Jasa Marga Update 3Q as of November 2017

Transcription

1 Jasa Marga Update 3Q 2017 as of November 2017

2 Company Overview

3 Company overview Brief snapshot Leading toll road operator in Indonesia with over 38 years of experience 31 toll road concessions with total length of 1,260km 70% owned by the Government of Indonesia Publically listed on the Indonesia Stock Exchange since 2007, with a market cap of c.idr 42.5 trillion as at 9 Oct 2017 Key business ConstrucQon, operaqon and maintenance of toll road FaciliQes construcqon and supplementary services in adjacent border area SupporQng business / other business Toll Road OperaQon Services (Provides operaqon 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 properqes on toll road corridors) FY2016 segmental revenue breakdown Company highlights ü Largest toll road operator in Indonesia with 62.2% market share in terms of toll roads lengths (665 km) and 80% market share of toll road transacqon volume ü The longest concession period holder in Asia reflecqng stable income ü Strategically important with strong government ownership ü Resilient industry with strong government focus ü Strong financial profile with promising growth going forward Vision & Mision Vision To be the largest, trusted and sustainable national toll road network company. Toll Revenue Jasa Marga (13 old concessions in balance sheet) 80.36% Other Operating Revenues 10.25% Mission 1. Lead the development of toll road networks in Indonesia to increase naqonal connecqvity. 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 9.39% 4. Enhance customer saqsfacqon through service excellence 3

4 Company Key Development Milestone ü Jasa Marga was established with focus on business management, maintenance and procurement of the toll road network. ü Jagorawi as the first toll road in Indonesia began operaqons. ü Government offered the opportuniqes for the private sector to parqcipate in toll road business through Build, Operate and Transfer (BOT) system with Jasa Marga. ü Jakarta Toll roads operated by Jasa Marga iniqated its operaqons gradually. The authority funcqon was returned to the Government, Toll Road Regulatory Agency (BPJT) under the Ministry of Public Works. Jasa Marga became a public company through an IniCal Public Offering (IPO) and listed its shares on the Indonesia Stock Exchange ImplementaQon of e-toll Card. ImplementaQon of e-toll Pass. Forming of PT Jasa Layanan Operasi (non toll road subsidiary. ü Won tender of Batang- Semarang, Balikpapan-Samarinda, Manado-Bitung dan Pandaan- Malang Toll Road. ü Integrated of Jakarta-Brebes Toll Road ü Currently operaqng 21 toll road concessions (665 km in length) ü Fully implemented electronic payment system in all toll roads

5 Company Structure 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). Individual 1% Domestic Institution 8% Foreign 17% Mutual Fund 4% Shareholding Structure Government 70% As of 31 st Oct 2017 Public Ministry of State- Owned Enterprises ( MSOE ) 30% 70% Government of Indonesia ( GOI ) Parent Level 1. Cawang-Tomang-Pluit 2. (Jakarta Inner Ring Road) 3. Prof. Dr. Ir. Sedyatmo (Airport) 4. Purbaleunyi 5. Jakarta-Cikampek 6. Palikanci 7. Jagorawi 8. Surabaya-Gempol 9. Semarang 10. Jakarta Outer Ring Road 11. Ulujami-Pondok Aren 12. Jakarta-Tangerang 13. Belmera 5

6 Key Strategy OperaCng Strategy Funding Strategy Toll Road Business Development Adding toll roads to increase the value of the Company and to maintain current market leadership in the foreseeable future In the long term, aim to conqnue operaqng the best quality commercial toll roads, differenqaqng from 2 nd largest compeqtor, Hutama Karya, and maintain majority of market share in Indonesia Toll Road OperaCon OperaQng efficient, safe, and high quality toll road to improve operaqonal performance Providing excellent service to road users, community, and government Other Business Development Develop other businesses that are strategically strengthening development strategies and operaqon of toll roads Increase revenue by leveraging the resources of the Company Bank Loans Facility : To bridge funding needs before approaching the capital market Project Bonds in at Project level : To replace the bank loan financing with fixed interest rate and the principal payment inline with the cashflow Bond/Sukuk Issuance at Corporate level: To finance investment for new toll road project Equity Fund Raising : To maintain our profitability and also leveraging our financing capacity. SecuriCzaCon on selected toll road : To leverage mature assets for debt financing without incurring any interest burden. 6

7 Industry Overview

8 Overview of the Indonesian Toll RegulaNon Ministry of State Owned Enterprises Overview of the authorices involved Concession agreement Government of Indonesia Indonesian Toll Road Authority (BPJT) Private toll road investors Ministry of Public Works Concession agreement Directorate General of highways Toll Tariff IniQal toll tariff is calculated based on investment feasibility, toll road user s ability to pay and vehicle operacng cost saving - Investment feasibility is calculated based on esqmated investment cost and projected revenue during term of the concession IniQal toll tariff is sqpulated in concession agreement prior to start of construccon Tariff adjustment is regulated by law, is calculated based on regional CPI and is adjusted once every 2 years IniQal toll tariff setup and subsequent adjustment is decided by Minister of Public Works decree - The ministry may postpone tariff increases if a toll road fails to comply with minimum service standards Land acquisition Land acquisicon is government s responsibility and is undertaken by land procurement commifee appointed by the Government The land acquisiqon comprises four stages: planning, preparacon, execucon and delivery - The law also regulates a deadline for land acquisiqon of 312 to a maximum of 552 working days Price is determined by independent appraiser based on fair market price Investors may provide bridge financing for land acquisiqon costs to speed up the acquisicon process, government will repay the investors for the land acquisiqon costs Improved land acquisition process a significant step towards achieving the government's toll road expansion plan 104 working days 108 working days Review team Appeal to supreme court 90 working days 74 working days Public consultacon State administracve repeated court 30 working days 60 working days 14 working days IniCal data colleccon Public consultacon LocaCon seclement 72 working days VerificaCon & revision 44 working days Inventory & idenqficaqon & appraisal & announcement 118 working days Appeal to supreme court 74 working days 30 working days 60 working days NegoQaQon on form of RevocaQon of compensaqon right Handover Planning PreparaCon Appraiser determinaqon and appraisal ImplementaCon Handover working days working days 8

9 Projects and OperaNonal Details 9

10 Leading Toll Roads in Indonesia GREATER JAKARTA & WEST JAVA Jagorawi: km km SUMATRA Jakarta-Tangerang: km km Ulujami-Pondok Aren: km Jakarta Inner Ring Road: km km Prof. Dr. Ir. Sedyatmo: km km Jakarta-Cikampek: km km JORR:.3 km Cikampek-Padalarang: km km Padaleunyi: km km Palikanci: km km JORR W2 North: 7.70 km km Bogor Outer Ring Road: km km Cengkareng-Kunciran: km km Kunciran-Serpong: km km Cinere-Serpong: km km Jakarta-Cikampek II Elevated: 36.4 km Strait of NORTH SUMATERA Malacca Belmera: km km Medan-Kualanamu-Tebing Tinggi: km km KALIMANTAN SULAWESI : 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) MALUKU MALUKU NORTH SULAWESI Manado-Bitung: 39.9 km EAST KALIMANTAN EAST JAVA Java Sea EAST KALIMANTAN Balikpapan-Samarinda: 99.4 km km Surabaya-Gempol: km Balikpapan-Samarinda: km Banda Sea Gempol-Pandaan: km km Gempol-Pasuruan: km km JAVA Surabaya-Mojokerto: km km BALI Timor Sea Pandaan-Malang: km km Indian CENTRAL Ocean JAVA Semarang: km km BALI Semarang-Solo: km km Nusa Dua-Ngurah Rai-Benoa: km km Solo-Ngawi: 90.1 km Ngawi-Kertosono: km km Semarang-Batang: 75.0 km km PAPUA Market Shares Accumulated Toll Road Concessions (km) , % 80% 665 km Toll Road in Operation* Transactions volume *As of 31 st Oct

11 Strong OperaNng Track Record With Longest Concession Period Providing Income Visibility Jagorawi Semarang Jakarta-Tangerang Prof. Dr. Ir.Sedyatmo Surabaya-Gempol Belmera Jakarta Inner Ring Road Jakarta-Cikampek Padaleunyi Jakarta Outer Ring Road Palikanci Cipularang Ulujami-Pondok Aren Bogor Outer Ring Road Surabaya-Mojokerto Semarang-Solo Gempol-Pandaan JORR W2 Utara Nusa Dua-Ngurah Rai-Benoa Gempol-Pasuruan Medan-Kualanamu-Tebing Tinggi Cengkareng-Kunciran Kunciran-Serpong Solo-Ngawi Ngawi-Kertosono Serpong-Cinere Batang-Semarang Pandaan-Malang Balikpapan-Samarinda Manado-Bitung Jakarta-Cikampek II Elevated ü ü ü ü ü ü Stable cash flow from mature assets under operations Strong long term visibility of cash flow, with an average remaining concession life of 30 years across all operating assets Minimum remaining concession life of years Expects concession renewals with commitments to ongoing investments in projects 35+ concession years across new projects Long horizon to enjoy economic benefits post typical ramp-up period Concession years remaining - Operating projects Concession years remaining - New projects 11

12 Jasa Marga s Project Awarded Post 2004 As of Oct 2017 SecCon Concession Period Length (km) JM Ownership (%) A. Fully Operated 1 Nusa Dua-Ngurah Rai-Benoa (1) % 2 JORR W2 North (part of JORR) (2) % B. Half Operated 3 Gempol-Pandaan (3) % 4 Bogor Outer Ring Road (4) % 5 Semarang-Solo (part of Trans Java) (5) % 6 Surabaya-Mojokerto (part of Trans Java) (6) % 7 Gempol-Pasuruan (part of Trans Java) (7) % 8 Medan-Kualanamu-Tebing Tinggi (8) % C. In Land AcquisiCon and ConstrucCon 9 JORR2 (Cengkareng-Kunciran) 35 years from effecqve date % 10 JORR2 (Kunciran-Serpong) 35 years from effecqve date % 11 Solo-Ngawi (part of Trans Java) 35 years from effecqve date % 12 Ngawi-Kertosono (part of Trans Java) 35 years from effecqve date % 13 JORR2 (Serpong-Cinere) 35 years from effecqve date % 14 Batang-Semarang (part of Trans Java) 45 years from effecqve date % 15 Pandaan-Malang 35 years from effecqve date % 16 Balikpapan-Samarinda 40 years from effecqve date % 17 Manado-Bitung 40 years from effecqve date % 18 Jakarta-Cikampek II Elevated 45 years from effecqve date % TOTAL Notes: (1) Operated since 01 October (2) SecQon Kebon Jeruk-Cileduk (5.70 km) is operated since 04 January 2014; SecQon Cileduk-Ulujami (2.00 km) is operated since 22 July (3) SecQon Gempol-Pandaan (12 km) is operated since 12 June (4) SecQon 1: Sentul-Kedung Halang (3.85 km) is operated since 23 November 2009; SecQon 2A: Kedung Halang-Kedung Badak (1.95 km) is operated since 04 June (5) SecQon 1: Semarang-Ungaran (10.80 km) is operated since 17 November 2011; SecQon 2: Ungaran-Bawen (12.30 km) is operated since 04 April 2014; SecQon Bawen-SalaQga (17,6 km) is operated since 25 September (6) SecQon 1A: Waru-Sepanjang (2.30 km) is operated since 05 September 2011, SecQon 4: Kriyan-Mojokerto is operated since 19 March (7) Gempol-Pasuruan: SecQon Bangil-Rembang (7,1 km) is operated since 13 April 2017 & SecQon Gempol-Bangil (6,8 km) is operated since Juli 2017 (8) SecQon 3-6: Kualanamu-Seirampah-Perbarakan (42 km) is operated since 20 October

13 Jasa Marga s Upcoming Projects: Greater Jakarta 5 projects Cengkareng Kunciran (14.19 km) Progress Land AcquisiAon: 30.92% Progress ConstrucAon: 4.02% Kunciran Serpong (11.19 km) Progress Land AcquisiAon: 89.18% Progress ConstrucAon: 13.29% Serpong Cinere (10.14 km) Progress Land AcquisiAon: 58.89% Jakarta Cikampek II Elevated (36.40 km) Progress ConstrucAon: 13.74% Bogor Outer Ring Road (BORR) (11km) (SecAon 2B Kd, Badak Yasmin) Progress Land AcquisiAon: 97.00% Progress ConstrucAon: 60.40% Half Operated In Land AcquisiCon and ConstrucCon *As of 2 Nov

14 Jasa Marga s Upcoming Projects: Java 8 projects Semarang-Batang (75km) Progress ConstrucAon: 55.71% Progress Land AcquisiAon : 98.16% Semarang Solo (73km) Progress ConstrucAon (SalaAga Solo): 36.30% Progress Land AcquisiAon (SalaAga Solo): 99.49% Solo Ngawi (90km) Progress ConstrucAon: 80.14% Progress Land AcquisiAon : 94.70% Ngawi Kertosono (49km) Progress ConstrucAon: 90.69% Progress Land AcquisiAon : 99.88% Surabaya Mojokerto (36.3km) Progress ConstrucAon: 98.33% Progress Land AcquisiAon : 100% Gempol Pandaan (12km) Gempol Pasuruan (34.2km) Progress ConstrucAon: 85.53% Progress Land AcquisiAon: 85.29% Pandaan Malang (37.62km) Progress ConstrucAon: 29.43% Progress Land AcquisiAon : 77.08% Half Operated In Land AcquisiCon and ConstrucCon *As of 2 Nov

15 Jasa Marga s Upcoming Projects: Sumatera, Kalimantan, and Sulawesi 3 projects MALUKU SUMATRA SULAWESI KALIMANTAN Medan-Kualanamu-Tebing Tinggi (61.7 km) Progress ConstrucAon: 79.95% Progress Land AcquisiAon: 93.29% Balikpapan-Samarinda (99.35 km) Progress ConstrucAon: 36.60% Progress Land AcquisiAon: 94.82% Manado-Bitung (39.9 km) Progress ConstrucAon: 8.64% Progress Land AcquisiAon: 44.83% Half Operated In Land AcquisiCon and ConstrucCon *As of 2 Nov

16 Recent Development: ModernizaNon Efforts- E-toll Card PenetraNon Benefit of E-toll : The Company : high efficiency on collecqon expanse and faster transacqon period that will reduce traffic flow Toll user : cashless transacqon and faster transacqon period 100% Jakarta Inner Ring Road GT PGB GT PGT JORR Jagorawi Jakarta- Cikampek (Open System) Belmera Palikanci Semarang Surabaya- Gempol Jakarta- Tangerang Jagorawi (Close System) Jakarta-Cikampek (Open System) Purbaleunyi Signing of SOE Synergy, E- payment by HIMBARA (Group Of SOE Bank) HIMBARA : JORR & Ulujami Pd. Aren Jakarta-Tangerang, BORR Jakarta-Cikampek (Close System) incl BCA Padaleunyi & Cipularang incl BCA Palikanci Jagorawi (Open System) Inner ring road & Sediyatmo Full ImplementaCon Non Cash TransacCon 16

17 Well PosiNoned In A Resilient Industry With Favorable Growth Trends 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 in Indonesia (in thousand vehicles) 1400 Economic Slow Down Traffic on Jasa Marga Toll Road (in million) 1, Direct impact of fuel price hike (1) 1,200 1, Source: BMI Research E 2018E 2019E 2020E 2021E Source: Jasa Marga ü Robust estimated growth in car sales is a positive driver for the toll road industry ü Consistent growth in traffic demonstrates resilience of toll road industry 17

18 Financial Highlights

19 Prudent financial management enable company to lower its cost of debt over time Excellent Financial Profile With Stable Margins, Reducing Leverage And Strong Cashflows Revenue (IDR tn) CAGR 10.6% 8.84 Interest Coverage Ratio (ICR) (x) M2016 9M M2017 Toll Revenue Other Business M2017 EBITDA & EBITDA Margin (IDR bn) (%) 6.00 CAGR 14.2% % 56.6% 59.2% 58.5% 58.9% M2016 9M % 80.0% 60.0% 40.0% 20.0% 0.0% Debt to Equity Ratio (DER) (x) M2017 EBITDA EBITDA Margin M2017 Note : figures of 2014, 2015, &2016 audited; 3Q2016 & 3Q2017 limited review 19

20 Summary of Consolidated Income Statement (IDR million) (FYE 31 Dec) Y2014 Y2015 Y2016 3Q2016 3Q2017 Rp % (Audited) (Audited) (Audited) (Unaudited) (Unaudited) (YoY) (YoY) REVENUE 7.227, , , , ,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) (1,6) 19,6% Other Expenses (20,3) (29,8) (99,0) (42,5) (153,2) (110,7) 260,3% Others Income 7,9 272,9 357,1 230,6 782,0 551,3 239,0% OPERATING INCOME 3.072, , , , ,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 4.5,0 5.2, , ,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, , , , ,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, , , , ,1 556,8 41,4% Net Income Margin 19,7% 19,2% 21,4% 20,8%,0% N/A 7,3% Note: Financial statements are audited for the years ending in December , 2015, and 2016 Limited review statements for the period ending in September and

21 Summary of Consolidated Balance Sheet (IDR million) (FYE 31 Dec) Y2014 Y2015 Y2016 3Q2017 Rp % (Audited) (Audited) (Audited) (Unaudited) 3Q17 vs Q17 vs Cash and Cash Equivalent 3,290,784 3,323,221 4,124,886 7,073,066 2,948,180 71% Other Current Assets 255, ,825 8,840,999 10,776,842 1,935,843 22% Non Current Assets,314,179 32,995,936 40,534,438 50,871,162 10,336,724 26% TOTAL ASSETS 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 % Current LiabiliQes 4,180,658 7,543,411 18,626,989 14,856,354 (3,770,635) (20%) Non Current LiabiliQes 16,658,575 16,812,907 18,534,494 36,095,253 17,560,759 95% TOTAL LIABILITIES 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% TOTAL LIABILITIES AND EQUITY 31,859,963 36,724,982 53,500,323 68,721,670 15,221,347 % Note: Financial statements are audited for the years ending in December , 2015, and 2016 Limited review statements for the period ending in September

22 Strong corporate governance and highly qualified management team Experience management with over 25 years of experience, deep understanding on the industry/sector, and long-term relaconship with stakeholders Desi Arryani Chief ExecuCve Officer Has work experience in ConstrucQon sector more than 25 years. Previously served as OperaQons Director I of PT Waskita Karya (Persero) Tbk. which is SOE contractor in Indonesia. Completed her Bachelor degree in Civil Engineering from University of Indonesia (1987) and Master degree in Management from Prasetya Mulya (2008). Donny Arsal Chief Financial Officer Has work experience in Financial sector more than 23 years. Previously served as Managing Director PT Mandiri Sekuritas, that look amer for Investment Banking Division. Completed Bachelor Degree from University of Indonesia (1994). Mohammad Sofyan OperaConal Director I Join Jasa Marga since 1997 and has lead in various sector more than 20 years such us toll road project, IT and strategic corporate planning. Previously served as Corporate Secretary PT Jasa Marga (Persero) Tbk. Completed Bachelor Degree in Civil Engineering at Sepuluh November InsQtute of Technology Surabaya (1996) and Master Degree in Project Management from University of Indonesia (2003) and Master Business & IT from Melbourne University (2007). SubakC Syukur OperaConal Director II Join Jasa Marga since 1986 and has work experience in toll road operaqons more than 30 years. Previously served as President Director of PT Marga Lingkar Jakarta (one of Jasa Marga s Subsidiary). Completed Bachelor Degree in Civil Engineering from Bandung InsQtute of Technology (1986) and Master degree in Management from Universitas Kristen Dwipayana (2010). Hasanudin Development Director Join Jasa Marga since 1988 and has work experience in toll road project management and operaqons more than 30 years. Previously served as OperaQons Director PT Jasa Marga (Persero) Tbk.. Completed Bachelor Degree in Civil TransportaQon Engineering at Sepuluh November InsQtute of Technology, Surabaya (1987) and University of New South Wales for Master s Degree. Kushartanto Koeswiranto Human Capital and General Affairs/Independent Director Has work experience in Human Resources sector more than 30 years. Previously served as President Director KTalents Asia, Group Director HR of Agung Podomoro Group, and HR & Business Support Director Lofe Shopping Indonesia. Completed Economy Bachelor Degree at Diponegoro University and MBA at IPMI. 22

23 Appendix

24 Traffic Volume by SecNon (Million vehicle transacaons) No Branch/Subsidiary Q2016 3Q2017 % 3Q17 vs. 3Q16 CAGR Jagorawi % 1.56% 2 Jakarta-Cikampek * % 3.72% 3 Jakarta-Tangerang % 4.51% 4 Cawang-Tomang-Cengkareng % 2.12% 6 Purbaleunyi % 0.85% 8 Surabaya-Gempol % 8.56% 9 Semarang % 3.71% 10 Belmera % 0.71% 11 Palikanci ** % -2.25% 12 JORR Non S % 6.45% 13 Ulujami-Pondok Aren % 1.09% 14 PT Marga Sarana Jabar % 9.77% 15 PT Jasamarga Surabaya Mojokerto % 12.89% 16 PT Trans Marga Jateng % 14.77% 17 PT Jasamarga Bali Tol % 10.46% 18 PT Marga Lingkar Jakarta % 36.27% 19 PT Jasamarga Pandaan Tol % N/A 20 PT Trans Jatim Pasuruan N/A N/A TOTAL % 4.25% Note : * The changes in the traffic pafern and the impact from the removal of toll gates cikopo because of integraqon of cluster 1 (Cikampek,Padaleunyi,Cipularang,Cikopo- Palimanan) ** There is changes in traffic record as the impact of removal gate Plumbon 3, Plumbon 4, dan Ciperna Utama dikarenakan integrasi Cluster II (Palimanan-Kanci, Kanci-Pejagan, Pejagan- Brebes Timur) 24

25 Toll Revenue by Branch/Subsidiary (IDR billion) Branch / Subsidiary Q2016 3Q2017 % 3Q16-3Q17 CAGR Jagorawi * % 7.1% 2 Jakarta-Cikampek 1, , , % 9.7% 3 Jakarta-Tangerang % 11.5% 4 Cawang-Tomang-Cengkareng 1, , , % 7.9% 5 Purbaleunyi 1, , , , % 7.2% 6 Surabaya-Gempol % 14.1% 7 Semarang % 13.3% 8 Belmera % 7.5% 9 Palikanci % 22.8% 10 PT Jalantol Lingkarluar Jakarta 1, , , % -7.6% TOTAL PARENT LEVEL 6,8.0 6, , ,0.4 5, % 6.2% 11 PT Marga Sarana Jabar % 22.1% 12 PT Marga Nujyasumo Agung % 38.4% 13 PT Trans Marga Jateng ** % 19.3% 14 PT Jasamarga Bali Tol % 16.2% 15 PT Marga Lingkar Jakarta % 139.1% 16 PT Jasamarga Pandaan Tol % n/a 17 Gempol -Pasuruan n/a n/a TOTAL SUBSIDIARY LEVEL % 52.1% TOTAL 6, , , , , % 9.2% Notes : * Jagorawi Toll Road is used for Future Revenue Back SecuriAes ** Refer to Consolidated Financial Report as of September 30th 2017 page 18, in Semarang-Solo Toll Road has change to joint control 25

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27 Thank You