Jasa Marga Update 1Q2018
as of March 31st, 2018 Company Overview Company overview
Brief Snapshot Company highlights
• Leading toll road operator in Indonesia with 40 years of experience ü Largest toll road operator in Indonesia with 63,6% market share in • 33 toll road concessions with total length of 1,497 km terms of commercial toll roads lengths (732 km) and 80% market • 70% owned by the Government of Indonesia share of toll road transac on volume • Publically listed on the Indonesia Stock Exchange since 2007, with a ü The longest concession period holder in Asia reflec ng stable market cap IDR 32.78trillion as of March 31st,2018 income • Key business ü Strategically important with strong government ownership – Construc on, opera on and maintenance of toll road ü Resilient industry with strong government focus • Suppor ng business / other business ü Strong financial profile with promising growth going forward – Toll Road Opera on Services (Provides opera on services for Jasa Marga and other toll road investors) – Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor)
– Property (ages rest areas and other proper es on toll road corridors) Vision & Mission
To be the largest, trusted and sustainable national 1Q2018 segmental revenue breakdown Vision toll road network company.
Other Business Revenue 1. Lead the development of toll road networks in 8% Toll Revenue – Indonesia to increase na onal connec vity. Subsidiaries 10% 2. Manage the toll road business along the end-to- end value chain in a professional and Toll Revenue – sustainable manner. Jasa Marga Mission (13 old 3. Maximize the regional development to concessions in accelerate community advancement and balance sheet) 82% increase company profitability. 4. Enhance customer sa sfac on through service excellence 3 Company Key Development Milestone
üJasa Marga was established ü Government offered the opportuni es with focus on business for the private sector to par cipate in The authority func on was Jasa Marga became a public management, maintenance and toll road business through Build, returned to the Government, company through an Ini al Operate and Transfer (BOT) system procurement of the toll road Toll Road Regulatory Agency Public Offering (IPO) and network. with Jasa Marga. ü (BPJT) under the Ministry of listed its shares on the üJagorawi as the first toll road in Jakarta Toll roads operated by Jasa Marga ini ated its opera ons Public Works. Indonesia Stock Exchange. Indonesia began opera ons. gradually.
1978 1987 2004 2007
üCurrently opera ng 22 toll road concessions ü Won tender of Batang- Semarang, (732km in length) Forming of PT Jasa Balikpapan-Samarinda, Manado-Bitung üFully implemented Implementa on of Implementa on of Layanan Operasi (non dan Pandaan- Malang Toll Road. electronic payment e-Toll Card. e-Toll Pass. toll road subsidiary. ü Integrated of Jakarta-Brebes Toll Road system in all toll roads
2009 2012 2015 2016 2018
4 Company Structure
Jasa Marga operate 13 mature toll road in parent level and currently operate 9 new toll road and construct 11 new toll road concessions in subsidiary level.
Government Shareholding Structure of Indonesia (“GOI”) Parent Level [CATEGORY NAME] 1. Cawang-Tomang-Pluit (Jakarta Inner Ring Road) [VALUE] Ministry of State- [CATEGORY 2. Prof. Dr. Ir. Sedyatmo (Airport) Owned Enterprises NAME] 3. Padalarang [VALUE] (“MSOE”) Foreign 4. Cileunyi [VALUE] 5. Jakarta-Cikampek 6. Palikanci [CATEGORY 70% NAME] [VALUE] 7. Jagorawi 8. Surabaya-Gempol Public [CATEGORY 30% 9. Semarang [CATEGORY NAME] 10. Jakarta Outer Ring Road NAME] [VALUE] [VALUE] 11. Ulujami-Pondok Aren As of 31st Mar 2018 12. Jakarta-Tangerang 13. Belmera
PT PT Cinere Serpong Jasamarga PT Jasamarga Gempol PT Jalantol Lingkarluar PT Jasamarga PT Ngawi PT Jasamarga Probolinggo PT Jasamarga PT Marga Sarana Jabar PT Jasamarga Bali Tol PT Jasamarga Kualanamu Tol Jaya PT Jasamarga Manado Bitung Japek Pandaan Tol Pasuruan Kertosono Jaya Banyuwangi Tollroad Jakarta Selatan PT Jasamarga 55% 55% 92,2% 55% 55% 65% 98,81% 60% 55% Operator 99% 80% Tollroad Operator PT Jasamarga Transjawa Tol99.9% 65% PT Jasamarga PT Marga PT Jasamarga Solo PT Jasamarga Semarang PT Jasamarga Pandaan PT Jasamarga Surabaya PT Jasamarga Kunciran PT Jasamarga Balikpapan PT Jasamarga Probolinggo PT Jasamarga Tollroad Jalanlayang PT Transmarga Jateng Lingkar PT Marga Trans Nusantara Ngawi Batang Malang Mojokerto Cengkareng Samarinda Banyuwangi PT Jasamarga Properti Maintenance Jakarta Cikampek 58,91% 60% 60% 60% 80% 55% 76,24% 55% 55% 99,8% 99,7% 65% 80% Anak Perusahaan Jalan Tol Anak Perusahaan Usaha Lain 5 Key Strategy
Opera ng Strategy Funding Strategy
• Toll Road Business Development • Bank Loans Facility : – Adding toll roads to increase the value of the Company and To bridge funding needs before approaching the capital to maintain current market leadership in the foreseeable market future – In the long term, aim to con nue opera ng the best quality • Project Bonds in at Project level : commercial toll roads and maintain majority of market share To replace the bank loan financing with fixed interest rate in Indonesia and the principal payment inline with the cashflow
• Toll Road Opera on • Bond/Sukuk Issuance at Corporate level: – Opera ng efficient, safe, and high quality toll road to To finance investment for new toll road project improve opera onal performance
– Providing excellent service to road users, community, and government • Equity Fund Raising : To maintain our profitability and also leveraging our financing capacity. • Other Business Development
– Develop other businesses that are strategically strengthening development strategies and opera on of toll roads • Securi za on on selected toll road : – Increase revenue by leveraging the resources of the To leverage mature assets for debt financing without Company incurring any interest burden.
6 Jasa Marga’s Achievement 2017
7 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 rela onship with stakeholders
Desi Arryani – President Director • Indonesia ci zen, 54 years old • Has work experience in Construc on sector more than 20 years. Previously served as Opera ons 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 Prasetya Mulya (2008).
Donny Arsal – Director of Finance • Indonesia ci zen, 47 years old • Has work experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas. that look a er for Investment Banking Division. • Completed Bachelor Degree from University of Indonesia (1991).
Mohammad Sofyan – Opera onal Director I • Indonesia ci zen, 46 years old • Join Jasa Marga since 1997 and has lead in various sector such us toll road project, IT and strategic corporate planning. Previously served as Corporate Secretary PT Jasa Marga (Persero) Tbk. • Completed Bachelor Degree in Civil Transporta on Engineering at Sepuluh November Ins tute of Technology Surabaya (1996) and Master Degree in Project Management from University of Indonesia (2003) and Master Business & IT from Melbourne University (2007).
Subak Syukur – Opera onal Director II • Indonesia ci zen, 54 years old • Join Jasa Marga since 1986 and has work experience in toll road opera ons more than 20 years. Previously served as President Director of PT Marga Lingkar Jakarta (one of Jasa Marga’s Subsidiary). • Completed Bachelor Degree in Civil Engineering from Bandung Ins tute of Technology (1986) and Master degree in Management from University of Kristen Indonesia (2010).
Adrian Priohutomo – Director of Development • Indonesia ci zen, 54 years old • Has work experience and major success in conceptualizing, developing and managing commercial and housing estates. Previously served as President Director of PT Permata Graha Nusantara. • Completed Bachelor Degree at Ins tute of Bandung Teknology (1988)
Kushartanto Koeswiranto – Director Of Human Resources And General Affairs • Indonesia ci zen, 56 years old • Having work experience in Human Resources sector more than 20 years. Previously served as President Director KTalents Asia, Head of HR Podomoro Group, and HR & Business Support Director Lo e Shopping Indonesia. • Completed Bachelor Degree at Diponegoro University and MBA at IPMI.
8 Industry Overview Overview of the Indonesian Toll Regula on
Ease derived from highly regulated industry • Certainty of tariff increase every two years according to regula on • The ming of the land acquisi on process is faster, if any dispute is decided by the court • Poten al for efficiency from cashless transac on
Overview of the authori es involved Toll Tariff Government of Indonesia • Ini al toll tariff is calculated based on • investment feasibility, toll road user’s ability to pay and vehicle opera ng cost saving • Ini al toll tariff is s pulated in concession agreement prior to start of construc on Ministry of State Ministry of Public • Tariff adjustment is regulated by law, is calculated based on regional Owned Enterprises Works CPI and is adjusted once every 2 years Indonesian Toll • Ini al toll tariff setup and subsequent adjustment is decided by Road Authority Directorate General (BPJT) of highways Minister of Public Works decree - The ministry may postpone tariff increases if a toll road fails to Concession agreement Concession agreement comply with minimum service standards
Private toll road investors Land acquisition Concession Agreement Method • Land acquisi on is government’s responsibility and is undertaken by land procurement commi ee appointed by the Government Tender Acquisi on100% Cashless Unsolicited Transaction • The land acquisi on comprises four stages: planning, prepara on, § High efficiency on collec on expanse and faster transac on period execu on and delivery that will reduce traffic flow, minimize the cost of providing change - The law also regulates a deadline for land acquisi on of 312 to a and cash handling and Toll Revenue Security and minimize the maximum of 552 working days poten al for any authen city toll payment instrument • Price is determined by independent appraiser based on fair market § Improving the Quality of Opera onal Human Resources (improving price health quality of toll collectors), increase transac on capacity • Investors may provide bridge financing for land acquisi on costs to without having to add transac on point and efficiency of toll speed up the acquisi on process, government will repay the collec ng costs investors for the land acquisi on costs
10 Well Posi oned In A Resilient Industry With Favorable Growth Trends
Fluctuating car sales growth in Indonesia has minimal impact to our traffic volume, however increase in car sales will contribute to higher traffic volumes in the long run.
Economic Slow Down
Direct Direct impact impact of of fuel price (1) economic hike crisis
Source: Jasa Marga Source: http://www.gaikindo.or.id (2) ü Robust estimated growth in car sales is a positive driver for ü Consistent growth in traffic demonstrates resilience of toll the toll road industry road industry
Note: (1) Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006; (2) GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).
11 Market Leader in Indonesian Toll Road
Established toll road network comprising a diversified asset base located across high growth regions in Indonesia • As a market leader, Jasa Marga provides 60% contribu on to the target of addi onal Indonesian toll roads • All of Jasa Marga's toll road projects are incorporated into the Na onal Strategic Project to become the Government's main focus
Target (2015- 2019) • Accumulated toll Government road lenght: 6.115 Km 1.060 Km
Targets • Estimasi Total Biaya Investasi: Rp. 723 T Total Investasi (2015-2019)
IDR 167,4 T
Leading toll road operator in Indonesia Market Shares
Tendered Toll Road Ownership in Indonesia (in km)
2.8% Jasa Marga Others 1.4% 10.5% 4.6% WSKT Others 3.3% Astratel 63.6% 56% CMNP 5.9% 80% Plus Berhad 59.6% 11.8% META 732 km Toll Road in Jaya Group Opera on* Traffic Volume Others
*As of April 2018 12 Projects and Opera onal Details
13 Jasa Marga Toll Road Network
Strait of NORTH SUMATERANORTH SUMATERA Malacca § BelmeraBelmera:: 42.7042.7 km km § Medan-Kualanamu-Tebing-Tebing Tinggi Tinggi: 61.70: 61.7 km km NORTH SULAWESI § Manado-Bitung: 39.9 km GREATER JAKARTA & WEST JAVAGREATER JAKARTA & WEST JAVA § Jagorawi: 59.00 59.0 kmkm SUMATRA SUMATRA MALUKU MALUKU § Jakarta-TangerangTangerang: :33.00 33.0 km § Ulujami-Pondok Aren Aren: 5.55: 5.56 km km § Jakarta InnerInner Ring Ring Road: Road: 23.55 23.6 km SULAWESI SULAWESI NORTH SULAWESI Manado-Bitung: 39.9 km § Prof. Dr. Ir.Ir. SedyatmoSedyatmo: :14.30 14.3 km KALIMANTAN KALIMANTAN § PAPUA PAPUA § Jakarta-Cikampek: 83.00 83.0 km EAST KALIMANTAN EAST JAVA Java Sea Java Sea EAST KALIMANTAN EAST JAVA § JORR: 28.3 km § Balikpapan-Samarinda: 99.4 km § Surabaya-Gempol: 49.00 km § Balikpapan-Samarinda: 99.35 km § Surabaya-Gempol: 49.0 km § Cikampek-Padalarang: :58.50 58.5 km Banda Sea § Gempol-Pandaan: :13.61 13.6 kmkm § Padaleunyi:: 64.40 64.4 kmkm § Gempol-Pasuruan: :34.15 34.2 kmkm JAVA § § Palikanci: 2 26.306.3 kmkm JAVA § Surabaya-MojokertoMojokerto: :36.27 36.3 km § JORR W2 North: 7.707.7 km km BALI BALI Timor Sea Timor Sea § Pandaan-Malang: 37.62 37.6 kmkm § Bogor OuterOuter Ring Ring Road: Road: 11.00 11.0 kmkm Indian Ocean Indian Ocean CENTRAL JAVACENTRAL JAVA § Probolinggo-Banyuwangi: 172.91 km § Cengkareng-Kunciran: 14.19: 14.2 kmkm § Semarang: 24.7524.8 km km BALI § Kunciran-Serpong: 11.19 11.2 km § Semarang-Solo: 72.64 72.6 kmkm § Nusa Dua-Ngurah Rai-Benoa: 10.00 km § Cinere-Serpong: :10. 10.114 kmkm § Solo-Ngawi:: 90.1 90.1 km km BALI
§ Jakarta-CikampekCikampek II II Elevated: Elevated: 36.4 36.4 km km § Ngawi-Kertosono: :87.02 87.0 km § Nusa Dua-Ngurah Rai-Benoa: 10.0 km § Jakarta-Cikampek II Selatan: 64 km § Batang-Semarang:Semarang-Batang: 75 75 km.0 km
Accumulated Toll Road Concessions (km) Accumulated Operated Toll Road (km) Legend
: Owned before 2004 and operating (13 projects) 1497 1,497 1260 1,260 1039 : Awarded after 2004 and fully operated 987 680 (3 new projects) 738 799 554 576 590 593 : Awarded after 2004 and half operated (5 new projects)
2013 2014 2015 2016 2017 Plan Plan Plan : Awarded after 2004 and in land acquisition/ construction (12 new projects) 2013 2014 2015 2016 2017 2018 2019 2020
*As of 31st Dec 2017 14 Jasa Marga’s Project Awarded
Progress Length Sec on Concession Period JM Ownership (km) Land Construc on Old Concession 1 13 Old Concession 2044 512,1 - - 100,00% A. Fully Operated 2 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 - - 55,00% 3 JORR W2 North (part of JORR) (2) 2044 7,7 - - 65,00% 4 Surabaya-Mojokerto (part of Trans Java) (6) 2049 36,3 - - 55,00% B. Half Operated 5 Gempol-Pandaan 2049 13,6 92,20% 6 Bogor Outer Ring Road 2054 11 - - 55,00% 7 Semarang-Solo (part of Trans Java) 2055 72,6 -(1) -(1) 58,90% 8 Gempol-Pasuruan (part of Trans Java) 2058 34,2 95,33% 84,40% 98,80% 9 Medan-Kualanamu-Tebing Tinggi 2054 61,7 96,17% 92,06% 55,00% 10 Ngawi-Kertosono (part of Trans Java) 2051 87 -(2) -(2) 60,00% 11 Solo-Ngawi (part of Trans Java) 35 years from effec ve date 90,1 95,56% 86,69% 60,00% C. In Land Acquisi on and Construc on 12 JORR2 (Cengkareng-Kunciran) 35 years from effec ve date 14,2 36,54% 10,78% 76,20% 13 JORR2 (Kunciran-Serpong) 35 years from effec ve date 11,2 94,37% 50,34% 60,00% 14 JORR2 (Serpong-Cinere) 35 years from effec ve date 10,1 60,62% 18,11% 55,00% 15 Batang-Semarang (part of Trans Java) 45 years from effec ve date 75 98,17% 74,01% 60,00% 16 Pandaan-Malang 35 years from effec ve date 37,6 81,81% 48,31% 60,00% 17 Balikpapan-Samarinda 40 years from effec ve date 99,4 91,52% 52,89% 55,00% 18 Manado-Bitung 40 years from effec ve date 39,9 62,42% 17,85% 65,00% 19 Jakarta-Cikampek II Elevated 45 years from effec ve date 36,4 - 27,90% 80,00% 20 Jakarta-Cikampek II South 35 years from effec ve date 64 - - 80,00% 21 Probolinggo-Banyuwangi 35 years from effec ve date 172,9 - - 55,00% TOTAL 1.497.2
Note: - Data ss of 29 March 2018 - *) Sec on Semarang-Sala ga 15 Financial Highlights Financial Highlight: Balance Sheet
Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion
2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆% (FYE 31 Dec) Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited)
(Audited) (Audited)
Cash and Cash 3,514.1 3,290.8 3,323.2 4,124.9 6,873.0 4,319.8 6,594.3 2,748.1 52.7% Equivalent
Other Current Assets 274.2 255.0 405.8 8,840 12,114.0 11,934.7 10,187.3 3,273.9 -14.6% Non Current Assets 24,276.2 28,314.2 32,995.9 40,535.3 60,205.7 43,027.2 67,743.3 19,670.4 57.4% TOTAL ASSETS 28,064.5 31,860.0 36,725.0 53,500.3 79,192.8 59,281.7 84,524.9 25,692.5 42.6% Current Liabilities 4,870.8 4,301.0 7,743.8 18,627.0 22,156.5 19,368.9 30,110.1 3,529.5 55.5% Non Current Liabilities 13,004.4 16,538.2 16,612.5 18,534.5 38,676.8 23,502.1 35,399.8 20,142.3 50.6% TOTAL LIABILITIES 17,875.2 20,839.2 24,356.3 37,161.5 60,833.3 42,871.0 65,509.9 23,671.9 52.8% Equity 10,189.3 11,020.7 12,368.7 16,338.8 18,359.4 16,410.7 19,015.0 2,020.6 15.9%
TOTAL LIABILITIES 28,064.5 31,860.0 36,725.0 53,500.3 79,192.8 59,281.7 84,524.9 25,692.5 42.6% AND EQUITY
17 Financial Highlight: Income Statement
2013 2014 2015 2016 2017 1Q2017 1Q2018 ∆Rp ∆% Consolidated Financial Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY) Statement (Audited) (Audited) Toll Revenue 5,802.7 6,646.4 7,121.0 7,926.7 8,281.3 1,913.0 2,198.3 285.3 14.9%
Other Business Revenue 508.2 581.4 509.7 905.7 640.4 187.3 182.7 (4.7) -2.5%
REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 8,921.7 2,140.4 2,381.0 240.6 11.2% Toll and Other Operating (4,022.9) (3,772.1) (932.8) (903.3) 29.5 -3.2% Expenses (3,231.3) (3,562.8) (3,562.8) General and (949.0) (1,152.5) (210.2) (259.6) (49.4) 23.5% Administrative Expenses (1,087.8) (884.8) (884.8) Financial Income 229.1 265.5 217.8 202.7 284.0 235.3 106.6 (128.7) -54.7% Gain on Divestment - - - - 563.5 - #DIV/0! Other Expenses (33.5) (20.3) (29.8) (99.0) (363.0) (35.5) (56.6) (21.1) 59.5% Tax expense of Financial (40.6) (47.6) (11.9) (16.0) (4.1) 34.5% Income - - 43.6 Other Income 22.7 22.0 98.7 195.0 55.9 8.8 8.0 (0.8) -8.9% OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 4,648.1 1,210.9 1,309.1 98.2 8.1%
Operating Income Margin 35.8% 42.5% 45.6% 47.2% 52.1% 56.6% 55.0% N/A -1.6%
EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 5,481.0 0.0 0.0 0.0 #DIV/0! EBITDA Margin 53.9% 55.4% 56.2% 59.2% 61.4% 0.0% 0.0% N/A 0.0% Finance Cost (944.2) (1,215.3) (1,405.0) (1,509.0) (1,268.9) (437.6) (444.4) (6.8) 1.6% Share in Net Loss of (6.8) (128.8) (1.1) (56.4) (55.4) 5113.8% Associates (4.3) (4.3) (4.3) INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 3,250.5 772.3 808.3 36.0 4.7% Income Tax Expense (381.9) (613.7) (749.1) (846.6) (1,156.8) (249.4) (248.7) 0.7 -0.3% NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 2,200.3 547.2 583.0 35.7 6.5% Net Income Margin 16.3% 19.7% 19.2% 21.4% 24.7% 25.6% 24.5% N/A -1.1%
18 Selected financial Ra os (Rp Billion)
Prudent financial management enable company to lower its cost of debt over time 2. Total Asset 2. Debt to Equity Ratio (DER) (x) 5.00 79,192.8 84,524.9 53,500.3 59,281.7 36,725.0 DER 28,064.5 31,860.0 3.31 3.45 2.61 2.27 2013 2014 2015 2016 2017 1Q2017 1Q2018 1.97 1.75 1.89 1. Revenue 905.7 640.4 509.7 508.2 581.4
2013 2014 2015 2016 2017 1Q2017 1Q2018 8,281.3 7,121.0 7,926.7 5,802.7 6,646.4 187.3 182.7 1. Interest Coverage Ratio (ICR) 1,913.0 2,198.3 (x) 2013 2014 2015 2016 2017 1Q2017 1Q2018 ICR Toll Revenue Other Business Revenue 4.32 EBITDA 3.60 3.55 3.30 3.46 3.05 3.15
6,000.00 5,228.5 5,481.0 100.0% 1.25 4,000.00 56.6% 55.0% 1,578.5 50.0% 2,000.00 52.1% 1,378.9 47.2% 2013 2014 2015 2016 2017 1Q2017 1Q2018
0.00 0.0% 2016 2017 1Q2017 1Q2018
EBITDA Margin EBITDA Note : figures of 2014, 2015, 2016 & 2017 audited, 1Q2017 and 1Q2018 Unaudited 19 Appendix Traffic Volume by Sec on (Million vehicle transac ons)
∆% CAGR No Branch/Subsidiary 2013 2014 2015 2016 2017 1Q2017 1Q2018 1Q17 vs. 2013-2017 1Q18 1 Jagorawi 199,6 201,32 204,16 207,65 189,47 51,41 36,30 -29,39% -1,29% 2 Jakarta-Cikampek 202,2 206,13 215,00 221,75 205,48 53,86 46,33 -13,98% 0,40% 3 Jakarta-Tangerang 113,0 119,83 127,43 130,89 133,12 32,68 33,80 3,43% 4,18% 4 Cawang-Tomang-Cengkareng 283,1 282,81 284,66 294,90 300,81 73,96 73,80 -0,22% 1,53% 6 Purbaleunyi 63,9 66,35 66,25 67,49 68,79 16,96 16,80 -0,94% 1,86% 8 Surabaya-Gempol 81,7 82,87 89,56 97,66 100,97 24,16 24,20 0,17% 5,44% 9 Semarang 48,9 48,12 50,41 51,76 52,62 12,23 12,31 0,65% 1,87% 10 Belmera 24,0 25,39 24,79 25,75 27,88 6,86 7,13 3,94% 3,77% 11 Palikanci 20,2 19,93 23,04 19,04 14,59 3,37 3,40 0,89% -7,79% 12 JORR Non S 146,7 151,60 90,71 95,76 98,26 24,06 23,63 -1,79% -9,54% 13 Ulujami-Pondok Aren 46,9 45,13 43,73 46,11 47,52 11,78 11,51 -2,29% 0,32% Total Parent 1.230,3 1.249,5 1.219,7 1.258,8 1.239,5 311,3 289,2 -7,11% 0,19% 14 PT Marga Sarana Jabar 12,5 13,68 15,34 16,49 15,79 3,93 3,84 -2,29% 5,96% PT Jasamarga Surabaya 15 11,3 12,05 13,02 15,36 17,14 4,01 5,30 32,17% 11,08% Mojokerto 16 PT Trans Marga Jateng 6,6 15,56 18,70 20,50 19,75 4,65 0,00 n/a 31,63% 17 PT Jasamarga Bali Tol 3,3 14,31 16,54 17,46 18,20 4,41 4,20 -4,76% 53,42% 18 PT Marga Lingkar Jakarta - 14,49 24,71 26,90 30,50 7,20 7,81 8,47% n/a 19 PT Jasamarga Pandaan Tol - - 2,80 5,84 7,20 1,57 0,97 -38,22% n/a 20 PT Trans Jatim Pasuruan - - - - 0,7 - 0,32 n/a n/a 21 PT Jasamarga Kualanamu Tol - - - - 0,8 - 1,08 n/a n/a Total Subsidiary 33,6 70,09 91,11 102,54 110,13 25,77 23,52 -8,73% 34,50% TOTAL 1.263,9 1.319,6 1.310,8 1.361,3 1.349,7 337,1 312,7 -7,23% 1,65%
Note : * The changes in the traffic pa ern and the impact from the removal of toll gates cikopo because of integra on in cluster 1 (Cikampek,Padaleunyi,Cipularang,Cikopo- Palimanan) ** There is changes in traffic record as the impact of removal gate Plumbon 3, Plumbon 4, and Ciperna Utama because of integra on in Cluster II (Palimanan-Kanci, Kanci-Pejagan, Pejagan-Brebes Timur) *** transac on system changes from closed system to open system 21 Toll Revenue by Branch/Subsidiary (IDR billion)
∆% CAGR Cabang/Anak Perusahaan 2013 2014 2015 2016 2017 1Q2017 1Q2018 1Q17 vs. 2013-2017 1Q18 1 Jagorawi 548,2 607,5 620,2 697,0 874,0 173,0 216,5 25% 12,4% 2 Jakarta-Cikampek 976,6 1.023,4 1.137,8 1.232,5 1.265,7 319,8 297,9 -6,8% 6,7% 3 Jakarta-Tangerang 408,0 467,1 507,5 580,7 755,7 145,0 210,2 45,0% 16,7% 4 Cawang-Tomang-Cengkareng 1.110,0 1.212,3 1.247,0 1.412,7 1.475 360,9 379,9 5,3% 7,4% 5 Purbaleunyi 1.017,4 1.175,9 1.197,5 1.350,6 1.299,0 293,2 325,6 11,0% 6,3% 6 Surabaya-Gempol 270,5 309,0 335,8 402,0 418,6 103,0 108,9 5,7% 11,5% 7 Semarang 104,8 106,5 113,2 136,6 138,9 32,4 34,2 5,6% 7,3% 8 Belmera 81,6 91,3 90,2 105,5 113,7 27,3 35,1 28,4% 8,7% 9 Palikanci 107,5 112,4 133,0 169,5 181,2 39,9 43,9 9,9% 14,0% 10 PT Jalantol Lingkarluar Jakarta 1.055,0 1.182,4 1.163,7 1.010,2 1.024,8 269,9 297,2 10,1% -0,7% TOTAL PARENT LEVEL 5.679,5 6.288,0 6.545,9 7.097,3 7.546,9 1.764,4 1.949,2 10,5% 7,4% 11 PT Marga Sarana Jabar 45,6 67,2 86,9 100,2 98,7 24,5 23,7 -3,4% 21,3% 12 PT Jasamarga Surabaya Mojokerto 17,6 18,8 20,1 36,0 50,5 10,2 61,2 500,7% 30,3% 13 PT Trans Marga Jateng 36,5 107,3 129,5 152,8 57,7 36,6 - n/a 12,2% 14 PT Jasamarga Bali Tol 23,7 106,1 122,7 143,3 149,9 35,6 37,0 3,9% 58,7% 15 PT Marga Lingkar Jakarta - 59,0 188,0 337,3 276,5 65,7 65,6 -0,2% n/a
16 PT Jasamarga Pandaan Tol - - 27,8 59,7 68,1 16,0 19,3 20,7% n/a
17 PT Trans Jatim Pasuruan - - - - 8,6 - 9,0 n/a n/a
18 PT Jasamarga Kualanamu Tol - - - - 24,2 - 33,3 n/a n/a
TOTAL SUBSIDIARY LEVEL 123,2 358,4 575,1 829,3 734,4 188,7 249,0 32,0% 56,2% TOTAL 5.802,7 6.646,4 7.121,0 7.926,6 8.281,3 1.953,0 2.198,3 12,6% 9,3% Notes : * Jagorawi Toll Road is used for Future Revenue Back Securi es ** Refer to Consolidated Financial Report as of September 30th 2017 page 18, in Semarang-Solo Toll Road has change to joint control 22 Asset Securi za on
KIK EBA KAS PENDAPATAN Indica ve : KIK EBA Mandiri JSMR01 – Surat TOL Structure Berharga Hak Atas Pendapatan Tol Future Bacekd Jagorawi A s s e t Securi za on Investmnet 1 (KIK EBA) sold to 1 Manager Sold KIK Issuer : PT Jasa Marga (Persero) Tbk I n v e s t m e n t EBA to Investor Manager
Investor Tenor : 5 (five) Years Hold EBA Financial Asset KIK EBA Senior
(AAA ra ng) Investor Inves ng Future Revenue Proceed form KIK EBA Proceed : Rp2,000,000,000,000 2 2 to KIK EBA (Hak Atas Pendapatan Tol) Return : 8.4%
KIK EBA Junior (non-rated) Principal and Payment : Quarterly Coupon Payment
Principal : Yearly Payment Collec on Manager 3 Ra ng : idAAA PT Pemeringkat Efek Indonesia Jasa Marga as Collec on Manager (PEFINDO) who collect toll revenue and distribute to Investmnet Manager Lis ng Date : 31st August 2017
Lis ngs : Indonesia Stock Exchange
23 Project Bond
Instrument Obligasi I Marga Lingkar Jakarta Tahun 2017 Investor Alloca on Proceed Rp1,500,000,000,000 Mutual Fund and Others, • Seri A (MLJK01A) : 3 years, Rp200,000,000,000 6.30% (7.45%) • Seri B (MLJK01B) : 5 years, Rp217,000,000,000 (7,75%) Bank, • Seri C : 7 , Rp299,000,000,000 (8,30%) 9.00% Insurance, Time Period (MLJK01C) years • Seri D (MLJK01D) : 10 years, Rp320,000,000,000 29.00% (8,70%) • Seri E (MLJK01E) : 12 years, Rp464,000,000,000 Securi es (8.85%) Company, 12.00%
idAAA (Triple A; Structured Finance) by PT Pemeringkat Rating (sf) Company, Efek Indonesia (Pefindo) 18.90% Pension Fund, • 90% Investment Credit Refinancing Use of Fund • 8% Reserve Capital 24.80% • 2% Working Capital
Coupon Quarterly (30/360)
Coupon Indonesia Stock Exchange Payment
Listing Date 9th November 2017
Listing Indonesia Stock Exchange
24 Komodo Bond
Investor Alloca on Instrument Komodo Bond
Proceed Rp 4,000,000,000,000
Time US, 26% Period 3 years Asia, 55% Baa3 (positive) by Moody’s Rating Europe, BB+ (stable) by S&P 19%
Use of To finance capital expenditure, acquisition, working Fund capital, and other financing needs. bank / Public Coupon 7.5% Ins tu on / Private Banking Coupon 16% Payment Fixed rate, semi annual asset manage ment Listing th Date 13 Dec 2017 84%
LSE (London Stock Exchange) dan SGX Listing (Singapore Exchange Limited)
25 Disclaimer
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26 Thank You
PT Jasa Marga (Persero) Tbk. Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 - Indonesia Phone. +62 21-8413526, 8413630 Fax. +62 21-8401533, 8413540 Email. Investor.rela [email protected] www.jasamarga.com