PT Tower Bersama Infrastructure Tbk Announces Its Full Year 2015 Financial Performance
JAKARTA, 23 March 2016 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today, released audited financial statements for the year ended 31 December 2015.
Financial Highlights and Operational Indicators
TBIG generated revenue and EBITDA of Rp3,421 billion and Rp2,911 billion, respectively, for the full year ending 31 December 2015. The Company’s EBITDA margins improved significantly to 85.1% for full year 2015 versus 82.2% for full year 2014. Using the annualized 4th quarter 2015 results, total annualized revenue reached Rp3,520 billion, and annualized EBITDA reached Rp3,036 billion.
As of 31 December 2015, TBIG had 19,796 tenants and 12,389 telecommunication sites. The Company’s telecommunication sites comprised 11,389 telecommunication towers, 936 shelter-only sites, and 64 DAS networks. With total tower tenants amounting to 18,796, the Company’s tenancy ratio was 1.65.
“In 2015, we organically added 675 telecommunication towers and 803 collocations to our existing portfolio. Although we added 1,488 organic tenants during the year, our net tenants added was lower, primarily due to our decision to no longer recognize Bakrie Telecom tenancies from the start of 2015. However, our tenant credit quality is now improved and our EBITDA margins for 2015 have also improved due to overall efficiencies and the restructuring of some master lease agreements such that electricity is now fully passed through on those contracts. This restructuring has reduced risk as we now have de minimis exposure to movements in electricity costs." said Hardi Wijaya Liong, CEO of TBIG.
Total Debt as of 31 December 2015, valuing USD loans at their hedged exchange rate, was Rp16,206 billion and gross senior debt was Rp8,588 billion while cash balances were Rp296 billion, resulting in net debt of Rp15,910 billion and net senior debt of Rp8,292 billion. Using the 4th quarter 2015 annualized EBITDA, the net senior debt to EBITDA ratio is 2.7x, and net debt to EBITDA ratio is 5.2x, giving us ample borrowing headroom based on the financial covenants contained in our bank and bond facilities.
Helmy Yusman Santoso, CFO of TBIG commented, “We have successfully accessed both the USD bond and the bank loan markets in 2015, achieving the lowest ever priced 7 year bond by an Indonesian corporate (non-SOE) and for our LIBOR plus 200 bps, 5.5 year bullet bank facility, we were ~3x oversubscribed. We and our financiers are comfortable at our current leverage levels due to the long-term, guaranteed contracts from our highly rated telecom operators, coupled with our prudent hedging strategy.”
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:
Veronica Jordan
Phone: (62-21) 571 1946
Email: veronica.jordan@tower-bersama.com
