PT Tower Bersama Infrastructure Tbk (TBIG) Announces Its Full Year 2019 Financial Performance

Posted on 27th March 2020

JAKARTA, 27 March 2020 – PT Tower Bersama Infrastructure Tbk. ("TBIG") today, released audited financial statements for the year ended 31 December 2019.

Financial Highlights and Operational Indicators

TBIG generated revenue and EBITDA of Rp4,699 billion and Rp4,011 billion, respectively, for the full year ending 31 December 2019.  The Company’s EBITDA margins maintained at 85.4% for full year 2019. Using the 4th quarter 2019 results, total annualized revenue reached Rp4,918 billion, and  annualized EBITDA reached Rp4,217 billion.

As of 31 December 2019, TBIG had 28,740 tenants and 15,589 telecommunication sites. The Company’s telecommunication sites comprised 15,473 telecommunication towers and 116 DAS networks. With total tower tenants amounting to 28,624, the Company’s tenancy ratio was 1.85.

Hardi Wijaya Liong, CEO of TBIG, said “We continue to monitor the latest updates and information about the global COVID-19 outbreak. On our personnel front, our management team is taking additional measures to ensure we safeguard the health of our employees and preserve our ability to operate, while still being able to respond to any customer requests.”

“We are pleased to announce an excellent year of growth, where we added 3,546 gross tenancies consisting of 593 telecommunication sites and 2,953 collocations.  This has resulted in a significant improvement in our tenancy ratio to 1.85x, from 1.69x at the end of 2018.  As our telco customers continue to add more capacity to their 3G/4G networks, we expect to continue receiving robust orders for collocations and new builds,” added Hardi.

Total Debt as of 31 December 2019, valuing USD loans at their hedged exchange rate, was Rp21,785 billion and gross senior debt was Rp14,473 billion while cash balances were Rp525 billion, resulting in net debt of Rp21,260 billion and net senior debt of Rp13,948 billion.  Using the 4th quarter 2019 annualized EBITDA, the net senior debt to EBITDA ratio is 3.3x, and net debt to EBITDA ratio is 5.0x, giving us ample borrowing headroom based on the financial covenants contained in our bank and bond facilities.

“The Company has an extremely strong liquidity profile with a back-ended debt maturity profile.  The Company successfully accessed both the USD and IDR bond markets recently. We issued a USD $350 million 5 year bond in January of this year as well as new IDR 1.5trn IDR bonds earlier this week.  In the next 12 months, the Company will repay all IDR 2.15trn in IDR bonds in full using our strong operational cashflows as well as the committed Revolving Credit Facilities we have in place.” commented Helmy Yusman Santoso, CFO of TBIG

Helmy added, “We have been hedging our USD debts since 2010 and have continued to maintain a conservative strategy to minimize foreign currency risk. The derivative hedging instruments we have in place are life-of-debt hedges, which match the maturity of the debt. Our prudent hedging strategy has proven to be very effective and protects TBIG from the recent headwinds that the Indonesian Rupiah, and other emerging market currencies, have been facing.  Our hedges continue to remain effective.”

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:

Corporate Secretary:

Helmy Yusman Santoso – Tower Bersama Group

Telp. (62-21) 2924 8900

Email: corporate.secretary@tower-bersama.com

Investor Relations:

Veronica Jordan

Telp. (62-21) 2924 8900

Email: veronica.jordan@tower-bersama.com

 

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