PT Tower Bersama InfrastructureTbk ("TBIG") Announces Its Third Quarter 2018 Financial Performance
Posted on 12th November 2018
JAKARTA, 12 November 2018 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the nine months period ended 30 September 2018.
Financial Highlights and Operational Indicators
During the nine months ended 30 September 2018, TBIG generated revenue and EBITDA amounting to Rp3,168 billion and Rp2,731 billion, respectively. Using the third quarter 2018 results on an annualized basis, revenue and EBITDA reached Rp4,357 billion and Rp3,753 billion, respectively.
As of 30 September 2018, TBIG had 24,886 tenants and 14,450 telecommunication sites. The Company’s telecommunication sites comprised of 14,391 telecommunication towers and 59 DAS networks. With total tower tenants amounting to 24,827 on tower sites, the Company’s tenancy ratio is 1.73.
Hardi Wijaya Liong, CEO of TBIG, remarked, "This quarter, we saw significant improvements in tower and collocation demand from our customers. We added 1,133 tenancies, which consisted of 652 telecommunication sites and 481 collocations on a gross organic basis in the 3rd quarter of 2018. This is TBIG’s fastest ever organic growth of tenancies and brings our gross organic adds to 2,350 tenancies in the first nine months of 2018. We expect to surpass our full year 2018 guidance of 2,500 tenancies.”
Total debt as of 30 September 2018, valuing USD loans at their hedged exchange rate, was Rp20,044 billion and gross senior debt was Rp13,482 billion while cash balances were Rp293 billion, resulting in net debt of Rp19,751 billion and net senior debt of Rp13,189 billion. Using the third quarter 2018 annualized EBITDA, the net senior debt to EBITDA ratio is 3.5x, and net debt to EBITDA ratio is 5.3x.
“As we continue to build towers and increase our tenancies, our leverage remains stable and 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. We build long life assets which are supported by 10 year guaranteed contracts resulting in predictable and recurring cashflows,” remarked Helmy Yusman Santoso, CFO of TBIG.
Helmy added, “We have continued to adhere to a conservative strategy of hedging all of our debt with life-of-debt hedges which match the maturity of the debt and all of our hedges remain effective. The fluctuations in the Rupiah have not had any adverse impact on our business or financials.”
“Based on 3rd quarter 2018 annualized EBITDA (“run-rate EBITDA”), the 3rd quarter 2018 net debt (taking into account hedging contracts), and market capitalisation (adjusted for 3.87% treasury shares held at the end of September 2018), the run-rate EV/EBITDA is ~10.1x based on a Rp4,190 share price,” 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