PT Jasa Marga (Persero) Tbk Class B · IDX:JSMR
PT Jasa Marga (Persero) Tbk Class B — Q1 2014 Earnings Presentation
53 slides from PT Jasa Marga (Persero) Tbk Class B's earnings presentation, April 2014
Slide 1: Jasa Marga Update 1Q2014
JASA MARGA UPDATE 1Q2014 April 2014
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 in Brief 3 Predictable & Disciplined Assets Growth 15 Enhance Financial Cost Efficiency 23 Jasa Marga: Premiere Toll Road Operator & Investor 27 Jasa Marga‟s New Projects 34 Forward Looking 2013 45 Photos 48 2
Slide 4: Jasa Marga in Brief
Jasa Marga in Brief 3
Slide 5: 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 6: 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 7: 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 8: Improved Regulations
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 procurement committee appointed by cost saving. Investment
Slide 9: Revolving Fund & Land Capping Program
The Substantiated Revolving Fund & Land Capping Program Bogor Outer Ring Road Note: Graph is not developed in the original scale Estimated Cost = Rp 57.5 billion (based on Concession Agreement) Rp 5.7 billion (10% of the estimated initial cost - land capping) Cost = Rp 126.9 billion Realization Revo
Slide 10: 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 2013 Bogor Outer Ring Road Jagorawi (Section 2 & 3)(2) Surabaya- Padaleunyi Cipularang Semarang G
Slide 11: The Largest Toll Road Operator in Indonesia
The Largest Toll Road Operator in Indonesia Jasa Marga manages and operates 560 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 Sumatera – most populated islands in Indonesia.
Slide 12: 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 13: 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 2013) „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 14: 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. 13
Slide 15: Toll Road Network in Java Island
Toll Road Network in Java Island SEMARANG-SOLO (72.64 KM) 14
Slide 16: Predictable & Disciplined Assets Growth
Predictable & Disciplined Assets Growth 15
Slide 17: 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 18: Sustainable Growth in Daily Traffic Volume and Revenue
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 Traffic Increasing Average Daily Revenue Scheduled tariff adjustments 17
Slide 19: Interconnected Toll Roads
Interconnected Toll Roads Jakarta-Cikampek Traffic Volume (million vehicles) Milestone Description Cikunir Junction, 2004 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 sect
Slide 20: Sustainable Growth
Sustainable Growth Strong Revenue*) Growth Strong EBITDA Growth (Rp Billion) (Rp Billion) *) Excluding Construction Revenues Key Drivers: Strong Assets Growth Increase in traffic volume driven by (Rp Billion) growing demand or interconnecting toll road networks. Toll tariff increases as schedule
Slide 21: Strong Shareholders
Strong Shareholders Public Shareholding Structure (30%) 20
Slide 22: Modernization Efforts: e-Toll Card and e-Toll Pass
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 23: Modernization Efforts
Modernization Efforts Traffic Information Installing CCTV and VMS (Variable Message Sign) to get information on traffic condition. 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 24: Enhance Financial Cost Efficiency
Enhance Financial Cost Efficiency 23
Slide 25: Financial Restructuring Progress
Financial Restructuring Progress 24
Slide 26: Strong Access to Domestic Bond Market
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 26 June 2013. 1983 1984 1985 1986 1987 Bond I Series A Bond II/1 Series C Bond III/2 Series F/2 Bond I
Slide 27: Bond Maturity
Bond Maturity *) Not Listed 26
Slide 28: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 27
Slide 29: Financial Highlights 1Q2014
Financial Highlights 1Q2014 * Note: *) Including Construction Revenues. 28
Slide 30: Summary of Income Statements
Summary of Income Statements (billion Rupiah) 29
Slide 31: Summary of Balance Sheets
Summary of Balance Sheets (billion Rupiah) 30
Slide 32: Traffic Volume by Section
Traffic Volume by Section (million vehicle transactions) 31
Slide 33: Toll Revenue by Branch/Subsidiary
Toll Revenue by Branch/Subsidiary (billion Rupiah) 32 32
Slide 34: e-Toll Card Implementation Plan
e-Toll Card Implementation Plan e-Toll Card was launched in 2009. Year of No. Toll Road Section Implementati 2009 2010 2011 2012 2013 1Q2014 on Cawang-Tomang-Pluit 1 2008 2.46% 5.57% 7.36% 11.69% 13.21% 13.99% (Jakarta Inner Ring Road) 2 Prof. Dr. Ir. Sedyatmo (Airport) 2008 2.32% 6.21% 8.11% 12.26%
Slide 35: Jasa Marga's New Projects
Jasa Marga’s New Projects 34
Slide 36: 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 37: New Projects Timeline
New Projects Timeline (as of March 2014) 36
Slide 38: New Projects Timeline (Continued)
New Projects Timeline (Continued) (as of March 2014) Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation 37
Slide 39: Bogor Outer Ring Road (BORR) Toll Road
Bogor Outer Ring Road (BORR) Toll Road Section 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009 (thousand vehicle transactions) As of March 2014: Section 2A: Kedung Halang-Kedung Badak (1.95 km) Land Acquisition 100% Construction 100% 38
Slide 40: Surabaya-Mojokerto Toll Road
Surabaya-Mojokerto Toll Road As of March 2014: Section 1: Waru-Sepanjang (2 km) Section 1B: Sepanjang-WRR (4.6 km) is operated since 05 September Land Acquisition 75.42% 2011 Section 2: WRR-Driyorejo (5.1 km) Land Acquisition 41.54% Section 3: Driyorejo-Kriyan (6.1 km) Land Acquisition 58.90% (thous
Slide 41: Semarang-Solo Toll Road
Semarang-Solo Toll Road Section 1: Semarang-Ungaran (10.8 km) is operated since 17 November 2011 Section 2: Ungaran-Bawen (12 km) is operated since 04 April 2014 (thousand vehicle transactions) 40
Slide 42: Nusa Dua-Ngurah Rai-Benoa Toll Road Project
Nusa Dua-Ngurah Rai-Benoa Toll Road Project Operated since 01 October 2013. Nusa Dua-Ngurah Rai-Benoa Average Daily Traffic (thousand vehicle transactions) Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 35 34 37 35 34 34 41
Slide 43: JORR W2 North Toll Road
JORR W2 North Toll Road Stage 1: Kebun Jeruk-Cileduk (5.7 km) JORR W2 North Operated since 04 January 2014 Average Daily Traffic (thousand vehicle transactions) As of March 2014: Stage 2: Cileduk-Ulujami (2.2 km) Jan 14 Feb 14 Mar 14 17 24 23 Land Acquisition 98% Construction 67.6% 42
Slide 44: Gempol-Pandaan Toll Road
Gempol-Pandaan Toll Road As of March 2014: Land Acquisition 99.03% Construction 93.87% 43
Slide 45: Gempol-Pasuruan Toll Road
Gempol-Pasuruan Toll Road As of March 2014: Land Acquisition 89% Construction 59.99% 44
Slide 46: Forward Looking 2014
Forward Looking 2014 45
Slide 47: Capital Expenditure Plan 2014
Capital Expenditure Plan 2014 (billion Rupiah) 46
Slide 48: Forward Looking 2014
Forward Looking 2014 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 2014: 47
Slide 49: Photos
© JASAMARGA
Slide 50: 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 49
Slide 51: 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 50
Slide 52: Awards 2013
Awards 2013 Indonesia Quality & Productivity Award; Contact Center Service Excellence Award (CCSEA) for Jasa Marga Traffic Information Center (JMTIC); Awards from State Minister for SOEs for Jasa Marga‟s performance achievement and breakthrough in speeding up the development of Bali Mandara Toll Roa
Slide 53: Forward looking statements
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 re
PT Jasa Marga (Persero) — Q1 2014 Earnings Presentation on 6ix