PT Tower Bersama Infrastructure Tbk Announces Its First Quarter 2017 Financial Performance
Posted on 12th May 2017
JAKARTA, 12 May 2017 - PT Tower Bersama Infrastructure Tbk. ("TBIG") today released its interim financial statements for the three months ended 31 March 2017.
Financial Highlights and Operational Indicators
During the three months ended 31 March 2017, TBIG generated revenue and EBITDA amounting to Rp956 billion and Rp828 billion, respectively. Using the first quarter 2017 results on an annualized basis, revenue and EBITDA reached Rp3,824 billion and Rp3,312 billion, respectively.
As of 31 March 2017, TBIG had 21,506 tenants and 12,946 telecommunication sites. The Company’s telecommunication sites comprised 12,874 telecommunication towers and 72 DAS networks. With total tower tenants amounting to 21,434 on tower sites, the Company’s tenancy ratio is 1.66.
“In the first quarter of 2017, we added 1,020 tenancies, which consisted of 336 telecommunication sites and 684 collocations on a gross organic basis. This resulted in an increase in our tenancy ratio to 1.66x. Since 2013, we have organically built over 6,000 new towers for our customers on a build-to-suit basis. As our customers continue the densification of their networks to meet the growing data demand, we have started to see a significant increase in collocation orders,” commented Hardi Wijaya Liong, CEO of TBIG.
Total gross debt as of 31 March 2017, valuing USD loans at their hedged exchange rate, was Rp17,067 billion and gross senior debt was Rp9,411 billion while cash balances were Rp225 billion, resulting in net debt of Rp16,842 billion and net senior debt of Rp9,186 billion. Using the first quarter 2017 annualized EBITDA, the net senior debt to EBITDA ratio is 2.8x, and net debt to EBITDA ratio is 5.1x.
Helmy Yusman Santoso, CFO of TBIG commented, ”Our revenue growth from Q4 2016 to Q1 2017 was lower than our tenancy growth in Q1 due to two main reasons. First, Telkom Flexi revenues were recognized during part of Q4 in the period up to Telkom prepaying their remaining contract life. This Telkom Flexi revenue is no longer recognized. Second, many of the 1,000 plus tenancies were added in the latter part of Q1 and this revenue will be recognized in Q2. Even with the increased capex relating to the significantly higher level of organic orders, our leverage remained constant this quarter reflecting the strong cash flows of the business. As of the end of March, we had US$420mn of committed, available debt facilities which will enable us to continue to grow both organically and inorganically.”
“Based on 1st quarter 2017 annualized EBITDA (“run-rate EBITDA”), and the 1st quarter 2017 net debt (taking into account hedging contracts) and market capitalisation (adjusted for 1.86% treasury shares held at the end of March 2017), the run-rate EV/EBITDA is ~12.4x based on a Rp. 5,450 share price. We expect to spend at least Rp1.5 trillion in shareholder return initiatives in the form of dividends and/or share buybacks in 2017,” added Helmy.
About PT Tower Bersama Infrastructure Tbk:
PT Tower Bersama Infrastructure Tbk (“TBIG”), is a provider of telecommunications infrastructure for the placement of BTS by telecommunications operators in Indonesia. TBIG is publicly listed on the Indonesian Stock Exchange and is majority owned by Saratoga Group and Provident Capital.
For more information contact:
Helmy Yusman Santoso – Tower Bersama Group
Phone: (62-21) 2924 8900
Phone: (62-21) 2924 8900