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TOLL ROAD BUSINESS
OPPORTUNITY IN INDONESIA
Presented by,
Abdul Hadi Hs. Director of Business Development
ONE DAY SEMINAR INDONESIA : BUSINESS AND INVESTMENT OPPORTUNITIES, MAY 21ST, 2014
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
TOLL ROAD DEVELOPMENT OPPORTUNITY
Government of Indonesia plans to develop 4.500 Km toll road within 2010-2030;
1
Java$Sea$
Timor$Sea$
Strait$of$Malacca$
Banda$Sea$
$$$$Indian$Ocean$
SULAWESI(
PAPUA(KALIMANTAN(
MALUKU(SUMATRA(
CENTRAL JAVA ! Semarang: 24.75 km ! Semarang-Solo: 75.7 km(1)
EAST JAVA ! Surabaya-Gempol: 49.0 km ! Gempol-Pasuruan: 34.15 km(1)
! Surabaya-Mojokerto: 36.3 km(1)
! Gempol-Pandaan: 13.61 km(1)
NORTH SUMATERA ! Belmera: 42.7 km ! Medan - Kualanamu – Tebing Tinggi : 62 Km GREATER JAKARTA & WEST JAVA
! Jagorawi: 59.0 km ! Jakarta-Tangerang: 33 km ! Ulujami-Pondok Aren: 5.55 km ! Jakarta Inner Ring Road: 23.55 km ! Prof. Dr. Ir. Sedyatmo: 14.3 km ! Jakarta-Cikampek: 83.0 km ! JORR: 43 km ! Cikampek-Padalarang: 58.5 km ! Padalarang-Cileunyi: 64.4 km ! Palikanci: 26.3 km ! Bogor Outer Ring Road: 11.0 km(1)
! Cengkareng-Kunciran: 15.2 km(1)
! Kunciran-Serpong: 11.2 km(1)
! JORR W2 North: 7.67 km(1)
JAVA$ BALI$
BALI ! Nusa Dua-Ngurah Rai-Benoa: 10 km
Notes: (1) New toll roads which either in land acquisition process or in construction process, except for BORR section I (3,8 Km), Semarang-Solo section I (23 Km), JORR W2 North (7,67 Km) and Surabaya-Mojokerto section I (3 Km) which already operates.
Jasa Marga manages and
operates owned 74% market share of toll road in Indonesia.
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
SUBSIDIARIES
1. PT MSJ
2. PT TJP
3. PT TMJ
4. PT MKC
5. PT MTN
6. PT MNA
7. PT MLJ
8. PT Jasamarga Pandaan Tol
9. PT JBT
BUSINESS STRUCTURE OF PT JASA MARGA (Persero) Tbk.
Toll Road Operation
SUBSIDIARIES 1. PT Sarana Marga
Utama (Toll Road Maintenance Services)
2. PT Jalantol Lingkarluar Jakarta (Toll Road Operation Services)
3. PT Jasamarga Properti (Property Development Services)
BUSINESS UNITS
1. Rest Area Management Business Unit (Rest Area Management and Development Services)
2. Jasa Marga Development Centre Unit (HRD Training and Development Services)
Related Business Development Toll Road Business Development
2
Majority Share Holder
BRANCHES 1. Cawang Tomang Cengkareng
2. Belmera
3. Jakarta Tangerang
4. Jakarta Cikampek
5. Jakarta Bogor Ciawi
6. Purbaleunyi
7. Semarang
8. Surabaya Gempol
9. Palimanan Kanci
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
FINANCIAL PERFORMANCE OF PT JASA MARGA (PERSERO) TBK.
New Toll Road Investment Progress
Assets Growth
0.107 0.273
0.446
0.745
1.095
-
2.00
4.00
6.00
8.00
10.00
12.00
2009 2010 2011 2012 2013
$1.617$$(1.895(( (2.092((
(2.475(($2.837$$
-
5.00
10.00
15.00
20.00
25.00
30.00
2009 2010 2011 2012 2013
CAGR 15,1%
* Compound Annual Growth Rate
During the last 5 years, the progress of new toll roads investment is dramatically, reflected to the growth of toll road assets specially on
subsidiaries
The growth of investment progress of new toll roads have significant impact to the
growth of company’s assets
USD(Billion( USD(Billion(1.20
1.00
0.80
0.60
0.40
0.20
3.00
2.50
2.00
1.50
1.00
0.50
3
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Government build the public road network
Public
State/Local Budget (APBN / D)
Toll road users fund
Non Toll Road Toll Road (financially feasible)
Available Fund
Bridging by Investor & Bank
Source of fund
Toll Public Taxes
Toll Road (financially not feasible)
Source of Public Road Network Development Fund
TOLL ROAD CONCEPT
Toll Road is
return back to the Government in the
end of concession period
4
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
REGULATION SCHEME
30% Shareholding
Since 12 Nov 2007
Private Toll Road Investors Private Toll Road Investors
GOVERNMENT of Indonesia
Directorate General Of
Highway
The Ministry of State Owned Enterprises
The Ministry of Public Works
Indonesia Toll Road Authority
Establishment of Road Network Plan and Technical Spesification
Provide concessions and
oversee its implementation
Toll Road Private Investor
(38 Investor)
Toll Road Concession Agreement
70% Shareholding
Public
Toll Road Concession Agreement
TOLL ROAD CONCEPT
5
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
The
beg
inni
ng o
f co
nces
sion
per
iod
Ope
ratio
nal
com
men
cem
ent
End
of
conc
essi
on
peri
od
Payback Period
O/M Cost
Cos
t of I
nves
tmen
t & O
pera
tion
(Cum
mul
ativ
e PV
) ∑
Rp
Time
Investor Profit
Toll road is returned back to Government
Enjoyment Period
Concession Period (35 - 45 Years)
Scheme of Investment Return
Construction Land
Acquisition
TOLL ROAD INVESTMENT CHARACTERISTICS
Deficit Cash Flow (5-7 years)
6
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
RISK ALLOCATION
Land Acquisition
Road Network Master Plan Tariff Setting
Social/Politic Issues
Force Majeure
Construction Interest Rate
O&M Cost Traffic
Volume Force Majeure
IIGF (Indonesia
Infrastructure Guarantee
Fund)
7
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
8
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
o Trans Sumatera corridor extend from Bakauheni through Banda Aceh, along Sumatera East Coast.
o The total length reached 1.980 km
o Trans Sumatera connects 7 7 big cities (Natiional activity center), 5 airports, 6 ports and Bandar Lampung – Palembang Railways.
MEDAN-BINJAI
PEKANBARU-KANDIS-DUMAI
Kayu Agung-Palembang-Betung
MEDAN-KUALANAMU-TEBING TINGGI
PADANG-SICINCIN
TRANS SUMATERA TOLL ROAD PROJECT
9
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
MEDAN-KUALANAMU-TEBING TINGGI TOLL ROAD PROJECT
10
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
MEDAN-BINJAI TOLL ROAD PROJECT
Binjai Medan
Medan Binjai
11
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Dumai
PEKANBARU
PEKANBARU-DUMAI TOLL ROAD PROJECT
12
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
MALANG
LAWANG
PAKIS INTERCHANGE
LAWANG INTERCHANGE
PURWODADI INTERCHANGE
L = 37.618 Km
L = 23.2 KmPHASE-1
L = 14.418 KmPHASE-2
SAWOJAJAR ICBEGINNING POINT
PURWODADI
PANDAAN END POINT
1. Trase Jalan Tol Malang - Pandaan
PANDAAN
Elements Characteristics Length 38,7 Km
Investment Cost (USD 418 Million) FIRR 16,78%
Toll Tariff (Class I, 2017) (USD 0,08) /Km Concession period 35 years Construction period 2 years
24.000 Vehc/day
PANDAAN-MALANG TOLL ROAD
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PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
SECTION – 1 : 13,5 km RR MANADO – AIRMADIDI
LAND ACQUISITION : 100 %
SECTION – 2 : 25,5 km AIRMADIDI – BITUNG
LAND ACQUISITION : 31,3 %
IC SUKUR STA 07+200
IC AIRMADIDI STA 12+600
iC KAUDITAN STA 19+800
IC DANOWUDU STA 28+900
IC BITUNG STA 38+700
MANADO-BITUNG TOLL ROAD PROJECT
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PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Government Portion (29,4 Km) Private’s Portion (30,9 Km)
C O N S T R U C T I O N C O S T
LAND ACQUSITION (by GOVERNMENT)
OPERATION (BY PRIVATE )
LAND ACQUSITION (by PRIVATE)
Elements$ Characteristics$Length( 60, 3 Km(Design Speed( 80 Km/hr(Number of lane( 2x2 lanes (start), 2x3 lanes (final)(
Lane of width( 3,6 m(Outer Shoulder width( 3,0 m(Inner shoulder width( 1,5 m(
Median width( 13 m(
Elements$ Characteristics$Construction Cost IDR 5.390 Billion (USD 559,36 Million) Investment Cost IDR 9.258 Billion (USD 960, 77 Million) FIRR 14,18% Concession Period 35 Years Toll Tariff/Km (2017) IDR 800/USD 0,083 Land Acquisition Progress Section I (Cileunyi – Tanjungsari) : 37,16%, Section II (Tanjungsari-Sumedang) :
45,28%, Section III (Sumedang – Cimalaka) : 0%, Section IV (Cimalaka-Legok) : 0%, Section V (Legok – Ujung Jaya) : 0%, Section VI (Ujung Jaya – Kertajati) : 0% Total : 21,62%
Construction period 2 Years (2014-2016) Operation (year) 2017 Government Support To get FIRR 16% on 2017, it is required IDR 1.261.619 Million (USD 130,91
Million) Government Support, so that the investment cost will be IDR 7.323.928 Million (USD 759,98 Million)
CILEUNYI4SUMEDANG4DAWUAN$TOLL$ROAD$(60,3$Km)$
16.921 Vehc/day
14.749 Vehc/day
16.671 Vehc/day 16.556 Vehc/day
CILEUNYI-SUMEDANG-DAWUAN TOLL ROAD PROJECT
15
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
PASIR KOJA-SOREANG TOLL ROAD PROJECT
16
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
KAB. KUTAI KERTANEGARA
KOTA SAMARINDA
SEPAKUTIGA
Paket IV : 16,9 km
Paket III : 22,6 km
Paket II : 23,0 km
Paket I : 25,4 km
TELUK BALIKPAPAN
BALIKPAPAN Paket V : 11,12 km
99,02 km
BALIKPAPAN-SAMARINDA TOLL ROAD PROJECT
17
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
: Railways : Toll Road
KETERANGAN :
DAAN MOGOT-CENGKARENG TOLL ROAD PROJECT
18
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
KALIBARU-KBN MARUNDA TOLL ROAD PROJECT
Tanjung Priok
Cibitung-Cilincing Toll Road
Kalibaru-KBN Marunda Toll Road
19
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
ATAS LAUT JAKARTA-SURABAYA TOLL ROAD PROJECT PLAN
Rencana Jalan Tol
Jakarta-Semarang Section Semarang-Surabaya Section
+100 km
Alt-1 Alt-2
Jkt-Smr = 405 km Smr-Sby = 274 km Jkt-Sby = 679 km
Semarang-Surabaya Section
20
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
POTENTIAL TOLL ROAD FOREIGN PARTNERSHIP
POSCO E & C – South Korea " MoU has been signed on April 22, 2014. " The first target in partnertship is Manado-Bitung Toll Road and the regional development along the highway corridor.
WEST NEXCO LTD. AND JEXWAY LTD. – Japan " MoU has been signed on April 22, 2014. " The first target in partnertship is Cibitung-Cikarang Toll Road.
CMS Int. – Malaysia " MoU has been signed on April 22, 2014. " The additional scope of Cengkareng-Kunciran project (Daan Mogot-Cengkareng).
21
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
22
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk 23
Java$Sea$
Timor$Sea$
Strait$of$Malacca$
Banda$Sea$
$$$$Indian$Ocean$
SULAWESI(
PAPUA(
KALIMANTAN(
MALUKU(SUMATRA(
CENTRAL JAVA ! Semarang: 24.75 km ! Semarang-Solo: 75.7 km(1)
EAST JAVA ! Surabaya-Gempol: 49.0 km ! Gempol-Pasuruan: 34.15 km(1)
! Surabaya-Mojokerto: 36.3 km(1)
! Gempol-Pandaan: 13.61 km(1)
NORTH SUMATERA ! Belmera: 42.7 km ! Medan - Kualanamu – Tebing Tinggi : 62 Km
GREATER JAKARTA & WEST JAVA On Going Project by Jasa Marga and Telkom ! Jagorawi: 59.0 km ! Jakarta-Tangerang: 33 km ! Ulujami-Pondok Aren: 5.55 km ! Jakarta Inner Ring Road: 23.55 km ! Prof. Dr. Ir. Sedyatmo: 14.3 km ! Jakarta-Cikampek: 83.0 km ! JORR: 43 km ! Cikampek-Padalarang: 58.5 km ! Padalarang-Cileunyi: 64.4 km ! Palikanci: 26.3 km ! Bogor Outer Ring Road: 11.0 km(1)
! Cengkareng-Kunciran: 15.2 km(1)
! Kunciran-Serpong: 11.2 km(1)
! JORR W2 North: 7.67 km(1)
JAVA$BALI$
BALI ! Nusa Dua-Ngurah Rai-Benoa: 10 km
Jasa Marga manages and
operates 573 km toll road and owned 74% market share of toll
road in Indonesia.
TOWER
MANAGE LINE
INTERNET/ INDIHOME (BUNDLING POTS, SPEEDY, USEETV)
TOLL INFORMATION SYSTEM
etc DIGITAL SIGNAGE
WIFI.ID
e-MONEY DATA CENTRE
Information Technology Development in Jasa Marga Toll Roads
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Property Development in Jasa Marga Toll Roads
3 locations, + 105.000 Ha (2 Industrial Area 1 Property Dev.)
2 locations, + 1000 Ha (Industrial Area)
2 locations + 40 Ha (Rest Areas) + 500 Ha
(Mixed Use Area)
Jakarta
24
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Potential Business Development in Manado-Bitung Toll Road
Manado – Bitung Toll Road 39km, Dual Carriageway at grade Toll Road : 1. Ring Road 1 Interchange 2. Sukur Interchange 3. Airmadidi Interchange 4. Kauditan Interchange 5. Danowudu Interchange 6. Bitung Interchange
Township$
Township$
Government$Center$RecreaPon$Complex$
EducaPon$City$
Industrial$Complex$
Reclaimed$Industrial$$Complex$
Proposed$Development$:$$
*).$Subject$to$be$validated$in$Feasibility$Study$Brantwood$Group$of$Companies$–$27$Jan$2014$
100 Ha
Manado$
Bitung$
1
2
3 4
5 6
100 Ha
200 Ha
300 Ha
500 Ha
400 Ha
500 Ha
2000 Ha
Ecopark 2000 Ha
100 Ha
300 Ha
25
PT JASA MARGA (Persero) PT Jasa Marga (Persero) Tbk
Terima Kasih Thank You
Further Information :
26