PT Jasa Marga (Persero) Tbk Class B · IDX:JSMR
PT Jasa Marga (Persero) Tbk Class B — FY2014 Earnings Presentation
57 slides from PT Jasa Marga (Persero) Tbk Class B's earnings presentation, January 2015
Slide 1: Jasa Marga Update FY2014
FY2014 Jasa Marga Update QR Code
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 17 Enhance Financial Cost Efficiency 26 Jasa Marga: Premiere Toll Road Operator & Investor 30 Jasa Marga‟s New Projects 37 Forward Looking 2014 49 Photos 52 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: The Substantiated 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: Stages of Land Acquisition (Based on UU No. 2/2012)
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 decided in 30 days (final). • After transaction process (nor
Slide 11: Proven Track Record in Indonesian Toll Road Business
Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 36 years of experience. Start 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 Operation BORR Jagorawi Surabaya- Padaleunyi Cipularang JORR W2 North Palikanci (Section 2 & 3)(2
Slide 12: The Largest Toll Road Operator in Indonesia
The Largest Toll Road Operator in Indonesia Leading toll road operator in Indonesia with 36 years of experience. Manages and operates 575.85 km of toll roads in Indonesia – 72% share. Urban concentration in Jakarta metropolitan area – some of Indonesia‟s busiest toll roads. Regional concentrat
Slide 13: 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 14: 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 2014) „000 cars per day (80%) Toll roads operated by Jasa Marga Toll roads operated by others Notes(*): (1) Average daily traffic volume is calc
Slide 15: 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. 14
Slide 16: Toll Road Network in Java Island
Toll Road Network in Java Island 15
Slide 17: Jasa Marga and Subsidiaries
Jasa Marga and Subsidiaries Jasa Marga has 10 Toll Road Business Subsidiaries and 2 Non-toll Road Business Subsidiries 16
Slide 18: Predictable & Disciplined Assets Growth
Predictable & Disciplined Assets Growth 17
Slide 19: 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 20: 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 2014 2013 201
Slide 21: Interconnected Toll Roads
Interconnected Toll Roads Jakarta-Cikampek Traffic Volume (million vehicles) Jakarta-Cikampek (83 km) Cikunir Milestone Junction, connecting JORR & Jakarta- Description 2004 Cikampek Toll Roads, starts to operate in Aug 2007 The interconnection between existing and younger toll roads boosts traffi
Slide 22: Managing EBITDA Growth During High Expansive Period
Managing EBITDA Growth During High Expansive Period On the expansive period, Company is able to manage the EBITDA Growth. Total Asset Growth Toll Road Investment Growth EBITDA Growth (Rp trillion) (Rp trillion) (Rp trillion) 21
Slide 23: Managing Interest Expenses During High Expansive Period
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 Interest Expenses Growth (Rp trillion) (Rp trillion) 22
Slide 24: Ownership (as of 31 December 2014)
Ownership (as of 31 December 2014) The Republic of Public Indonesia 30% 70% Jasa Marga is listed at Indonesia Stock Exchange since November 12, 2007 (JSMR.IJ) Public Ownership (30%) TOTAL SHARES: 6,800,000,000 33% MARKET CAPITALIZATION AT IDX: 43.86 T 23
Slide 25: Modernization Efforts – e-Toll Card Penetration in Greater Jakarta
Modernization Efforts – e-Toll Card Penetration in Greater Jakarta GT Cengkareng Areas of Commuters: Area 2 : GT Kapuk Pluit=22.7% Penetration > 20% Jemb. 3=22.9% GT Penetration < 20% Area 1 = 14.45% Kapuk Cengkareng, Kapuk = Commuters Direction = automated toll booth GT Tomang Area 3 = 15.11% Toman
Slide 26: 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 27: Enhance Financial Cost Efficiency
Enhance Financial Cost Efficiency 26
Slide 28: Financial Restructuring Progress
Financial Restructuring Progress Note: *) Consolidated 27
Slide 29: 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 04 June 2014. 1983 1984 1985 1986 1987 Bond I Series A Bond II/1 Series C Bond III/2 Series F/2 Bond I
Slide 30: Bond Maturity
Bond Maturity *) Not Listed 29
Slide 31: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 30
Slide 32: Financial Highlights 2014
Financial Highlights 2014 * Note: *) Excluding Construction Revenues 31
Slide 33: Summary of Income Statements
Summary of Income Statements (billion Rupiah) 32
Slide 34: Summary of Balance Sheets
Summary of Balance Sheets (billion Rupiah) 33
Slide 35: Traffic Volume by Section
Traffic Volume by Section (million vehicle transactions) 34
Slide 36: Toll Revenue by Branch/Subsidiary
Toll Revenue by Branch/Subsidiary (billion Rupiah) 35 35
Slide 37: 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 2013 2014 Implementation Cawang-Tomang-Pluit 1 2008 2.46% 5.57% 7.36% 11.69% 13.21% 14.70% (Jakarta Inner Ring Road) 2 Prof. Dr. Ir. Sedyatmo (Airport) 2008 2.32% 6.21% 8.11% 12.26% 14
Slide 38: Jasa Marga's New Projects
Jasa Marga’s New Projects 37
Slide 39: 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 11.00 0.98 55% 2. Semarang-Solo (part of Trans Java) (2) 2055 72.64 6.21 73.91% 3. Gempol-Pasuruan (par
Slide 40: New Projects Timeline
New Projects Timeline (as of November 2014) 39
Slide 41: New Projects Timeline (Continued)
New Projects Timeline (Continued) (as of November 2014) Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation 40
Slide 42: Nusa Dua-Ngurah Rai-Benoa Toll Road
Nusa Dua-Ngurah Rai-Benoa Toll Road (Fully Operated) Operated since 01 October 2013. Nusa Dua-Ngurah Rai-Benoa Average Daily Traffic (thousand vehicle transactions) Investment Cost Efficiency Business Plan: Rp 2.48 trillion Realization: Rp 1.71 trillion 41
Slide 43: JORR W2 North Toll Road
JORR W2 North Toll Road (Fully Operated) Stage 1: Kebun Jeruk-Cileduk (5.7 km) Investment Cost Efficiency Operated since 04 January 2014 Business Plan: Rp 2.15 trillion Stage 2: Cileduk-Ulujami (2.2 km) Realization: Rp 1.89 trillion Operated since 22 July 2014 JORR W2 North Average Daily Traffic (th
Slide 44: 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 Section 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June 2014 (thousand vehicle transactions) 43
Slide 45: Surabaya-Mojokerto Toll Road
Surabaya-Mojokerto Toll Road As of December 2014: Section 1: Waru-Sepanjang (2.3 km) is Section 1B: Sepanjang-WRR (4.3 km) operated since 05 September 2011 Land Acquisition 84.45%; Construction 29.16% Section 2: WRR-Driyorejo (5.1 km) Land Acquisition 41.84% Surabaya-Mojokerto Section 3: Driyorejo-K
Slide 46: Semarang-Solo Toll Road
Semarang-Solo Toll Road Stage I: Section 1: Semarang-Ungaran Semarang-Bawen Average Daily Traffic (10.8 km) is operated since 17 (thousand vehicle transactions) November 2011 Section 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014 Stage II (as of December 2014): Section 1: Bawen-Salatiga
Slide 47: Gempol-Pandaan Toll Road
Gempol-Pandaan Toll Road as of December 2014: Land Acquisition 99.03% Construction 98.3% 46
Slide 48: Gempol-Pasuruan Toll Road
Gempol-Pasuruan Toll Road as of December 2014: Section 1: Gempol-Rembang (13.9 km) Land Acquisition 95.69%; Construction 81.13% 47
Slide 49: Medan-Kualanamu-Tebing Tinggi Toll Road
Medan-Kualanamu-Tebing Tinggi Toll Road • Length: 61.7 km • Concession Period: 40 years • Land Acquisition: 83% Member of The Ownership Consortium Percentage 1. Jasa Marga 55% 2. Hutama Karya 15% 3. Pembangunan 15% Perumahan (PP) 4. Waskita Karya 15% 48
Slide 50: Forward Looking 2015
Forward Looking 2015 49
Slide 51: Capital Expenditure Plan 2015
Capital Expenditure Plan 2015 (billion Rupiah) 50
Slide 52: Forward Looking 2015
Forward Looking 2015 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 2015: 51
Slide 53: Photos
Photos 52
Slide 54: Toll Roads in Operation
Toll Roads in Operation Cipularang Prof. Dr. Ir. Sedyatmo (Airport) Jakarta Outer Ring Road Jakarta-Tangerang Semarang Jagorawi Belmera Jakarta-Cikampek Palikanci Jakarta Inner Ring Road Surabaya-Gempol Padaleunyi 53
Slide 55: 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 54
Slide 56: Awards 2014
Awards 2014 Contact Center Service Exellence Award (CCSEA) 2014; Corporate Image Award 2014 The Best Building and Managing Corporate Image; Service Quality Award 2014; Indonesia Green Awards 2014; BUMN Internal Media Awards 2014; Bisnis Indonesia Award 2014; The 1st Rank of SWA 100: Indonesia Best P
Slide 57: Forward looking statements notice
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
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