PT Tower Bersama InfrastructureTbk (TBIG) Announces Its First Quarter 2021 Financial Performance

Posted on 7th June 2021

JAKARTA, 7 June 2021 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the three months ended 31 March 2021.

Financial Highlights and Operational Indicators

During the three months ended 31 March 2021, TBIG generated revenue and EBITDA amounting to IDR 1,422 billion and IDR 1,239 billion, respectively. Using the first quarter 2021 results on an annualized basis, revenue and EBITDA reached IDR 5,689 billion and IDR 4,956 billion, respectively.

As of 31 March 2021, TBIG had 32,612 tenants and 16,501 telecommunication sites. The Company’s telecommunication sites comprised 16,390 telecommunication towers and 111 DAS networks. With total tower tenants amounting to 32,501 on tower sites, the Company’s tenancy ratio is 1.98x.

"We are pleased to report another robust quarter of organic growth, adding 811 gross tenancies, consisting of 252 telecommunication sites and 559  collocations.  The continued growth in collocation orders has resulted in our highest tenancy ratio to date of 1.98x.  Our business has continued to demonstrated its resilience with robust organic growth as we manage through the on-going COVID-19 pandemic,” remarked Hardi Wijaya Liong, CEO of TBIG.

Total gross debt as of 31 March 2021, valuing USD loans at their hedged exchange rate, was IDR 26,834 billion and gross senior debt was IDR 11,577 billion. The gross debt and gross senior debt increased in 1Q2021 due to draw down of bank loan to fund the 3,000 tower asset purchase from PT Inti Bangun Sejahtera Tbk (“IBST”) which were held as cash balance pending completion of the transaction at the beginning of April 2021.  Cash balances as of 31 March 2021 were IDR 5,110 billion, resulting in net debt of IDR 21,724 billion and net senior debt of IDR 6,468 billion. Using the first quarter 2021 annualized EBITDA, the net senior debt to EBITDA ratio is 1.3x, and net debt to EBITDA ratio is 4.4x.

“During the first quarter of 2021, we were able to extend the average tenor of our debt and the maturity profile.  We successfully issued a USD Investment Grade bond as well as multiple IDR bonds, and completed a USD loan refinancing.  We have seen a reduction in our all-in financing cost and we continue to hedge all of our debt with life-of-debt hedges which match the maturity of the debt. In addition, our net leverage ratio declined to 4.4x in the 1st quarter of 2021, compared to 4.8x a year ago,” commented Helmy Yusman Santoso, CFO of TBIG. 

Helmy added, “In early April, we completed the sale and purchase and transfer of 3,000 towers from PT Inti Bangun Sejahtera Tbk (“IBST”).  We funded the IDR 3,975 billion (equivalent to USD 280 million) asset purchase price using internal funds and drawing on existing committed bank facilities at the end of March 2021.  The additional revenue and EBITDA from this acquisition be incorporated into our financials in the 2nd quarter of 2021.”  

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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