Telkom Indonesia
In 2014 the sales growth
increased slightly compared to sales in 2013, it increased 7 % up. Meanwhile
the gross margin in 2014 slightly decreased at 75.2 % of total sales, the gross
margin at previous year was 76 % of total sales. The key driver of revenue is
from personal segment or cellular segment. The company has more than 130
million subscribers in 2013. The number is expected continue to grow in the
recent year and next year. Even there was a decrease in gross margin the net
income in 2014 was higher than 2013, it was 5.7 % higher. In other hand the
company still has biggest market share in Indonesia in 2014.
The slowdown in economic growth
may decrease its margin and its sale growth in 2014. Consumer apparently
decreased spending in cellular charge as the cost of living has increased in
2014 due to the higher inflation rate in the same year.
In 2014, the company had several
new agreements with companies; there were Qnet Indonesia, Thales Alenia Space
France, Waskita Karya and etc.
Qnet Indonesia has been
commencing the establishment of telecommunication system at under the sea.
Meanwhile Thales alenia space france provided satellite service of substitution
satellite system.
|
TLKM - In billions of rupiah
|
2013
|
2014
|
2015F
|
2016F
|
2017F
|
|
Revenue
|
82,967.0
|
89,696.0
|
95,974.7
|
103,652.7
|
111,944.9
|
|
COGS
|
-19,332.0
|
-22,288.0
|
-23,993.7
|
-25,913.2
|
-27,986.2
|
|
Gross Profit
|
63,635.0
|
67,408.0
|
71,981.0
|
77,739.5
|
83,958.7
|
|
Operating Expense
|
-21,859.0
|
-21,564.0
|
-23,073.5
|
-24,919.4
|
-26,912.9
|
|
Depreciation n amortization
|
-15,780.0
|
-17,131.0
|
-18,720.1
|
-19,960.1
|
-20,955.2
|
|
Other Income / - expense
|
2,657.0
|
1,885.0
|
2,017.0
|
2,178.3
|
2,352.6
|
|
Interest Expense
|
-1,504.0
|
-1,814.0
|
-719.3
|
-735.0
|
-660.0
|
|
Pretax Income
|
27,149.0
|
28,784.0
|
31,485.1
|
34,303.4
|
37,783.2
|
|
Taxes
|
-6,859.0
|
-7,338.0
|
-8,026.6
|
-8,745.1
|
-9,632.2
|
|
Net Income
|
20,290.0
|
21,446.0
|
23,458.5
|
25,558.3
|
28,151.0
|
|
Cash
|
14,696.0
|
17,672.0
|
21,903.9
|
27,106.6
|
29,343.0
|
|
Marketable securities
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
|
Trade Receivable
|
5,126.0
|
5,719.0
|
6,119.3
|
6,608.9
|
7,137.6
|
|
Inventories
|
509.0
|
474.0
|
510.3
|
551.1
|
595.2
|
|
Other Current Asset
|
12,744.0
|
9,897.0
|
10,589.8
|
11,437.0
|
12,351.9
|
|
Total Curr Asset
|
33,075.0
|
33,762.0
|
39,123.3
|
45,703.5
|
49,427.7
|
|
Net Property, Plants and
equipment
|
86,761.0
|
94,809.0
|
101,088.9
|
106,128.9
|
110,173.7
|
|
Other Non Curr Asset
|
8,115.0
|
12,324.0
|
13,186.7
|
14,241.6
|
15,380.9
|
|
Total Non Curr Asset
|
94,876.0
|
107,133.0
|
114,275.6
|
120,370.5
|
125,554.6
|
|
Total Asset
|
127,951.0
|
140,895.0
|
153,398.9
|
166,074.0
|
174,982.3
|
|
Short Term Debt
|
432.0
|
1,810.0
|
2,500.0
|
2,500.0
|
2,500.0
|
|
Account Payable
|
10,774.0
|
11,060.0
|
11,906.4
|
12,858.9
|
13,887.6
|
|
Curr Portion of Long term debt
|
5,093.0
|
5,899.0
|
6,000.0
|
6,000.0
|
7,000.0
|
|
Other Curr Liabilities
|
12138
|
13017
|
13928.19
|
15042.4452
|
16245.84082
|
|
Total Curr Liabilities
|
28,437.0
|
31,786.0
|
34,334.6
|
36,401.4
|
39,633.5
|
|
Long Term Debt
|
14,731.0
|
15,743.0
|
16,000.0
|
16,000.0
|
10,000.0
|
|
Deferred Taxes
|
3,004.0
|
2,743.0
|
2,743.0
|
2,743.0
|
2,743.0
|
|
Other Non Curr Liabilities
|
4,355.0
|
4,498.0
|
4,812.9
|
5,197.9
|
5,613.7
|
|
Total Non Curr Liabilities
|
22,090.0
|
22,984.0
|
23,555.9
|
23,940.9
|
18,356.7
|
|
Total Liabilities
|
50,527.0
|
54,770.0
|
57,890.5
|
60,342.3
|
57,990.2
|
|
Minorities
|
16,882.0
|
18,318.0
|
18,318.0
|
18,318.0
|
18,318.0
|
|
Common Share
|
5,040.0
|
5,040.0
|
5,040.0
|
5,040.0
|
5,040.0
|
|
Additional Paid Up Capital
|
2,323.0
|
2,899.0
|
2,899.0
|
2,899.0
|
2,899.0
|
|
Retained Earning
|
58,628.0
|
63,323.0
|
72,706.4
|
82,929.7
|
94,190.1
|
|
Other
|
-5,449.0
|
-3,455.0
|
-3,455.0
|
-3,455.0
|
-3,455.0
|
|
Share holder Equity
|
60,542.0
|
67,807.0
|
77,190.4
|
87,413.7
|
98,674.1
|
|
Share holder Equity & Min
Interest
|
77,424.0
|
86,125.0
|
95,508.4
|
105,731.7
|
116,992.1
|
|
Total SE,Min Interest and
Liabilities
|
127,951.0
|
140,895.0
|
153,398.9
|
166,074.0
|
174,982.3
|
|
Financial Ration
|
2013
|
2014
|
2015F
|
2016F
|
2017F
|
|
ROA
|
15.86
|
15.22
|
15.29
|
15.39
|
16.09
|
|
ROE
|
33.51
|
31.63
|
30.39
|
29.24
|
28.53
|
|
Gross Margin
|
76.70
|
75.15
|
75.00
|
75.00
|
75.00
|
|
Profit Margin
|
24.46
|
23.91
|
24.44
|
24.66
|
25.15
|
|
Current Ratio
|
1.16
|
1.06
|
1.14
|
1.26
|
1.25
|
|
Debt to asset
|
0.16
|
0.17
|
0.16
|
0.15
|
0.11
|
|
Interest Coverage
|
29.5
|
26.3
|
70.8
|
74.8
|
90.0
|
|
Days Payable
|
203
|
181
|
181
|
181
|
181
|
|
Days Inventory
|
10
|
8
|
8
|
8
|
8
|
|
Days Receivable
|
23
|
23
|
23
|
23
|
23
|
|
Free Cash Flow
|
12,525.0
|
17,259.0
|
20,537.7
|
24,127.0
|
|
|
EBITDA
|
44,433.0
|
47,729.0
|
50,924.5
|
54,998.5
|
59,398.3
|
|
Dividend Pay out
|
76.9
|
60
|
60
|
60
|
60
|
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