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Toll road business reviving.

Before the crisis hit Indonesia in 1997, toll road business in the country was brisk with many new toll roads built and to be built. However, the crisis brought about deep slump in the business sector. A number of projects were even left half finished and many were shelved or scrapped because of financial problem. The government issued a presidential decree No. Keppres N0.39/1997 rescheduling or shelving a number of large infrastructure projects including toll road projects. Development or resumption of projects began only in 2002 based on a presidential decree No. 15/002 reviewing the feasibility of some toll road projects.

In 2001, the government transferred the operating authority over a number of toll roads from investors to state-owned road building company Jasa Marga. The revocation of the authority from investors followed the crisis that also hit the investors that could not meet their commitment to their financers such as in the case of the Jakarta Outer Ring Road (JORR) the contractor of which was trapped in heavy debt and was eventually put under the control of the Indonesian Bank Restructuring Agency (IBRA). Malaysian Consortium had indicated interest in taking over the job to resume the construction of the toll road, but failed in a tender.

Investment opportunity in told road projects is still wide open for foreign investors. The government has offered the a toll road project between Semarang and Solo in Central Java to an Australian contractor. The 22 km toll road project is one of nine toll road projects proposed by regional administrations being studied by the central government to see their feasibility. Other toll road projects proposed by regional administration which have been offered to foreign contractor are the first phase, 117.5 km long, of the Surabaya-Mojokerto toll road project and a 13.6 kin toll road projects between Gempol and Pandaan in East Java to be built soon expected by investor from Saudi Arabia.

In June 2003, the government raised the tariff of some of the toll road especially ones operated by the private sector. The increase in tariff came following the decision of the government to resume the construction of 21 sections of toll road totaling 597 km and valued at Rp 31.6 trillion. Six of the projects valued at Rp 6.7 trillion will be built soon or being built some by PT Jasa Marga.

Toll road projects hampered by crisis.

The revival of some of the economic sectors has come with greater mobility of people and faster flows of goods in the regions. The change was marked with the growing traffic congestion and density of urban and high way traffic. Toll roads, therefore, are growing vital to cope worse traffic jams.

PT Jasa Marga was established in 1978 with a mission to build and operate toll roads. The crisis that began in 1997 has badly hit the economy forcing the government to shelve many large infrastructure projects including toll road projects. Some of the toll road projects were later resumed after Jasa Marga took over the jobs from private investors that could not continue to build the projects because of the crisis that was marked by the rupiah fall. The rupaih fall sent the price and costs of building project soaring in term of the national currency.

Privately built toll roads decline in number

PT Jasa Marga began commercial operation in 1978. The state company has so far built and operated 12 tot road and bridge projects carried out by 9 branches. The 12 toll roads are (1) Jakarta--Bogor--Ciawi (Jagorawi), (2) Semarang arteri A--B--C, (3) Jakarta--Tanggerang, (4) Surabaya--Gempol, (5) Jematan Tol Mojokerto, (6) Belawan--Medan, (7) Jakarta--Cikampek, (8) Cawang--Tomang--Pluit, (9) Prof Dr. k. Sedyatmo (jalan tol Ice bandara Soekamo-Hatta), (10 Padalarang--Cileunyi, (11) Jembatan Tol Citarum and (12) Palimanan--Kanci (Palikanci).

Until 2002, the length of toll roads in the country already operational was 520 km including 383 km owned and operated by PT Jasa Marga or up from 354 km in the previous year. The addition included the sections E2 and S of the Jakarta Outer Ring Road (JORR) by PT Jalantol Lingkarluar Jakarta, one of its subsidiaries, which took over the project from a previous contractor now under control of IBRA for default on the payment of its credit.

On the other hand Jasa Marga had also transferred the operation of the Citarum toll bridge and Mojokerto toll bridge on June, 2003 after the status of the two bridges were changed with public bridged. However, in August, 2003, Jasa Marga started the operation of the 59 km Cikampek-Padalarang toll road. Earlier Jasa Marga completed and revoked the Operation Authority Agreement (PKP) over half finished toll road project from its former investor PT Citra Ganesha.

Before the crisis PT Drassindo was ambitious to become a major toll road operator in the country to follow Citra Lamtoro Gung Persada of Mrs Siti Hardiyanti Rukmana. Djoko Ramiadji, the owner of the Drassindo (Djoko Ramiadji Associate Indonesia) Group, was formerly a director of the Citra Group. The first toll road built by the Drassindo Group was the Pondok Pinang--Kampung Rambutan/Jagiomwi-Cikunir toll road. This project the Drassindo Group through PT Investa Kusuma Arta formed a joint venture company PT Marga Nurindo Bhakti with a consortium of PT Bhaskara Dunia Jaya, Hanurata, PT Marga Strukturindo Raya, Citra Lamtoro Gung Persada and Jasa Marga.

Management system of privately operated toll roads

The government through state company PT Jasa Marga is the operator of toll road in the country. The private sector is involved as an investor with certain repayment system such as Build Transfer and Operate (BTO) and Build, Operate and Transfer (BOT) Repayment of the fund invested by private investors through profit sharing.

Under that system, Jasa Marga is the operator such as in the case of the Jakarta-Cikampek toll road in which the investor is PT Bangun Tjipta Sarana. The BTO system is also used for the Kebon Jeruk--Tangerang toll road in which the investor is PT Adhika Prakasatama and the interchanges of Karawaci (PT Lippo Village), Cibitung (PT Megapofis Manunggal), Sentul Selatan (PT Royal Sentul Highland).

Under the second system, the investor, which builds toll road will operate the toll road for 20-40 years. The investor will fully take the toll road fee and other related income including the fee for bill boards along the road. The operator, however, must be a consortium in which Jasa Marga is involved as a shareholder in a joint venture. The first private company operating toll road is PT Citra Marga Nusaphala Persada for the Cawang-Tanjung Priok, which started operation in 1990.

The cooperation is a form of management contract in which investors will build toll roads but Jasa Marga will be the operator.

In several toll road projects, PKP has been used, but not yet fully implemented.

Rescheduling

The crisis has forced the government to resehedule a number of toll road projects. However, with the improvement of the economy, the government issued a presidential decree No.64/2000 on May 8, 2000, under which some of the projects are to be implemented. On March 22, 2002, the government issued another presidential decree revoking a previous decree No. 39/1997. The government decided to continue plan for six toll road projects including:

* JORR--W2 South, E1 South and E1 East sections

* Cikampek--Padalarang phase 1

* JORR--W2 North, E2, E3 and N sections

* JORR--W1 section

* Waru Interchange--Tanjung Perak interchange--phase 1

* Gempol--Pandaan

JORR project taken over by Jasa Marga

The impact of the monetary crisis that peaked in 1998, caused a delay in the completion of the 69.3 km Jakarta Outer Ring Road (JORR) project. The project was originally given to a consortium of Citra Mataram Satriamarga Persada. Citra Bhakti Margatama Persada dan Marga Nurindo Bhakti.

The government and the House of Representatives agreed to continue the project as it is considered vital to support economic development. The project is labor intensive, providing jobs for many workers and contractors and sub contractors.

The problem, however, surfaced over who was to be the contractors to carry out the project as the original contractor has been declared in default by the Indonesian Bank Restructuring agency (IBRA) over failure to settle a debt of Rp 2.6 trillion maturing in June-August 2000. PT Jasa Marga as the agency granting the project to the debt ridden consortium authorizing canceled the contract and took over the job for itself. Jasa Marga, therefore, is responsible for repaying Rp 1.07 trillion of the debt already spent for the project by the consortium to IBRA.

In line with a decision of the Financial Sector Policy Commitee (KKSK), resumption of the JORR project was to be carried out under the BOT system for 35 years by PT Jalan Tol Lingkar Luar Jakarta, established by Jasa Marga and IBRA. The Rp 1.07 trillion debt, therefore, is to be converted into equity in PT Jalantol Lingkarluar Jakarta (JLJ). IBRA, therefore, controls 90% of the company and Jasa Marge is a 10% shareholder.

The old contractor already finished part of the project and are already operational. The Pondok Pinang-Taman Mini section 14 km long is among the sections already operational. The section turned out an income of Rp 7.6 billion in January 2002. The Kali Pasanggerahan-Veteran section 3 km long, was 65% finished by PT Citra Mataram Satriamarga Persada in 1996. The 1 km Meruya section was 25% completed by PT Jakarta Lingkar Baratsatu. The 1 km Taman Mini junction was partly completed by PT Marga Nurindo Bhakti.

Now PT JLJ will carry out the work and a tender was opened to determine investor as the strategic partner. The investors, however, are not allowed to form a new consortium as partner and may not sell the project or their shares to other contractors. The tender for the JORR project was under the Right To Match (RTM) system. Earlier, in pre qualification phase five contractors were short listed including Torno Internazionale Spa (Itali), MTD Capital Bhd., Ganuda Bhd. And Malaysian Consortium (Malaysia) and Jakarta Infrastructure Consortium (JIC), the only local contractors through to the next phase. The government's decision to delay the the next process of tender caused MTD Capital Bhd. (Malaysia) to quit in August, 2001.

After the final phase of the tender in January 2002, PT JLJ announced that all bidder failed as none of them met the conditions including in fund availability. Under the tender regulation, a bidder was require to have at least Rp 2 trillion in cash. With a dally earning of Rp 3 billion and long experience in building toll road, Jasa Marge is considered capable of carrying out the JORR project Jasa Marge said it could build and operate a toll road with lower tariff compared with the tariff proposed by foreign investors.

Jasa Marga, said with a toll road tariff of Rp 300 per km in the first year, JORR investors would earn a profit of Rp 5 trillion over a 35 year contract with income estimated at Rp 14.9 trillion and production and operating cost of Rp 9.9 trillion.

The most suitable system is for JORR is an open system such as in Jakarta city toll of Rp 5,000 for every car using the toll road regardless of the distance. If the open system is sued the income would rise to Rp 20.6 trillion on assumption that the tariff will increase 25% every three years. The net profit, therefore will be around Rp 10.7 trillion.

After Jasa Marga was named the operator of JORR, the company may not build the project entirely. The system used in the contract for JORR is modified turnkey under which the contractor will build the project first with own fund. The payment for the fund is made from the income from the toll road operation. As a JORR investor, Jasa Marga has at least to issue bond, to raise Rp 2 trillion and for which approval was be needed from its shareholders. Jasa Marga proposed that payment for assets held by IBRA valued at Rp 1.07 trillion for 5 years as from the date work starts on the project.

The management of Jasa Marga could find strategic partner either private or state companies. Jasa Marga, for example, could team up with state-owned steel maker Krakatau Steel.

The unfinished project is estimated to need an additional investment of Rp 3.47 billion. Jasa Marga might find only problem in meeting the deadline. The government wants the project finished in 4 years, but the company said it could finish the project in 7 years.

Jasa Marga, therefore, is the best choice to carry out the project as the company has the capacity to secure a loan capital of up to Rp 6 trillion. Delay in the implementation of the project would face an increase in construction cost because of an increase in land price and inflation In addition the project could serve as milestone in the revival of the real; sector especially in the construction sector.

Government to go ahead with the construction of 21 toll road projects

Recently the government announced plant o continue development of previous plan of 21 toll road projects including JORR. The 21 projects totaling 597 km will cost around Rp 31.6 trillion. Six of the projects will soon be built totaling 98.6 km with a total investment of Rp 6.7 trillion.

A number of other projects are in the final phased of investment process. They include 6 sections totaling 223.4 km valued at Pep 13.8 trillion.

Nine other projects are toll roads proposed by regional administrations totaling 275.94 km valued at Rp 11.1 trillion now being studied.

The government has to be selective in building new toll road projects. In 2002-2004, the government plans to resume the construction of 12 toll road projects totaling 322 km valued at Rp 20.5 trillion. The 12 projects not including 9 toll roads proposed by regional administrations are JORR (W 2 South, E1 South, E1 North sections), Cipularang phase I, JORR (W2 North, E2, E3 and N sections) and JORR (W I section), SS Waru--Tanjung Perak Phase I and Gempol--Pandaan to he followed with Bekasi--Cawang--Kampung Melayu (22.4 kin), Waru--Wonokromo--Tanjung Perak (18.4 kin), Ciawi--Sukabumi Phase I (17 kin), Ciranjang--Padalarang Phase I (12 km), Cipularang Phase II (40 kin) and Cikampek--Cirebon (114 kin).

Bond funds

After issuing bond called Jasa Marga IX Seri N in April, 2002, the state company issued another bond called Jasa Marga X Seri O 2002 for 8 years to fall due in 2010. On August 15, 2003, the company listed the another bond called Jasa Marga XI Seri P 2003 with a fixed coupon rate and a nominal value of Rp 900 billion on the Surabaya Stock Exchange. The coupon is to be paid every three months until 2013.

Around 50% of the fund from Jasa Marga X Seri O bond will be used to finance development of the Pondok Pinang--Ulu Jami and the TMII-Cikunir sections of the 51.9 km JORR and 5 km Cilincing access road. The fund from the Jasa Marga XI Seri P bond will be used entirely for JORR sections already or to be controlled by Jasa Marga including W2, S, E1, E2, E3 sections.

Fund from Jasa Marga IX Seri N bond of 2002 has all been spent as scheduled. And has been reported to the Capital Market Supervisory Board (Bapepam)

Fund from the Jasa Marga X Seri O bond of 2002 has all been used as scheduled and has been reported to Bapepam.

Foreign investors interested

Construction of all toll road projects is offered by the government to private contractors either local or foreign companies. JORR of W 2 South, E1 and E1 North sections were offered to Malaysian Consortium, but it failed for too high bid. Finally the government named Jasa Marga to carry out the project.

The 22 km Phase I of Semarang--Solo toll road project was offered to an Australian investor. The toll road project is one of 9 toll road proposed by regional administrations being studied by the government. Other projects offered to foreign investors include the 117.5 km phase I of Surabaya--Mojokerto toll road, and the 13.6 km Gempol--Pandaan tol road in East Java, which has been offered to a Saudi investors. However, the old contractor of the project PT Margabumi Adhika Raya said it could continue the construction of the project. Finally the government decided to give the 13.6 km toll road project to the company.

The 5.44 km Surabaya--Madura toll bridge has yet to wait for confirmation from the Kuwait government, which has pledge to provide a loan of Rp 1.5 trillion. President Megawati has inaugurated the start of the construction of the bridge, the longest in the country spanning the Madura strait.

Security problem with frequent bombings in the country such as the Bali bombing and the JE Marriott hotel bomb blast, however, has remained the biggest hurdle to be removed to smoothen the inflows of foreign investment to the country.

Users of toll roads increase in number

The number of users of toll roads is growing from year to year to follow the increase in the number of toll roads and cars. The opening of new toll road has also boosted development of new economic growth centers such as industrial estates and settlements. The area development will in turn contribute to increasing traffic in toll roads.

In 2002, toll road in operation totaled 520 km, including 383 km owned by Jasa Marga Based on data at Jasa Marga, in 2002, nine of it toll roads recorded 673.7 million users or an increase of 43.9% from 468.2 million in 1998.

Jasa Marga earns profit only from 5 toll roads

Toll road operators recorded losses before the tariff was raised on June, 10, 2003. The tariff was not raised from 1992. Jasa Marga did not report losses. Losses in some of its toll roads could be covered by profit it had from other toll roads. The toll roads of Tanggerang-Merak and Surabaya-Gresik, which are operated by private companies suffered big losses. If the government postponed raising the tariff any longer, it was not impossible the operators would go bankrupt.

Out of 13 toll roads operated by Jasa Marga, only five are profitable. The rest are money losing toll roads especially the Pondok Aren-Bintaro toll road which recorded only 5,000 cars a day, Plumbon Kanci toll road with 8,000 users and the Semarang toll road with 34,000 cars a day. The ones that turn out profit include the Jakarta-Cikampek toll road recording 273,000 cars using ti every day and the Jagorawi toll road using it by 228,000 cars a day.

Among joint ventures involving Jasa Marga only PT Citra Marga Nushapala Persada has distributed dividend for the state company. Before the crisis dividend distributed by the operator of the Jakarta inner ring roads to Jasa Marga averaged Rp 25 billion a year. After the crisis the dividend shrank to Rp 1 billion in 2000 not to mention the lost value of the rupiah. Dividend from toll roads built as a joint venture with other company is zero. Jasa Marga, therefore, as joint ventures caused more losses than profit.

Jasa Marga hopes to be able to forgo its position as toll road regulator and to function only as operator. Jasa Marga loses more gaining profit from being toll road regulator. AS a regulator Jasa Marga is responsible for the debt of investors in the event of failure of payment.

Toll road tariffs

The government sets the toll road tariffs. The tariff for toll roads built by private investors is based also on the amount of investment used for the construction and the period of concession. The tariff was not raised from the year 1992 until June, 2003.

The amount of investment is one of the factors used to set toll tariff such as in the case of PT Jasa Marga for its Cawang--Tanjung Priok--Jembatan Tiga/Pluit. According to regulations, the tariff must not exceed profit.

Income of Jasa Marga Rp 632.4 billion

According to its financial report, Jasa Marga in 2002 earned an income of Rp 1.07 trillion including income from advertisements--or an increase of 15.3% from Rp 928.49 billion in the previous year. However, increase in operating cost caused a decline of 5.9% in net profit to Rp 148.4 billion in 2002. See the following table.

Prospects and conclusion

In general the condition of Indonesian toll roads is worse than those of other countries in the region such as Malaysia and Thailand. In Asia, China is ahead in toll road development. According to Jasa Marga Indonesia has 520 km of toll road in operation not proportional with the number of cars.

Private companies operate only 137 km of toll roads. The rest are operated by Jasa Marga. There are 8 toll road projects being built totaling 187.6 km. Malaysia already has 1,000 km of toll road in operation and a number of toll roads are being built. Before the crisis the government provided land for toll road projects, but now the investors have to pay for the land.
Table--1
Length of toll roads in Indonesia, 1998-2003

(Km)

Year Jasa Marga Investors Total

1998 354 161 515
1999 354 161 515
2000 354 161 515
2001 354 161 515
2002 383 137 520
2003 386 142 528

Source: Jasa Marga/Data Consult

Table--2
Toll road operated in 2002

Sections Length Investor/ Starting
 (Km) operator Operation

1. Jagorawi 46.00 Jasa Marga, 1978
(Jakarta-Boor-Ciawi) PT

2. Jakarta - Cengkaren 27.00 Jasa Marga, 1985
(Jl Prof Sediyatmo) PT

3. Jakarta - Cikampek 74.00 Jasa Marga, 1988
 PT

4. Cawang - Tomang-Grogol-Pluit 39.00 Jasa Marga, 1989
 PT

5. Padalarang - Cileunyi 46.00 Jasa Marga, 1991
 PT

6. Semarang arteri 18.80 Jasa Marga, 1983
(A, B & C) PT

7. Surabaya - Gempol 42.00 Jasa Marga, 1986
 PT

8. Belmera (Medan) 34.40 Jasa Marga, 1986
 PT

9. Jakarta - Tagerang 34.60 Jasa Marga, ....
(Tomang-Tagerang Barat &) PT
Tangerang-Tangerang Barat

10. Cikunir - Cakung 8.80 JLJ, PT * 1990
(JORR E2 + E3 + N)

11. Pd Pinan - Kp Rambutan 14.83 JLJ, PT * 1995/96
JORRS Subtotal
(Jasa Marga/BUMN) 386.27

13. Cawan - Tj Priok 30.94 Citra Marga 1990
Jembatan Tiga Nusaphala
(JI Wiyoto Wiyono)

14. Tangerang - Merak 72.45 Marga 1993
 Mandalasakti

15. Surabaya - Gresik 20.05 Margabumi 1993
 Matraraya

16. Tallo Lama toll bride 1.00 Bosowa Marga 1981
 Nusantara

17. Pelabuhan Laut Soekarno 30.94
Hatta - St. Abdullah Teuku
Umar - Uri Sumohardjo

18. Pondok Aren-Bintaro 7.20 PT Bintaro 2000
Sub-total (private/consortium) 142.00 Serpong
Total length of toll road 528.27 Damai

* Operated by subsidiary of Jasa Marga
(PT Jalantol Lingkarluar Jakarta)

Source: Jasa Marga/Data Consult

Table--3
Joint operation without operating authority

Investors Cooperation Investor's Cooperation
 project share of term
 toll income

Joint operation toll roads:

PT Bangun Tjipi Cikampek-Cibitung 69% 26 y since 1989
Sarana

 Cawang-Cibitung 41% 25 y since 1994

PT Adhika Jakarta-Tangerang 41% 18 y since 1994
Prakarsatama

Interchange:

PT Royal Sentul Sentul Selatan 41%-20% 9 y since 1995
Highland

PT Lembah Golf Ram G. Putri III 41% 8 y since 1997
Jagorawi

Profit sharing joint operation toll road with minimum interchange:

PT Suryacipta Karawang Timur 4%-14% 16.3 since 1996
Swadaya

PT Karabha Digdaya Cimanggis 37.50% As from the
 completion of
 project to full
 repayment

PT Indocement Gunung Putri II 35% As from 1992
Tunggal Perkasa until fully
 paid

PT Lippo Karawaci Karawang & 17.5% 10 y as from
 Gerbang Tol 1997

PT Jakartabaru Ext RampSTA 18 26.5% 3 y as from
Cosmopolitan Jakarta-Tangerang 1999

Joint operation of interchanges :

PT Megapolis Cibitung - 10 y as from
Manuggal 1995

PT Besland Kalihurip - 10 y as from
Pertiwi (Jkt-Cikampek) 1997

PT Wijaya Karya Cibubur - As from 1998
 until fully
 paid

Other joint operation systems :
Grant (development t of interchange to be compensated with free display
of ad billboard

PT Maligi Permata Interchange of - 2001 - 2005
Industrial Estate Karawang Barat

PT Pembangunan Cikarang Timur - 3 years
Deltamas Bekasi

Source: Jasa Marga/Data Consult

Table--4
Joint ventures under PKP

Investors Toll road Length of
 sections toll road
 %

Toll roads already operational:

PT Citra Mar Nus. Cawan-Tg. 28.50
 Prick-Pluit

PT Marga Tangrg-Merak-Tahap I 34.20
Mandalasakti Tangrg-Merak-Phase II 38.25

PT Margabumi Surabaya - Gresik 20.70
Matraraya

PT Bosowa mar Nus. Pelabuhan Laut 10.36
 Soekar- no Hatta-ST.
 Abdullah Teuku
 Umar-Uri S.

Toll road project under construction:

PT Kresna Bekasi Timur-Cawang- 21.50
Kusuma DM. Kampung Melayu

PT Margabumi Gempol-Pandaan 13.64
Adhika R.

Projects under preparations:

PT Citra SS Waru - Tanjung 36.50
Margatama Surabya Perak

PT Bukaka Ciawi - Sukabumi 53.50
Mar Utama

Jakarta Outer Ring Road (JORR):

PT Jalan Tol Lingkar Kb.Jeruk-Pdk.Pinang 57.00
Luar Jakarta JLJ Pdk.Pian-Jagorawi
 Cikunir-Cakung-
 Cilincing-Tg.Priok

Projects shelved and reviewed:

PT Marga Jawa Tol Waru - Wonokromo - 18.40
 Tanjung Perak

Projects taken over by Jasa Marga
as PKP no loner effective:

PT Citra Bhakti MP. JORR sections 19.20
 E2,E3,N

PT Citra Mataram JORR section W2 11.17
SNIP.

PT Citra Ganesha Cikampek-Padalarang 59.00
MN.

PT Marga Semaran - Demak 25.00
Mawatindo E.

PT Marga Nul Suraba a-Mojokerto 37.87
asumo A.

PT Marga Nerindo B. Sections Sand 26.74
 El of JORR

Investors Participation Concession
 % period

Toll roads already operational:

PT Citra Mar Nus. 17.79 1994 - 2023

PT Marga 5.36 1990 - 2020
Mandalasakti 1993 - 2023

PT Margabumi 6.47 1991 - 2016
Matraraya

PT Bosowa mar Nus. 10.00 1994 - 2024

Toll road project under construction:

PT Kresna 10.00 32 since NTP
Kusuma DM.

PT Margabumi 15.00 22 since NTP
Adhika R.

Projects under preparations:

PT Citra 15.00 33 y since
Margatama Surabya operation

PT Bukaka 20.00 27 y 8 month
Mar Utama since operate

Jakarta Outer Ring Road (JORR):

PT Jalan Tol Lingkar 99.0 35 y
Luar Jakarta JLJ since 2001

Projects shelved and reviewed:

PT Mar a Jawa Tol 33 since NTP

Projects taken over by Jasa Marga
as PKP no loner effective:

PT Citra Bhakti MP. 34.83 PKP cancel

PT Citra Mataram 15.00 PKP cancel
SNIP.

PT Citra Ganesha 30.00 PKP cancel
MN.

PT Mar a 8.33 PKP cancel
Mawatindo E.

PT Mar a Nul 16.00 PKP cancel
asumo A.

PT Marga Nurmdo B. 10.00 PKP cancel

Source: Jasa Marga/Data Consult

Table--5
Management contract cooperation

Investor Toll roads Form of Length of Concession
 Cooperation road Term

PT Bintaro Pondok Management 7.25 1997-2024
Serpong Aren-Serpong contract
Damai

Sumber: Jasa Marga/Data Consult

Table--6
Toll road projects under PKP not yet implemented

Investor Projects Length Concession
 (Km) perion

Tol road project under construction:

PT Jakarta Lingkar Kebon Jeruk - Rawn 9.76 1997-2027
Barat Satu Buaya - Penjaringan

Toll road projects yet to be built:

PT Marga Setiapuritama Semarang - Batang 75.00 28 th after
 operation
Source: Jasa Marga/Data Consult

Table--7
Sections of JORR to be built

Sections Areas Length

Wl Penjaringan - Kebon Jeruk -
W2 - first section Pondok Pinang - Veteran 2.7 km
W2 - second section Veteran - Ulujami 1.3 km
E1 - first section TMII junction - Ceger 1.0 km
E1 - second section Ceger - Jalan Raya Hankam 3.0 km
E2 * Cikunir - Cakun 9.2 km
E3 Cakung - Cilincing 4.7 km

* Already finished and operational in 2003
Source: Data Consult

Table--8
First year's tariff per km
proposed for JORR

Bidders Tarriff
 (Rp/Km)

Malaysia Consortium Rp 500
Gamuda Sdn. Bhd. Rp 500
Torno Internazionale spa Rp 340
Jakarta Infrastructure Consortium --
Jasa Marga Rp 315

Source: Data Consult

Table--9 Toll road projects to be resumed

 Projects to be built soon Description Length
 (km)

1. JORR (Jakarta Outer Ring Road) - W2 South 4
 - E1 South 4
 - E1 North 8.40
2. Cikampek - Padalarang phase I - Cikampek-North Purwakarta 13
 - Padalaran-Bypass 6
3. JORR - W2 North section 7.17
 - E2, E3 & N sections 19.20
4. JORR - W1 section 9.76
5. SS Waru - Tanjung Perak Phase I - Waru-Tambak Oso-Juanda 13.50
6. - Gempol - Pandaan 13.60

Total 98.63

Source: Jasa Marga/Data Consult

Table--10 Toll road projects in the final phase
of investment process

 Description Length
 (km)

1. Bekasi - Cawang - Kampung Melayu 22.40
2. Waru - Wonokromo - Tanjung Perak 18.40
3. Ciawi-Sukabumi Phase I of Ciawi-Lido 17.00
4. Ciranjang - Padalarang Phase I 12.00
 - Citatah - Padalarang
5. Cikampek - Padalarang Phase II 40.00
 - North Purwakarta - Padalarang
6. Cikampek - Cirebon 114.00

Total 322.43

Source: Jasa Marga/Data Consult

Table--11 Toll road projects proposed
by regional administration

 Description Length
 (km)

1. Surabaya - Madura bridge 5.44
2. Surabaya - Mojokerto Phase I of 17,50
 Waru - Krian
3. Semarang - Solo Phase 1 22,00
 Semarang - Bawen
4. Bogor Ring Road 10,50
5. Cikarang - Tanjung Priok 55,50
6. Palembang - Indralaya 24,50
7. Medan - Binjai 20,50
8. Pekanbaru - Dumai 95,00
9. Cileunyi - Subang - Dawuan Phase I 25,00

Total 275.44

Source: Jasa Marga

Table--12
Report about spending of fund from Jasa Marga IX
Seri N bond of 2002 By June 30, 2003

No. Toll road project Use of fund The rest of fund
 (Rp' million) (Rp million)

1. Cikampek - Purwakarta 156,325 (31,725)
2. Padalarang - Bypass 121,754 (5,274)
3. Pondok Aren - Ulujami 102,419 37,261
4. Palimanan - Plumbon 19,240 -

Source: Jasa Marga/data Consult

Table--13 Report about the spending of Jasa Marga X
Seri O bond of 2002 per tanggal 30 Juni 2003

No. Toll road project Use of fund The rest of fund
 (Rp'million) (Rp million)

1. Pondok Pinang - Ulujami 98,869 93,140
2. TMII Junction - Cikunir 221,338 222,015
Total 318,207 315,155

Source: Jasa Marga/data Consult

Table--14 Volume of traffic in 9 toll roads of Jasa Marga, 1998-2003

('000 cars)

Branch 1998 1999 2000

Jagorawi 74,278 79,585 87,527
Semarang 15,262 18,930 20,781
Jakarta - Tanggerang 58,917 64,877 72,443

Surabayan - Gempol -
Mojokerto
- Surabaya - Gempol 40,754 45,476 51,001
- Mojokerto toll bridge 7,516 7,731 8,358
Belmera (Medan) 8,928 10,316 11,918
Jakarta - Cikampek 86,599 92,043 102,078

Cawang - Tomang -
Cengkareng
- Lingkar dalam Jakarta 107,759 121,790 139,874
- Pof. Dr. Ir. Sedyatmo 28,658 32,513 40,429

Padalarang - Cileunyi -
Citarum
- Padalarang - Cileunyi 29,488 32,321 36,385
- Jembatan tol Citarum 7,363 7,302 7,866
Palimanan - Kanci 2,330 2,885 3,585
JORR - E2 section * - - -
JORR - S section ** - - -
Total 468,216 515,769 582,247

Branch 2001 2002 2003 *

Jagorawi 94,099 100,192 25,565
Semarang 22,179 21,901 5,231
Jakarta - Tanggerang 75,842 84,337 21,903

Surabayan - Gempol -
Mojokerto
- Surabaya - Gempol 55,154 58,030 14,401
- Mojokerto toll bridge 8,700 9,055 2,205
Belmera (Medan) 12,837 13,884 3,520
Jakarta - Cikampek 105,701 107,867 25,109

Cawang - Tomang -
Cengkareng
- Lingkar dalam Jakarta 152,435 166,290 42,936
- Pof. Dr. Ir. Sedyatmo 46,933 54,798 15,281

Padalarang - Cileunyi -
Citarum
- Padalarang - Cileunyi 39,096 41,148 10,164
- Jembatan tol Citarum 8,125 8,593 2,061
Palimanan - Kanci 5,590 7,608 2,158
JORR - E2 section * - - 2,150
JORR - S section ** - - 10,201
Total 626,691 673,704 182,888

* in 3 months

** Operated by Jasa Marga subsidiary PT JLJ

Source: Jasa Marga/Data Consult

Table--15 Number of cars using toll roads in 2000

Toll roads Length Starting Number Description
 year of
 (Km) operation of Cars

Jagorawi 48.0 1978 228,000 Profitable
Semarang A & B sections 15.0 1983 54,000 Losing
Jakarta-Tanggerang Barat 27.0 1984 198,000 Profitable
Prof Dr Ir Sedyatmo 14.0 1985 100,000 Profitable
Surabaya-Gempol 14.0 1986 120,000 Profitable
Belmera 34.0 1986 31,000 Losing
Jakarta-Cikampek 72.0 1988 273,000 Profitable
Cawang-Tomang 16.0 1989 241,000 25 : 75
Tomang-Grogol-Pluit 8.0 1996 - -
Padalarang-Cileunyi 36.0 1991 115,000 Losing
Semarang C section 10.0 1998 34,000 Losing
Plumbon-Kanci 20.0 1998 8,000 Losing
Pondok Aren-Bintaro 2.5 2000 5,800 Losing

Source: Jasa Marga/Data Consult

Table--16 Number of cars using toll roads under old operators

 Toll road Length Operation
 (Km)

- Cawang-Tanjung Priok 39.94 1989
 Harbour Road

- Tanggerang-Merak 72.45 1992

- Surabaya-Gresik 18.59 1993

- Ujung Pandang 12.95 1998

- JORR, S section 14.83 1990

- JORR , E2 section 8.80 1995

- Pondok Aren-Bintaro 7.20 2000

 Toll road Investor Cars Description

- Cawang-Tanjung Priok PT Citra Marga 127,000 Profitable
 Harbour Road Nusaphala

- Tanggerang-Merak PT Marga 40,784 Losing
 Mandalasakti

- Surabaya-Gresik PT Margabumi 44,516 Losing
 Matraraya

- Ujung Pandang PT Bosowa Marga 20,952 Losing
 Nusantara

- JORR, S section Diteruskan 50,000 Losing not
 yet
 PT JLJ connected

- JORR , E2 section Diteruskan 75,000 Losing not
 yet
 PT JLJ connected

- Pondok Aren-Bintaro PT Bintaro - Losing
 Serpong Damai

Source: Jasa Marga/Data Consult

Table--17 Tariff of several toll roads, 2003

 Tariff (Rp/vehicle)
 Distance
Toll roads (Km) Class I Class IIA

Close system :
Jakarta - Cikampek :
- Farest tariff 74.00 6,500 11,000
 Tariff Per Km 87.84 146.65
Padaleunyi :
- Farest tariff 35.00 4,000 6,500
 Tariff Per Km 114.29 185.71
Surabaya - Gempol
(Waru - Gempol) :
- Farest tariff 26.00 2,500 4,000
 Tariff Per Km 96.15 153.85
Belmera :
- Farest tariff 36.00 3,000 5,000
 Tariff Per Km 83.33 138.89
Tangerang - Merak :
- Farest Tarifs 72.45 12,500 16,500
 Tariff Per Km 172.53 241.55
Surabaya - Gresik
- Farest Tariff 19.40 5,000 7,000
 Tariff Per Km 257.73 360.82

Open System :
Jakarta - Tangerang :
- Tomang-Tangrng Barat 26.80 2,500 3,000
 Tariff Per Km 117.10 140.52
- Tangrng-Tangrng Barat 7.80 1,000 1,000
 Farest Tariff 175.44 175.44
Palikanci :
- Palimanan-Plumbon 6.57 1,000 1,500
 Tariff Per Km 152.21 228.31
- Plumbon - Ciperna 8.70 1,500 2,000
 Tariff Per Km 172.41 229.89
- Ciperna - Kanci 13,57 2,500 3.000
 Tariff Per Km 184.23 221.08
City toll roads in Jakarta :
 Farest Tariff 55.90 4,000 5,000
 Tariff Per Km 314.96 393.70
Surabaya - Gempol
(Dupak - Waru) : 17.00 1,500 2,000
Ujung Pandang :
 Farest Tariff 5.95 1,500 2,000
 Tariff Per Km 252.10 336.13
Serpong - Pondok Aren :
 Farest Tariff 7,20 2.500 4.500
 Tariff Per Km 34,722 625,00
Semarang :
- A section of Krapyak-Jatingaleh 8,00 1.000 1.000
 Tariff Per Km 125,00 125,00
- B section of Srondol-Jatingaleh 6,30 1.000 1.000
 Tariff Per Km 158,73 158,73
- C section of Kaligawe-Gy Sari 4,50 1.000 1.500
 222,22 333,33

 Tariff
 (Rp/vehicle)
 Presidential
Toll roads Class IIB Decree Year

Close system :
Jakarta - Cikampek :
- Farest tariff 13,000 1992
 Tariff Per Km 175.68
Padaleunyi :
- Farest tariff 7,500 2003
 Tariff Per Km 214.29
Surabaya - Gempol
(Waru - Gempol) :
- Farest tariff 5,000 2003
 Tariff Per Km 192.31
Belmera :
- Farest tariff 5,500 2003
 Tariff Per Km 152.78
Tangerang - Merak :
- Farest Tarifs 22,000 2003
 Tariff Per Km 303.66
Surabaya - Gresik
- Farest Tariff 10,000 2003
 Tariff Per Km 515.46

Open System :
Jakarta - Tangerang :
- Tomang-Tangrng Barat 4,000 2003
 Tariff Per Km 187.35
- Tangrng-Tangrng Barat 1,000
 Farest Tariff 175.44 2003
Palikanci :
- Palimanan-Plumbon 2,000 2003
 Tariff Per Km 304.41
- Plumbon - Ciperna 2,500
 Tariff Per Km 287.36 2003
- Ciperna - Kanci 4.500
 Tariff Per Km 331.61 2003
City toll roads in Jakarta :
 Farest Tariff 6,500 2003
 Tariff Per Km 511.81
Surabaya - Gempol
(Dupak - Waru) : 2,500 2003
Ujung Pandang :
 Farest Tariff 2,500 2003
 Tariff Per Km 420.17
Serpong - Pondok Aren :
 Farest Tariff 5.500 2003
 Tariff Per Km 763,89
Semarang :
- A section of Krapyak-Jatingaleh 1.500 2003
 Tariff Per Km 187,50
- B section of Srondol-Jatingaleh 1.500 2003
 Tariff Per Km 238,10
- C section of Kaligawe-Gy Sari 2.000 2003
 444,44

Source: Jasa Marga/Data Consult

Table--18 Profit and loss report of PT Jasa Marga, 1998-2002

(Rp million)

Description 1998 1999 2000

-Operating income 681,221 744,313 853,216
-Operating cost (446,791) (491,462) (565,579)
-Pretax profit , depreciation,
 And amortization 443,378 431,266 215,832
-Operating profit 234,594 252,850 287,637
-Other income (burden) (28,837) (50,194) (87,274)
-Pre tax profit and
 extraordinary post 205,594 202,656 200,363
-Taxes (39,842) (48,946) (51,182)
-Profit before
 extraordinary post 165,752 153,711 149,181
-Profit before minority right 165,752 153,711 149,181
-Minority right on loss
(profit) of subsidiaries - - 400

Description 2001 2002

-Operating income 928,492 1,070,653
-Operating cost (674,164) (826,169)
-Pretax profit , depreciation,
 And amortization 400,610 455,763
-Operating profit 254,328 244,483
-Other income (burden) (45,383) (39,178)
-Pre tax profit and
 extraordinary post 208,945 205,305
-Taxes (51,230) (56,862)
-Profit before
 extraordinary post 157,715 148,443
-Profit before minority right 157,715 148,443
-Minority right on loss
(profit) of subsidiaries (28,876) (17,273)

Source: Jasa Marga/Data Consult
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Title Annotation:Industry Profile
Publication:Indonesian Commercial Newsletter
Geographic Code:9INDO
Date:Sep 9, 2003
Words:6240
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