PT Jasa Marga (Persero) Tbk Class B · IDX:JSMR
PT Jasa Marga (Persero) Tbk Class B — Q1 2012 Earnings Presentation
64 slides from PT Jasa Marga (Persero) Tbk Class B's earnings presentation, May 2012
Slide 1: Jasa Marga Update & Profile 1Q2012
JASA MARGA UPDATE & PROFILE 1Q2012 May 2012
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 Update 3 Financial Figures 4 Jasa Marga: Premiere Toll Road Operator & Investor 8 Jasa Marga’s New Projects 13 Land Acquisition Mechanism 24 Forward Looking 2012 26 Jasa Marga Profile 29 Indonesian Toll Road Industry 30 Jasa Marga: Premiere Toll Road Operator & Investor
Slide 4: Jasa Marga Update 1Q2012
JASA MARGA UPDATE 1Q2012 May 2012
Slide 5: Financial Figures
Financial Figures 4
Slide 6: Financial Highlights FY2011
Financial Highlights FY2011 5
Slide 7: Summary of Income Statements
Summary of Income Statements (billion Rupiah) 6
Slide 8: Summary of Balance Sheets
Summary of Balance Sheets (billion Rupiah) 7
Slide 9: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 8
Slide 10: Transaction Traffic Volume by Sections
Transaction Traffic Volume by Sections (million vehicles) 9
Slide 11: 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. 10 10
Slide 12: e-Toll Card Transactions
e-Toll Card Transactions Increasing number of e-Toll Card transactions ever since it was first launched in the beginning of 2009. e-Toll Card transactions 2009-2011 *) *) Notes: • 5.17% of total transactions on the respective toll road sections. • Represents 73% YoY growth compared to 2010. 11
Slide 13: e-Toll Card Implementation Plan
e-Toll Card Implementation Plan No. Toll Road Section Year Remarks 1 Cawang-Tomang-Pluit 2008 Operated 2 Prof. Dr. Ir. Sedyatmo 2008 Operated 3 Padaleunyi 2012 4 Cipularang 2012 Operated 5 Jakarta-Cikampek 2011 Operated* 6 Palikanci 2012 Operated 7 Jagorawi 2011 Operated* 8 Surabaya-Gempol 2012 Oper
Slide 14: Jasa Marga's New Projects
Jasa Marga’s New Projects 13
Slide 15: 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% 45 years from 2. Gempol-Pasuruan (part of Trans Java) 34.15 2.77 80% effective date 3. Se
Slide 16: New Projects Timeline
New Projects Timeline (as of February 2012) Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation 15
Slide 17: New Projects Timeline (Continued)
New Projects Timeline (Continued) (as of February 2012) Legend: Land Acquisition (scheduled by GOI) Construction Functional & Operational Test by BPJT Operation 16
Slide 18: Bogor Outer Ring Road (BORR) Traffic Growth
Bogor Outer Ring Road (BORR) Traffic Growth 17
Slide 19: Bogor Outer Ring Road Toll Road
Bogor Outer Ring Road Toll Road Section 1: Sentul-Kedung Halang (3.8 km) is operated since 23 November 2009 Sentul Barat Entrance Gate Sta 0+000 – To Sentul Cikeas Bridge Toll Gate 18
Slide 20: Semarang-Solo Toll Road
Semarang-Solo Toll Road Section 1: Semarang-Ungaran (11.3 km) is operated since 12 November 2011 Banyumanik Toll Gate Sta 2+500 Susukan Bridge 1 Sta 6+800 Ungaran Toll Gate Sta 3+000 19
Slide 21: Surabaya-Mojokerto Toll Road Section 1A
Surabaya-Mojokerto Toll Road Section 1A: Waru-Sepanjang (2.3 km) is operated since 05 September 2011 Ramp 105 Waru 5 Toll Gate Patrol Vehicles Waru I Bridge Main Road Sta 10+000 20
Slide 22: Surabaya-Mojokerto Toll Road
Surabaya-Mojokerto Toll Road (as of February 2012) Section 1B: Sepanjang-WRR (4.3 km) Land Acquisition : 47.5% Section 2: WRR-Driyorejo (5.1 km) Land Acquisition : 40.2% Section 3: Driyorejo-Kriyan (6.1 km) Land Acquisition : 57.8% Section 4: Krian-Mojokerto (18.5 km) Land Acquisition : 65.6
Slide 23: Gempol-Pandaan Toll Road
Gempol-Pandaan Toll Road 1. 213.61 km 2. 3. a ° foe > Gempol-Pandaan Toll Road Length Investment Cost Traffic Volume (2015) Initial Tariff (2013) Concession Period IRR Operation System Rp 1.2 tn :35 years 217.15% : Close MADURA ISLAND 123,200 Probolinggo vehicles/day : Rp 607/km scocee Ruas Tol Jasa
Slide 24: Nusa Dua-Ngurah Rai-Benoa Toll Road Project
Nusa Dua-Ngurah Rai-Benoa Toll Road Project 23
Slide 25: Land Acquisition Mechanism
Land Acquisition Mechanism 24
Slide 26: 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 Ring Road Section Note: Graph is not developed in the or
Slide 27: Forward Looking 2012
Forward Looking 2012 26
Slide 28: Capital Expenditure Plan 2012
Capital Expenditure Plan 2012 * (billion Rupiah) *) Subsidiaries not included 27
Slide 29: Forward Looking 2012
Forward Looking 2012 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 2012: 28
Slide 30: Jasa Marga Profile 1Q2012
JASA MARGA PROFILE 1Q2012 May 2012
Slide 31: Indonesian Toll Road Industry
Indonesian Toll Road Industry 30
Slide 32: 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 33: 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 34: 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 35: Jasa Marga: Premier Toll Road Operator & Investor
Jasa Marga: Premier Toll Road Operator & Investor 34
Slide 36: 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 37: Vision and Mission
Vision and Mission Vision To become a modern company in the development and operation of toll roads, to maintain its position as the leader of the toll road industry in Indonesia by operating the majority of Indonesian toll roads and to become a highly competitive company in both national and region
Slide 38: Strong Shareholders
Strong Shareholders Public Shareholding Structure (30%) 37
Slide 39: Proven Track Record in Indonesian Toll Road Business
Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 33 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 40: 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 41: Asian Longest Toll Road Concessions
Asian Longest Toll Road Concessions Jasa Marga has 32 years remaining for its existing toll roads and 40 years for its new 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 Ring Road,
Slide 42: 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* (December 2010) ‘000 cars per day (83%) Toll roads operated by Jasa Marga Toll roads operated by others Notes(*): (1) Average daily traffic volume is calculated by di
Slide 43: 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. 42
Slide 44: Toll Road Network in Java Island
Toll Road Network in Java Island 43
Slide 45: Predictable & Disciplined Growth Assets
Predictable & Disciplined Growth Assets 44
Slide 46: 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 47: 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 46
Slide 48: 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 47 47
Slide 49: 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 50: 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 51: 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 52: Sustainable Growth
Sustainable Growth Strong Revenue Growth Strong EBITDA Growth (Rp Billion) (Rp Billion) Key Drivers: Increase in traffic volume driven by growing demand or interconnecting toll road networks. Toll tariff increases as scheduled (2005, 2006, 2007, 2008, 2009, 2010). Road extension or widening of
Slide 53: Enhance Financial Cost Efficiency
Enhance Financial Cost Efficiency 52
Slide 54: Financial Restructuring Progress
Financial Restructuring Progress Our financial and human resource expenses are our main costs. Cost of Debts & Weighted Average Cost of Debts 53
Slide 55: Summary of Margin
62% _ 59% 59% 58% 60% _— 9 9 55% 55% 5AM 52% 54% o —t a 45% 46% — 41% 41% 38% —> —? 27% 27% 27% 21% 11% 2007 2008 2009 2010 2011 Net Income Margin —i Operating Margin t= EBITDA Margin ==> Cost Margin 54
Slide 56: Financial Capability
Financial Capability 55
Slide 57: 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 05 July 2011. 1983 1984 1985 1986 1987 Bond I Series A Bond II/1 Series C Bond III/2 Series F/2 Bond IV/
Slide 58: Bond Maturity
Bond Maturity *) Non Listed 57
Slide 59: Documentation
Documentation 58
Slide 60: 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 59
Slide 61: 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 60
Slide 62: Awards
Awards 2007 SOE of the Year in Non-Financial Category for Construction & Infrastructure Sector from Investor magazine. 2008 IFRA (Indonesia Financial Reporting Award) from BAPEPAM-LK. 2009 Trusted Company based on Investors’ and Analysts’ Assessment Survey and Trusted Company based on Corporate Gove
Slide 63: Notes
Notes 62
Slide 64: Forward looking statements
63 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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