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30 July 2024
First Half 2024 Results
Total Revenue of IDR27,976.3 Bn, +13.4% YoY.
EBITDA of IDR13,412.2 Bn, +17.8% YoY. Sustained Net Profit of IDR2,734.7 Bn
PT Indosat Tbk. (“the Company”) has demonstrated robust performance in the first half of the 2024
financial year, maintaining its double-digit growth trajectory. Total revenue increased 13.4% YoY to
IDR27,976.3 billion while EBITDA grew faster than revenue increasing by 17.8% YoY to IDR13,412.2 billion.
EBITDA margin stood at 47.9% in 1H 2024 highlighting the Company’s ability to convert revenue into
earnings efficiently. Profit For The Period Attributable To Owners Of The Parent was IDR2,734.7 billion. This
profitability underscores the Company's solid financial health and its capacity to generate substantial
returns for stakeholders.
The Company's customer base grew by 0.9 million to reach 100.9 million in the first half of 2024 compared
to the same period in 2023. ARPU for cellular customers increased to IDR37.9 thousand in the first half of
2024, marking a 10.5% rise or IDR3.6 thousand higher than in the first half of 2023.
Data traffic experienced an impressive 13.4% YoY increase in the first half of 2024. The Company
expanded its network infrastructure, increasing the number of 4G BTS to 188k to effectively handle the
data traffic growth and provide the best customer experience for its users.
Financial Highlights
* excluding Right of Use Assets under PSAK 116
On April 18, 2024, the Company and Mastercard signed a memorandum of understanding (MoU) to
collaborate on safeguarding Indonesia's digital economy through the establishment of the Indosat-
Mastercard Cybersecurity Center of Excellence (CoE). The CoE will focus on three main pillars: (1)
Education to enhance the quality of human resources in the field of cybersecurity by improving access
to education and cybersecurity training, (2) Innovation through research in key areas of cybersecurity
and digital trust utilizing the latest technology, and (3) Industry Collaboration in detecting and mitigating
fraud.
On June 14, 2024, the Company and Google Cloud continue their long-term strategic partnership with
the aim of accelerating Indosat's transformation from a telecom company to an AI Native TechCo. This
collaboration will combine extensive networks, operations, and customer datasets with Google Cloud's
unified AI stack to provide impressive experiences to over 100 million Indosat customers, as well as AI
solutions for enterprises and generative AI (GenAI) for businesses across Indonesia.
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FIRST HALF 2024
OPERATING AND FINANCIAL RESULTS
The Company has released its unaudited interim consolidated financial statements for the First Half 2024
(“1H 2024”). The unaudited interim consolidated financial statements have been prepared and presented
in accordance with Indonesian Financial Accounting Standards (IFAS).
Unaudited Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
Key Indicators Annually Quarterly
(in IDR billion) 1H 2024 1H 2023 Growth % 2Q 2024 1Q 2024 Growth %
Revenues 27,976.3 24,674.8 13.4 14,141.0 13,835.3 2.2
• Cellular 23,601.0 21,177.7 11.4 11,944.2 11,656.8 2.5
• MIDI 3,916.4 3,029.3 29.3 1,945.1 1,971.3 (1.3)
• Fixed Telecom 458.9 467.8 (1.9) 251.7 207.2 21.5
Expenses (22,223.6) (19,909.0) 11.6 (11,154.3) (11,069.3) 0.8
Operating Profit 5,752.7 4,765.8 20.7 2,986.7 2,766.0 8.0
Other Expenses - Net (2,031.0) (2,345.4) (13.4) (1,033.9) (997.1) 3.7
Profit for the Period
Attributable to Owners
of The Parent 2,734.7 1,908.4 43.3 1,439.9 1,294.8 11.2
EBITDA* 13,412.2 11,383.1 17.8 6,902.9 6,509.3 6.0
EBITDA Margin 47.9% 46.1% 1.8 48.8% 47.0% 1.8
Financial Ratios
Formula 1H 2024 1H 2023
Interest Coverage** EBITDA/Interest Payment 20.62 13.79
Net Debt to EBITDA*** (Debt - Cash & Cash Equivalent)/Total EBITDA 0.36 0.45
* EBITDA (earnings before interest, taxes, depreciation and amortization) is a non-IFAS measure that management believes is a useful
supplemental measure of cash generated prior to debt service, capital expenditures and income tax. Investors are cautioned that
EBITDA should not be construed as an alternative to net income determined in accordance with IFAS as an indicator of the Company’s
performance or to cash flows from operations as a measure of liquidity and cash flows. EBITDA does not have a standardized meaning
prescribed by IFAS. The Company’s method of calculating EBITDA may differ from the methods used by other companies and,
accordingly, it may not be comparable to similarly titled measures used by other companies.
** Calculated using EBITDA and interest payment for the periods ended 30 June 2024 and 2023.
*** Net debt excludes lease liabilities.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
Revenues of IDR27,976.3 billion were recorded for 1H 2024, an increase of IDR3,301.5 billion or 13.4% higher
compared to 1H 2023. The Company’s Cellular, MIDI, and Fixed Telecommunication business each
contributed 84.4%, 14.0%, and 1.6%, respectively to the interim consolidated operating revenues for the
period ended 30 June 2024.
• Cellular Revenues increased by 11.4% compared to 1H 2023, attributable to increase in Data, offsetting
with decrease in Voice revenue and Value-Added services.
• MIDI Revenues increased by 29.3% compared to 1H 2023, attributable to increase in Fixed Internet,
Fixed Connectivity, and IT Services revenue.
• Fixed Telecommunication Revenues decreased by 1.9% compared to 1H 2023 driven by decrease in
International Call revenues.
Expenses of IDR22,223.6 billion were recorded for 1H 2024, an increase of IDR2,314.6 billion or 11.6% higher
compared to 1H 2023. This increase was mainly due to increase in Cost of Services, Depreciation and
Amortization, Personnel, Marketing Expenses, General and Administration Expenses and Other Operating
Income (Expense) - net.
• Cost of Services: increased by IDR678.7 billion or 6.5% higher over 1H 2023, mainly due to
increase in rental and services, partnership cost, interconnection and installation
offsetting with lower maintenance and radio frequency fee.
• Depreciation and Amortization: increased by IDR499.9 billion or 6.9% higher over 1H
2023, mainly due to impact of depreciation from additional fixed assets and right
of use assets from network roll out and amortization intangible assets.
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• Personnel Expenses: increased by IDR73.9 billion or 3.9% higher over 1H 2023 mainly due to increase in
employee salary, medical expenses and incentives and other employee benefits.
• Marketing Expenses: increased by IDR398.6 billion or 67.9% higher over 1H 2023, mainly due to increase
in subscriber acquisition cost with expansion of rural distribution, marketing agency, and customer
service as impact from higher activities to support revenue growth, offset by decrease in advertising.
• General and Administration Expenses: increased by IDR121.2 billion or 35.0% higher over 1H 2023 mainly
due to increase in professional fees, and public relations expenses.
• Other Operating Income (Expense) - net: decreased by IDR542.3 billion or 86.9% lower over 1H 2023
mainly due to one-off net gain on assets sale and leaseback in 2023.
Other Expenses - net: The Company recorded other expenses-net of IDR2,031.0 billion, decreased by
IDR314.4 billion or 13.4% lower over 1H 2023. This was due to a decrease in finance costs of IDR203.3 billion
mainly due to lower outstanding debt and higher gain (loss) on foreign exchange by IDR 125.4 billion
offsetting with lower interest income IDR 14.3 billion.
Profit for the Period Attributable to Owners of the Parent: The Company recorded net profit of IDR2,734.7
billion, increased by IDR826.3 billion primarily due to increase in revenue, offset by increase in cost of
services, depreciation & amortization, personnel expenses, marketing expenses, general and
administrative expenses, and other operating expenses (income) - net.
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Key Indicators (in IDR billion) 1H 2024 FY 2023 Growth %
ASSETS
Current Assets 13,445.8 15,479.7 (13.1)
Non-Current Assets 99,334.9 99,242.5 0.1
TOTAL ASSETS 112,780.7 114,722.2 (1.7)
LIABILITIES
Current Liabilities 31,911.7 34,134.3 (6.5)
Non-Current Liabilities 46,529.9 46,879.1 (0.7)
TOTAL LIABILITIES 78,441.6 81,013.4 (3.2)
TOTAL EQUITY 34,339.1 33,708.8 1.9
TOTAL LIABILITIES & EQUITY 112,780.7 114,722.2 (1.7)
• Current assets decreased by 13.1% to IDR13,445.8 billion, mainly due to decrease in prepaid expenses,
cash and cash equivalent and inventories.
• Non-current assets increased by 0.1% to IDR99,334.9 billion, mainly due to an increase in fixed assets,
offset by a decrease in intangible assets.
• Current liabilities decreased by 6.5% to IDR31,911.7 billion mainly due to decrease in procurement
payables, short term benefit obligations, and taxes payable offset by increase in account payables,
lease liabilities and current maturities of long-term sharia and bonds payable.
• Non-current liabilities decreased by 0.7% at IDR46,529.9 billion mainly due to a decrease in non-current
portion of long-term loans offset by an increase in obligation under finance lease.
Cash Flow and Capital Expenditure
Key Indicators (in IDR billion) 1H 2024 1H 2023 Growth %
Net Cash Flows Provided by Operating Activities 9,651.5 8,482.0 13.8
Net Cash Flows Used in Investing Activities (4,702.0) (3,122.2) 50.6
Net Cash Flows Used in Financing Activities (5,613.1) (9,399.7) (40.3)
Net Foreign Exchange Differences from Cash and Cash Equivalents 43.6 (126.7) 134.4
Net Decrease in Cash and Cash Equivalents (620.0) (4,166.6) (85.1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 5,189.6 9,507.9 (45.4)
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 4,569.6 5,341.3 (14.4)
Capex in 1H 2024 amounted to IDR4,520.6 billion (excluding IDR3,336.5 billion of Right of Use
Assets). Approximately 89.8% of the Capex was allocated to cellular, to support data
services demand and the remaining balance was allocated to MIDI and IT Capex.
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STATUS OF DEBT
Total outstanding debt: As of 30 June 2024, the Company had total outstanding gross debts (excluding
unamortized transaction costs and lease liabilities) of IDR13,931.0 billion. The Company’s cash position as
at 30 June 2024 stood at IDR4,569.6 billion and net debt is at IDR9,361.4 billion. The composition of the
Company’s gross debt, excluding lease liabilities, is as follows:
Debt Proportion (Principal amount) 1H 2024 FY 2023 Growth %
IDR Loans (billion) 7,200.0 7,420.0 (3.0)
IDR Bonds (billion) 6,731.0 7,383.0 (8.8)
Total maturing debt: in the next twelve months, IDR2,883 billion of the Company’s debt is maturing. The
average tenor of debt is 2.4 years as of 30 June 2024.
OPERATIONAL RESULTS
Annually Quarterly
Key Indicators
1H 2024 1H 2023 Growth % 2Q 2024 1Q 2024 Growth %
Customers - Postpaid (million) 1.5 1.6 (6.9) 1.5 1.6 (5.0)
Customers - Prepaid (million) 99.4 98.4 1.0 99.4 99.3 0.1
Customers - Total (million) 100.9 100.0 0.9 100.9 100.8 0.0
ARPU (Postpaid) (IDR thousand) 92.3 70.0 31.9 98.7 85.9 14.9
ARPU (Prepaid) (IDR thousand) 37.1 33.8 9.8 37.5 36.7 2.0
ARPU (Blended) (IDR 37.9 34.3 10.5 38.4 37.5 2.4
MoU (minutes) 5.7 7.6 (24.3) 5.4 6.1 (11.3)
Data Traffic (PB) 7,965 7,027 13.4 4,107 3,858 6.5
SMS Traffic (bn) 1.0 1.7 (40.4) 0.4 0.7 (40.9)
Percentage changes may vary due to rounding
In 1H 2024, the Company’s customer base increased by 0.9 million customers to 100.9 million compared to
1H 2023.
ARPU for cellular customers increased in 1H 2024 to IDR37.9 thousand, an increase of 10.5% or IDR3.6
thousand higher compared to 1H 2023.
Average Minutes of Usage (MOU) per customer decreased to 5.7 minutes, a 24.3% decrease compared to
1H 2023 in-line with the decrease of industry trend related to traditional voice services.
NETWORKS
As of 30 June 2024, the Company has operated ~188K 4G BTS (adding ~22K 4G BTS during 1H 2024) and 103
5G BTS.
Annually
Key Indicators
1H 2024 1H 2023 % Change
Base Transceiver Stations (BTS) 2G 52,149 48,860 6.7
4G 188,218 166,536 13.0
5G 103 90 14.4
2023 SUSTAINABILITY REPORT
On 5 April 2024, the Company issued 2023 sustainability report. The report shows that the Company has
established a strong foundation for its commitment to environmental, social and responsibility through the
implementation of various significant sustainability initiatives.
Highlights of the Company’s sustainability report:
1. ESG Framework
In 2023, the Company developed a holistic sustainability strategy. Through its ESG
frameworks, the Company confirms its commitment to 3 main pillars, i.e. care for
environment, digital opportunity to empower community and responsible and
ethical business. This framework provides guidance for the Company in
implementing sustainable practices throughout its operations.
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2. ESG materiality matrix
The Company compiled a materiality matrix which is an important tool in identifying and
managing the most relevant and significant issues for the Company and its stakeholders.
Therefore, the Company can focus on aspects that most influence to the Company’s
sustainability performance and respond with appropriate strategies.
3. Multi-standard reporting
The 2023 sustainability report is prepared using various standards, including Indonesian Financial
Security Regulation No. 51/POJK.03/2017, Global Reporting Initiatives (GRI) and Sustainability
Accounting Standard Boards (SASB).
About Indosat Ooredoo Hutchison
Indosat Ooredoo Hutchison (Indosat, IDX: ISAT) has the vision to become the most preferred digital telecommunications company in
Indonesia. Together with its subsidiaries and affiliates, Indosat provides cellular services, ICT solutions, data centers, Fiber to the Home
(FTTH), electronic payment services, financial services, and other digital services. Indosat has a larger purpose of empowering Indonesia,
and with the spirit of Gotong Royong, Indosat wants to be the main collaborator in realizing it and creating meaningful change.
https://ioh.co.id/
Ticker: ISAT; Closing Price: IDR10,700; Market Capitalization: IDR86.3 trillion; Ratings: Pefindo idAAA (Stable);
Fitch AA+(idn) (Positive);
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
For The Six-Month Periods Ended 30 June 2024 and 2023
(Expressed in Billions of Rupiah)
Growth
Description 2024 2023
(%) (1)
REVENUES
Cellular 23,601.0 21,177.7 11.4
Multimedia, Data Communication, Internet ("MIDI") 3,916.4 3,029.3 29.3
Fixed Telecommunications 458.9 467.8 (1.9)
TOTAL REVENUES 27,976.3 24,674.8 13.4
(EXPENSE) INCOME
Cost of services (11,151.1) (10,472.4) 6.5
Depreciation and Amortization (7,741.0) (7,241.1) 6.9
Personnel (1,959.7) (1,885.8) 3.9
Marketing (985.6) (587.0) 67.9
General and Administration (467.7) (346.5) 35.0
Share of Net Loss of Associates and Joint Ventures (60.7) (63.9) (5.0)
Gain (Loss) on Foreign Exchange - net 41.3 (0.8) 5,262.5
Net Gain on Assets Sale and Leaseback - 722.4 (100.0)
Others - Net 100.9 (33.9) 397.6
TOTAL EXPENSES (22,223.6) (19,909.0) 11.6
OPERATING PROFIT 5,752.7 4,765.8 20.7
Interest Income 176.1 190.4 (7.5)
Gain (Loss) on Foreign Exchange - net 23.5 (101.9) 123.1
Finance Costs (2,230.6) (2,433.9) (8.4)
OTHER EXPENSES - Net (2,031.0) (2,345.4) (13.4)
PROFIT BEFORE INCOME TAX 3,721.7 2,420.4 53.8
INCOME TAX EXPENSE (797.0) (376.5) 111.7
PROFIT FOR THE PERIOD 2,924.7 2,043.9 43.1
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
OWNERS OF THE PARENT 2,734.7 1,908.4 43.3
NON-CONTROLLING INTERESTS 190.0 135.5 40.2
TOTAL 2,924.7 2,043.9 43.1
1) Percentage changes may vary due to rounding.
Disclaimer
This document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies,
and objectives of Indosat Ooredoo Hutchison, that are not statements of historical fact which would be treated as forward -looking
statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause
actual events and Indosat Ooredoo Hutchison's future results to be materially different than expected or indicated by such statements.
No assurance can be given that the results anticipated by Indosat Ooredoo Hutchison, or indicated by any such forward looking
statements, will be achieved.
The financial information provided herein is based on Indosat Ooredoo Hutchison’s consolidated financial statements in accordance with
Indonesian Financial Accounting Standards.
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