PT Tower Bersama InfrastructureTbk Announces Its Third Quarter 2016 Financial Performance
JAKARTA, 30 November 2016 - PT Tower Bersama Infrastructure, Tbk. ("TBIG") today released its interim financial statements for the nine month period ended 30 September 2016.
Financial Highlights and Operational Indicators
During the nine months ended 30 September 2016, TBIG generated revenue and EBITDA amounting to Rp2,760 billion and Rp2,397 billion, respectively. Using the third quarter 2016 results on an annualized basis, revenue and EBITDA reached Rp3,767 billion and Rp3,273 billion, respectively.
As of 30 September 2016, TBIG had 21,562 tenants and 13,463 telecommunication sites. The Company’s telecommunication sites comprised 12,467 telecommunication towers, 925 shelter-only sites, and 71 DAS networks. With total tower tenants amounting to 20,566 on tower sites, the Company’s tenancy ratio is 1.65.
Hardi Wijaya Liong, CEO of TBIG, remarked, "During the first nine months of the year, we added 1,137 sites and 1,837 tenancies to our portfolio. This year, we have already delivered three consecutive quarters of consistent and robust organic growth, reflecting increased spending by our telco customers for 3G / 4G network rollouts across Indonesia.”
Total debt as of 30 September 2016, valuing USD loans at their hedged exchange rate, was Rp16,819 billion and gross senior debt was Rp8,971 billion while cash balances were Rp405 billion, resulting in net debt of Rp16,414 billion and net senior debt of Rp8,566 billion. Using the third quarter 2016 annualized EBITDA, the net senior debt to EBITDA ratio is 2.6x, and net debt to EBITDA ratio is 5.0x.
Helmy Yusman Santoso, CFO of TBIG commented, "As we continue to build towers and increase our tenancies, our leverage remains stable at 5.0x. This is well within our bond covenants of not more than 6.25x for gross debt (at the hedged rate of debt) over last quarter annualised EBITDA. Moreover, the recent fluctuations in the Rupiah have not had any adverse impact on our business or financials. We have adhered 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.”
Hardi added, “At our EGMS last month, our shareholders approved the cancellation of 265,126,310 shares (5.53% of the Company’s issued and fully paid-in capital) which we had as treasury shares as of the 30th of September 2016. We have also refreshed our buy-back approval and we continue to actively buy back shares from the market since the run-rate EV/EBITDA multiple is currently well below our target range. Based on 3rd quarter 2016 annualized EBITDA (“run-rate EBITDA”), and the 3rd quarter 2016 net debt (taking into account hedging contracts) and market capitalisation (adjusted for treasury shares held at the end of September 2016), the run-rate EV/EBITDA is ~12.6x based on a Rp. 5,500 share price. In addition to buybacks, visibility of our cashflows enables us to continue to pay regular dividends to our shareholders.”
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
Telp. (62-21) 2924 8900
Email: corporate.secretary@tower-bersama.com
Investor Relations:
Veronica Jordan
Telp. (62-21) 2924 8900
Email: veronica.jordan@tower-bersama.com
