Jasa Marga Update 1H2018
As of Jue 30th , 2018 Company Overview Company overview
Brief Snapshot Company Highlights
Leading toll road operator in Indonesia with 40 years of experience Largest toll road operator in Indonesia with 65% market share in 33 toll road concessions with total length of 1,527 km terms of commercial toll roads lengths (776,7 km) and 80% 70% owned by the Government of Indonesia market share of toll road transaction volume Publically listed on the Indonesia Stock Exchange since 2007, with a The longest concession period holder in Asia reflecting stable market cap IDR 30.33 trillion as of June 30th, 2018 income Key business Strategically important with strong government ownership – Construction, operation and maintenance of toll road Resilient industry with strong government focus Supporting business / other business Strong financial profile with promising growth going forward – Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors) – Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor) – Property (Manages rest areas and other properties on toll road corridors) Vision & Mission
Vision To be the largest, trusted and sustainable national toll 1H2018 Segmental Revenue Breakdown road network company.
Usaha Lain 9% Pendapatan Tol – 1. Lead the development of toll road networks in Anak Perusahaan 12% Indonesia to increase national connectivity. 2. Manage the toll road business along the end-to- end value chain in a professional and sustainable Mission manner. Pendapatan Tol– 3. Maximize the regional development to accelerate Jasa Marga community advancement and increase company (13 konsesi jalan profitability. tol lama Jasa Marga di Neraca) 4. Enhance customer satisfaction through service 79% excellence 3 Company Key Development Milestone
Jasa Marga was established Government offered the opportunities with focus on business for the private sector to participate in The authority function was Jasa Marga became a public management, maintenance and toll road business through Build, returned to the Government, company through an Initial procurement of the toll road Operate and Transfer (BOT) system with Jasa Marga. Toll Road Regulatory Agency Public Offering (IPO) and network. (BPJT) under the Ministry of listed its shares on the Jagorawi as the first toll road in Jakarta Toll roads operated by Jasa Marga initiated its operations Public Works. Indonesia Stock Exchange. Indonesia began its operation. gradually.
1978 1987 2004 2007
Fully implemented electronic payment system in all toll roads Currently operating Integrate Jakarta-Tangerang and Forming of PT Jasa change system in Jagorawi Toll Road 23 toll road Implementation of Implementation of Layanan Operasi (non Won tender of Jakarta-Cikampek II concessions e-Toll Card. e-Toll Pass. toll road subsidiary. Selatan and Probolinggo-Banyuwangi (776,7km in length) Toll Road
2009 2012 2015 2017 2018
4 Company Structure
Jasa Marga operates 13 mature toll roads, 3 fully operated and 7 half operated new toll roads. Similarly, Jasa Marga constructs 10 new toll road concessions in subsidiary level.
Government Shareholding Structure of Indonesia (“GOI”) Parent Level 1. Cawang-Tomang-Pluit Ministry of State- (Jakarta Inner Ring Road) Owned Enterprises 2. Prof. Dr. Ir. Sedyatmo (Airport) (“MSOE”) 3. Padalarang 4. Cileunyi 5. Jakarta-Cikampek 6. Palikanci 70% 7. Jagorawi 8. Surabaya-Gempol Public 30% 9. Semarang 10. Jakarta Outer Ring Road As of 30th June 2018 11. Ulujami-Pondok Aren 12. Jakarta-Tangerang 13. Belmera
PT Jasamarga PT Jasamarga PT Jasamarga Probolinggo Gempol Pasuruan Tollroad Operator Banyuwangi 98.8% 99.9% 94.6% PT Jasamarga Transjawa Tol 100% PT Jasamarga PT Jasamarga PT Jasamarga Kunciran Balikpapan PT Jasamarga Pandaan Malang Cengkareng Samarinda Properti 60% 76.2% 59% 99.9%
As of 6th July 2018 5 Strong Corporate Governance and Highly Qualified Management Team
Experience management with over 25 years of experience, deep understanding on the industry/sector, and long-term relationship with stakeholders
Desi Arryani – President Director • Indonesia citizen, 55 years old • Has work experience in Construction sector more than 20 years. Previously served as Operations Director I of PT Waskita Karya (Persero) Tbk. which is SOE contractor in Indonesia. • Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetiya Mulya (2008).
Donny Arsal – Director of Finance • Indonesia citizen, 48 years old • Has work experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas that look after for Investment Banking Division. • Completed Bachelor Degree from University of Indonesia (1991).
Mohammad Sofyan – Operational Director I • Indonesia citizen, 47 years old • Joined 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 Transportation Engineering at Sepuluh November Institute of Technology Surabaya (1996) and Master Degree in Project Management from University of Indonesia (2003) and Master Business & IT from Melbourne University (2007).
Subakti Syukur – Operational Director II • Indonesia citizen, 56 years old • Joined Jasa Marga since 1986 and has work experience in toll road operations 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 Institute of Technology (1986) and Master degree in Management from University of Kristen Indonesia (2010).
Adrian Priohutomo – Director of Development • Indonesia citizen, 55 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 Bandung Institute of Technology (1988).
Kushartanto Koeswiranto – Director Of Human Resources And General Affairs • Indonesia citizen, 57 years old • Has work experience in Human Resources sector more than 20 years. Previously served as Group HR Director Agung Podomoro Group, and HR & Business Support Director Lotte Shopping Indonesia, Group HR Director PT Mitra Adi Perkasa Tbk., and Corporate HR Director PT Hero Supermarket Tbk.. • Completed Bachelor Degree at Diponegoro University and MBA at IPMI.
6 Industry Overview Overview of the Indonesian Toll Regulation
Ease derived from highly regulated industry • Certainty of tariff increase every two years according to regulation • The timing of the land acquisition process is faster, if any dispute is decided by the court • Potential for efficiency from cashless transaction
Overview of the authorities involved Toll Tariff Government of Indonesia Initial toll tariff is calculated based on investment feasibility, toll road user’s ability to pay and vehicle operating cost saving Initial toll tariff is stipulated in concession agreement prior to start of construction Ministry of State Ministry of Public Owned Enterprises Works Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years Indonesian Toll Road Authority Directorate General Initial toll tariff setup and subsequent adjustment is decided by (BPJT) of highways Minister of Public Works decree
Concession agreement Concession agreement The ministry may postpone tariff increases if a toll road fails to comply with minimum service standards Private toll road investors Land acquisition Concession Agreement Method Land acquisition is government’s responsibility and is undertaken Tender Acquisition Unsolicited by land procurement committee appointed by the Government 100% Cashless Transaction The land acquisition comprises four stages: planning, preparation, execution and delivery . High efficiency on collection expanse and faster transaction period that The law also regulates a deadline for land acquisition of 312 to a will reduce traffic flow, minimize the cost of providing change and cash maximum of 552 working days handling and Toll Revenue Security and minimize the potential for any Price is determined by independent appraiser based on fair market authenticity toll payment instrument price . Improving the Quality of Operational Human Resources (improving health Investors may provide bridge financing for land acquisition costs to quality of toll collectors), increase transaction capacity without having to speed up the acquisition process, government will repay the add transaction point and efficiency of toll collecting costs investors for the land acquisition costs
10 Company Update
9 Jasa Marga Update 1H 2018
776,7 km Accumulated Toll Road 1.527 km in Operation * Total Concession of Toll Roads Jasa Marga has added new toll road 96.5 km in 2018 Ngawi-Wilangan toll road section for 52 km such as: . Section: Interchange Ngawi-Klitik (Ngawi) at 4 km, that operated by PT Jasamarga Solo Ngawi Market Share . Section: Klitik (Ngawi)-Wilangan at 48 km, that operated by PT Jasamarga Ngawi Kertosono Kediri Bogor Ring Road Section 2B at 2.65 km 65% 80% Gempol-Pasuruan Section Rembang-Pasuruan at 6.6 km Solo-Ngawi Section Kartasuro-Sragen at 35.22 km Market share of Toll Market share of Road in Operation transaction volume Moody’s Rating Pefindo Baa2 idAA (Stable)
*As of July 2018 10 Excellent Financial Profile with Stable Margins
Prudent financial management enable company to lower its cost of debt over time Strong financial profile with promising growth going forward Sustainable revenue growth rate with CAGR of 9% for the past 5 years, supported with strong EBITDA generation Manageable cost of debt with weighted average bank loan cost 9.58%, weighted average bond cost 9.19% and consolidated weighted average cost of debt 9.49%
Total Asset Revenue
(IDR Billion) 87,475.3 (IDR Billion) 4,789.7 79,313.3 4,528.8
2017 1H2018 1H2017 1H2018
Interest Coverage Ratio (ICR) Total Debt to Total Equity Interest Bearing Debt to Total Equity
(x) (x) 3.03 (x) 2.70 3.53 3.32 1.93 1.88
1H2017 1H2018 2017 1H2018 2017 1H2018
Note : figures 2017 audited, 1H2017 and 1H2018 Unaudited 11 Well Positioned In A Resilient Industry With Favorable Growth Trends
Economic condition, reflected as fluctuating car sales growth in Indonesia, has minimal impact to our transaction volume, however increase in car sales will contribute to higher transaction volumes in the long run. Transaction Volume on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles) Integration Economic Slow Down 1,229 1,208 1,600 7,927 8,281 9,000 1,116 1,063 1,080 1,400 7,121 8,000 1,013 6,646 1,361 894 1,200 5,803 1,350 7,000 5,582 1,320 1,311 6,000 765 1,000 4,843 4,306 1,2011,264 5,000 607 800 3,631 3,319 1,092 4,000 486 600 2,618 957 434 916 3,000 400 880 859 2,000 200 1,000 - - 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Transaction Volume Toll Revenue
Consistent growth in traffic demonstrates resilience of toll road industry Since 2016, Jasa Marga started to implement integration system in Jakarta – Cikampek, Cikampek – Palimanan, Palimanan – Kanci, Kanci – Robust estimated growth in car sales indicate batter economic growth is a Pejagan, Pejagan – Brebes. In 2017, integration system also accure in positive driver for the toll road industry Jagorawi and Jakarta – Tangerang toll road. Integration system caused different calculation in transaction volume and elimination of several toll gates. Source: Jasa Marga Note: Source: http://www.gaikindo.or.id (2) (1)Economic slow down in 2015; (2)GAIKINDO: Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries). 12 Projects and Operational Details Jasa Marga’s Toll Road Projects
Currently, Government accelerate infrastructure development to connect Indonesia. All of Jasa Marga’s toll road projects are part of Strategic National Project that being monitored intensively by Government.
Length Section Concession Period Completion Target Funding Structure (km)
Old Concession Equity - 13 Old Concession 2044 512.1 30% A. Fully Operated
1 Nusa Dua-Ngurah Rai-Benoa(1) 2057 10 2013 2 JORR W2 North (part of JORR) (2) 2044 7.7 2014 (6) 3 Surabaya-Mojokerto (part of Trans Java) 2049 36.3 2017 Bank Loan at B. Half Operated Subsidiary Level 4 Gempol-Pandaan 2049 13.6 2019 70% 5 Bogor Outer Ring Road 2054 11.95 2018 6 Semarang-Solo (part of Trans Java) 2055 72.6 2018 7 Gempol-Pasuruan (part of Trans Java) 2058 34.2 2019 8 Medan-Kualanamu-Tebing Tinggi 2054 61.7 2018 9 Ngawi-Kertosono-Kediri (part of Trans Java) 2066 114.92 2018 10 Solo-Ngawi (part of Trans Java) 2055 90.43 2018
C. In Land Acquisition and Construction Historical Capex 11 JORR2 (Cengkareng-Kunciran) 35 years from effective date 14.2 2019 11,691 12 JORR2 (Kunciran-Serpong) 35 years from effective date 11.2 2019 13 JORR2 (Serpong-Cinere) 35 years from effective date 10.1 2019 14 Batang-Semarang (part of Trans Java) 45 years from effective date 75 2019 7,382 15 Pandaan-Malang 35 years from effective date 37.6 2019 16 Balikpapan-Samarinda 40 years from effective date 99.4 2021 3,196 17 Manado-Bitung 40 years from effective date 39.9 2021 2,123 2,521 18 Jakarta-Cikampek II Elevated 45 years from effective date 36.4 2020 19 Jakarta-Cikampek II South 35 years from effective date 64 2021 20 Probolinggo-Banyuwangi 35 years from effective date 172.9 2022
TOTAL 1.527 2013 2014 2015 2016 2017
14 Jasa Marga’s Upcoming Projects: Greater Jakarta
6 projects Jakarta Cikampek II Elevated (36.40 km) Progress Construction: 36.67% Cengkareng – Kunciran (14.19 km) Progress Land Acquisition: 44.11% Progress Construction: 15.11%
Kunciran – Serpong (11.19 km) Progress Land Acquisition: 95.31% Progress Construction: 65.53%
Serpong – Cinere (10.14 km) Progress Land Acquisition: 62.22% Progress Construction: 25.42% Jakarta-Cikampek II Selatan (64 km)
Bogor Outer Ring Road (BORR) (11 km) (Section 2B Kd, Badak – Yasmin) Progress Land Acquisition: 100% Progress Construction: 100% Half Operated
In Land Acquisition and Construction
*As of 28 Junie 2018
15 Jasa Marga’s Upcoming Projects: Java
Semarang-Batang (75 km) Progress Construction: 80.97% 8 projects Progress Land Acquisition : 98.17% Semarang – Solo(73 km) Progress Construction (Salatiga-Kartasuro): 57.49% Progress Land Acquisition (Salatiga-Kartasuro): 100% Solo – Ngawi (90.43 km) Progress Construction : 92.85% Progress Land Acquisition: 97.77% Ngawi – Kertosono - Kediri (114.92 km) Progress Construction (Ngawi-Wilangan): 100% Progress Land Acquisition(Ngawi-Wilangan : 100%
Gempol – Pandaan (12 km)
Gempol – Pasuruan (34.2 km) Progress Construction (Pasuruan-Grati): 33.83% Progress Land Acquisition (Pasuruan-Grati): 89.46%
Probolinggo-Banyuwangi (172.91 km)
Pandaan – Malang (38.49 km) Progress Construction: 53.17% Progress Land Acquisition : 84.74%
Half Operated
In Land Acquisition and Construction
*As of 28 June 2018
16 Jasa Marga’s Upcoming Projects: Sumatera, Kalimantan, and Sulawesi
3 projects
MALUKU
SUMATRA SULAWESI
KALIMANTAN
Medan-Kualanamu-Tebing Tinggi (61.7 km) Balikpapan-Samarinda (99.35 km) Manado-Bitung (39.9 km) Progress Land Acquisition: 96.1% Progress Land Acquisition: 95.47% Progress Land Acquisition: 62.83% Progress Construction: 88.03% Progress Construction: 59.07% Progress Construction: 28.41%
Half Operated
In Land Acquisition and Construction *As of 28 June 2018 17 Appendix Financial Highlight: Balance Sheet (IDR Billion)
2013 2014 2015 2016 2017 1H2017 1H2018 ∆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 4,844.9 4,576.2 2,748.1 -5.5% Equivalent Other Current 274.2 255.0 405.8 8,840 12,114.0 12,492.5 8,906.5 3,273.9 -28.7% Assets Non Current Assets 24,270.3 28,314.2 32,995.9 40,535.3 60,326.2 48,474.6 73,992.6 19,670.4 52.6% TOTAL ASSETS 28,058.6 31,860.0 36,725.0 53,500.3 79,313.3 65,812.0 87,475.3 25,692.5 32.9% Current Liabilities 4,871.3 4,301.0 7,543.4 18,627.0 24,997.9 15,182.7 33,177.1 6,371.0 118.5%
Non Current 12,629.3 16,538.2 16,612.5 18,534.5 35,955.9 32,771.4 34,996.5 17,300.9 6.8% Liabilities
TOTAL LIABILITIES 17,500.6 20,839.2 24,356.3 37,161.5 60,953.8 47,954.1 68,173.7 23,671.9 42.2%
Equity 10,557.9 11,020.7 12,368.7 16,338.8 18,359.4 17,858.0 19,301.7 2,020.6 8.1%
TOTAL LIABILITIES 28,058.6 31,860.0 36,725.0 53,500.3 79,313.3 65,812.0 87,475.3 25,692.5 32.9% AND EQUITY
19 Financial Highlight: Income Statement (IDR Billion)
Stable Revenue growth with steady EBITDA to maintain stable net income growth during expansion 2013 2014 2015 2016 2017 1H2017 1H2018 ∆Rp ∆% Consolidated Financial Statement Restated Restated (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY) (Audited) (Audited) Toll Revenue 5,802.7 6,646.4 7,121.0 7,926.7 8,281.3 3,985.5 4,340.6 355.1 8.9% Other Business Revenue 508.2 581.4 509.7 905.7 640.4 543.3 449.1 (94.2) -17.3% REVENUE 6,310.9 7,227.8 7,630.7 8,832.3 8,921.7 4,528.8 4,789.7 260.9 5.8% Toll and Other Operating Expenses (3,231.3) (3,562.8) (3,562.8) (4,022.9) (3,772.1) (2,104.5) (1,999.2) 105.3 -5.0% General and Administrative (1,087.8) (884.8) (884.8) (949.0) (1,152.5) (506.9) (623.3) (116.4) 23.0% Expenses Financial Income 229.1 265.5 217.8 202.7 284.0 500.2 200.0 (300.2) -60.0% Gain on Divestment - - - - 563.5 - - - N/A Other Expenses (33.5) (20.3) (29.8) (99.0) (363.0) (75.3) (65.6) 9.8 -13.0% Tax expense of Financial Income - - 43.6 (40.6) (47.6) (24.5) (24.9) (0.4) 1.6% Other Income 22.7 22.0 98.7 195.0 55.9 35.7 27.3 (8.4) -23.6% OPERATING INCOME 2,259.2 3,072.7 3,477.7 4,165.5 4,648.1 2,408.2 2,397.9 (10.2) -0.4% Operating Income Margin 35.8% 42.5% 45.6% 47.2% 52.1% 53.2% 50.1% N/A -3.1% EBITDA 3,398.5 4,006.8 4,285.0 5,228.5 5,481.0 2,623.9 2,896.7 272.7 10.4% EBITDA Margin 53.9% 55.4% 56.2% 59.2% 61.4% 57.9% 60.5% N/A 2.5% Finance Cost (944.2) (1,215.3) (1,405.0) (1,509.0) (1,268.9) (970.3) (954.6) 15.8 -1.6% Share in Net Loss of Associates (4.3) (4.3) (4.3) (6.8) (128.8) (2.0) (112.7) (110.7) 5531.4% INCOME BEFORE TAX 1,310.6 1,850.7 2,068.3 2,649.7 3,250.5 1,435.8 1,330.6 -105.2 -7.3% Income Tax Expense (381.9) (613.7) (749.1) (846.6) (1,156.8) (475.6) (360.2) 115.4 -24.3% NET INCOME 1,027.7 1,421.7 1,466.4 1,889.3 2,200.3 1,016.1 1,045.6 29.5 2.9% Net Income Margin 16.3% 19.7% 19.2% 21.4% 24.7% 22.4% 21.8% N/A -0.6% 20 Toll Revenue by Branch/Subsidiary (IDR billion)
∆% CAGR Cabang/Anak Perusahaan 2013 2014 2015 2016 2017 1H2017 1H2018 1H17 vs. 1H18 2013-2017
1 Jagorawi 548.2 607.5 620.2 697.0 874.0 341.8 387.99 13.5% 12.4% 2 Jakarta-Cikampek 976.6 1,023.4 1,137.8 1,232.5 1,265.7 635.3 571.3 -10.1% 6.7% 3 Jakarta-Tangerang 408.0 467.1 507.5 580.7 755.7 331.6 379.8 14.5% 16.7% 4 Cawang-Tomang-Cengkareng 1,110.0 1,212.3 1,247.0 1,412.7 1,475 724.7 830.1 14.5% 7.4% 5 Purbaleunyi 1,017.4 1,175.9 1,197.5 1,350.6 1,299.0 624.8 673.6 7.8% 6.3% 6 Surabaya-Gempol 270.5 309.0 335.8 402.0 418.6 199.8 203.3 1.7% 11.5% 7 Semarang 104.8 106.5 113.2 136.6 138.9 67.4 68.2 1.2% 7.3% 8 Belmera 81.6 91.3 90.2 105.5 113.7 54.8 73.9 35.0% 8.7% 9 Palikanci 107.5 112.4 133.0 169.5 181.2 86.0 97.5 13.4% 14.0% PT Jalantol Lingkarluar 10 1,055.0 1,182.4 1,163.7 1,010.2 1,024.8 526.7 493.4 -6.3% -0.7% Jakarta TOTAL PARENT LEVEL 5,679.5 6,288.0 6,545.9 7,097.3 7,546.9 3,592.9 3,779.2 5.2% 7.4% 11 PT Marga Sarana Jabar 45.6 67.2 86.9 100.2 98.7 49.0 51.7 5.4% 21.3% PT Jasamarga Surabaya 12 17.6 18.8 20.1 36.0 50.5 22.0 139.2 533.8% 30.3% Mojokerto 13 PT Trans Marga Jateng* 36.5 107.3 129.5 152.8 57.7 80.3 - N/A 12.2% 14 PT Jasamarga Bali Tol 23.7 106.1 122.7 143.3 149.9 75.2 79.4 5.5% 58.7% 15 PT Marga Lingkar Jakarta - 59.0 188.0 337.3 276.5 133.0 129.4 -2.7% N/A 16 PT Jasamarga Pandaan Tol - - 27.8 59.7 68.1 32.8 41.0 25.0% N/A PT Jasamarga Gempol 17 - - - - 8.6 0.3 19.0 6177.5% N/A Pasuruan 18 PT Jasamarga Kualanamu Tol - - - - 24.2 - 71.0 N/A N/A
19 PT Jasamarga Solo Ngawi ------1.8 N/A N/A PT Jasamarga Ngawi 20 ------29.1 N/A N/A Kertosono Kediri TOTAL SUBSIDIARY LEVEL 123.2 358.4 575.1 829.3 734.4 392.6 561.4 43.0% 56.2% TOTAL 5,802.7 6,646.4 7,121.0 7,926.6 8,281.3 3,985.5 4,340.6 8.9% 9.3% Notes : *Jagorawi Toll Road is used for Future Revenue Back Securities ** Refer to Consolidated Financial Report as of September 30th 2017 page 18, in Semarang-Solo Toll Road has change to joint control 21 Transaction Volume by Section (Million vehicle transactions)
∆% CAGR 2013- No Branch/Subsidiary 2013 2014 2015 2016 2017 1H2017 1H2018 1H17 vs. 1H18 2017
1 Jagorawi3) 199.6 201.32 204.16 207.65 189.47 102.34 72.34 -29.31% -1.29% 2 Jakarta-Cikampek1) 202.2 206.13 215.00 221.75 205.48 104.31 92.22 -11.60% 0.40% 3 Jakarta-Tangerang4) 113.0 119.83 127.43 130.89 133.12 64.35 66.97 4.07% 4.18% 4 Cawang-Tomang-Cengkareng 283.1 282.81 284.66 294.90 300.81 146.72 146.15 -0.39% 1.53% 6 Purbaleunyi 63.9 66.35 66.25 67.49 68.79 33.83 33.73 -0.30% 1.86% 8 Surabaya-Gempol 81.7 82.87 89.56 97.66 100.97 48.87 47.54 -2.71% 5.44% 9 Semarang5) 48.9 48.12 50.41 51.76 52.62 25.60 23.65 -7.60% 1.87% 10 Belmera 24.0 25.39 24.79 25.75 27.88 13.74 13.63 -0.78% 3.77% 11 Palikanci2) 20.2 19.93 23.04 19.04 14.59 7.10 7.10 0.10% -7.79% 12 JORR Non S 146.7 151.60 90.71 95.76 98.26 47.67 46.06 -3.36% -9.54% 13 Ulujami-Pondok Aren 46.9 45.13 43.73 46.11 47.52 23.38 22.64 -3.16% 0.32% Total Parent 1,230.3 1,249.5 1,219.7 1,258.8 1,239.5 617.9 572.0 -7.42% 0.19% 14 PT Marga Sarana Jabar 12.5 13.68 15.34 16.49 15.79 7.86 7.92 0.75% 5.96%
15 PT Jasamarga Surabaya Mojokerto 11.3 12.05 13.02 15.36 17.14 8.19 12.33 50.46% 11.08%
16 PT Trans Marga Jateng6) 6.6 15.56 18.70 20.50 19.75 10.67 12.84 20.41% 31.63% 17 PT Jasamarga Bali Tol 3.3 14.31 16.54 17.46 18.20 9.18 9.03 -1.55% 53.42% 18 PT Marga Lingkar Jakarta - 14.49 24.71 26.90 30.50 14.65 15.47 5.54% n/a 19 PT Jasamarga Pandaan Tol - - 2.80 5.84 7.20 3.20 4.70 46.78% n/a
20 PT Jasamarga Gempol Pasuruan - - - - 0.71 0.05 1.41 2920.04% n/a
21 PT Jasamarga Kualanamu Tol - - - - 0.84 - 2.35 n/a n/a
22 PT Jasamarga Ngawi Kertosono Kediri ------1.12 n/a n/a
23 PT Jasamarga Solo Ngawi ------0.18 n/a n/a Total Subsidiary 33.6 70.09 91.11 102.54 110.13 43.13 54.50 26.36% 34.50% TOTAL 1,263.9 1,319.6 1,310.8 1,361.3 1,349.7 661.0 626.5 -5.22% 1.65% Note : 1) The changes in the traffic pattern and the impact from the removal of toll gates cikopo because of integration in cluster 1 (Cikampek,Padaleunyi,Cipularang,Cikopo- Palimanan) in 2016 2) There is changes in traffic record as the impact of removal gate Plumbon 3, Plumbon 4, and Ciperna Utama because of integration in Cluster II (Palimanan-Kanci, Kanci-Pejagan, Pejagan-Brebes Timur) in 2016 3) Transaction system changes from closed system to open system and the impact of removal of cibubur utama toll gate in 2017 4) Transaction system changes from closed system to open system and the impact of removal of karang tengah toll gate in 2017 5) Transaction system changes from closed system to open system and the impact of removal of tembalang, manyaran, gayamsari toll gate in 2018 6) Change to join control system 22 Disclaimer
By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have not been independently verified, and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Neither the company (including any of its affiliates, advisors and representatives) nor the underwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor for any loss howsoever arising from any use of this presentation. In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that future events will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected. This presentation is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated or quoted without the prior written consent of the company. Any investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer document issued in respect of such securities. Relaying copies of this presentation to other persons in your company or elsewhere is prohibited. 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. [email protected] www.jasamarga.com24