Exhibit 1

(Expressed in Million of Dollars, Unless otherwise stated)

Year, Ended Dec, 31
2010
REVENUES 10,473.8
COST OF GOOD SOLD (COGS) (6,876.7)
GROSS PROFIT 3,597.1

General and administrative expenses (2,903.5)

Operating Income 693.5

Interest Expense (58.1)

Other expense,net (28.1)
Restructuring charge, net 0
Income before income taxes (re-calculate) 607.3
Income Taxes (assumption 25%) 151.825
NET INCOME (re-calculate) 455.5

Dilluted earnings per common share 3.3

Average share outstanding (diluted) 705.6

Exhibit 2 Discounted cash flow analysis

2010
Assumption :
Revenue growth (%)
COGS/Sales (%)
SG&A/Sales (%)
Tax rate (%)
Current assets/Sales (%)
Current Liabilities/Sales (%)
Cost of Capital (%)

(in million dollar)

Value of company 25,113.9
Less: current outstanding debt 31,118
Equity value 22,002.04
Current shares outstanding 271.5
Equity value per share 81.04
Current market share price 100
Exhibit 3
in million of Dollars 2010
Assets
Current Assets
Cash and equivalent
Account receivable
Inventories
Deferred income taxes
Prepaid expenses
Total current assets

Property, plant and equipment, net

Identifiable intangible assets and goodwill, net
Deferred income taxes and other assets
Total Assets

Liabilities and shareholders' equity

Current Liabilities
Current portion of long term debt
Notes payable
Accounts payables
Accrued liabilities
Income taxes Payable
Total Current Liabilities

Long-term debt
Deferred income taxes and other liabilities
Redeemable preferred stock

Shareholders' equity
Common Stock, par
Capital in excess of stated value
Unearned stock compensation
Accumulated other comprehensive income
Retained earnings
Total Shareholders' equity
Total liabilities and Shareholders' equity

Common Equity
 2011 2012 2013 2014 2015 2016
14,235.3 20,210.3 21,016.8 19,309.2 19,789.2 20,875.4
(9,376.1) (13,207.2) (14,557.2) (13,184.4) (12,969.1) (13,883.8)
4,859.2 7,003.1 6,459.6 6,124.8 6,820.1 6,991.6

(3,812.6) (5,528.9) (6,297.1) (5,823.8) (6,255.4) (6,455.3)

1,046.6 1,474.2 162.5 301.0 564.7 536.3

(94.8) (125.5) (144.0) (105.8) (108.0) (140.9)

(88.1) (77.5) (50.2) (51.6) (55.7) (81.8)
0 0 (311.8) (108.2) 6.0 0
863.7 1,271.2 -343.5 35.4 407.0 313.6
215.925 317.8 -85.875 8.85 101.75 78.4
647.8 953.4 -257.6 26.6 305.3 235.2

4.5 6.4 3.2 3.8 5 5.2

704.6 712.8 710.4 690 671.5 655.9

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

7.0% 6.5% 6.5% 6.5%

60.0% 55.0% 55.0% 55.0%
28.0% 25.0% 25.0% 25.0%
25.0% 25.0% 25.0% 25.0%
40.0% 40.0% 40.0% 40.0%
12.0% 12.0% 12.0% 12.0%
12.0%

million
2011 2012 2013 2014 2015 2016

254.3 304.0
1,569.4 1,621.4
1,446.0 1,524.1
111.5 1,133.3
215.2 162.5
3,596.4 4,745.3

1,583.4 1,618.8
410.9 397.3
266.2 178.2
5,856.9 6,939.6

50.1 5.4
924.2 855.3
543.8 432
621.9 472.1
0 21.9
2,140.0 1,786.7

470.3 435.9
110.3 102.2
0.3 0.3

2.8 2.8
369.0 459.4
(11.7) (9.9)
(111.1) (152.1)
2887 3194.3
3,136.0 3,494.5
5,856.9 5,819.6

3,258.8 3,656.5
2021 2022 2023 2024 2025 2026

6.5% 6.0% 6.0% 6.0% 6.0% 6.0%

55.0% 55.0% 55.0% 55.0% 55.0% 55.0%
25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
25.0% 25.0% 25.0% 25.0% 25.0% 25.0%
40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
 DCF Projectio
2017 2018
REVENUES 22,336.7 23,788.6
COST OF GOOD SOLD (COGS) 13,402.0 13,083.7
GROSS PROFIT 8,934.7 10,704.9

General and administrative expenses 6,254.3 5,947.1

Operating Income 2,680.4 4,757.7

Interest Expense
Other expense,net
Restructuring charge, net
Income Taxes 670.1 1,189.4
NET INCOME 2,010.3 3,568.3

Total Current assets 8,934.7 9,515.4

Total Current Liabilities 2,680.4 2,854.6

1 2
Revenue 19,943.5 18,964.1
Cost of Good Sold (COGS) 11,966.1 10,430.3
Gross Profit (revenue - cogs) 7,977.4 8,533.8
Nett Income 1,794.9 2,844.6

Value of Company 22,760.7

PERFOR

Financial Ratio 2015 2016

LIQUIDITY RATIOS
Cash & Market Sec. To Total Assets 0.071 0.064
Acid Test Ratio 0.852 1.078
Current Ratio 1.681 2.656
Working Capital/Sales 0.074 0.142

EFFICIENCY
Days Receivables 28.947 28.350
Dayas Payables (15.305) (11.357)
Days of Inventory (40.696) (40.068)

FINANCIAL LEVERAGE
Debt to Total Assets 0.247 0.187
Debt to Common Equity 0.443 0.355
Long-Term Debt to Common Equity 0.144 0.119
Total Debt to EBITDA 2.558 2.418
EBITDA / Interest (5.229) (3.806)
EBIT / Interest (5.229) (3.806)

PROFITABILITY
Return on Common Equity 9.367% 6.432%
Return on Assets 5.212% 3.389%

GROWTH
Sales 2.49% 5.49%
Operating Income 87.61% -5.03%
Net Income 1049.72% 22.95%

ROE DECOMPOSITION (DUPONT FORMULA)

Return on Equity 9.734% 6.731%
Return on Sales 0.015 0.011
Asset Turnover 3.379 3.008
Leverage 1.868 1.986

Vertical Analysis
COGS to Sales 65.54% 66.51%
Gross Profit to Sales 34.46% 33.49%
Operating Expenses to Sales 31.61% 30.92%
Earning before interest & Taxes to Sales 4.35% 3.86%
Net Income to Sales 1.54% 1.13%
DCF Projection to 10 Years (forecasting)
2019 2020 2021 2022 2023 2024 2025 2026
25,334.8 26,981.6 28,735.4 30,459.5 32,287.1 34,224.3 36,277.8 38,454.4
13,934.2 14,839.9 15,804.5 16,752.7 17,757.9 18,823.4 19,952.8 21,149.9
11,400.7 12,141.7 12,930.9 13,706.8 14,529.2 15,400.9 16,325.0 17,304.5

6,333.7 6,745.4 7,183.8 7,614.9 8,071.8 8,556.1 9,069.4 9,613.6

5,067.0 5,396.3 5,747.1 6,091.9 6,457.4 6,844.9 7,255.6 7,690.9

Not Available

1,266.7 1,349.1 1,436.8 1,523.0 1,614.4 1,711.2 1,813.9 1,922.7

3,800.2 4,047.2 4,310.3 4,568.9 4,843.1 5,133.6 5,441.7 5,768.2

10,133.9 10,792.6 11,494.2 12,183.8 12,914.8 13,689.7 14,511.1 15,381.8

3,040.2 3,237.8 3,448.2 3,655.1 3,874.4 4,106.9 4,353.3 4,614.5

PRESENT VALUE

3 4 5 6 7 8 9 10
18,032.8 17,147.3 16,305.2 15,431.7 14,605.0 13,822.6 13,082.1 12,381.3
9,918.1 9,431.0 8,967.9 8,487.5 8,032.8 7,602.4 7,195.2 6,809.7
8,114.8 7,716.3 7,337.4 6,944.3 6,572.3 6,220.2 5,887.0 5,571.6
2,704.9 2,572.1 2,445.8 2,314.8 2,190.8 2,073.4 1,962.3 1,857.2

PERFORMANCE ANALYSIS

Shif Analysis

Acid test ratio is Growth (in 2016 PT Telco Mobile Indonesia, is more capable to using current asset for back up the c
 Current ratio of PT Telco is Growth in 2016
in 2016 PT. Telco has more short term investation

g current asset for back up the current liabilities than in 2015