PEFINDO Affirms “idA+” Ratings for PT Global Mediacom Tbk and its Bond

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1. Press Release April 12 , 2018 PT Global Mediacom Tbk Analysts: Niken Indriarsih/ Emanuel Paco Tan Phone/Fax/E-mail: (62-21) 72782380 / 72782370 / niken.indriarsih@pefindo.co.id / emanuel.tan@pefindo.co.id CREDIT PROFILE FINANCIAL HIGHLIGHTS As of/for the year ended Corporate Rating idA+/Stable Rated Issues Shelf Reg. Bond I/2017 Shelf Reg. Sukuk Ijarah I/2017 idA+ idA+(sy) Rating Period April 10, 2018 – April 1, 2019 Rating History APR 2017 APR 2016 APR 2015 APR 2014 APR 2013 APR 2012 idA+/Stable idA+/Negative idA+/Stable idA+/Stable idA+/Stable idA+/Stable Total Adjusted Assets [IDR Bn] Total Adjusted Debt [IDR Bn] Total Adjusted Equity [IDR Bn] Total Sales [IDR Bn] EBITDA [IDR Bn] Net Income after MI [IDR Bn] EBITDA Margin [%] Adjusted Debt/EBITDA [X] Adjusted Debt/Adjusted Equity [X] FFO/Adjusted Debt [%] EBITDA/IFCCI [X] USD Exchange Rate [IDR/USD] Dec-2017 Dec-2016 Dec-2015 (Audited) (Audited) (Audited) Dec-2014 (Audited) 23,441.1 10,655.7 9,872.7 10,829.5 4,292.6 493.8 39.6 2.5 1.1 26.8 5.2 13,548 20,815.5 8,240.2 10,103.1 10,459.6 3,481.8 203.9 33.3 2.4 0.8 26.7 5.7 13,436 22,641.9 8,145.6 11,423.0 10,581.3 3,429.6 70.2 32.4 2.4 0.7 28.3 5.9 13,795 21,652.4 7,172.1 12,147.7 10,657.2 3,913.6 702.9 36.7 1.8 0.6 41.3 10.1 12,440 FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense EBITDA = Operating Profit + Depreciation Expense + Amortization Expense IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included) MI = Minority Interest The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have been reclassified according to PEFINDO’s definitions. PEFINDO affirms “idA+” ratings for PT Global Mediacom Tbk and its bond PEFINDO has affirmed its “idA+” ratings for PT Global Mediacom Tbk (BMTR) and BMTR’s Shelf Registered Bond I Year 2017. PEFINDO has also affirmed its “idA+ (sy)” rating for BMTR’s Shelf Registered Sukuk Ijarah I Year 2017. The outlook for the corporate rating is “stable”. An obligor rated idA has a strong capacity to meet its long-term financial commitments relative to other Indonesian obligors. However, the obligor is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higherrated obligors. The plus (+) sign indicates that the rating is relatively strong within the respective rating category. The suffix (sy) means the rating mandates compliance with Islamic principles. The corporate rating reflects BMTR’s major stakes in Indonesia’s leading and largest media companies; the wide range of media services from television, pay TV, content, online media, and broadband internet provided by its subsidiaries; and its good operating profitability. The rating is constrained by its indirect access to operating cash flow, moderately high financial leverage with exposure to foreign currency volatility through its subsidiaries’ US dollar-denominated debts, and intense competition in the media industry. The rating may be raised if the Company reduces its reliance on dividend income from subsidiaries by generating its own recurring cash flow on a sustained basis, while improving its capital structure by reducing its debt. On the other hand, the rating will be lowered if BMTR and/or its subsidiaries incur debt beyond what is projected, if the cash flow stream from its major subsidiaries declines due to their weakening credit profiles on a sustained basis, and/or if there are future legal proceedings that could adversely affect its cash flow. BMTR is a holding company with major subsidiaries engaged in media content, advertising, subscriber and online-based media businesses. As of December 31, 2017, its shareholders were PT MNC Investama Tbk (54.2%), its management (0.8%), and the public and cooperatives (45.0%, below 5% each). http://www.pefindo.com April 2018
2. Press Release April 12 , 2018 DISCLAIMER PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents in this report or publication. PEFINDO cannot be held liable for its use, its partial use, lack of use, in combination with other products or used solely, nor can it be held responsible for the result from its use or lack of its use in any investment or other kinds of financial decision making on which this report or publication is based. In no event shall PEFINDO be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The contents cannot be a substitute for the skill, judgment and experience of its users, its management employees and/or clients in making investment or other business decisions. PEFINDO also assumes no obligation to update the content following publication in any form. PEFINDO does not act as fiduciary or an investment advisor. While PEFINDO has obtained information from sources it believes to be reliable, PEFINDO does not perform an audit and does not undertake due diligence or independent verification of any information used as the base of and presented in this report or publication. PEFINDO keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical processes and products. As a result, certain units of PEFINDO may have information that is not available to other units. PEFINDO has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. PEFINDO may receive compensation for its ratings and other analytical work, normally from issuers of securities. PEFINDO reserves the right to disseminate its opinions and analyses. PEFINDO public ratings and analyses are made available on its Website, http://www.pefindo.com (free of charge) and through other subscription-based services, and may be distributed through other means, including via PEFINDO publications and third party redistributors. Information in PEFINDO’s website and its use fall under the restrictions and disclaimer stated above. Reproduction of the content of this report, in full or in part, is subject to written approval from PEFINDO. http://www.pefindo.com April 2018