The recent fluctuation in the USD/ Rupiah exchange rate is expected to have little impact on PT SMN Tbk’s/TOWR’s financial position. The group currently has a large USD cash position and USD denominated future revenue flows. The total USD denominated debt of the group is $ 186.4 million consisting of $ 48.0 million in bank debt and $ 138.4 million in bond debt maturing in 2024. The USD debt position is offset by USD 113.5 million in current cash balance and $ 432.3 million in USD-denominated contractual lease revenue flows that will mostly be paid over a period of 5 years through the end of 2023. Currently the ratio of USD cash plus future lease revenue to gross USD debt is 2.94 times.
PT SMN Tbk does not speculate in foreign currencies. PT SMN Tbk maintains a prudent financial policy and will take steps to offset any risk that may arise from the USD denominated debt through hedging of the position or other measures.