Jasa Marga Update FY 2016 1
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 38 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 Prof. Dr. Ir. Sedyatmo Surabaya Gempol (4) Belmera JakartaTangerang Jakarta Cikampek Jakarta Inner Ring Road (JIRR) (1) Padaleunyi Jakarta Outer Ring Road (JORR) Palikanci Ulujami Pondok Aren Cipularang Bogor Outer Ring Road BORR (Section 1) (2) SurabayaMojokerto (Section 1A) (2) SemarangSolo (Section 1) (2) JORR W2 North (Section 14) (2) SemarangSolo (Section 2) (2) BORR (Section 2A) (2) 2015 Gempol Pandaan (2) 2016 Surabaya Mojokerto (Section 4) (2) BORR (Section 2 & 3) (2) Gempol Pasuruan (2) Semarang Solo (2) Cengkareng Kunciran (2) KunciranSerpong (2) SurabayaMojokerto (2) MedanKualanamu Tebing Tinggi (2) SoloNgawi (2) Nusa DuaNgurah RaiBenoa (2) NgawiKertosono (2) CinereSerpong (2) SemarangBatang (2) PandaanMalang (2) BalikpapanSamarinda (2) ManadoBitung (2) Number of Concessions 1 2 4 6 7 8 9 10 11 12 13 14 16 17 18 19 JakartaCikampek II Elevated (2) 19 31 Total Length (km) under Corresponding Concessions (3) 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 593 1.260 Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the CawangTomangPluit concession granted to Jasa Marga and CawangTanjung PriokPluit 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) PorongGempol Section (5 km) within SurabayaGempol Toll Road has officially been closed due to force majeure (mud) since 2006. 4
Asian Longest Toll Road Concessions Granted all 13 concessions for operating toll roads for a 40year period in 2005 (1). Executed 45year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, SemarangSolo and GempolPasuruan); 35 year concessions for 2 new toll roads in 2008 and 2009 (CengkarengKunciran and Kunciran Serpong); 42year concessions for 1 acquired toll roads in 2009 (SurabayaMojokerto) and 37year concessions in 2011 (GempolPandaan); 45year concessions for 1 new toll road in 2011 (Nusa DuaNgurah RaiBenoa); 40year concessions for 1 new toll road in 2014 (MedanKualanamu Tebing Tinggi), 35year concessions for 3 acquired toll roads in 2015 (SoloNgawi, NgawiKertosono and CinereSerpong), 4 new toll road in 2016 with 45year concessions (BatangSemarang and JakartaCikampek II Elevated), 35year concessions (Pandaan Malang) and 40year concession (BalikpapanSamarinda and ManadoBitung). 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 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 JakartaTangerang: 33.00 km UlujamiPondok Aren: 5.55 km Jakarta Inner Ring Road: 23.55 km Prof. Dr. Ir. Sedyatmo: 14.30 km JakartaCikampek: 83.00 km JORR: 28.3 km CikampekPadalarang: 58.50 km PadalarangCileunyi: 64.40 km Palikanci: 26.30 km JORR W2 North: 7.70 km Bogor Outer Ring Road: 11.00 km CengkarengKunciran: 14.19 km KunciranSerpong: 11.19 km CinereSerpong: 10.14 km JakartaCikampek II Elevated: 36.4 km Strait of NORTH SUMATERA Malacca Belmera: 42.70 km MedanKualanamuTebing Tinggi: 61.70 km Java Sea JAVA KALIMANTAN BALI Indian CENTRAL OceanJAVA Semarang: 24.75 km SemarangSolo: 72.64 km SoloNgawi: 90.1 km NgawiKertosono: 87.02 km SemarangBatang: 75 km EAST KALIMANTAN BalikpapanSamarinda: 99.35 km SULAWESI MALUKU : in Operation NORTH SULAWESI ManadoBitung: 39.9 km : in land acquisition and construction EAST JAVA SurabayaGempol: 49.00 km Banda Sea GempolPandaan: 13.61 km GempolPasuruan: 34.15 km SurabayaMojokerto: 36.27 km Timor Sea PandaanMalang: 37.62 km PAPUA BALI Nusa DuaNgurah RaiBenoa: 10.00 km Concession Rights (km) 1,260 987 738 738 799 2012 2013 2014 2015 2016 61% 593 km Toll Road in Operation MARKET SHARE 80% Transactions volume 7
Cawang Tomang Cengkareng Jakarta Cikampek Jagorawi Jakarta Outer Ring Road Jakarta Tangerang CawangTomang Cengkareng Purbaleunyi JakartaCikampek PT Jalantol Lingkarluar Jakarta Jagorawi Transaction Volume and Toll Revenues 20112016 GREATER JAKARTA AND WEST JAVA 6,891 6,282 5,907 5,130 5,268 TOP 5 Contributor 2016 Revenue 17.8% 17.0% 15.5% 12.7% 8.8% Toll Revenue Transaction 1,045 1,088 1,121 1,095 1,127 2012 2013 2014 2015 2016 NON GREATER JAKARTA AND WEST JAVA 1,036 21.7% Traffic 839 739 534 452 156 176 198 216 234 Toll Revenue Transaction 16.3% 15.3% 10.4% 9.6% 2012 2013 2014 2015 2016 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. Resettlement 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 DuaNgurah RaiBenoa (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 GempolPandaan (6) 2049 13.61 1.31 92.2% 4 Bogor Outer Ring Road (1) 2054 11 4 55.0% 5 SemarangSolo (part of Trans Java) (2) 2055 72.6 7.3 73.9% 6 SurabayaMojokerto (part of Trans Java) (3) 2049 36.3 4.03 55.0% 7 GempolPasuruan (part of Trans Java) (7) 2058 34.15 4.17 98.8% C. In Land Acquisition and Construction 8 JORR2 (CengkarengKunciran) 35 years form effective date 14.19 4.98 76.2% 9 JORR2 (KunciranSerpong) 35 years form effective date 11.19 2.86 60.0% 10 MedanKualanamuTebing Tinggi 40 years form effective date 61.7 4.71 55.0% 11 SoloNgawi (part of Trans Java) 35 years form effective date 90.1 9.21 60.0% 12 NgawiKertosono (part of Trans Java) 35 years form effective date 87.02 7.05 60.0% 13 JORR2 (SerpongCinere) 35 years form effective date 10.14 2.57 55.0% 14 BatangSemarang (part of Trans Java) 45 years form effective date 75 11.04 60.0% 15 PandaanMalang 35 years form effective date 37.62 5.97 60.0% 16 BalikpapanSamarinda 40 years form effective date 99.35 9.97 55.0% 17 ManadoBitung 40 years form effective date 39.9 5.12 65.0% 18 JakartaCikampek II Elevated 45 years form effective date 36.4 16.23 80.0% TOTAL 747.97 104.54 Notes: (1) Section 1: SentulKedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung HalangKedung Badak (1.95 km) is operated since 04 June 2014. (2) Section 1: SemarangUngaran (10.80 km) is operated since 17 November 2011; Section 2: UngaranBawen (12.30 km) is operated since 04 April 2014. (3) Section 1A: WaruSeLength (2.30 km) is operated since 05 September 2011, Section 4: KriyanMojokerto is operated since 19 March 2016 (4) Operated since 01 October 2013. (5) Section Kebon JerukCileduk (5.70 km) is operated since 04 January 2014; Section CiledukUlujami (2.00 km) is operated since 22 July 2014. (6) Section GempolPandaan (13.61 km) is operated since 12 June 2015. (7) GempolPasuruan: Section BangilRembang (7 km) is operated since 13 April 2017. 13
Toll Road Network and Jasa Marga s Project in Greater Jakarta KunciranSerpong (10.14 km) SerpongKunciran (11.19 km) CinereSerpong (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 Des 2016 Construction As of 31 Des 2016 Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. BadakYasmin: 72% CinereSerpong 10.14 km 55% Rp 2.57 trillion KunciranSerpong 11.19 km 60% Rp 2.86 trillion CengkarengKunciran 14.19 km 76.2% Rp 4.98 trillion JakartaCikampek 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 Section 1 SerpongPamulang: 30.40% 71.25% 23.06% 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 Des 2016 Construction As of 31 Des 2016 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 TimurWeleri (36.35 km) Section 3 WeleriKendal (11.05 km) Section 4 KendalKaliwungu (13.50 km) Section 5 KaliwunguKrapyak (10.9 km) 100% 94.09% 46.11% 33.27% 75.54% 8.62% 8.62% 7.52% 10.05% 10.05% SemarangSolo 72.64 km SoloNgawi 90.1 km 59.99% 73.91% Rp 7.3 trillion 2055 Rp 5.14 trillion 35 years from effective date Section 3: BawenSalatiga (17.5 km) Section 4: SalatigaBoyolali (24.4 km) Section 5: BoyolaliSolo (7.64 km) Section I : SoloMantingan (35.15 km) Section II : Mantingan Ngawi (34.2 km) Section III : Salatiga Kartasuro (29.02 km) 100%; 99,97% 100% 91.74% 91.45% 95.59% Section 3: Package 3.1: 71.91% Package 3.2: 85.35% Package 3.3 B: 100% Package 3.3 D 72.58% 70.16% 44.31% 40.15% 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 (87.02 km) Section III : Madiun Saradan (21.06 km) 95.59% 85.27% 93.19% 40.15% 49.48% 53.34% Surabaya Mojokerto 36.3 km 55% Rp 3.8 trillion 2049 Section 1B: SepanjangWRR (4.3 km) Section 2: WRRDriyorejo (5.1 km) Section 3: DriyorejoKriyan (6.1 km) 100% 100% 100% 76.88% 17.19% 22.73% Pandaan Malang 37.62 km 60% Rp 5.97 trillion 35 years from effective date Section I : MalangPakis II (3.10 km) Section II : Pakis II Pakis I (4.10 km) Section III : Pakis I Lawang (7.5 km) Section IV : LawangPurwodadi (8 km) Section V : Purwodadi Pandaan (14.92 km) 41.40% 59.82% 67.85% 83.95% Gempol Pasuruan 34.20 km 98.60% Rp 4.17 trillion 45 years from effective date Section1: GempolRembang (13.9 km) Section 2: RembangPasuruan (6.6 km) Section 3: PasuruanGrati (13.65 km) 98.59% 88.63% 27.64% 92.71% 16
Toll Road Projects in Sumatera, Kalimantan and Sulawesi Strait of NORTH SUMATERA Malacca MedanKualanamuTebing Tinggi: 61.70 km SUMATRA EAST KALIMANTAN BalikpapanSamarinda: 99.35 km MALUKU KALIMANTAN SULAWESI NORTH SULAWESI ManadoBitung: 39.9 km Java Sea Project Length Jasa Marga Investment Ownership Cost Concessio n Period Section Land Acquisition As of 31 Des 2016 Construction Medan Kualanamu Tebing Tinggi 61.7 km 55% Rp 4.71 trillion 40 years from effective date Tj. MorowaParbarakanKualanamu (17.8 km) ParbarakanLubuk Pakam (4.85 km) Lubuk PakamAdolina AdolinaPerbaungan PerbaunganTeluk Mengkudu Teluk MengkuduSei Rampah Sei RampahTebing Tinggi 92% 99.89% 98.39% 96.19% 99.32% 88.45% 35.77%; 28.70% 99.30% 69.85% 62.15% 52.07% 53.05% Balikpapan Samarinda 99.35 km 55% Rp 9.97 trillion 40 years from effective date BalikpapanSamboja (22 km) SambojaMuarajawa (31 km) MuarajawaPalaran (17.3 km) PalaranSamarinda (18 km) SepingganKm 13 Balikpapan (11.1 km) 95.16% 95.69% 93.49% 46.81% 62.12% section 2, 3, 4 : 2.09% ManadoBitung 39.9 km 65% Rp 5.12 trillion 40 years from effective date Ring Road ManadoSukur (7.9 km) SukurAirmadidi (7 km) AirmadidiBitung (25 km) 93% 36.88% 0.89% 17
III FUNDING STRATEGY
Other Business Developmet (Rp billion) 510 7% 2015 2016 906 10% 906 510 77.7% Toll Revenue 7.121 93% Other Business 7.927 90% 2015 2016 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 19
Funding Strategy 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 Divestment stock ownership in Kebon Jeruk Penjaringan Toll Road (PT Jakarta Lingkar Barat Satu) up to 19,1% Divestment stock ownership in SemarangSolo Toll Road (PT Trans Marga Jateng) minimum 55% from 73,91% Bond/Sukuk Divestment Asset Securitization planned at mature section and targeted Rp 13 trillion Current Status : Legal and Accounting Study Jasa Marga planed to establish Trans Java Subholding 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 Asset Securitization Trans Jawa Subholding 20
Cost Structure and Revenue Contribution 2016 Top 5 Cost Structure Salaries & Allowance (35%) D&A (18%) Overlay (10%) Cost of Sales (9%) Tax Expense(6%) Toll Revenue Parent (90%) Subsidiaries (10 %) Other Business Revenue Revenue From Toll Road Maintenance (32%) Third Party Toll Road Operating Services (23%) Petroleum Revenues (20%) Land Rent (16%) Revenues from sales of property (3%) Advertisement (1%) Other (5%) 21
Weighted Average Cost of Debt 2013 2014 2015 2016 Bank Bond Weighted Average Cost of Debt 22
IV FINANCIAL HIGHLIGHTS
Positive Growth in 2016 Revenue 10,000 5,000 7,228 7,631 6,311 8,832 EBITDA 6,000 4,000 2,000 3,399 4,007 4,285 (Rp billion) 5,228 10,000 8,000 6,000 4,000 2,000 2013 2014 2015 2016 Toll Revenue 1,000 7,926 6,646 7,121 5,803 2013 2014 2015 2016 Other Business Revenue 906 581 508 510 500 2013 2014 2015 2016 Operating Income 6,000 4,166 4,000 3,073 3,478 2,259 2,000 EBITDA Margin 60% 58% 56% 54% 52% 50% 2013 2014 2015 2016 59% 56% 55% 54% 2013 2014 2015 2016 Operating Margin Net Income Margin 30% 20% 10% 60% 40% 20% 0% 43% 46% 47% 36% 2013 2014 2015 2016 20% 19% 21% 16% 2013 2014 2015 2016 0% 2013 2014 2015 2016 24
Summary of Income Statements (billion Rupiah) (FYE 31 Dec) Y2013 Restated Y2014 Restated Y2015 Y2016 Rp % (Audited) (Audited) (Audited) (Audited) (YoY) (YoY) REVENUE 6,310.9* 7,227.8* 7,630.7* 8,832.3* 1,201.7 15.7% Toll and Other Operating Expenses (3,231.3) (3,562.8) (3,518.0) (4,022.9) (504.8) 14.3% General and Administrative Expenses (1,087.8) (884.8) (893.3) (949.0) (55.7) 6.2% Other Expenses (33.5) (20.3) (29.8) (99.0) (69.2) 232.2% Others Income 254.7 287.9 272.9 357.1 84.2 30.9% OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 687.8 19.8% Operating Income Margin 35.8% 42.5% 45.6% 47.2% N/A 1.6% EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 930.8 22.0% EBITDA Margin 53.9% 55.4% 56.2% 59.2% N/A 3.0% Interest Expenses (944.2) (1,215.3) (1,405.0) (1,509.0) (103.9) 7.4% INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 581.4 28.1% Income Tax Expense (381.9) (613.7) (749.1) (846.6) (97.5) 13.0% NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 422.9 28.8% Net Income Margin 16.3% 19.7% 19.2% 21.4% N/A 2.2% 25
Summary of Balance Sheets (billion Rupiah) (FYE 31 Dec) Y2012 (Audited) Y2013 Restated (Audited) Y2014 Restated (Audited) Y2015 (Audited) Y2016 (Audited) Cash and Cash Equivalent 4,302.4 3,514.1 3,290.8 3,323.2 4,124.9 801.7 24.1% Other CurrentAssets 214.9 274.2 255.0 405.8 8,841.0 8,435.2 2078.6% Non Current Assets 19,309.0 24,276.2 28,314.2 32,995.9 40,534.4 7,538.5 22.8% TOTAL ASSETS 23,826.3 28,064.5 31,860.0 36,725.0 53,500.3 16,775.3 45.7% Current Liabilities 4,475.2 4,870.8 4,301.0 7,743.8 18,627.0 10,883.2 140.5% Non Current Liabilities 7,292.9 13,004.4 16,538.2 16,612.5 18,534.5 1,922.0 11.6% TOTAL LIABILITIES 11,768.1 17,875.2 20,839.2 24,356.3 37,161.5 12,805.2 52.6% Equity 9,787.8 10,189.3 11,020.7 12,368.7 16,338.8 3,970.2 32.1% TOTAL LIABILITIES AND EQUITY 43,111.8 28,064.5 31,860.0 36,725.0 53,500.3 16,775.3 45.7% Rp (YoY) % (YoY) 26
Traffic Volume by Section (million vehicle transactions) Section Branch/Subsidiary 2012 2013 2014 2015 2016 % FY16 vs.fy15 CAGR 20122016 1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 1.7% 2.3% 2 JakartaCikampek JakartaCikampek 194.9 202.2 206.1 215.0 221.7 3.1% 3.3% 3 JakartaTangerang JakartaTangerang 107.9 113.0 119.8 127.4 130.9 2.7% 5.0% 4 Prof. Dr. Ir. Sedyatmo 72.1 74.8 76.4 76.2 79.6 4.6% 2.5% CawangTomangCengkareng 5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 3.2% 1.2% 6 Padaleunyi 55.0 58.0 60.0 60.0 61.0 1.7% 2.6% Purbaleunyi 7 Cipularang 5.3 5.9 6.3 6.3 6.5 3.8% 5.0% 8 SurabayaGempol SurabayaGempol 75.5 81.7 82.9 89.6 97.7 9.0% 6.6% 9 Semarang Semarang 45.3 48.9 48.1 50.4 51.8 2.7% 3.4% 10 Belmera Belmera 21.7 24.0 25.4 24.8 25.8 3.9% 4.4% 11 Palikanci Palikanci 19.3 20.2 19.9 23.0 19.0 17.4% 0.4% 12 Jakarta Outer Ring Road 76.1 79.6 84.5 90.7 95.8 5.6% 5.9% PT Jalantol Lingkarluar Jakarta 13 UlujamiPondok Aren 44.3 46.9 45.1 43.7 46.1 5.4% 1.0% 14 Bogor Outer Ring Road PT Marga Sarana Jabar 11.2 12.5 13.7 15.3 16.5 7.5% 10.1% 15 SurabayaMojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 18.0% 15.5% 16 SemarangSolo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 9.6% 42.6% 17 Nusa DuaNgurah RaiBenoa PT Jasamarga Bali Tol 3.3 14.3 16.5 17.5 5.6% N/A 18 JORR W2 Utara PT Marga Lingkar Jakarta 14.5 24.7 26.9 8.9% N/A 19 GempolPandaan PT Jasamarga Pandaan Tol 2.8 5.8 108.73% N/A TOTAL 1,137.5 1,196.8 1,252.4 1,310.8 1,361.3 3.9% 4.6% 27
Toll Revenue by Branch/Subsidiary (billion Rupiah) Cabang/Anak Perusahaan 2012 2013 2014 2015 2016 % 2016 vs. 2015 CAGR 20122016 1 Jagorawi 508.1 548.2 607.5 620.2 697.0 12.4% 8.2% 2 JakartaCikampek 896.2 976.6 1,023.4 1,137.8 1,232.5 8.3% 8.3% 3 JakartaTangerang 379.6 408.0 467.1 507.5 580.7 14.4% 11.2% 4 CawangTomangCengkareng 1,063.6 1,110.0 1,212.3 1,247.0 1,412.7 13.3% 7.4% 5 Purbaleunyi 924.9 1,017.4 1,175.9 1,197.5 1,350.6 12.8% 9.9% 6 SurabayaGempol 240.8 270.5 309.0 335.8 402.0 19.7% 13.7% 7 Semarang 97.2 104.8 106.5 113.2 136.6 20.7% 8.9% 8 Belmera 73.2 81.6 91.3 90.2 105.5 17.0% 9.6% 9 Palikanci 100.5 107.5 112.4 133.0 169.5 27.5% 13.9% 10 PT Jalantol Lingkarluar Jakarta 1,215.7 1,055.0 1,182.4 1,163.7 1,010.2 13.2% 4.5% TOTAL PARENT LEVEL 5,499.8 5,679.5 6,288.0 6,545.9 7,097.3 8.4% 6.6% 11 PT Marga Sarana Jabar 41.1 45.6 67.2 86.9 100.2 15.3% 25.0% 12 PT Marga Nujyasumo Agung 13.4 17.6 18.8 20.1 36.0 78.7% 28.0% 13 PT Trans Marga Jateng 27.5 36.5 107.3 129.5 152.8 18.0% 53.6% 14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 16.7% N/A 15 PT Marga Lingkar Jakarta 59.0 188.0 337.3 79.4% N/A 16 PT Jasamarga Pandaan Tol 27.8 59.7 114.5% N/A TOTAL SUBSIDIARY LEVEL 81.9 123.2 358.4 575.1 829.3 44.2% 78.4% TOTAL 5,581.8 5,802.7 6,646.4 7,121.0 7,926.6 11.3% 9.2% 28
etoll Card Implementation Plan No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016 1 CawangTomangPluit (Jakarta Inner Ring Road) 2.46% 5.57% 7.36% 11.69% 13.32% 14.72% 23.54% 36.25% 2 Prof. Dr. Ir. Sedyatmo (Airport) 2.32% 6.21% 8.11% 12.26% 14.45% 16.35% 23.95% 36.30% 3 Purbaleunyi 0.67% 7.36% 17.97% 4 JakartaCikampek 1.13% 0.46% 6.78% 8.53% 9.01% 9.31% 17.10% 5 Palikanci 0.78% 0.68% 0.75% 2.80% 4.68% 6 Jagorawi 3.22% 9.97% 11.80% 14.90% 12.57% 18.83% 7 SurabayaGempol 3.54% 3.30% 3.05% 7.51% 12.45% 8 Semarang 1.59% 1.32% 2.13% 10.27% 18.87% 9 Jakarta Outer Ring Road 11.78% 14.25% 16.04% 22.33% 30.09% 10 JakartaTangerang 8.42% 13.51% 14.72% 20.77% 33.97% 11 Belmera 2.29% 2.52% 3.35% 4.36% 16.61% 12 Bogor Outer Ring Road 5.06% 6.57% 17.25% 22.96% 13 SemarangBawen 2.44% 12.82% 20.12% 14 Nusa DuaNgurah RaiBenoa 2.93% 1.95% 3.91% 9.86% 15 JORR W2 North 30.99% On 21 March 2016, etoll payment was applicable for all SOE Bank cards in JORR, JakartaTangerang and BORR. TOTAL 2.42% 5.55% 5.17% 9.25% 10.92% 11.57% 15.61% 24.20% 29
Toll Road Operation Plan 2017 MedanKulanamuTebing Tinggi Section Perbarakan Sei Rampah Jalan Tol SemarangSolo Section Bawen Salatiga 210 Km New Operation Toll Road SoloNgawi 25.0 KM Ngawi Kertosono Section Ngawi Saradan Surabaya Mojekerto Section Sepanjang Krian Gempol Pasuruan 30
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 NonOperational 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 31
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 32
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