Financial Highlights (In Indonesia GAAP)

Consolidated Balance Sheets

(in billion Rupiah)

	Dec 31,2004	Dec 31,2005	Dec 31,2006	Dec 31,2007	Dec 31,2008
Total Current Assets	9,204	10,305	13,921	15,978	14,622
Total Non-current Assets	46,975	51,866	61,215	66,081	76,634
TOTAL ASSETS	56,179	62,171	75,136	82,059	91,256
Total Current Liabilities	11,677	13,513	20,536	20,674	26,998
Total Non-current Liabilities	21,436	19,061	18,344	18,331	20,260
TOTAL LIABILITIES	33,113	32,574	38,880	39,005	47,258
MINORITY INTEREST	4,938	6,305	8,187	9,305	9,684
EQUITY	18,128	23,292	28,069	33,749	34,314

Consolidated Income Statements

(in billion Rupiah, except for Net income per share and Net income per ADS)

	Dec 31,2004	Dec 31,2005	Dec 31,2006	Dec 31,2007	Dec 31,2008
TOTAL OPERATING REVENUES	33,948	41,807	51,294	59,440	60,689
TOTAL OPERATING EXPENSES	19,360	24,636	29,701	32,967	38,382
EBITDA	21,899	25,660	31,716	37,067	34,621
OPERATING INCOME	14,588	17,171	21,593	26,473	22,307
OTHER INCOME (EXPENSES) - net	(1,839)	(929)	400	(877)	(1,995)
INCOME BEFORE TAX	12,749	16,242	21,993	25,596	20,312
NET INCOME	6,615	7,994	11,006	12,857	10,619
Net income per share of Common Stock	328.10	396.51	547.15	644.08	537.73
Net income per ADS(40:1 Common Stock:ADS)	13,124.14	15,860.25	21,886.00	25,763.20	21,509.20

Consolidated Financial and Operational Ratios

	Dec 31,2004	Dec 31,2005	Dec 31,2006	Dec 31,2007	Dec 31.2008
Return on Assets (ROA)¹(%)	11.8	12.9	14.6	15.7	11.6
Return on Equity (ROE)²(%)	36.5	34.3	39.2	38.1	30.9
Current Ratio³ (%)	78.8	76.3	67.8	77.3	54.2
Total Liabilities to Total Assets⁴ (%)	58.9	52.4	51.7	47.5	51.8
Operating Margin⁵ (%)	43.0	41.1	42.1	44.5	36.8
EBITDA Margin⁶ (%)	64.5	61.4	61.8	62.4	57.0
Net Income Margin⁷(%)	19.5	19.1	21.5	21.6	17.5
Debt to Equity⁸(%)	91.7	57.9	54.8	46.7	57.6
Debt to EBITDA(%)	75.9	52.5	48.5	42.6	57.1
EBITDA to Interest Expense⁹(times)	17.2	21.8	24.7	25.8	21.9
EBITDA to Net Debt¹⁰(%)	187.1	322.7	454.9	677.8	276.0
PRODUCTIVITY RATIOS :
Total Revenue/Employee (Rp billion)	1.0	1.2	1.5	1.8	2.0
LIS/Employee (sst)	340.3	452.4	465.9	593.3	876.8

(1) ROA represents net income divided by total asset as at year end.

(2) ROE represents net income divided by total equity as at year end.

(3) Current ratio represents current asset divided by current liabilities

(4) Total Liabilities to total asset represents total liabilities divided by total asset as at year end.

(5) Operating margin represents operating income divided by operating revenue

(6) EBITDA margin represents EBITDA divided by operating revenue

(7) Net income margin represents net income dividen by operating revenue

(8) Debt to equity represents total debt divided by total equity as at year end

(9) EBITDA to interest expense represents EBITDA divided by interest expenses.

(11) EBITDA to net debt represents EBITDA divided by total debt minus cash and cash equivalents,temporary investments and escrow

accounts as at year end.

*) EBITDA is defined as the operating income before depreciation and amortization.We consider EBITDA to be a useful

measure of our operating performance because it reflects the underlying operating cash cost, by eliminating depreciation and

amortization. The manner in which we calculate EBITDA may differ form the use of the term EBITDA by other companies

Posted on May 27, 2009
Source: TELKOM 2008 Annual Report (filed to Bapepam-LK on May 11, 2009)

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