pension plan, other post-employment benefits, post-employment health
care benefit plan, defined contribution health care benefit plan and obligations under the Labor
Law.
Other long-term employee benefits consist of Long Service Awards (“LSA”), Long Service
Leave (“LSL”), and pre-retirement benefits.
The cost of providing benefits under post-employment benefit plans and other long-term
employee benefits calculation is performed by an independent actuary using the projected unit
credit method.
The net obligations in respect of the defined pension benefit plans and post-retirement health
care benefit plan are calculated at the present value of estimated future benefits that the
employees have earned in return for their service in the current and prior periods less the fair
value of plan assets. The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows using interest rates of Government bonds that
are denominated in the currencies in which the benefits will be paid and that have terms to
maturity approximating the terms of the related retirement benefit obligation. Government
bonds are used as there are no deep markets for high quality corporate bonds.
Plan assets are assets owned by defined benefit pension plan and post-retirement health care
benefits plan as well as qualifying insurance policy. The assets are measured at fair value as
of reporting dates. The fair value of qualifying insurance policy is deemed to be the present
value of the related obligations (subject to any reduction required if the amounts receivable
under the insurance policies are not recoverable in full).
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
30
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
o. Employee benefits (continued)
ii.
Post-employment benefit plans and other long-term employee benefits (continued)
Remeasurement, comprising of actuarial gains and losses, the effect of the asset ceiling
(excluding amounts included in net interest on the net defined benefit liability (asset)) and the
return on plan assets (excluding amounts included in net interest on the net defined benefit
liability (asset)) are recognized immediately in the consolidated statements of financial position
with a corresponding debit or credit to retained earnings through OCI in the period in which
they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognized immediately in profit or loss on the earlier of:
(a) the date of plan amendment or curtailment; and
(b) the date that the Group recognized restructuring-related costs.
Net interest is calculated by applying the discount rate to the net defined benefit liabilities or
assets.
Gains or losses on curtailment are recognized when there is a commitment to make a material
reduction in the number of employees covered by a plan or when there is an amendment of
defined benefit plan terms such as that a material element of future services to be provided by
current employees will no longer qualify for benefits, or will qualify only for reduced benefits.
Gains or losses on settlement are recognized when there is a transaction that eliminates all
further legal or constructive obligation for part, or all of the benefits provided under a defined
benefit plan (other than the payment of benefit in accordance with the program and included
in the actuarial assumptions).
For defined contribution plans, the regular contributions constitute net periodic costs for the
period in which they are due and, as such, are included in “personnel expenses” as they
become payable.
The Group attributed benefits under the defined benefit plan’s benefit formula to periods of
service from the date when employee service first leads to benefits under the plan until the
date when further employee service will lead to no material amount of further benefits under
the plan.
iii.
Early retirement benefit
Early retirement benefits are accrued at the time the Group makes a commitment to provide
early retirement benefits as a result of an offer made in order to encourage voluntary
resignation. A commitment to a termination arises when, and only when a detailed formal plan
for the early retirement cannot be withdrawn.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
31
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Taxes
Income tax
Current and deferred income taxes are recognized as income or expense and included in the
consolidated statements of profit or loss and other comprehensive income, except to the extent
that the income tax arises from a transaction or event which is recognized directly in equity, in
which case, the income tax is recognized directly in equity.
Current income tax assets and liabilities are measured at the amounts expected to be recovered
or paid by using the tax rates and tax laws that have been enacted or substantively enacted at
each reporting date. Management periodically evaluates positions taken in Annual Tax Returns
("Surat Pemberitahuan Tahunan"/"SPT Tahunan") with respect to situations in which applicable tax
regulation is subject to interpretation. Where appropriate, management establishes provisions
based on the amounts expected to be paid to the Tax Authorities.
Tax assessments
Amendment to taxation obligation is recorded when an assessment letter (“Surat Ketetapan Pajak”
or “SKP”) is received or, if appealed against, when the results of the appeal have been determined.
The additional taxes and penalty imposed through SKP are recognized as revenue or expense in
the current year profit or loss, unless objection/appeal is taken. The additional taxes and penalty
imposed through SKP are deferred as long as they meet the asset recognition criteria.
Deferred tax
The Group recognizes deferred tax assets and liabilities for temporary differences between the
financial and tax bases of assets and liabilities at each reporting date. The Group also recognizes
deferred tax assets resulting from the recognition of future tax benefits, such as the benefit of tax
losses carried forward to the extent their future realization is probable. Deferred tax assets and
liabilities are measured using enacted or substantively enacted tax rates and tax laws at each
reporting date which are expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is
no longer probable that sufficient taxable profit will be available to compensate part, or all of the
benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each
reporting date and recognized if it is probable that future taxable profits will be available for
recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from
estimates of future taxable income.
Deferred tax transactions which are recognized outside profit or loss. Therefore, deferred taxes on
these transactions are recognized either in other comprehensive income or recognized directly in
equity.
Deferred tax assets and liabilities are offset in the consolidated statements of financial position, if
and only if it has a legally enforceable right to set off current tax assets and liabilities and the
deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either
the same taxable entity or different taxable entities which intend either to settle current tax liabilities
and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred tax assets or liabilities are expected to be
recovered or settled.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
32
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
p. Taxes (continued)
Value added tax (“VAT”)
Revenues, expenses and assets are recognized net of the VAT amount except:
i. VAT arising from the purchase of assets or services that cannot be credited by the Tax Office,
which VAT is recognized as part of the acquisition cost of the asset or as part of the applied
expenses; and
ii. Receivables and payables are presented including the amount of VAT.
Uncertainty over income tax treatments
ISAK 123: Uncertainty Over Income Tax Treatments stated that the recognition and measurement
of tax assets and liabilities that contain uncertainty over income tax are determined by considering
whether to be treated separately or together, the assumptions used in the examination of tax
treatments by the Tax Authorities, consideration the probability that the Tax Authorities will accept
uncertain tax treatment and re-consideration or estimation if there is a change in facts and
circumstances.
If the acceptance of the tax treatment by the Tax Authorities is probable, the measurement is in
line with income tax fillings. If the acceptance of the tax treatment by the Tax Authorities is not
probable, the Group measures its tax balances using the method that provides the better prediction
of resolution (i.e. most likely amount or expected value).
Final tax
Indonesian tax regulations impose final tax on several types of transactions based on the gross
value of the transaction. Therefore, final tax which is charged based on such transaction remains
subject to tax even though the taxpayer incurred a loss on the transaction.
The final tax is scoped out from PSAK 212: Income Tax. Final tax on construction services and
leases are presented as part of “other income - net”.
q. Financial instruments
The Group classifies financial instruments into financial assets and financial liabilities. A financial
instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
i.
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, and subsequently measured at amortized
cost, fair value through OCI (“FVTOCI”), and fair value through profit or loss (“FVTPL”).
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them. With
the exception of trade receivables that do not contain a significant financing component or for
which the Group has applied the practical expedient, the Group initially measures a financial
asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs.
Trade receivables that do not contain a significant financing component or for which the Group
has applied the practical expedient are measured at the transaction price determined under
PSAK 115.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
33
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i.
Financial assets (continued)
Initial recognition and measurement (continued)
In order for a financial asset to be classified and measured at amortized cost or FVTOCI, it
needs to give rise to cash flows that are solely payments of principal and interest on the
principal amount outstanding. This assessment is referred to as the solely payments of
principal and interest test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its
financial assets in order to generate cash flows. The business model determines whether cash
flows will result from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the marketplace (regular way trades) are recognized
on the trade date, i.e., the date that the Group commits to sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
(a) Financial assets at amortized cost (debt instruments)
The Group measures financial assets at amortized cost if both of the following conditions
are met:
•
The financial asset is held within a business model with the objective to hold financial
assets in order to collect contractual cash flows; and
•
The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets at amortized cost are subsequently measured using the effective interest
rate (“EIR”) method and are subject to impairment. Gains and losses are recognized in
profit or loss when the asset is derecognized, modified or impaired. The Group’s financial
assets at amortized cost consist of cash and cash equivalents, other current financial
assets, trade and other receivables, and other non-current assets.
(b) Financial assets at FVTOCI with recycling of cumulative gains and losses (debt
instruments)
The Group measures debt instruments at FVTOCI if both of the following conditions are
met:
•
The financial asset is held within a business model with the objective of both holding
to collect contractual cash flows and selling; and
•
The contractual terms of the financial asset give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
For debt instruments at FVTOCI, interest income, foreign exchange revaluation, and
impairment losses or reversals are recognized in the statement of profit or loss and
computed in the same manner as for financial assets measured at amortized cost. The
remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative
fair value change recognized in OCI is recycled to profit or loss.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
34
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i.
Financial assets (continued)
Subsequent measurement (continued)
(c) Financial assets designated at FVTOCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments
as equity instruments designated at FVTOCI when they meet the definition of equity under
PSAK 232: Financial Instruments: Presentation and are not held for trading. The
classification is determined on an instrument-by-instrument basis. Gains and losses on
these financial assets are never recycled to consolidated statements of profit or loss and
other comprehensive income. Dividends are recognized as other income in the statement
of profit or loss when the right of payment has been established, except when the Group
benefits from such proceeds as a recovery of part of the cost of the financial asset, in
which case, such gains are recorded in OCI. Equity instruments designated at FVTOCI
are not subject to impairment assessment. The Group’s financial assets at this category
consists of long-term investments in financial instruments.
(d) Financial assets at FVTPL
Financial assets at FVTPL include financial assets held for trading, financial assets
designated upon initial recognition at FVTPL, or financial assets mandatorily required to
be measured at fair value. Financial assets are classified as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term. Derivatives, including
separated embedded derivatives, are also classified as held for trading unless they are
designated as effective hedging instruments. Financial assets with cash flows that are
not solely payments of principal and interest are classified and measured at FVTPL,
irrespective of the business model. Notwithstanding the criteria for debt instruments to be
classified at amortized cost or at FVTOCI, as described above, debt instruments may be
designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces,
an accounting mismatch.
Financial assets at FVTPL are carried in the consolidated statements of financial position
at fair value with net changes in fair value recognized in the consolidated statements of
profit or loss and other comprehensive income. The Group’s financial assets at FVTPL
consists of other long-term investments in financial instruments and other current financial
assets.
Expected credit losses (“ECL”)
The Group recognizes an allowance for ECL for all debt instruments not held at FVTPL. ECL
are based on the difference between the contractual cash flows due in accordance with the
contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash
flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
35
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
i.
Financial assets (continued)
Expected credit losses (“ECL”) (continued)
ECL are recognized in two stages. For credit exposures for which there has not been a
significant increase in credit risk since initial recognition, ECL are provided for credit losses
that result from default events that are possible within the next 12-months (a 12-month ECL).
For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining
life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in
calculating ECL. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECL at each reporting date. The Group has
established an allowance for expected credit loss methodology that is based on its historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
The Group considers a financial asset in default when contractual payments are 90 days past
due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements
held by the Group. Trade receivables are written-off when there is a low possibility of
recovering the contractual cash flow, after all collection efforts have been done and have been
fully provided for allowance.
ii.
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loan and
borrowings and payables, net of directly attributable transaction costs.
The Group classifies its financial liabilities as: (i) financial liabilities at FVTPL or (ii) financial
liabilities measured at amortized costs.
The Group’s financial liabilities include trade and other payables, accrued expenses, customer
deposits, interest-bearing loans, and lease liabilities. Interest-bearing loans consist of short-
term bank loans, two-step loans, bonds and medium-term notes, long-term bank loans, and
other borrowings.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
36
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
q. Financial instruments (continued)
ii.
Financial liabilities (continued)
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
(a) Financial liabilities at FVTPL
Financial liabilities at FVTPL include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at FVTPL. Financial liabilities are
classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by the
Group that are not designated as hedging instruments in hedge relationships. Separated
embedded derivatives are also classified as held for trading unless they are designated
as effective hedging instruments. Gains or losses on liabilities held for trading are
recognized in the statement of profit or loss.
Financial liabilities designated upon initial recognition at FVTPL are designated at the
initial date of recognition, and only if the criteria in PSAK 109 are satisfied. The Group
has not designated any financial liability as at FVTPL.
(b) Financial liabilities measured at amortized cost
This is the category most relevant to the Group. After initial recognition, interest-bearing
loans and other borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process. Amortized cost is
calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortization is included as finance
costs in the statement of profit or loss. This category generally applies to interest-bearing
loans and other borrowings. For more information, refer to Note 19.
iii.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount is reported in the consolidated
statements of financial position when there is a legally enforceable right to offset the
recognized amounts and there is an intention to settle them on a net basis, or realize the
assets and settle the liabilities simultaneously. The right of offset must not be contingent on
a future event and must be legally enforceable in all of the following circumstances:
(i)
the normal course of business;
(ii) the event of default; and
(iii) the event of insolvency or bankruptcy of the Group and all of the counterparties.
iv.
Derecognition of financial instruments
The Group derecognizes a financial asset when the contractual rights to the cash flows from
the financial asset expire, or when the Group transfers substantially all the risks and rewards
of ownership of the financial asset.
The Group derecognizes a financial liability when the obligation specified in the contract is
discharged or cancelled or has expired.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
37
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
r. Treasury stock
Reacquired Company’s shares of stock are accounted for at their reacquisition cost and classified
as “Treasury Stock” and presented as a deduction in equity. The cost of treasury stock
sold/transferred is accounted for using the weighted average method. Any difference between the
carrying amount and consideration from future re-sale of treasury stocks, is recognized as part of
additional paid-in-capital in the equity.
s. Dividends
Dividend for distribution to the stockholders is recognized as a liability in the consolidated financial
statements in the year in which the dividend is approved by the stockholders. The interim dividend
is recognized as a liability based on the Board of Directors’ decision supported by the approval
from the Board of Commissioners.
t. Basic earnings per share and earnings per ADS
Basic earnings per share is computed by dividing profit for the year attributable to owners of the
parent company by the weighted average number of shares outstanding during the year. Income
per ADS is computed by multiplying the basic earnings per share by 100, the number of shares
represented by each ADS.
u. Segment information
The Group's segment information is presented based upon identified operating segments. An
operating segment is a component of an entity:
i.
that engages in business activities from which it may earn revenues and incur expenses
(including revenues and expenses relating to transactions with other components of the same
entity);
ii.
whose operating results are regularly reviewed by the Group’s Chief Operating Decision Maker
(“CODM”) i.e., the Board of Directors, to make decisions about resources to be allocated to
the segment and assess its performance; and
iii.
for which discrete financial information is available.
v. Provisions
Provisions are recognized when the Group has present obligations (legal or constructive) arising
from past events and it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligations and the amount can be measured reliably.
Provisions for onerous contracts are recognized when the contract becomes onerous for the lower
of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfill
the contract.
w. Impairment of non-financial assets
At the end of each reporting period, the Group assesses whether there is an indication that an non-
financial assets may be impaired. These assets include property and equipment, current assets,
and other non-current assets, including intangible assets. If such indication exists, the recoverable
amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount
of the individual asset, the Group determines the recoverable amount of the Cash-Generating Unit
(“CGU”) to which the asset belongs (“the asset’s CGU”).
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
38
2. SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
w. Impairment of non-financial assets (continued)
The recoverable amount of an asset (either individual asset or CGU) is the higher of the asset’s
fair value less costs to sell and its value in use (“VIU”). Where the carrying amount of the asset
exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount. In assessing the value in use, the estimated net future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
In determining fair value less costs to sell, recent market transaction prices are taken into account,
if available. If no such transactions can be identified, the Group uses an appropriate valuation
model to determine the fair value of the asset. These calculations are corroborated by multiple
valuations or other available fair value indicators.
Impairment losses of continuing operations are recognized in the consolidated statements of profit
or loss and other comprehensive income.
At the end of each reporting period, the Group assesses whether there is any indication that
previously recognized impairment losses for an asset, other than goodwill, may no longer exist or
may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss for an asset, other than goodwill, is reversed only if there has been
a change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognized. The reversal is limited such that the carrying amount of the asset
does not exceed its recoverable amount, nor exceeds the carrying amount that would have been
determined, net of depreciation, had no impairment been recognized for the asset in prior periods.
Reversal of an impairment loss is recognized in consolidated statements of profit or loss and other
comprehensive income.
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value
may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of
each CGU (or group of CGUs) to which the goodwill relates. When the recoverable amount of the
CGU is less than its carrying amount, an impairment loss is recognized. Impairment loss relating
to goodwill cannot be reversed in future periods.
x. Current and non-current classifications
The Group presents assets and liabilities in the statement of financial position based on current/
non-current classification. An asset is presented as current when it is:
i.
expected to be realized or intended to be sold, or consumed in the normal operating cycle;
ii.
held primarily for the purpose of trading;
iii. expected to be realized within twelve months after the reporting period; or
iv. cash or cash equivalent unless restricted from being exchanged or used to settle a liability for
at least twelve months after the reporting period.
Assets which do not meet above criteria are classified as non-current assets.
A liability is presented as current when:
i.
it is expected to be settled in the normal operating cycle;
ii.
it is held primarily for the purpose of trading;
iii. it is due to be settled within twelve months after reporting period;
iv. there is no right by the end of reporting period to defer the settlement of the liability for at least
twelve months after the reporting period.
The terms of liability that could, at the option of counterparty, result in its settlement by the issue of
equity instruments do not affect its classification.
Liabilities which do not meet above criteria are classified as long-term liabilities.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
39
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.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
40
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii.
Estimates and assumptions (continued)
(b) Useful lives of property and equipment
The Group estimates the useful lives of its property and equipment based on expected
asset utilization, considering strategic business plans, expected future technological
developments, and market behavior. The estimates of useful lives of property and
equipment are based on the Group’s collective assessment of industry practice, internal
technical evaluation, and experience with similar assets.
The Group reviews its estimates of useful lives at least each financial year-end and such
estimates are updated if expectations differ from previous estimates due to changes in
expectation of physical wear and tear, technical or commercial obsolescence, and legal
or other limitations on the continuing use of the assets. The amounts of recorded
expenses for any year will be affected by changes in these factors and circumstances.
A change in the estimated useful lives of the property and equipment is a change in
accounting estimates and is applied prospectively in profit or loss in the period of the
change and future periods.
(c) Determining the lease term of contracts with renewal and termination options - Group as
lessee
The Group determines the lease term as the non-cancellable term of the lease, together
with any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.
The Group has several lease contracts that include extension and termination options.
The Group applies judgement in evaluating whether it is reasonably certain whether or
not to exercise the option to renew or terminate the lease. That is, it considers all relevant
factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Group reassesses the lease term if there
is a significant event or change in circumstances that is within its control and affects its
ability to exercise or not to exercise the option to renew or to terminate.
(d) Allowance for expected credit losses for financial assets
The Group applies a simplified approach in calculating ECLs for trade receivables and
contract assets. Therefore, the Group does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime ECLs at each reporting date. For other
receivables, the Group assesses whether there is objective evidence that other
receivables have been impaired at the end of each reporting period.
The Group has established an allowance for expected credit losses methodology for trade
receivables and contract assets that is based on its historical credit loss experience and
latest supportable data to better reflect the current change in circumstances, adjusted for
forward-looking factors specific to the debtors, and the economic environment. Methods
and approaches will continue to be monitored and updated if additional reasonable and
supportable data and information are available.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
41
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii.
Estimates and assumptions (continued)
(e) Revenue
(i)
Critical judgements in determining the performance obligation, timing of revenue
recognition and revenue classification
The Group provides information technology services that are bespoke in nature.
Bespoke products consist of various goods and/or services bundled together in order
to provide integrated solution services to customers. In addition to the bespoke
service, the Group also provides multiple standard products as bundling product in
contract with customer. Significant judgement is required in determining the number
and nature of performance obligations promised to customers in those contracts.
The number and nature of performance obligations will determine the timing of
revenue recognition for such contract.
The Group reviews the determination of performance obligations on a contract-by-
contract basis. When a contract consisting of several goods and/or service is
assessed to have one performance obligation, the Group applies a single method of
measuring progress for the performance obligation based on the measurement
method that best depicts the economics of the contract, which in most cases is over
time.
The Group also presents the revenue classification using consistent approach.
When a contract consisting of several goods and/or service is assessed to have one
performance obligation, the Group presents that performance obligations in one
financial statement line items which best represent the main service of the Group,
which in most cases is the internet, data communication and information technology
services.
(ii) Critical judgements in determining the stand-alone selling price
The Group provides wide array of products related to telecommunication and
technology. To determine the stand-alone selling price for goods and/or services that
do not have any readily available observable price, the Group uses the expected
cost-plus margin approach. The Group determines the appropriate margin based on
historical achievement.
(f)
Test for impairment of non-current assets and goodwill
The application of the acquisition method in a business combination requires the use of
accounting estimates in allocating the purchase price to the fair market value of the assets
and liabilities acquired, including intangible assets. Certain business acquisitions by the
Group resulted goodwill, which is not amortized but is tested for impairment annually and
every indication of impairment exists.
The calculation of future cash flows in determining the fair value of property and
equipment and other non-current assets of the acquired entity at the acquisition date
involves significant estimation. Although management believes that the assumptions
used are appropriate, significant changes to those assumptions can materially affect the
evaluation of recoverable amounts and may result in impairment according to PSAK 236.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
42
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES INFORMATION (continued)
y. Significant accounting judgements, estimates and assumptions (continued)
ii.
Estimates and assumptions (continued)
(g) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the statement
of financial position cannot be measured based on quoted prices in active markets, their
fair value is measured using valuation techniques including the discounted cash flow
(“DCF”) model. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs such as liquidity risk, credit risk
and volatility. Changes in assumptions relating to these factors could affect the reported
fair value of financial instruments.
(h) Acquisition
The Group evaluates each acquisition transaction to determine whether it will be treated
as an asset acquisition or business combination. For transactions that are treated as an
asset acquisition, the purchase price is allocated to the assets obtained, without the
recognition of goodwill. For acquisitions that meet the business combination definition,
the Group applies the accounting for business acquisiton method for assets acquired and
liabilities assumed which are recorded at fair value at the acquisition date, and the results
of operations are included with the Group's results from the date of each acquisition.
Any excess from the purchase price paid for the amount recognized for assets acquired
and liabilities incurred is recorded as goodwill. The Group continues to evaluate
acquisitions that are counted as a business combination for a period not exceeding one
year after the applicable acquisition date of each transaction to determine whether
additional adjustments are needed to allocate the purchase price paid for the assets
acquired and liabilities assumed. The fair value of assets acquired and liabilities incurred
are usually determined using either an estimated replacement cost or a discounted cash
flow valuation method. When determining the fair value of tangible assets acquired, the
Group estimates the cost of replacing assets with new assets by considering factors such
as the age, condition, and economic useful lives of the assets. When determining the fair
value of the intangible assets obtained, the Group estimates the applicable discount rate
and the time and amount of future cash flows, including the rates and terms for the
extension and reduction.
Rienc
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
43
3.
CASH AND CASH EQUIVALENTS
2024
2023
Balance
Balance
Currency
Rupiah
Currency
Rupiah
Currency
(in million)
equivalent
(in million)
equivalent
Cash on hand
-
14
-
14
Cash in banks
Related parties
PT Bank Rakyat Indonesia (Persero) Tbk. (“BRI”)
Rp
-
3,278
-
1,471
US$
229
3,678
0
6
TWD
2
1
1
0
PT Bank Mandiri (Persero) Tbk. (“Bank Mandiri”)
Rp
-
4,715
-
3,346
US$
45
718
37
572
EUR
2
37
2
38
JPY
6
1
6
1
HKD
2
4
1
3
AU$
0
0
0
0
PT Bank Negara Indonesia (Persero) Tbk. (“BNI”)
Rp
-
4,180
-
4,228
US$
31
506
4
64
SGD
0
0
0
0
EUR
0
0
0
0
GBP
0
1
-
-
PT Bank Tabungan Negara (Persero) Tbk. ("BTN")
Rp
-
4,097
-
2,597
Others
Rp
-
51
-
59
US$
0
0
0
0
Sub-total
21,267
12,385
Third parties
PT Bank Maybank Indonesia Tbk. ("Maybank")
Rp
-
355
-
26
MYR
1
5
1
3
PT Bank Mega Tbk. ("Bank Mega")
Rp
-
342
-
3
DBS Bank (Hong Kong) Ltd. ("DBS Hong Kong")
US$
19
308
9
138
HKD
0
1
0
0
PT Bank CIMB Niaga Tbk. (”Bank CIMB Niaga”)
Rp
-
181
-
265
US$
2
40
0
2
Standard Chartered Bank (“SCB”)
US$
7
108
14
215
SGD
5
55
6
74
The Hongkong and Shanghai Banking Corporation Ltd.
("HSBC Hongkong")
US$
6
102
43
661
HKD
9
19
5
9
PT Bank Central Asia Tbk. (“BCA”)
Rp
-
131
-
144
US$
0
3
0
3
Others (each below Rp100 billion)
Rp
-
251
-
336
US$
9
146
10
278
SGD
2
20
3
36
TWD
28
14
50
21
MYR
0
2
4
12
AU$
0
3
0
5
MMK
167
1
353
3
EUR
0
1
0
0
Sub-total
2,088
2,234
Total of cash in banks
23,355
14,619
Time deposits
Related parties
PT Bank Syariah Indonesia Tbk. (“BSI”)
Rp
-
1,688
-
1,160
BTN
Rp
-
1,400
-
1,065
US$
7
104
-
-
BRI
Rp
-
647
-
1,550
US$
18
283
22
340
TWD
6
3
-
-
BNI
Rp
-
566
-
1,266
US$
10
162
23
353
Bank Mandiri
Rp
-
97
-
513
US$
-
-
25
392
Sub-total
4,950
6,639
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
44
3.
CASH AND CASH EQUIVALENTS (continued)
2024
2023
Balance
Balance
Currency
Rupiah
Currency
Rupiah
Currency (in million)
equivalent
(in million)
equivalent
Time deposits (continued)
Third parties
PT Bank Mega Tbk. (“Bank Mega”)
Rp
-
1,922
-
1,433
US$
18
287
20
312
Bank Pembangunan Daerah ("BPD")
Rp
-
962
-
1,569
PT Bank Maybank Indonesia Tbk. ("Maybank")
Rp
-
254
-
658
US$
26
418
23
358
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
("BJB")
Rp
-
370
-
1,419
US$
12
195
-
-
PT Bank Pan Indonesia Tbk. ("Bank Panin")
Rp
-
274
-
-
PT Bank UOB Indonesia ("UOB Indonesia")
US$
16
259
-
-
SGD
3
35
-
-
PT Bank Danamon Indonesia Tbk. (“Bank Danamon”)
Rp
-
133
-
491
US$
3
48
9
137
PT Bank China Construction Bank Indonesia Tbk.
("CCB Indonesia")
US$
10
153
5
71
SCB
US$
9
145
-
-
Others (each below Rp100 billion)
Rp
-
113
-
1,125
US$
1
12
10
155
MYR
2
7
2
8
Sub-total
5,587
7,736
Total of time deposits
10,537
14,375
Allowance for expected credit losses
(1)
(1)
Total
33,905
29,007
Interest rates per annum on time deposits are as follows:
2024
2023
Rupiah
0.53% - 7.25%
1.95% - 7.25%
Foreign currencies
2.55% - 6.00%
2.50% - 5.50%
The Group placed the majority of its cash and cash equivalents in state-owned banks (related party)
because they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
45
4.
OTHER CURRENT FINANCIAL ASSETS
2024
2023
Balance
Balance
Foreign
Foreign
currency
Rupiah
currency
Rupiah
Currency
(in million)
equivalent
(in million)
equivalent
Time deposits
Related parties
BRI
Rp
-
415
-
255
BSI
Rp
-
198
-
118
Bank Mandiri
Rp
-
65
-
95
US$
5
81
5
77
Others (each below Rp 100 billion)
Rp
-
70
-
170
Third parties
United Overseas Bank Limited Singapore
(“UOB Singapore”)
US$
12
195
12
186
Others (each below Rp 100 billion)
Rp
-
3
-
85
US$
-
-
9
132
Total time deposits
1,027
1,118
Escrow accounts
Rp
-
144
-
214
US$
1
19
2
24
Total escrow accounts
163
238
Mutual funds
Related parties
Others
Rp
-
89
-
85
Third parties
PT Henan Putihrai Asset Management
(“HPAM”)
Rp
-
-
-
217
Total mutual funds
89
302
Others
Rp
-
5
-
3
MYR
0
1
0
0
Total others
6
3
Allowance for expected credit losses
(0)
(0)
Total
1,285
1,661
The time deposits have maturities of more than three months but not more than one year, with interest
rates as follows:
2024
2023
Rupiah
2.50% - 7.25%
2.75% - 6.75%
Foreign currencies
4.57% - 4.61%
2.30% - 5.85%
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
46
5.
TRADE RECEIVABLES
Trade receivables arise from services provided to both retail and non-retail customers, with details as
follows:
a. By debtor
(i)
Related parties
2024
2023
State-owned enterprises
1,935
1,875
Indosat
738
303
PT Indonusa Telemedia ("Indonusa")
386
386
Others (each below Rp100 billion)
409
443
Total
3,468
3,007
Allowance for expected credit losses
(1,118)
(1,089)
Net
2,350
1,918
(ii) Third parties
2024
2023
Individual and business subscribers
13,613
11,680
Overseas international carriers
1,176
1,541
Total
14,789
13,221
Allowance for expected credit losses
(4,946)
(4,472)
Net
9,843
8,749
b. By age
2024
2023
Allowance for
Expected
Allowance for Expected
expected
credit
expected
credit
Gross
credit losses
loss rate
Gross
credit losses loss rate
Not past due
7,319
417
5.7%
7,020
386
5.5%
Past due up to 3 months
3,602
329
9.1%
2,758
369
13.4%
Past due more than 3 to 6 months
1,305
285
21.8%
1,215
313
25.8%
Past due more than 6 months
6,031
5,033
83.5%
5,235
4,493
85.8%
Total
18,257
6,064
16,228
5,561
The Group has made allowance for expected credit losses based on the collective assessment of
historical impairment rates and individual assessment of its customers’ credit history, adjusted for
forward-looking factors specific from the customers and the economic environment. The Group
does not apply a distinction between related party and third party receivables in assessing amounts
past due. As of December 31, 2024 and 2023, the carrying amounts of trade receivables of the
Group considered past due but not impaired amounted to Rp5,291 billion and Rp4,033 billion,
respectively. Management believes that receivables past due but not impaired, along with trade
receivables that are neither past due nor impaired, are due from customers with good credit history
and are expected to be recoverable.
c. By currency
2024
2023
Rupiah
15,775
13,701
U.S. Dollar
2,180
2,360
Singapore Dollar
273
143
Others
29
24
Total
18,257
16,228
Allowance for expected credit losses
(6,064)
(5,561)
Net
12,193
10,667
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
47
5.
TRADE RECEIVABLES (continued)
d. Movements in the allowance for expected credit losses
2024
2023
Beginning balance
5,561
5,623
Allowance for expected credit losses
904
513
Receivables written-off
(401)
(575)
Ending balance
6,064
5,561
The receivables written-off relate to both related parties and third parties trade receivables.
Management believes that the allowance for expected credit losses of trade receivables is adequate
to cover losses on uncollectible trade receivables.
As of December 31, 2024 and 2023, certain trade receivables of the subsidiaries amounting to
Rp2,137 billion and Rp1,248 billion, respectively, have been pledged as collateral under lending
agreements (Notes 18 and 19c).
6.
CONTRACT ASSETS
The breakdown of contract assets is as follows:
2024
2023
Contract assets
2,603
2,877
Allowance for expected credit losses
(25)
(147)
Net
2,578
2,730
Current portion
2,449
2,704
Non-current portion
129
26
Management believes that the allowance for expected credit losses is adequate to cover losses on
uncollectible contract assets.
Refer to Note 32 for details of related party transactions.
7.
INVENTORIES
Inventories, all recognized at net realizable value, consist of:
2024
2023
SIM cards and prepaid vouchers
676
791
Others (each below Rp100 billion)
480
260
Total
1,156
1,051
Provision for obsolescence
(60)
(54)
Net
1,096
997
Management believes the provision is adequate to cover losses from the decline in inventory value
due to obsolescence.
The inventories recognized as expenses included in operations, maintenance, and telecommunication
service expenses in December 31, 2024 and 2023 amounted to Rp584 billion and Rp797 billion,
respectively (Note 25).
There were no inventories pledged as collateral under lending agreements as of December 31, 2024
and 2023.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
48
7.
INVENTORIES (continued)
As of December 31, 2024 and 2023, modules (part of property and equipment) and components held
by the Group with book value amounting to RpNil and Rp96 billion, respectively, have been insured
against fire, theft, and other specific risks. The total sum insured as of December 31, 2024 and 2023
amounted to RpNil and Rp94 billion, respectively.
Management believes the insurance coverage is adequate to cover potential losses of inventories
arising from the insured risks.
8.
OTHER CURRENT ASSETS
The breakdown of other current assets is as follows:
2024
2023
Prepaid frequency license fees - current
portion (Note 35c.i)
6,245
6,173
Other receivables
621
266
Advances
451
768
Prepaid salaries
281
276
Prepaid rent
129
71
Others (each below Rp100 billion)
447
442
Total
8,174
7,996
9.
CONTRACT COSTS
Movements of contract costs for the years ended December 31, 2024 and 2023 are as follows:
2024
Cost to obtain Cost to fulfill
Total
At January 1, 2024
1,641
580
2,221
Addition current year
479
1,318
1,797
Amortization during the year
(454)
-
(454)
Expense during the year
-
(831)
(831)
Impairment
-
(3)
(3)
At December 31, 2024
1,666
1,064
2,730
Current
(407)
(727)
(1,134)
Non-current
1,259
337
1,596
2023
Cost to obtain Cost to fulfill
Total
At January 1, 2023
1,554
858
2,412
Addition current year
461
610
1,071
Amortization during the year
(374)
-
(374)
Expense during the year
-
(704)
(704)
Impairment
-
(184)
(184)
At December 31, 2023
1,641
580
2,221
Current
(427)
(226)
(653)
Non-current
1,214
354
1,568
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
49
10. LONG-TERM INVESTMENTS
The breakdown of long-term investment is as follows:
2024
2023
Financial instruments
At fair value through profit or loss:
Equity
7,797
7,537
Convertible bonds
377
491
At fair value through other comprehensive income:
Equity
27
25
Convertible bonds
24
-
8,225
8,053
Associates
PT Jalin Pembayaran Nusantara ("Jalin")
110
105
Others
-
4
110
109
Total long-term investments
8,335
8,162
Investments in equity at fair value through profit or loss are long-term investments in the form of shares
in various start-up companies engaged in information and technology. The Group does not have
significant influence in these start-up companies.
Investments in equity at fair value through profit or loss include:
(i) Telkomsel's investment in PT GoTo Gojek Tokopedia Tbk. (“GOTO”)
As of December 31, 2024 dan 2023, Telkomsel assessed the fair value of the investment in GOTO
using level 1 based on GOTO’s market value of Rp70 per share and Rp86 per share, respectively.
The total unrealized loss from changes in fair value of Telkomsel’s investment in GOTO as of
December 31, 2024 and 2023, amounted to Rp380 billion and Rp119 billion, respectively. These
amounts were presented as unrealized loss on changes in fair value of investments in the
consolidated statements of profit or loss.
(ii) Investments by MDI in several start-up entities engaged in the information and technology sector
In 2024 and 2023, the additional investments by MDI amounted to Rp100 billion and Rp338 billion,
respectively. The fair value of MDI’s investments using level 3, the total unrealized gain (loss) from
changes in fair value of MDI’s investments as of December 31, 2024 and 2023, amounted to
Rp483 billion and (Rp 514 billion), respectively. These amounts were presented as unrealized gain
(loss) arising from changes in fair value of investments in the consolidated statements of profit or
loss.
Detailed information regarding the level 1 and level 3 fair value measurement techniques is disclosed
in Note 37.
Investments in convertible bonds at fair value through profit or loss represent long-term investments
owned by Telkomsel and MDI in the form of convertible bonds in various start-up companies engaged
in information and technology. These convertible bonds provide the holders with an option to convert
the bonds into shares upon maturity, in accordance with the agreed terms and conditions. In the event
that the conversion option is not exercised, the bondholders are entitled to receive the principal
repayment of the bonds.
The unrecognized share in losses in other investments cumulatively as of December 31, 2024 and
2023 was amounting to Rp323 billion and Rp328 billion, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
50
11. PROPERTY AND EQUIPMENT
The details of property and equipment are as follows:
December 31,
2023
Acquisition Additions Deductions
Reclassifications/
Translations
December 31,
2024
At cost:
Directly acquired assets
Land rights
1,955
-
13
-
13
1,981
Buildings
19,596
-
221
(32)
1,122
20,907
Leasehold improvements
1,675
-
40
(94)
174
1,795
Switching equipment
19,636
-
228
(1,090)
696
19,470
Telegraph, telex, and data communication
equipment
1,583
-
-
(1,578)
-
5
Transmission installation and equipment
180,664
-
1,393
(9,972)
10,085
182,170
Satellite, earth station, and equipment
10,941
-
50
(114)
3,918
14,795
Cable network
76,769
314
4,731
(15)
(224)
81,575
Power supply
24,348
-
559
(730)
1,427
25,604
Data processing equipment
21,893
-
332
(1,577)
1,292
21,940
Other telecommunication peripherals
11,087
-
412
(4)
743
12,238
Office equipment
2,696
0
84
(74)
13
2,719
Vehicles
593
0
15
(42)
(36)
530
Other equipment
53
-
3
-
4
60
Property under construction
6,240
-
16,368
(31)
(19,647)
2,930
Total
379,729
314
24,449
(15,353)
(420)
388,719
Accumulated depreciation:
Directly acquired assets
Buildings
6,818
-
650
(27)
20
7,461
Leasehold improvements
1,312
-
128
(86)
(7)
1,347
Switching equipment
14,121
-
1,756
(1,088)
6
14,795
Telegraph, telex, and data communication
equipment
1,582
-
-
(1,578)
-
4
Transmission installation and equipment
104,347
-
11,713
(9,787)
48
106,321
Satellite, earth station, and equipment
6,726
-
719
(114)
46
7,377
Cable network
20,393
-
3,383
(15)
36
23,797
Power supply
17,387
-
2,014
(710)
29
18,720
Data processing equipment
16,149
-
2,031
(1,545)
(103)
16,532
Other telecommunication peripherals
7,700
-
1,517
(1)
-
9,216
Office equipment
2,136
-
278
(68)
(62)
2,284
Vehicles
256
-
38
(27)
(17)
250
Other equipment
47
-
4
-
(2)
49
Total
198,974
-
24,231
(15,046)
(6)
208,153
Net book value
180,755
180,566
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
51
11. PROPERTY AND EQUIPMENT (continued)
The details of property and equipment are as follows (continued):
December 31,
2022
Additions
Deductions
Reclassifications/
Translations
December 31,
2023
At cost:
Directly acquired assets
Land rights
1,838
110
-
7
1,955
Buildings
18,947
569
(34)
114
19,596
Leasehold improvements
1,571
28
(14)
90
1,675
Switching equipment
20,083
582
(309)
(720)
19,636
Telegraph, telex, and data communication
equipment
1,583
-
-
-
1,583
Transmission installation and equipment
171,106
5,839
(3,562)
7,281
180,664
Satellite, earth station, and equipment
10,804
137
-
-
10,941
Cable network
74,695
5,762
(6)
(3,682)
76,769
Power supply
23,276
722
(768)
1,118
24,348
Data processing equipment
20,954
557
(218)
600
21,893
Other telecommunication peripherals
10,402
468
-
217
11,087
Office equipment
2,625
96
(18)
(7)
2,696
Vehicles
605
48
(56)
(4)
593
Other equipment
51
1
-
1
53
Property under construction
4,598
18,049
-
(16,407)
6,240
Total
363,138
32,968
(4,985)
(11,392)
379,729
Accumulated depreciation:
Directly acquired assets
Buildings
6,228
649
(11)
(48)
6,818
Leasehold improvements
1,207
141
(6)
(30)
1,312
Switching equipment
14,100
1,967
(309)
(1,637)
14,121
Telegraph, telex, and data communication
equipment
1,582
-
-
-
1,582
Transmission installation and equipment
97,335
12,171
(3,372)
(1,787)
104,347
Satellite, earth station, and equipment
6,041
746
-
(61)
6,726
Cable network
22,510
3,215
(6)
(5,326)
20,393
Power supply
16,890
1,861
(758)
(606)
17,387
Data processing equipment
15,490
2,093
(217)
(1,217)
16,149
Other telecommunication peripherals
6,067
1,659
-
(26)
7,700
Office equipment
2,073
285
(18)
(204)
2,136
Vehicles
242
48
(31)
(3)
256
Other equipment
44
3
-
-
47
Total
189,809
24,838
(4,728)
(10,945)
198,974
Net book value
173,329
180,755
The property and equipment group consists of (1) switching equipment; (2) telegraph, telex, and data
communication equipment; (3) transmission installation and equipment; (4) satellite, earth station, and
equipment; (5) cable network; (6) power supply; (7) data processing equipment; and (8) other
telecommunication peripherals are the main telecommunication infrastructure of the Group.
a. Gain on sale of property and equipment
2024
2023
Proceeds from sale of property and equipment
717
100
Net book value
(59)
(16)
Gain on disposal or sale of property and equipment
658
84
b. Others
(i)
During 2024 and 2023, the CGUs that independently generate cash inflows are fixed wireline,
cellular, and others. Management believes that there is no indication of impairment in the
assets of such CGUs as of December 31, 2024 and 2023.
(ii) Interest capitalized to property under construction amounted to Rp98 billion and Rp124 billion
for the years ended December 31, 2024 and 2023, respectively. The capitalization rate used
to determine the amount of borrowing costs eligible for capitalization ranged from 1.50% to
6.10% and 2.50% to 8.24% for the years ended December 31, 2024 and 2023, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
52
11. PROPERTY AND EQUIPMENT (continued)
b. Others (continued)
(iii) No foreign exchange loss was capitalized as part of property under construction for the years
ended December 31, 2024 and 2023.
(iv) During 2024 and 2023, the Group obtained proceeds from the insurance claim on lost and
damaged property and equipment, with a total value of Rp143 billion and Rp199 billion,
respectively, and were recorded as part of “Other income - net” in the consolidated statements
of profit or loss and other comprehensive income. During 2024 and 2023, the net carrying
values of these assets amounted to Rp114 billion and Rp185 billion, respectively, were
charged to the consolidated statements of profit or loss and other comprehensive income.
(v) The Group owns several pieces of land located throughout Indonesia with Right to Build
(“Hak Guna Bangunan” or “HGB”) for a period of 8 - 50 years which will expire between 2025
and 2071. Management believes that there will be no issue in obtaining the extension of the
land rights when they expire.
(vi) As of December 31, 2024 and 2023, the Group’s property and equipment excluding land rights,
with a net carrying amount of Rp178,692 billion and Rp175,519 billion, respectively, were
insured against fire, theft, earthquake and other specified risks, including business
interruption. The total blanket policies as of December 31, 2024 and 2023, amounted to
Rp44,143 billion and Rp41,045 billion, HKD10 million and HKD10 million, SGD219 billion and
SGD373 million, respectively. The total policies for first loss basis amounted to Rp2,750 billion
and Rp2,750 billion, respectively. Management believes that the insurance coverage is
adequate to cover potential losses from the insured risks.
(vii) As of December 31, 2024 and 2023, the percentage of completion of property under
construction was approximately 53.29% and 74.09%, respectively, of the total contract value
or Rp3,064 billion and Rp5,836 billion are recorded as expenditures in property under
construction, respectively. The estimated completion dates are until December 2026 and
December 2025, respectively. The balance of property under construction mainly consists of
buildings, transmission installation and equipment, cable network, and power supply.
Management believes that there is no impediment to the completion of the construction in
progress.
(viii) As of December 31, 2024 and 2023, all assets owned by the Company have been pledged as
collateral for bonds (Note 19b) while certain property and equipment of the Company’s
subsidiaries with gross carrying value amounting to Rp2,190 billion and Rp3,076 billion,
respectively, have been pledged as collateral under borrowing agreements (Notes 18 and
19c).
(ix) As of December 31, 2024 and 2023, the cost of fully depreciated property and equipment of
the Group that are still used in operations amounted to Rp89,480 billion and Rp85,564 billion,
respectively. The Group is currently conducting modernization of network assets to replace
the fully depreciated property and equipment.
(x) In 2024 and 2023, the total fair values of land rights and buildings of the Group amounted to
Rp53,262 and Rp51,373 billion, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
53
12. LEASES
a. The Group as a lessee
The Group leases several assets including land rights, building, transmission installation and
equipment, vehicles, and others which used in operations, which generally have lease term
between 1 and 33 years.
The carrying amounts of right-of-use assets recognized and the movements during the year are as
follows:
Land rights
Buildings
Transmission
installation and
equipment
Vehicles
Others
Total
As at January 1, 2023
4,087
663
14,859
523
204
20,336
Additions
1,654
156
7,460
227
893
10,390
Deductions and reclassifications
(52)
(88)
(2,851)
8
1
(2,982)
Depreciation expense
(998)
(149)
(3,600)
(236)
(177)
(5,160)
As at December 31, 2023
4,691
582
15,868
522
921
22,584
Additions
1,725
198
7,337
241
920
10,421
Deductions and reclassifications
(167)
(0)
(409)
(4)
(16)
(596)
Depreciation expense
(1,074)
(192)
(3,699)
(266)
(268)
(5,499)
As at December 31, 2024
5,175
588
19,097
493
1,557
26,910
The carrying amounts of the lease liabilities and the movements during the year are as follows:
2024
2023
As at January 1
20,425
18,661
Accretion of interest
1,335
976
Additions (Note 39a)
10,421
10,390
Deductions
(8,222)
(9,602)
As at December 31
23,959
20,425
Current
(5,491)
(5,575)
Non-current
18,468
14,850
The maturity analysis of lease payments is as follows:
2024
2023
No later than a year
6,824
6,614
Later than 1 year and no later than 5 years
14,356
11,453
Later than 5 years
8,081
6,431
Total lease payments
29,261
24,498
Interest
(5,302)
(4,073)
Net present value of lease payments
23,959
20,425
Current
(5,491)
(5,575)
Non-current
18,468
14,850
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
54
12. LEASES (continued)
a. The Group as a lessee (continued)
The Group also has certain leases with lease terms of twelve months or less and low-value leases.
The Group applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for
these leases. There are no lease contracts with variable lease payments.
The following are the amounts recognized in profit or loss during the year:
2024
2023
Depreciation expense of right-of-use assets
5,499
5,160
Expense relating to short-term leases
3,689
3,743
Interest expense on lease liabilities
1,335
976
Expense relating to leases of low-value assets
4
27
b. The Group as a lessor
The Group entered into non-cancelable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with
terms ranging from 1 to 28 years and with expiry dates between 2025 and 2037. Periods may be
extended based on the agreement by both parties.
The minimum amount of future lease payments and receipts for operating lease agreements are
as follows:
2024
2023
No later than 1 year
6,222
5,099
Later than 1 year and no later than 5 years
8,502
9,412
Later than 5 years
3,518
5,098
Total
18,242
19,609
13. OTHER NON-CURRENT ASSETS
The breakdown of other non-current assets is as follows:
2024
2023
Claims for tax refund - net of current portion (Note 27b)
2,818
1,606
Prepaid frequency license fees -
net of current portion (Note 35c.i)
1,594
1,987
Prepaid expenses
1,056
984
Security deposits
234
159
Advances
205
368
Others (each below Rp100 billion)
301
329
Total
6,208
5,433
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
55
14. INTANGIBLE ASSETS
The details of intangible assets are as follows:
Goodwill
Software
License
Other intangible
assets
Total
Gross carrying amount:
Balance, January 1, 2024
1,492
21,642
550
1,694
25,378
Additions
-
3,415
94
9
3,518
Deductions
(18)
(4,489)
-
-
(4,507)
Reclassifications/translations
-
(37)
3
-
(34)
Balance, December 31, 2024
1,474
20,531
647
1,703
24,355
Accumulated amortization and
impairment losses:
Balance, January 1, 2024
(413)
(15,034)
(200)
(1,000)
(16,647)
Amortization
-
(2,515)
(76)
(71)
(2,662)
Impairment
(77)
-
-
-
(77)
Deductions
11
4,472
-
-
4,483
Reclassifications/translations
-
(9)
(1)
-
(10)
Balance, December 31, 2024
(479)
(13,086)
(277)
(1,071)
(14,913)
Net book value
995
7,445
370
632
9,442
Goodwill
Software
License
Other intangible
assets
Total
Gross carrying amount:
Balance, January 1, 2023
1,492
19,779
620
1,491
23,382
Additions
-
2,763
69
206
3,038
Deductions
-
(890)
(130)
-
(1,020)
Reclassifications/translations
-
(10)
(9)
(3)
(22)
Balance, December 31, 2023
1,492
21,642
550
1,694
25,378
Accumulated amortization and
impairment losses:
Balance, January 1, 2023
(402)
(13,616)
(152)
(910)
(15,080)
Amortization
-
(2,321)
(58)
(94)
(2,473)
Impairment
(11)
-
-
-
(11)
Deductions
-
890
2
-
892
Reclassifications/translations
-
13
8
4
25
Balance, December 31, 2023
(413)
(15,034)
(200)
(1,000)
(16,647)
Net book value
1,079
6,608
350
694
8,731
(i)
Goodwill resulted from the acquisition by Mitratel, Metranet, Metra, Sigma, TDE, and Telkomsat
amounted to Rp467 billion, Rp220 billion, Rp85 billion, Rp78 billion, Rp77 billion, and Rp68 billion,
respectively. Deduction of goodwill resulted from divestment of BDI (Note 1e.vi).
(ii) As of December 31, 2024, the impairment of goodwill arising from Digiserve and MNDG amounted
to Rp64 billion and Rp13 billion, respectively. The impairment losses are presented as part of
“Depreciation and amortization expenses” in the consolidated statements of profit and loss and
other comprehensive income.
(iii) The remaining amortization periods of software for the years ended December 31, 2024 and 2023
are from 1 to 6 years, respectively. The amortization expense is presented as part of “Depreciation
and amortization expenses” in the consolidated statements of profit or loss and other
comprehensive income.
(iv) As of December 31, 2024 and 2023, the cost of fully amortized intangible assets that are still
utilized in operations amounted to Rp8,345 billion and Rp10,604 billion, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
56
15. TRADE PAYABLES
The breakdown of trade payables is as follows:
2024
2023
Related parties
Purchases of equipment, materials, and services
378
424
Payables to other telecommunication providers
248
161
Sub-total
626
585
Third parties
Purchases of equipment, materials, and services
9,729
12,748
Radio frequency usage charges, concession fees,
and Universal Service Obligation (“USO”) charges
2,631
2,399
Payables to other telecommunication providers
2,350
2,876
Sub-total
14,710
18,023
Total
15,336
18,608
Trade payables by currency are as follows:
2024
2023
Rupiah
13,217
15,929
U.S. Dollar
2,059
2,537
Others
60
142
Total
15,336
18,608
Terms and conditions of the above trade payables:
a. The Group’s trade payables are non-interest bearing and normally settled within 1 year term.
b. Refer to Note 32c for details on related party transactions.
c. Refer to Note 37b.v for the Group’s liquidity risk management.
GSD, Telkom Akses, and Mitratel entered into supply chain financing with several banks. Those
facilities can be used by the GSD, Telkom Akses and Mitratel's supplier to obtain payment of invoices
that have been approved to be paid by the bank in accordance with certain terms and conditions. As
of December 31, 2024 and 2023, the carrying amount of liabilities under supplier finance arrangement
is as follows:
2024
2023
Liabilities under supplier finance arrangement
475
257
Total amount of which the supplier has received payment
from finance provider
473
257
Range of payment due dates
1 - 3 month
1 - 3 month
There were no material business combinations or foreign exchange differences that would affect the
liabilities under the supplier finance arrangement in either period. There were non-cash transfers from
trade payables to liabilities under the supplier finance arrangement in 2024 and 2023 amounted to
Rp115 billion and Rp61 billion, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
57
16. ACCRUED EXPENSES
The breakdown of accrued expenses is as follows:
2024
2023
Operation, maintenance,
and telecommunication services
6,424
5,813
Salaries and benefits
3,856
3,909
General, administrative, and marketing expenses
3,665
3,114
Interest and bank charges
247
243
Total
14,192
13,079
-
Refer to Note 32 for details of related party transactions.
17. CONTRACT LIABILITIES
The breakdown of contract liabilities is as follows:
a. Current
2024
2023
Advances from customers for Mobile
3,285
3,267
Advances from customers for Enterprise
2,306
1,587
Advances from customers for WIB
1,322
1,291
Advances from customers for Consumer
244
244
Advances from customers for others
581
459
Total
7,738
6,848
b. Non-Current
2024
2023
Advances from customers for WIB
948
795
Advances from customers for Consumer
602
705
Advances from customers for Enterprise
247
251
Advances from customers for others
687
840
Total
2,484
2,591
Movements of contract liabilities for the years ended December 31, 2024 and 2023 are as follows:
2024
2023
At January, 1
9,439
7,856
Deferred during the year
7,631
7,878
Recognized as revenue during the year
(6,848)
(6,295)
At December, 31
10,222
9,439
Current
7,738
6,848
Non-Current
2,484
2,591
Refer to Note 32 for details of related party transactions.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
58
18. SHORT-TERM BANK LOANS
Outstanding
Lenders
2024
2023
Related parties
Bank Mandiri
3,755
4,013
BNI
1,799
903
Sub-total
5,554
4,916
Third parties
PT Bank HSBC Indonesia ("HSBC")
2,440
2,547
MUFG Bank ("MUFG")
1,805
1,155
Bank of China
1,000
-
PT Bank DBS Indonesia ("DBS")
440
440
PT Bank Maspion Indonesia Tbk. ("Bank Maspion")
167
-
UOB Indonesia
100
500
Others
19
92
Sub-total
5,971
4,734
Total
11,525
9,650
Other significant information relating to short-term bank loans as of December 31, 2024 is as follows:
Borrower
Currency
Total
facility
(in
billions)*
Maturity date
Interest
rate
Interest rate per
annum
Security**
Bank Mandiri
2020 - 2023
Finnet, PST
Rp
600 February 21, 2025 -
April 28, 2025
Monthly,
Quarterly
1 month
JIBOR + 1.30%
3 months
JIBOR + 1.25%
None
2021 - 2022
Nutech,
Mitratel
Rp
3,550
July 25, 2025 -
September 27, 2025
Monthly
6.00% - 9.00% Trade receivables
and property and
equipment
BNI
2014 - 2024
Sigma, GSD,
Mitratel
Rp
1,350
May 29, 2025 -
January 9, 2026
Monthly
6.00% - 8.50% Trade receivables
and property and
equipment
2017 - 2021
Infomedia,
Metranet,
Telkom Infra
Rp
1,135 February 18, 2025 -
June 6, 2025
Monthly
1 month JIBOR +
1.75% - 2.50%
Trade receivables
HSBC
2014
Sigmaa
Rp
400
November 6, 2025
Monthly
Under BLR
7.40%
Trade receivables
2018 - 2023
Sigma, Metra,
PINS,
Metranet,
Telkomsat,
GSD, TDE
Rp
2,723
January 20, 2025 -
October 4, 2025
Monthly,
Quarterly
1 month JIBOR +
0.35% - 0.80%
3 months
JIBOR + 2.00%
None
MUFG
2018 - 2019
Infomedia,
Metra, GSD,
Telkom Infra,
Telkomsat
Rp
2,176
March 27, 2025 -
October 31, 2025
Monthly,
Quarterly
1 month JIBOR +
0.25% - 0.80%
3 months JIBOR +
0.25% - 0.80%
None
Bank of China
2020
The Company
Rp
1,000
October 23, 2025
Quarterly
4.90%
None
DBS
2018
Telkom Infra,
Infomedia
Rp
440
July 31, 2025
Monthly
1 month
JIBOR + 1.20%
None
Bank Maspion
2023
Metranet
Rp
170
January 26, 2025
Monthly
7.25%
None
UOB Indonesia
2016
Finnet
Rp
500
July 31, 2025
Monthly
1 month
JIBOR + 1.75%
None
* In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
a Unsettled loan will be automatically extended.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
59
18. SHORT-TERM BANK LOANS (continued)
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as limitation that the Company must have a majority shareholding of at least 51% of the subsidiaries
and must maintain certain level of financial ratios. As of December 31, 2024, the Group has complied
with all covenants regarding these financial ratios, except for Sigma which its current ratio and debt
service coverage ratio are still lower than required. As of December 31, 2024, the Group obtained
waiver for loan amounting to Rp758 billion from HSBC for the non-fulfillment financial ratios in Sigma.
The waiver from HSBC was received on December 18, 2024 and effective for the 12 months after
reporting period.
The credit facilities were obtained by the Group for working capital purposes.
19. LONG-TERM LOANS AND OTHER BORROWINGS
Current maturities of long-term loans and other borrowings consist of the following:
Notes
2024
2023
Two-step loans
19a
-
84
Bonds and medium-term notes ("MTN")
19b
2,347
548
Bank loans
19c
13,519
9,282
Other borrowings
19d
-
362
Total
15,866
10,276
Long-term loans and other borrowings consist of the following:
Notes
2024
2023
Bonds and MTN
19b
2,696
4,795
Bank loans
19c
22,822
22,978
Total
25,518
27,773
Scheduled principal payments as of December 31, 2024 are as follows:
Year
Notes
Total
2026
2027
2028
2029
Thereafter
Bonds and MTN
19b
2,696
-
-
-
-
2,696
Bank loans
19c
22,822
6,867
4,894
4,134
3,732
3,195
Total
25,518
6,867
4,894
4,134
3,732
5,891
a. Two-step loans
Two-step loans are unsecured loans obtained by the Government from overseas banks which are
then re-loaned to the Company. Loans obtained after July 1994 are payable in their original
currencies and any resulting foreign exchange gain or loss is borne by the Company.
2024
2023
Outstanding
Outstanding
Foreign currency
Rupiah
Foreign currency
Rupiah
Lenders
Currency
(in millions)
equivalent
(in millions)
equivalent
Overseas banks
Yen
-
-
768
84
Total
-
84
Current maturities
-
(84)
Long-term portion
-
-
Lenders
Currency
Principal payment
schedule
Interest payment period
Interest rate per
annum
Overseas banks
Yen
Semi-annually
Semi-annually
2.95%
In 2024, the Company has paid the outstanding loan.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
60
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bonds and MTN
Outstanding
Bonds and MTN
2024
2023
Bonds
Bonds Telkom 2015
Series B
2,100
2,100
Series C
1,200
1,200
Series D
1,500
1,500
Bonds Mitratel 2024
240
-
Sukuk Mitratel 2024
10
-
MTN
MTN Mitratel 2023
-
550
Total
5,050
5,350
Unamortized debt issuance cost
(7)
(7)
Long-term portion
5,043
5,343
Current maturities
(2,347)
(548)
Long-term portion
2,696
4,795
i.
Bonds
(a) Bonds Telkom 2015
Bonds
Principal
Issuer
Listed
on
Issuance
date
Maturity date
Interest
payment period Interest rate
per annum
Series A
2,200 The Company IDX
June 23, 2015 June 23, 2022
Quarterly
9.93%
Series B
2,100 The Company IDX
June 23, 2015 June 23, 2025
Quarterly
10.25%
Series C
1,200 The Company IDX
June 23, 2015 June 23, 2030
Quarterly
10.60%
Series D
1,500 The Company IDX
June 23, 2015 June 23, 2045
Quarterly
11.00%
Total
7,000
The bonds are not secured by specific security but by all of the Company’s assets,
movable or non-movable, either existing or in the future (Note 11b.viii). The underwriters
of the bonds are PT. Bahana TCW Management Investment (“Bahana TCW”), PT BRI
Danareksa Sekuritas, PT Mandiri Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk.,
and the trustee is Bank Permata. The Company received the proceeds from the issuance
of bonds on June 23, 2015.
The funds received from the public offering of bonds net of issuance costs, were used to
finance capital expenditures which consisted of broadband, backbone, metro network,
regional metro junction, information technology application and support, and acquisition
of some domestic and international entities.
As of December 31, 2024, the rating of the bonds issued by Pefindo is idAAA (Triple A).
Based on the Indenture Trusts Agreement, the Company is required to comply with all
covenants or restrictions, including maintaining financial ratios as follows:
(i)
Debt to equity ratio should not exceed 2:1;
(ii) EBITDA to interest ratio should not be less than 4:1;
(iii) Debt service coverage is at least 125%.
As of December 31, 2024, the Company has complied with the above-mentioned ratios.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
61
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
b. Bonds and MTN (continued)
i.
Bonds (continued)
(b) Bonds Mitratel 2024
On July 4, 2024, Mitratel issued shelf register bonds phase I amounting Rp240 billion.
Bonds has annual interest rate 6.50% that will be paid quarterly. Bonds will mature on
July 14, 2025.
BTN was appointed as trustee for the issuance of the Bonds. The rating of the Bonds
issued by Pemeringkat Efek Indonesia is idAAA.
(c) Sukuk Mitratel 2024
On July 4, 2024, Mitratel issued sukuk Ijarah shelf register phase I amounting
Rp10 billion. Sukuk has annual interest rate 6.50% that will be paid quarterly. Sukuk will
mature on July 14, 2025.
BTN was appointed as trustee for the issuance of Sukuk. The rating of Sukuk issued by
Pemeringkat Efek Indonesia is AAAsy.
ii.
MTN
On September 26, 2023, Mitratel issued MTN amounting to Rp550 billion which will be used
to support the provision of funds for credit refinancing, with annual interest rate 6.20%, that
already fully paid on October 26, 2024.
c. Bank loans
2024
2023
Outstanding
Outstanding
Foreign
Foreign
currency
Rupiah
currency
Rupiah
Lenders
Currency
(in millions)
equivalent
(in millions)
equivalent
Related parties
Bank Mandiri
Rp
-
6,355
-
3,453
BNI
Rp
-
6,030
-
6,182
BSI
Rp
-
2,083
-
509
BRI
Rp
-
1,475
-
955
Sub-total
15,943
11,099
Third parties
BCA
Rp
-
9,755
-
10,170
DBS
Rp
-
4,800
-
1,500
Bank of China
Rp
-
1,900
-
1,400
Bank CIMB Niaga
Rp
-
1,710
-
2,110
US$
6
99
4
60
Bank Permata
Rp
-
1,021
-
1,313
HSBC
Rp
-
1,000
-
625
Bank Danamon
Rp
-
110
-
273
Syndication of banks
Rp
-
-
-
2,500
US$
4
60
10
160
PT Bank ANZ Indonesia ("Bank ANZ")
Rp
-
22
-
110
BJB
Rp
-
-
-
500
MUFG
Rp
-
-
-
500
Others
Rp
-
3
-
13
MYR
7
27
9
29
Sub-total
20,507
21,263
Total
36,450
32,362
Unamortized debt issuance cost
(109)
(102)
36,341
32,260
Current maturities
(13,519)
(9,282)
Long-term portion
22,822
22,978
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
62
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
Other significant information relating to bank loans as of December 31, 2024, is as follows:
Borrower
Currency
Total
facility
(in
billions)*
Current
period
payment
(in
billions)*
Principal
payment
schedule
Interest
payment
period
Interest rate
per annum
Security**
Bank Mandiri
2018 - 2024
The
Company,
GSD, PST,
Telkomsel,
Mitratel
Rp
13,975
8,339
2020 - 2031
Quarterly
3 months JIBOR +
0.25% - 1.50%
None
BNI
2013 - 2024
The
Company,
TLT, Sigma,
Mitratel, UMT
Rp
14,175
1,607
2018 - 2033
Monthly,
Quarterly
1 month
JIBOR + 2.25%;
3 months JIBOR +
0.25% - 1.70%
Trade
receivables
and
property
and
equipment
2024
Mitratel
Rp
2,000
-
2024 - 2031
Monthly
7.00%
None
BSI
2024
Mitratel
Rp
2,292
208
2024 - 2029
Semi-
annually
7.82%
None
BRI
2019 - 2023
The
Company,
Mitratel
Rp
3,000
434
2021 - 2030
Quarterly
3 months
JIBOR + 0.75%
None
BCA
2020 - 2023
The
Company,
PST, GSD
Rp
9,186
1,660
2020 - 2031
Quarterly
3 months JIBOR +
1.00% - 1.50%
None
2020 - 2024
The
Company,
Mitratel
Rp
9,500
596
2024 - 2030
Quarterly
6.75% - 7.00%
None
DBS
2021
Mitratel
Rp
3,500
700
2022 - 2028
Quarterly
3 months
JIBOR + 1.20%
None
2023 - 2024
The
Company,
Mitratel
Rp
7,000
-
2024 - 2031
Quarterly
6.50% - 6.90%
None
Bank of China
2019
Telkomsel
Rp
1,900
1,400
2021 - 2025
Monthly
4.90%
None
Bank CIMB
Niaga
2019 - 2022
PINS,
Mitratel
Rp
2,300
391
2022 - 2029
Quarterly
3 months JIBOR +
1.30% - 1.95%
None
2021 - 2022
Telin
US$
0
-
2024 - 2030
Semi-
annually
6 months
SOFR + 1.82%
None
Bank Permata
2020 - 2022
Mitratel
Rp
2,000
292
2021 - 2029
Quarterly
3 months
JIBOR + 1.30%
None
HSBC
2021 - 2023
Mitratel
Rp
1,250
125
2023 - 2030
Quarterly
3 months JIBOR +
0.50% - 1.85%
None
Bank Danamon
2022
Mitratel
Rp
636
182
2022 - 2025
Quarterly
3 months
JIBOR + 1.50%
None
2024
SSI
Rp
24
1
2024 - 2029
Monthly
8.75%
None
Syndication
of banks
2018
Telin
US$
0
0
2020 - 2025
Semi-
annually
6 months
SOFR + 1.55%
None
Bank ANZ
2015
GSD, PINS
Rp
440
100
2020 - 2025
Quarterly
3 months JIBOR +
1.40% - 2.00%
None
** In original currency
** Refer to Note 5 and Note 11 for details of trade receivables and property and equipment pledged as collateral.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
63
19. LONG-TERM LOANS AND OTHER BORROWINGS (continued)
c. Bank loans (continued)
As stated in the agreements, the Group is required to comply with all covenants or restrictions such
as
dividend
distribution,
obtaining
new
loans,
and
maintaining
financial
ratios.
As of December 31, 2024, the Group has complied with all covenants regarding these financial
ratios, except for TLT, Sigma, and GSD which its current ratio and debt service coverage ratio are
still lower than required. As of December 31, 2024, the Group obtained waiver from lenders for the
non-fulfillment financial ratios in TLT, Sigma, and GSD for loan amounting Rp660 billion,
Rp106 billion, and Rp231 billion, respectively. Waivers from BNI and BCA were received on
December 10, 2024, December 12, 2024, and December 31, 2024, respectively, except for GSD’s
bank loan from Bank Mandiri that did not receive before December 31, 2024, so that the entire
balance of GSD’s long-term loan amounting to Rp13 billion has been classified as short-term. The
waivers are effective for the 12 months after reporting period.
The credit facilities were obtained by the Group for working capital purposes and investment
purposes.
As of December 31, 2024, the Group had Rp45,762 billion and US$73 million of undrawn
committed borrowing facilities available.
d. Other borrowings
Outstanding
Lenders
2024
2023
PT Sarana Multi Infrastruktur (Persero)
("Sarana Multi Infrastruktur")
-
362
Unamortized debt issuance cost
-
0
Total
-
362
Current maturities
-
(362)
Long-term portion
-
-
In 2024, the Company and Telkomsat have paid the outstanding of other borrowing.
20. NON-CONTROLLING INTERESTS
The details of non-controlling interests are as follows:
2024
2023
Non-controlling interests in net assets of subsidiaries:
Telkomsel
11,022
11,108
Mitratel
8,440
9,106
Others (each below Rp100 billion)
934
604
Total
20,396
20,818
2024
2023
Non-controlling interests in profit (loss)
in current year of subsidiaries:
Telkomsel
6,434
7,104
Mitratel
594
566
Others
66
(22)
Total
7,094
7,648
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
64
20. NON-CONTROLLING INTERESTS (continued)
Material partly-owned subsidiaries
The non-controlling interests which are considered material to the Company are the non-controlling
interests in Telkomsel and Mitratel. On December 31, 2024 and 2023, the non-controlling interests in
Telkomsel holds 30.10% and Mitratel holds 28.16%.
The summarized financial informations of Telkomsel and Mitratel are provided below. These
informations are based on amounts before intercompany eliminations and adjustments.
Summarized statements of financial position:
Telkomsel
Mitratel
2024
2023
2024
2023
Current assets
19,374
20,505
3,447
3,420
Non-current assets
98,029
92,461
54,693
53,590
Current liabilities
(41,199)
(40,009)
(12,286)
(11,071)
Non-current liabilities
(45,216)
(42,308)
(12,467)
(11,901)
Total equity
30,988
30,649
33,387
34,038
Attributable to:
Owners of the parent company
19,966
19,541
24,947
24,932
Non-controlling interests
11,022
11,108
8,440
9,106
Summarized statements of profit or loss and other comprehensive income:
Telkomsel
Mitratel
2024
2023
2024
2023
Revenues
113,340
102,372
9,308
8,595
Operation expenses
(83,883)
(72,005)
(5,129)
(4,955)
Other expenses - net
(2,108)
(2,271)
(1,918)
(1,501)
Profit before income tax
27,349
28,096
2,261
2,139
Income tax expense - net
(5,347)
(6,217)
(157)
(128)
Profit for the year
22,002
21,879
2,104
2,011
Other comprehensive income
(loss) - net
355
78
1
2
Total comprehensive income
for the year
22,357
21,957
2,105
2,013
Attributable to
non-controlling interests
6,434
7,104
594
566
Dividends paid to
non-controlling interests
6,627
9,267
407
484
Summarized statements of cash flows:
Telkomsel
Mitratel
2024
2023
2024
2023
Operating
38,939
41,693
6,632
5,162
Investing
(14,932)
(14,302)
(3,490)
(6,504)
Financing
(25,631)
(28,601)
(3,436)
(4,118)
Net decrease in
cash and cash equivalents
(1,624)
(1,210)
(294)
(5,460)
CF
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
65
21. CAPITAL STOCK
2024
Description
Number of shares
Percentage of
ownership
Total paid-in
capital
Series A Dwiwarna share
Government
1
0
0
Series B shares
Government
51,602,353,559
52.09
2,580
The Bank of New York Mellon Corporation*
4,185,694,580
4.23
209
Directors (Note 1b):
Ririek Adriansyah
9,336,755
0
0
Bogi Witjaksono
6,952,700
0
0
Afriwandi
6,995,200
0
0
Heri Supriadi
7,242,700
0
0
F.M. Venusiana R.
10,629,200
0
0
Herlan Wijanarko
6,995,200
0
0
Muhamad Fajrin Rasyid
6,952,700
0
0
Budi Setyawan Wijaya
7,407,700
0
0
Honesti Basyir
3,250,844
0
0
Commissioners (Note 1b):
Isa Rachmatarwata
3,312,700
0
0
Marcelino Rumambo Pandin
3,312,700
0
0
Ismail
3,312,700
0
0
Arya Mahendra Sinulingga
3,359,500
0
0
Rizal Mallarangeng
3,312,700
0
0
Silmy Karim
1,344,700
0
0
Public (individually less than 5%)
43,190,450,461
43.68
2,164
Total
99,062,216,600
100.00
4,953
2023
Description
Number of shares
Percentage of
ownership
Total paid-in
capital
Series A Dwiwarna share
Government
1
0
0
Series B shares
Government
51,602,353,559
52.09
2,580
The Bank of New York Mellon Corporation*
3,973,451,980
4.02
199
Directors (Note 1b):
Ririek Adriansyah
6,016,355
0
0
Bogi Witjaksono
4,130,400
0
0
Afriwandi
4,172,900
0
0
Heri Supriadi
4,170,400
0
0
F.M. Venusiana R.
7,806,900
0
0
Herlan Wijanarko
4,172,900
0
0
Muhamad Fajrin Rasyid
4,130,400
0
0
Budi Setyawan Wijaya
4,585,400
0
0
Honesti Basyir
370,544
0
0
Commissioners (Note 1b):
Isa Rachmatarwata
1,968,000
0
0
Marcelino Rumambo Pandin
1,968,000
0
0
Ismail
1,968,000
0
0
Arya Mahendra Sinulingga
2,014,800
0
0
Rizal Mallarangeng
1,968,000
0
0
Public (individually less than 5%)
43,436,968,061
43.89
2,174
Total
99,062,216,600
100.00
4,953
* The Bank of New York Mellon Corporation serves as the Depositary of the registered ADS holders for the Company’s ADSs.
The Company issued only 1 Series A Dwiwarna share which is held by the Government of the Republic
of Indonesia and cannot be transferred to any party, and has a veto right in the General Meeting of
Stockholders of the Company with respect to the election and removal of the Boards of Commissioners
and Directors, issuance of new shares, and amendments of the Company’s Articles of Association.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
66
22. OTHER EQUITY
2024
2023
Difference from the acquisition of non-controlling
interests in subsidiaries
8,364
8,364
Exchange rate translation adjustment
1,102
844
Effect of changes in associates’ equity
386
386
Unrealized gain on available-for-sale securities
9
8
Other equity components
37
37
Total
9,898
9,639
23. REVENUES
The Group derives revenues in the following major product lines:
2024
Mobile
Consumer
Enterprise
WIB
Others
Consolidated revenue
Telephone revenues
Cellular
6,077
-
-
183
-
6,260
Fixed lines
-
-
397
82
-
479
Total telephone revenues
6,077
-
397
265
-
6,739
Interconnection revenues
363
-
-
8,824
-
9,187
Data, internet, and information
technology service revenues
Cellular data and internet
72,639
-
-
-
-
72,639
Internet, data communication, and
information technology services
-
11
11,327
2,766
-
14,104
SMS
3,791
-
14
-
-
3,805
Others
134
-
1,746
1,064
846
3,790
Total data, internet, and information
technology service revenues
76,564
11
13,087
3,830
846
94,338
Network revenues
3
-
1,462
1,714
-
3,179
IndiHome revenues
-
26,262
-
-
-
26,262
Other services
E-payment
14
-
1,286
-
-
1,300
Call center service
-
-
1,255
-
-
1,255
Manage service and terminal
-
1
1,039
5
-
1,045
E-health
-
-
767
-
-
767
Others
379
36
1,291
333
827
2,866
Total other services
393
37
5,638
338
827
7,233
Total revenues from
contract with customer
83,400
26,310
20,584
14,971
1,673
146,938
Revenues from lessor transactions
-
-
-
3,029
-
3,029
Total revenues
83,400
26,310
20,584
18,000
1,673
149,967
Adjustments and eliminations
-
2
9
2
(595)
Total external revenues as reported in
note operating segment
83,400
26,312
20,593
18,002
1,078
2023
Mobile
Consumer
Enterprise
WIB
Others
Consolidated revenue
Telephone revenues
Cellular
8,022
-
-
172
-
8,194
Fixed lines
-
332
450
117
-
899
Total telephone revenues
8,022
332
450
289
-
9,093
Interconnection revenues
293
-
-
8,774
-
9,067
Data, internet, and information
technology service revenues
Cellular data and internet
73,187
-
-
-
-
73,187
Internet, data communication, and
information technology services
268
85
8,167
2,379
-
10,899
SMS
3,345
-
35
-
-
3,380
Others
34
-
2,010
1,098
212
3,354
Total data, internet, and information
technology service revenues
76,834
85
10,212
3,477
212
90,820
Network revenues
4
-
1,212
1,266
-
2,482
IndiHome revenues
-
25,992
2,793
-
-
28,785
Other services
Call center service
-
-
1,264
-
-
1,264
Manage service and terminal
-
-
908
12
-
920
E-health
-
-
761
-
-
761
E-payment
-
-
496
-
-
496
Others
138
27
1,401
318
858
2,742
Total other services
138
27
4,830
330
858
6,183
Total revenues from
contract with customer
85,291
26,436
19,497
14,136
1,070
146,430
Revenues from lessor transactions
-
-
-
2,786
-
2,786
Total revenues
85,291
26,436
19,497
16,922
1,070
149,216
Adjustments and eliminations
-
6
11
6
(668)
Total external revenues as reported in
note operating segment
85,291
26,442
19,508
16,928
402
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
67
23. REVENUES (continued)
Management expects that most of the transaction price allocated to the unsatisfied contracts as of
December 31, 2024 will be recognized as revenue during the next reporting periods. Unsatisfied
performance obligations as of December 31, 2024, which management expects to be realised within
one year is Rp8,279 billion, and more than one year is Rp3,498 billion.
The Group entered into non-cancellable lease agreements with both third and related parties. The
lease agreements cover leased lines, telecommunication equipment and land and building with terms
ranging from 1 to 28 years and with expiry dates between 2025 and 2037. Periods may be extended
based on the agreement by both parties.
Refer to Note 32 for details of related parties transactions.
24. PERSONNEL EXPENSES
The breakdown of personnel expenses is as follows:
2024
2023
Salaries and related benefits
9,457
9,674
Vacation pay, incentives, and other benefits
4,214
4,159
Pension and other post-employment
benefits (Note 30)
1,691
1,764
Early retirement program
1,186
0
LSA expense (Note 31)
226
289
Others
33
41
Total
16,807
15,927
Refer to Note 32 for details of related parties transactions.
25. OPERATION, MAINTENANCE, AND TELECOMMUNICATION SERVICE EXPENSES
The breakdown of operation, maintenance, and telecommunication service expenses is as follows:
2024
2023
Operation and maintenance
24,365
23,057
Radio frequency usage charges (Note 35c.i)
7,687
7,412
Leased lines and Customer Premise Equipment ("CPE")
3,422
3,462
Concession fees and USO charges (Note 15)
2,933
2,836
Electricity, gas, and water
1,097
877
Cost of SIM cards, vouchers, and
sales of peripherals (Note 7)
584
797
Project management
427
489
Insurance
308
269
Vehicles rental and supporting facilities
271
308
Others (each below Rp100 billion)
108
211
Total
41,202
39,718
Refer to Note 32 for details of related parties transactions.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
68
26. GENERAL AND ADMINISTRATIVE EXPENSES
The breakdown of general and administrative expenses is as follows:
2024
2023
General expenses
2,448
2,446
Allowance for expected credit losses
trade receivables (Note 5)
904
513
Professional fees
855
996
Training, education, and recruitment
453
461
Traveling
421
443
Meeting
390
334
Social contribution
233
232
Collection expenses
194
195
Others (each below Rp100 billion)
327
479
Total
6,225
6,099
Refer to Note 32 for details of related parties transactions.
27. TAXATION
a. Prepaid income taxes
2024
2023
The Company:
Income Tax
Article 22 - Withholding tax on goods delivery
and imports
-
0
Article 23 - Withholding tax on service delivery
260
238
Subsidiaries:
Income Tax
Corporate income tax
1
-
Article 4(2) - Final tax
17
1
Article 23 - Withholding tax on service delivery
79
4
VAT
2,076
1,669
Total prepaid taxes
2,433
1,912
Current portion
(2,433)
(1,912)
Non-current portion
-
-
b. Claims for tax refund
2024
2023
The Company
Corporate income tax
641
271
Article 21 - Individual income tax
154
2
VAT
168
164
Subsidiaries
Income Tax
Corporate income tax
1,553
699
Article 23 - Witholding tax on services delivery
-
10
Article 21 - Individual income tax
7
-
VAT
706
476
Total claims for tax refund
3,229
1,622
Current portion
(411)
(16)
Non-current portion (Note 13)
2,818
1,606
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
69
27. TAXATION (continued)
c. Taxes payable
2024
2023
The Company:
Income taxes
Article 4(2) - Final tax
11
33
Article 21 - Individual income tax
1
102
Article 22 - Withholding tax on goods delivery
and imports
1
2
Article 23 - Withholding tax on services
45
24
Article 25 - Installment of corporate income tax
78
122
Article 26 - Withholding tax on non-resident
income
-
0
VAT
109
170
VAT - Tax collector
114
163
359
616
Subsidiaries:
Income taxes
Article 4(2) - Final tax
644
317
Article 21 - Individual income tax
160
182
Article 22 - Withholding tax on goods delivery
and imports
6
9
Article 23 - Withholding tax on services
33
152
Article 25 - Installment of corporate income tax
587
539
Article 26 - Withholding tax on non-resident
income
178
10
Article 29 - Corporate income tax
203
1,672
VAT
473
399
VAT - Tax collector
650
629
2,934
3,909
Total taxes payable
3,293
4,525
d. The components of consolidated income tax expense (benefit) are as follows:
2024
2023
Current
The Company
905
1,271
Subsidiaries
6,730
7,525
7,635
8,796
Deferred
The Company
608
503
Subsidiaries
167
(713)
775
(210)
Net income tax expense
8,410
8,586
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
70
27. TAXATION (continued)
d. The components of consolidated income tax expense (benefit) are as follows (continued):
The reconciliation between the profit before income tax and the estimated taxable income of
the Company for years ended December 31, 2024 and 2023 are as follows:
2024
2023
Profit before income tax consolidation
39,153
40,794
Add back consolidation eliminations
25,590
24,647
Consolidated profit before income tax and eliminations
64,743
65,441
Less: profit before income tax of the subsidiaries
(38,949)
(38,965)
Profit before income tax attributable to the Company
before deduction of income subject to final tax
25,794
26,476
Less: income subject to final tax
(801)
(642)
Profit before income tax attributable to the Company
after deduction of income subject to final tax
24,993
25,834
Temporary differences:
Allowance for expected credit losses
(324)
(284)
Deferred installation fee
17
2
Leases
7
8
Provision for employee benefits
(127)
36
Land rights, intangible assets, and other
67
30
Net periodic pension and other post-employment
benefits costs
(175)
(1,032)
Difference between accounting and tax bases
of property and equipment
(2,695)
(2,006)
Accrued expenses
(127)
-
Others
(7)
91
Net temporary differences
(3,364)
(3,155)
Permanent differences:
Net periodic post-retirement health care benefit costs
282
204
Donations
211
231
Employee benefits
14
33
Expense related to income subject to final tax
242
217
Equity in net income of associates and subsidiaries
(18,342)
(17,062)
Other (income) expense from tax assesment result
69
1
Others
95
37
Net permanent differences
(17,429)
(16,339)
Taxable income of the Company
4,200
6,340
Current corporate income tax expense
798
1,204
Final income tax expense
107
67
Total current income tax expense of the Company
905
1,271
Current income tax expense of the subsidiaries
6,730
7,525
Total current income tax expense
7,635
8,796
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
71
27. TAXATION (continued)
d. The components of income tax expense (benefit) are as follows (continued):
The reconciliation between the income tax expense calculated by applying the applicable tax rate
of 19% to the profit before income tax less income subject to final tax, and the net income tax
expense as shown in the consolidated statements of profit or loss and other comprehensive income
is as follows:
2024
2023
Profit before income tax consolidation
39,153
40,794
Less consolidated income subject to final tax - net
(7,598)
(11,015)
31,555
29,779
Income tax expense calculated at the Company’s
applicable statutory tax rate
5,995
5,658
Difference in applicable statutory tax rate for
subsidiaries
738
623
Non-deductible expenses
1,229
2,016
Final income tax expense
107
64
Deferred tax adjustment
(4)
(203)
Unrecognized deferred tax
8
180
Others
337
248
Net income tax expense
8,410
8,586
In Law No. 7 of 1983 concerning Income Tax as amended several times, most recently by Law
No. 6 of 2023 concerning Stipulation of Government Regulations in Lieu of Law No. 2 of 2022
concerning Job Creation becomes Law, Article 17 paragraph (1) letter b which stipulates that the
tax rate applied to Taxable Income for domestic corporate taxpayers and permanent
establishments is 22%, which comes into force in the 2022 fiscal year, and in article 17 paragraph
(2b) stipulates that for corporate taxpayers in the form of a limited liability company with a total
number of paid-up shares is traded on a stock exchange in Indonesia of at least 40% and meeting
certain requirements can receive 3% tax rate lower than the expected rate.
The Company applied the tax rate of 19% for the years ended December 31, 2024 and 2023. The
subsidiaries applied the tax rate of 22% for the years ended December 31, 2024 and 2023.
The Company has submitted its Annual Corporate Income Tax Return for the 2023 fiscal year on
April 30, 2024 to the Tax Authority in accordance with the applicable tax regulations.
e. Tax assessments
(i)
The Company
In the year ended December 31, 2024, the Company received a number of tax assessments
from tax audits for the 2019, 2020 and 2021 fiscal years, where from all of these tax
assessments the Company received a net refund of Rp7.7 billion after being deducted by other
types of tax collection letters and assessments. The Company disagreed and submitted an
approval for the tax assessment of Rp35.7 billion. In addition to the restitution from the tax
audit results, the Company also received a restitution of Rp37.9 billion for the decision to
approve the cancellation of the 2015 and 2016 VAT Tax Collection Letters.
In July 2024, the Company received a Field Audit Notification Letter for all types of taxes in
2023. In September 2024, the Company received a VAT Field Audit Notification Letter for
2022. As of the date of issuance of this financial report, the tax audit process is still ongoing.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
72
27. TAXATION (continued)
e. Tax assessments (continued)
(i)
The Company (continued)
In the year ended December 31, 2023, the Company received a number of tax assessments
and rulings. The Company received a tax assessment from the VAT audit for the period of
May 2020 and has received a restitution of Rp0.3 billion and has approved and charged a tax
assessment of Rp0.7 billion to the 2023 income statement. The Company also received
Supreme Court Decision number 1365/B/PK/Pjk/2023 which rejected the Directorate General
of Taxes (“DGT”)’s request for a judicial review of the 2015 Corporate Income Tax dispute,
with the Decision, all types of taxes for 2015 have permanent legal force. In addition, the
Company received a Tax Audit Notification Letter for Corporate Income Tax and
Withholding/Collection Income Tax for 2019 and 2020, VAT for 2020 (except for the May
Period) and for all types of taxes for 2021. Until the period ending on December 31, 2023,
there were no tax assessments for which objections and/or appeals were filed.
(ii) Telkomsel
As of December 31, 2024 and 2023, Telkomsel has a number of tax assessments that are in
the appeal process. The details of claims for tax refund, both associated with tax assessments
or that have not been determined by the Tax Authority, including tax assessment exposure
that are not accompanied by tax claims by Telkomsel, are as follows:
2024
2023
Appeal
Others
Total
Appeal
Others
Total
Claims for tax refund which are not yet
confirmed by the Tax Authority
Corporate Income Tax
2024 fiscal year
-
791
791
-
-
-
Tax assessment with claims for tax refund
Corporate Income Tax
2018 fiscal year
35
-
35
35
-
35
2015 fiscal year
294
-
294
294
-
294
2014 fiscal year
2
-
2
2
-
2
Witholding tax
2015 fiscal year
-
0
0
-
0
0
VAT
2014 fiscal year
-
-
-
-
0
0
331
791
1,122
331
0
331
Tax assesment with no associated
claims for tax refund
Corporate Income Tax
2014 fiscal year
35
-
35
35
-
35
As of December 31, 2024, Telkomsel received a number of tax examination notification letters
for 2019, 2021, 2022 and 2023 fiscal year. On September 30, 2024, Telkomsel received
underpayment SKP amounting to Rp6 billion (including penalty amounting to Rp2 billion) for
2019 fiscal year Prepaid VAT, where Telkomsel acted as the VAT Collector. Telkomsel
accepted the entire tax assessment result and compensated the tax underpayments
amounting to Rp4 billion to prepaid VAT under prevailing tax regulation, and booked an
additional tax expenses for the penalty. As of the authorization date of these consolidated
financial statements, the tax examinations for the remaining fiscal years are still in progress.
As of December 31, 2023, Telkomsel received official verdicts from Supreme Court in February
to May 2023, which fully rejected the judicial review claimed by the Tax Authorities for the Tax
Court’s verdicts on appeal for 2014 and 2015 fiscal year VAT amounting to Rp8 billion and
Rp24 billion, respectively. Therefore, these cases have been legally enforced (“in-kracht”) and
no additional tax payables for 2014 and 2015 fiscal years VAT. In October 2023, Telkomsel
also received objection decision letters from Tax Authorities, which partially accepted
Telkomsel’s objection for withholding and VAT as well as rejected the entire Telkomsel’s
objection for corporate income tax; both were related to 2018 fiscal year. As the result,
Telkomsel has fully received tax refund amounting to Rp22 billion and charged the rejected
portion of withholding and VAT amounting to Rp0.20 billion as expense in 2023 consolidated
statement of profit or loss.
Management believes that Telkomsel has a strong case to defend its position. Telkomsel
determines an allowance related to the tax assessments is not necessary.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
73
27. TAXATION (continued)
f. Deferred tax assets and liabilities
The details of the Group's deferred tax assets and liabilities are as follows:
Deferred tax asset and liabilities
(Charged) credited to
in financial position
profit or loss
2024
2023
2024
2023
The Company
Allowance for expected credit losses
770
831
(61)
(54)
Net periodic pension and other
post-employment benefit costs
781
822
(34)
(196)
Difference between accounting and tax
bases of property and equipment
(51)
430
(481)
(285)
Provision for employee benefits
276
299
(23)
7
Deferred installation fee
25
21
4
1
Land rights, intangible assets and others
42
29
13
6
Accrued expenses
-
24
(24)
-
Leases
1
-
1
1
Others
73
76
(3)
17
Total deferred tax assets - net
1,917
2,532
(608)
(503)
Telkomsel
Provision for employee benefits
1,445
1,385
160
168
Allowance for expected credit losses
324
205
119
61
Leases
481
554
(73)
86
Contract liabilities
370
400
(30)
217
Fair value measurement of financial
instruments
(8)
-
(8)
7
Difference between accounting and tax bases of
property and equipment
(1,361)
(1,228)
(133)
122
License amortization
(174)
(171)
(3)
(25)
Contract cost
(23)
(46)
23
5
Other financial instruments
(242)
(165)
(77)
(45)
Deferred tax assets of Telkomsel - net
812
934
(22)
596
Deferred tax assets of the other subsidiaries - net
680
704
(15)
(70)
Deferred tax liabilities of the other subsidiaries - net
(992)
(841)
(130)
187
Deferred tax expense (income)
(775)
210
Total deferred tax assets - net
3,409
4,170
Total deferred tax liabilities - net
(992)
(841)
As of December 31, 2024 and 2023 the aggregate amounts of temporary differences associated
with investments in subsidiaries and associated companies, for which deferred tax liabilities are
not recognized were Rp84,310 billion and Rp79,794 billion, respectively.
Realization of the deferred tax assets is dependent upon the Group’s capability in generating future
profitable operations. Although realization is not assured, the Group believes that it is probable that
these deferred tax assets will be realized through reduction of future taxable income when
temporary differences reverse. The amount of deferred tax assets is considered realizable;
however, it can be reduced if actual future taxable income is lower than estimates.
g. Administration
In June 2023, the Government issued Minister of Finance Regulation No. 66/PMK.03/2023
concerning Income Tax Treatment of Reimbursement or Compensation in Relation to Work or
Services Received or Obtained in Kind and/or Enjoyment. The Company ensures administrative
and legal aspects of transactions, and builds intensive coordination between related units to
implement these rules.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
74
27. TAXATION (continued)
g. Administration (continued)
In December 2023, the Government issued Government Regulation No. 58 of 2023 concerning
Income Tax Withholding Rates Article 21 on Income in Connection with Work, Services or Activities
of Individual Taxpayers as well as Regulation of the Minister of Finance No. 168 of 2023 concerning
Guidelines for Implementing Tax Deductions on Income in Connection with Work, Services or
Individual Activities which will comes into effect from January 1, 2024. With this provision, there is
a change in the mechanism for calculating Income Tax Article 21 for Employees which previously
used progressive rates in accordance with Article 17 of the Law. The Income Tax Law uses the
average effective rate (TER) for Article 21 Income Tax deductions as regulated in the government
regulation. The Company ensures that there is intensive coordination between related units to
implement these regulations.
In December 2023, the Government issued Regulation of the Minister of Finance No. 172 of 2023
concerning the Application of the Principle of Fairness and Business Custom in Transactions
Influenced by Special Relationships which will be the basis for preparing transfer pricing documents
starting from the 2024 tax year.
In December 2024, the Government issued the Decree of the Minister of Finance No. 465
concerning the Implementation of the Core Tax Administration System and the Regulation of the
Minister of Finance concerning Tax Provisions in the Framework of the Implementation of the Core
Tax Administration System No. 81 of 2024. The Company ensures coordination with related units,
the IT Team and the tax authorities so that the tax administration process carried out through the
Core Tax Administration System application runs smoothly.
In response to the implementation of the Organisation for Economic Co-operation and Development
(“OECD”) Pillar Two framework, on December 31, 2024, Indonesian Government implemented
Pillar Two framework through Regulation of the Minister of Finance No. 136/2024 (PMK 136/2024).
The Pillar Two model rules as implemented under PMK 136/2024 will take effect for fiscal years
beginning on or after January 1, 2025.
Various countries have enacted or intend to enact tax legislation to comply with Pillar Two model
rules, including Indonesia. The Group is within the scope of PMK 136/2024, which did not impact
2024 consolidated financial statements but may impact the Group’s consolidated financial
statements from January 1, 2025 onward.
PMK 136/2024 applies new taxing mechanisms under which a Multinational Enterprises (“MNE”)
would pay a top-up tax in a jurisdiction whenever the effective tax rate, determined on
a jurisdictional basis under the Pillar Two rules is below a 15% minimum rate. PMK 136/2024 sets
out the mechanics for determining which entity or entities in an MNE Group should apply the top-
up tax and the portion of such tax that is charged to each relevant entity.
For the year ended December 31, 2024, the Group has applied amendment to PSAK 212, which
provides mandatory temporary exception from recognizing or disclosing deferred taxes related to
Pillar Two rules such that there is no impact to the 2024 consolidated financial statements. The
future impact of Pillar Two rules for the Group is currently not reasonably estimable.
The Pillar Two model rules are complex and the Group is still in the process of assessing potential
impact to the consolidated financial statements, if any. Based on currently available information,
the Group does not expect any material impact to the consolidated financial statements.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
75
27. TAXATION (continued)
g. Administration (continued)
Related to the implementation of the provisions of Article 222 of the Minister of State-owned
Enterprise Regulation Number PER-2/MBU/03/2023 concerning Guidelines for Governance and
Significant Corporate Activities of State-owned Enterprise. State-owned enterprise is required to
convey the realization of contributions to the state (cash basis). Details of contributions to the state
as of December 31, 2024 are as follow:
December 31, 2024
Tax
Income tax
19,960
VAT and VAT on luxury goods
16,641
Import/exit duties, customs, and stamp duties
3
Property tax - other sectors
21
Regional taxes and levies, including
property tax for urban and rural
112
Total tax contribution
36,737
Non-tax contribution
Dividend
9,211
Other non-tax contribution
9,849
Total other non-tax contribution
19,060
Total contribution to the state
55,797
28. BASIC EARNINGS PER SHARE
Basic earnings per share is computed by dividing profit for the year attributable to owners of the parent
company amounting to Rp23,649 billion and Rp24,560 billion by the weighted average number of
shares outstanding during the period totaling 99,062,216,600 shares for the years ended December
31, 2024 and 2023, respectively. The weighted average number of shares takes into account the
weighted average effect of changes in treasury stock transaction during the period.
Basic earnings per share amounting to Rp238.73 and Rp247.92 (in full amount) for the year ended
December, 2024 and 2023, respectively. The Company does not have potentially dilutive financial
investments for the years ended December 31, 2024 and 2023.
29. CASH DIVIDENDS AND GENERAL RESERVE
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 73 dated
May 30, 2023 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution
of cash dividend for 2022 amounting to Rp16,603 billion (Rp167.59 per share). The Company paid
cash dividend on July 5, 2023.
Pursuant to the AGM of Stockholders of the Company stated in Notarial Deed No. 04 dated
May 3, 2024 of Ashoya Ratam, S.H., M.Kn., the Company’s stockholders approved the distribution of
cash dividend for 2023 amounting to Rp17,683 billion (Rp178.50 per share). The Company paid cash
dividend on May 29, 2024.
Under the Limited Liability Company Law, the Company is required to establish a statutory reserve
amounting to at least 20% of its issued and paid-up capital.
The balance of the appropriated retained earnings of the Company as of December 31, 2024 and 2023
is Rp15,337 billion, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
76
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The details of pension and other post-employment benefit liabilities are as follows:
Notes
2024
2023
Pension benefit and other post-employment
benefit obligations
Pension benefit
The Company - funded
30a.i.a
Defined pension benefit obligation
30a.i.a.i
3,543
3,666
Additional pension benefit obligation
30a.i.a.ii
42
44
The Company - unfunded
30a.i.b
215
258
Telkomsel
30a.ii
4,950
4,726
Projected pension benefit obligations
8,750
8,694
Net periodic post-employment health care
benefit
30b
1,550
1,470
Other post-employment benefit
30c
175
244
Long service employee benefit
30d
1
1
Obligation under the Labor Law
30e
1,064
1,005
Total
11,540
11,414
The details of net pension benefit expense recognized in the consolidated statements of profit or loss
and other comprehensive income is as follows:
Notes
2024
2023
Pension benefit cost
The Company - funded
30a.i.a
Defined pension benefit obligation
30a.i.a.i
518
629
Additional pension benefit obligation
30a.i.a.ii
3
3
The Company - unfunded
30a.i.b
(27)
54
Telkomsel
30a.ii
663
633
Total periodic pension benefit cost
24
1,157
1,319
Net periodic post-employment health care
benefit cost
24,30b
282
205
Other post-employment benefit cost
24,30c
20
22
Long service employee benefit cost
24,30d
0
1
Obligation under the Labor Law
24,30e
232
217
Total
1,691
1,764
The amounts recognized in OCI are as follows:
Notes
2024
2023
Defined benefit plan actuarial gain (loss)
The Company - funded
30a.i.a
Defined pension benefit obligation
30a.i.a.i
72
(524)
Additional pension benefit obligation
30a.i.a.ii
1
1
The Company - unfunded
30a.i.b
(53)
246
Telkomsel
30a.ii
420
91
Others
0
0
Post-employment health care benefit cost
30b
202
(1,265)
Other post-employment benefit
30c
6
(2)
Long service employee benefit
30d
0
-
Obligation under the Labor Law
30e
107
41
Sub-total
755
(1,412)
Deferred tax effect at the applicable tax rates
(120)
23
Defined benefit plan actuarial gain (loss) -
net of tax
635
(1,389)
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
77
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in projected pension benefit obligation and post-employment
health care benefit obligations, changes in pension benefit and post-employment health care benefit
plan assets, funded status of the pension plan and post-employment health care benefit plan, and net
amount recognized in the consolidated statements of financial position as of December 31, 2024 and
2023, under the defined benefit pension plan:
Funded
Post-employment
Defined pension benefit obligation
health care benefit
The Company
Telkomsel
The Company
Projected
Projected
Projected
post-employment Post-employment
pension
Pension
pension
Pension
health care
health care
benefit
benefit
benefit
benefit
benefit
benefit
obligations
plan assets
obligations
plan assets
obligation
plan assets
Total
Balance, January 1, 2024
23,718
(20,052)
5,796
(1,070)
14,624
(13,154)
9,862
Service costs
279
-
346
-
-
-
625
Transferred employees costs
(2)
1
2
(2)
-
-
(1)
Interest costs (income)
1,533
(1,304)
381
(65)
966
(866)
645
Plan administration cost
(115)
115
-
1
-
182
183
Additional welfare benefits
34
-
-
-
-
-
34
Cost recognized in the consolidated
statement of profit or loss
1,729
(1,188)
729
(66)
966
(684)
1,486
Actuarial (gain) loss on:
Experience adjustments
(609)
-
(121)
-
65
-
(665)
Changes in demographic assumptions
(1)
-
-
-
0
-
(1)
Changes in financial assumptions
(491)
-
(314)
-
(863)
-
(1,668)
Return on plan assets
(excluding amount included in
net interest expense)
-
1,029
-
15
-
596
1,640
Cost recognized in OCI
(1,101)
1,029
(435)
15
(798)
596
(694)
Employer’s contributions
-
(558)
-
(18)
-
-
(576)
Pension plan participants’ contributions
13
(13)
1
(1)
-
-
-
Benefits paid from plan assets
(1,948)
1,948
(2)
1
(640)
640
(1)
Benefits paid by employer
(34)
-
-
-
-
-
(34)
Balance, December 31, 2024
22,377
(18,834)
6,089
(1,139)
14,152
(12,602)
10,043
Projected pension benefit
obligation at end of year
3,543
4,950
1,550
10,043
Funded
Post-employment
Defined pension benefit obligation
health care benefit
The Company
Telkomsel
The Company
Projected
Projected
Projected
post-employment Post-employment
pension
Pension
pension
Pension
health care
health care
benefit
benefit
benefit
benefit
benefit
benefit
obligations plan assets obligations plan assets
obligation
plan assets
Total
Balance, January 1, 2023
23,136
(18,902)
5,128
(853)
12,878
(12,878)
8,509
Service costs
326
-
331
-
-
-
657
Settlement costs
(2)
2
-
-
-
-
-
Interest costs (income)
1,573
(1,295)
369
(67)
913
(898)
595
Plan administration cost
(126)
126
-
0
-
187
187
Interest expense on effect of asset ceiling
-
-
-
-
-
3
3
Additional welfare benefits
50
-
-
-
-
-
50
Cost recognized in the consolidated
statement of profit or loss
1,821
(1,167)
700
(67)
913
(708)
1,492
Actuarial (gain) loss on:
Experience adjustments
91
-
(76)
-
(907)
-
(892)
Changes in financial assumptions
906
-
(40)
-
2,349
-
3,215
Return on plan assets
(excluding amount included in
net interest expense)
-
(473)
-
25
-
(89)
(537)
Changes in asset ceiling
-
-
-
-
-
(88)
(88)
Cost recognized in OCI
997
(473)
(116)
25
1,442
(177)
1,698
Employer’s contributions
-
(1,635)
-
(4)
-
-
(1,639)
Pension plan participants’ contributions
17
(17)
-
-
-
-
-
Benefits paid from plan assets
(1,972)
1,972
(149)
-
(586)
586
(149)
Benefits paid by employer
(50)
-
-
-
-
-
(50)
Benefit obligation from transferred employees
-
-
233
(171)
-
-
62
Effect on transfer of IndiHome
business to Telkomsel
(231)
170
-
-
(23)
23
(61)
Balance, December 31, 2023
23,718
(20,052)
5,796
(1,070)
14,624
(13,154)
9,862
Projected pension benefit
obligation at end of year
3,666
4,726
1,470
9,862
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
78
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
The following table presents the changes in unfunded projected pension benefit obligations, additional
pension benefit obligations, other post-employment benefit obligations and obligations under the Labor
Law, changes in additional pension benefit plan assets, and net amount recognized in the consolidated
statements of financial position as of December 31, 2024 and 2023, under the defined benefit pension
plan:
The Company
The Company
and its subsidiaries
Other
Additional
post-employment Long service
Obligations
pension benefit
benefit
employee
under
Unfunded
obligations
obligations
benefit
the Labor Law
Total
Balance, January 1, 2024
258
44
244
1
1,005
1,552
Service costs
9
0
6
0
204
219
Past service costs
-
-
1
-
18
19
Interest costs
14
3
13
-
10
40
Transferred employees costs
(0)
(0)
(0)
-
(0)
-
Early retirement settlement costs
(50)
-
0
(0)
(0)
(50)
Cost recognized in the consolidated
statement of profit or loss
(27)
3
20
-
232
228
Actuarial (gain) loss recognized in OCI
53
(1)
(6)
(0)
(107)
(61)
Benefits paid by employer
(69)
(4)
(83)
-
(62)
(218)
Divestment
-
-
-
-
(4)
(4)
Balance, December 31, 2024
215
42
175
1
1,064
1,497
The Company
The Company
and its subsidiaries
Other
Additional
post-employment
Long service
Obligations
pension benefit
benefit
employee
under
Unfunded
obligations
obligations
benefit
the Labor Law
Total
Balance, January 1, 2023
522
44
268
1
928
1,763
Service costs
22
-
7
1
152
182
Interest costs
32
3
15
-
65
115
Cost recognized in the consolidated
statement of profit or loss
54
3
22
1
217
297
Actuarial (gain) loss recognized in OCI
(246)
(1)
2
-
(41)
(286)
Benefits paid by employer
(53)
(2)
(38)
(1)
(102)
(196)
Effect on transfer of IndiHome business to Telkomsel
(19)
0
(10)
-
3
(26)
Balance, December 31, 2023
258
44
244
1
1,005
1,552
a. Pension benefit costs
i. The Company
(a) Funded pension plan
(i) Defined pension benefit obligation
The Company sponsors a defined benefit pension plan for employees with permanent
status prior to July 1, 2002. The plan is governed by the pension laws in Indonesia and
managed by Telkom Pension Fund (“Dana Pensiun Telkom” or “Dapen”). Pension Fund
Management in accordance with the Pension Fund and Investment Directives
Regulations determined by the Founder is carried out by the Board of Management.
The Board of Management is monitored by the Oversight Board consisting
of representatives of the Company and participants.
The pension benefits are paid based on the participating employees’ latest basic salary
at retirement and the number of years of their service. The participating employees
contribute 18% (before March 2003: 8.4%) of their basic salaries to the pension fund.
The Company made contributions to the pension fund amounted to Rp558 billion and
Rp1,635 billion, for the years ended December 31, 2024 and 2023, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
79
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
Risks exposed to defined benefit programs are risks such as asset volatility and
changes in bond yields. The project liabilities are calculated using a discount rate that
refers to the level of government bond yields, if the return on program assets is lower,
it will result in a program deficit. A decrease in the yield of government bonds will
increase the program liabilities, although this will be offset in part by an increase in the
value of the program bonds held. The Company ensures that the investment position is
set within the framework of asset-liability matching ("ALM") that has been formed to
achieve long-term results that are in line with the liabilities in the defined benefit pension
plan. Within the ALM framework, the Company's objective is to adjust its pension assets
and liabilities by investing in a well diversified portfolio to produce an optimal rate of
return, taking into account the level of risk. Investment in the program has been well
diversified, so that one investment's poor performance will not have a material impact
on all asset groups.
As of December 31, 2024 and 2023, plan assets consist of:
2024
2023
Quoted in
Quoted in
active market
Unquoted
active market
Unquoted
Cash and cash equivalents
921
-
564
-
Equity instruments:
Financials
1,265
-
1,815
-
Consumer non-cyclicals
48
-
99
-
Basic material
203
-
278
-
Infrastructures
510
-
748
-
Energy
146
-
162
-
Technology
91
-
41
-
Industrials
239
-
269
-
Consumer cyclicals
448
-
521
-
Properties and real estate
110
-
113
-
Healthcare
175
-
211
-
Transportation and logistic
4
-
7
-
Equity-based mutual fund
193
-
379
-
Fixed income instruments:
Corporate bonds
-
2,034
-
2,469
Government bonds
10,608
-
10,350
-
Fixed income mutual funds ("RDPT")
-
66
-
101
MTN
-
100
-
100
Asset-backed securities ("EBA")
-
7
-
13
Sukuk
-
935
-
1,063
Non-public equity:
Direct placement
-
377
-
374
Property
-
202
-
188
Others
-
356
-
366
Total
14,961
4,077
15,557
4,674
Pension plan assets include Series B shares issued by the Company with fair values
totaling to Rp294 billion and Rp457 billion, representing 1.54% and 2.28% of total plan
assets as of December 31, 2024 and 2023, respectively, and bonds issued by the
Company with fair value totaling to Rp338 billion and Rp345 billion representing 1.78%
and 1.72% of total plan assets as of December 31, 2024 and 2023, respectively.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
80
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(i) Defined pension benefit obligation (continued)
The expected return is determined based on market expectation for returns over the
entire life of the obligation by considering the portfolio mix of the plan assets. The actual
return on plan assets was Rp275 billion and Rp1,768 billion for the years ended
December 31, 2024 and 2023, respectively. Based on the Company’s policy issued on
January 14, 2014 regarding Dapen’s Funding Policy, the Company will not contribute
to Dapen when Dapen’s Funding Sufficiency Ratio (“FSR”) is above 105%. Based on
Dapen’s financial statements as of December 31, 2024, Dapen’s FSR is below 105%.
Therefore, the Company will contribute to the defined benefit pension plan.
Based on the Company Regulations issued on September 30, 2022, regarding the
Pension Fund Regulations from the Telkom Pension Fund, the Company stipulates
those retirees who quit other than because of Disciplinary Punishment, Early
Retirement, and at their own request and receive Pension Benefits of less than
Rp1 million per month are given increase in monthly Pension Benefits to Rp1 million.
In 2024 and 2023, the Company provided employee welfare benefit to pensioners and
pension beneficiaries who entered their retirement period before June 30, 2002
amounting to Rp34 billion and Rp50 billion, respectively.
The actuarial valuation for the defined benefit pension plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025, and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for December 31,
2024 and 2023 are as follows:
2024
2023
Discount rate
7.00%
6.75%
Rate of compensation increases
8.00%
8.00%
Indonesian mortality table
2019
2019
(ii) Additional pension benefit obligation
Based on the Company Regulations issued on September 30, 2022, regarding the
Regulations on Pension Funds from Telkom Pension Funds, the Company organizes a
Defined Contribution Other Benefit Program (“PMLIP”) in the form of Additional Benefits.
PMLIP participants are entitled to receive Periodic Pension Benefits every month in
accordance with the provisions in the Pension Fund Regulations. Additional Benefit
Funds are sourced from Employer Additional Benefit contributions and provision for
investment development proceeds if the FSR is achieved above 102% and the rate of
Return on Investment (“ROI”) is above the actuarial interest rate for funding. The
employer's additional benefit contribution for each PMLIP participant is set at
Rp120 thousand for a 12-month contribution period which is calculated proportionally
according to the amount received.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
81
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
i. The Company (continued)
(a) Funded pension plan (continued)
(ii) Additional pension benefit obligation (continued)
The actuarial valuation for additional pension benefit plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025 and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI.
The principal actuarial assumptions used by the independent actuary for
December 31, 2024 and 2023 are as follows:
2024
2023
Discount rate
7.00%
6.75%
Indonesian mortality table
2019
2019
Additional pension benefit obligation has been set aside since 2018 according to the
approval by the Oversight Board. As of December 31, 2024, there are no additional
obligations set aside because the requirements for recognizing additional benefits as
mentioned above have not been fulfilled.
(b) Unfunded pension plan
The Company sponsors unfunded defined benefit pension plans and a defined contribution
pension plan for its employees. The defined contribution pension plan is provided to
employees with permanent status hired on or after July 1, 2002. The plan is managed by
Financial Institutions Pension Fund (Dana Pensiun Lembaga Keuangan or “DPLK”). The
Company’s contribution to DPLK is determined based on a certain percentage of the
participants’ salaries and amounted to Rp52 billion and Rp50 billion, for the years ended
December 2024 and 2023, respectively.
Since 2007, the Company has provided pension benefit based on uniformization for both
participants prior to and from April 20, 1992 effective for employees retiring beginning
February 1, 2009. In 2010, the Company replaced the uniformization with Manfaat Pensiun
Sekaligus (“MPS”). MPS is given to those employees reaching retirement age, upon death
or upon becoming disabled starting from February 1, 2009.
The Company also provides benefits to employees during a pre-retirement period in which
they are inactive for 6 months prior to their normal retirement age of 56 years, known as
pre-retirement benefits (Masa Persiapan Pensiun or “MPP”). During the pre-retirement
period, the employees still receive benefits provided to active employees, which include,
but are not limited to, regular salary, health care, annual leave, bonus, and other benefits.
Since April 1, 2012, the employee is required to file a request for MPP and if the employee
does not file the request, such employee is required to work until the retirement date.
The actuarial valuation for the unfunded defined benefit pension plan was performed based
on the measurement date as of December 31, 2024 and 2023, with reports dated
March 19, 2025 and March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The
principal actuarial assumptions used by the independent actuary as of December 31, 2024
and 2023 are as follows:
2024
2023
Discount rate
7.00%
6.75%
Rate of compensation increases
6.00%-8.00%
6.10%-8.00%
Indonesian mortality table
2019
2019
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
82
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
a. Pension benefit costs (continued)
ii. Telkomsel
Telkomsel provides a defined benefit pension plan to its employees. Under this plan, employees
are entitled to pension benefits determined based on their latest basic salary or take-home pay
(exclusive of functional allowances) and number of service years. The plan is managed by
PT Asuransi Jiwasraya (Persero) (“Jiwasraya”), a state-owned life insurance company, through
an annuity insurance contract. Until 2004, employees contributed 5% of their monthly salaries
to the plan, while Telkomsel contributed the remaining part required under the plan. Beginning
in 2005, Telkomsel has been taking responsibility for the full amount of the contributions.
On April 23, 2021, Telkomsel and Jiwasraya agreed to terminate the insurance program contract
(as mentioned above) and entered into restructuring agreement. The agreement replaced the
benefit plan from annuities to lumpsum benefit. Based on this agreement, both parties agreed
to determine the Cash Value (“CV”) at the termination date which divided into CV for active
participant and passive participant amounting to Rp857 billion and Rp73 billion, respectively.
There was a 5% cut from CV for active participant, hence the 95% of Rp857 billion (or equal to
Rp814 billion) plus Rp73 billion will be the amount that subsequently taken over by PT Asuransi
Jiwa IFG (“IFG Life”) when the agreement with IFG Life become effective and accordingly, the
restructuring agreement will be terminated. As of November 30, 2023, the cash fund had been
completely taken over by IFG Life with no changes was applied to the terms of the plan and
cash value being transferred at the transfer date, and accordingly, the restructuring agreement
was terminated.
On June 27, 2023, the Company and Telkomsel signed an agreement regarding Dapen to
appoint Telkomsel as a Partner of the Company as the sole Founder, which resulted in rights
and obligations to Telkomsel as governed in the Pension Fund Agreement effective from the
business transfer of IndiHome consumer business segment to Telkomsel.
Effective from the business transfer of IndiHome consumer business segment to Telkomsel,
Telkomsel sponsors a defined benefit pension plan for transferring employees hired prior to
July 1, 2002. The plan is governed by the pension laws in Indonesia and managed by Dapen.
Dapen is managed in accordance with the Pension Fund and Investment Directives
Regulations, which is determined by the Company as the Founder and is carried out by the
Board of Management. The Board of Management is monitored by the Oversight Board,
appointed by the Founder.
The pension benefits are paid based on the participating employee’s latest basic salary at
retirement and the number of years of their service. The participating employees contribute 18%
of their basic salaries to the pension fund. Telkomsel’s contribution to the pension fund for the
year ended December 31, 2024 was amounting to Rp18 billion (2023: Rp21 billion).
The actuarial valuation for the defined benefit pension plan was performed based on the
measurement date as of December 31, 2024 and 2023 with reports dated March 6, 2025, and
March 5, 2024, respectively, by KKA Halim and Partner, an independent actuary in association
with Milliman. The principal actuarial assumptions used by the independent actuary as of
December 31, 2024 and 2023, are as follows:
2024
2023
Discount rate
7.10%
6.70%
Rate of compensation increases
7.25% - 8.00%
7.50% - 8.00%
Indonesian mortality table
2019
2019
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
83
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
b. Post-employment health care benefit cost
The Company provides post-employment health care benefits to all its employees hired before
November 1, 1995 who have worked for the Company for 20 years or more when they retire, and
to their eligible dependents. The requirement to work for 20 years does not apply to employees
who retired prior to June 3, 1995. The employees hired by the Company starting from November
1, 1995 are no longer entitled to this plan. The plan is managed by Yayasan Kesehatan Telkom
(“Yakes Telkom”).
The defined contribution post-employment health care benefit plan is provided to employees with
permanent status hired on or after November 1, 1995 or employees with terms of service less than
20 years at the time of retirement. The Company did not make contributions to Yakes Telkom for
the years ended December 31, 2024 and 2023. As of December 31, 2024 and 2023, plan assets
consists of:
2024
2023
Quoted in
Quoted in
active market
Unquoted
active market
Unquoted
Cash and cash equivalents
375
-
392
-
Equity instruments:
Financials
1,070
-
1,468
-
Consumer non-cyclicals
78
-
115
-
Basic material
197
-
260
-
Infrastructures
517
-
618
-
Energy
164
-
156
-
Technology
43
-
24
-
Industrials
242
-
261
-
Consumer cyclicals
355
-
395
-
Properties and real estate
96
-
110
-
Healthcare
118
-
147
-
Transportation and logistic
4
-
5
-
Equity-based mutual funds
313
-
435
-
Fixed income instruments:
Government obligations
1,837
-
1,271
-
Corporate obligations
196
-
6
-
Fixed income mutual funds
6,484
-
7,067
-
Exchange Traded Fund ("ETF")
24
-
-
-
Index mutual funds
5
-
-
-
Unlisted shares:
Private placement
-
507
-
448
Total
12,118
507
12,730
448
Yakes Telkom plan assets also include Series B shares issued by the Company with fair value
totaling Rp217 billion and Rp321 billion, representing 1.72% and 2.45% of total plan assets as of
December 31, 2024 and 2023, respectively. Bonds issued by The Company with a fair value of
Rp69 billion and Rp6 billion each represent 0.55% and 0.04% of total assets as of December 31,
2024 and 2023. The expected return is determined based on market expectation for the returns
over the entire life of the obligation by considering the portfolio mix of the plan assets. The actual
return on plan assets was Rp270 billion and Rp987 billion for the years ended December 31, 2024
and 2023, respectively.
The actuarial valuation for the post-employment health care benefits plan was performed based on
the measurement date as of December 31, 2024 and 2023, with reports dated March 19, 2025 and
March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial assumptions
used by the independent actuary for December 31, 2024 and 2023 are as follows:
2024
2023
Discount rate
7.00%
6.75%
Health care costs trend rate assumed for next year
7.00%
7.00%
Ultimate health care costs trend rate
7.00%
7.00%
Year that the rate reaches the ultimate trend rate
2024
2023
Indonesian mortality table
2019
2019
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
84
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
c. Other post-employment benefits cost
The Company provides other post-employment benefits in the form of cash paid to employees on
their retirement or termination. These benefits consist of final housing allowance (Biaya Fasilitas
Perumahan Terakhir or “BFPT”) and home passage leave (Biaya Perjalanan Pensiun dan
Purnabhakti or “BPP”) and death allowance (Meninggal Dunia or “MD” allowance) is given to
employees who have passed away with an amount of 12 times from the last salary.
The actuarial valuation for the other post-employment benefits plan was performed based on
measurement date as of December 31, 2024 and 2023, with reports date March 19, 2025 and
March 1, 2024, respectively, by KKA I Gde Eka Sarmaja, FSAI. The principal actuarial assumptions
used by the independent actuary for December 31, 2024 and 2023 are as follows:
2024
2023
Discount rate
7.00%
6.50%
Indonesian mortality table
2019
2019
d. Long service employee benefits
The Company provides long service employee benefits to employee hired before July 1, 2002 and
have a service period of more than 30 years and retired after September 19, 2019. Total obligation
recognized as of December 31, 2024 and 2023 amounted to Rp1 billion and Rp1 billion,
respectively. The related long service employee benefits cost charged to expense amounted to
Rp1 billion and Rp1 billion for the years ended December 31, 2024 and 2023, respectively.
e. Obligation under the Labor Law
Under Law No. 11 Year 2020, the Group is required to provide minimum pension benefits, if not
covered yet by the sponsored pension plans, to its employees upon retirement. Total obligation
recognized as of December 31, 2024 and 2023 amounted to Rp1,064 billion and Rp1,005 billion,
respectively. The related pension employee benefits cost charged to expense amounted to
Rp232 billion and Rp217 billion for the years ended December 31, 2024 and 2023, respectively.
The actuarial gain in OCI amounted to Rp107 billion and Rp41 billion for the years ended
December 31, 2024 and 2023, respectively.
f. Maturity Profile of Defined Benefit Obligation (“DBO”)
The timing of benefits payments and weighted average duration of DBO for 2024 and 2023 are as
follows:
Expected Benefits Payment
The Company
Funded
Defined
Additional
Post-employment Other post- Post-employment
pension benefit pension benefit
health care
employment
benefits
Time Period
obligation
obligation
Unfunded Telkomsel
benefits
benefits
UUCK (Telkom)
2024
Within next 10 years
20,107
39
277
9,404
8,153
202
118
Within 10-20 years
15,035
28
110
13,131
13,311
118
488
Within 20-30 years
8,744
15
212
8,449
13,927
66
610
Within 30-40 years
3,079
5
20
410
7,896
2
41
Within 40-50 years
539
1
-
-
2,142
-
-
Within 50-60 years
37
-
-
-
340
-
-
Within 60-70 years
1
-
-
-
62
-
-
Within 70-80 years
-
-
-
-
7
-
-
Weighted average
duration of DBO
8.16 years
8.16 years 6.48 years 8.49 years
13.39 years
5.18 years
10.71 years
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
85
30. PENSION AND OTHER POST-EMPLOYMENT BENEFITS (continued)
f. Maturity Profile of Defined Benefit Obligation (“DBO”) (continued)
The timing of benefits payments and weighted average duration of DBO for 2024 and 2023 are as
follows (continued):
Expected Benefits Payment
The Company
Funded
Defined
Additional
Post-employment Other post- Post-employment
pension benefit pension benefit
health care
employment
benefits
Time Period
obligation
obligation
Unfunded Telkomsel
benefits
benefits
UUCK (Telkom)
2023
Within next 10 years
21,044
39
340
8,833
8,929
281
83
Within 10-20 years
15,850
30
79
13,778
13,651
116
426
Within 20-30 years
9,623
16
139
9,184
12,128
70
485
Within 30-40 years
3,630
5
21
439
5,114
3
49
Within 40-50 years
693
1
-
-
819
-
-
Within 50-60 years
53
-
-
-
48
-
-
Within 60-70 years
1
-
-
-
5
-
-
Within 70-80 years
-
-
-
-
1
-
-
Weighted average
duration of DBO
8.42 years
8.42 years 5.54 years
9.18 years
12.39 years
4.51 years
11.18 years
g. Sensitivity Analysis
As of December 31, 2024 and 2023, 1% change in discount rate and rate of compensation would
have effect on DBO, are as follows:
Discount Rate
Rate of Compensation
1% Increase
1% Decrease
1% Increase
1% Decrease
Increase (decrease) in amounts Increase (decrease) in amounts
Sensitivity
2024
Funded:
Defined pension benefit obligation
(1,809)
2,113
153
(146)
Unfunded
(11)
12
13
(12)
Telkomsel
(502)
568
623
(559)
Post-employment health care benefits
(1,663)
2,031
1,943
(1,624)
Other post-employment benefits
(9)
10
3
(3)
Post-employment benefits UUCK (Telkom)
(12)
14
37
(32)
2023
Funded:
Defined pension benefit obligation
(2,030)
2,387
235
(224)
Unfunded
(10)
12
13
(12)
Telkomsel
(529)
602
651
(582)
Post-employment health care benefits
(1,609)
1,939
1,845
(1,565)
Other post-employment benefits
(11)
12
3
(3)
Post-employment benefits UUCK (Telkom)
(10)
12
33
(28)
The sensitivity analysis was determined based on a method that extrapolates the impact on DBO
as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity results above determine the individual impact on the Plan’s DBO at the end of the
year. In reality, the Plan is subject to multiple external experience items which may move the DBO
in similar or opposite directions, and the Plan’s sensitivity to such changes can vary over time.
There are no changes in the methods and assumptions used in preparing the sensitivity analysis
from the previous period.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
86
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 Rp1,192 billion and Rp1,153 billion as of
December 31, 2024 and 2023, respectively. The related benefit costs charged to expense amounted
Rp226 billion and Rp289 billion for the years ended December 31, 2024 and 2023, respectively (Note
24).
32. RELATED PARTIES TRANSACTIONS
a. Nature of relationships and accounts/transactions with related parties
Details of the nature of relationships and accounts/transactions with significant related parties are
as follows:
Related parties
Nature of relationships parties
Nature of accounts/transactions
The Government
Ministry of Finance
Majority stockholder
Internet
and
data
service
revenues,
other
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)
(“Pertamina”)
Entity under common control
Internet
and
data
service
revenues
and
other
telecommunication service revenues
State-owned banks
Entity under common control
Finance income and finance costs
BNI
Entity under common control
Internet
and
data
service
revenues,
other
telecommunication
service
revenues,
consultant
expenses, medical expenses, finance income, and
finance costs
BRI
Entity under common control
Internet
and
data
service
revenues,
other
telecommunication service revenues, finance income,
and finance costs
Bank Mandiri
Entity under common control
Internet
and
data
service
revenues,
other
telecommunication service revenues, finance income,
and finance costs
PT Perusahaan Listrik Negara
(Persero) (“PLN”)
Entity under common control
Internet
and
data
service
revenues,
other
telecommunication service revenues, and electricity
expenses
Indonesia Financial Group
Entity under common control
Fixed assets insurance expenses and personal
insurance expenses
Bahana TCW
Entity under common control
Mutual funds
Sarana Multi Infrastruktur
Entity under common control
Other borrowing and finance costs
Other state-owned enterprises
Entity under common control
Internet
and
data
service
revenues,
other
telecommunication
services
revenues,
operating
expenses, and purchase of property and equipments
PT Omni Inovasi Indonesia Tbk.
(“Omni Inovasi Indonesia”)
Associated companies
Distribution of SIM cards and pulse reload voucher
PT Fintek Karya Nusantara
(“Finarya”)
Associated companies
Marketing expenses and distribution of SIM cards and
pulse reload voucher
PT Kereta Cepat Indonesia China
(“KCIC”)
Other related entities
Other telecommunication service revenue
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
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
87
32. RELATED PARTIES TRANSACTIONS (continued)
a. Nature of relationships and accounts/transactions with related parties (continued)
The outstanding balances of trade receivables and payables as of December 31, 2024 and 2023
are unsecured and interest-free and the settlement occurs in cash. There have been no guarantees
provided or received for any related party receivables or payables. As of December 31, 2024 and
2023, the Group recorded an increase of impairment loss from trade receivables of related party
amounted to Rp29 billion and Rp47 billion, respectively.
b. Significant transactions with related parties
The following table presents significant transactions with related parties:
2024
2023
% of total
% of total
Amount
revenues
Amount
revenues
Revenues
Majority Stockholder
Ministry of Finance
234
0.16
174
0.12
Entities under common control
Indosat
2,209
1.47
2,195
1.47
BNI
531
0.35
509
0.34
Pertamina
488
0.33
755
0.51
Bank Mandiri
308
0.21
156
0.10
BRI
228
0.15
190
0.13
Others (each below Rp100 billion)
430
0.29
1,006
0.67
Sub-total
4,194
2.80
4,811
3.22
Other related entities
KCIC
357
0.24
87
0.06
Others
47
0.03
43
0.03
Sub-total
404
0.27
130
0.09
Associated companies
0
0.00
8
0.01
Total
4,832
3.23
5,123
3.44
2024
2023
% of total
% of total
Amount
expenses
Amount
expenses
Expenses
Entities under common control
PLN
2,779
2.58
2,602
2.49
Indosat
644
0.60
566
0.54
Indonesia Financial Group
183
0.17
198
0.19
BNI
112
0.10
143
0.14
Others (each below Rp100 billion)
150
0.14
381
0.36
Sub-total
3,868
3.59
3,890
3.72
Other related entities
Padi UMKM
508
0.47
561
0.54
Others
77
0.07
94
0.09
Sub-total
585
0.54
655
0.63
Associated companies
Finarya
109
0.10
126
0.12
Others
0
0.00
0
0.00
Sub-total
109
0.10
126
0.12
Total
4,562
4.23
4,671
4.47
2024
2023
% of total
% of total
Amount
finance income
Amount
finance income
Finance income
Entities under common control
State-owned banks
371
27.14
312
29.41
Total
371
27.14
312
29.41
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
88
32. RELATED PARTIES TRANSACTIONS (continued)
b. Significant transactions with related parties (continued)
The following table presents significant transactions with related parties (continued):
2024
2023
% of total
% of total
Amount
finance cost
Amount
finance cost
Finance cost
Majority stockholder
Ministry of Finance
1
0.02
5
0.11
Entities under common control
State-owned banks
1,329
25.52
1,111
23.88
Sarana Multi Infrastruktur
8
0.15
74
1.59
Total
1,338
25.69
1,190
25.58
2024
2023
% of total
% of total
Amount
purchases
Amount
purchases
Purchase of property
and equipment
Entities under common control
29
0.12
64
0.19
Total
29
0.12
64
0.19
2024
2023
% of total
% of total
Amount
revenues
Amount
revenue
Distribution of SIM
card and voucher
Associated companies
Omni Inovasi Indonesia
371
0.25
467
0.31
Finarya
100
0.07
159
0.11
Total
471
0.32
626
0.42
c. Balance of accounts with related parties
The following table presents significant transactions with related parties:
2024
2023
% of total
% of total
Amount
assets
Amount
assets
Cash and cash equivalents
(Note 3)
26,217
8.75
19,024
6.63
Other current financial
asset (Note 4)
918
0.31
800
0.28
Trade receivables
(Note 5)
2,350
0.78
1,918
0.67
Contract assets
Majority stockholder
Ministry of Finance
16
0.01
36
0.01
Entities under common control
193
0.06
252
0.09
Associated companies
1
0.00
1
0.00
Other related entities
3
0.00
1
0.00
Total
213
0.07
290
0.10
Other current asset
138
0.05
53
0.02
Other non-current asset
12
0.00
5
0.00
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
89
32. RELATED PARTIES TRANSACTIONS (continued)
c. Balance of accounts with related parties (continued)
The following table presents significant transactions with related parties (continued):
2024
2023
% of total
% of total
Amount
liabilities
Amount
liabilities
Trade payables (Note 15)
Majority stockholder
Ministry of Finance
17
0.01
18
0.01
Entities under common control
State-owned enterprises
317
0.23
302
0.23
Indosat
212
0.15
129
0.10
Others
-
-
12
0.01
Sub-total
529
0.38
443
0.34
Associated companies
20
0.01
40
0.03
Other related entities
60
0.04
84
0.06
Total
626
0.44
585
0.44
Accrued expenses
Majority stockholder
Ministry of Finance
-
-
1
0.00
Entities under common control
State-owned enterprises
209
0.15
137
0.10
State-owned banks
81
0.06
39
0.03
Sub-total
290
0.21
176
0.13
Associated companies
1
0.00
-
-
Total
291
0.21
177
0.13
Contract liabilities
Majority stockholder
Ministry of Finance
90
0.07
18
0.01
Entities under common control
State-owned enterprises
474
0.35
312
0.24
Others
1
0.00
1
0.00
Sub-total
475
0.35
313
0.24
Associated companies
7
0.01
13
0.01
Other related entities
KCIC
1,113
0.81
1,133
0.87
Others
4
0.00
2
0.00
Sub-total
1,117
0.81
1,135
0.87
Total
1,689
1.24
1,479
1.13
Customer deposits
19
0.01
19
0.01
Short-term bank loans (Note 18)
5,554
4.05
4,916
3.77
Two-step loans (Note 19a)
-
-
84
0.06
Long-term bank loans (Note 19c)
15,943
11.62
11,099
8.51
Other borrowings (Note 19d)
-
-
362
0.28
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
90
32. RELATED PARTIES TRANSACTIONS (continued)
d. Significant agreements with related parties
i.
The Government
The Company obtained two-step loans from the Government (Note 19a).
ii.
Indosat
The Company has an agreement with Indosat to provide international telecommunications
services to the public.
The Company has also entered into an interconnection agreement between the Company’s
fixed line network (Public Switched Telephone Network or “PSTN”) and Indosat’s Global
System for Mobile (“GSM”) cellular telecommunications network in connection with the
implementation of Indosat Multimedia Mobile services and the settlement of related
interconnection rights and obligations.
The Company also has an agreement with Indosat for the interconnection of Indosat's GSM
mobile cellular telecommunications network with the Company's PSTN, which enable each
party’s customers to make domestic calls between Indosat’s GSM mobile network and the
Company’s fixed line network, as well as enabling Indosat’s mobile customers to access the
Company’s International Direct Dialing (“IDD”) service by dialing “007”.
Indosat's owner, Ooredoo, has merged with Tri, CK Hutchison Holdings (“CKHH”) by merging
their companies into Indosat Ooredoo Hutchison. With this merger and the latest MoCI
Regulation No. 5 of 2021, the Company has amended the interconnection cooperation
agreement for fixed-line networks (local, Sambungan Langsung Jarak Jauh ("SLJJ"),
and international) and mobile networks on May 30, 2023 in order to implement cost-based
tariff obligations based on the 2014 Interconnection Offering Document.
The Company also provides leased lines to Indosat and its subsidiaries, namely PT Aplikanusa
Lintasarta (“Lintasarta”). The leased lines can be used by these companies for telephone,
telegraph, data, telex, facsimile, or other telecommunication services.
e. Remuneration of key management and supervisory personnel
Key management personnel consists of the Board of Directors of the Company and supervisory
personnel consists of the Board of Commissioners.
The Company provides remuneration in the form of salaries/honorarium and facilities to support
the governance and oversight duties of the Board of Commissioners along with the leadership and
management duties of the Board of Directors. Total of such remuneration is as follows:
2024
2023
% of total
% of total
Amount
expenses
Amount
expenses
Board of Directors
504
0.47%
475
0.46%
Board of Commissioners
176
0.16%
179
0.17%
The amounts disclosed in the table above are amounts recognized as general and administration
expense during the reporting periods.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
91
33. OPERATING SEGMENTS
The Group has four primary reportable segments, namely mobile, consumer, enterprise, and WIB.
The mobile segment provides mobile voice, SMS, value added services, and mobile broadband.
The consumer segment provides IndiHome services (bundled service of fixed wireline, pay TV, and
internet) and other telecommunication services to residential customers. The enterprise segment
provides end-to-end solution to corporate and institutional customers. The WIB segment provides
interconnection services, broadband access, information technology services, data, and internet
services to other licensed telecommunication operator and international customers. Other segment
provides digital content products (music and game), big data, Business-to-Business (“B2B”)
Commerce, and financial services to individual and corporate customers. There are no operating
segments that have been aggregated to form the reportable segments.
Management monitors the operating results of the business units separately for the purpose of
decision-making about resource allocation and performance assessment. Segment performance is
evaluated based on operating profit or loss and is measured consistently with operating profit or loss
in the consolidated financial statements. However, the financing activities and income taxes are
managed on group basis and are not separately monitored and allocated to operating segments.
Segment revenues and expenses include inter-segment transactions and are accounted at prices that,
management believes, represent market prices.
2024
Adjustment
Total
and
Total
Mobile
Consumer Enterprise
WIB
Others
segment
elimination
consolidated
Segment results
Revenues
External revenues
83,400
26,312
20,593
18,002
1,078
149,385
582
149,967
Inter-segment revenues
3,226
50
24,749
21,398
1,657
51,080
(51,080)
-
Total segment revenues
86,626
26,362
45,342
39,400
2,735
200,465
(50,498)
149,967
Segment results
25,977
8,216
443
9,102
(1,051)
42,687
(3,534)
39,153
Other information
Capital expenditures
(11,679)
(5,413)
(2,677)
(4,540)
(8)
(24,317)
(132)
(24,449)
Depreciation and
amortization
(20,852)
(5,870)
(3,631)
(6,691)
(16)
(37,060)
4,417
(32,643)
Provision recognized in
current year
(110)
(560)
(142)
(37)
(7)
(856)
(48)
(904)
2023
Adjustment
Total
and
Total
Mobile
Consumer Enterprise
WIB
Others
segment
elimination consolidated
Segment results
Revenues
External revenues
85,291
26,442
19,508
16,928
402
148,571
645
149,216
Inter-segment revenues
3,628
165
25,234
20,333
2,014
51,374
(51,374)
-
Total segment revenues
88,919
26,607
44,742
37,261
2,416
199,945
(50,729)
149,216
Segment results
28,693
7,971
602
9,386
(1,188)
45,464
(4,670)
40,794
Other information
Capital expenditures
(12,370)
(6,434)
(5,073)
(8,964)
(11)
(32,852)
(116)
(32,968)
Depreciation and
amortization
(21,248)
(5,828)
(3,884)
(6,135)
(18)
(37,113)
4,450
(32,663)
Provision recognized in
current year
(231)
(463)
173
(11)
(5)
(537)
24
(513)
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
92
33. OPERATING SEGMENTS (continued)
Adjustments and eliminations:
a. Revenue reconciliation
2024
2023
Total segment revenues
200,465
199,945
Revenue from other non-operating segments
582
645
Adjustment and inter-segment elimination
(51,080)
(51,374)
Consolidated revenues
149,967
149,216
b. Segment results reconciliation
2024
2023
Total segment results
42,687
45,464
Loss from other non-operating segments
(2,699)
(2,679)
Adjustment and inter-segment elimination
3,003
1,599
Finance income
1,367
1,061
Finance cost
(5,208)
(4,652)
Share of profit of long-term investment in associates
3
1
Consolidated profit before income tax
39,153
40,794
c. Capital expenditure reconciliation
2024
2023
Total segment capital expenditure
(24,317)
(32,852)
Capital expenditure from
other non-operating segments
(132)
(116)
Consolidated capital expenditure
(24,449)
(32,968)
d. Depreciation and amortization reconciliation
2024
2023
Total segment depreciation and amortization
(37,060)
(37,113)
Depreciation and amortization from
other non-operating segments
(212)
(250)
Adjustment and inter-segment elimination
4,629
4,700
Consolidated depreciation and amortization
(32,643)
(32,663)
e. Provision recognized in current year reconciliation
2024
2023
Total segment provision
(856)
(537)
Provision recognized from other
non-operating segments
(37)
(5)
Adjustment and inter-segment elimination
(11)
29
Consolidated provision recognized
in current year
(904)
(513)
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
93
33. OPERATING SEGMENTS (continued)
Geographic information:
2024
2023
External revenues
Indonesia
141,062
141,157
Abroad
8,905
8,059
Total
149,967
149,216
The revenue information above is based on the location of the customers.
There are no revenue from major customer which exceeds 10% of total revenues for the years ended
December 31, 2024 and 2023.
2024
2023
Non-current operating assets
Indonesia
187,158
186,554
Abroad
2,850
2,932
Total
190,008
189,486
Non-current operating assets for segment reporting purpose consist of property and equipment and
intangible assets.
34. TELECOMMUNICATIONS SERVICE TARIFFS
Under Law No. 36 Year 1999 and Government Regulation No. 52 Year 2000, tariffs for operating
telecommunications network and/or services are determined by providers based on the tariff type,
structure, and with respect to the price cap formula set by the Government. Furthermore, these
regulations were superseded by Law No. 11 Year 2020 and Government Regulation No. 46 Year 2021
where the authorised minister is able to determine the upper and/or lower tariff limits.
a. Fixed line telephone tariffs
The Government has issued a new adjustment tariff formula which is stipulated in MoCI Regulation
No. 5/2021 dated March 31, 2021 concerning “Telecommunication Operation”. This Decree
replaced the previous Decree No. 15/PER/M.KOMINFO/4/2008 dated April 30, 2008.
Under the Decree, tariff structure for basic telephony services connected through fixed line network
consists of the following:
i.
Activation fee
ii.
Monthly subscription charges
iii.
Usage charges, and
iv.
Additional facilities fee.
b. Mobile cellular telephone tariffs
On March 31, 2021, MoCI issued MoCI Regulation No. 5/2021, which provides guidelines to
determine cellular tariffs with a formula consisting of network element cost and retail services
activity cost.
Under MoCI Regulation No. 5/2021, cellular tariffs for the operation of telecommunication services
connected through mobile cellular network consist of the following:
i.
Basic telephony services tariff
ii.
Roaming tariff, and/or
iii.
Multimedia services tariff
with the following traffic structure:
i.
Activation fee
ii.
Monthly subscription charges, and/or
iii. Usage charges
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
94
34. TELECOMMUNICATIONS SERVICE TARIFFS (continued)
c. Interconnection tariffs
The Indonesian Telecommunication Regulatory Body (“ITRB”), in its letter No. 262/BRTI/XII/2011
dated December 12, 2011, decided to change the basis for SMS interconnection tariff to cost basis
with a maximum tariff of Rp23 per SMS effective from June 1, 2012, for all telecommunication
provider operators.
Based on letter No.118/KOMINFO/DJPPI/PI.02.04/01/2014 dated January 30, 2014 of the Director
General of Post and Informatics, the Director General of Post and Informatics decided to implement
new interconnection tariff effective from February 1, 2014 until December 31, 2016, subject to
evaluation on an annual basis. Pursuant to the Director General of Post and Informatics letter, the
Company and Telkomsel are required to submit the Reference Interconnection Offer (“RIO”)
proposal to ITRB to be evaluated.
Subsequently, ITRB in its letters No. 60/BRTI/III/2014 dated March 10, 2014 and
No. 125/BRTI/IV/2014 dated April 24, 2014 approved Telkomsel and the Company’s revision of
RIO regarding the interconnection tariff. Based on the letter, ITRB also approved the changes to
the SMS interconnection tariff to Rp24 per SMS.
On January 18, 2017, ITRB in its letters No. 20/BRTI/DPI/I/2017 and No. 21/BRTI/DPI/I/2017,
decided to use the interconnection tariff based on the Company and Telkomsel’s RIO in 2014 until
the new interconnection tariff is set.
d. Network lease tariffs
In 2008, the Director General of Post and Telecommunication issued Decree No. 115 of 2008 which
stated its agreement on Agreement on Network Lease Service Type Document, Network Lease
Service Tariff, Available Capacity of Network Lease Service, Quality of Network Lease Service,
and Provision Procedure of Network Lease Service Owned by Dominant Network Lease Service
Provider in conformity with the Company’s proposal. Through MoCI Regulation No. 5/2021, the
Government regulated the form, type, tariff structure, and tariff formula for services of network
lease.
e. Tariff for other services
The tariffs for satellite lease, telephony services, and other multimedia are determined by the
service provider by taking into account the expenditures and market price. The Government only
determines the tariff formula for basic telephony services. There is no stipulation for the tariff of
other services.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
95
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS
a. Capital expenditures
As of December 31, 2024, capital expenditures committed under the contractual arrangements are
Rp11,272 billion and US$223 million.
The above balance includes the following significant agreements:
Contracting parties
Date of agreement
Significant part of the agreement
Telkomsel and PT Phincon
September 12, 2019 -
September 12, 2027
Development and Rollout Agreement
("DRA") and Technical Support
Agreement ("TSA") Customer
Relationship Management ("CRM")
Solution System Integrator
Telkomsel, PT Ericsson Indonesia,
PT Huawei Tech Investment, and
PT ZTE Indonesia
February 1, 2021 -
January 31, 2027
Procurement Agreement for Radio
Ultimate Solution ("ROA") and TSA
Telkomsel, PT Sempurna Global
Pratama, PT Lintas Teknologi
Indonesia, and PT Ericsson
Indonesia
September 1, 2021 -
August 31, 2024*
Procurement Agreement of Next
Generation of Gateway GPRS Support
Node ("GGSN") (Virtualized EPC)
Telkomsel, Amdocs Software
Solutions Limited Liability Company,
and PT Application Solutions
October 8, 2024 -
October 7, 2029
Agreement Online Charging System
(“OCS”) and Service Control Points
(“SCP”) System Solution Development
Telkomsel and PT Application
Solutions
October 8, 2024 -
October 7, 2029
TSA for OCS and SCP
Telkomsat and Thales Alenia Space
France ("TAS")
October 28, 2021 -
October 27, 2037
Procurement and Installation Agreement
of HTS 113BT Satellite System
Telkomsel and PT Ericsson
Indonesia
February 13, 2022 -
February 12, 2025
Procurement Agreement for CS Core
Solution ROA and TSA
Telkomsel and PT Lintas Teknologi
Indonesia
February 13, 2022 -
February 12, 2025
Procurement Agreement for CS Core
Solution ROA and TSA
Telkomsel and PT Huawei Tech
Investment
March 24, 2022 -
March 24, 2025
Procurement Agreement for GGSN
Telkomsat and Space Exploration
Technologies Corporation
("SpaceX")
April 19, 2022 -
June 30, 2025
Procurement Agreement for Launch
Service of HTS 113BT Satellite
TDI and PT Nusacipta Indonesia
July 1, 2024 -
June 12, 2025
Pilling and Cut & Fill for Bromo Project
TDE and PT ZTE Indonesia
October 14, 2024 -
October 14, 2027
Contract Agreement of General
Contractor (GC) for Delta Project Level-2
Fit Out Works
The Company and PT Master
System Infotama
December 9, 2024 -
June 6, 2025
Agreement Procurement and Installation
for Expand IP Backbone Platform Cisco
The Company and PT ZTE
Indonesia
December 12, 2024 -
September 25, 2025
Agreement Procurement and Installation
for OTN Metro (OTM) Future State
Architecture (FSA) - Platform ZTE
The Company and PT Lintas
Teknologi Indonesia
December 13, 2024 -
June 28, 2025
Agreement Procurement and Installation
for OTN Metro (OTM) Future State
Architecture (FSA) - Platform Nokia
The Company and PT Packet
Systems Indonesia
December 18, 2024 -
July 28, 2025
Agreement Procurement and Installation
for OTN Metro (OTM) Future State
Architecture (FSA) - Platform Huawei
The Company and PT Datacomm
Diangraha
December 27, 2024 -
June 28, 2025
Procurement and Installation for Multi
Service Aggregation (MSA) Platform
Nokia
The Company and PT Huawei Tech
Investment
December 31, 2024 -
June 28, 2025
Agreement Procurement and Installation
for Expand MSA, WAG, BNG, and PCEF
Wifi Platform Huawei
* Telkomsel is currently renewing this agreement.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
96
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
35.
b. Borrowings and other credit facilities
(i)
As of December 31, 2024, the Company has bank guarantee facilities for tender bonds,
performance bonds, maintenance bonds, deposit guarantee, and advance payment bonds for
various projects of the Company, as follows:
Lenders
Total facility
Maturity
Currency
Facility utilized
BRI
500
March 14, 2026
Rp
10
BNI
500
March 31, 2025
Rp
49
Bank Mandiri
500
June 21, 2025
Rp
180
Total
1,500
239
The Company has sufficient bank facilities to meet its current obligations (Note 37b.v).
(ii) As of December 31, 2024, Telkomsel has bank guarantee facilities for various projects, as
follows:
Lenders
Total facility
Maturity
Currency
Facility utilized
BRI
1,000 September 25, 2028
Rp
618
BNI
2,100 December 11, 2025
Rp
1,459
Total
3,100
2,077
Bank guarantee facility with BRI and BNI are mainly for performance bond and surety bond of
radio frequency (Note 35c.i).
(iii) Telin has a bank guarantee facilities from Bank Mandiri and BRI with a maximum credit limit
of US$25 million and US$5 million or equal to Rp403 billion and Rp81 billion, respectively.
As of December 31, 2024, there is no bank guarantee facility used.
c. Others
(i)
Radio frequency usage
With reference to Law No. 36 of 1999, the use of radio frequency spectrum and the cost of
using radio frequency are determined by the government. With reference to the Decision Letter
No. 025/TEL.01.02/2022 Year 2022 dated January 28, 2022, of the MoCI, the MoCI granted
Telkomsel the rights to provide mobile telecommunication services with radio frequency
bandwidth in the 800 MHz, 900 MHz, 1,800 MHz, 2.1 GHz and 2.3 GHz; and basic
telecommunication services.
With reference to Decision Letters No. 509 Year 2016, No. 1896 Year 2017, No. 806 Year
2019, No. 620 Year 2020, No. 178 Year 2021, No. 479 Year 2022, No. 90 Year 2023, and
No. 188 Year 2023 of the MoCI, Telkomsel is required, among other things, to:
1.
Issue a surety bond each year amounting Rp1.03 trillion for spectrum 2.3 GHz.
2.
Issue a surety bond each year amounting Rp360 billion for both spectrum 2.3 GHz
Block A and C.
3.
Issue a surety bond amounting Rp617 billion for spectrum 2.1 GHz.
4.
Pay an annual right of usage (“BHP”) as set forth in the decision letters. The BHP is
payable upon receipt of Surat Pemberitahuan Pembayaran (notification letter) from the
DGPI. The BHP fee is payable annually up to the expiry period of the license.
The following are radio frequency band licenses owned by Telkomsel along with the BHP fees
paid during current year:
1.
Radio frequency for band 800 MHz, 900 MHz, and 1,800 MHz
Based on Decree No. 620 Year 2020 of the MoCI, concerning the extension of the
determination of radio frequency bands 800 MHz, 900 MHz and 1,800 MHz, Telkomsel
should pay annual frequency usage fees from 2020 to 2030.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
97
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(i)
Radio frequency usage (continued)
2.
Radio frequency for band up to 2.1 GHz
License No.
Description
Decree No. 90 Year 2023 of
the MoCI amd. Decree No. 76
Year 2023 of the MoCI
On February 27, 2023, Telkomsel was granted to
utilize the annual radio frequency license for band
1,975 - 1,980 MHz paired with 2,165 - 2,170 MHz until
March 18, 2033.
Decree No. 509 Year 2016 of
the MoCI amd. Decree No. 76
Year 2023 of the MoCI
MoCI granted the extension of the radio frequency
license for band 1,970 - 1,975 MHz paired with 2,160
- 2,165 MHz until March 28, 2026.
Decree No. 806 Year 2019 of
the MoCI amd. Decree No. 76
Year 2023 of the MoCI
MoCI granted the extension of the radio frequency
license for band 1,965 - 1,970 MHz paired with 2,155
- 2,160 MHz until September 30, 2029.
Decree No. 479 Year 2022 of
the MoCI amd. Decree No. 76
Year 2023 of the MoCI
Telkomsel as the winner of auction and was granted to
utilize the radio frequency license for band 1,960 -
1,965 MHz paired with 2,150 - 2,155 MHz effective
from January 11, 2023 until January 10, 2033.
3.
Radio frequency for band up to 2.3 GHz
License No.
Description
Decree No. 1896 Year 2017
of the MoCI
Telkomsel was appointed to use the radio frequency
license for band 2,300 - 2,330 Mhz until 2026.
Decree No. 178 Year 2021 of
the MoCI
Telkomsel as the winner to utilize the radio frequency
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
the MoCI amd. Decree No. 92
Year 2023 of the MoCI
On November 18, 2022, Telkomsel received a right to
use reallocated radio frequency license for band
2,340 - 2,355 MHz paired with 2,330 - 2,360 MHz until
November 17, 2029.
Decree No. 188 Year 2023 of
the MoCI
On April 18, 2023, Telkomsel was granted an approval
to allocate part of the rights-of-use of 2.3 GHz radio
frequency spectrum to PT Smart Telecom.
(ii) Radio frequency spectrum cooperation agreement
The MoCI has given approval to Telkomsel for a cooperation on the use of radio frequency
spectrum with KCIC through a letter No. B-171/M.KOMINFO/SP.01.01/03/2023 dated
March 17, 2023, regarding the Cooperation Agreement on the Use of Radio Frequency
Spectrum in the range of 891 - 895 MHz paired with 936 - 940 MHz, with a period up to
December 14, 2030.
As result from this agreement, KCIC shall pay to the Company several compensations, which
are annual utilization fees totaling Rp878 billion, network recovery fee of Rp1,250 billion, as
well as incremental operational and maintenance costs.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
98
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(iii) Supplier of Google product cooperation agreement
On November 10, 2022, Sigma and PT Google Cloud Indonesia (“Google”) signed a
cooperation agreement which authorizes Sigma as a supplier of Google products. This
Agreement requires Sigma to meet certain minimum purchase commitments for Google
products over a three-year period. Sigma is obliged to pay the difference between the actual
value of Google product purchases and the minimum commitment.
(iv) Conditional Sale and Purchase Agreement of Telkomsel with PT Dhost Telekomunikasi
Nusantara (”Dhost”)
On June 26, 2024, Telkomsel entered into a Conditional Sale and Purchase Agreement with
Dhost for the sale of 850 units in-building telecommunication coverage antenna system (“IBS”)
with total consideration of Rp685 billion. Subsequently, 689 units of the IBS were utilized by
Dhost to provide in-building coverage service to Telkomsel. Telkomsel has assessed this
transaction does not meet the sale and leaseback criteria under PSAK 116 and recognized a
gain on sale of Rp642 billion.
(v) USO
On December 27, 2011, Telkomsel (on behalf of Konsorsium Telkomsel, a consortium which
was established with Mitratel on December 9, 2011) was selected by Balai Penyedia dan
Pengelola Pembiayaan Telekomunikasi dan Informatika (“BPPPTI”), now has been renamed
as Badan Aksesibilitas Telekomunikasi dan Informasi (“BAKTI”) as a provider of the USO
Program in the border areas with a total price of Rp261 billion. In 2015, the Program was
ceased. In January 2016, Telkomsel filed an arbitration claim to BANI for the settlement of the
outstanding receivables of USO Programs.
On June 22, 2017, Telkomsel received a decision letter from BANI No. 792/1/ARB-BANI/2016
requesting BAKTI to pay compensation to Telkomsel amounting to Rp218 billion, and as of
the date of the issuance of these consolidated financial statements Telkomsel has received
the payment from BAKTI amounting to Rp91 billion (before tax) and no additional payment.
The MoCI issued Regulation No. 5 Year 2021 dated March 31, 2021, which replaced previous
regulations regarding policies underlying the USO program. The regulation requires
telecommunications operators in Indonesia to contribute 1.25% of gross revenues (with due
consideration for bad debts and/or interconnection charges and/or connection charges and/or
the exclusion of certain revenues that are not considered as part of gross revenues as a basis
to calculate the USO charged) for USO development.
Based on Decree No. 827/KOMINFO/BAKTI.31/KS.1/10/2021 dated October 4, 2021,
of BAKTI granted Telkomsel as operating cooperation partners (“KSO”) for eight packages
KSO, which cover Nusa Tenggara, Kalimantan, Sulawesi, Maluku, West Papua, West Central
Papua, North Central Papua and South East Papua for period from 2021 until 2031.
(vi) Contingency
Under PSAK 237: Provisions, Contingent Liabilities And Contingent Assets, a provision should
be recognized when there is a present obligation (legal or constructive) arising from a past
event, an outflow of economic benefits to settle the obligation is probable (more likely than
not), and the amount can be reliably estimated.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
99
35. SIGNIFICANT COMMITMENTS, AGREEMENTS, AND OTHERS (continued)
c. Others (continued)
(vi) Contingency (continued)
In October 2023, the Group received a document request from the U.S. Securities and
Exchange Commission (“SEC”) as it relates to Telkom Infra’s involvement in a project with the
Indonesian Information and Telecommunication Accessibility Agency of the Ministry of
Communication and Informatics (“BAKTI Kominfo”) regarding the provision of 4G Base
Transceiver Station (“BTS”) infrastructure. The SEC has since expanded its investigation to
include accounting and disclosures issues relating to the Group's revenue recognition and
financial reporting practices and internal control over financial reporting, as well as public
reports regarding certain Indonesian legal proceedings involving the Group, various
subsidiaries and affiliates, and certain of the Group's clients and suppliers. Beginning in May
2024, the Group also received additional requests for information from the U.S. Department
of Justice (“DOJ”) focused on compliance with the U.S. Foreign Corrupt Practices Act
(“FCPA”). Each U.S. authority is aware of the other agency’s investigation. As at December
31, 2024, the SEC’s and DOJ’s investigations are ongoing. The Group is cooperating with the
U.S. authorities and has retained outside counsel to conduct an internal investigation into
these issues which is ongoing.
For the above mentioned requests from the SEC on project with BAKTI Kominfo and the DOJ
on compliance with FCPA, the Group is currently unable to estimate the reasonably possible
loss or a range of reasonable possible loss as the requests are in the early stages, and there
is considerable uncertainty regarding the timing or ultimate resolution of such investigations,
which includes fine, penalty or business impact, if any.
For the above mentioned investigation on the Group’s accounting and disclosure issues
relating to revenue recognition and financial reporting practices and internal control over
financial reporting, based on the Group’s assessment up to the date of the issuance of the
consolidated financial statements, the Group currently does not believe that the above
mentioned investigation will have a material adverse effect on its December 31, 2023 and
2024 consolidated financial statements.
It is possible, however, that future financial performance could be materially affected by
changes in the assessments to the impacts to the above mentioned requests from the SEC
on project with BAKTI Kominfo and the DOJ on compliance with FCPA and investigation on
the Group’s accounting and disclosure issues.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
100
36. ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
Assets and liabilities denominated in foreign currencies are as follows:
2024
US Dollar
Japanese Yen
Others*
Rupiah equivalent
(in millions)
(in millions)
(in millions)
(in billions)
Assets
Cash and cash equivalents
475.58
5.62
12.97
7,885
Other current financial assets
18.19
-
0.06
295
Trade receivables
Related parties
0.19
-
0.01
3
Third parties
134.77
-
18.64
2,479
Contract assets
2.77
-
-
45
Other receivables
1.09
-
-
18
Other current assets
2.05
-
0.31
38
Long-term investment in financial instruments
389.31
-
12.28
6,464
Other non-current assets
0.42
-
2.90
53
Total assets
1,024.37
5.62
47.17
17,280
Liabilities
Trade payables
Related parties
(0.01)
-
-
0
Third parties
(127.43)
(17.95)
(3.45)
(2,119)
Other payables
3.76
-
(8.00)
(70)
Accrued expenses
(13.90)
-
(1.83)
(254)
Customer deposits
(2.72)
-
(0.27)
(47)
Current maturities of long-term borrowings
(9.33)
-
(0.28)
(155)
Long-term borrowings - net of current maturities
(24.65)
-
(1.47)
(422)
Other liabilities
(0.09)
-
(0.05)
(2)
Total liabilities
(174.37)
(17.95)
(15.35)
(3,069)
Assets (liabilities) - net
850.00
(12.33)
31.82
14,211
2023
US Dollar
Japanese Yen
Others*
Rupiah equivalent
(in millions)
(in millions)
(in millions)
(in billions)
Assets
Cash and cash equivalents
263.35
5.66
16.23
4,271
Other current financial assets
27.15
-
-
419
Trade receivables
Related parties
0.14
-
0.03
2
Third parties
152.98
-
11.71
2,525
Contract assets
6.90
-
-
107
Other receivables
0.51
-
1.10
25
Other current assets
1.40
-
2.61
34
Long-term investment in financial instruments
376.76
-
5.90
5,902
Other non-current assets
0.35
-
0.49
14
Total assets
829.54
5.66
38.07
13,299
Liabilities
Trade payables
Related parties
(0.14)
-
-
(2)
Third parties
(164.46)
(26.73)
(10.42)
(2,677)
Other payables
2.32
-
(7.73)
(55)
Accrued expenses
(32.26)
(2.61)
(4.53)
(549)
Customer deposits
(2.93)
-
(0.14)
(47)
Current maturities of long-term borrowings
(11.29)
(767.90)
(0.25)
(262)
Long-term borrowings - net of current maturities
(31.89)
-
(1.62)
(516)
Other liabilities
(0.09)
-
-
(1)
Total liabilities
(240.74)
(797.24)
(24.69)
(4,109)
Assets (liabilities) - net
588.80
(791.58)
13.38
9,190
*Assets and liabilities denominated in other foreign currencies are presented as US Dollar equivalents using the buy and sell rates quoted by
Reuters prevailing at the end of the reporting period.
The Group’s activities expose them to a variety of financial risks, including the effects of changes in
debt and equity market prices, foreign currency exchange rates, and interest rates.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
101
37. FINANCIAL INSTRUMENTS
a. Financial assets and financial liabilities
i.
Classification
(a) Financial assets
2024
2023
Amortized cost
Cash and cash equivalents
33,905
29,007
Other current financial assets
1,196
1,359
Trade receivables
12,193
10,667
Other receivables
621
266
Other non-current assets
165
155
FVTPL
Long-term investment in financial instruments
8,174
8,028
Other current financial assets
89
302
FVTOCI
Long-term investment in financial instruments
51
25
Total financial assets
56,394
49,809
(b) Financial liabilities
2024
2023
Financial liabilities measured at amortized cost
Trade payables
15,336
18,608
Other payables
454
441
Accrued expenses
14,192
13,079
Customers deposits
41
42
Short-term bank loans
11,525
9,650
Two-step loans
-
84
Bonds and MTN
5,043
5,343
Long-term bank loans
36,341
32,260
Other borrowings
-
362
Lease liabilities
23,959
20,425
Other liabilities
104
141
Total financial liabilities
106,995
100,435
ii.
Fair values
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant:
Fair value measurement at reporting date using
Quoted prices in
active markets
Significant
for identical
other
Significant
assets or
observable
unobservable
Carrying
liabilities
inputs
inputs
2024
value
Fair value
(level 1)
(level 2)
(level 3)
FVTPL
Other current financial assets
89
89
89
-
-
Long-term investment in financial instruments
8,174
8,174
1,668
-
6,506
FVTOCI
Long-term investment in financial instruments
51
51
-
-
51
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Bonds and MTN
5,043
5,669
5,669
-
-
Long-term bank loans
36,341
36,472
-
-
36,472
Lease liabilities
23,959
23,959
-
-
23,959
Other liabilities
104
104
-
-
104
Total
73,761
74,518
7,426
-
67,092
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
102
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii. Fair values (continued)
The following table presents comparison of the carrying amounts and fair values of the
Company’s financial instruments, other than those the fair values are considered to
approximate their carrying amounts as the impact of discounting is not significant (continued):
Fair value measurement at reporting date using
Quoted prices in
active markets
Significant
for identical
other
Significant
assets or
observable
unobservable
Carrying
liabilities
inputs
inputs
December 31, 2023
value
Fair value
(level 1)
(level 2)
(level 3)
FVTPL
Other current financial assets
302
302
302
-
-
Long-term investment in financial instruments
8,028
8,028
2,056
-
5,972
FVTOCI
Long-term investment in financial instruments
25
25
-
-
25
Financial liabilities at amortized cost
Interest-bearing loans and other borrowings:
Two-step loans
84
83
-
-
83
Bonds and MTN
5,343
6,120
5,586
-
534
Long-term bank loans
32,260
31,473
-
-
31,473
Other borrowings
362
362
-
-
362
Lease liabilities
20,425
20,425
-
-
20,425
Other liabilities
141
141
-
-
141
Total
66,970
66,959
7,944
-
59,015
Gain on fair value measurement recognized in consolidated statements of profit or loss and
other comprehensive income for the year ended December 31, 2024 amounting to
Rp578 billion.
Reconciliations of the beginning and ending balances for items measured at fair value using
significant unobservable inputs (level 3) as of December 31, 2024 and 2023 are as follows:
2024
2023
Beginning balance
5,997
6,358
Gain (loss) recognized in consolidated statement
of profit or loss and other comprehensive income
578
(687)
Purchase/addition
49
330
Settlement/deduction
(67)
(4)
Ending balance
6,557
5,997
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
103
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii.
Fair values (continued)
Sensitivity Analysis
The following table summarizes the quantitative information about the significant unobservable
inputs used in level 3 fair value measurements:
Industry
Valuation
technique
Significant
unobservable
input
Range
(weighted average)
Sensitivity of the input of fair
value
Investment in equity
Non-listed equity investment -
technology
OPM Backsolve
method
Volatility
27% - 80%
10% increase (decrease) in the
percentage of volatility would
result in an increase (decrease)
Rp34 billion of the Investment
value
Exit timing
1 - 6 Years
Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp50 billion of the
Investment value
CoCos Equity
Volatility
19.18% - 119.76%
10% increase (decrease) in the
percentage of volatility would
result in an increase (decrease)
Rp36 billion of the Investment
value
Exit timing
1 - 6 Years
Increase (decrease) in 1 year exit
timing would result in an increase
(decrease) Rp61 billion of the
Investment value
Probability-
weighted Method
Volatility
60% - 80%
10% increase (decrease) in the
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
33% - 100%
10% increase (decrease) in the
percentage of volatility would
result in an increase (decrease)
Rp2 billion of the Investment value
Time to liquidity
1.3 - 4.3 Years
Increase (decrease) in 1 year time
to liquidity would result in an
increase (decrease) Rp4 billion of
the Investment value
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
104
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
ii.
Fair values (continued)
Sensitivity Analysis (continued)
The following table summarizes the quantitative information about the significant unobservable
inputs used in level 3 fair value measurements (continued):
Industry
Valuation
technique
Significant
unobservable
input
Range
(weighted
average)
Sensitivity of the input of fair value
Investment in equity
Non-listed equity investment -
credit rating agency
Discounted cash
flow
Weighted Average
Cost of Capital
("WACC")
12% - 24%
1%
decrease
(increase)
in
the
percentage of WACC would result in an
increase (decrease) Rp13 billion of the
Investment value
Terminal growth rate
1% - 5%
1% increase (decrease) in terminal
growth rate would result in an increase
(decrease) Rp8 billion of the Investment
value
Non-listed equity investment -
telecommunication
Discounted cash
flow
WACC
3.2% - 14.7% 0.5% decrease (increase) in WACC
would result in an increase (decrease)
Rp0 billion of the Investment value
Terminal growth rate
1.96% - 3.1% 1% increase (decrease) in terminal
growth rate would result in an increase
(decrease) Rp0 billion of the Investment
value
Convertible bonds
Non-listed equity investment -
technology
Conversion
discount
Probability of
qualified financing
50%
50% increase (decrease) in probability
of qualified financing would result in an
increase (decrease) Rp1 billion of the
Investment value
iii.
Fair value measurement
Fair value is the amount for which an asset could be exchanged, or a liability settled, between
parties in an arm's length transaction.
The fair values of short-term financial assets and financial liabilities with maturities of one year
or less (cash and cash equivalents, trade and other receivables, other current financial assets,
trade and other payables, accrued expenses, and short-term bank loans) and other non-
current assets are considered to approximate their carrying amounts as the impact of
discounting is not significant.
The fair values of long-term financial assets (other non-current assets (long-term trade
receivables and restricted cash)) approximate their carrying amounts as the impact of
discounting is not significant.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
105
37. FINANCIAL INSTRUMENTS (continued)
a. Financial assets and financial liabilities (continued)
iii.
Fair value measurement (continued)
The Group determined the fair value measurement for disclosure purposes of each class of
financial assets and financial liabilities based on the following methods and assumptions:
(a) Fair value through profit or loss, primarily consists of stocks, mutual funds, corporate and
government bonds, and convertible bonds. Stocks and mutual funds actively traded in an
established market are stated at fair value using quoted market price or, if unquoted,
determined using a valuation technique. The fair value of convertible bonds and
subsidiaries investments (non-listed equity investments) are determined using valuation
technique. Corporate and government bonds are stated at fair value by reference to
prices of similar securities at the reporting date.
(b) The fair values of long-term financial liabilities are estimated by discounting the future
contractual cash flows of each liability at rates offered to the Group for similar liabilities of
comparable maturities by the bankers of the Group, except for bonds which are based on
market price.
The fair value estimates are inherently judgemental and involve various limitations, including:
(a) Fair values presented do not take into consideration the effect of future currency
fluctuations.
(b) Estimated fair values are not necessarily indicative of the amounts that the Group would
record upon disposal/termination of the financial assets and liabilities.
b. Financial risk management objectives and policies
The Group’s activities expose it to a variety of financial risks such as market risks (including foreign
exchange risk, market price risk, and interest rate risk), credit risk, and liquidity risk. Overall, the
Group’s financial risk management program is intended to minimize losses on the financial assets
and financial liabilities arising from fluctuation of foreign currency exchange rates and the
fluctuation of interest rates. Management has a written policy on foreign currency risk management
mainly on time deposit placements and hedging to cover foreign currency risk exposures for periods
ranging from 3 up to 12 months.
Financial risk management is carried out by the Group Financial Accounting & Treasury unit under
policies approved by the Board of Directors. The Group Financial Accounting & Treasury unit
identifies, evaluates and hedges financial risks.
i.
Foreign exchange risk
The Group is exposed to foreign exchange risk on sales, purchases and borrowings that are
denominated in foreign currencies. The foreign currency denominated transactions are
primarily in U.S. Dollars and Japanese Yen. The Group’s exposures to other foreign exchange
rates are not material.
Increasing risks of foreign currency exchange rates on the obligations of the Group are
expected to be partly offset by the effects of the exchange rates on time deposits and
receivables in foreign currencies that are equal to at least 25% of the outstanding current
foreign currency liabilities.
The following table presents the Group’s financial assets and financial liabilities exposure to
foreign currency risk:
2024
2023
U.S. Dollar Japanese Yen U.S. Dollar Japanese Yen
(in billions)
(in billions) (in billions)
(in billions)
Financial assets
1.02
0.01
0.83
0.01
Financial liabilities
(0.17)
(0.02)
(0.24)
(0.80)
Net exposure
0.85
(0.01)
0.59
(0.79)
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
106
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
i.
Foreign exchange risk (continued)
Sensitivity analysis
A strengthening of the US Dollar and Japanese Yen, as indicated below, against the Rupiah
at December 31, 2024 would have decreased equity and profit or loss by the amounts shown
below. This analysis is based on foreign currency exchange rate variances that the Group
considered to be reasonably possible at the reporting date. The analysis assumes that all other
variables, in particular interest rates, remain constant.
Equity/profit (loss)
December 31, 2024
U.S. Dollar (1% strengthening)
137
Japanese Yen (5% strengthening)
(0)
A weakening of the U.S. Dollar and Japanese Yen against the Rupiah at December 31, 2024,
would have had an equal but opposite effect on the above currencies to the amounts shown
above, on the basis that all other variables remain constant.
ii.
Market price risk
The Group is exposed to changes in debt and equity market prices related to financial assets
measured at FVTPL carried at fair value. Gains and losses arising from changes in the fair
value of financial assets measured at FVTPL are recognized in the consolidated statements
of profit or loss and other comprehensive income.
The performance of the Group’s financial assets measured at FVTPL is monitored periodically,
together with a regular assessment of their relevance to the Group’s long-term strategic plans.
As of December 31, 2024, management considered the price risk for the Group’s financial
assets measured at FVTPL to be immaterial in terms of the possible impact on profit or loss
and total equity from a reasonably possible change in fair value.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
107
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
iii.
Interest rate risk
Interest rate fluctuation is monitored to minimize any negative impact to financial performance.
Borrowings at variable interest rates expose the Group to interest rate risk (Notes 18 and 19).
To measure market risk pertaining to fluctuations in interest rates, the Group primarily uses
interest margin and maturity profile of the financial assets and liabilities based on changing
schedule of the interest rate.
At reporting date, the interest rate profile of the Group’s interest-bearing borrowings was as
follows:
2024
2023
Fixed rate borrowings
48,097
38,386
Variable rate borrowings
28,771
29,738
Sensitivity analysis for variable rate borrowings
As of December 31, 2024, a decrease (increase) by 25 basis points in interest rates of variable
rate borrowings would have increased (decreased) equity and profit or loss by Rp72 billion,
respectively. The analysis assumes that all other variables, in particular foreign currency rates,
remain constant.
iv.
Credit risk
The following table presents the maximum exposure to credit risk of the Group’s financial
assets:
2024
2023
Cash and cash equivalents
33,905
29,007
Other current financial assets
1,285
1,661
Trade receivables
12,193
10,667
Other receivables
621
266
Other non-current assets
165
155
Total
48,169
41,756
The Group is exposed to credit risk primarily from cash and cash equivalents and trade and
other receivables. The credit risk is controlled by continuous monitoring of outstanding balance
and collection. Credit risk from balances with banks and financial institutions is managed by
the Group Financial Accounting & Treasury Unit in accordance with the Group’s written policy.
The Group placed the majority of its cash and cash equivalents in state-owned banks because
they have the most extensive branch networks in Indonesia and are considered to be
financially sound banks, as they are owned by the State. Therefore, it is intended to minimize
financial loss through banks and financial institutions’ potential failure to make payments.
The customer credit risk is managed by continuous monitoring of outstanding balances and
collection. Trade and other receivables do not have any major concentration of risk whereas
no customer receivable balance exceeds 5.76% of trade receivables as of December 31, 2024
(2023: 3.53%).
Management is confident in its ability to continue to control and sustain minimal exposure to
the customer credit risk given that the Group has recognized sufficient provision for impairment
of receivables to cover incurred loss arising from uncollectible receivables based on existing
historical data on credit losses.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
108
37. FINANCIAL INSTRUMENTS (continued)
b. Financial risk management objectives and policies (continued)
v.
Liquidity risk
Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities
when they become due.
Prudent liquidity risk management implies maintaining sufficient cash in order to meet the
Group’s financial obligations. The Group continuously performs an analysis to monitor
financial position ratios, such as liquidity ratios and debt-to-equity ratios, against debt covenant
requirements. The Group has a net current liabilities position as of December 31, 2024, and
is expected to meet its current obligations by having access to sufficient undrawn bank
facilities amounted to Rp45,762 billion and US$73 million (Note 19c).
The following is the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments:
Carrying Contractual
2029 and
amount cash flows
2025
2026
2027
2028
thereafter
2024
Trade payables
15,336
(15,336)
(15,336)
-
-
-
-
Other payables
454
(454)
(454)
-
-
-
-
Accrued expenses
14,192
(14,192)
(14,192)
-
-
-
-
Customer deposits
41
(41)
(41)
-
-
-
-
Interest bearing loans and
other borrowings:
Short-term bank loans
11,525
(11,525)
(11,525)
-
-
-
-
Bonds and MTN
5,043
(9,307)
(2,763)
(296)
(296)
(297)
(5,655)
Long-term bank loans
36,341
(42,701)
(15,419)
(8,442)
(6,086)
(4,955)
(7,799)
Lease liabilities
23,959
(29,261)
(6,824)
(4,597)
(3,656)
(3,152)
(11,032)
Other liabilities
104
(120)
(6)
(29)
(29)
(28)
(28)
Total
106,995
(122,937)
(66,560)
(13,364)
(10,067)
(8,432)
(24,514)
Carrying Contractual
2028 and
amount cash flows
2024
2025
2026
2027
thereafter
2023
Trade payables
18,608
(18,608)
(18,608)
-
-
-
-
Other payables
441
(441)
(441)
-
-
-
-
Accrued expenses
13,079
(13,079)
(13,079)
-
-
-
-
Customer deposits
42
(42)
(42)
-
-
-
-
Interest bearing loans and
other borrowings:
Short-term bank loans
9,650
(9,650)
(9,650)
-
-
-
-
Two-step loans
84
(85)
(85)
-
-
-
-
Bonds and MTN
5,343
(10,163)
(1,086)
(2,574)
(293)
(293)
(5,917)
Long-term bank loans
32,260
(38,386)
(11,194)
(8,090)
(6,901)
(4,569)
(7,632)
Other borrowings
362
(370)
(370)
-
-
-
-
Lease liabilities
20,425
(24,498)
(6,614)
(3,564)
(3,073)
(2,573)
(8,674)
Other liabilities
141
(146)
(4)
(36)
(36)
(35)
(35)
Total
100,435
(115,468)
(61,173)
(14,264)
(10,303)
(7,470)
(22,258)
The difference between the carrying amount and the contractual cash flows is interest value.
The interest value of variable-rate borrowings are determined based on the effective interest
rates as of reporting date.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
109
38. CAPITAL MANAGEMENT
The capital structure of the Group is as follows:
2024
2023
Amount
Portion
Amount
Portion
Short-term debts
11,525
5.26%
9,650
4.73%
Long-term debts
65,343
29.85%
58,474
28.68%
Total debts
76,868
35.11%
68,124
33.41%
Equity attributable to owners
of the parent company
142,094
64.89%
135,744
66.59%
Total
218,962
100.00%
203,868
100.00%
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a
going concern in order to provide returns for stockholders and benefits to other stakeholders and to
maintain an optimum capital structure to minimize the cost of capital.
Periodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts
with new ones with have more efficient cost that will lead to more optimized cost-of-debt. In case of
idle cash with limited investment opportunities, the Group will consider buying back its shares of stock
or paying dividend to its stockholders.
In addition to complying with loan covenants, the Group also maintains its capital structure at the level
it believes will not risk its credit rating and which is comparable with its competitors.
Debt-to-equity ratio (comparing net interest-bearing debt to total equity) is a ratio which is monitored
by management to evaluate the Group’s capital structure and review the effectiveness of the Group’s
debts. The Group monitors its debt levels to ensure the debt-to-equity ratio complies with or is below
the ratio set out in its contractual borrowings arrangements and that such ratio is comparable or better
than that of regional area entities in the telecommunications industry.
The Group’s debt-to-equity ratio as of December 31, 2024 and 2023, respectively, were as follows:
2024
2023
Total interest-bearing debts
76,868
68,124
Less: cash and cash equivalents
(33,905)
(29,007)
Net debts
42,963
39,117
Total equity attributable to owners
of the parent company
142,094
135,744
Net debt-to-equity ratio
30.24%
28.82%
As stated in Note 19, the Group is required to maintain a certain debt-to-equity ratio and debt service
coverage ratio by the lenders. For the years ended December 31, 2024 and 2023, the Group has
complied with externally imposed capital requirements.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
110
39. SUPPLEMENTAL CASH FLOWS INFORMATION
a. The non-cash investing activities for the years ended December 31, 2024 and 2023 are as follows:
2024
2023
Acquisition of property and equipment:
Credited to trade payables
2,251
3,905
Borrowing cost capitalization
98
124
Addition of right-of-use assets:
Credited to leases (Note 12)
10,421
10,390
Acquisition of intangible assets:
Credited to trade payables
339
479
b. The changes in liabilities arising from financing activities is as follows:
Non-cash changes
Foreign exchange
Other
January 1, 2024 Cash flows Acquisition
movement
New leases Changes December 31, 2024
Short-term bank loans
9,650
1,875
-
-
-
-
11,525
Two step loans
84
(100)
-
16
-
-
-
Bonds
5,343
(300)
-
-
-
-
5,043
Long-term bank loans
32,260
3,933
148
7
-
(7)
36,341
Other borrowings
362
(362)
-
-
-
-
-
Lease liabilities
20,425
(7,387)
-
29
10,421
471
23,959
Total liabilities from
financing activities
68,124
(2,341)
148
52
10,421
464
76,868
40. SUBSEQUENT EVENTS
1. On January 10, 2025, February 10, 2025, and March 10, 2025, Telkomsel has partially paid the
outstanding long-term loans to Bank Mandiri totaling to Rp4,000 billion.
2. Based on Notarial Deed of Jose Dima Satria, S.H., M.Kn., No. 121, dated March 22, 2025, the
Government transferred its ownership of 51,602,353,559 Series B shares, representing 52.09% of
the Company's total shares, to PT Biro Klasifikasi Indonesia (“BKI”) through “inbreng” capital
contribution. This share transfer was conducted in accordance with prevailing legal regulations,
specifically Government Regulation Number 15 Year 2025 regarding the Addition of Capital
Participation of the Republic of Indonesia into the Share Capital of BKI for the Establishment of an
Operational Holding, and Government Regulation Number 16 Year 2025 regarding the Addition of
State Capital Participation of the Republic of Indonesia into the Daya Anagata Nusantara
Investment Management Agency (“Danantara”). BKI, as the transferee, serves as the Operational
Holding Company, with all of its shares owned by the Government through the Minister of State-
Owned Enterprises and Danantara. The Government retains its position as the Company's Ultimate
Beneficial Owner through its direct ownership of 1 Series A Dwiwarna share with special rights and
its indirect ownership of BKI's Series B shares through Danantara.
3. On April 17, 2025, the Company announced plans to conduct shares buyback which is planned to
be carried out during the period from May 28, 2025 to May 27, 2026, with a maximum amount of
Rp3,000 billion.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
111
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”)
These are summary of significant differences between PSAK and IFRS for the year 2024.
Impact of significant differences between PSAK and IFRS on items in consolidated statements of
financial position as of December 31, 2024 were as follows:
Reference
PSAK
Reconciliation
IFRS
ASSETS
Trade receivables - net allowance for
expected credit losses
Related parties
b
2,350
655
3,005
Third parties
b
9,843
(655)
9,188
Other current assets
8,174
14
8,188
Total Current Assets
63,080
14
63,094
Property and equipment - net of accumulated depreciation
a
180,566
(1,981) 178,585
Right-of-use asset
a,d
26,910
1,561
28,471
Deferred tax assets - net
d
3,409
28
3,437
Total Non-current Assets
236,595
(392) 236,203
TOTAL ASSETS
299,675
(378) 299,297
LIABILITIES AND EQUITY
Trade payables
Related parties
b
626
2,634
3,260
Third parties
b
14,710
(2,634)
12,076
Current maturities of lease liabilities
d
5,491
(44)
5,447
Total Current Liabilities
76,767
(44)
76,723
Lease liabilities
d
18,468
10
18,478
Total Non-current Liabilities
60,418
10
60,428
TOTAL LIABILITIES
137,185
(34) 137,151
EQUITY
Additional paid-in capital
c
2,310
(333)
1,977
Other equity
c
9,898
(9,139)
759
Retained earnings
c
124,933
9,266 134,199
Net equity attributable to owners of the parent company
d
142,094
(206) 141,888
Non-controlling interests
d
20,396
(138)
20,258
TOTAL EQUITY
162,490
(344) 162,146
TOTAL LIABILITIES AND EQUITY
299,675
(378) 299,297
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
112
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
Impact of significant differences between PSAK and IFRS on items in consolidated statements of profit
or loss and other comprehensive income for the year ended December 31, 2024 were as follows:
Reference
PSAK
Reconciliation
IFRS
Depreciation and amortization expenses
a,d
(32,643)
47
(32,596)
Other income - net
d
281
(29)
252
OPERATING PROFIT
42,991
18
43,009
Finance cost
d
(5,208)
(13)
(5,221)
PROFIT BEFORE INCOME TAX
39,153
5
39,158
INCOME TAX (EXPENSE) BENEFIT
(8,410)
(23)
(8,433)
PROFIT FOR THE YEAR
30,743
(18)
30,725
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
31,638
(18)
31,620
Profit for the year attributable to:
Owners of the parent company
23,649
(38)
23,611
Non-controlling interests
7,094
20
7,114
Total comprehensive income for the year attributable to:
Owners of the parent company
24,434
(38)
24,396
Non-controlling interests
7,204
20
7,224
BASIC EARNING PER SHARE
(in full amount)
Net income per share
238.73
(0.38)
238.35
Net income per ADS (100 Series B shares per ADS)
23,872.88
(38.36) 23,834.52
a. Land rights
Under PSAK, land rights are recorded as part of property and equipment and are not amortized,
unless there is indication that the extension or renewal of land rights is not expected to be or will
not be received. Costs incurred to process the extension or renewal of land legal rights are
recognized as intangible assets and amortized over the shorter of the term of the land rights or the
economic life of the land.
Under IFRS, land rights are accounted and presented as part of right-of-use assets. Land rights
amortized over the lease period.
b. Related party transactions
Under Bapepam-LK Regulation No. VIII.G.7 regarding the Presentation and Disclosures of
Financial Statements of Issuers or Public Companies, a government-related entity is an entity that
is controlled, jointly controlled, or significantly influenced by a government. Government in this
context is the Ministry of Finance or the Local Government, as the shareholder of the entity.
Under IFRS, a government-related entity is an entity that is controlled, jointly controlled, or
significantly influenced by a government. Government in this context refers to the Government of
Indonesia, Government agencies, and similar bodies whether local, national, or international.
These consolidated financial statements are originally issued in the Indonesian language.
PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk. AND ITS SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2024 and For the Year Then Ended
(Amounts in the tables are expressed in billions of Rupiah, unless otherwise stated)
113
41. SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN PSAK AND INTERNATIONAL
FINANCIAL REPORTING STANDARDS (“IFRS”) (continued)
c. Differences in entities under common control restructuring transactions
According to PSAK, the difference between restructuring transactions between entities under
common control is included in the grouping of additional paid-in capital in equity. Meanwhile,
according to IFRS, the difference in restructuring transactions between entities under common
control is included in the grouping of retained earnings.
d. Timing difference in applying accounting standards
The Group applied PSAK 116 Leases starting from January 1, 2020. It is equivalent with accounting
standards in IFRS 16 Leases which was implemented in the beginning January 1, 2019. Timing
difference in applying accounting standard results in differences in some of accounts in the
consolidated financial statements.
This page is intentionally left blank.
Program Pendanaan
Usaha Mikro dan Usaha Kecil
Perusahaan Perseroan (Persero)
PT Telekomunikasi
Indonesia Tbk
Financial statements
as of December 31, 2024
for the year then ended with
independent auditor’s report
The original financial statements included herein are in
Indonesian language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN KEUANGAN
TANGGAL 31 DESEMBER 2024
DAN UNTUK TAHUN YANG BERAKHIR PADA
TANGGAL TERSEBUT
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2024
AND FOR YEAR THEN ENDED
Daftar Isi
Table of Contents
Halaman/
Pages
Surat Pernyataan Senior General Manager
Statement of Senior General Manager
Social Responsibility (SGM SR)
Social Responsibility (SGM SR)
Laporan Auditor Independen
Independent Auditor’s Report
Laporan Posisi Keuangan .............................................
1
................................ Statement of Financial Position
Laporan Penghasilan Komprehensif ..............................
2
.......................Statement of Comprehensive Income
Laporan Perubahan Aset Neto ......................................
3
........................ Statement of Changes in Net Assets
Laporan Arus Kas .........................................................
4
......................................... Statement of Cash Flows
Catatan Atas Laporan Keuangan .................................. 5 - 24 ............................ Notes to the Financial Statements
************************
i
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025
Pemegang
Saham,
Dewan
Komisaris
dan
Direksi
Perusahaan
Perseroan
(Persero)
PT Telekomunikasi Indonesia Tbk
Pengelola Program Pendanaan Usaha Mikro dan
Usaha
Kecil
(Social
Responsibility
Center
sebelumnya Community Development Center)
Perusahaan
Perseroan
(Persero)
PT Telekomunikasi Indonesia Tbk
Independent Auditor’s Report
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025
The Shareholders and Boards of Commissioners
and Directors Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk
Management of Program Pendanaan Usaha Mikro
dan Usaha Kecil (Social Responsibility Center
formerly
Community
Development
Center)
Perusahaan Perseroan (Persero)
PT Telekomunikasi Indonesia Tbk
Opini
Opinion
Kami
telah
mengaudit
laporan
keuangan
Program Pendanaan Usaha Mikro dan Usaha
Kecil (Social Responsibility Center sebelumnya
Community
Development
Center)
Perusahaan
Perseroan
(Persero)
PT
Telekomunikasi
Indonesia
Tbk
(“SRC”)
terlampir, yang terdiri dari laporan posisi
keuangan tanggal 31 Desember 2024, serta
laporan
penghasilan
komprehensif,
laporan perubahan aset neto dan laporan arus kas
untuk tahun yang berakhir pada tanggal tersebut,
dan catatan atas laporan keuangan, termasuk
ikhtisar kebijakan akuntansi material.
We have audited the accompanying
financial
statements of Program Pendanaan Usaha Mikro
dan Usaha Kecil (Social Responsibility Center
formerly
Community
Development
Center)
Perusahaan
Perseroan
(Persero)
PT Telekomunikasi Indonesia Tbk (“ SRC”), which
comprise of statement financial position as of
December 31, 2024, and the statements of
comprehensive income, changes in net assets and
cashflows for the year then ended, and notes to the
financial statements, including a summary of
material accounting policies.
Menurut opini kami, laporan keuangan terlampir
menyajikan secara wajar, dalam semua hal yang
material,
posisi
keuangan
SRC
tanggal
31 Desember 2024, serta kinerja keuangan dan
arus kas untuk tahun yang berakhir pada tanggal
tersebut, sesuai dengan Standar Akuntansi
Keuangan Entitas Tanpa Akuntabilitas Publik di
Indonesia.
In our opinion, the accompanying financial
statements present fairly, in all material respects,
the
financial
position
of
the
SRC
as
of
December 31, 2024, and its financial performance
and cash flows for the year then ended, in
accordance
with
Indonesian
Non-Publicly
Accountable
Entities
Financial
Accounting
Standards.
ii
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan)
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (lanjutan)
Independent Auditor’s Report (continued)
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (continued)
Basis opini
Basis for opinion
Kami melaksanakan audit kami berdasarkan
Standar Audit yang ditetapkan oleh Institut
Akuntan Publik Indonesia (“IAPI”). Tanggung
jawab kami menurut standar tersebut diuraikan
lebih lanjut dalam paragraf Tanggung Jawab
Auditor terhadap Audit atas Laporan Keuangan
pada laporan kami. Kami independen terhadap
SRC berdasarkan ketentuan etika yang relevan
dalam audit kami atas laporan keuangan di
Indonesia, dan kami telah memenuhi tanggung
jawab etika lainnya berdasarkan ketentuan
tersebut. Kami yakin bahwa bukti audit yang telah
kami peroleh adalah cukup dan tepat untuk
menyediakan suatu basis bagi opini audit kami.
We conducted our audit in accordance with
Standards
on
Auditing
established
by
the
Indonesian Institute of Certified Public Accountants
(“ IICPA”).
Our
responsibilities
under
those
standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial
Statements paragraph of our report. We are
independent of the SRC in accordance with the
ethical requirements relevant to our audit of the
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
audit opinion.
Informasi lain
Other information
Pengelola
SRC
bertanggung
jawab
atas
informasi lain. Informasi lain terdiri dari
informasi
yang
tercantum
dalam
Laporan
Tahunan Tahun 2024 (“ Laporan Tahunan”).
Laporan Tahunan diharapkan akan tersedia bagi
kami setelah tanggal laporan auditor independen
ini.
SRC’s Management is responsible for the other
information. Other information comprises the
information included in the annual report year
2024 (the “Annual Report”). The Annual Report
is expected to be made available to us after the
date of this independent auditor’s report.
Opini audit kami atas laporan keuangan terlampir
tidak mencakup Laporan Tahunan, dan oleh
karena itu, kami tidak menyatakan bentuk
keyakinan
apapun
atas
Laporan
Tahunan
tersebut.
Our audit opinion on the accompanying financial
statements does not cover the Annual Report,
and accordingly, we do not express any form of
assurance on the Annual Report.
Sehubungan dengan audit kami atas laporan
keuangan terlampir, tanggung jawab kami
adalah untuk membaca Laporan Tahunan dan,
dalam
pelaksanaannya,
mempertimbangkan
apakah
Laporan
Tahunan
mengandung
ketidakkonsistensian material dengan laporan
keuangan terlampir atau pemahaman yang kami
peroleh
selama
audit,
atau
mengandung
kesalahan penyajian material.
In connection with our audit of the accompanying
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
financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially
misstated.
Ketika kami membaca Laporan Tahunan, jika
kami menyimpulkan bahwa terdapat suatu
kesalahan penyajian material di dalamnya, kami
diharuskan
untuk
mengomunikasikan
hal
tersebut kepada pihak yang bertanggung jawab
atas tata kelola dan melakukan tindakan yang
tepat
berdasarkan
peraturan
perundang-
undangan yang berlaku.
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.
iii
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan)
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (lanjutan)
Independent Auditor’s Report (continued)
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (continued)
Tanggung jawab pengelola SRC dan pihak yang
bertanggung jawab atas tata kelola terhadap
laporan keuangan
Responsibilities of SRC’s management and those
charged with governance for the financial
statements
Pengelola
SRC
bertanggung
jawab
atas
penyusunan
dan
penyajian
wajar
laporan
keuangan
tersebut
sesuai
dengan
Standar Akuntansi Keuangan Entitas Tanpa
Akuntabilitas Publik di Indonesia, dan atas
pengendalian internal yang dianggap perlu oleh
pengelola SRC untuk memungkinkan penyusunan
laporan keuangan yang bebas dari kesalahan
penyajian material, baik yang disebabkan oleh
kecurangan maupun kesalahan.
SRC’s
management
is
responsible
for
the
preparation and fair presentation of such financial
statements
in
accordance
with
Indonesian
Non-Publicly
Accountable
Entities
Financial
Accounting Standards, and for such internal
control as SRC’s management determines is
necessary to enable the preparation of financial
statements
that
are
free
from
material
misstatement, whether due to fraud or error.
Dalam penyusunan laporan keuangan, pengelola
SRC
bertanggung
jawab
untuk
menilai
kemampuan
SRC
dalam
mempertahankan
kelangsungan
usahanya,
mengungkapkan,
sesuai dengan kondisinya, hal-hal yang berkaitan
dengan kelangsungan usaha, dan menggunakan
basis akuntansi kelangsungan usaha, kecuali
pengelola SRC memiliki intensi untuk melikuidasi
SRC atau menghentikan operasinya atau tidak
memiliki
alternatif
yang
realistis
selain
melaksanakannya.
In preparing the financial statements, SRC’s
management is responsible for assessing the SRC’s
ability
to
continue
as
a
going
concern,
disclosing, as applicable, matters related to going
concern, and using the going concern basis of
accounting, unless SRC’s management either
intends to liquidate the SRC or to cease its
operations or has no realistic alternative but to do
so.
Pihak yang bertanggung jawab atas tata kelola
bertanggung jawab untuk mengawasi proses
pelaporan keuangan SRC.
Those charged with governance are responsible for
overseeing the SRC’s financial reporting process.
Tanggung jawab auditor terhadap audit atas
laporan keuangan
Auditor’s responsibilities for the audit of the
financial statements
Tujuan kami adalah untuk memeroleh keyakinan
memadai tentang apakah laporan keuangan
secara
keseluruhan
bebas
dari
kesalahan
penyajian material, baik yang disebabkan oleh
kecurangan
maupun
kesalahan,
dan
untuk
menerbitkan laporan auditor independen yang
mencakup opini audit kami. Keyakinan memadai
merupakan suatu tingkat keyakinan tinggi, namun
bukan merupakan suatu jaminan bahwa audit
yang dilaksanakan berdasarkan Standar Audit
yang ditetapkan oleh IAPI akan selalu mendeteksi
kesalahan penyajian material ketika hal tersebut
ada. Kesalahan penyajian dapat disebabkan oleh
kecurangan maupun kesalahan dan dianggap
material jika, baik secara individual maupun
agregat, dapat diekspektasikan secara wajar akan
memengaruhi keputusan ekonomi yang dibuat
oleh pengguna berdasarkan laporan keuangan
tersebut.
Our objectives are to obtain reasonable assurance
about whether the 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
audit opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit
conducted in accordance with Standards on
Auditing established by the IICPA will always detect
a
material
misstatement
when
it
exists.
Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of such financial statements.
iv
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan)
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (lanjutan)
Independent Auditor’s Report (continued)
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (continued)
Tanggung jawab auditor terhadap audit atas
laporan keuangan (lanjutan)
Auditor’s responsibilities for the audit of the
financial statements (continued)
Sebagai bagian dari suatu audit berdasarkan
Standar Audit yang ditetapkan oleh IAPI, kami
menerapkan
pertimbangan
profesional
dan
mempertahankan skeptisisme profesional selama
audit. Kami juga:
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:
Mengidentifikasi dan menilai risiko kesalahan
penyajian material dalam laporan keuangan,
baik yang disebabkan oleh kecurangan
maupun
kesalahan,
mendesain
dan
melaksanakan prosedur audit yang responsif
terhadap risiko tersebut, serta memeroleh
bukti audit yang cukup dan tepat untuk
menyediakan basis bagi opini audit kami.
Risiko tidak terdeteksinya suatu kesalahan
penyajian material yang disebabkan oleh
kecurangan lebih tinggi daripada yang
disebabkan
oleh
kesalahan,
karena
kecurangan
dapat
melibatkan
kolusi,
pemalsuan, penghilangan secara sengaja,
pernyataan salah, atau pengabaian atas
pengendalian internal.
Identify and assess the risks of material
misstatement of the 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 audit opinion. The risk of not detecting a
material misstatement resulting from fraud is
higher than for one resulting from error, as
fraud
may
involve
collusion,
forgery,
intentional omissions, misrepresentations, or
override of internal control.
Memeroleh
suatu
pemahaman
tentang
pengendalian internal yang relevan dengan
audit untuk mendesain prosedur audit yang
tepat sesuai dengan kondisinya, tetapi bukan
untuk tujuan menyatakan suatu opini audit
atas keefektivitasan pengendalian internal
SRC.
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
audit
opinion
on
the
effectiveness of the SRC’s internal control.
Mengevaluasi ketepatan kebijakan akuntansi
yang digunakan serta kewajaran estimasi
akuntansi dan pengungkapan terkait yang
dibuat oleh pengelola SRC.
Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by SRC’s management.
v
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan)
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (lanjutan)
Independent Auditor’s Report (continued)
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (continued)
Tanggung jawab auditor terhadap audit atas
laporan keuangan (lanjutan)
Auditor’s responsibilities for the audit of the
financial statements (continued)
Sebagai bagian dari suatu audit berdasarkan
Standar Audit yang ditetapkan oleh IAPI, kami
menerapkan
pertimbangan
profesional
dan
mempertahankan skeptisisme profesional selama
audit. Kami juga: (lanjutan)
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:
(continued)
Menyimpulkan ketepatan penggunaan basis
akuntansi
kelangsungan
usaha
oleh
pengelola SRC dan, berdasarkan bukti audit
yang diperoleh, apakah terdapat suatu
ketidakpastian material yang terkait dengan
peristiwa
atau
kondisi
yang
dapat
menyebabkan
keraguan
signifikan
atas
kemampuan SRC untuk mempertahankan
kelangsungan
usahanya.
Ketika
kami
menyimpulkan
bahwa
terdapat
suatu
ketidakpastian material, kami diharuskan
untuk menarik perhatian dalam laporan
auditor independen kami ke pengungkapan
terkait dalam laporan keuangan atau, jika
pengungkapan tersebut tidak memadai,
memodifikasi opini audit kami. Kesimpulan
kami didasarkan pada bukti audit yang
diperoleh hingga tanggal laporan auditor
independen kami. Namun, peristiwa atau
kondisi masa depan dapat menyebabkan SRC
tidak dapat mempertahankan kelangsungan
usahanya.
Conclude on the appropriateness of SRC’s
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 SRC's ability to
continue as a going concern. If we conclude
that a material uncertainty exists, we are
required to draw attention in our independent
auditor’s report to the related disclosures in
the financial statements or, if such disclosures
are inadequate, to modify our audit 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 SRC to cease to
continue as a going concern.
Mengevaluasi penyajian, struktur, dan isi
laporan
keuangan
secara
keseluruhan,
termasuk pengungkapannya, dan apakah
laporan keuangan mencerminkan transaksi
dan peristiwa yang mendasarinya dengan
suatu cara yang mencapai penyajian wajar.
Evaluate the overall presentation, structure,
and content of the financial statements,
including the disclosures, and whether the
financial statements represent the underlying
transactions and events in a manner that
achieves fair presentation.
vi
The original report included herein is in
the Indonesian language.
Laporan Auditor Independen (lanjutan)
Laporan
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (lanjutan)
Independent Auditor’s Report (continued)
Report
No.
00692/2.1032/AU.2/10/1902-
2/1/IV/2025 (continued)
Tanggung jawab auditor terhadap audit atas
laporan keuangan (lanjutan)
Auditor’s responsibilities for the audit of the
financial statements (continued)
Kami mengomunikasikan kepada pihak yang
bertanggung jawab atas tata kelola mengenai,
antara lain, ruang lingkup dan saat yang
direncanakan atas audit serta temuan audit
signifikan, termasuk setiap defisiensi signifikan
dalam pengendalian internal yang teridentifikasi
oleh kami selama audit.
We communicate with those charged with
governance regarding, among other matters, the
planned scope and timing of the audit and
significant audit findings, including any significant
deficiencies in internal control that we identify
during our audit.
KAP Purwantono, Sungkoro & Surja
Yuki, CPA
Registrasi Akuntan Publik No.: AP.1902/Public Accountant Registration No.: AP.1902
21 April 2025/ April 21, 2025
The original financial statements included herein are in Indonesian
language.
Catatan atas laporan keuangan terlampir merupakan
bagian tidak terpisahkan dari laporan keuangan
The accompanying notes form an integral part of these
financial statements
1
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk
LAPORAN POSISI KEUANGAN
Tanggal 31 Desember 2024
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
DAN USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA Tbk
STATEMENT OF FINANCIAL POSITION
As of December 31, 2024
(Expressed in Millions of Rupiah)
Catatan/
2024
Notes
2023
ASET
ASSETS
ASET LANCAR
CURRENT ASSETS
Kas dan Setara Kas
254.915
4
172.397
Cash and Cash Equivalents
Pinjaman kepada Mitra Binaan setelah
Loan to Foster Partners
dikurangi penyisihan kerugian
net of allowance for
penurunan nilai sebesar
impairment losses of
Rp53.343 (2023: Rp65.468)
36.014
5
125.663
Rp53,343 (2023: Rp65,468)
JUMLAH ASET LANCAR
290.929
298.060
TOTAL CURRENT ASSETS
ASET TIDAK LANCAR
NON CURRENT ASSETS
Piutang Kerjasama PUMK kepada
PUMK Collaboration Receivable to
Mitra Binaan
28.021
6
-
Foster Partners
Piutang Kerjasama PUMK
PUMK Collaboration Receivable
kepada BRI
2.098
6
20.000
to BRI
Pinjaman Bermasalah
Troubled Loan
setelah dikurangi penyisihan
net of allowance
penurunan nilai sebesar
impairment losses of
Rp320.222 (2023: Rp305.395) - 7 -
Rp320,222 (2023: Rp305,395)
JUMLAH ASET TIDAK LANCAR
30.119
20.000
TOTAL NON CURRENT ASSETS
JUMLAH ASET
321.048
318.060
TOTAL ASSETS
LIABIL ITAS DAN ASET NETO
LIABILITIES AND NET ASSETS
LIABILITAS
LIABILITIES
LIABILITAS LANCAR
CURRENT LIABILITIES
Utang dan Liabilitas Lancar
Payables and Other
Lainnya
406 8
392
Current Liabilities
Kelebihan Pembayaran Angsuran
261
9
237
Overpayment of Installments
JUMLAH LIABILITAS
667
629
TOTAL LIABILITIES
ASET NETO
NET ASSETS
Tanpa Pembatasan dari
Without Restrictions from
Pemberi Sumber Daya
320.381
317.431
Resource Provider
Dengan Pembatasan dari
With Restrictions from
Pemberi Sumber Daya
-
-
Resource Provider
JUMLAH ASET NETO
320.381
317.431
TOTAL NET ASSETS
JUMLAH LIABILITAS DAN
TOTAL LIABILITIES AND
ASET NETO
321.048
318.060
NET ASSETS
The original financial statements included herein are in Indonesian
language.
Catatan atas laporan keuangan terlampir merupakan
bagian tidak terpisahkan dari laporan keuangan
The accompanying notes form an integral part of these
financial statements
2
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN PENGHASILAN KOMPREHENSIF
untuk Tahun yang Berakhir pada Tanggal
31 Desember 2024
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
STATEMENT OF COMPREHENSIVE INCOME
For the Year Ended
December 31, 2024
(Expressed in Millions of Rupiah)
Catatan/
2024
Notes
2023
TANPA PEMBATASAN DARI
WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA
FROM RESOURCE PROVIDER
PENDAPATAN
REVENUES
Pendapatan Jasa Administrasi
Loan Administration Service
Pinjaman
2.847
10
8.264
Income
Pendapatan Bunga
3.359
1.471
Interest Income
Pendapatan Lain - lain
4
8
Other Income
JUMLAH PENDAPATAN
6.210
9.743
TOTAL REVENUES
PENDAPATAN/(BEBAN)
INCOME/(EXPENSES)
(Kerugian)/Pemulihan Penyisihan
(Allowance)/Recovery for
Nilai Pinjaman
(2.702)
5d
4.019
Impairment of Loan
Beban Lainnya
(558)
(346)
Other Expenses
JUMLAH PENDAPATAN/(BEBAN)
(3.260)
3.673
TOTAL INCOME/(EXPENSE)
SURPLUS
2.950
13.416
SURPLUS
DENGAN PEMBATASAN DARI
WITH RESTRICTIONS
PEMBERI SUMBER DAYA
-
-
FROM RESOURCE PROVIDER
PENGHASILAN KOMPREHENSIF
OTHER COMPREHENSIVE
LAIN
-
-
INCOME
TOTAL PENGHASILAN
TOTAL COMPREHENSIVE
KOMPREHENSIF
2.950
13.416
INCOME
The original financial statements included herein are in Indonesian
language.
Catatan atas laporan keuangan terlampir merupakan
bagian tidak terpisahkan dari laporan keuangan
The accompanying notes form an integral part of these
financial statements
3
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN PERUBAHAN ASET NETO
untuk Tahun yang Berakhir pada
Tanggal 31 Desember 2024
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
STATEMENT OF CHANGES IN NET ASSETS
For the Year Ended
December 31, 2024
(Expressed in Millions of Rupiah)
Catatan/
2024
Notes
2023
ASET NETO
NET ASSETS
TANPA PEMBATASAN DARI
WITHOUT RESTRICTIONS
PEMBERI SUMBER DAYA
FROM RESOURCE PROVIDER
Saldo awal
317.431
304.015
Beginning balance
Surplus
2.950
13.416
Surplus
Saldo akhir
320.381
317.431 Ending balance
Penghasilan komprehensif lain
-
-
Other comprehensive income
Jumlah
320.381
317.431 Total
DENGAN PEMBATASAN DARI
WITH RESTRICTIONS
PEMBERI SUMBER DAYA
-
-
FROM RESOURCE PROVIDER
JUMLAH ASET NETO
320.381
317.431
TOTAL NET ASSETS
The original financial statements included herein are in Indonesian
language.
Catatan atas laporan keuangan terlampir merupakan
bagian tidak terpisahkan dari laporan keuangan
The accompanying notes form an integral part of these
financial statements
4
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
LAPORAN ARUS KAS
untuk Tahun yang Berakhir pada
Tanggal 31 Desember 2024
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
STATEMENT OF CASH FLOWS
For the Year Ended
December 31, 2024
(Expressed in millions of Rupiah)
2024
2023
AKTIVITAS OPERASI
OPERATING ACTIVITIES
Rekonsiliasi surplus
Reconciliation of surplus to
menjadi kas neto dari aktivitas operasi
net cash from operating activities
Surplus
2.950
13.416
Surplus
Rekonsiliasi:
Reconciliation:
Penambahan/(pemulihan) penyisihan
2.702
(4.019)
Additional/(reversal) allowance
penurunan nilai pinjaman
for impairment of loan
Perubahan aset dan liabilitas
Change in asset and liabilities
Pinjaman kepada mitra binaan
86.947
171.357
Loan to fosters partners
Pinjaman kerjasama PUMK kepada
PUMK collaboration receivable to
Mitra Binaan
(28.021)
-
Foster Partners
Piutang kerjasama PUMK kepada BRI
17.902
(20.000)
PUMK collaboration receivable to BRI
Kelebihan pembayaran angsuran
24
33
Overpayment of installments
Utang dan liabilitas lancar lainnya
14
11
Payables and other current liabilities
KAS NETO DITERIMA
NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI
82.518
160.798
FROM OPERATING ACTIVITIES
KENAIKAN
INCREASE IN
KAS DAN SETARA KAS
82.518
160.798
CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA
CASH AND CASH EQUIVALENTS
AWAL PERIODE
172.397
11.599
AT BEGINNING OF THE PERIOD
KAS DAN SETARA KAS PADA
CASH AND CASH EQUIVALENTS
AKHIR PERIODE
254.915
172.397
AT END OF THE PERIOD
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
5
1.
INFORMASI
MENGENAI
UNIT
SOCIAL
RESPONSIBILITY CENTER
1.
INFORMATION OF SOCIAL RESPONSIBILITY
CENTER UNIT
a.
Pendirian dan Informasi Umum
a.
Establishment and General Information
Pusat Pengelolaan Program Tanggung Jawab
Sosial
dan
Lingkungan
(Community
Development Center) (“SRC”) didirikan oleh
Perusahaan
Perseroan
(Persero)
PT Telekomunikasi Indonesia Tbk (BUMN
Pembina)
melalui
Peraturan
Perusahaan
Nomor: KD. 61/ PS150/CTG-10/2003 tentang
Pembentukan Organisasi Pusat Pengelola
Program
Kemitraan
dan
Program
Bina
Lingkungan (Community Development Center).
Peraturan Perusahaan ini telah beberapa kali
diubah terakhir dengan Peraturan Direktur
Human
Capital
Management
Nomor:
PR.202.60/r.03/HK250/COP - A0200000/2024
tanggal 29 Februari 2024 tentang Organisasi
Social Responsibility Center (”SRC”).
Pusat Pengelolaan Program Tanggung Jawab
Sosial
dan
Lingkungan
(Community
Development Center) (“SRC”) was established
by
Perusahaan
Perseroan
(Persero)
PT Telekomunikasi Indonesia Tbk (“Foster
SOE”) based on Decree of the Directors
Number: 61/ PS150/ CTG-10/ 2003 regarding
Organization of Pusat Pengelola Program
Kemitraan dan Program Bina Lingkungan
(Community
Development
Center)
Establishment. This Company regulation
has been amended several times,
most recently with Decree of the Director of
Human Capital Management Number.
PR.202.60/r.03/HK250/COP - A0200000/2024
dated
February
29,
2024
regarding
Organization of Social Responsibility Center.
SRC didirikan sebagai implementasi dari
Keputusan Menteri Badan Usaha Milik Negara
(“BUMN”) No. KEP-236/ MBU/ 2003 tanggal
17 Juni 2003 tentang Program Kemitraan
BUMN dan Usaha Kecil dan Program Bina
Lingkungan.
Keputusan
Menteri
BUMN
tersebut didasarkan pada Undang-Undang
Republik Indonesia No. 19 Tahun 2003 tentang
penyisihan laba untuk pembinaan usaha
kecil/koperasi serta pembinaan masyarakat.
SRC was established as an implementation
from the Decree of Minister of State-Owned
Enterprises (“SOE”) No. KEP-236/MBU/2003
dated
June
17,
2003
regarding
SOE’s
Partnership Program and Small Enterprises and
Community Development Program. The Decree
of Minister SOE was based on The Law of
Republic of Indonesia No. 19 Tahun 2003
regarding allowance from profit to develop
small/cooperative business and community
development.
Pada tanggal 27 April 2007, Kementerian
BUMN memberlakukan
PER-05/MBU/2007
tentang Program Kemitraan BUMN dan Usaha
Kecil
dan
Program
Bina
Lingkungan
menggantikan
Keputusan
Menteri
BUMN
No. KEP-236/MBU/2003.
Pada tanggal 22 Mei 2015, Kementerian BUMN
telah menerbitkan Peraturan Menteri BUMN
No.PER-07/MBU/05/2015 tentang
Program
Kemitraan Badan Usaha Milik Negara dengan
Usaha Kecil dan Program Bina Lingkungan
sebagai pengganti PER-05/MBU/2007.
Pada tanggal 3 Juli 2015, Kementerian BUMN
menetapkan
Peraturan
Menteri
BUMN
No. PER-09/MBU/07/2015 tentang Program
Kemitraan Badan Usaha Milik Negara dengan
Usaha Kecil dan Program Bina Lingkungan dan
menggantikan
Peraturan
Menteri
BUMN
No.PER-07/MBU/05/2015.
On April 27, 2007, Ministry of SOE issued
PER-05/MBU/2007
regarding
SOE’s
Partnership Program and Small Enterprises and
Community Development Program replaced
the Decree of Minister of SOE No. KEP-
236/MBU/2003.
On May 22, 2015, Minister of SOE issued
regulation
No.PER-07/MBU/2015
regarding
SOE Partnership Program with Small Business
and
Community
Development
Program
replaced PER-05/MBU/2007.
On July 3, 2015, Ministry of SOE issued
PER-09/MBU/07/2015
regarding
SOE
Partnership Program with Small Business and
Community
Development
Program
and
replaced the Decree of Minister of SOE
No. PER-07/MBU/2015.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
6
1.
INFORMASI
MENGENAI
UNIT
SOCIAL
RESPONSIBILITY CENTER (lanjutan)
1.
INFORMATION OF SOCIAL RESPONSIBILITY
CENTER UNIT (continued)
a.
Pendirian dan Informasi Umum (lanjutan)
a. Establishment
and
General
Information
(continued)
Pada tanggal 20 April 2021, Kementerian
BUMN memberlakukan PER-05/MBU/04/2021
tentang Program Tanggung Jawab Sosial dan
Lingkungan (TJSL) menggantikan Peraturan
Menteri BUMN No: PER-09/MBU/07/2015
beserta perubahannya.
Pada
tanggal
15
September
2022,
Kementerian BUMN memberlakukan
PER-06/MBU/09/2022
tentang
Program
Tanggung Jawab Sosial dan Lingkungan
(TJSL).
Pada tanggal 3 Maret 2023, Kementerian
BUMN memberlakukan PER-1/MBU/03/2023
tentang Penugasan Khusus dan Program
Tanggung Jawab Sosial dan Lingkungan
(TJSL).
On April 20, 2021, Ministry of SOE issued
PER-05/MBU/04/2021 regarding Social and
Environmental Responsibility Program (TJSL)
replaced the Decree of Minister of SOE
No: PER-09/MBU/07/2015 and its amendments.
On September 15, 2022, Ministry of SOE issued
PER-06/MBU/09/2022
regarding
Special
Assignment and Social and Environmental
Responsibility Program (TJSL).
On March 3, 2023, Ministry of SOE issued
PER-1/MBU/03/2023
regarding
Special
Assignment and Social and Environmental
Responsibility Program (TJSL).
Kantor pusat SRC berdomisili di Graha Merah
Putih PT Telkom Indonesia (Persero) Tbk,
Jalan Gatot Subroto Kav. 52 Jakarta. Social
Responsibility (“SR”) Regional dan SR Witel
berdomisili di Kantor Telkom Regional dan
Kantor Telkom Wilayah (“Witel”) yang tersebar
di seluruh Indonesia.
SRC head office is located at Graha Merah Putih
PT Telkom Indonesia (Persero) Tbk, Gatot
Subroto Kav. 52 Jakarta. Social Responsibility
(“SR”) Regional and SR Witel is located in
Telkom Regional Office and Telkom Wilayah
Office (“Witel”) Telkom which spread all over
Indonesia.
b.
Kegiatan Utama
b.
Primary Activities
Sebelum periode tahun 2023, kegiatan utama
yang dilakukan SRC adalah pembiayaan dan
pembinaan Usaha Mikro dan Usaha Kecil
(UMK) melalui Program Pendanaan UMK
(PUMK) kepada mitra binaan.
Sejak tahun 2023, kegiatan utama yang
dilakukan
SRC
adalah
pembiayaan
dan
pembinaan Usaha Mikro dan Usaha Kecil
(UMK) melalui Program Pendanaan UMK
(PUMK)
kepada
mitra
binaan
yang
bekerjasama
dengan
PT
Bank
Rakyat
Indonesia (Persero) Tbk. (BRI).
Before the 2023 period, SRC’s primary activities
are financing and developing Micro and Small
Business (SME) through Program Pendanaan
UMK (PUMK) to Foster Partners.
Since 2023 period, SRC’s primary activities are
financing and developing Micro and Small
Business (SME) through Program Pendanaan
UMK (PUMK) to foster partners in collaboration
with PT Bank Rakyat Indonesia (Persero) Tbk.
(BRI).
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
7
1.
INFORMASI
MENGENAI
UNIT
SOCIAL
RESPONSIBILITY CENTER (lanjutan)
1.
INFORMATION OF SOCIAL RESPONSIBILITY
CENTER UNIT (continued)
c.
Sumber Dana
c.
Fund Resources
Sumber dana Program PUMK berasal dari:
i. Saldo dana program kemitraan yang
teralokasi sampai dengan akhir tahun 2015,
dan/ atau
ii. Jasa administrasi pinjaman/ margin jual beli/
porsi bagi hasil, bunga deposito dan/ atau
jasa giro dari dana program kemitraan.
The source of funds for the PUMK Program
comes from:
i. Balance of partnership program funds
allocated until the end of 2015, and/or
ii. Administration service income/ sale and
purchase
margin/profit
sharing
portion,
deposit interest and/or current account
services from partnership program funds.
d.
Susunan Pengelola
d.
Management Structures
Susunan
Pengelola
SRC
pada
tanggal
31 Desember 2024 dan 2023 adalah sebagai
berikut:
Management
structures
of
SRC
as
of
December 31, 2024 and 2023 is as follows:
2024
_______________________
Senior General Manager
Hery Susanto
Senior General Manager
Pengelola Fungsi Dukungan:
Supporting Management:
Senior Manager Planning, Governance
Senior Manager Planning,
and Support
Arif Swasono
Governance, and Support
Senior Manager Community Involvement
Senior Manager Community Involvement
and Development
Soni Galih Riadi
and Development
Senior Manager Sustainable
Senior Manager Sustainable
Development Goals
Suharsono
Development Goals
Senior Manager Micro Small Enterprise
Senior Manager Micro Small Enterprise
Incubation
Adrian Sani Harahap
Incubation
2023
_______________________
Senior General Manager
Hery Susanto
Senior General Manager
Pengelola Fungsi Dukungan:
Supporting Management:
Senior Manager Perencanaan dan
Senior Manager of Planning
Pengendalian
Arif Swasono
and Controlling
Senior Manager Keuangan
Soni Galih Riadi
Senior Manager of Finance
Senior Manager Pemberdayaan UMK
Gandung Pratidhina
Senior Manager of SME Empowerment
Senior Manager Pemberdayaan
Senior Manager of Social and
Sosial dan Lingkungan
Suharsono
Environment Empowerment
Senior Manager Rumah BUMN
Adrian Sani Harahap
Senior Manager of Rumah BUMN
Berdasarkan KD.21/PR000/COP-030000/2010
tentang Pengelolaan Program Kemitraan dan
Program Bina Lingkungan yang telah diubah
dengan
PD.703.00/r.01/HK200/SRC-
A1000000/2023 tanggal 24 November 2023
tentang Program Tanggung Jawab Sosial dan
Lingkungan, dimana SRC adalah Unit Kerja
Pengelola Program TJSL di bawah supervisi
Direktur Human Capital Management (HCM).
Pada tanggal 31 Desember 2024 dan 2023,
Direktur HCM PT Telkom Indonesia (Persero)
Tbk adalah Bapak Afriwandi.
Based on KD.21/PR000/COP-B0030000/2010
regarding Management of Partnership Program
and
Community
Development
Program
which was amended by PD.703.00/r.01/
HK200/SRC- A1000000/ 2023 dated November
24, 2023 regarding Social and Environmental
Responsibility Program where SRC is the TJSL
Program Management Unit is supervised by the
Director of Human Capital Management (HCM).
As of December 31, 2024 and 2023, the
Director of HCM of PT Telkom Indonesia
(Persero) Tbk is Mr. Afriwandi.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
8
1. INFORMASI
MENGENAI
UNIT
SOCIAL
RESPONSIBILITY CENTER (lanjutan)
1.
INFORMATION OF SOCIAL RESPONSIBILITY
CENTER UNIT (continued)
d.
Susunan Pengelola (lanjutan)
d. Management Structure (continued)
Jumlah karyawan pada tanggal 31 Desember
2024 dan 2023 adalah sebagai berikut:
Number of employees as of December 31,
2024 and 2023 are as follows:
2024
2023
SRC Pusat
37
53
SRC Corporate
Seluruh
pegawai
adalah
pegawai
yang
memperoleh gaji dan manfaat lainnya dari BUMN
Pembina sehingga penerapan Imbalan Kerja
dilaksanakan dan menjadi beban Pembina.
All employees are employees who earn salaries
and other benefits from Foster SOE so that the
Employee Benefits is implemented by and
charged to Foster SOE.
Pemotongan
dan
penyetoran
atas
pajak
penghasilan pasal 21 atas pegawai BUMN
Pembina yang ditempatkan di SRC dilakukan
oleh BUMN Pembina.
Berdasarkan
Peraturan
Direksi
Nomor:
PD.202.06/r.06/HK.250/COP-A0200000/2024
tanggal 29 Juli 2024 tentang Organisasi Divisi
Telkom Regional bahwa:
1. Untuk meningkatkan efektivitas organisasi
Divisi Telkom Regional guna mendukung
pencapaian strategic objective, terdapat
penyesuaian
jumlah
Divisi
Telkom
Regional yang sebelumnya berjumlah
7 divisi menjadi 5 divisi, secara spesifik
adalah
regional
II
dan
regional
III
bergabung menjadi regional II, regional IV
dan regional V bergabung menjadi regional
III dan regional VI dan VII masing - masing
menjadi regional IV dan V.
2. Terjadi
perubahan
atas
Peraturan
Direksi No: PD.202.06/r.05/HK200/COP
A2000000/2023 tanggal 27 Juni 2023
tentang Organisasi Divisi Regional.
Manajemen
meyakini
bahwa
Peraturan
Direksi
No:
PD.202.06/r.06/HK.250/COP
A0200000/2024 tanggal 29 Juli 2024 tidak
berdampak signifikan terhadap operasional
SRC.
Witholding and payment for income tax
Article 21 of Foster SOE’s employee who is
assigned at SRC are performed by Foster SOE.
Based on Decree of the Director Number:
PD.202.06/r.06/HK.250/COP-A0200000/2024,
dated July 29, 2024 regarding Organization of
Telkom Regional Division that:
1. To enhance the effectiveness of Telkom
Regional
Division
in
supporting
the
achievement of strategic objectives, the
total of Telkom Regional Division was
adjusted from 7 divisions to 5 divisions,
specifically, regional II and regional III
merged into regional II, regional IV and
regional V merged into regional III and
regional VI and VII became regional IV and
V, respectively.
2. There
were
changes
to
Company
Regulation No: PD.202.06/r.05/HK200/COP
A2000000/2023 dated June 27 2023
Organization of Telkom Regional Division.
Management believes that Decree of the
Director
No:
PD.202.06/r.06/HK.250/COP
A0200000/2024, dated July 29, 2024 does not
have a significant impact on SRC operations.
e.
Otorisasi Penerbitan Laporan Keuangan
e. Authorization of the Issuance of Financial
Statement
Laporan keuangan telah diselesaikan dan
disahkan untuk diterbitkan oleh Pengelola SRC
pada 21 April 2025.
The financial statements were completed and
authorized for issuance by SRC’s Management
on April 21, 2025.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
9
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION
Kebijakan akuntansi signifikan dan diterapkan dalam
menyusun laporan keuangan untuk tahun yang
berakhir pada tanggal 31 Desember 2024 adalah
sebagai berikut:
The significant accounting principles which are
applied consistently in the preparation of the
financial statements for the year then ended
December 31, 2024 are as follows:
a.
Dasar Penyusunan Laporan Keuangan
a. Basis of Preparation of Financial Statements
Laporan
keuangan
disusun
berdasarkan
Standar Akuntansi Keuangan Entitas Tanpa
Akuntabilitas
Publik
(SAK
ETAP)
yang
diterbitkan oleh Dewan Standar Akuntansi
Keuangan - Ikatan Akuntan Indonesia.
The financial statement is prepared based on
Non - Publicly Accountable Entities Financial
Accounting Standards (SAK ETAP) that was
issued by the Financial Accounting Standard
Board - Indonesian Institute of accountants.
Penerapan SAK ETAP atas penyusunan laporan
keuangan
didasarkan
pada
Surat
Edaran
Menteri Negara BUMN No: SE-02/MBU/Wk/
2012
tanggal 23
Februari
2012
tentang
Penetapan
Pedoman
Akuntansi
Program
Kemitraan dan Bina Lingkungan yang berlaku
mulai tahun 2012.
The implementation of SAK ETAP in the
preparation of the financial statement is based
on
Minister
of
SOE
Circular
Letter
No: SE-02/MBU/Wk/2012 dated February 23,
2012 regarding Determination Guidance of
Accounting Standard for Partnership Program
and Community Development that starting from
2012.
Laporan keuangan disusun dengan dasar akrual,
kecuali untuk beberapa akun tertentu yang
disusun
berdasarkan
pengukuran
lain
sebagaimana
diuraikan
dalam
kebijakan
akuntansi terkait.
The financial statements are prepared based on
the accrual basis, except for certain accounts
that are prepared based on other measurement
as explained in related accounting policy.
Laporan
arus
kas
disajikan
dengan
menggunakan
metode
tidak
langsung,
menyajikan penerimaan dan pengeluaran kas
dan setara kas yang diklasifikasikan ke dalam
aktivitas operasi, investasi dan pendanaan.
The statements of cash flows are presented
using the indirect method, presenting cash
receipt and payment and cash equivalents that
are classified into operating, investing and
financing activities.
Tahun
buku
SRC
adalah
1 Januari - 31 Desember.
The financial reporting period of SRC is
January 1 - December 31.
Mata uang yang digunakan pada laporan
keuangan adalah Rupiah yang juga merupakan
mata uang fungsionalnya.
Amounts in the financial statements are
presented in Rupiah which also represents its
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
wajar dan selanjutnya diukur pada biaya
perolehan
diamortisasi,
setelah
dikurangi
penyisihan
penurunan
nilai.
Penyisihan
penurunan nilai dibentuk berdasarkan evaluasi
Pengelola SRC terhadap tingkat ketertagihan
saldo pinjaman.
Loan is initially measured based on fair values
and subsequently measured at amortized cost,
after deducted by allowance for impairment
losses. The allowance for impairment is based
on SRC’s Management evaluation on the
collectibility of these loans.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
10
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL (lanjutan)
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION (continued)
c.
Pinjaman kepada Mitra Binaan (lanjutan)
c. Loan to Foster Partners (continued)
Pinjaman kepada mitra binaan dicatat sebagai
pinjaman sebesar pokok
pinjaman yang
diberikan dan jasa administrasi pinjaman yang
telah jatuh tempo sesuai dengan kontrak.
Pendapatan jasa administrasi pinjaman dicatat
sebagai pinjaman kepada mitra binaan dan
pendapatan secara akrual untuk pinjaman yang
berkualitas lancar dan kurang lancar.
Loan to foster partners are recognized in the
amount of principal and administration service
income earned as agreed in the contract.
Administration service income are recorded as
loan to foster partners and as revenues on
accrual basis for loans classified as current and
substandard loan.
Pinjaman kepada mitra binaan disajikan dalam
laporan posisi keuangan pada kelompok aset
lancar sebesar jumlah yang diharapkan dapat
ditagih
dari
mitra
binaan
walaupun
pengembalian pinjaman yang disepakati akan
diterima melebihi satu tahun setelah akhir
periode pelaporan.
Loan to foster partners are presented in
statement of financial position as a current asset
at its realizable value although the agreed
repayment of loan may be more than one year
after reporting period.
Penggolongan kualitas pinjaman ditetapkan
sebagai berikut:
The classification of loan based on its
collectibility are as follows:
i.
Lancar adalah pembayaran angsuran
pokok dan jasa administrasi pinjaman
dilakukan
tepat
waktu
atau
terjadi
keterlambatan
pembayaran
angsuran
pokok dan/atau jasa administrasi yaitu
selambat-lambatnya 30 (tiga puluh) hari
dari tanggal jatuh tempo pembayaran
angsuran, sesuai dengan perjanjian yang
telah disepakati.
i. Current represents principal installment and
administration service income payment are
paid on time or those late payments of
maximum 30 (thirty) days from the payment
due date as agreed with the agreement.
ii.
Kurang
Lancar
apabila
terjadi
keterlambatan
pembayaran
angsuran
pokok dan/atau jasa administrasi pinjaman
yang telah melampaui 30 (tiga puluh) hari
dan
belum melampaui
180
(seratus
delapan puluh) hari dari tanggal jatuh
tempo
pembayaran
angsuran
sesuai
dengan perjanjian yang telah disepakati.
ii. Substandard when late payment of principal
and/or
administration
service
income
payment are between 30 (thirty) days and
180 (one hundred and eighty) days from the
payment due date of installment as agreed in
the agreement.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
11
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL (lanjutan)
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION (continued)
c. Pinjaman kepada Mitra Binaan (lanjutan)
c.
Loan to Foster Partners (continued)
Penggolongan kualitas pinjaman ditetapkan
sebagai berikut: (lanjutan)
The classification of loan based on its
collectibility are as follows: (continued)
iii. .Diragukan apabila terjadi keterlambatan
pembayaran angsuran pokok dan/atau
jasa administrasi pinjaman yang telah
melampaui 180 (seratus delapan puluh)
hari dan belum melampaui 270 (dua ratus
tujuh puluh) hari dari tanggal jatuh tempo
pembayaran angsuran sesuai dengan
perjanjian yang telah disepakati.
iii. Doubtful when late payment of principal
and/or
administration
service
income
payment are between 180 (one hundred
and eighty) days and 270 (two hundred and
seventy) days from the payment due date of
installment as agreed in the agreement.
iv….Macet
apabila
terjadi
keterlambatan
pembayaran angsuran pokok dan/atau
jasa administrasi pinjaman yang telah
melampaui 270 (dua ratus tujuh puluh) hari
dari tanggal jatuh tempo pembayaran
angsuran sesuai dengan perjanjian yang
telah disepakati.
iv. Loss when late payment of principal and/ or
administration service income payment over
270 (two hundred and seventy) days from
the payment due date of installment as
agreed in the agreement.
d.
Penyisihan Penurunan Nilai Pinjaman
d. Allowance for Impairment of Loan
Penyisihan pinjaman merupakan penyisihan
atas pinjaman yang mungkin tidak tertagih.
Penyisihan penurunan nilai pinjaman dibentuk
berdasarkan taksiran Pengelola SRC terhadap
tingkat ketertagihan saldo pinjaman.
Allowance for impairment of loan represents
allowance for doubtful loan. This allowance is
calculated based on the Management’s SRC
estimation of their collectibility.
SRC pertama kali menentukan apakah terdapat
bukti objektif mengenai penurunan nilai secara
individual atas pinjaman yang signifikan secara
individual atau secara kolektif untuk penerimaan
yang
jumlahnya
tidak
signifikan
secara
individual. Jika SRC menentukan tidak terdapat
bukti objektif mengenai penurunan nilai atas
aset keuangan yang dinilai secara individual,
terlepas aset keuangan tersebut signifikan atau
tidak, maka SRC memasukkan piutang tersebut
ke dalam kelompok pinjaman yang memiliki
karakteristik risiko kredit yang sejenis dan
menilai penurunan nilai kelompok tersebut
secara kolektif.
SRC firstly determines whether there is objective
evidence that there is impairment, individually for
significant loan or collectively for loan which are
insignificant. If SRC decides that there is no
objective evidence of individual impairment,
regardless
those
loans
are
significant
or
insignificant, SRC classifies these loan as having
similar credit risk characteristics and determining
the impairment collectively.
Penyisihan pinjaman dihitung berdasarkan
estimasi kerugian yang tidak dapat ditagih yaitu
secara kolektif berdasarkan prosentase tertentu
tingkat ketertagihan (collection) data historis
yang ada (minimal 2 tahun). Pinjaman yang
penurunan nilainya dinilai secara individual dan
untuk itu kerugian penurunan nilai diakui, tidak
termasuk dalam penilaian penurunan nilai
secara kolektif.
Allowance for impairment of loan is calculated
based on estimated uncollectible loss, which
collectively based on specific percentage of
available historical collectibility rate (2 years of
historical data at minimum). Loan which are
impaired individually and of that loss are
recognised, are not included in the collective
impairment evaluation.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
12
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL (lanjutan)
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION (continued)
e.
Piutang Kerjasama PUMK
e. PUMK Collaboration Receivable
Piutang Kerjasama PUMK adalah pinjaman
yang diberikan kepada Mitra Binaan melalui
PT Bank Rakyat Indonesia (Persero) Tbk. (BRI)
sebagai bentuk sinergi untuk meningkatkan
efisiensi dan efektivitas dalam pengembangan
dan pemberdayaan ekonomi usaha mikro dan
usaha kecil. Piutang Kerjasama PUMK diakui
pada saat terjadi penyetoran dana kepada BRI,
diukur serta dicatat sebesar jumlah dana yang
disetorkan. Penyaluran ini bersifat jangka
panjang selama 5 tahun sehingga diakui dalam
aset tidak lancar. Piutang ini terdiri Piutang
Kerjasama kepada Mitra Binaan dan Piutang
Kerjasama kepada BRI.
Piutang Kerjasama PUMK kepada Mitra
Binaan
Piutang Kerjasama PUMK kepada Mitra Binaan
adalah pinjaman yang diberikan kepada Mitra
Binaan melalui BRI dan dicatat sebesar jumlah
dana yang belum dikembalikan oleh Mitra
Binaan.
Piutang Kerjasama PUMK kepada BRI
Piutang Kerjasama PUMK kepada BRI adalah
pinjaman untuk Mitra Binaan yang telah
dikembalikan
kepada
BRI
dan
akan
dikembalikan kepada SRC pada saat perjanjian
berakhir dan juga termasuk dana pinjaman
yang diterima BRI dari SRC yang belum
disalurkan kepada mitra binaan.
PUMK Collaboration Receivable represents
loan is provided to Foster Partners through
PT Bank Rakyat Indonesia (Persero) Tbk. (BRI)
as a synergy to increase efficiency and
effectiveness in the economic development and
empowerment of micro and small businesses.
SOE Collaboration Receivable is recognized
when funds are transferred to BRI, measured,
and recorded at the amount of funds transferred.
This distribution is long term for 5 years, hence
recognized as a non-current asset. This
receivable are consists of PUMK Receivable
Collaboration to Foster Partners and PUMK
Receivable Collaboration to BRI.
PUMK Receivable Collaboration to Foster
Partners
PUMK
Collaboration Receivable to Foster
Partners represents loan is provided to Foster
Partners through BRI and recorded at the
amount of funds that have not been returned by
the Foster Partners.
PUMK Collaboration Receivable to BRI
PUMK Collaboration Receivable represents
loan for Foster Partners that have been returned
to BRI and will be returned to SRC when the
agreement ends and also include loan fund was
received by BRI from SRC that have not been
distributed to Foster Partners.
f.
Pinjaman Bermasalah
f.
Troubled Loan
Pinjaman bermasalah merupakan pinjaman
macet yang telah diupayakan pemulihannya
dengan penjadwalan kembali (rescheduling)
dan
peninjauan
kembali
persyaratan
(reconditioning),
namun
tidak
terpulihkan.
Pinjaman bermasalah disajikan sebesar nilai
pokok pinjaman dengan besarnya alokasi
penyisihan sebesar 100% dari saldo pinjaman
bermasalah.
Troubled loan represents loss loan which has
been attempted to be recovered by rescheduling
and reconditioning but cannot be recovered.
Troubled loan will be represented at loan
principal value with 100% of troubled loan
balance.
Tata
cara
penghapusbukuan
pinjaman
bermasalah
mengacu
kepada
Keputusan
Menteri
BUMN
No.
SK-277/MBU/10/2023
tanggal 4 Oktober 2023.
The procedures to write-off the troubled loan
adhere to the Decree of Minister of SOE
No. SK-277/MBU/10/2023 dated October 4,
2023.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
13
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL (lanjutan)
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION (continued)
g.
Kelebihan Pembayaran Angsuran
g. Overpayment of Installments
Kelebihan
pembayaran
angsuran
adalah
penerimaan angsuran yang melebihi saldo
pinjaman kepada mitra binaan. Kelebihan
pembayaran angsuran diakui dan disajikan
sebagai liabilitas pada saat setoran diterima.
Overpayment
of
installments
represents
repayment which exceeds its loan balance from
foster partners. This overpayment is recognized
and presented as liability when the installment is
received.
Kelebihan pembayaran angsuran setiap Mitra
Binaan sampai dengan nilai Rp100.000 diakui
sebagai Pendapatan Lain-lain sesuai dengan
Peraturan
Senior General Manager
Nomor:.PK.703.01.01/r.00/HK200/SRC100000
0/2022 tanggal 30 Mei 2022 tentang Petunjuk
Pelaksanaan Operasional Program Tanggung
Jawab Sosial dan Lingkungan (TJSL).
Overpayment of installment from each Foster
Partners to maximum amount of Rp100,000 is
recognized as Other Income, based on Decree
of
Senior
General
Manager
Number:.PK.703.01.01/r.00/HK200/SRC10000
00/2022 dated on May 30, 2022 regarding
Operational
Guidelines
of
Social
and
Environmental Responsibility Program (TJSL).
h.
Utang dan Liabilitas Lancar Lainnya
h. Payables and Other Current Liabilities
Utang dan liabilitas lancar lainnya diakui pada
saat terjadinya transaksi atau saat perjanjian
kontrak diselesaikan dan dicatat sebesar nilai
transaksi atau perjanjian kontrak.
Payables and other current liabilities are
recognized when transactions occur or when
contract are completed and recognized based
on transaction amount or contracts.
i.
Aset Neto
i.
Net Assets
Aset neto diklasifikasikan menjadi aset neto
tanpa pembatasan dari pemberi sumber daya
dan aset neto dengan pembatasan dari pemberi
sumber daya. Aset neto dengan pembatasan
dari pemberi sumber daya adalah aset yang
penggunaannya
dibatasi
untuk
program
tertentu yang tidak dapat digunakan untuk
kegiatan lainnya. Aset neto tanpa pembatasan
dari pemberi sumber daya adalah aset yang
penggunaannya tidak dibatasi untuk tujuan
tertentu.
Net assets are classified into net assets without
restrictions from resource provider and net
assets with restrictions from resource provider.
Net assets with restrictions from resource
provider represent assets that can only be
utilized limited to specific program purpose that
can not be used for other activities. Net assets
without restrictions from resource provider
represent assets that can be utilized without
being limited for specific purposes.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
14
2.
IKHTISAR INFORMASI KEBIJAKAN AKUNTANSI
YANG MATERIAL (lanjutan)
2.
SUMMARY
OF
MATERIAL
ACCOUNTING
POLICIES INFORMATION (continued)
Pendapatan Jasa Administrasi Pinjaman
Loan Administration Service Income
Pendapatan jasa administrasi pinjaman diukur
dan dicatat sebesar nilai yang telah jatuh tempo
sesuai dengan kontrak untuk pinjaman dengan
status lancar dan kurang lancar.
Loan
administration
service
income
is
measured and recorded at the value that has
matured in accordance with the contract for
current and substandard status.
Pendapatan bunga
Interest income
Pendapatan bunga diakui secara akrual.
Pendapatan bunga diukur dan dicatat sebesar
nilai yang telah ditentukan.
Interest income is recognized based on accrual
basis. Interest income is measured and
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
terjadi di SRC menjadi beban SRC dan
dilaporkan atas nama BUMN Pembina.
Tax transactions in relation to SRC are charged
to SRC and reported by Foster SOE.
3.
PENGGUNAAN
PERTIMBANGAN,
ESTIMASI
DAN ASUMSI
3.
ACCOUNTING
JUDGEMENTS,
ESTIMATION,
AND ASSUMPTION
a.
Pertimbangan
a. Judgements
Penentuan mata uang fungsional
The determination of functional currency
Mata uang fungsional SRC adalah mata uang
dari lingkungan ekonomi primer di mana SRC
beroperasi. Mata uang tersebut adalah mata
uang yang mempengaruhi pendapatan dan
beban
dari
jasa
yang
diberikan.
SRC
menentukan bahwa mata uang fungsionalnya
adalah Rupiah.
SRC’s functional currency is currencies from
premier economic environment where SRC
operates. The related currency is currency that
gives influence on revenues and expenses from
services given. SRC determines that their
functional currency is Rupiah.
j.
Pendapatan dan Beban
j.
Revenue and Expenses
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
15
3.
PENGGUNAAN
PERTIMBANGAN,
ESTIMASI
DAN ASUMSI (lanjutan)
3.
ACCOUNTING
JUDGEMENTS,
ESTIMATION,
AND ASSUMPTION (continued)
a.
Pertimbangan (lanjutan)
a. Judgements (continued)
Penyisihan penurunan nilai pinjaman
Allowance for impairment of loan
Apabila terdapat bukti objektif bahwa rugi
penurunan nilai telah terjadi atas pinjaman,
SRC
mengestimasi
penyisihan
kerugian
penurunan nilai pinjaman yang secara khusus
diidentifikasi
terdapat
kemungkinan
tidak
tertagih. Tingkat penyisihan ditelaah oleh
Pengelola
berdasarkan
faktor-faktor
yang
mempengaruhi tingkat tertagihnya pinjaman
tersebut. SRC menggunakan pertimbangan
berdasarkan fakta dan situasi yang tersedia,
termasuk tetapi tidak terbatas pada, jangka
waktu hubungan SRC dengan mitra binaan dan
status kualitas pinjaman pelanggan (Catatan 5
dan 7).
If there is objective evidence that losses because
of impairment have incurred on loan, SRC
estimates an allowance for impairment loss of
those loan specifically identified as uncollectible.
The allowance examined by Management based
several factors influencing of loan collectibility.
SRC uses judgements based on available facts
and situations, including but not limited to, SRC’s
period of relationship with foster partners and
foster
partner’s
loan
quality
status
(Notes 5 and 7).
b.
Estimasi dan Asumsi
b.
Estimations and Assumptions
Penyisihan penurunan nilai pinjaman
Allowance for impairment of loan
SRC menggunakan pertimbangan berdasarkan
fakta-fakta
terbaik
yang
tersedia
untuk
mengakui penyisihan secara individu atas mitra
binaan dan lembaga penyalur terhadap jumlah
yang jatuh tempo untuk menurunkan pinjaman
individu jumlah yang diharapkan dapat ditagih.
Pencadangan secara individu ini ditelaah jika
terdapat informasi tambahan yang diterima
yang
mempengaruhi
jumlah
yang
diestimasikan.
SRC uses judgement based on best facts
available to recognize individual allowance for
foster partners and distributing partners to
adjust the individual loan to its realizable
amount. This individual allowance will be
assessed if there is additional information
received which affect the estimated amount.
SRC juga melakukan penilaian penyisihan
penurunan nilai secara kolektif terhadap risiko
pinjaman
MB,
yang
dikelompokkan
berdasarkan karakteristik pinjaman yang sama,
yang meskipun tidak diidentifikasi secara
spesifik
memerlukan
cadangan
tertentu,
memiliki risiko tidak tertagih yang lebih besar
dibandingkan dengan pinjaman yang diberikan
kepada MB lainnya. Penyisihan penurunan nilai
pinjaman dihitung berdasarkan kajian nilai
terkini dan historis tingkat ketertagihan dari
pinjaman.
SRC
also
assesses
the
allowance
for
impairment loss collectively, grouped by the
same
loan
risks,
regardless
requires
individually identified of allowance, have higher
uncollectible risk compares to loan provided to
other foster partners. Allowance for impairment
of loan is measured based on the evaluation of
current value and historical rate of loan
collectability.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
16
3.
PENGGUNAAN
PERTIMBANGAN,
ESTIMASI
DAN ASUMSI (lanjutan)
3.
ACCOUNTING
JUDGEMENTS,
ESTIMATION,
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
estimasi kerugian yang tidak dapat ditagih yaitu
secara kolektif berdasarkan prosentase tertentu
tingkat ketertagihan (collection) data historis
yang ada (minimal 2 tahun). Penyisihan ini
disesuaikan
secara
berkala
untuk
mencerminkan hasil aktual dan
estimasi
(Catatan 5 dan 7).
Allowance for impairment of loan is recognised
based on the estimation of uncollectible amount,
which is done collectively based on a specific
percentage of the two-year-minimum historical
rate of loan collectibility. This allowance is
adjusted periodically to reflect actual result and
estimation (Notes 5 and 7).
4.
KAS DAN SETARA KAS
4.
CASH AND CASH EQUIVALENTS
2024
2023
______________________________________________
Kas di Bank:
Cash in Banks:
PT Bank Mandiri (Persero) Tbk
121.297
80.740
PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk
121.022
80.930
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Syariah Indonesia (Persero) Tbk
12.596 10.727
PT Bank Syariah Indonesia (Persero) Tbk
______________________________________________
Jumlah Kas dan Setara Kas
254.915
172.397
Total Cash and Cash Equivalents
5.
PINJAMAN KEPADA MITRA BINAAN
5.
LOAN TO FOSTER PARTNERS
a. Pinjaman kepada Mitra Binaan berdasarkan
SR Regional
a.
Loan to Foster Partners Classified by SR
Regional
2024
2023
______________________________________________
Pinjaman kepada Mitra Binaan
Loan to Foster Partners
Regional I
18.435
40.275
Regional I
Regional II*
20.230
27.895
Regional II*
Regional III*
32.768
15.181
Regional III*
Regional IV
7.512
22.335
Regional IV
Regional V
10.412
44.306
Regional V
Regional VI
-
21.306
Regional VI
Regional VII
-
19.833
Regional VII
____________________________________________
Jumlah
89.357
191.131
Total
Penyisihan Penurunan Nilai Pinjaman
(53.343)
(65.468)
Allowance for Impairment of Loan
____________________________________________
Jumlah Pinjaman kepada Mitra
Binaan - Neto
36.014
125.663
Total Loan to Foster Partners - Net
*) Terdapat penyesuaian jumlah Divisi Telkom
Regional di tahun 2024 yang sebelumnya sesuai
dengan yang diungkapkan pada Catatan 1.
*) There are changes of the number of Telkom
Regional Divisions in 2024, which previously
disclosed in Note 1.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
17
5.
PINJAMAN KEPADA MITRA BINAAN (lanjutan)
5.
LOAN TO FOSTER PARTNERS (continued)
b. Pinjaman kepada Mitra Binaan Menurut
Sektor
b.
Loan to Foster Partners Classified by Sector
2024
2023
_________________________________
Perdagangan
47.080
101.800
Trading
Industri
19.102
41.597
Industry
Jasa
12.325
28.739
Service
Peternakan
3.776
6.598
Farming
Pertanian
2.828
4.964
Agriculture
Perikanan
2.520
4.431
Fishing
Perkebunan
850
1.748
Plantation
Lainnya
876
1.254
Others
Jumlah
89.357 191.131
Total
Penyisihan penurunan nilai pinjaman
(53.343) (65.468)
Allowance for impairment of loan
Jumlah pinjaman kepada Mitra
Binaan - Neto
36.014
125.663
Total Loan to Foster Partners - Net
Manajemen
berpendapat
bahwa
saldo
penyisihan penurunan nilai pinjaman cukup
untuk menutup kerugian atas tidak tertagihnya
pinjaman.
Management believes that the balance of
allowance for impairment of loan is adequate
to cover losses from the uncollectible loan.
Termasuk di dalam saldo pinjaman kepada mitra
binaan
adalah
saldo
pinjaman
tambahan.
Pinjaman tambahan disalurkan untuk membiayai
kebutuhan dana pelaksanaan kegiatan usaha
mitra binaan yang bersifat jangka pendek.
Included in loans to foster partner is balance of
additional
loans.
Additional
loans
are
distributed to finance the short-term funding
requirements for the business operations.
c. Pendapatan Jasa Administrasi Pinjaman
c. Loan Administration Service Income
Tingkat suku bunga mulai 1 Oktober 2022
diatur
berdasarkan
PER-06/MBU/09/2022
sebagaimana diubah oleh PER-01/MBU/03/2023
menjadi sebesar 3% per tahun.
Interest rate start from October 1, 2022 is
regulated
on
PER-06/MBU/09/2022
as
amended to PER-01/MBU/03/2023 become 3%
per annum.
d. Penyisihan Pinjaman kepada Mitra Binaan
d.
Allowance for Impairment of Loan to Foster
Partners
Mutasi cadangan penurunan nilai pinjaman
adalah sebagai berikut:
Movement of allowance for impairment of loan
is as follow:
2024
2023
_________________________________
Saldo awal
65.468
84.930
Beginning balance
Penambahan
22.133
24.421
Additional
Pemulihan
(12.125)
(19.462)
Recovery
Reklasifikasi ke
Reclassification to
pinjaman bermasalah (Catatan 7)
(22.133)
(24.421)
troubled loan (Note 7)
Saldo akhir
53.343
65.468
Ending balance
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
18
5.
PINJAMAN KEPADA MITRA BINAAN (lanjutan)
5. LOAN TO FOSTER PARTNERS (continued)
31 Desember 2024/ December 31, 2024
Beban
(Pemulihan)
Umur Pinjaman
%
Akumulasi
Penyisihan/
(dari jatuh tempo)/
Saldo Pinjaman/
Penyisihan/
Penyisihan/
Expense
Loan Aging
Loan
Allowance
Accumulated
(Recovery)
Kualitas Pinjaman
(from maturity date)
Balance
%
Allowance
Allowance
Loan Quality
_
_
Mitra Binaan
Foster Partners
Dinilai secara kolektif
Collective assessment
Lancar
< 30 hari/ < 30 days
20.493
0,61%
125
(128)
Current
Kurang lancar
> 30 hari ≤ 180 hari
11.730
2,86%
335 (146)
Substandard
> 30 days < 180 days
Diragukan
> 180 hari ≤ 270 hari
4.614
7,86%
363
(253)
Doubtful
> 180 days < 270 days
Macet
> 270 hari/ > 270 days
52.520 100,00% 52.520 (11.588)
Loss
Sub jumlah
89.357
53.343 (12.115)
Subtotal
Bermasalah
Troubled
Mitra Binaan
311.022
100,00%
311.022 14.847
Foster Partner
BUMN Pembina lain/
Other Foster SOE/
Lembaga Penyalur
9.200 100,00%
9.200
(20)
Distributing Partners
Sub jumlah
320.222 320.222
14.827
Sub total
Dinilai secara individual
Individual assessment
Mitra Binaan Pinjaman Tambahan
Additional Loan Foster Partners
Macet
-
100,00%
- (10)
Loss
Jumlah
409.579
373.565
2.702
Total
31 Desember 2023/ December 31, 2023
Beban
(Pemulihan)
Umur Pinjaman
%
Akumulasi
Penyisihan/
(dari jatuh tempo)/
Saldo Pinjaman/
Penyisihan/
Penyisihan/
Expense
Loan Aging
Loan
Allowance
Accumulated
(Recovery)
Kualitas Pinjaman
(from maturity date)
Balance
%
Allowance
Allowance
Loan Quality
_
_
Mitra Binaan
Foster Partners
Dinilai secara kolektif
Collective assessment
Lancar
< 30 hari/ < 30 days
98.510
0,26%
256
(1.481)
Current
Kurang lancar
> 30 hari ≤ 180 hari
19.188
2,50%
479 (673)
Substandard
> 30 days < 180 days
Diragukan
> 180 hari ≤ 270 hari
9.315 6,61%
615
(208)
Doubtful
> 180 days < 270 days
Macet
> 270 hari/ > 270 days
64.108 100,00%
64.108 (17.100)
Loss
Sub jumlah
191.121
65.458 (19.462)
Sub total
Bermasalah
Troubled
Mitra Binaan
296.175
100,00%
296.175
15.443
Foster Partner
BUMN Pembina lain/
Other Foster SOE/
Lembaga Penyalur
9.220 100,00%
9.220
-
Distributing Partners
Sub jumlah
305.395 305.395
15.443
Sub total
Dinilai secara individual
Individual assessment
Mitra Binaan Pinjaman Tambahan
Additional Loan Foster
Macet
10 100,00%
10
-
Loss
Jumlah
496.525
370.863
(4.019)
Total
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
19
6.
PIUTANG KERJASAMA PUMK
6. PUMK COLLABORATION RECEIVABLE
Mutasi piutang kerjasama PUMK adalah sebagai
berikut:
Movement of PUMK collaboration receivable is as
follow:
2024
2023
_________________________________
Saldo awal
20.000
-
Beginning balance
Penyetoran dana PUMK kepada BRI
10.000
20.000
Deposit of PUMK fund to BRI
Penyaluran dana PUMK kepada Mitra
Distribution of PUMK fund to foster partners
Binaan melalui BRI
(30.000)
-
through BRI
Piutang kerjasama PUMK kepada
PUMK collaboration receivable to
Mitra Binaan
28.021
-
Foster Partners
Pengembalian piutang kerjasama PUMK
Refund of collaboration receivable
kepada BRI:
to BRI:
Pokok pinjaman
1.979
-
Principal loan
Jasa administrasi pinjaman
119
-
Loan administration service
Saldo akhir
30.119
20.000
Ending balance
Pada tanggal 29
Agustus
2023, SRC
telah
menandatangani Perjanjian Kerja Sama Induk
No. B 30/MBD/08/2023 atau No. Tel. 1194/ HK.810/
SRC-A1000000/2023 dengan PT Bank Rakyat
Indonesia Tbk (BRI) tentang Pelaksanaan Program
Pendanaan Usaha Mikro dan Usaha Kecil. Perjanjian
ini berlaku untuk jangka waktu selama 5 (lima) tahun
terhitung sejak ditandatanganinya perjanjian. Pada
tanggal 29 November 2023, SRC menandatangani
Perjanjian
Kerja
Sama
Turunan
No.B.827-
MBD/11/2023 atau No. Tel.1603/ HK.810/ SRC-
A1000000/ 2023 dengan BRI untuk mengatur lebih
detail mengenai pelaksanaan Perjanjian Kerja Sama
Induk.
On August 29, 2023, SRC signed Perjanjian Kerja
Sama Induk No. B 30/MBD/08/2023 or No. Tel. 1194/
HK.810/ SRC-A1000000/2023 with PT Bank Rakyat
Indonesia Tbk (BRI) regarding Implementation of
Program Pendanaan Usaha Mikro dan Usaha Kecil.
This agreement is valid for 5 (five) years from the
signing of the agreement. On November 29, 2023,
SRC signed Perjanjian Kerja Sama Turunan No.
B.827-MBD/11/2023 or No. Tel 1603/ HK.810/ SRC -
A1000000/ 2023 with BRI to regulate in more detail
regarding the implementation of Perjanjian Kerja
Sama Induk.
Berdasarkan perjanjian, BRI berkewajiban untuk
(1) melakukan penyaluran dana Program Pendanaan
UMK SRC kepada usaha mikro dan usaha kecil,
(2) melakukan penagihan angsuran pinjaman UMK
Binaan atas penyaluran dana Program Pendanaan
UMK SRC sampai dengan pelunasan pinjaman oleh
UMK Binaan yang disetorkan melalui rekening SRC
oleh BRI, meskipun perjanjian telah berakhir, (3)
melakukan
efektivitas
kinerja
penyaluran
dan
kolektibilitas
Program
Pendanaan
UMK,
(4) melaporkan
pelaksanaan
penyaluran
dana
Program Pendanaan UMK sebagaimana diatur dalam
Permen BUMN No: PER-1/2023 kepada Kementerian
BUMN, (5) melakukan monitoring dan evaluasi atas
pelaksanaan penyaluran dana Program Pendanaan
UMK SRC, (6) memberikan laporan atas penyaluran
dana Program Pendanaan UMK SRC sebagai dasar
dari pelaksanaan audit Program Pendanaan UMK
SRC, (7) mengalokasikan kembali jasa administrasi
yang diperoleh dari penyaluran dana Program
Pendanaan UMK yang untuk selanjutnya menjadi
bagian dari penyaluran dana Program Pendanaan
UMK
pada
periode
berikutnya
yang
akan
dikembalikan kepada SRC pada akhir periode
Perjanjian Kerja Sama Induk.
Based on the agreement, BRI is obliged to
(1) distribute funds from the SRC's Program
Pendanaan UMK to micro and small businesses, (2)
collect installments of the Foster MSE loans for the
funds distribution of the SRC’s Program Pendanaan
UMK until the loan repayment by the Foster MSEs is
transferred through SRC's account by BRI, even
though the agreement has ended, (3) carry out
effective performance of distribution and collectibility
of Program Pendanaan UMK, (4) report the
implementation of the funds distribution for Program
Pendanaan UMK as regulated in Ministry of SOE
No: PER-1/2023 to the Ministry of BUMN, (5) carry
out monitoring and evaluation of the implementation
of the distribution of funds for SRC's Program
Pendanaan UMK, (6) providing report on the
distribution of funds for SRC's Program Pendanaan
UMK as a basis for the audit of the implementation of
Program
Pendanaan
UMK,
(7)
reallocating
administrative services obtained from the distribution
of Program Pendanaan UMK funds for then becomes
part of the distribution of funds for the Program
Pendanaan UMK in the following period which will be
returned to SRC at the end of the period of Perjanjian
Kerja Sama Induk.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
20
6.
PIUTANG KERJASAMA PUMK (lanjutan)
6.
PUMK
COLLABORATION
RECEIVABLE
(continued)
SRC
berkewajiban
(1) melakukan
penyetoran/
pemindahbukuan dana Program Pendanaan UMK
pada rekening giro BRI, (2) melakukan pembinaan
sesuai ruang lingkup perjanjian, (3) menyampaikan
bukti penyetoran/ pemindahbukuan penyaluran dana
Program Pendanaan UMK. SRC dan BRI sepakat
untuk mengadakan pertemuan minimal 1 kali dalam
1 tahun untuk mengevaluasi pelaksanaan perjanjian.
Pada tanggal 30 November 2023, SRC telah
melakukan penyetoran dana ke rekening giro BRI
sebesar Rp20.000. Pada tanggal 29 November 2024,
SRC telah melakukan penyetoran dana ke rekening
giro BRI sebesar Rp10.000.
Pada tanggal 31 Desember 2024, SRC mengakui
pendapatan jasa administrasi pinjaman dari piutang
kerjasama kepada BRI sebesar Rp119.
SRC berkeyakinan bahwa seluruh pinjaman dapat
ditagih, dengan demikian tidak diperlukan adanya
penyisihan penurunan nilai.
SRC is obliged to (1) deposit/transfer funds from
Program Pendanaan UMK to BRI's checking
account, (2) carry out development in accordance
with the scope of the agreement, (3) submit evidence
of deposit/book-entry of disbursement of Program
Pendanaan UMK. SRC and BRI agree to hold a
meeting at least 1 time in 1 year to evaluate the
implementation of the agreement.
On November 30, 2023, SRC transferred funds
to the
BRI
checking
account
of
Rp20,000.
On November 29, 2024, SRC transferred funds to
BRI’s account of Rp10,000.
On December 31, 2024, SRC recognized loan
administration
service
income
from
PUMK
Collaboration receivable to BRI of Rp119.
SRC believes that all of loan are collectible, hence,
no allowance for impairment loss was provided.
7.
PINJAMAN BERMASALAH
7.
TROUBLED LOAN
Pinjaman
Bermasalah
Kepada
Mitra
Binaan
Berdasarkan SR Regional
Troubled Loan to Foster Partners Classified by
SR Regional
Pada tanggal 31 Desember 2024 dan 2023, pinjaman
bermasalah yang di klasifikasikan berdasarkan SR
Regional adalah sebagai berikut:
As of December 31, 2024 and 2023, the troubled
loan which classified per SR Regional is as follow:
2024
2023
_________________________________
Regional I
68.872
64.862
Regional I
Regional II*
96.760
42.106
Regional II*
Regional III*
77.705
52.650
Regional III*
Regional IV
30.133
26.093
Regional IV
Regional V
37.552
46.636
Regional V
Regional VI
-
28.372
Regional VI
Regional VII
-
35.456
Regional VII
311.022
296.175
_________________________________
SR Corporate
SR Corporate
PT Sang Hyang Seri (Persero) (“SHS”)
7.582
7.602
PT Sang Hyang Seri (Persero) (“SHS”)
Baitul Mal Wal Tamwil (“BMT Hidayah”)
1.618
1.618
Baitul Mal Wal Tamwil (“BMT Hidayah”)
9.200
9.220
Jumlah
320.222
305.395
Total
Penyisihan Pinjaman Bermasalah
(320.222)
(305.395)
Allowance for Impairment of Troubled Loan
Jumlah Pinjaman Bermasalah-Neto
-
-
Troubled Loan Distribution-Net
*) Terdapat penyesuaian jumlah Divisi Telkom
Regional di tahun 2024 yang sebelumnya sesuai
dengan yang diungkapkan pada Catatan 1.
*) There are changes of the number of Telkom
Regional Divisions in 2024, which previously
conformed to disclosed in Note 1.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
21
7. PINJAMAN BERMASALAH (lanjutan)
7.
TROUBLED LOAN (continued)
Mutasi
penyisihan
penurunan
nilai
pinjaman
bermasalah adalah sebagai berikut:
Movement of allowance for impairment of troubled
loan is as follow:
2024
2023
_________________________________
Saldo awal
305.395
289.952
Beginning balance
Reklasifikasi dari pinjaman macet
Reclassification from loss loan
(Catatan 5d)
22.133
24.422
(Note 5d)
Pemulihan
(7.306)
(8.979)
Reversal
Saldo akhir
320.222
305.395
Ending balance
8.
UTANG DAN LIABILITAS LANCAR LAINNYA
8. PAYABLES AND OTHER CURRENT LIABILITIES
Pada tanggal 31 Desember 2024 dan 2023, akun ini
merupakan uang titipan.
As of December 31, 2024 and 2023, this account
represents incidental deposit.
9. KELEBIHAN PEMBAYARAN ANGSURAN
9. OVERPAYMENT OF INSTALLMENTS
2024
2023
_________________________________
Saldo awal
237
204
Beginning balance
Penambahan
92
83
Additional
Pengembalian
(68) (50)
Refund
Saldo akhir
261
237
Ending balance
10. PENDAPATAN JASA ADMINISTRASI PINJAMAN
10. LOAN ADMINISTRATION SERVICE INCOME
2024
2023
Pinjaman kepada Mitra Binaan
Loan to Foster Partners
Regional I
503
1.613
Regional I
Regional II*
632
1.257
Regional II*
Regional III*
922
763
Regional III*
Regional IV
433
1.124
Regional IV
Regional V
238
1.510
Regional V
Regional VI
-
1.209
Regional VI
Regional VII
-
788
Regional VII
2.728
8.264
_________________________________
Piutang kerjasama PUMK kepada BRI
119
-
PUMK collaboration receivable to BRI
Jumlah
2.847
8.264
Total
*) Terdapat penyesuaian jumlah Divisi Telkom
Regional di tahun 2024 yang sebelumnya sesuai
dengan yang diungkapkan pada Catatan 1.
*) There are changes of the number of Telkom
Regional Divisions in 2024, which previously
conformed to disclosed in Note 1.
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
22
11. TRANSAKSI DAN SALDO DENGAN PIHAK
BERELASI
11. TRANSACTIONS
AND
BALANCES
WITH
RELATED PARTIES
Hubungan dan sifat saldo akun/ transaksi dengan
pihak - pihak berelasi adalah sebagai berikut:
The relationship and nature of account balances/
transactions with related parties were as follows:
Hubungan/
Pihak-pihak berelasi/
Transaksi/
Relationship
Related parties
Transactions
`
Perusahaan dibawah entitas
PT Bank Negara Indonesia (Persero) Tbk.
Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas
PT Bank Mandiri (Persero) Tbk.
Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas
PT Bank Syariah Indonesia (Persero) Tbk.
Jasa perbankan/ Banking services
sepengendali oleh Pemerintah/
Entity under common control of
the Government
Perusahaan dibawah entitas
PT Sang Hyang Seri (Persero)
BUMN Penyalur lain/ Other Foster
sepengendali oleh Pemerintah/
SOE
Entity under common control of
the Government
Perusahaan dibawah entitas
PT Bank Rakyat Indonesia (Persero) Tbk.
BUMN Penyalur lain/ Other Foster SOE
sepengendali oleh Pemerintah/
Entity under common control of
the Government
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
23
11. TRANSAKSI DAN SALDO DENGAN PIHAK
BERELASI (lanjutan)
11. TRANSACTIONS
AND
BALANCES
WITH
RELATED PARTIES (continued)
Rincian akun dan transaksi signifikan dengan pihak -
pihak berelasi adalah sebagai berikut:
The details of accounts and significant transactions
with related parties are as follows:
Persentase terhadap
jumlah aset/
Percentage to
Jumlah
total assets
2024
2023
2024
2023
Kas dan setara kas (Catatan 4)
Cash and cash equivalents (Note 4)
Kas di bank
Cash in banks
PT Bank Mandiri (Persero) Tbk.
121.297
80.740
37%
25%
PT Bank Mandiri (Persero) Tbk.
PT Bank Negara Indonesia
PT Bank Negara Indonesia
(Persero) Tbk.
121.022
80.930
37%
25%
(Persero) Tbk.
PT Bank Syariah Indonesia
PT Bank Syariah Indonesia
(Persero) Tbk.
12.596
10.727
3,9%
3,3%
(Persero) Tbk.
254.915
172.397
77,9%
53,3%
Piutang Kerjasama PUMK
PUMK Collaboration Receivable
Piutang Kerjasama PUMK kepada
PUMK Collaboration Receivable to
Mitra Binaan
28.021
-
8,72%
-
Foster Partners
Piutang Kerjasama PUMK kepada
PUMK Collaboration Receivable to
BRI
2.098
20.000
0,65%
6,3%
BRI
30.119
20.000
9,37%
6,3%
Persentase terhadap
jumlah pendapatan/
Percentage to
Jumlah
total revenue
2024
2023
2024
2023
Pendapatan Jasa Giro
Interest from Current Account
Kas di bank
Cash in banks
PT Bank Mandiri (Persero) Tbk.
1.664
842
26%
8,64%
PT Bank Mandiri (Persero) Tbk.
PT Bank Negara Indonesia
PT Bank Negara Indonesia
(Persero) Tbk.
1.603
624
26%
6,4%
(Persero) Tbk.
PT Bank Syariah Indonesia
PT Bank Syariah Indonesia
(Persero) Tbk.
92
5
1,4%
0,0%
(Persero) Tbk.
3.359
1.471
53,4%
15,04%
The original financial statements included herein are in Indonesian
language.
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(SEBELUMNYA COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
CATATAN ATAS LAPORAN KEUANGAN
Tanggal 31 Desember 2024 dan Tahun
yang Berakhir pada Tanggal Tersebut
(Disajikan dalam Jutaan Rupiah)
PROGRAM PENDANAAN USAHA MIKRO DAN
USAHA KECIL
SOCIAL RESPONSIBILITY CENTER
(FORMERLY COMMUNITY DEVELOPMENT
CENTER) PERUSAHAAN PERSEROAN (PERSERO)
PT TELEKOMUNIKASI INDONESIA TBK
NOTES TO THE FINANCIAL STATEMENTS
As of December 31, 2024 and
For the Year Ended
(Expressed in Millions of Rupiah)
24
12. LAPORAN ARUS KAS - METODE LANGSUNG
12. STATEMENT OF CASH FLOWS - DIRECT
METHOD
2024
2023
_________________________________
AKTIVITAS OPERASI
OPERATING ACTIVITIES
Pengembalian Pinjaman dari Mitra Binaan
86.538 171.334
Loan Repayments from Foster Partners
Penerimaan Jasa Administrasi
Receipt from
Pinjaman
2.694
8.045
Loan Administration Service
Pendapatan Bunga
3.359
1.471
Interest Income
Piutang Kerjasama PUMK kepada BRI
(10.000) (20.000)
PUMK Collaboration Receivable to BRI
Pembayaran Utang
(5) (3)
Payable Payment
Pengembalian Kelebihan Angsuran
Refund of Overpayment Installment to
ke Mitra Binaan
(68) (49)
Foster Partners
KAS NETO DITERIMA
NET CASH FLOWS RECEIVED
DARI AKTIVITAS OPERASI
82.518
160.798
FROM OPERATING ACTIVITIES
KENAIKAN
INCREASE
KAS DAN SETARA KAS
82.518
160.798
IN CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA
CASH AND CASH EQUIVALENTS
AWAL PERIODE
172.397
11.599
AT BEGINNING OF PERIOD
KAS DAN SETARA KAS PADA
CASH AND CASH EQUIVALENTS
AKHIR PERIODE
254.915
172.397
AT END OF PERIOD
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Thank you for your willingness to read this 2024 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.
SA
A
OTA
D
SD
2.
In your opinion, the material in this report including the data and information presented is easy to understand and understand.
SA
A
OTA
D
SD
3.
In your opinion, the material in this report including the data and information presented is quite complete, covering all
sustainability issues.
SA
A
OTA
D
SD
4.
In your opinion, the material in this report including the data and information presented is reliable for
decision-making.
SA
A
OTA
D
SD
Remarks:
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.
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c.
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6.
In your opinion, what information has been conveyed in this report and is felt to be of little use?
a.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b.
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c.
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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.
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c.
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8.
In your opinion, what information is felt to be lacking and must be completed in the upcoming Annual Report?
a.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b.
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c.
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Your profile
Full name
: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Age and Gender
: . . . . . . . . . . .Yo. M / F (cross the unnecessary ones)
Institution / Company
: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Type of Institution / Company
:
Government
Industry
Media
NGO
Public
Etc
Returning forms and other matters related to the 2024 Annual Report can be submitted to:
Investor Relations
The Telkom Hub, Telkom Landmark Tower 51st Floor
Jl. Jend. Gatot Subroto Kav. 52, Jakarta 12710, Indonesia
Phone : (6221) 521 5109
Fax : (6221) 522 0500
E-mail : investor@telkom.co.id
Website : www.telkom.co.id
Annual Report 2024 Feedback Form
PT Telkom Indonesia (Persero) Tbk
PT Telkom Indonesia (Persero) Tbk
Investor Relations
The Telkom Hub, Telkom Landmark Tower 51st Floor
Jl. Jend. Gatot Subroto Kav. 52,
Jakarta 12710, Indonesia
Phone : (6221) 521 5109
Fax : (6221) 522 0500
E-mail : investor@telkom.co.id
Website : www.telkom.co.id