Composi on of Assets and Liability during 2018, 2017 and 2016 can be seen in the following graphic.
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Comparison of Financial Posi on as of December 31 2018 Compared to as of December 31 2017 1. Assets
As of December 31, 2018, Telkom have total assets of Rp206,196 billion (US$14,339 million), an increase 3.9% from Rp198,484 billion in 2017.
a. Current Assets
Current assets posi on reached Rp43,268 billion (US$3,009million) as of December 31, 2018, decrease by Rp4,293 million or 9.0% from Rp47,561 billion as at 31 December 2017. The decrease in current assets is mainly due to:
• Decrease in cash and cash equivalent by Rp7,706 billion or 30.6% due to dividen payment, capital expenditure and bank loan payment.
• Decrease in other current financial assets by Rp869 billion or 40.0% due to the decrease available-for-sale financial assets.
• Decrease in claim for tax refund by Rp312 billion or 34.4%.
These decrease were compensated by:
• Increase in trade receivables by Rp2,192 billion or 23.8% due to third par es trade receivables of Rp1,611 billion.
• Increase in prepaid taxes by Rp802 billion or 41.2% due to the increase of prepaid cash payments for value added taxes.
• Increase other current assets by Rp799 billion or 11.1%
• Increase in other receivables by Rp385 billion or 112.6%.
• Increase in assets held for sale by Rp330 billion or 3,300.0%.
b. Non-Current Assets
As of December 31, 2018, non-current assets reached Rp162,982 billion (US$11,330 million), increase Rp12,005 billion or 8,0% compared to Rp150,923 billion in 2017. Increase in non-current assets is mainly caused by:
• Increase in property and equipment by Rp13,077 billion or 10.0% with the increase in infrastructure construc on.
• Increase in intangible asset by Rp1,502 billion or 42.5% due to the goodwill increase from the acquisi on of Swadharma Sarana Informa ka and Telin Malaysia.
• Increase in long-term investment by Rp324 billion or 15.1% due to the acquisi on Cellum and other long- term investmen.
These increase were compensated by:
• Decrease other non-current assets by Rp2,598 billion or 21,2% due to the decrease in advances for purchases of property and equipment.
• Decrease in deferred tax assets by Rp300 billion or 10.7%.
2. Liabili es
As of December 31, 2018 liabili es amount to Rp88,893 billion (US$6,182 million), increase 2.9% from Rp86,354 billion in 2017.
a. Current Liabili es
As of December 31, 2018, current liabili es posi on reached Rp46,261 billion (US$3,217 million), increase 2.0%
compared to Rp45,376 billion as at 31 December 2017. Telkom current liabili es increase is mainly due to:
• Increase in short-term bank loans by Rp1,754 billion or 76.6% due to the increase of third par es short-term bank loans such as DBS and MUFG Bank, for Telkom and subsidiaries working capital. This acquired bank loan facili es was spent for working capital
• Increase in current maturi es of long term borrowings by Rp1,087 billion or 23.1% due to matured bonds and notes in a year for Rp525 billion.
• Increase in advances from customers by Rp329 billion or 26.5%.
• Increase in other payables by Rp231 billion or 106.5%.
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The increase is compensated by:
• A decrease in taxes payable by Rp1,610 billion or 57.7% due to the decrease of the subsidiaries value-added tax.
• A decrease in trade payables by Rp808 billion or 5.2% due to the decrease in third par es payable by Rp905 billion.
• A decrease in unearned income by Rp237 billion or 4.4%.
b. Non-Current Liabili es
As of December 31, 2018, Telkom non-current liabili es reached Rp42,632 billion (US$2,965 million), increase by Rp1,654 billion or 4.0% from Rp40,978 billion as of December 31, 2017. Telkom increase in non current liabili es due to:
• Increase in long-term borrowings by Rp5,574 billion or 20.6% due to increase in bank loans by Rp4,859 billion, bond and notes by Rp974 billion and other borrowings by Rp754 billion. The increase is compensated by decrease in obliga on under finance leases by Rp672 billion and two step loans by Rp141 billion.
• Increase in deferred tax liabili es by Rp319 billion or 34.2%.
The increase is compensated by the decrease in pension benefits and other post-employment benefits obliga on by Rp4,640 billion or 45.5% due to the decrease of pension benefits by Rp2,405 and post-employment healthcare benefits by Rp2,224.
3. Equity
Telkom recorded total equity increase by Rp5,173 billion or 4.6% from Rp112,130 billion as at December 31, 2017 to Rp117,303 billion (US$8,157 million) as of December 31, 2018. The increase is mainly due to total retained earning increase by Rp6,099 billion or 7.2% due to the increase in total comprehensive income for the year a butable to owners of the parent company is Rp22,844 billion. The increase is compensated by decrease in non controlling interest by Rp1,024 billion.
Comparison of Financial Posi on as of December 31 2017 Compared to as of December 31 2016 1. Assets
As of December 31, 2017, Telkom have total assets of Rp198,484 billion, an increase 10.5% from Rp179,611 billion in 2016.
a. Current Assets
Current assets posi on reached Rp47,561 billion as of December 31, 2017, decrease by Rp140 billion or 0.3%
from Rp47,701 billion as at 31 December 2016. The decrease in the current assets is mainly due to:
• Decrease in cash and cash equivalent by Rp4,622 billion or 15.5% due to dividen payment and capital expenditure.
• Decrease in other receivables by Rp195 billion or 36.3%.
• Decrease in prepaid tax Rp191 billion or 8.9%.
These decrease were offset by:
• Increase in other current asset by Rp1,937 billion or 36.9% due to radio frequency licensing.
• Increase in trade receivables by Rp1,859 billion or 25.2% due to increase in third party receivables by Rp1,208 billion.
• Increase in other current financial asset by Rp702 billion or 47.7%.
• Increase in claim for tax refund by Rp316 billion or 53.4%.
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b. Non Current Assets
As of December 31, 2017, non-current assets reached Rp150,923 billion, increase by Rp19,013 billion or 14.4%
compared to Rp131,910 billion in 2016. Increase in non-current assets is mainly caused by:
• Increase in property and equipment by Rp15,673 billion or 13.7% due to increase in transmission network.
• Increase in deferred tax asset by Rp2,035 billion or 264.6% due to asset revalua on.
• Increase in other non-current asset by Rp762 billion or 6.6%.
• Increase in intangible asset by Rp441 billion or 14.3%.
• Increase in long-term investment by Rp301 billion atau 16.3%.
These increase were offset by decrease in prepaid pension benefit cost by Rp199 miliar.
2. Liabili es
As of December 31, 2017 The liabili es amount to Rp86,354 billion, increase 16.6% from Rp74,067 billion in 2016.
a. Current Liabili es
As of December 31, 2017, the short-term liabili es reached Rp45,376 billion, increase 14.1% compared to Rp39,762 billion as at 31 December 2016. The current liabili es increase is mainly due to:
• Increase in trade payables by Rp2,056 billion or 15.2% due to an increase in third party trade payables of Rp2,707 billion.
• Increase in short-term bank loans by Rp1,378 billion or 151.3%.
• Increase in accrued expenses by Rp1,347 billion or 11.9% due to opera onal, maintenance dan telecommunica on service expense.
• Increase in current maturi es of long term borrowings by Rp688 billion or 15.2%.
• Increase in advances from customers and suppliers by Rp400 billion or 47.6%.
The increase is compensated by:
• A decrease in taxes payable by Rp164 miliar or 5.6%.
• A decrease in unearned income by Rp136 billion or 2.4%.
b. Non-Current Liabili es
As of December 31, 2017, the non-current liabili es reached Rp40,978 billion, increase by 6,673 billion or 19.5%
from Rp34,305 billion as of December 31, 2016. The increase in non current liabili es due to:
• Increase in pension benefits and other post-employment benefits obliga on by Rp4,069 billion or 66,4%.
• Increase in long-term borrowings by Rp1,607 billion or 6.1% due to increase in bank loans by Rp1,965 billion and other borrowings by Rp499 billion. The increase is compensated by decrease in obliga on under finance leases by Rp342 billion, bonds and notes by Rp340 billion and two step loans by Rp175 billion.
• Increase in other liabili es by Rp565 billion or 1,948.3%
• Increase in deferred tax liabili es by Rp188 billion or 25.2%.
• Increase in long service award provision Rp145 billion or 23.7%.
3. Equity
Telkom recorded total equity increase by Rp6,586 billion or 6.2% from Rp105,544 billion as at December 31, 2016 to Rp112,130 billion as of December 31, 2017. The increase is mainly due to total retained earning increase by Rp8,281 billion or 10.8% to Rp19,952 billion due to increase in total comprehensive income for the year a butable to owners of the parent company. The increase is compensated by decrease in non controlling interest by Rp1,743 billion.
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