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FY2018
4
Company Structure
Jasa Marga operates 13 mature toll roads, 3 fully operated and 7 half operated new toll roads. Similarly, Jasa Marga constructs 10 new toll
road concessions in subsidiary level.
Government
Shareholding Structure of Indonesia
(“GOI”)
Parent Level
1. Cawang-Tomang-Pluit
Ministry of State-
(Jakarta Inner Ring Road)
Owned Enterprises
2. Prof. Dr. Ir. Sedyatmo (Airport)
(“MSOE”) 3. Padalarang
4. Cileunyi
5. Jakarta-Cikampek
6. Palikanci
70%
7. Jagorawi
Public
8. Surabaya-Gempol
30% 9. Semarang
10. Jakarta Outer Ring Road
As of 31st Dec 2018
11. Ulujami-Pondok Aren
12. Jakarta-Tangerang
13. Belmera
PT Jasamarga
PT Jasamarga PT Jasamarga
Probolinggo
Gempol Pasuruan Tollroad Operator
Banyuwangi
98.8% 99.9%
94.6%
PT Jasamarga
Transjawa Tol
100%
PT Jasamarga PT Jasamarga
PT Jasamarga PT Jasamarga
Kunciran Balikpapan
Pandaan Malang Properti
Cengkareng Samarinda
60% 99.9%
76.2% 59%
5
Strong Corporate Governance and
Highly Qualified Management Team
Experience management with over 25 years of experience, deep understanding on the industry/sector, and long-term relationship with stakeholders
Desi Arryani – President Director
• Indonesia citizen, 55 years old, was promoted through Extraordinary Meeting of Shareholders Years 2016 on 29th august 2016
• Has work experience in Construction sector more than 20 years. Previously served as Operations Director I of PT Waskita Karya (Persero) Tbk. which is SOE
contractor in Indonesia.
• Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetiya Mulya (2008).
6
Industry Overview
Overview of the Indonesian Toll Regulation
Ease derived from highly regulated industry
• Certainty of tariff increase every two years according to regulation
• The timing of the land acquisition process is faster, if any dispute is decided by the court
• Potential for efficiency from cashless transaction
Land acquisition
Concession Agreement Method
Acquisition
• Land acquisition is government’s responsibility and is undertaken
Tender Unsolicited
by land procurement committee appointed by the Government
100% Cashless Transaction • The land acquisition comprises four stages: planning, preparation,
execution and delivery
▪ High efficiency on collection expanse and faster transaction period that The law also regulates a deadline for land acquisition of 312 to a
will reduce traffic flow, minimize the cost of providing change and cash maximum of 552 working days
handling and Toll Revenue Security and minimize the potential for any • Price is determined by independent appraiser based on fair market
authenticity toll payment instrument price
▪ Improving the Quality of Operational Human Resources (improving health • Investors may provide bridge financing for land acquisition costs to
quality of toll collectors), increase transaction capacity without having to speed up the acquisition process, government will repay the
add transaction point and efficiency of toll collecting costs investors for the land acquisition costs
10
Company Update
9
Jasa Marga Update FY2018
Market Share
1,527 km
Operated Toll Road Commercial Concession Toll Road
PT Nusantara Infrastruktur
Other
Lain-lain
2%
PT Waskita Karya
2%
± 1,000 km
10% Accumulated Toll Road in Operation*
PT Citra Marga
Nusaphala Persada PT Jasa Marga
4% (Persero) Tbk
66%
PT Astra Tol
Nusantara
16%
318 km
Additional Operated Toll Road in 2018
Length
No Additional Operated Toll Road in 2018
66% 80% 1
2
Ngawi – Kertosono
Bogor Ring Road (Section IIB)
(km)
87.02
2.65
3 Gempol – Pasuruan (Section Rembang-Grati) 20.25
Jasa Marga’s Jasa Marga’s 4 Medan - Kualanamu - Tebing Tinggi (Section IA & I) 10.75
Operated Toll Road Traffic Volume 5 Solo – Ngawi 90.43
6 Semarang-Batang 75.00
7 Semarang-Solo (Section Salatiga-Kertasura) 32.23
*As of December 2018
10
Excellent Financial Profile with Stable Margins
✓ Prudent financial management enable company to lower its cost of debt over time
✓ Strong financial profile with promising growth going forward
✓ Sustainable revenue growth rate with CAGR of 9% for the past 5 years, supported with strong EBITDA
generation
✓ Manageable cost of debt with weighted average bank loan cost 9.5%, weighted average bond cost 9.2% and
consolidated weighted average cost of debt 9.4%
Interest Coverage Ratio (ICR) Total Debt to Total Equity Interest Bearing Debt to Total Equity
(x) (x)
(x)
4.46 3.32 1.93
2.88 1.64
3.01
Economic condition, reflected as fluctuating car sales growth in Indonesia, has minimal impact to our transaction
volume, however increase in car sales will contribute to higher transaction volumes in the long run.
Transaction Volume on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles)
Integration Economic Slow Down
1,229 1,208
1,600 7,927 8,281 9,000 1,116
1,063 1,080
1,400 7,121 8,000 1,013
6,646 1,361 1,350 7,000 894
1,200 5,803
5,582 1,320 1,311 6,000 765
1,000 4,843
4,306 1,201 1,264 5,000 607
800 3,3193,631 1,092 4,000 486
600 2,618 957 434
916 3,000
400 880
2,000
859
200 1,000
- -
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Transaction Volume Toll Revenue
12
Projects
and
Operational Details
Jasa Marga’s Toll Road Projects
Currently, Government accelerate infrastructure development to connect Indonesia. All of Jasa Marga’s toll road projects are part of Strategic
National Project that being monitored intensively by Government.
Percentage of Jasa
Length
Section Concession Period Marga’s Ownership
(km)
(%)
Funding Structure
Old Concession
13 Old Concession 2044 512.1 Equity
A. Fully Operated 30%
1 Nusa Dua-Ngurah Rai-Benoa 2057 10 55
2 JORR W2 North (part of JORR) 2044 7.7 65
3 Surabaya-Mojokerto (part of Trans Java) 2049 36.3 55.5
4 Solo-Ngawi (part of Trans Java) 2055 90.43 40 Bank Loan at
5 Semarang-Solo (part of Trans Java) 2055 72.6 58.9 Subsidiary Level
6 Gempol-Pasuruan (part of Trans Java) 2058 34.2 98.8 70%
7 Batang-Semarang (part of Trans Java) 2058 75 40
B. Half Operated
8 Gempol-Pandaan 2049 13.6 92.2
9 Bogor Outer Ring Road 2054 11.95 55
10 Medan-Kualanamu-Tebing Tinggi 2054 61.7 55
11
Ngawi-Kertosono-Kediri (part of Trans
2066 114.92 40 Historical Capex
Java)
C. In Land Acquisition and Construction 11,691
12 JORR2 (Cengkareng-Kunciran) 35 years from effective date 14.2 76.2
13 JORR2 (Kunciran-Serpong) 35 years from effective date 11.2 60 7,382
14 JORR2 (Serpong-Cinere) 35 years from effective date 10.1 55
15 Pandaan-Malang 35 years from effective date 37.6 60
16 Balikpapan-Samarinda 40 years from effective date 99.4 59 3,196
2,123 2,521
17 Manado-Bitung 40 years from effective date 39.9 65
18 Jakarta-Cikampek II Elevated 45 years from effective date 36.4 80
19 Jakarta-Cikampek II South 35 years from effective date 64 80
20 Probolinggo-Banyuwangi 35 years from effective date 172.9 94.8 2013 2014 2015 2016 2017
TOTAL 1.527
14
Jasa Marga’s Upcoming Projects: Greater Jakarta
6 projects
Jakarta Cikampek II Elevated (36.40 km)
Progress Construction: 63.45%
Cengkareng – Kunciran (14.19 km)
Progress Land Acquisition: 58.51%
Progress Construction: 43.67%
15
Jasa Marga’s Upcoming Projects: Java
Full Operated
Half Operated
16
Jasa Marga’s Upcoming Projects:
Sumatera, Kalimantan, and Sulawesi
3 projects
MALUKU
SUMATRA
SULAWESI
KALIMANTAN
Medan-Kualanamu-Tebing Tinggi (61.7 km) Balikpapan-Samarinda (99.35 km) Manado-Bitung (39.9 km)
Progress Land Acquisition: 99.98% Progress Land Acquisition: 99.18% Progress Land Acquisition: 70.44%
Progress Construction: 100% Progress Construction: 80.89% Progress Construction: 31.72%
Half Operated
17
Appendix
Financial Highlight: Balance Sheet
(IDR Billion)
Cash and Cash Equivalent 3,514.1 3,290.8 3,323.2 4,124.9 6,873.0 6,873.0 3,834.9 2,748.1 -44.2%
Other Current Assets 274.2 255.0 405.8 8,840 12,114.0 12,114.0 11,398.5 3,273.9 -5.9%
Non Current Assets 24,270.3 28,314.2 32,995.9 40,535.3 60,326.2 60,326.2 60,270.7 19,790.9 -0.1%
TOTAL ASSETS 28,058.6 31,860.0 36,725.0 53,500.3 79,313.3 79,313.3 75,504.1 25,812.9 -4.8%
Current Liabilities 4,871.3 4,301.0 7,543.4 18,627.0 24,997.9 24,997.9 27,512.0 6,371.0 10.1%
Non Current Liabilities 12,629.3 16,538.2 16,612.5 18,534.5 35,955.9 35,955.9 29,143.0 17,421.4 -18.9%
TOTAL LIABILITIES 17,500.6 20,839.2 24,356.3 37,161.5 60,953.8 60,953.8 56,655.0 23,792.3 -7.1%
Equity 10,557.9 11,020.7 12,368.7 16,338.8 18,359.4 18,359.4 18,849.1 2,020.6 2.7%
19
Financial Highlight: Income Statement
(IDR Billion)
Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion
2013 2014 2015 2016 2017 3Q2017 3Q2018 ∆Rp ∆%
Consolidated Financial Statement Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)
(Audited) (Audited)
Toll Revenue 5,802.7 6,646.4 7,121.0 7,926.7 8,281.3 6,064.2 6,636.1 571.8 9.4%
Other Business Revenue 508.2 581.4 509.7 905.7 640.4 718.1 494.4 (223.8) -31.2%
REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 8,921.7 6,782.3 7,130.4 348.1 5.1%
Toll and Other Operating Expenses (3,231.3) (4,022.9) (3,772.1) (3,079.8) (3,033.2) 46.6 -1.5%
(3,562.8) (3,562.8)
General and Administrative Expenses (1,087.8) (949.0) (1,152.5) (784.7) (928.7) (144.0) 18.4%
(884.8) (884.8)
Financial Income 229.1 265.5 217.8 202.7 284.0 196.0 381.9 185.9 94.9%
Gain on Divestment - - - - 563.5 563.5 876.9 313.4 N/A
Income Tax Expense (381.9) (846.6) (1,156.8) (819.4) (825.7) (6.3) 0.8%
(613.7) (749.1)
NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 2,200.3 1,902.1 1,771.3 -130.8 -6.9%
Net Income Margin 16.3% 19.7% 19.2% 21.4% 24.7% 28.0% 24.8% N/A -3.2%
20
Toll Revenue by Branch/Subsidiary
(IDR billion)
∆% CAGR
Branch/Subsidiary 2013 2014 2015 2016 2017 3Q2017 3Q2018
3Q17 vs. 3Q18 2013-2017
1 Jagorawi 548.2 607.5 620.2 697.0 874.0 496.6 602.2 21.3% 12.4%
2 Jakarta-Cikampek 976.6 1,023.4 1,137.8 1,232.5 1,265.7 959.3 864.9 -9.8% 6.7%
3 Jakarta-Tangerang 408.0 467.1 507.5 580.7 755.7 543.6 627.7 15.5% 16.7%
4 Cawang-Tomang-Cengkareng 1,110.0 1,212.3 1,247.0 1,412.7 1,475 1,112.2 1,146.4 3.1% 7.4%
5 Purbaleunyi 1,017.4 1,175.9 1,197.5 1,350.6 1,299.0 967.2 1,029.2 6.4% 6.3%
6 Surabaya-Gempol 270.5 309.0 335.8 402.0 418.6 312.1 328.0 5.1% 11.5%
7 Semarang 104.8 106.5 113.2 136.6 138.9 105.0 115.5 10.1% 7.3%
8 Belmera 81.6 91.3 90.2 105.5 113.7 84.5 113.4 34.1% 8.7%
9 Palikanci 107.5 112.4 133.0 169.5 181.2 136.2 148.7 9.2% 14.0%
10 PT Jalantol Lingkarluar Jakarta 1,055.0 1,182.4 1,163.7 1,010.2 1,024.8 802.2 746.8 -6.9% -0.7%
TOTAL PARENT LEVEL 5,679.5 6,288.0 6,545.9 7,097.3 7,546.9 5,518.9 5,722.8 3.7% 7.4%
11 PT Marga Sarana Jabar 45.6 67.2 86.9 100.2 98.7 74.4 94.1 26.5% 21.3%
12 PT Trans Marga Jateng(1) 36.5 107.3 129.5 152.8 57.7 57.7 - -100.0% 12.1%
PT Jasamarga Surabaya
12 17.6 18.8 20.1 36.0 50.5 34.4 220.5 541.6% 30.3%
Mojokerto
14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 149.9 119.9 125.3 4.5% 58.7%
15 PT Marga Lingkar Jakarta - 59.0 188.0 337.3 276.5 205.9 198.7 -3.5% n/a
16 PT Jasamarga Pandaan Tol - - 27.8 59.7 68.1 50.7 65.1 28.3% n/a
Notes :
(1) Deconsolidated since 1H2017
21
Transaction Volume by Section
(Million vehicle transactions)
∆% CAGR 2014-
No Branch/Subsidiary 2013 2014 2015 2016 2017 2018
FY17 vs. FY18 2018
22
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