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7/25/2019 IABW Infra Reynaldi-Hermasnyah
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INDONESIAS TOLL ROAD DEVELOPMENT
Indonesia Australia Business Week
Jakarta, 18 November 2015
Reynaldi Hermansjah
CFO PT Jasa Marga (Persero) Tbk.
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Disclaimer
By attending this presentation, you are agreeing to be bound by the restrictions set out below. Any failure tocomply 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 strictlyconfidential. The information and opinions contained in this presentation have not been independently verified, and norepresentation 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 maynot 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. Theinformation and opinions contained in this presentation are provided as at the date of this presentation and are subject tochange 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 liabilitywhatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any informationor 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 reflectthe company's current views with respect to future events and financial performance. These views are based on a numberof estimates and current assumptions which are subject to business, economic and competitive uncertainties andcontingencies as well as various risks and these may change over time and in many cases are outside the control of thecompany and its directors. No assurance can be given that future events will occur, that projections will be achieved, or thatthe 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 orsubscribe 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 thecompany.
Any investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offerdocument issued in respect of such securities.
Relaying copies of this presentation to other persons in your company or elsewhere is prohibited.
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No Projects Baseline
2014
Objective
2019
1. Seaport (number of port) 278 302
2. Electricity Supply (GW) 50.7 85.73. National Road (km) 1,202 3,852
4. Toll Road (km) 807 1,807
5. Railways (km) 5,434 8,692
6. Airport (number of port) 237 252
National Development Mid-term Plan (2015-2019)
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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.
3
30%
Ownership
Since 12
Nov 2007 Private Toll Road Investors
Private Toll Road Investors
Government
of Indonesia(GOI)
Directorate Generalof
Highways
Ministry of State-
Owned Enterprises
(MSOE)
Minister of
Public Works
Indonesian Toll RoadAuthority
(BPJT)
Road NetworkPlanning & Setting
of Technical
Specifications
Granting &Supervising Toll
Road concessions
Private Toll Road Investors
Concession Agreement
Concession
Agreement
Ministry of Public
Works (MPW)
70%
Ownership
Public
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Improved Regulations
44
Tariff Land Acquisition
Initial toll tariff is calculated based on
investment feasibility, toll roadusers
ability to pay and vehicle operating
cost saving. Investment feasibility is
calculated based on estimated
investment cost and projectedrevenue 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.
Land acquisition is Governments
responsibility, is undertaken by land
procurement committee appointed by
the Government.
Price is determined by independent
appraiser based on fair market price.Government provides a revolving
fund to acquire land in advance. Land
cost and availability is secured,
because investor should repay land
cost only after land is fully acquired.
Government guarantees maximum
land price to be compensated by the
investor (land capping scheme).
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Stages of Land Acquisition (Based on UU No. 2/2012)
5
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 decided 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.
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Implementation of Viability Gap Funding (VGF) from the
Government
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Belawan-Tanjung Morawa
Toll Road
17.8 km 43.9 km
LengthInvestment
Cost
61.7 km Rp 4.07 trillion
Notes :
Constructed by Government
Constructed by Investor
Medan-Kualanamu-Tebing Tinggi Toll Road
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SOLO-NGAWI (90.1 KM)
NGAWI-KERTOSONO (87.02 KM)
Land
Acquisition:
96%
Construction:
40%
Notes :
Constructed by Government
Constructed by Investor
Investor
Implementation of Viability Gap Funding (VGF) from the
Government
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Section LengthInvestment
Cost
Solo-Ngawi 90.1 km Rp 5.14 trillion
Ngawi-Kertosono 87.02 km Rp 3.83 trillion
TRANS JAVA TOLL ROAD
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Toll Road Operator in Indonesia with 37 Years of Experience
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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) JasaMargasnewly 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.
Semarang
Padaleunyi
Prof. Dr. Ir.
Sedyatmo
Cipularang
Jakarta Outer
Ring Road
(JORR)
Belmera
Jagorawi
Jakarta Inner
Ring Road(JIRR) (1)
Jakarta-
Cikampek Ulujami-Pondok
Aren
Palikanci
Start
Operation
Toll RoadConcessions
Number of
Concessions
Total Length (km)
under
Corresponding
Concessions(3)
Jakarta-Tangerang
Surabaya-
Gempol (4)
BORR
(Section 2 & 3)(2)
26
986.81
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
JORR W2 North
(Section 1-4)(2)
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)
2015
Semarang-Solo
(Section 2)(2)
19
590
Gempol-
Pandaan(2)
Medan-Kualanamu-Tebing Tinggi(2)
Cengkareng-Kunciran(2)
Kunciran-Serpong(2)
Surabaya-Mojokerto(2)
Semarang-
Solo(2)
Gempol-
Pasuruan(2)
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The Largest Toll Road Operator in Indonesia
Manages and operates 590 km of toll roads in Indonesia63% share.
Urban concentration in Jakarta metropolitan areasome ofIndonesiasbusiest toll roads.
Regional concentration in Java and Sumateramost populated islands in Indonesia.
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Java Sea
Timor Sea
Strait of
Malacca
Banda Sea
Indian Ocean
SULAWESI
PAPUA
KALIMANTAN
MALUKU
SUMATRA
CENTRAL JAVA
Semarang: 24.75 km
Semarang-Solo: 72.64 km
Solo-Ngawi: 90.1 km
Ngawi-Kertosono: 87.02 km
EAST JAVA
Surabaya-Gempol: 49.00 km
Gempol-Pasuruan: 34.15 km Surabaya-Mojokerto: 36.27 km
Gempol-Pandaan: 13.61 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: 43.10 km
Cikampek-Padalarang: 58.50 km
Padalarang-Cileunyi: 64.40 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
JAVA
BALI
BALI
Nusa Dua-Ngurah Rai-Benoa: 10.00 km
:Operated before 2004 : 13 new projects on
the pipeline,
operating in stage
since 2009.
Greater Jakarta: 275 km (47%) Non-Greater Jakarta: 315 km (53%)
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Jasa Marga New Projects
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Jasa Margas New Toll Roads
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.
Concession/Section Expiration Length(km)
Investment Cost(Rp trillion)
Jasa MargaOwnership
1. Bogor Outer Ring Road (1) 2054 11.00 0.98 55%
2. Semarang-Solo (part of Trans Java) (2) 2055 72.64 6.21 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 3.22 55%
8. Gempol-Pandaan 35 years from effective date 13.61 1.17 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%
TOTAL 459.84 40.35
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Greater Jakarta Toll Road Network
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Integrated toll road network
in and around Greater
Jakarta.
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Toll Road Network in Java Island
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Indonesias Toll Road Traffic Volume
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Jasa Marga operates most of the busiest toll roads in Indonesia.
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 2014.
(3) When not available, data on other companies are based on the closest estimation of available data.
Average Daily Traffic Volume Transaction* (December 2014)
Toll roads operated by others
(80%)
000 cars per day
Toll roads operated by Jasa Marga
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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 longrun.
Resilient Industry: Insensitive Traffic Volume
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Source: Jasa MargaSource: GAIKINDO (2)
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).
(million)
Traffic on Jasa Margas Toll RoadsCar Sales
(thousand)
Direct impact of
fuel price hike (1)Direct impact
of economic
crisis
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Jasa Margas expansion from current new projects will accelerate the asset value with the
capability to generate high and sustainable revenue growth.
7.23
18.48
2014A 2020F
31.86
90.07
2014A 2020F
High Growth of Quality Asset for Sustainable Revenue Growth
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Revenue GrowthAsset Growth
(Rp trillion)(Rp trillion)
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THANK YOU
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