PT Jasa Marga Persero Tbk : Jasa Marga Update FY2023

JSMR UPDATE 2023

Corporate Presentation

February 2024

Company Profile

Company Profile

Jasa Marga's Overview and Main of Business

JSMR Key Information

JSMR - 3 Line of Business

Ticker	Indonesian Stock Exchange:
JSMR
IPO Date	12 Nov 2007
Share Price*	IDR5,425 (USD0.351)
Transaction	28,837,200 shares
Volume*
Market Cap*	IDR39.4T (USD2.5B1)
Shareholders	Government of Indonesia: 70%
Public: 30%
Total	7,949 (as of 31st Dec 2023)
Employee
Business	•	Toll Road Concession
•	Toll Road Operation
Lines
•	Prospective Business

*Date as of 29th February 2024

Company Credit Ratings

idAA/Stable

For PT Jasa Marga (Persero) Tbk and Jasa Marga Shelf Registration Bonds II Phase I Year 2020

Toll Road Concession Business Line

36

Toll Road

Concessions

13 Mature Toll Roads

23 New Toll Roads

±1,736 km

Operations

Business Line

Provide operation services for

±1,426 km

of toll road in Indonesia

Provide maintenance services for

±1,111 km

of toll road in Indonesia

Prospective

Business Line

Managing 27 rest area

Building management, advertising and renting out land along toll road corridors

Developing Transit

Oriented Development

(TOD) / Toll Corridor

Development (TCD)

1) USD/IDR exchange rate of 15,673/USD based on Bank Indonesia middle rate as of 29th February 2024

3

Company Toll Road Network

JSMR's Toll Road Concession Business Portfolio Spreads Across Indonesia

Jasa Marga has 36 toll road concessions covering 1,736 km and operates 1,264 km of toll roads. Jasa Marga's business spans across Indonesia, where most of the toll roads are already connected, creating a positive impact on connectivity. Additionally, the majority of the toll roads are located on Java Island.

North Sumatera

• Belmera : 42.7
• Medan-Kualanamu-TebingTinggi : 61.7

Greater Jakarta

• Jakarta-Tangerang :33.0

• Prof. Dr. Ir. Soedijatmo : 14.3

• Cengkareng-Batuceper-Kunciran :14.2

• Kunciran-Serpong :11.2

• Serpong-Cinere :10.2

• Jakarta Inner Ring Road: 23.4

• Jakarta Outer Ring Road (JORR) E1, E2, E3, and

East Kalimantan
• Balikpapan-Samarinda :97.3	North Sulawesi
	• Manado-Bitung :39.8

Bali

• Nusa Dua-NgurahRai-Benoa :9.7

(in kilometer)

JSMR Toll Road Length by Region

	W25 : 28.3
•	JORR W2 Utara : 7.7
•	Ulujami-Pondok Aren : 5.6
•	Jagorawi : 59.0
•	Bogor Ring Road : 13.3
• Jakarta-Cikampek II Selatan : 62.0
• Jakarta-Cikampek :83.0
• Jalan Layang MBZ : 38.0

Central Java
• Batang-Semarang :74.9		East Java
• Semarang Seksi ABC : 24.8	•	Surabaya-Mojokerto :36.3
• Semarang-Solo :72.6	Legend
• Solo-Ngawi :91.1	•	Surabaya-Gempol :49.0	: Fully Operated
• Ngawi-Kertosono-Kediri :114.9	•	Gempol-Pasuruan :34.1
• Yogyakarta-Bawen :75.8	•	Gempol-Pandaan :13.6	: Partially Operated
	•	Pandaan-Malang :38.5

Outside

Java

15%

Greater

Jakarta

23%

West Java

• Cikampek-Padalarang :58.5
• Padalarang-Cileunyi :64.4
• Palimanan-Kanci :26.3
• Akses Patimban : 37.1

• Yogyakarta-Solo :96.6	: In Land Acquisition and Construction
• Probolinggo-Banyuwangi :175.9

Java Exclude

Greater

Jakarta

62%

4

Industry Overview

Toll Road Industry at a Glance

Long-term Investment Business Characteristic with Solid Revenue Stream

Toll Road Concession Business Characteristics

Source of Funding for Toll Road Projects

New Investment Source of Funding

30%

Equity Injection

from Shareholders

70%

External Financing

• For greenfield project financing will use credit facility

• For brownfield project, financing scheme can be switch from credit facility to capital market / refinancing

• High investment cost (USD 16-26 million/km);
• Negative cash flow at beginning period (the first 5-10 years);
• Payback Period usually in 15-25 years;
• Solid revenue stream.

Ways to Acquire Toll Road Concession Agreement

Tender	Acquisition	Unsolicited
Initiator: PUPR/BPJT	Initiator: JSMR

1) USD/IDR exchange rate of 15,416/USD based on Bank Indonesia middle rate as of 29th December 2023

6

Toll Road Industry at a Glance

Supportive Indonesian Toll Road Regulation, Maintaining Investment Climate Conduciveness

Regulator Structue

Body

Role

Commercially Supportive Regulations

Government of Indonesia

Concession Model

•	Long-term, 35 to 50 year,
	depends on characteristic of
	each project, investment cost,
	and location.
•	JSMR toll road projects are
	financially feasible projects,
	with expected project IRR
	ranging between 12-13%.

Land Acquisition

• The Government is responsible

for land acquisition process. For

land acquisition fund, it is borne

by the government except for

unsolicited projects.

• Investors may provide bridge

financing for accelerated land

acquisition, with subsequent

reimbursement by the

government.

Funding Scheme

Support

To ensure a project has an attractive rate of return, the Government provides support through the Viability Gap Funding (VGF) scheme,Governmwherenta Supportportion of the construction costs is borne by the Government through the State Budget (APBN).

Ministry of State

Owned Enterprise

("MSOE")

Ministry of Public

Works & Housing

PT Jasa Marga (Persero) Tbk

• Ultimate shareholder
• Issuing law
• Issuing concession agreement
• Issuing toll road regulation (including tariff increase, minimum service standard)
• Develop and operate toll roads

• Traffic risk is fully borne by

the investor.

Service Level

Standard

Minimum Service Standard of toll road operations is stipulated by the Law and will be monitored every six months by the Toll Road Regulatory Agency of the Ministry of Public Works & Housing.

Tariff Increase

• As stipulated in the Law No 2/2022, toll road tariff shall be increased every two years in reference to regional inflation.
• To be entitled for regular tariff adjustment, toll road project should meet the Minimum Service Standards.

100% Electronic

Payment

• Regulation mandated cashless transaction in toll road

• This ensure accuracy of toll

Government Support

revenue collected, more efficient processing time leading to lower congestion, and security against revenue fraud/cash theft.

7

2023

Performance Highlight

JSMR Share Price Performance & Shareholder Composition

Adding Value Through Managing Company's Fundamental Performance

Shareholder Composition

Share Price Performance (1-Year)

	29 February 2024
Ownership
No. of Shares	%
	Ownership

JSMR JCI

1.5

5,425 62.43%

Government of Indonesia
Dwi Warna Share	1
Share Seri B	5,080,509,839	70.00%
	5,080,509,840	70.00%
Management
Director and Commissioner	1,983,800	0.03%

1.3
1.13,340	7,316	6.61%

06,862.9

Local
Individual Domestic	138,025,263	1.90%
Institution Domestic	637,227,161	8.78%
Insurance	232,446,476	3.20%
Foundation	11,433,466	0.16%
Koperasi	13,081	0.00%
Mutual Fund	251,921,348	3.47%

0.7

0.5

*Date as of 29th February 2024

	1,273,050,595	17.54%
Foreign
Retail	4,629,198	0.06%
Institutional	899,681,567	12.40%
	904,310,765	12.46%
	7,257,871,200	100%
Source : KSEI (2024)

Highlights

EPS1	PE1
Rp 936.03	5.79
NAV2	Price/NAV2
Rp 5,361.24	1.01

1. Based on latest Audited Full Year results announcement, adjusted for the current number of shares. Price as of 29th February 2024.
2. Based on net equity attributable to owners of parent entity stated in the latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares. Price as of 29th February 2024.

9

2023 Performance Highlight

Successfully achieving the company's targets in all of business aspects

New Toll Road Concession

Akses Patimban (±37.05 km)

JSMR Market Share

Operate 1,264 km of toll roads across Indonesia

PT Astra Tol

Nusantara

9%CMNP

3%

		WSKT
		9%
JSMR			PT
47%			Hutama
			Karya
		19%
			PT
		Nusantara
Others		Infrastruktur
	2%
2%	INA
	9%

In terms of operated toll road length (km)

New Toll Road Operation Cinere-SerpongSection 2 (±3.64 km)

JMTO Market Share

Provide operation services for 1,426.2 km of toll roads (both JSMR's & Other Toll Road Company's) across Indonesia

Operated by	Operated
Others	by JMTO
47%	53%

Tariff Adjustment

Implemented in 21 toll roads

JMTM Market Share

Provide maintenance services for 1,110.9 km of toll roads (both JSMR's & Other Toll Road Company's) across Indonesia

Operated by JMTM 41%

Operated by

Others

59%

10