Jasa Marga Update 1Q 2017 As of 2 May 2017
List of Content 3 Company in Brief 9 Toll Road Industry in Indonesia 12 Jasa Marga s Strategic Projects 18 Funding Strategy 22 Financial Highlights 2
I COMPANY IN BRIEF
Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 39 years of experience. Start Operation Toll Road Concessions 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 Jagorawi Semarang Surabaya- Gempol (4) Belmera Jakarta-Tangerang Jakarta- Cikampek Prof. Dr. Ir. Sedyatmo Jakarta Inner Ring Road (JIRR) (1) Padaleunyi Jakarta Outer Ring Road (JORR) Palikanci Cipularang Ulujami- Bogor Outer Pondok Aren Ring Road BORR (Section 1) (2) Surabaya-Mojokerto (Section 1A) (2) Semarang-Solo (Section 1) (2) JORR W2 North (Section 1-4) (2) Semarang-Solo (Section 2) (2) BORR (Section 2A) (2) 2015 Gempol- Pandaan (2) 2016 Surabaya- Mojokerto (Section 4) (2) 2017 Gempol- Pasuruan (2) (Section: Bagil-Rembang) BORR (Section 2 & 3) (2) Semarang- Solo (2) Gempol-Pasuruan (2) Cengkareng- Kunciran (2) Kunciran-Serpong (2) Surabaya-Mojokerto (2) Medan-Kualanamu- Tebing Tinggi (2) Solo-Ngawi (2) Ngawi-Kertosono (2) Nusa Dua-Ngurah Rai-Benoa (2) Cinere-Serpong (2) Semarang-Batang (2) Pandaan-Malang (2) Balikpapan-Samarinda (2) Manado-Bitung (2) Number of Concessions Jakarta-Cikampek II Elevated (2) 1 2 4 6 7 8 9 10 11 12 13 14 16 17 19 19 19 19 31 Total Length (km) under Corresponding Concessions (3) 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 600* Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP. (2) Jasa Marga s newly acquired toll road concessions. (3) The cumulative length of road represents the current total road length that corresponds to key toll road concessions in this table, not to the year where the concession started. (4) Porong-Gempol Section (5 km) within Surabaya-Gempol Toll Road has officially been closed due to force majeure (mud) since 2006. (5) Legth of toll road operated as of April 2017 1.260 4
Asian Longest Toll Road Concessions Granted all 13 concessions for operating toll roads for a 40-year period in 2005 (1). Executed 45-year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, Semarang-Solo and Gempol-Pasuruan); 35- year concessions for 2 new toll roads in 2008 and 2009 (Cengkareng-Kunciran and Kunciran Serpong); 42-year concessions for 1 acquired toll roads in 2009 (Surabaya-Mojokerto) and 37-year concessions in 2011 (Gempol-Pandaan); 45-year concessions for 1 new toll road in 2011 (Nusa Dua-Ngurah Rai-Benoa); 40-year concessions for 1 new toll road in 2014 (Medan-Kualanamu- Tebing Tinggi), 35-year concessions for 3 acquired toll roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong), 4 new toll road in 2016 with 45-year concessions (Batang-Semarang and Jakarta-Cikampek II Elevated), 35-year concessions (Pandaan- Malang) and 40-year concession (Balikpapan-Samarinda and Manado-Bitung). Concession years exhausted Concession years remaining 5
Company Structure Individual 4% Domestic Institution 8% Foreign 15% Mutual Fund 3% Shareholding Structure Government 70% Public Ministry of State- Owned Enterprises ( MSOE ) 70% Ownership 30% Ownership Since 12 Nov 2007 Granting & Supervising Toll Road concessions Concession Agreement Government of Indonesia ( GOI ) Indonesian Toll Road Authority ( BPJT ) Minister of Public Works Concession Agreement Private Toll Road Investors Private Toll Road Investors Regulatory Framework Directorate General of Highways Ministry of Public Works ( MPW ) Road Network Planning & Setting of Technical Specifications 6
The Largest Toll Road Operator in Indonesia GREATER JAKARTA & WEST JAVA Jagorawi: 59.00 km SUMATRA Jakarta-Tangerang: 33.00 km Ulujami-Pondok Aren: 5.55 km Jakarta Inner Ring Road: 23.55 km Prof. Dr. Ir. Sedyatmo: 14.30 km Jakarta-Cikampek: 83.00 km JORR: 28.3 km Cikampek-Padalarang: 58.50 km Padalarang-Cileunyi: 64.40 km Palikanci: 26.30 km JORR W2 North: 7.70 km Bogor Outer Ring Road: 11.00 km Cengkareng-Kunciran: 14.19 km Kunciran-Serpong: 11.19 km Cinere-Serpong: 10.14 km Jakarta-Cikampek II Elevated: 36.4 km Strait of NORTH SUMATERA Malacca Belmera: 42.70 km Medan-Kualanamu-Tebing Tinggi: 61.70 km Java Sea JAVA KALIMANTAN BALI Indian CENTRAL OceanJAVA Semarang: 24.75 km Semarang-Solo: 72.64 km Solo-Ngawi: 90.1 km Ngawi-Kertosono: 87.02 km Semarang-Batang: 75 km EAST KALIMANTAN Balikpapan-Samarinda: 99.35 km SULAWESI MALUKU : in Operation NORTH SULAWESI Manado-Bitung: 39.9 km : in land acquisition and construction EAST JAVA Surabaya-Gempol: 49.00 km Banda Sea Gempol-Pandaan: 13.61 km Gempol-Pasuruan: 34.15 km Surabaya-Mojokerto: 36.27 km Timor Sea Pandaan-Malang: 37.62 km PAPUA BALI Nusa Dua-Ngurah Rai-Benoa: 10.00 km Concession Rights (km) 1,260 987 738 738 799 2012 2013 2014 2015 2016 61% 600 km Toll Road in Operation* *as of April 2017 MARKET SHARE 80% Transactions volume 7
Jakarta- Cikampek Jakarta Inner Ring Road Jagorawi Jakarta Outer Ring Road Jakarta- Tangerang Cawang-Tomang- Cengkareng Jakarta-Cikampek Purbaleunyi PT Jalantol Lingkarluar Jakarta Jagorawi Transaction Volume and Toll Revenues GREATER JAKARTA AND WEST JAVA 6,891 6,282 5,907 5,268 TOP 5 Contributor 2017 Revenue 18.5% 16.4% 15.0% 13.8% 8.9% 1,021 1,054 1,095 1,127 1,674 1,692 275 2013 2014 2015 2016 1Q2016 1Q2017 279 NON GREATER JAKARTA AND WEST JAVA 739 839 1,036 Traffic 7.4% 7.7% 7.4% 5.1% 4.7% 534 176 198 216 234 239 261 55 58 2013 2014 2015 2016 1Q2016 1Q2017 8
II TOLL ROAD INDUSTRY IN INDONESIA
Toll Road Development Target in Indonesia Factor of Development Government s Priority Program Indonesia population will be grow rapidly Car sales increase No connectivity 10
Regulation Tariff Initial toll tariff is calculated based on investment feasibility, toll road user s ability to pay and vehicle operating cost saving. Investment feasibility is calculated based on estimated investment cost and projected revenue during term of the concession. Initial toll tariff is stipulated in concession agreement prior to start of construction. Tariff adjustment is regulated by law, is calculated based on CPI and is adjusted once every two years. Initial toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree. Land Acquisition Land acquisition is Government s responsibility, is undertaken by Land National Agency Price is determined by independent appraiser based on fair market price. For some projects, Government takes over the land cost. The new land acquisition law carries the following main points: Fair price is determined through independent appraisal. Land owner may choose to reject through court, yet court has to decide in 30 days (final). After transaction process (normal) or by court verdict, project can commence. Re-settlement is also an option. The Government should carry out socialization far in advance (transparent). BPN (National Land Agency) is the only body responsible for land acquisition for public interests. 11
III JASA MARGA S PROJECT
Jasa Marga s New Projects as of 31 March 2017 A. Fully Operated Section Concession Period Length Investment Cost JSMR Ownership (km) (Rp trillion) (%) 1 Nusa Dua-Ngurah Rai-Benoa (4) 2057 10 2.01 55.0% 2 JORR W2 North (part of JORR) (5) 2044 7.7 2.01 65.0% B. Half Operated 3 Gempol-Pandaan (6) 2049 13.61 1.31 92.2% 4 Bogor Outer Ring Road (1) 2054 11 4 55.0% 5 Semarang-Solo (part of Trans Java) (2) 2055 72.6 7.3 73.9% 6 Surabaya-Mojokerto (part of Trans Java) (3) 2049 36.3 4.03 55.0% 7 Gempol-Pasuruan (part of Trans Java) (7) 2058 34.15 4.17 98.8% C. In Land Acquisition and Construction 8 JORR2 (Cengkareng-Kunciran) 35 years form effective date 14.19 4.98 76.2% 9 JORR2 (Kunciran-Serpong) 35 years form effective date 11.19 2.86 60.0% 10 Medan-Kualanamu-Tebing Tinggi 40 years form effective date 61.7 4.71 55.0% 11 Solo-Ngawi (part of Trans Java) 35 years form effective date 90.1 9.21 60.0% 12 Ngawi-Kertosono (part of Trans Java) 35 years form effective date 87.02 7.05 60.0% 13 JORR2 (Serpong-Cinere) 35 years form effective date 10.14 2.57 55.0% 14 Batang-Semarang (part of Trans Java) 45 years form effective date 75 11.04 60.0% 15 Pandaan-Malang 35 years form effective date 37.62 5.97 60.0% 16 Balikpapan-Samarinda 40 years form effective date 99.35 9.97 55.0% 17 Manado-Bitung 40 years form effective date 39.9 5.12 65.0% 18 Jakarta-Cikampek II Elevated 45 years form effective date 36.4 16.23 80.0% TOTAL 747.97 104.54 Notes: (1) Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June 2014. (2) Section 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014. (3) Section 1A: Waru-SeLength (2.30 km) is operated since 05 September 2011, Section 4: Kriyan-Mojokerto is operated since 19 March 2016 (4) Operated since 01 October 2013. (5) Section Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Section Cileduk-Ulujami (2.00 km) is operated since 22 July 2014. (6) Section Gempol-Pandaan (13.61 km) is operated since 12 June 2015. (7) Gempol-Pasuruan: Section Bangil-Rembang (7 km) is operated since 13 April 2017. 13
Toll Road Network and Jasa Marga s Project in Greater Jakarta Kunciran-Serpong (10.14 km) Serpong-Kunciran (11.19 km) Cinere-Serpong (10.14 km) Jakarta Cikampek II Elevated (36.4 km) BORR (11 km) Project Length Jasa Marga Ownership Investment Cost Concession Period Land Acquisition As of 31 Mar 2017 Construction As of 31 Mar 2017 Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. Badak-Yasmin: 84% 6.37% Cinere-Serpong 10.14 km 55% Rp 2.57 trillion Kunciran-Serpong 11.19 km 60% Rp 2.86 trillion Cengkareng-Kunciran 14.19 km 76.2% Rp 4.98 trillion Jakarta-Cikampek II Elevated 36.4 km 80% Rp 16.23 trillion 35 years from effective date 35 years from effective date 35 years from effective date 45 years from effective date 35.79% - 75.94% - 26.10% - - - 14
Toll Road Network and Jasa Marga s Project in Java 15
Toll Road Network and Jasa Marga s Project in Java Project Length Jasa Marga Ownership Investment Cost Concession Period Section Land Acquisition As of 31 Mar 2017 Construction As of 31 Mar 2017 Batang- Semarang 75 km 60% Rp 11.05 trillion 45 years from effective date Section 1 Batang Batang Timur (3.2 km) Section 2 Batang Timur-Weleri (36.35 km) Section 3 Weleri-Kendal (11.05 km) Section 4 Kendal-Kaliwungu (13.50 km) Section 5 Kaliwungu-Krapyak (10.9 km) 100% 94.09% 47.94% 52.35% 80.61% Section 1&2: 15.47% Section 3: 13.15% Section 4&5: 23.59% Semarang-Solo 72.64 km Solo-Ngawi 90.1 km 59.99% 73.91% Rp 7.3 trillion 2055 Rp 5.14 trillion 35 years from effective date Section Bawen-Salatiga (17.5 km) Section Salatiga-Kartasuro (29.02km) Section I : Solo-Mantingan (35.15 km) Section II : Mantingan - Ngawi (34.2 km) 100%; 97.80% 91.74% 92.06% Section 3: Package 3.1: 90.41% Package 3.2: 100% Package 3.3 B: 100% Package 3.3 D 97.74% 75.49% 51.70% Ngawi- Kertosono 87.02 km 59.99% Rp 3.83 trillion 35 years from effective date Section I : Ngawi - Magetan (20 km) Section II : Magetan - Madiun (8.45 km) Section III : Madiun - Saradan (21.06 km) 97.86% 95.05% 98.41% 54.04% 58.00% 67.25% Surabaya- Mojokerto 36.3 km 55% Rp 3.8 trillion 2049 Section 1B: Sepanjang-WRR (4.3 km) Section 2: WRR-Driyorejo (5.1 km) Section 3: Driyorejo-Kriyan (6.1 km) 100% 100% 100% 82.51% 33.85% 39.99% Pandaan- Malang 37.62 km 60% Rp 5.97 trillion 35 years from effective date Section I : Purwodadi- Pandaan (14.92 km) Section II : Lawang-Purwodadi (8 km) Section III : Pakis I - Lawang (7.5 km) Section IV : Pakis II Pakis I (4.10 km) Section V : Malang-Pakis II (3.10 km) 41.40% - 88.28% 68.12% 84.31% Section I-V: 4.27% Gempol- Pasuruan 34.20 km 98.60% Rp 4.17 trillion 45 years from effective date Section1: Gempol-Rembang (13.9 km) Section 2: Rembang-Pasuruan (6.6 km) Section 3: Pasuruan-Grati (13.65 km) 98.59% 92.09% 34.23% 93.70% 2.28% - 16
Toll Road Projects in Sumatera, Kalimantan and Sulawesi Strait of NORTH SUMATERA Malacca Medan-Kualanamu-Tebing Tinggi: 61.70 km SUMATRA EAST KALIMANTAN Balikpapan-Samarinda: 99.35 km MALUKU KALIMANTAN SULAWESI NORTH SULAWESI Manado-Bitung: 39.9 km Java Sea Project Length Jasa Marga Investment Ownership Cost Concessio n Period Section Land Acquisition As of 31 Mar 2017 Construction As of 31 Mar 2017 Medan Kualanamu Tebing Tinggi 61.7 km 55% Rp 4.71 trillion 40 years from effective date Tj. Morowa-Parbarakan-Kualanamu (17.8 km) Parbarakan-Lubuk Pakam (4.85 km) Lubuk Pakam-Adolina Adolina-Perbaungan Perbaungan-Teluk Mengkudu Teluk Mengkudu-Sei Rampah Sei Rampah-Tebing Tinggi 99.03% 100% 98.39% 96.19% 99.32% 91.13% 43.76%; 66.32% 100% 91.02% 79.23% 69.17% 68.41% - Balikpapan- Samarinda 99.35 km 55% Rp 9.97 trillion 40 years from effective date Balikpapan-Samboja (22 km) Samboja-Muarajawa (31 km) Muarajawa-Palaran (17.3 km) Palaran-Samarinda (18 km) Sepinggan-Km 13 Balikpapan (11.1 km) 98.93% 98.96% 93.49% 55.32% 67.87% section 2, 3, 4 : 3.61% Manado-Bitung 39.9 km 65% Rp 5.12 trillion 40 years from effective date Ring Road Manado-Sukur (7.9 km) Sukur-Airmadidi (7 km) Airmadidi-Bitung (25 km) 93% 45.00% 31.79% - - - 17
III FUNDING STRATEGY
Capital Expenditure Plan 2017 (billion Rupiah) No. Item 2016 2017 Plan 1 Capex of Jasa Marga (Parent) a. Operational b. New Toll Road Development c. Other Business Investments d. Investments in Non-Operational Supporting Facilities 2,975.6 8,261.8 1,139.2 2,161.2 1,287.8 4,375.1 416.5 1,486.6 132.1 238.9 2 Capex of Subsidiaries 7,985.9 14,189.4 3 Capex of Subsidiaries for Other Business 243.8 1,15.2 4 Equity Contribution to Subsidiaries Total Consolidated Capex (1,628.4) (3,912.3) 9,577.0 19,554.2 19
Financial Capacity EBITDA & EBITDA Margin ICR, DER 6.00 5.00 4.00 3.00 2.00 1.00-5.23 4.01 4.29 56% 55% 2014 2015 2016 59% 60% 59% 58% 57% 56% 55% 54% 53% 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 3.30 3.44 3.05 2.27 1.89 1.97 2014 2015 2016 EBITDA EBITDA Margin ICR DER 2014 2015 2016 1Q2017 20
Funding Strategy Asset Recycling Securitization planned from future revenue at mature section and targeted Rp 1-3 trillion Current Status : Legal and Accounting Study Planed to issue Bond/ Sukuk through Sustainable Bond II (2017 2019) Rp 19.8 trillion (In 2017 -Trace I up to Rp7 Trillion) Planed to issue Project Bond in Operated Subsidiaries Bond/Sukuk Debt Recycling Securitization Divestment stock ownership in Kebon Jeruk-Penjaringan Toll Road (PT Jakarta Lingkar Barat Satu) up to 19,1% Divestment stock ownership in Semarang- Solo Toll Road (PT Trans Marga Jateng) minimum 55% from 73,91% Fund Rising Jasa Marga planed to establish Trans Java Sub holding To simplify operational activity 15 toll road owned by Jasa Marga & Waskita Toll Road and planed to go public at 2018 Current Status : Valuation Study Divestment Trans Java Sub holding 21
IV FINANCIAL HIGHLIGHTS
Positive Growth in 2016 Revenue 7,228 7,631 6,311 8,832 EBITDA 3,399 4,007 4,285 5,229 (Rp billion) 2,049 2,140 1,234 1,379 2013 2014 2015 2016 1Q2016 1Q2017 Toll Revenue 6,646 7,121 5,803 7,926 1,914 1,953 2013 2014 2015 2016 1Q2016 1Q2017 EBITDA Margin 64% 59% 60% 55% 56% 54% 2013 2014 2015 2016 1Q2016 1Q2017 2013 2014 2015 2016 1Q2016 1Q2017 Other Business Revenue 581 508 510 906 Operating Margin 43% 46% 47% 48% 36% 57% 135 187 2013 2014 2015 2016 1Q2016 1Q2017 Operating Income 3,478 3,073 2,259 4,166 978 1,211 2013 2014 2015 2016 1Q2016 1Q2017 Net Income Margin 20% 19% 16% 24% 21% 20% 2013 2014 2015 2016 1Q2016 1Q2017 2013 2014 2015 2016 1Q2016 1Q2017 23
Summary of Income Statements (billion Rupiah) (FYE 31 Dec) Y2013 Y2014 Y2015 Y2016 1Q2016 1Q2017 Rp % Restated Restated (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY) (Audited) (Audited) REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 2,049.0 2,140.4 91.4 4.5% Toll and Other Operating Expenses (3,231.3) (3,562.8) (3,518.0) (4,022.9) (908.7) (932.8) (24.1) 2.6% General and Administrative Expenses (1,087.8) (884.8) (893.3) (949.0) (209.3) (210.2) (0.9) 0.4% Other Expenses (33.5) (20.3) (29.8) (99.0) (16.7) (35.5) (18.7) 111.9% Others Income 254.7 287.9 272.9 357.1 59.1 232.2 173.2 293.2% OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 978.5 1,210.9 232.4 23.8% Operating Income Margin 35.8% 42.5% 45.6% 47.2% 47.8% 56.6% N/A 8.8% EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 1,233.8 1,378.9 145.03 11.8% EBITDA Margin 53.9% 55.4% 56.2% 59.2% 60.2% 64.4% N/A 4.2% Interest Expenses (944.2) (1,215.3) (1,405.0) (1,509.0) (361.2) (437.6) (76.37) 21.1% INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 616.2 722.3 106.04 17.2% Income Tax Expense (381.9) (613.7) (749.1) (846.6) (231.8) (249.4) (17.58) 7.6% NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 408.5 507.2 98.68 24.2% Net Income Margin 16.3% 19.7% 19.2% 21.4% 19.9% 23.7% N/A 3.8% 24
Summary of Balance Sheets (billion Rupiah) (FYE 31 Dec) Y2013 Y2014 Y2015 Y2016 1Q2017 Rp % Restated Restated (Audited) (Audited) (Unaudited) (Audited) (Audited) Cash and Cash Equivalent 3,514.1 3,290.8 3,323.2 4,124.9 4,319.8 194.9 4.7% Other Current Assets 274.2 255.0 405.8 8,841.0 11,934.7 3,093.7 35.0% Non Current Assets 24,276.2 28,314.2 32,995.9 40,534.4 43,027.2 2,492.8 6.1% TOTAL ASSETS 28,064.5 31,860.0 36,725.0 53,500.3 59,281.7 5,781.4 10.8% Current Liabilities 4,870.8 4,301.0 7,743.8 18,627.0 19,368.9 741.9 4.0% Non Current Liabilities 13,004.4 16,538.2 16,612.5 18,534.5 23,502.1 4,967.6 26.8% TOTAL LIABILITIES 17,875.2 20,839.2 24,356.3 37,161.5 42,871.0 5,709.5 15.4% Equity 10,189.3 11,020.7 12,368.7 16,338.8 16,410.7 71.9 0.4% TOTAL LIABILITIES AND EQUITY 28,064.5 31,860.0 36,725.0 53,500.3 59,281.7 5,781.4 10.8% 25
Forward Looking 2017 (billion Rupiah) Financial & Operational Performance 2016 Audited 2017 Plan (YoY) CAPEX (Rp) 9,577.0 19,554.2* 104% Revenue (Rp) (excluding construction revenue) Traffic (billion vehicle transactions) 8,832.3 10,286.5 16% 1.36 1.36** Kinerja Keuangan dan Operasional 2016 Audited 2017 Plan (YoY) Total Asset (Rp) 53,500.3 74,818.7 40% Interest Coverage Ratio 3.44 2.56-26% Debt to Equity Ratio 2.27 2.79 23% *There are changes in operating system and the integration system of transactions 26
Toll Road Operation Plan 2017 Medan-Kulanamu-Tebing Tinggi Section Perbarakan - Sei Rampah Jalan Tol Semarang-Solo Section Bawen - Salatiga 210 Km New Operation Toll Road Solo-Ngawi 25.0 KM Ngawi - Kertosono Section Ngawi - Saradan Surabaya - Mojekerto Section Sepanjang - Krian Gempol - Pasuruan 27
Other Business Developmet (Rp billion) 7% 1Q 2016 Chart Title 906 9% 1Q 2017 135 187 38.6% 93% 7,927 91% Toll Revenue Other Business 1Q 2016 1Q 2017 Toll Operation Services Maintenance Services Property To give operation services for Jasa Marga and other toll road investor To give maintenance services for Jasa Marga and other toll road investor Manage rest area and property on the toll road coridor 28
Traffic Volume by Section (million vehicle transactions) Section Branch/Subsidiary 2012 2013 2014 2015 2016 1Q2016 1Q2017 % 1Q17 vs. 1Q16 CAGR 2012-2016 1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 50.9 51.3 0.9% 2.3% 2 Jakarta-Cikampek Jakarta-Cikampek 194.9 202.2 206.1 215.0 221.7 54.7 53.8-1.5% 3.3% 3 Jakarta-Tangerang Jakarta-Tangerang 107.9 113.0 119.8 127.4 130.9 31.9 32.7 2.3% 5.0% 4 Prof. Dr. Ir. Sedyatmo 72.1 74.8 76.4 76.2 79.6 18.9 20.4 8.1% 2.5% Cawang-Tomang-Cengkareng 5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 52.2 53.5 2.6% 1.2% 6 Padaleunyi 60.3 58.0 60.0 60.0 61.0 14.8 17.0 14.2% 0.3% Purbaleunyi 7 Cipularang 5.3 5.9 6.3 6.3 6.5 1.5-100.0% 5.0% 8 Surabaya-Gempol Surabaya-Gempol 75.5 81.7 82.9 89.6 97.7 23.6 24.2 2.5% 6.6% 9 Semarang Semarang 45.3 48.9 48.1 50.4 51.8 12.1 12.2 1.4% 3.4% 10 Belmera Belmera 21.7 24.0 25.4 24.8 25.8 6.2 6.9 10.2% 4.4% 11 Palikanci Palikanci 19.3 20.2 19.9 23.0 19.0 6.1 3.4-45.2% -0.4% 12 Jakarta Outer Ring Road PT Jalantol Lingkarluar 76.1 79.6 84.5 90.7 95.8 22.9 24.1 5.2% 5.9% 13 Ulujami-Pondok Aren Jakarta 44.3 46.9 45.1 43.7 46.1 11.0 11.8 6.9% 1.0% 14 Bogor Outer Ring Road PT Marga Sarana Jabar 11.2 12.5 13.7 15.3 16.5 3.9 3.9 0.6% 10.1% 15 Surabaya-Mojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 3.5 4.0 15.2% 15.5% 16 Semarang-Solo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 4.6 4.8 4.9% 42.6% 17 Nusa Dua-Ngurah Rai- Benoa PT Jasamarga Bali Tol - 3.3 14.3 16.5 17.5 3.9 4.4 12.4% N/A 18 JORR W2 Utara PT Marga Lingkar Jakarta - - 14.5 24.7 26.9 6.4 7.2 11.9% N/A 19 Gempol-Pandaan PT Jasamarga Pandaan Tol - - - 2.8 5.8 1.4 1.6 15.17% N/A TOTAL 1,142.8 1,196.8 1,252.4 1,310.8 1,361.3 330.5 337.2 2.0% 4.5% Note: JORR S has been taken off from JORR traffic since March 2016 29
Toll Revenue by Branch/Subsidiary (billion Rupiah) Cabang/Anak Perusahaan 2013 2014 2015 2016 1Q2016 1Q2017 % 1Q17 vs. 1Q16 CAGR 2012-2016 1 Jagorawi 548.2 607.5 620.2 697.0 167.1 173.0 3.5% 8.2% 2 Jakarta-Cikampek 976.6 1,023.4 1,137.8 1,232.5 300.4 319.8 6.4% 8.3% 3 Jakarta-Tangerang 408.0 467.1 507.5 580.7 141.8 145.0 2.2% 11.2% 4 Cawang-Tomang-Cengkareng 1,110.0 1,212.3 1,247.0 1,412.7 334.5 360.9 7.9% 7.4% 5 Purbaleunyi 1,017.4 1,175.9 1,197.5 1,350.6 325.9 293.2-10.0% 9.9% 6 Surabaya-Gempol 270.5 309.0 335.8 402.0 96.9 103.0 6.4% 13.7% 7 Semarang 104.8 106.5 113.2 136.6 31.9 32.4 1.5% 8.9% 8 Belmera 81.6 91.3 90.2 105.5 25.5 27.3 6.9% 9.6% 9 Palikanci 107.5 112.4 133.0 169.5 38.5 39.9 3.8% 13.9% 10 PT Jalantol Lingkarluar Jakarta 1,055.0 1,182.4 1,163.7 1,010.2 298.2 269.9-9.5% -4.5% TOTAL PARENT LEVEL 5,679.5 6,288.0 6,545.9 7,097.3 1,760.6 1,764.4 0.2% 6.6% 11 PT Marga Sarana Jabar 45.6 67.2 86.9 100.2 22.6 24.5 8.6% 25.0% 12 PT Marga Nujyasumo Agung 17.6 18.8 20.1 36.0 5.6 10.2 82.0% 28.0% 13 PT Trans Marga Jateng 36.5 107.3 129.5 152.8 33.5 36.6 9.3% 53.6% 14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 32.1 35.6 10.8% N/A 15 PT Marga Lingkar Jakarta - 59.0 188.0 337.3 45.6 65.7 44.1% N/A 16 PT Jasamarga Pandaan Tol - - 27.8 59.7 13.8 16.0 15.8% N/A TOTAL SUBSIDIARY LEVEL 123.2 358.4 575.1 829.3 153.2 188.7 23.1% 78.4% TOTAL 5,802.7 6,646.4 7,121.0 7,926.6 1,913.9 1,953.0 2.0% 9.2% 30
e-toll Card Implementation Plan No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016 1Q 2017 1 Cawang-Tomang-Pluit 2.46% 5.57% 7.36% 11.69% 13.32% 14.72% 23.54% 36.25% 37.49% (Jakarta Inner Ring Road) 2 Prof. Dr. Ir. Sedyatmo (Airport) 2.32% 6.21% 8.11% 12.26% 14.45% 16.35% 23.95% 36.30% 37.09% 3 Purbaleunyi 0.67% 7.36% 17.97% 19.84% 4 Jakarta-Cikampek 1.13% 0.46% 6.78% 8.53% 9.01% 9.31% 17.10% 21.34% 5 Palikanci 0.78% 0.68% 0.75% 2.80% 4.68% 4.25% 6 Jagorawi 3.22% 9.97% 11.80% 14.90% 12.57% 18.83% 21.32% 7 Surabaya-Gempol 3.54% 3.30% 3.05% 7.51% 12.45% 16.17% 8 Semarang 1.59% 1.32% 2.13% 10.27% 18.87% 25.91% 9 Jakarta Outer Ring Road 11.78% 14.25% 16.04% 22.33% 30.09% 35.37% 10 Jakarta-Tangerang 8.42% 13.51% 14.72% 20.77% 33.97% 39.19% 11 Belmera 2.29% 2.52% 3.35% 4.36% 16.61% 22.60% 12 Bogor Outer Ring Road 5.06% 6.57% 17.25% 22.96% 24.25% 13 Semarang-Bawen 2.44% 12.82% 20.12% 25.29% 14 Nusa Dua-Ngurah Rai-Benoa 2.93% 1.95% 3.91% 9.86% 11.41% 15 JORR W2 North 30.99% 33.33% TOTAL 2.42% 5.55% 5.17% 9.25% 10.92% 11.57% 15.61% 24.20% 28.15% On 21 March 2016, e-toll payment was applicable for all SOE Bank cards in JORR, Jakarta-Tangerang and BORR. 31
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