Company Overview & Investment Opportunities

Transcription

1 Company Overview & Investment Opportunities as of February 8 For Discussion Only

2 Company Overview

3 Company Overview Brief Snapshot Company Highlights Leading toll road operator in Indonesia with 40 years of experience 33 toll road concessions with total length of 1,497 km 70% owned by the Government of Indonesia Publically listed on the Indonesia Stock Exchange since 2007, with a market cap of c.idr 45.8trillion as at 31 st Dec 7 Key business Construction, operation and maintenance of toll road Supporting business / other business Toll Road Operation Services (Provides operation services for Jasa Marga and other toll road investors) Toll Road Maintenance Services (Provides maintenance services for Jasa Marga and other toll road investor) Property (ages rest areas and other properties on toll road corridors) ü ü ü ü ü Largest toll road operator in Indonesia with 62.2% market share in terms of toll roads lengths (680 km) and 80% market share of toll road transaction volume The longest concession period holder in Asia reflecting stable income Strategically important with strong government ownership Resilient industry with strong government focus Strong financial profile with promising growth going forward Vision & Mission FY7 segmental revenue breakdown Vision To be the largest, trusted and sustainable national toll road network company. Toll Revenue Jasa Marga (13 old concessions in balance sheet) 85% Other Operating Revenues 7% Mission 1. Lead the development of toll road networks in Indonesia to increase national connectivity. 2. Manage the toll road business along the end-toend value chain in a professional and sustainable manner. 3. Maximize the regional development to accelerate community advancement and increase company profitability. Toll Revenue Subsidiaries 8% 4. Enhance customer satisfaction through service excellence 3

4 Leading Toll Roads in Indonesia GREATER JAKARTA & WEST & WEST JAVA JAVA Jagorawi km km SUMATRA Jakarta-Tangerang km km Ulujami-Pondok Aren Aren km km Jakarta Inner Ring Ring Road Road km km Prof. Dr. Ir. Ir. Sedyatmo km km Jakarta-Cikampek km km JORR km km Cikampek-Padalarang km km Padaleunyi km km Palikanci km km JORR W2 W2 North North km km Bogor Outer Ring Ring Road Road km km Cengkareng-Kunciran km km Kunciran-Serpong km km Cinere-Serpong km km Jakarta-Cikampek II Elevated II Elevated km km Jakarta-Cikampek II Selatan 64 km Market Shares 62.2% Strait of NORTH SUMATERA Malacca Belmera km km Medan-Kualanamu-TebingTinggi Tinggi km km 80% KALIMANTAN SULAWESI MALUKU MALUKU NORTH SULAWESI Manado-Bitung km EAST KALIMANTAN JAVA Java Sea EAST KALIMANTAN EAST JAVA Balikpapan-Samarinda 99.4 km Balikpapan-Samarinda km Surabaya-Gempol km km Banda Sea Gempol-Pandaan km km Gempol-Pasuruan km km JAVA km BALI Surabaya-Mojokerto 36.3 km Timor Sea Pandaan-Malang km km Indian CENTRAL Ocean JAVA JAVA Probolinggo-Banyuwangi km Semarang km km BALI Semarang-Solo km km Nusa Dua-Ngurah Rai-Benoa km Solo-Ngawi km km BALI Ngawi-Kertosono km km Nusa Dua-Ngurah Rai-Benoa 10.0 km Batang-Semarang Semarang-Batang km km Accumulated Operated Toll Road (km) Owned before 2004 and operating (13 projects) Awarded after 2004 and fully operated (3 new projects) Awarded after 2004 and half operated (5 new projects) Awarded after 2004 and in land acquisition/ construction (12 new projects) PAPUA Accumulated Toll Road Concessions (km) 1,260 1, km Toll Road in Operation* Transactions volume *As of 31 st Dec 7 4

5 Jasa Marga s Project Awarded Section Concession Period Length (km) Progress JM Ownership (%) Land Construction Old Concession 1 13 Old Concession (rewarded in 2004) % A. Fully Operated 2 Nusa Dua-Ngurah Rai-Benoa % 3 JORR W2 North % 4 Surabaya-Mojokerto (part of Trans Java) % B. Half Operated 5 Gempol-Pandaan % 6 Bogor Outer Ring Road % 87.07% 55.0% 7 Semarang-Solo (part of Trans Java) * -* 58.9% 8 Gempol-Pasuruan (part of Trans Java) % 65.77% 98.8% 9 Medan-Kualanamu-Tebing Tinggi % 83.07% 55.0% C. In Land Acquisition and Construction 10 JORR2 (Cengkareng-Kunciran) 35 years from effective date % 6.42% 76.2% 11 JORR2 (Kunciran-Serpong) 35 years from effective date % 32.27% 60.0% 12 Solo-Ngawi (part of Trans Java) 35 years from effective date % 86.69% 60.0% 13 Ngawi-Kertosono(part of Trans Java) 35 years from effective date % 98.23% 60.0% 14 JORR2 (Serpong-Cinere) 35 years from effective date % 5.2% 55.0% 15 Batang-Semarang (part of Trans Java) 45 years from effective date % 66.85% 60.0% 16 Pandaan-Malang 35 years from effective date % 42.10% 60.0% 17 Balikpapan-Samarinda 40 years from effective date % 43.08% 55.0% 18 Manado-Bitung 40 years from effective date % 13.21% 65.0% 19 Jakarta-Cikampek II Elevated 45 years from effective date % 80.0% 20 Jakarta-Cikampek II South 35 years from effective date % 21 Probolinggo-Banyuwangi 35 years from effective date % TOTAL Note - Data as of 4 Jan 8 - *) Section Semarang-Salatiga 5

6 Investment Opportunities

7 DIRECT INVESTMENTBALI MANDARA TOLL ROAD PT JASAMARGA BALI TOLL ( JBT ), BALI INDICATIVE STRUCTURE PROJECT DESCRIPTION Project Information Bali Mandara Toll Road Investment PROJECT COST Project Structure USD 150 Million LOCATION Bali Toll - 10 km CONCESSION EXISTING SHAREHOLDERS (MIN 65%) INVESTOR (MAX 35%) Jasamarga Bali Tol (JBT) 1. Jasa Marga (55.0%) 2. Pelindo III (17.6%) 3. Others below 10% (27.4%) OPERATION End of 3 Toll Revenue (USD Million) Traffic Volume (Million Vehicle) Equity Participation in JBT % of Ownership 15-35% in JBT Project Development Cost USD 150 Million (IDR 2.01 Trillion) Capital Structure of Project source of financing 30% equity and 70% debt Investment Investment 15%-35%* Approximately USD million (IDR Trillion) Project IRR ~ 14% (IDR) Exit Strategy Partial/Full Divestment or through Strategic Partnership Issuance date Year 8 EXISTING SHAREHOLDER Toll Concession Holder Mode of Offer Contact Person Mohammad Sofyan Director of Operations I Mobile mohammad.sofyan@jasamarga.co.id (1 USD = IDR) *exclude minority interest

8 DIRECT INVESTMENTJORR W1 TOLL ROAD PT JAKARTA LINGKAR BARATSATU ( JLB ), JAKARTA. Project Information JORR W1 Toll Road Investment JORR W1 LOCATION EXISTING SHAREHOLDERS (80.9%) JORR W1 Toll 9.85 km CONCESSION Jakarta Lingkar Baratsatu (JLB) OPERATION End of 0 EXISTING SHAREHOLDER Toll Revenue (USD Million) Toll Concession Holder PT PT PT PT Bangun Tjipta Sarana (55.7%) Marga Utama Nusantara (25.0%) Jasa Marga (Persero) Tbk. (19.1%) Reka Daya Adcipta (0.2%) Net Income (USD Million) Mode of Offer Equity Participation in JLB % of Ownership Maximum 19.1% in JLB Investment Investment up to USD 67 Million (IDR 0.9 Trillion) Project Structure INVESTOR (MAX 19.1%) INDICATIVE STRUCTURE PROJECT DESCRIPTION Toll Road Length 9.85 km Operation Exit Strategy Partial/Full Divestment or through Strategic Partnership Issuance date Year 8 Contact Person Mohammad Sofyan Director of Operations I Mobile mohammad.sofyan@jasamarga.co.id (1 USD = IDR)

9 CAPITAL MARKET- BONDS/ISLAMIC BONDS/FUTURE REVENUE BACKED SECURITIES PT JASA MARGA (Persero) Tbk. INDICATIVE STRUCTURE To fund capex needs especially developing New Toll Road in 8, Jasa Marga will issue combination of conventional Bonds, Islamic Bonds, Future Revenue Backed Securities (Domestic or Offshore). Current ownership structure % Ownership 30% Ownership Revenue (in million USD) Ministry of State-Owned Enterprises ( MSOE ) Public Latest 4years financial performance Latest 5years operasional result The companyline of busi ne ss a. 9Branches b. 21 toll road subsidiaries c. 4 non toll road subsidiaries EBITDA (in million USD) Nominal Issuance Up to IDR 9.0 T (± USD Million) InternationalRating Moody s Baa3 (positive outlook) S&P BB+ (stable outlook) Local Rating Pefindo idaa (stable outlook) Coupon Gov Bonds bps Funding Usage To Develop New Toll Roads Product 1 Bonds Covenant ICR Min 1.25 times Tenor 5-10 Years Product 2 Islamic Bonds Covenant ICR Min 1.25 times Tenor 5-10 Years Underlying Asset Concession Rights or Future Toll Revenue Concession Rights (km) , Vehicle Transaction (millions) Product 3 Future Revenue Backed Securities Tenor 5-10 Years Underlying Asset Mature Toll Roads Contact Person Donny Arsal Director of Finance Mobile donny.arsal@jasamarga.co.id (1 USD = IDR)

10 CAPITAL MARKET- PROJECT BONDS/ISLAMIC BONDS BALI MANDARA TOLL ROAD PT JASAMARGA BALI TOL ( JBT ) JASA MARGA Group INDICATIVE STRUCTURE Project Bond is funding scheme in Jasa Marga s Subsidiary that is a brown field Project Bonds to refinance Construction Bank Financing Ownerships (Dec 6) 7.91 Toll Revenue (USD Million) Traffic Volume (Million Vehicle) Product Name Project Bonds Bali Mandara Nominal Issuance Upto USD 67 million ((IDR 0,9 trillion) Tenor Several Tenors up to 15 years Instrument Rating Coupon Issuance Date Targeted AAA rating Gov Bonds bps 1H-8 Funding Usage Refinance Bank Loan Toll Road Length 10 km Concession Period Until Shareholders 1. PT Jasa Marga (Persero) Tbk 55.00% 2. PT Pelindo III (Persero) 17.58% 3. Others (below 10%) 27.42% Contact Person Donny Arsal Director of Finance Mobile donny.arsal@jasamarga.co.id (1 USD = IDR)

11 CAPITAL MARKET- PROJECT BONDS/ISLAMIC BONDS SURABAYA-MOJOKERTO TOLL ROAD PT JASAMARGA SURABAYA MOJOKERTO ( JSM ) JASA MARGA Group INDICATIVE STRUCTURE Company Information Krian Driyorej o WRR Sepanjang War u Product Name Project Bonds Surabaya- Mojokerto Ownerships (Dec 6) Financial performance (IDR Trillions) Nominal Issuance Upto USD 209 million (IDR 2.8 Trillion) Project Bond is funding scheme in Jasa Marga s Subsidiary that is a brown field Project Bonds to refinance Construction Bank Financing Toll Revenue (USD Million) Mojokerto Seksi IV (18,47 km) Seksi III (6,1 km) Seksi II (5,1 km) Seksi IB (4,3 km) Traffic Volume (Million Vehicle) Seksi I (2,3 km) Tenor Several Tenors up to 15 years Instrument Rating Coupon Issuance Date Targeted AAA rating Gov Bonds bps 8 Funding Usage Refinance Bank Loan Toll Road Length 36.3 km Concession Period Until Shareholders 1. PT Jasa Marga (Persero) Tbk 55% 2. PT Moeladi 25% 3. PT Wijaya Karya (Persero) Tbk 20% Contact Person Donny Arsal Director of Finance Mobile donny.arsal@jasamarga.co.id (1 USD = IDR)

12 CAPITAL MARKET- PROJECT BONDS/ISLAMIC BONDS BOGOR RING ROAD TOLL ROAD PT MARGA SARANA JABAR ( MSJ ) JASA MARGA Group INDICATIVE STRUCTURE Product Name Project Bonds Bogor Ring Road Ownerships (Dec 6) Financial performance (IDR Trillions) Nominal Issuance Upto USD Million (IDR 1.4 Trillion) Project Bond is funding scheme in Jasa Marga s Subsidiary that is a brown field Project Bonds to refinance Construction Bank Financing 3.06 Toll Revenue (USD Million) Traffic Volume (Million Vehicle) Traffic Volume (Million Vehicle) Tenor Several Tenors up to 15 years Instrument Rating Coupon Issuance Date Targeted AAA rating Gov Bonds bps 8 Funding Usage Refinance Bank Loan Toll Road Length 11 km Concession Period Until Shareholders 1. PT Jasa Marga (Persero) Tbk 55% 2. PT CMNP Tbk 30% 3. PT Jasa Sarana 15% Contact Person Donny Arsal Director of Finance Mobile donny.arsal@jasamarga.co.id (1 USD = IDR)

13 CAPITAL MARKET- PROJECT BONDS/ISLAMIC BONDS GEMPOL-PANDAAN TOLL ROAD PT JASAMARGA PANDAAN TOL ( JPT ) INDICATIVE STRUCTURE JASA MARGA Group Ownerships (Dec 6) Project Bond is funding scheme in Jasa Marga s Subsidiary that is a brown field Project Bonds to refinance Construction Bank Financing Financial performance (IDR Trillions) Traffic Volume (Million Vehicle) Toll Revenue (USD Million) * 6 5* 6 Operated since 12 June 5 Toll Road Length 13.6 km Concession Period Until 2049 Shareholders PT Jasa Marga (Persero) Tbk 92.2% PT Jalan Tol Kab. Pasuruan 7.8% Product Name Project Bonds GempolPandaan Nominal Issuance Up to USD 68 Million (IDR 0.9 Trillion) Tenor Several Tenors up to 15 years Instrument Rating Targeted AAA rating Coupon Gov Bonds bps Issuance Date 8 Funding Usage Refinance Bank Loan Contact Person Donny Arsal Director of Finance Mobile donny.arsal@jasamarga.co.id (1 USD = IDR)

14 Disclaimer By attending this presentation, you are agreeing to be bound by the restrictions set out below. restrictions may constitute a violation of applicable securities laws. Any failure to comply with these The information and opinions contained in this presentation are intended solely for your personal reference and are strictly confidential. The information and opinions contained in this presentation have notbeen independently verified, and no representation orwarranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Neither the company (including any of its affiliates, advisors and representatives) nor the underwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liability whatsoever (in negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information oropinions containedherein norforany loss howsoeverarising fromany useof this presentation. In addition, the information contained in this presentation contains projections and forward-looking statements that reflect the company's current views with respect to future events and financialperformance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the company and its directors. No assurance can be given that futureevents will occur, that projections will be achieved, or that the company's assumptions are correct. Actual results may differ materially from those forecast and projected. This presentation isnot and does notconstitute or form part of any offer, invitation or recommendation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. This presentation may not be used or relied upon by any other party, or for any other purpose, and may not be reproduced, disseminated orquoted without the priorwritten consent of the company. Any investment in any securities issued by the company or its affiliates should be made solely on the basis of the final offer document issuedin respect ofsuch securities. Relaying copies of this presentation to otherpersons in yourcompany orelsewhere is prohibited. 14

15 Thank You PT Jasa Marga (Persero) Tbk. Plaza Tol Taman Mini Indonesia Indah Jakarta Indonesia Phone , Fax , Investor.relations@jasamarga.co.id