JAKARTA, 24 October 2011 - PT Tower Bersama Infrastructure,
Tbk. ("TBIG") today released its interim financial statements for
the nine month period ended 30 September 2011.
Financial Highlights and Operational Indicators
TBIG derived revenue and EBITDA amounting to Rp 689.00 billion and Rp 541.23 billion, respectively, for the nine months ended 30 September 2011. This represents a 45.2% increase in revenue and a 49.0% increase in EBITDA versus the comparable nine month period ended 30 September 2010. On a current quarter annualized basis, total revenue reached Rp 994.02 billion, or 48.1% higher than the 2010 full year revenue. Annualized
EBITDA for the third quarter reached Rp 785.98 billion, or 53.3% higher than the 2010 full year EBITDA.
Gross debt as of 30 September 2011 was Rp 3,094.50 billion while cash balances were Rp 384.34 billion, resulting in net debt of Rp 2,710.16 billion. Therefore, based on Q3 annualized EBITDA, the net debt to EBITDA ratio is 3.4x. This net debt to EBITDA ratio is well below the relevant covenant under the Company’s debt programme of 4.5x.
As of 30 September 2011, TBIG had 6,409 tenants and 4,508 telecommunication sites. The Company’s telecommunication sites comprised 3,058 telecommunication towers, 1,040 shelter-only sites, and 410 DAS networks. With total tenants amounting to 4,959 on tower sites, the Company’s tenancy ratio was 1.62.
On 14 October 2011, Moody's assigned a Ba2 Corporate Family Rating to TBIG. This is the first time that Moody's has assigned a rating to TBIG. In Moody’s press release, Laura Acres, a Moody's Vice President and Senior Credit Officer, stated, “The Ba2 rating reflects TBIG's underlying business model which is supported by the long-term, contractual nature of its revenue base founded on non-cancellable contracts with typical 10-year duration and the crucial service it provides to its tenant base.” Ms Acres went on to add that TBIG’s “tenant base substantially comprises Indonesia’s largest telcommunications operators, including PT Telekomunikasi Indonesia Tbk (Baa1/stable), PT Telekomunikasi Selular (Baa1/stable), PT XL Axiata Tbk (Ba1/stable) and PT Indosat Tbk.
"Our impressive revenue and EBITDA growth is attributable to the growth in build-to-suit orders completed by the Company as well as the impact of our recent acquisition of PT Mitrayasa Sarana Informasi (“Infratel”). The closing of the Infratel acquisition was completed on 9 August 2011, so our quarterly results include less than two months of revenue and EBITDA contribution from Infratel. The revenue and EBITDA from Infratel will only be fully reflected in our Q4 accounts. We have added 1,028 tenants during Q3 2011, and thus, have had one of our best quarters, having increased tenancies by 19% in a single quarter alone. Our achievements to date, as well as our prudent management policy have been acknowledged by international rating agencies, as demonstrated by our BB and Ba2 ratings by Fitch and Moody’s, respectively. This clearly reflects our serious commitment to be the highest quality company in the industry.” explained Helmy Yusman Santoso, TBIG’s Chief Financial Officer.