Companyoverview
Briefsnapshot Companyhighlights
FY2016segmentalrevenuebreakdown
• LeadingtollroadoperatorinIndonesiawithover38yearsofexperience• 31tollroadconcessionswithtotallengthof1,260km• 70%ownedbytheGovernmentofIndonesia• PublicallylistedontheIndonesiaStockExchangesince2007,witha
marketcapofc.IDR42.5trillionasat9Oct2017• Keybusiness
– ConstrucQon,operaQonandmaintenanceoftollroad
– FaciliQesconstrucQonandsupplementaryservicesinadjacentborderarea
• SupporQngbusiness/otherbusiness– TollRoadOperaQonServices(ProvidesoperaQonservicesforJasaMargaandothertoll
roadinvestors)– TollRoadMaintenanceServices(ProvidesmaintenanceservicesforJasaMargaandother
tollroadinvestor)– Property(agesrestareasandotherproperQesontollroadcorridors)
ü LargesttollroadoperatorinIndonesiawith62.2%marketshareintermsoftollroadslengths(665km)and80%marketshareoftollroadtransacQonvolume
ü ThelongestconcessionperiodholderinAsiareflecQngstableincome
ü Strategicallyimportantwithstronggovernmentownershipü Resilientindustrywithstronggovernmentfocusü Strongfinancialprofilewithpromisinggrowthgoingforward
Vision&Mision
Vision To be the largest, trusted and sustainable national toll road network company.
Mission
1. Lead thedevelopmentof toll roadnetworks inIndonesiatoincreasenaQonalconnecQvity.
2. Managethetollroadbusinessalongtheend-to-end value chain in a professional andsustainablemanner.
3. Maximize the regional development toaccelerate community advancement andincreasecompanyprofitability.
4. Enhance customer saQsfacQon through serviceexcellence
3
Other Operating Revenues 10.25%
Toll Revenue – Jasa Marga (13 old concessions in balance sheet) 80.36%
Toll Revenue - Subsidiaries 9.39%
CompanyKeyDevelopmentMilestone
4
ü GovernmentofferedtheopportuniQesfortheprivatesectortoparQcipateintollroadbusinessthroughBuild,OperateandTransfer(BOT)systemwithJasaMarga.
ü JakartaTollroadsoperatedbyJasaMargainiQateditsoperaQonsgradually.
TheauthorityfuncQonwasreturnedtotheGovernment,TollRoad
RegulatoryAgency(BPJT)undertheMinistryofPublicWorks.
JasaMargabecameapubliccompanythroughanIniCalPublicOffering(IPO)andlisteditssharesontheIndonesiaStockExchange.
ü JasaMargawasestablishedwithfocusonbusinessmanagement,maintenanceandprocurementofthetollroadnetwork.
ü JagorawiasthefirsttollroadinIndonesiabeganoperaQons.
ImplementaQonofe-TollCard.
ImplementaQonofe-TollPass.
FormingofPTJasaLayananOperasi(nontollroadsubsidiary.
ü WontenderofBatang-Semarang,Balikpapan-Samarinda,Manado-BitungdanPandaan-MalangTollRoad.
ü IntegratedofJakarta-BrebesTollRoad
1978 1987 2004 2007
2009 2012 2015 2016 2017
ü CurrentlyoperaQng21tollroadconcessions(665kminlength)
ü Fullyimplementedelectronicpaymentsysteminalltollroads
CompanyStructure
GovernmentofIndonesia
(“GOI”)
MinistryofState-OwnedEnterprises
(“MSOE”)
70%
Public30%
Government 70%
Foreign 17%
Individual 1%
Domestic Institution
8%
Mutual Fund
4%
ShareholdingStructure
Currently, PT Jasa Marga (Persero) Tbk (“Company”) is owned 70% by the Government of Indonesia through Ministry of State Owned Enterprise and the remaining 30% is owned by public (both institutional and individuals).
Asof31stOct2017
1. Cawang-Tomang-Pluit2. (JakartaInnerRingRoad)3. Prof.Dr.Ir.Sedyatmo(Airport)4. Purbaleunyi5. Jakarta-Cikampek6. Palikanci7. Jagorawi8. Surabaya-Gempol9. Semarang10. JakartaOuterRingRoad11. Ulujami-PondokAren12. Jakarta-Tangerang13. Belmera
ParentLevel
5
KeyStrategy
FundingStrategyOperaCngStrategy
• TollRoadBusinessDevelopment
– AddingtollroadstoincreasethevalueoftheCompanyandtomaintaincurrentmarketleadershipintheforeseeablefuture
– Inthelongterm,aimtoconQnueoperaQngthebestqualitycommercialtollroads,differenQaQngfrom2ndlargestcompeQtor,HutamaKarya,andmaintainmajorityofmarketshareinIndonesia
• TollRoadOperaCon– OperaQngefficient,safe,andhighqualitytollroadto
improveoperaQonalperformance– Providingexcellentservicetoroadusers,community,and
government
• OtherBusinessDevelopment– Developotherbusinessesthatarestrategicallystrengthening
developmentstrategiesandoperaQonoftollroads– Increaserevenuebyleveragingtheresourcesofthe
Company
• BankLoansFacility:
Tobridgefundingneedsbeforeapproachingthecapitalmarket
• ProjectBondsinatProjectlevel:
To replace the bank loan financingwith fixed interest rateandtheprincipalpaymentinlinewiththecashflow
• Bond/SukukIssuanceatCorporatelevel:Tofinanceinvestmentfornewtollroadproject
• EquityFundRaising:Tomaintainourprofitabilityandalsoleveragingourfinancingcapacity.
• SecuriCzaCononselectedtollroad:Toleveragematureassetsfordebtfinancingwithoutincurringanyinterestburden.
6
8
OverviewoftheauthoriCesinvolved
MinistryofPublicWorks
GovernmentofIndonesia
DirectorateGeneralofhighways
IndonesianTollRoadAuthority
(BPJT)
MinistryofStateOwnedEnterprises
Privatetollroadinvestors
Concessionagreement Concessionagreement
Toll Tariff
• IniQaltolltariffiscalculatedbasedoninvestmentfeasibility,tollroaduser’sabilitytopayandvehicleoperaCngcostsaving- InvestmentfeasibilityiscalculatedbasedonesQmatedinvestmentcostand
projectedrevenueduringtermoftheconcession• IniQaltolltariffissQpulatedinconcessionagreementpriortostartof
construcCon• Tariffadjustmentisregulatedbylaw,iscalculatedbasedonregionalCPIandis
adjustedonceevery2years• IniQaltolltariffsetupandsubsequentadjustmentisdecidedbyMinisterof
PublicWorksdecree- Theministrymaypostponetariffincreasesifatollroadfailstocomplywith
minimumservicestandards
Land acquisition • LandacquisiConisgovernment’sresponsibilityandisundertakenbyland
procurementcommifeeappointedbytheGovernment• ThelandacquisiQoncomprisesfourstages:planning,preparaCon,execuCon
anddelivery- ThelawalsoregulatesadeadlineforlandacquisiQonof312toamaximum
of552workingdays• Priceisdeterminedbyindependentappraiserbasedonfairmarketprice• InvestorsmayprovidebridgefinancingforlandacquisiQoncoststospeedup
theacquisiConprocess,governmentwillrepaytheinvestorsforthelandacquisiQoncosts
104workingdays 108workingdays
72workingdays
118workingdays
74workingdays
30workingdays 60workingdays44workingdays
74workingdays
14workingdays
90workingdays
60workingdays30workingdays
PublicconsultaConrepeated
PublicconsultaConIniCaldatacollecCon
StateadministraCvecourt
LocaConseclement
VerificaCon&revision
Inventory&idenQficaQon&appraisal&announcement
ImplementaConAppraiserdeterminaQon
andappraisal
NegoQaQononformofcompensaQon
RevocaQonofright
Handover
HandoverPreparaCon134-250workingdays104-242workingdays
ReviewteamAppealtosupremecourt
Appealtosupremecourt
Planning
Improved land acquisition process – a significant step towards achieving the government's toll road expansion plan
OverviewoftheIndonesianTollRegulaNon
LeadingTollRoadsinIndonesia
738 738 799 987
1,260
2012 2013 2014 2015 2016
Accumulated Toll Road Concessions (km)
JavaSea
TimorSea
StraitofMalacca
BandaSea
IndianOcean
SULAWESI
PAPUAKALIMANTAN
MALUKUSUMATRA
CENTRAL JAVA § Semarang: 24.75 km § Semarang-Solo: 72.64 km § Solo-Ngawi: 90.1 km § Ngawi-Kertosono: 87.02 km § Semarang-Batang: 75 km
EAST JAVA § Surabaya-Gempol: 49.00 km § Gempol-Pandaan: 13.61 km § Gempol-Pasuruan: 34.15 km
§ Surabaya-Mojokerto: 36.27 km
§ Pandaan-Malang: 37.62 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: 28.3 km § Cikampek-Padalarang: 58.50 km § Padaleunyi: 64.40 km § Palikanci: 26.30 km § JORR W2 North: 7.70 km § Bogor Outer Ring Road: 11.00 km
§ Cengkareng-Kunciran: 14.19 km
§ Kunciran-Serpong: 11.19 km
§ Cinere-Serpong: 10.14 km § Jakarta-Cikampek II Elevated: 36.4 km
JAVA
BALI
BALI § Nusa Dua-Ngurah Rai-Benoa: 10.00 km
EAST KALIMANTAN § Balikpapan-Samarinda: 99.35 km
NORTH SULAWESI § Manado-Bitung: 39.9 km
JavaSea
TimorSea
StraitofMalacca
BandaSea
IndianOcean
SULAWESI
PAPUAKALIMANTAN
MALUKUSUMATRA
CENTRAL JAVA § Semarang: 24.8 km § Semarang-Solo: 72.6 km § Solo-Ngawi: 90.1 km § Ngawi-Kertosono: 87.0 km § Semarang-Batang: 75.0 km
EAST JAVA § Surabaya-Gempol: 49.0 km § Gempol-Pandaan: 13.6 km § Gempol-Pasuruan: 34.2 km
§ Surabaya-Mojokerto: 36.3 km
§ Pandaan-Malang: 37.6 km
NORTH SUMATERA § Belmera: 42.7 km § Medan-Kualanamu-Tebing Tinggi: 61.7 km
GREATER JAKARTA & WEST JAVA § Jagorawi: 59.0 km § Jakarta-Tangerang: 33.0 km § Ulujami-Pondok Aren: 5.56 km § Jakarta Inner Ring Road: 23.6 km § Prof. Dr. Ir. Sedyatmo: 14.3 km § Jakarta-Cikampek: 83.0 km § JORR: 28.3 km § Cikampek-Padalarang: 58.5 km § Padaleunyi: 64.4 km § Palikanci: 26.3 km § JORR W2 North: 7.7 km § Bogor Outer Ring Road: 11.0 km
§ Cengkareng-Kunciran: 14.2 km
§ Kunciran-Serpong: 11.2 km
§ Cinere-Serpong: 10.1 km § Jakarta-Cikampek II Elevated: 36.4 km
JAVA
BALI
BALI § Nusa Dua-Ngurah Rai-Benoa: 10.0 km
EAST KALIMANTAN § Balikpapan-Samarinda: 99.4 km
NORTH SULAWESI § Manado-Bitung: 39.9 km
: Owned before 2004 and operating (13 projects)
: Awarded after 2004 and fully operated (2 new projects)
: Awarded after 2004 and half operated (6 new projects)
: Awarded after 2004 and in land acquisition/ construction (10 new projects)
665 km Toll Road in Operation*
Transactions volume
Market Shares
62.2% 80%
*Asof31stOct2017 10
StrongOperaNngTrackRecordWithLongestConcessionPeriodProvidingIncomeVisibility
11
ü Stable cash flow from mature assets under operations
ü Strong long term visibility of cash flow, with an average remaining concession life of 30 years across all operating assets
ü Minimum remaining concession life of 28 years
ü Expects concession renewals with commitments to ongoing investments in projects
ü 35+ concession years across new projects
ü Long horizon to enjoy economic benefits post typical ramp-up period
41 28 31 39 33 38 28 28 28 28 28 28 28 28 28 28 28 28 28
45 40 40 35 45 35 35 35 35 35 38 42
Jakarta-Cikampek II Elevated Manado-Bitung
Balikpapan-Samarinda Pandaan-Malang
Batang-Semarang Serpong-Cinere
Ngawi-Kertosono Solo-Ngawi
Kunciran-Serpong Cengkareng-Kunciran
Medan-Kualanamu-Tebing Tinggi Gempol-Pasuruan
Nusa Dua-Ngurah Rai-Benoa JORR W2 Utara
Gempol-Pandaan Semarang-Solo
Surabaya-Mojokerto Bogor Outer Ring Road
Ulujami-Pondok Aren Cipularang
Palikanci Jakarta Outer Ring Road
Padaleunyi Jakarta-Cikampek
Jakarta Inner Ring Road Belmera
Surabaya-Gempol Prof. Dr. Ir.Sedyatmo
Jakarta-Tangerang Semarang
Jagorawi
Concession years remaining - Operating projects Concession years remaining - New projects
JasaMarga’sProjectAwardedPost2004AsofOct2017
SecCon ConcessionPeriod Length(km)JMOwnership(%)
A.FullyOperated 1 NusaDua-NgurahRai-Benoa(1) 2057 10.0 55.0%2 JORRW2North(partofJORR)(2) 2044 7.7 65.0%
B.HalfOperated 3 Gempol-Pandaan(3) 2049 13.6 92.2%4 BogorOuterRingRoad(4) 2054 11.0 55.0%5 Semarang-Solo(partofTransJava)(5) 2055 72.6 58.9%6 Surabaya-Mojokerto(partofTransJava)(6) 2049 36.3 55.0%7 Gempol-Pasuruan(partofTransJava)(7) 2058 34.2 98.8%8 Medan-Kualanamu-TebingTinggi(8) 2054 61.7 55.0%
C.InLandAcquisiConandConstrucCon 9 JORR2(Cengkareng-Kunciran) 35yearsfromeffecQvedate 14.2 76.2%10 JORR2(Kunciran-Serpong) 35yearsfromeffecQvedate 11.2 60.0%11 Solo-Ngawi(partofTransJava) 35yearsfromeffecQvedate 90.1 60.0%12 Ngawi-Kertosono(partofTransJava) 35yearsfromeffecQvedate 87.0 60.0%13 JORR2(Serpong-Cinere) 35yearsfromeffecQvedate 10.1 55.0%14 Batang-Semarang(partofTransJava) 45yearsfromeffecQvedate 75.0 60.0%15 Pandaan-Malang 35yearsfromeffecQvedate 37.6 60.0%16 Balikpapan-Samarinda 40yearsfromeffecQvedate 99.4 55.0%17 Manado-Bitung 40yearsfromeffecQvedate 39.9 65.0%18 Jakarta-CikampekIIElevated 45yearsfromeffecQvedate 36.4 80.0%
TOTAL 748.0
Notes: (1)Operatedsince01October2013.(2)SecQonKebonJeruk-Cileduk(5.70km)isoperatedsince04January2014;SecQonCileduk-Ulujami(2.00km)isoperatedsince22July2014.(3)SecQonGempol-Pandaan(12km)isoperatedsince12June2015.(4)SecQon1:Sentul-KedungHalang(3.85km)isoperatedsince23November2009;SecQon2A:KedungHalang-KedungBadak(1.95km)isoperatedsince04June2014. (5)SecQon1:Semarang-Ungaran(10.80km)isoperatedsince17November2011;SecQon2:Ungaran-Bawen(12.30km)isoperatedsince04April2014;SecQonBawen-SalaQga(17,6km)is
operatedsince25September2017. (6)SecQon1A:Waru-Sepanjang(2.30km)isoperatedsince05September2011,SecQon4:Kriyan-Mojokertoisoperatedsince19March2016. (7)Gempol-Pasuruan:SecQonBangil-Rembang(7,1km)isoperatedsince13April2017&SecQonGempol-Bangil(6,8km)isoperatedsinceJuli2017(8)SecQon3-6:Kualanamu-Seirampah-Perbarakan(42km)isoperatedsince20October2017.
12
BogorOuterRingRoad(BORR)(11km)(SecAon2BKd,Badak–Yasmin)
ProgressLandAcquisiAon:97.00%ProgressConstrucAon:60.40%
Cengkareng–Kunciran(14.19km)ProgressLandAcquisiAon:30.92%
ProgressConstrucAon:4.02%
Kunciran–Serpong(11.19km)ProgressLandAcquisiAon:89.18%
ProgressConstrucAon:13.29%
Serpong–Cinere(10.14km)ProgressLandAcquisiAon:58.89% JakartaCikampekIIElevated(36.40km)
ProgressConstrucAon:13.74%
HalfOperated
InLandAcquisiConandConstrucCon
5projects
*Asof2Nov2017
JasaMarga’sUpcomingProjects:GreaterJakarta
13
Semarang-Batang(75km)ProgressConstrucAon:55.71%ProgressLandAcquisiAon:98.16%
Semarang–Solo(73km)ProgressConstrucAon(SalaAga–Solo):36.30%ProgressLandAcquisiAon(SalaAga–Solo):99.49%
Solo–Ngawi(90km)ProgressConstrucAon:80.14%ProgressLandAcquisiAon:94.70%
Ngawi–Kertosono(49km)ProgressConstrucAon:90.69%ProgressLandAcquisiAon:99.88%
Surabaya–Mojokerto(36.3km)ProgressConstrucAon:98.33%ProgressLandAcquisiAon:100%
Gempol–Pandaan(12km)
Gempol–Pasuruan(34.2km)ProgressConstrucAon:85.53%ProgressLandAcquisiAon:85.29%
Pandaan–Malang(37.62km)ProgressConstrucAon:29.43%ProgressLandAcquisiAon:77.08%
HalfOperated
InLandAcquisiConandConstrucCon
8projects
*Asof2Nov2017
JasaMarga’sUpcomingProjects:Java
14
Medan-Kualanamu-TebingTinggi(61.7km)ProgressConstrucAon:79.95%ProgressLandAcquisiAon:93.29%
SUMATRA
KALIMANTAN
Balikpapan-Samarinda(99.35km)ProgressConstrucAon:36.60%ProgressLandAcquisiAon:94.82%
SULAWESI
MALUKU
Manado-Bitung(39.9km)ProgressConstrucAon:8.64%ProgressLandAcquisiAon:44.83%
3projects
HalfOperated
InLandAcquisiConandConstrucCon
*Asof2Nov2017
JasaMarga’sUpcomingProjects:Sumatera,Kalimantan,andSulawesi
15
HIMBARA:• JORR&Ulujami–Pd.Aren
• Jakarta-Tangerang,BORR• Jakarta-Cikampek(CloseSystem)inclBCA
• Padaleunyi&CipularanginclBCA
• Palikanci• Jagorawi(OpenSystem)• Innerringroad&Sediyatmo
JakartaInnerRingRoad
GTPGBGTPGT
JORRJagorawiJakarta-Cikampek
(OpenSystem)
BelmeraPalikanciSemarangSurabaya-GempolJakarta-
Tangerang
SigningofSOESynergy,E-paymentbyHIMBARA
(GroupOfSOEBank)
Jagorawi(CloseSystem)Jakarta-Cikampek(OpenSystem)Purbaleunyi
FullImplementaCon
NonCashTransacCon
100%BenefitofE-toll:§ TheCompany:highefficiencyoncollecQonexpanseandfastertransacQonperiodthatwillreducetrafficflow§ Tolluser:cashlesstransacQonandfastertransacQonperiod
RecentDevelopment:ModernizaNonEfforts-E-tollCardPenetraNon
16
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2014
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E
2018
E
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E -
200
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1997
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Traffic on Jasa Marga Toll Road (in million) Car Sales in Indonesia (in thousand vehicles)
ü Robust estimated growth in car sales is a positive driver for the toll road industry
EconomicSlowDown
Directimpactoffuelpricehike(1)
Source: BMI Research Source: Jasa Marga
ü Consistent growth in traffic demonstrates resilience of toll road industry
WellPosiNonedInAResilientIndustryWithFavorableGrowthTrends
17
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.
ExcellentFinancialProfileWithStableMargins,ReducingLeverageAndStrongCashflows
6.65 7.12 7.935.91 6.06
0.58 0.510.91
0.57 0.72
2014 2015 2016 9M2016 9M2017
TollRevenue OtherBusiness
Prudent financial management enable company to lower its cost of debt over time
EBITDA & EBITDA Margin
Interest Coverage Ratio (ICR)
(IDR bn) (%)
(x)
Note : figures of 2014, 2015, &2016 audited; 3Q2016 & 3Q2017 limited review
Debt to Equity Ratio (DER)
Revenue
(IDR tn)
7.23 7.63 8.84
6.48 6.78
CAGR10.6%
CAGR14.2%
(x)
1.21 1.29
1.53 1.55
2014 2015 2016 9M2017
2014 2015 2016 9M2017
3.30 3.063.45
4.45
2014 2015 2016 9M2017
2014 2015 2016 9M2017
4.01 4.32
5.23
3.79 3.99
55.4% 56.6% 59.2% 58.5% 58.9%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2014 2015 2016 9M2016 9M2017
EBITDA EBITDAMargin
19
Note:• FinancialstatementsareauditedfortheyearsendinginDecember312014,2015,and2016• LimitedreviewstatementsfortheperiodendinginSeptember302016and2017
SummaryofConsolidatedIncomeStatement(IDRmillion)
20
(FYE 31 Dec) Y2014 Y2015 Y2016 3Q2016 3Q2017 ∆Rp ∆%
(Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY)
REVENUE 7.227,8 7.630,7 8.832,3 6.477,2 6.782,3 305,1 4,7%
Toll and Other Operating Expenses (3.562,8) (3.518,0) (4.022,9) (2.963,8) (3.079,8) (116,0) 3,9%
General and Administrative Expenses (884,8) (893,3) (949,0) (656,0) (784,7) (128,6) 19,6%
Other Expenses (20,3) (29,8) (99,0) (42,5) (153,2) (110,7) 260,3%
Others Income 287,9 272,9 357,1 230,6 782,0 551,3 239,0%
OPERATING INCOME 3.072,7 3.477,7 4.165,5 3.072,0 3.634,9 562,9 18,3%
Operating Income Margin 42,5% 45,6% 47,2% 47,4% 53,6% N/A 6,2%
EBITDA 4.006,8 4.285,0 5.228,5 3.791,3 3.993,1 201,8 5,3%
EBITDA Margin 55,4% 56,2% 59,2% 58,5% 58,9% N/A 0,3%
Finance Cost (1.215,3) (1.405,0) (1.509,0) (1.109,4) (896,0) 213,4 -19,2%
INCOME BEFORE TAX 1.850,7 2.068,3 2.649,7 1.956,1 2.660,9 704,8 36,0%
Income Tax Expense (613,7) (749,1) (846,6) (659,7) (819,4) (159,6) 24,2%
NET INCOME 1.421,7 1.466,4 1.889,3 1.345,3 1.902,1 556,8 41,4%
Net Income Margin 19,7% 19,2% 21,4% 20,8% 28,0% N/A 7,3%
SummaryofConsolidatedBalanceSheet(IDRmillion)
(FYE31Dec)Y2014 Y2015 Y2016 3Q2017 ∆Rp ∆%
(Audited) (Audited) (Audited) (Unaudited) 3Q17vs.2016 3Q17vs.2016
CashandCashEquivalent 3,290,784 3,323,221 4,124,886 7,073,066 2,948,180 71%
OtherCurrentAssets 255,000 405,825 8,840,999 10,776,842 1,935,843 22%
NonCurrentAssets 28,314,179 32,995,936 40,534,438 50,871,162 10,336,724 26%TOTALASSETS 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 28%CurrentLiabiliQes 4,180,658 7,543,411 18,626,989 14,856,354 (3,770,635) (20%)
NonCurrentLiabiliQes 16,658,575 16,812,907 18,534,494 36,095,253 17,560,759 95%
TOTALLIABILITIES 20,839,233 24,356,318 37,161,483 50,951,607 13,790,124 37%Equity 11,020,729 12,368,664 16,338,840 17,770,063 1,431,223 9%
TOTALLIABILITIESANDEQUITY 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 28%
Note:• FinancialstatementsareauditedfortheyearsendinginDecember312014,2015,and2016• LimitedreviewstatementsfortheperiodendinginSeptember302017
21
DesiArryani–ChiefExecuCveOfficer• Haswork experience in ConstrucQon sectormore than 25 years. Previously served asOperaQonsDirector I of PTWaskita Karya (Persero) Tbk.which is SOE
contractorinIndonesia.• CompletedherBachelordegreeinCivilEngineeringfromUniversityofIndonesia(1987)andMasterdegreeinManagementfromPrasetyaMulya(2008).
DonnyArsal–ChiefFinancialOfficer• HasworkexperienceinFinancialsectormorethan23years.PreviouslyservedasManagingDirectorPTMandiriSekuritas,thatlookamerforInvestmentBanking
Division.• CompletedBachelorDegreefromUniversityofIndonesia(1994).
MohammadSofyan–OperaConalDirectorI• JoinJasaMargasince1997andhasleadinvarioussectormorethan20yearssuchustollroadproject,ITandstrategiccorporateplanning.Previouslyservedas
CorporateSecretaryPTJasaMarga(Persero)Tbk.• CompletedBachelorDegreeinCivilEngineeringatSepuluhNovemberInsQtuteofTechnologySurabaya(1996)andMasterDegreeinProjectManagementfrom
UniversityofIndonesia(2003)andMasterBusiness&ITfromMelbourneUniversity(2007).
SubakCSyukur–OperaConalDirectorII• Join JasaMargasince1986andhasworkexperience in toll roadoperaQonsmore than30years.Previously servedasPresidentDirectorofPTMargaLingkar
Jakarta(oneofJasaMarga’sSubsidiary).• Completed Bachelor Degree in Civil Engineering from Bandung InsQtute of Technology (1986) and Master degree in Management from Universitas Kristen
Dwipayana(2010).
Hasanudin–DevelopmentDirector• Join JasaMarga since 1988 and haswork experience in toll road projectmanagement and operaQonsmore than 30 years. Previously served as OperaQons
DirectorPTJasaMarga(Persero)Tbk..• CompletedBachelorDegreeinCivilTransportaQonEngineeringatSepuluhNovemberInsQtuteofTechnology,Surabaya(1987)andUniversityofNewSouthWales
forMaster’sDegree.
KushartantoKoeswiranto–HumanCapitalandGeneralAffairs/IndependentDirector• Has work experience in Human Resources sector more than 30 years. Previously served as President Director KTalents Asia, Group Director HR of Agung
PodomoroGroup,andHR&BusinessSupportDirectorLofeShoppingIndonesia.• CompletedEconomyBachelorDegreeatDiponegoroUniversityandMBAatIPMI.
Experiencemanagementwithover25 yearsofexperience,deepunderstandingon the industry/sector, and long-term relaConshipwithstakeholders
Strongcorporategovernanceandhighlyqualifiedmanagementteam
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TrafficVolumebySecNon(MillionvehicletransacAons)
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No Branch/Subsidiary 2014 2015 2016 3Q2016 3Q2017 ∆% 3Q17 vs. 3Q16 CAGR 2014-2016
1 Jagorawi 201.32 204.16 207.65 154.20 151.53 -1.73% 1.56%
2 Jakarta-Cikampek * 206.13 215.00 221.75 165.94 156.34 -5.79% 3.72%
3 Jakarta-Tangerang 119.83 127.43 130.89 97.04 98.68 1.69% 4.51%
4 Cawang-Tomang-Cengkareng 282.81 284.66 294.90 218.29 224.11 2.67% 2.12%
6 Purbaleunyi 66.35 66.25 67.49 50.20 51.73 3.05% 0.85%
8 Surabaya-Gempol 82.87 89.56 97.66 72.40 75.80 4.70% 8.56%
9 Semarang 48.12 50.41 51.76 38.27 39.87 4.18% 3.71%
10 Belmera 25.39 24.79 25.75 19.05 20.94 9.92% 0.71%
11 Palikanci ** 19.93 23.04 19.04 15.64 11.07 -29.22% -2.25%
12 JORR Non S 84.50 90.71 95.76 70.97 73.07 2.96% 6.45%
13 Ulujami-Pondok Aren 45.13 43.73 46.11 34.10 35.47 4.02% 1.09%
14 PT Marga Sarana Jabar 13.68 15.34 16.49 12.13 11.92 -1.76% 9.77%
15 PT Jasamarga Surabaya Mojokerto 12.05 13.02 15.36 11.27 12.64 12.16% 12.89%
16 PT Trans Marga Jateng 15.56 18.70 20.50 15.16 15.51 2.28% 14.77%
17 PT Jasamarga Bali Tol 14.31 16.54 17.46 12.64 14.63 15.76% 10.46%
18 PT Marga Lingkar Jakarta 14.49 24.71 26.90 19.75 22.59 14.36% 36.27%
19 PT Jasamarga Pandaan Tol 0.00 2.80 5.84 4.24 5.06 19.34% N/A
20 PT Trans Jatim Pasuruan 0.00 0.00 0.00 0.17 N/A N/A
TOTAL 1252.47 1310.85 1361.31 1011.29 1021.12 0.97% 4.25%
Note:*ThechangesinthetrafficpafernandtheimpactfromtheremovaloftollgatescikopobecauseofintegraQonofcluster1(Cikampek,Padaleunyi,Cipularang,Cikopo-Palimanan)**ThereischangesintrafficrecordastheimpactofremovalgatePlumbon3,Plumbon4,danCipernaUtamadikarenakanintegrasiClusterII(Palimanan-Kanci,Kanci-Pejagan,Pejagan-
BrebesTimur)
TollRevenuebyBranch/Subsidiary(IDRbillion)
Branch/Subsidiary 2014 2015 2016 3Q2016 3Q2017 ∆%3Q16-3Q17
CAGR2014-2016
1 Jagorawi* 607.5 620.2 697.0 517.1 496.5 -3.98% 7.1%2 Jakarta-Cikampek 1,023.4 1,137.8 1,232.5 902.8 959.3 6.26% 9.7%3 Jakarta-Tangerang 467.1 507.5 580.7 430.9 543.6 26.15% 11.5%4 Cawang-Tomang-Cengkareng 1,212.3 1,247.0 1,412.7 661.9 662.7 0.12% 7.9%5 Purbaleunyi 1,175.9 1,197.5 1,350.6 1,028.8 978.8 -4.86% 7.2%6 Surabaya-Gempol 309.0 335.8 402.0 300.9 312.2 3.76% 14.1%7 Semarang 106.5 113.2 136.6 100.9 104.9 3.96% 13.3%8 Belmera 91.3 90.2 105.5 78.1 84.5 8.19% 7.5%9 Palikanci 112.4 133.0 169.5 129.3 136.2 5.34% 22.8%
10 PTJalantolLingkarluarJakarta 1,182.4 1,163.7 1,010.2 780.1 802 2.81% -7.6%TOTALPARENTLEVEL 6,288.0 6,545.9 7,097.3 5,280.4 5,518.8 4.51% 6.2%
11 PTMargaSaranaJabar 67.2 86.9 100.2 73.4 74.4 1.36% 22.1%12 PTMargaNujyasumoAgung 18.8 20.1 36.0 25.6 34.3 33.98% 38.4%13 PTTransMargaJateng** 107.3 129.5 152.8 110.9 57.7 -47.97% 19.3%14 PTJasamargaBaliTol 106.1 122.7 143.3 104.7 119.8 14.42% 16.2%15 PTMargaLingkarJakarta 59.0 188.0 337.3 270.1 205.9 -23.77% 139.1%16 PTJasamargaPandaanTol - 27.8 59.7 43.4 50.7 16.82% n/a17 Gempol-Pasuruan - - - - 2.3 n/a n/a
TOTALSUBSIDIARYLEVEL 358.4 575.1 829.3 628.2 545.3 -13.20% 52.1%TOTAL 6,646.4 7,121.0 7,926.6 5,908.6 6,064.2 2.63% 9.2%
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Notes:*JagorawiTollRoadisusedforFutureRevenueBackSecuriAes**RefertoConsolidatedFinancialReportasofSeptember30th2017page18,inSemarang-SoloTollRoadhaschangetojointcontrol
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