PT Jasa Marga (Persero) Tbk Class B · IDX:JSMR
PT Jasa Marga (Persero) Tbk Class B — Investor Presentation (April 2013)
62 slides from PT Jasa Marga (Persero) Tbk Class B's investor presentation, April 2013
Slide 1: Jasa Marga Profile & Update FY2012
JASA MARGA PROFILE & UPDATE FY2012 April 2013
Slide 2: Disclaimer
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
Slide 3: Table of Contents
Table of Contents Jasa Marga Profile 3 Indonesian Toll Road Industry 4 Jasa Marga: Premiere Toll Road Operator & Investor 8 Predictable & Disciplined Growth Assets 18 Enhance Financial Cost Efficiency 26 Financial Capability 28 Documentation 31 Jasa Marga Update 35 Financial Figures 36 Jasa Marga: P
Slide 4: Jasa Marga Profile FY2012
JASA MARGA PROFILE FY2012 April 2013
Slide 5: Indonesian Toll Road Industry
Indonesian Toll Road Industry 4
Slide 6: Regulatory Framework
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. G
Slide 7: Equitable and Sustainable Tariff Structure
Equitable and Sustainable Tariff Structure Key Issues Conditions • Calculated based on investment feasibility, toll road user’s ability to pay and vehicle operating cost saving. • Investment feasibility calculated based on estimated Initial toll tariff investment cost and projected revenue during te
Slide 8: Certainty on Land Acquisition
Certainty on Land Acquisition Key Issues Conditions • Land acquisition undertaken by land procurement committee appointed by the Government. Land acquisition • Price is determined by independent appraiser based on fair market price. Land capping • Government guarantees maximum land price to be compe
Slide 9: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 8
Slide 10: Company Background
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 Marg
Slide 11: Vision and Mission
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 Indon
Slide 12: Strong Shareholders
Strong Shareholders Public Shareholding Structure (30%) 11
Slide 13: Proven Track Record in Indonesian Toll Road Business
Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 35 years of experience. Start Operation 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 Bogor Outer Ring Road Jagorawi (Section 2 & 3)(2) Surabaya- Padaleunyi Cipularang Semarang Gempol
Slide 14: The Largest Toll Road Operator in Indonesia
The Largest Toll Road Operator in Indonesia Jasa Marga manages and operates 545 km of toll roads in Indonesia – 73% share. Urban concentration in Jakarta metropolitan area – some of Indonesia’s busiest toll roads. Regional concentration in Java and Sumatra – most populated islands in Indonesia.
Slide 15: Asian Longest Toll Road Concessions
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
Slide 16: Market Leader with High Quality Assets
Market Leader with High Quality Assets Jasa Marga operates most of the busiest toll roads in Indonesia. Average Daily Traffic Volume Transaction* (December 2012) ‘000 cars per day (81%) Toll roads operated by Jasa Marga Toll roads operated by others Notes(*): (1) Average daily traffic volume is calc
Slide 17: Ownership and Management of the Jewels of Indonesian Toll Road Sections
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. 16
Slide 18: Toll Road Network in Java Island
Toll Road Network in Java Island 17
Slide 19: Predictable & Disciplined Growth Assets
Predictable & Disciplined Growth Assets 18
Slide 20: Resilient Industry: Insensitive Traffic Volume
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 Traffic on Jasa Marga’s Toll Roads (thousand) (million) Direct impact
Slide 21: Sustainable Growth in Daily Traffic Volume and Revenue
Sustainable Growth in Daily Traffic Volume and Revenue Increase in average daily traffic volume & scheduled tariff adjustments lead to a constant increase in average daily traffic revenue. Increasing Average Daily Traffic Increasing Average Daily Revenue Scheduled tariff adjustments 20
Slide 22: Sustainable Growth in Daily Revenue
Sustainable Growth in Daily Revenue Disciplined traffic growths supported by predictable tariff escalation have contributed significantly to our sustainable daily revenue. Increasing Average Daily Revenue 2005 2006 2007 2008 2009 2010 2011 2012 21 21
Slide 23: Interconnected Toll Roads
Interconnected Toll Roads Jakarta-Cikampek Traffic Volume (million vehicles) Cikunir Junction, connecting JORR & Jakarta- Cikampek 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 o
Slide 24: Modernization Efforts
Modernization Efforts e-Toll Card Jasa Marga has implemented prepaid payment system (e- Toll Card), which will be developed into non-stop transaction. e-Toll Pass (On Board Unit – OBU) In order to speed up transaction, Jasa Marga has developed the next generation of e-Toll Card called e-Toll Pas
Slide 25: Modernization Efforts
Modernization Efforts Traffic Information 9 Installing CCTV and VMS (Variable Message Sign) to get information on traffic condition. 9 Providing real time 24/7 traffic information service from JMTIC – Jasa Marga Traffic Information Center for toll road users at 021-8088 0123, http://www.jasamargal
Slide 26: Sustainable Growth
Sustainable Growth Strong Revenue Growth Strong EBITDA Growth (Rp Billion) (Rp Billion) (Rp Billion) Key Drivers: Strong Assets Growth Increase in traffic volume driven by growing demand or interconnecting toll road networks. Toll tariff increases as scheduled (2005- 2012). Road extension or w
Slide 27: Enhance Financial Cost Efficiency
Enhance Financial Cost Efficiency 26
Slide 28: Financial Restructuring Progress
Financial Restructuring Progress Our financial and human resource expenses are our main costs. Cost of Debts & Weighted Average Cost of Debts 27
Slide 29: Financial Capability
Financial Capability 28
Slide 30: Strong Access to Domestic Bond Market
Strong Access to Domestic Bond Market • Rp 5.9 trillion bond issuance since 1983, Rp 1.1 trillion repaid, never defaulted. • id AA Company rated by Pefindo (Credit Rating Indonesia) dated 29 June 2012. 1983 1984 1985 1986 1987 Bond I Series A Bond II/1 Series C Bond III/2 Series F/2 Bond IV/
Slide 31: Bond Maturity
Bond Maturity *) Non Listed 30
Slide 32: Documentation
Documentation 31
Slide 33: Toll Roads in Operation
Toll Roads in Operation Cipularang Prof. Dr. Ir. Sedyatmo (Airport) Jakarta Outer Ring Road Jakarta-Tangerang Semarang Belmera Jagorawi Jakarta-Cikampek Palikanci Jakarta Inner Ring Road Surabaya-Gempol Padaleunyi 32
Slide 34: Commitment to High Quality Service
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 33
Slide 35: Awards
Awards 2010 Service Quality Award 2010 and Call Center Award 2010 from Marketing magazine; and Investor Awards Best Listed Companies 2010 from Investor magazine; Trusted Company based on Investors’ and Analysts’ Assessment Survey and Trusted Company based on Corporate Governance Perception Index (CG
Slide 36: Jasa Marga Update FY2012
JASA MARGA UPDATE FY2012 April 2013
Slide 37: Financial Figures
Financial Figures 36
Slide 38: Financial Highlights FY2012
Financial Highlights FY2012 37
Slide 39: Summary of Income Statements
Summary of Income Statements (billion Rupiah) 38
Slide 40: Summary of Balance Sheets
Summary of Balance Sheets (billion Rupiah) 39
Slide 41: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 40
Slide 42: Traffic Volume by Section
Traffic Volume by Section (million vehicle transactions) 41
Slide 43: Toll Revenue by Branch/Subsidiary
Toll Revenue by Branch/Subsidiary (billion Rupiah) * Note (*): Ulujami-Pondok Aren section, previously managed by Jakarta-Tangerang Branch, is now managed by PT Jalantol Lingkarluar Jakarta (JORR) starting from early 2011. 42 42
Slide 44: e-Toll Card Implementation Plan
e-Toll Card Implementation Plan e-Toll Card was launched in 2009. Year of No. Toll Road Section 2009 2010 2011 2012 Implementation Cawang-Tomang-Pluit (Jakarta Inner Ring 1 2008 2.46% 5.57% 7.36% 11.69% Road) 2 Prof. Dr. Ir. Sedyatmo (Airport) 2008 2.32% 6.21% 8.11% 12.26% 3 Padaleunyi 2013 4 Cipula
Slide 45: Jasa Marga's New Projects
Jasa Marga’s New Projects 44
Slide 46: Jasa Marga New Projects
Jasa Marga New Projects Jasa Marga’s New Toll Roads (Not Operational) Length Investment Cost Jasa Marga Concession/Section Expiration (km) (Rp trillion) Ownership 1. Bogor Outer Ring Road (1) 2054 11.0 0.98 55% 2. Semarang-Solo (part of Trans Java) (2) 2055 72.64 6.011 60% 45 years from 3. Gempol-Pa
Slide 47: New Projects Timeline
New Projects Timeline (as of February 2013) 46
Slide 48: New Projects Timeline (Continued)
New Projects Timeline (Continued) (as of February 2013) Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation 47
Slide 49: Bogor Outer Ring Road (BORR) Traffic Growth
Bogor Outer Ring Road (BORR) Traffic Growth (thousand vehicle transactions) Section 1: Sentul-Kedung Halang (3.8 km) is operated since 23 November 2009 48
Slide 50: Semarang-Solo & Surabaya-Mojokerto Traffic Growth
Semarang-Solo & Surabaya-Mojokerto Traffic Growth (thousand vehicle transactions) Section 1: Semarang-Ungaran Section 1: Waru-Sepanjang (2.3 (11.3 km) is operated since 12 km) is operated since 05 November 2011 September 2011 Semarang-Ungaran Surabaya-Mojokerto Average Average Daily Traffic Daily Tr
Slide 51: Semarang-Solo Toll Road
Semarang-Solo Toll Road (as of December 2012) Section 2: Ungaran-Bawen (12 km) Land Acquisition : 99% Construction : 62% Section 1: Semarang-Ungaran (11 km) is operated since 12 November 2011. 50
Slide 52: Surabaya-Mojokerto Toll Road
Surabaya-Mojokerto Toll Road (as of December 2012) Section 1B: Sepanjang-WRR (4.3 km) Land Acquisition : 24.79% Section 2: WRR-Driyorejo (5.1 km) Land Acquisition : 35.81% Section 3: Driyorejo-Kriyan (6.1 km) Land Acquisition : 50.94% Section 4: Krian-Mojokerto (18.5 km) Land Acquisition : 6
Slide 53: JORR W2 North Toll Road
JORR W2 North Toll Road (as of December 2012) JORR W2 North (7.7 km) Section 1: Kebun Jeruk-Joglo (3.3 km) Land Acquisition : 99.02% Construction : 66% Section 2: Joglo-Ulujami (4.4 km) Land Acquisition : 83.94% Construction : 31% 52
Slide 54: Gempol-Pandaan Toll Road
Gempol-Pandaan Toll Road (as of December 2012) Gempol-Pandaan (13.6 km) Land Acquisition : 99.03% Construction : 17.07% 53
Slide 55: Nusa Dua-Ngurah Rai-Benoa Toll Road Project
Nusa Dua-Ngurah Rai-Benoa Toll Road Project 54
Slide 56: Nusa Dua-Ngurah Rai-Benoa Toll Road Project
Nusa Dua-Ngurah Rai-Benoa Toll Road Project (as of December 2012) Nusa Dua Ngurah Rai-Benoa (10 km) Construction : 73.67% 55
Slide 57: Land Acquisition Mechanism
Land Acquisition Mechanism 56
Slide 58: The Substantiated Revolving Fund & Land Capping Program
The Substantiated Revolving Fund & Land Capping Program The Government has demonstrated its commitment by awarding Revolving Fund and Land Capping Program. The Company has deployed the Revolving Fund and Land Capping Program succesfully. Bogor Outer Ring Road Note: Graph is not developed in the orig
Slide 59: Forward Looking 2013
Forward Looking 2013 58
Slide 60: Capital Expenditure Plan 2013
Capital Expenditure Plan 2013 (billion Rupiah) 59
Slide 61: Forward Looking 2013
Forward Looking 2013 Thus, due to unpredictable market conditions yet with Jasa Marga stable and disciplined growth assets, management expects the Company to achieve the below financial targets in 2013: 60
Slide 62: Forward-looking statements notice
61 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
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