PT Tower Bersama Infrastructure Tbk (TBIG) Announces Its Full Year 2020 Financial Performance
Posted on 27th April 2021
JAKARTA, 27 April 2021 – PT Tower Bersama Infrastructure Tbk. ("TBIG") today, released audited financial statements for the year ended 31 December 2020.
Financial Highlights and Operational Indicators
TBIG generated revenue and EBITDA of Rp5,328 billion and Rp4,617 billion, respectively, for the full year ending 31 December 2020. The Company’s EBITDA margins improved to 86.7% for full year 2020. Using the 4th quarter 2020 results, total annualized revenue reached Rp5,562 billion, and annualized EBITDA reached Rp4,851 billion.
As of 31 December 2020, TBIG had 31,850 tenants and 16,265 telecommunication sites. The Company’s telecommunication sites comprised 16,155 telecommunication towers and 110 DAS networks. With total tower tenants amounting to 31,740, the Company’s tenancy ratio was 1.96.
Hardi Wijaya Liong, CEO of TBIG, said “We are pleased to announce an excellent year of growth, where we added 3,608 gross tenancies consisting of 835 telecommunication sites and 2,773 collocations. With robust collocation orders, our tenancy ratio has improved to 1.96x, from 1.85x at the end of 2019. In addition, our recently completed acquisition of 3,000 towers will immediately contribute to our cashflow.”
Hardi added, “With the ongoing COVID-19 situation, we continue to take all necessary actions to safeguard the safety and health of our employees, customers and communities. Our focus has been to operate efficiently and support our telecommunication customers as they densify Indonesia’s wireless communication networks.”
Total Debt as of 31 December 2020, valuing USD loans at their hedged exchange rate, was Rp22,922 billion and gross senior debt was Rp9,966 billion while cash balances were Rp947 billion, resulting in net debt of Rp21,975 billion and net senior debt of Rp9,019 billion. Using the 4th quarter 2020 annualized EBITDA, the net senior debt to EBITDA ratio is 1.9x, and net debt to EBITDA ratio is 4.5x, giving us ample borrowing headroom based on the financial covenants contained in our bank and bond facilities.
“In the first quarter of 2021, we successfully refinanced existing bank facilities as well as accessed the USD and IDR bond markets. This included our first Investment Grade USD bond, a 5-year USD300 million, 2.75% senior unsecured notes due in 2026. These multiple capital market transactions have substantially pushed back our debt maturities and will materially reduce our financing costs. The business has strong operational cashflows and we have in place sufficient committed and undrawn Revolving Credit Facilities,” commented Helmy Yusman Santoso, CFO of TBIG.
“Our business continues to demonstrate its resilience with long term, guaranteed contractual revenue from highly rated telecom operators. With a focus on operational efficiency, we have also seen our EBITDA margins improve from 85.4% in 2019 to 86.7% at the end of 2020. Moreover, we maintain our prudent hedging strategy by using life-of-debt derivative hedging instruments,” noted 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
Telp. (62-21) 2924 8900
Telp. (62-21) 2924 8900