PT Tower Bersama InfrastructureTbk (TBIG) Announces Its Third Quarter 2019 Financial Performance
Posted on 13th November 2019
JAKARTA, 13 November 2019 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the nine months period ended 30 September 2019.
Financial Highlights and Operational Indicators
During the nine months ended 30 September 2019, TBIG generated revenue and EBITDA amounting to Rp3,469 billion and Rp2,956 billion, respectively. Using the third quarter 2019 results on an annualized basis, revenue and EBITDA reached Rp4,768 billion and Rp4,061 billion, respectively.
As of 30 September 2019, TBIG had 27,789 tenants and 15,485 telecommunication sites. The Company’s telecommunication sites comprised of 15,396 telecommunication towers and 89 DAS networks. With total tower tenants amounting to 27,700 on tower sites, the Company’s tenancy ratio is 1.80.
Hardi Wijaya Liong, CEO of TBIG, commented, "We are pleased to report that in the 3rd quarter of 2019, TBIG achieved its fastest ever organic growth of tenancies. We added 1,342 gross tenancies, consisting of 196 telecommunication sites and 1,146 collocations. This brings our gross organic adds to 2,578 tenancies in the first nine months of 2019 and we expect to surpass our full year 2019 guidance of 3,000 tenancies.”Our telecommunication customers have continued the densification of their networks throughout the country, resulting in a significant increase in collocation orders. With this robust growth in collocations, our tenancy ratio has risen to 1.80, from 1.69 at the end of 2018,” remarked Hardi.
Total debt as of 30 September 2019, valuing USD loans at their hedged exchange rate, was Rp21,122 billion and gross senior debt was Rp13,186 billion while cash balances were Rp333 billion, resulting in net debt of Rp20,789 billion and net senior debt of Rp12,853 billion. Using the third quarter 2019 annualized EBITDA, the net senior debt to EBITDA ratio is 3.2x, and net debt to EBITDA ratio is 5.1x.
TBIG has ample borrowing headroom based on the financial covenants of not more than 5.0x net senior debt (at the hedged rate of debt) to annualized monthly EBITDA at the bank level and not more than 6.25x gross debt (at the hedged rate of debt) to annualized quarterly EBITDA at the bond level.“We have a proven track record of successfully accessing various funding sources. In early July, we prepaid in full our term loan and replaced it with a new USD 375 million Revolving Credit Facility (“RCF”) with a bullet 5.5 year tenor and a 25bps reduction in the interest cost. This has increased the average tenor of our debt structure at very competitive rates. 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,” remarked Helmy Yusman Santoso, CFO of TBIG.
Helmy added, “At our recent EGMS, Shareholders approved the proposal for a stock split in a 1:5 ratio, which will change the Company’s nominal share value from Rp100 per share to Rp20 per share. The total number of issued and outstanding shares of the Company will change from 4,531,399,889 shares to 22,656,999,445 shares. We have received approval from the Indonesia Stock Exchange (“IDX”), and the first trading day with the new nominal share value of Rp20 per share will be the 14 November 2019.”
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