Jasa Marga Update 3Q 2017 as of November 2017 Company Overview Company overview
Brief snapshot Company highlights
• Leading toll road operator in Indonesia with over 38 years of experience ü Largest toll road operator in Indonesia with 62.2% market share in • 31 toll road concessions with total length of 1,260km terms of toll roads lengths (665 km) and 80% market share of toll • 70% owned by the Government of Indonesia 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 of c.IDR 42.5 trillion as at 9 Oct 2017 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 – Facili es construc on and supplementary services in adjacent border area ü • Suppor ng business / other business 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) Vision & Mision – Property (ages rest areas and other proper es on toll road corridors) To be the largest, trusted and sustainable national FY2016 segmental revenue breakdown Vision toll road network company.
Toll Revenue – Jasa Marga 1. Lead the development of toll road networks in (13 old concessions in Indonesia to increase na onal connec vity. balance sheet) 80.36% 2. Manage the toll road business along the end-to- end value chain in a professional and Mission sustainable manner. 3. Maximize the regional development to Other Operating Revenues accelerate community advancement and 10.25% increase company profitability.
Toll Revenue - Subsidiaries 9.39% 4. Enhance customer sa sfac on through service excellence 3 Company Key Development Milestone
ü Government offered the opportuni es ü Jasa Marga was established with for the private sector to par cipate in focus on business management, toll road business through Build, The authority func on was returned Jasa Marga became a public maintenance and procurement of Operate and Transfer (BOT) system to the Government, Toll Road company through an Ini al Public the toll road network. with Jasa Marga. Regulatory Agency (BPJT) under the Offering (IPO) and listed its shares ü Jagorawi as the first toll road in ü Jakarta Toll roads operated by Jasa Ministry of Public Works. on the Indonesia Stock Exchange. Indonesia began opera ons. Marga ini ated its opera ons gradually.
1978 1987 2004 2007
ü Currently opera ng 21 toll road concessions ü Won tender of Batang- Semarang, (665 km in length) Forming of PT Jasa Balikpapan-Samarinda, Manado-Bitung ü Fully 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 2017
4 Company Structure
Currently, PT Jasa Marga (Persero) Tbk (“Company”) is owned 70% by the Government of Indonesia through Ministry of State Owned Enterprise and the remaining 30% is owned by public (both institutional and individuals).
Government Shareholding Structure of Indonesia (“GOI”) Parent Level Foreign 1. Cawang-Tomang-Pluit 17% Ministry of State- 2. (Jakarta Inner Ring Road) Individual Owned Enterprises 3. Prof. Dr. Ir. Sedyatmo (Airport) 1% (“MSOE”) 4. Purbaleunyi 5. Jakarta-Cikampek Domestic Government Institution 70% 6. Palikanci 8% 7. Jagorawi 70% Mutual 8. Surabaya-Gempol Fund 9. Semarang 4% 10. Jakarta Outer Ring Road As of 31st Oct 2017 Public 30% 11. Ulujami-Pondok Aren 12. Jakarta-Tangerang 13. Belmera
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, differen a ng from 2nd largest To replace the bank loan financing with fixed interest rate compe tor, Hutama Karya, and maintain majority of market and the principal payment inline with the cashflow share in Indonesia
Bond/Sukuk Issuance at Corporate level: • Toll Road Opera on • To finance investment for new toll road project – Opera ng efficient, safe, and high quality toll road to
improve opera onal performance – Providing excellent service to road users, community, and • Equity Fund Raising : government To maintain our profitability and also leveraging our financing capacity. • Other Business Development – Develop other businesses that are strategically strengthening • Securi za on on selected toll road : development strategies and opera on of toll roads To leverage mature assets for debt financing without – Increase revenue by leveraging the resources of the incurring any interest burden. Company
6 Industry Overview Overview of the Indonesian Toll Regula on
Toll Tariff Overview of the authori es involved • Ini al toll tariff is calculated based on investment feasibility, toll road user’s ability to pay and vehicle opera ng cost saving - Government of Indonesia Investment feasibility is calculated based on es mated investment cost and projected revenue during term of the concession • Ini al toll tariff is s pulated in concession agreement prior to start of construc on • Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years • Ini al toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree Ministry of State Ministry of Public - The ministry may postpone tariff increases if a toll road fails to comply with Owned Works minimum service standards Enterprises Land acquisition Indonesian Toll Directorate Road Authority • Land acquisi on is government’s responsibility and is undertaken by land General of procurement commi ee appointed by the Government (BPJT) highways • The land acquisi on comprises four stages: planning, prepara on, execu on and delivery Concession agreement Concession - The law also regulates a deadline for land acquisi on of 312 to a maximum agreement of 552 working days • Price is determined by independent appraiser based on fair market price Private toll road investors • Investors may provide bridge financing for land acquisi on costs to speed up the acquisi on process, government will repay the investors for the land acquisi on costs Improved land acquisition process – a significant step towards achieving the government's toll road expansion plan
104 working days 108 working days 118 working days Appeal to Appeal to Review team supreme supreme court 72 working days court 90 working days 74 working days 74 working days Public consulta on State administra ve Verifica on repeated court & revision 30 working days 60 working days 14 working days 44 working days 30 working days 60 working days Revoca on of Inventory & iden fica on & Nego a on on form of Handover Ini al data collec on Public consulta on Loca on se lement right appraisal & announcement compensa on
Appraiser determina on and appraisal Planning Prepara on Implementa on Handover 104-242 working days 134-250 working days
8 Projects and Opera onal Details
9 Leading Toll Roads in Indonesia
: Owned before 2004 and operating (13 projects) Strait of NORTH SUMATERA : Awarded after 2004 and fully operated (2 new projects) Malacca § BelmeraBelmera:: 42.742.70 km km § Medan-Kualanamu--Tebing Tinggi:: 61.761.70 km km : Awarded after 2004 and half operated (6 new projects) : Awarded after 2004 and in land acquisition/ construction GREATER JAKARTA & WEST JAVA (10 new projects) § Jagorawi: 59.059.00 km km SUMATRA SUMATRA MALUKU MALUKU § Jakarta-Tangerang:: 33.033.00 km km § Ulujami-Pondok Aren:: 5.565.55 kmkm § Jakarta Inner Ring Road: 23.623.55 km km SULAWESI SULAWESI NORTH SULAWESI § Manado-Bitung:: 39.9.9 kmkm § Prof. Dr. Ir. Sedyatmo:: 14.314.30 km km KALIMANTAN KALIMANTAN § § Jakarta-Cikampek: 83.0 km PAPUA PAPUA § Jakarta-Cikampek: 83.00 km EAST KALIMANTAN EAST JAVA Java Sea Java Sea EAST KALIMANTAN § JORR: 28.3 km § Balikpapan-Samarinda: 99.4 km § Surabaya-Gempol: 49.049.00 km km § Balikpapan-Samarinda: 99.35 km § Cikampek-Padalarang:: 58.558.50 km km Banda Sea § Gempol-Pandaan:: 13.613.61 km km § Padaleunyi:: 64.464.40 km km § Gempol-Pasuruan:: 34.234.15 km km JAVA JAVA § Palikanci: 26.36.30 km km § Surabaya-Mojokerto:: 36.336.27 km km BALI BALI § JORR W2 North: 7.77.70 km km Timor Sea § Pandaan-Malang: 37.637.62 km km § Bogor Outer Ring Road: 11.011.00 km km Indian Ocean Indian Ocean CENTRAL JAVA § Cengkareng-Kunciran:: 14.214.19 km km § Semarang: 24.824.75 km km BALI § Kunciran-Serpong: 11.211.19 km km § Semarang-Solo: 72.672.64 km km § Nusa Dua-Ngurah Rai-Benoa:: 10.010.00 km km § Cinere-Serpong:: 10.10.1 4km km § Solo-Ngawi:: 90.190.1 kmkm § Jakarta-Cikampek IIII Elevated:Elevated: 36.436.4 kmkm § Ngawi-Kertosono:: 87.087.02 km km § Semarang-Batang: 75.0 km km
Market Shares Accumulated Toll Road Concessions (km) 1,260 987 738 738 799
62.2 % 80%
2012 2013 2014 2015 2016 665 km Toll Road in Transactions volume Operation* *As of 31st Oct 2017 10 Strong Opera ng Track Record With Longest Concession Period Providing Income Visibility
Jagorawi 28 ü Stable cash flow from Semarang 28 mature assets under Jakarta-Tangerang 28 operations Prof. Dr. Ir.Sedyatmo 28 ü Strong long term Surabaya-Gempol 28 visibility of cash flow, Belmera 28 Jakarta Inner Ring Road 28 with an average Jakarta-Cikampek 28 remaining concession Padaleunyi 28 life of 30 years across Jakarta Outer Ring Road 28 all operating assets Palikanci 28 ü Minimum remaining Cipularang 28 concession life of 28 Ulujami-Pondok Aren 28 years Bogor Outer Ring Road 38 ü Expects concession Surabaya-Mojokerto 33 renewals with Semarang-Solo 39 commitments to Gempol-Pandaan 31 ongoing investments in JORR W2 Utara 28 projects Nusa Dua-Ngurah Rai-Benoa 41 Gempol-Pasuruan 42 Medan-Kualanamu-Tebing Tinggi 38 Cengkareng-Kunciran 35 Kunciran-Serpong 35 Solo-Ngawi 35 ü 35+ concession years Ngawi-Kertosono 35 across new projects Serpong-Cinere 35 ü Long horizon to enjoy Batang-Semarang 45 economic benefits post Pandaan-Malang 35 typical ramp-up period Balikpapan-Samarinda 40 Manado-Bitung 40 Jakarta-Cikampek II Elevated 45
Concession years remaining - Operating projects Concession years remaining - New projects
11 Jasa Marga’s Project Awarded Post 2004 As of Oct 2017
Sec on Concession Period Length (km) JM Ownership (%) A. Fully Operated 1 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10.0 55.0% 2 JORR W2 North (part of JORR) (2) 2044 7.7 65.0% B. Half Operated 3 Gempol-Pandaan(3) 2049 13.6 92.2% 4 Bogor Outer Ring Road(4) 2054 11.0 55.0% 5 Semarang-Solo (part of Trans Java) (5) 2055 72.6 58.9% 6 Surabaya-Mojokerto (part of Trans Java) (6) 2049 36.3 55.0% 7 Gempol-Pasuruan (part of Trans Java) (7) 2058 34.2 98.8% 8 Medan-Kualanamu-Tebing Tinggi(8) 2054 61.7 55.0% C. In Land Acquisi on and Construc on 9 JORR2 (Cengkareng-Kunciran) 35 years from effec ve date 14.2 76.2% 10 JORR2 (Kunciran-Serpong) 35 years from effec ve date 11.2 60.0% 11 Solo-Ngawi (part of Trans Java) 35 years from effec ve date 90.1 60.0% 12 Ngawi-Kertosono (part of Trans Java) 35 years from effec ve date 87.0 60.0% 13 JORR2 (Serpong-Cinere) 35 years from effec ve date 10.1 55.0% 14 Batang-Semarang (part of Trans Java) 45 years from effec ve date 75.0 60.0% 15 Pandaan-Malang 35 years from effec ve date 37.6 60.0% 16 Balikpapan-Samarinda 40 years from effec ve date 99.4 55.0% 17 Manado-Bitung 40 years from effec ve date 39.9 65.0% 18 Jakarta-Cikampek II Elevated 45 years from effec ve date 36.4 80.0% TOTAL 748.0
Notes: (1) Operated since 01 October 2013. (2) Sec on Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Sec on Cileduk-Ulujami (2.00 km) is operated since 22 July 2014. (3) Sec on Gempol-Pandaan (12 km) is operated since 12 June 2015. (4) Sec on 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Sec on 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June 2014. (5) Sec on 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Sec on 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014; Sec on Bawen-Sala ga (17,6 km) is operated since 25 September 2017. (6) Sec on 1A: Waru-Sepanjang (2.30 km) is operated since 05 September 2011, Sec on 4: Kriyan-Mojokerto is operated since 19 March 2016. (7) Gempol-Pasuruan: Sec on Bangil-Rembang (7,1 km) is operated since 13 April 2017 & Sec on Gempol-Bangil (6,8 km) is operated since Juli 2017 (8) Sec on 3-6: Kualanamu-Seirampah-Perbarakan (42 km) is operated since 20 October 2017. 12 Jasa Marga’s Upcoming Projects: Greater Jakarta
5 projects
Cengkareng – Kunciran (14.19 km) Progress Land Acquisi on: 30.92% Progress Construc on: 4.02%
Kunciran – Serpong (11.19 km) Progress Land Acquisi on: 89.18% Progress Construc on: 13.29%
Serpong – Cinere (10.14 km) Progress Land Acquisi on: 58.89% Jakarta Cikampek II Elevated (36.40 km) Progress Construc on: 13.74%
Bogor Outer Ring Road (BORR) (11km) (Sec on 2B Kd, Badak – Yasmin) Progress Land Acquisi on: 97.00% Progress Construc on: 60.40% Half Operated
In Land Acquisi on and Construc on
*As of 2 Nov 2017
13 Jasa Marga’s Upcoming Projects: Java
Semarang-Batang (75km) Progress Construc on: 55.71% 8 projects Progress Land Acquisi on : 98.16% Semarang – Solo (73km) Progress Construc on (Sala ga – Solo): 36.30% Progress Land Acquisi on (Sala ga – Solo): 99.49% Solo – Ngawi (90km) Progress Construc on: 80.14% Progress Land Acquisi on : 94.70% Ngawi – Kertosono (49km) Progress Construc on: 90.69% Progress Land Acquisi on : 99.88% Surabaya – Mojokerto (36.3km) Progress Construc on: 98.33% Progress Land Acquisi on : 100%
Gempol – Pandaan (12km) Gempol – Pasuruan (34.2km) Progress Construc on: 85.53% Progress Land Acquisi on: 85.29%
Pandaan – Malang (37.62km) Progress Construc on: 29.43% Progress Land Acquisi on : 77.08%
Half Operated
In Land Acquisi on and Construc on
*As of 2 Nov 2017
14 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 Construc on: 79.95% Progress Construc on: 36.60% Progress Construc on: 8.64% Progress Land Acquisi on: 93.29% Progress Land Acquisi on: 94.82% Progress Land Acquisi on: 44.83%
Half Operated
In Land Acquisi on and Construc on
*As of 2 Nov 2017 15 Recent Development: Moderniza on Efforts- E-toll Card Penetra on
Benefit of E-toll : § The Company : high efficiency on collec on expanse and faster transac on period that will reduce traffic flow 100% § Toll user : cashless transac on and faster transac on period
Jakarta Inner GT PGB JORR Signing of SOE Belmera Jagorawi (Close System) HIMBARA : Ring Road GT PGT Jagorawi Synergy, E- • Full Palikanci Jakarta-Cikampek JORR & Ulujami – Pd. Jakarta- payment by Implementa on Semarang (Open System) Aren Cikampek HIMBARA • Non Cash Surabaya- Purbaleunyi Jakarta-Tangerang, BORR (Open System) (Group Of SOE • Transac on Gempol Jakarta-Cikampek (Close Bank) Jakarta- System) incl BCA • Tangerang Padaleunyi & Cipularang
incl BCA • Palikanci • Jagorawi (Open System) • Inner ring road & Sediyatmo
16 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.
Car Sales in Indonesia (in thousand vehicles) Traffic on Jasa Marga Toll Road (in million) Economic Slow Down
1400 1,400
1200 Direct impact of 1,200 fuel price hike (1) 1000 1,000
800 800
600 600
400 400
200 200 0 - 2011 2011 2003 2004 2006 2007 2008 2009 2010 2012 2013 2014 2016 2005 2015 2011 2011 1997 1998 1999 2000 2001 2002 2003 2004 2006 2007 2008 2009 2010 2012 2013 2014 2016 2005 2015 Source: BMI Research 2017E 2018E 2019E 2020E 2021E Source: Jasa Marga
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
17 Financial Highlights Excellent Financial Profile With Stable Margins, Reducing Leverage And Strong Cashflows
Prudent financial management enable company to lower its cost of debt over time
Revenue Interest Coverage Ratio (ICR) (IDR tn) (x) CAGR 10.6% 8.84 4.45 7.63 7.23 3.45 0.91 6.78 3.30 0.51 6.48 3.06 0.58 0.57 0.72
7.93 7.12 6.65 5.91 6.06
2014 2015 2016 9M2016 9M2017 2014 2015 2016 9M2017
Toll Revenue Other Business 2014 2015 2016 9M2017
EBITDA & EBITDA Margin Debt to Equity Ratio (DER) (IDR bn) (%) (x) CAGR 14.2% 6.00 5.23 1.53 1.55 100.0% 5.00 4.32 1.29 4.01 1.21 3.79 3.99 80.0% 4.00 3.00 60.0% 55.4% 56.6% 59.2% 58.5% 58.9% 2.00 40.0% 1.00 20.0% 0.00 0.0% 2014 2015 2016 9M2016 9M2017 2014 2015 2016 9M2017
EBITDA EBITDA Margin 2014 2015 2016 9M2017
Note : figures of 2014, 2015, &2016 audited; 3Q2016 & 3Q2017 limited review
19 Summary of Consolidated Income Statement (IDR million)
Y2014 Y2015 Y2016 3Q2016 3Q2017 ∆Rp ∆% (FYE 31 Dec) (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY) REVENUE 7.227,8 7.630,7 8.832,3 6.477,2 6.782,3 305,1 4,7%
Toll and Other Operating Expenses (3.562,8) (3.518,0) (4.022,9) (2.963,8) (3.079,8) (116,0) 3,9%
General and Administrative (884,8) (893,3) (949,0) (656,0) (784,7) (128,6) 19,6% Expenses
Other Expenses (20,3) (29,8) (99,0) (42,5) (153,2) (110,7) 260,3%
Others Income 287,9 272,9 357,1 230,6 782,0 551,3 239,0% OPERATING INCOME 3.072,7 3.477,7 4.165,5 3.072,0 3.634,9 562,9 18,3% Operating Income Margin 42,5% 45,6% 47,2% 47,4% 53,6% N/A 6,2% EBITDA 4.006,8 4.285,0 5.228,5 3.791,3 3.993,1 201,8 5,3% EBITDA Margin 55,4% 56,2% 59,2% 58,5% 58,9% N/A 0,3%
Finance Cost (1.215,3) (1.405,0) (1.509,0) (1.109,4) (896,0) 213,4 -19,2%
INCOME BEFORE TAX 1.850,7 2.068,3 2.649,7 1.956,1 2.660,9 704,8 36,0%
Income Tax Expense (613,7) (749,1) (846,6) (659,7) (819,4) (159,6) 24,2%
NET INCOME 1.421,7 1.466,4 1.889,3 1.345,3 1.902,1 556,8 41,4% Net Income Margin 19,7% 19,2% 21,4% 20,8% 28,0% N/A 7,3%
Note: • Financial statements are audited for the years ending in December 31 2014, 2015, and 2016 • Limited review statements for the period ending in September 30 2016 and 2017
20 Summary of Consolidated Balance Sheet (IDR million)
Y2014 Y2015 Y2016 3Q2017 ∆Rp ∆% (FYE 31 Dec) (Audited) (Audited) (Audited) (Unaudited) 3Q17 vs. 2016 3Q17 vs. 2016 Cash and Cash Equivalent 3,290,784 3,323,221 4,124,886 7,073,066 2,948,180 71% Other Current Assets 255,000 405,825 8,840,999 10,776,842 1,935,843 22% Non Current Assets 28,314,179 32,995,936 40,534,438 50,871,162 10,336,724 26% TOTAL ASSETS 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 28% Current Liabili es 4,180,658 7,543,411 18,626,989 14,856,354 (3,770,635) (20%) Non Current Liabili es 16,658,575 16,812,907 18,534,494 36,095,253 17,560,759 95% TOTAL LIABILITIES 20,839,233 24,356,318 37,161,483 50,951,607 13,790,124 37% Equity 11,020,729 12,368,664 16,338,840 17,770,063 1,431,223 9% TOTAL LIABILITIES AND EQUITY 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 28%
Note: • Financial statements are audited for the years ending in December 31 2014, 2015, and 2016 • Limited review statements for the period ending in September 30 2017
21 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 – Chief Execu ve Officer • Has work experience in Construc on sector more than 25 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 – Chief Financial Officer • 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 (1994).
Mohammad Sofyan – Opera onal Director I • Join Jasa Marga since 1997 and has lead in various sector more than 20 years 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 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 • Join Jasa Marga since 1986 and has work experience in toll road opera ons more than 30 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 Universitas Kristen Dwipayana (2010).
Hasanudin – Development Director • Join Jasa Marga since 1988 and has work experience in toll road project management and opera ons more than 30 years. Previously served as Opera ons Director PT Jasa Marga (Persero) Tbk.. • Completed Bachelor Degree in Civil Transporta on Engineering at Sepuluh November Ins tute of Technology, Surabaya (1987) and University of New South Wales for Master’s Degree.
Kushartanto Koeswiranto – Human Capital and General Affairs/Independent Director • Has work experience in Human Resources sector more than 30 years. Previously served as President Director KTalents Asia, Group Director HR of Agung Podomoro Group, and HR & Business Support Director Lo e Shopping Indonesia. • Completed Economy Bachelor Degree at Diponegoro University and MBA at IPMI. 22 Appendix Traffic Volume by Sec on (Million vehicle transac ons)
∆% CAGR 2014-2016 No Branch/Subsidiary 2014 2015 2016 3Q2016 3Q2017 3Q17 vs. 3Q16
1 Jagorawi 201.32 204.16 207.65 154.20 151.53 -1.73% 1.56% 2 Jakarta-Cikampek * 206.13 215.00 221.75 165.94 156.34 -5.79% 3.72% 3 Jakarta-Tangerang 119.83 127.43 130.89 97.04 98.68 1.69% 4.51% 4 Cawang-Tomang-Cengkareng 282.81 284.66 294.90 218.29 224.11 2.67% 2.12% 6 Purbaleunyi 66.35 66.25 67.49 50.20 51.73 3.05% 0.85% 8 Surabaya-Gempol 82.87 89.56 97.66 72.40 75.80 4.70% 8.56% 9 Semarang 48.12 50.41 51.76 38.27 39.87 4.18% 3.71% 10 Belmera 25.39 24.79 25.75 19.05 20.94 9.92% 0.71% 11 Palikanci ** 19.93 23.04 19.04 15.64 11.07 -29.22% -2.25% 12 JORR Non S 84.50 90.71 95.76 70.97 73.07 2.96% 6.45% 13 Ulujami-Pondok Aren 45.13 43.73 46.11 34.10 35.47 4.02% 1.09% 14 PT Marga Sarana Jabar 13.68 15.34 16.49 12.13 11.92 -1.76% 9.77%
15 PT Jasamarga Surabaya Mojokerto 12.05 13.02 15.36 11.27 12.64 12.16% 12.89%
16 PT Trans Marga Jateng 15.56 18.70 20.50 15.16 15.51 2.28% 14.77% 17 PT Jasamarga Bali Tol 14.31 16.54 17.46 12.64 14.63 15.76% 10.46% 18 PT Marga Lingkar Jakarta 14.49 24.71 26.90 19.75 22.59 14.36% 36.27% 19 PT Jasamarga Pandaan Tol 0.00 2.80 5.84 4.24 5.06 19.34% N/A 20 PT Trans Jatim Pasuruan 0.00 0.00 0.00 0.17 N/A N/A TOTAL 1252.47 1310.85 1361.31 1011.29 1021.12 0.97% 4.25%
Note : * The changes in the traffic pa ern and the impact from the removal of toll gates cikopo because of integra on of cluster 1 (Cikampek,Padaleunyi,Cipularang,Cikopo- Palimanan) ** There is changes in traffic record as the impact of removal gate Plumbon 3, Plumbon 4, dan Ciperna Utama dikarenakan integrasi Cluster II (Palimanan-Kanci, Kanci-Pejagan, Pejagan- Brebes Timur) 24 Toll Revenue by Branch/Subsidiary (IDR billion)
∆% CAGR Branch / Subsidiary 2014 2015 2016 3Q2016 3Q2017 3Q16 - 3Q17 2014 - 2016 1 Jagorawi * 607.5 620.2 697.0 517.1 496.5 -3.98% 7.1% 2 Jakarta-Cikampek 1,023.4 1,137.8 1,232.5 902.8 959.3 6.26% 9.7% 3 Jakarta-Tangerang 467.1 507.5 580.7 430.9 543.6 26.15% 11.5% 4 Cawang-Tomang-Cengkareng 1,212.3 1,247.0 1,412.7 661.9 662.7 0.12% 7.9% 5 Purbaleunyi 1,175.9 1,197.5 1,350.6 1,028.8 978.8 -4.86% 7.2% 6 Surabaya-Gempol 309.0 335.8 402.0 300.9 312.2 3.76% 14.1% 7 Semarang 106.5 113.2 136.6 100.9 104.9 3.96% 13.3% 8 Belmera 91.3 90.2 105.5 78.1 84.5 8.19% 7.5% 9 Palikanci 112.4 133.0 169.5 129.3 136.2 5.34% 22.8% 10 PT Jalantol Lingkarluar Jakarta 1,182.4 1,163.7 1,010.2 780.1 802 2.81% -7.6% TOTAL PARENT LEVEL 6,288.0 6,545.9 7,097.3 5,280.4 5,518.8 4.51% 6.2% 11 PT Marga Sarana Jabar 67.2 86.9 100.2 73.4 74.4 1.36% 22.1% 12 PT Marga Nujyasumo Agung 18.8 20.1 36.0 25.6 34.3 33.98% 38.4% 13 PT Trans Marga Jateng ** 107.3 129.5 152.8 110.9 57.7 -47.97% 19.3% 14 PT Jasamarga Bali Tol 106.1 122.7 143.3 104.7 119.8 14.42% 16.2% 15 PT Marga Lingkar Jakarta 59.0 188.0 337.3 270.1 205.9 -23.77% 139.1% 16 PT Jasamarga Pandaan Tol - 27.8 59.7 43.4 50.7 16.82% n/a 17 Gempol -Pasuruan - - - - 2.3 n/a n/a TOTAL SUBSIDIARY LEVEL 358.4 575.1 829.3 628.2 545.3 -13.20% 52.1% TOTAL 6,646.4 7,121.0 7,926.6 5,908.6 6,064.2 2.63% 9.2%
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
25 Disclaimer
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