Laporan Tahunan Annual Report PT Jasa Marga (Persero) Tbk

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Laporan Tahunan Annual Report PT Jasa Marga (Persero) Tbk. 2007

Komitmen Kami untuk berperan dalam pembangunan Jalan Tol nasional serta meningkatkan pelayanan kepada Pengguna Jalan yang pada gilirannya dapat meningkatkan value perusahaan We are committed to taking part in the country’s toll road construction as well as improving the service to toll road users so as to increase the value of the company


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Daftar Isi Contents Fitur Jasa Marga Jasa Marga’s Features

Laporan Manajemen Management’s Reports

Pengelolaan Jasa Marga Jasa Marga’s Management

Analisa dan diskusi Manajemen Management’s discussion and Analysis

Saham Jasa Marga

Jasa Marga’s Shares

Tata Kelola Perusahaan

Good Corporate Governance

Ikhtisar Keuangan 2003-2007 Visi dan Misi Jasa Marga Logo Baru Jasa Marga Jasa Marga Saat Ini dan Kedepan Peristiwa Penting 2007

2003-2007 Financial Highlights Jasa Marga’s Vision and Mission Jasa Marga’s New Logo Jasa Marga at Present and in the Future 2007 Milestones

6 7 8 10 20

Laporan Komisaris Laporan Direksi

Commissioners’ Report Directors’ Report

24 30

Dewan Komisaris Dewan Direksi Pernyataan Strategis Direksi

The Board of Commissioners The Board of Directors The Board of Directors’ Strategic Statements

38 42 46

Tinjauan Keuangan Kinerja Operasi Prospek Pertumbuhan Jasa Marga Manajemen Sumber Daya Manusia

Financial Overview Operational Performance Prospect of Jasa Marga’s Growth Human Resources Management

50 58 64 69

Informasi bagi Pemegang Saham Struktur Kepemilikan Saham Program Penjatahan Saham Karyawan Komposisi Pemegang Saham Realisasi Penggunaan Dana IPO Kebijakan Dividen Hubungan Investor

Information for Shareholders Share Ownership Structure Employee Stock Allocation Program Shareholders Composition Use of IPO Proceeds Dividend Policy Investor Relations

76 78 79 80 82 82 84

Pernyataan Direksi Mengenai Tata Kelola Perusahaan Remunerasi Komisaris & Direksi Kehadiran Rapat Komisaris dan Direksi Tahun 2007 Kepemilikan Saham Komisaris & Direksi Sekretaris Perusahaan Satuan Pengawasan Intern Komite Audit Manajemen Risiko Struktur Organisasi

Directors’ Statement on Good Corporate Governance Commissioners’ and Directors’ Remunerations Attendance At Commissioners and Directors Meetings In 2007 Commissioners’ and Directors’ Share Ownership Corporate Secretary Internal Auditing Unit Audit Committee Risk Management Organizational Structure

86 93 93 94 95 96 97 99 100

Tumbuh Bersama Masyarakat

Growing Together with the Community

102

Pernyataan Tanggung Jawab Atas Laporan Keuangan Laporan Auditor Independen Laporan Keuangan Konsolidasi Catatan Atas Laporan Keuangan Konsolidasi

Statement of Responsibility on the Financial Report Independent Auditor’s Report Consolidated Financial Report Notes to Consolidated Financial Report

Pejabat Jasa Marga Lembaga dan Profesi Penunjang Identitas Perusahaan

Jasa Marga Key Personnel Institutions and Supporting Professionals Corporate Identity

Tanggung Jawab Sosial Corporate Social Responsibility

Laporan Keuangan Financial Report

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Fitur Jasa Marga

Jasa Marga’s Features Ikhtisar Keuangan 2003-2007 2003-2007 Financial Highlights

Visi dan Misi Jasa Marga

Jasa Marga’s Vision and Mission

Logo Baru Jasa Marga Jasa Marga’s New Logo

Jasa Marga Saat Ini dan Kedepan

Jasa Marga at Present and in the Future

Peristiwa Penting 2007 2007 Milestones

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6 7 8 10 20


IKHTISAR KEUANGAN 2003 -2007 2003 - 2007 FINANCIAL HIGHLIGHTS Dalam Ribuan Rupiah In Thousand Rupiah

DESCRIPTION

2003

2004

2005

2006

2007

2007/2006

755,506

807,638

848,971

829,278

859,321

3.6%

1,346,233

1,631,554

1,923,860

2,296,143

2,645,043

15.2%

Operating Profit

394,301

517,463

653,673

819,453

1,015,949

24.0%

EBITDA

531,669

710,391

889,618

1,144,543

1,386,580

21.1%

Net Income

250,264

230,807

307,544

462,567

277,982

-39.9%*)

Total Asset

6,016,811

7,969,740

9,736,407

10,252,697

13,847,227

35.1%

Total Liabilities

4,295,690

6,159,736

7,754,162

7,870,033

7,632,543

-3.0%

71%

77%

80%

77%

55%

-28.2%

Traffic Revenue

Debt to Equity Ratio

Catatan : *). Pada tahun yang berakhir 31 Desember 2006, sekitar 84,1% dari laba bersih perseroan sekitar Rp 462,6 milyar termasuk keuntungan luar biasa (one time gain) sebesar sekitar Rp 388,9 milyar dari penjualan 13,6% kepemilikan di CMNP. Pada tahun yang berakhir 31 Desember 2007, sekitar 1% dari laba bersih perseroan termasuk keuntungan luar biasa (one time gain) sebesar sekitar Rp 2,8 milyar dari penjualan 0,08% kepemilikan di CMNP. Jika keuntungan luar biasa yang dicatat di tahun 2006 dan 2007 dikeluarkan maka laba bersih perseroan untuk tahun-tahun yang berakhir pada 31 Desember 2006 dan 2007 masing-masing adalah sebesar Rp 130,5 milyar, Rp 73,7 milyar dan Rp275,1 milyar. Notes : *). In the year ended 31 December 2006, approximately 84.1% of the Company’s net income of Rp 462.6 billion included a one-time gain of approximately Rp 388.9 billion from the sale of 13.6% shares in CMNP. In the year ended 31 December 2007, approximately 1% of the Company’s net income included a one-time gain of approximately Rp 2.8 billion from the sale of 0.08% shares in CMNP. If the one-time gains recorded in 2006 and 2007 are disregarded, the Company’s net income for the years ended 31 December 2006 and 2007 was Rp 130.5 billion, Rp 73.7 billion and Rp 275.1 billion, respectively.

Laporan Tahunan Annual Report PT Jasa Marga Tbk. (Persero) 2007 Tbk. 2007

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Fitur Jasa Marga Laporan Manajemen Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga



Corporate Social Responsibility

Tanggung Jawab Sosial

Financial Report

Laporan Keuangan

To become a modern company in the development and operation of toll roads and to maintain its position as the leader of toll roads industry in Indonesia and to become a highly competitive company in both national and regional scales.


Menjadi perusahaan yang modern dalam bidang pengembangan dan pengoperasian Jalan Tol, serta menjadi pemimpin dalam industrinya dengan mengoperasikan Jalan Tol di Indonesia serta memiliki daya saing yang tinggi di tingkat Nasional dan Regional.

Management’s Discussion and Analysis

Visi Vision

Jasa Marga’s Management

As Jasa Marga has become a public company since 12 November 2007, the management’s main priority is therefore to accelerate the realization of the Company’s vision and mission.

Management’s Reports

Seiring dengan berubahnya status perusahaan sebagai Perusahaan Terbuka sejak 12 November 2007, maka akselerasi perwujudan visi dan misi Perusahaan menjadi prioritas utama dari manajemen.

Jasa Marga’s Features

VISI DAN MISI JASAMARGA JASA MARGA’S VISION AND MISSION

Misi Mission Terus menambah panjang Jalan Tol secara berkelanjutan sehingga perusahaan menguasai paling sedikit 50% panjang Jalan Tol di Indonesia dan usaha terkait lainnya dengan memaksimalkan pemanfaatan potensi keuangan perusahaan serta meningkatkan mutu dan efisiensi jasa pelayanan Jalan Tol melalui penggunaan teknologi yang optimal dan penerapan kaidah-kaidah manajemen perusahaan modern dengan tata kelola yang baik. Continuously developing new toll roads to maintain its leading position of at least 50% of the total toll road length in Indonesia, along with other related businesses, by making the best use of the company’s financial strength. Improving its service quality as well as efficiency by applying proper technology and modern management principles.

Laporan Tahunan Laporan Tahunan Annual Report Annual PTReport Jasa Marga PT Jasa (Persero) MargaTbk. Tbk. 2007

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LOGO BARU JASA MARGA JASA MARGA’S NEW LOGO

1 2

3 4

Bentuk

Form

1 Logo ditampilkan dalam bentuk rounded/bola dengan efek 3D dan image yang ingin dicapai lebih modern, simple, efisien dan efektif, berorientasi pada teknologi baru dan menjawab tantangan persaingan industri global.

1 The new logo has a ball or rounded shape with a three-dimensional effect, suggesting the image of modern, simple, efficient and effective, along with advanced technology oriented to face the challenges of global competition.

2 Bentuk dasar logo baru Jasa Marga diambil dari Icon logo lama Jasa Marga yang sudah sangat dikenal yang berbentuk Huruf “J” dan juga merupakan simbol simpang susun Jalan Tol, diolah dan ditampilkan menjadi lebih modern dan elegan

2 The basic shape of Jasa Marga’s new logo is taken from the very well known icon of the old logo forming the letter “J” and representing the symbol of toll road interchange, which is reproduced and re-presented in a more modern and elegant way so that it is easily recognized.

3 Indonesian Highway Corp adalah kependekan dari Indonesian Highway Corporatama, sesuai dengan Anggaran Dasar perusahaan.

3 Indonesian Highway Corp is the short form of Indonesian Highway Corporatama as stated in the Company’s articles of association.

4 Nama Perusahaan ditulis dengan font yang memiliki sudut dan kelengkungan yang fleksibel, mencerminkan perusahaan yang selalu beradaptasi dengan perkembangan zaman.

4 The name of the Company is written using a font that has flexible corners and curves, reflecting a company that constantly adapts to changes over time.

Warna Warna logo tetap menggunakan warna dasar korporasi yaitu Biru dan Kuning, yang mencerminkan konsistensi dan kesinambungan

Colors The Company’s basic colors, i.e. blue and yellow, reflecting consistency and sustainability, remain in use in the new logo.


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Fitur Jasa Marga Management’s Reports

Laporan Manajemen Jasa Marga’s Management

Pengelolaan Jasa Marga Management’s Discussion and Analysis

Analisa dan Diskusi Manajemen Jasa Marga’s Shares

Saham Jasa Marga Good Corporate Governance




Financial Report

Laporan Keuangan

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Launching Logo Baru pada HUT Jasa Marga ke 29 tanggal 1 Maret 2007 Jasa Marga launched the new Logo on its 29th Anniversary on 1 March 2007

JASA MARGA SAAT INI DAN KEDEPAN JASA MARGA AT PRESENT AND IN THE FUTURE

Tinjauan Umum Perusahaan Overview of the Company

Sejarah berdirinya Jasa Marga Jasa Marga didirikan berdasarkan Akta nomor 1 tanggal 1 Maret 1978 yang dibuat dihadapan Notaris Kartini Muljadi, SH., dengan nama “PT Jasa Marga (Indonesia Highway Corporation)”, kemudian berdasarkan Akta nomor 187 tanggal 19 Mei 1981 masih dengan Notaris yang sama, nama Perseroan berubah menjadi “PT Jasa Marga (Persero)”, dan telah memperoleh pengesahan dari Menteri Kehakiman Republik Indonesia dengan Keputusan nomor Y.A.5/130/1 tertanggal 22 Februari 1982 dan didaftarkan dalam buku register di Kantor Pengadilan Negeri Jakarta berturut-turut dibawah nomor 766 dan 767 tanggal 2 Maret 1982 serta diumumkan dalam Berita Negara Republik Indonesia nomor 73 tanggal 10 September 1982, Tambahan nomor 1138 (untuk selanjutnya akta nomor 1 tanggal 1 Maret 1978 dan akta nomor 187 tanggal 19 Mei 1981 tersebut disebut “Akta Pendirian”). Pendirian Perseroan tersebut sesuai dengan ketentuan-ketentuan yang terdapat dalam UU nomor 9 tahun 1969 tentang Penetapan Peraturan Pemerintah pengganti UU nomor 1 tahun 1969 tentang Bentuk-bentuk Usaha Negara menjadi UU, PP nomor 12 tahun 1969 tentang Perusahaan Jasa Marga (Persero) dan PP nomor 4 tahun 1978 tentang Penyertaan Modal Negara Republik

10


The Establishment of Jasa Marga Jasa Marga was established based on Deed No. dated 1 March 1978 made by Notary Kartini Muljadi, SH., under the name of “PT Jasa Marga (Indonesia Highway Corporation)”, which then became “PT Jasa Marga (Persero)” based on Deed No. 187 dated 19 May 1981 made by the same Notary, and was approved by the Minister of Justice of the Republic of Indonesia with the Decree No. Y.A.5/130/1 dated 22 February 1982 and registered in Jakarta High Court No. 766 and 767 dated 2 March 1982 and was published in the State Gazette No. 73 dated 10 September 1982, Addition No. 1138. The establishment of the Company is in accordance with the regulations stipulated in Law No. 9 of 1969 concerning the stipulation of Government Regulation substituting Law No. 1 of 1969 concerning Types of State Corporations, which becomes Law, Government Regulation No. 12 of 1969 concerning the Company Jasa Marga (Persero) and Government Regulation No. 4 of 1978 concerning State Capital Investment in the establishment of the Company Jasa Marga (Persero) to Manage, Maintain and Provide Toll Road Network as well as Decree of the Minister of Finance of the Republic of Indonesia No. 90/KMK.06/1978 dated 27 February 1978 concerning the Stipulation of

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Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga Tata Kelola Perusahaan Tanggung Jawab Sosial Laporan Keuangan

11

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Fitur Jasa Marga

Jasa Marga’s main revenue is resulted from the traffic volume showing the number of vehicles using its operated toll roads. Out of the whole toll roads that Jasa Marga operates, 48% are located in Jabotabek

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Pendapatan utama Perusahaan berasal dari volume lalu lintasyang melewati Jalan Tol yang dioperasikan. 48 % Jalan Tol yang dimiliki Jasa Marga berlokasi di daerah Jabotabek yang mempunyai volume lalu lintas

Financial Report

At present, Jasa Marga has added 5 more toll roads and the Company owns the concessions of all of those toll roads. The total length of toll roads operated by Jasa Marga is 496 km which is 78% of Indonesia’s total toll road length reaching 630 km. The majority of the 13 toll road concessions that the Company has will expire in 2044 while those of the new toll roads of Bogor Ring Road, Semarang-Solo and GempolPasuruan will expire in 2051. The concessions of two toll roads which are part of JORR 2 toll road namely Cengkareng-Kunciran and Kunciran-Serpong will expire in 2042. The new toll roads will be connected to Jasa Marga’s existing toll roads.


Saat ini PT Jasa Marga (Persero) Tbk. telah menambah jumlah ruas Tolnya sebanyak 5 ruas Jalan Tol baru yang konsesinya telah dimiliki perusahaan. Total Panjang Jalan Tol yang dimiliki oleh Jasa Marga adalah 496 km atau 78% dari panjang Jalan Tol di Indonesia yang mencapai 630 km. Konsesi yang dimiliki oleh perusahaan saat ini mayoritas akan berakhir pada tahun 2044 untuk 13 ruas yang saat ini telah dioperasikan, tahun 2051 untuk tiga ruas baru yaitu Bogor Ring Road, Semarang Solo dan Gempol Pasuruan dan 2042 untuk dua ruas bagian JORR 2 yaitu Cengkareng-Kunciran dan Kunciran-Serpong. Ruas-ruas baru tersebut akan terkoneksi dengan Jalan Tol Jasa Marga yang sudah dioperasikan.


Jasa Marga is now a public State-Owned Enterprise since it listed its 30% shares at the Indonesia Stock Exchange on 12 November 2007. To date, Jasa Marga has been constructing and operating thirteen (13) toll roads that are managed by nine (9) branch offices and one (1) subsidiary i.e. PT Jalantol Lingkarluar Jakarta (JLJ) with the total length of operated toll road reaching 496 km.


Jasa Marga telah menjadi perusahaan terbuka dan tercatat di Bursa Efek Indonesia sejak Pemerintah melepas 30% sahamnya kepada masyarakat pada tanggal 12 November 2007. Sampai saat ini Jasa Marga telah membangun dan mengoperasikan 13 (tiga belas) ruas Jalan Tol yang dikelola oleh 9 (sembilan) kantor Cabang dan 1 (satu) Anak Perusahaan yaitu PT Jalan Tol Lingkar Luar Jakarta (JLJ) seluruhnya mencapai panjang 496 Km.


To conduct the initial public offering, the Company’s Articles of Association was amended by Notarial Deed No. 27 dated 12 September 2007 made before Notary Ny. Poerbaningsih Adi Warsito, SH. Based on the Deed, the name of the Company is changed into “Perusahaan Perseroan (Persero) PT Jasa Marga (Indonesia Highway Corporatama) Tbk.” or “PT Jasa Marga (Persero) Tbk” in short. The amendment to the Company’s Articles of Association has been approved by the Minister of Justice and Human Rights of the Republic of Indonesia No. W7-10487HT.01.04TH2007 dated 21 September 2007 and report of the amendment to the Articles of Association was received and recorded in the database of Sisminbakum of the Department of Justice and Human Rights as stated in the Letter of Head of DKI Jakarta Regional Office on behalf of the Minister of Justice and Human Rights No. W7-HT.0110-13313 dated 24 September 2007 and has been registered at Companies Registration Office of East Jakarta Municipality No. 269/RUB/09.04/X/07 dated 4 October 2007.


Dalam rangka Penawaran Umum Perdana saham kepada masyarakat, Anggaran Dasar Perseroan diubah berdasarkan Akta Pernyataan Keputusan Rapat nomor 27 tanggal 12 September 2007 yang dibuat dihadapan Notaris Ny. Poerbaningsih Adi Warsito SH. Dalam akta tersebut nama Perseroan diubah menjadi “Perusahaan Perseroan (Persero) PT Jasa Marga (Indonesia Highway Corporatama) Tbk.” atau disingkat “PT Jasa Marga (Persero) Tbk”. Perubahan Anggaran Dasar Perseroan tersebut telah memperoleh persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Keputusan nomor W7-10487HT.01.04-TH2007 tanggal 21 September 2007 dan pemberitahuan atas perubahan Anggaran Dasar tersebut telah diterima dan dicatat dalam database di Sisminbakum Departemen Hukum dan Hak Asasi Manusia sebagaimana tertera dalam Surat Kepala Kanwil DKI Jakarta a.n. Menteri Hukum dan Hak Asasi Manusia nomor W7-HT.0110-13313 tanggal 24 September 2007 dan telah didaftarkan dalam Daftar Perusahaan di Kantor Pendaftaran Perusahaan Kodya Jakarta Timur nomor 269/RUB/09.04/X/07 tanggal 4 Oktober 2007.


the Capital of the Company Jasa Marga (Persero) in Toll Road Sector.


Indonesia dalam Pendirian Perusahaan Jasa Marga (Persero) di bidang Pengelolaan, Pemeliharaan dan Pengadaan Jaringan Jalan Tol serta Surat Keputusan Menteri Keuangan Republik Indonesia nomor 90/KMK.06/1978 tanggal 27 Februari 1978 tentang Penetapan Modal Perusahaan Jasa Marga (Persero) dibidang Jalan Tol.

yang tinggi dan dikota-kota besar di daerah Jawa dan Sumatera yang mempunyai populasi penduduk yang padat. Trafic volume akan terus bertambah seiring dengan terselesaikannya proyek-proyek baru yang terkoneksi dengan Jalan Tol yang dioperasikan perusahaan dengan volume lalu lintas yang telah terbentuk.

(Jakarta, Bogor, Tangerang and Bekasi) areas with significant traffic volume and in major cities in Java and Sumatera where the population density is quite high. The traffic volume will keep increasing as new projects are completed and are linked to the toll roads that are already in operation.

Sebagai perusahaan infrastruktur penyedia Jalan Tol keberadaan Jasa Marga sangat dibutuhkan oleh masyarakat luas. Pertumbuhan penjualan kendaraan yang tinggi serta kebijakan otoritas pengatur Jalan Tol yang semakin kondusif akan membuat posisi Jasa Marga semakin kuat dalam industri Jalan Tol di Indonesia.

As a company that provides toll road infrastructure, Jasa Marga’s existence is greatly needed by many people. The ever increasing growth of car sales along with more conducive policies of toll road regulatory authority will strengthen Jasa Marga’s position in toll road industry in Indonesia.

Jasa Marga Sebagai Pemimpin Operator Jalan Tol di Indonesia dengan Pengalaman Selama 30 Tahun Jasa Marga is the Leading Toll Road Operator in Indonesia with 30 Years of Experience Mulai Operasi Start Operation

1978

1983

Jagorawi

1984

1986

1987

1988

Belmera

1991

1998

2001

Padaleunyi

Surabaya-Gempol Semarang

1990

2003

Cipularang Bogor Ring Road

Jakarta-Cikampek

Palikanci

Konsesi Jalan Utama

Jakarta-Tangerang

Key toll road concessions

Jakarta Outer Ring Road

Ulujami-Pondok Aren

Jakarta Inner Ring Road ( CTC )

Gempol-Pasuruan Semarang-Solo Cengkareng-Kunciran

Prof. Dr. Ir. Soedjatmo ( CTC )

Kunciran-Serpong Jumlah Konsesi Number of concessions

1

2

3

6

7

8

9

10

11

12

13

18

Total Panjang (km) dibawah Konsesi Total lenght of road (km) under corresponding concessions

46

81

124

197

222

294

358

398

427

433

496

641

Selama 30 tahun keberadaan Jalan Tol di Indonesia Jasa Marga terbukti dan berpengalaman dalam membangun dan mengoperasikan Jalan Tol di Indonesia. Dimulai dari Jalan Tol Jagorawi tahun 1978 dan hingga yang terakhir Jalan Tol Cipularang tahun 2003 serta JORR ruas Jatiasih-Cikunir pada tahun 2007 Jasa Marga telah mempunyai 13 ruas Jalan Tol yang kesemuanya dibangun dan dikelola sendiri oleh Jasa Marga. Lokasi-lokasi Jalan Tol yang dimiliki oleh Jasa Marga terletak di kota-kota besar yang mempunyai perkembangan perekonomian yang tinggi

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The existence of toll roads for 30 years in Indonesia has proven Jasa Marga’s experience in constructing and operating toll roads in the country. Starting with Jagorawi toll road in 1978 until Cipularang toll road in 2003 and the most recent Jatiasih-Cikunir Section of JORR toll road in 2007, Jasa Marga is now the concession holder of 13 toll roads constructed and operated by the Company. Jasa Marga’s toll roads are located in major cities with fast economy development that requires toll road infrastructure. Most of the toll roads operated by Jasa Marga have high traffic

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Fitur Jasa Marga Laporan Manajemen Pengelolaan Jasa Marga


Analisa dan Diskusi Manajemen


Saham Jasa Marga





Financial Report

Laporan Keuangan

Toll roads that are currently in operation are Jasa Marga’s assets that have strong potential for sustainable growth with additional concessions of toll roads that are linked to those already existed and this will result in the increase of its traffic volume. Following the concessions of six new toll roads granted to the Company, until the next five years, Jasa Marga will focus on the completion of those six new toll roads i.e. Bogor Ring Road that is connected to Jagorawi toll road, Gempol-Pasuruan that is connected to Surabaya-Gempol toll road, SemarangSolo that is connected to Semarang Ring Road, Cengkareng-Kunciran and Kunciran-Serpong that are connected to Jakarta-Tangerang, JORR and airport toll roads, along with W2 north. With its experience and clear prospect, Jasa Marga shall remain the leader in Indonesia’s toll road industry.


Jalan-Jalan Tol yang sudah beroperasi merupakan asset perusahaan yang berpotensi untuk terus berkembang dengan penambahan perolehan konsesi yang terkoneksi dengan Jalan Tol yang sudah ada. Volume lalu lintas yang telah terbentuk yang dimiliki Jasa Marga akan semakin tinggi lagi dengan Jalan Tol-Jalan Tol baru yang nantinya akan terhubung. Lima tahun kedepan Jasa Marga akan fokus pada penyelesaian 6 ruas Jalan Tol baru yang telah dimiliki konsesinya oleh Jasa Marga yaitu Bogor Ring Road yang terkoneksi dengan ruas Jagorawi, Gempol-Pasuruan yang terkoneksi dengan Jalan Tol Surabaya-Gempol, Semarang-Solo yang terkoneksi dengan Jalan Tol Lingkar-Semarang, CengkarengKunciran dan Kunciran-Serpong yang terkoneksi dengan ruas Jakarta-Tangerang, JORR dan Jalan Tol Bandara serta penyelesaian W2 utara. Dengan pengalaman dan prospek yang jelas Jasa Marga akan tetap menjadi pemimpin dalam industri Jalan Tol di


volume: six toll roads having significantly high daily traffic volume are located in Jabotabek (Jakarta, Bogor, Tangerang and Bekasi) areas, whereas the remaining toll roads are located in other big cities in the Island of Java such as Surabaya, Bandung, Semarang and Cirebon as well as in North Sumatera, i.e. Medan. Diversified locations of Jasa Marga’s toll roads serves as solid fundamental for a company that runs the business of an ever-growing toll road industry.


dan memerlukan infrastruktur jalan bebas hambatan. Mayoritas Jalan Tol Jasa Marga mempunyai volume lalu lintas yang tinggi. 6 ruas Jalan Tol yang ada terletak di Jabotabek yang mempunyai volume lalu lintas harian yang sangat tinggi. Selebihnya terletak di kota besar lainnya di Pulau Jawa seperti Surabaya, Bandung, Semarang, Cirebon dan di Sumatera Utara yaitu di Medan. Terdiversifikasinya lokasi Jalan Tol yang dimiliki oleh Jasa Marga memberikan fundamental yang kuat sebagai korporasi yang menjalankan bisnis di industri Jalan Tol untuk terus berkembang.


13

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Konsesi Jalan Tol Yang Masih Panjang 13 ruas Jalan Tol yang saat ini dioperasikan, tiga ruas baru yang sedang dikerjakan oleh Jasa Marga dan 2 ruas baru yang konsesinya telah diperoleh masih mempunyai konsesi yang cukup panjang. Masingmasing dari ke 13 Perjanjian Pengusahaan Jalan Tol (PPJT) yang telah dioperasikan perseroan seluruhnya ditandatangani pada tanggal 7 Juli 2006 dan berlaku efektif pada 1 Januari 2005 dan masa pengusahaanya akan berakhir pada 31 Desember 2044, berarti perusahaan masih akan mengelola Jalan Tol 13 ruas selama 37 tahun lagi, dengan pengecualian PPJT JORR seksi S yang pada saat ini dioperasikan berdasarkan Keputusan Menteri Pekerjaan Umum dan risalah rapat dengan BPJT selama 15 tahun atau dilunasinya kredit sindikasi JORR seksi S

Long Toll Road Concessions The 13 toll road concessions include those of three new toll roads that are being constructed by Jasa Marga and two most recently granted concessions, and altogether they still have long remaining concession periods. Each of the 13 Toll Road Concession Agreements for Jasa Marga’s toll roads was signed on 7 July 2006 and was effective from 1 January 2005. As the concession period will expire on 31 December 2044, the Company will still be operating the 13 toll roads for another 37 years, except the concession of JORR Section S that was granted to the Company based on the Decree of the Minister of Public Works and the minutes of meeting with Toll Road Regulatory Board. JORR Section S has a concession period of 15 years or until the outstanding debt obligations owed to JORR Section S creditors are fully settled.

Untuk 3 ruas baru Perseroan telah menandatangani PPJT untuk mengembangkan, mengoperasikan dan mengelola proyek Jalan Tol tersebut untuk periode empat puluh lima tahun hingga 29 Mei 2051 untuk ruas Bogor Ring Road dan Gempol Pasuruan dan hingga 15 Desember 2051 untuk ruas Semarang Solo.

The Toll Road Concession Agreements for the three new toll roads grant the Company the right to develop, operate and manage the toll road projects for a period of 45 years. The concession period of Bogor Ring Road and Gempol-Pasuruan toll roads will expire on 29 May 2051, whereas that of Semarang-Solo will expire on 15 December 2051.

Sedangkan untuk 2 ruas baru yang konsesinya telah diperoleh pada tahun 2007 yaitu CengkarengKunciran dan Kunciran-Serpong dengan masa konsesi selama 35 tahun.

The concessions of the two new toll roads granted in 2007, namely Cengkareng-Kunciran and KunciranSerpong have a concession period of 35 years.

Konsesi yang cukup panjang tersebut tentunya akan memberikan keleluasaan pada arus kas perusahaan pada saat Jalan Tol-Jalan Tol baru masih dalam tahap konstruksi.

The long concession periods will certainly generate efficiency in the Company’s cash flow when the new toll roads are still under construction.

Cengkareng-Kunciran Kunciran-Serpong Semarang-Solo Gempol-Pasuruan Bogor Ring Road Jakarta Outer Ring Road Cipularang Palikanci Ulujami-Pondok Aren Prof. Dr. Ir. Soedjatmo Padaleunyi Jakarta-Cikampek Jakarta Inner Ring Road Surabaya-Gempol Jakarta-Tangerang Semarang-Solo Belmera Jagorawi

2000

14

2004

2008

2012

2016



2020

2024

2028

2032

2036

2040

2044

2048

2052

www.jasamarga.com

Fitur Jasa Marga


Laporan Manajemen


Pengelolaan Jasa Marga




Saham Jasa Marga





Financial Report

Laporan Keuangan

Jasa Marga in Indonesian Toll Road Industry


Posisi Jasa Marga di Industri Jalan Tol di Indonesia Jalan Tol yang Dioperasikan Jasa Marga Toll Roads Operated by Jasa Marga

Sumatra Utara North Sumatra

Belmera 34.0 km

maluku

sumatra

kalimantan sulawesi irian jaya

Jakarta dan Sekitarnya Serta Jawa Barat Greater Jakarta and West Java

Jagorawi Jakarta-Tangerang(2) CTC(1) Jakarta-Cikampek JORR Purbaleunyi(3) Palikanci Bogor Ring Road (4) Cengkareng-Kunciran 4) Kunciran-Serpong (4)

: 46.0 km : 33.5 km : 39.3 km : 72.0 km : 45.0 km : 122.4 km : 28.8 km : 11.0 km : 15.2 km : 11.2 km

java

Jawa Timur East Java

Jawa Tengah Central Java

Semarang Semarang-Solo (4)

35.2 km 75.7 km

Surabaya-Gempol 39.5 km Gempol-Pasuruan (4) 75.7 km

Catatan : Notes : (1) CTC terdiri dari konsesi ruas tol dalam kota Jakarta milik Jasa Marga (25 km) dan Prof. Dr. Ir. Sedyatmo (14,3 km) (2) Jakarta-Tangerang terdiri dari konsesi dua ruas: Jakarta-Tangerang (28 km) dan Ulujami-Pondok Aren (5,5 km) (3) Purbaleunyi terdiri dari konsesi dua ruas yang saling terhubung: Cikampek-Padalarang (58,6 km) dan Padalarang-Cileunyi (63,9 km) (4) Konsesi baru milik Jasa Marga yang belum dibangun (1) (2) (3) (4)

CTC comprises the Jakarta Inner Ring Road concession granted to Jasa Marga (25 km) and Prof. Dr. Ir. Soedijatmo concession (14.3 km) Jakarta-Tangerang comprises two toll road concessions: Jakarta-Tangerang (28 km) and Ulujami Pondok Aren (5.5 km) Purbaleunyi is comprised of two interconnected toll road concessions: Cikampek-Padalarang (58.5 km) and Padalarang-Cileunyi (63.9 km) Jasa Marga’s new concessions, not yet constructed

Saat ini Jasa Marga mengelola dan mengoperasikan 13 hak pengusahaan (konsesi) Jalan Tol melalui sembilan kantor cabang dan satu anak perusahaan berdasarkan hak pengusahaan Jalan Tol yang diberikan langsung oleh Pemerintah kepada Jasa Marga. Dari 13 konsesi tersebut, tiga diantaranya merupakan ruas Jalan Tol tambahan di Pulau Jawa dengan total panjang mencapai 119 km, yaitu Bogor Ring Road, Semarang-Solo dan Gempol-Pasuruan. Jasa Marga berupaya untuk mendapatkan lebih banyak konsesi Jalan Tol di Indonesia, termasuk Jalan Tol Trans Jawa yang sudah direncanakan.

Based on the toll road concessions granted directly from the Government, Jasa Marga currently manages and operates 13 toll road concessions through its nine branch offices and one subsidiary. Out of the 13 concessions, three of them are new toll roads located in Java Island with the total length reaching 119 km i.e. Bogor Ring Road, Semarang-Solo and GempolPasuruan. Jasa Marga is making the efforts to get more toll road concessions in Indonesia, including those of the already-planned Trans Java Toll Road.

www.jasamarga.com


15

Kontak Kami

Managing and operating 496 km toll roads or 78% of the total of 630 km toll roads in Indonesia, Jasa Marga is the biggest toll road operator in the country. Jasa Marga operates majority of its toll roads in Java, the most populated island in Indonesia and the most congested toll roads in the country are located in Jakarta and its surrounding areas.

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Jasa Marga merupakan operator Jalan Tol terbesar di Indonesia dengan pengelolaan dan pengoperasian total panjang Jalan Tol 496 km atau 78% dari total 630 km Jalan Tol di Indonesia. Sebagian besar Jalan Tol yang dioperasikan Jasa Marga terletak di Pulau Jawa yang memiliki populasi tertinggi di Indonesia dengan Jalan Tol terpadat di Indonesia terletak di wilayah Jakarta dan sekitarnya.

Pemerintah menyadari perlunya pengembangan industri Jalan Tol lebih lanjut. Sebagai bagian dari Rencana Induk Jaringan Jalan Nasional, Pemerintah berencana untuk membangun Jalan Tol Trans Jawa yang merupakan rencana pembangunan enam ruas Jalan Tol sepanjang 1.200 km yang membentang dari Merak di Jawa Barat hingga Banyuwangi di Jawa Timur.

The Government is fully aware of the importance of further development of toll road industry. With this consideration, the Government plans the constructions of the Trans Java Toll Road, which is part of the national road network master plan and a plan to construct six toll roads of 1,200 km spreading from Merak in West Java all the way to Banyuwangi in East Java

Pengembangan Bisnis Usaha Berskala Internasional International Scale Business Development Saat ini Jasa Marga juga mengembangkan usaha pengelolaan Jalan Tol di tingkat Internasional yaitu;

Jasa Marga currently develops the business of toll road management on international scale as follows:

1. Kerjasama pemberian jasa teknik dalam manajemen pengumpulan tol, manajemen lalu lintas, dan manajemen pemeliharaan, atas pengelolaan dan pengoperasian Jalan Tol jembatan Jamuna Bangladesh selama 5 tahun (April 2004-April 2009).

1.The cooperation in providing technical service for toll collection management, traffic management and maintenance management for the management and operation of Jamuna Bridge in Bangladesh for the period of five years (April 2004-April 2009).

2. Kerjasama pemberian jasa teknik dalam persiapan pembangunan infrastruktur di New Kolkata India. Kerjasama ini akan berlangsung selama 5,5 tahun dimulai sejak Januari 2008 sampai dengan Januari 2013.

2. The cooperation in providing technical service for the preparation of infrastructure development in New Kolkata, India. The period of this cooperation will be for 5.5 years starting from January 2008 until January 2013.

Panjang Jalan Tol Length of Toll Road

590 515 515 515 515 517 524

606

548

472 472 413 355 366 284 270 278

332 323 324 324

293

16



07

06

20

05

20

04

20

03

20

02

20

01

20

00

Jasa Marga

20

99

20

98

19

97

19

78

19

96

19

95

19

94

19

93

19

92

19

91

19

90

19

89

19

88

19

87

19

86

19

85

19

84

19

83

19

82

19

81

339 337 333

368 368 374 354 354

106

93

53

47

19

80

43

27

19

79

19

78

19

19

27

415 415

456 456

198

189 27

308

496

431

386

630

Indonesia

www.jasamarga.com


Fitur Jasa Marga


Laporan Manajemen






Saham Jasa Marga





Financial Report

Laporan Keuangan

Volume Lalu Lintas yang Tidak Sensitif Insensitive Traffic Volume

Pertumbuhan penjualan mobil yang berfluktuasi mempunyai dampak yang minimal terhadap pertumbuhan volume lalu lintas Jasa Marga, namun demikian pertumbuhan penjualan mobil dalam jangka panjang akan berkontribusi terhadap peningkatan volume lalu lintas. Pendapatan usaha Jasa Marga mempunyai pertumbuhan yang terus meningkat walaupun terjadi turbulensi pada kondisi pasar keuangan dan kenaikan drastis harga minyak mentah dunia.

The fluctuated growth of car sales has a minimum impact on the growth of Jasa Marga’s traffic volume; however, the growth of car sales in the long term will contribute to the increase in traffic volume.

The growth of Jasa Marga’s operating revenues keeps increasing despite the turbulence of market condition and the drasticaly increasing world oil price.

Penjualan Mobil Car Sales

Volume Lalu Lintas Jalan Tol Jasa Marga Traffic Volume on Jasa Marga’s Toll Roads

Dalam Ribuan Kendaraan In Thousand vehicles

Juta Kendaraan Million in vehicles Dampak Langsung dari kenaikan harga BBM Direct impact of fuel price hike(1)

Dampak Langsung dari krisis ekonomi

534 483

Direct impact of economic crisis

864 808

674

354 301

300

315

860

755

395

387

829

627

319

582 501

516 468

94 58

1997 1998

1992

2000 2001

2002 2002 2003 2004 2005 11M07

Sumber : GAIKINDO Source : GAIKINDO

1997 1998

1992

2000 2001

2002 2002 2003 2004 2005

2007

Sumber : Perusahaan Source : Company

Note : (1) Harga BBM meningkat secara signifikan pada oktober 2005, dampaknya secara penuh terhadap penjualan mobil terjadi pada tahun 2006.


17

Kontak Kami

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Note : (1) Fuel price increased significanly in October 2005 but the full impact in car sales was only left in 2006

Jasa Marga Sebagai Market Leader dalam Industri Jalan Tol di Indonesia Jasa Marga is the Market Leader in Indonesian Toll Road Industry 000 cars per day

2,536

Toll Roads Operated by Jasa Marga

2,388

Toll Roads Operated by Others

496

CTC

662,189

705,220

662,189

709,905

701,420

JORR

166,546

186,783

166,546

231,152

281,357

Jagorawi

295,964

316,507

295,964

326,953

318,029

Jakarta–Cikampek

282,580

288,942

282,580

300,759

330,711

Jakarta-Tangerang

220,499

225,699

220,499

235,269

230,771

34,660

53,145

34,660

72,264

80,333

154,662

130,911

154,662

137.417

143,987

27,741

32,653

27,741

36,358

37,594

186,976

171,630

186,976

173,339

147,260

Semarang

61,700

66,183

61,700

70,741

70,417

Belmera

40,033

42,073

40,033

44,481

46,023

2,133,550

2,219,746

2.133.550

2,338,638

2,387,842

Pondok Aren-Serpong

14,247

20,576

14,247

34,144

34,144

Surabaya-Gresik

52,841

56,168

52,841

57,895

55.000

Tangerang-Merak

61,618

66,380

61,618

69,375

67,000

Ujung Pandang

26,562

27,919

26,562

28,096

26,000

155,268

171,043

155,268

189,510

189,510

2,288,818

2,390,789

2,288,818

2,528,148

2,535,842

Total Other Operators Total Indonesia



ul

ar

an

an

2007

Total Pengelola Lainnya

ip

nd

2006

Total Jasa Marga

C

pa ng ju

U

2005

Surabaya-Gempol

g

g

ci an

Pa

lik

er

a

k

lm

2004

Palikanci

18

Jumlah Kendaraan Number of Vehicles

2003

Purbaleunyi

28

Besides Jasa Marga, there are other toll road operators in Indonesia. The daily traffic volume of all toll roads in the country reaches about 2.5 million vehicles per day, of which 94% belong to toll roads operated by Jasa Marga.

Volume Lalu Lintas Harian Rata-rata Jalan Tol di Indonesia Average Daily Traffic Volume on Toll Roads in Indonesia

Ulujami-Pondok Aren

26

U

Selain Jasa Marga ada beberapa operator Jalan Tol lainnya yang mengelola Jalan Tol di Indonesia. Dari segi volume lalu lintas harian seluruh Jalan Tol yang ada di Indonesia mencapai kurang lebih 2,5 juta kendaraan perharinya, 94% volume lalu lintas harian tersebut berasal dari ruas-ruas yang dikelola oleh Jasa Marga.

Jalan Tol Toll Road

38

46

Be

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si

en

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ya ba

Su

ra

on i-P

55

lu

ja

m

gg

Ar k

ar m

Se

er

an

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M

le

er

an

g

ak

yi un

po

da

Pa

Ta n

80

70

67

do

116

l

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em

m

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ra Su

r. I

-G

dj

at

ra ge

rta

.D

147

Pr

of

ka Ja

r. S

R er ut

O

-T an

g

R

oa

pe in

ik -C rta

ka ka

rta

206

ng

d

k

i w

am

ra go

231

Ja

in rR ne In rta ka Ja

Ja

R g

M sa

Ja al

Ja

ar

oa

d

ga

a si ne do In al

To t

To t

281

oe

331

318

www.jasamarga.com


Saham Jasa Marga



Laporan Keuangan

2006

2005

2004

2007

2,270,451

2006

2004

Kontak Kami

Contact Us

19


1,532,009

Laporan Manajemen

1.979,177

2005

Fitur Jasa Marga

2,617,714

Financial Report

Pendapatan Tol Lima Tahun Terakhir


Toll Revenues in the Last Five Years


848,971


807,638


829,278


755,506 2003


www.jasamarga.com

1,274,841

2003

859,321 2007


Traffic Volume in the Last Five Years


Volume Lalu Lintas Lima Tahun Terakhir

PERISTIWA PENTING 2007 2007 MILESTONES

1 Januari Jumpa Pers dan Pemberian Bingkisan kepada Pemakai Jalan Tol oleh Direksi dan Menteri Negara BUMN Bapak Sugiharto di gerbang tol Cililitan pada Malam Tahun Baru.

7 Juni Penandatanganan Dana BLU di BPJT untuk BORR, Semarang-Solo, Gempol-Pasuruan.

11 Januari Kunjungan Menteri Pekerjaan Umum ke JORR E3.

1-2 Maret Launching Logo Baru & Kendaraan Patroli Baru PT Jasa Marga (Persero) Tbk.

13 Juni

10 Mei Rapat Umum Pemegang Obligasi (RUPO) mengenai perubahan financial APRIL covenant di Hotel Bidakara.

Rapat Umum Pemegang Obligasi (RUPO) JORR II mengenai Perubahan Financial Covenant di gedung BRI.

4 Juli

21 Januari

7 Februari

11 Mei

APRIL

22 Juni

Uji Coba Jalan Tol JORR ruas E3, Cakung UtaraRorotan.

Pemilihan Seragam Baru di Ruang Rapat Serba Guna.

Penandatanganan Akta Pendirian Perusahaan PT Marga Sarana Jabar.

Pencatatan obligasi Jasa Marga XIII seri R tahun 2007 Rp. 1,5 Triliun di Bursa Efek Surabaya.

JANUARI

FEBRUARI

MARET

MEI

JUNI

JULI

JANUARY

FEBRUARY

MARCH

MAY

JUNE

JULY

Penandatanganan MOU dalam rangka Pembangunan Monorail Jatinegara-Soekarno Hatta.

1 January

7 February

1-2 March

10 May

7 June

4 July

On new year’s eve, the Board of Directors and State Minister for State-Owned Enterprises Sugiharto had a press conference and gave souvenirs to toll road users at Cililitan toll gate.

The selection of new uniform at Jasa Marga Meeting Room.

PT Jasa Marga (Persero) Tbk launched the new logo and new patrol vehicles

General Meeting of Bondholders held at Bidakara Hotel approved financial covenant amendment.

The signing of the revolving fund for BORR, Semarang-Solo and Gempol-Pasuruan at BPJT office

Jasa Marga signed MOU for the construction of Jatinegara-Soekarno Hatta Monorail.

11 May

13 June

The signing of the Deeds of Establishment of PT Marga Sarana Jabar.

General Meeting of Bondholders of JORR II held at BRI Tower approved financial covenant amendment.

11 January The Minister of Public Works visited JORR E3.

21 January The trial of JORR E3, Cakung Utara-Rorotan Toll Road.

20


22 June The issuance of Jasa Marga Bond XII R series year 2007 worth Rp.1.5 Trillion at Surabaya Stock Exchange.

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12 November Listing Saham Jasa Marga di BEJ (sekarang BEI).

20 Desember Penghargaan Jasa Marga dari Media Group Majalah Investor Daily bidang Infrastruktur dan Konstruksi.

23 November Pencanangan Penanaman Pohon Penghijauan Jalan Tol oleh Menteri Pekerjaan Umum, Menteri Kehutanan dan Deputi Lingkungan Hidup. NOVEMBER

DESEMBER

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

4 September

8 October

1 November

20 December

Toll tariff adjustments for 11 toll roads and changes in vehicle categories from three to five categories.

The offering of Jasa Marga shares to Jakarta Stock Exchange (now Indonesia Stock Exchange)

Effective date of Bapepam-LK registration statement concerning Jasa Marga’s Initial Public offering.

9 October

5-7 November

Jasa Marga received an award from Media Group of Investor Daily Magazine for the field of infrastructure and construction.

The offering of Jasa Marga shares to Surabaya Stock Exchange (now Indonesia Stock Exchange)

Jasa Marga Initial Public Offering at Semanggi Expo.

21 September Jasa Marga submitted a registration statement to Bapepam-LK.

15-29 Oktober IPO Road Show to Singapore, Hong Kong, London, New York, Boston & Washington DC

12 November Jasa Marga listed its shares in Jakarta Stock Exchange (now Indonesia Stock Exchange).

23 November Minister of Public Works, Minister of Forestry and Deputy Environment launched toll road greening program.

Initial Offering price was set at Rp. 1,700/share.


21

Kontak Kami

Contact Us

26 October

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Laporan Keuangan

Penjualan Perdana Saham Jasa Marga di Semanggi Expo.

OKTOBER

Extraordinary General Meeting of Shareholders approved the amendment to Jasa Marga’s articles of association in 2007.


Jati Asih-Cikunir section of JORR Toll Road was inaugurated by Coordinating Minister for the Economy, Minister of Public Works, State Minister for State-Owned Enterprises and Minister of Transportation.

5-7 November

SEPTEMBER

12 September 28 August


Penetapan harga saham perdana JSMR sebesar Rp. 1.700 per saham

Saham Jasa Marga

26 Oktober

Registrasi Pertama Saham Jasa Marga ke Bapepam-LK.


21 September


Road Show IPO ke Singapore, Hong Kong, London, New York, Boston & Washington DC

Laporan Manajemen

15-29 Oktober

RUPSLB tentang perubahan Anggaran Dasar PT Jasa Marga tahun 2007.

Fitur Jasa Marga

12 September

Financial Report

AUGUST

Public Expose dalam rangka Penawaran Umum Saham Jasa Marga di Bursa Efek Surabaya (sekarang Bursa Efek Indonesia).


AGUSTUS

Kenaikan tarif tol 11 ruas sekaligus perubahan golongan dari 3 golongan kendaraan menjadi 5 golongan kendaraan


Peresmian Jalan Tol JORR ruas Jati AsihCikunir oleh Menko Perekonomian, Menteri Pekerjaan Umum, Menteri Negara BUMN dan Menteri Perhubungan.

9 Oktober


28 Agustus

4 September


Public Expose dalam rangka Penawaran Umum Saham Jasa Marga di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia).


8 Oktober


Pernyataan Efektif dari Bapepam-LK tentang penawaran Umum Saham Perdana PT Jasa Marga


1 November

Peruntukan Uang yang Anda Bayarkan 1. Pengembalian modal dan pinjaman (berikut bunga) untuk membangun Jalan Tol. 2. Pemeliharaan rutin. 3. Pemeliharaan Periodik dan Progam Peningkatan (Pelapisan ulang/Pelebaran Jalan/ Penambahan Gardu, dll.). 4. Biaya Operasi (Petugas operasional, Patroli, Ambulans, Rescue, Derek, Pengamanan Lalu Lintas dan Penerangan Jalan Umum). 5. Corporate Social Responsibility (tanggung jawab dan kepedulian sosial) terhadap masyarakat dalam lingkungan Jalan Tol. 6. Pembayaran pajak a.l. Pajak Bumi dan Bangunan, Pajak Pertambahan Nilai, dll.

The Use of the Money You Pay 1. Investment return and payment of loan (including interest) used to fund toll road constructions. 2. Routine maintenance. 3. Periodic maintenance and betterment projects (overlay, widening, toll booth addition, etc.). 4. Operational expenses (operational employees, patrol officers, ambulance officers, rescue officers, towing officers, traffic security officers, and public road lighting). 5. Corporate Social Responsibility for the residents in toll road surroundings. 6. Payment of taxes: land and building tax, value added tax, etc.

22


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LAPORAN MANAJEMEN Management’s Reports Laporan Komisaris

Commissioners’ Report

Laporan Direksi Directors’ Report

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24 30


23

LAPORAN KOMISARIS COMMISSIONERS’ REPORT

Pemegang Saham Yang Terhormat. Dear Shareholders,

Dalam kesempatan yang baik ini kami, Dewan Komisaris PT Jasa Marga (Persero) Tbk. ingin menyampaikan secara singkat pelaksanaan tugas dan kewajiban Komisaris melakukan pengawasan dan pemberian nasihat atas pengurusan dan pengelolaan Perseroan oleh Direksi serta pemberian nasihat, arahan dan pengendalian atas pengembangan Perseroan, dalam mewujudkan tujuan perusahaan sebagai perusahaan modern, leader dan berdaya saing tinggi dalam bidang pengembangan, pengoperasian dan bisnis Jalan Tol, serta penambahan panjang Jalan Tol secara berkelanjutan dengan paling tidak menguasai 50% panjang Jalan Tol di Indonesia.

The Board of Commissioners of PT Jasa Marga (Persero) Tbk. would like to take this opportunity to briefly extend the implementation of our duties and responsibilities in supervising and advising the Board of Directors regarding the organization and the management of the Company as well as in giving advice, direction and control over the Company’s development. These activities are performed in order to realize Jasa Marga’s objective to become a modern and highly competitive company, a leader in the development and operation of toll road business, by continuously adding more length of toll roads and simultaneously operating at least 50% of the total length of toll road in Indonesia.

2424

Laporan Tahunan Annual Report PT Jasa Marga Tbk. (Persero) 2007 Tbk. 2007

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Fitur Jasa Marga Laporan Manajemen Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga Tata Kelola Perusahaan Tanggung Jawab Sosial Laporan Keuangan

25

Kontak Kami


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Financial Report

After becoming a public company in 2007, Commissioners gave more directions in terms of policy as well as control in the preparation of 2008 budget plan, since the authority to approve and stipulate the Company’s budget plan is in the hands of the Commissioners.


Setelah menjadi perseroan terbuka di tahun 2007, Komisaris lebih leluasa dalam memberikan arahan kebijakan dan pengendalian dalam penyusunan RKAP tahun 2008, karena kewenangan untuk menyetujui dan menetapkan RKAP perusahaan ada dalam kewenangan Komisaris.


It is for the above purpose that during the past three years, the Commissioners closely supervise the preparation of the Company’s budget plan to make sure that the Company consistently makes the efforts to push down operating expenses and boost the increase of operating revenues. The culmination of 2007 budget plan preparation was, next to Commissioners, State Minister for StateOwned Enterprises himself also gave direction and emphasized on the importance of enhancing the value of the Company, at the same time expected that Jasa Marga is prepared to assist the realization of Government’s program in infrastructure development, which is, among other, the construction of Trans Java Toll Roads.


Untuk itu selama 3 tahun belakangan ini, dalam penyusunan Rencana Kerja dan Anggaran Perseroan, Komisaris secara ketat dan konsisten berupaya menekan biaya usaha dan mendorong peningkatan pendapatan usaha. Kulminasinya dalam penyusunan RKAP tahun 2007, disamping Komisaris, Menteri Negara BUMN secara langsung juga memberikan arahan dan menekankan pentingnya meningkatkan nilai perusahaan dan minta agar perusahaan siap membantu merealisasikan program Pemerintah dalam membangun infrastruktur, antara lain pembangunan Jalan Tol Trans Jawa.


After a lot of guidance from the Board of Commissioners, accompanied by Board of Directors’ long preparation, the Extraordinary General Meeting of Shareholders convened on 12 September 2007 finally approved and decided the change of Jasa Marga’s status from previously a non-public company to a public company. Simultaneously, the amendment of the Company’s articles of association was stipulated and the Board of Commissioners was from then on composed of four members of Commissioners and two members of Independent Commissioners. As the next step, together with Directors, the Commissioners conducted a roadshow to meet with prospective investors in Jakarta, Surabaya, Hong Kong, and Europe as well as the United States of America. Jasa Marga officially listed its shares at Jakarta Stock Exchange (now Indonesia Stock Exchange) on 12 November 2007. Investors and public gave quite a remarkable response and hence the Company received fund amounting to Rp 3.4 trillion. As a consequence of managing quite large amount of public fund, the Commissioners are determined to prepare Jasa Marga to be more efficient and effective with the support from reliable and professional workforce, while making sure that the Company is managed based on the principles of Good Corporate Governance.


Dengan berbagai arahan Dewan Komisaris dan persiapan panjang yang telah dilakukan Direksi, akhirnya dalam Rapat Umum Pemegang Saham Luar Biasa pada tanggal 12 September 2007 telah disetujui dan ditetapkan perubahan status Perusahaan dari semula sebagai Perseroan Tertutup menjadi Perseroan Terbuka (Tbk.). Bersamaan dengan itu disahkan perubahan Anggaran Dasar Perseroan dan komposisi Dewan Komisaris menjadi 4 orang Anggota Komisaris dan 2 orang Anggota Komisaris Independen. Langkah berikutnya, Komisaris mendampingi Direksi melakukan road show menemui para calon investor di Jakarta, Surabaya, Hongkong, dan di Eropa serta Amerika Serikat. Akhirnya pada tanggal 12 Nopember 2007 saham Jasa Marga secara resmi dicatatkan pada Bursa Efek Jakarta. Sambutan investor dan masyarakat cukup bagus sehingga dapat dikumpulkan dana sebesar Rp. 3,4 Triliun. Sebagai konsekuensi mengelola dana masyarakat dalam jumlah yang cukup besar tersebut, Komisaris secara dini telah bertekad untuk mempersiapkan Perusahaan menjadi lebih efisien dan efektif, didukung oleh staf yang handal dan profesional, serta dikelolanya perseroan sejalan dengan prinsip-prinsip Good Corporate Governance.


In 2007, the Commissioners focused on how Jasa Marga would succeed in listing its shares in the stock market to acquire fresh fund for the construction of three new toll roads, i.e. Bogor Ring Road, SemarangSolo and Gempol-Pasuruan; the continuation of JORR construction Ulujami-Kebon Jeruk section; along with the construction of two sections of JORR II toll road whose tender had been won by a consortium in which Jasa Marga also takes part.


Fokus perhatian Komisaris adalah bagaimana agar dalam tahun 2007 ini perusahaan dengan sukses dapat mencatatkan sahamnya di Pasar Modal untuk memperoleh dana segar yang diperlukan perusahaan untuk membiayai pembangunan 3 ruas Jalan Tol yaitu Bogor Ring Road, Semarang-Solo dan GempolPasuruan, meneruskan penyelesaian pembangunan JORR ruas Ulujami-Kebon Jeruk, serta membiayai 2 ruas Jalan Tol di JORR II yang tendernya dimenangkan konsorsium yang didalamnya Jasa Marga ikut bergabung.

Sebagaimana dijanjikan dalam prospektus, selanjutnya perhatian dan upaya Dewan Komisaris adalah mendorong Direksi dengan dibantu oleh 2 orang anggota Komisaris Independen untuk ikut mengupayakan secara langsung penyelesaian pembebasan tanah dan memobilisasi sumber dayanya untuk dapat dimulainya pembangunan ruas-ruas Jalan Tol tersebut diatas, termasuk menyelesaikan masalah pembebasan tanah di JORR E-1 (Jati Asih-Cikunir) yang telah berlangsung 2 tahun lebih yang pada akhirnya dapat diselesaikan dan secara efektif operasional mulai bulan Agustus 2007. Kebijakan “land capping” dan penyediaan dana bergulir BLU, maupun penggunaan para penilai independen untuk menilai kewajaran harga tanah, telah membantu percepatan penyelesaian masalah tanah.

As stated in the prospectus, the attention and efforts of Board of Commissioners, supported by two members of Independent Commissioners, was then focus on encouraging Directors to be directly involved in the completion of land acquisition and resources mobilization to enable the commencement of the construction of the abovementioned toll roads. This was realized as the two-year long land acquisition process for JORR E-1 (Jati Asih-Cikunir) was finally completed and the said toll road started to fully operate in August 2007. The land capping and revolving fund policies, along with the use of independent appraisal to acquire reasonable land price have contributed to the acceleration of settlement concerning land.

Komisaris sangat mendukung segera dimulainya persiapan pelaksanaan pembangunan JORR W2 Utara (Ulujami-Kebon Jeruk) yang sangat strategis, bersamaan dengan pembangunan JORR W1 dan JORR N yang dilakukan oleh investor lain, sehingga operasional seluruh ruas-ruas JORR tersambung. Hal ini akan memberikan dampak yang positif terhadap pendapatan Perusahaan dan mengurangi kemacetan dan beban lalu lintas yang berlebihan.

The Commissioners totally support the prompt commencement of preparation for the construction of the highly strategic JORR W2 North (UlujamiKebon Jeruk), at the same time the constructions of JORR W1 and JORR N that are carried out by other investors, resulting in the connection of all JORR sections in operation. This creates positive impacts on Jasa Marga’s revenues and it reduces the congestion and excessive load of traffic.

Komisaris menyadari harapan Pemerintah atas keikut-sertaan Jasa Marga dalam mewujudkan pembangunan Jalan Tol Trans Jawa, mengingat beberapa investor pemegang hak konsesi dibeberapa ruas Jalan Tol tersebut kesulitan finansial untuk memulai pekerjaan proyek. Berkaitan dengan itu Dewan Komisaris bersama Direksi telah menyiapkan kajian beberapa skenario dan kebijakan, sekiranya Jasa Marga ditugaskan melaksanakan pembangunan Trans Jawa tersebut. Pola/sistem yang paling cocok dengan kondisi dan kebijakan perusahaan adalah pola bundling dan imbrengmen ruas-ruas tol Jasa Marga yang ada dalam jalur Trans Jawa, serta pelaksanaan pembangunan sesuai dengan tetap mempertimbangkan kelayakan finansial yang wajar dan kesiapan proyeknya. Untuk mengantisipasi penugasan atas ruas yang kelayakannya masih dibawah marginal, Komisaris dan Direksi juga menyiapkan kebijakan dan strategi untuk mendapatkan semacam kompensasi/subsidi dari Pemerintah yang dapat berupa rasionalisasi tarif dan atau jangka waktu konsesi dan sebagainya.

Moreover, the Commissioners are aware of Government’s expectation on Jasa Marga’s participation in realizing the construction of Trans Java Toll Road, especially as several investors holding the concessions of some of those toll roads face financial constraints in starting the projects. In view of this matter, together with the Directors, the Board of Commissioners have prepared the reviews on several scenarios as well as policies to which Jasa Marga will refer when the Company is given the task to carry out the construction of the said toll road. Bundling and imbrengmen schemes are the most suitable system with Jasa Marga’s condition and policy for building the sections of Trans Java, in order that the construction is in accordance with proper financial feasibility and project readiness. To anticipate the tasks to carry out the construction of toll roads whose feasibility is below the desired margin, Commissioners and Directors have also prepared the policies and strategies to acquire a certain kind of compensation/subsidy from the Government in form of tariff rationalization and/or concession period, etc.

Disisi lain, menyadari akan ketatnya kompetisi dalam bisnis Jalan Tol, Komisaris minta agar Direksi membenahi dan meningkatkan kinerja operasional perusahaan, antara lain meningkatkan manajemen lalu lintas, memanfaatkan teknologi informasi, efisiensi biaya pemeliharaan, serta menghindari keterlambatan dalam pelaksanaan pemeliharaan. Rencana penggunaan electronic toll collection dalam rangka mengamankan pendapatan tol dan mempercepat transaksi pembayaran di gerbang tol, diharapkan

Concurrently, being aware of the tight competition in toll road business, the Commissioners have requested that the Directors improve Jasa Marga’s operational performance, among others by enhancing traffic management, making use of information technology, performing efficient maintenance, along with avoiding delays in performing maintenance activities. The implementation of electronic toll collection in order to secure toll revenue as well as to speed up the transaction at toll gates is expected to fulfill in the mid 2008.

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The Commissioners realize, support and approve Directors’ efforts to improve and motivate employees’ spirit along with productivity by means of applying employees evaluation based on performancebased system, providing pension plan as well as pension benefit improvement program and giving bonus shares. These are all expected to increase employees’ sense of belonging, love and responsibility to the success or failure of the Company.


Komisaris menyadari, mendukung dan menyetujui upaya Direksi untuk memperbaiki dan memacu semangat serta produktifitas karyawan perusahaan melalui penerapan penilaian pegawai atas dasar sistem penilaian berbasis kinerja, program purna karya, program perbaikan manfaat pensiun dan memberikan saham bonus yang diharapkan akan dapat meningkatkan ownership, kecintaan dan rasa tanggung jawab karyawan terhadap maju dan mundurnya perusahaan.


The Commissioners strongly encouraged Directors policy in financial restructuring and bank loan refinancing that burdened the Company with high interest. The Directors decided to issue bonds that have lower interest rates and will mature at the time close to toll road investment payback period, i.e. eight to ten years. In 2007, Jasa Marga issued the Bond R Series worth Rp 1.5 trillion while in 2006 the Company received Rp 1 trillion from the issuance of bond. The Company monetized its minority investments that were not profitable, constantly tried to tighten employee expenses that were still relatively high so that it will be 20%-30% lower than total expenses, and reviewed unprofitable joint operation agreements.


Komisaris mendukung kebijakan Direksi dalam restrukturisasi keuangan dan refinancing pinjaman perbankan yang membebani perusahaan dengan beban bunga tinggi, digantikan dengan penerbitan obligasi-obligasi dengan tingkat bunga yang lebih rendah dan berjangka waktu pelunasan mendekati pay back periode investasi Jalan Tol, yaitu minimal 8 tahun sampai dengan 10 tahun. Dalam tahun 2007 ini telah diterbitkan obligasi seri R senilai Rp. 1,5 triliun dan dalam tahun 2006 yang lalu telah diperoleh dana obligasi sebesar Rp. 1 triliun. Monetisasi sahamsaham minoritas yang ternyata tidak memberikan keuntungan bagi perusahaan, serta terus berusaha menekan beban biaya SDM yang masih relatif tinggi agar suatu saat dapat ditekan dibawah 20%-30% dari total biaya, serta meninjau kembali Kerja Sama Operasi (KSO) yang merugikan perusahaan.


Guiding along with improving human resources’ capability is needed to support the accomplishment of the Company’s plans as well as the achievement of its target to become a modern and competitive company. The Commissioners therefore emphasized the needs to intensify the implementation of ISO, while also focusing training and education programs on preparing leaders that will fill key positions of Directors and Commissioners at subsidiary and joint ventures, or those of bureau or division heads. Furthermore, existing Standard Operating Procedures (SOP) are updated so that they are in line with the Company’s conditions and requirements.


Pembinaan dan peningkatan kemampuan sumber daya manusia yang dibutuhkan untuk mendukung tercapainya rencana-rencana perusahaan serta tercapainya sasaran perusahaan sebagai perusahaan yang kompetitif dan modern tersebut, Komisaris minta dan menekankan perlunya dilakukan intensifikasi penerapan ISO, sedang program pendidikan dan latihan agar lebih difokuskan untuk mempersiapkan tenaga-tenaga pimpinan yang akan mengisi jabatanjabatan kunci sebagai Direksi dan Komisaris di beberapa Anak Perusahaan dan Perusahaan Patungan yang dibentuk, maupun jabatan-jabatan Kepala Biro dan Kepala Divisinya. Selain itu juga diminta agar Standard Operating Procedure (SOP) yang ada di up date disesuaikan dengan kebutuhan dan kondisi perusahaan.


In line with the role of Head Office as a holding company, Commissioners requested that branch offices be given more autonomy in running and empowering their existing assets as well as in maintaining toll roads to make sure that toll road users are fully facilitated with comfort, safety and free flowing traffic. Branches have also been directed to be totally devoted to the increase of operating income deriving from both toll revenue as well as non toll revenues to add to the Company’s profit. This is an on going process and under Board of Commissioners’ tight supervision, Directors put the stress on Good Corporate Governance principles and they make sure that the principles are implemented persistently and are entrenched at all levels of Jasa Marga in managing and developing the Company.


terlaksana pada pertengahan tahun 2008. Sejalan dengan peranan pusat sebagai Holding Company, Komisaris minta agar Cabang segera diberikan otonomi yang jauh lebih besar dalam mengelola dan memberdayakan aset yang ada serta memelihara agar Jalan Tol berfungsi penuh dalam memberikan kenyamanan, keselamatan dan kelancaran lalu lintas bagi pengguna Jalan Tol. Cabang juga diarahkan Komisaris untuk dapat berkreasi penuh dalam meningkatkan pendapatan usaha dari pendapatan tol maupun pendapatan non tol, demi mendatangkan keuntungan bagi perusahaan. Proses ini sedang berlangsung terus dan dibawah supervisi yang ketat dari Dewan Komisaris, seraya menekankan dan mengawasi apakah prinsip-prinsip Good Corporate Governance telah betul-betul dilaksanakan secara konsekuen dan membudaya di lingkungan jajaran Jasa Marga dalam mengelola dan mengembangkan perusahaan.

Pada kesempatan ini Komisaris menyampaikan terima kasih atas segala usaha yang telah dilakukan Direksi dalam mengelola perusahaan dan Komisaris mengharapkan agar Direksi dapat lebih baik lagi dalam meningkatkan pelayanan dan operasional Jalan Tol, menata potensi dan meningkatkan kualitas SDM yang ada, serta sistem manajemen SDM, yang diperlukan guna meningkatkan efisiensi dan produktifitas SDM, sehingga pencapaian Laba Usaha dan Laba Bersih dalam tahun 2008 dan seterusnya dapat ditingkatkan lebih besar lagi.

We would like to thank the Directors for all of their efforts in managing the Company as we expect them to keep improving toll road service and operation, managing the potentials and advancing the quality of the existing human resources along with human resources management system required to increase human resources efficiency and productivity so that the Company is able to greatly increase its Operating Income along with Net Profit in 2008 and years to come.

Sebagaimana diketahui dalam tahun 2007 Laba Usaha naik 23,9% dari tahun yang lalu serta menembus angka diatas Rp. 1 triliun dan Laba Bersih riil, dalam arti laba yang diperoleh murni dari Pendapatan Tol diluar capital gain karena penjualan saham penyertaan di PT CMNP, naik cukup signifikan, sebesar 3,7 kali lipat laba tahun 2006, yaitu dari Rp. 73,68 miliar menjadi Rp. 275,1 miliar. Dengan demikian perusahaan akan menjadi menarik untuk diinvestasi. Nilai dan transaksi saham Jasa Marga akan naik di pasar modal.

During the course of 2007, the operating income, surpassing Rp 1 trillion, increased by 23% compared to that of last year and the net profit that was purely derived from toll revenue or excluding the capital gain received from selling its shares at PT CMNP quite significantly increased 3.7 times of that of 2006, i.e. from Rp 73.68 billion to Rp 275.1 billion. Jasa Marga thus would attract more investors and its price as well as transaction of shares at the stock market has a promising future.

Kepada para investor sebagai Pemegang Saham Jasa Marga, Dewan Komisaris menyampaikan terima kasih atas kepercayaan menanamkan modalnya di Jasa Marga, dan sebagai Dewan Komisaris kami mencoba semaksimal mungkin untuk kedepan terus meningkatkan kemampuan dalam mengawasi dan mengendalikan jalannya perusahaan, agar investasinya tersebut memberikan manfaat yang maksimal berupa earning return dan dividen yang memuaskan bagi para Pemegang Saham Jasa Marga (JSMR), serta dilain pihak membantu program Pemerintah untuk mendorong percepatan pembangunan infrastruktur yang diperlukan untuk peningkatan pertumbuhan perekonomian nasional dan kesejahteraan masyarakat Indonesia.

The Board of Commissioners would like to thank the investor as shareholders of Jasa Marga for their trust and investment in Jasa Marga. We will continually give our best efforts to keep improving our capability to supervise and control the management of the Company, so that the investment will always bring maximum benefits of satisfying earning return and dividend to all Jasa Marga shareholders, while also assisting the Government program to accelerate infrastructure development that is required to improve national economic growth and the prosperity of Indonesian citizens.

Atas nama Komisaris, On Behalf of the Board of Commissioners,

Drs. Gembong Priyono, MSc Komisaris Utama Chairman

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Preparing Jasa Marga to be more efficient and effective with the support from reliable and professional workforce, while making sure that the company is managed based on the principles of Good Corporate Governance.


Mempersiapkan Perusahaan menjadi lebih efisien dan efektif, didukung oleh staf yang handal dan profesional, serta dikelolanya perseroan sejalan dengan prinsip-prinsip Good Corporate Governance.


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LAPORAN DIREKSI DIRECTOR’S REPORT

Pemegang Saham Yang Terhormat. Dear Shareholders,

Tahun 2007 adalah tahun transformasi ke arah perubahan yang positif bagi Jasa Marga. Berbagai perubahan tersebut berjalan seiring dengan dinamika keberadaan Jasa Marga sebagai entitas bisnis yang menyediakan dan mengembangkan fasilitas publik Jalan Tol di Republik Indonesia selama hampir 3 dasa warsa. Kami menyadari bahwa penggerak utama transformasi yang kami lakukan adalah seluruh lapisan manajemen dan karyawan Jasa Marga, dan strategi perubahan tersebut kami mulai dengan memberi sentuhan semangat baru dan identitas baru terhadap representasi korps Jasa Marga yaitu penggantian logo baru yang memberi pesan adanya semangat dan profesionalisme yang lebih modern, simpel, efisien dan berorientasi pada teknologi baru. Dengan logo baru diharapkan Jasa Marga dapat segera mentransformasi kultur perusahaan yang baru tersebut. Peluncuran logo baru kami lakukan tepat pada ulang tahun kami yang ke 29 pada tanggal 1 Maret 2007. Sejalan dengan semangat perubahan tersebut kami juga mengubah pakaian seragam kami dan peremajaan armada Jalan Tol yang kesemuanya itu akan membawa perubahan terhadap paradigma bisnis segenap lapisan manajemen dan karyawan Jasa Marga yang dituntut untuk memberikan pelayanan yang lebih baik kepada pengguna jalan dan memberikan keuntungan yang lebih besar kepada stakeholders melalui pengelolaan perusahaan secara modern. The year 2007 was a year of transformation towards a positive change for Jasa Marga. As a lot of things change, simultaneously, the dynamic existence of Jasa Marga as business entity that provides and develops toll road as one of public facilities in the Republic of Indonesia for almost three decades also changes. We truly realize that the key drivers of our transformation are all levels of Jasa Marga management and employees, and we begin the strategy for change by giving a new touch of spirit and identity to represent the new corps of Jasa Marga. We have changed the old logo into the new one, bringing the message of having the spirit and professionalism that is more modern, simple, efficient and new-technology oriented. Jasa Marga is expected to be able to promptly internalize the new culture with the new logo which was launched on our 29th anniversary that we celebrated on 1 March 2007. It is with the spirit of transformation that we also decided to change our uniform and rejuvenate our toll road patrol vehicles, resulting in the transformation of business paradigm that requires all levels of both the management and the employees of Jasa Marga to keep improving the service to toll road users and to present more profit to the shareholders by means of modern management of the Company.

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The strategic impacts of the change in ownership composition will certainly trigger Jasa Marga to be more transparent, credible, accountable and efficient and to implement the principles of good corporate governance in the management of the Company. We realize that the change has begun and to implement it in every aspect, strenuous efforts therefore need to be carried out constantly. We are committed to our shareholders by always trying to maintain their expectation and by always making every effort to make sure that Jasa Marga stays on the right track in increasing the value of the Company.


Dampak strategis dari perubahan kepemilikan tersebut tentu saja akan lebih memicu Jasa Marga untuk lebih transparan, kredibel, akuntabel, dan efisien serta penerapan Good Corporate Governance dalam pengelolaan perusahaan dimasa yang akan datang. Kami menyadari perubahan telah dimulai dan untuk mewujudkan hal tersebut dalam segala hal tetap perlu dilakukan usaha yang lebih keras. Komitmen kami tetap menjaga ekpektasi pemegang saham dan terus berupaya menjaga Jasa Marga tetap berada di jalur yang tepat untuk terus meningkatkan nilai perusahaan sesuai harapan shareholders.


IPO is Jasa Marga’s Platform to Further Increase its Value We proudly say that in 2007, which put the Board of Directors in the second year of their service, we managed to make several strategic things as Jasa Marga’s platforms for the purpose of increasing the Company’s value. On 12 November 2007, Jasa Marga succeeded in realizing the long-prepared effort to list some of its shares on the stock exchange We highly appreciate Jasa Marga IPO team for their hard work in making the success come true. At present, 30% of Jasa Marga’s shares are owned by public. Proceeds amounting to Rp 3.4 trillion that adds to Jasa Marga’s account give Jasa Marga a greater opportunity to develop its investment in new toll roads through higher leverage and stronger capital structure. Jasa Marga’s IPO also gave a positive contribution to the performance of Indonesian market. The selling of Jasa Marga’s shares on Indonesian stock market proved to be the greatest deal for the year of 2007 and it serves as positive signal and benchmark to the privatization of other State-Owned Enterprises that the Government plans to conduct in the coming years.


IPO sebagai platform Jasa Marga untuk lebih meningkatkan value perusahaan Tahun 2007 merupakan tahun kedua periode dewan Direksi saat ini dan kami bangga bahwa pada tahun tersebut berbagai hal strategis diwujudkan sebagai platform Jasa Marga untuk lebih meningkatkan value perusahaan. Pada tanggal 12 November 2007 Jasa Marga berhasil mewujudkan usaha yang telah lama dirintis oleh perusahaan untuk melakukan listing di bursa saham. Apresiasi yang tinggi kami sampaikan kepada tim persiapan IPO Jasa Marga yang telah bekerja keras untuk mewujudkan hal tersebut. Saat ini 30% saham Jasa Marga adalah milik publik. Proceed sebesar Rp 3,4 triliun yang semuanya masuk dalam kas Jasa Marga memberikan peluang yang lebih besar kepada Jasa Marga untuk pengembangan investasi pada Jalan Tol baru melalui leveraging yang lebih besar serta memberikan kekuatan pada struktur modal perusahaan. IPO Jasa Marga juga memberikan kontribusi yang positif terhadap kinerja bursa Indonesia. Penjualan saham Jasa Marga di bursa Indonesia merupakan deal terbesar sepanjang tahun 2007 dan memberikan sinyal dan benchmarking yang positif terhadap program privatisasi BUMN-BUMN lain yang dilakukan oleh pemerintah di tahun-tahun mendatang.


In 2007, we were in a phase when we place various solid platforms to ensure sustainable growth for the Company. We fully understand that Jasa Marga needs to keep changing to bring its vision and mission into reality.


Tahun 2007 dapat dikatakan merupakan fase dimana kami meletakan berbagai platform yang kuat bagi perusahaan untuk dapat lebih tumbuh secara berkesinambungan. Kami menyadari bahwa berbagai perubahan harus terus dilakukan untuk membawa Jasa Marga mewujudkan visi dan misi nya.


We are aware that new identity and new performance does not adequately represent a modern company without improved corporate governance that gives a more profound meaning to the implementation of the change we have been promoting. The regulation regarding the procurement of goods and services in the Company was improved with the issuance of Directors’ Decree No. 1 of 2007. By continuously perfecting the procedures, we aim to give clearer guidelines in the practice of fair and transparent procurement process which is free from KKN (corrupt, collusive and nepotistic) practices. The commitment, integrity as well as clear and legalized guidelines are intended to focus the new energy and spirit on healthy and sustainable development of the Company.


Kami menyadari bahwa identitas baru dan penampilan baru tidaklah cukup merepresentasikan perusahaan yang modern. Tata kelola yang lebih baik dalam pengelolaan perusahaan akan lebih memberikan arti yang lebih bermakna terhadap implementasi perubahan yang dicanangkan. Perbaikan terhadap peraturan pengadaan Jasa dan barang dilingkungan perusahaan telah diterbitkan melalui Keputusan Direksi No. 1 tahun 2007. Melalui penyempurnaan yang terus dilakukan, kami ingin memberikan arahan yang lebih jelas dalam praktek pengadaan yang adil dan transparan serta jauh dari praktek KKN. Dengan komitmen dan integritas serta arahan yang jelas secara legal, kami ingin agar semangat dan energi baru yang dimiliki Jasa Marga akan lebih berfokus pada pengembangan perusahaan secara sehat dan berkesinambungan.

Pendapatan perusahaan pada tahun 2007 mencapai Rp 2,6 triliun yang merupakan kenaikan 15% dibandingkan pendapatan tahun 2006. Laba Usaha perusahaan pada tahun 2007 adalah sebesar Rp1,016 triliun atau meningkat sebesar 24% dibanding tahun lalu. Laba bersih perusahaan mencapai Rp 277,9 milyar yang merupakan laba bersih murni dari hasil usaha Jasa Marga. Tanpa memperhitungkan keuntungan luar biasa dari penjualan saham CMNP pada tahun 2006 maka laba bersih perusahaan naik sebesar 273%.

Jasa Marga’s revenue for the period of 2007 reaching Rp 2.6 trillion indicated an increase by 15% compared to that of the previous year. The operating income during the year under review was Rp 1,016 trillion, showing an increase by 24% compared to that of 2006. Jasa Marga’s net profit which was Rp 277.9 billion was purely derived from our own business. Without including the proceeds from selling its shares at CMNP in 2006, our net profit thus increase by 273%.

Selain IPO, pada tahun 2007 kami juga melakukan restrukturisasi hutang dengan menerbitkan Obligasi seri R sebesar Rp. 1,5 Triliun yang merupakan penerbitan obligasi Jasa Marga yang ke 13 kalinya sejak tahun 1983. Penerbitan obligasi tersebut kami lakukan untuk refinancing hutang Bank dan hutang bantuan Pemerintah, dengan periode yang lebih panjang dan bunga lebih rendah yang memberikan efisiensi dan keleluasan pada kondisi arus kas perusahaan.

Besides conducting IPO, for the purpose of debt restructuring, in 2007 we issued Bond R Series, which was Jasa Marga’s 13th bond issuance since 1983. The issuance of bond was intended to refinance bank loan and loan from the Government as longer period and lower interest will result in the efficiency of the Company’s cash flow.

Upaya untuk mewujudkan pengembangan Jalan Tol baru terus kami lakukan Komitmen kami untuk lebih meningkatkan portofolio Jasa Marga terus kami lakukan dengan usaha untuk mewujudkan penambahan panjang Jalan Tol yang dikelola Jasa Marga. Tiga ruas Jalan Tol baru telah kami mulai lakukan. Progress yang dicapai pada tahun 2007 adalah terbentuknya perusahaan yang akan mengelola tiga ruas Jalan Tol dimana Jasa Marga memegang kepemilikan mayoritas. Tiga ruas tersebut adalah Bogor Ring Road (11 km) , Semarang-Solo (75,7 km) dan Gempol Pasuruan (32 km) , dua ruas terakhir adalah bagian dari koridor Jalan Tol Trans Jawa dan akan menyatu dengan ruas Trans Jawa yang sudah dimiliki Jasa Marga sebelumnya yaitu Jakarta-Cikampek, PalimananKanci, Lingkar Semarang dan Surabaya-Gempol. Kerja sama dengan Pemerintah Daerah setempat yang mempunyai kepentingan akselerasi percepatan pembangunan daerah adalah salah satu strategi perusahaan untuk dapat mempercepat terwujudnya pengoperasian Jalan Tol tersebut secara komersial. Bersama dengan BUMD Pemda DKI Jasa Marga juga akan menyelesaikan pembangungan JORR seksi W2-Ulujami-Kebon Jeruk sepanjang 8 km. Strategi perusahaan untuk menambah panjang Jalan Tol baru yang terkoneksi dengan jalan tol yang sudah ada juga dapat lebih memberikan penambahan volume lalu lintas yang lebih besar dan pasti terhadap volume lalu lintas yang sudah ada. Kelayakan finansial yang kami kaji dalam business plan tentu saja juga menjadi pertimbangan utama sebelum ruas tersebut diusahakan oleh Jasa Marga. Pada akhir tahun 2007 tambahan konsesi Jalan Tol juga telah kami dapatkan melalui 2 ruas bagian dari JORR 2 yang tentu saja terkoneksi dengan Jalan Tol eksisting yang dioperasikan oleh Jasa Marga. Bersama dengan PT Astratel Nusantara dan PT Transutama Arya Sejahtera telah dibentuk perusahaan patungan PT Trans Marga Nusantara mengusahakan ruas Kunciran-Serpong sepanjang 11,2 km. dan bersama perusahaan Malaysia Cahaya

We Keep Making the Efforts to Develop New Toll Roads We are constantly committed to increasing Jasa Marga’s portfolio by developing more toll roads. There are three new toll roads that we have already commenced. Until the end of the year 2007, we have managed to establish the company that will soon operate those new toll roads in which Jasa Marga has acquired majority ownership. The three new toll roads are Bogor Ring Road (11 km), Semarang-Solo (75.7 km) and Gempol-Pasuruan (32 km). In addition, there are also two last toll roads that are part of Trans Java Toll Road and will be connected to the already existing Trans Java Toll Road that are operated by Jasa Marga i.e. Jakarta-Cikampek, Palimanan-Kanci, Semarang Ring Road and Surabaya-Gempol. The cooperation with Local Governments that share the interest of regional development acceleration is one of Jasa Marga’s strategies to speed up the realization of the operation of those toll roads commercially. Together with a company owned by the Local Government of DKI Jakarta, Jasa Marga will also complete the construction of the 8 km JORR section W2-UlujamiKebon Jeruk. Our strategy to construct new toll roads that are linked to those already in operation will contribute to much higher traffic volume in addition to the existing traffic volume. The financial feasibility that we review in the business plan is unquestionably our main consideration prior to our involvement in toll road construction. As the year 2007 ended, we succeeded in acquiring additional toll road concessions i.e. two sections that are part of JORR 2 that connects to the existing toll road operated by Jasa Marga. With PT Astratel Nusantara and PT Transutama Arya Sejahtera, Jasa Marga established PT Trans Marga Nusantara, a joint venture that manages 11.2 km Kunciran-Serpong section, whereas with Malaysian company Cahaya Mata Serawak Works International Ltd. and several State-Owned Enterprises contractors namely Wijaya Karya, Istaka Karya and Nindya Karya, Jasa Marga established PT Marga Kunciran Cengkareng, a joint

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Fitur Jasa Marga Laporan Manajemen Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga Tata Kelola Perusahaan Tanggung Jawab Sosial

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In terms of toll tariff, on 4 September 2007 Jasa Marga was permitted to adjust the tariffs of eleven (11) toll roads. The tariff adjustment gave a positive impact on our revenues. We believe that tariff adjustment suggests a positive signal and a strong commitment from the Government for carrying out the message of Government Regulation No. 15 Article 68 concerning Toll Road and Law No. 38 of 2004 concerning Road, particularly Article 48 Section 3 stating toll tariffs are evaluated and adjusted every two years in view of the country’s inflation. The adjustment gives a much clearer direction as to investment assurance in toll road industry in which Jasa Marga is the biggest investor. Simultaneously,


Dibidang tarif, pada tanggal 4 September 2007 Jasa Marga mendapatkan penyesuaian tarif pada 11 (sebelas) ruas Jalan Tol. Penyesuaian ini memberikan dampak yang positif terhadap laba perusahaan. Kami percaya penyesuaian tarif merupakan sinyal positif dan komitmen yang kuat dari pemerintah untuk menjalankan amanat dari PP No. 15 pasal 68 tentang Jalan Tol dan Undang-undang No. 38 tahun 2004 tentang Jalan, khususnya Pasal 48 ayat 3 yang menyatakan bahwa evaluasi dan penyesuaian tarif tol dilakukan setiap dua tahun sekali berdasarkan pengaruh laju inflasi. Penyesuaian tarif tersebut lebih memberikan arah yang jelas terhadap jaminan investasi Jalan Tol dimana Jasa Marga merupakan

Together with the toll road regulatory board, we have also identified our business risks as well as mitigation efforts to distribute or minimize the risks. The regulations with regard to land and tariff that the Government has improved made toll road investment climate more conducive. The Government’s policies to implement land capping and provide revolving fund as well as to use independent appraisal in the process of land acquisition is significant progress in the development of national toll road industry. We are certain that the Government will keep creating conducive climate to toll road development in the country so that the risk of land acquisition, which is the highest risk that investors face, will keep decreasing. As the market leader in the industry, Jasa Marga represents the benchmark of Government’s commitment to the development of infrastructure in Indonesia.


Resiko-resiko bisnis juga telah kami identifikasi dan upaya-upaya mitigasi untuk membagi resiko atau meminimalisir resiko kami tempuh dengan pihak otoritas pengatur Jalan Tol. Penyempurnaan regulasi oleh pemerintah dibidang tanah dan tarif membuat iklim investasi diJalan Tol lebih kondusif. Kebijakan penerapan land capping dan penyediaan revolving fund oleh pemerintah serta penggunaan independent appraisal dalam pembebasan lahan merupakan progress yang signifikan terhadap pengembangan industri Jalan Tol di Indonesia. Kami berkeyakinan bahwa pemerintah akan terus menciptakan iklim yang kondusif bagi pengembangan Jalan Tol di Indonesia dan resiko pembebasan lahan yang merupakan resiko paling besar yang dihadapi oleh investor akan semakin mengecil. Sebagai market leader dalam industri ini Jasa Marga merupakan benchmark terhadap komitmen pemerintah dalam pengembangan infrastruktur Jalan Tol di Indonesia.


The two new toll roads add to Jasa Marga’s portfolio and hence Jasa Marga owns 18 toll road concessions altogether and the concession period of each will not end in the near future. The 13 toll roads in operation are granted with a concession period of 40 years effective from 1 January 2005 and three new toll roads are granted with a concession period of 45 years effective from 15 December 2006. Meanwhile, the 35 years concession period for the other two new toll roads granted in 2008 places Jasa Marga’s position in Indonesian toll road industry on solid ground.


Dengan tambahan dua ruas tersebut berarti menambah portofolio Jasa Marga sehingga saat ini Jasa Marga telah mempunyai 18 konsesi pengelolaan Jalan Tol dengan periode konsesi yang masih panjang. Untuk 13 ruas yang telah beroperasi masa konsesi adalah selama 40 tahun berlaku efektif sejak 1 Januari 2005 dan tiga ruas baru selama 45 tahun berlaku efektif sejak 15 Desember 2006 serta 35 tahun untuk dua ruas baru yang didapatkan konsesinya pada tahun 2008 memantapkan posisi Jasa Marga dalam industri Jalan Tol di Indonesia.


venture that manages 15.2 km Cengkareng-Kunciran section. Through the two joint venture companies Jasa Marga will fulfill toll road alternative for reaching the airport in the city. It is Jasa Marga’s policy that it will maintain its majority ownership in the joint venture companies that will operate their respective sections. The combination of Jasa Marga’s experience and its partners’ management professionalism makes us believe that the operation of the two strategic toll roads will be accomplished on the scheduled time i.e. in 2010.


Mata Serawak Works International Ltd. dan beberapa kontraktor BUMN yaitu Wijaya Karya, Istaka Karya dan Nindya Karya telah dibentuk perusahaan patungan PT Marga Kunciran Cengkareng mengusahakan ruas Cengkareng-Kunciran sepanjang 15,2 km, melalui ke dua perusahaan patungan tersebut Jasa Marga akan mewujudkan jalur alternatif Jalan Tol untuk menuju Bandara. Dalam pembentukan perusahaan khusus yang akan mengelola dua ruas tersebut Jasa Marga akan tetap menjadi pemegang saham mayoritas sesuai dengan kebijakan perusahan. Dengan kombinasi pengalaman Jasa Marga dan profesionalitas pengelolaan manajemen perusahaan patner tersebut kami berkeyakinan bahwa pengoperasian dua Jalan Tol yang strategis tersebut akan dapat terwujud sesuai dengan jadwal yang ditetapkan yaitu pada tahun 2010.

investor terbesar di industri tersebut. Seiring dengan penyesuaian tarif tersebut kami juga menerapkan perubahan jenis golongan kendaraan yang semula 3 jenis menjadi 5 jenis golongan kendaraan dengan menambah golongan jenis kendaraan yang ada dengan golongan IV dan V yang diharapkan dapat lebih baik mengklasifikasi kendaraan yang melewati Jalan Tol. Hal ini dilakukan dengan pertimbangan adanya perkembangan jenis kendaran dengan dampak pemakaian ruang, ketahanan dan daya rusaknya terhadap jalan.

we have also applied the change in types of vehicles from previously three to five categories, adding new vehicles’ categories IV and V which is intended to better classify vehicles using toll roads. This decision is made on account of the development of types of vehicles resulting in different impacts of their space usage, resistance and damaging power on toll roads.

Pencapaian di tahun 2007 Pada tanggal 28 Agustus 2007 Jasa Marga akhirnya berhasil mengoperasikan ruas Jatiasih-Cikunir (E1 seksi IV) sepanjang 8 kilometer, setelah tertunda hampir selama 2 tahun karena kendala pembebasan lahan. Ruas Cikunir-Jatiasih adalah bagian dari JORR dan diharapkan bisa mengurangi kemacetan tol dalam kota, khususnya di Cawang. Pengoperasian ruas ini sangat berarti dan sangat ditunggu oleh masyarakat luas yang mendambakan akses Jalan Tol yang lebih menjamin kelancaran. Ruas ini menghubungkan Jalan Tol yang sudah ada yaitu ruas Jakarta-Cikampek dan ruas Jagorawi sehingga memberikan alternatif rute ke Timur dan Barat Jakarta atau sebaliknya. Sejak JORR beroperasi secara penuh, jumlah kendaraan yang tercatat masuk dari arah Cikampek dan dari arah Bogor meningkat sangat signifikan. Di sisi lain kepadatan yang biasa terjadi di ruas TMII - Cililitan dan ruas Pondok Gede Timur dan Halim telah berkurang secara signifikan pula. Pengoperasian ruas Jati Asih dan Cikunir juga diiringi dengan penerapan sistem terbuka pada pengoperasian ruas tol. Penerapan sistem satu tarif ini adalah untuk memudahkan transaksi dan juga untuk memberi satu rivalitas terhadap tol dalam kota yang sudah lebih dulu menerapkan sistem tarif terbuka.

Achievements in 2007 On 28 August 2007 Jasa Marga finally succeeded in operating Jatiasih-Cikunir (E1 section IV) toll road of 8 km, after being delayed for almost two years due to the problem in land acquisition. Cikunir-Jatiasih is part of JORR toll road and its operation is expected to reduce traffic congestion on urban toll road, especially in Cawang. The operation of this section means a lot to and has long been expected by many people who dream of toll road access that promises smooth traffic flow. This section connects the existing toll roads i.e. Jakarta-Cikampek and Jagorawi Toll Roads so that it provides alternative routes from the eastern to western part of Jakarta and vice versa. Ever since JORR is fully operated, the number of vehicles using toll road from Cikampek and Bogor keeps increasing significantly. On the other hand, there was a significant decrease in the congestion that was usually seen on TMII-Cililitan, Pondok Gede Timur-Halim sections. The operation of Jati Asih-Cikunir is accompanied by the implementation of open system in the toll collection. The one-tariff system is implemented not only to simplify the transaction but also to bring the aspect of competition to intra urban toll road that has already applied the open system.

Kami juga berkomitmen agar Jalan Tol yang merupakan infrastruktur jalan yang diperlukan masyarakat luas dan pelaku bisnis dapat dioperasikan sesuai dengan Standar Pelayanan Minimal yang telah ditetapkan dalam sebuah Peraturan Menteri Pekerjaan Umum Nomor : 392/PRT/M/2000 tentang Standar Pelayanan Minimal Jalan Tol, yang intinya mengatur tentang : kondisi Jalan Tol, kecepatan tempuh rata-rata, aksesibilitas, mobilitas, keselamatan serta unit pertolongan/penyelamatan dan bantuan pelayanan. Kepuasan pelanggan tetap kami utamakan dan usaha-usaha kearah itu telah kami rencanakan dan diupayakan. Penambahan unit CCTV dan Variable Message Sign (VMS) telah dilakukan agar dapat membantu waktu respons dan informasi lalu lintas untuk pengguna jalan. Penerapan E-Payment (system transaksi elektronik) yang terintegrasi dengan Jalan Tol yang dioperasikan operator Jalan Tol lain, pelebaran Jalan Tol yang sudah mencapai kapasitas pada ruas-ruas padat seperti di Jalan Tol menuju Bandara dan JakartaCikampek, relokasi main gate pada ruas Jalan Tol yang mempunyai antrian panjang pada jam-jam sibuk telah kami rencanakan untuk diwujudkan dalam tahun 2008.

Jasa Marga is also committed to operating toll road, an infrastructure that is publicly needed by lots of people in general and business agents in particular, in accordance with Minimum Standard of Service that has been stipulated in the Minister of Public Works’ Regulation No: 392/PRT/M/2000 concerning Toll Road Minimum Standard of Service. It basically regulates toll road condition, average travel time, accessibility, and mobility, safety, as well as rescue unit and service assistance. Toll road users’ satisfaction remains our main priority; we therefore have been planning and making all efforts to make sure that the abovementioned conditions are fulfilled. We have also provided additional units of CCTV and Variable Message Sign (VMS) to be able to improve response time and traffic information for toll road users. The activities that we plan to realize in 2008 are implementation of E-Payment (electronic transaction system) that is integrated with toll roads operated by other toll road companies, increasing toll road capacity on congested toll roads such as Jakarta-Cikampek and airport toll roads, and relocating main gates on toll roads with long queue during rush hours.

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Saham Jasa Marga





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Laporan Keuangan

We would like to thank and extend our highest appreciation to all Jasa Marga’s shareholders for their significant contribution for the accomplishment of the Company’s targets as well as performance in 2007. We have no doubt that the year 2008 will bring Jasa Marga to reach the targets, performance, profit along with return according to the plans in order to present higher value to all shareholders.


Kami mengucapkan banyak terimakasih dan apresiasi yang setinggi-tingginya kepada seluruh stakeholder Jasa Marga yang telah memberikan kontribusi yang sangat berarti bagi pencapaian target dan kinerja perusahaan pada tahun 2007. Kami yakin bahwa pada tahun 2008 Jasa Marga akan mencapai target, kinerja, laba dan imbal hasil sesuai rencana untuk memberikan nilai yang lebih tinggi kepada seluruh pemegang saham.


We will maintain what we have accomplished in 2007 and will put forth efforts in the coming years. To stay focus on Jasa Marga’s core business, which is toll road development and operation, Jasa Marga will transform the branch offices into Strategic Business Units (SBU) that deal with operational activities, leaving the Head Office as Investment Holding. This system will boost the performance of each branch offices to manage the toll road under its authority more professionally and efficiently so that they are able to compete with each other in toll road operation and give positive contribution to the Company’s value. This change applies not only at the level of branch management but also at employees’ level and we begin by implementing the new remuneration system in 2008. The system enables employees to compete with each other in positive manners in order that they are able to present their best for the Company, which in turn will enhance the performance and the value of the Company.


Ke depan kami akan terus menjaga apa yang telah kami capai pada tahun 2007 dan menjadi lebih baik lagi di tahun-tahun mendatang. Agar lebih fokus pada pada bidang utama Jasa Marga yaitu pengembangan dan pengoperasian Jalan Tol, maka Jasa Marga akan menjadikan kantor cabang sebagai Strategic Business Unit (SBU) operasional dan Kantor Pusat berfungsi sebagai Investment Holding. Sistem ini akan memacu cabang untuk mengelola Jalan Tol dalam kewenangannya dengan lebih professional dan efisien sehingga diharapkan masing-masing cabang dapat berkompetisi dalam mengelola Jalan Tol diwilayahnya sehingga memberikan kontribusi positif terhadap nilai perusahaan. Perubahan tersebut tidak saja berada ditingkat manajemen cabang saja tetapi juga dikalangan karyawan dengan mulai menerapkan sistem penggajian yang baru pada tahun 2008. Dengan sistem tersebut karyawan akan dipacu untuk saling berkompetisi secara positif untuk memberikan yang terbaik kepada perusahaan, yang pada gilirannya akan meningkatkan kinerja dan nilai perusahaan.

Atas nama Direksi, On Behalf of the Board of Directors,

Ir. Frans S. Sunito Direktur Utama President Director


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Tata kelola yang lebih baik dalam pengelolaan perusahaan akan lebih memberikan arti yang lebih bermakna terhadap implementasi perubahan yang dicanangkan. Improved corporate governance gives a more profound meaning to the implementation of the change.

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PENGELOLAAN JASA MARGA Jasa Marga’s Management Dewan Komisaris

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Dewan Direksi

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Pernyataan Strategis Direksi

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The Board of Directors’ Strategic Statements

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Drs. Gembong Priyono, MSc. Komisaris Utama

Drs. Gembong Priyono, MSc. Chairman

Lahir pada tanggal 22 September 1946. Saat ini menjabat sebagai Sekretaris Wakil Presiden RI (2005-sekarang). Sebelumnya menjabat Sekretaris Jenderal Komisi Nasional HAM, Sekretaris Jenderal Departemen Pemukiman & Prasarana Wilayah, Direktur Jenderal Cipta Karya Departemen Pekerjaan Umum, Komisaris PT Pembangunan Perumahan (Persero) serta Ketua Dewan Pengawas Perum Perumnas. Gelar S1 Ekonomi dari UGM Yogyakarta (1970), sedangkan S2 bidang Agricultural Economic dari Australian National University (1981).

He was born on 22 September 1946. At present, he is also Secretary to Vice President of the Republic of Indonesia (since 2005). He was previously Secretary General of National Commission of Human Rights, Secretary General of Department of Regional Infrastructure Development, Director General of Cipta Karya of Department of Public Works, Commissioner of PT Pembangunan Perumahan (Persero) and Chairman of Perum Perumnas (National Housing Company) Supervisory Board. He holds a bachelor degree in Economics from University of Gajah Mada (1970) and a Master’s degree in Agricultural Economics from Australian National University (1981).

Ir. Sumaryanto Widayatin, MSCE. Komisaris

Ir. Sumaryanto Widayatin, MSCE. Commissioner

Lahir pada tanggal 13 Desember 1954. Saat ini menjabat sebagai Staf Ahli Menteri Pekerjaan Umum Bidang Ekonomi & Investasi (2005-sekarang). Sebelumnya menjabat sebagai Kepala Pusat Pelatihan Jasa Konstruksi (PUSLATJAKONS) BPSDM Departemen Kimpraswil (2003-2005), Kepala Pusat Pengembangan Investasi, BAPEKIN Departemen Kimpraswil (2001-2003), Direktur Investasi Dunia Usaha & Masyarakat pada Departemen Kimbangwil (2000-2001), Kepala Subdit Jalan , Dit. Bintek pada Departemen PU (1999-2000), Kepala Subdit Jalan Tol, Dit. Binkot pada Departemen PU (1997-1999). Meraih gelar S1 Teknik Sipil dari ITB (1979) dan S2 bidang Transportasi dari Purdue University, USA (1989).

He was born on 13 December 1954. At the moment he is also Expert Staff of Minister of Public Works for Economy and Investment (since 2005). He was previously Head of Construction Service Training Center, Department of Settlement and Regional Infrastructure (2003-2005), Head of Investment Development Center, Department of Settlement and Regional Infrastructure (2001-2003), Director of Business and Public Investment, Department of Settlement and Regional Development (2000-2001), Head of Sub Directorate of Road, Directorate of Technical Guidance, Department of Public Works (1999-2000) and Head of Sub Directorate of Toll Road, Directorate of City Guidance, Department of Public Works (1997-1999). He earned his bachelor’s degree in Civil Engineering from Bandung Institute of Technology (1979) and master’s degree in Transportation from Purdue University, USA (1989).


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Prof. Dr. H. Akhmad Syakhroza Komisaris

Prof. Dr. H. Akhmad Syakhroza Commissioner

Lahir pada tanggal 30 November 1963. Saat ini menjabat sebagai Kepala Pusat Pengembangan Akuntansi FEUI (2002-sekarang), Staff Pengajar Tetap Fakultas Ekonomi Unversitas Indonesia pada Program S1, S2 dan S3 (1986-sekarang), Guru Besar Tetap Fakultas Ekonomi Universitas Indonesia (2004sekarang), Tenaga Ahli Badan Pemeriksa Keuangan RI (2005-sekarang) serta Penasehat Ekonomi & Investasi Gubernur Provinsi Lampung (2006sekarang). Sebelumnya pernah berkarir di Citibank Jakarta (1989-1990), Bimantara Group (1988-1989) dan Kantor Akuntan Publik Amir Abadi Jusuf (19861988). Gelar S1 Akuntansi dari Fakultas Ekonomi Universitas Indonesia (1987), S2 bidang Accounting, Finance and Information Sistem dari Cleveland State University, Ohio, USA (1991), S3 bidang Organization Behavior and Management Accounting dari Faculty of Business and Public Management dari Edith Cowan University, Perth, Australia (2002).

He was born on 30 November 1963. He is currently Head of Accountancy Development Center of Economic Faculty of University of Indonesia (since 2002), lecturer at Economic Faculty of University of Indonesia for bachelor, master and doctoral programs (since 1986), professor of Economic Faculty of University of Indonesia (since 2004), Expert Staff of National Auditing Agency (since 2005) and Advisor on Economy and Investment to Governor of Lampung Province (since 2006). He previously worked at Citibank Jakarta (1989-1990), Bimantara Group (1988-1989) and Public Accountant Amir Abadi Jusuf (1986-1988). He earned his bachelor’s degree in Accounting from Faculty of Economics of University of Indonesia (1987), master’s degree in Accounting, Finance and Information System from Cleveland State University, Ohio, USA (1991), and doctoral degree in Organizational Behavior and Management Accounting from the Faculty of Business and Public Management of Edith Cowan University, Perth, Australia (2002).

Dr. Joyo Winoto Komisaris

Dr. Joyo Winoto Commissioner

Lahir pada tanggal 16 November 1961. Saat ini menjabat Kepala Badan Pertanahan Nasional Republik Indonesia (Juli 2005-sekarang). Sebelumnya menjabat Direktur Pangan, Pertanian, dan Pengairan Badan Perencanaan Nasional (Bappenas) Republik Indonesia; Kepala Biro Pangan, Pertanian dan Pengairan Bappenas; dan Kepala Biro Kerjasama Ekonomi Luar Negeri Bappenas. Saat ini masih aktif sebagai Direktur Senior Brighten Institute Bogor, dan sebagai Dosen di Institut Pertanian Bogor. Gelar Ph.D (Ekonomi Politik Sumber Daya dan Wilayah) dari Department of Resource Development, Michigan State University, USA (1995). Diangkat sebagai Komisaris pada RUPSLB Jasa Marga Pada tanggal 9 Januari 2008

He was born on 16 November 1961. At present, he is Head of National Land Authority of the Republic of Indonesia (July 2005-present). His previous posts were Director of Food, Agriculture and Irrigation of National Development Planning Agency of the Republic of Indonesia (Bappenas); Head of Bureau of Food, Agriculture and Irrigation of Bappenas; and Head of Bureau of Foreign Economic Cooperation Bureau of Bappenas. At the moment he is also Senior Director of Brighten Institute Bogor, and lecturer at Institut Pertanian Bogor (Bogor Agricultural Institute). He acquired his Ph.D from Department of Resource Development, Michigan State University, USA (1995). Appointed Commissioner by the Extraordinary General Meeting of Shareholders of Jasa Marga on 9 January 2008

Mayjen. (Purn). Samsoedin Komisaris Independen

Mayjen. (Purn). Samsoedin Independent Commissioner

Lahir pada tanggal 21 Agustus 1942. Karier militer penting sebelumnya pernah sebagai Koordinator Staf Ahli Kasad (1996), Kepala Dinas Litbang Angkatan Darat (1995), Komandan Pussen Artileri (1993), Komandan Resimen 162 Dam Udayana (1988), Komandan Pusdik Artileri (1985). Pernah menjadi Komisaris PT Telkomindo Prima Bhakti (2000), Anggota DPR-RI (1997-1999) serta Widyaiswara Utama, Lemhanas (1996). Gelar S1 bidang Administrasi Negara (1995), S2 bidang Manajemen dari University of Philipina (UPI) (1996).

He was born on 21 August 1942. His military career includes the posts of Expert Staff Coordinator of Army Commander (1996), Head of Army Research and Development Office (1995), Artillery Commander (1993), Commander of Regiment 162 Udayana (1988) and Artillery Training Center Commander (1985). He was Commissioner of PT Telkomindo Prima Bhakti (2000), member of the House of Representatives of the Republic of Indonesia (1997-1999) and Senior Lecturer at National Resilience Institute (1996). He got his bachelor’s degree in State Administration (1995) and master’s degree in Management from University of the Philippines (1996).



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He was born on 29 September 1949. His military career includes the posts of Governor of Police Academy (2005), Senior Lecturer of School for HighRanking Officers of National Police (2004), Head of Lampung Provincial Police (2003), Secretary to Daily Executive of National Narcotics Agency (2002), Director of Treatment & Rehabilitation Center of National Narcotics Agency (2001), Director of Civil Servant Investigation Center (2001), Director of Public Criminal of Detective Corps of National Police (2001), Expert Staff of National Police Chief (2000). He graduated from Police Academy (1973), Police Staff College (1981), Police Staff School (1985) and Military Staff and Command School of Indonesian Armed Force (1986). He earned his bachelor’s degree in Law (1995) and master’s degree in Law (1996) from Lampung State University.


Lahir pada tanggal 29 September 1949. Diangkat menjadi Anggota Komisaris pada tahun 2007. Karier militer penting sebelumnya adalah sebagai Gubernur Akademi Kepolisian (2005), Widya Iswara Utama Sespati/Sespim POLRI (2004), KAPOLDA Lampung (2003), SES LAKHAR BNN (2002), KAPUS T & R BKNN (2001), KAPUS PPNS (2001), DIR PIDUM KORSERSE POLRI (2001), Staf Ahli KAPOLRI (2000). Lulus Akademi Kepolisian, Semarang (1973), PTIK (1981), SESPIMPOL (1985) dan SESKO ABRI (1986). Meraih gelar S1 Hukum dari Universitas Negeri Lampung (2001) dan S2 Magister Hukum dari Universitas Negeri Lampung (2002).


Irjen Polisi (Purn.) Drs. Michael Dendron Primanto, SH., MH. Independent Commissioner


Irjen Polisi (Purn.) Drs. Michael Dendron Primanto, SH., MH. Komisaris Independen


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DEWAN DIREKSI THE BOARD OF DIRECTOR

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Ir. Frans S. Sunito Direktur Utama

Ir. Frans S. Sunito President Director

Lahir pada tanggal 9 Mei 1949. Sebelumnya menjabat sebagai Direktur Pengembangan dan Niaga PT Jasa Marga (1998-2006), Direktur Teknik dan Pengembangan Usaha PT Wijaya Karya (1997-1998), Direktur Perencanaan dan Pengembangan Usaha PT Wijaya Karya (1992-1997), Direktur Keuangan dan Pengembangan Usaha PT Wijaya Karya (1990-1992). Gelar S1 Teknik Sipil dari Institut Teknologi Bandung (1974). Penghargaan Satyalancana Wirakarya didapat pada tahun 1997.

He was born on 9 May 1949. He was previously appointed Development and Commerce Director of Jasa Marga (1998-2006), Technical and Business Development Director of PT Wijaya Karya (19971998), Planning and Business Development Director of PT Wijaya Karya (1992-1997) and Finance and Business Development Director of PT Wijaya Karya (1990-1992). He acquired his degree in Civil Engineering from Bandung Institute of Technology (1974). He received Satya Lencana Wira Karya award in 1997.

Ir. Sarwono Oetomo Direktur Operasi

Ir. Sarwono Oetomo Operation Director

Lahir pada tanggal 21 Juni 1958. Masuk PT Jasa Marga tahun 1986. Sebelumnya menjabat sebagai Kepala Divisi Manajemen Lalu Lintas (2003-2006), Kepala Cabang Jakarta-Cikampek (2001-2003), Kepala Cabang Padaleunyi-Citarum (1997-2001). Gelar S1 Teknik Sipil dari Universitas Diponegoro, Semarang (1984).

He was born on 21 June 1958. He joined Jasa Marga in 1986. His previous positions were Head of Traffic Management Division (2003-2006), Head of Jakarta-Cikampek Branch (2001-2003) and Head of Padalarang-Cileunyi Branch (1997-2001). He acquired a degree in Civil Engineering from University of Diponegoro, Semarang in 1984.

Ir. Abdul Hadi Hs., MM. Direktur Pengembangan & Niaga

Ir. Abdul Hadi Hs., MM. Development & Commerce Director

Lahir pada tanggal 13 Juni 1957. Masuk PT Jasa Marga tahun 1987. Sebelumnya menjabat sebagai Direktur Utama PT Jalantol Lingkarluar Jakarta (2001-2005), Kepala Divisi Pengembangan Investasi (1994-2001) dan sebagai Ketua Tim Penanaman Modal Jalan Tol (1994-2001). Gelar S1 Teknik Sipil dari Universitas Trisakti (1982) dan Gelar S2 Magister Manajemen dari Fakultas Ekonomi Universitas Indonesia (1992).

He was born on 13 June 1957. Before joining Jasa Marga in 1987, he was President Director of PT Jalantol Lingkarluar Jakarta (2001-2005), Head of Investment Development Division (1994-2001) and Head of Toll Road Investment Team of Jasa Marga (1994-2001). He got his bachelor’s degree in Civil Engineering from Trisakti University in 1982 and master’s degree in Management from Faculty of Economics of University of Indonesia in 1992.


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Ir. Reynaldi Hermansjah Direktur Keuangan

Ir. Reynaldi Hermansjah Finance Director

Lahir pada tanggal 16 Mei 1967. Menjabat sebagai Direktur Keuangan sejak 2006. Tamat dari Universitas Trisakti dan memiliki pengalaman kerja selama 15 tahun di sector keuangan khususnya di bidang investasi dan pasar modal. Karirnya dimulai tahun 1991 sebagai Head of Sales di Nomura Securities. Pada tahun 1993 sampai 1996 menjabat sebagai Senior Manager di Mees Pierson Finas Investment Management, dan tahun 1996 sampai 1998 menjabat sebagai President Director BII Lend Lease Investment Services. Tahun 1999 sampai 2002 menjabat sebagai Group Head di Badan Penyehatan Perbankan Nasional kemudian menjadi President Director di PT Permodalan Nasional Madani Investment Management sejak tahun 2003 sampai 2006. Saat ini memiliki lisensi manajer investasi dari Bapepam (No. KEP-38/PM-PI/1993).

He was born on 16 May 1967. He was appointed Finance Director since 2006. He graduated from Trisakti University and has 15 years of investment and capital market experience in the financial sector. He began his career with Nomura Securities as Head of Sales in 1991. In 1993 until 1996 he held a position as Senior Manager at Mees Pierson Finas Investment Management, and in 1996 until 1998 as President Director of BII Lend Lease Investment Services. He was a Group Head at the Indonesian Bank Restructuring Agency in 1999 until 2002 and then became President Director of PT PNM Investment Management from 2003 until 2006. He presently holds an Investment Manager License from Bapepam (No. KEP-38/PM-PI/1993).

Ir. Achmad Purwono, MBA. Direktur Sumber Daya Manusia

Ir. Achmad Purwono, MBA. Human Resources Director

Lahir di Magelang, pada tanggal 2 Agustus 1955. Pernah menjadi Instruktur Pelatihan di LPPM, Konsultan Pelatihan Manajemen di berbagai Departemen RI, perusahaan multi nasional serta BUMN. Pembicara Tamu di beberapa kursus pimpinan BUMN, perusahaan swasta dan Departemen Pertahanan RI. Saat ini juga mengajar di Program Pasca Sarjana FISIP, FIKOM di Universitas Indonesia. Gelar S1 Teknik Planologi dari Institut Teknologi Bandung (1981), Alumni LPPM Wijawiyata Manajemen (1983), Gelar MBA dari University of Southern California, USA (1989). Memperoleh Penghargaan Satya Lencana Dwija Sista dari Departemen Pertahanan RI.

He was born in Magelang on 2 August 1955. He was a training instructor at LPPM, a management training consultant at various Departments, multinational companies and State-Owned Enterprises. He currently lectures at Postgraduate Programs of Social Politics and Communication at University of Indonesia. He got his bachelor’s degree in Planology Engineering from Bandung Institute of Technology (1981). He is also an alumnus of Wijawiyata Institute of Education and Management Development (1983) and got his master’s degree in Business Administration from University of Southern California, USA (1989). He received Satya Lencana Dwija Sista award by the Department of Defense.



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Fitur Jasa Marga

Laporan Manajemen Jasa Marga’s Management

Pengelolaan Jasa Marga Management’s Discussion and Analysis

Analisa dan Diskusi Manajemen Jasa Marga’s Shares

Saham Jasa Marga Good Corporate Governance




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Continuous toll road constructions in Indonesia are intended to boost the country’s transportation as well as the Company’s growth


Menambah ruas Jalan Tol di seluruh nusantara secara berkelanjutan untuk kemajuan transportasi bangsa dan perkembangan perusahaan.

PERNYATAAN STRATEGIS DIREKSI DIRECTORS’ STRATEGIC STATEMENTS

Direktur Utama President Director

Pertanyaan : Bagaimana Anda melihat Prospek Jasa Marga 5 tahun ke depan?

Question How would you picture Jasa Marga five years from now?

Jawab Dalam 5 tahun ke depan Jasa Marga akan menambah panjang Jalan Tolnya dari 496 Km saat ini menjadi sekitar 650 Km, bertambah 30%. Ini adalah sejalan dengan visi Perusahaan yang ingin fokus pada pengembangan dan pengoperasian Jalan Tol, dan tetap menjadi ”leader” dalam industrinya. Jasa Marga dalam 5 tahun ke depan akan memodernisasi pengoperasian jalan-Jalan Tolnya antara lain melalui penerapan pembayaran tol secara elektronik (e-payment) serta pemberian informasi real-time kepada Pengguna Jalan melalui sistem pemantauan jarak jauh dan papan-papan informasi elektronik. Modernisasi Jasa Marga bukan hanya di bidang teknologi tetapi juga dalam pengelolaan perusahaan dengan menerapkan kaidah-kaidah manajemen korporasi profesional juga mengacu pada azas-azas tata kelola perusahaan yang baik.

Answer In five years Jasa Marga will be operating more toll roads from the existing 496 Km to approximately 650 Km, which increases by 30%. This is in accordance with the vision of the Company to focus on toll road development and operation, as well as to maintain its position as the leader in the industry. Within the next five years Jasa Marga will also be modernizing the operation of its toll roads among others by implementing electronic payment (epayment) along with providing real time information to toll road users using remote surveillance system and electronic information boards. Jasa Marga is modernized not only in terms of technology but also in the management of the Company by applying the principles of professional management while also referring to the principles of good corporate governance.

Direktur Operasi Operation Director Pertanyaan : Sejauhmana penerapan Standar Pelayanan Minimum Jalan Tol di Jasa Marga?

Question To what extent is the implementation of toll road’s Minimum Standard of Service in Jasa Marga?

Jawab Penerapan Standar Pelayanan Minimum Jalan Tol Jasa Marga terus dievaluasi dan ditingkatkan dengan menitikberatkan kepada kondisi Jalan Tol, kecepatan tempuh rata-rata aksesibilitas, mobilitas, keselamatan serta unit pertolongan/penyelamatan ban bantuan pelayanan. Selain itu Jasa Marga melakukan penambahan unit CCTV dan Variable Message Sign (VMS) agar dapat membantu waktu respons dan informasi lalu lintas untuk Pengguna Jalan. Penerapan E-Payment (sistem transaksi elektronik) yang terintegrasi dengan Jalan Tol yang dioperasikan operator Jalan Tol lain, pelebaran Jalan Tol yang sudah mencapai kapasitas pada ruas-ruas padat seperti di Jalan Tol menuju Bandara dan JakartaCikampek, relokasi main gate pada ruas Jalan Tol yang mempunyai antrian panjang pada jam-jam sibuk telah kami rencanakan untuk diwujudkan dalam tahun 2008.

Answer Jasa Marga keeps evaluating and improving the implementation of toll road Minimum Standard of Service focusing on toll road condition, average travel time, accessibility, mobility, safety as well as rescue and service assistance units. Furthermore, Jasa Marga adds its CCTV and Variable Message Sign (VMS) to improve responding time and traffic information for toll road users. In 2008, we plan to realize the implementation of E-Payment (electronic transaction system) which is integrated to toll roads operated by other investors, increase the capacity of congested toll roads such as airport and JakartaCikampek toll roads, and relocate the main toll gate with long queue during rush hours.

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Laporan Manajemen Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga Tata Kelola Perusahaan Tanggung Jawab Sosial Laporan Keuangan

Answer The consistency in continually maintaining the growth of operating income as well as persistently increasing operating margin are the key drivers that increase corporate value.

Fitur Jasa Marga

Jawab Konsistensi mempertahankan pertumbuhan laba usaha secara berkelanjutan serta meningkatkan margin usaha (operating margin) secara konsisten merupakan penggerak utama dari peningkatan nilai perusahaan.

Financial Report

Question What are the drivers that contribute to the increase in corporate value?


Finance Director.

Pertanyaan : Apa saja yang menjadi penggerak (driver) dari pertumbuhan nilai perusahaan?


Direktur Keuangan.


Answer With the support from the Government by improving investment regulations to create a conducive climate accompanied by internal risk management, we are certain that we will complete our projects as planned.


Jawab Dengan dukungan pemerintah melalui penyempurnaan peraturan iklim investasi yang kondusif serta manajemen risiko internal kami percaya proyek-proyek dapat diselesaikan sesuai dengan rencana.

Question What is the progress of the new projects that Jasa Marga is currently completing?


Pertanyaan : Bagaimana dengan progres penyelesaian proyekproyek baru yang saat ini sedang dikerjakan Jasa Marga?


Development and Commerce Director


Direktur Pengembangan dan Niaga

Direktur Sumber Daya Manusia. Human Resources Director

Jawab Pengelolaan SDM Jasa Marga harus difokuskan kepada human capital sebagai value creator yang akan bekerja dengan tuntutan merespon persaingan melalui teknologi dan knowledge capital dan dengan basis nilai-nilai sebagai organisasi pembelajaran.

Answer It is important that Jasa Marga focuses its management of human resources on human capital as value creators that will work in comply with the demand to respond the competition with the use of technology and knowledge capital while using the basis of values of a learning organization.

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Pertanyaan : Bagaimana pendekatan Anda terhadap pengelolaan SDM di Jasa Marga?

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Management’s Discussion and Analysis Tinjauan Keuangan Financial Overview

Kinerja Operasi

Operational Performance

Prospek Pertumbuhan Jasa Marga Prospect of Jasa Marga’s Growth

Manajemen Sumber Daya Manusia Human Resources Management

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TINJAUAN KEUANGAN FINANCIAL OVERVIEW

Ringkasan Laporan Keuangan Abridged Financial Report

Dalam Ribuan Rupiah In Thousand Rupiah

NERACA KONSOLIDASIAN 31 DESEMBER 2007 DAN 2006 CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2007 AND 2006 2007 Kas dan Setara Kas Cash and Cash Equivalents Aktiva Lancar lainnya Other Current Assets Aktiva Tetap-Net Fixed Assets-Net Aktiva Tidak Lancar Lainnya Other Non Current Assets JUMLAH AKTIVA TOTAL ASSETS

2006

4,000,028,295 75,757,470 9,259,957,854 511,483,542

260,389,712 563,611,120 8,770,129,913 658,566,344

13,847,227,161

10,252,697,089

Kewajiban Lancar Current Liabilities Kewajiban Lancar Lainnya Other Current Liabilities Kewajban Jangka Panjang Long-Term Liabilities Kewajban Kerjasama Operasi Liabilities under Joint Operations Agreements Kewajiban Jangka Panjang Lainnya Other Long-Term Liabilities

737,177,836 588,141,827 5,540,766,532 36,791,805 729,664,946

718,902,216 634,696,474 5,770,079,033 79,237,208 667,117,947

Jumlah Kewajiban TOTAL LIABILITIES

7,632,542,946

7,870,032,878

Ekuitas Shareholders Equity Hak Minoritas Minority Interests

5,975,315,883 239,368,332

2,385,546,872 117,339

13,847,227,161

10,255,697,089

TOTAL KEWAJIBAN DAN EKUITAS TOTAL LIABILITIES AND SHAREHOLDERS EQUITY


LAPORAN LABA RUGI KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006 CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR ENDED 31 DECEMBER 2007 AND 2006 2007

2006

Pendapatan Tol Toll Revenue Pendapatan Lainnya Other Revenue

2,617,713,863 27,328,733

2,270,450,496 25,692,816

PENDAPATAN USAHA OPERATING REVENUES

2,645,042,596

2,296,143,312

Jumlah Beban Usaha Total Operating Expenses

1,629,093,174

1,476,689,863

LABA USAHA OTHER INCOME

1,015,949,422

819,453,449

Pendapatan (Beban) Lain-Lain Other Income (Expenses)

(613,892,739)

(313,554,147)

LABA SEBELUM PAJAK INCOME BEFORE TAX

402,056,683

505,899,302

Estimasi Pajak Penghasilan Estimated Income Tax

(122,228,078)

(43,323,262)

279,828,605

462,576,040

(1,846,870)

(8,734)

277,981,735

462,567,306

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LABA SEBELUM HAK MINORITAS NET INCOME BEFORE Hak Minoritas Atas Laba Bersih Perusahaan Anak Minority Interests in the Net Income of Subsidiaries LABA BERSIH NET INCOME *) Laba Bersih Per Saham (Rupiah Penuh) Net Income Per Share (full amount)

Catatan : *). Pada tahun yang berakhir 31 Desember 2006, sekitar 84,1% dari laba bersih perseroan sekitar Rp462,6 milyar termasuk keuntungan luar biasa (one time gain) sebesar sekitar Rp 388,9 milyar dari penjualan 13,6% kepemilikan di CMNP. Pada tahun yang berakhir 31 Desember 2007, sekitar 1% dari laba bersih perseroan termasuk keuntungan luar biasa (one time gain) sebesar sekitar Rp 2,8 milyar dari penjualan 0,08% kepemilikan di CMNP. Jika keuntungan luar biasa yang dicatat di tahun 2006 dan 2007 dikeluarkan maka laba bersih perseroan untuk tahun-tahun yang berakhir pada 31 Desember 2006 dan 2007 masing-masing adalah sebesar Rp 130,5 milyar, Rp 73,7 milyar dan Rp275,1 milyar. Notes : *). In the year ended 31 December 2006, approximately 84.1% of the Company’s net income of Rp 462.6 billion included a one-time gain of approximately Rp 388.9 billion from the sale of 13.6% shares in CMNP. In the year ended 31 December 2007, approximately 1% of the Company’s net income included a one-time gain of approximately Rp 2.8 billion from the sale of 0.08% shares in CMNP. If the one-time gains recorded in 2006 and 2007 are disregarded, the Company’s net income for the years ended 31 December 2006 and 2007 was Rp 130.5 billion, Rp 73.7 billion and Rp 275.1 billion, respectively.

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2006


2007


LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006 CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE YEAR ENDED OF 31 DECEMBER 2007 AND 2006



ARUS KAS DARI AKTIVITAS OPERASI CASH FLOW FROM OPERATING AVTIVITIES Pendapatan usaha Operating Revenue Pembayaran kepada Pemasok, Karyawan, KSO, Pajak & Bunga Pinjaman Payments to Vendors, Employes, Join Operating & Interest Expenses

2,294,096,088

(2,175,216,146)

(1,996,996,662)

489,734,991

297,099,426

43,724,497

15,259,392

1,331,769

4,447,000

37,400

238,900

(107,805,928)

(54,723,995)

(15,538,659)

(20,299,080)

(93,097,665)

(65,478,447)

(263,901,580)

(359,754,431)

485,777,621

(14,900,000)

50,527,455

(495,210,661)

2,457,154,688

1,684,031,770

(2,669,847,986)

(1,251,946,350)

20,983,812

(13,950,332)

(42,663,031)

(32,334,661)

3,468,000,000

-

(34,251,346)

(94,490,128)

ARUS KAS BERSIH DIPEROLEH DARI AKTIVITAS PENDANAAN NET CASH FLOW PROVIDED FROM FINANCING AVTIVITIES

3,199,376,137

291,310,299

KENAIKAN (PENURUNAN) BERSIH KAS AN SETARA KAS NET INCREASE(DECREASE) OF CASH AND CASH EQUIVALENTS

3,739,638,583

(156,970,936)

260,389,712

417,360,648

4,000,028,295

260,389,712

ARUS KAS BERSIH DARI AKTIVITAS OPERASI NET CASH FLOW FROM OPERATING AVTIVITIES ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOW FROM INVESTING AVTIVITIES Pencairan (Penempatan) Investasi, & Penerimaan Bunga Procceds from (Placment of ) Investment & Receipts from Interest Income Penerimaan Dividen Receipts from Devidend Penerimaan Penjualan Aktiva Tetap Procceds from Disposal of Fixed Assets Perolehan Aktiva Tetap Jalan Tol Toll Road Expenditures Perolehan Aktiva Tetap Selain Jalan Tol Other Than Toll Road Expenditures pembayaran Biaya Pelapisan Ulang Overlay Charges Expenditures Perolehan Aktiva Tetap Dalam Konstruksi Construction in Progress Expenditures Penjualan (Penambahan) Investasi Jangka Panjang Addition of Other Long-Term Invesments ARUS KAS BERSIH DIPEROLEH DARI AKTIVITAS INVESTASI NET CASH FLOW PROVIDED FROM INVESTING AVTIVITIES ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOW FROM FINANCING AVTIVITIES Penerimaan Hutang Jangka Panjang Procceds from Long-Term Loans Pembayaran Hutang Jangka Panjang Payment of Long-Term Loans Pencairan (Penempatan) Dana Ditetapkan Penggunaannya-bersih Increase (Decrease) in Appropriated Funds - Net Pembayaran KSO Payment of Liabilities Under Joint Operating Agreements Penerimaan Dari Penawaran Umum Saham Perdana Procceds from Initial Public Offering Pembayaran Dividen dan PKBL Payment of Devidend and PKBL

KAS DAN SETARA KAS PADA AWAL TAHUN CASH AND EQUIVALENTS AT THE BEGINNING OF YEAR

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KAS DAN SETARA KAS PADA AKHIR TAHUN CASH AND EQUIVALENTS AT THE END OF YEAR

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2,664,951,137

Hasil Operasi

Results of Operation Volume Lalu Lintas Faktor utama yang mempengaruhi bisnis Jasa Marga adalah tingkat volume lalu lintas kendaraan yang melewati Jalan Tol pada ruas-ruas yang dimiliki oleh Jasa Marga. Pada tahun 2007 tingkat volume lalu lintas kendaraan dapat dilihat pada tabel berikut;

Traffic Volume The primary factor that influences Jasa Marga’s business is the volume of traffic passing toll roads under its operation. The traffic volume in 2007 is seen the following table.

Dalam Ribuan Kendaraan In Thousand vehicles

No.

Cabang Branch

Volume Lalu Lintas 2007 2007 Traffic Volume

Proporsi Proportion

Volume Lalu Lintas 2006 2006 Traffic Volume

Pertumbuhan Growth

1.

Jagorawi

116,081

13.5%

116,716

-0.5%

2.

Jakarta-Cikampek

109,644

12.8%

105,230

4.2%

3.

Jakarta-Tangerang

112,882

13.1%

106,514

6.0%

4.

Cawang-Tomang-Cengkareng

256,018

29.8%

257,262

-0.5%

5.

Purbaleunyi

52,136

6.1%

48,792

6.9%

6.

Surabaya-Gempol

53,750

6.3%

55,919

-3.9%

7.

Semarang

25,702

3.0%

24,248

6.0%

8.

Belmera

16,798

2.0%

15,950

5.3%

9.

Palikanci

13,722

1.6%

12,605

8.9%

10.

JORR

102,586

11.9%

86,042

19.2%

859,321

100.0%

829,278

3.6%

Dari tabel diatas dapat dilihat bahwa 81% volume lalu lintas yang dimiliki Jasa Marga berasal dari ruas-ruas yang terletak daerah Jabotabek dengan proporsi terbesar masih berasal dari ruas dalam kota yang dikelola oleh cabang Cawang-Tomang-Cengkareng yang mencapai 30% dari keseluruhan total volume lalu lintas yang mencapai 859 juta kendaraan.

The above table indicates that 81% of Jasa Marga’s traffic volume derives from toll roads located in Jabotabek areas and the traffic of Jakarta inner ring road, which is operated by Cawang-TomangCengkareng Branch, has the biggest proportion with 30% out of the overall traffic volume reaching 859 million vehicles.

Dari segi perkembangan volume lalu lintas yang ada, kenaikan yang signifikan terjadi pada ruas JORR yaitu naik sebesar 19,2% dibandingkan pada tahun 2006, hal ini disebabkan pengoperasian secara komersial ruas JORR seksi Jatiasih-Cikunir. Ruas ini menghubungkan Jalan Tol yang sudah ada yaitu ruas Jakarta-Cikampek dan ruas Jagorawi sehingga memberikan alternatif rute ke Timur dan Barat Jakarta atau sebaliknya. Sejak JORR beroperasi secara penuh, jumlah kendaraan yang tercatat masuk dari arah Cikampek dan dari arah Bogor meningkat sangat signifikan. Di sisi lain kepadatan yang biasa terjadi di ruas TMII-Cililitan dan ruas Pondok Gede Timur dan Halim telah berkurang secara signifikan pula. Pengoperasian ruas Jati Asih dan Cikunir juga diiringi dengan penerapan sistem terbuka pada pengoperasian ruas tol. Penerapan sistem satu tarif ini adalah untuk memudahkan transaksi dan juga untuk memberi satu rivalitas terhadap tol dalam kota yang sudah lebih dulu menerapkan sistem tarif terbuka.

In terms of traffic volume growth, there was a significant increase by 19.2% in JORR section compared to that of 2006. The increase was caused by the commercial operation of JORR’s JatiasihCikunir Section, connecting the existing JakartaCikampek and Jagorawi toll roads and thus provides alternative route from the eastern to the western part of Jakarta and vice versa. Ever since JORR is fully operated, it is recorded that the number of vehicles entering toll road from Cikampek and Bogor has increased significantly, whereas the congestion normally seen on TMII-Cililitan and Pondok Gede Timur along with Halim has consequently had a significant decrease. The operation of Jati Asih-Cikunir Section is also accompanied by the implementation of open system in JORR toll collection system. The onetariff system simplifies transaction and at the same time provides the opportunity to healthily compete with inner ring road that has already implemented such system.

Secara keseluruhan volume lalu lintas tahun 2007 meningkat sebesar 3,6% yaitu dari 829 juta kendaraan menjadi 859 juta kendaraan.

On the whole, the traffic volume increased by 3.6% from 829 million vehicles to 859 million vehicles.

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465,760

8% 9%

3.

Jakarta-Tangerang

238,664

9.1%

213,555

12%

4.


592,854

22.6%

553,808

7%

5.

Purbaleunyi

406,156

15.5%

339,308

20%

6.

Surabaya-Gempol

114,518

4.4%

112,312

2%

7.

Semarang

35,514

1.4%

30,712

16%

8.

Belmera

36,800

1.4%

32,382

14%

9.

Palikanci

47,766

1.8%

40,399

18%

10.

JORR

366,710

14.0%

229,950

59%

2,617,714

100.0%

2,270,450

15%

Proporsi terbesar pendapatan tol tahun 2007 berasal dari ruas dalam kota yang dikelola cabang Cawang Tomang Cengkareng yaitu 22,6% dari keseluruhan pendapatan tol Jasa Marga.

The proportion of Jasa Marga’s toll revenues is dominated by inner ring road operated by CawangTomang-Cengkareng Branch which is 22.6% of the total toll revenues.

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53

Kontak Kami

The overall toll revenues increased by 15% compared to those of the same period in 2006 and the highest increase by 59% was contributed by JORR. The revenue increase of JORR toll road was resulted not only from the increase in traffic volume after JORR is linked to other existing toll roads of Jasa Marga, but also from the change in JORR’s toll collection system from close to open system applying one tariffs.

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Secara keseluruhan pendapatan tol naik sebesar 15 % dibandingkan dengan pendapatan tol pada tahun 2006. Kenaikan terbesar terdapat pada ruas JORR yang naik sebesar 59%. Kenaikan pada ruas JORR ini selain karena naiknya volume lalu lintas yang disebabkan terkoneksinya JORR dengan ruas Jasa Marga yang ada, juga disebabkan perubahan sistem pengoperasian dari sistem tertutup menjadi sistem terbuka atau hanya menerapkan satu tarif pada ruas tersebut.

Laporan Keuangan

252,263

19.3%


10.4%

505,372


273,359

Jakarta-Cikampek

Saham Jasa Marga

Jagorawi

2.


1.


Pertumbuhan Growth

Laporan Manajemen

Pendapatan Tol 2006 2006 Toll Revenue

Fitur Jasa Marga

Proporsi Proportion

Financial Report

Pendapatan Tol 2007 2007 Toll Revenue


Cabang Branch


No.


Dalam Jutaan Rupiah In Million Rupiah


Based on the Decree of the Minister of Public Works No.: 370/KPTS/M/2007 dated 31 August 2007, the tariffs of 11 toll roads operated by Jasa Marga were raised by 20% on average on 4 September 2007. The tariffs adjustment is accompanied by the implementation of five categories of the vehicles from previously three categories. The additional categories of IV and V are expected to better classify the vehicles using toll roads, considering the development of types of vehicles that result in different impacts of their space usage, resistance and damaging power on toll roads. The adjustment of tariffs starting from 4 September 2007 has generated positive impacts on the Company. The following table shows the Company’s toll revenues in 2007 compared to those of 2006.


Sesuai dengan Keputusan Menteri Pekerjaan Umum Nomor 370/KPTS/M/2007 tertanggal 31 Agustus 2007, pada tanggal 4 September 2007 Jasa Marga mendapatkan penyesuaian tarif pada 11 ruas Jalan Tol rata-rata sebesar 20%. Pada saat yang bersamaan dilakukan juga penambahan golongan kendaraan yang semula 3 jenis menjadi 5 jenis golongan kendaraan dengan menambah golongan jenis kendaraan yang ada dengan golongan IV dan V yang diharapkan dapat lebih baik mengklasifikasi kendaraan yang melewati Jalan Tol. Hal ini dilakukan dengan pertimbangan adanya perkembangan jenis kendaran dengan dampak pemakaian ruang, ketahanan dan daya rusaknya terhadap jalan. Penyesuaian tarif pada tanggal 4 September 2007 tersebut berdampak positif terhadap pendapatan perusahaan, Berikut adalah tabel pendapatan tol tahun 2007 dibandingkan dengan tahun 2006.


Tariffs and Toll Revenues Next to traffic volume, another factor that determines the Company’s operating revenues is toll tariffs. The tariffs of 13 toll roads currently in operation are decided by the Government starting from the date of operational activities commercially commence. Toll tariffs are adjusted for inflation rate every two years, and the proposal for tariff adjustment is submitted to BPJT (the Toll Road Regulatory Board).


Tarif dan Pendapatan Tol Selain volume lalu lintas faktor tarif juga mempengaruhi pendapatan usaha perusahaan. Tarif pada 13 pengusahaan Jalan Tol yang telah beroperasi ditetapkan oleh Pemerintah sejak tanggal dimulainya kegiatan operasional secara komersial. Kenaikan tarif tol disesuaikan dengan tingkat inflasi yang dilakukan setiap dua tahun sekali, dengan cara disampaikannya penyesuaian tarif kepada BPJT.

Pendapatan Usaha Lainnya (non tol) Pendapatan usaha lainnya terdiri dari pendapatan penyewaan tempat istirahat dan ruang iklan serta pendapatan kerjasama operasi dan pembagian pendapatan kotor secara variable dari pengoperasian Jalan Tol Pondok Aren-Serpong berdasarkan perjanjian bagi hasil dengan Bumi Serpong Damai. Pendapatan usaha lainnya pada tahun 2007 mencapai Rp 27,3 milyar naik 6,4% dibanding dengan tahun 2006 yang mencapai Rp. 25,6 milyar. Kenaikan tersebut antara lain karena adanya peningkatan pada segmen usaha sewa lahan dan pendapatan iklan yang masing-masing naik sebesar 63,1% dan 19,1%.

Other Operating (non-Toll) Revenues Other operating revenues comprise revenues from rest areas, space rental and advertisement along with joint operations and gross revenue sharing by variable from the operation of Pondok Aren-Serpong toll road based on revenue sharing agreement with Bumi Serpong Damai. In 2007, other operating revenues reached Rp 27.3 billion showing an increase by 6.4% compared to those of the previous year reaching Rp 25.6 billion. The increase was resulted from the increase in revenues from space rental and advertisement by 63.1% and 19.1% respectively.

Dari total seluruh pendapatan usaha sebesar Rp. 2,6 trilyun, porsi pendapatan lain-lain adalah sebesar 1,1%.

Other revenues contribute 1.1% of the total operating revenues of Rp 2.6 trillion.

Beban Operasional Beban usaha utama Jasa Marga terdiri dari pengumpulan tol, beban layanan Jalan Tol, beban pemeliharaan Jalan Tol, beban kerjasama operasi serta beban umum dan administrasi dimana masingmasing didalamnya sudah termasuk beban gaji dan tunjangan serta depresiasi. Beban usaha perusahaan secara keseluruhan pada tahun 2007 adalah sebesar Rp 1629 milyar, naik sebesar 10,3 % atau Rp152,4 milyar dibanding tahun 2006 yang mencapai Rp 1476,6 milyar. Beban pengumpulan tol naik 15,7% dari Rp 361,2 milyar menjadi Rp 417,8 milyar, yang terutama disebabkan oleh kenaikan beban gaji dan tunjangan pada karyawan pengumpulan tol. Beban pelayanan Jalan Tol naik 10,2% yang terutama disebabkan oleh kenaikan beban gaji dan tunjangan pada karyawan pelayanan Jalan Tol. Beban pemeliharaan Jalan Tol menurun sebesar 0,6% yang disebabkan turunnya beban perbaikan dan pemeliharaan. Beban Umum dan Administrasi naik 12,6% yang disebabkan adanya kenaikan pada beban gaji dan tunjangan, jasa professional dan Biaya Administrasi Bank.

Operating Expenses Jasa Marga’s operating expenses mainly consist of expenses of toll collection, toll road service, toll road maintenance, joint operations along with general and administrative each of which includes salaries and allowance along with depreciation. The total operating expenses in 2007 was Rp 1629 billion, increasing by 10.3% which is equal to Rp 152.4 billion compared to those of 2006 amounting Rp 1476.6 billion. Toll collection expenses increased by 15.7% from Rp 361.2 billion to Rp 417.8 billion, and it was particularly caused by the increase in salaries and allowance of toll collectors. There was an increase in toll road service expenses by 10.2% which was mainly caused by the increase in salaries and allowance of toll collectors. Toll road maintenance expenses decreased by 0.6% as a result of the decrease in repair and maintenance. General and administrative expenses increased by 12.6% as a result of an increase in salaries and allowance, professional fees and bank administrative charges.

Struktur Beban Usaha tahun 2007 terdiri dari; 38,2% merupakan beban gaji dan tunjangan , 21,7% Depresiasi, 12,3% beban kerjasama operasi dan sisanya sebesar 27,8% merupakan beban program bersangkutan. Proporsi beban usaha terhadap pendapatan usaha adalah sebesar 61,6% turun dari tahun 2006 sebesar 64,3%.

The structure of 2007 operating expenses represent salaries and allowance, depreciation, joint operations expenses each with the percentage of 38.2%, 21.7%, and 12.3% respectively, while the remaining 27.8% is the expenses of the corresponding program. The proportion of operating expenses to operating revenues was 61.6%, showing a decrease from that of 2006 which was 64.3%.

Laba Usaha Laba usaha perseroan naik dari Rp 819,4 milyar menjadi sebesar Rp 1015,9 milyar atau naik sebesar 24%. Kenaikan laba usaha ini terutama disebabkan adanya kenaikan tarif pada 11 ruas Jalan Tol.

Operating Income Operating income of the Company increased from Rp 819.4 billion to Rp 1015.9 billion indicating an increase by 24% which was resulted from the increase in tariffs of 11 toll roads the Company operates.

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55

Kontak Kami

Net Income The net income of the Company was Rp 277.9 billion. When proceeds from the sales of its shares in CMNP are excluded, the Company’s net income in 2007 was Rp 275.1 billion. Using the same basis for that of 2006, the Company’s net income thus showed an increase by 273.4%.

Laporan Keuangan

Laba Bersih Laba Bersih perusahaan tahun 2007 adalah sebesar Rp 277,9 milyar apabila tanpa memperhitungkan penjualan saham CMNP laba bersih tahun 2007 mencapai Rp 275,1 milyar. Dengan perhitungan yang sama pada tahun 2006 maka laba bersih perusahaan meningkat sebesar 273,4%.


Minority Interest Jasa Marga’s minority interest increased from Rp 8.7 million to Rp 1.8 billion.


Hak Minoritas Beban hak minoritas perusahaan naik dari Rp 8,7 juta menjadi Rp 1,8 milyar.

Saham Jasa Marga

Extraordinary Item Net Extraordinary item net of the Company in 2007 was reported nil.


Pos Luar Biasa Bersih Pos luar biasa bersih perseroan tahun 2007 adalah nihil.


Net Income before Extraordinary Item In 2007, net income before extraordinary item was 279.8 billion, suggesting an increase by 275%, while in 2006 it was Rp 74.5 billion, excluding proceeds from selling the shares in CMNP for both periods.

Laporan Manajemen

Laba bersih sebelum pos luar biasa Laba bersih sebelum pos luar biasa tahun 2007 adalah sebesar 279,8 milyar atau naik sebesar 275% apabila tidak memperhitungkan keuntungan penjualan saham CMNP. Laba bersih sebelum pos luar biasa murni tahun 2006 diluar penjualan saham CMNP mencapai Rp 74,5 milyar.

Fitur Jasa Marga

Estimated Income Tax There was an increase in estimated income tax by 182% from Rp 277.9 billion to Rp 74.5 billion, and it was caused by the increase in Final Income Tax in 2007.

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Taksiran Pajak Penghasilan Taksiran Pajak Penghasilan mengalami peningkatan sebesar 182% yaitu dari Rp 277,9 milyar menjadi Rp 74,5 milyar. Peningkatan tersebut disebabkan kenaikan Pajak Penghasilan Final pada tahun 2007.

Financial Report

Income before Tax and Extraordinary Item Income before tax and extraordinary item amounting to Rp 402 billion showed an increase by 241% compared to that of 2006 amounting to Rp 117.8 billion excluding proceeds from the sales of Jasa Marga’s shares in CMNP.


Laba sebelum pajak dan pos luar biasa Laba sebelum pajak dan pos luar biasa adalah sebesar Rp 402 milyar naik sebesar 241% apabila dibandingkan tahun 2006 yang tidak memperhitungkan keuntungan dari penjualan saham CMNP. Laba sebelum pajak dan pos luar biasa apabila tidak memperhitungkan keuntungan penjualan saham CMNP mencapai Rp 117,8 milyar.


• Other income decreased by 88% from Rp 403 billion in 2006 to Rp 47 billion in 2007. This account was higher in 2006 as a result of the sales of 13.6% shares in CMNP on 28 December 2006 giving proceeds amounting to Rp 388 billion. In 2007, Jasa Marga sold its investments in CMNP and received proceeds amounting to Rp 2.8 billion.


• Pendapatan Lain-lain turun 88% dari Rp 403 milyar dari tahun 2006 menjadi Rp 47 milyar pada tahun 2007. Besarnya pendapatan lain-lain pada tahun 2006 disebabkan adanya penjualan saham CMNP sebesar 13,6% pada tanggal 28 Desember 2006 yang memberikan keuntungan sebesar Rp 388 milyar. Tahun 2007 perusahaan juga menjual kepemilikannya di CMNP yang memberikan keuntungan sebesar Rp 2,8 milyar.


• Interest income increased by 391%, i.e. from Rp 10.8 billion to Rp 53.2 billion, as a result of the increase of interest income on time deposits of IPO proceeds.


• Pendapatan Bunga naik sebesar 391% yaitu dari Rp 10,8 milyar menjadi Rp 53,2 milyar, hal ini antara lain adanya kenaikan pendapatan bunga deposito yang berasal dari dana proceed IPO.


Other Expenses Other expenses decreased by 12% from Rp 701.5 billion to Rp 613.8 billion in 2007. The decrease was resulted from the following: • Interest expenses decreased by 2% from Rp 727.4 billion in 2007 to Rp 714.4 billion in 2006. The decrease was resulted from among others refinancing bank loans by issuing bonds.


Beban lain-lain Beban lain-lain turun 12% dari 701,5 milyar menjadi Rp 613,8 milyar pada tahun 2007. Penurunan ini disebabkan oleh; • Beban Bunga turun sebesar 2% dari Rp 727,4 milyar pada tahun 2007 menjadi Rp 714,4 milyar pada tahun 2006. Penurunan beban bunga ini antara lain disebabkan adanya refinancing hutang bank dengan obligasi

Total Asset Total Asset pada tahun 2007 mencapai Rp 13,8 trilyun atau naik sebesar 35% dibandingkan tahun 2006. Kenaikan yang signifikan terdapat pada posisi kas tahun 2007 yang mencapai Rp 4 trilyun yang antara lain diperoleh dari proceed IPO. Selain itu, kenaikan signifikan juga terdapat pada aktiva tetap yang naik Rp 2,1 trilyun yaitu dari Rp 6,8 trilyun tahun 2006 menjadi Rp 9 trilyun di tahun 2007 atau naik sebesar 31,4%.Kenaikan tersebut antara lain disebabkan naiknya aktiva hak pengusahaan Jalan Tol dengan dioperasikannya JORR seksi Jati Asih Cikunir dan biaya perolehan pada ruas Cipularang yang merupakan pengakuan hutang CGMN.

Total Assets The Company’s total assets in 2007 reached Rp 13.8 trillion representing an increase by 35% compared to that of the previous year. There was a significant increase in the Company’s cash in 2007 amounting to Rp 4 trillion deriving among others from the IPO proceeds. A significant increase was also shown in the fixed assets increasing by 31.4% or Rp 2.1 trillion from Rp 6.8 trillion in 2006 to Rp 9 trillion in 2007. The increase was resulted among others from the increase of fixed assets of concession rights with the commencement of JORR operation i.e. Jati AsihCikunir Section and the acquisition cost of Cipularang toll road representing acknowledgement of debt of CGMN.

Aktiva lancar Aktiva lancar secara keseluruhan naik sebesar 29,43% yaitu naik dari Rp 824 milyar tahun 2006 menjadi Rp 4,075 trilyun pada tahun 2007. Porsi terbesar terdapat pada pada kas dan setara kas perusahaan yang mencapai Rp 4 trilyun yang diperoleh dari proceed IPO.

Current Assets Overall current assets increased by 29.43% from Rp 824 billion in 2006 to Rp 4.075 trillion in 2007. The biggest portion was represented by the Company’s cash and cash equivalents reaching Rp 4 trillion which was received from the proceeds of IPO.

Aktiva Tidak Lancar Secara keseluruhan aktiva tidak lancar mengalami kenaikan sebesar 3,6%. Kenaikan tersebut disebabkan adanya kenaikan pada hak pengusahaan Jalan Tol sebesar 31,4% dan biaya pelapisan ulang sebesar 55,63%. Sementara penurunan terjadi pada aktiva tetap dalam konstruksi sebesar 92,2% yaitu dari Rp 1.820 milyar menjadi hanya Rp 141 milyar yang disebabkan telah selesainya ruas JORR Jatiasih-Cikunir.

Non-Current Assets There was an increase in the Company’s non-current assets by 3.6% which was resulted from the increase in concession rights by 31.4% and deferred overlay cost by 55.63%. Meanwhile, there was a decrease in constriction in progress by 92.2% from Rp 1,820 billion to only Rp 141 billion which was resulted from the completion of Jatiasih-Cikunir Section of JORR toll road.

Liabilities Total liabilities perusahaan pada akhir tahun 2007 mencapai Rp 7,6 trilyun. Dari total liabilities tersebut 61% nya merupakan outstanding obligasi perusahaan atau mencapai Rp 4,6 trilyun dan 10,7%nya merupakan hutang Bank. Dibandingkan dengan tahun 2006 total liabilities berkurang sebesar 3,02% atau turun sebesar Rp 237 milyar. Hal ini disebabkan oleh penurunan pada Hutang Bank, Hutang Bantuan Pemerintah dan Kewajiban Kerjasama Operasi. Pada tahun 2007 perusahaan me refinancing hutanghutang yang mempunyai bunga tinggi dengan bunga yang lebih rendah dengan mengeluarkan obligasi yang ke 13 seri R sejumlah Rp 1,5 trilyun yang keseluruhannya digunakan untuk melunasi hutang Bank. Hal ini memberikan dampak keleluasaan pada arus kas perusahaan.

Liabilities The Company’s total liabilities at the end of the year 2007 reached Rp 7.6 trillion, 61% of which represented outstanding bonds that reached Rp 4,6 trillion while 10.7% of which represented bank loan. Compared to that of 2006, there was a decrease in the total liabilities by 3.02% or amounting to Rp 237 billion as a result of the decrease in bank loan, loan from the Government and liabilities under joint operation agreement. In 2007, the Company refinanced its debts to get lower interest rate by issuing its 13th bond i.e. Bond R Series worth Rp 1.5 trillion which was wholly used for the payments of bank loans. This resulted in the efficiency in the Company’s cash flows.

Biaya Pinjaman Pada tahun 2007 perusahaan menerbitkan obligasi seri R dengan tingkat kupon tetap sebesar 10,25% p.a. dengan tenor 10 tahun. Tingkat bunga pinjaman Bank selama tahun 2007 berkisar antara 10,25% p.a. sampai dengan 14,5% p.a.

Borrowing Costs In 2007, the Company issued Bond R Series with fixed interest rate of 10.25% p.a. and ten years maturity. Bank’s interest rate during the year 2007 ranged between 10.25% p.a. and 14.5% p.a.

Ekuitas Ekuitas perusahaan meningkat sebesar 150,48% pada tahun 2007 yaitu dari Rp 2,3 milyar menjadi Rp 5,9 milyar. Peningkatan ini disebabkan adanya penawaran umum saham ke masyarakat melalui IPO. 30% atau 2,040 milyar saham dari Modal ditempatkan dan disetor penuh ditawarkan dalam penawaran umum.

Shareholders’ Equity The Company’s equity increased by 150.48% in 2007 from Rp 2.3 billion to Rp 5.9 billion. The increase was resulted from the offering of 30% of the Company’s shares to public by means of IPO, releasing 2.040 billion shares of issued and fully paid up capital.

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Imbal Hasil Keuangan Financial Returns

Arus Kas Dari Aktivitas Pendanaan Arus kas yang diperoleh dari aktivitas pendanaan mencapai Rp 3,7 trilyun. Hal ini disebabkan adanya aksi korporasi yang dijalankan perusahaan sepanjang tahun 2007 yaitu penerbitan obligasi seri R yang menghasilkan dana sebesar Rp 1,5 trilyun dan penawaran umum saham perdana sebesar Rp 3,4 trilyun. Disamping hal tersebut perusahaan juga menerima pinjaman hutang Bank sebesar Rp 957 milyar dan melunasi hutang Bank sebesar Rp 684 milyar.

Cash Flows from Financing Activities The cash flows from financing activities reached Rp 3.7 trillion as a result of the corporate actions the Company performed during the year 2007, i.e. the issuance of Bond R Series with proceeds amounting to Rp 1.5 trillion and the Company’s initial public offering with proceeds from amounting to Rp 3.4 trillion. Moreover, the Company also received proceeds from bank loans amounting to Rp 957 billion and made payment of bank loans amounting to Rp 684 billion.

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Kontak Kami

Cash Flows from Investment Activities The cash flows used in investment activities reached Rp 50.5 billion, as a result of proceeds from shortterm investment-net reaching Rp 485.7 billion.

Laporan Keuangan

Arus Kas Dari Aktivitas Investasi Arus Kas yang dipergunakan untuk kegiatan investasi adalah sebesar Rp 50,5 milyar, hal ini disebabkan adanya penjualan investasi jangka panjang bersih yang mencapai Rp. 485,7 milyar.


Cash Flows from Operating Activities In 2007, the cash flows from operating activities increased by 64.8% compared to that of the year 2006, i.e. from Rp 297 billion to Rp 489.7 billion. The increase was resulted from the increase in receipts from toll revenues and other revenues by Rp 347.2 billion and Rp 23.5 billion respectively. The increase in toll revenues was resulted from the raise of toll tariff of 11 toll roads.

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Arus Kas Dari Aktivitas Operasi Arus Kas yang diperoleh dari aktivitas operasi pada tahun 2007 meningkat 64,8% dibandingkan tahun 2006, yaitu dari Rp 297 milyar menjadi Rp 489,7 milyar. Peningkatan ini disebabkan meningkatnya pendapatan tol maupun pendapatan lainnya yang meningkat masing-masing sebesar Rp 347,2 milyar dan Rp 23,5 milyar. Meningkatnya pendapatan tol disebabkan antara lain adanya peningkatan tarif pada 11 ruas Jalan Tol.


The Company’s Cash Flows

Saham Jasa Marga

Arus Kas Perusahaan


Financial Covenant Based on the general meeting of bondholders convened on 13 June 2007, the Company changed the financial covenant of all outstanding bonds: maximum 5 times for DER and minimum 1.25 times for ICR. At the end of the year 2007, the Company’s DER and ICR were 2.6 and 1.49 respectively. Compared to the previous year, the Company’s DER and ICR have improved which is 2.86 and 1.47 respectively.


Financial Covenant Berdasarkan RUPO yang diadakan pada tanggal 13 Juni 2007 perusahaan melakukan perubahan financial covenant untuk semua obligasi yang masih outstanding. Financial Covenant ditetapkan untuk DER maksimal 5 dan untuk ICR ditetapkan minimal 1,25 kali. Pada posisi per akhir tahun 2007 DER perusahaan adalah sebesar 2,6 dan ICR mencapai1,49 Dibandingkan dengan tahun 2006 maka DER dan ICR perusahaan semakin membaik dimana DER dan ICR tahun 2006 masing-masng sebesar 2,86 dan 1,47.

Laporan Manajemen

Return of equity (ROE) increased by 4.61% from previously 3.09% in 2006. The increase was generated by the increase in the Company’s net income (excluding the proceeds received from selling its shares in CMNP in 2006) by 273% and the increase in equity by 150%.

Fitur Jasa Marga

Imbal Hasil Ekuitas atau ROE naik menjadi sebesar 4,61% dari 3,09% pada tahun 2006. Kenaikan tersebut disebabkan adanya kenaikan pada laba bersih perusahaan (diluar gain penjualan saham CMNP pada tahun 2006) sebesar 273% dan kenaikan ekuitas sebesar 150%.

Financial Report

Jasa Marga’s return on asset (ROA) in 2007 increased by 1.99% indicating the growth of the Company’s income, in addition to the increase of its assets in the form of proceeds from IPO. The Company’s margin increased from 3.21% in 2006 to 10.41% in 2007.


Imbal Hasil Keuangan atau Return on Asset (ROA) Jasa Marga pada tahun 2007 meningkat menjadi sebesar 1,99%, kenaikan tersebut mengindikasikan adanya pertumbuhan laba perusahaan disamping adanya peningkatan asset perusahaan berupa proceed penerimaan IPO. Marjin perusahaan sendiri pada tahun 2007 meningkat menjadi sebesar 10,41% dari 3,21% pada tahun 2006.


Imbal Hasil Ekuitas Return on Equity


1,99% 4,61%


0,72% 3,09%


Imbal Hasil Aktiva Return on Asset


2007


2006

KINERJA OPERASI OPERATIONAL PERFORMANCE

Volume Lalu Lintas dan Pendapatan Tol Traffic Volume and Toll Revenue

Realisasi volume lalu lintas Jasa Marga tahun 2007 adalah 859,32 juta kendaraan atau 1,32% diatas target volume lalu lintas pada Rencana Kerja dan Anggaran Perusahaan (RKAP) 2007 yang besarnya 848,14 juta kendaraan. Dibandingkan dengan realisasi volume lalu lintas tahun 2006 sebesar 829,28 juta kendaraan, realisasi tahun 2007 menunjukkan peningkatan sebesar 3,62%.

During the course of 2007, the traffic volume of Jasa Marga’s toll roads reaches 859.32 million vehicles which indicate that traffic volume realization is 1.32% higher than the target stated in the Company’s 2007 budget plan of 848.14 million vehicles. Compared to 2006 traffic volume realization with 829.28 million vehicles, the 2007 traffic volume shows an increase by 3.62%.

Volume Lalu Lintas per Cabang Traffic Volume of Each Branch

58


Cawang - Tomang - Cengkareng

256,018

29.79%

Jagorawi

116,081

13.51%

Jakarta - Tangerang

112,882

13.14%

Jakarta - Cikampek

109,644

12.76%

JORR

102,586

11.94%

Surabaya - Gempol

53,750

6.25%

Purbaleunyi

52,136

6.07%

Semarang

25,702

2.99%

Belmera

16,798

1.95%

Palikanci

13,722

1.60%

www.jasamarga.com

Fitur Jasa Marga


Laporan Manajemen



Management’s Performance Analysis

Analisa Kinerja Manajemen


Saham Jasa Marga





Financial Report

Laporan Keuangan

2007


Volume Lalu Lintas Traffic Volume 859,321

2006

829,278

Sedangkan realisasi pendapatan tol yang berhasil dicapai Jasa Marga tahun 2007 adalah Rp 2.680,28 milyar atau 3,15% diatas target pendapatan tol pada RKAP 2007 yaitu sebesar Rp 2.598,43 milyar. Realisasi pendapatan tol tahun 2007 ini menunjukkan peningkatan sebesar 15,25% jika dibandingkan dengan realisasi pendapatan tol tahun 2006 yaitu Rp 2.325,52 milyar.

In 2007, Jasa Marga has managed to gain toll revenue amounting to Rp 2,680.28 billion which is 3.15% above the targeted toll revenue stated in the Company’s 2007 budget plan which was Rp 2,598.43 billion. This year’s toll revenue shows an increase by 15.25% compared to that of the previous year amounting to Rp 2,325.52 billion.

Pendapatan Tol Toll Revenue 2007

2,617,714

2006

2,270,450

Pendapatan Tol per Cabang Toll Revenue of Each Branch Cawang - Tomang - Cengkareng

592,854

22.65%

Jakarta - Cikampek

505,372

19.31%

Purbaleunyi

406,156

15.52%

JORR

366,710

14.01%

Jagorawi

273,359

10.44%

Jakarta - Tangerang

238,664

9.12%

Surabaya - Gempol

114,518

4.37%

Palikanci

47,766

1.82%

Belmera

36,800

1.41%

Semarang

35,514

1.36%


59

Kontak Kami

Contact Us

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Jumlah Kecelakaan & Tingkat Kecelakaan Number of Accidents & Accident Rate

2007

2,274

2006

2007 2006

2,530

20.80 24.22

Tingkat Kecelakaan Accident Rate

175

Jumlah Kecelakaan Number of Accidents

Tingkat Kecelakaan dan Tingkat Fatalitas Tingkat Kecelakaan adalah besaran yang menunjukkan jumlah kecelakaan per 100 juta kendaraan km perjalanan sedangkan Tingkat Fatalitas adalah besaran yang menunjukkan jumlah korban meninggal dunia akibat kecelakaan per 100 juta kendaraan km perjalanan.

Accident and Fatality Rates Accident Rate is the figure showing the number of accidents per 100 million vehicles km traveled whereas Fatality Rate is the figure showing the death toll caused by accidents per 100 million vehicles km traveled.

Jumlah kecelakaan yang terjadi diruas Jalan Tol yang dikelola Jasa Marga pada tahun 2007 adalah sebanyak 2274 kecelakaan, dibandingkan dengan tahun 2006 yang mencapai 2530 kecelakaan, terjadi penurunan sebesar 10,1%. Sementara itu tingkat kecelakaan tahun 2007 adalah sebesar 20,80 menurun dibandingkan dengan tahun 2006 yang mencapai 24,22. Jumlah korban meninggal dunia tahun 2007 adalah sebesar 118 orang menurun sebesar 32,6% dibandingkan dengan tahun 2006 yang mencapai 175 orang, sementara itu tingkat fatalitas tahun 2007 adalah sebesar 1,08 menurun dibandingkan dengan tahun 2006 yang mencapai 1,68.

In 2007, the number of accidents on toll roads operated by Jasa Marga shows a decrease by 10.1% with 2,274 accidents and accident rate falls at the level of 20.80 compared to those of the previous year with 2,530 accidents and accident rate reaching 24.22. Meanwhile, the overall death toll on Jasa Marga’s toll roads during the course of 2007 are 118 people and this indicates fatality rate at the level of 1.08. These figures fall by 32.6% compared to those of the same period last year with death toll and fatality rate reaching 175 people and 1.68 respectively.

Jumlah Korban Meninggal & Tingkat Fatalitas Death Toll & Fatality Rate 2007

118

2006

2007 2006

60

175

1.08 1.68


Jumlah Korban Meninggal. Death Toll.

Tingkat Fatalitas. Fatality Rate.

www.jasamarga.com


11.27

31.44

31.44

3

Jakarta-Tangerang 208

19.06

19.06

30

12.23

12.23

313

17.02

17.02

4


5

Purbaleunyi

• Kalihurip-Padalarang

161

23.48

23.48

• Padalarang-Cileunyi

139

18.89

18.89

6

Surabaya-Gempol

61

10.08

10.08

7

Semarang

65

33.66

33.66

8

Belmera

26

13.61

13.61

9

Palikanci

74

33.72

33.72

10

JORR

177

17.37

17.37

Selain melakukan patroli, Jasa Marga juga menyediakan layanan darurat bagi pemakai Jalan Tol. Patroli Jasa Marga melakukan patroli secara rutin untuk menangani masalah dan keadaan darurat yang mungkin terjadi pada pemakai jalan. Tim Patroli memberikan bantuan darurat untuk kendaraan pemakai jalan yang mengalami masalah mesin. Jasa Marga menyediakan faslilitas derek gratis sampai ke bengkel terdekat di semua ruas Jalan Tol yang dioperasikannya. Jasa Marga juga mengoperasikan ambulans yang dilengkapi dengan peralatan pertama dan evakuasi darurat. Dalam merespon kecelakaan, petugas lapangan Jasa Marga memiliki kemampuan dalam membersihkan bekas kecelakaan yang disebabkan oleh erosi Jalan Tol, kebakaran, tumpahnya muatan dan hewan yang mati di jalan utama maupun bahu jalan.

Not only does Jasa Marga provide patrol officers and vehicles, it also provides emergency services for toll road users. Jasa Marga patrol officers routinely walk the beat to handle possible problems or emergency situations that toll road users face. The Patrol team gladly lend a hand to road users whose vehicle has machine problem. On toll roads it operates, Jasa Marga provides free towing facility that will help road user to tow the car to the nearest car service. Jasa Marga also provides ambulances that are equipped with first aid kits and emergency evacuation tools. In responding to accidents, Jasa Marga’s field officers possess the capability to clear the road where accident happens due to toll road erosion, fire, road spills and dead animal on either the main road or the road shoulder.

Untuk memberikan informasi situasi dan kondisi Jalan Tol kepada para pemakai jalan, Jasa Marga memiliki beberapa sistem informasi lalu lintas, termasuk dengan menggunakan panel pesan di sepanjang Jalan Tol. Selain itu, para pemakai jalan atau calon pemakai jalan dapat menghubungi nomor telpon Layanan Informasi Tol yang aktif selama 24 jam.

To make sure that toll road users are well informed of toll road situation and condition, Jasa Marga equipped its toll roads with several traffic information systems and message signs. Moreover, toll road users or those who plan to use toll roads may contact the 24hour toll road information service.


61

Kontak Kami

Services on Toll Road In operating its toll roads, Jasa Marga keeps improving the management of toll road safety and security using international standard. The strategies to prevent accidents from happening are performed by developing, purchasing and providing the most advanced safety and security features such as crossing bridges, concrete barrier, speed limit control, traffic signs and markings rejuvenation, road widening, ambulance quick response, toll road patrol and removal of unwanted things on toll roads. Jasa Marga firmly believes those efforts play an extremely essential role in minimizing the number of accidents on toll roads it operates.

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Layanan di Jalan Tol Dalam mengelola Jalan Tol, Jasa Marga berusaha untuk terus meningkatkan pengelolaan keamanan dan keselamatan di Jalan Tol dengan menggunakan standar internasional. Strategi pencegahan kecelakaan dilakukan dengan pembangunan, pembelian dan pengadaan fitur keamanan dan keselamatan terbaru seperti jembatan penyeberangan, pembatas beton, pengendali batas kecepatan, peremajaan rambu-rambu, pelebaran jalan, kemampuan respon kendaraan ambulans, patroli tol dan pembersihan benda-benda asing di Jalan Tol. Jasa Marga percaya bahwa usaha pencegahan kecelakaan lalu lintas tersebut sangat penting dalam meminimalisasi kecelakaan di Jalan Tol yang dioperasikannya.

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Fitur Jasa Marga

11.27

965

• Serpong-Ulujami

Financial Report

232

Jakarta-Cikampek • Jakarta-Tangerang


Jagorawi

2


Tingkat Fatalitas Fatality Rate

1


Tingkat Kecelakaan Accident Rate


Jumlah Kecelakaan Number of Accidents


Cabang Branch


No.


Kecelakaan, Tingkat Kecelakaan & Tingkat Fatalitas per Cabang Accident, Accident Rate & Fatality Rate in Each Branch

Pemeliharaan Jasa Marga secara rutin melakukan kegiatan pemeliharan Jalan Tol yang dikelolanya yang juga merupakan bagian dari pelayanan kepada pemakai jalan. Tanggung jawab Jasa Marga sebagai pemegang hak pengusahaan Jalan Tol dibuktikan dengan pekerjaan pengaspalan, saluran pengendali banjir, keamanan, rambu-rambu lalu lintas, dan jembatan (baik jembatan penyeberangan maupun jembatan kendaraan).

Maintenance On a regular basis, Jasa Marga performs maintenance activities on all toll roads it operates. Besides as part of the service that Jasa Marga delivers to toll road users, maintenance activities are also the responsibility of Jasa Marga as the holder of the concessions. Jasa Marga proves its responsibility by conducting paving work, flood control channel construction, safety-related works, provision of traffic signs, and construction of bridges (both for people and for vehicles).

Kegiatan pemeliharaan dilakukan untuk memenuhi standar pelayanan minimal (SPM) Jalan Tol yang terdiri dari:

Maintenance activities are conducted so that the toll roads fulfill the service qualifications which consist of the following standards:

Standar Pelayanan Minimal Minimum Standard of Service Standar Pencapaian Minimum Standard

No.

Kriteria Criteria

1

Ketidakrataan

Skala IRI < 4 m/km

Roughness

IRI Scale < 4 m/km

Kekesatan

≥ 0.33 µm

Skid Resistance

≥ 0.33 µm

Zero Pothole

Tidak ada lubang

Zero Pothole

No hole

2 3 4

Marka Jalan Road Markings

sumber: Peraturan Menteri Pekerjaan Umum/No. 392/ PRT/M/2005 tanggal 31 Agustus 2005

• Fisik (existing) 100% Physical (existing) 100%

source: Minister of Public Works Regulation/No. 392/ PRT/M/2005 dated 31 August 2005

• Reflektifitas ≥ 80% Reflectivity ≥ 80%

Tahun 2007, ruas-ruas Jalan Tol yang dioperasikan Jasa Marga secara keseluruhan berhasil memenuhi kriteria standar pelayanan minimal dengan nilai rata-rata ketidakrataan adalah 3,22 m/km dan nilai rata-rata kekesatan adalah 0,59 µm. Pencapaian standar pelayanan minimal Jalan Tol tahun 2007 masing-masing cabang dapat dilihat pada tabel dibawah ini.

In 2007, all toll roads operated by Jasa Marga in general have successfully met the criteria for minimum standard of service with average scores for roughness and skid resistance are 3.22 m/km and 0.59 µm respectively. The achievement of toll road minimum standard of service in 2007 in each Branch is shown in the following table.

Pencapaian Standar Pelayanan Minimal (SPM) Jalan Tol Accomplishment of Toll Road Minimum Standard of Service Cabang Branch

No.

62

Ketidakrataan Roughness

Kekesatan Skid Rasistance

Marka Jalan - Road Markings Zero Pothole

Fisik (Existing) Physical (Existing)

Refleksifitas Reflectivity

1

Jagorawi

2.76

0.71

Zero

100%

100%

2

Jakarta-Cikampek

2.98

0.47

Zero

100%

100%

3

Jakarta-Tangerang

• Jakarta - Tangerang

3.15

0.53

Zero

100%

100%

• Serpong - Ulujami

3.08

0.65

Zero

100%

100%

2.54

0.72

Zero

100%

100%

4


5

Purbaleunyi

• Kalihurip - Padalarang

4.29

0.62

Zero

100%

100%

• Padalarang - Cileunyi

3.72

0.63

Zero

100%

100%

6

Surabaya-Gempol

3.74

0.60

Zero

100%

100%

7

Semarang

3.37

0.47

Zero

100%

100%

8

Belmera

2.86

0.60

Zero

100%

100%

9

Palikanci

2.96

0.51

Zero

100%

100%



www.jasamarga.com

Kegiatan pemeliharaan dan peningkatan kapasitas Jalan Tol merupakan bagian dari investasi yang dilakukan Jasa Marga pada Jalan Tol yang telah beroperasi dengan tujuan meningkatkan pelayanan dan volume lalu lintas

Surabaya-Gempol

The activities of maintaining and increasing toll road capacity are part of Jasa Marga’s investment in its operated toll roads for the purpose of providing higher quality service and increasing traffic volume.

Laporan Keuangan

Widening Dupak-Waru section (one direction)


31+400 Penambahan lajur ruas Dupak-Waru (satu arah)


4

Jakarta-Cikampek

Saham Jasa Marga

Widening Cibitung-Cikarang section Sta. 28+675 until Sta. 31+400


Penambahan lajur ruas Cibitung-Cikarang Sta. 28+675 s.d. Sta.


3

Jakarta-Cikampek

Laporan Manajemen

Widening km 31+400 until km 34+400 (both directions)

Fitur Jasa Marga

Penambahan lajur km 31+400 s.d. km 34+400 (dua arah)

Financial Report

2

Belmera


Widening Amplas-Tanjung Morawa section


Penambahan lajur ruas Amplas-Tanjung Morawa


1


Cabang Branch


Proyek Project

No.


The projects conducted to increase toll road capacity in 2007 are as follows:


Sedangkan proyek peningkatan yang dilakukan Jasa Marga tahun 2007 adalah sebagai berikut:


63

Kontak Kami

Contact Us

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PROSPEK PERTUMBUHAN JASA MARGA PROSPECT OF JASA MARGA’S GROWTH Sepanjang tahun 2007 proyek Jalan Tol baru yang telah berhasil dioperasikan adalah ruas Jatiasih-Cikunir sepanjang 3,8 km yang merupakan bagian dari JORR. Ruas baru tersebut berhasil dioperasikan setelah tertunda hampir selama 2 tahun akibat terkendala pembebasan lahan. Dengan beroperasinya ruas tersebut, maka seluruh JORR dari Ulujami sampai Cakung Utara sepanjang 45 km telah tersambung dan menghubungkan tiga ruas tol yang telah beroperasi yaitu Jagorawi, JakartaCikampek dan Jakarta-Serpong.

During the course of 2007, Jasa Marga has succeeded in operating the newly completed 3.8 km Jatiasih-Cikunir section which is part of JORR toll road. The said section finally started to operate after the delay for nearly two years due to land acquisition problem. The operation of the said toll road thus connects the whole JORR toll road of 45 km starting from Ulujami to Cakung Utara and links three operating toll roads, i.e. Jagorawi, Jakarta-Cikampek and Jakarta-Serpong.

Selain mulai membentuk usaha patungan pada tiga ruas baru yaitu Bogor Ring Road, Semarang-Solo dan Gempol-Pasuruan pada tahun 2007, Jasa Marga juga menambah portofolio Jalan Tol barunya pada tahun 2007 dengan memperoleh konsesi baru melalui tender pada ruas bagian JORR II yaitu CengkarengKunciran dan Kunciran-Serpong.

Apart from forming joint ventures for the three new toll road projects, i.e. Bogor Ring Road, SemarangSolo and Gempol-Pasuruan in 2007, Jasa Marga also added two more toll road concessions to its portfolio in the same year with the concessions under tender mechanism for two sections of JORR II, i.e. Cengkareng-Kunciran and Kunciran-Serpong.

64


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Saham Jasa Marga





Financial Report

Laporan Keuangan

Given the abovementioned condition, Jasa Marga’s growth prospect is solidly supported by the following factors: • Jasa Marga presently has 13 toll roads in operation, most of which highly contribute to the Company’s profit. • Jasa Marga’s new toll roads connect to those already existed and this serves as the guarantee of the traffic volume. • The toll roads have long remaining concessions: those for 13 currently operating toll roads will expire in 2044 (except for JORR S), those for the three new projects will expire in 2051 and those for two sections of JORR II in 2037. • The toll roads are scattered on diversified locations, including major cities with high economic growth.


Dengan kondisi tersebut prospek pertumbuhan Jasa Marga adalah solid, dengan faktor-faktor sebagai berikut; • Mempunyai 13 ruas Jalan Tol yang sudah eksisting, beroperasi dan mayoritas memberikan kontribusi profit yang tinggi kepada perusahaan. • Mempunyai Jalan Tol baru yang terkoneksi dengan Jalan Tol yang sudah ada memberi jaminan volume lalu lintas yang telah terbentuk. • Konsesi yang masih panjang dengan yang mayoritas akan berakhir pada tahun 2044 untuk 13 ruas yang saat ini dioperasikan (kecuali JORR S), 2051 untuk tiga ruas baru dan 2037 untuk 2 ruas JORR 2. • Terdiversikasinya lokasi jalan-Jalan Tol dan terletak di kota-kota besar yang mempunyai pertumbuhan ekonomi yang tinggi.


For the next five years, the Company will bring its focus on the completion of the five new projects in addition to the completion of the project of JORR W2 North which is part of the currently operating JORR toll road.


Selama 5 tahun kedepan perusahaan akan memfokuskan pada penyelesaian 5 proyek baru tersebut ditambah penyelesaiaan proyek JORR W2 Utara yang merupakan bagian dari JORR yang saat ini sudah beroperasi.


65

Kontak Kami

Contact Us

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Proyek Baru Strategis Jalan Tol New Strategic Toll Road Projects

1. PROYEK Jalan Tol BOGOR RING ROAD BOGOR RING ROAD TOLL ROAD PROJECT

R1

R0

R2

Semplak

Kedung Halang

Dermaga

Bogor

U

R3

Sentul Sentul Selatan

PEMBANGUNAN TAHAP I CONSTRUCTION OF STAGE I Biaya Investasi : Rp. 500.400.000.000,Investment Cost Masa Konsesi : 45 tahun Concession Period : 45 years Internal Rate of Return (IRR) : 22,2%

Bogor

Lokasi Proyek Jalan Tol Bogor Ring Road Location of Semarang - Solo Toll Road Project

Total Panjang Jalan Total Length

Sistem Operasi : Terbuka Toll Collection : Open System Volume Lalu Lintas (2009) : 35.275 kendaraan/hari Traffic Volume (2009) : 35,275 vehicles/day Tarif Tol Awal Gol I (2009) : Rp. 3.000,Initial Toll Tariff Class I (2009)

: 11 Km

Jumlah Lajur Number of Lanes Tahap I Stage I : Sentul Selatan-Kedung Halang (3,8 Km) Jumlah Simpang Susun Number of Interchanges Tahap II Stage II : Kedung Halang-Semplak (4 Km) Tahap III Stage III : Semplak-Darmaga (3,2 Km) KETERANGAN Nama Perusahaan Patungan : PT Marga Sarana Jabar NOTE Joint Venture

2. PROYEK Jalan Tol SEMARANG-SOLO SEMARANG-SOLO TOLL ROAD PROJECT Kota Semarang Kab. Semarang

Lokasi Proyek Jalan Tol Semarang - Solo Location of Semarang - Solo Toll Road Project

Bawen Kota Salatiga

Kab. Bayolali

Total Panjang Jalan Total Length

: 75.67 km

Tahap I Stage I Tahap II Stage II

: Semarang-Bawen (22,21 Km) : Bawen-Sukoharjo (53,46 Km)

Nama Perusahaan Patungan Joint Venture

66

Kab. Sukaharjo

: PT Trans Marga Jateng



: 2 X 2 lajur : 2 X 2 lanes :1 : Tahap II dan tahap III dilaksanakan apabila telah layak : Stage II and III are carried out once they are feasible

Sistem Operasi Toll Collection Volume Lalu Lintas (2010) Traffic Volume (2010) Tarif Tol Awal Gol I (2010) Initial Toll Tariff Class I (2010)

: Tertutup : Close System : 27.881 kendaraan/hari : 27,881 vehicles/day : Rp. 458,-/Km

PEMBANGUNAN TAHAP I CONSTRUCTION OF STAGE I Biaya Investasi : Rp. 3.022.000.000.000,Investment Cost Masa Konsesi : 45 tahun Concession Period : 45 years Internal Rate of Return (IRR) : 17.1% Jumlah Lajur Number of Lanes Jumlah Simpang Susun Number of Interchanges

: 2 X 2 lajur : 2 X 2 lanes :3

KETERANGAN NOTE

: Tahap II dan tahap III dilaksanakan apabila telah layak : Stage II and III are carried out once they are feasible

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3. PROYEK Jalan Tol GEMPOL - PASURUAN GEMPOL - PASURUAN TOLL ROAD PROJECT

Total Panjang Jalan : 32 km Total Length

Lokasi Simpang Susun 1. Gempol (Junction) 2. Bangil 3. Rembang 4. Gading Rejo 5. Rejoso 6. Grati

Gempol Bangil Rembang

Kota Pasuruan Gadding Rejo

Tahap I Stage I : Gempol-Rembang (11,6 Km) Tahap II Stage II : Rembang-Gading Rejo (8,9 Km) Tahap III Stage III : Gading Rejo-Grati (11,5 Km Sistem Operasi Toll Collection Volume Lalu Lintas (2009) Traffic Volume (2009) Tarif Tol Awal Gol I (2009) Initial Toll Tariff Class I (2009)

: Tertutup : Close System : 19.790 kendaraan/hari : 19,790 vehicles/day : Rp. 458,-/2 tahun

Rejoso Grati

Lokasi Proyek Jalan Tol Gempol - Pasuruan Location of Gempol - Pasuruan Toll Road Project

Nama Perusahaan Patungan : PT Trans Marga Jatim Pasuruan Joint Venture

Biaya Investasi : Rp. 2.616.000.000.000,Investment Cost Masa Konsesi : 45 tahun Concession Period : 45 years Internal Rate of Return (IRR) : 18.2% Jumlah Lajur : 2 X 2 lajur Number of Lanes : 2 X 2 lanes Jumlah Simpang usun : 5 Number of Interchanges

4. PROYEK Jalan Tol CENGKARENG-KUNCIRAN CENGKARENG-KUNCIRAN TOLL ROAD PROJECT

Total Panjang Jalan : 15.2 Km Total Length

Cengkareng Merak Kunciran Merak

Serpong

Bogor Lokasi Proyek Jalan Tol Cengkareng – Kunciran (Bag. JORR 2) Location of Cengkareng – Kunciran (Sec. JORR 2) Toll Road Project

Tahap Konstruksi Rencana Jalan Tol Jalan Tol Beroperasi Toll Road Operation Rencana Jalan Tol Cengkareng - Kunciran Trans Cengkareng - Kunciran Toll Road Plan

Nama Perusahaan Patungan : PT Marga Kunciran Cengkareng Joint Venture

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Biaya Investasi : Rp. 2.542.000.000.000,Investment Cost Masa Konsesi : 35 tahun Concession Period : 35 years Internal Rate of Return (IRR) : 18.13% Jumlah Lajur : 2 X 3 lajur Number of Lanes : 2 X 3 lanes Jumlah Simpang usun : 3 Number of Interchanges


67

5. PROYEK Jalan Tol KUNCIRAN-SERPONG KUNCIRAN-SERPONGTOLL ROAD PROJECT Panjang Jalan Length

Nama Perusahaan Patungan : PT Marga Trans Nusantara Joint Venture

Cengkareng


Merak Kunciran

Serpong

Cikampek

Bogor Lokasi Proyek Jalan Tol Kunciran – Serpong (Bag. JORR 2) Location of Kunciran – Serpong (Sec. JORR 2) Toll Road Project

6. PROYEK Jalan Tol JORR W2 UTARA JORR W2 NORTH TOLL ROAD PROJECT

Teluk Niaga

N

Java Sea Pluit

Tanggerang Bekasi

Cawang TOL JORR W2 UTARA

Halim TMII Serpong

DKI Jakarta Depok

Proyek Jalan Tol W2 W2 Toll Road Project Rencana Jalan Tol Toll Road Plan Jalan Tol Toll Road

Rest Area km 57 Jalan Tol Jakarta-Cikampek

68

: 11.2 Km


Biaya Investasi : Rp. 2.031.000.000.000,Investment Cost Masa Konsesi : 35 tahun Concession Period : 35 years Internal Rate of Return (IRR) : 18.2% Jumlah Lajur : 2 X 3 lajur Number of Lanes : 2 X 3 lanes Jumlah Simpang usun :2 Number of Interchanges

Panjang Jalan Length

: 7.67 Km

Nama Perusahaan Mitra Joint Venture Pola Kerjasama

: PT Jakarta Propertindo

Sistem Operasi Toll Collection : Open System Volume Lalu Lintas (2010) Traffic Volume (2010) Tarif Tol Awal Gol I (2010) Initial Toll Tariff Class I (2010)

: Terbuka

: Kerja Sama Operasi (KSO)

: 39.000 kendaraan/hari : 39,000 vehicles/day : 6000,-

Biaya Investasi : Rp. 1.482.000.000.000,Investment Cost Masa Konsesi : 37 tahun Concession Period : 37 years Internal Rate of Return (IRR) : 17.2% Jumlah Lajur Number of Lanes Jumlah Simpang usun Number of Interchanges

: 2 X 3 lajur : 2 X 3 lanes :3

Rest Area km 57 Jakarta-Cikampek Toll Road


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Purbaleunyi

576

6

Surabaya-Gempol

602

7

Semarang

224

8

Belmera

246

9

Palikanci

173


69

Kontak Kami

921

5

Laporan Keuangan



554

4


Jakarta-Tangerang

Saham Jasa Marga

865

3


770

Jakarta-Cikampek


Jagorawi

2

Laporan Manajemen

1

Contact Us

www.jasamarga.com

Jumlah Karyawan Number of Employees

Fitur Jasa Marga

Cabang Branch

Financial Report

No.


All employees are given equal chances to develop themselves, reach their highest accomplishment and to also show what they are capable of through healthy competitions yet still holding on to the spirit of togetherness, brotherhood and unity. Being one of the most valuable assets of the Company, Jasa Marga’s employees are invariably prepared to face whatever challenges emerging from the toll road industry. In accordance with the Company’s vision and mission to firmly maintain its reputation as the market leader of toll road industry, training and education programs, both internal as well as external, are carried out to advance the capabilities and skill of the employees of all levels.


Setiap karyawan diberikan kesempatan yang sama untuk berkembang dan mencapai prestasi setinggi-tingginya serta menunjukkan potensi yang dimilikinya melalui kompetisi yang sehat namun tetap memegang teguh rasa kebersamaan, persaudaraan dan kekeluargaan. Sebagai salah satu aset berharga Perusahaan, karyawan Jasa Marga senantiasa dipersiapkan untuk siap menghadapi berbagai tantangan industri Jalan Tol. Sejalan dengan visi dan misi untuk tetap menjadi market leader, sejumlah program pendidikan dan pelatihan, baik internal maupun eksternal, diselenggarakan untuk mengembangkan kemampuan dan keterampilan karyawan di semua lapisan


Scattered in nine branch offices in Indonesia, including project offices along with several joint ventures, Jasa Marga is empowered by 5,576 workforces, with the majority or 69.66% of the total number of employees work as operational staffs. Jasa Marga has been implementing the zero growth policy and will keep focusing on enhancing the knowledge and skills of existing employees, while simultaneously making use of the technology to boost employees’ productivity.


Dengan 5.576 karyawan yang tersebar di sembilan kantor cabang di seluruh Indonesia, kantor-kantor proyek serta beberapa perusahaan patungan, sebagian besar karyawan Jasa Marga atau sebanyak 69,66% bekerja sebagai staf operasional. Jasa Marga menerapkan kebijakan untuk tidak merekrut karyawan baru dan akan tetap menitikberatkan proses peningkatan pengetahuan dan keahlian karyawan yang sudah ada, bersamaan dengan pemanfaatan teknologi untuk meningkatkan produktifitas karyawan.


Jasa Marga constantly emphasizes its employees that the success of the Company depends a lot on their dedication and quality. This is the reason why “Prioritizing High Quality Service” becomes the motto that the employees use as their work ethic and culture. All key personnel make sure that they use the basic principles of human resources management in managing each employee under their supervision, in order that every single employee is able to take the values of the Company as their own personal values.


Jasa Marga senantiasa menekankan bahwa dedikasi dan kualitas karyawan sangat menentukan keberhasilan Perusahaan. Oleh karena itu, Jasa Marga menjadikan moto “Mengutamakan Kualitas Pelayanan” sebagai budaya dan etika bagi karyawannya. Prinsip-prinsip dasar pengelolaan sumber daya manusia dijadikan pedoman bagi seluruh pimpinan dalam melaksanakan supervisi terhadap masing-masing karyawan yang berada di bawah tanggung jawabnya, dengan tujuan agar setiap karyawan dapat menerima nilai-nilai Perusahaan sebagai nilai pribadi masing-masing.


MANAJEMEN SUMBER DAYA MANUSIA HUMAN RESOURCES MANAGEMENT

Jumlah Pegawai berdasarkan Pendidikan Employees based on Education

Jumlah Pegawai berdasarkan Usia Employees based on Age S2

7

S1

332

D3

40

SLTA

4,659

SLTP

266

SD

272

Jumlah Pegawai berdasarkan Lokasi Kerja Employees based on Employment Location

> 50 _

516

46 - 50

967

41 - 45

1,442

36 - 40

1,244

31 - 35

1,097

> 26 - 30 _

Perusahaan Patungan Joint Ventures

460

Proyek Project Offices

142

Kantor Cabang Branch Offices

4,931

Kantor Pusat Head Office

70

460



310

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Financial Report

Laporan Keuangan

Pengembangan Pribadi Personality Development


Kepemimpinan & Manajemen Leadership & Management

103


Keterampilan Pendukung Supporting Skill

Membekali pengetahuan tentang organisasi dan perusahaan serta peraturan-peraturan yang berlaku


Keterampilan Teknis Technical Skill

Peserta Participants


Tujuan Objective

Program

Organisasi & Perusahaan Organization & Corporation

Training and Development Programs In order to improve employees’ knowledge and skills, Jasa Marga continually makes every effort to guide them through training and education programs that focus on advancing knowledge, skills, and attitude with the kinds of programs as follows:


Program Pelatihan dan Pengembangan Dalam rangka meningkatkan pengetahuan dan kemampuan karyawan, Jasa Marga secara terusmenerus melakukan upaya pembinaan melalui pendidikan dan pelatihan yang meliputi peningkatan pengetahuan, keterampilan, sikap dengan jenis program sebagai berikut:

Providing the knowledge on organization and corporation along with current regulations Membekali pengetahuan dan keterampilan teknis untuk mendukung proses bisnis perusahaan dan fungsi pokok jabatan Providing technical skills and knowledge to support the Company in performing its business process and the empoyees in performing their main duties Membekali pengetahuan dan keterampilan pendukung yang menunjang tugas pokok jabatan Providing supporting skills and knowledge that will be useful in carrying out the main duties Membekali pengetahuan dan keterampilan dalam bidang manajemen dan kepemimpinan Providing skills and knowledge in leadership and management Membekali pengetahuan tentang tata nilai dan potensi pribadi Providing the knowledge on personal values and potentials

TOTAL

360

853

152 1,828 3,296

Peserta Diklat Berdasarkan Kelompok Jabatan Training Participants Percentage based on Position

Organisasi & Perusahaan Organization & Corporation

3.13%

Keterampilan Teknis Technical Skill

10.92%

Keterampilan Pendukung Supporting Skill

25.88%

Kepemimpinan & Manajemen Leadership & Management Pengembangan Pribadi Personality Development

4.61% 55.46%


71

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Peserta Diklat Berdasarkan Kelompok Jabatan Training Participants Percentage based on Position

2006

2007

Manajer Manager

20%

Manajer Manager

30%

Pelaksana Lapangan Field Staff

10%

Pelaksana Lapangan Field Staff

17%

Pelaksana Kantor Office Staf

30%

Pelaksana Kantor Office Staf

18%

Staf Ahli Expert Staff

40%

Staf Ahli Expert Staff

34%

Pada tahun 2007 program pengelolaan sumber daya manusia difokuskan pada penyusunan dan penyempurnaan Keputusan Direksi yang berkaitan dengan pemenuhan Perjanjian Kerja Bersama (PKB) tahun 2006-2008, maupun peraturan Perusahaan lainnya yang berkaitan dengan perkembangan Perusahaan. Sedangkan kajian-kajian yang masih dalam proses penyelesaian yang merupakan program kerja 2008 adalah sebagai berikut: 1. Sistem Pengukuran Kompetensi Karyawan 2. Sistem Pengembangan SDM (diklat karyawan) 3. Penyempurnaan Sistem Disiplin Karyawan 4. Sistem Perencanaan Karir 5. Perubahan Peraturan Dana Pensiun Jasa Marga Agar dapat selesai pada target waktu yang telah ditetapkan, program-program kerja dilaksanakan menggunakan beberapa strategi dan dilaksanakan baik oleh Jasa Marga sendiri maupun bekerja sama dengan konsultan.

72



In 2007, human resources management program focused on arranging and perfecting the Board of Directors’ Decisions that are related to the fulfillment of the collective bargaining agreement for the period of 2006-2008, along with other Company regulations that are related to the Company’s development. The programs that are still in progress and are part of 2008 work programs are as follows: 1. Employees Competency Measurement System 2. HR Development (employees training and education) System 3. Improvement of Employees Discipline System 4. Career Planning System 5. Modification of Dana Pensiun Jasa Marga (Pension Plan) Regulations In order that those programs are completed on the scheduled time, those programs are conducted using several strategies and are carried out either by Jasa Marga on its own or in cooperation with consultants.

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Financial Report

Laporan Keuangan

Jasa Marga pension scheme is regulated by Board of Directors’ Decree No. 76/KPTS/2004 concerning Regulations of the Company’s Pension Plan which was approved by the Minister of Finance of the Republic of Indonesia No. KEP-370/KM.17/1997 dated 15 July 1997 and was renewed with Decision Letter No. KEP-107/KM.6/2001 dated 14 May 2001 and Decision Letter No. KEP-379/KM.06/2004 dated 14 September 2004. Employees’ contribution for pension plan is 3.00% of base salary and the remaining 7.48% is covered by the Company.


Program pensiun Jasa Marga diatur dalam Keputusan Direksi No. 76/KPTS/2004 tentang Regulasi dan Pensiun Perseroan dan mendapat persetujuan dari Menteri Keuangan Republik Indonesia No. KEP-370/ KM.17/1997 tanggal 15 Juli 1997 yang diperbaharui melalui Surat Keputusan No. KEP-107/KM.6/2001 tanggal 14 Mei 2001 dan Surat Keputusan No. KEP-379/KM.06/2004 tanggal 14 September 2004. Iuran karyawan untuk program pensiun adalah 3,00% dari gaji pokok dan sisa pendanaan sebesar 7,48% menjadi beban Perusahaan.


Pension Fund All Jasa Marga permanent employees are eligible to receive a defined benefit pension plan which is organized by Jasa Marga Pension Fund (Dana Pensiun Jasa Marga – DPJM). Pension benefit that will be paid to retired employees is calculated based on employees’ pension base salary and their period of service. Pension plan is designed to give employees continuous earning once they retired. The employees are retired at the age of 56 and those choosing the early retirement may do so at the age of 45.


Program Pensiun Jasa Marga menyelenggarakan program pensiun manfaat pasti untuk semua karyawan tetap dan program tersebut dikelola Dana Pensiun Jasa Marga (DPJM). Manfaat pensiun yang akan dibayar dihitung berdasarkan penghasilan dasar pensiun dan masa kerja karyawan. Program pensiun bertujuan untuk memberikan penghasilan yang berkesinambungan kepada karyawan setelah pensiun. Usia pensiun karyawan adalah 56 tahun dengan pengecualian usia pensiun dipercepat pada usia 45 tahun.


Employees Welfare Jasa Marga’s employees are facilitated with welfare programs that are valid for not only the employees but also their family. With several exceptions, all permanent employees are eligible to receive these facilities, which have already met the Provincial Minimum Wage. Those programs are Employees Social Security System (JAMSOSTEK); health allowance; pension plan; tax allowance; religious holiday allowance; leave allowance; high risk accident insurance (only for operational employees); death compensation; uniforms; housing or car loan; housing facility, company car and cellular phone allowance (certain employees); training and development; work pollution prevention (only for toll collectors); bonus (based on employees’ performance); and facilities for sport, arts, religious as well as recreational activities.


Kesejahteraan Karyawan Jasa Marga memberikan program kesejahteraan bagi karyawan dan keluarganya yang diperuntukkan bagi seluruh karyawan tetap (dengan beberapa pengecualian), yang sudah memenuhi Upah Minimum Propinsi. Program tersebut adalah Jaminan Sosial Tenaga Kerja (JAMSOSTEK), fasilitas kesehatan, program pensiun, tunjangan pajak, Tunjangan Hari Raya Keagamaan, tunjangan cuti, jaminan asuransi kecelakaan risiko tinggi (khusus Petugas Operasional), santunan kematian, seragam dinas, fasilitas pinjaman perumahan atau kendaraan, transportasi (karyawan tertentu), fasilitas rumah dan mobil dinas serta pulsa telepon genggam (karyawan tertentu), pelatihan dan pengembangan, pencegahan polusi kerja (khusus Petugas Pengumpul Tol), jasa produksi (sesuai kinerja pegawai), serta fasilitas olah raga, kesenian, keagamaan dan rekreasi.


73

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Laba Usaha (Rp Juta) per Karyawan Operating Income (Rp mn) per Employee 2007

Jumlah Karyawan (orang) per km Number of Employees (persons) per km 182.20

145.29

2006

88.87

2004 66.63

2003

Pendapatan Tol (Rp Juta) per Karyawan Toll Revenue (Rp mn) per Employee 469.46

2007 402.56

2006 2005

313.42

2004

263.10

2003

2006 2005

114.29

2005

2007

215.09

11.24 12.37 12.57

2004

14.03

2003

14.28

Volume Lalu Lintas (ribu kend) per karyawan Traffic Volume (th vhc) per Employee 154.11

2007 2006

147.04

2005

148.06

2004 2003

138.70 127.47

Serikat Karyawan Serikat pekerja dengan nama Serikat Karyawan Jasa Marga atau SKJM dibentuk karyawan pada bulan Juli 1999 dan merupakan serikat pekerja di tingkat nasional yang telah terdaftar pada Departemen Tenga Kerja (Pusat) dengan nomor pendaftaran No. 62/GSP. DPP-SKJM/DFT/BW/VIII/1999. Seluruh karyawan Jasa Marga merupakan anggota SKJM. Manajemen dan serikat telah menandatangani Kesepakatan Kerja Bersama (KKB) untuk jangka waktu dua tahunan yang akan jatuh tempo pada bulan Februari 2008.

Employees Union The employees formed a labor union named Serikat Karyawan Jasa Marga or SKJM in July 1999. Nationally it is registered in the Department of Manpower (Central) with registration No. 62/GSP. DPP-SKJM/DFT/BW/VIII/1999. All Jasa Marga employees are members of SKJM. The management and SKJM have signed joint work agreement for two year’s period and it will expire in February 2008.

Serikat memandang manajemen sebagai mitra dan sampai saat ini hubungan antara manajemen Jasa Marga dan SKJM berjalan baik. Jasa Marga belum pernah mengalami pemogokan kerja, demonstrasi atau gangguan-gangguan dari pekerja lain yang dapat menghentikan operasi.

SKJM considers the management its partner and to date the relationship between the management of Jasa Marga and SKJM has always been very well. Jasa Marga has never experienced any strike, demonstration or other labor disturbances that may stop the Company from operating normally.

74



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Saham Jasa Marga Jasa Marga’s Shares

Informasi bagi Pemegang Saham Information for Shareholders

Struktur Kepemilikan Saham Share Ownership Structure

Program Penjatahan Saham Karyawan Employee Stock Allocation Program

Komposisi Pemegang Saham Shareholders Composition

Realisasi Penggunaan Dana IPO Use of IPO Proceeds

Kebijakan Dividen Dividend Policy

Hubungan Investor Investor Relations

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76 78 79 80 82 82 84


75

INFORMASI BAGI PEMEGANG SAHAM INFORMATION FOR SHAREHOLDERS

Pada tanggal 12 November 2007PT Jasa Marga (Persero) melakukan listing sahamnya di Bursa Efek Indonesia (d/h) Bursa Efek Jakarta. Road Show sebagai pre marketing penjualan saham dilakukan baik domestik maupun luar negeri tanggal 28 September – 4 Oktober 2007 dikota-kota besar di Indonesia yaitu Jakarta, Surabaya, dan Medan sementara untuk ke luar negeri dilakukan di Singapore, Hongkong, London, Boston, Washington dan New York. Penjatahan dilakukan dengan memberikan porsi asing sebesar 33% dan 67% investor domestik dengan distribusi sebesar hampir 80% kepada investor institusi dan sisanya kepada investor retail. Pemerintah menetapkan harga penawaran umum perdana (IPO) Jasa Marga Rp 1700 persaham. Dalam prospektus yang dikeluarkan, saham Jasa Marga yang dilepas oleh pemerintah adalah sebesar 30%. Proceed yang didapatkan dari IPO mencapai Rp 3,4 triliun yang semuanya masuk dalam kas perusahaan.

On 12 November 2007, PT Jasa Marga (Persero) Tbk. listed its shares in Indonesia Stock Exchange (formerly Jakarta Stock Exchange). Both domestic as well as international roadshows as a pre-marketing activity in selling shares were performed starting from 28 September until 4 October 2007 by visiting Indonesia’s major cities, i.e. Jakarta, Surabaya, and Medan as well as the world’s major cities, i.e. in Singapore, Hong Kong, London, Boston, Washington and New York. 33% of the shares were allocated to foreign institutions, 67% were allocated to domestic investors with nearly 80% were allotted to institutional investors and the remaining to retail investors. The Government set the price of Jasa Marga’s initial public offering at Rp 1,700 per share. As stated in the prospectus, the Government divested its 30% shares in Jasa Marga and the Company received net proceeds from IPO amounting to Rp 3.4 trillion.

Kronologis IPO Jasa Marga

The Chronology of IPO of Jasa Marga Tanggal

Kronologis

Date

Chronology Permohonan ijin IPO kepada Menteri Negara BUMN melalui surat No.: AA.R01.50 perihal Laporan

18 January 2006

Persiapan IPO Jasa Marga. Letter to State Minister of State-Owned Enterprises No.: AA.R01.50 concerning the Report on the Preparation of the IPO of Jasa Marga. Rekomendasi IPO dari Dewan Komisaris kepada Menteri Negara BUMN melalui surat No.: 21/DKJM/ II/2006 perihal rekomendasi Dewan Komisaris Jasa Marga atas rencana IPO Jasa Marga.

24 February 2006

30 June 2006

31 January 2007

76

IPO recommendation of the Board of Commissioners to State Minister for State-Owned Enterprises through letter No.: 21/DKJM/II/2006 concerning Recommendation of the Board of Commissioners of Jasa Marga on the plan of the IPO of Jasa Marga. Surat Menteri Negara BUMN No.: S-262/MBU/2006 perihal Persetujuan Initial Public Offering (IPO) Jasa Marga. Letter from State Minister for State-Owned Enterprises No.: S-262/MBU/2006 concerning the Approval of Initial Public Offering (IPO) of Jasa Marga.

Persetujuan Komite Privatisasi No.: KEP-03/M.EKON/01/2007 tentang Arahan atas Program Tahunan Privatisasi Perusahaan Perseroan (Persero) tahun 2007. Approval from Privatization Committee No.: KEP-03/M.EKON/01/2007 concerning Guidelines on Annual Privatization Program of Perusahaan Perseroan (Persero) in 2007.



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Extraordinary General Meeting of Shareholders of Jasa Marga. Persetujuan Menteri Hukum dan HAM No.: W7-10487 HT.01.04 tentang Persetujuan Akta Perubahan Anggaran Dasar Perseroan Terbatas. The amendment to the Company’s Articles of Association was approved by the Minister of Justice and Human Rights No. W7-10487HT.01.04. Enterprises and Jasa Marga. Registrasi Pertama ke BAPEPAM-LK. Registration statement submission to BAPEPAM-LK Pemuatan Prospektus Ringkas di Harian Bisnis Indonesia dan Investor Daily. Abridged prospectus was advertised in Bisnis Indonesia and Investor Daily newspapers.

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Public Expose was held in Jakarta. Public Expose di Surabaya. Public Expose was held in Surabaya. Investor Gathering di Jakarta. Investor gathering was held in Jakarta. Road Show internasional. International Road Show. Pembahasan hasil bookbuilding dan penetapan harga IPO Jasa Marga sebesar Rp 1.700 per saham. Bookbuilding results were discussed and Jasa Marga IPO price was set at Rp 1,700 per share. Pernyataan efektif dari BAPEPAM-LK. Effective date of BAPEPAM-LK registration statement. Listing Saham Jasa Marga di Bursa Efek Jakarta (sekarang Bursa Efek Indonesia). Jasa Marga listed its shares in Jakarta Stock Exchange (now Indonesia Stock Exchange).


77

Kontak Kami

12 November 2007

Public Expose di Jakarta.

Contact Us

1 November 2007

Laporan Keuangan

26 October 2007


RUPSLB Jasa Marga.

Pre-marketing activities were carried out.

15-26 October 2007


Government Regulation No.: 52 of 2007 concerning the Changes in the Government’s Ownership Structure by Issuing and Selling New Shares of Perusahaan Perseroan (Persero) PT Jasa Marga.

Kegiatan Pre-marketing dilakukan.

10 October 2007

Saham Jasa Marga

PP No.: 52 tahun 2007 tentang Perubahan Struktur Kepemilikan Saham Negara melalui Penerbitan dan Penjualan Saham Baru pada Perusahaan Perseroan (Persero) PT Jasa Marga.

4 October 2007

9 October 2007


Appointment of International Legal Counsel by State Minister for State-Owned Enterprises

24 September -

8 October 2007


24 September 2007

Laporan Manajemen

21 September 2007

Fitur Jasa Marga

21 September 2007

Financial Report

12 September 2007


Appointment of underwriter by State Minister for State-Owned Enterprises No.: S-274/MBU/2007 concerning the Appointment of Underwriter for the IPO of asa Marga.

No.: S-422/MBU/2007 concerning the Appointment of International Legal Counsel for the IPO of asa Marga.

4 September 2007


Penunjukkan Penjamin Pelaksana Emisi (PPE) oleh Menteri Negara BUMN No.: S-274/MBU/2007 perihal Penunjukan Penjamin Pelaksana Emisi (PPE) IPO Jasa Marga.

Penunjukkan Konsultan Hukum Internasional oleh Menteri Negara BUMN No.: S-422/MBU/2007 perihal Penunjukkan Konsultan Hukum Internasional IPO Jasa Marga. 25 June 2007


3 May 2007

Letter from State Minister for State-Owned Enterprises No.: S-144/MBU/2007 concerning the Appointment of Supporting Institutions for the IPO of Jasa Marga


22 March 2007

Surat Menteri Negara BUMN No.: S-144/MBU/2007 perihal Penunjukan Lembaga/Profesi Penunjang IPO Jasa Marga.


Chronology Management’s Reports

Kronologis

Date


Tanggal

STRUKTUR KEPEMILIKAN SAHAM SHARE OWNERSHIP STRUCTURE

The ownership structure of Jasa Marga’s shares before and after the offering is as follows:

Struktur kepemilikan saham PT Jasa Marga sebelum dan sesudah penawaran umum adalah sebagai berikut;

Modal Saham Terdiri Dari Saham Seri A Dwiwarna dan Saham Biasa Atas Nama seri B Dengan Nilai Nominal Rp 500 (lima ratus) Setiap Saham Share Capital Comprising Dwiwarna Shares A Series and Common Shares B Series Per value of Rp 500 per share Keterangan Description

Sebelum Penawaran Umum Before Initial Public Offering

Sesudah Penawaran Umum After Initial Public Offering

Jumlah Saham Jumlah Nilai Nominal Numbers of Shares Value A. Modal Dasar Authorized Capital

19,040,000,000

%

9,520,000,000,000

Jumlah Saham Numbers of Shares

Jumlah Nilai Nominal Value

19,040,000,000

9,520,000,000,000

%

B. Modal Ditempatkan dan Disetor Penuh : Issued and fully Paid Capital

1. Negara Republik Indonesia The Government of the Republic of Indonesia

- Saham Seri A Dwiwarna

1

500

0.00

1

500

0

4,759,999,999

2,379,999,999,500

100.00

4,759,999,999

2,379,999,999,500

70.00

-

-

2,040,000,000

1,020,000,000,000

30.00

4,760,000,000

2,380,000,000,000

100.00

6,800,000,000

3,400,000,000,000

100

14,280,000,000

7,140,000,000,000

12,240,000,000

6,120,000,000,000

Series A Dwiwarna Shares

- Saham Biasa Atas Nama Seri B Series B Common Shares

2. Masyarakat Public

- Saham Biasa Atas Nama Seri B Series B Common Shares

Jumlah Modal Ditempatkan dan Disetor Penuh Issued and fully Paid up Capital

C. Saham Dalam Portepel Shares in Portepel

-

Dari jumlah saham yang disetor dan ditempatkan penuh sebesar 6,8 milyar saham, 30% nya atau sebesar 2,040 milyar yang beredar di pasar saat ini.

Out of the 6.8 billion shares issued and fully paid, 30% or 2,040 billion shares were currently floating.

Sebelum IPO Before IPO

Sesudah IPO After IPO

70 %

100 %

Pemerintah Republik Indonesia The Government of The Republic of Indonesia

Pemerintah Republik Indonesia The Government of The Republic of Indonesia

Saat ini saham Jasa Marga dimiliki oleh masyarakat sebesar 30%

78

30 %


Masyarakat Public

The public currently owns 30% of Jasa Marga’s Shares

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Fitur Jasa Marga Laporan Manajemen Pengelolaan Jasa Marga Analisa dan Diskusi Manajemen Saham Jasa Marga Tata Kelola Perusahaan



Financial Report

Laporan Keuangan

2. Employee Fixed Allocation Apart from bonus shares, those under the employee fixed allocation were available for Jasa Marga’s management and employees to purchase during the initial public offering. The number of shares for employee fixed allocation was approximately 192,138,000 shares. The allocation was made in proportion to employee’s monthly salary and was subject to certain limits.


2. Saham Jatah Pasti Selain pemberian Saham Bonus, peserta diberikan kesempatan untuk membeli Saham Jatah Pasti pada saat Penawaran Umum Perdana Jumlah Saham Jatah Pasti adalah sekitar 192.138.000 saham. Untuk pemesanan Saham Jatah Pasti dilakukan penjatahan secara proporsional berdasarkan gaji bulanan karyawan dan dilakukan beberapa pembatasan tertentu.


The ESA program consists of: 1. Bonus Share Grant Jasa Marga’s Commissioners (other than the Independent Commissioners), Directors and all permanent employees meeting certain criteria received a grant of shares at the time of the initial public offering equal to one month’s salary of the month of June 2007. Jasa Marga anticipated the grant up to approximately 11,862,000 shares under the bonus share grant scheme, of which approximately 1.7% and 98.3% were allocated to non-independent Commissioners/ Directors and employees, respectively. The bonus shares are subject to a three-year lock up period, during which they are not allowed to be sold or transferred.


Program ESA terdiri dari: 1. Saham Bonus Komisaris (selain Komisaris Independen), Direksi dan seluruh karyawan tetap Jasa Marga yang memenuhi kriteria tertentu menerima Saham Bonus pada saat Penawaran Umum Perdana sebesar ekuivalen dengan satu bulan gaji bulan Juni 2007. Jasa Marga mengantisipasi untuk memberikan sekitar 11.862.000 saham di dalam skema Saham Bonus yang diberikan kepada Komisaris non Independen/Direksi dan karyawan masing-masing sebesar 1,7% dan 98,3%. Saham Bonus tersebut tidak dapat dijual maupun dipindahtangankan selama tiga tahun (periode lock up).

The main objectives of the said program are to maintain Jasa Marga’s employees sense of belonging and hence to improve their productivity which will contribute to the improvement of overall corporate performance so as to increase the value of the Company for the sake of all Jasa Marga’s stakeholders.


The Extraordinary General Meeting of Shareholders convened on 12 September 2007 approved Jasa Marga’s Employee Stock Allocation (ESA) which was implemented in accordance with BAPEPAM Regulation No.: IX.A.7 allowing maximum of 10% of the shares offered to the public to be given to the employees as well as management and/or certain parties pursuant to a decree issued by the Company.


Berdasarkan RUPSLB tanggal 12 September 2007, Pemegang Saham menyetujui rencana Program Penjatahan Saham Karyawan (Employee Stock Allocation—ESA). Program ESA Jasa Marga diimplementasikan sesuai dengan Peraturan BAPEPAM No.: IX.A.7 yang memperkenankan maksimum 10% dari saham yang ditawarkan kepada publik dapat diberikan kesempatan untuk dimiliki oleh karyawan dan manajemen dan/atau pihak-pihak tertentu yang ditetapkan dalam Surat Keputusan yang diterbitkan Perusahaan. Tujuan utama program ini adalah agar karyawan Jasa Marga memiliki sense of belonging dan diharapkan terdapat peningkatan produktivitas kerja dari masing-masing karyawan yang pada akhirnya akan meningkatkan pula kinerja korporasi secara keseluruhan sehingga terdapat peningkatan nilai perusahaan yang dapat dinikmati oleh stakeholder Jasa Marga.


PROGRAM PENJATAHAN SAHAM KARYAWAN EMPLOYEE STOCK ALLOCATION PROGRAM


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KOMPOSISI PEMEGANG SAHAM SHAREHOLDERS COMPOSITION Komposisi Pemegang Saham per 31 Desember 2007 Shareholders Composition as of 31 December 2007 Jumlah Pemegang Saham Number of holders Pemerintah Indonesia The Government of the Republic of Indonesia Saham Dwi Warna Dwi Warna Shares Saham Seri B Series B Shares Jumlah Total Pemodal Nasional Domestic Investors Perorangan Indonesia Retail LBG/BDN Usaha Indonesia Institutional Danareksa Danareksa Asuransi Insurance Companies Yayasan Foundations Koperasi Cooperatives Reksadana Mutual Funds Jumlah Total Pemodal Asing Foreign Investors Perorangan Asing Retail Badan Usaha Asing Institutional Jumlah Total JUMLAH TOTAL

Jumlah Saham Number of Shares

% Kepemilikan % Ownership

1 1 2

1 4,759,999,999 4,760,000,000

70.00%

12,095 160 27 130 3 57 12,472

455,719,000 326,884,500 35,754,000 164,226,500 1,858,000 123,633,000 1,108,075,000

6.70% 4.81% 0.00% 0.53% 2.42% 0.03% 1.82% 16.30%

28 64 92

2,474,000 929,451,000 931,925,000

0.04% 13.67% 13.70%

12,566

6,800,000,000

100.00%

Dari komposisi saham yang beredar di pasar pada akhir tahun 2007 sebesar 2,040 juta saham, 77,5 % saham dimiliki oleh institusi atau sebesar 1581,8 juta saham dan sisanya 22,4 % atau sebesar 458,2 juta saham dimiliki oleh retail.

At the end of the year 2007, out of 2,040 million shares, 77.5% of Jasa Marga’s shares or 1581.8 million shares were held by institutional investors, while the remaining 22.4% or 458.2 million shares were held by retail investors.

Pemegang Saham Terbesar Pemegang saham publik terbesar adalah The Children Trust Fund Investment melalui Deutsche Bank AG,London sebesar 6,71%. Dari total saham publik sebesar 2,040 juta saham 54,3% dimiliki oleh pemegang saham domestik dan dan 45,7% dimiliki oleh pemegang saham asing yang dimiliki oleh 99,7% pemegang saham badan usaha asing. Pemegang saham publik domestik terbesar adalah perorangan 6,7%, Lembaga/Badan Usaha 4,8%, Yayasan 2,4% dan Reksadana 1,82%.

The Largest Public Shareholder With 6.71% ownership, The Children Trust Fund Investment through Deutsche Bank AG London was the largest public shareholder. Out of the total 2,040 million public shares, 54.3% were held by domestic shareholders. Meanwhile 45.7% were held by foreign shareholders, 99.7% of which was institutional investors. The largest public domestic shareholders were individuals, institutions, foundations and mutual funds each holding 6.7%, 4.8%, 2.4% and 1.82% of the share respectively.

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65.125.000

0,96

PT JAMSOSTEK (PERSERO) – NON JHT

60.991.000

0,90

6

REKSA DANA SCHRODER DANA PRESTASI PLUS 9

55.255.500

0,81

7

YAYASAN KESEHATAN PEGAWAI TELKOM

37.645.000

0,55

8

GS LND CLEAR AC

35.909.000

0,53

9

JP MORGAN CHASE BANK NA RE NORBAX INC

30.421.000

0,45

10

MELLON BANK NA S/A FOR CTC/EMERGING MARK

29.356.500

0.43

11

DANA PENSIUN PERTAMINA

25.000.000

0,37

12

CB INTL PLC (LUX BRANCH) S/A ASIA PACIFIC

23.000.000

0,34

13

JPM CHASE BANK NA RE STICHTING PENSIOENF

22.006.500

0,32

14

BANK OF NEW YORK

19.390.500

0,29

15

CACEIS BANK / 18129

19.083.000

0,28

16

TEMPORARY CUSTOMER – IPO JASA MARGA

18.478.000

0,27

17

PICTET AND CIE

17.389.000

0,26

18

GS LND SEG AC

17.088.500

0,25

19

DINAR SEKURITAS, PT

16.064.500

0,24

20

REKSA DANA SCHRODER DANA TERPADU II - 942

15.806.000

0,23

Aktivitas Pergerakan Saham

Laporan Keuangan

MORGAN STANLEY AND CO INTL PLC – IPB CLI

5


4


1,76

Saham Jasa Marga

120.000.000


PT JAMSOSTEK (PERSERO) -JHT


3

Laporan Manajemen

6,71

Fitur Jasa Marga

456.571.000

Financial Report

DEUTSCHE BANK AG, LONDON 212688.40.00


2


70,00


4.760.000.000


NEGARA REPUBLIK INDONESIA

%


1

Saham Share


Nama Name

No


Pemegang Saham Terbesar (20) Terbesar per 31 Desember 2007 Top 20 Principal Shareholders as of 31 December 2007

Movement of Share Price

Dari Tanggal 12 November 2007 – 31 Desember 2007 12 November 2007 – 31 December 2007 Tertinggi (Rp) High (Rp)

2,050

Terendah (Rp) Low (Rp)

1,840

Penutupan (Rp) Close (Rp)

1,900

Volume (Juta) Volume (mn) Nilai (Miliar) Value (bn)

208 395,171


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REALISASI PENGGUNAAN DANA IPO USE OF IPO PROCEEDS Pada akhir tahun 2007 Jasa Marga telah menggunakan sebagian dana yang diperoleh dari hasil IPO seperti tabel berikut;

Penggunaan Untilazation

At the end of 2007, Jasa Marga has utilized some of the proceeds from IPO, as seen in the following table:

Jumlah Dana (%) Amount (%)

Jumlah Dana (Rp Miliar) Amount (Rp bn)

Realisasi (Rp Miliar) Realization (Rp bn)

Belanja Modal Konstruksi Jalan Tol Bogor Ring Road Capital Expenditures for the construction of Bogor Ring Road Toll Road

8%

256.90

65.31

36%

1,229.40

276.00

13%

441.90

-

4%

150.00

-

39%

1,319.31

-

100%

3,397.51

341.31

Belanja Modal Konstruksi Jalan Tol Semarang-Solo Capital Expenditures for the construction of Semarang - Solo Toll Road Belanja Modal Konstruksi Jalan Tol Gempol-Pasuruan Capital Expenditures for the construction of Gempol - Pasuruan Toll Road Pelunasan Pokok Obligasi VIII Seri M Repayment of the principal amount of bond VIII M Series Year 2000 Kebutuhan Modal Kerja, Belanja Modal Proyek Lainnya dan Cost Overun Working Capital requriments, capital expenditures on other toll road and cost overruns JUMLAH TOTAL

Penggunaan dana yang didapat melalui IPO 55,6% nya atau 1.928,2 milyar digunakan untuk pembangunan 3 ruas baru yaitu Bogor Ring Road, Semarang Solo dan Gempol Pasuruan, 4,3% nya atau Rp 150 miliar untuk pembayaran hutang obligasi yang jatuh tempo pada bulan April 2008 dan sisanya Rp 1389,8 milyar atau 40,1% digunakan untuk modal kerja, proyek-proyek Jalan Tol lainnya, perbaikan tol yang ada saat ini dan cost overrun yang dapat timbul dari proyek-proyek Jalan Tol yang telah disebutkan sebelumnya.

As much as 55.6% or Rp 1,928.2 billion raised from IPO will be used for the construction of three new toll roads namely Bogor Ring Road, Semarang-Solo and Gempol-Pasuruan; while 4.3% or Rp 150 billion will be used for the payment of bond that will mature in April 2008 and the remaining Rp 1,389.8 billion or 40.1% will be used for working capital requirements, other toll road projects, capital improvements on existing toll roads as well as cost overruns that may occur on the said toll road projects.

KEBIJAKAN DIVIDEN DIVIDEND POLICY Berdasarkan peraturan yang berlaku di Indonesia dan Anggaran Dasar Perseroan, pembayaran dividen memerlukan persetujuan para pemegang saham melalui Keputusan RUPS berdasarkan rekomendasi dari Direksi Perseroan. Pemegang saham yang tercatat dalam daftar pemegang saham pada tanggal pencatatan (recording date) akan berhak untuk menerima pembayaran dividen secara penuh, dengan memperhitungkan kewajiban pajak yang terkait. Walaupun Perseroan belum pernah membagikan dividen interim di masa lalu, namun Anggaran Dasar Perseroan memungkinkan hal tersebut tergantung dari kebijakan Direksi Perseroan, dengan persetujuan Komisaris serta dengan memperhatikan kondisi keuangan Perseroan.

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Based on Indonesian law and the Company’s Articles of Association, dividend payment requires the approval of the shareholders through the decision made at the annual general meeting based on the recommendation of the Board of Directors of the Company. Those who are in the Shareholders list on the set record date are entitled to receive the full amount of approved dividends, subject to the imposition of related tax. Even though Jasa Marga has never distributed interim dividend, its articles of association allow such distribution depending on the policy the Company’s Board of Directors, and with the approval of the Board of Commissioners while considering the Company’s financial condition.

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100.105

2004

230.807

124.535

54%

2005

94.535

2006

30.000

2005

307.543

58.627

19%

2006

58.627

2006

462.567

25.000

5%

2007

25.000

Pembayaran dividen untuk kinerja tahun 2006 disetujui Perseroan pada RUPS yang diadakan pada tanggal 21 Juni 2007.

Dividend payment in respect to the 2006 performance was approved by Jasa Marga at annual general meeting of shareholders held on 21 June 2007.

Sepanjang memperoleh persetujuan dari Rapat Umum Pemegang Saham, Perseroan merencanakan untuk membayar dividen kas final tahun 2007 yang akan dibayarkan pada tahun 2008. Dividen yang akan dibagikan pada tahun 2008 tersebut berasal dari laba bersih semester kedua tahun 2007.

Provided that dividend payment is approved by the shareholders at annual general meeting, the payment of 2007 dividends will be made in 2008 and it will derive from the net income of second semester 2007.

Laporan Keuangan

74.208

2004


2003

40%


51%

100.105

Saham Jasa Marga

74.208

250.264


145.630

2003


2002

Laporan Manajemen

Paid Dividends (Rp mn)

Fitur Jasa Marga

Jumlah Dibayar (Rp juta)

Time of Payment

Financial Report

Waktu Pembayaran

Dividend Ratio


Rasio Dividen

Amount of Dividends (Rp mn)


Jumlah Dividen (Rp juta)

Net Income


Laba Bersih

Year


Tahun


Sejak tahun 2002, Perseroan telah membagikan dividen tunai sebagai berikut: Since 2002, Jasa Marga has distributed cash dividends as follows:


Jasa Marga plans to establish a dividend rate which will provide the shareholders with a regular income, yet still enable the Company to make use of a substantial portion of the retained earnings to be reinvested in its business. At the moment, Jasa Marga’s policy is to pay a dividend of a minimum of 20% of net income each year, while the exact amount will be decided at shareholder annual general meeting based on the recommendation of the Board of Directors. Payment of dividends will begin for the year ended 31 December 2007; however there is no guarantee that Jasa Marga will pay the dividends of either the current of coming years. The decision of the Board of Directors to give recommendation as to the payment of dividends relies on various factors, such as net income, reserves availability, working capital requirements and capital expenditure requirements for certain period. At any time and with the approval of shareholders at annual general meeting, Jasa Marga’s Board of Directors may change the dividend policy. In the event that dividend will be paid, payment will be made in Rupiah.


Perseroan merencanakan tingkat pembayaran dividen yang dapat memberikan penghasilan regular kepada Para Pemegang Saham, namun tetap memungkinkan Perseroan untuk memanfaatkan sebagian besar saldo laba untuk diinvestasikan kembali dalam kegiatan usaha Perseroan. Kebijakan Perseroan saat ini adalah membayarkan dividen kas minimum 20% dari laba bersih setiap tahunnya yang besarannya akan diputuskan melalui RUPS berdasarkan rekomendasi dari Direksi, yang akan dimulai pada pembayaran dividen untuk tahun buku yang berakhir pada 31 Desember 2007 namun tidak terdapat kepastian bahwa Perseroan akan dapat membayarkan dividen kas pada tahun ini ataupun pada tahun-tahun mendatang. Keputusan Direksi dalam memberikan rekomendasi pembayaran dividen kas tergantung dari berbagai faktor, diantaranya laba bersih, ketersediaan cadangan, kebutuhan modal kerja dan belanja modal untuk periode tertentu. Direksi Perseroan dapat mengubah kebijakan dividen sewaktu-waktu, dengan persetujuan para pemegang saham dalam RUPS. Dalam hal dividen kas akan dibayarkan, maka pembayaran akan dilakukan dalam mata uang Rupiah.


83

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HUBUNGAN INVESTOR INVESTOR RELATIONS

Bagian Hubungan Investor terbentuk bersamaan dengan terbentuknya Sekretaris Perusahaan di Jasa Marga pada tahun 1997. Sebelum Jasa Marga menjadi perusahaan terbuka, eksposure Jasa Marga di pasar modal masih berupa obligasi yang dicatatkan di Bursa Efek Surabaya. Pemenuhan Tugas dan Tanggung jawab Hubungan Investor ketika itu pun masih sebatas pada perusahaan yang hanya mengeluarkan obligasi yang diatur dalam ketentuan otoritas pasar modal.

Investor Relations Department was formed at the same time as the forming of Corporate Secretary at Jasa Marga in 1997. Prior to being a public company, Jasa Marga’s disclosure was to comply with the capital market as a result of the issuance of bonds listed on Surabaya Stock Exchange. The compliance of the tasks and responsibilities of Investor Relations was then limited to the obligations of companies issuing bonds as stated in the regulations of capital market authority.

Seiring dengan Go Public nya Jasa Marga pada tanggal 12 November 2007 tuntutan dan tanggung jawab bagian ini pun menyesuaikan dengan pemenuhan-pemenuhan yang harus dilakukan sebagai perusahaan Tbk. Selain pemenuhan terhadap berbagai ketentuan otoritas pasar modal dan otoritas bursa, bagian ini juga bertanggung jawab atas dan komunikasi dengan para pelaku industri pasar modal sesuai dengan garis dan kebijakan yang ditentukan oleh perusahaan.

As Jasa Marga becomes a public company starting from 12 November 2007, the demands and responsibilities of the department of Investor Relations are adjusted to comply with the regulations that a public company must fulfilled. Apart from complying with various regulations of both capital market and stock exchange authorities, the department is also responsible for making a wellmaintained communication with the capital market society in accordance with the policies and guidelines given by the management of the Company.

Saat ini bagian Hubungan Investor Jasa Marga berada dalam unit kerja Sekretaris Perusahaan. Dalam menjalankan tugas-tugasnya Hubungan Investor berkoordinasi dengan unit-unit kerja terkait untuk mendapatkan informasi mengenai kondisi dan kegiatan perusahaan dan juga sebaliknya memberikan informasi atas respon, tanggapan, pertanyaan-pertanyaan, kritik dan saran dari pelaku pasar modal ke perusahaan.

Jasa Marga’s Investor Relations Department presently reports to the Corporate Secretary. In performing its tasks, Investor Relations work together with the Board of Directors as well as other related working units in order to comprehend various information on the Company’s condition and respond to questions, criticisms, suggestions from the capital market society.

Kegiatan-kegiatan yang dilakukan bagian Hubungan Investor pada tahun 2007 antara lain melakukan kegiatan one on one meeting, conference call, menangani komunikasi baik melalui telepon maupun email, pengelolaan web site dan pembuatan laporan tahunan.

The activities that Investor Relations performed in 2007 covered among others one-on-one meetings, conference calls, telephone as well as e-mail communications, web site management and the making of annual report.

Kami yakin bahwa komunikasi yang intens dan dua arah antara perusahaan dan pelaku pasar modal merupakan salah satu kunci terhadap apresiasi nilai perusahaan. Ke depan kami akan terus berupaya menjalin hubungan yang lebih baik dengan investor-investor Jasa Marga, oleh karena itu saran, tanggapan dan respon terhadap kami merupakan asset yang berharga dan merupakan modal kami untuk dapat lebih baik lagi.

We believe that intense and two-way communications between the Company and capital market society is one of the key to company value appreciation. We are determined to keep maintaining the good relationship with our investors and hence we consider suggestions as well as responses that we receive valuable assets that motivate us to perform even much better.

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Tata Kelola Perusahaan Good Corporate Governance

Pernyataan Direksi Mengenai Tata Kelola Perusahaan

Directors’ Statement on Good Corporate Governance Implementation

Remunerasi Komisaris dan Direksi

93

Commissioners’ and Directors’ Remunerations

Kehadiran Rapat Komisaris dan Direksi Tahun 2007

Attendance At Commissioners and Directors Meetings In 2007

Kepemilikan Saham Komisaris dan Direksi Commissioners’ and Directors’ Share Ownership

Sekretaris Perusahaan Corporate Secretary

Satuan Pengawasan Intern Internal Auditing Unit

Komite Audit

Audit Committee

Manajemen Risiko Risk Management

Struktur Organisasi

Organizational Structure

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93 94 95 96 97 99 100


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PERNYATAAN DIREKSI MENGENAI TATA KELOLA PERUSAHAAN DIRECTORS’ STATEMENT ON GOOD CORPORATE GOVERNANCE

Tata Kelola Perusahaan adalah salah satu faktor penting untuk memenangkan persaingan bisnis. Dengan berpedoman pada Keputusan Menteri Negara BUMN No. 117 tanggal 1 Agustus 2002 tentang Penerapan Praktek GCG (Good Corporate Governance) pada BUMN, maka Jasa Marga telah menindaklanjuti dengan langkah awal menyusun pedoman internal untuk penerapan Tata Kelola Perusahaan. Komitmen formal tersebut dinyatakan dengan Keputusan Direksi No. 77 tanggal 27 April 2005 tentang Pedoman Penerapan Prinsip-prinsip GCG yang juga dilengkapi dengan kode of GCG, yang mengatur penerapan GCG melalui struktur dan proses; dan Code of Conduct, yang berisi pedoman etika usaha dan etika kerja bagi pimpinan, karyawan dan stakeholder lainnya.

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Corporate Governance is an essential factor in winning business competition. With the Decree of the State Minister for State-Owned Enterprises No. 117 dated 2 August 2002 concerning the Implementation of Good Corporate Governance (GCG) Practices in State-Owned Enterprises serving as the guidelines, Jasa Marga made its first step by creating a manual for the implementation of corporate governance in the Company. This commitment was formally stated in the Decree of the Directors No. 77 dated 27 April 2005 concerning the Manual for the Implementation of GCG Principles, which was also accompanied with Code of GCG, regulating the implementation of GCG through structure and process; and Code of Conduct, containing business and work ethic guidelines for the management, employees as well the stakeholders.

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KOMISARIS Tugas dan Wewenang Komisaris

COMMISSIONERS The Board of Commissioners’ Tasks and Authority

1. Komisaris bertugas: a. Melakukan pengawasan terhadap kebijakan pengurusan Perseroan yang dilakukan Direksi serta memberi nasehat kepada Direksi termasuk mengenai rencana pengembangan Perseroan, rencana kerja dan anggaran tahunan Perseroan, pelaksanaan ketentuan-ketentuan Anggaran Dasar dan keputusan Rapat Umum Pemegang Saham dan peraturan perundang-undangan yang berlaku; b. Melakukan tugas, wewenang dan tanggung jawab sesuai dengan ketentuan-ketentuan dalam Anggaran dasar Perseroan dan keputusan Rapat Umum Pemegang Saham; c. Untuk melaksanakan kepentingan Perseroan dengan memperhatikan kepentingan para pemegang saham dan bertanggung jawab kepada Rapat Umum Pemegang Saham; d. Meneliti dan menelaah laporan tahunan yang disiapkan Direksi serta menandatangani laporan tersebut.

1. The Board of Commissioners’ tasks are: a. To conduct supervision over the policies on the management of the Company carried out by the Board of Directors and to give advice to the Board of Directors including on the development plan of the Company, annual budget plan of the Company, the implementation of the Articles of Association and the resolutions of the General Meeting of Shareholders and the prevailing laws and regulations; b. To perform the tasks, authority and responsibilities in accordance with the Articles of Association of the Company and the resolutions of the General Meeting of Shareholders; c. To act for the interest of the Company while considering the interests of the shareholders and showing responsibility to the General Meeting of Shareholders; d. To examine and review the annual report prepared by the Board of Directors and to sign such annual report.

2. Para anggota Komisaris, baik bersama-sama maupun sendiri-sendiri setiap waktu berhak memasuki bangunan-bangunan dan halaman- halaman atau tempat-tempat lain yang dipergunakan atau yang dikuasai oleh Perseroan dan berhak memeriksa buku-buku, surat-surat bukti, persediaan barang-barang, memeriksa dan mencocokkan keadaan uang kas untuk keperluan verifikasi dan lain-lain surat berharga serta mengetahui segala tindakan yang telah dijalankan oleh Direksi. 3. Jika dianggap perlu, Komisaris dalam rangka melaksanakan tugasnya dapat meminta bantuan tenaga ahli untuk hal tertentu dan jangka waktu tertentu atas beban Perseroan.

2. Members of the Board of Commissioners, both collectively and individually, at any time shall have the rights to enter the buildings and premises or any other places used or authorized by the Company and shall be entitled to examine reports, certificates, logistics to examine and review cash flows and other marketable securities in order to have all information in every action that has been carried out by the Board of Directors.

4. Komisaris wajib membentuk Komite Audit dan dapat membentuk komite lain sesuai dengan kebutuhan Perseroan dan peraturan perundangundangan yang berlaku, untuk membantu Komisaris dalam melaksanakan tugasnya.

4. The Board of Commissioners shall be obligated to form an Audit Committee and may form other committees in accordance with the requirements of the Company and the prevailing laws and regulations in order to assist the Commissioners in carrying out their tasks.

5. Setiap anggota Direksi wajib untuk memberikan penjelasan tentang segala hal yang ditanyakan oleh Komisaris atau tenaga yang membantunya.

5. Every member of the Board of Directors shall be obligated to provide explanation on any matters asked by the Board of Commissioners or their assistants.

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3. If considered necessary, in carrying out their tasks, the Board of Commissioners may ask assistance from professionals for certain matters and for certain period of time on the cost of the Company.


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6. Rapat Komisaris dengan suara terbanyak setiap waktu berhak memberhentikan untuk sementara seorang atau lebih anggota Direksi dari jabatannya apabila anggota Direksi tersebut bertindak bertentangan dengan Anggaran Dasar ini dan atau peraturan perundang-undangan yang berlaku dan atau merugikan maksud dan tujuan Perseroan dan atau ia melalaikan kewajibannya dan atau terdapat alasan yang mendesak bagi Perseroan.

6. If approved by a majority vote at the Meeting of the Board of Commissioners, at any time the Board of Commissioners shall be entitled to suspend one or more members of the Board of Directors if such member(s) has/have acted in contravention to this Articles of Association and or the prevailing laws and regulations and or has/have caused a loss to the purposes and objectives of the Company and or has/have neglected his/their tasks and or for a reason(s) which is/are urgent to the Company.

7. Pemberhentian sementara itu harus diberitahukan kepada yang bersangkutan dengan disertai alasannya. 8. Dalam jangka waktu selambat-lambatnya 45 (empat puluh lima) hari sesudah pemberhentian sementara itu, Komisaris diwajibkan untuk menyelenggarakan Rapat Umum Pemegang Saham yang akan memutuskan apakah anggota Direksi yang bersangkutan akan diberhentikan seterusnya atau dikembalikan kepada kedudukannya semula, sedangkan anggota Direksi yang diberhentikan sementara diberi kesempatan untuk hadir dalam Rapat guna membela diri. 9. Rapat tersebut dalam ayat 8 pasal ini dipimpin oleh Komisaris Utama dan apabila ia tidak hadir, hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Rapat dipimpin oleh salah seorang anggota Komisaris lainnya yang ditunjuk untuk itu oleh Rapat tersebut dan apabila semua anggota Komisaris tidak hadir dalam Rapat tersebut, maka Rapat dipimpin oleh pemegang saham yang dipilih oleh dan dari antara mereka yang hadir dalam Rapat tersebut. Pemanggilan Rapat harus dilakukan sesuai dengan ketentuan pasal 21 Anggaran Dasar.

7. Such suspension shall be notified to the relevant member(s) along with the reason thereof.

10. Apabila Rapat Umum Pemegang Saham tersebut dalam ayat 8 pasal ini tidak diadakan dalam jangka waktu 45 (empat puluh lima) hari setelah pemberhentian sementara tersebut, maka pemberhentian sementara menjadi batal demi hukum dan anggota Direksi yang diberhentikan sementara berhak menduduki jabatan yang semula. 11. Jikalau karena sebab apapun juga Perseroan tidak mempunyai seorangpun anggota Komisaris, maka dalam waktu selambat-lambatnya 30 (tiga puluh) hari setelah terjadi lowongan, harus diselenggarakan Rapat Umum Pemegang Saham Luar Biasa untuk mengangkat anggota Komisaris Baru.

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8. Within the period of not later than forty five (45) days after the suspension, the Board of Commissioners shall be obligated to convene the General Meeting of Shareholders to decide whether the suspended member(s) will be permanently dismissed or reinstated to his/their former position, whereas the suspended member(s) of the Board of Directors shall be given the opportunity to be present at the meeting and defend himself/themselves.

9. The meeting mentioned in paragraph 8 of this article is chaired by the Chairman and in the event that the Chairman is absent, of which impediment no evidence to third parties is required, the meeting is then chaired by one of the members of the Board of Commissioners appointed by the meeting and if all members of the Board of Commissioners are absent, the meeting is then chaired by a shareholder appointed by and among those who are present in the meeting. The invitation to the meeting must be in accordance with article 21 of the Articles of Association.

10. If the General Meeting of Shareholders mentionedin paragraph 8 of this article is not convened within forty five (45) days following the suspension, such suspension shall be declared null and void and the suspended member(s) of the Board of Directors shall have the right to be reinstated to his/their former position.

11. If due to any reason whatsoever all positions of the Board of Commissioners are vacant, within the period of not later than thirty (30) days following such vacancy, an Extraordinary General Meeting of Shareholders shall be convened to appoint new members of the Board of Commissioners.

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Tata Kelola Perusahaan Tanggung Jawab Sosial Laporan Keuangan

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3. Each member of the Board of Directors shall, in good faith and with full responsibility, perform their tasks for the interest and the business of the Company with due observance of the prevailing laws and regulations.


Saham Jasa Marga

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2. The Board of Directors shall be fully responsible for the performance of their tasks for the interest of the Company in achieving its purposes and objectives.


2. Direksi bertanggung jawab penuh dalam melaksanakan tugasnya untuk kepentingan Perseroan. Dalam mencapai maksud dan tujuannya. 3. Setiap anggota Direksi wajib dengan itikad baik dan penuh tanggung jawab menjalankan tugasnya untuk kepentingan dan usaha Perseroan dengan mengindahkan peraturan perundang-undangan.

Laporan Manajemen

1. The Board of Directors’ main tasks are: a. To lead and manage the Company in accordance with the purposes and objectives of the Company and continuously make every effort to improve the efficiency and effectiveness of the Company. b. To take charge of, maintain and manage the assets of the Company.

Fitur Jasa Marga

1. Tugas pokok Direksi adalah: a. Memimpin dan mengurus Perseroan sesuai dengan maksud dan tujuan Perseroan dan senantiasa berusaha meningkatkan efisiensi dan efektifitas Perseroan. b. Menguasai, memelihara dan mengurus kekayaan Perseroan.

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DIRECTORS The Board of Directors’ Tasks and Authority

Financial Report

DIREKSI Tugas dan Wewenang Direksi


f. Melakukan tugas pengawas lainnya yang ditentukan oleh Rapat Umum Pemegang Saham.



e. Mengusulkan kepada Rapat Umum Pemegang Saham, melalui Direksi, penunjukkan kantor akuntan publik yang akan melakukan audit atas laporan keuangan Perseroan;



a. Menyampaikan saran dan pendapat kepada Rapat Umum Pemegang Saham mengenai rencana pengembangan Perseroan, laporan tahunan dan laporan berkala lainnya dari Direksi; b. Melaporkan dengan segera kepada Rapat Umum Pemegang Saham disertai dengan saran langka perbaikan yang harus ditempuh, apabila Perseroan menunjukkan gejala kemunduran; c. Memberikan saran dan pendapat kepada Rapat Umum Pemegang Saham mengenai setiap persoalan lainnya yang dianggap penting bagi pengelolaan Perseroan; d. Mengesahkan Rencana Kerja dan Anggaran Perseroan yang disampaikan Direksi dalam waktu selambat-lambatnya sebelum tahun buku baru dimulai. Dalam hal Rencana Kerja dan Anggaran Perseroan belum disahkan pada saat dimulainya tahun buku baru, maka Rencana Kerja dan Anggaran Perseroan yang diusulkan Direksi atau yang terakhir dibahas dengan Komisaris dianggap telah disahkan sepanjang telah memenuhi ketentuan mengenai bentuk, isi dan tata cara menyusun Rencana Kerja dan Anggaran Perseroan;


12.In relation to the tasks and authority of the Board of Commissioners as mentioned in paragraph 1 of this article, the Board of Commissioners shall be obligated: a. To give advice and opinion to the General Meeting of Shareholders on the development plan of the Company, annual report and other periodic report submitted by the Board of Directors; b. To report to the General Meeting of Shareholders as soon as possible and give advice as to the recovery measures that must be taken, in the event that the Company indicates a decline; c. To give advice and opinion to the General Meeting of Shareholders on every other matter that is considered important to the management of the Company; d. To approve the budget plan of the Company submitted by the Board of Directors in the period of not later than the time the subsequent fiscal year of the Company commences. In the event that work and budge plan of the Company has not been approved at the beginning of the fiscal year, then the work and budget plan of the Company proposed by the Board of Directors or the latest discussed with the Board of Commissioners shall be considered approved with due observance to the prevailing regulations on the form, content and procedures for preparing work and budget plan of the Company; e. To propose to the General Meeting of Shareholders, acting through the Board of Directors, on the appointment of the public accountant office that will audit the financial report of the Company; f. To perform other supervisions as determined by the General Meeting of Shareholders.


12. Sehubungan dengan tugas dan wewenang Komisaris yang dimaksud ayat 1 pasal ini, maka Komisaris berkewajiban;

4. Setiap anggota Direksi bertanggung jawab penuh secara pribadi apabila yang bersangkutan bersalah atau lalai menjalankan tugasnya untuk kepentingan dan usaha Perseroan. 5. Direksi berhak mewakili Perseroan di dalam dan di luar Pengadilan serta melakukan segala tindakan dan perbuatan baik mengenai pengurusan maupun mengenai pemilikan serta mengikat Perseroan dengan pihak lain dan atau pihak lain dengan Perseroan, dengan pembatasanpembatasan yang ditetapkan dalam ayat-ayat 6, 7, dan 8 pasal ini. 6. Perbuatan-perbuatan Direksi di Bawah ini harus mendapat persetujuan tertulis dari Komisaris, yaitu untuk: a. Menerima dan memberikan pinjaman jangka menengah/panjang; b. Memberikan pinjaman jangka pendek yang tidak bersifat operasional yang melebihi jumlah tertentu yang ditetapkan oleh Rapat Komisaris; c. Melepaskan atau menjaminkan aktiva tetap (fixed asset) Perseroan yang melebihi jumlah tertentu yang ditetapkan oleh Rapat Komisaris; d. Mengambil bagian baik sebagian atau seluruhnya atau ikut serta dalam Perseroan atau badan usaha lain atau menyelenggarakan perusahaan baru; e. Melepaskan sebagian atau seluruhnya penyertaan Perseroan dalam Perseroan atau badan usaha lain; f. Mengikat Perseroan sebagai penjamin (borg atau avalist) yang mempunyai akibat keuangan melebihi suatu jumlah tertentu yang ditetapkan oleh Rapat Komisaris; g. Untuk tidak menagih lagi dan menghapuskan dari pembukuan piutang macet dan penghapusan persediaan barang yang melebihi jumlah tertentu yang ditetapkan oleh Rapat Komisaris; h. Mengalihkan, melepaskan hak atau menjaminkan harta kekayaan Perseroan yang jumlahnya kurang dari apa yang ditetapkan dalam ketentuan ayat 8 di bawah ini; i. Membeli dan atau menjual surat berharga pada pasar modal/lembaga keuangan lainnya, kecuali terhadap surat berharga yang diterbitkan oleh Pemerintah Republik Indonesia; j. Mengadakan kerjasama dengan badan usaha atau pihak lain, berupa kerja sama operasi dan investasi yang bersifat strategis dan mempunyai dampak keuangan bagi Perseroan serta berlaku untuk jangka waktu lebih dari 3 tahun (jangka panjang), kecuali kerjasama penggunaan jasa teknis dan atau operasional dari pihak lain; k. Mengadakan kerjasama bangun guna serah (BOT), bangun guna milik (BOO) atau bangun sewa serah (BRT) sampai dengan nilai tertentu yang ditetapkan oleh Rapat Komisaris; l. Menetapkan dan menyesuaikan struktur organisasi; m. Mencalonkan anggota Direksi dan Komisaris pada anak perusahaan dari Perseroan

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4. Each member of the Board of Directors shall be personally liable in full for the fault or negligence in performing his duties for the interest and the business of the Company. 5. The Board of Directors shall be entitled to represent the Company within and outside the Court of law and to perform all actions concerning both the management and the ownership of the Company and to bind the Company with other parties and or other parties with the Company, with the limitations stipulated in paragraphs 6, 7, and 8 of this article. 6. The actions of the Board of Directors hereunder shall obtain written approval from the Board of Commissioners: a. Receiving and giving middle/long-term loans; b. Giving short-term loans which are not related to the Company’s operation and which exceed a certain amount as determined by the Meeting of the Board of Commissioners; c. Releasing or giving as a security of the fixed assets of the Company which exceed a certain amount as determined by the Meeting of the Board of Commissioners; d. Taking part of participating in other companies or entities either partly or wholly or establishing e new company; e. Disposing part or all of the Company’s ownership in other companies or entities; f. Binding the Company as guarantor (borg or avalist) which have financial impacts which exceed a certain amount as determined by the Meeting of the Board of Commissioners; g. Disclaiming and write off principal bad debts and supplies which exceed a certain amount as determined by the Meeting of the Board of Commissioners; h. Transferring, releasing or giving as a security of the Company’s assets in the amount less than what is determined in the paragraph 8 hereunder; i. Buying and or selling marketable securities on capital market/other financial institutions, except such marketable securities issued by the Government of the Republic of Indonesia; j. Entering into a cooperation with other entities or parties, in the forms of operation and investment cooperation that are strategic and have financial impact on the Company and that are effective for a period of more than 3 (three) years (long term), with the exception of cooperation of utilizing technical and or operational services from other parties; k. Entering into a cooperation of build, operate and transfer (BOT), build, operate and owned (BOO) or build, rent and transfer (BRT) until certain as determined by the Meeting of the Board of Commissioners; l. Determining and adjusting the organizational structure; m. Nominating the members of the Board of Directors and Board of Commissioners in subsidiaries of the Company

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Tanggung Jawab Sosial Laporan Keuangan

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9. The legal acts of transferring or giving as a security for a debt or disposing any rights on the Company’s assets as referred to in paragraph 8 of this article shall also be announced in two (2) daily newspapers in Indonesian language nationally/widely circulated in the territory of the Republic of Indonesia not later than thirty (30) days commencing from the date the legal act is taken.

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9. Perbuatan hukum untuk mengalihkan atau menjadikan sebagai jaminan hutang atau melepaskan hak atas harta kekayaan Perseroan sebagaimana dimaksud dalam ayat 8 Pasal ini wajib pula diumumkan dalam 2 (dua) surat kabar harian berbahasa Indonesia yang terbit dan beredar luas/nasional di Wilayah Republik Indonesia paling lambat 30 (tiga puluh) hari terhitung sejak dilakukan perbuatan hukum tersebut.

Saham Jasa Marga


In case the quorum in the second meeting is not reached, a third meeting may be convened, after obtaining approval from and in accordance with requirements determined by the Chairman of the Capital Market Supervisory Agency and Financial Institution.


Laporan Manajemen

Jikalau korum dalam rapat kedua tidak terpenuhi, maka dapat diadakan rapat yang ketiga, setelah mendapat persetujuan dari dan sesuai dengan persyaratan yang ditentukan oleh Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan.

Fitur Jasa Marga

Financial Report

In case the quorum as referred to above is not reached, not sooner than ten (10) days and at the latest twenty one (21) days after the first meeting, a second meeting may be convened with the same agenda as the first meeting. The invitation to the meeting shall be announced at the latest seven (7) days prior to the second meeting, excluding the date of the invitation and the date of the meeting, and the invitation to the second meeting shall not require prior notice announcement and the second Meeting shall be attended by the shareholders or their proxies representing at least 2/3 (two-third) of the total shares having legal voting right and approved by more than ½ (half) of the total votes legally cast at the meeting.



Apabila dalam rapat yang dimaksud tersebut diatas korum yang ditentukan tidak tercapai, maka paling cepat 10 (sepuluh) hari dan paling lambat 21 (dua puluh satu) hari setelah rapat pertama tersebut, dapat diselenggarakan rapat kedua dengan acara yang sama seperti rapat pertama. Pemanggilan rapat harus dilakukan paling lambat 7 (tujuh) hari sebelum rapat kedua, tidak termasuk tanggal pemanggilan dan tanggal rapat, serta untuk pemanggilan rapat kedua tersebut tidak perlu dilakukan pemberitahuan/ pengumuman terlebih dahulu dan Rapat kedua tersebut harus dihadiri atau diwakili para pemegang saham yang memiliki paling sedikit 2/3 (dua per tiga) bagian dari jumlah seluruh saham dengan hak suara yang sah dan disetujui lebih dari ½ (satu per dua) bagian dari jumlah seluruh suara yang dikeluarkan secara sah dalam rapat.



8. Any legal acts of transferring, releasing or giving as a security for a debt of all or the majority of the Company’s assets, either in a single transaction or several independent or related transactions, shall obtain approval from General Meeting of Shareholders that shall be attended by the shareholders or their proxies representing at least ¾ (three-fourth) of the total shares issued by the Company and having legal voting right, and which shall be approved by at least ¾ (three-fourth) of the total votes legally cast at the meeting.


8. Perbuatan hukum untuk mengalihkan, melepaskan hak atau menjadikan jaminan hutang seluruh atau sebagian besar harta kekayaan Perseroan baik dalam satu transaksi atau beberapa transaksi yang berdiri sendiri ataupun yang berkaitan satu sama lain harus mendapat persetujuan Rapat Umum Pemegang Saham yang dihadiri atau diwakili para Pemegang Saham yang memiliki sekurang-kurangnya ¾ (tiga per empat) bagian dari jumlah seluruh saham yang telah dikeluarkan Perseroan dengan hak suara yang sah dan disetujui oleh sekurang-kurangnya ¾ (tiga per empat) dari jumlah seluruh suara yang dikeluarkan secara sah dalam Rapat.


7. The actions of the Board of Directors hereunder shall require the approval from the General Meeting of Shareholders that is in carrying out actions as mentioned in paragraph 6 points d and e above in the event that the amount of the investment/divestment which shall be made by the Company has material characteristics for the Company that comply with one of the following conditions: a. 10% (ten percent) of the revenue of the Company or other amount in accordance with the prevailing capital market regulations at the time of the transaction; b. 20% (twenty percent) of the equity of the Company or other amount in accordance with the prevailing capital market regulations at the time of the transaction.


7. Perbuatan-perbuatan di bawah ini hanya dapat dilakukan oleh Direksi setelah memperoleh persetujuan terlebih dahulu dari Rapat Umum Pemegang Saham yaitu dalam melakukan tindakan yang tersebut dalam ayat 6 huruf d dan e di atas dalam hal nilai investasi/divestasi yang akan dilakukan Perseroan bersifat material bagi Perseroan yang memenuhi salah satu dari kedua hal berikut: a. 10% (sepuluh persen) dari pendapatan (revenue) Perseroan atau sejumlah lain sesuai dengan peraturan pasar modal yang berlaku pada saat transaksi dilakukan; b. 20% (dua puluh persen) dari ekuitas Perseroan atau jumlah lain sesuai dengan peraturan pasar modal yang berlaku pada saat transaksi dilakukan.

10. Direktur Utama berhak dan berwenang bertindak untuk dan atas nama Direksi serta mewakili Perseroan jika Direktur Utama tidak hadir atau berhalangan karena sebab apapun, hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Direksi akan diwakili oleh salah seorang Direktur yang ditunjuk secara tertulis oleh Direktur Utama dan dalam hal Direktur Utama tidak melakukan penunjukkan maka salah seorang Direktur yang terlama masa jabatan sebagai anggota Direksi Perseroan berwenang bertindak atas nama Direksi, jika terdapat lebih dari 1 (satu) orang Direktur yang terlama masa jabatannya, maka Direktur yang tertua dalam usia yang berwenang bertindak atas nama Direksi.

10. The President Director shall be entitled and authorized to act for and on behalf of the Board of Directors and represent the Company, if the President Director is absent or prevented from attending for whatsoever reason, of which impediment no evidence to third parties is required,then the Board of Directors shall be represented by one of the members of the Board of Directors shall be appointed in writing by the President Director and in the event that there is no appointment by the President Director, then one of the Board of Directors with the longest period of service as a member of the Board of Directors of the Company shall be authorized to act for and on behalf of the Board of Directors, if there are more than one (1) member of the Board of Directors with the longest period of service, then the member of the Board of Directors being the eldest shall be authorized to act on behalf of the Board of Directors.

11. Untuk menjalankan perbuatan hukum berupa transaksi yang memuat benturan kepentingan antara kepentingan ekonomis pribadi anggota Direksi, Komisaris atau pemegang saham utama, dengan kepentingan ekonomis Perseroan, Direksi memerlukan persetujuan Rapat Umum Pemegang Saham sebagaimana diatur dalam pasal 23 ayat 8 Anggaran Dasar ini.

11. For taking legal actions in the form of transaction containing conflict of interests between personal economic interest of the members of the Board of Directors, the Board of Commissioners or principal shareholders and the economic interest of the Company, the Board of Directors shall require approval from the General Meeting of Shareholders as provided in article 23 paragraph 8 of this Articles of Association.

12. Dalam hal Perseroan mempunyai kepentingan yang bertentangan dengan kepetntingan pribadi seorang anggota Direksi, maka Perseroan akan diwakili oleh anggota Direksi lainnya yang ditunjuk oleh Rapat Direksi dan dalam hal Perseroan mempunyai kepentingan yang bertentangan dengan kepentingan seluruh anggota Direksi, maka dalam hal ini Perseroan diwakili oleh Komisaris, satu dan lain dengan tidak mengurangi ketentuan ayat 11 pasal ini.

12 .I n the event that the Company has an interest that conflicts with the personal interest of one member of the Board of Directors, then the Company shall be represented by another member of the Board of Directors appointed by the Meeting of the Board of Directors and in the event that the Company has an interest that conflicts with the interest of all members of the Board of Directors, then the Company shall be represented by the Board of Commissioners, one and the other without prejudice to the provisions stipulated in paragraph 11 of this article.

13. Direksi untuk perbuatan tertentu atas tanggung jawabnya sendiri, berhak pula mengangkat seorang atau lebih sebagai wakil atau kuasanya, dengan memberikan kepadanya atau kepada mereka kekuasaan untuk perbuatan tertentu tersebut yang diatur dalam surat kuasa.

13. The Board of Directors, for certain action and at their responsibilities, shall also be entitled to appoint one or more people as their representative(s) or attorney(s), by conferring power for certain action on him/them which shall be set forth in a power of attorney.

14. Pembagian tugas dan wewenang setiap anggota Direksi ditetapkan oleh Rapat Umum Pemegang Saham dan wewenang tersebut oleh Rapat Umum Pemegang Saham dapat dilimpahkan kepada Komisaris

14. The division of the tasks and authority of the members of the Board of Directors shall be determined by the General Meeting of Shareholders and such authority may be delegated by the General Meeting of Shareholders to the Board of Commissioners.

15. Selambatnya 60 (enam puluh) hari sebelum tahun buku Perseroan dimulai, Direksi wajib menyampaikan rencana kerja dan anggaran Perseroan kepada Komisaris untuk dimintakan pengesahannya kepada rapat Komisaris.

15. Not later than sixty (60) days prior to the beginning of the subsequent fiscal year of the Company, the Board of Directors shall submit the work and budget plan of the Company to the Board of Commissioners for obtaining their approval in the meeting of the Board of Commissioners.

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Fitur Jasa Marga Laporan Manajemen






Saham Jasa Marga





Financial Report

Laporan Keuangan

Monthly wages of Chairman and each of the Commissioners are Rp. 18,000,000 and Rp. 16,200,000 respectively, excluding transportation allowance and meeting honorarium whereas monthly wages of the President Director and each of the Directors are Rp. 45,000,000 and Rp. 40,500,000 respectively, excluding housing allowance.


Penghasilan Komisaris Utama adalah Rp. 18.000.000 per bulan dan penghasilan Komisaris adalah Rp. 16.200.000 per bulan, masing-masing belum termasuk tunjangan transpor dan honor rapat, sedangkan penghasilan Direktur Utama adalah Rp. 45.000.000 per bulan dan penghasilan Direktur adalah Rp. 40.500.000 per bulan masing-masing belum termasuk tunjangan perumahan.


REMUNERASI KOMISARIS & DIREKSI COMMISSIONERS’ AND DIRECTORS’ REMUNERATIONS

KEHADIRAN RAPAT KOMISARIS DAN DIREKSI TAHUN 2007

ATTENDANCE AT COMMISSIONERS AND DIRECTORS MEETINGS IN 2007 Jumlah Rapat Komisaris: 15 kali Number of Commissioners Meetings: 15 times

Rapat Komisaris Commissioners Meetings Komisaris Commissioner

Hadir Present

% 67

Drs. Gembong Prijono, MSc.

87

Ir. Sumaryanto Widayatin, MSCE.

80

Drs. Sri Mulyanto, MSc.

73

Prof. Dr. Akhmad Syakhroza

93

Mayjen. (Purn.) Samsoedin

Jumlah Rapat Direksi: 44 kali Number of Directors Meetings: 44 times

Rapat Direksi Directors Meetings Direksi Director Ir. Frans S. Sunito Ir. Sarwono Oetomo

Hadir Present

% 100 91

Ir. Abdul Hadi Hs., MM.

86

Ir. Achmad Purwono

91

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93

Kontak Kami

100

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Ir. Reynaldi Firmansjah

Jumlah Rapat Gabungan Komisaris & Direksi: 15 kali Number of Commissioners & Directors Meetings: 15 times

Rapat Gabungan Komisaris dan Direksi Commissioners and Directors Meetings Komisaris dan Direksi Commissioner and Director

Hadir Present

Drs. Gembong Prijono, MSc. Ir. Sumaryanto Widayatin, MSCE.

% 93 100

Drs. Sri Mulyanto, MSc.

60

Prof. Dr. Akhmad Syakhroza

93

Mayjen. (Purn.) Samsoedin

100

Ir. Frans S. Sunito

100

Ir. Sarwono Oetomo

87

Ir. Reynaldi Firmansjah

93

Ir. Abdul Hadi Hs., MM.

93

Ir. Achmad Purwono

87

KEPEMILIKAN SAHAM KOMISARIS & DIREKSI COMMISSIONERS’ AND DIRECTORS’ SHARE OWNERSHIP per 31 Desember 2007 as of 31 December 2007

Komisaris dan Direksi

Commissioners and Directors

Total Saham Total Shares

Total (Rupiah Penuh) (Full Rupiah Amount)

Dewan Komisaris The Board of Commissioners • Drs. Gembong Priyono, MSc. (Komisaris Utama Chairman) • Ir. Sumaryanto Widayatin, MSCE. (Komisaris Commissioner) • Prof. Dr. Akhmad Syakhroza (Komisaris Commissioner) - Drs. Sri Mulyanto, MSc. (Komisaris Commissioner)

219,000 197,000 197,000 197,000

109,500,000 98,500,000 98,500,000 98,500,000

266,000 342,000 260,500 489,000 492,000

133,000,000 171,000,000 130,250,000 244,500,000 246,000,000

2,659,500

1,329,750,000

Dewan Direksi The Board of Directors • Ir. Frans S. Sunito (Direktur Utama President Director) • Ir. Sarwono Oetomo (Direktur Operasi Operation Director) • Ir. Abdul Hadi HS, MM. ( Direktur Pengembangan & Niaga Development & Commerce Director) • Ir. Reynaldi Hermansjah (Direktur Keuangan Finance Director) • Ir. Achmad Purwono, MBA. (Direktur Sumber Daya Manusia Human Resources Director)

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She graduated from Trisakti University majoring in Landscape Architecture and earned a degree of Master of Business Administration from the University of the City of Manila. She joined Jasa Marga in 1986. She was posted in Maintenance Division and then Investment Development Division prior to being appointed Corporate Secretary in September 2006. She was also member of Jasa Marga IPO Working Team in 2007.

Fitur Jasa Marga

Bergabung dengan Jasa Marga pada tahun 1986. Lulusan Universitas Trisaksi Jurusan Arsitektur Lansekap dan Master Bussiness Administration University of The City of Manila. Menjalani karir di Jasa Marga pada Divisi Pemeliharaan, Divisi Pengembangan Investasi dan menjadi Sekretaris Perusahaan pada September 2006. Beliau juga menjadi Tim Kerja IPO Jasa Marga tahun 2007.

Financial Report

Managing information related to the Company’s business and nurturing good relationship between the Company as a public company and other parties of supporting institutions in capital market society and capital market regulator. Making sure that the Company complies with the prevailing laws and regulations Nurturing good communication with the stakeholders in order to maintain the positive image of the Company. Carrying out secretarial activities of the management as well as facilitating the relationship between the Company and the stakeholders.


• • • •


The Corporate Secretary of Jasa Marga has several main functions in assisting the Directors by carrying out activities such as:


Pengelolaan informasi yang berkaitan dengan lingkungan bisnis perusahaan dan menjalin hubungan baik antara perusahaan sebagai Emiten dengan para pihak sebagai lembaga penunjang industri pasar modal dan regulator pasar modal. Memastikan Perusahaan memenuhi peraturan perundangan yang berlaku. Menyelenggarakan kegiatan komunikasi dengan stakeholder dalam rangka membangun citra perusahaan. Menyelenggarakan kegiatan kesekretariatan pengurus perseroan serta memfasilitasi hubungan perusahaan/pimpinan dengan para stakeholder.


• • • •


Sekretaris Perusahaan Jasa Marga memiliki beberapa fungsi utama dalam membantu Direksi dengan menjalankan aktivitas yang diantaranya;


Okke Merlina


SEKRETARIS PERUSAHAAN CORPORATE SECRETARY


95

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SATUAN PENGAWASAN INTERN INTERNAL AUDITING UNIT

Keberadaan Unit Kerja SPI ditetapkan melalui Surat Keputusan Direksi no. 105 tahun 2001 tentang Struktur Organisasi Jasa Marga. Satuan Pengawasan Intern bertanggung jawab langsung kepada Direktur Utama. The existence of Internal Auditing Unit was decided based on Directors’ decree No. 105 of 2001 concerning the Organizational Structure of Jasa Marga. The said unit reports directly to the President Director.

Tugas, Fungsi dan Tanggung Jawab Satuan Pengawasan Intern Fungsi Pokok Satuan Pengawasan Intern antara lain menjabarkan visi dan misi perusahaan kedalam konsep audit internal dan pengawasan manajemen pada tingkat korporasi serta mengendalikan kegiatan pemeriksaan internal agar mencapai sasaran dan sesuai dengan Standar Profesi Audit Internal serta Audit Charter (disahkan pada tanggal 1 Maret 2003).

The Tasks, Functions and Responsibilities of Internal Auditing Unit The main functions of Internal Auditing Unit among others are actualizing the vision and mission of the Company into the concept of internal audit and management control on corporate level, along with controlling internal audit activities to make sure that they achieve the objectives and in accordance with Internal Audit Profession Standards as well as Audit Charter.

Tugas Satuan Pengawasan Intern antara lain melakukan review atas kebijakan Direksi dan mengusulkan perbaikannya, memantau dan menguji implementasi kebijakan perusahaan serta memberikan peringatan dini kepada Direktur Utama atas potensi masalah yang mungkin akan timbul; juga bertugas membina hubungan dengan Instansi Pemeriksa dari Luar Perusahaan agar diperoleh informasi lebih dini tentang perkembangan standar internal audit yang berlaku serta terselenggaranya pemeriksaan secara efisien dan efektif.

The tasks of Internal Auditing Unit among others are reviewing Directors’ policies and proposing improvement, supervising and evaluating the implementation of Company policies as well as giving early warning to the President Director on potential problems that might arise, nurturing relationship with external auditor to obtain more information on the development of internal audit standard generally accepted and to assist the carrying out effective and efficient audit.

Tanggungjawab Satuan Pengawasan Intern antara lain terlaksananya pengkajian atas kebijakan Direksi dan terselenggaranya kegiatan audit terhadap implementasi kebijakan/peraturan Perusahaan di unit kerja.

The Internal Auditing Unit is responsible for reviewing Directors policies and auditing the implementation of the Company’s policies/regulations in working units.

Sepanjang tahun 2007 telah dilakukan monitoring dan review kinerja cabang-cabang kantor pusat, dan proyek peningkatan Jalan Tol.

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As the guidelines of internal audit activities at Jasa Marga, the Internal Auditing Unit has an Audit Charter which was legalized on 1 March 2003. The unit is powered by 22 staffs, 12 of whom have acquired the QIA (Qualified Internal Auditor).

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c. Analyzing the complaints relating to the Company. d. Reviewing the adequacy of internal audit functions including the number of auditors, annual work plan, and performed assignments. e. Reviewing the adequacy of external audit implementation including audit plan and the number of auditors.


During 2007 Audit Committee carried out the following activities: 1. Arranging the work of Audit Committee. 2. Having 11 meetings with internal and external auditors, 11 Audit Committee internal meetings and 18 meetings with the management of Jasa Marga. 3. Attending 23 meetings of Commissioners meetings along with Commissioners and Directors meetings. 4. Suggesting the Commissioners on 13 matters. 5. Giving 14 responses to internal audit report. 6. Carrying out 2 special tasks.

b. Analyzing the Company’s compliance to the regulations relating to the Company’s activities.


Sepanjang tahun 2007 Komite Audit melaksanakan kegiatan-kegiatan sebagai berikut; 1. Penyusunan Pengaturan Kerja Komite Audit 2. 11 kali Rapat dengan Internal & Eksternal Auditor, 11 kali Rapat Internal Komite Audit dan 18 kali Rapat dengan Manajemen Jasa Marga. 3. Menghadiri 23 kali Rapat Komisaris dan Rapat Gabungan Komisaris dan Direksi 4. Menyusun masukan-masukan Komite Audit kepada Komisaris untuk 13 hal. 5. Menyusun 14 Tanggapan Komite Audit atas Laporan SPI 6. Melakukan 2 Tugas Khusus lainnya.

6. Carrying out other assignments that may be given from the Commissioners, such as: a. Analyzing the information on the Company including long-term plan, work and budget plan, management report as well as other information.


The main tasks of Audit Committee are: 1. Assisting the Commissioners to make sure the effectiveness of internal control system and the effectiveness of internal and external auditors’ tasks implementation. 2. Evaluating the implementation of audit activities along with their results conducted by both internal and external auditors. 3. Recommending the improvement of management control system of the Company along with its implementation. 4. Assuring the existence of excellent review procedures of all information disclosed by the Company. 5. Identifying all things requiring the attention of the Commissioners.


Tugas Utama Komite Audit adalah; 1. Membantu komisaris untuk memastikan efektifitas sistem pengendalian intern dan efektifitas pelaksanaan tugas eksternal auditor dan dan internal auditor. 2. Menilai pelaksanaan kegiatan serta hasil audit yang dilakukan oleh Satuan Pengawas Intern maupun auditor eksternal. 3. Memberikan rekomendasi penyempurnaan sistem pengendalian manajemen perusahaan serta pelaksanaanya. 4. Memastikan telah terdapat prosedur review yang memuaskan terhadap segala informasi yang dikeluarkan perusahaan. 5. Melakukan identifikasi hal-hal yang memerlukan perhatian Komisaris serta tugas-tugas komisaris lainnya; 6. Komisaris dapat pula memberikan penugasan lain kepada Komite Audit berupa antara lain; a. Melakukan penelaahan atas informasi mengenai perusahaan serta Rencana Jangka Panjang, Rencana Kerja dan Anggaran Perusahaan, Laporan Manajemen dan informasi lainnya. b. Melakukan penelaahan atas ketaatan perusahaan terhadap peraturan peundang- undangan yang berhubungan dengan kegiatan perusahaan. c. Melakukan penelaahan atas pengaduan yang berkaitan dengan perusahaan. d. Mengkaji kecukupan fungsi audit internal termasuk jumlah auditor, rencana kerja tahunan dan penugasan yang telah dilaksanakan. e. Mengkaji kecukupan pelaksanaan audit eksternal termasuk didalamnya perencanaan audit dan jumlah auditornya.


Audit Committee Report


Laporan Komite Audit


KOMITE AUDIT AUDIT COMMITTEE

Susunan Komite Audit

The Organization of Audit Committee

Ketua Chairman

Mayjen (Purn.) Samsoedin Saat ini menjadi sebagai Komisaris Independen Jasa Marga

He is currently Jasa Marga’s Independent Commissioner

Anggota Komite Audit Member of Audit Commitee

Nugroho Widjayanto

Bergabung dengan Komite Audit Jasa Marga sejak tahun 2007. Lulus Sarjana Akuntan (S-1) dari Institut Ilmu Keuangan Departemen Keuangan pada tahun 1980. Sebelumnya pernah menjabat sebagai Direksi pada BUMN dan Komisaris pada anak perusahaan BUMN pada tahun 1997-2002. Menjadi Widyaiswara di Departemen Keuangan sejak tahun 2003.

He joined Jasa Marga Audit Committee in 2007. He graduated from Financial Institute of the Department of Finance majoring in Accounting in 1980. He held the position of Director in State-Owned Enterprises and Commissioner in State-Owned Enterprise’s subsidiaries in 1997-2002. He has become Widyaiswara (expert trainer) in the Department of Finance since 2003.

Anggota Komite Audit Member of Audit Commitee

Bambang Widijanto Soewignyo Bergabung dengan Komite Audit Jasa Marga sejak tahun 2007. Lulus Sarjana Teknik Sipil ITB pada tahun 1977. Saat ini juga menjabat sebagai Ahli Teknik Jalan dan Jembatan Madya Direktorat Jenderal Bina Marga Departemen Pekerjaan Umum sejak tahun 2001. Sebelumnya menjabat sebagai Direktur Mutu pada Deputi Bidang Mutu & Manfaat Badan Penetapan dan Pengendalian Penyediaan Prasarana dan Sarana Pekerjaan Umum (BP4S-PU).

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He joined Jasa Marga Audit Committee in 2007. A graduate of Bandung Institute of Technology majoring in Civil Engineering in 1977, at present he also holds the position of Mid-Level Road and Bridge Technical Expert of Directorate General of Bina Marga of the Department of Public Works since 2001 where he was previously the Quality Director of Deputy of Quality & Benefits of Infrastructure Procurement Control and Approval Board of Public Works (BP4S-PU).

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WORKING INITIATION UNIT

MAINTENANCE

PROJECTS

OPERATOR/BRANCH

MANAJEMEN RISIKO / RISK MANAGEMENT

DOCUMENTS

RISK MANAGEMENT PLAN (RPR)

REGULATION

Mandatory to submit RPR

RISK MANAGEMENT PLAN REVIEW (RPR)


Initiator carry out review by analyzing business risk

RISK MANAGEMENT REPORT (LPR)

Mandatory to submit RPR and LPR

Manager, while operating the respective assets, must implement a review of the RPR, while also taking into account the latest condition : i.e. economy, market etc


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The leader will review RPR during the implementation of project During the execution and end of construction, it is mandatory to develop Risk Management Report (LPR)


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RISK MANAGEMENT PLAN REVIEW (RPR)

Laporan Keuangan

Investment asset utilization process to generate revenue. This also includes the maintenance process.


Process commences since SHO until PHO Project, ending with Pimprogranting the LPR


Land Supply Process, from providing contractor, consulting, supervising until SHO services

Saham Jasa Marga

Preparation of Contract documents, plan layout, ROW Plan, Financing (Financial Closed)


PERIOD


OPERATION

PERIOD

Laporan Manajemen

CONSTRUCTION

PERIOD

Fitur Jasa Marga

SOURCING

PERIOD

Financial Report

Preparation period to acquire projects, licenses and tender process until PPJT.

PREPARATION


SCOPE OF WORKS

OPERATION


INITIATION PERIOD

PROJECT


PRA PROJECT


DECISION TO PROCEED


Risk Management System Jasa Marga’s risk management is the responsibility of the Risk Management Committee, a unit that reports to the Directors. Risk management is applied on programs that have the potential to significantly influence on the Company’s assets as well as business prospect. The Risk Management Plan of toll road construction is conducted at initiator level, followed by project level and operator level or the corresponding branch. Each level is obligated to submit the Risk Management Plan of the corresponding level as describe in the following process:


Sistem Manajemen Risiko Pengelolaan Manajemen Risiko di Jasa Marga dikelola oleh Komite Manajemen Risiko yang struktur organisasinya berada dibawah Direksi. Manajemen Risiko diterapkan pada program yang berpotensi berpengaruh secara signifikan pada nilai kekayaan perusahaan serta prospek bisnis perusahaan sesuai ketentuan. Pada pembangunan Jalan Tol, Rencana Pengelolaan Risiko dilakukan pada level inisiator lalu level proyek dan kemudian pada level operator atau cabang. Di setiap level tersebut masing-masing wajib menyampaikan Rencana Pengelolaan Risiko sesuai dengan levelnya masing-masing seperti terlihat pada proses berikut ini;


MANAJEMEN RISIKO RISK MANAGEMENT

STRUKTUR ORGANISASI ORGANIZATIONAL STRUCTURE Direktur Utama President Director

Direktur Keuangan

Direktur Operasi

Direktur Sumber Daya Manusia

Finance Director

Development & Commerce Director

Operation Director

Human Resources Director

Biro Perencanaan Perusahaan

Divisi Pengembangan Jalan Tol

Divisi Manajemen Operasi

Biro Manajemen Sumber Daya Manusia

Corporate Planning Bureau

Toll Road Development Division

Operation Management Division

Human Resources Management Bureau

Biro Keuangan & Akuntansi

Divisi Pengembangan Usaha Lain

Divisi Pemeliharaan

Biro Hukum

Accounting & Finance Bureau

Other Businesses

Maintenance Division

Legal Bureau

Biro Teknologi Informasi Perusahaan Corporate Information Technology Bureau

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Direktur Pengembangan & Niaga

Seketaris Perusahaan Corporate Secretary

Komite Manajemen Resiko Risks Management Committee

Divisi Pembangunan

Biro Umum & Logistik

Komite Pengembangan Organisasi & Manajemen

Construction Division

Logistics & General Affair Bureau

Management & Organization Development Committee

Satuan Pengawasan Intern

Unit Program Kemitraan & Bina Lingkungan

Internal Auditing Unit

Community Development & Small Scale Business Partnership Programs Unit

Kantor Cabang

Proyek Pembangunan

Branch Offices

Construction Projects



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Corporate Social Responsibility Tumbuh Bersama Masyarakat

Growing Together with the Community

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TUMBUH BERSAMA MASYARAKAT GROWING TOGETHER WITH THE COMMUNITY

Jauh sebelum Pemerintah mendengungkan tentang CSR (Corporate Social Responsibility), Jasa Marga sudah menempatkan masyarakat di sekitar Jalan Tol sebagai bagian dari perusahaan. Berbagai model dan konsep dalam membangun kebersamaan dengan masyarakat sekitar sudah banyak dilakukan. Tujuan dari aneka konsep dan model pendekatan ini sama, yaitu memberdayakan lingkungan sekitar guna menciptakan kebersamaan.

Far before the Government echoed Corporate Social Responsibility (CSR), Jasa Marga has considered people residing in toll road surroundings an important part of the Company. Various models and concepts of building solidarity with the society have been long carried out. These concepts and models are both intended for the same purpose, i.e. to promote the spirit of brotherhood within the community.

Dan ketika Pemerintah mulai menggalakkan program CSR, leader operator Jalan Tol di Indonesia ini sudah menempatkan program tersebut sebagai bagian dari budaya perusahaan. Berbagai aktivitas CSR mulai dari pembagian sembako, pelatihan montir, pembangunan sarana ibadah/sekolah atau pemberian beasiswa kepada anak sekolah di sekitar Jalan Tol sampai dengan pembentukan Tim Relawan untuk membantu masyarakat yang terkena bencana alam sudah menjadi bagian dari aktivitas Perusahaan.

And when the Government began to encourage companies to foster corporate citizenship, Jasa Marga, the leader of toll road operators in Indonesia, has made it part of its corporate culture. Many CSR activities, such as distribution of sembako (staple foods and basic necessities), mechanic training, construction of places of worship/schools and giving scholarships to children inhabitants of areas near toll roads along with the forming of voluntary team to assist the victims of natural disasters, have shared some portions of the Company’s activities.

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One of Jasa Marga’s successful small-scale business partners is Suyanto. He is a handicraft entrepreneur in Cimahi, West Java and his products have penetrated the market in several countries in Asia, Europe and America.

Fitur Jasa Marga

Salah satu mitra binaan yang berhasil dibina Jasa Marga adalah Suyanto, seorang pengusaha handycraft di daerah Cimahi, Jawa Barat, produknya saat ini sudah merambah ke beberapa negara di Asia, Eropa dan Amerika. Bantuan yang diterima

Financial Report

Jasa Marga’s attention to small-scale businesses is also quite significant. In the period of 2007, the Company has distributed fund amounting to Rp 15.1 billion which was well spent by 670 small-scale business partners.


Kepedulian Jasa Marga kepada para mitra binaan juga cukup besar. Selama tahun 2007 lalu, perusahaan Jalan Tol ini telah menyalurkan dana sebesar Rp. 15.1 miliar yang telah dimanfaatkan oleh 670 mitra binaan.


The Government, acting through the State Ministry for State-Owned Enterprises issued a Decree of State Minister for State-Owned Enterprises No. KEP-236/ MBU/2003 dated 17 June 2007 concerning Partnership and Community Development Programs (Program Kemitraan dan Bina Lingkungan – PKBL) which obligates State-Owned Enterprises to set aside 1-3% of the net profit to support people by means of giving working capital loans and community development to show a trustworthy engagement for the society, to which Jasa Marga has no problem in showing its commitment.


Ketika pada tanggal 17 Juni 2007 Pemerintah melalui Kementrian BUMN menerbitkan SK Meneg BUMN no. KEP-236/MBU/2003 tentang Program Kemitraan dan Bina Lingkungan (PKBL) yang meminta BUMN menyisihkan 1-3% keuntungannya untuk membantu masyarakat dalam bentuk pinjaman modal kerja dan bantuan bina lingkungan sebagai bentuk kepedulian BUMN kepada masyarakat, Jasa Marga dapat dengan mudah mengimplementasikannya.


Small-Scale Business Partners


Mitra Binaan


Jasa Marga’s dedication to the society is not only shown when its toll roads are in operation. The spirit of unity is even seen as early as when the Company is carrying out toll road constructions, for example by having local citizens do certain works that are in accordance with their skills, giving them the chance to set up a small business such as food stalls and ojek (motorbike taxis), building MCK (bath, laundry, toilet) facilities, constructing water sources and water channels that conform to Amdal (environmental impact assessment).


Bahkan, kepedulian Jasa Marga terhadap masyarakat sekitar tidak hanya dilakukan pada saat Jalan Tol sudah dioperasikan saja, namun ketika Jasa Marga tengah membangun Jalan Tol, kebersamaan itu sudah dilakukan. Misalnya dengan memanfaatkan penduduk setempat untuk pekerjaan-pekerjaan yang sesuai dengan kemampuan mereka, memberi kesempatan kepada penduduk untuk membuka usaha (warung makan, dan ojek), membangun sarana MCK, membuat sumber air serta membuat saluran-saluran air sesuai dengan Amdal.


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Pendidikan Education

tidak hanya modal kerja saja, tapi juga dalam bentuk pelatihan dan kesempatan untuk mengikuti pameran.

He received not only loan but also opportunities to participate in trainings as well as exhibitions.

Dana PKBL juga diperuntukkan bagi pengembangan bidang pendidikan yang disalurkan melalui sembilan Kantor Cabang Jasa Marga yang tersebar di Jabotabek, Bandung, Cirebon, Semarang, Surabaya dan Medan. Pada 2006 lalu, melalui program PKBLnya, Jasa Marga telah menyalurkan dana sebesar Rp. 1,168 miliar untuk program pendidikan ini. Rp. 386,5 juta diantaranya diberikan dalam bentuk beasiswa bagi para siswa yang ada di sekitar Jalan Tol.

PKBL fund which is distributed through nine Branch Offices of Jasa Marga scattered in Jabotabek (Jakarta, Bogor, Tangerang and Bekasi areas), Bandung, Cirebon, Semarang, Surabaya and Medan is also intended to develop people’s education. In 2006, Jasa Marga used its PKBL program to distribute the fund in the amount of Rp 1.168 billion for education program, of which Rp 386.5 million was given in the form of scholarships for students dwelling near toll roads.

Kepedulian Jasa Marga terhadap dunia pendidikan di tanah air juga tercermin dari kerjasama yang telah dilakukan dengan Politeknik Negeri Jakarta. Poltek milik Universitas Indonesia ini bekerja sama dengan Jasa Marga telah membuka program D-4 Jalan Tol sejak 2002. Di Program ini, mahasiswa mendapat kesempatan untuk mempelajari berbagai permasalahan tentang Jalan Tol, mulai dari aspek bisnis Jalan Tol sampai dengan masalah pengoperasian Jalan Tol.

Jasa Marga’s profound commitment to the world of education is also reflected in its cooperation with Politeknik Negeri Jakarta (State Polytechnic of Jakarta), a polytechnic owned by the University of Indonesia, to open Toll Road D-4 program. This program, which has been started since 2002, enables its students to have the opportunity to learn a variety of toll road issues, starting from toll road business aspects to toll road operation.

Tim Relawan Voluntary Team

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Berbagai bencana yang belakangan ini sering terjadi, menggugah kepedulian Jasa Marga untuk dapat membantu meringankan beban masyarakat. Tim Relawanpun dibentuk. Berbekal kemampuan dan pengalamannya, Tim Relawan ini pernah melaksanakan berbagai tugas kemanusiaan seperti pada saat terjadi bencana tsunami di Aceh dan Nias, Gempa Bumi di Yogyakarta, tsunami di Pangandaran dan beberapa daerah bencana lainnya.

Many disasters, especially those most recently taking place, have moved Jasa Marga to ease the victims’ pain and for this purpose, the Company set up a team of volunteers. With their capabilities along with experiences, the team takes on many humanity tasks to help the victims of a number of natural disasters such as tsunami in Aceh and Nias, earthquake in Yogyakarta, tsunami in Pangandaran and many other disasters.

Selain menerjunkan sebanyak 54 relawan, ketika terjadi bencana tsunami di Aceh dan Nias, Jasa Marga juga memberikan bantuan dalam bentuk barang dan jasa senilai lebih dari Rp. 2,5 miliar. Selain dari perusahaan, dana tersebut juga dikumpulkan dari para karyawan.

For the victims of tsunami in Aceh and Nias, not only did Jasa Marga deploy 54 volunteers, the Company also gave its contributions in the forms of goods and services worth over Rp 2.5 billion. Besides from the Company, the contributions were also collected from the employees.


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Pasca bencana di Yogyakarta, Jasa Marga juga berhasil melakukan renovasi SD I Terong di daerah Banutl senilai Rp. 108 juta. Sekarang, diatas tanah seluas 3.445 m2 tersebut telah berdiri kembali sekolah dengan 6 ruangan kelas, 1 ruang guru, fasilitas MCK yang dilengkapi pompa air dan tower air setinggi 3 meter.

After the natural disaster hitting Yogyakarta, Jasa Marga has funded the renovation of SD I Terong, an elementary school located in Bantul area, in the amount of Rp 108 million. Having been renovated, standing on 3,445 m2 of land, the school is now accommodated with 6 classrooms, 1 teachers room, and MCK (bath, laundry, toilet) facility fully equipped with water pump and a three-meter water tower.

Selain sudah menjadi budaya perusahaan, kepedulian Jasa Marga terhadap masyarakat sekitar ini merupakan wujud kebersamaan yang akan terus ditingkatkan, Keberhasilan Jasa Marga sebagai pengembang dan operator Jalan Tol tentunya tidak lepas dari kebersamaan yang sudah terjalin selama ini dengan masyarakat sekitarnya.

Apart from being the corporate culture, Jasa Marga’s awareness of its surroundings is a genuine manifestation of solidarity which the Company intends to continually improve. Jasa Marga’s success as toll road operator and developer definitely has strong correlation with the well-formed relationship with the community in all these years.

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Financial Report

Laporan Keuangan

Independent Auditor’s Report


Laporan Auditor Independen


Statement of Responsibility on the Financial Report


Pernyataan Tanggung Jawab Atas Laporan Keuangan


Financial Report


Laporan Keuangan

Laporan Keuangan Konsolidasi Consolidated Financial Report

Catatan Atas Laporan Keuangan Konsolidasi Notes to Consolidated Financial Report


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Pejabat Jasa Marga

Jasa Marga Key Personnel

Lembaga dan Profesi Penunjang

Institutions and Supporting Professionals

Identitas Perusahaan Corporate Identity

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KEPALA UNIT KERJA KANTOR PUSAT PT JASA MARGA (PERSERO) Tbk PT JASA MARGA (PERSERO) TBK. KEY PERSONNEL Kantor Pusat Head Office Ir. Okke Merlina

: Sekretaris Perusahaan Corporate Secretary

Ir. Firmansjah, CES.

: Kepala Satuan Pengawasan Intern Head of Internal Auditing Unit

Ir. Unggul Cariawan, M.Econ.

: Ketua Komite Manajemen Risiko Head of Risk Management Committee

Ir. Djoko Subandono

: Ketua Komite Pengembangan Organisasi dan Manajemen Head of Management & Organization Development Committee

Drs. Wasokhi

: Kepala Unit Program Kemitraan dan Bina Lingkungan Head of Partnership & Community Development Programs Unit

Ir. Dedi Krisnariawan Sunoto

: Kepala Divisi Pengembangan Jalan Tol Head of Toll Road Development Division

Ir. Djoko Dwijono,M.Eng.Sc.

: Kepala Divisi Pengembangan Usaha Lain Head of Other Businesses Development Division

Ir. Djadjat Sudradjat

: Kepala Divisi Pembangunan Head of Construction Division

Ir. Septerianto Sanaf

: Kepala Divisi Manajemen Operasi Head of Operation Management Division

Ir. Hasanudin, M.Eng.Sc.

: Kepala Divisi Pemeliharaan Head of Maintenance Division

Ir. Handono

: Kepala Biro Manajemen SDM Head of Human Resources Management Bureau

Tolú Ismed Arief, SH.

: Kepala Biro Hukum Head of Legal Bureau

Drs. Bambang Sancoyo

: Kepala Biro Umum & Logistik Head of Logistics & General Affairs Bureau

Ir. Muhamad Najib Fauzan, MSc. : Kepala Biro Perencanaan Perusahaan Head of Corporate Planning Bureau Drs. Ronny Haryanto, M.Econ.

: Kepala Biro Keuangan & Akuntansi Head of Accounting & Finance Bureau

Ir. Bambang Sulistyo, MBA.

: Kepala Biro Teknologi Informasi Perusahaan Head of Corporate Information Technology Bureau

Pemimpin Proyek PT Jasa Marga (Persero) Tbk. Project Offices Ir. Poncoyono Sudiro, MM.

: Pemimpin Proyek Bogor Ring Road Bogor Ring Road Project Manager

Ir. Agus Suharyanto

: Pemimpin Proyek Semarang-Solo Semarang-Solo Project Manager

Ir. Slamet Sudrajat

: Pemimpin Proyek Gempol-Pasuruan Gempol-Pasuruan Project Manager

Anak Perusahaan PT Jasa Marga (Persero) Tbk. yang terkonsolidasi Joint Ventures

Ir. Purwadi Andandiyanto

: Direktur Utama PT Jalan Tol Lingkar Luar Jakarta (JLJ) President Director of PT Jalantol Lingkarluar Jakarta (JLJ)

Ir. Poncoyono Sudiro, MM.

: Direktur Utama PT Marga Sarana Jabar (Jalan Tol Bogor Ring Road) President Director of PT Marga Sarana Jabar (Bogor Ring Road Toll Road)

Ir. Agus Suharyanto

: Direktur Utama PT Trans Marga Jateng (Jalan Tol Semarang-Solo) President Director of PT Trans Marga Jateng (Semarang-Solo Toll Road)

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: PT Marga Kunciran Cengkareng(Jalan Tol Cengkareng-Kunciran) PT Marga Kunciran Cengkareng (Cengkareng-Kunciran Toll Road)

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: PT Trans Marga Nusantara(Jalan Tol Kunciran-Serpong) PT Trans Marga Nusantara (Kunciran-Serpong Toll Road)

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Laporan Keuangan


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PT Bank Mega Tbk. Menara Bank Mega Lt. 16 Jln. Kapten Tandean Kav.12-14A Jakarta 12790

Laporan Manajemen

Aryanto Amir Jusuf & Mawar Plaza ABDA, floor 10 & 11 Jln. Jend. Sudirman kav. 59 Jakarta 12190, Indonesia Tel. (62-21) 5140 1340 Fax. (62-21) 5140 1350

Fitur Jasa Marga

Wali Amanat Trustees

Financial Report

Auditor Auditor


LEMBAGA DAN PROFESI PENUNJANG INSTITUTIONS AND SUPPORTING PROFESSIONALS


Ir. Muhammad Zahir Siregar, MM. Kepala Cabang Palikanci Palikanci Branch Manager Jln. Jend. Sudirman no. 138, Ciperna Cirebon 45171 Tel. (62-231) 489 800, 484 268 Fax. (62-231) 483 457 E-mail: [email protected]


Ir. Subakti Syukur Kepala Cabang Surabaya-Gempol Surabaya-Gempol Branch Manager Plaza Tol Kota Satelit Jln. Mayjen Sungkono Surabaya 60189 Tel. (62-31) 567 9401, 567 2008, 567 1863 Fax. (62-31) 732 9941 E-mail: [email protected]


Ir. Robert Sitorus Kepala Cabang Jakarta-Cikampek Jakarta-Cikampek Branch Manager Jln. Teuku Umar, Sepanjang Jaya Rawa Lumbu, Bekasi 17114 Tel. (62-21) 821 6515, 8243 0046 Fax. (62-21) 821 6507 E-mail: [email protected]

Edwin Cahyadi, ST. Kepala Cabang Belmera Belmera Branch Manager Jln. Simpang Tanjung no. 1A, Medan 20241 Tel. (62-61) 661 1701, 661 2920 Fax. (62-61) 661 1055 E-mail: [email protected]


Ir. Agus Purnomo Kepala Cabang Semarang Semarang Branch Manager Plaza Tol Manyaran Jln. Tol Semarang, Semarang 50147 Tel. (62-24) 760 6012, 760 6014 Fax. (62-24) 762 3940 E-mail: [email protected]

Ir. David Wijayatno Kepala Cabang Cawang-Tomang-Cengkareng Cawang-Tomang-Cengkareng Branch Manager Plaza Tol Cililitan Jln. Cililitan Besar, Jakarta 13510 Tel. (62-21) 8088 7227 Fax. (62-21) 8088 7228 E-mail: [email protected]

Ir. Hendro Atmojo Kepala Cabang Jakarta-Tangerang Jakarta-Tangerang Branch Manager Plaza Tol Tangerang Jln. Raya Serpong, Tangerang 15001 Tel. (62-21) 5575 3904, 5575 6237 Fax. (62-21) 5575 4029 E-mail: [email protected] Ir. Hardjono Santoso Kepala Cabang Purbaleunyi Purbaleunyi Branch Manager Plaza Tol Pasteur Jln. DR. Djundjunan no. 257 Bandung 40164 Tel. (62-22) 200 0867 Fax. (62-22) 201 1433 E-mail: [email protected]


Ir. Sudijatmoko Kepala Cabang Jagorawi Jagorawi Branch Manager Jln. Raya Taman Mini Indonesia Indah Jakarta 13560 Tel. (62-21) 841 3632, 840 0732 Fax. (62-21) 840 0055 E-mail: [email protected]


Kepala Cabang PT Jasa Marga (Persero) Tbk. Branch Managers

IDENTITAS PERUSAHAAN CORPORATE IDENTITY Nama Perusahaan Company Name

: PT JASA MARGA (PERSERO) Tbk.

Berkedudukan di Incorporated in

: Jakarta

Pembentukan: Established

: 1 Maret 1978

Modal Dasar: Authorized Capital

: Rp 9,52 Triliun : Rp 9.52 Trillion

Modal Ditempatkan Issued Capital


Modal Disetor Fully Paid Capital


Kepemilikan Ownership

: Negara Republik Indonesia 70% : Government of the Republic of Indonesia 70%

Masyarakat Public

: 30%

Bidang Usaha Line of Business

: Merencanakan, membangun, mengoperasikan dan memelihara Jalan Tol, serta mengembangkan dan mengusahakan lahan di ruang milik Jalan Tol dan usaha lain yang terkait

Planning, constructing, operating and maintaining toll roads along with developing and maximizing the use of land in toll road areas and other related businesses

Kontak Kami : PT JASA MARGA (PERSERO) Tbk. Contact Us Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 Indonesia Tel. : (62-21) 841 3526, 841 3630 Fax. : (62-21) 841 3540 E-mail : [email protected] Website: www.jasamarga.com

Bloomberg Ticker

JSMR IJ

Yahoo! Finance quote

Logo Lama Old Logo

114



JSMR. JK

Logo Baru per 1 Maret 2007 New Logo as of 1 March 2007

www.jasamarga.com

www.jasamarga.com


115

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www.jasamarga.com

Financial Report

2007

PT JASA MARGA (Persero) Tbk. Plaza Tol Taman Mini Indonesia Indah Jakarta 13550 Tel. + 62 21 841 3526, 841 3630 Fax. + 62 21 840 1533, 841 3540 [email protected] www.jasamarga.com 112


www.jasamarga.com

www.jasamarga.com


113

114


www.jasamarga.com

These consolidated financial statements are originally issued in Indonesian language

R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of December 31, 2007 and 2006 (in thousand Rupiah) Notes

2007 Rp

2006 Rp

ASSETS Current Assets Cash and Cash Equivalents Short Term Investments Other Receivables Prepaid Expenses Prepaid Taxes Total Current Assets

2.c, 2.n, 3 2.d, 4 2.e, 5 2.f, 6 2.o, 7.a

Non Current Assets Appropriated Funds Investment in Associate Companies Other Long Term Investments Fixed Assets Toll Road Concession Rights (Net of accumulated depreciation amounting to RRp 1,452,529,055 and Rp 1,195,436,711 as of RDecember 31, 2007 and 2006, respectively) Other than Toll Road Concession Rights 2(Net of accumulated depreciation amounting to Rp 256,315,916 dan Rp 234,405,659 as of December 31, 2007 and 2006, respectively) Constructions in Progress Deferred Overlay Charges Other Assets Total Non Current Assets

4,000,028,295 4,532,880 23,724,586 6,325,678 41,174,326 4,075,785,765

260,389,712 4,614,370 510,176,847 7,743,030 41,076,873 824,000,832

77,149,750 20,152,136 116,844,693

98,133,562 20,045,927 117,612,443

2.h, 11.a

9,034,318,975

6,873,028,007

2.h, 11.b 2.h, 11.c 2.i, 12 13

84,046,017 141,592,862 213,176,847 84,160,116 9,771,441,396

79,215,409 1,820,886,497 136,980,337 285,794,075 9,431,696,257

13,847,227,161

10,255,697,089

8 2.g, 9 2.g, 10

TOTAL ASSETS

See the Accompanying Notes which are an Integral Part of these Consolidated Financial Statements 1


R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Continued) As of December 31, 2007 and 2006 (in thousand Rupiah) Notes

2007 Rp

2006 Rp

LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable Contractors Payable Tax Payables Other Payables Accrued Expenses Current Maturities of Long Term Liabilities Bank Loan Loan from Government Liabilities under Joint Operations Agreements Bonds Payable Total Current Liabilities Non Current Liabilities Unearned Revenue Deferred Tax Liabilities Long - Term Liabilities - Net of Current Maturity Bank Loan Loan from Government Liabilities under Joint Operations Agreements Bonds Payable Obligation Due to Termination of Concession Agreement Employee Benefits Obligation Total Non Current Liabilities

15 16 2.o, 7.b 17 18

96.358.295 164.860.195 59.895.377 40.566.395 224.698.363

40.003.175 253.992.941 23.190.950 55.178.028 260.350.547

14 19 2.h, 20 2.k, 22

572.734.934 14.442.902 1.763.202 150.000.000 1.325.319.663

678.274.121 40.628.095 1.980.833 -1.353.598.690

2.m, 21 2.o, 7

26.048.399 352.703.670

22.523.323 302.554.153

14 19 2.h, 20 2.k, 22 2.t, 41.a 2.p, 23

819.894.790 63.658.342 36.791.805 4.657.213.400 202.454.407 148.458.470 6.307.223.283

1.960.235.613 104.286.438 79.237.208 3.705.556.982 202.454.407 139.586.064 6.516.434.188

7.632.542.945

7.870.032.878

2.b, 24

239.368.332

117.339

25 26 2.d, 4

3.400.000.000 2.345.068.762 3.230 230.243.891 5.975.315.883

1.000.000.000 659.222 (385.630) 1.385.273.280 2.385.546.872

13.847.227.161

10.255.697.089

Total Liabilities Minority Interests Shareholders' Equity Share Capital Par Value of Rp 500 (full amount) and Rp 1,000,000 (full amount) As of 31 December 2007 and 2006. Authorized - 19,040,000,000 Shares and 2,000,000 Shares As of 31 December 2007 and 2006. Issued and Fully Paid - 6,800,000,000 Shares Comprising 1 Series A Dwiwarna Share and 6,799,999,999 Series B Shares and 1,000,000 Common Shares As of 31 December 2007 and 2006 Additional Paid in Capital Unrealized Gain (Loss) on Available for Sale Securities Retained Earnings Total Shareholders’ Equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

See the Accompanying Notes which are an integral part for these Consolidated Financial Statements

2



R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Notes

2007 Rp

2006 Rp

OPERATING REVENUES Toll Revenues Others Total Operating Revenues

2.m, 27 2.m, 28

2,617,713,863 27,328,733 2,645,042,596

2,270,450,496 25,692,816 2,296,143,312

OPERATING EXPENSES Toll Collection Toll Road Service Toll Road Maintenance Joint Operations General and Administrative Total Operating Expenses

2.m, 29 2.m, 30 2.m, 31 2.m, 32 2.m, 33

417,862,845 165,394,844 363,680,374 200,767,746 481,387,365 1,629,093,174

361,291,374 150,608,965 365,856,861 171,520,690 427,411,973 1,476,689,863

1,015,949,422

819,453,449

(714,490,695) 53,250,979 47,346,977 (613,892,739)

(727,425,593) 10,837,271 403,034,175 (313,554,147)

402,056,683

505,899,302

(72,078,561) (50,149,517) (122,228,078)

(22,933,362) (20,389,900) (43,323,262)

279,828,605

462,576,040

(1,846,870)

(8,734)

277,981,735

462,567,306

55

97*

OPERATING INCOME OTHER INCOME (EXPENSES) Interest Expenses Interest Income Others - Net Total Other Income (Expenses) - Net

2.m, 34 2.m, 35 2.m, 36

INCOME BEFORE TAX ESTIMATED INCOME TAX Current Deferred Total Income Tax Expenses

2.o, 7.c 2.o, 7.c

NET INCOME BEFORE MINORITY INTERESTS MINORITY INTERESTS

2.b, 24

NET INCOME 2.s, 45

Net Income Per Share (full amount) * As Restated, see Note 45.


3


R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS= EQUITY For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah)

Notes Balance as of December 31, 2005 Profit Distribution of 2005 Dividend General Reserve Partnership and Community Development Program Unrealized Loss on Securities Available for Sale Adjustment Due to Tax Assessment Letter Net Income Balance as of December 31, 2006 Profit Distribution of 2006 Dividend General Reserve Partnership and Community Development Program Reclassification and Use of Appropriated Retained Earnings Additional of Share Capital and Paid in Capital Capitalization of Retained Earnings as of June 30, 2007 Initial Public Offering in 2007 Unrealized Gain on Securities Available for Sale Net Income Balance as of December 31, 2007

Additional Paid in Capital Rp

Share Capital Rp

Rp

Rp

Total Shareholders' Equity Rp

1,000,000,000

659,222

1,909,740

663,586,128

315,943,194

1,982,098,284

------1,000,000,000

------659,222

---(2,295,370) --(385,630)

-225,557,822 ----889,143,950

(58,627,390) (225,557,822) (5,862,738) -7,666,780 462,567,306 496,129,330

(58,627,390) -(5,862,738) (2,295,370) 7,666,780 462,567,306 2,385,546,872

-----

---(659,222)

-----

-425,226,959 -(1,314,370,909)

(25,000,000) (425,226,959) (9,251,346) 1,295,611,131

(25,000,000) -(9,251,346) (19,419,000)

1,380,000,000 1,020,000,000 --3,400,000,000

-2,345,068,762 --2,345,068,762

--388,860 -3,230

------

(1,380,000,000) --277,981,735 230,243,891

-3,365,068,762 388,860 277,981,735 5,975,315,883

37

2.d, 4 7

37

25 25, 26

2.d, 4


4


Retained Earnings Appropriated Unappropriated

Unrealized Gain (Loss) on Securities Available for Sale Rp


R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Notes

2007 Rp

2006 Rp

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from Toll Revenues Receipts from Other Revenues Payments to Vendors and Third Parties Payments to Employees Payments of Joint Operation Payments of Taxes Payments of Interest Expenses Net Cash Flows Provided from Operating Activities

2,617,713,863 47,237,274 (487,425,310) (542,780,662) (199,556,112) (113,999,978) (831,454,084) 489,734,991

2,270,450,496 23,645,592 (511,769,954) (516,796,544) (171,430,577) (139,608,724) (657,390,863) 297,099,426

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from (Placement of) Short Term Investment - Net Receipts from Interest Income Receipts from Dividend Proceeds from Disposal of Fixed Assets Toll Roads Expenditures Other Than Toll Roads Expenditures Overlay Charges Expenditures Constructions in Progress Expenditures Addition of Other Long Term Investments Net Cash Flows Provided from (Used in) Investing Activities

-43,724,497 1,331,769 37,400 (107,805,928) (15,538,659) (93,097,665) (263,901,580) 485,777,621 50,527,455

5,000,000 10,259,392 4,447,000 238,900 (54,723,995) (20,299,080) (65,478,447) (359,754,431) (14,900,000) (495,210,661)

957,154,688 (2,203,034,698) 1,500,000,000 (400,000,000) 20,983,812 (66,813,288) (42,663,031) --3,468,000,000

684,031,770 (1,211,318,254) 1,000,000,000 -(13,950,332) (40,628,096) (32,334,661) (261,000,000) 10,830,000 --

(34,251,346) 3,199,376,137

(94,490,128) 41,140,299

3,739,638,583

(156,970,936)

260,389,712

417,360,648

4,000,028,295

260,389,712

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Bank Loans Payments of Bank Loans Issuance of Bonds Payable Payments of Bonds Payable Increase (Decrease) in Appropriated Funds - Net Payments of Loan from Government Payments of Liabilities Under Joint Operation Agreements Payments of Obligation Due to Concession Rights Receipts from Related Party Proceeds from Initial Public Offfering Payments of Dividend and Partnership and Community Development Program (PKBL) Net Cash Flows Provided from Financing Activities NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS CASH AND EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND EQUIVALENTS AT THE END OF THE YEAR

See the Accompanying Notes which are an integral part for these Consolidated Financial Statements 5


R/069-E/7/03/08

PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Notes Cash and Cash Equivalents, consist of: Cash on Hand Cash in Banks Time Deposits Total

2.c, 4 2.c, 4 2.c, 4

Non Cash Activities: Impairment of Toll Road Asset Porong - Gempol Section Bond Issues of Jasa Marga JORR II for Settlement of Obligation due to Concession Rights

See the Accompanying Notes which are an integral part for these Consolidated Financial Statements 6


2007 Rp

2006 Rp

14,042,931 243,261,614 3,742,723,750 4,000,028,295

17,132,634 205,290,890 37,966,188 260,389,712

2.j, 13.c

--

12,027,508

22.f, 40.j

--

261,000,000


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah)

1.

General 1.a.

The Company’s Establishment PT Jasa Marga (Persero) Tbk, hereinafter referred to as "the Company", was established under the framework of Government Regulation No. 4 of 1978 regarding the State Capital Investment for the establishment of a State-Owned Company (Persero) in the area of management, maintenance and development of toll roads and the detailed management regulations (State Gazette No. 4 of 1978 in conjunction with the Decree of the Ministry of Finance of the Republic of Indonesia No. 90/KMK.06/1978 regarding the Determination of the Share Capital of PT Jasa Marga (Persero) dated February 27, 1978). The Company was established based on the Deed of Notary Kartini Mulyadi, SH, No. 1 dated March 1, 1978 and was approved by the Minister of Justice of the Republic of Indonesia in the Decree No. Y.A.5/130/1 dated February 22, 1982, filed in Jakarta High Court No. 766 and 767 on March 2, 1982 and was published in the State Gazette No. 73, dated September 10, 1982, edition No. 1138. The Company's articles of association has been amended several times and the last based on the decision of the Extraordinary General Meeting of Shareholders dated September 12, 2007, regarding the changes of the Company’s articles of association regarding to Initial Public Offering, including the increase of authorized capital, issued and fully paid capital, changes of par value and the classification of share, changes of the Company’s status from private company become public company, and changes name of the Company become State-Owned Company (Persero) PT Jasa Marga (Indonesia Highway Corporatama) Tbk or PT Jasa Marga (Persero) Tbk. The decision of the changes of the Company’s articles of association are put forth into the Deed No. 27, dated September 12, 2007 from Notary Ny. Poerbaningsih Adi Warsito SH. These amendments have been approved by the Decree of the Minister of Law and Human Rights of the Republic of Indonesia No. W7-10487 HT.01.04-TH.2007, dated September 21, 2007. According to Article 3 of the Company's Articles of Association, the aim and purpose of the Company's activities are to engage in performing and assisting the Government’s programs and policies in economy sector and generally in national development, specially in development of toll roads and all their supporting facilities with comply to the principles of limited liability company.

For these purposes, the Company performs the following activities: • to perform technical planning, construction, operate and/or maintenance of toll road; • to organize the land in toll road area (Rumijatol) and the land to border on Rumijatol using for rest area and service including facilities and other business operated either separately or in cooperation with other parties; and • to perform other activity and business in order to utilize and develop the Company’s resources, either directly or through investment, subject to law and regulation.

7


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The Company is domiciled in Jakarta and is currently operating 13 (thirteen) toll roads managed by its 9 (nine) branches and its subsidiary (as defined below) with details as follows: Branches/Subsidiary

Toll Road Sections

Branch Jagorawi Branch Jakarta – Tangerang Branch Camareng Branch Surabaya – Gempol Branch Jakarta – Cikampek Branch Purbaleunyi Branch Semarang Branch Belmera Branch Palikanci PT Jalantol Lingkarluar Jakarta

Jakarta - Bogor - Ciawi Jakarta - Tangerang and Pondok Aren - Bintaro Viaduct - Ulujami Cawang - Tomang - Pluit and Prof. Dr. Ir. Soedijatmo Surabaya – Gempol Jakarta - Cikampek Cikampek - Padalarang and Padalarang - Cileunyi Semarang Section A, B, and C Belawan - Medan - Tanjung Morawa Palimanan – Kanci Jakarta Outer Ring Road (JORR) Section E1, E2, E3, W2, and S

The Company commenced its commercial operations in 1978. 1.b.

.Subsidiaries PT Jalantol Lingkarluar Jakarta (JLJ) PT JalantoI Lingkarluar Jakarta was established based on the Deed of Notary Agus Madjid, SH, No.113 dated December 22, 2000. This Deed has been approved by the Minister of Justice of the Republic of Indonesia No. C 1598.HT.01.01-Th. 2001, dated March 6, 2001. The changes of the last Company’s article association based on the Deed No. 95, dated December 30, 2003 of Notary Agus Madjid, SH, in related with the changes of aim and purpose of JLJ business activity. This Deed has been approved by the Minister of Law and Human Rights of Republic Indonesia No. C-05376 HT.01.04.TH.2004, dated March 4, 2004. JLJ is domiciled in Jakarta. The Company owns 39,600 shares in JLJ with par value of Rp 1,000 (full amount) per share amounting to Rp 39,600,000 (full amount), representing 99% ownership. PT Marga Sarana Jabar (MSJ) PT Marga Sarana Jabar is a joint venture company between the Company and PT Jasa Sarana for development of Bogor Ring Road toll road. MSJ was established based on the Deed No. 10, dated May 11, 2007 of Notary Iwan Ridwan, SH, with Authorized Capital amounting to Rp 475,000,000,000 (full amount), Issued and Paid in Capital amounting to Rp 118,750,000,000 (full amount) and has been approved by the Minister of Law and Human Rights of Republic Indonesia No. W8-01909 HT.01.01.TH.2007, dated July 6, 2007 and announced in State Gazette No. 82, dated October 12, 2007. MSJ domiciled in Bogor. The Company owns 6,531,250 shares in MSJ with par value of Rp 10,000 (full amount) per share amounting to Rp 65,312,500,000 (full amount), representing 55% ownership. PT Trans Marga Jateng (TMJ) PT Trans Marga Jateng is a joint venture company between the Company and PT Sarana Pembangunan Jawa Tengah for development of Semarang – Solo toll road. TMJ was established based on the Deed No. 27, dated July 7, 2007 of Notary Prof.DR. Liliana Tedjosaputro, SH, MH, and amended with the Deed No. 84 from the same notary and has been approved by the Minister of Law and Human Rights of Republic Indonesia No. C-03976 HT.01.01-TH.2007, dated November 22, 2007. The Company owns 27,600,000 shares in TMJ with par value of Rp 10,000 (full amount) per share amounting to Rp 276,000,000,000 (full amount), representing 60% ownership.

8 www.global-reports.com


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Total assets and revenues subsidiaries before elimination journal are as follows: Assets 2007 PT Jalantol Lingkarluar Jakarta PT Marga Sarana Jabar PT Trans Marga Jateng

1.c.

60,695,912 120,434,783 462,732,645

Revenues 2006

2007

2006

68,009,326 ---

95,859,053 ---

105,473,025 ---

Board of Directors, Commissioners, Audit Committee, and Employees Based on the Decree of State Ministry of State-Owned Enterprises of the Republic of Indonesia No. KEP32/MBU/2006 dated March 14, 2006, the composition of the Company’s Board of Directors as of December 31, 2007 and 2006 are as follows: President Director Operations Director Finance Director Commercial and Development Director Human Resources Development Director

: : : : :

Ir. Frans S. Sunito Ir. Sarwono Oetomo, MM. Ir. Reynaldi Hermansjah Ir. Abdul Hadi H.S, MM. Ir. Achmad Purwono, MBA.

Based on Decree of the State Ministry of State-Owned Enterprises of the Republic of Indonesia No. KEP-33/MBU/2006 dated March 17, 2006, and minutes of the Extraordinary General Meeting of Shareholders PT Jasa Marga (Persero) Year 2007 No. RIS-292/D6.MBU/2007, dated September 12, 2007 that stated in the Deed No. 27, dated September 12, 2007 of Notary Ny. Poerbaningsih Adi Warsito, SH, the composition of the Company's Board of Commissioners as of December 31, 2007 and 2006 are as follows: President Commissioner : Drs. Gembong Priyono, MSc. Commissioner : Ir. Sumaryanto Widayatin, MSCE. Commissioner : Drs. Sri Mulyanto, MSc. Commissioner : Prof. Dr. Akhmad Syakhroza Commissioner (Independent Commissioner) : Mayjen (Purn) Samsoedin Commissioner (Independent Commissioner) : Irjen Polisi (Purn) Drs. Michael Dendron Primanto, SH, MH Based on the Decree of State Ministry of State-Owned Enterprises of the Republic of Indonesia No. KEP33/MBU/2006 dated March 17, 2006, the composition of the Company's Board of Commissioners as of December 31, 2006 are as follows: President Commissioner Commissioner Commissioner Commissioner Commissioner

: Drs. Gembong Priyono, MSc. : Ir. Sumaryanto Widayatin, MSCE. : Drs. Sri Mulyanto, MSc. : Prof. Dr. Akhmad Syakhroza : Mayjen (Purn) Samsoedin

9


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Based on the Decision of the Commissioners No. KEP-001/III/2006 dated December 29, 2006, No. KEP0089/VIII/2007, dated August 14, 2007 and No. KEP-00127/X/2007, dated October 25, 2007, the composition of the Audit Committee as of December 31, 2007 are as follows: Chairman and Member Member Member Member

: : : :

Mayjen (Purn) Samsoedin Ir. Bambang Widijanto Suwignjo, MSc. Drs. Nugroho Widjajanto, Ak. Setyo Puji Hartanto, SE.

Based on the Decision of the Commissioners No. KEP-01/DKJM/II/2006 dated January 13, 2006, the composition of the Audit Committee as of December 31, 2006 are as follows: Chairman and Member Member Member

: Ir. Sumaryanto Widayatin, MSCE. : Ir. Bambang Widijanto Suwignjo, MSc. : Drs. Nugroho Widjajanto, Ak.

Total salaries and allowances of the Board of Directors for the years ended December 31, 2007, and 2006 were Rp 3,126,453,600 (full amount), and Rp 2,356,041,552 (full amount), respectively. Total honorariums and allowances of the Board of Commissioners for the years ended December 31, 2007, and 2006 were Rp 2,964,000,000 (full amount), and Rp 965,804,400 (full amount), respectively. The corporate secretary as of December 31, 2007 and 2006 was Ir. Okke Merlina as stipulated in Decision of the Director No. 031/AA.P-6a/2006, dated September 29, 2006. As of December 31, 2007, and 2006, the Company had total permanent employees of 5,572 person, and 5,640 person, respectively (unaudited). 1.d.

Public Bond Offering The Company has issued bonds with total amounting to Rp 5,923,978,500,000 (full amount) in 24 series. The total amount of bonds that have not been paid/not yet reached their maturity date is Rp 4,835,260,500,000 (full amount) and the balance has been paid. Details of bonds are as follows: No 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.

Bonds Jasa Marga I (A) Jasa Marga II/1 (B) Jasa Marga II/2 (C) Jasa Marga II/2 (D) Jasa Marga II/2 (E) Jasa Marga III/1 (F/1) Jasa Marga III/2 (F/2) Jasa Marga IV/1 (G/1) Jasa Marga IV/2 (G/2) Jasa Marga V/1 (H) Jasa Marga V/2 (I) Jasa Marga VI/1 (J) Jasa Marga VI/2 (K) Revenue Indexed Bond Phase I Revenue Indexed Bond Phase II Jasa Marga VII (L) Jasa Marga VIII (M) Jasa Marga IX (N) Jasa Marga X (O)

Par Value (Rp Million) 23,718 40,000 20,000 20,000 20,000 40,000 30,000 40,000 60,000 60,000 40,000 75,000 50,000 40,000 30,000 100,000 150,000 400,000 650,000


Tenor (Years) 5 5 5 5 5 5 5 5 5 5 5 8 8 12 12 8 8 5 8

Issuance Date 11/3/1983 31/10/1983 6/2/1984 5/3/1984 31/3/1984 28/12/1984 1/3/1985 27/12/1985 24/3/1986 6/7/1987 19/11/1987 20/6/1988 1/2/1989 31/7/1989 21/9/1989 8/6/1990 27/3/2000 12/4/2002 4/12/2002

Maturity Date

Status

11/3/1988 Paid 31/10/1988 Paid 6/2/1989 Paid 5/3/1989 Paid 31/3/1989 Paid 28/12/1989 Paid 1/3/1990 Paid 27/12/1990 Paid 24/3/1991 Paid 6/7/1992 Paid 19/11/1992 Paid 20/6/1996 Paid 1/2/1997 Paid 31/7/2001 Paid 21/9/2001 Paid 8/6/1998 Paid 27/3/2008 Not yet due 12/4/2007 Paid 4/12/2010 Not yet due


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) No 20. 21. 22. 23. 24.

Bonds Jasa Marga XI (P) Bond JORR I Bond JORR II (A) Bond JORR II (B) Bond JORR II (C) Jasa Marga XII (Q) Jasa Marga XIII (R)

Par Value (Rp Million)

Tenor (Years)

1,000,000 274,260 78,300 78,300 104,400 1,000,000 1,500,000

10 10 10 12 15 10 10

Issuance Date 10/10/2003 19/11/2003 5/1/2006 5/1/2006 5/1/2006 6/7/2006 6/21/2007

Maturity Date 10/10/2013 19/11/2013 5/1/2016 5/1/2018 5/1/2021 6/7/2016 6/21/2017

Status Not yet due Not yet due Not yet due Not yet due Not yet due Not yet due Not yet due

1.e. The Company’s Initial Public Offering On November 1, 2007 the Company received the effective statement from the Capital Market and Financial Institutions Supervisory Board (BAPEPAM-LK) through the Letter No. S-5526/BL/2007 to perform the initial public offering amounting to 2,040,000,000 of B Series shares with par value Rp 500 (full amount) each share from the Company porteple shares to public at the offering price amounting to Rp 1,700 (full amount) each share through capital market and listed in Indonesia Stock Exchange (formerly Jakarta Stock Exchange). 2.

Summary of Significant Accounting Policies 2.a.

Basis of Preparation of the Consolidated Financial Statements The consolidated financial statements have been prepared using accounting principles and practices which are generally accepted in Indonesia in accordance with the Statements of Financial Accounting Standards (SFAS) issued by the Indonesian Institute of Accountants, and the Capital Market Supervisory Agency (BAPEPAM) Regulation No. VIII.G.7 or SE-02/PM/2002 regarding Financial Statements Presentations and Disclosures Guideline for Issuer or Public Company in Toll Road Industry. The consolidated financial statements have been prepared on the basis of historical cost, going concern, and accrual concept except for the statements of cash flows. These accounting policies have been consistently applied except where there is a change in applicable accounting policy. The consolidated statements of cash flows have been prepared using the direct method by classifying cash flows into operating, investing, and financing activities. Amounts in these consolidated financial statements, except where specifically stated, are rounded to the nearest one million rupiah.

2.b.

Principles of Presentation of the Consolidated Financial Statements The consolidated financial statements include the financial statements of the Company and Subsidiaries, which is owned more than 50%, either directly or indirectly, by the Company. Subsidiaries have been consolidated since the Company gained effective control over Subsidiaries and will not be consolidated when such control no longer exists. The effect overall transactions and balances among the Company and Subsidiaries have been eliminated for the purpose of presentations of the consolidated financial statements. The accounting policies adopted in the presentation of the consolidated financial statements have been consistently applied by the Company, unless otherwise stated. The equity interest of minority shareholders of Subsidiaries is presented as a minority interest in the consolidated balance sheets.

11


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2.c.

Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and in banks, and time deposits with maturity dates of 3 (three) months or less that are not pledged as collateral.

2.d.

Investment in Securities The investment in securities consists of debt and equity securities and classified into one of 3 (three) categories as follows: • Trading

Securities held for trading purposes are stated at market value. Unrealized gains or losses on the appreciation/decline in market values are recognized in the current statements of income. • Held to Maturity

Investments in debt securities are held to maturity if the Company intends to hold these securities to maturity. Held to maturity debt securities are stated at cost, adjusted for amortization of premiums or discounts. • Available for Sale

Available for sale debt and equity securities are stated at market value. Any unrealized gain or loss on the appreciation/decline in market values are not recognized in current statements of income, however these are reported as a component of shareholders’ equity. Unrealized gains or losses are recognized in income statements when these are realized. Investment in debt and equity securities are recognized at fair value and an allowance for impairment in value of an investment is provided for if the Company believes that the value of the investment has been significantly or permanently decreased. If reliable market value is not available or cannot be used, securities are valued based on the fair value determined by the Company’s management. 2.e.

Allowance for Doubtful Accounts The account receivables are presented net of allowance for doubtful accounts. The allowance for doubtful accounts is provided based on a review of the status of the individual debtors at the end of the year. If certain receivables are uncollectible, the amounts are written off.

2.f.

Prepaid Expenses Prepaid expenses are charged to the statements of income in accordance with the beneficial periods.

2.g.

Investment in Shares Equity Method Investments in some associate companies where the Company holds an interest of 20% to 50% of the outstanding shares and does not exercise management control are recorded at acquisition cost and adjusted every year with the Company's share of the net income or loss of the associate company. Cash dividends are recorded as a deduction to the value of the investment. Cost Method The cost method is applied where the Company holds a temporary investment or interest of less than 20% of the issued share capital. Cost represents all expenditures related to the acquisition of the investment, including professional fees. An allowance will be made if the Company believes that the value of the investment has been significantly or permanently decreased. Cash dividend income is recognized to the statement of income in the period it is declared.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2.h. .Fixed Assets Fixed assets consist of concession rights, assets other than concession rights, and construction in progress. Toll Road Concession Rights Toll road assets that consist of roads and bridges, toll gates and support buildings, and toll road supplementary facilities are recorded as toll road concession rights assets and are stated at acquisition cost less accumulated depreciation. Cost incurred to acquire toll road concession rights are depreciated when the toll road has been completed and has been operated and/or in accordance with the decree of the ministry regarding toll road operation. Depreciation is computed using the straight line method during concession rights period. The Company may transfer its concession rights to another company by approval from the Government. The Company will record transfer of toll road concession rights assets to the Government at the end of concession period by eliminating all accounts related to the toll road concession rights assets. During the toll road concession rights period, toll road concession rights assets may be removed from the Company’s balance sheet if the toll road is transferred to the other party or the Government has changed the status of the toll road into non toll road or if there is no economic benefit expected from usage of the toll road. Any gain or loss from termination or disposal of toll road assets will be recognized in the current statement of income. Joint Operation Assets The toll road concession rights assets include toll road developments which are funded by investors (without operating rights). Prior to Law No. 38 of 2004 regarding Roads, which superseded the Road Law No. 13 of 1980, the Company was given an authority to enter into joint operations with investors for the toll road operations, with the approval from Government, including joint operation agreements with and without operation rights. The construction of toll road is funded by investors without operation rights under revenue or profit sharing scheme for certain period of time, and the operation is controlled by the Company, is recorded by the Company as joint operation toll road and the Company recognized joint operation liabilities (long term) when the construction is completed and transferred by the investor to be operated. Joint operation toll roads are depreciated over their respective concession periods using the straight line method, commencing from the time the asset has been completely built and transferred from the investor to be operated by the Company. In connection with the implementation of the Law No. 38 of 2004 regarding Roads, the Company received concession rights for 13 toll road sections that were then operated or under construction by the Company based on separate Toll Road Concession Agreements, each dated July 7, 2006, for a period of 40 years from January 1, 2005 to December 31, 2044. The Company’s receipt of these concession rights resulted in an extension of estimated useful life of roads and bridges assets and the need for reclassification of the roads and bridges assets from Direct Ownership Assets and Joint Operation Toll Roads categories into Concession Rights Assets category. Prior to the Company’s receipt of these concession rights on January 1, 2005, the toll road assets consisting of roads and bridges and joint operation toll roads were depreciated over their estimated economic useful life. Since January 1, 2005, their estimated economic useful life of roads and bridges and joint operation toll roads have been extended through the end of the concession period and the assets are depreciated annually based on their book value as of January 1, 2005 divided by the concession period.

13


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Toll Road Sections

Years

Jakarta - Bogor – Ciawi Jakarta - Tangerang Surabaya – Gempol Jakarta - Cikampek Padalarang – Cileunyi Prof. Dr. Ir. Soedijatmo Cawang - Tomang – Pluit Belawan - Medan - Tanjung Morawa Semarang Section A, B, and C Pondok Aren - Bintaro Viaduct – Ulujami Palimanan – Kanci Jakarta Outer Ring Road (JORR) Section E1, E2, E3, and W2 Cikampek – Padalarang JORR Section S*

40 40 40 40 40 40 40 40 40 40 40 40 40 15

*) Based on the minutes of the result agreement of concession period of 13 toll road sections operated by the Company (No. 378A/BA-PPJT/KE/BPJT/2006 dated June 8, 2006), the concession agreement for JORR S will be made separately with a concession rights period of 15 years that is effective from January 1, 2006.

Toll gates and support buildings and supplementary facilities are depreciated over their respective useful lives as follows: Years Toll Gates and Support Buildings Toll Supplementary Facilities

5 - 20 5 - 10

Other Than Toll Road Concession Rights Fixed assets which are not related to toll road concession rights are recorded as assets other than toll road concession rights and stated at acquisition cost less accumulated depreciation. The assets are depreciated over their useful life using the straight line method except land rights that are stated at historical cost and are not depreciated. Years

Office and Other Buildings Operation and Office Equipment Vehicles

20 5 3-5

The cost of repairs and maintenance are charged to statements of income as incurred. Significant renewal and improvements that increase the useful life or the performance of fixed assets are capitalized. When fixed assets are retired or otherwise disposed off, their acquisition cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the current statement of income. Construction in Progress Construction in progress represents the accumulation of expenditures that directly relate to the construction and acquisition of toll roads and fixed assets other than toll roads that are still in a stage of construction. These include borrowing costs incurred during the construction period in respect to borrowings used for payment of the construction. Construction in progress is reclassified to its relevant fixed asset account when it is available for use and operation.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The acquisition cost of toll roads includes all toll road construction costs, land acquisition, feasibility study and other costs that are directly related to toll road construction, including construction costs for access roads, alternative roads and required public road facilities, and interest and other borrowing costs, either directly or indirectly used for financing the development of the relevant assets. These costs are capitalized until the construction is completed and is operated. For borrowing cost that is directly attributed to an asset, the amount to be capitalized is equal to the amount of borrowing costs incurred in current period. 2.i.

Deferred Overlay Charges Significant expenditures incurred for the toll road overlay or other improvements which have a useful life of more than one year are recorded as deferred charges and amortized using the straight-line method over 3 (three) years.

2.j.

Impairment of Assets The Company determines the estimated recoverable amount of assets if it is identified that the value of assets is potentially impaired. If the recoverable amounts are less than the book value of those assets, the Company will recognize a loss on impairment of assets value. The Company should disclose when the Company has to recover the loss from impairment of assets which has been recognized and necessary disclosure for the impairment of assets.

2.k.

Bonds Payable and Bond Issuance Costs Bonds payable are presented at par value net of amortized premium or discount. Bond issuance costs represent transaction costs which are directly deducted from issuance proceeds to reflect the net proceeds of the bonds. The difference between net bond proceeds and the par value of the bonds represents a discount or premium which will be amortized over the outstanding period of the bond. Costs for bond issuances that have not yet been completed are temporarily deferred until the issuance has been completed.

2.l.

Stock Issuance Cost Stock issuance costs are presented as deduction to the additional paid in capital.

2.m.

Revenue and Expense Recognition Toll Revenues Revenue from toll road operations is recognized when toll tickets are sold and/or services are rendered. Revenue from profit sharing arrangement between the Company and an investor with operating rights are recognized when toll tickets are sold, net of investor’s share. Payments to investors without operating rights are recorded as a mandatory installment under joint operation. The excess of total payment over mandatory installment under joint operation is recorded as joint operation expense or revenue. Other Operating Revenues Revenues from advertisement, space, and rest area and income from toll road operating service are recognized when earned. Advances received not yet earned are recognized as unearned revenue and are presented in the balance sheet as a liability. Other Income Dividend income from other long term investments is recognized when the dividend distribution has been declared. Other income is recognized based on accrual basis. Expenses Expenses are recognized when incurred on the accrual basis.

15


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2.n.

Transactions and Balances in Foreign Currencies The Company maintains its accounting records in Indonesian Rupiah. Transactions involving foreign currencies are recorded at the rate of exchange prevailing at the time of the transactions. On each balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated to Rupiah using the Bank Indonesia average rate of exchange at such date, as follows: December 31 2007 2006 Rp Rp USD JPY (100)

9,419 --

9,020 7,579

Any resulting gains or losses on the translation of foreign currency assets and liabilities are credited or charged to operations of the current year in the statement of income. 2.o.

Income Tax All temporary differences between the tax base of assets and liabilities and their carrying value for financial reporting purposes are recognized as deferred income tax using the liability method. Deferred income tax is calculated using currently enacted tax rates. Deferred tax assets relating to the carry forward of unused tax losses are recognized to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. Amendments to taxation obligations are recognized when tax assessment letters are received or, if objected to or appealed against, when the results of the objection or appeal are determined. Current income tax is calculated from taxable income which is net income adjusted under the current tax regulations.

2.p.

Employee Benefits The Company Pension Program The Company provides a defined benefit pension plan covering all permanent employees which is managed by the Jasa Marga Pension Fund (DPJM). Payments under the post retirement benefit program are determined based on basic pension income and the period of the employment. The DPJM has been approved by the Decree of the Ministry of Finance of the Republic of Indonesia No. KEP-370/KM.17/1997, dated July 15, 1997 and amended by the Decree No. KEP-379/KM.6/2004, dated September 14, 2004. The employees contribute 3% of their basic salaries to the plan and the remaining funding of 7.48% is contributed by the Company. Post Retirement Benefit Program Based on the Company’s Directors Decree No. 163/KPTS/2003, dated September 23, 2003, the Company provides retirement benefit which is equal to 24 times the monthly salary (excluding overtime and tax allowance) for employees who cease work due to retirement, death, or disability. Employees who have reached retirement age are required to have a minimum working period of 25 years to obtain this benefit. This decree was effective on January 1, 2003.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The Company entered into cooperation agreement to manage employee Post Retirement with AJB Bumiputera 1912, through agreement No. 34/Kontrak-DIR/2007 and No. 441/AJB/JM/PKS/12/07, dated December 19, 2007. The post retirement in this contract will give a benefit in post retirement cash in lumpsum to the resign permanent employee. The amount of coming service premium contribution each month is 6% from insurance basic income representing by the Company and employee proportion of 4% and 2% each, respectively . Pension Healthcare Program Based on the Directors’ Decree No. 165/KPTS/2003, dated September 23, 2003 regarding The Second Improvement of the Directors’ Decrees No. 61/KPTS/2001 regarding The Management of Health Maintenance for the Pensioner and Family (whose objective is to allow the pensioner and family to have a healthy life and high productivity), the pensioner’s family that are eligible to receive medical assistance from the Company are limited to 3 children that are registered with the Company. Based on SFAS No. 24 (Revised 2004), the Company calculated the liability for other employee benefits using the projected unit credit method. Current service cost is recognized as an expense in the current period. Past service cost, actuarial adjustments and the effect of changes in actuarial assumptions for active employees are recognized in statements of income over the estimated average remaining working period of those employees. Employee benefits for terminations are recognized as liabilities and expenses when these occur. The Subsidiary – PT Jalantol Lingkarluar Jakarta Pension Program The Subsidiary provides a defined contribution pension program covering all permanent employees. The pension program is entirely funded by the Subsidiary. The contribution borne by the Subsidiary is charged to the statement of income in the current period. Other Employee Benefit Program The Subsidiary recognized other employee benefit liabilities conducted in accordance with Labor Law No. 13/2003 of 2003. Based on SFAS No.24 (Revised 2004), employee benefit liabilities is estimated using the projected unit credit method. No funding is of the Subsidiary for such other employee benefits. Current service cost is recognized as an expense in the current year. Past service cost as effect of changes in actuarial assumptions for active employees are recognized in statements of income over the estimated average remaining working period of those employees. Employee benefits for terminations are recognized as liabilities when these expenses occur. 2.q. Related Party Transactions The Company has engaged in transactions with certain parties who have a related party relationship. The definition used of related party relationship appropriate with SFAS No. 7 regarding Related Party Disclosures. All significant transactions with related parties, whether or not performed under the same terms and conditions as those with third parties, are disclosed in the notes to the financial statements. The Company’s transactions with State-Owned Enterprises/Municipal Enterprises, which were conducted in the normal course of operations, are not disclosed as transactions with related parties.

17


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah)

3.

2.r.

Segment Information Segment information is disclosed according to the general classification of product and marketing area based on activities of each industry segments and geographical area. To decide whether a segment must be separately reported, the materiality criteria used is 10% of revenue, operating income, or assets. In addition, 75% segment revenue criteria will be used to test whether an additional disclosure is required for the segment which previously did not fulfill the 10% criteria mentioned above.

2.s.

Net Income Per Share Net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the respective period.

2.t.

Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect amounts of assets and liabilities that are reported and disclosures of contingent assets and liabilities as at the reporting date of the financial statements, as well as the amounts of revenues and expenses during the reporting period. Actual realization could be different from these estimates.

Cash and Cash Equivalents 2007 Rp Cash on Hand and in Banks Petty Cash Cash for Project PT Bank Mandiri (Persero) Tbk Rupiah Dolar (2007: USD 159,136 ; 2006: USD 1,614,212) Yen (2007: nil ; 2006: ¥ 8,375,200) PT Bank Mega Tbk PT Bank Jabar PT Bank Negara Indonesia Tbk PT Bank Sumut PT Bank Central Asia Tbk PT Bank Niaga Tbk PT Bank Danamon Indonesia Tbk PT Bank Tabungan Negara Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Bukopin Tbk PT Bank Permata Tbk PT Bank DKI PT Bank Jatim PT Bank Internasional Indonesia Tbk Total Cash on Hand and in Banks


2006 Rp

12,380,986 1,661,945

15,515,419 1,617,215

119,482,293 1,498,905 -46,161,297 41,609,057 27,996,123 1,729,370 1,284,052 1,060,960 960,651 585,564 394,310 374,072 123,960 1,000 --257,304,545

57,303,472 14,560,193 634,801 -39,140,519 36,623,205 -13,340,002 ---37,919,429 1,536,259 210,922 1,000 3,896,985 124,103 222,423,524


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2007 Rp Time Deposits PT Bank Mandiri (Persero) Tbk Rupiah Dolar (2007: USD 1,250,000 ; 2006: nil) PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Jabar PT Bank DKI PT Bank Bukopin Tbk PT Bank Niaga Tbk PT Bank Central Asia Tbk Total Time Deposits Total Cash and Cash Equivalents Maturity of Time Deposits Interest Rate of Time Deposits Per Annum (%) Rupiah United States Dollar

2006 Rp

1,922,000,000 11,773,750 969,250,000 366,500,000 184,950,000 150,000,000 133,750,000 4,500,000 3,742,723,750 4,000,028,295

5,000,000 --32,966,188 ----37,966,188 260,389,712

1 - 3 months

1 - 3 months

6.25 - 8.25 4.50

6.25 - 9.75 --

Cash for projects represent cash on hand and in banks that are authorized to project treasury used for paying the project administration expenses and land acquisition expenditures for toll road constructions. Current accounts with PT Bank Mandiri (Persero) Tbk since 2003 and PT Bank Negara Indonesia (Persero) since 2005 primarily consisted of escrow accounts for toll revenue from the Jakarta Outer Ring Road.

4.

Short Term Investments 2007 Rp Marketable Securities Available for Sale Mutual Fund Mandiri - Bond Fund II Mutual Fund Mandiri Investment - Fixed Fund

4,529,650 -4,529,650 3,230 4,532,880

Add: Increase (Decrease) in Net Asset Value Total

2006 Rp -5,000,000 5,000,000 (385,630) 4,614,370

The Company sold investment in Mutual Fund Mandiri Investment - Fixed Fund amounting to Rp 5,000,000,000 (full amount) and bought Mutual Fund Mandiri Bonds - Fund II of 4,614,369.83 investment units amounting to Rp 4,529,650,000 (full amount).

19


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 5.

Other Receivables 2007 Rp Accrued Income Others

2006 Rp

20,574,468 3,150,118 23,724,586

Total

29,061,791 481,115,056 510,176,847

Accrued income represents receivables for revenue from land rent, rest areas, and advertisements. As of December 31, 2006, Other Receivables mainly consist of a receivable from the sale of 271,186,000 shares of PT Citra Marga Nusaphala Persada Tbk held on December 28, 2006. The net proceeds from sale of the shares amounting to Rp 477,316,024,360 (full amount) were received by the Company on January 4, 2007 (see Note 10.a). 6.

Prepaid Expenses These represent prepaid toll supplies, advances for business travel, pension premiums paid to Jasa Marga Pension Fund and medical expenses.

7.

Taxation a. Prepaid Taxes 2007 Rp Estimated Over Payment of Corporate Income Tax Year 2006 The Company Subsidiaries Final Income Tax - Subsidiaries Total

38,422,040 2,541,031 211,255 41,174,326

2006 Rp

38,422,040 2,541,031 113,802 41,076,873

b. Taxes Payable 2007 Rp Income Taxes Article 21 Article 23 Article 25 Article 29 The Company Subsidiaries Final Income Tax VAT - Out Total

c.

Income Tax Expense


2006 Rp

21,719,709 1,742,943 3,277,961

11,331,681 2,998,783 80,834

31,055,047 264,342 267,334 1,568,041 59,895,377

--144,575 8,635,077 23,190,950



The Company Current Tax Deferred Tax Subsidiaries Current Tax Deferred Tax Consolidated Current Tax Deferred Tax Total

2007 Rp

2006 Rp

70,870,166 51,103,951 121,974,117

22,484,598 21,211,821 43,696,419

1,208,395 (954,434) 253,961

448,764 (821,921) (373,157)

72,078,561 50,149,517 122,228,078

22,933,362 20,389,900 43,323,262

Current Tax A reconciliation between reported income before corporate income tax as shown in the statements of income and estimated taxable income is as follows:

Consolidated Income Before Tax Less : Portion of Subsidiaries' Income Income Before Tax - the Company

2007 Rp

2006 Rp

402,056,683 (2,100,831) 399,955,852

505,899,302 (500,207) 505,399,095

4,498,847 839,731 105,121 54,433,168 (255,826)

5,238,421 1,288,042 193,597 32,765,867 (417,214)

(177,575,069) 3,089,000 9,240,395 (66,540,517) 1,272,953 37,480,893 (30,252,327) ---(163,663,631) 236,292,221

(111,719,649) 3,089,000 8,537,553 (414,356,806) 1,340,623 31,654,278 -9,344,009 15,290 2,634,887 (430,392,102) 75,006,993

Calculation of Income Tax - the Company as Follows: Positive (Negative) Corrections on Commercial Income: Toll Road Collection Expenses Toll Road Services Expenses Maintenance Cost of Toll Road General and Administrative Expenses Portion of Associate Companies Net Income Depreciation of Fixed Assets, Amortization of Overlay Charges, and Bond Issuance Cost Tantiem Interest Expenses Income Subject to Final Tax Acquisition Cost of Income Subject to Final Tax Employee Benefits Obligation Insurance Premium of Post Retirement Benefit Program Allowance for Impairment of Fixed Assets Allowance for Impairment of Investments Tax Penalty Taxable Income

21


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2007 Rp

2006 Rp

Tax Expense at Prevailing Tax Rate 10% x Rp 50,000 15% x Rp 50,000 30% x Rp 236,192,221 for Year 2007 (2006: Rp 74,906,993) Tax Expense

5,000 7,500 70,857,666 70,870,166

5,000 7,500 22,472,098 22,484,598

Less: Prepaid Taxes Income Tax Article 22 Income Tax Article 23 Income Tax Article 25 Total

-228,350 39,586,769 39,815,119

25,441 667,050 60,214,147 60,906,638

Income Tax Payable (Over Payment) - the Company Income Tax Payable (Over Payment) - Subsidiaries Consolidated Income Tax Payable (Over Payment)

31,055,047 264,342 31,319,389

(38,422,040) (2,541,031) (40,963,071)

The Company has fulfilled its obligations to submit Annual Corporate Income Tax Returns (ACITR) and the reconciliation of taxable income were similar with the reported ACITR year 2007 and 2006. Deferred Tax Deferred tax is calculated using all temporary differences between tax bases of assets and liabilities and their carrying amounts in the financial statements. The details of deferred tax assets and liabilities are as follows: Dec 31, 2005

Charged to

Dec 31, 2006

Statements of Income Rp

Rp

Charged to

Dec 31, 2007

Statements of Income Rp

Rp

Rp

Deferred Tax Liabilities (Assets) The Company Depreciation of Fixed Assets

305,984,498

41,579,717

347,564,215

50,177,333

Amortization of Overlay Costs

5,579,711

(5,757,278)

(177,567)

3,099,742

2,922,175

Amortization of Bonds Issuance Costs

2,898,685

(5,114,335)

(2,215,650)

(4,554)

(2,220,204)

Employee Benefits Obligation

(31,470,994)

(9,496,283)

(40,967,277)

(2,168,570)

(43,135,847)

Total

282,991,900

21,211,821

304,203,721

51,103,951

355,307,672

(1,202,309)

The Subsidiaries Depreciation of Fixed Assets

(243,969)

(497,058)

(741,027)

(461,282)

Employee Benefits Obligation

(583,678)

(324,863)

(908,541)

(493,152)

(1,401,693)

Total Consolidated Deferred Tax Liability

(827,647)

(821,921)

(1,649,568)

(954,434)

(2,604,002)

282,164,253

20,389,900

302,554,153

50,149,517

352,703,670


397,741,548


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The reconciliation between income tax expense and the result of the multiplication of accounting income before income tax with the current tax rate is as follows: 2007 Rp

2006 Rp

Income BeforeTax - the Company

399,955,852

505,399,095

Current Tax Rate: 10% x Rp 50,000 15% x Rp 50,000 30% x Rp 399,855,825 for Year 2007 (2006: Rp 505,299,095) Total

5,000 7,500 119,956,756 119,969,256

5,000 7,500 151,589,729 151,602,229

1,349,654 251,919 31,536 16,329,950 (76,748) 926,700 2,772,118 (19,962,154) 381,886 ---2,004,861 121,974,117 -121,974,117 253,961 122,228,078

1,571,526 386,413 58,079 9,829,759 (125,164) 926,700 2,561,266 (124,307,042) 402,187 2,803,203 4,587 790,466 (105,098,020) 46,504,208 (2,807,789) 43,696,419 (373,157) 43,323,262

Toll Road Collection Expenses Toll Road Services Expenses Toll Road Maintenance Expenses General and Administrative Expenses Profit on Associate Companies' Net Income Tantiem Interest Expenses Income Subject to Final Tax Acquisition Cost of Income Subject to Final Tax Allowance for Impairment of Fixed Assets Allowance for Impairment of Investments Tax Penalty Tax Expenses - The Company Adjustments of Deferred Tax of the Company Total of Tax Expenses - the Company Total of Tax Expenses - Subsidiaries Total of Tax Expenses - Consolidated

The Company received a Tax Assessment Letter for Overpayment for several taxes of 2006 amounting to Rp 7,667,000,000 (full amount) and Tax Assessment Letter for Underpayment for several taxes of 2005 and 2004 amounted to Rp 2,902,021,138 (full amount) and Rp 21,603,155,752 (full amount), respectively. The Company has paid Tax Assessment Letter for Underpayment for several taxes of 2005 and 2004 and submitted an appeal to Tax Court and the Judicial Review to Supreme Court and received Tax Assessment Letter for Underpayment Year 2002 from the Directorate General of Tax as follows: • The Company submitted the appeal to the Tax Court concerning VAT year 2002 No. AAKP5.261, dated March 1, 2005. On June 7, 2006, the Company received the Decree of Directorate General of Tax No. KEP.01/WPJ.07/KP.0108/2006 that refused the appeal with underpayment of VAT amounting to Rp 6,412,750,166 (full amount) and penalty interest amounting to Rp 1,410,805,036 (full amount). •

The Company submitted the appeal to the Tax Court concerning Article 23 Income Tax for the year 2002 No. AAKP5.262, dated March 1, 2005. On June 7, 2006, the Company received the Decree of Directorate General of Tax No. KEP.02/WPJ.07/KP.0108/2006 that refused the appeal with underpayment of Article 23 Income Tax amounting to Rp 4,809,562,624 (full amount) and administrative tax penalties amounting to Rp 1,058,103,777 (full amount); and

23


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) •

8.

The Company submitted the appeal to the Tax Court concerning Corporate Income Taxes for the year 2002 No. AAKP5.263, dated March 1, 2005. On June 7, 2006, the Company received the Decree of Directorate General of Tax No. KEP.03/WPJ.07/KP.0108/2006 that partially approved the appeal, resulting in an underpayment of Corporate Income Tax amounting to Rp 1,049,794,120 (full amount) and administrative tax penalties amounting to Rp 251,950,612 (full amount).

Appropriated Funds The Company has made set aside funds in order to guarantee payment of interest due on bonds and bank loans as follows: 2007 Rp Time Deposits Jasa Marga Bond XI - P Series Jasa Marga Bond - JORR II Loan from PT Bank Central Asia Tbk Jasa Marga Bond IX - N Series

2006 Rp

30,750,000 16,899,750 12,500,000 --

30,750,000 16,899,750 17,000,000 18,500,000

Total

17,000,000 77,149,750

14,983,812 98,133,562

Bond Interest Rate Per Annum

7.5 - 13.50

7.5 - 18.50

Current Accounts Jasa Marga Bond - JORR I

a. Jasa Marga Bond XI Series P of 2003 Based on the Deed of Bond Trustee Agreement No. 6 dated August 19, 2003 as amended by the Deed of Addendum I of Bond Trustee Agreement No. 24 dated September 25, 2003 in conjunction with the Deed of Addendum I Bond Underwriting Agreement No. 26 dated September 25, 2003; all notarized by Notary Julius Purnawan, SH, MSi, and in conjunction with the Minutes of General Meeting of Bondholders No. 22 dated October 7, 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company is required to provide a sinking fund for interest payments amounting to Rp 30,750,000,000 (full amount) quarterly in January, April, July, and October, at the latest 2 (two) weeks prior to the date of bond coupon payment. b. Jasa Marga Bond JORR II of 2006 Based on the Deed of Acknowledgement of Obligation No. 4, dated January 5, 2006 of Notary Imas Fatimah, SH, the Company recognized an obligation to bondholders amounting to the Jasa Marga JORR II of 2005 bond payable, from the issuance date until all the obligation is fully repaid. The Company is required to provide a sinking fund to guarantee interest payments every 6 (six) months in deposits on interest payment date at least 1 (one) month prior to interest payment. The Company is required to provide in sinking fund sufficient to cover two periods, first and second half year interest payment. The maturity date of bond interest payment is in January and July. c. Loan from PT Bank Central Asia Tbk Based on the Deed of Working Capital Credit Agreement No. 28, dated July 11, 2003, of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 150,000,000,000 (full amount) for the period of one year. The Company is required to provide a sinking fund to guarantee settlement of interest for every three months in January, April, July, and October in advance at least 5 (five) working days prior to date of interest payments.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) d. Jasa Marga Bond JORR I of 2003 Based on the Deed of Bond Trustee Agreement No. 45, dated November 19, 2003, of Notary Imas Fatimah, SH, the Company is required to provide a sinking fund to guarantee interest payment semi-annually in advance. The maturity date of bond interest payment is in January and July. e. Jasa Marga Bond IX Series N of 2000 Based on the Deed of Amendment of Bond Trustee Agreement No. 19, dated February 7, 2002, in conjunction with the Deed of Addendum I Bond Underwriting Agreement No. 30 dated March 18, 2002, of Notary Imas Fatimah, SH, in conjunction with the Minutes of General Meeting of Bondholders No.28, dated October 7, 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company is required to provide a sinking fund amounting to Rp 18,500,000,000 (full amount) to guarantee interest payments quarterly at the latest 2 (two) weeks prior to the date of bond coupon interest payments. The Company not reserve fund for bond interest payment related with Bond Series N amounting to Rp 400,000,000,000 (full amount) because it was paid on April 12, 2007.

9.

Investment in Associate Companies The Company has long-term investments in associate companies using the equity method. The carrying values of such investments are as follows: December 31, 2007 Associated Company

PT Citra Bhakti Margatama Persada (CBMP) PT Citra Ganesha Marga Nusantara (CGMN) PT Jatim Marga Utama (JMU) PT Ismawa Trimitra (IT) PT Bukaka Marga Utama (BMU)

Status

Termination of Concession Termination of Concession Not yet Developed Operate Not yet Developed

Percentage Ownership

Carrying Value at Beginning of Year

%

Rp

Changes in Current Period Additions Portion in Dividend (Deductions) Net Profit Received of Investments (Loss) Rp Rp Rp

Carrying Value at End of Year Rp

34.83

56,787,000

--

--

--

56,787,000

30 30 25 20

16,914,266 12,858,000 7,187,924 9,436,000 103,183,190

------

--255,826 -255,826

--(149,617) -(149,617)

16,914,266 12,858,000 7,294,133 9,436,000 103,289,399

Deducted: Impairment of Investment in CBMP Impairment of Investment in CGMN Impairment of Investment in BMU Total

(56,786,999) (16,914,265) (9,435,999) (83,137,263)

(56,786,999) (16,914,265) (9,435,999) (83,137,263)

20,045,927

20,152,136 December 31, 2006

Associated Company

PT Citra Bhakti Margatama Persada (CBMP) PT Citra Ganesha Marga Nusantara (CGMN) PT Jatim Marga Utama (JMU) PT Ismawa Trimitra (IT) PT Bukaka Marga Utama (BMU)

Status

Termination of Concession Termination of Concession Not yet Developed Operated Not yet Developed

Percentage Ownership

Carrying Value at Beginning of Year

%

Rp

Changes in Current Period Additions Portion in Dividend (Deductions) of Net Profit Received Investments (Loss) Rp Rp Rp

Carrying Value at End of Year Rp

34.83

56,787,000

--

--

--

56,787,000

30 30 25 20

16,914,266 12,858,000 7,012,819 9,436,000 103,008,085

------

--417,214 -417,214

--(242,109) -(242,109)

16,914,266 12,858,000 7,187,924 9,436,000 103,183,190

Deducted: Impairment of Investment in CBMP Impairment of Investment in CGMN Impairment of Investment in BMU Total

25

(56,786,999) (16,914,265) (9,435,999) (83,137,263)

(56,786,999) (16,914,265) (9,435,999) (83,137,263)

19,870,822

20,045,927



a. PT Citra Bhakti Margatama Persada (CBMP) PT Citra Bhakti Margatama Persada was established based on the Deed No. 50, dated December 11, 1995 of Notary Siti Pertiwi Henny Singgih, SH. The investment in CBMP was made in relation to the construction and operation of JORR toll road Section E2 - E3 - N (Cikunir - Cakung - Cilincing - Tanjung Priok) for a period of 33 years ending in 2028. The Company owns 56,787,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 56,787,000,000 (full amount), representing 34.83% ownership. Toll road construction by CBMP was financed by loan facilities from a banking syndicate. The economic crisis created uncertainty of the ability of CBMP to settle its liabilities at the maturity date and in using the loan facilities to finance the toll road construction progress. A restructuring conducted by certain of CBMP’s creditors resulted in the stoppage of toll road construction. The Company issued Letter No. AA.02.1009, dated July 25, 2000 to CBMP regarding the termination of the Concession Agreement No. 96, dated December 16, 1995. As a consequence of this termination the Company’s investment in the associate company has no economic value. The Company recognized the loss on permanent impairment of the investment in 2000 amounting to Rp 56,786,999,000 (full amount). b. .PT Citra Ganesha Marga Nusantara (CGMN) PT Citra Ganesha Marga Nusantara was established based on the Deed No. 300, dated December 22, 1993, of Notary Siti Pertiwi Henny Singgih, SH, in conjunction with the Deed No. 67, dated July 7, 1994 of Notary Sri Laksmi Damayanti, SH. The investment in CGMN was made in relation to the construction and operation of the Cikampek - Padalarang toll road project. The Company owns 5,310 shares at par value of Rp 1,841,000 (full amount) per share or equivalent to Rp 9,775,710,000 (full amount), representing 30% ownership. Based on the Decree of the Ministry of Public Works of the Republic of Indonesia No. KU.201-Mn/68 dated March 4, 1996 and the Letter of the Ministry of Finance of the Republic of Indonesia No. 1562/A/52/0496 dated April 18, 1996, the Company obtained a transfer of "Intellectual Property Rights (IPR)" in the form of project design of Cikampek - Padalarang toll road amounting to Great Britain Poundsterling 4,700,000 or equivalent to Rp 16,914,266,000 (full amount) as Additional Paid up Capital from the Government to the Company (see Note 25). The Company then transferred the IPR to CGMN as an investment by the Company in CGMN. Based on the joint venture agreement between the Company and CGMN, the IPR was valued equal to USD 8,530,000. According to the decision of the Extraordinary General Meeting of Shareholders held by CGMN on July 10, 1998 regarding the increase in paid up capital, the Company owns 8,530 shares at par value of USD 8,530,000 or equal to Rp 16,914,266,000 (full amount). On July 25, 2001, by Letter No. AA.HK01.1273 to CGMN, the Company terminated the Concession Agreement No. 297, in order to implement the Decree of the Ministry of Settlement and Regional Infrastructure of the Republic of Indonesia No. 417 dated July 18, 2001 cancelling of the Decree of the Ministry of Public Works of the Republic of Indonesia No. 321/KPTS/1994 dated October 24,1994 granting the concession license to the Company to operate the Cikampek - Padalarang toll road in the form of a joint venture with CGMN. Due to such termination, the investment in CGMN has no economic value. The Company recognized loss on the permanent impairment of this investment as an expense in 2001 amounting to Rp 16,914,266,000 (full amount). c.

PT Jatim Marga Utama (JMU) PT Jatim Marga Utama was established based on the Deed No. 25, dated December 27, 2002 of Notary Rosida, SH. The Company owns 12,858 shares at a par value of Rp 1,000,000 (full amount) per share or equivalent to Rp 12,858,000,000 (full amount), representing 30% ownership.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) JMU is a joint venture company with Local Government of East Java. This company was established in order to resume construction of the Surabaya - Mojokerto toll road project that was suspended after the Ministry of Settlement and Regional Infrastructure cancelled the concession granted to PT Marga Nujyasumo Agung (MNA) as stated in his Letter No. 418/KPTS/M/2001 dated July 18, 2001 (see Note 10.j). After the Supreme Court refused the application for Judicial Review of Ministry of Settlement and Regional Infrastructure, dated March 31, 2005, the concession rights have been returned to MNA. As a result JMU is not involved in such toll road project. On May 8, 2007, JMU participated in investment in shares of PT Trans Marga Jatim Pasuruan (TMJP) to develop toll road project of Gempol - Pasuruan, with ownership of 20% (see Note 40.b). d. PT Ismawa Trimitra (IT) PT Ismawa Trimitra was established based on the Deed No. 70, dated June 14, 1995 in conjunction with the Deed No. 58, dated November 15, 1995 of Notary Imas Fatimah, SH. IT is engaged in property, trading, and agency. The investment in IT was made in relation to the rental of an office building located at Jl. Iskandarsyah - Jakarta. The Company owns 6,250,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 6,250,000,000 (full amount), representing 25% ownership. Ismawa Trimitra leases the office building space located at Jl. Iskandarsyah - Jakarta. e. PT Bukaka Marga Utama (BMU) PT Bukaka Marga Utama was established based on the Deed No. 5 dated February 17, 1997 of Notary Sri Rahayu Sedyono, SH. The investment in BMU was made in relation to the construction and operation of the Ciawi - Sukabumi toll road project. The Company owns 4,000 shares at par value Rp 2,359,000 (full amount) per share or equivalent to Rp 9,436,000,000 (full amount), representing of 20% ownership. Since the majority shareholders of BMU could not give assurance regarding the toll road development as agreed under the Concession Agreements, the Company recognized the loss caused by the permanent impairment of this investment as an expense in 2005 amounting to Rp 9,435,999,000 (full amount). 10. Other Long Term Investments Percentage Percentage of of Ownership Ownership 2006 2007 % %

Status

The Company PT Citra Marga Nusaphala Persada (CMNP) PT Marga Mandala Sakti (MMS) PT Citra Margatama Surabaya (CMS) PT Marga Nurindo Bhakti (MNB) PT Margabumi Matraraya (MBM) PT Citra Mataram Satriamarga Persada (CMSP) PT Margaraya Jawa Tol (MJT) PT Bosowa Marga Nusantara (BMN) PT Marga Mawatindo Esprit (MME) PT Marga Nujyasumo Agung (MNA) PT Margabumi Adhika Raya (MAR) Marga Net One Limited (MNOL)

Operate Operate Not yet Developed Termination of Consession Operate Termination of Consession Not yet Developed Operate Termination of Consession Not yet Developed Not yet Developed Operate

27

2007

2006

Rp

Rp

4.15 1.94

4.23 1.94

41,519,250 28,000,000

42,287,000 28,000,000

5.26

5.26

20,000,000

20,000,000

10 6.47

10 6.47

9,500,000 5,500,000

9,500,000 5,500,000

15

15

4,725,000

4,725,000

2.47 10

2.47 10

4,143,438 3,332,000

4,143,438 3,332,000

8.33

8.33

2,780,861

2,780,861

1.71

16

2,224,000

2,224,000

1.8 10

1.8 10

1,350,000 15,291 123,089,840

1,350,000 15,291 123,857,590


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Percentage Percentage of of Ownership Ownership 2007 2006 % %

Status

The Subsidiary – JLJ PT Translingkar Kita Jaya (TKJ)

Not yet Developed

Status

10

10

Percentage Percentage of of Ownership Ownership 2007 2006 % %

Deducted: Impairment of Investment in MNB Impairment of Investment in CMSP Impairment of Investment in MME Impairment of Investment in MNA Impairment of Investment in MNOL

2007

2006

Rp

Rp

13,000,000 136,089,840 2007

2006

Rp

Rp

(9,499,999) (4,724,999) (2,780,860) (2,223,999) (15,290) (19,245,147) 116,844,693

Total

13,000,000 136,857,590

(9,499,999) (4,724,999) (2,780,860) (2,223,999) (15,290) (19,245,147) 117,612,443

The Company a. PT Citra Marga Nusaphala Persada Tbk (CMNP) PT Citra Marga Nusaphala Persada was established based on the Deed No. 58, dated April 13, 1987 of Notary Kartini Muljadi, SH, in conjunction with the Deed No. 19 and 20, dated July 11, 2001 of Notary Siti Pertiwi Henny Singgih, SH. The investment in CMNP relates to the construction and operation of the Cawang - Tanjung Priok - Jembatan Tiga toll road project.

In 1997, the Company increased its investment in CMNP to become 355,760,000 shares by executing the rights through limited public offering of 177,880,000 shares with par value Rp 500 (full amount) per share or amounting to Rp 88,940,000,000 (full amount) as a result, the total investment amounting to Rp 133,410,000,000 (full amount) representing 17.79% ownership. On December 28, 2006, the Company sold 271,186,000 shares or equivalent to Rp 91,123,000,000 (full amount) of the investment at a price of Rp 1,770 (full amount) per share or in total Rp 479,999,220,000 (full amount). Therefore, the Company’s ownership in CMNP became 4.23% or 84,574,000 shares with par value of Rp 500 (full amount) per share or in total Rp 42,287,000,000 (full amount). The Company received the net proceeds from its sale of shares on January 4, 2007 amounting to Rp 477,316,024,360 (full amount). In 2007, the Company sold 1,535,500 shares or equivalent to Rp 3,598,475,000 (full amount) of the investment at price which are ranging from of Rp 2,300 (full amount) to Rp 2,425 (full amount) per share and recorded gain on sale amounting to Rp 2,818,130,337 (full amount), therefore, the Company’s shares remain 83,038,500 shares or 4.15% ownership.




b. PT Marga Mandala Sakti (MMS) PT Marga Mandala Sakti was established based on the Deed No.14, dated October 4, 1989 of Notary Kartini Muljadi, SH. The investment in MMS relates to the construction and operation of the Tangerang - Merak toll road. The Company originally owned 28,000,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 28,000,000,000 (full amount), representing 8.68% ownership. Based on the Deed No. 4 dated April 4, 1995 of Notary Sutjipto, SH, the investment in MMS amounting to 14,000,000 shares with the par value of Rp 1,000 (full amount) per share has been pledged by the Company connection with syndicated credit facilities received by MMS. Based on the Deed No.20 dated February 23, 2000 of Notary Hendra Karyadi, SH, regarding the Minutes of General Meeting of Shareholders, MMS agreed to reduce the par value of its shares from Rp 1,000 (full amount) to Rp 100 (full amount) per share. Hence, the Company has 28,000,000 shares or equivalent to Rp 2,800,000,000 (full amount), representing 5.36% ownership. The difference arising from the decrease of par value was recognized as additional paid in capital hence the book value of the investment in MMS has not changed. The change of composition of the issued and fully paid in capital, and decrease of par value has been approved by the Ministry of Justice of the Republic of Indonesia No. C-10616.HT.01.04.TH.2000, dated May 23, 2000. Based on the Deed No. 5 dated December 9, 2004 of Notary Hendra Karyadi, SH regarding the Minutes of the Extraordinary General Meeting of Shareholders, the Shareholders agreed with the issuance of 921,310,773 new shares to Convertible Bondholders. The predecessor shareholders had already waived their rights to subscribe for new shares issued to the convertible bondholders. This change of shareholders according to the Deed No. 11 dated August 1, 2005 of Notary Benny Kristianto, SH, regarding the change of MMS Shareholders has been received by the Directorate General of General Law Administration, Department of Law and Human Rights under receipt No. C-UM.02.01.14078, dated September 23, 2005. As a consequence, the Company’s current share ownership is 1.94%. c. PT Citra Margatama Surabaya (CMS) PT Citra Margatama Surabaya was established based on the Deed No. 99, dated December 26, 1996 of Notary Siti Pertiwi Henny Singgih, SH. The investment in CMS relates to the construction and operation of the Waru - Juanda toll road project. The Company owns 8,550,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 8,550,000,000 (full amount), representing 15% ownership. Based on the Deed No. 717, dated June 27, 2007 of Notary Margaretha Dyanawati, SH, the shareholders agreed to increase the issued and paid up capital to become Rp 380,000,000,000 (full amount). The Company had paid - up capital amounted Rp 20,000,000,000 (full amount) from total Rp 48,000,000,000 (full amount). Therefore, the ownership in CMS was decreased become 5.26%, representing 20,000,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 20,000,000,000 (full amount). Based on the Deed No. 40, dated May 21, 2005 of Notary Poerbaningsih Adi Warsito, SH, the Company and CMS entered into a joint operation agreement that changed the authority of Waru -Tanjung Perak toll road to become approximately 12 Km. On February 12, 2007, such joint operation agreement has been changed to a concession rights agreement between the Government and CMS. Until the date of this report, this project has not been completed. d. PT Marga Nurindo Bhakti (MNB) PT Marga Nurindo Bhakti was established based on The Deed No. 9, dated December 2, 1991 of Notary BRAY Mahyastoeti Notonogoro, SH, conjunction with the Deed No. 19 dated March 4, 1998 of Agus Madjid, SH. The investment in MNB relates to the construction and operation of the JORR toll road Section S and E1

29


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) (Pondok Pinang - Jagorawi - Cikunir). The Company owns 1,350 shares at par value of Rp 10,000,000 (full amount) per share or equivalent to Rp 13,500,000,000 (full amount), representing 10% ownership. Based on the Company’s Letter No. AA.HK.02.1143, dated August 11, 2000 to MNB, the Company took over the JORR sections being built by MNB, with the consequence that the Company’s investment had no economic value. Therefore, the Company recognized the loss on the permanent impairment of the investment as an expense in year 2000 amounting to Rp 9,499,999,000 (full amount). e. PT Margabumi Matraraya (MBM) PT Margabumi Matraraya was established based on the Deed No. 15, dated February 15, 1991 of Notary Tawangningrum Purwono, SH, in conjunction with the Deed No. 15 dated August 13, 1997 of Notary Agus Hashim Admad, SH. The investment in MBM relates to the construction and operation of the Surabaya Gresik toll road. The Company owns 550 shares at par value of Rp 10,000,000 (full amount) per share or amounting to Rp 5,500,000,000 (full amount), representing 6.47% ownership. f.

PT Citra Mataram Satriamarga Persada (CMSP) PT Citra Mataram Satriamarga Persada was established based on the Deed No. 36, dated April 12, 1996 of Notary Siti Pertiwi Henny Singgih, SH. The investment in CMSP relates to operation of the JORR Section W2 (Kebon Jeruk - Pondok Pinang) toll road project. The Company owns 4,725,000 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 4,725,000,000 (full amount) representing 15% ownership. Based on the Company Letter No. AA.HK.02.820, dated June 21, 2000 to CMSP, regarding the takeover of the project and termination of Concession Agreement, the Company’s investment in CMSP is deemed to have no economic value. Therefore the Company has recognized the loss caused by the permanent impairment of this investment as an expense in 2000 amounting to Rp 4,724,999,000 (full amount).

g. PT Margaraya Jawa Tol (MJT) PT Margaraya Jawa Tol was established based on the Deed No. 18 dated June 6, 1997 of Notary Enimarya Agoes Suwarako, SH. The investment in MJT relates to the construction and operation of the Waru (Aloha) Tanjung Perak toll road project. The Company originally owned 4,143,438 shares at par value of Rp 1,000 (full amount), amounting to Rp 4,143,438,000 (full amount), or representing 5% ownership. Based on the Extraordinary General Meeting of Shareholders, about MJT restructuring, as stated in the Deed No. 17 dated October 20, 2004 of Notary Adrian Djuaini, SH, the Company acquired 1,250,000 shares from capitalization or conversion of convertible bond to 20,000,000 new shares hence the Company’s shares became 5,393,438 shares or equivalent to Rp 5,393,438,000 (full amount). In addition, MJT issued new shares from its portfolio of 110,458,000 shares. The Company did not increase additional paid in capital so that the Company’s ownership decrease became 2.47%. Government and MJT have signed concession rights agreement on July 19, 2007 with rights concession until year 2047. h. PT Bosowa Marga Nusantara (BMN) PT Bosowa Marga Nusantara was established based on the Deed No. 20, dated April 12, 1993 of Notary Mestariany Habie, SH. The investment in BMN relates to the construction and operation of the Ujung Pandang toll roads that is Jalan Satando - Urip Sumoharjo Interchange/Petta Rani (phase l) - Jalan Sultan Alauddin (phase ll). Based on the Deed No. 25 dated September 5, 1998, the Company owns 3,332 shares at par value of Rp 1,000,000 (full amount) per share or equivalent to Rp 3,332,000,000 (full amount), representing 10% ownership.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The Decree of the Ministry of Public Work No. 276/KPTS/1994, dated August 26, 1994 and the Deed No. 322, dated August 29, 1994 of Notary Mestariany Habie, SH, states that BMN would operate phase I of the toll road for 30 years and phase II will be decided later but not for a period longer than 30 years since the operation of either part of all of the toll road. Phase I of the Ujung Pandang toll road has been operated since 1998 and phase II has not been developed. Based on the Deed No. 24 dated May 15, 2006 from notary Rosida Rajagukguk Siregar, SH, MKn, the authorized capital of BMN has been changed to Rp 152,120,000,000 (full amount) and the issued and fully paid up capital has become Rp 38,030,000,000 (full amount). Until the date of this report, BMN has not received the decision from Ministry of Law and Human Rights of Republic Indonesia in relation to the approval for increasing authorized capital, issued and fully paid capital. If the approval has been received from Ministry of Law and Human Rights then the Company’s share would be diluted to 8.76%. j.

PT Marga Mawatindo Esprit (MME) PT Marga Mawatindo Esprit was established based on the Deed No. 96, dated May 30, 1997 of Notary Siti Pertiwi Henny Singgih, SH. The investment in MME relates to the construction and operation of the Semarang - Demak toll road. The Company owns 1,154,364 shares at par value of Rp 2,409 (full amount) per share or equivalent to Rp 2,780,862,876 (full amount), representing 8.33% ownership. Based on Letter No. 001/SPK-DIR/2003, dated January 6, 2003, the Company and MME agreed to terminate the Concession Agreement No. 58, dated February 25, 1998. Because such termination caused the Company’s investment to have no economic value, the Company recognized the loss on the permanent impairment of the investment as an expense in year 2002 amounting to Rp 2,780,861,876 (full amount).

k. PT Marga Nujyasumo Agung (MNA) PT Marga Nujyasumo Agung was established based on the Deed No. 121, dated August 19, 1994 of Notary Sutjipto, SH, in conjunction with the Deed No. 177, dated February 26, 1998 of Notary Rachmat Santoso, SH. The investment in MNA relates to the construction and operation of the Surabaya - Mojokerto toll road project, the Company owned 6,000,000 shares at par value of Rp1,000 (full amount) per share or equivalent to Rp 6,000,000,000 (full amount), representing 16% ownership . Based on the Company’s Letter No. AA.HK.01.1274, dated July 27, 2001, the Company took over the project built by MNA and terminated the Concession Agreement No. 29, dated July 5,1995 in order to implement the Decree of the Ministry of Settlement and Regional Infrastructure No. 418/KPTS/M/2001, dated July 18, 2001 annuling of the Decree of the Ministry of Public Works No. 103/KPTS/1995, dated March 31,1995, granting a license to form a joint venture between the Company and MNA to construct and operated the Surabaya Mojokerto toll road (see Note 9.c). As a consequence of termination of the Concession Agreement, the Company’s investment in the associate company had no economic value and the Company recognized the loss on the permanent impairment of this investment as an expense in 2001 amounting to Rp 2,223,999,000 (full amount). The Decision of Supreme Court No. 17K/TUN/2003, dated December 8, 2003 has cancelled and ordered the Ministry of Housing and Regional Infrastructure to annul Decree No. 418/KPTS/M/2001, dated July 18, 2001. On August, 2004 the Ministry of Settlement and Regional Infrastructure submitted a request for Judicial Review of the Decision of the Supreme Court. On March 31, 2005, the Supreme Court refused the Judicial Review submitted by the Ministry of Settlement and Regional Infrastructure and, accordingly, the Ministry of Public Works issued the Decree of the Ministry of

31


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Public Works No. 216/KPTS/M/2005 dated April 26, 2005 regarding the annulment of the Decree of the Ministry of Settlement and Regional Infrastructure No.418/KPTS/M/2000 dated July 18, 2001. Therefore, the concession rights for the Surabaya - Mojokerto toll road was returned to MNA and Concession Agreement was signed on April 6, 2006 with concession agreement until 2040. Based on the Deed of Changes of Articles of Association No. 23 dated January 10, 2007 of Notary Buntario Tigris, SH, as approved by the Ministry of Law an Human Rights through Decree No. W7-00655 HT.01.04 Th. 2007 dated January 18, 2007, the shareholders of MNA agreed to increase its authorized capital and the issued and paid in capital become Rp 600,000,000,000 (full amount) and Rp 350,000,000,000 (full amount), respectively, under the rights issue. The Company did not participate to add its shares, and therefore, the Company’s ownership in MNA was decrease become 1.71%, representing 6,000,000 shares at par value Rp 1,000 (full amount) per share or equivalent to Rp 6,000,000,000 (full amount).

l.

l.

PT Margabumi Adhika Raya (MAR) PT Margabumi Adhika Raya was established based on the Deed No. 142, dated September 25, 1996 of Notary Poerbaningsih Adi Warsito, SH. The investment in MAR relates to operation of the Gempol - Pandaan toll road project. The Company owns 1,331,538 shares at par value of Rp 1,000 (full amount) per share or equivalent to Rp 1,331,538,000 (full amount) representing 15% ownership. Based on the Decree of the Ministry of Housing and Infrastructure No. 321/KPTS/M/2004, dated August 11, 2004, permission to continue the project was issued. In relation to revaluation of assets value amounted Rp 30,000,000,000 (full amount) which were divided proportionally to the shareholders as additional paid in capital, therefore, the Company acquired additional paid in capital amounted Rp 18,462,000 (full amount) as result, the Company paid in capital became Rp 1,350,000,000 (full amount). Based on the Deed No. 25, dated October 11, 2006 of Notary Sugito Tedja Mulja, SH, the shareholders of MAR agreed to increase its authorized capital and the issued and paid in capital became Rp 300,000,000,000 (full amount) and Rp 75,000,000,000 (full amount), respectively. The Company did not participate to add its shares, and therefore, the Company’s ownership in MAR become 1.8% representing 1,350,000 shares at par value Rp 1,000 (full amount) per share or equivalent to Rp 1,350,000,000 (full amount). On December 19, 2006, Concession Right Agreement has been signed by the Government and MAR with concession rights until 2040. Marga Net One Limited (MNOL) Marga Net One Limited was established based on the Law of Bangladesh as stated in The Company Act 1994 (ACT-XVIII of 1994) (Private Company Limited by Shares) and Memorandum of Association of Marga Net One Limited dated February 29, 2003, in conjunction with Certificate of Incorporation No. C-50732(1027)/2003 dated October 11, 2003, issued by the Bangladesh Registrar of Joint Stock Companies. Based on the Memorandum of Association of MNOL dated February 29, 2003, the Company owns 200 shares at par value of TK 100 per share or 10% ownership and paid in capital amounting to USD 1,800 (full amount) or equivalent to Rp 15,290,775 (full amount) was subscribed on September 2, 2003. The Company agreed to render technical services by providing a management of toll collecting, traffic management, and management of maintenance for the operation of the Jamuna toll bridge in Bangladesh for 5 years. The Company has identified that the investment in MNOL does not have any expected future economic benefit and 2006, the Company recognized the loss on permanent impairment of the investment amounting to Rp 15,289,775 (full amount) as an expense in 2006.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The Subsidiary m. PT Translingkar Kita Jaya (TKJ) PT Translingkar Kita Jaya was establised based on the Deed No. 18 dated January 19, 2006 of Notary Agus Madjid, SH. JLJ’s share in TKJ relates to the construction and operation of the Cinere - Jagorawi toll road. JLJ owns 13,000 shares at par value of Rp 1,000,000 (full amount) per share or equivalent to Rp 13,000,000,000 (full amount), representing 10% ownership. TKJ has concession rights until 2041.

33



Fixed Assets a.

Toll Road Concession Rights 2007 Beginning Balance Rp Acquisition Cost Roads and Bridges Gates and Support Buildings Supplementary Facilities Toll Roads under Joint Operation Agreement Accumulated Depreciation Roads and Bridges Gates and Support Buildings Supplementary Facilities Toll Roads under Joint Operation Agreement

Book Value

Addition

Disposal

Rp

Rp

Ending Balance Rp

6,632,807,628 317,197,309 220,753,336

2,365,615,051 23,684,495 29,083,766

----

8,998,422,679 340,881,804 249,837,102

7,170,758,273

2,418,383,312

--

9,589,141,585

897,706,445

--

--

897,706,445

8,068,464,718

2,418,383,312

--

10,486,848,030

762,900,105 101,395,904 128,349,879

203,385,640 16,852,606 18,566,845

----

966,285,745 118,248,510 146,916,724

992,645,888

238,805,091

--

1,231,450,979

202,790,823

18,287,253

--

221,078,076

1,195,436,711

257,092,344

--

1,452,529,055

6,873,028,007

9,034,318,975 2006

Beginning Balance Rp

Addition

Disposal

Rp

Rp

Ending Balance Rp

Acquisition Cost Roads and Bridges

5,831,018,716

821,893,622

20,104,710

6,632,807,628

Gates and Support Buildings

281,970,657

35,226,652

--

317,197,309

Supplementary Facilities

195,262,449

25,490,887

--

220,753,336

6,308,251,822

882,611,161

20,104,710

7,170,758,273

Toll Roads under Joint Operation Agreement

897,706,445

--

--

897,706,445

7,205,958,267

882,611,161

20,104,710

8,068,464,718

603,421,097

167,556,210

8,077,202

762,900,105

86,458,483

14,937,421

--

101,395,904

111,427,910

16,921,969

--

128,349,879

801,307,490

199,415,600

8,077,202

992,645,888

Accumulated Depreciation Roads and Bridges Gates and Support Buildings Supplementary Facilities Toll Roads under Joint Operation Agreement

Book Value

184,503,570

18,287,253

--

202,790,823

985,811,060

217,702,853

8,077,202

1,195,436,711

6,220,147,207


6,873,028,007


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) In 2006, the fixed asset for Porong - Gempol toll road section with acquisition cost amounting to Rp 20,104,710,044 (full amount) and accumulated depreciation amounting to Rp 8,077,202,084 (full amount) has been reclassified to Other Assets (see Note 13.c). The reclassification from land acquisition receivable to concession rights assets consisted of Pondok Aren - Ulujami, JORR E, JORR W2, Cikampek - Padalarang, Bekasi - Caman Ramp, and Karang Tengah - Grogol Ramp, totally amounting to Rp 747,352,859,000 (full amount) based on Minutes Letter No. 378A/BAPPJT/KE/BPJT/2006. b.

Other than Toll Road Concession Rights 2007 Beginning Balance Rp

Addition

Disposal

Rp

Rp

Ending Balance Rp

Acquisition Cost Land Rights Office and Other Buildings Operation and Office Equipment Vehicles Accumulated Depreciation Office and Other Buildings Operation and Office Equipment Vehicles Book Value

43,612 73,018,314 222,045,970 18,513,172

-6,298,337 19,585,689 1,961,313

--672,436 432,038

43,612 79,316,651 240,959,223 20,042,447

313,621,068

27,845,339

1,104,474

340,361,933

38,481,451 181,137,834 14,786,374

2,829,085 18,393,885 1,791,761

-672,436 432,038

41,310,536 198,859,283 16,146,097

234,405,659

23,014,731

1,104,474

256,315,916

79,215,409

84,046,017

2006 Beginning Balance Rp Acquisition Cost Land Rights Office and Other Buildings Operation and Office Equipment Vehicles

Addition

Disposal

Rp

Rp

Ending Balance Rp

43,612 68,199,458 205,537,125 18,644,394

-4,818,856 16,508,845 394,633

---525,855

43,612 73,018,314 222,045,970 18,513,172

292,424,589

21,722,334

525,855

313,621,068

35,556,476 165,077,139 12,969,624

2,924,975 16,060,695 2,342,605

--525,855

38,481,451 181,137,834 14,786,374

213,603,239

21,328,275

525,855

234,405,659

Accumulated Depreciation Office and Other Buildings Operation and Office Equipment Vehicles Book Value

78,821,350

79,215,409

The fixed assets – other than toll road concession rights have been insured by PT Asuransi Tri Pakarta, PT Asuransi Jasindo, PT Asuransi Purna Artanugraha, PT Asuransi Takaful Umum, PT Binagriya Insurance, PT Allianz, PT Asuransi Bhakti Bayangkara, PT Asuransi Ramayana, and PT Staco Jasapratama with a total insurance coverage for the years ended December 31, 2007 and 2006 amounting to Rp 202,426,884,460 (full amount) and Rp 239,106,364,898 (full amount).

35


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Management believes that the sums insured are adequate to cover possible losses and fixed assets of the Company are not pledged as collateral. Depreciation expenses for fixed assets that were charged to statements of income for the period of years ended December 31, 2007 and 2006 are as follows:

Toll Collection Expenses Toll Road Service Expenses Toll Road Maintenance Expenses General and Administrative Expenses Total

c.

2007 Rp

2006 Rp

17,783,458 26,094,327 227,038,031 9,191,259 280,107,075

15,070,655 23,719,613 190,935,242 9,305,618 239,031,128

Constructions in Progress 2007 Beginning Balance Rp Toll Road Concession Rights Roads and Bridges Gates and Support Buildings Supplementary Facilities Other than Toll Road Concession Rights Operation and Office Equipment Total

Addition

Disposal

Rp

Rp

Ending Balance Rp

1,799,151,293 9,848,428 656,561

408,106,959 16,961,421 5,948,205

2,093,842,106 16,412,826 5,918,967

113,416,146 10,397,023 685,799

1,809,656,282

431,016,585

2,116,173,899

124,498,968

11,230,215

14,265,480

8,401,801

17,093,894

11,230,215

14,265,480

8,401,801

17,093,894

1,820,886,497

141,592,862 2006

Beginning Balance Rp Toll Road Concession Rights Roads and Bridges Gates and Support Buildings Supplementary Facilities Other than Toll Road Concession Rights Operation and Office Equipment Total

Addition

Disposal

Rp

Rp

Ending Balance Rp

1,511,026,472 9,221,463 8,422,595

395,873,377 26,403,449 2,328,901

107,748,556 25,776,484 10,094,935

1,799,151,293 9,848,428 656,561

1,528,670,530

424,605,727

143,619,975

1,809,656,282

7,916,313

7,090,720

3,776,818

11,230,215

7,916,313

7,090,720

3,776,818

11,230,215

1,536,586,843

1,820,886,497

In 2007, reclassifications of construction in progress to concession rights assets - roads were JORR E1 (Hankam - Cikunir) Toll Road amounting to Rp 564,676,692,830 (full amount), JORR E2 (Cikunir – Cakung) amounting to Rp 220,545,353,206 (full amount), and JORR E3 (Cakung – Cilincing) amounting to Rp 269,891,022,935 (full amount). In 2006, reclassifications made from construction in progress to concession rights assets consisted of the



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) broadening of Dupak Waru Surabaya - Gempol amounted to Rp 48,869,315,472 (full amount). The amount of borrowing cost capitalized as acquisition cost of fixed assets for the years ended December 31, 2007 and 2006 amounting to Rp 113,165,702,463 (full amount) and Rp 181,340,533,738 (full amount), respectively. The details of construction in progress as of December 31, 2007 and 2006 are as follows: Percentage of Completion Tool Road Concession Rights Roads and Bridges a. Pondok Pinang - Kebon Jeruk (W-2) Section b. Jakarta - Cikampek Section: Cibitung - Cikarang Section Line A c. Amplas Tanjung Morawa Toll Road Section d. Some Contracts with Value Below Rp 5 billion each

Gates and Supported Buildings a. Some Contracts with Value Below Rp 3 billion each

2007 Accumulated Depreciation Rp

Estimated of Completion *)

-98% 95%

67,427,182 13,190,106 14,850,441 17,948,418 113,416,147

-March 2008 March 2008

--

10,397,022 10,397,022

--

Supplementary Facilities a. Some Contracts with Value Below Rp 500 million each

685,799 685,799

Other than Toll Road Concession Rights a. Toll Equipment Installation Controlling Project of Region I&II b. Machine and Installation Toll Collection Equipment c. Some Contracts with Value Below Rp 500 million each Total

37

50% 90%

13,528,526 3,129,976 435,392 17,093,894 141,592,862

December 2008 February 2008


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2006 Percentage of

Accumulated

Estimated of

Completion

Depreciation Rp

Completion *)

Toll Road Concession Rights Road and Bridges a. JORR E1, E2, E3, and W2 Section: Pondok Pinang - Kebon Jeruk (W2) Section TMII Junction - Cikunir (E1) Section Cikunir - Cakung - Cilincing-Tj Priok (E2,E3) Section b. Palimanan-Kanci Section: Palimanan-Plumbon Route B Section c. Jakarta - Cikampek Section: Cibitung - Cikarang Route A Section d. Cipularang Maintenance Project Phase II e. Some Contracts with Value Below Rp 5 billion each

Gates and Supported Buildings a. Cipularang Lanscape Phase II b. Jagorawi Toll Gate c. Sidoarjo Surgem Toll Gate d. Some Contracts with Value Below Rp 500 million each

-97% 89% 99% 90% 99%

67,427,182 979,753,190 615,665,040 64,968,252 14,494,451 50,074,417 6,768,761 1,799,151,293

-February 2007 February 2007 -March 2007 January 2007

99% 30% 99% --

5,381,361 678,287 2,090,938 1,697,841 9,848,427

January 2007 February 2007 January 2007 --

--

656,561

--

Supplementary Facilities a.

Some Contracts with Value Below Rp 500 million each

656,561 Other than Toll Road Concession Rights a. Toll Equipment Installation Controlling Project of Region I & II

81%

6,588,789

December 2007

b.

99%

4,641,427

March 2007

Machine and Installation Toll Collection Equipment

11,230,216 Total

1,820,886,497

*) Estimated of completion based on contract agreement

12.

Deferred Overlay Charges 2007 Beginning Balance Rp Acquisition Costs Accumulated Amortization Overlay Charges - in Progress Total

193,467,608 (95,077,191) 98,390,417 38,589,920 136,980,337


Addition

Disposal

Rp

Rp

149,819,347 (72,928,325)

56,823,081 (56,823,081)

149,124,835

149,819,347

Ending Balance Rp 286,463,874 (111,182,435) 175,281,439 37,895,408 213,176,847


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2006

Acquisition Costs Accumulated Amortization Overlay Charges - in Progress Total

13.

Beginning Balance Rp

Addition

Disposal

Rp

Rp

217,800,673 (120,398,764) 97,401,909 48,075,875 145,477,784

74,964,404 (73,975,896)

99,297,469 (99,297,469)

65,478,449

74,964,404

Ending Balance Rp 193,467,608 (95,077,191) 98,390,417 38,589,920 136,980,337

Other Assets 2007 Rp Assets Taken Over Deferred Bonds Consent Fee - Net Surabaya - Gempol Toll Road Porong - Gempol Section Deferred Bonds Consent Fee - Net Down Payment Jasa Marga Bhakti Cooperative Electronic Data Processing Instrument Software Receivables to Local Government Level II West Java Deferred Issuance Cost Others Total Other Assets Allowance for Impairment and Bad Debt Total - Net

34,203,915 36,761,050 12,027,508 13,120,366 3,079,575 5,853,775 4,967,143 1,000,000 -448,837 111,462,169 (27,302,053) 84,160,116

2006 Rp 236,658,322 25,972,187 12,027,508 9,779,780 19,764,334 2,291,171 2,451,252 1,000,000 2,951,166 200,408 313,096,128 (27,302,053) 285,794,075

a. Assets Taken Over Assets taken over from termination of concession agreements are as follows: 2007 Rp Tol Road Section Semarang - Demak (MME) Tol Road Section Cileunyi - Nagrek (PT Wijaya Karya (Persero)) Tol Road Section Pandaan - Pasuruan (PT Giri Adya Sejati) Tol Road Section Cikampek - Padalarang (CGMN)

Total

20,129,778 12,000,000 2,074,137 -34,203,915

2006 Rp 20,129,778 12,000,000 2,074,137 202,454,407 236,658,322

Represents assets that were taken over by the Company after termination of the investor’s concession agreement, and consists of costs for toll road design. The toll road assets under construction that were taken over from PT Citra Ganesha Marga Nusantara (CGMN) consist of construction costs for the Cikampek Padalarang toll road section. These costs were determined by the financial statements of CGMN for the year 1999, amounting to Rp 202,454,407,000 (full amount), and have been transferred to Concession Rights Assets as of June 30, 2007 (see Note 41.a). In 2005, the Company made a provision for impairment in the value of assets taken over for the Pandaan - Pasuruan and Cileunyi - Nagrek toll sections amounting to Rp 14,074,137,000 (full amount).

39


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) b. Joint Operation for Toll Road Construction The Company and investors are conducting joint operations for construction of certain toll road sections consist of the Bogor Ring Road, Semarang - Solo, and Gempol - Pasuruan sections (see Note 40.b). Until December 31, 2007, the Company had disbursed funds amounting to Rp 36,761,050,295 (full amount) for construction of these toll roads, and these funds will later be accounted for as the Company’s investment in the joint venture companies that will be established in order to manage such toll roads. c. Surabaya - Gempol Toll Road Porong - Gempol Section The Porong-Gempol toll road section with an approximate length of 5 km forms part of the Surabaya - Gempol toll road that has an approximate length of 42 km which has been affected by the impact of the mud volcano disaster of PT Lapindo Brantas which rendered the toll road non-functional. As a consequence of the closure of the Porong - Gempol section of the Surabaya - Gempol toll road, on July 11, 2006 and the subsequent letter of the Ministry of Public Works No. 297/KPTS/M/2006, dated August 11, 2006 regarding the Temporary Repeal of the Status as a Toll Road of Part of the Surabaya Gempol Toll Road, Porong - Gempol of the toll road section, the Company recorded the estimated of impairment of 2006 equal to the book value of the toll road section as of June 30, 2006, as an expense amounting to Rp 12,027,508,035 (full amount), with acquisition cost amounting to Rp 20,104,710,044 (full amount) and accumulated depreciation amounting to Rp 8,077,202,084 (full amount). d. Deferred Bonds Consent Fee Represents consent fees paid to bondholders of Jasa Marga Bond Series M, N, O, and P. According to the Minutes of General Meeting of Bondholders, dated October 7, 2004 and Minutes of General Meeting of Bondholders dated May 10-11, 2007, bondholders agree to a maximum Debt to Equity Ratio (DER) of 5:1 and a minimum Interest Coverage Ratio (ICR) of 1.25:1, and the payment of consent fees amounting to Rp 16,500,000,000 (full amount) and Rp 7,200,000,000 (full amount) (see Note 22), respectively. Consent fees are amortized over the life of the Bond Series M, O, and P which are until March 27, 2008, December 4, 2016, and October 10, 2013. e. Down Payment Represents down payments to contractors and consultants for toll road construction, overlay, toll road equipment procurement, and other road procurement and are calculated from the invoice of working progress from the contractors and consultants. 2007 Rp Contractors Deposits for Project Consultants Total

f.

3,079,575 --3,079,575

6,571,392 13,155,378 37,564 19,764,334

Deferred Issuance Cost Represents expenditures incurred during the Company’s preparation of initial public offering and/or bond issuance.


2006 Rp



Bank Loan 2007 Rp PT Bank Central Asia Tbk PT Bank Mandiri (Persero) Tbk PT Bank Jabar PT Bank Bukopin Tbk PT Bank Internasional Indonesia Tbk Total Current Maturities

1,392,629,724 ----1,392,629,724 (572,734,934) 819,894,790

Long Term Maturities

2006 Rp 1,707,923,205 420,000,000 258,274,121 216,312,408 36,000,000 2,638,509,734 (678,274,121) 1,960,235,613

The amounts of remaining repayments for loans from Bank by the year of maturity are as follows: Year of Maturity 2008 2009 2010 2011 2012 2013 Total

Rp 572,734,934 217,278,443 217,278,443 217,278,443 129,309,535 38,749,926 1,392,629,724

The Company’s financial ratio requirement based on each bank’s credit agreement is a Debt to Equity Ratio (DER) maximum of 5:1 and Interest Coverage Ratio (ICR) minimum of 1.25:1. a. Loan from PT Bank Central Asia Tbk • Based on the Deed of Working Capital Credit Agreement No. 28, dated July 11, 2003 and lastly amended by the Deed of Addendum to Credit Agreement No. 13, dated June 6, 2007 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 150,000,000,000 (full amount) for a period of 1 year. The loan interest rate is 10.25% per annum. The maturity of this working capital credit facility has been extended from July 13, 2007 to July 13, 2008. The Company is required to provide a sinking fund to guarantee payment of the interest for a quarter at the latest 5 working days before the next interest payment date and the Company is required to provide an additional sinking fund for 3 (three) months of interest payment. The Company has drawdown all of the loan facility, hence the outstanding loan as of December 31, 2007 is Rp 150,000,000,000 (full amount). •

Based on the Deed of Credit Agreement No. 37, dated October 25, 2005, of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained loan facilities amounting to Rp 350,000,000,000 (full amount) for the purpose of financing JORR II toll road project (E1, E3 Section). The Deed has been changed with the Deed of Credit Agreement No. 53, dated April 28, 2006 for the loan facilities amounting to Rp 310,000,000,000 (full amount) and based on the Deed of Credit Agreement No. 54 dated April 28, 2006 as changed in Deed of Addendum to Working Capital Credit Agreement No. 6, dated August 10, 2006, Deed of Addendum to Credit Agreement No. 47 dated March 29, 2007 and Deed of Addendum to Credit Agreement No. 06 dated June 6, 2007 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained time loan revolving facility amounting to Rp 40,000,000,000 (full amount) for a period of 1 year and an additional credit facility amounting to Rp 596,000,000,000 (full amount), hence the total

41


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) facilities obtained by the Company amounting to Rp 636,000,000,000 (full amount), loan interest rate is equal to 10.25% per annum fixed rate and the maturity of the loan is on April 28, 2008. Provision of funds to guarantee settlement of interest for 1 quarter is required not later than 2 weeks before the due date for such interest payment. The Company drawdown and paid part of the loan facility, hence the outstanding of loan as of December 31, 2007 is Rp 205,456,491,000 (full amount). •

Based on the Deed of Working Capital Credit Agreement No. 56, dated September 15, 2003 and the Credit Agreement No. 16, dated October 6, 2003, of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained term loan revolving facilities amounting to Rp 100,000,000,000 (full amount) and Rp 75,000,000,000 (full amount), respectively. The Working Capital Credit Agreement amounting to Rp 175,000,000,000 (full amount) was converted to become an investment credit facility with the Deed of Credit Agreement No. 22 dated September 16, 2004 of the same Notary, and the Deed of Addendum to Credit Agreement No. 66 dated April 29, 2005, the Deed of Addendum to Credit Agreement No. 8 dated August 10, 2006, and the Deed of Addendum to Credit Agreement No. 9 dated June 6, 2007. The purpose of the loan is for financing of the JORR Phase II project. The loan interest rate is 10.25 % per annum with fixed interest rate for the period of 2 years after the date of the latest addendum and for the following periods the loan interest rate is Prime Rate of Investment Loan (BCA) less 2% per annum. The period of the loan is 7 years or until September 16, 2011. The Company is required to provide sinking fund for interest payment for 1 quarter at the latest 2 weeks prior to the due date for payment. The Company has drawdown all the loan facilities and has fully repaid the bank loan on June 27, 2007.

•

Based on the Deed of Investment Credit Agreement No. 8, dated July 7, 2004 as amended several times, most recently by the Deed of Addendum to Credit Agreement No. 5, dated June 6, 2007 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained a loan facility amounting to Rp 453,000,000,000 (full amount) and a Letter of Domestic Documented Credit (SKBDN) amounting to Rp 150,000,000,000 (full amount). The purpose of the loan is for financing JORR Phase II (E1, E2, E3, W1 and W2), procurement of steel material from PT Krakatau Steel, and the development of other toll roads. The period of settlement of the bank loan is 8 years or until July 7, 2012. The 10.25% interest rate for the first and subsequent years is the Prime Rate of Investment Loan (BCA) less 2% per annum. The sinking fund for settlement of interest for 1 quarter is required at the latest 2 weeks before the due date for payment. The Company has drawdown all of the loan facilities amounting to Rp 416,760,000,000 (full amount) and has paid part of the loan amounting to Rp 72,480,000,000 (full amount), hence the outstanding loan as of December 31, 2007 is Rp 344,280,000 (full amount).

•

Based on the Deed of Investment Credit Agreement No. 3, dated December 2, 2004, Deed of Addendum to Credit Agreement No. 7 dated August 10, 2006 and the Deed of Addendum to Credit Agreement No.8 dated June 6, 2007 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained credit facilities amounting to Rp 133,000,000,000 (full amount) which will be paid on December 2, 2009. The purpose of the loan is for financing the debt settlement to PT Hutama Karya (Persero) in relation to financing the construction project for the Pondok Aren - Ulujami toll road section. The loan interest rate is 10.25% for a period of 2 years from the date of the latest addendum, and the rate for subsequent years is equal to the Prime Rate of Investment Loan (BCA) less 2% per annum.The period of loan settlement is 5 years or December 2, 2009. The Company has drawndown all of loan facilities and has fully repaid all the credit facility on June 27, 2007.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) •

Based on the Deed of Investment Credit Agreement No. 2, dated May 4, 2004 as amended several times with the latest Deed of Addendum to Credit Agreement No. 4, dated June 6, 2007, all of which are of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained credit facilities amounting to Rp 796,500,000,000 (full amount), consisting of Rp 631,500,000,000 (full amount) and additional loan facility amounting to Rp 165,000,000,000 (full amount). The purpose of the loan is for financing the Cipularang II (Section III.1, IV.1, and IV.3) toll road project. The loan interest rate for the principal and additional loan is 10.25% per annum fixed interest rate for the period of 2 years since the date of the latest addendum and the interest rate for subsequent periods is the prime rate of BCA Investment Loan less 2% per annum. Interest payments occur quarterly. The Company is required to provide a sinking fund to guarantee payment of the interest for 1 quarter at the latest 2 weeks before the due date for payment. The Company has drawdown the loan facilities amounting to Rp 418,940,228,107 (full amount) and paid part of the loan facilities amounting to Rp 142,010,974,470 (full amount) and has drawdown additional loan facilities amounting to Rp 146,853,277,144 (full amount) and paid part of the loan amounting to Rp 27,972,052,790 (full amount), hence the outstanding loans as of December 31, 2007 become amounting to Rp 395,810,477,991 (full amount).

•

Based on the Deed of Addendum to Investment Credit Agreement No. 53, dated April 28, 2006, the Deed of Addendum to Credit Agreement No. 09, dated August 10, 2007 and the Deed of Addendum to Credit Agreement No. 07, dated June 6, 2007 from Notary Poerbaningsih Adi Warsito, SH, the credit facility amounting to Rp 310,000,000,000 (full amount) are for a period of 8 years including a grace period of 24 months. The purpose of the loan is for project financing, purchasing of capital goods or routine investment. The loan interest rate is equal to 10.25% per annum which is fixed for the period of 2 years from the date of the latest addendum, and for subsequent years the interest rate is the Prime Rate of investment loan less 2% per annum. Provision of funds to guarantee settlement of interest for 1 quarter is required not later than 2 weeks before the due date for payment of interest. In 2007, the Company has drawdown the loan facilities amounting to Rp 309,999,396,973 (full amount) and paid part of its loan amounting to Rp 12,916,641,541 (full amount), hence the outstanding loan as of December 31, 2007 amounting to Rp 297,082,755,433 (full amount).

b. Loan from PT Bank Mandiri (Persero) Tbk • Based on the Deed of Working Capital Credit Agreement No. 47 dated June 12, 2006 of Notary Imas Fatimah, SH, the Company has obtained working capital credit facilities amounting to Rp 250,000,000,000 (full amount). On January 30, 2007, the Company extended the maturity of this credit facility No. TOP.CRO/COD.33.Add/2007 from January 31, 2007 to January 31, 2008 through an agreement with PT Bank Mandiri (Persero) Tbk. From the facility, Rp 200,000,000,000 (full amount) was committed and drawdown at an interest rate equal to Certificates of Bank Indonesia (SBI) interest rate plus 1.5%. The remaining amount of Rp 50,000,000,000 (full amount) is uncommitted with the interest rate subject to pricing negotiation. Funds to guarantee the payment of interest for a month is required to be deposited not later than 2 weeks before each interest payment date. The Company has drawdown the loan facility amounting to Rp 200,000,000,000 (full amount) and already repaid the loan on July 2, 2007. •

•

Based on the Deed of Investment Credit Agreement No. 21, dated February 28, 2005 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained a credit facility amounting to Rp 300,000,000,000 (full amount) until the end of the fourth quarter of 2009 with a 3 months grace period. The purpose of the loan is to finance the JORR II (Section E1, E2, and E3) toll road project. The loan interest rate for the first two years is 11% per annum and will be adjusted for subsequent years. Payment of the principal loan shall occur in 16 installments quarterly commencing after the grace period, and payment of interest shall occur every quarter. Provision of funds to guarantee settlement of interest for 1 quarter is required not later than 2 weeks before the due date for payment. The Company has repaid the loan on July 10, 2006. Based on the Deed of Investment Credit Agreement No. 54, dated September 29, 2005 of Notary Imas

43


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Fatimah, SH, the Company has obtained a credit facility amounting to Rp 170,000,000,000 (full amount) for the period until June 30, 2012 with 2 years of grace period. The purpose of the loan is to finance the Cipularang II (Section III.3 and IV.2) toll road project. The loan interest rate for the first 3 months is equal to 12.5% per annum and the rate will be adjusted for the next periods. Payment of the principal loan shall occur every quarter, commencing from the third quarter of 2007 (after the grace period), and interest will be paid in 10 installments, every quarter. Provision of funds to guarantee settlement of interest for one quarter is required not later than 2 weeks before the due date of payment. The Company has repaid all loan facilities on July 2, 2007. c. Loan from PT Bank Jabar Based on the Deed of Working Capital Loan Agreement No. 53, dated July 31, 2003 which has been changed, most recently by the Deed of Addendum of Credit Agreement No. 53, dated October 18, 2006 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained credit facilities amounting to Rp 275,000,000,000 (full amount). For the period until July 31, 2007, the interest rate was 13.8% per annum floating rate and would be reevaluated by the bank every 6 months. Payment of interest was made quarterly. Provision of funds to guarantee settlement of interest for each quarter was required not later than 2 weeks before the due date for payment of interest. The Company had drawdown the credit facility amounting to Rp 258,274,121,365 (full amount) and fully repaid the loan on June 27, 2007. d. Loan from PT Bank Bukopin Tbk

Based on the Deed of Investment Credit Agreement No. 37, dated August 30, 2005 of Notary Poerbaningsih Adi Warsito, SH, the Company has obtained a credit facility amounting to Rp 233,809,782,685 (full amount) with a period of 7 years including a grace period of 24 months. The purpose of the loan is to finance the Cipularang II toll road project. The loan interest rate is 12% per annum and is reevaluated every 6 months. Payment of the principal loan occurs quarterly commencing after the end of the grace period and interest is to be paid every month. Provisions of funds to guarantee settlement of interest for 1 quarter are required at the beginning of the second month and not later than the fourteenth equal to the principal and/or interest at the end of the related month. The Company has fully repaid the loan facility on June 27, 2007.

e. Loan from PT Bank Internasional Indonesia Tbk Based on the Deed of Investment Credit Agreement No. 41, dated April 21, 2005 of Notary Imas Fatimah, SH, the Company has obtained a credit facility for maximum amounting to Rp 65,000,000,000 (full amount) for a period of 5 years. The purpose of the loan is to finance the Palimanan - Plumbon toll road project. The loan interest rate for the first year was 11% per annum and for second to fifth years the interest rate is the 3month SBI rate plus 3.5% per annum. The interest is to be paid quarterly. The principal loan is repaid in 5 annual installments. A provision for sinking fund is also required to guarantee settlement of interest. The Company fully repaid the loan facility on February 13, 2007.

15.

Accounts Payable Represents payables to suppliers associated with the procurement of office supplies, office equipment, toll tickets, medicine, and the Company’s uniform, and also account payables for toll road maintenance and cleaning services.




Contractors Payable Represents payables to contractors, consultants and partners associated with the construction of roads, overlay, procurement of toll facilities and other buildings.

Contractors Technical Consultants Retention Payables Total

2007 Rp

2006 Rp

95,539,963 4,951,221 64,369,011 164,860,195

139,132,114 1,303,943 113,556,884 253,992,941

2007 Rp

2006 Rp

25,057,119 14,926,190 10,189,979 9,658,654 9,498,804 9,228,333 8,857,887 7,716,122 7,666,328 6,383,179 5,591,246 50,086,354 164,860,195

5,299,637 -10,151,017 -13,225,968 17,241,616 -7,864,219 14,889,719 12,591,011 12,823,182 159,906,572 253,992,941

2007 Rp

2006 Rp

58,477,418 50,892,570 55,490,207 164,860,195

13,935,017 52,526,794 187,531,130 253,992,941

The details of contractors payable by the name of contractor are as follows:

PT Istaka Karya (Persero) PT Jaya Konstruksi PT Wijaya Karya (Persero) Tbk PT Multi Structure PT Nindya Karya (Persero) PT Hutama Karya (Persero) PT Aremix Planindo PT Pembangunan Perumahan (Persero) PT Sumber Mitra Jaya PT Propelat PT Daya Mulia Turangga Others (each below Rp 5 billion) Total

The details of aging of contractors payable are as follows:

Less than 1 Month 1 Month - 3 Months > 3 Months Total

17.

Other Payables 2007 Rp PT Translingkar Kita Jaya PT Jatim Marga Utama Contribution to Cibubur Scout Area and TMII PT Jasa Sarana Others

10,830,000 9,858,000 2,388,715 1,322,614 16,167,066 40,566,395

Total

45

2006 Rp 10,830,000 9,858,000 1,436,605 24,000,000 9,053,423 55,178,028


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Payable to PT Translingkar Kita Jaya represents working capital loan from PT Translingkar Kita Jaya to PT Jalantol Lingkarluar Jakarta (the Subsidiary). Payable to PT Jatim Marga Utama (JMU) represents payment related to the Company’s investment in JMU that was received by the Company in April 2003 (see Note 9.c). Contribution to Cibubur Scout Area and Taman Mini Indonesia Indah (TMII) represents the Company’s contribution to Kwartir Nasional Gerakan Pramuka Cibubur and TMII (see Note 43.c). 18. Accrued Expenses

Interest Expenses Bonds Bank Loans Loan from Government Joint Operation Expenses Salaries and Allowances General and Administrative Expenses Others Total

2007 Rp

2006 Rp

99,808,394 27,664,265 1,930,629 69,444,964 17,075,309 8,531,602 243,200 224,698,363

113,229,320 42,304,120 6,709,546 68,233,329 25,732,284 3,563,082 578,866 260,350,547

Joint Operation expenses represent the investors’ share of toll revenue after deducting periodic installments paid by the Company to investors under joint operation agreements without operating rights. The investors’ share of toll revenue, in accordance with the relevant joint operation agreement can be determined either as a percentage of toll proceeds or as fixed installments.

19.

Loan from Government

Loan from Government Current Maturities Non-Current Maturities

2007 Rp

2006 Rp

78,101,244 (14,442,902) 63,658,342

144,914,533 (40,628,095) 104,286,438

In order to finance the construction of toll roads, the Company obtained loans from the Government of the Republic of Indonesia. The Company drewdown these loans in the same currency as billed by the contractors, who were directly paid by Bank Indonesia through an appointed bank. The drawdowns were converted to Rupiah currency at the prevailing rate on the withdrawal date. The loan is to be repaid in semi-annual installments starting from June 1998. In 2007, the Company has paid part of principal of the Loan from Government amounting to Rp 66,813,288,177 (full amount). The interest rate of Loan from Government is ranging 8.81%-13.25% for 2007 (2006:13.26% 13.67%).



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The amounts of remaining repayments for loans from Government by the year of maturity are as follows: Year of Maturity 2008 2009 2010 2011 2012 2013 Total

20.

Rp 14,442,902 14,442,902 14,442,902 14,442,902 14,442,902 5,886,734 78,101,244

Liabilities under Joint Operation Agreements Represents liabilities to investors arising from acquisition of toll road assets through joint operation without operating rights. 2007 Rp

Current Maturities Toll Revenue Sharing with Minimum Payment Toll Revenue Sharing Present Value of Fixed Installments Non - Current Maturities Toll Revenue Sharing Toll Revenue Sharing with Minimum Payment Total

2006 Rp

942,900 820,302 -1,763,202

1,032,654 820,302 127,877 1,980,833

21,385,913 15,405,892 36,791,805 38,555,007

44,349,465 34,887,743 79,237,208 81,218,041

The present value of fixed installments represents liabilities to investors arising from the acquisition of toll road assets by payment of with fixed installment during joint operation period, with details as follows: 2007 Rp Installment Payment Year 2007 Present Value of Fixed Installments Payment - Current Maturities Non - Current Maturities

2006 Rp ----

127,877 127,877 (127,877) --

The Company has Joint Operation Agreements and operate part of road which has been built with investors (See Note 40.h).

47



Unearned Revenue Represents revenue received in arrears by the Company from rental of advertisements, space and rest areas, and other unearned revenue from operations and utilization of the toll road area.

22.

Bonds Payable 2007 Rp Jasa Marga Bond XIII - R Series Jasa Marga Bond XII - Q Series Jasa Marga Bond XI - P Series Jasa Marga Bond X - O Series Jasa Marga Bond - JORR I Jasa Marga Bond - JORR II Jasa Marga Bond VIII - M Series Jasa Marga Bond IX - N Series Total

2006 Rp

Bonds Issuance Cost Accumulated Amortization Bonds Payable - Net Current Maturities

1,500,000,000 1,000,000,000 1,000,000,000 650,000,000 274,260,500 261,000,000 150,000,000 -4,835,260,500 (68,653,508) 40,606,408 4,807,213,400 (150,000,000)

-1,000,000,000 1,000,000,000 650,000,000 274,260,500 261,000,000 150,000,000 400,000,000 3,735,260,500 (63,705,622) 34,002,104 3,705,556,982 --

Non - Current Maturities

4,657,213,400

3,705,556,982

The amounts of remaining repayments of bonds payable by the year of maturity are as follows: Years of Maturity 2008 2010 2013 2016 2017 2018 2021 Total

Rp 150,000,000 650,000,000 1,274,260,500 1,078,300,000 1,500,000,000 78,300,000 104,400,000 4,835,260,500

The Company’s financial ratio requirements of all bonds payable are Debt to Equity Ratio (DER) maximum of 5:1 and Interest Coverage Ratio (ICR) minimum of 1.25:1. a. Jasa Marga Bond XIII Series R Year 2007 Based on the Deed No. 26 dated May 4, 2007, the Deed of Amendment I No. 10, dated June 6, 2007, and Trustee Agreement for Jasa Marga Bond XIII Series R Year 2007 of Notary Poerbaningsih Adi Warsito, SH, the par value of the bonds is Rp 1,500,000,000,000 (full amount), with a fixed interest rate of 10.25% per annum. The bonds were offered at 100% of face value and interest is paid quarterly. The bonds have a term of 10 years until June 21, 2017. The trustee of this bond is PT Bank Mega Tbk. The bonds are rated idA+ by PT Pemeringkat Efek Indonesia (Pefindo).



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Based on the Deed Amendment I of the Trustee Agreement for Jasa Marga Bond XIII Series R, the Company issued these bonds to partially repay of outstanding bank loans due to bank BCA, bank Mandiri, bank Bukopin, bank Jabar and loan from government in the following proportions: 48%, 25%, 10%, 14%, and 3%, respectively. b. Jasa Marga Bond XII Series Q Year 2006 Based on the Deed No. 66 dated May 18, 2006, Amendment I No. 74 dated June 19, 2006, and the Deed of Amendment II No. 89 dated June 26, 2006, and Trustee Agreement for Jasa Marga Bond XII Series Q Year 2006 of Notary Imas Fatimah, SH, the par value of the bonds is Rp 1,000,000,000,000 (full amount), with a fixed interest rate of 13.5% per annum. The bonds were offered at 100% face value and interest is paid quarterly. The bonds have a term of 10 years until June 30, 2016. The trustee of this bond is PT Bank Permata Tbk. The bonds are rated idA+ by Pefindo. Based on the Deed of Amendment II of the Trustee Agreement for Jasa Marga Bond XII Series Q 2006, the Company’s purpose issued the bonds is to partially repay outstanding bank loans due to bank BCA, bank Mandiri, bank BNI and bank Jabar in the following proportions: 15%, 28%, 53%, and 4%, respectively. c. Jasa Marga Bond XI - Series P Year 2003 In September 2003, the Company received an effective statement from the Chairman of Capital Market Supervisory Agency (BAPEPAM) for offering Jasa Marga Bond XI Series P Year 2003. The par value of the bonds is Rp 1,000,000,000,000 (full amount) with a fixed interest rate of 12.3% per annum for the first up to the twentieth interest payment date, and 13% for the twenty first up to the fortieth interest payment. The bonds were offered at 100% of face value. The interest is paid quarterly. The bonds have a term of 10 years until October 10, 2013. The bonds were listed at the Surabaya Stock Exchange in September, 2003 and its trustee is PT Bank Mega Tbk. The bonds are rated idA+ by Pefindo. d. Jasa Marga Bond X - Series O Year 2002 In October 2002, the Company issued the Jasa Marga Bond X Series O of 2002 at a par value of Rp 650,000,000,000 (full amount) with a fixed interest rate of 16.15 % per annum. The bonds were offered at 100% of face value. The trustee of these bonds is PT Bank Mega Tbk. The bonds are rated idA+ by Pefindo. The interest will be paid quarterly. The bond has a term of 8 years and will be due on December 4, 2010. Based on the Deed of Amendment in Bond Trustee Agreement No. 3, dated October 21, 2002, in conjunction with Amendment I of the Deed of Bond Issuance Agreement No. 5 dated October 21, 2002, of Notary Julius Purnawan, SH, MSi, and in conjunction with the Minutes of the General Meeting of Bondholders No. 21 dated October 7, 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company was obligated to provide a sinking fund for settlement of the interest payment, amounting to Rp 26,243,750,000 (full amount) quarterly, not later than 2 weeks before the bond interest payment date. e. Jasa Marga Bond JORR I Year 2003 Based on the Deed of JORR Debt Settlement No. 44, dated November 19, 2003 of Notary lmas Fatimah, SH, the Company has committed to settle debts to JORR creditors amounting to Rp 1,070,251,000,000 (full amount). As part of performance of this commitment, on November 29, 2003 the Company settled the JORR debt other than in respect of JORR Section S in the amount of Rp 548,521,000,000 (full amount) by cash payment amounting to Rp 274,260,500,000 (full amount) and by issuance of Jasa Marga Bond JORR I Year 2003 for the remaining Rp 274,260,500,000 (full amount). The bonds are not listed on any exchange.

49


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Based on the Deed of Bond Issuance Agreement Jasa Marga Bond JORR I Year 2003 No. 44, dated November 9, 2003 of Notary Imas Fatimah, SH, the Company issued Jasa Marga Bond JORR I Year 2003 at par value amounting to Rp 274,260,500,000 (full amount) with interest rate based on the average interest rate of 3-months Certificates of Bank Indonesia (SBI), calculated over 6 months. The interest is paid on January 2 and July 1. The bonds have a term of 10 years with the maturity date on November 19, 2013. Based on the Deed of Bond Trustee Agreement No. 45 dated November 29, 2003 of Notary Imas Fatimah, SH, the bonds have 2 (two) certificates owned by PT Perusahaan Pengelola Aset (Persero) at par value of Rp 224,900,208,364 (full amount) and 18 (eighteen) certificates owned by eighteen other creditors with a total value amounting to Rp 49,360,291,636 (full amount), with details as follows: (full amount) Rp PT Bank Bukopin Tbk PT Bank DKI PT Bank Pan Indonesia Tbk PT Bank IFI PT Interartha Multi Finance PT Bank Harapan Santosa (in liquidation) PT Bank Guna Internasional (in liquidation) PT Bank Windu Kentjana PT Bank Syariah Mega Indonesia (fomerly PT Bank Umum Tugu) PT Bank Mega Tbk PT Bank Indovest PT Bank Ekonomi Raharja PT Bank Swadesi Tbk PT Bank Permata Tbk PT Bank Bisnis Internasional PT Bank Antardaerah PT Bank Kesawan Tbk PT Bank Himpunan Saudara 1906 Total

f.

15,603,748,663 11,626,706,209 11,059,427,921 2,815,538,615 1,511,579,975 931,381,051 710,631,858 704,756,689 662,710,726 662,710,726 588,728,869 502,034,635 453,473,992 450,691,479 377,894,993 302,315,995 242,577,134 153,382,106 49,360,291,636

Jasa Marga Bond JORR II Year 2005 Based on the Deed of Jasa Marga Bond JORR II Year 2005 No. 2 dated January 5, 2006, the Company issued bonds at par value of Rp 261,000,000,000 (full amount) divided into the tranches as follows: • Tranche A with nominal value Rp 78,300,000,000 (full amount) for a term of 10 years with an interest rate of 11.5% per annum for the first five years and 15.25% per annum for the remaining 5 years; • Tranche B with nominal value Rp 78,300,000,000 (full amount) for a term of 12 years with an interest rate of 12.5% per annum for the first five years and 15.25% per annum for the remaining years; and • Tranche C with nominal value Rp 104,400,000,000 (full amount) for a term of 15 years with an interest rate of 13.5% per annum for the first five years and 15.5% per annum for the remaining years. The Company issued 3 (three) bond certificates to the Finance Ministry of the Republic of Indonesia qq the Republic of Indonesia with total amount of Rp 214,189,923,925 (full amount) consisting of Tranche A, B, and C respectively in the amounts of Rp 64,256,977,177 (full amount), Rp 64,256,977,177 (full amount), and Rp 85,675,969,570 (full amount). The Company issued 51 bond certificates to creditors consisting of Tranche A, B and C, respectively with total value of Rp 46,810,076,084 (full amount). These bondholders consist of:




Tranche A and B* Rp PT Bank Bukopin Tbk PT Bank DKI PT Bank Pan Indonesia Tbk PT Bank IFI PT Interartha Multi Finance PT Bank Harapan Santosa (in liquidation) PT Bank Guna International (in liquidation) PT Bank Windu Kentjana PT Bank Mega Tbk PT Bank Syariah Mega Indonesia PT Bank Ekonomi Raharja PT Bank Swadesi Tbk PT Bank Permata Tbk PT Bank Bisnis International PT Bank Antar Daerah PT Bank Kesawan Tbk PT Bank Himpunan Saudara 1906 Total

8,909,584,284 6,638,732,855 6,314,822,631 1,845,615,899 863,097,034 531,809,257 405,763,677 402,409,015 378,401,191 378,401,191 286,656,751 258,929,110 257,340,323 215,774,258 172,619,407 138,509,115 87,579,647 28,086,045,645

Tranche C Rp 5,939,722,856 4,425,821,904 4,209,881,754 1,230,410,600 575,398,023 354,539,504 270,509,118 268,272,676 252,267,469 252,267,460 191,104,501 172,619,407 171,560,215 143,849,506 115,079,605 92,339,410 58,386,431 18,724,030,439

(full amount) Total Rp

14,849,307,140 11,064,554,759 10,524,704,385 3,076,026,499 1,438,495,057 886,348,761 676,272,795 670,681,691 630,668,660 630,668,651 477,761,252 431,548,517 428,900,538 359,623,764 287,699,012 230,848,525 145,966,078 46,810,076,084

*Notes: percentage of bonds payable under Tranche A and B is 50% each, respectively

Based on the Deed of Trustee Agreement for Jasa Marga Bond JORR II of 2005, No. 3 dated January 5, 2006, the Company and bondholders agreed to appoint PT Bank Rakyat Indonesia (Persero) Tbk as the trustee. The bonds are not listed on any exchange. g. Jasa Marga Bond VIII - Series M Year 2000 On March 27, 2000, Jasa Marga Bond VIII Series M was issued by the Company at par value of Rp 150,000,000,000 (full amount) with a fixed interest rate of 16.5% per annum. The trustee is PT Bank Mega Tbk. The period of payment is 8 years with the maturity date on March 27, 2008. The bond interest is paid quarterly. The bonds are rated idA+ by Pefindo. Based on the Deed of Amendment of Bond Trustee Agreement No. 5 dated March 7, 2000, of Notary Imas Fatimah, SH, in conjunction with Minutes of General Meeting of Bondholders No. 24 dated October 7, 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company is also obligated to provide the sinking fund for settlement of the interest payment, amounting to Rp 6,187,500,000 (full amount) quarterly at the latest 2 weeks before the bond interest payment date. h. Jasa Marga Bond IX - Series N Year 2002 On March 2002, the Company issued the Jasa Marga Bond IX - Series N, which consists of 2 series: • Series N1 amounting to Rp 397,000,000,000 (full amount) with a fixed interest rate of 18.5% per annum; and •

Series N2 amounting to Rp 3,000,000,000 (full amount) with a fixed interest rate of 18.5% per annum up to the eighth bond payment and a floating interest rate of 16.5% - 20% per annum for the ninth to twentieth interest payment.

The bonds were offered at 100% of face value. The trustee of these bonds is PT Bank Mandiri (Persero), Tbk. The interest is paid quarterly. The bonds have a term of 5 years and will be due on April 12, 2007. Based on the Deed of Amendment of Bond Trustee Agreement No. 19 dated February 7, 2002, in conjunction with Amendment I of the Deed of Bond Issuance Agreement No. 30 dated March 18, 2002, of Notary Imas Fatimah, SH, in conjunction with the Minutes of General Meeting of Bondholders No. 28 dated October 7,

51


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) 2004 of Notary Poerbaningsih Adi Warsito, SH, the Company is obligated to provide a sinking fund for settlement of the interest payment, amounting to Rp 18,500,000,000 (full amount) quarterly at the latest 2 weeks before the bond interest payment date. On April 12, 2007, the Company fully repaid bond Series N payable amounting to Rp 400,000,000,000 (full amount). 23.

Employee Benefits Obligation The estimated employee benefits obligation recognized by the Company and the Subsidiary are as follows: 2007 Rp

2006 Rp

The Company Post-Retirement Benefits Program Pension Healtcare Program Total

70,993,246 72,792,911 143,786,157

77,447,995 59,109,595 136,557,590

The Subsidiary - JLJ Pension Benefits Program and Other Post-Retirement Benefits Total Total

4,672,313 4,672,313 148,458,470

3,028,474 3,028,474 139,586,064

The Company The balance of employee benefits obligation as of December 31, 2007 and 2006 were based on actuarial calculation by PT Katsir Imam Sapto Sejahtera as an independent actuaries. The reports used were dated March 13, 2008 and March 27, 2007. The actuarial calculation of employee benefits obligation uses the Projected Unit Credit method based on the following assumptions: Mortality Rate Discount Rate Salary Increasing Rate Resignation Rate Normal Retirement Age

2007

2006

Tabel CSO-1980 10% 6% 1% 56 Years

Tabel CSO-1980 12% 6% 1% 56 Years

Pension Benefits Program The defined pension benefits program liabilities (assets) are as follows: 2007 Rp Present Value of Obligation Fair Value of Plan Asset Funding Status Unrecognized Past Service Cost Unrecognized Actuarial Losses (Gains) Disallowed Assets at End of the Year Defined Benefits Program Assets

459,338,493 (344,642,788) 114,695,705 -(150,274,899) -(35,579,194)


2006 Rp 271,914,644 (277,637,545) (5,722,901) -(25,926,635) 5,722,901 (25,926,635)


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The defined pension benefits expenses are as follows: 2007 Rp Current Service Cost Interest Expenses Amortization of Actuarial Losses (Gains) Unrecognized assets according Current Service Cost Expected Return on Plan Asset Employee Benefits Expenses

15,031,002 28,694,565 -(5,722,901) (37,788,785) 213,881

2006 Rp 8,946,073 28,464,632 180,633 -(30,893,194) 6,698,144

Movements in the defined pension benefits liabilities (assets) are as follows: 2007 Rp Beginning Balance Amount Charged to Income Contribution Paid in the Current Year Unrecognized Liabilities (Assets) Defined Benefits Program Liabilities (Assets) – Ending Balance

(25,926,635) 213,881 (9,866,440) -(35,579,194)

2006 Rp (29,101,698) 6,698,144 (9,245,982) 5,722,901 (25,926,635)

Based on tests performed by the actuary on the defined benefits pension program, it can be concluded that the program assets do not meet the criteria for recognition as an asset in the balance sheets as of December 31, 2007 and 2006. Post-Retirement Benefits Program The post-retirement employee benefits obligation are as follows: 2007 Rp Present Value of Obligation Fair Value of Plan Assets Funding Status Unrecognized Past Service Cost Unrecognized Actuarial Losses (Gains) Employee Benefits Obligation

215,339,197 (30,252,327) 185,086,870 (53,877,167) (60,216,457) 70,993,246

2006 Rp 152,284,311 -152,284,311 (57,596,864) (17,239,452) 77,447,995

Post-retirement employee benefits expenses are as follows:

Current Service Cost Interest Expenses Amortization Employee Benefits Expenses

53

2007 Rp

2006 Rp

10,678,306 15,228,431 3,719,696 29,626,433

6,273,690 14,870,628 3,719,696 24,864,014


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The movements in post-retirement benefits obligation are as follows: 2007 Rp Beginning Balance Amount Charged to Income Contribution Paid in the Current Year Contribution Insurance Expense Employee Benefits Obligation – Ending Balance

77,447,995 29,626,433 (5,828,855) (30,252,327) 70,993,246

2006 Rp 59,390,380 24,864,014 (6,808,399) 77,447,995

Pension Healthcare Program The pension healthcare benefits obligation are as follows: 2007 Rp Present Value of Obligation Fair Value on Plan Assets Funding Status Unrecognized Past Service Cost Unrecognized Actuarial Gains (Losses) Employee Benefits Obligation

124,404,787 -124,404,787 (39,907,218) (11,704,658) 72,792,911

2006 Rp 79,046,754 -79,046,754 (42,757,733) 22,820,574 59,109,595

Pension healthcare benefits expenses are as folows:

Current Servie Cost Interset Expense Amortization Past Service Cost Net Actuarial Losses (Gains) Employee Benefits Expenses

2007 Rp

2006 Rp

5,210,447 7,904,677 2,850,515 (665,437) 15,300,202

3,694,621 9,032,767 2,850,516 (702,660) 14,875,244

The movements in pension healthcare benefits obligation are as follows:

Beginning Balance Amount Charged to Income Contribution Paid in the Current Year Employee Benefits Obligation – Ending Balance

24.

2007 Rp

2006 Rp

59,109,595 15,300,202 (1,616,886) 72,792,911

45,512,932 14,875,244 (1,278,581) 59,109,595

Minority Interests Represent minority interests in net assets and net income (loss) of Subsidiaries which have been consolidated.




Share Capital 2007 Percentage of Ownership %

Total Shares Shareholders

Total (full amount) Rp

Series A Dwiwarna – Share The Government of the Republic of Indonesia

1

--

500

Series B – Share The Government of the Republic of Indonesia

4,759,999,999

70.00

2,379,999,999,500

219,000 197,000 197,000 197,000 266,000 342,000 260,500 489,000 492,000 192,706,000 195,365,500

----------2.87

109,500,000 98,500,000 98,500,000 98,500,000 133,000,000 171,000,000 130,250,000 244,500,000 246,000,000 96,353,000,000 97,682,750,000

456,571,000 1,388,063,500 6,800,000,000

6.72 20.41 100.00

228,285,500,000 694,031,750,000 3,400,000,000,000

Management - Drs. Gembong Priyono, MSc. (President Commissioner) - Ir. Sumaryanto Widayatin, MSCE. (Commissioner) - Prof. Dr. Akhmad Syakhroza (Commissioner) - Drs. Sri Mulyanto, MSc. (Commissioner) - Ir. Frans S. Sunito (President Director) - Ir. Sarwono Oetomo (Director) - Ir. Abdul Hadi HS, MM. (Director) - Ir. Reynaldi Hermansjah (Director) - Ir. Achmad Purwono, MBA. (Director) Employee Total Management and Employees Deutsche Bank AG, London Public (each less than 5%)

The A Series’ shareholder has specific preferences compare to the B Series’ shareholders. The preference covers special right to propose Directors and Commissioners and to give an approval on (a) increasing the capital, (b) changes in article of association, (c) merger, consolidation, and acquisition, (d) dissolve and liquidation, (e) appointment and dismissal of Directors and Commissioners. 2006 Total Shares Shareholder

The Government of the Republic of Indonesia

1,000,000

Percentage of Ownership %

Total (full amount) Rp 100

1,000,000,000,000

Based on The Extraordinary General Meeting of Shareholders on January 17, 1998, as stated in the Deed No. 52 dated March 16, 1998 of Notary Imas Fatimah, SH, which was approved by the Minister of Justice of the Republic of Indonesia through the Decree No. C2-3192.HT.01.04.Th.98 dated April 3, 1998, the shareholders of the Company agreed to increase the authorized share capital from Rp 350,000,000,000 (full amount) become Rp 2,000,000,000,000 (full amount) which consist of 2,000,000 shares with par value Rp 1,000,000 (full amount) per share, and to increase the issued and paid in capital become Rp 1,000,000,000,000 (full amount).

55


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Based on The Extraordinary General Meeting of Shareholders No. RIS-292/D6.MBU/2007, through the Deed No. 27 dated September 12, 2007, of Notary Ny. Poerbaningsih Adi Warsito, SH, as follows: 1. The agreement of the change of The Company’s Articles of Association in reference with: a. The increase of the Company’s authorized capital from Rp 2,000,000,000,000 (full amount) become Rp 9,520,000,000,000 (full amount) and issued and paid up capital from Rp 1,000,000,000,000 (full amount) become Rp 2,380,000,000,000 (full amount) from part of retained earnings as of June 30, 2007 which was capitalized amounting to Rp 1,380,000,000,000 (full amount), therefore the remain of retained earnings as of June 30, 2007 was amounting to Rp 24,895,100,523 (full amount); b. The changes of the par value of shares from Rp 1,000,000 (full amount) per share become Rp 500 (full amount) per share; c. The Company’s issued and fully paid up capital was amounting to Rp 2,380,000,000,000 (full amount), which consist of 4,760,000,000 shares comprising 1 (one) Series A Dwiwarna Share and 4,759,999,999 Series B shares and; d. The changes of Company’s Articles of Association through Law No.8 Year 1995 regarding Capital Market. 2. The changes of the Company status become public company. 3. The offering of the Company’s share to public through capital market not more than 30% of shares which the Company issued from the Initial Public Offering or not more than 2,040,000,000 shares. 4. The determination of the Company’s share ownership for management and employees through the Employee and Management Stock Allocation (ESA) in aggregate will not exceed 10% of new the shares being offered (not exceed 204,000,000 shares) based on the capital market regulation. The allocation of shares consist of: a. Bonus Share - Equal to 100% of nett salary on June 2007; - Three years Lock Up period or the employee resign from the Company; and - Bonus Shares will be treated as expenses in the Company’s cost budget in 2007, if targeted income after tax in 2007 which has been stated by the previous RUPS not change. b. The Fixed Allotment Share - 204,000,000 shares (10% from new shares issued) deduct by the amount of Bonus Shares; and - No lock up period c. The Employee and Management Stock Allocation (ESA) program is designed to: - Company Directors; - Commissioners, Commissioners Secretaries and Company Secretaries Staf; and - Permanent employees Independent Commissioners and Audit Committee are not allowed to follow the ESA program. The number of shares issued related to the Initial Public Offering is 2,040,000,000 shares with total nominal value amounting to Rp 3,400,000,000,000 (full amount). The difference between proceed amount with total nominal value of shares issued is amounting to Rp 2,448,000,000,000 (full amount) and will be disclosed as part of Additional Paid in Capital. The shares issued related to ESA program consist of 11,862,000 shares for bonus share and 189,337,500 shares for the fixed allotment share, which total nominal value amounting to Rp 100,559,750,000 (full amount). The difference between proceed amount with total nominal value of shares issued from bonus share and the fixed allotment share amounting to Rp 14,234,400,000 (full amount) and Rp 227,205,000,000 (full amount) respectively will be disclosed as part of Additional Paid in Capital. Total compensation expenses recognized related to ESA Program amounting to Rp 20,165,400,000 (full amount) will be treated as operating expenses in current year and credited in part of Additional Paid in Capital. The remaining of ESA program which is not used amounting to 2,800,500 shares from the fixed allotment share become expired.




Additional Paid in Capital 2007 Rp Additional Paid in Capital from Initial Public Offering year 2007 Stock Issuance Cost Total

2,448,000,000 (102,931,238) 2,345,068,762 2006 Rp

Government’s Shares Investment in accordance with: The Letter of the Ministry of Finance No. 571/KMK.011/1985 The Government Regulation No. 3 of 1987 The Government Regulation No. 11 of 1988 The Letter of the Ministry of Finance No. 799/KMK.13/1991 Total

229,208 42,133 379,399 8,482 659,222

Based on the Deed No. 27 The Extraordinary General Meeting of Shareholders dated September 12, 2007, revealed that Additional Paid in Capital amounting to Rp 659,222,000 (full amount) become part of retained earnings which is capitalized become issued and fully paid up capital amounting to Rp 1,380,000,000,000 (full amount) therefore the balance of retained earnings as of June 30, 2007 before capitalization amounting to Rp 1,404,235,878,523 (full amount) become Rp 24,895,100,523 (full amount) (see Note 25). 27.

Toll Revenues 2007 Rp Camareng Branch Jakarta - Cikampek Branch Purbaleunyi Branch Jakarta Outer Ring Road Jagorawi Branch Jakarta - Tangerang Branch Surabaya - Gempol Branch Palikanci Branch Belmera Branch Semarang Branch Total

592,854,485 505,372,484 406,155,689 366,709,749 273,358,815 238,664,447 114,518,165 47,766,085 36,800,117 35,513,827 2,617,713,863

57

2006 Rp 553,808,437 465,760,328 339,307,889 229,950,462 252,263,100 213,555,039 112,312,321 40,398,835 32,382,229 30,711,856 2,270,450,496



Other Operating Revenues 2007 Rp Land Rent Advertisement Toll Road Operating Service Others Total

29.

12,025,460 10,803,026 2,600,000 1,900,247 27,328,733

2006 Rp 7,373,674 9,073,942 7,571,953 1,673,247 25,692,816

Toll Collection Expenses

Salaries and Allowance Repair and Maintenance Depreciation Fuel, Electricity, and Water Administration and Toll Supplies Car Rental Others Total

2007 Rp

2006 Rp

327,568,340 32,786,661 17,783,458 13,126,935 11,385,661 4,725,462 10,486,328 417,862,845

279,765,881 29,236,751 15,070,655 11,257,210 11,517,290 5,259,353 9,184,234 361,291,374

Toll collection expenses represent expenses incurred from the activity at the toll gates.

30.

Toll Road Service Expenses

Salaries and Allowance Depreciation Fuel, Electricity, and Water Repair and Maintenance Toll Road Services Car Rental Publlication Others Total

2007 Rp

2006 Rp

77,001,321 26,094,327 19,743,219 15,880,429 14,021,379 9,708,801 2,544,022 401,346 165,394,844

65,932,351 23,719,613 19,723,806 17,614,496 12,015,742 8,579,892 2,098,352 924,713 150,608,965

Toll road service expenses represent expenses incurred in relation to toll road services such as toll patrol, rescue, publications, and toll road information.




Toll Road Maintenance Expenses

Depreciation Amortization of Deferred Overlay Charge Cleaning and Gardening Repair and Maintenance Salaries and Allowance Car Rental Fuel, Electricity, and Water Others Total

32.

2007 Rp

2006 Rp

227,038,031 72,928,325 17,405,819 16,898,165 24,213,696 2,795,667 1,592,327 808,344

190,935,242 73,975,896 17,389,221 48,055,887 29,674,693 3,281,332 1,786,070 758,520

363,680,374

365,856,861

Joint Operations Expenses The excess of revenue represents the excess of the investors’ share of the amount of toll revenue over the payments of liabilities under joint operation agreements without concession rights, including a share of interest charges on joint operation payable in the form of revenue sharing with minimum payments and fixed installment (see Note 20). Joint Operations Expenses in the form of toll revenue sharing represents interest charges for Joint Operations with PT Bangun Tjipta Sarana, PT Adhika Prakarsatama, and PT Surya Cipta Swadaya (see Note 40.h).

33.

General and Administrative Expenses

Salaries and Allowance Taxes, Contribution, and Retribution Office and Donation Professional Fees Repair and Maintenance Bank Administrative Charges Fuel, Electricity, and Water Car Rental Amortization of Bonds Issuance Expenses Transportation and Business Travel Assets Security Expenses Depreciation Others Total

59

2007 Rp

2006 Rp

192,814,122 114,738,846 29,426,029 28,365,161 18,248,530 14,666,167 11,227,648 10,473,332 10,594,719 9,526,152 9,293,602 9,191,259 22,821,798

162,472,479 111,117,033 37,078,565 15,002,663 14,799,636 3,939,129 11,017,163 15,600,916 12,082,637 7,990,110 10,927,840 9,305,618 16,078,184

481,387,365

427,411,973



Interest Expense

Bonds Bank Loans Loan from Government Total

35.

2007 Rp

2006 Rp

461,330,764 242,544,130 10,615,801

316,876,356 389,182,309 21,366,928

714,490,695

727,425,593

Interest Income Represents interest income on time deposits, interest on current accounts, and other investments.

36.

Others Income (Expenses) 2007 Rp Closure of Joint Operation Gain on Sale of Investment in Shares Dividend Income Claim for Infrastructure Damages Gain (Loss) on Foreign Exchange - Net Portion of Net Income from Associate Companies Impairment Value of Investment and Bad Debt Expenses Others Total

18,402,872 2,818,130 1,522,332 916,757 588,825 255,826 -22,842,235 47,346,977

2006 Rp -388,876,220 4,447,000 817,379 (1,178,288) 417,214 (12,243,206) 21,897,856 403,034,175

Closure of joint operation represents income recognized from the termination of joint operation agreements with Royal Sentul Highland for Sentul South Interchange and Lembah Golf Jagorawi for Gunung Putri Ramp, which amounting to Rp 15,446,170,845 (full amount) and Rp 2,956,700,000 (full amount), respectively. Claim for infrastructure damages represent claims earned from toll road user for compensation of toll road infrastructure (guard rail, road’s fence and traffic sign) damages that caused by toll road user. On December 28, 2006, the Company sold 271,186,000 shares in PT Citra Marga Nusaphala Persada (CMNP) or equivalent to Rp 91,123,000,000 (full amount) at Rp 1,770 (full amount) per share or Rp 479,999,220,000 (full amount) in total. As a result, the balance of the Company’s investment in CMNP became 4.23% or 84,574,000 shares with par value Rp 500 (full amount) per share or equivalent to Rp 42,287,000,000 (full amount). The Company recognized the net proceeds as Other Receivables amounting to Rp 477,316,024,360 (full amount) on December 31, 2006, received the net proceeds from the sale on January 4, 2007 and recorded a gain on sale amounting to Rp 388,876,220,260 (full amount) (see Note 10.a). In November and December 2007, the Company sold 1,535,500 shares or equivalent to Rp 3,598,475,000 (full amount) of the investment at price is ranging Rp 2,300 (full amount) and Rp 2,425 (full amount) per share and recorded gain on sale amounting to Rp 2,818,130,337 (full amount), therefore, the Company’s shares remain 83,038,500 shares or 4.15% ownership. The Company received dividend income amounting to Rp 1,522,332,000 (full amount) and Rp 4,447,000,000 (full amount) for year 2007 and 2006, respectively.




Distribution of Income a. Based on the Minutes of General Meeting of Shareholders, the following were agreed for the distribution of profits for the years 2006 and 2005: Year Book 2006 Rp Dividend Reserve Partnership and Community Development Program (PKBL) Total

Year Book 2005 Rp

25,000,000 425,226,959 9,251,346

58,627,390 225,557,822 5,862,738

459,478,305

290,047,950

In the General Meeting of Shareholders on June 21, 2007, the shareholders agreed to give additional performance bonus for employees amounting to Rp 19,419,000,000 (full amount) that was deducted from 2006’s reserves. In accordance with the Government of the Republic of Indonesia’s program as stipulated in the Decree of the Ministry of Stated-Owned Enterprises No. KEP-236/MBU/2003, dated June 17, 2003 which has been changed with the Decree of the Ministry of State-Owned Enterprises No.PER-05/MBU/2007, dated April 27, 2007 regarding the State-Owned Enterprise Program for Small Medium Enterprises and Community Development Program and the Decree of the Ministry of Finance of the Republic of Indonesia No. 316/KMK.016/1994, dated June 27, 1994, regarding Guidelines of Small Enterprises and Cooperative Development (PUKK), the management of a State Owned Enterprise is responsible to take care of PUKK development. The Company should allocate funds within the range of 0.4% - 2% of net income to finance a Partnership and Community Development Program (formerly PUKK) selected by the Company or determined by the Government of the Republic of Indonesia. The program is managed separately by the Company and will be allocated to Small Enterprises and Cooperatives in form of loans and grants. b. Law No.1 of 1995 dated March 7, 1995 as amended by Law No.40 Year 2007, dated August 16, 2007 regarding Limited Liability Company (“the Law”) requires a company to provide reserves up to at least 20% of the issued and paid up capital. The Law does not require a time frame for the provision of such reserves. The Company has not yet provides reserves as required by the Law. Accordingly, in 2007 all remaining balance of appropriated retained earnings has been reclassified into unappropiated retained earnings.

38.

Assets and Liabilities in Foreign Currencies 2007 Foreign Rupiah Exchange Equivalent (full amount) Rp

2006 Foreign Rupiah Exchange Equivalent (full amount) Rp

Assets Cash and Cash Equivalent USD Yen Total Liabilities

1,409,136 -1,409,136 --

13,272,655 -13,272,655 --

1,614,212 8,375,200 9,989,412 --

14,560,193 634,801 15,194,994 --

Total Assets – Net

1,409,136

13,272,655

9,989,412

15,194,994

61



Transactions with Related Parties a. Nature of Related Parties Name of Related Parties

Nature of Relationships

Transactions

PT Jalantol Lingkarluar Jakarta PT Marga Sarana Jabar PT Trans Marga Jateng PT Citra Bhakti Margatama Persada PT Citra Ganesha Marga Nusantara PT Jatim Marga Utama PT IsmawaTrimitra PT Bukaka Marga Utama PT Translingkar Kita Jaya

Subsidiary Subsidiary Subsidiary Associate Company Associate Company Associate Company Associate Company Associate Company Associate Company of JLJ

Investment Investment Investment Investment Investment Investment Investment Investment Investment

b. Transactions with Related Parties In the ordinary course of business, the Company conducts certain transactions with its related parties as follows: Total 2007 Assets Investment in Subsidiaries PT Jalantol Lingkarluar Jakarta PT Marga Sarana Jabar PT Trans Marga Jateng Investment in Associate Companies PT Citra Bhakti Margatama Persada PT Citra Ganesha Marga Nusantara PT Jatim Marga Utama PT Ismawa Trimitra PT Bukaka Marga Utama Liabilities Other Payables PT Translingkar Kita Jaya PT Jatim Marga Utama PT Jasa Sarana

9,357,590 66,220,921 277,639,587

8,744,576 ---

0.07 0.48 2.01

0.09 -

56,787,000 16,914,266 12,858,000 7,294,133 9,436,000 456,507,497

56,787,000 16,914,266 12,858,000 7,188,628 9,436,000 111,928,470

0.41 0.12 0.09 0.05 0.07 3.30

0.58 0.17 0.13 0.07 0.10 1.14

10,830,000 9,858,000 1,322,614

10,830,000 9,858,000 24,000,000

0.14 0.13 0.02

0.14 0.13 0.30

149,617

242,109

0.01

0.01

Income Dividend PT Ismawa Trimitra


2006

Percentage of Total Asset/Liabilities/Revenues/ Related Expenses 2007 2006



Significant Agreements and Commitments a. Concession Agreements (i) The Company has received toll road concession rights from the Government for 13 toll road sections based on the Decree of the Ministry of Public Works No. 242/KPTS/M/2006 dated June 8, 2006 and a concession rights agreement (PPJT) dated July 7, 2006 for each toll road section, each with a concession period of 40 years, effective from January 1, 2005. The toll road sections consist of: • Jakarta - Bogor - Ciawi Section, PPJT No. 246/PPJT/VII/Mn/2006; • Jakarta - Tangerang Section, PPJT No. 247/PPJT/VII/Mn/2006; • Surabaya - Gempol Section, PPJT No. 248/PPJT/VII/Mn/2006; • Jakarta - Cikampek Section, PPJT No. 249/PPJT/VII/Mn/2006; • Padalarang - Cileunyi Section, PPJT No. 250/PPJT/VII/Mn/2006; • Prof. Dr. Ir. Soedijatmo Section, PPJT No. 251/PPJT/VII/Mn/2006; • Cawang - Tomang - Pluit Section, PPJT No. 252/PPJT/VII/Mn/2006; • Belawan – Medan - Tanjung Morawa Section, PPJT No. 253/PPJT/VII/Mn/2006; • Semarang Section A, B, C, PPJT No. 254/PPJT/VII/Mn/2006; • Pondok Aren - Bintaro Viaduct-Ulujami Section, PPJT No. 255/PPJT/VII/Mn/2006; • Palimanan - Kanci Section, PPJT No. 256/PPJT/VII/Mn/2006; • Jakarta Outer Ring Road (JORR) E1, E2, E3, and W2 Section, PPJT No. 257/PPJT/VII/Mn/2006; and • Cikampek - Padalarang Section, PPJT No. 258/PPJT/VII/Mn/2006. The Company is obligated to provide retention to finance repair and maintenance for at least 10% of toll revenues realized and other revenues received at the period or prior to last year of concession period, where the amounts will be based upon the latest audited financial statements available at that period. The retention will be paid to the Government through the Indonesia Toll Road Authority (ITRA) (Badan Pengelola Jalan Tol/ BPJT) in 6 (six) months prior to the end of concession period and such retention will have to remain available until 12 (twelve) months after the concession period ended. (ii) Based on Minutes of the Result Agreement No. 378A/BA-PPJT/KE/BPJT/2006 regarding the Concession Period of the 13 Toll Road Sections dated June 8, 2006, a toll road concession rights agreement (Perjanjian Pengusahaan Jalan Tol /PPJT) for JORR Section “S” will be made separately. The concession period is agreed to be a period of 15 years effective from January 1, 2006. Until the date of this report, the Company has not entered into the concession agreement for JORR Section “S”. (iii) The Company signed into the Concession Agreement No.194/PPJT/V/Mn/2006 dated May 29, 2006, No. 195/PPJT/V/Mn/2006 dated May 29, 2006 and No. 269/PPJT/XII/Mn/2006 dated December 15, 2006. These concession agreements relate to the Bogor Ring Road, Gempol - Pasuruan, and Semarang - Solo Sections, respectively. The concession period for each section is 45 years, effective from December 15, 2006. With the approval from the Government, and at the latest seven (7) years, the Company is obligated to transfer the toll road consession right for Bogor Ring Road toll road section, Gempol - Pasuruan toll road section and Semarang - Solo toll road section to other company specially established by the Company to continue the concession right pursuant to the PPJT. The Company has obtained approval from the Ministry of State-Owned Enterprises through the Letter No. S 132/MBU/2007 dated March 7, 2007 to establish toll road joint venture companies for developing three toll roads Bogor Ring Road, Gempol - Pasuruan, and Semarang - Solo sections with ownership by the Company of 55%, 60%, and 60%, respectively.

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PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) b. Toll Road Investment Project Agreements Bogor Ring Road, Gempol - Pasuruan, and Semarang - Solo Projects: (i) Bogor Ring Road Project On October 3, 2006, the Company and PT Jasa Sarana entered into a Joint Operation Agreement to finance and invest in the Bogor Ring Road concession toll road section based on the Deed No. 10 dated October 3, 2006 of Notary Agus Madjid, SH. The scope of cooperation covers financing, land procurement, technical planning and development, operations and maintenance, including, among others, the following: • the establishment of Project Management Working Unit (PMWU). The formation of PMWU has been approved by the Company and PT Jasa Sarana by the Joint Decrees of the Directors of the Company and PT Jasa Sarana No. 162/KPTS/2006 and No. 19/DU/HK.00-JS/X/06, each dated October 3, 2006; • the cooperation period is valid until a joint venture company takes over the toll road concession rights; • the establishment of the joint venture company has to be done at the latest when land procurement activity for the South Sentul - Kedung Halang Toll Road (Section R-2) has been finished or by the end of 2007, whichever is earlier; • all payments of the parties in relation to this project will be determined as a part of the investment/paid in capital in the joint venture company with reference to the results of an independent audit that is appointed by the parties; and • the estimated costs for project and land procurement amount to Rp 1,328,000,000,000 (full amount) and Rp 80,000,000,000 (full amount), respectively. The Company and PT Jasa Sarana agreed to share the financing of these 55%:45%. The Company and PT Jasa Sarana entered into a Joint Venture Agreement through the Deed No. 9, dated May 11, 2007 from Notary Iwan Ridwan, SH, to conduct concession toll road consist of financing, technical planning, construction, operations and maintenance, including among others. The Joint Venture Agreement will be effective since the agreement signing date until the end of concession period based on PPJT. (see Note 1.b) (ii) Gempol - Pasuruan Project On October 3, 2006, the Company, the Pasuruan Municipal Toll Road Enterprise (“Perusahaan Daerah Jalan Tol Kabupaten Pasuruan”) and PT Jatim Marga Utama entered into a joint operation agreement for financing and investing in the Gempol - Pasuruan toll road section based on the Deed No. 11 of Notary Agus Madjid, SH dated October 3, 2006. The scope of cooperation covers financing for land procurement, technical planning and development, operations and maintenance, including among others, the following: • the establishment of Project Management Working Unit (PMWU). The formation of PMWU has been approved by the Joint Regulation by Letters of the Board of Directors of the Company, Pasuruan Municipal Toll Road Enterprise and JMU by Letter No. 161/KPTS/2006, No. 06/DIR-PDJT/KPTS/ X/2006, and No. 19/KPTS/JMU.1/X/2006 each dated October 3, 2006, respectively; • the cooperation period is valid until the joint venture company takes over the toll road concession rights, not later than 7 (seven) years after the toll road concession rights agreement is signed; • during the period of the joint operation agreement, the status of the second and third party is a Municipal Enterprise; • the estimated costs for project and land procurement amounting to Rp 1,470,537,000,000 (full amount) and Rp 220,000,000,000 (full amount), respectively. The financing proportion for the Company, the Pasuruan Municipal Toll Road Enterprise, and JMU are 60%:20%:20%, respectively.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The Company and Perusahaan Daerah Jalan Tol has signed a Joint Venture Agreement through the Deed No.28, dated May 8, 2007 of Notary Retno Suharti, SH, to conduct concession toll road consist of financing, technical planning, construction, operations and maintenance, including among others. The Joint Venture Agreement will be effective since the agreement signing date until the end of concession period based on PPJT. The Company and the Pasuruan Municipal Toll Road Enterprise, also PT Jatim Marga Utama has established joint venture company, PT Trans Marga Jatim Pasuruan (TMJP) with objective of developing Gempol – Pasuruan toll road. TMJP was established under the Deed of Joint Venture Agreement of No. 29 dated May 8, 2007 of Notary Retno Suharti, SH, and until the date of this report, the Deed of establishment of TMJP has not yet achieve approval from the Ministry of Law and Human Rights Republic Indonesia and the Company has not yet increase in paid in capital. The Company owns 8.100.000 shares with par value Rp 10,000 (full amount) per share or equal to Rp 81,000,000,000 (full amount) represents 60% of ownership. (iii) Semarang - Solo Project The Company and PT Sarana Pembangunan Jawa Tengah entered into a Joint Venture Agreement through the Deed No.35, dated June 8, 2007 of Notary Prof. Dr. Liliana Tedjosaputro, SH, MH, to conduct concession toll road consist of financing, technical planning, construction, operations and maintenance, including among others. The Joint Venture Agreement will be effective since the agreement signing date until the end of concession period based on PPJT (see Note 1.b). Other Projects: (i) Cengkareng - Kunciran Toll Road Project The Company along with CMS Works International Limited, PT Wijaya Karya (Persero) Tbk, PT Nindya Karya (Persero) and PT Istaka Karya (Persero) has signed a Consortium Cooperation Agreement No. 03/CMS/PKK-XII/05 with the Deed No. 53 dated May 21, 2007 made of Notary Ny. Poerbaningsih Adi Warsito, SH, regarding to establishment of a limited liability company for development of this project. The Company‘s portion in the consortium is 20%. Based on addendum Consortium Agreement No.03/CMS/PKK-XII/05 through the Deed No. 52, dated May 21, 2007 of Notary Ny. Poerbaningsih Adi Warsito, SH, among others stated that the Company shares portion in investment of the consortium changed into 55%, where the changes at latest will be conducted by the parties after signing the Concession Rights Agreement between the Government and the Company arranged by the Consortium. This agreement will be effective since it is signed and ended until the Deed of Establishment signed, and if the Consortium loose in investement offering, then the Agreement will be automatically ended. (ii) Kunciran - Serpong Toll Road Project The Company has signed Consortium Corporation Agreement with the Deed No. 60 dated May 22, 2007 of Notary Benny Kristianto, SH. This Consortium are consists of the Company, PT Astratel Nusantara, PT Leighton Contractors Indonesia, and PT Transutama Arya Sejahtera to develop Kunciran - Serpong toll road. The Company’s portion in this consortium partnership is 10%. Based on the Deed of Consortium Agreement No. 24, dated May 22, 2007 of Notary Benny Kristianto, SH, among other stated that the Company’s portion in the Consortium has changed become 60%. Where the parties are agree to realize the portion of final ownership immediately according to the stipulation. The parties indicated the realization will be carry on immediately after ALJ Consortium stated as the project winner and before establishment of the Company.

65


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) The consortium agreement is valid from December 19, 2006 and binding until the following events, which come first: • Termination as agreed by all parties; • The consortium does not pass pre-qualification or project auction process; • Any situation where the Selection Committee does not award the project to the consortium; • Permanent cancellation of the project; • The consortium declines participation in the project; • Signatory of joint operation agreement or other agreement as continuation of the above consortium agreement; or • On June 30, 2008 or such other extension date as may be agreed by all parties. c. Investment Credit Facility Agreements PT Bank Mandiri (Persero) Tbk On March 7, 2007, the Company obtained investment credit facilities from PT Bank Mandiri (Persero) Tbk amounting to Rp 2,881,802,800,000 (full amount) consisting of: (i) Investment Credit Agreement No. KP.COD/ PK.KI/006/2007 amounting to Rp 1,879,184,000,000 (full amount) for financing the construction of the Semarang-Solo toll road section. The credit facility period is 15 years. Interest is to be paid monthly at an interest rate of 14% per annum, floating rate, (ii) Investment Credit Agreement No. KP.COD/PK.KI/007/2007 amounting to Rp 450,682,000,000 (full amount) for financing the construction of the Bogor Ring Road toll road section. The credit facility period is 15 years. Interest is to be paid monthly at an interest rate of 14% per annum, floating rate, and (iii) Investment Credit Agreement No. KP.COD/PK.KI/008/2007 amounting to Rp 551,936,800,000 (full amount) for financing the construction of the Gempol - Pasuruan toll road section. The credit facility period is 13 years. Interest is to be paid monthly with an interest rate of 14% per annum, floating rate. PT Bank Negara Indonesia (Persero) Tbk On March 7, 2007, the Company obtained investment credit facilities from PT Bank Negara Indonesia (Persero) Tbk amounting to Rp 2,521,577,450,000 (full amount) consisting of: (i) Investment Credit Agreement No. 13/PK/KPI/2007 amounting to Rp 394,346,750,000 (full amount) for financing the construction of the Bogor Ring Road toll road section. The credit facility period is 15 years. Interest is to be paid monthly with an interest rate of 14% per annum, floating rate, (ii) Investment Credit Agreement No. 14/PK/KPI/2007 amounting to Rp 482,944,700,000 (full amount) for financing the construction of the Gempol - Pasuruan toll road section. The credit facility period is 15 years. Interest is to be paid monthly with an interest rate 14% per annum, floating rate, and (iii) Investment Credit Agreement No. 15/PK/KPI/2007 is amounting to Rp 1,644,286,000,000 (full amount) for financing the construction of the Semarang - Solo toll road section. The credit facility period is 15 years. Interest is to be paid monthly with an interest rate of 14% per annum, floating rate. PT Bank Rakyat Indonesia (Persero) Tbk On March 7, 2007, the Company signed an agreement to obtain investment credit facilities from PT Bank Rakyat Indonesia (Persero) Tbk amounting to Rp 1,537,089,043,000 (full amount) that will be effective after the Investment Credit Agreement has been signed. The facilities include: (i) agreement for the provision of investment credit facility No. 012/ 2007 amounting to Rp 184,750,000,000 (full amount) for financing the construction of the Bogor Ring Road toll road section; (ii) agreement for the provision of investment credit facility No. 013/ 2007 amounting to Rp 326,500,000,000 (full amount) for financing the construction of the Gempol - Pasuruan toll road section; and (iii) agreement for the provision of investment credit facility No. 014/ 2007 amounting to Rp 1,025,839,043,000 (full amount) for financing the construction of the Semarang - Solo toll road section. Until the date of the financial statements, the Company has not used these loan facilities.




d. Agreement of Fund Facility for Reimbursement of Land Aquisition for toll road with BLU-BPJT The Company has entered into an agreement with the Public Service Assistance Unit (“Badan Layanan Umum/BLU”) of the Indonesian Toll Road Authority (ITRA) based on the Notarial Deed No. 1, 2, and 3 of Suzy Anggaraini Muharam, SH dated June 6, 2007 regarding fund usage for financing land acquisition for three toll road projects: Semarang - Solo, Gempol - Pasuruan, and Bogor Ring Road sections amounting to Rp 127,000,000,000 (full amount), Rp 100,000,000,000 (full amount) and Rp 80,000,000,000 (full amount), respectively. The procedure using of pre-fund at Public Service Assistance Unit (Badan Layanan Umum/BLU) of the Indonesian Toll Road Authority (ITRA) for toll road land acquisition based on the Decree of Public Works No. 04/PRT/M/2007, dated Februari 26, 2007. BLU-BPJT will conduct the payment firstly, acquisition land for toll road construction which represent Company’s obligation to Government according to concession rights agreement (PPJT). In case one section has completed, the entity should transfer all indemnity costs including interest to BLU-BPJT account and BLU-BPJT should make minutes of land hand over to the entity. Based on stipulation in Agreement of BLU Fund Usage, Company should deliver surety bond amounting to Rp 156,100,000,000 (full amount) as of December 31, 2007, the details are as follows: Projects Rp Bogor Ring Road Section

24,000,000 32,000,000 32,000,000 88,000,000 30,000,000 38,100,000 156,100,000

Gempol - Pasuruan Section Semarang - Solo Section Total

Issuance Date

Maturity Date

June 20, 2007 August 20, 2007 Nov 6, 2007

June 20, 2008 August 20, 2008 November 6, 2008

June 20, 2007 June 20, 2007

June 20, 2008 June 20, 2008

After the transfer of the Company’s rights under the Concession Agreements for Semarang – Solo, Gempol Pasuruan, and Bogor Ring Road toll road to subsidiaries, the Company’s rights and obligations in the BLU Fund Usage Agreement will be transferred to subsidiaries. Until December 31, 2007, the amount of pre-fund which has been used for replacement of land acquisition from Public Service Assistance Unit (“Badan Layanan Umum/BLU”) for toll road concession of Bogor Ring Road amounting to Rp 56,227,659,002 (full amount). e. Toll Road Joint Operation and Financing Agreement with PT Jalantol Lingkarluar Jakarta Based on the Power of Attorney No. 111/SK/2003 dated November 21, 2003, the Company has given authority to PT Jalantol Lingkarluar Jakarta (JLJ) (the Subsidiary) to operate, safeguard, and maintain JORR project assets and to manage other operations. The Power of Attorney mentioned was changed with Alteration Letter II dated December 29, 2006, to extend the due date for 1 (one) year effective from December 29, 2006. The Company entered into a loan agreement with JLJ No. 03/SP-JLJ/II/2006, dated February 2, 2006 for the amount of Rp 13,000,000,000 (full amount), at an interest rate to be determined later. The loan was used by JLJ to finance its investment in shares of PT Translingkar Kita Jaya as contractor for the construction of the Cinere-Jagorawi toll road section (see Note 10.m).

67


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) f.

Toll Road Joint Operation with PT Citra Marga Nusaphala Persada (CMNP) The Company has entered into a joint operation agreement with CMNP in the form of integrated toll road operation as put forth in the Deed No. 42 dated June 4, 1993 in conjunction with the Deed No. 386 dated September 30, 1994. Based on the Joint Decrees of the Ministry of Public Works of the Republic of Indonesia No. 272-A/KPTS/2996 and the Ministry of Finance No. 434/KMK.016/2996 dated June 20, 1996 regarding the integrated operation of the Jakarta Inner Ring Road (Tomang - Cawang - Tanjung Priok - Ancol Timur Jembatan Tiga - Pluit - Grogol - Tomang) and determination of Toll Revenue Sharing Ratio, the inner city ring road will be operated as one toll road network system with toll road revenue sharing of 25% for the Company and 75% for CMNP. Based on the subsequent Decree of the Ministry of Housing and Regional Infrastructure No. JL.01.04-Mn/582 dated November 7, 2002, the Jakarta Inner Ring Road revenue sharing between CMNP and the Company is set forth as follows:

Beginning of Concession Period until May 9, 2002 From May 10, 2002 to December 31, 2002 From January 1, 2003 to End of Concession Period (year 2025)

Percentage of Revenue Sharing CMNP Company 25% 75% 65% 35% 55% 45%

g. Toll Road Joint Operation with PT Bintaro Serpong Damai (BSD) The Company has entered into a joint operation agreement with BSD as toll road operator for Pondok Aren Serpong section based on toll road operation and maintenance agreement No. 004/SPK-DIR/1998 dated May 19, 1998. Based on the Decree of the Indonesian Board of Arbitration No. 217/I/ARB-BANI/2006 dated August 31, 2006, the scope of operations is as follows: • operation of Pondok Ranji toll gate (Pondok Aren Timur). • providing patrol and safety service for toll road users and safeguarding toll road assets whereby the Company is dealing with toll road users in the patrol area including damaged vehicles and accidents on toll roads on compliance with Standard of Minimum Service for toll roads issued by the Ministry of Public Works. h. Joint Operation Agreements The Company has entered into joint operation agreement with several investors for the construction, financing, and operation of toll roads. The joint operations are in the form of joint operations without operating rights and joint operations with operating rights. Generally, the key provisions stipulated in such agreements are as follows: (i) the investor builds and finances toll road projects according to the design, specification, and requirements. (ii) the investor hands over the completed toll road projects to the Company to be managed and operated by the Company. (iii) the Company has responsibility to take any expense and risk arising from the management and operations of the toll road. (iv) payments to the investors during the operations period is arranged under one of the following patterns: • toll revenue sharing; or • toll revenue sharing with minimum guaranteed payment; or • fixed installments during the joint operations period.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Details of joint operation projects without operating rights as of December 31, 2007 are as follows: Investors Toll Revenue Sharing Broadening of Toll Road PT Bangun Tjipta Sarana PT Adhika Prakarsatama Toll Road Interchanges PT Surya Cipta Swadaya PT Jakarta Baru Cosmopolitan

Joint Operation Project

Toll Revenue Sharing

Joint Operation Period

Cikampek - Cibitung Cawang - Cibitung Jakarta - Tangerang

69% 41% 27%

26 years, since1989 22 years, since 1994 17 years 9 months, since 1994

Karawang Timur II Exit Ramp STA 18 Jakarta - Tangerang

4 - 14% 26.5%

17 years, since 1998 3 years, since 2004

37.5% 35% 17.5%

Until Settlement, since 1996 Until Settlement, since 1992 10 years, since 2001

Toll Revenue Sharing with Minimum Payment Toll Road Interchanges PT Karabha Digdaya Cimanggis PT Indocement Tunggal Perkasa Gunung Putri II PT Lippo Karawaci Tbk Karawaci Toll Gate

The total of toll revenues for investors related to joint operations for the years ended December 31, 2007 and 2006 are amounting to Rp 222,116,546,358 (full amount) and Rp 201,787,988,690 (full amount), respectively. The joint operations agreements that have been recently amended are summarized below: • Joint Operation Agreement with PT Bangun Tjipta Sarana

PT Bangun Tjipta Sarana was unable to complete the widening project for the Cawang - Cibitung section according to the agreed upon time schedule. Physical progress completed by the investor up to 1998 was 85.5%. Meanwhile, the Company operated the widened toll road. On September 4, 2002, the Company and BTS made an Agreement for Continuation and Revision of Revenue Sharing for Widening the Jakarta - Cikampek Toll Road Cawang-Cibitung Section No. 032/BA-DIR/2002 that reduced the concession period by 3 years from 25 years to 22 years. The Company has settled its joint operation liability for this project. Toll revenue sharing that represents joint operation interest expense for the years ended December 31, 2007 and 2006 are amounting to Rp 181,737,667,817 (full amount) and Rp 162,600,243,356 (full amount), respectively. •

Joint Operation Agreement with PT Adhika Prakarsatama Based on the amendment of the joint operation agreement for the widening of the Jakarta - Merak toll road No. 8, dated February 28, 2003, it has been agreed to reduce of the joint operation period from 18 years to 17 years and 9 months.

•

Joint Operation Agreement with PT Jakarta Baru Cosmopolitan Based on the Joint Operation Agreement No. 50 dated January 20, 2003, Exit Ramp construction on STA 18 Jakarta - Tangerang toll road, which was initially delayed, has been completed and in operation since October 12, 2003. Starting in January 2004, the percentage of toll road revenue sharing rates was 26.5%.

•

Joint Operation Agreement with PT Karabha Digdaya that is not yet Effective PT Karabha Digdaya has not completed the construction scope of work for the Cimanggis interchange. Therefore the agreed toll revenue sharing is not effective. The Company has operated part of the interchanges which have been finished. Until the date of this financial statement there is no progress on the remaining work.

69



• Joint Operation Agreement with PT Lippo Karawaci Tbk. PT Lippo Karawaci Tbk completed the construction of the Karawaci interchange and toll gates, even though the construction has been amended from the original agreed specifications. Since 1997, the Company has operated the Karawaci interchange and toll gates, however, the toll road revenue sharing was initially effective on October 1, 2001, since the Final Engineering Design has only been approved by the Department of Housing and Regional Infrastructure on September 28, 2001. Based on the Amendment of Revenue Sharing on Joint Operation Agreement for Karawaci Interchange and Barrier Gate Jakarta - Merak Toll Road No. 94 dated March 30, 2004, the project value decreased from Rp 20,113,174,000 (full amount) to Rp 19,426,689,000 (full amount). i.

Concession Cooperations for JORR W2 North Toll Road On April 2, 2007, the Company and PT Jakarta Propertindo signed a preliminary agreement about JORR W2 North toll road concession cooperation plan with the contents, among others, including: • completion of project business plan; • creation of a joint venture company between the Company and PT Jakarta Propertindo (Jakpro); and • the joint venture company as holder of concession rights of JORR W2 North will appoint the Company or a subsidiary to operate JORR W2 North toll road under a separate agreement.

j.

JORR Debt Restructuring The Company had taken over the settlement of syndicated loan liabilities to the creditors as a consequence of the termination of Joint Operation Agreements with PT Marga Nurindo Bhakti (MNB), PT Citra Bhakti Margatama Persada (CBMP), and PT Citra Mataram Satriamarga Persada (CMSP) as investors in the development of the Jakarta Outer Ring Road (JORR) project. The estimated of liability to be taken over, according to the Decree of the Committee for Financial Sector Policy No. KEP-02/K.KKSK/02/2001, dated February 15, 2001 was Rp 1,070,521,000,000 (full amount), with details as follows: JORR Sections and Investors

Pondok Pinang - Cikunir (Section S and E1) - MNB Cikunir - Tanjung Priok (Section E2, E3, N) - CBMP Kebon Jeruk - Pondok Pinang (Section W2) - CMSP Total

Estimated Liabilities Rp

Decision Letter of Liability Estimation Basis

721,149,000 No. IJK/5/0257, dated January 12, 2001 243,415,000 No. SFN/031/2000, dated January 11, 2000 105,957,000 No. 2000.1128/DIRCO- DPI, dated November 1, 2000 1,070,521,000

Based on the Deed No. 42 and 43 dated November 19, 2003 of Notary Imas Fatimah, SH, the Company has reached agreements with PT Perusahaan Pengelola Aset (Persero) (PPA, formerly the Indonesian Banking Restructuring Agency, or IBRA), and other JORR creditors regarding the final settlement of JORR debt obligation as follows: • JORR debt obligations to PPA (formerly IBRA) and other JORR creditors amounted to Rp 1,070,521,000,000 (full amount) will be settled by the Company rather than being converted into equity in JLJ; • part of debt obligations associated with JORR Section excluding Section S, amounted to Rp 548,521,000,000 (full amount), will be settled by cash payment of Rp 274,260,500,000 (full amount) and the remaining balance of Rp 274,260,500,000 (full amount) will be settled by the issuance of JORR I Bond year 2003 series to PPA (formerly IBRA) and the other JORR creditors; and • the remaining JORR debt obligations associated with Section S, amounted to Rp 522,000,000,000 (full amount), will be settled by the Company after the execution of the Supreme Court Verdict validating



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) the Company’s concession rights for Section S. The Company has settled JORR debt obligations excluding Section non S amounting to Rp 548,521,000,000 (full amount) on November 19, 2003 by a cash payment of Rp 274,260,500,000 (full amount) and the remaining by issuing Jasa Marga Bond JORR I of 2003 (see Note 22.e). By reference to the Decree of the Supreme Court No. 720 K/Pid/2001 dated October 11, 2001, Instruction Letter of Execution the Decree from District Attorney of Central Jakarta No. 154/01.10/FU.1/10/2003 dated October 14, 2003 Minutes of Execution of the Confiscation of Evidence dated April 7, 2004, and Ministry of Public Works on Decision Letter No. 276/KPTS/M/2005, dated June 9, 2005, regarding to the change of authority of the operator of JORR Pondok Pinang - Jagorawi Section (JORR Section “S”) to the Company, it has been decided as follows: • to change the authority of the operator of JORR Pondok Pinang - Jagorawi Section (JORR Section “S”) to the Company in order to settle the credits from the syndicated loans; and • the funds of Rp 50,431,647,999 (full amount) in the escrow account which were not related to and relevant to the project accountability were temporarily not included for debt repayment until there is a clarification based on further investigation by the Development and Finance Supervisory Board. • after the syndicated loans for construction of JORR S are fully repaid, the Government will decide the authority upon JORR S in accordance to the Decree of the Supreme Court Republic of Indonesia. Based on the Decree of the Ministry Public Works and JORR Section “S” debt settlement agreement dated December 29, 2005, the Company recorded concession rights assets and liabilities arising from the concession rights given to the Company amounting to Rp 522,000,000,000 (full amount). The Company has settled JORR Section S debt obligations amounting to Rp 522,000,000,000 (full amount) by cash settlement of Rp 261,000,000,000 (full amount) on January 3, 2006. The balance was settled through issuance of JORR II Bond of 2005 dated January 5, 2006 (see Note 22.f). k. PT Jakarta Lingkar Baratsatu (JLB) The Company terminated the joint operation agreement for JORR W1 Section through Decree of the Ministry of Public Works No. 80/KPTS/1997, dated April 4, 1997 regarding cancellation of license agreement due to uncertainty of JORR W1 Section toll road construction project. The Ministry of Public Works requested the Company and JLB to reevaluate the feasibility to continue the joint operation for construction of JORR W1 Section toll road by the Decree of the Ministry of Public Works No. Jl. 0103-Mn/271, dated March 31, 2005. On February 2, 2007, PT Jakarta Lingkar Baratsatu (JLB) as the holder of concession rights for JORR W1 Section signed a Concession Agreement of JORR W1 Section No. 02/PPJT/II/Mn/2007 with a concession rights period of 35 years that will be effective from February 2, 2007. l.

PT Lintas Marga Sedaya (LMS) PT Lintas Marga Sedaya (LMS) was established based on the Deed No. 20 dated March 2, 2005 of Notary Misahardi Wilamarta, SH. The investment in LMS is in relation to the Cikampek - Palimanan Toll Road project which consist of development, operations, and maintenance of the toll road. The Company owns 937,500 shares with par value of Rp 1,000 (full amount) per share or equivalent to Rp 937,500,000 (full amount) which represents 15% ownership of LMS, however, the subscription price of these shares has not been paid by the Company. On March 21, 2007, through Letter No. AA.KUO5.418, the Company has submitted notification regarding the disposal of shares in PT Lintas Marga Sedaya (LMS) to the Ministry of State Owned Enterprises and has obtained approval with Letter No. S-395/MBU/2007 dated June 13, 2007. On June 18, 2007, the Company received the proceeds from the sale of 937,500, shares amounting to Rp 1,199,000,000 (full amount).

71


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) m. PT Kresna Kusuma Dyandra Marga (KKDM) PT Kresna Kusuma Dyandra Marga (KKDM) was established based on the Deed No. 94, dated December 20, 1996 of Notary Mudofir Hadi, SH. The investment in KKDM relates to the operation of the Bekasi Timur Cawang - Kampung Melayu toll road project including the construction, operation, maintenance of the toll road. The Company owns 7,650,000 shares with a par value of Rp 1,000 (full amount) per share or equivalent to Rp 7,650,000,000 (full amount), representing 10% ownership of KKDM. Up to the date of this report, the subscriptions of shares have not been paid by the Company. On December 29, 2006, through Letter of the Company No. AA.KUO5.2002 to the Ministry of State-Owned Enterprises the Company requested approval for disposal of the Company’s investment in KKDM. The Company obtained approval for the share disposal from the Ministry of State Owned Enterprises through Letter No. S-175/MBU/2007 dated March 29, 2007. Until the date of this report, the Company has not yet disposal the share. 41.

Commitments and Contingencies a. Obligations Due to Termination of Concession Agreements The Company entered into a joint operation in 1994 with PT Citra Ganesha Marga Nusantara (CGMN) for development of the Cikampek - Padalarang toll road set forth in the Concession Agreement No. 297 dated December 21, 1994. However, on July 18, 2001, the Ministry of Housing and Regional Infrastructure with the Letter No. 417 cancelled the decision granting toll road joint operation license between the Company and CGMN. For that reason, on July 25, 2001, the Company terminated the Concession Agreement with CGMN. The Concession Agreement No. 297 dated December 21, 1994 stated that if there is termination of concession agreement before the concession period is due, then the Company has an obligation to take over the overall liabilities and should fulfill the investor’s liability. Article 14.1 of the Concession Agreement states that the Company should pay an amount equal to the book value of the toll road net of liabilities taken over by the Company. The Company has recognized the asset value and estimated liability as a consequence of the termination of the concession agreement with CGMN amounting to Rp 202,454,407,000 (full amount) that was represented by the audited book value of assets as of December 31, 1999. Determination of a definitive amount of the liabilities is still under negotiation between CGMN and the Company. b. Claim of Compensation against PT Lapindo Brantas and Closing of Part of the Surabaya - Gempol Toll Road Section Porong - Gempol As a consequence of the mud flood disaster of PT Lapindo Brantas that has damaged part of the Surabaya Gempol toll road, in 2006 the Company has submitted several claims of compensation to PT Lapindo Brantas covering loss of toll revenues and expenditures. The claim for damage to the toll road is expected to increase and later include a claim for costs to relocate the Porong - Gempol Section toll road, and will be settled in connection with the stipulation on the Concession Agreement of the Surabaya - Gempol toll road and the Government policy in settlement of the effects of the mud flood disaster at Sidoarjo in accordance with the Decree of the Ministry of Public Works No. 394/KPTS/M/2006 dated November 30, 2006 regarding the Closure of Part of the Surabaya-Gempol Toll Road.



PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) Based on the Decree of President No. 13 Year 2006 dated September 3, 2006 regarding the National Team for Mud Floods Disaster at Sidoardjo, all expenditures incurred due to the relocation of toll road development except for rehabilitation expenses for damaged facilities will become the responsibility of PT Lapindo Brantas. In addition, the Decree of Ministry of Public Works No. 394/KPTS/M/2006 dated November 30, 2006 related to the Closure of Part of the Surabaya - Gempol Toll Road Porong - Gempol Section provides: • to close and not to operate again part of the Surabaya - Gempol toll road Porong - Gempol Section; and • those all matters which impact on the operation of the Surabaya - Gempol toll road as a result of the closure of the Porong - Gempol Section will be handled according to the regulation of Surabaya - Gempol Toll Road Concession Agreement and the Government policy for settlement of the effect of the mud flood disaster at Sidoarjo. Based on the Ministry of Public Works Letter No. JL.0103-Mn/131, dated March 30, 2007, in order to relocate the Porong - Gempol toll road section, the land requirements for relocation of the infrastructure will be provided by the Government and contractors. Based on the Ministry of State-Owned Enterprises Letter No. S-196/MBU/2007 dated April 4, 2007 regarding the loss of part of the Porong - Gempol toll road assets and according to the Road Law No. 38 of 2004 and the State Finance Law No.17 of 2003, the claim for losses should be submitted by the Government through the Department of Public Works to PT Lapindo Brantas. On July 17, 2007, through the Company’s Letter No. AA.TN.02.1153, the Company claim compensation caused by mud floods in Porong - Gempol Section to PT Lapindo Brantas. The claim for loss of toll revenue and additional expenditures arising from hot mud in Porong – Gempol Section until May amounts to Rp 24,724,788,651 (full amount) and the claim for damage to the toll road amounts to Rp 16,334,396,000 (full amount). Based on the Company’s Letter No.AA.KU.02.1268, dated August 7, 2007 to the Ministry of Public Works, the Company delivered such of readiness to finance development for relocation Porong-Gempol toll road by estimate the reversion of investment from new tariff (included reversion caused by un-function PorongGempol toll road section). Letter of the Chairman of Direction Board of Mud Prevention Agency Sidoarjo/ the Ministry of Public Works No.20/DP-BPLS/2007, dated September 24, 2007 to the Ministry of State-Owned Enterprises, mentioned such of proposal construction implementation of Porong-Gempol toll road can be performed by the Company. On January 14, 2008, through the Company’s Letter No.AA.TN.02.50 to the Minister of State-Owned Enterprises, the Company claimed for loss until May 2007 amounting to Rp 24,724,788,651 (full amount) and requesting assistance to the Government can facilitate through Law Bureau and Public Relation of the Ministry of State-Owned Enterprises in solving the problem with PT Lapindo Brantas through deliberation. Otherwise, the Company will take the case to the court. c. Claims from Land Owners for Toll Road The Company is still facing claims from several land owners whose land was used for TMII - Hankam Cikunir Section, Ulujami - Pondok Aren Section, Jakarta - Serpong Section, Bekasi - Cikampek Section, and Cipularang Phase II Section toll roads. This litigation is still in process in District Courts, the High Court, and the Supreme Court.

73


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) d. Contractors Claim of Cipularang II Project in Indonesian Board of Arbitration The Company is facing claims from contractors of Cipularang II project in Indonesian Board of Arbitration with the matter No. 03/2006/BANI Bandung, with PT Daya Mulia Turangga in Cipularang II Project, package 4.1 toll road agreement, section Cikalong Wetan - Cikamuning No. 018/SPP-DIR/2004, dated April 8, 2004. In letter of Indonesian Board of Arbitration No. 07.566/SKB/VII/BANI/WD, dated July 30, 2007, it is stated that the matter is still in the pre-assembly administration process. e. Lawsuit in State Administrative Court (PTUN) The Company and the Ministry of Public Works received lawsuit from PT Karsa Semesta Indah in State Administrative Court case No. 08/G/2006/PTUN.JKT regarding the cancellation of winner on tender of Semarang – Solo toll road through Letter of the Ministry of Public Works No. JL.01.03-MN/560, dated October 19, 2005. The verdict of Jakarta Administrative Court No. 08/G/2006/PTUN-JKT, dated May 29, 2006 and the verdict of Jakarta Administrative High Court No. 142/B/2006/PT.TUN.JKT, dated October 8, 2006 refused the lawsuit of PT Karsa Semesta Indah. By then, PT Karsa Semesta Indah has appealed a cassation to the Supreme Court. Until the date of this report, there is no verdict from the Supreme Court. f.

Consession Agreements Have Not Been Transferred to Indonesian Toll Road Authority (ITRA) Based on the Law of Roads No. 38 Year 2004 regarding the return of authority for concession rights from the Company to the Government cq. Department of Public Works, joint operations agreements between the Company and investors in form of Joint Operation with Operating Rights will be changed to agreements between the investors and Department of Public Works in form of a Concession Agreement. The Company has submitted a letter No. AA.HK02.1516 dated September 29, 2006 with respect to transferring of concession agreements to the Indonesian Toll Road Authority (ITRA) (Badan Pengatur Jalan Tol/BPJT). Until the date of the financial statements, there are still Joint Operation Agreements with Operation Rights between the Company and several investors that have not been changed into concession agreements. The details of Joint Operation investors with operating rights are as follows: Investors Toll Road have been Operated PT Marga Mandala Sakti PT Margabumi Matraraya PT Bosowa Marga Nusantara

Joint Operation Projects

Toll Road Distance (Km)

Concession Period

Tangerang - Ciujung Phase I Ciujung - Merak Phase II Surabaya – Gresik Pelabuhan - Urip Sumohardjo

34.20 38.25 22.80 6.10

1990 - 2020 1993 - 2023 1991 - 2016 1994 - 2024




Segment Information

Primary Segment The Company is managed and classified into business segments which consist of branches as follows: December 31, 2007

REVENUE

Jakarta

Jakarta Tangerang

Jagorawi

Camareng

Cikampek

Purbaleunyi

JORR

Others

Elimination

d 276.879.723

f 598.128.809

g 509.632.429

e 244.198.775

h 409.017.369

366.709.749

334.476.299

p (94.000.557)

q 2.645.042.596

117.992.958 -117.992.958 --

439.954.366 -439.954.366 (9.212.417)

331.061.046 -331.061.046 (122.724)

122.229.738

234.203.100 -234.203.100 (1.280.660)

272.709.192 -272.709.192 --

(301.433.232) (200.767.746) (502.200.978) (703.874.894)

-----

1.216.717.168 (200.767.746) 1.015.949.422 (714.490.695)

-17.496.499 ------

-1.602.558 ------

-564.420 ------

-258.383 ------

--------

255.826 80.269.460 -122.228.078 -(1.846.870) --

--------

255.826 100.342.130 402.056.683 122.228.078 279.828.605 (1.846.870) 277.981.735

2.401.877.668 --2.401.877.668

613.886.069 --613.886.069

556.097.692 --556.097.692

1.324.858.490

3.056.425.714 --3.056.425.714

-----

5.672.924.583 136.996.829 84.160.116 5.894.081.528

-----

13.626.070.216 136.996.829 84.160.116 13.847.227.161

(18.468.520) -(18.468.520)

(99.741.190) -(99.741.190)

(104.907.101) -(104.907.101)

(26.294.884)

(27.273.319) -(27.273.319)

----

(7.207.399.461) (148.458.470) (7.355.857.931)

----

(7.484.084.475) (148.458.470) (7.632.542.945)

1.870.042.822 50.227.174

25.381.769 32.493.552

49.013.488 38.756.086

12.149.154 46.831.672

373.414.621 90.491.232

---

561.833.777 94.235.684

---

2.891.835.631 353.035.400

--

--

--

--

--

--

580.822

--

580.822

Consolidated

PROCEEDS Segment Proceeds Unallocated Operating Expenses Operating Income Financial Expenses Portion of Net Profit/Loss of the Associate Companies Other Income Income Before Tax Tax Expenses Net Income Before Minority Minority Interest Income After Tax ASSETS Segment Assets Investment in Associate Companies Unallocated Assets Total Assets LIABILITIES Segment Liabilities Unallocated Liabilities Total Liabilities OTHER INFORMATION Capital Expenditures Depreciation Non Cash Expenses - Other than Depreciation

-122.229.738 --150.810 ------

--1.324.858.490

-(26.294.884)

December 31, 2006 Jagorawi

REVENUE

Camareng

Jakarta

Jakarta

Cikampek

Tangerang

Purbaleunyi

JORR

Elimination

Others

Consolidated

d 256,291,423

f 555,712,295

g 468,508,881

e 223,619,276

h 341,605,302

229,950,462

323,881,474

p (103,425,801)

q 2,296,143,312

128,164,477

408,937,990

306,448,261

112,527,918

185,451,443

126,524,661

(277,080,611)

--

990,974,139

--

--

--

--

--

--

(171,520,690)

--

(171,520,690)

128,164,477

408,937,990

306,448,261

112,527,918

185,451,443

126,524,661

(448,601,301)

--

819,453,449

--

(17,526,154)

(335,870)

--

(3,504,904)

--

(706,058,665)

--

(727,425,593)

PROCEEDS Segment Proceeds Unallocated Operating Expenses Operating Income Financial Expenses Portion of Net Profit/Loss of --

--

--

--

--

--

417,214

--

417,214

536,050

233,085

327,043

247,355

115,798

--

411,994,901

--

413,454,232

Income Before Tax

--

--

--

--

--

--

--

--

505,899,302

Tax Expenses

--

--

--

--

--

--

43,323,262

--

43,323,262

Net Income Before Minority

--

--

--

--

--

--

--

--

462,576,040

Minority Interest

--

--

--

--

--

--

(8,734)

--

(8,734)

Income After Tax

--

--

--

--

--

--

--

--

462,567,306

the Associate Companies Other Income

75


PT JASA MARGA (PERSERO) Tbk AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2007 and 2006 (in thousand Rupiah) December 31, 2006 Jagorawi

Camareng

Jakarta

Jakarta

Cikampek

Tangerang

Purbaleunyi

JORR

Elimination

Others

Consolidated

ASSETS 570,101,082

591,196,872

524,747,239

1,341,404,709

2,756,228,657

--

4,039,130,085

--

9,822,808,645

Investment in Associate Companies

--

--

--

--

--

--

147,094,369

--

147,094,369

Unallocated Assets

--

--

--

--

--

--

285,794,075

--

285,794,075

570,101,082

591,196,872

524,747,239

1,341,404,709

2,756,228,657

--

4,472,018,529

--

10,255,697,089

(31,293,799)

(132,468,038)

(103,609,883)

(45,119,958)

(44,512,169)

--

(7,373,442,962)

--

(7,730,446,808)

--

--

--

--

--

--

(139,586,064)

--

(139,586,064)

(31,293,799)

(132,468,038)

(103,609,883)

(45,119,958)

(44,512,169)

--

(7,513,029,026)

--

(7,870,032,872)

243,260,838

38,974,110

24,878,277

490,442,821

56,617,547

--

545,910,553

--

1,400,084,147

25,249,747

35,386,770

42,554,141

40,613,388

82,025,939

--

99,255,964

--

325,085,950

--

--

--

--

--

--

1,199,498

--

1,199,498

Segment Assets

Total Assets LIABILITIES Segment Liabilities Unallocated Liabilities Total Liabilities OTHER INFORMATION Capital Expenditures Depreciation Non Cash Expenses - Other than Depreciation

43.

Subsequent Events a. On January 3, 2008, the Company sold 1,393,500 shares of PT Citra Maga Nusaphala Persada shares, by then the Company ownership become 81,645,000 shares or 4.08%. The share prices are ranging from Rp 2,300 (full amount) to Rp 2,325 (full amount) and the Company recognized gain amounting to Rp 2,504,556,075 (full amount). b. On January 9, 2008, the Extraordinary General Meeting of Shareholders agreed the composition of the Company's Board of Commissioners as mentioned in minutes RUPSLB No.13/WXII/016/I/2008 based on the Deed No. 20, dated January 9, 2008 of Notary Ny. Poerbaningsih Adi Warsito, SH, as follows: President Commissioner Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner c.

: : : : : :

Drs. Gembong Priyono, MSc. Dr. Joyo Winoto Prof. Dr. Akhmad Syakhroza Ir. Sumaryanto Widayatin, MSCE. Mayjen (Purn) Samsoedin Irjen Polisi (Purn) Drs. Michael Dendron Primanto, SH, MH.

On January 26, 2008, the Government issued Presidential Decree No. 3 Year 2008 concerning the withdrawn of Presidential Decree No. 14 Year 1981 regarding to contribution to Taman Miniatur Indonesia Indah and Arena Pramuka Cibubur from toll revenue. The Presidential Decree has been effective since the date of decree (see Notes 17).

d. On February 12, 2008, the Company’s Operations Director Ir. Sarwono Oetomo has submitted resignation letter. According to the Company’s Articles of Association, the concerted person still have obligation to perform his job and responsibility for 60 (sixty) days effective from the date of resignation. Furthermore, General Meeting of Shareholders will decide detail action regarding to the resignation.




Statements of Financial Accounting Standards Revision In 2007, the Indonesian Institute of Accountants had issued several Statements of Financial Accounting Standards (SFAS); mentioned SFAS No. 16 (Revised 2007), "Fixed Assets" prescribes the accounting treatment for property, plant and equipment to enable the financial statements users to discern information about an entity's investment in its property, plant and equipment and the changes in such investment. This standard provides, among others, for the recognition of the assets, determination of their carrying amounts and related depreciation and impairment losses. Under this standard, an entity shall choose between the cost model or revaluation model as the accounting policy for its property, plant and equipment. This revised standard supersedes SFAS No. 16 (1994) "Fixed Assets and Other Assets" and is effective for the preparation and presentation of financial statements beginning on or after January 1, 2008. The Company is presently evaluating and has not determined the effects of these revised SFAS’s on its financial statements.

45.

Net Income Per Share a. On September 12, 2007, the Company held Extraordinary General Meeting of Shareholders regarding to change of the Company’s article of association among others to change par value of the Company’s share from Rp 1,000,000 (full amount) per share become Rp 500 (full amount) per share and to increase the issued and fully paid up capital from Rp 1,000,000,000,000 (full amount) become Rp 2,380,000,000,000 (full amount) which came from part of capitalized retained earnings as of June 30, 2007, consist of Rp 4,760,000,000 shares (see Note 25). In accordance with Statement of Financial Accounting Standard (SFAS) No. 56, this stock split and retained earning capitalization applied retrospectively in the beginning of earliest period reported. Consequently, the calculation of net income per share has been restated as follows: 2006 Net Income per Share Before Restatement Net Income (full amount) Weighted Average of Outstanding Shares

Net Income per Share After Restatement

462,567,306,121

462,567,306,121

1,000,000

4,760,000,000

462,567

97

Net Income per Share (full amount)

b. Calculation of Net Income Per Share On November 1, 2007, the Company obtained effective statement from the Capital Market and Financial Institutions Supervisory Board (BAPEPAM-LK) through the Letter No. S-5526/BL/2007 to perform the Initial Public Offering amounting to 2,040,000,000 shares for B Series Share with par value amounting to Rp 500 (full amount) per share (see Notes 1.e and 25). 2007 Rp Net Income (full amount) Weighted Average of Outstanding Shares Net Income per Share (full amount)

77

2006 Rp

277,981,735,366

462,567,306,121

5,100,000,000

4,760,000,000

55

97



Responsibility on Consolidated Financial Statements The management of the Company is responsible for the preparation of the consolidated financial statements that were completed on March 17, 2008.


Laporan Tahunan Annual Report PT Jasa Marga (Persero) Tbk

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