Jasa Marga Update Fy2015.pdf

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1

Table of Contents Jasa Marga in Brief

3

Predictable & Disciplined Assets Growth

17

Enhance Financial Cost Efficiency

25

Jasa Marga: Premiere Toll Road Operator & Investor

29

Jasa Marga’s New Projects

37

Forward Looking 2016

52

Photos

55

2

Jasa Marga in Brief 3

Company Background §  Established in 1978 as the sole toll road company in Indonesia which was authorized to develop and operate toll roads in Indonesia. §  Private toll road investment had to be authorized by Jasa Marga on behalf of the Government. §  Under the new Road Law (Law No. 38/2004) Jasa Marga is no longer the sole company granted by the Government, hence the private toll road investor has to deal directly with the Government.

4

Vision and Mission Based on Decision of the Directors No. 50/KPTS/2013 dated 01 March 2013 on the Vision, Mission and Corporate Values. 2017 Vision §  To become a leading company in the development and operation of toll roads in Indonesia. 2022 Vision §  To become one of the leading companies in Indonesia. Mission §  Accelerating Toll Road Development. §  Providing Efficient and Reliable Toll Roads. §  Enhancing the Efficiency in the Distribution of Goods and Services. 5

Regulatory Framework Current regulatory structure §  Jasa Marga has flexibility to invest in prospective toll road. §  Encourage more private participation in toll roads business – no limit on foreign ownership. §  Competitive bidding environment with strict financial closure requirements on winners. Government of Indonesia (“GOI”)

Ministry of StateOwned Enterprises (“MSOE”) 70% Ownership

Public

30% Ownership Since 12 Nov 2007

Granting & Supervising Toll Road concessions

Minister of Public Works

Indonesian Toll Road Authority (“BPJT”)

Concession Agreement

Directorate General of Highways

Ministry of Public Works (“MPW”)

Road Network Planning & Setting of Technical Specifications

Concession Agreement

Private Toll Road Investors Private Toll Road Investors Private Toll Road Investors

6

Improved Regulations Tariff

Land Acquisition

•  Initial toll tariff is calculated based on •  Land acquisition is Government’s investment feasibility, toll road user’s responsibility, is undertaken by Land ability to pay and vehicle operating National Agency cost saving. Investment feasibility is •  Price is determined by independent calculated based on estimated appraiser based on fair market price. investment cost and projected r e v e n u e d u r i n g t e r m o f t h e •  For some projects, Government takes over the land cost. 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.

7

7

The Substantiated Revolving Fund & Land Capping Program

Estimated

Bogor Outer Ring Road

Note: Graph is not developed in the original scale

Cost = Rp 57.5 billion (based on Concession Agreement) Rp 5.7 billion (10% of the estimated initial cost - land capping)

Realization

Cost = Rp 126.9 billion

Revolving + land capping Investor’s responsibility = Rp 63.2 billion, paid after land is 100% acquired and handed over to investor

Part of Government’s responsibility

Estimated

Semarang-Ungaran

Note: Graph is not developed in the original scale

Cost = Rp 225 billion (based on Concession Agreement) Rp 22.5 billion (10% of the estimated initial cost - land capping)

Realization

Cost = Rp 278.5 billion

Revolving + land capping Investor’s responsibility = Rp 247.5 billion, paid after land is 100% acquired and handed over to investor

Part of Government’s responsibility

8

Stages of Land Acquisition (Based on UU No. 2/2012)

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. 9

Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 37 years of experience. Start Operation

1978

1983

1984

Jagorawi

1986

SurabayaGempol (4)

Semarang Belmera

1987

1988

1990

Padaleunyi JakartaCikampek

Toll Road Concessions

1998

2001

2003

2009

2011

Cipularang

Palikanci

Ulujami-Pondok Bogor Outer Ring Road Aren BORR Jakarta Outer (Section 1)(2) Ring Road (JORR) Surabaya-Mojokerto (Section 1A)(2)

Jakarta-Tangerang Prof. Dr. Ir. Sedyatmo

1991

Jakarta Inner Ring Road (JIRR) (1)

2013

2014

2015

JORR W2 North (Section 1-4)(2)

BORR (Section 2 & 3)(2) Gempol-Pasuruan(2)

Semarang-Solo Semarang-Solo(2) (Section 2)(2) GempolPandaan(2) BORR (Section 2A)

Cengkareng-Kunciran(2)

(2)

Kunciran-Serpong(2)

Semarang-Solo (Section 1)(2)

Surabaya-Mojokerto Nusa Dua-Ngurah (2) Rai-Benoa Medan-Kualanamu-Tebing Tinggi(2) (2)

Solo-Ngawi(2) Ngawi-Kertosono(2) Cinere-Serpong(2) Number of Concessions

1

2

4

6

7

8

9

10

11

12

13

14

16

17

18

19

26

Total Length (km) under 986.81 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 Corresponding Concessions(3) 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.

10

The Largest Toll Road Operator in Indonesia Leading toll road operator in Indonesia with 37 years of experience. §  Manages and operates 590 km of toll roads in Indonesia – 63% share. §  Urban concentration in Jakarta metropolitan area – some of Indonesia’s busiest toll roads. §  Regional concentration in Java and Sumatera – most populated islands in Indonesia. Strait of Malacca

GREATER JAKARTA & WEST JAVA SUMATRA §  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: 43.10 km §  Cikampek-Padalarang: 58.50 km §  Padalarang-Cileunyi: 64.40 km

§  §  §  §  §  § 

:Operated before 2004

NORTH SUMATERA §  Belmera: 42.70 km §  Medan-Kualanamu-Tebing Tinggi: 61.70 km

Palikanci: 26.30 km Bogor Outer Ring Road: 11.00 km Cengkareng-Kunciran: 14.19 km Kunciran-Serpong: 11.19 km JORR W2 North: 7.70 km Cinere-Serpong: 10.24 km

: 13 new projects on the pipeline, operating in stage since 2009.

MALUKU

SULAWESI KALIMANTAN PAPUA

Java Sea Banda Sea JAVA BALI

CENTRAL JAVA Indian Ocean §  Semarang: 24.75 km §  Semarang-Solo: 72.64 km §  Solo-Ngawi: 90.1 km §  Ngawi-Kertosono: 87.02 km

Greater Jakarta: 275 km (47%)

EAST JAVA §  Surabaya-Gempol: 49.00 km §  Gempol-Pasuruan: 34.15 km Timor Sea §  Surabaya-Mojokerto: 36.27 km §  Gempol-Pandaan: 13.61 km

BALI §  Nusa Dua-Ngurah Rai-Benoa: 10.00 km

Non-Greater Jakarta: 315 km (53%) 11

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, SemarangSolo 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) and 35-year concessions for 3 acquired toll roads in 2015 (Solo-Ngawi, Ngawi-Kertosono and Cinere-Serpong).

Note: (1) Excluding JORR Section S

Concession years exhausted

12

Concession years remaining

12

Market Leader with High Quality Assets Jasa Marga operates most of the busiest toll roads in Indonesia. Average Daily Traffic Volume Transaction* (December 2015) ‘000 cars per day (80%)

Toll roads operated by Jasa Marga Toll roads operated by others

Notes(*): (1)  Average daily traffic volume is calculated by dividing traffic volume by 365 days. (2)  All data are based on traffic volume until 31 December 2015. (3)  When not available, data on other companies are based on the closest estimation of available data.

13

Ownership and Management of the “Jewels” of Indonesian Toll Road Sections Greater Jakarta Toll Road Network

Integrated toll road network in and around Greater Jakarta.

14

Toll Road Network in Java Island

15

Jasa Marga and Subsidiaries Jasa Marga has 13 Toll Road Business Subsidiaries and 4 Non-toll Road Business Subsidiries  

Public   30%  

The  Republic  of  Indonesia   70%  

PT  Jalantol   Lingkarluar   Jakarta   99%  

PT  Jasamarga   Pandaan  Tol   90.71  %  

PT  Trans  Marga   Jatim  Pasuruan   98.09  %  

PT  Marga  Sarana   Jabar   55.00%  

PT  Trans  Marga   Jateng   73.91%  

PT  Marga  Kunciran   Cengkareng   76.20%  

PT  Marga  Trans   Nusantara   60%  

PT  Jasamarga   Bali  Tol   55%  

PT  Marga  Lingkar   Jakarta   65%  

PT  Jasamarga   Kualanamu  Tol   55%  

PT  Marga   Nujyasumo  Agung   55%  

PT  Solo  Ngawi   Jaya   59.99%  

PT  Ngawi   Kertosono  Jaya   59.99%  

PT  Jasa  Layanan   Pemeliharaan   99.49%  

PT  Cinere   Serpong  Jaya   55%  

PT  Jasa  Layanan   Operasi   99.90%  

PT  Jasa  Marga   Properti   99.48%  

16

Predictable & Disciplined Assets Growth 17

Resilient Industry: Insensitive Traffic Volume 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 (thousand)

Direct impact of economic crisis

Source: GAIKINDO (2)

Traffic on Jasa Marga’s Toll Roads (million)

Direct impact of fuel price hike (1)

Source: Jasa Marga

Note: (1)  Fuel price increased significantly in October 2005 but the full impact in car sales was only felt in 2006. (2)  Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesian Automotive Industries).

18

Sustainable Growth in Daily Traffic Volume and Revenue Increase in average daily traffic volume supported by scheduled tariff adjustments lead to a constant increase in average daily revenue. Increasing Average Daily Revenue

Increasing Average Daily Traffic

Scheduled tariff adjustments

19

Interconnected Toll Roads Jakarta-Cikampek Traffic Volume (million vehicles)

Jakarta-Cikampek (83 km)

Milestone Description 2004Junction, Cikunir

connecting JORR & JakartaCikampek Toll Roads, starts to operate in Aug 2007

§  The interconnection between existing and younger toll roads boosts traffic volume on existing sections. §  After 20 years in operation since 1988, Jakarta-Cikampek Toll Road experience a significant increase in traffic volume as it is connected to JORR with the operation of Cikunir Junction. 20

Managing EBITDA Growth During High Expansive Period On the expansive period, Company is able to manage the EBITDA Growth. Total Asset Growth

(Rp trillion)

Toll Road Investment Growth (Rp trillion)

EBITDA Growth (Rp trillion)

21

Managing Interest Expenses During High Expansive Period To support investment funding during high expansive period, Company is still able to manage the interest expenses. Loan Growth

(Rp trillion)

Interest Expenses Growth

(Rp trillion)

22

Modernization Efforts – e-Toll Card Penetration in Greater Jakarta GT   Cengkareng  

(as of 31 Dec 2015)

Pluit 2 = 30.27% Jemb. 3 = 31.02%

GT  Kapuk   GT  

Kapuk   Kamal 4 = 33.64% Angke 1 = 33.64% Kamal 1 = 29.10%

GT  Tomang  

Meruya Utara 3 = 32.31%

Semanggi 1=100% Senayan = 30.56%

GT  Bekasi  Barat   GT  Cikunir   GT  Cikarang  Barat  

GT  Pondok  Ranji  

Pondok Ranji Sayap = 31.74%

GT  Cibubur  

Map of Jakarta Inner Ring Road 23

Ownership (as of 31 December 2015) The Republic of Indonesia 70%

Public 30%

Jasa Marga is listed at Indonesia Stock Exchange since November 12, 2007 (JSMR.IJ)

Public Ownership (30%) TOTAL SHARES: 6,800,000,000

42%  

MARKET CAPITALIZATION AT IDX: 32.81 IDR trillion

24

Enhance Financial Cost Efficiency 25

Financial Restructuring Progress

2006

2007

2008

2009 Bank

2010 SLA

Bond

2011

2012

2013*

2014*

2015*

Weighted Average Cost of Debt

Note: *) Consolidated

26

Strong Access to Domestic Bond Market • 

Rp 9.52 trillion bond issuance since 1983, Rp 3.66 trillion repaid, never defaulted.

• 

id AA

Company rated by Pefindo (Credit Rating Indonesia) dated 08 June 2015.

1983

1984

1985

1989

1987

t  Bond I Series A Rp 23.7 billion

t  Bond II/1 Series C Rp 20.0 billion

t  Bond III/2 Series F/2 Rp 30.0 billion

t  Bond V/1 Series H Rp 60.0 billion

t  Bond VI/2 Series K Rp 50.0 billion

t  Bond II/1 Series B Rp 40.0 billion

t  Bond II/2 Series D Rp 20.0 billion

t  Bond IV/1 Series G/1 Rp 40.0 billion

t  Bond V/2 Series I Rp 40,000 billion

t  Bond Revenue Index Stage I Rp 40.0 billion

t  Bond II/2 Series E Rp 20.0 billion t  Bond III/1 Series F/1 Rp 40.0 billion

1990 t  Bond VII Series L Rp 100.0 billion

2000

2002

1986 t  Bond IV/2 Series G/2 Rp 60.0 billion

2003

t  Bond IX Series N Rp 400.0 billion

t  Bond XI/1 Series P Rp 1.0 trillon

t  Bond X Series O Rp 650.0 billion

t  JORR I * Rp 274.3 billion

t  Bond VIII Series M Rp 150.0 billion

2010 t  Bond XIV Series JM-10 Rp 1 trillion; 9.35%

2010 t  Bond I Series JM-10 (zero coupon) Rp 500 billion

2013 t  Bond Continuous I Jasa Marga Stage I Year 2013 - Series S-A Rp 700 billion - Series S-B Rp 400 billion; 8.7% - Series S-C Rp 1 trillion; 8.9%

1988 t  Bond VI/1 Series J Rp 75.0 billion

2005

2006

t  JORR II * - Tranche A Rp 77 billion; 15.25% - Tranche B Rp 77 billion; 15.25% - Tranche C Rp 104 billion; 15.50%

2014

2014

t  Bond Continuous I Jasa Marga Stage II Year 2014 Series T Rp 1.0 trillion; 9.85%

t  Bond Continuous I Jasa Marga Stage I Year 2013 Series S-A Rp 700 billion

*) Non Listed

Bond status:

t  Bond Revenue Index Stage II Rp 30.0 billion

Matured

t  Bond XII Series Q Rp 1.0 trillion; 13.5%

2007 t  Bond XIII Series R Rp 1.5 trillion; 10.25%

Outstanding

27

Bond Maturity

*) Not Listed

28

Jasa Marga: Premier Toll Road Operator & Investor 29

Financial Highlights FY 2015

Indicator

FY2015 Compared to FY2014

1 Traffic Growth (million vehicles)

4,5%

1.319,6

1.379,6

2 Revenue*

5,57%

7.227,8

7.630,7

3 Operating Income

FY2014 (Rp billion)

FY2015 (Rp billion)

15,31%

2.805,2

3.234,6

4 EBITDA

6,94%

4.006,8

4.285,0

5 Net Income

3,14%

1.421,7

1.466,4

6 EBITDA Margin

0,72%

55,4%

56,2%

7 Operating Margin

3,58%

38,8%

42,4%

Note: *) Excluding Construction Revenues 30

Summary of Income Statements (billion Rupiah)

(FYE 31 Dec) REVENUE Operating Expenses (excluding D&A and Construction Expenses) EBITDA

Y2012

Y2013 Restated

Y2014 Restated

Y2015

∆Rp

∆%

(Audited)

(Audited)

(Audited)

(Audited)

(YoY)

(YoY)

6.310,9 *

7.227,8 *

7.630,7 *

5.725,2 *

(3.252,6)

(4.447,6)

(4.411,3)

(36,3)

-0,8%

3.502,3

3.398,5

4.006,8

4.285,0

278,2

6,9%

61,2%

Depreciation and Amortization

579,4 2.975,2

Operating Income Margin Interest Expenses Other Expenses INCOME BEFORE TAX Income Tax Expense NET INCOME Net Income Margin

5,6%

(2.545,1)

EBITDA Margin OPERATING INCOME

402,9

53,9%

55,4%

56,2%

N/A

1.066,5

843,2

738,2

(105,0)

-12,5%

2.259,2

2.805,2

3.234,6

429,4

15,3%

52,0%

35,8%

38,8%

42,4%

(916,1)

(944,2)

(1.215,3)

(1.405,0)

(59,7)

(33,5)

2.055,3 (519,4) 1.602,1 28,0%

1.310,6 (381,9) 1.027,7 16,3%

20,3

29,8

1.850,7

2.068,3

(613,7) 1.421,7 19,7%

(749,1) 1.466,4 19,2%

N/A 189,7 (9,5)

0,7%

3,6% 15,6% 46,9%

217,6

11,8%

135,5

22,1%

44,7

3,14%

N/A

-0,5%

* excluding Construction Revenues

31

Summary of Balance Sheets (billion Rupiah)

(FYE 31 Dec) Cash and Cash Equivalent

Y2012

Y2013 Restated

Y2014 Restated

2015

∆Rp

∆%

(Audited)

(Audited)

(Audited)

(Audited)

(YoY)

(YoY)

4.302,4

3.514,1

3.290,8

3.323,2

32,4

1,0%

214,9

274,2

255,0

405,8

150,8

59,1%

19.309,0

23.192,1

26.813,0

29.735,6

2.922,6

10,9%

927,2

1.084,1

1.501,1

3.260,3

1.759,2

117,2%

24.753,6

28.064,5

31.860,0

36.725,0

4.865,0

15,3%

ST Debts

4.475,2

2.989,7

2.379,3

5.244,3

2.865,0

120,4%

Other Current Liabilities

2.173,0

1.881,1

1.921,7

2.499,5

577,8

30,1%

LT Debts

7.292,9

11.200,6

14.186,23

13.695,5

(490,7)

-3,5%

21,4

22,2

22,2

0,8

(21,4)

-96,3%

1.003,3

1.781,5

2.329,8

2.916,2

586,4

25,2%

14.965,8

17.875,2

20.839,2

24.356,3

3.517,1

16,9%

9.787,8

10.189,3

11.020,7

12.368,7

1.347,9

12,2%

24.753,6

28.064,5

31.860,0

36.725,0

4.865,0

15,3%

Other Current Assets Non Current Assets Other Non-Current Assets TOTAL ASSETS

Joint Operations Liabilities Other Non-Current Liabilities TOTAL LIABILITIES Equity TOTAL LIABILITIES AND EQUITY

32

Traffic Volume by Section (million vehicle transactions)

33

Toll Revenue by Branch/Subsidiary (billion Rupiah)

Branch/Subsidiary

2012

2013

2014

2015

∆%

CAGR

2015 vs. 2014

2012-2015

1

Jagorawi

508,1

548,2

607,5

620,2

10,8%

6,9%

2

Jakarta-Cikampek

896,2

976,6

1.023,4

1.137,8

4,8%

8,3%

3

Jakarta-Tangerang

379,6

408,0

467,1

507,5

14,5%

10,2%

4

Cawang-Tomang-Cengkareng

1.063,6

1.110,0

1.212,3

1.247,0

9,2%

5,4%

5

Purbaleunyi

924,9

1.017,4

1.175,9

1.197,5

15,6%

9,0%

6

Surabaya-Gempol

240,8

270,5

309,0

335,8

14,3%

11,7%

7

Semarang

97,2

104,8

106,5

113,2

1,6%

5,2%

8

Belmera

73,2

81,6

91,3

90,2

12,0%

7,2%

9

Palikanci

100,5

107,5

112,4

133,0

4,6%

9,8%

1.215,7

1.055,0

1.182,4

1.163,7

12,1%

-1,4%

10

PT Jalantol Lingkarluar Jakarta

11

PT Marga Sarana Jabar

41,1

45,6

67,2

86,9

47,5%

28,4%

12

PT Marga Nujyasumo Agung

13,4

17,6

18,8

20,1

7,0%

14,5%

13

PT Trans Marga Jateng

27,5

36,5

107,3

129,5

194,0%

67,7%

14

PT Jasamarga Bali Tol

-

23,7

106,1

122,7

348,8%

N/A

15

PT Marga Lingkar Jakarta

-

-

59,0

188,0

N/A

N/A

16

PT Jasamarga Pandaan Tol

-

-

-

27,8

N/A

N/A

5.581,8

5.802,7

6.646,4

7.121,0

7,1%

8,5%

TOTAL

34

34

e-Toll Card Implementation Plan e-Toll Card was launched in 2009.

35

Modernization Efforts § 

Traffic Information

ü 

Installing CCTV and VMS (Variable Message Sign) to get information on traffic condition.

ü 

Providing real time 24/7 traffic information service from JMTIC – Jasa Marga Traffic Information Center for toll road users at 14080, http://www.jasamargalive.com and at http://m.jasamargalive.com (celullar phone).

ü 

Developing Facebook and Twitter accounts starting from April 2012. account @ptjasamarga

http://www.jasamargalive.com Twitter: @ptjasamarga http://m.jasamargalive.com

Facebook: PT Jasa Marga (Persero) Tbk. 36

Jasa Marga’s New Projects 37

Jasa Marga New Projects Jasa Marga’s New Toll Roads Expiration

Length (km)

Investment Cost (Rp trillion)

Jasa Marga Ownership

1.  Bogor Outer Ring Road (1)

2054

11.00

0.98

55%

2.  Semarang-Solo (part of Trans Java) (2)

2055

72.64

7.30

73.91%

3.  Gempol-Pasuruan (part of Trans Java)

45 years from effective date

34.15

2.77

97.02%

4.  JORR2 (Cengkareng-Kunciran)

35 years from effective date

14.19

3.51

76.20%

5.  JORR2 (Kunciran-Serpong)

35 years from effective date

11.19

2.62

60%

6.  JORR W2 North (road section of JORR) (5)

2044

7.70

2.15

65%

7.  Surabaya-Mojokerto (3)

2049

36.30

3.80

55%

8.  Gempol-Pandaan

37 years from effective date

13.61

1.47

89.17%

9.  Nusa Dua-Ngurah Rai-Benoa (4)

45 years from effective date

10.00

2.48

55%

10. Medan-Kualanamu-Tebing Tinggi

40 years from effective date

61.70

4.07

55%

11. Solo-Ngawi (part of Trans Java)

35 years from effective date

90.10

5.14

59.99%

12. Ngawi-Kertosono (part of Trans Java)

35 years from effective date

87.02

3.83

59.99%

13. Cinere-Serpong

35 years from effective date

10.24

2.2

55%

459.84

42.4

Concession/Section

TOTAL

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-Sepanjang (2.30 km) is operated since 05 September 2011. (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. 38

New Projects Timeline (as of December 2015)

39

New Projects Timeline (Continued) (as of December 2015)

Legend:

Land Acquisition (scheduled by GOI)

Construction

Functional & Operational Test by BPJT

Operation

40

New Projects Timeline (Continued) (as of December 2015)

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Nusa Dua-Ngurah Rai-Benoa Toll Road (Fully Operated)

Operated since 01 October 2013.

Average Daily Traffic (thousand vehicle transactions)

Investment Cost Efficiency Business Plan:

Rp 2.48 trillion

Realization:

Rp 1.71 trillion 42

JORR W2 North Toll Road (Fully Operated)

Stage 1: Kebun Jeruk-Cileduk (5.7 km) Operated since 04 January 2014 Stage 2: Cileduk-Ulujami (2.2 km) Operated since 22 July 2014

Investment Cost Efficiency Business Plan:

Rp 2.15 trillion

Realization:

Rp 1.89 trillion

Average Daily Traffic (thousand vehicle transactions)

43

Gempol-Pandaan Toll Road (Fully Operated)

Operated since 12 June 2015. Investment Cost Efficiency Business Plan:

Rp 1.47 trillion

Realization:

Rp 1.17 trillion

Average Daily Traffic (thousand vehicle transactions)

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Semarang-Solo Toll Road Stage I: Section 1: Semarang-Ungaran (10.8 km) is operated since 17 November 2011

Average Daily Traffic (thousand vehicle transactions)

Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014 Stage II (as of Dec 2015): Section 1: Bawen-Salatiga (17.5 km) Land acquisition: 98.21%; Construction: 16.32% Section 2: Salatiga-Boyolali (24.4 km) Land acquisition: 46.93% Section 3: Boyolali-Solo (7.64 km) Land acquisition: 40.48%

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Bogor Outer Ring Road (BORR) Toll Road 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 Average Daily Traffic (thousand vehicle transactions)

46

Surabaya-Mojokerto Toll Road As of Dec 2015:

Section 1: Waru-Sepanjang (2.3 km) is Land Acquisition 89.67%; Construction 57.08% operated since 05 September 2011 Section 1B: Sepanjang-WRR (4.3 km) Section 2: WRR-Driyorejo (5.1 km) Land Acquisition 64.29%

Average Daily Traffic (thousand vehicle transactions)

Section 3: Driyorejo-Kriyan (6.1 km) Land Acquisition 69.85% Section 4: Krian-Mojokerto (18.47 km) Land Acquisition 100%; Construction 94.65%

47

Gempol-Pasuruan Toll Road as of Dec 2015: Section 1: Gempol-Rembang (13.9 km) Land Acquisition 97.60%; Construction 85.80%

48

Medan-Kualanamu-Tebing Tinggi Toll Road

Belawan-Tanjung Morawa Toll Road

Belawan-Tanjung Morawa Toll Road

As of Dec 2015: Land Acquisition 83%; Section Tj.MorawaKualanamu: Construction: 35% Section PerbarakanLubuk Pakam: Construction: 15.66% 17.8 km

Length 61.7 km

43.9 km

Jasa Marga’s

Investment

Concession

Ownership

Cost

Period

55%

Rp 4.07 trillion

40 years

Notes : Constructed by Government (17.8 km) Constructed by Investor (43.9 km)

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Solo-Ngawi-Kertosono Toll Road TRANS JAVA TOLL ROAD SOLO-­‐NGAWI  (90.1  KM)   NGAWI-­‐KERTOSONO  (87.02  KM)  

Investor

As of Dec 2015

Section

Land Acquisition: 90.34% Construction: 3.31%

Land Acquisition: 92.25% Construction: 13.94%

Length

Jasa Marga’s Ownership

Investment Cost

Concession Period

Solo-Ngawi

90.1 km

60%

Rp 5.14 trillion

35 years

Ngawi-Kertosono

87.02 km

60%

Rp 3.83 trillion

35 years

Notes : Constructed by Government Constructed by Investor

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Cinere-Serpong Toll Road

Cinere-Serpong (10.24 km)

Length

10.24 km

Jasa Marga’s Ownership

55%

Investment Cost

Rp 2.2 trillion

Concession Period

35 years

51

Forward Looking 2016 52

Capital Expenditure Plan 2016 (billion Rupiah)

No. 1

Item Capex of Jasa Marga (Parent)

2015

2016 Plan

3.026,46

4.881,38

848,41

1.281,27

1.443,42

3.146,34

c. Other Business Investments

605,41

266,15

d. Investments in Non-Operational Supporting Facilities

129,22

187,61

2.383,75

11.345,83

a. Operational b. New Toll Road Development

2

Capex of Subsidiaries

3

Capex of Subsidiaries for Other Business

4

Equity Contribution to Subsidiaries Total Consolidated Capex

270,80

262,06

(1.522,48)

(2.593,41)

4.158,53

13.895,87 53

Forward Looking 2016 Thus, due to unpredictable market conditions yet with Jasa Marga stable and disciplined growth assets, management expects the Company to achieve the following financial targets in 2016: Financial & Operational Performance CAPEX (Rp) Revenue (Rp) (excluding Construction Revenue )

Traffic (vehicle transactions)

Financial Strength Total Assets (Rp)

2015 Audited 4,09 trillion

2016 Plan 13,89 trillion

∆(YoY) 239,94%

7,63 trillion

8,66

trillion

13,50%

1,38 billion

1,41

billion

2,25%

2015 Audited

2016 Plan

36,72

trillion

48,94

trillion

33,28%

Interest Coverage Ratio

3,03

times

2,61

times

-13,86%

Debt to Equity Ratio

2,02

times

2,43

times

20,30% 54

Photos 55

Toll Roads in Operation Cipularang

Prof. Dr. Ir. Sedyatmo (Airport)

Jakarta Outer Ring Road

Jagorawi

Belmera

Jakarta-Tangerang

Palikanci

Jakarta Inner Ring Road Jakarta-Cikampek

Semarang

Surabaya-Gempol

Padaleunyi

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Commitment to High Quality Service Jasa Marga Traffic Information Center

Multi-Purpose Vehicle

On Board Unit (OBU) e-Toll Pass

e-Toll Card

Automated Toll Booth 57

Awards 2014

Contact Center Service Excellence Award (CCSEA) 2015; 2nd Diamond Services Quality Award 2015; Indonesia Human Capital Award (IHCA) 2015; Indikator BUMN Award (IBA) 2015; Penghargaan atas dukungan dan partisipasi pada Konferensi Asia Afrika ke 60 Di Bandung; Obsession Awards 2015; Corporate Image Award 2015 Category Toll Road Infrastructure "The Best Building and Managing Corporate Image”; The 12th Rank of SWA 100 Indonesia Best (Overall) 2014; The 1st Rank Of SWA Indonesia Best Pu Category: Transportation; US $ 68 mil Brand Value & AA-Indonesia's Top 100 Most Valuable Brands 2015; GCG Award 2015 Indonesia Most Trusted Companies kategori Most Trusted Company Based on Corporate Governance Perception Index (CGPI); Social Business Innovation Award 2014 untuk kategori Infrastruktur; ASEAN Outstanding Engineering Achievement Award for Year 2015; Implementing ASEAN Corporate Governance Scorecard: A Road to ASEAN Capital Market Integration category The Best Non Finance; Implementing ASEAN Corporate Governance Scorecard: A Road to ASEAN Capital Market Integration category The Best Non Finance; Strategic Marketing (Kategori BRONZE); Good Governance Excellent Performance 2015; Best of Human Capital Initiative on Career Management 2015; TOP Infrastructure 2015 Award Winner on Toll Road, Port, Air Port 2015  

 

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Some of the statements in this document contain “forward looking” statements with respect to the financial conditions, results of operations and business, economic conditions, sectors conditions, traffic conditions, and related plans and objectives. These Statements do not directly or exclusively relate to historical facts and reflect the Company’s current intentions, plans, expectations, assumptions and belief about future events. The statements involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those in the statements as originally made. Such statements are not, and should not be construed as a representation to future performance of the Company. Readers are urged to view all forward looking statements contained herewith with caution.

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