Tower Bersama Infrastructure's Q1 2011 Financial Performance

Posted on 2nd May 2011

JAKARTA, 2 MAY 2011 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its unaudited financial statements for the quarter ended 31 March 2011.

Key Financial and Operating Indicators

For the quarter ended 31 March 2011, TBIG achieved revenue and EBITDA of Rp213.9 billion and Rp166.7 billion, respectively. On an annualized basis, Q1 2011 revenue reached Rp855.9 billion, a 27% increase from 2010 full year consolidated revenue. Similarly, Q1 2011 annualized EBITDA reached Rp666.8 billion, a 30% increase over 2010 full year consolidated EBITDA Gross debt as of 31 March 2011 was Rp2,316.7 billion and cash was Rp889.9 billion resulting in net debt of Rp1,426.9 billion. This represents a net debt to EBITDA multiple based on annualized Q1 2011 EBITDA of 2.1x. The net debt to EBITDA multiple is lower if the run-rate EBITDA (the most current month’s EBITDA annualized) is used, as is applicable under the financial covenants of TBIG’s debt programme. As of 31 March 2011, TBIG had 5,085 tenancies and 3,370 telecommunications sites in its portfolio. The telecommunication sites comprised 2,254 tower sites, 706 shelter-only sites and 410 DAS networks. The total number of tenancies on tower sites was 3,969, representing a tenancy ratio of 1.76 on TBIG’s towers. Having ended December 2010 with 4,729 tenants, TBIG added 356 new tenants in the first quarter of 2011. Tower tenancy ratio decreased marginally from 1.80 at the end of 2010 due to the addition of more build-to-suit towers than collocations on existing towers. “With revenue growth compared to Q1 2010 of more than 130%, we are extremely pleased with TBIG’s performance. We added more than 350 tenancies in Q1 2011 and continue to have a robust order book. This performance gives us confidence that we are on track to execute on our growth strategies for this year”, said Helmy Yusman Santoso, Chief Financial Officer. "We signed a new debt programme in September 2010, and subsequently we drew down on the first series under this programme in November 2010. The benefits are starting to be reflected in our financial performance in this quarter. Our interest expenses this quarter was Rp48.7 billion over a total debt balance of Rp2,316.7 billion, an average cost of 8.4%. This is a marked improvement over the high interest costs we had to bear in 2010 on our earlier loans even taking into account the fact that we have now fully hedged our net debt position in terms of both currency and interest rate. At the same time, our financial position is robust, as evidenced by our low net debt to EBITDA ratio and “BB” credit rating by Fitch Ratings”, Helmy added.

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