PT Tower Bersama InfrastructureTbk (TBIG) Announces Its First Quarter 2020 Financial Performance
Posted on 30th April 2020
JAKARTA, 30 April 2020 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the three months ended 31 March 2020.
Financial Highlights and Operational Indicators
During the three months ended 31 March 2020, TBIG generated revenue and EBITDA amounting to Rp1,262 billion and Rp1,085 billion, respectively. Using the first quarter 2020 results on an annualized basis, revenue and EBITDA reached Rp5,048 billion and Rp4,340 billion, respectively.
As of 31 March 2020, TBIG had 29,997 tenants and 15,681 telecommunication sites. The Company’s telecommunication sites comprised 15,540 telecommunication towers and 141 DAS networks. With total tower tenants amounting to 29,856 on tower sites, the Company’s tenancy ratio is 1.92.
"TBIG achieved its fastest ever organic growth of tenancies in the 1st quarter of 2020. We added 1,402 gross tenancies, consisting of 134 telecommunication sites and 1,268 collocations. Our tenancy ratio has continued to rise and is now at 1.92x, driven by another stellar quarter of collocations. We expect our organic growth to remain robust as we assist our telco customers in expanding their network coverage throughout the country,” commented Hardi Wijaya Liong, CEO of TBIG.
“Our focus continues to be on timely execution of our orders and ongoing servicing of our telco customers, while taking additional measures to ensure we safeguard the health of our employees during this global Covid-19 pandemic. As the situation continues to evolve, our management team strives to preserve our ability to operate in these uncertain times,” added Hardi.
Total gross debt as of 31 March 2020, valuing USD loans at their hedged exchange rate, was Rp21,655 billion and gross senior debt was Rp7,997 billion while cash balances were Rp798 billion, resulting in net debt of Rp20,857 billion and net senior debt of Rp7,199 billion. Using the first quarter 2020 annualized EBITDA, the net senior debt to EBITDA ratio is 1.7x, and net debt to EBITDA ratio is 4.8x.
“In the 1st quarter of the year, we were able to access both the USD and IDR bond markets at very competitive rates. In January, we became the first Indonesian (non-SOE) corporate to successfully issue an unrated, USD 350 million 5-year bond with a 4.25% coupon. And in March 2020, we issued IDR 1.5 trillion in IDR bonds. As the proceeds from both bonds went for repayments of existing bank loans, both bonds were leverage neutral and have extended the average tenor of our debt. Furthermore, in Q1 2020, our leverage ratio also reduced to 4.8x, well within our bond covenants of not more than 6.25x for gross debt (at the hedged rate of debt) over last quarter annualised EBITDA.”, remarked Helmy Yusman Santoso, CFO of TBIG.
Helmy added, “Even with the recent volatility of the Rupiah, our hedges remain effective and we have not had any adverse impact on our business or financials. We continue to adhere to a conservative strategy of hedging all of our debt with life-of-debt hedges which match the maturity of the debt. This year, the Company will repay all IDR 2.15 trillion in IDR bonds in full using our strong operational cashflows as well as the committed Revolving Credit Facilities we have in place.”
“The long-term, guaranteed contracts from our telecom operators ensure a visible and increasing stream of cashflow, allowing us to continue our shareholder return initiatives. We intend to continue paying regular dividends to our shareholders, and we plan to announce the dividend numbers at our AGMS next month,” commented 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