PT Tower Bersama Infrastructure Tbk Announces Its First Quarter 2015 Financial Performance
JAKARTA, 25 May 2015 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the three months ended 31 March 2015.
Financial Highlights and Operational Indicators
During the three months ended 31 March 2015, TBIG generated revenue and EBITDA amounting to Rp. 827 billion and Rp702 billion, respectively. Using the first quarter 2015 results on an annualized basis, revenue and EBITDA reached Rp. 3,309 billion and Rp. 2,808 billion, respectively.
As of 31 March 2015, TBIG had 18,836 tenants and 11,873 telecommunication sites. The Company’s telecommunication sites comprised 10,868 telecommunication towers, 941 shelter-only sites, and 64 DAS networks. With total tower tenants amounting to 17,831 on tower sites, the Company’s tenancy ratio is 1.64.
“During this quarter two one-off items impacted our revenues, total tenancies, and our EBITDA margin. Firstly, although we added 118 towers and 348 tenants, our tenancy count reduced during the quarter primarily due to our decision to no longer recognize Bakrie Telecom tenancies and associated revenue. Secondly, we restructured some of our master lease agreements such that all our tenancies are now under a pass-through mechanism on electricity. This resulted in reductions to both our revenue and cost, which in turn resulted in an improved EBITDA margin of 84.9%”, commented Hardi Wijaya Liong, CEO of TBIG.
In February 2015, TBIG issued a 7-year US$350 million bond with a coupon rate of 5.25%. “We were very pleased to have achieved the lowest ever priced 7-year non-government related Indonesian-US Dollar bond”, remarked Helmy Yusman Santoso, CFO of TBIG.
Total debt as of 31 March 2015, valuing USD loans at their hedged exchange rate, was Rp14,997 billion and gross senior debt was Rp7,371 billion while cash balances were Rp696 billion, resulting in net debt of Rp14,301 billion and net senior debt of Rp6,675 billion. Using the first quarter 2015 annualized EBITDA, the net senior debt to EBITDA ratio is 2.38x, and net debt to EBITDA ratio is 5.09x.
“Our decision to no longer recognize Bakrie Telecom revenue has resulted in a small increase in leverage. Going forward, although at this level of net debt to EBITDA we maintain ample room for funding under our debt covenants, taking into account our tenancy growth expectations and projected cash flow, we expect to consistently deleverage over the coming months”, added Helmy.
In the fourth quarter of 2014, TBIG and PT Telkom Indonesia Tbk. ("Telkom") entered into an agreement to exchange shares in TBIG and Telkom’s tower co subsidiary PT Dayamitra Telekomunikasi ("Mitratel"). “We continue to work with Telkom on the Share Exchange Transaction and look forward to closing this win-win transaction”, said Hardi.
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
Phone: (62-21) 571 1946
Email: corporate.secretary@tower-bersama.com
Investor Relations:
Email: investor.relations@tower-bersama.com
