9M2017 Indosat Ooredoo Final
9M 2017 Results
Consolidated Revenue increased 4.8%
from IDR 21,525 billion to IDR 22,566 billion
EBITDA increased 4.7% from IDR 9,466
billion to IDR 9,906 billion, EBITDA Margin
reached 43.9%
Profit Attributable to Owners of The Parent
increased from IDR 845 billion to IDR 1,090
billion
Free Cash Flow increased from IDR 2,647
billion to IDR 3,523 billion
PT Indosat Tbk. - 9M 2017 Results
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|
3
Consolidated Revenue decreased 4.7%
from IDR 7,823 billion to IDR 7,453 billion
EBITDA decreased 9.6% from IDR 3,574
billion to IDR 3,232 billion, EBITDA Margin
reached 43.4%
Profit Attributable to Owners of The Parent
decreased from IDR 610 billion to IDR 306
billion
Free Cash Flow decreased from IDR 1,464
billion to IDR 1,008 billion
PT Indosat Tbk. - 9M 2017 Results
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|
4
in IDR billion
Operating Revenue
21,525
22,566
4.8%
7,823
7,453
-4.7%
EBITDA
9,466
9,906
4.7%
3,574
3,232
-9.6%
EBITDA Margin
44.0%
43.9%
0.1ppt
45.7%
43.4%
-2.3ppt
845
1,090
29.0%
610
306
-49.9%
Profit Attributable to
Owners of the Parent
•
Operating performance YoY maintained
PT Indosat Tbk. - 9M 2017 Results
|
|
5
in IDR billion
-4.7% QoQ
-1.7% YoY
7,583
238
7,823
7,660
266
7,290
241
1,060
1,044
1,190
6,301
6,204
6,051
6,529
3Q-16
4Q-16
1Q-17
2Q-17
Fixed Voice
•
•
234
Fixed Data
998
QoQ / YoY
7,453
217
-7.3% / -8.9%
1,085
+2.4% / +4.0%
6,151
-5.8% / -2.4%
3Q-17
Cellular
Fixed data segment delivered outstanding performance supported by B2B IT services
Soft cellular revenue QoQ due to seasonality impact both in 3Q16 and 2Q17.
PT Indosat Tbk. - 9M 2017 Results
|
|
6
Voice
-4.7%
-1.7%
SMS
-17.2%
-16.5%
Data
38.7%
-0.7%
VAS
7.1%
-3.3%
- Data took the lead in driving cellular
revenue growth
- Legacy services continued to decline as
data usage is growing
Gaming and content usage grew in youth
segment.
PT Indosat Tbk. - 9M 2017 Results
|
|
7
in million
in million
+18.8% YoY
81.6
85.7
95.6
+0.7% QoQ
96.4
97.0
10.0
4.0
1.1
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
PT Indosat Tbk. - 9M 2017 Results
1Q-17
|
0.7
0.6
2Q-17
3Q-17
|
8
in thousand IDR
(ARPU)
in IDR
(ARPM)
in billion minutes
(Voice Traffic)
in minute/subscriber
(MOU)
68
66
144
124
123
125
-14.9% YoY
57
131
-8.6% QoQ
-25.4% YoY
53
47
-20.8% QoQ
24.2
24.5
21.7
22.5
20.6
16.6
16.6
15.3
15.6
12.4
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
ARPU
ARPM
Voice Traffic
PT Indosat Tbk. - 9M 2017 Results
MOU
|
|
9
in billion
in TByte
+100.8% YoY
+18.8% QoQ
-51.4% YoY
-25.5% QoQ
293,225
246,862
188,101
49
209,591
44
37
146,060
3Q-16
•
•
32
24
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
Data traffic grew double digit QoQ amid intensifying competition in data
SMS traffic continued to decline as trend shifting toward messaging application
PT Indosat Tbk. - 9M 2017 Results
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10
as percentage of revenue
40.6%
40.9%
42.6%
39.6%
41.2%
Personnel
6.8%
7.2%
8.2%
7.2%
7.6%
Marketing
4.0%
3.5%
3.6%
4.2%
4.7%
General and Administration
3.5%
4.0%
3.1%
3.2%
3.2%
54.9%
55.6%
57.5%
54.3%
56.6%
29.9%
29.4%
30.5%
28.2%
29.8%
84.8%
85.1%
88.0%
82.5%
86.4%
Cost of Service (CoS)
Total Operating Expenses
Depreciation and Amortization
Total Expenses
PT Indosat Tbk. - 9M 2017 Results
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|
11
in IDR billion
45.2%
in IDR billion
44.4%
45.7%
42.5%
-5.6% YoY
3,425
3Q-16
EBITDA
3,398
4Q-16
3,100
1Q-17
43.4%
-9.6% QoQ
3,574
+175.3% YoY
3,232
3Q-17
2Q-17
EBITDA Margin
845
1,090
9M-16
9M-17
-1,122
9M-15
•
•
+29.0% YoY
EBITDA margin inline with guidance.
Profitability maintained.
PT Indosat Tbk. - 9M 2017 Results
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|
12
in IDR billion
in IDR billion
2.45
2.11
1.71
1.90
1.43
1.55
27,002
-12.0% YoY
23,476
9M-15
Gross Debt
9M-16
-10.0% YoY
20,668
23,273
21,120
19,014
9M-17
9M-15
9M-16
9M-17
Gross Debt/EBITDA
Net Debt
Net Debt/EBITDA
* IDR 4.24tn, IDR 3.46tn and IDR 3.02tn of obligation under finance lease are included in 9M15, 9M16 and 9M17 respectively
•
•
Gearing level continuously improved
USD debt portion has come down to 3% level
PT Indosat Tbk. - 9M 2017 Results
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|
13
in IDR billion
in IDR billion
in %
47.2
15.1
1,307
1,051
1,464
1,008
3,616
8.5
1,147
622
13.8
10.5
1,078
785
2Q-17
3Q-17
-186
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
Capex (Spent)
•
•
Capex/Revenue
Capex rollout will accelerate in 4Q17
Capex guidance unchanged.
PT Indosat Tbk. - 9M 2017 Results
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|
14
+11.1% YoY
5,446
59,023
5,533
60,247
6,110
27,724
28,510
29,255
29,912
23,859
24,042
24,219
24,235
24,225
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
54,212
4,080
56,483
58,175
4,717
26,273
4G
•
+2.1% QoQ
3G
In million
+14.7% YoY
+10.0% QoQ
39.4
40.5
41.1
41.1
3Q-16
4Q-16
1Q-17
2Q-17
45.2
3Q-17
2G
4G coverage has reached 175 cities in Indonesia, 63 cities addition during 9M-17.
PT Indosat Tbk. - 9M 2017 Results
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|
15
Consolidated Revenue Growth
EBITDA Margin
CAPEX
9.0%
4.8%
In line with market
44.1%
43.9%
Low to Mid 40’s
IDR 7.3 trillion
(Cash out)
IDR 2.5 trillion
(Spent)
~ IDR 6 trillion
(Spent)
PT Indosat Tbk. - 9M 2017 Results
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17
On September 16, 2014, the South Jakarta Attorney Office (“Kejaksaan
Negeri Jakarta Selatan”), without preliminary notification, executed the
Supreme Court’s Decision on Mr. Indar Atmanto. The execution was
done based on a quotation of the Supreme Court’s Decision, which
states, among others, that (i) Mr. Indar Atmanto is found guilty and
sentenced to eight years imprisonment and charged with penalty of
Rp300,000,000,- (if the penalty is not paid, Mr. Indar Atmanto would
serve an additional six months imprisonment), and (ii) IM2 pay the
losses sustained by the State amounting to Rp1,358,343,346,674,-.
Subsequently, on January 16, 2015, Mr.Indar Atmanto and/or his lawyer
or IM2 received the document on the Supreme Court’s decision
regarding the litigation case. As of the issuance date of the
consolidated financial statements, Mr. Indar Atmanto and IM2 plan to
conduct further legal act by submitting a reconsideration request
peninjauan kembali (”PK”).
On March 16, 2015, Mr. Indar Atmanto’s submission of Judicial Review
[Peninjauan Kembali (”PK”)] was officially registered at the Corruption
Court under No. 08/AKTA.PID.SUS/PK/TPK/2015/PN.Jkt.Pst.
On November 4, 2015, the Supreme Court’s official website announced
that the Judicial Review filed by Mr. Indar Atmanto was rejected based
on Supreme Court’s decision dated October 20, 2015. However, no
detailed information regarding the exact content of such Supreme
Court’s decision was available. As of the issuance date of the interim
consolidated financial statements, the official copy of such Supreme
Court’s decision hasn’t been received.
PT Indosat Tbk. - 9M 2017 Results
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|
20
On 21 August 2017, PEFINDO has affirmed its “idAAA” rating for PT Indosat Tbk (ISAT)’s
Shelf Registered Bond I Phase IV Year 2016 Serie A of IDR1,075 billion and its “idAAA(sy)”
rating for ISAT’s Shelf Registered Sukuk Ijarah I Phase IV Year 2016 Serie A of IDR163 billion
that will mature on September 12, 2017.
On 12 May 2017, Moody's Investors Service has has upgraded to Baa3 from Ba1 the issuer
rating of Indosat Tbk. (P.T.) (Indosat Ooredoo). The outlook for the rating is stable. At the
same time, Moody's has withdrawn the company's Ba1 Corporate Family Rating. The
rating upgrade reflects the continued strengthening of Indosat Ooredoo's operational
metrics as well as the ongoing stabilization of its financial profile, including lower
leverage levels.
On 10 March 2017, Fitch Ratings has upgraded PT Indosat Tbk's (Indosat Ooredoo) LongTerm Foreign-Currency Issuer Default Rating (IDR) and foreigncurrency senior unsecured
debt rating to 'BBB+' from 'BBB' and simultaneously affirmed its LongTerm Local Currency
IDR at 'BBB+'. Fitch Ratings Indonesia has also affirmed the National LongTerm Rating at
'AAA(idn)'. The Outlook is Stable.
On January 17, 2017, S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on PT Indosat Tbk. The outlook remains positive. At the same time, they affirmed
their 'axBBB+' long-term ASEAN regional scale rating on the Indonesia-based
telecommunications company.
PT Indosat Tbk. - 9M 2017 Results
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21
In IDR trillion
3.90
3.13
2.42
2.55
1.16
1.10
1.00
0.81
0.60
0.06
0.27
4Q17
2017
2018
2019
0.26
0.12
0.27
2020
2021
2022
2023
2024
2025
2026
2027
IDR
USD in IDR
* Excluding obligation under finance lease
PT Indosat Tbk. - 9M 2017 Results
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22
in Mhz
Number of BTS
Indosat
2 x 2.5
2 x 10.0
2 x 20.0
2020
2020
2020
2 x 4.5
2 x 7.5
2 x 22.5
2 x 15.0
30.0
XL Axiata
-
2 x 7.5
2 x 22.5
2 x 15.0
-
Hutchison
-
-
2 x 10.0
2 x 10.0
-
Valid until
Telkomsel
15.0*
2 x 10.0
2019
2019 & 2026
* Indosat/IM2: West Java exclude Bogor, Depok & Bekasi
PT Indosat Tbk. - 9M 2017 Results
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23
•
PT Indosat Tbk ( “Indosat” or “Company” ) cautions investors that certain statements contained in this
document state its management's intentions, hopes, beliefs, expectations, or predictions of the future are
forward-looking statements
•
The Company wishes to caution the reader that forward-looking statements are not historical facts and are
only estimates or predictions. Actual results may differ materially from those projected as a result of risks and
uncertainties including, but not limited to:
•
The Company’s ability to manage domestic and international growth and maintain a high level of
customer service
•
Future sales growth
•
Market acceptance of the Company’s product and service offerings
•
The Company’s ability to secure adequate financing or equity capital to fund our operations
•
Network expansion
•
Performance of the Company’s network and equipment
•
The Company’s ability to enter into strategic alliances or transactions
•
Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our
equipment
•
Regulatory approval processes
•
Changes in technology
•
Price competition
•
Other market conditions and associated risks
•
The company undertakes no obligation to update publicly any forward-looking statements, whether as a
result of future events, new information, or otherwise
PT Indosat Tbk. - 9M 2017 Results
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24
Consolidated Revenue increased 4.8%
from IDR 21,525 billion to IDR 22,566 billion
EBITDA increased 4.7% from IDR 9,466
billion to IDR 9,906 billion, EBITDA Margin
reached 43.9%
Profit Attributable to Owners of The Parent
increased from IDR 845 billion to IDR 1,090
billion
Free Cash Flow increased from IDR 2,647
billion to IDR 3,523 billion
PT Indosat Tbk. - 9M 2017 Results
|
|
3
Consolidated Revenue decreased 4.7%
from IDR 7,823 billion to IDR 7,453 billion
EBITDA decreased 9.6% from IDR 3,574
billion to IDR 3,232 billion, EBITDA Margin
reached 43.4%
Profit Attributable to Owners of The Parent
decreased from IDR 610 billion to IDR 306
billion
Free Cash Flow decreased from IDR 1,464
billion to IDR 1,008 billion
PT Indosat Tbk. - 9M 2017 Results
|
|
4
in IDR billion
Operating Revenue
21,525
22,566
4.8%
7,823
7,453
-4.7%
EBITDA
9,466
9,906
4.7%
3,574
3,232
-9.6%
EBITDA Margin
44.0%
43.9%
0.1ppt
45.7%
43.4%
-2.3ppt
845
1,090
29.0%
610
306
-49.9%
Profit Attributable to
Owners of the Parent
•
Operating performance YoY maintained
PT Indosat Tbk. - 9M 2017 Results
|
|
5
in IDR billion
-4.7% QoQ
-1.7% YoY
7,583
238
7,823
7,660
266
7,290
241
1,060
1,044
1,190
6,301
6,204
6,051
6,529
3Q-16
4Q-16
1Q-17
2Q-17
Fixed Voice
•
•
234
Fixed Data
998
QoQ / YoY
7,453
217
-7.3% / -8.9%
1,085
+2.4% / +4.0%
6,151
-5.8% / -2.4%
3Q-17
Cellular
Fixed data segment delivered outstanding performance supported by B2B IT services
Soft cellular revenue QoQ due to seasonality impact both in 3Q16 and 2Q17.
PT Indosat Tbk. - 9M 2017 Results
|
|
6
Voice
-4.7%
-1.7%
SMS
-17.2%
-16.5%
Data
38.7%
-0.7%
VAS
7.1%
-3.3%
- Data took the lead in driving cellular
revenue growth
- Legacy services continued to decline as
data usage is growing
Gaming and content usage grew in youth
segment.
PT Indosat Tbk. - 9M 2017 Results
|
|
7
in million
in million
+18.8% YoY
81.6
85.7
95.6
+0.7% QoQ
96.4
97.0
10.0
4.0
1.1
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
PT Indosat Tbk. - 9M 2017 Results
1Q-17
|
0.7
0.6
2Q-17
3Q-17
|
8
in thousand IDR
(ARPU)
in IDR
(ARPM)
in billion minutes
(Voice Traffic)
in minute/subscriber
(MOU)
68
66
144
124
123
125
-14.9% YoY
57
131
-8.6% QoQ
-25.4% YoY
53
47
-20.8% QoQ
24.2
24.5
21.7
22.5
20.6
16.6
16.6
15.3
15.6
12.4
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
ARPU
ARPM
Voice Traffic
PT Indosat Tbk. - 9M 2017 Results
MOU
|
|
9
in billion
in TByte
+100.8% YoY
+18.8% QoQ
-51.4% YoY
-25.5% QoQ
293,225
246,862
188,101
49
209,591
44
37
146,060
3Q-16
•
•
32
24
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
Data traffic grew double digit QoQ amid intensifying competition in data
SMS traffic continued to decline as trend shifting toward messaging application
PT Indosat Tbk. - 9M 2017 Results
|
|
10
as percentage of revenue
40.6%
40.9%
42.6%
39.6%
41.2%
Personnel
6.8%
7.2%
8.2%
7.2%
7.6%
Marketing
4.0%
3.5%
3.6%
4.2%
4.7%
General and Administration
3.5%
4.0%
3.1%
3.2%
3.2%
54.9%
55.6%
57.5%
54.3%
56.6%
29.9%
29.4%
30.5%
28.2%
29.8%
84.8%
85.1%
88.0%
82.5%
86.4%
Cost of Service (CoS)
Total Operating Expenses
Depreciation and Amortization
Total Expenses
PT Indosat Tbk. - 9M 2017 Results
|
|
11
in IDR billion
45.2%
in IDR billion
44.4%
45.7%
42.5%
-5.6% YoY
3,425
3Q-16
EBITDA
3,398
4Q-16
3,100
1Q-17
43.4%
-9.6% QoQ
3,574
+175.3% YoY
3,232
3Q-17
2Q-17
EBITDA Margin
845
1,090
9M-16
9M-17
-1,122
9M-15
•
•
+29.0% YoY
EBITDA margin inline with guidance.
Profitability maintained.
PT Indosat Tbk. - 9M 2017 Results
|
|
12
in IDR billion
in IDR billion
2.45
2.11
1.71
1.90
1.43
1.55
27,002
-12.0% YoY
23,476
9M-15
Gross Debt
9M-16
-10.0% YoY
20,668
23,273
21,120
19,014
9M-17
9M-15
9M-16
9M-17
Gross Debt/EBITDA
Net Debt
Net Debt/EBITDA
* IDR 4.24tn, IDR 3.46tn and IDR 3.02tn of obligation under finance lease are included in 9M15, 9M16 and 9M17 respectively
•
•
Gearing level continuously improved
USD debt portion has come down to 3% level
PT Indosat Tbk. - 9M 2017 Results
|
|
13
in IDR billion
in IDR billion
in %
47.2
15.1
1,307
1,051
1,464
1,008
3,616
8.5
1,147
622
13.8
10.5
1,078
785
2Q-17
3Q-17
-186
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
3Q-16
4Q-16
1Q-17
Capex (Spent)
•
•
Capex/Revenue
Capex rollout will accelerate in 4Q17
Capex guidance unchanged.
PT Indosat Tbk. - 9M 2017 Results
|
|
14
+11.1% YoY
5,446
59,023
5,533
60,247
6,110
27,724
28,510
29,255
29,912
23,859
24,042
24,219
24,235
24,225
3Q-16
4Q-16
1Q-17
2Q-17
3Q-17
54,212
4,080
56,483
58,175
4,717
26,273
4G
•
+2.1% QoQ
3G
In million
+14.7% YoY
+10.0% QoQ
39.4
40.5
41.1
41.1
3Q-16
4Q-16
1Q-17
2Q-17
45.2
3Q-17
2G
4G coverage has reached 175 cities in Indonesia, 63 cities addition during 9M-17.
PT Indosat Tbk. - 9M 2017 Results
|
|
15
Consolidated Revenue Growth
EBITDA Margin
CAPEX
9.0%
4.8%
In line with market
44.1%
43.9%
Low to Mid 40’s
IDR 7.3 trillion
(Cash out)
IDR 2.5 trillion
(Spent)
~ IDR 6 trillion
(Spent)
PT Indosat Tbk. - 9M 2017 Results
|
|
17
On September 16, 2014, the South Jakarta Attorney Office (“Kejaksaan
Negeri Jakarta Selatan”), without preliminary notification, executed the
Supreme Court’s Decision on Mr. Indar Atmanto. The execution was
done based on a quotation of the Supreme Court’s Decision, which
states, among others, that (i) Mr. Indar Atmanto is found guilty and
sentenced to eight years imprisonment and charged with penalty of
Rp300,000,000,- (if the penalty is not paid, Mr. Indar Atmanto would
serve an additional six months imprisonment), and (ii) IM2 pay the
losses sustained by the State amounting to Rp1,358,343,346,674,-.
Subsequently, on January 16, 2015, Mr.Indar Atmanto and/or his lawyer
or IM2 received the document on the Supreme Court’s decision
regarding the litigation case. As of the issuance date of the
consolidated financial statements, Mr. Indar Atmanto and IM2 plan to
conduct further legal act by submitting a reconsideration request
peninjauan kembali (”PK”).
On March 16, 2015, Mr. Indar Atmanto’s submission of Judicial Review
[Peninjauan Kembali (”PK”)] was officially registered at the Corruption
Court under No. 08/AKTA.PID.SUS/PK/TPK/2015/PN.Jkt.Pst.
On November 4, 2015, the Supreme Court’s official website announced
that the Judicial Review filed by Mr. Indar Atmanto was rejected based
on Supreme Court’s decision dated October 20, 2015. However, no
detailed information regarding the exact content of such Supreme
Court’s decision was available. As of the issuance date of the interim
consolidated financial statements, the official copy of such Supreme
Court’s decision hasn’t been received.
PT Indosat Tbk. - 9M 2017 Results
|
|
20
On 21 August 2017, PEFINDO has affirmed its “idAAA” rating for PT Indosat Tbk (ISAT)’s
Shelf Registered Bond I Phase IV Year 2016 Serie A of IDR1,075 billion and its “idAAA(sy)”
rating for ISAT’s Shelf Registered Sukuk Ijarah I Phase IV Year 2016 Serie A of IDR163 billion
that will mature on September 12, 2017.
On 12 May 2017, Moody's Investors Service has has upgraded to Baa3 from Ba1 the issuer
rating of Indosat Tbk. (P.T.) (Indosat Ooredoo). The outlook for the rating is stable. At the
same time, Moody's has withdrawn the company's Ba1 Corporate Family Rating. The
rating upgrade reflects the continued strengthening of Indosat Ooredoo's operational
metrics as well as the ongoing stabilization of its financial profile, including lower
leverage levels.
On 10 March 2017, Fitch Ratings has upgraded PT Indosat Tbk's (Indosat Ooredoo) LongTerm Foreign-Currency Issuer Default Rating (IDR) and foreigncurrency senior unsecured
debt rating to 'BBB+' from 'BBB' and simultaneously affirmed its LongTerm Local Currency
IDR at 'BBB+'. Fitch Ratings Indonesia has also affirmed the National LongTerm Rating at
'AAA(idn)'. The Outlook is Stable.
On January 17, 2017, S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on PT Indosat Tbk. The outlook remains positive. At the same time, they affirmed
their 'axBBB+' long-term ASEAN regional scale rating on the Indonesia-based
telecommunications company.
PT Indosat Tbk. - 9M 2017 Results
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In IDR trillion
3.90
3.13
2.42
2.55
1.16
1.10
1.00
0.81
0.60
0.06
0.27
4Q17
2017
2018
2019
0.26
0.12
0.27
2020
2021
2022
2023
2024
2025
2026
2027
IDR
USD in IDR
* Excluding obligation under finance lease
PT Indosat Tbk. - 9M 2017 Results
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in Mhz
Number of BTS
Indosat
2 x 2.5
2 x 10.0
2 x 20.0
2020
2020
2020
2 x 4.5
2 x 7.5
2 x 22.5
2 x 15.0
30.0
XL Axiata
-
2 x 7.5
2 x 22.5
2 x 15.0
-
Hutchison
-
-
2 x 10.0
2 x 10.0
-
Valid until
Telkomsel
15.0*
2 x 10.0
2019
2019 & 2026
* Indosat/IM2: West Java exclude Bogor, Depok & Bekasi
PT Indosat Tbk. - 9M 2017 Results
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•
PT Indosat Tbk ( “Indosat” or “Company” ) cautions investors that certain statements contained in this
document state its management's intentions, hopes, beliefs, expectations, or predictions of the future are
forward-looking statements
•
The Company wishes to caution the reader that forward-looking statements are not historical facts and are
only estimates or predictions. Actual results may differ materially from those projected as a result of risks and
uncertainties including, but not limited to:
•
The Company’s ability to manage domestic and international growth and maintain a high level of
customer service
•
Future sales growth
•
Market acceptance of the Company’s product and service offerings
•
The Company’s ability to secure adequate financing or equity capital to fund our operations
•
Network expansion
•
Performance of the Company’s network and equipment
•
The Company’s ability to enter into strategic alliances or transactions
•
Cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our
equipment
•
Regulatory approval processes
•
Changes in technology
•
Price competition
•
Other market conditions and associated risks
•
The company undertakes no obligation to update publicly any forward-looking statements, whether as a
result of future events, new information, or otherwise
PT Indosat Tbk. - 9M 2017 Results
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