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Jasa Marga Update FY 2016
1
List of Content
Company in Brief3
Toll Road Industry in Indonesia9
Jasa Marga’s Strategic Projects12
Funding Strategy18
Financial Highlights22
2
I COMPANY IN BRIEF
Proven Track Record in Indonesian Toll Road Business
Leading toll road operator in Indonesia with 38 years of experience.
JORR W2 North
(Section 1-4)(2)
Semarang
Padaleunyi
Prof. Dr. Ir.
Sedyatmo
Cipularang
Jakarta Outer
Ring Road
(JORR)
Belmera
Jagorawi
Jakarta Inner
Ring Road (JIRR) (1)
Jakarta-
CikampekUlujami-
Pondok Aren Semarang-
Solo(2)
Palikanci
Start
Operation
Toll Road
Concessions
Number of
Concessions
Total Length (km)
under
Corresponding
Concessions(3)
Jakarta-Tangerang
Surabaya-
Gempol (4)Gempol-
Pasuruan(2)
BORR
(Section 2 & 3)(2)
31
1.260
Cengkareng-
Kunciran(2)
Kunciran-Serpong(2)
Surabaya-Mojokerto(2)
Bogor Outer
Ring Road
BORR
(Section 1)(2)
Surabaya-Mojokerto
(Section 1A)(2)
Semarang-Solo
(Section 1)(2)
1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014
BORR
(Section 2A)(2)
1 2 4 6 7 8 9 10 11 12 13 14 16 17 18
59 84 131 223 246 329 394 437 463 469 527 531 544 554 576
Nusa Dua-Ngurah
Rai-Benoa(2)
Solo-Ngawi(2)
Ngawi-Kertosono(2)
Cinere-Serpong(2)
Medan-Kualanamu-
Tebing Tinggi(2)
2015
Semarang-Solo
(Section 2)(2)
19
590
Gempol-
Pandaan(2)
2016
Surabaya-
Mojokerto
(Section 4)(2)
19
593
Semarang-Batang(2)
Pandaan-Malang(2)
Balikpapan-Samarinda(2)
Manado-Bitung(2)
Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP.
(2) Jasa Marga’s newly acquired toll road concessions.
(3) The cumulative length of road represents the current total road length that corresponds to key toll road concessions in this table, not to the year where the concession started.
(4) Porong-Gempol Section (5 km) within Surabaya-Gempol Toll Road has officially been closed due to force majeure (mud) since 2006.
Jakarta-Cikampek II Elevated(2)
4
Asian Longest Toll Road Concessions
Granted all 13 concessions for operating toll roads for a 40-year period in 2005(1).
Executed 45-year concessions for 3 new toll roads in 2006 (Bogor Outer Ring Road, Semarang-Solo and Gempol-Pasuruan); 35-year concessions for 2 new toll roads in 2008 and 2009 (Cengkareng-Kunciran and Kunciran Serpong); 42-year concessions for 1 acquired toll roads in 2009 (Surabaya-Mojokerto) and 37-year concessions in 2011 (Gempol-Pandaan); 45-year concessions for 1 new toll road in 2011 (Nusa Dua-Ngurah Rai-Benoa); 40-year concessions for 1 new toll road in 2014 (Medan-Kualanamu-Tebing Tinggi), 35-year concessions for 3 acquired toll roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong), 4 new toll road in 2016 with 45-year concessions (Batang-Semarang and Jakarta-Cikampek II Elevated), 35-year concessions (Pandaan-Malang) and 40-year concession (Balikpapan-Samarinda and Manado-Bitung).
Concession years remainingConcession years exhausted 5
Company Structure
Private Toll Road InvestorsPrivate Toll Road Investors
Government
of Indonesia(“GOI”)
Directorate General
of Highways
Ministry of State-
Owned Enterprises
(“MSOE”)
Minister of
Public Works
Indonesian Toll Road
Authority (“BPJT”)
Road Network
Planning &
Setting of
Technical
Specifications
Private Toll Road Investors
Concession Agreement
Concession
Agreement
Ministry of
Public Works
(“MPW”)
70%
Ownership
Public
30% Ownership
Since 12 Nov
2007
Granting &
Supervising Toll
Road concessions
Government
70%
Foreign
15%
Individual
4%
Domestic
Institution
8%
Mutual
Fund
3%
Regulatory FrameworkShareholding Structure
6
Java Sea
Timor Sea
Strait of Malacca
Banda Sea
Indian Ocean
SULAWESI
PAPUA
KALIMANTAN
MALUKUSUMATRA
CENTRAL JAVA
Semarang: 24.75 km
Semarang-Solo: 72.64 km
Solo-Ngawi: 90.1 km
Ngawi-Kertosono: 87.02 km
Semarang-Batang: 75 km
EAST JAVA
Surabaya-Gempol: 49.00 km
Gempol-Pandaan: 13.61 km
Gempol-Pasuruan: 34.15 km
Surabaya-Mojokerto: 36.27 km
Pandaan-Malang: 37.62 km
NORTH SUMATERA
Belmera: 42.70 km
Medan-Kualanamu-Tebing Tinggi: 61.70 km
GREATER JAKARTA & WEST JAVA
Jagorawi: 59.00 km
Jakarta-Tangerang: 33.00 km
Ulujami-Pondok Aren: 5.55 km
Jakarta Inner Ring Road: 23.55 km
Prof. Dr. Ir. Sedyatmo: 14.30 km
Jakarta-Cikampek: 83.00 km
JORR: 28.3 km
Cikampek-Padalarang: 58.50 km
Padalarang-Cileunyi: 64.40 km
Palikanci: 26.30 km
JORR W2 North: 7.70 km
Bogor Outer Ring Road: 11.00 km
Cengkareng-Kunciran: 14.19 km
Kunciran-Serpong: 11.19 km
Cinere-Serpong: 10.14 km
Jakarta-Cikampek II Elevated: 36.4 km
JAVA
BALI
BALI
Nusa Dua-Ngurah Rai-Benoa: 10.00 km
: in Operation
: in land acquisition
and construction
EAST KALIMANTAN
Balikpapan-Samarinda: 99.35 km
NORTH SULAWESI
Manado-Bitung: 39.9 km
The Largest Toll Road Operator in Indonesia
738 738 799 987
1,260
2012 2013 2014 2015 2016
Concession Rights (km) MARKET SHARE
61%593 km Toll Road in
Operation
80%Transactions volume 7
17.8% 17.0%15.5%
12.7%
8.8%
Caw
ang-
Tom
ang-
Cen
gkar
en
g
Pu
rbal
eun
yi
Jaka
rta-
Cik
amp
ek
PT
Jala
nto
lLi
ngk
arlu
ar J
akar
ta
Jago
raw
i
Revenue
452 534
739
839
1,036
156 176 198 216 234
2012 2013 2014 2015 2016
Toll Revenue
Transaction
5,130 5,268 5,907
6,282 6,891
1,045 1,088 1,121 1,095 1,127
2012 2013 2014 2015 2016
Toll Revenue
Transaction
Transaction Volume and Toll Revenues 2011-2016
GREATER JAKARTA AND WEST JAVA
NON GREATER JAKARTA AND WEST JAVA
TOP 5 Contributor 2016
21.7%
16.3% 15.3%
10.4% 9.6%
Ca
wa
ng
-T
om
an
g-
Ce
ng
ka
ren
g
Jak
art
a-
Cik
am
pe
k
Jag
ora
wi
Jak
art
a O
ute
rR
ing
Ro
ad
Jak
art
a-
Ta
ng
era
ng
Traffic
8
II TOLL ROAD INDUSTRY IN INDONESIA
Toll Road Development Target in Indonesia
Government’s Priority Program
Indonesia population will be grow rapidly
Car sales increase
No connectivity
Factor of Development
10
The new land acquisition law carries the following main points:• Fair price is determined through
independent appraisal.• Land owner may choose to reject
through court, yet court has to decide in 30 days (final).
• After transaction process (normal) or by court verdict, project can commence.
• Re-settlement is also an option.• The Government should carry out
socialization far in advance (transparent).
• BPN (National Land Agency) is the only body responsible for land acquisition for public interests.
Initial toll tariff is calculated based on investment feasibility, toll road user’s ability to pay and vehicle operating cost saving. Investmentfeasibility 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.
Tariff
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.
Regulation
Land Acquisition
11
III JASA MARGA’S PROJECT
Jasa Marga’s New Projectsas of 31 March 2017
Notes: (1) Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04
June 2014.
(2) Section 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014.
(3) Section 1A: Waru-SeLength (2.30 km) is operated since 05 September 2011, Section 4: Kriyan-Mojokerto is operated since 19 March 2016
(4) Operated since 01 October 2013.
(5) Section Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; Section Cileduk-Ulujami (2.00 km) is operated since 22 July 2014.
(6) Section Gempol-Pandaan (13.61 km) is operated since 12 June 2015.
(7) Gempol-Pasuruan: Section Bangil-Rembang (7 km) is operated since 13 April 2017.
Section Concession PeriodLength Investment Cost JSMR Ownership
(%)(km) (Rp trillion)
A. Fully Operated
1 Nusa Dua-Ngurah Rai-Benoa (4) 2057 10 2.01 55.0%
2 JORR W2 North (part of JORR) (5) 2044 7.7 2.01 65.0%
B. Half Operated
3 Gempol-Pandaan(6) 2049 13.61 1.31 92.2%
4 Bogor Outer Ring Road (1) 2054 11 4 55.0%
5 Semarang-Solo (part of Trans Java) (2) 2055 72.6 7.3 73.9%
6 Surabaya-Mojokerto (part of Trans Java) (3) 2049 36.3 4.03 55.0%
7 Gempol-Pasuruan (part of Trans Java) (7) 2058 34.15 4.17 98.8%
C. In Land Acquisition and Construction
8 JORR2 (Cengkareng-Kunciran) 35 years form effective date 14.19 4.98 76.2%
9 JORR2 (Kunciran-Serpong) 35 years form effective date 11.19 2.86 60.0%
10 Medan-Kualanamu-Tebing Tinggi 40 years form effective date 61.7 4.71 55.0%
11 Solo-Ngawi (part of Trans Java) 35 years form effective date 90.1 9.21 60.0%
12 Ngawi-Kertosono (part of Trans Java) 35 years form effective date 87.02 7.05 60.0%
13 JORR2 (Serpong-Cinere) 35 years form effective date 10.14 2.57 55.0%
14 Batang-Semarang (part of Trans Java) 45 years form effective date 75 11.04 60.0%
15 Pandaan-Malang 35 years form effective date 37.62 5.97 60.0%
16 Balikpapan-Samarinda 40 years form effective date 99.35 9.97 55.0%
17 Manado-Bitung 40 years form effective date 39.9 5.12 65.0%
18 Jakarta-Cikampek II Elevated 45 years form effective date 36.4 16.23 80.0%
TOTAL 747.97 104.54
13
Project LengthJasa MargaOwnership
Investment Cost Concession PeriodLand AcquisitionAs of 31 Des 2016
ConstructionAs of 31 Des 2016
Bogor Outer Ring Road 11 km 55% Rp 4.00 trillion 2054 Section 2B Kd. Badak-Yasmin: 72% -
Cinere-Serpong 10.14 km 55% Rp 2.57 trillion35 years from effective
dateSection 1 Serpong-Pamulang:
30.40%-
Kunciran-Serpong 11.19 km 60% Rp 2.86 trillion35 years from effective
date71.25% -
Cengkareng-Kunciran 14.19 km 76.2% Rp 4.98 trillion35 years from effective
date23.06% -
Jakarta-Cikampek II Elevated 36.4 km 80% Rp 16.23 trillion45 years from effective
date- -
Toll Road Network and Jasa Marga’s Project in Greater Jakarta
Cinere-Serpong(10.14 km)
Serpong-Kunciran(11.19 km)
Kunciran-Serpong(10.14 km)
BORR(11 km)
Jakarta Cikampek IIElevated(36.4 km)
14
Toll Road Network and Jasa Marga’s Project in Java
15
Toll Road Network and Jasa Marga’s Project in Java
Project LengthJasa MargaOwnership
Investment Cost
Concession Period SectionLand AcquisitionAs of 31 Des 2016
ConstructionAs 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 Timur-Weleri (36.35 km) Section 3 Weleri-Kendal (11.05 km) Section 4 Kendal-Kaliwungu (13.50 km)Section 5 Kaliwungu-Krapyak (10.9 km)
100%94.09% 46.11% 33.27%75.54%
8.62%8.62%7.52%
10.05%10.05%
Semarang-Solo72.64
km73.91% Rp 7.3 trillion 2055
Section 3: Bawen-Salatiga (17.5 km)Section 4: Salatiga-Boyolali (24.4 km)Section 5: Boyolali-Solo (7.64 km)
100%; 99,97%
100%
Section 3:Package 3.1: 71.91%Package 3.2: 85.35%Package 3.3 B: 100%Package 3.3 D 72.58%
Solo-Ngawi 90.1 km 59.99%Rp 5.14 trillion
35 years from effective date
Section I : Solo-Mantingan (35.15 km)Section II : Mantingan - Ngawi (34.2 km)Section III : Salatiga - Kartasuro (29.02 km)
91.74%91.45%95.59%
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 2049Section 1B: Sepanjang-WRR (4.3 km)Section 2: WRR-Driyorejo (5.1 km)Section 3: Driyorejo-Kriyan (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 : Malang-Pakis II (3.10 km)Section II : Pakis II – Pakis I (4.10 km)Section III : Pakis I - Lawang (7.5 km)Section IV : Lawang-Purwodadi (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: Gempol-Rembang (13.9 km) Section 2: Rembang-Pasuruan (6.6 km) Section 3: Pasuruan-Grati (13.65 km)
98.59% 88.63%27.64%
92.71%--
16
Toll Road Projects in Sumatera, Kalimantan and Sulawesi
Project LengthJasa Marga Investment
CostConcession Period
SectionLand AcquisitionAs of 31 Des 2016
ConstructionOwnership
Medan Kualanamu
Tebing Tinggi61.7 km 55%
Rp 4.71 trillion
40 years from
effective date
• Tj. Morowa-Parbarakan-Kualanamu (17.8 km)• Parbarakan-Lubuk Pakam (4.85 km)• Lubuk Pakam-Adolina• Adolina-Perbaungan• Perbaungan-Teluk Mengkudu• Teluk Mengkudu-Sei Rampah• Sei Rampah-Tebing Tinggi
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
• Balikpapan-Samboja (22 km)• Samboja-Muarajawa (31 km)• Muarajawa-Palaran (17.3 km)• Palaran-Samarinda (18 km)• Sepinggan-Km 13 Balikpapan (11.1 km)
95.16%95.69%93.49%46.81%62.12%
section 2, 3, 4 : 2.09%
Manado-Bitung 39.9 km 65%Rp 5.12 trillion
40 years from
effective date
• Ring Road Manado-Sukur (7.9 km)• Sukur-Airmadidi (7 km)• Airmadidi-Bitung (25 km)
93%36.88%0.89%
---
Java Sea
Strait of Malacca
SULAWESI
KALIMANTAN
MALUKUSUMATRA
NORTH SUMATERA
Medan-Kualanamu-Tebing Tinggi: 61.70 km
EAST KALIMANTAN
Balikpapan-Samarinda: 99.35 km
NORTH SULAWESI
Manado-Bitung: 39.9 km
17
III FUNDING STRATEGY
Manage rest area and property on the toll road coridor
To give maintenance services for Jasa Marga and other toll road investor
To give operation services for Jasa Marga and other toll road investor
Other Business Developmet
Toll Operation Services
Maintenance Services
Property
7.12193%
5107%
Toll Revenue Other Business
7.92790%
90610%
77.7%
(Rp billion)
2015 2016
510
906
2015 2016
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
Bond/Sukuk
• Divestment stock ownership in Kebon Jeruk-Penjaringan Toll Road (PT Jakarta Lingkar Barat Satu) up to 19,1%
• Divestment stock ownership in Semarang-SoloToll Road (PT Trans Marga Jateng) minimum 55% from 73,91%
Divestment
• Asset Securitization planned at mature section and targeted Rp 1-3 trillion
• Current Status : Legal and Accounting Study
Asset Securitization
• 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
Trans JawaSubholding
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
6,311 7,228 7,631
8,832
-
5,000
10,000
2013 2014 2015 2016
Revenue
5,803 6,646 7,121
7,926
-
2,000
4,000
6,000
8,000
10,000
2013 2014 2015 2016
Toll Revenue
508 581
510
906
-
500
1,000
2013 2014 2015 2016
Other Business Revenue
2,259 3,073 3,478
4,166
-
2,000
4,000
6,000
2013 2014 2015 2016
Operating Income
(Rp billion)
EBITDA Margin
Operating Margin
Net Income Margin
3,399 4,007 4,285
5,228
-
2,000
4,000
6,000
2013 2014 2015 2016
54%55%
56%
59%
50%
52%
54%
56%
58%
60%
2013 2014 2015 2016
EBITDA
16%20% 19% 21%
0%
10%
20%
30%
2013 2014 2015 2016
36%43% 46% 47%
0%
20%
40%
60%
2013 2014 2015 2016
24
Summary of Income Statements(billion Rupiah)
(FYE 31 Dec)
Y2013
Restated
(Audited)
Y2014
Restated
(Audited)
Y2015
(Audited)
Y2016
(Audited)
∆Rp
(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 AdministrativeExpenses (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 TaxExpense (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)
∆Rp
(YoY)
∆%
(YoY)
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 CurrentAssets 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%
26
Traffic Volume by Section(million vehicle transactions)
Section Branch/Subsidiary 2012 2013 2014 2015 2016∆%
FY16
vs.FY15
CAGR 2012-2016
1 Jagorawi Jagorawi 189.9 199.6 201.3 204.2 207.7 1.7% 2.3%
2 Jakarta-Cikampek Jakarta-Cikampek 194.9 202.2 206.1 215.0 221.7 3.1% 3.3%
3 Jakarta-Tangerang Jakarta-Tangerang 107.9 113.0 119.8 127.4 130.9 2.7% 5.0%
4 Prof. Dr. Ir. SedyatmoCawang-Tomang-Cengkareng
72.1 74.8 76.4 76.2 79.6 4.6% 2.5%
5 Jakarta Inner Ring Road 205.4 208.3 206.4 208.5 215.3 3.2% 1.2%
6 PadaleunyiPurbaleunyi
55.0 58.0 60.0 60.0 61.0 1.7% 2.6%
7 Cipularang 5.3 5.9 6.3 6.3 6.5 3.8% 5.0%
8 Surabaya-Gempol Surabaya-Gempol 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 PT Jalantol Lingkarluar Jakarta
76.1 79.6 84.5 90.7 95.8 5.6% 5.9%
13 Ulujami-Pondok 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 Surabaya-Mojokerto PT Marga Nujyasumo Agung 8.6 11.3 12.1 13.0 15.4 18.0% 15.5%
16 Semarang-Solo PT Trans Marga Jateng 5.0 6.6 15.6 18.7 20.5 9.6% 42.6%
17 Nusa Dua-Ngurah Rai-Benoa 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 Gempol-Pandaan 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 2012-2016
1 Jagorawi 508.1 548.2 607.5 620.2 697.0 12.4% 8.2%
2 Jakarta-Cikampek 896.2 976.6 1,023.4 1,137.8 1,232.5 8.3% 8.3%
3 Jakarta-Tangerang 379.6 408.0 467.1 507.5 580.7 14.4% 11.2%
4 Cawang-Tomang-Cengkareng 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 Surabaya-Gempol 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
e-Toll Card Implementation Plan
On 21 March 2016, e-Toll payment was applicable for all SOE Bank cards in JORR, Jakarta-Tangerang and BORR.
No. Toll Road Section 2009 2010 2011 2012 2013 2014 2015 2016
1Cawang-Tomang-Pluit
(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 Jakarta-Cikampek 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 Surabaya-Gempol 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 Jakarta-Tangerang 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 Semarang-Bawen 2.44% 12.82% 20.12%
14 Nusa Dua-Ngurah Rai-Benoa 2.93% 1.95% 3.91% 9.86%
15 JORR W2 North 30.99%
TOTAL 2.42% 5.55% 5.17% 9.25% 10.92% 11.57% 15.61% 24.20%
29
Toll Road Operation Plan 2017
Medan-Kulanamu-Tebing TinggiSection Perbarakan - Sei Rampah
Jalan Tol Semarang-SoloSection Bawen - Salatiga
Solo-Ngawi
Ngawi - KertosonoSection Ngawi - Saradan
Surabaya - MojekertoSection Sepanjang - Krian
Gempol - Pasuruan
210 KmNew Operation
Toll Road
25.0 KM
30
Capital Expenditure Plan 2017(billion Rupiah)
No. Item 20162017
Plan
1 Capex of Jasa Marga (Parent)2,975.6 8,261.8
a. Operational1,139.2 2,161.2
b. New Toll Road Development1,287.8 4,375.1
c. Other Business Investments416.5 1,486.6
d. Investments in Non-Operational Supporting Facilities132.1 238.9
2 Capex of Subsidiaries7,985.9 14,189.4
3 Capex of Subsidiaries for Other Business243.8 1,15.2
4 Equity Contribution to Subsidiaries(1,628.4) (3,912.3)
Total Consolidated Capex9,577.0 19,554.2
31
Forward Looking 2017
*There are changes in operating system and the integration system of transactions
Financial & Operational Performance 2016 Audited 2017 Plan ∆(YoY)
CAPEX (Rp) 9,577.0 19,554.2* 104%
Revenue (Rp)
(excluding construction revenue) 8,832.3 10,286.5 16%
Traffic
(billion vehicle transactions)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%
(billion Rupiah)
32
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